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YEARBOOK 2017 AS TALLINK GRUPP YEARBOOK 2017 TABLE OF CONTENTS STATEMENT OF THE SUPERVISORY BOARD 6 2017 HIGHLIGHTS 8 SECTION I: ABOUT US 10 TALLINK GRUPP AT A GLANCE 11 COMPANY OVERVIEW 12 WHO WE ARE 12 WHAT WE DO 12 BRAND ARCHITECTURE 22 BRANDED SERVICES AND CONCEPTS 23 OUR BUSINESS PHILOSOPHY AND GUIDING CORE VALUES 24 TALLINK GRUPP VALUES 26 GROUP STRUCTURE 28 OUR FLEET AND ROUTES 29 ROUTEMAP 30 OUR FLEET 32 SECTION II: STRATEGIC REPORT 35 MANAGEMENT REPORT 36 OUR STRATEGY 42 CORPORATE RESPONSIBILITY REPORT 43 I SAFETY AND SECURITY 45 II PEOPLE 48 III ENVIRONMENT 56 IV MARKET 66 V COMMUNITY 72 SECTION III: GOVERNANCE REPORT 79 SHARES AND SHAREHOLDERS 80 SUPERVISORY BOARD 84 MANAGEMENT BOARD 86 RISKS AND OPPOPRTUNITIES 93 SECTION IV: FINANCIAL STATEMENTS 95 KEY FIGURES OF THE FINANCIAL YEAR 2017 96 CONSOLIDATED FINANCIAL STATEMENTS 97 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 101 NOTE 1 CORPORATE INFORMATION 101 NOTE 2 BASIS OF PREPARATION 101 NOTE 3 SIGNIFICANT ACCOUNTING POLICIES 106 NOTE 4 SEGMENT INFORMATION 118 NOTE 5 OPERATING EXPENSES AND FINANCIAL ITEMS 120 NOTE 6 INCOME TAX 122 NOTE 7 EARNINGS PER SHARE (EPS) 125 NOTE 8 CASH AND CASH EQUIVALENTS 125 NOTE 9 TRADE AND OTHER RECEIVABLES 126 NOTE 10 PREPAYMENTS 126 NOTE 11 INVENTORIES 127 NOTE 12 PREPAYMENTS 127 NOTE 13 OTHER FINANCIAL ASSETS 128 NOTE 14 PROPERTY, PLANT AND EQUIPMENT 128 NOTE 15 INTANGIBLE ASSETS 130 NOTE 16 INTEREST-BEARING LOANS AND BORROWINGS 131 NOTE 17 TRADE AND OTHER PAYABLES 133 NOTE 18 DEFERRED INCOME 133 NOTE 19 SHARE CAPITAL AND RESERVES 134 NOTE 20 SHARE OPTION PROGRAMME 135 NOTE 21 CONTINGENCIES AND COMMITMENTS 136 NOTE 22 RELATED PARTY DISCLOSURES 137 NOTE 23 GROUP ENTITIES 139 NOTE 24 CONTINGENCIES AND COMMITMENTS 140 NOTE 25 CORRECTION OF ERRORS 147 NOTE 26 SUBSEQUENT EVENTS 149 NOTE 27 PRIMARY FINANCIAL STATEMENTS OF THE PARENT 149 INDEPENDENT AUDITOR’S REPORT 154 GRI CONTENT INDEX 160 CONTACTS 166 STATEMENT OF THE SUPERVISORY BOARD Dear shareholders, customers, partners and In addition, in 2017 most of our routes continued to employees of AS Tallink Grupp, grow and develop well, particularly our Riga-Stockholm route, which is growing significantly now that two ships are once again operating on the route, and our 2017 was a record year for Tallink Grupp in more areas Stockholm-Tallinn route, which reached one million than one: we transported more passengers than ever passengers in one year for the first time ever. (9.8 million), our cargo business continued to go from strength to strength on all our routes, delivering a record number of cargo units transported in one year (nearly Of course, challenges 365,000 units) and our newest fleet member, Megastar, remain and tough transported 2 million passengers in its first year - more “ than any of our vessels have ever transported in one competition on the Baltic year. These are just a few of the highlights from 2017. There were several more to feel proud of and to build on Sea, particularly on the in the years to come. Tallinn-Helsinki route, continues to put pressure The launch of the LNG-powered vessel Megastar on the Tallinn-Helsinki route was certainly a key achievement on us. The challenges, of the year. The ship has delivered against all our however, simply mean we expectations and even exceeded them. Megastar is just as efficient, comfortable and environmentally friendly need to continue to think as promised, but what’s more – our customers love it ahead, innovate and never and the passenger numbers are clear evidence of that. become complacent. 6 | AS TALLINK GRUPP YEARBOOK 2017 Throughout the year, we continued modernising and The most important resolutions were the following: upgrading our ships through our ongoing group-wide • Approving the budget for financial year 2018; ship renewal programme to ensure our vessels are the safest, most comfortable and with the greatest range • Approving the statute of audit committee; of amenities and services. We developed, tested and • Granting consent to the sale of passenger ferries implemented a number of e-solutions to better serve Stena Superfast VII and Stena Superfast VIII; our customers in an increasingly digital world. We • Appointing advisers for exploring strategic options; continued to work on the strategy and improvements to our Hotels. • Approving the anti-corruption policy of AS Tallink Grupp. The Supervisory Board has examined and approved All this with the aim of the Annual Report and profit distribution of the 2017 “offering our customers the financial year. best Tallink Grupp can offer On behalf of the Supervisory Board, I would like to on the Baltic Sea and in the thank the members of the Management Board and Baltics. And all this as a result all Tallink Grupp’s employees for delivering this great result. of great teamwork from over 7,300 committed employees in the six countries Tallink I am convinced that with Grupp operates in. “the recent addition of Paavo Nõgene as the new CEO for our group, a strengthened I am pleased to note that in accordance with the Group’s strategy, the strong financial position allows Management Board and a us to continue paying dividends. The Management great team with passion for Board and the Supervisory Board will propose to the shareholders’ Annual General Meeting on 12 June 2018 offering our customers only a dividend distribution of EUR 0.03 per share, i.e. EUR the best, we can achieve even 20 096 000 in aggregate. more and deliver our ambition The Supervisory Board has regularly reviewed the of being market pioneers in financial results and the Management Board’s Europe in our sector. economic activity overviews of the company. The cooperation with the Management Board has been very good. During the past financial year, the meetings of the Supervisory Board were held 4 times in total and ENN PANT without calling a meeting written resolutions were CHAIRMAN OF THE SUPERVISORY BOARD adopted 7 times in total. AS TALLINK GRUPP YEARBOOK 2017 | 7 2017 HIGHLIGHTS SECTION I: ABOUT US 10 | AS TALLINK GRUPP YEARBOOK 2017 TALLINK GRUPP AT A GLANCE What we do H % PASSENGER CARGO HOTELS Tallink Grupp’s TRANSPORT TRANSPORT passenger market 5 hotels share is 47% 12 vessels 2 vessels (Tallinn & Riga) in the northern Baltic Sea area. Our FIN SWE EST RUS businesses GER LAT Our brands (*source: Generation Research) Our position in the world Ranked Ranked Ranked Ranked 1st 3rd 12th 3rd in the world in the world in the world in the world among ferry among ferry among ferry among top operators by operators by operators by Duty Free & revenue gross tons number of Travel Retail beds (EUR MILLION) shops 11 | AS TALLINK GRUPP YEARBOOK 2017 ABOUT US | STRATEGIC REPORT | GOVERNANCE REPORT | FINANCIAL STATEMENTS | OTHER INFORMATION COMPANY OVERVIEW WHO WE ARE WHAT WE DO AS Tallink Grupp with its subsidiaries (hereinafter also Our products and services referred to as “the Group”) is a leading European ferry operator, offering high quality mini-cruise and passenger transport services as well as ro-ro cargo We are the market leader services in the Baltic Sea region. The Group provides its in the Nordic and Baltic services on seven routes between Finland and Sweden, “ region in the maritime Estonia and Finland, Estonia and Sweden, and Latvia and Sweden under the brand names of “Tallink” and transport sector with the “Silja Line”. The Group has a fleet of 14 vessels which most modern fleet and a includes cruise ferries, high-speed ro-pax ferries and ro-ro cargo vessels. In addition, the Group operates a variety of routes and services, chain of five hotels - four in Tallinn and one in Riga. 12 | AS TALLINK GRUPP YEARBOOK 2017 from various transport and leisure products to a On our short overnight cruises between Stockholm high speed Tallink Shuttle service between Tallinn and Helsinki, Tallinn and Riga our passengers can and Helsinki. Our offering also includes complete not only enjoy the various restaurants, bars, shops, leisure and fun-filled short cruise experiences with and excellent onboard entertainment, but can also possible overnight hotel and spa stays at various purchase the various excursions that are offered in all destinations. A large proportion of our products are the cities we sail to. sold as combined services and travel packages. Travel packages are tailored to suit customer preferences All our vessels are continuously renovated and in each market as to the type of vessel, length of trip, upgraded to always offer our customers the best use of conference services, hotel accommodation experiences onboard with expanded shopping areas, and other leisure products. All our vessels are built to cosy restaurants and modern cabins. accommodate a large number of passenger vehicles as well as ro-ro cargo. We offer our customers end-to- end travel experiences, from joyful and easy cruises or transportation between top destinations to hotel accommodation and taxi services. Cruises We offer a variety of short cruises on all our routes which include Helsinki-Stockholm, Turku-Stockholm, Helsinki- Tallinn, Stockholm-Tallinn and Riga-Stockholm. We also sell short day-cruises to the Aland islands from both Stockholm and Turku, and annually organise a few special cruises during the summer high season. On our cruises we offer our customers the full experience: top quality shopping, dining and entertainment are all available on our cruise ships and are delivered by the best team. There are numerous activities onboard our vessels. Whether it is peace and “quiet in the winter gardens or on the sun decks, or the hustle and bustle of a high street or nightclub you are looking for – our ships have got some- thing to offer to everyone.
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