Artificial Intelligence
AS Tallink Grupp Unaudited Consolidated Interim Report Q3 2020
In the third quarter (1 July – 30 September) of the 2020 financial year, Tallink Grupp AS and its subsidiaries (the Group) carried 1.3 million passengers, which is 55.8% less than in the third quarter last year. The number of cargo units transported decreased by 1.9% in the same comparison. The Group’s unaudited consolidated revenue decreased by 50.0% or EUR 144.0 million to a total of EUR 143.7 million. Unaudited EBITDA was EUR 5.7 million (EUR 83.2 million in Q3 2019) and unaudited net loss was EUR 23.9 million (net profit of EUR 54.6 million in Q3 2019).
In the third quarter, the Group’s revenue and operating results were impacted by the following operational factors:
- Covid-19 and related travel restrictions.
- 7% less trips due to changes in operating schedules.
- Restrictions on maximum capacity on all cruise vessels.
Impact of Covid-19 and travel restrictions
Operations in the third quarter were strongly influenced by the Covid-19 situation, restrictions on international travel and communications advising against travelling by state authorities. While the restrictions remained limited in most markets until mid-September, the restrictions were in force effectively the entire quarter for international passenger traffic to and from Sweden.
Several operational changes were effective in the third quarter:
- Daily operations of the Tallinn-Stockholm route with vessels Victoria I and Baltic Queen have been suspended since 15 March.
- Daily operations of the Riga-Stockholm route with vessels Romantika and Isabelle have been suspended since 16 March.
- Operations of the Helsinki-Stockholm route with vessels Silja Serenade and Silja Symphony have been suspended since 19 March.
- Tallink City Hotel has remained closed since 18 March and is undergoing a full-scale renovation from September.
Throughout the quarter our vessels were flexibly rerouted to other routes:
- The cruise ferry Victoria I was rerouted to the Tallinn-Helsinki route. It also operated one special cruise from Helsinki to Saaremaa, from Tallinn to Mariehamn and to Riga as well as four special return trips on the Riga-Stockholm route. The cruise ferry Baltic Queen operated eight special cruises from Tallinn to Mariehamn and 15 special cruises from Tallinn to Turku. In addition to that, the cruise ferry also operated two special return trips on the Tallinn-Stockholm route and four special cruises on the Helsinki-Riga route.
- The cruise ferry Romantika operated four special cruises from Riga to Mariehamn and five from Riga to Helsinki. It also operated eight special return trips on the Riga-Stockholm route in order to secure transport of cargo. The cruise ferry Isabelle operated on the Paldiski-Kapellskär route.
- The cruise ferry Silja Serenade operated on the Helsinki-Riga route. The cruise ferry Silja Symphony operated 16 special cruises from Stockholm to Visby and six special cruises from Stockholm to Härnösand.
The Estonia-Finland routes shuttle vessels Megastar and Star, cargo vessel Seawind, the Paldiski-Kapellskär route cargo vessel Regal Star and the Turku-Stockholm route cruise ferries Baltic Princess and Galaxy continued operating on their regular routes. From July 2020, cargo vessel Sailor started operating on Paldiski-Kapellskär route in addition to cargo vessel Regal Star.
Changes concerning personnel
Due to the Covid-19 situation the following changes relating to personnel were in force in the third quarter of 2020:
- Most of the Finnish personnel were temporarily laid off, except the staff on duty.
- The workload of Swedish personnel was reduced to varying extent.
Given the different labour regulations in our home markets most efficient response to the changes in the environment was possible on the Finnish flagged vessels. The situation is the most difficult in Estonia and Latvia where the rigid legislation does not enable to combine unpaid leave with other salary support measures to the employee. Therefore, lengthy redundancies processes are necessary in Estonia and Latvia which are expected to start yielding positive financial impact in early 2021.
During the reporting period, a previously initiated collective redundancies process was carried out. An additional collective redundancies process was initiated in the third quarter, which potentially affects a further maximum of 1 500 employees by the end of the fourth quarter. As of the reporting date, the redundancies have affected more than 900 employees.
The average number of employees during the quarter and the number of employees at the end of the quarter were, respectively, 18.8% and 19.9% lower compared to the same period last year.
Support measures
During the quarter the Group received a total of EUR 3.8 million in direct financial support from the temporary salary compensation measure offered by the state of Sweden.
In the second quarter of 2020, the Estonian Parliament approved the change in legislation granting exemption from ships’ fairway dues for twelve months starting from April 2020. The effect of the exemption amounted to EUR 1.1 million in the third quarter of 2020.
Activities to improve liquidity
On 30 July 2020, the shareholders’ annual general meeting decided not to pay dividends from net profit for 2019.
In order to relieve the liquidity issues caused by the Covid-19 situation, the Group’s companies were allowed to postpone the tax payments. At the end of the third quarter, the postponed tax liability amounted to EUR 9.5 million and will be paid by autumn 2021.
As an additional measure, the Group extended payment deadlines of its supplier invoices.
Sales and segments
In the third quarter of 2020, the Group’s total revenue decreased by EUR 144.0 million to EUR 143.7 million. Total revenue in the third quarter of 2019 and 2018 was EUR 287.8 million and EUR 283.6 million, respectively.
Revenue from route operations (core business) decreased by EUR 136.2 million to EUR 132.2 million. The passenger operations and segment results on all routes were significantly affected by the continuing Covid-19 situation and imposed travel restrictions.
The number of passengers carried on the Estonia-Finland routes decreased by 39.3% compared to last year, while the number of transported cargo units increased by 7.4%. Estonia-Finland routes’ revenue decreased by EUR 32.0 million to EUR 70.2 million. The segment result decreased by EUR 29.7 million to EUR 3.3 million. The Estonia-Finland routes’ results include also the operations of the Tallinn-Turku and the Tallinn-Mariehamn routes.
The number of passengers carried on the Finland-Sweden routes decreased by 61.0% and the number of transported cargo units decreased by 10.4%. The route’s revenue decreased by EUR 52.1 million to EUR 54.3 million and the segment result decreased by EUR 30.7 million to EUR -10.1 million. The Finland-Sweden routes’ results include also the operations of the Helsinki-Riga route and the special cruises from Stockholm to Visby and to Härnösand.
On the Estonia-Sweden routes the number of passengers carried decreased by 95.7%, while the number of transported cargo units decreased only by 6.8%. The segment revenue decreased by EUR 31.0 million to EUR 5.0 million and the segment result decreased by EUR 10.6 million to EUR -3.5 million. The Estonia-Sweden routes’ results reflect the operations of the Paldiski-Kapellskär route and the limited operations of the Tallinn-Stockholm route in September.
There were no daily operations on the Latvia-Sweden route during the quarter. The number of transported passengers and cargo units decreased by 90.0% and 84.7%, respectively, reflecting limited operations on the route. The route’s revenue decreased by EUR 21.1 million compared to last year and amounted to EUR 2.7 million. The segment result decreased by EUR 8.8 million to EUR -3.5 million. The Latvia-Sweden route’s results include the limited operations of the Riga-Stockholm route as well as the special cruises from Riga to Helsinki and to Mariehamn operated by the cruise ferry Romantika.
Revenue from the segment other decreased by a total of EUR 9.9 million and amounted to EUR 12.6 million. The decrease was mainly driven by significantly lower accommodation sales and lower revenue from services provided at the hotels. The segment revenue was positively impacted by an increase in online shop sales, opening of Burger King restaurants and revenue from providing mooring services at the Tallinn Old City Harbour.
Earnings
In the third quarter of 2020, the Group’s gross profit decreased by EUR 89.7 million compared to the same period last year, amounting to EUR -3.0 million. EBITDA decreased by EUR 77.5 million and amounted to EUR 5.7 million.
The Group’s third quarter financial result was impacted by the following factors:
- Significant decrease in operating expenses.
- Negative impact from one-off costs related to redundancies process in the amount of EUR 3.1 million.
- Positive impact from support measures, including the temporary salary compensation measure in Sweden and exemption from ships’ fairway dues in Estonia.
Amortisation and depreciation expense increased by EUR 1.6 million to EUR 25.4 million compared to last year. Net finance costs decreased by EUR 0.6 million compared to the third quarter last year.
The Group’s unaudited net loss for the third quarter of 2020 was EUR 23.9 million or EUR 0.036 per share compared to a net profit of EUR 54.6 million or EUR 0.082 per share in 2019 and net profit of EUR 46.1 million or EUR 0.069 per share in 2018.
Results of the first 9 months of 2020
In the first 9 months (1 January – 30 September) of the 2020 financial year the Group carried 3.3 million passengers, which is 56.3% less compared to the same period last year. The Group’s unaudited revenue for the period decreased by 49.7% and amounted to EUR 363.6 million. Unaudited EBITDA for the 9 months was EUR 6.9 million (EUR 137.7 million, 9 months 2019) and unaudited net loss was EUR 81.5 million (EUR 44.2 million, 9 months 2019 net profit).
The financial result of the 9 months of 2020 was impacted by following factors:
- Changes in operations of vessels and hotels due to the Covid-19 situation and the travel restrictions.
- Dockings of six ships totalling 79 days (total of 124 docking and service days in the first 9 months of 2019).
- Negative impact from one-off costs related to redundancies process in the amount of EUR 5.1 million.
- Various direct financial support.
Investments
The Group’s investments in the third quarter of 2020 amounted to EUR 53.8 million of which the majority, EUR 49.4 million, related to the construction of the shuttle vessel MyStar.
Investments were also made in the development of the online booking and sales systems as well as other administrative systems and in relation to the opening of Burger King restaurants.
Dividends
Due to a deteriorated operating environment and considering the Company’s long-term interests, the shareholders’ annual general meeting decided not to pay dividends from net profit for 2019.
Financial position
In the third quarter, the Group’s net debt increased by EUR 46.7 million to EUR 640.5 million and the net debt to EBITDA ratio was 15.9 at the reporting date.
At the end of the third quarter, total liquidity buffer (cash, cash equivalents and unused overdraft facilities) amounted to EUR 115.0 million (EUR 108.1 million at 30 September 2019).
At 30 September 2020, the Group’s cash and cash equivalents amounted to EUR 30.7 million (EUR 38.2 million at 30 September 2019) and the Group had EUR 84.3 million in unused overdraft facilities (EUR 69.8 million at 30 September 2019).
Economic Environment
The Group considers Finland, Sweden, Estonia and Latvia its home markets with the most exposure to the economic developments in Finland. The Group has also high exposure to the economic developments in Estonia and Sweden.
In the third quarter of 2020, the Group’s economic environment was dominated by the Covid-19 situation and the restrictions as well as discouraging communication related to travelling by the governments. By the beginning of the quarter, the Covid-19 situation had improved and the majority of the restrictions had been lifted on all our other home markets, except for Sweden. The passenger operations were again hampered by new restrictions imposed in mid-September.
While more flexible regulations have allowed for employees in Sweden and Finland to be on temporary lay-offs, extensive redundancy processes have been carried out in the Group’s Estonian and Latvian subsidiaries, similarly to many other firms. Such differences on the markets reflected also in the consumer confidence during the quarter, which according to the OECD data, recovered decently in Sweden and Finland while remaining continuously on a low level, both in Estonia and in Latvia.
For the Group, the slight recovery in consumer confidence in Sweden and Finland materialised in high demand for special cruises operated during the summer. However, the overall demand in passenger traffic remained low mainly due to hindrances in travelling. The international travel restrictions and reduced air traffic also effectively meant the absence of demand from the customers from outside our home markets and the state-level travelling and border-crossing restrictions effectively allowed to offer only international cargo operations to and from Sweden.
In the third quarter, the cargo market fared better relative to the passenger business, supported by the recovered business confidence on most home markets, except for Finland. However, the changed operating schedule and tight competition in pricing resulted in a decline both in the number of cargo units and in the average revenue per unit.
Measured in euros the global fuel prices declined, on average, by 40% in the third quarter of 2020 compared to last year. The Group’s overall fuel cost declined by 36% compared to the same period last year. In addition to the decrease in the fuel market price, the cost was affected by the changes in the operating schedule as well as an existing fuel price agreement with the price fixed above the market level.
For the foreseeable future, the key risk has to do with global and regional developments with the Covid-19 situation and related restrictions on travel and other economic activities, its economic damage and its impact on local and international trade.
Events in Q3
Prepayment for the new shuttle vessel MyStar
Prepayment instalments for the new shuttle vessel MyStar in the total amount of EUR 37.1 million were made in the third quarter of 2020.
Dividends
On 30 July 2020, the shareholders’ general meeting decided not to pay dividend from net profit for 2019.
Increase of overdraft limit
In the third quarter, the Group extended its existing overdraft facility with SEB Pank AS by EUR 20.0 million. The increase of the overdraft facilities helps to improve the Group’s liquidity.
Extensive reorganisation
In September 2020, the Group commenced further collective redundancies processes in different Group subsidiaries. The collective redundancies processes were initiated in Estonia and in Latvia.
Renovation of Tallink City Hotel
Tallink City Hotel in Tallinn is undergoing a full-scale renovation from September 2020. The renovation works are estimated to be finalised by the end of May 2021 and the hotel reopened in June next year.
Opening of Burger King restaurants
The Group continued preparations for opening Burger King restaurants. During the quarter one restaurant was opened in Tartu. The Group has secured the locations of its first Burger King restaurants in Latvia and Lithuania, to be opened in the fourth quarter of 2020.
Events after the reporting period and outlook
Prepayment for the new shuttle vessel MyStar
The last prepayment instalment for the new shuttle vessel MyStar in the total amount of EUR 12.4 million will be made in the fourth quarter of 2020.
Cooperation negotiations with trade unions
In October 2020, the Group’s Finnish and Swedish subsidiaries initiated cooperation negotiations with the employee representatives which may lead to changes in the organisational structure, redundancies, reduction in working hours and temporary lay-offs.
Suspended operations of Tallink Hotel Riga
The operations of Tallink Hotel Riga were suspended from 18 October 2020. The hotel will be closed until spring 2021 unless the operating environment does not improve sooner.
Earnings
The Group’s earnings are not generated evenly throughout the year. The summer period is the high season in the Group’s operations. In management’s opinion and based on prior experience most of the Group’s earnings are generated during the summer (June-August). In the opinion of the Management Board the Group will not earn profits in 2020 financial year.
Due to the ongoing Covid-19 situation the earnings outlook has become uncertain and continues to be largely subject to external factors such as the states’ decisions regarding the timing of lifting of the travel restrictions, allowing passenger traffic as well as the duration of the recovery period.
Research and development projects
Tallink Grupp AS does not have any substantial ongoing research and development projects. The Group is continuously seeking opportunities for expanding its operations in order to improve its results.
The Group is continuously looking for innovative ways to upgrade the ships and passenger area technology to improve its overall performance through modern solutions. The most recent project, in collaboration with ports in the Baltic Sea area and supported by the Connecting Europe Facility (CEF) fund, involves making preparations for the use of high-voltage shore connection during the vessels’ port stays. Another ongoing collaboration project with Tallinn University of Technology (TalTech) involves the development of smart car deck solutions.
In addition, the Group is participating in a programme, funded by the European Space Agency, with a goal to develop techniques for autonomous navigation for ships, using a combination of different sensors, machine learning and artificial intelligence.
Risks
The Group’s business, financial position and operating results could be materially affected by various risks. These risks are not the only ones we face. Additional risks and uncertainties not presently known to us, or that we currently believe are immaterial or unlikely, could also impair our business. The order of presentation of the risk factors below is not intended to be an indication of the probability of their occurrence or of their potential effect on our business.
- Covid-19 situation and developments
- Governmental restrictions on business activities
- Accidents, disasters
- Macroeconomic developments
- Changes in laws and regulations
- Relations with trade unions
- Increase in the fuel prices and interest rates
- Market and customer behaviour
Key figures
For the period | Q3 2020 | Q3 2019 | Change % |
Revenue (million euros) | 143.7 | 287.8 | -50.0% |
Gross profit/loss (million euros) | -3.0 | 86.7 | -103.5% |
EBITDA¹ (million euros) | 5.7 | 83.2 | -93.2% |
EBIT¹ (million euros) | -19.7 | 59.4 | -133.1% |
Net profit/loss for the period (million euros) | -23.9 | 54.6 | -143.7% |
Depreciation and amortisation (million euros) | 25.4 | 23.8 | 6.6% |
Capital expenditures¹ ²(million euros) | 53.8 | 7.1 | 653.7% |
Weighted average number of ordinary shares outstanding | 669,882,040 | 669,882,040 | 0.0% |
Earnings/loss per share¹ | -0.036 | 0.082 | -143.7% |
Number of passengers | 1,314,301 | 2,974,790 | -55.8% |
Number of cargo units | 91,578 | 93,329 | -1.9% |
Average number of employees | 6,031 | 7,425 | -18.8% |
As at | 30.09.2020 | 30.06.2020 | Change % |
Total assets (million euros) | 1,542.9 | 1,505.9 | 2.5% |
Total liabilities (million euros) | 801.4 | 740.5 | 8.2% |
Interest-bearing liabilities (million euros) | 671.2 | 615.7 | 9.0% |
Net debt¹ (million euros) | 640.5 | 593.8 | 7.9% |
Net debt to EBITDA¹ | 15.9 | 5.0 | 215.3% |
Total equity (million euros) | 741.5 | 765.3 | -3.1% |
Equity ratio¹ (%) | 48% | 51% | |
Number of ordinary shares outstanding | 669,882,040 | 669,882,040 | 0.0% |
Equity per share¹ | 1.11 | 1.14 | -3.1% |
Ratios¹ | Q3 2020 | Q3 2019 | |
Gross margin (%) | -2.1% | 30.1% | |
EBITDA margin (%) | 4.0% | 28.9% | |
EBIT margin (%) | -13.7% | 20.6% | |
Net profit/loss margin (%) | -16.6% | 19.0% | |
ROA (%) | -3.9% | 4.5% | |
ROE (%) | -9.6% | 5.1% | |
ROCE (%) | -4.6% | 5.4% |
1 Alternative performance measures based on ESMA guidelines are disclosed in the Alternative Performance Measures section of this Interim Report.
2 Does not include additions to right-of-use assets.
EBITDA: result from operating activities before net financial items, share of profit of equity-accounted investees, taxes, depreciation and amortization
EBIT: result from operating activities
Earnings per share: net profit or loss/ weighted average number of shares outstanding
Equity ratio: total equity / total assets
Shareholder’s equity per share: shareholder’s equity / number of shares outstanding
Gross margin: gross profit / net sales
EBITDA margin: EBITDA / net sales
EBIT margin: EBIT / net sales
Net profit margin: net profit or loss / net sales
Capital expenditure: additions to property, plant and equipment – additions to right-of-use assets + additions to intangible assets
ROA: earnings before net financial items, taxes 12-months trailing / average total assets
ROE: net profit 12-months trailing / average shareholders’ equity
ROCE: earnings before net financial items, taxes 12-months trailing / (total assets – current liabilities (average for the period))
Net debt: interest-bearing liabilities less cash and cash equivalents
Net debt to EBITDA: net debt / EBITDA 12-months trailing
Consolidated statement of profit or loss and other comprehensive income
Unaudited, in thousands of EUR | Q3 2020 | Q3 2019 | Jan-Sep 2020 |
Jan-Sep 2019 |
Revenue (Note 3) | 143,747 | 287,771 | 363,639 | 722,744 |
Cost of sales | -146,771 | -201,089 | -388,730 | -564,929 |
Gross loss/profit | -3,024 | 86,682 | -25,091 | 157,815 |
Sales and marketing expenses | -9,260 | -15,108 | -30,528 | -51,362 |
Administrative expenses | -12,061 | -12,897 | -35,090 | -42,408 |
Other operating income | 4,695 | 713 | 22,365 | 1,876 |
Other operating expenses | -14 | 2 | -93 | -23 |
Result from operating activities | -19,664 | 59,392 | -68,437 | 65,898 |
Finance income (Note 4) | 0 | -104 | 1 | 991 |
Finance costs (Note 4) | -4,160 | -4,609 | -12,860 | -14,446 |
Loss before income tax | -23,824 | 54,679 | -81,296 | 52,443 |
Income tax | -64 | -70 | -161 | -8,199 |
Net loss for the period | -23,888 | 54,609 | -81,457 | 44,244 |
Net loss for the period attributable to equity holders of the Parent | -23,888 | 54,609 | -81,457 | 44,244 |
Other comprehensive income | ||||
Items that may be reclassified to profit or loss | ||||
Exchange differences on translating foreign operations | 46 | 34 | 127 | 456 |
Other comprehensive income for the period | 46 | 34 | 127 | 456 |
Total comprehensive loss for the period | -23,842 | 54,643 | -81,330 | 44,700 |
Total comprehensive loss for the period attributable to equity holders of the Parent | -23,842 | 54,643 | -81,330 | 44,700 |
Loss per share (in EUR, Note 5) | -0.036 | 0.082 | -0.122 | 0.066 |
Consolidated statement of financial position
Unaudited, in thousands of EUR | 30.09.2020 | 30.09.2019 | 31.12.2019 |
ASSETS | |||
Cash and cash equivalents | 30,671 | 38,237 | 38,877 |
Trade and other receivables | 25,690 | 48,271 | 37,606 |
Prepayments | 10,664 | 12,775 | 6,805 |
Prepaid income tax | 22 | 44 | 67 |
Inventories | 32,506 | 40,440 | 37,255 |
Current assets | 99,553 | 139,767 | 120,610 |
Investments in equity-accounted investees | 403 | 407 | 403 |
Other financial assets and prepayments | 2,228 | 326 | 1,619 |
Deferred income tax assets | 18,674 | 17,934 | 18,674 |
Investment property | 300 | 300 | 300 |
Property, plant and equipment (Note 6) | 1,380,154 | 1,360,619 | 1,347,093 |
Intangible assets (Note 7) | 41,620 | 44,844 | 44,264 |
Non-current assets | 1,443,379 | 1,424,430 | 1,412,353 |
TOTAL ASSETS | 1,542,932 | 1,564,197 | 1,532,963 |
LIABILITIES AND EQUITY | |||
Interest-bearing loans and borrowings (Note 8) | 145,547 | 94,421 | 89,198 |
Trade and other payables | 102,923 | 99,107 | 98,926 |
Payables to owners | 6 | 46,876 | 6 |
Income tax liability | 30 | 0 | 0 |
Deferred income | 27,314 | 35,735 | 33,314 |
Current liabilities | 275,820 | 276,139 | 221,444 |
Interest-bearing loans and borrowings (Note 8) | 525,605 | 470,400 | 488,682 |
Non-current liabilities | 525,605 | 470,400 | 488,682 |
Total liabilities | 801,425 | 746,539 | 710,126 |
Share capital (Note 9) | 314,844 | 314,844 | 314,844 |
Share premium | 663 | 663 | 663 |
Reserves | 70,685 | 70,415 | 69,608 |
Retained earnings | 355,315 | 431,736 | 437,722 |
Equity attributable to equity holders of the Parent | 741,507 | 817,658 | 822,837 |
Total equity | 741,507 | 817,658 | 822,837 |
TOTAL LIABILITIES AND EQUITY | 1,542,932 | 1,564,197 | 1,532,963 |
Consolidated statement of cash flows
Unaudited, in thousands of EUR | Q3 2020 | Q3 2019 | Jan-Sep 2020 |
Jan-Sep 2019 |
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net loss for the period | -23,888 | 54,609 | -81,457 | 44,244 |
Adjustments | 29,646 | 28,455 | 88,117 | 93,832 |
Changes in: | ||||
Receivables and prepayments related to operating activities | -3,422 | 5,153 | 7,872 | -10,368 |
Inventories | 4,529 | -1,114 | 4,749 | -4,699 |
Liabilities related to operating activities | -6,419 | -18,535 | -13,964 | 3,169 |
Changes in assets and liabilities | -5,312 | -14,496 | -1,343 | -11,898 |
Cash generated from operating activities | 446 | 68,568 | 5,317 | 126,178 |
Income tax repaid/paid | -66 | -70 | -86 | -288 |
NET CASH FROM OPERATING ACTIVITIES | 380 | 68,498 | 5,231 | 125,890 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Purchase of property, plant, equipment and intangible assets (Notes 6, 7) | -41,447 | -7,138 | -82,861 | -50,856 |
Proceeds from disposals of property, plant, equipment | 31 | 70 | 78 | 212 |
Interest received | 0 | 0 | 1 | 1 |
NET CASH USED IN INVESTING ACTIVITIES | -41,416 | -7,068 | -82,782 | -50,643 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Proceeds from loans received (Note 8) | 40,000 | 0 | 55,000 | 0 |
Repayment of loans received (Note 8) | 0 | -25,041 | -14,667 | -56,375 |
Change in overdraft (Note 8) | 18,668 | -13,852 | 50,673 | 5,157 |
Payments for settlement of derivatives | 0 | 0 | 0 | -1,029 |
Payment of lease liabilities (Note 8) | -3,947 | -3,800 | -8,861 | -10,934 |
Interest paid | -4,479 | -5,214 | -12,168 | -13,648 |
Payment of transaction costs related to loans | -427 | -795 | -632 | -795 |
Dividends paid (Note 10) | 0 | -33,458 | 0 | -33,458 |
Income tax on dividends paid | 0 | -8,103 | 0 | -8,103 |
NET CASH FROM/USED IN FINANCING ACTIVITIES | 49,815 | -90,263 | 69,345 | -119,185 |
TOTAL NET CASH FLOW | 8,779 | -28,833 | -8,206 | -43,938 |
Cash and cash equivalents at the beginning of period | 21,892 | 67,070 | 38,877 | 82,175 |
Change in cash and cash equivalents | 8,779 | -28,833 | -8,206 | -43,938 |
Cash and cash equivalents at the end of period | 30,671 | 38,237 | 30,671 | 38,237 |
Joonas Joost
Financial Director
AS Tallink Grupp
Sadama 5
10111 Tallinn, Estonia
E-mail [email protected]
Attachments
Artificial Intelligence
SimSpace Welcomes Matt Knutsen as New Chief Revenue Officer to Spearhead Expansion Plan
SimSpace strengthens their leadership team, appointing Knutsen to drive revenue growth for the company as it expands further into the public sector
BOSTON, May 2, 2024 /PRNewswire/ — SimSpace, the US-based industry leader in AI-Powered cyber ranges, announced today the appointment of Matt Knutsen as its new Chief Revenue Officer (CRO). Matt will champion SimSpace’s global sales and revenue growth strategy. He will drive expansion initiatives and foster strategic partnerships to stress test businesses’ and state agencies’ people, processes and technologies against the most advanced adversaries.
With more than 20 years of experience in the field, Matt most recently held the position of CRO at cyber training provider Immersive Labs, where he increased revenue growth by over 4000% and attracted over $180M in investment. He also launched the company into new markets, expanding the team across Australia, Europe, the Middle East, New Zealand and the US. The combination of Matt’s wealth of experience and his in-depth industry knowledge make him well-equipped to lead SimSpace’s next phase of growth.
As nation-state attacks rise in frequency, and AI drives a new wave of severe cyberattacks, companies also have to navigate uncertain economic conditions. SimSpace empowers organizations to cut unnecessary spending through stack optimization, allowing CISOs to maximize their ROI and effectiveness of their technology stack. Knutsen’s influence in the field will propel the SimSpace Platform to new heights, advancing access for companies and governments that need to optimize their cybersecurity defenses and safeguard their critical infrastructure from an increasingly volatile threat landscape.
Matt Knutsen is the most recent addition to SimSpace’s Executive Leadership Team, following Clint Sand’s appointment as Chief Product Officer in February 2024. His appointment underscores SimSpace’s continued growth trajectory, headed by the $45M they secured in funding from L2 Point Management, bringing the total capital raised over the past year to $70M. The company has also bolstered their presence in the public sector, marked by their recent partnership with Carahsoft and their multi-year contract with Florida to enhance the state’s cybersecurity preparedness. SimSpace’s high fidelity cyber ranges and simulations will enable state agencies and programs like Cyber Florida to rehearse and respond to cyberattacks.
Commenting on Matt’s arrival, SimSpace CEO William Hutchison said, “Matt is a seasoned executive, who has accumulated years of knowledge on cybersecurity best practices and established himself as a leading authority in cyber range exercises. His industry influence, strategic vision and conviction in the importance of cybersecurity preparedness will shape the future success of the company at this crucial time of expansion. With Matt leading our revenue organization, we have full confidence in our capacity to deepen our valued partnerships and build strong, new connections which will further elevate SimSpace’s position as a trusted cybersecurity partner.”
Matt Knutsen, Chief Revenue Officer commented, “I’m looking forward to bringing a proactive approach to cybersecurity risk management to even more private and public sector organizations. I’ve already been impressed by SimSpace’s high-fidelity cyber range simulations, both on and off premise. It’s a great time to be joining the company and I’m excited to build upon SimSpace’s recent rapid growth with even more partnerships.”
About SimSpace
SimSpace is the global leader in AI-Powered cyber ranges, founded by experts from U.S. Cyber Command and MIT’s Lincoln Laboratory to respond to a new era of unprecedented cyber threats. Having raised nearly $70 million in funding over the past year, the company’s Platform enables the most sophisticated enterprises, governments, and critical national infrastructure organizations to find intelligence-driven answers to the most vexing security, governance, training, and cyber readiness questions. SimSpace provides high-fidelity cybersecurity simulations, training, and safe live-fire exercises to Fortune 2000 financial, retail, insurance, and other commercial markets. SimSpace’s Platform results in an average reduction in cyber operational costs of 30% and a 40% reduction in breaches.
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Artificial Intelligence
Enterprise AI Market to Be Worth $171.2 Billion by 2031–Exclusive Report by Meticulous Research®
REDDING, Calif., May 2, 2024 /PRNewswire/ — According to a new market research report titled, ‘Enterprise AI Market by Offering (Solutions, Services), Deployment Mode, Organization Size, Technology (ML, NLP), End-use Industry (IT & Telecom, Healthcare, Retail & E-commerce, Media & Advertisement) and Geography—Global Forecast to 2031,’ the global enterprise AI market is projected to reach $171.2 billion by 2031, at a CAGR of 32.9% from 2024 to 2031.
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Enterprise artificial intelligence (AI) is the integration of advanced AI-enabled technologies and techniques within large organizations to enhance business functions. Enterprise AI encompasses routine tasks of an organization such as data collection and analysis, supply chain management, finance, marketing, customer service, human resources and cybersecurity, and risk management. Enterprise AI is an integration of AI-enabled technologies such as machine learning, natural language processing, image processing, and speech recognition. Enterprise AI is used in various industries such as media & advertising, healthcare, retail & e-commerce, BFSI, government, automotive, and IT & telecom.
The growth of the enterprise AI market is driven by enterprises’ increasing need to enhance customer satisfaction and the growing implementation of enterprise AI solutions in the IT & telecom sectors. However, the high costs of enterprise AI solutions restrain the growth of this market. Furthermore, the increasing need for conversational AI solutions for optimized sales & marketing management and the growing need to automate business processes are expected to generate growth opportunities for the players operating in this market. However, data privacy & security concerns are a major challenge impacting market growth. Additionally, the growing adoption of AI chatbots for customer interaction and the increasing integration of Machine Learning (ML) technology into enterprise AI solutions are prominent trends in this market.
The global enterprise AI market is segmented by offering (solutions and services [professional services and managed services]), deployment mode (cloud-based deployment and on-premise deployment), organization size (large enterprises and small & medium-sized enterprises), technology (machine learning, image processing, natural language processing, and speech recognition), end-use industry (media & advertising, healthcare, retail & e-commerce, BFSI, government, automotive, IT & telecom, and other end-use industries), and geography. The study also evaluates industry competitors and analyses the market at the country and regional levels.
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Based on offering, in 2024, the solutions segment is expected to account for the larger share of 63% of the enterprise AI market. The segment’s large market share is attributed to the growing adoption of enterprise AI solutions to solve specific business challenges or streamline business processes and the growing implementation of these solutions to automate tasks, analyze data, and provide insights.
However, the services segment is expected to register a higher CAGR during the forecast period. The growth of this segment is driven by the growing need for AI consulting, data analysis, and enterprise-grade AI solution development, maintenance, and support and the rising adoption of services to automate tasks and help improve business operations efficiently.
Based on deployment mode, in 2024, the on-premise deployment segment is expected to account for the largest share of the enterprise AI market, with a revenue contribution of around USD 13 billion. The segment’s large market share is attributed to the increasing on-premise deployment of enterprise AI solutions by large enterprises and the growing demand for service flexibility, enhanced customer experience, and efficiency in managing risks and compliance.
However, the cloud-based deployment segment is expected to register a higher CAGR during the forecast period. The growth of this segment is driven by benefits associated with cloud-based deployment, including easy maintenance of customer data, cost-effectiveness, and scalability, and the increasing demand for enterprise AI solutions that support multi-cloud deployments.
Based on organization size, in 2024, the large enterprises segment is expected to account for the larger share of the enterprise AI market. The segment’s large market share is attributed to the growing emphasis on developing strategic IT initiatives among large enterprises, the increasing need to manage large volumes of customer-level data, and the early adoption of advanced technologies across various sectors such as retail, manufacturing, healthcare, and automotive.
However, the small & medium-sized enterprises segment is expected to register a higher CAGR during the forecast period. The growth of this segment is driven by the increasing need for chatbots and digital assistants among small & medium-sized enterprises and the increasing need to improve performance, quality management, and customer satisfaction in call centers.
Based on technology, in 2024, the machine learning segment is expected to account for the largest share of the enterprise AI market. The segment’s large market share is attributed to the growing adoption of enterprise AI solutions with machine learning capabilities to analyze historical data and identify patterns and the increasing use of these solutions in e-commerce, streaming platforms, and content websites.
However, the natural language processing segment is expected to register the highest CAGR of 37.4% during the forecast period. The growth of this segment is driven by the growing need to understand, interpret, and generate human language data and the rising adoption of NLP to analyze user preferences, behaviors, and interactions to deliver personalized content.
Based on end-use industry, in 2024, the IT & telecom segment is expected to account for the largest share of 26% of the enterprise AI market. The segment’s large market share is attributed to the increasing demand for personalized customer experiences enabled by AI technologies, the rising adoption of AI for analyzing data from network sensors to optimize operations, and the growing utilization of AI to enhance network performance and deliver customized services. Also, this segment is expected to register the highest CAGR during the forecast period.
Based on geography, in 2024, North America is expected to dominate the global enterprise AI market. North America enterprise AI market is estimated to be worth USD 9 billion in 2024. North America’s significant market share can be attributed to the growing adoption of enterprise AI solutions in the retail, healthcare, and finance sectors, the rising implementation of AI to enhance customer engagement, inventory management, and personalized shopping experience, and the increasing use of chatbots on websites, social media platforms, and messaging apps to respond customer inquiries.
However, Asia-Pacific is expected to register the highest CAGR of 34.3% during the forecast period. The growth of this regional market is driven by the growing emphasis by companies to launch chatbots and virtual assistants in the Asia-Pacific region, growing demand for chatbots and voice assistant solutions, and increasing demand for AI-powered customer support services.
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The key players operating in the enterprise AI market are NVIDIA Corporation (U.S.), Google LLC (A subsidiary of Alphabet Inc.) (U.S.), Amazon Web Services, Inc. (A Subsidiary of Amazon.com, Inc.) (U.S.), International Business Machines Corporation (U.S.), Microsoft Corporation (U.S.), Verint Systems Inc. (U.S.), SAP SE (Germany), Pegasystems Inc. (U.S.), Wipro Limited (India), Intel Corporation (U.S.), Oracle Corporation (U.S.), Hewlett Packard Enterprise (U.S.), MicroStrategy Incorporated (U.S.), Amelia US LLC (U.S.), Sentient.io (Singapore).
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Scope of the Report:
Global Enterprise AI Market Assessment—by Offering
SolutionsServicesProfessional ServicesManaged ServicesGlobal Enterprise AI Market Assessment—by Deployment Mode
On-premise DeploymentCloud-based DeploymentGlobal Enterprise AI Market Assessment—by Organization Size
Large EnterprisesSmall & Medium-sized EnterprisesGlobal Enterprise AI Market Assessment—by Technology
Machine LearningNatural Language ProcessingImage ProcessingSpeech RecognitionGlobal Enterprise AI Market Assessment—by End-use Industry
IT & TelecomNetwork OptimizationCustomer Service Automation and Virtual AssistantsHuman Resource ManagementCustomer AnalyticsCybersecurityOther IT & Telecom Applications BFSISecurity and Risk ManagementStreamlining Regulatory ComplianceCustomer Relationship ManagementReal-Time Transaction MonitoringData Analytics & PredictionOther BFSI Applications HealthcareHospital Workflow ManagementLifestyle ManagementPatient Data & Risk AnalyticsMedical Imaging & DiagnosisPrecision MedicineRemote Patient MonitoringRobot-assisted SurgeryDrug Discovery Retail & E-commerceSearch and RecommendationsCustomer Relationship ManagementInventory ManagementSupply Chain OptimizationIn-store Visual Monitoring & SurveillancePredictive AnalyticsDemand ForecastingChatbots Media & AdvertisementChatbots and Virtual AssistantsPredictive AnalyticsSales & Marketing AutomationAdvertising RecommendationContent GenerationTalent IdentificationProduction Planning & Management AutomotiveAdvanced Driver Assistance SystemsHuman-Machine InterfaceVehicle PersonalizationDesigning and Production ManagementSupply Chain ManagementOther Automotive Applications GovernmentFraud Detection and PreventionAdministrative ProcessesDisaster Management and ResponsePersonalized User SupportOther Government Applications Other End-use IndustriesGlobal Enterprise AI Market Assessment —by Geography
North AmericaU.S.CanadaEuropeGermanyU.K.FranceItalySpainRest of EuropeAsia-PacificChinaJapanIndiaSouth KoreaSingaporeRest of Asia-PacificLatin AmericaMiddle East & AfricaRelated Reports:
Conversational AI Market by Offering, Application, Organization Size, Deployment Mode, Sector (IT & Telecommunications, BFSI, Retail & E-commerce, Healthcare & Life Sciences, Travel & Hospitality, Education, Manufacturing) – Global Forecast to 2030
Speech and Voice Recognition Market by Function (Speech, Voice Recognition), Technology (AI and Non-AI), Deployment Mode (Cloud, On-premise), End User (Consumer Electronics, Automotive, BFSI, Other End Users), and Geography – Global Forecast to 2030
AI in Manufacturing Market by Component, Technology (ML, NLP, Computer Vision), Application (Predictive Maintenance & Machinery Inspection, Quality Management, Supply Chain Optimization), End-use Industry – Global Forecast to 2030
AI in E-commerce Market by Technology (ML, NLP, Computer Vision), Business Model, Deployment Mode, Product Offering (Beauty & Fashion, Pharmaceutical, Electronic), End User (B2B, B2C), and Geography – Global Forecast to 2031
Healthcare Artificial Intelligence Market by Offering (Software, Services), Technology (ML, NLP), Application (Hospital Workflow Management, Patient Management), End User (Hospitals & Diagnostic Centers), and Geography – Global Forecast to 2031
About Meticulous Research®
Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.
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Mr. Khushal BombeMeticulous Market Research Inc.1267 Willis St, Ste 200 Redding,California, 96001, U.S.USA: +1-646-781-8004Europe : +44-203-868-8738APAC: +91 744-7780008Email- [email protected] Visit Our Website: https://www.meticulousresearch.com/Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-researchContent Source: https://www.meticulousresearch.com/pressrelease/1041/enterprise-ai-market-2031
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Artificial Intelligence
Virtual Assistant Market Size to Grow USD 8613.5 Million by 2030 at a CAGR of 22.3% | Valuates Reports
BANGALORE, India, May 2, 2024 /PRNewswire/ — Virtual Assistant Market is Segmented by Type (Fax, Media), by Application (Retail & Ecommerce, BFSI, Automotive, Healthcare).
The Global Virtual Assistant Market was valued at USD 2054.5 Million in 2023 and is anticipated to reach USD 8613.5 Million by 2030, witnessing a CAGR of 22.3% during the forecast period 2024-2030.
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Major Factors Driving the Growth of Virtual Assistant Market:
Because of its advanced digital infrastructure and early acceptance of technology, North America is the leader in the virtual assistant business. With so many tech-savvy professionals in the US and Canada, virtual assistant jobs are becoming more and more appealing to them as flexible work options. This region’s virtual assistant platform industry is growing due in part to the presence of large technological corporations and startups. Furthermore, as companies look for affordable options for administrative help, the surge in remote work trends—particularly in the wake of the pandemic—has increased demand for virtual assistants.
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TRENDS INFLUENCING THE GROWTH OF THE GLOBAL VIRTUAL ASSISTANT MARKET
The growing requirement for efficient administrative support services is driving the virtual assistant market in the BFSI sector. Virtual assistants, who manage administrative tasks including data entry, document preparation, and email correspondence, are a wonderful asset to financial firms. Their remote access to planning resources from a home office makes it easier for clients to cooperate and boosts output. Additionally, virtual assistants with specialised knowledge in banking, finance, and regulatory compliance improve customer service and operational performance in the BFSI sector.
Because they offer administrative help to companies in the retail and e-commerce sectors, virtual assistants are essential to this industry. Virtual assistants let retailers focus on their main business activities by streamlining their operations and performing tasks like inventory management, product listing updates, and customer questions and orders processing. Their remote access to common calendars and other planning materials guarantees smooth client collaboration and improves responsiveness to client requests. Because virtual assistants provide flexible support services that can adjust to changing demand levels, they can help retail and e-commerce enterprises scale.
Virtual assistants are fostering growth in the automotive industry by offering administrative support services to companies in this field. Virtual assistants help auto firms with a range of duties, such as addressing client questions, making appointment arrangements, and organising logistics for car delivery and maintenance. The flexibility and efficiency of the automotive supply chain are increased by their remote access to planning documents and capacity to work from home offices. Furthermore, virtual assistants enhance client satisfaction by offering prompt help and support during the whole lifespan of a vehicle.
The market for virtual assistants is expanding in the healthcare industry as providers look to enhance patient care and streamline administrative procedures. Virtual assistants help healthcare businesses by taking care of patient queries, organizing appointments, and helping with medical paperwork duties. They may collaborate with healthcare professionals more easily and efficiently since they can work from home offices and access shared calendars and patient information. By promptly responding to questions and concerns about healthcare, virtual assistants can help to increase patient satisfaction.
The demand for cost-cutting and operational efficiency, the emergence of software-defined networking (SDN) technologies, and the growing complexity of network infrastructures are the main drivers of the market for network automation. In response to expanding digital transformation projects and the growth of cloud-based services and apps, organisations across a wide range of sectors are adopting automation to increase agility, streamline network administration operations, and boost security posture.
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VIRTUAL ASSISTANT MARKET SHARE ANALYSIS
Due to the region’s early technological adoption and strong digital infrastructure, North America now dominates the virtual assistant industry. There is a sizable pool of tech-savvy workers in the US and Canada who are increasingly looking for flexible work options in virtual assistant professions. The existence of established tech firms and new ventures focused on virtual assistant platforms contributes to the expansion of this industry in this area. In addition, as companies look for affordable options for administrative help, the need for virtual assistants has increased due to the rise in remote work patterns, particularly in the wake of the pandemic.
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