LHV Institutional Baltic Insight, July 5th, 2021
* Following substantially eased travel restrictions to/from Finland from 21st June, Tallink Grupp (TAL1T ET) is able to start to recover its PAX flows, although some limitations still apply for travellers. Total cargo traffic advanced 4.6% y-o-y to 31,400 units in June, also up 1.2% compared to May this year. Total passenger cars carried shrank 22.6% y-o-y (+44.2% m-o-m) to 58,400.* Looking forward, although the COVID-19 infection rates in the Baltic Sea region have dropped considerably and the Group is about to reopen its major routes for tourism, TAL is likely to face some challenges and needs to adjust its operations quickly based on the recovery of PAX volumes. TAL recently stated that it managed to negotiate with its lending banks to further defer the principal repayments and extend the waivers of the loan covenants until the end of Q1 2022.
* Please also refer to the tables in the attachment.
Tallink Grupp AS is a ferry operator providing mini-cruise and passenger transport services in the Baltic Sea region. The Company also offers cargo services on the various routes between Finland-Sweden, Estonia-Finland, Estonia-Sweden, Finland-Germany, and Latvia-Sweden under the brand names of Tallink and Silja Line. In addition, the Group operates four hotels in Tallinn and one in Riga. As of March 28, 2013, the Company's major shareholder was Infortar AS with a stake of 35.81%.
LHV Bank is an independent pan-Baltic bank, based on Estonian capital. The company was founded in 1999 by two founders of Hansapank (today’s Swedbank in the Baltics) and has been offering a full range of investment services for 15 years. In May 2009, LHV received a credit institution licence allowing it to provide all banking services.
The head office is situated in Tallinn, Estonia. Cross-border services are offered in Vilnius, Lithuania and in Riga, Latvia. LHV provides brokerage (institutional and retail), asset management, banking and capital markets services. Compared to other banks, we are more innovative and have more solid experience in investment and entrepreneurship.
The Bank, together with the Group asset management company employs over 320 people. LHV Group shares are listed on Nasdaq Tallinn.
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