Estonia, EU – Baltic States, Good for Business, Tourism, Transport

The first quarter profitability was impacted by lower total fuel cost but also higher marketing costs, cost of charter of the fast ferry Superstar and onetime costs related to changes in operations. Onetime costs from operations were related to preparations for the return of cruise ferry Silja Europa to the route and launching of the Tallink Logistics Centre operated by the group, the company told the stock exchange.

The unaudited net loss for the first quarter of the 2016 financial year was 12 million euros or 0.018 euros per share compared to the net loss of 13.3 million euros or 0.020 euros per share in the same period last year.

The group's companies carried a total of two million passengers in the first quarter of 2016 which is 8.9% more than in the same period a year ago. In t he first quarter, which is also the low season, the number of passengers increased on all operated routes.  

Compared to the same period last year the first quarter result was affected by noticeably lower revenues from chartering related to the sale of vessels Regina Baltica and Silja Festival, and termination of cruise ferry Silja Europa charter. However, the group was able to exceed the reduction of charter revenues with higher revenues from main routes.

On the Estonia-Finland routes first quarter revenue increased by 4.1% compared to same period last year. The increase is driven mainly by growth in the passenger numbers, while cargo volume was on the same level as last year. The cruise ferry Silja Europa launched daily operations on the Tallinn-Helsinki route cruise service on Mar. 13. The Estonia-Finland segment's result for the first quarter was lower compared to the same period last year due to the cost of charter of the fast ferry Superstar and also onetime costs related to the preparations for the return of the cruise ferry Silja Europa.

In the first quarter sales of the group's restaurants and shops increased by 8.8 million euros or 8.7% compared to the same period last year. The sales growth is supported mainly by the higher number of passengers traveling on ships operated by the group.

Investments made in the first quarter totaled 12.7 million euros.

Cash flow from operations was 16.7 million euros in first quarter, which is a one million euros lower compared to the same period last year. The group's total liquidity, cash and unused credit limits, at the end of the first quarter totaled 136.3 million euros, including 91.7 million euros in cash and equivalents and 44.6 million euros of unused credit limits.