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"value": "AS Tallink Grupp (\u201cthe Company\u201d) with its subsidiaries (\u201cthe Group\u201d) is the leading European ferry operator, which has been offering high quality mini-cruise, passenger transport and ro-ro cargo services in the northern part of the Baltic Sea for over 30 years.Estonia, Finland, Sweden and LatviaThe Company issues quarterly unaudited interim financial reports and the audited annual report. The audit fee and the auditor\u2019s responsibilities are fixed in an agreement which is concluded by the Management Board. According to the agreement, the fee to be paid to the auditor is not subject to disclosure and is treated as confidential. In the notice of the annual General Meeting of Shareholders, the Company publishes the information required by the Commercial Code, which does not include the audit fee. Consolidated Statement of Cash Flows The Notes on pages 51-108 form an integral part of the financial statements For the year ended 31 December, in thousands of EUR 2022 2021 CASH FLOWS FROM OPERATING ACTIVITIES Net profit/loss for the period 13 935 -56 576 Adjustments for: Depreciation and amortisation (Notes 14, 15) 98 136 95 313 Net gain/loss on disposals of property, plant and equipment -34 -494 Net interest expense (Note 5) 24 622 21 843 Loss from equity-accounted investees (Note 12) 90 80 Net unrealised foreign exchange gain/loss 341 118 Loss from investments 0 75 Income tax (Note 6) -1 008 -852 Adjustments 122 147 116 083 Changes in: Receivables related to operating activities -2 036 -3 918 Prepayments related to operating activities -1 602 -3 007 Inventories -5 334 -6 513 Liabilities related to operating activities 17 415 13 447 Changes in assets and liabilities 8 443 9 Cash generated from operating activities 144 525 59 516 Income tax paid -227 -137 NET CASH FROM/USED IN OPERATING ACTIVITIES 144 298 59 379 CASH FLOWS FROM INVESTING ACTIVITIES Purchase of property, plant and equipment and intangible assets -203 322 -20 192 Proceeds from disposals of property, plant and equipment 2 768 816 Interest received 215 3 NET CASH USED IN INVESTING ACTIVITIES -200 339 -19 373 CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from loans received (Note 16) 196 290 90 000 Repayment of loans received (Note 16) -110 055 -14 667 Change in overdraft (Note 16) -165 -15 556 Payment of lease liabilities -17 157 -14 903 Interest paid -23 516 -19 296 Payment of transaction costs related to loans -1 977 -495 Issue of shares (Note 20) 0 34 633 NET CASH FROM FINANCING ACTIVITIES 43 420 59 716 TOTAL NET CASH FLOW -12 621 99 722 Cash and cash equivalents at the beginning of period 127 556 27 834 Change in cash and cash equivalents (Note 8) -12 621 99 722 Cash and cash equivalents at the end of period 114 935 127 556 Note 1 Corporate Information The consolidated financial statements of AS Tallink Grupp (the \u201cParent\u201d) and its subsidiaries (together referred to as the \u201cGroup\u201d) for the year ended 31 December 2022 were authorised for issue by the Management Board on 31 March 2023. According to the Estonian Commercial Code, the annual report including the consolidated financial statements prepared by the Management Board must first be approved by the Supervisory Board and ultimately by the General Meeting of Shareholders. Shareholders have the power not to approve the annual report prepared and presented by the Management Board and the right to request that a new annual report be prepared. AS Tallink Grupp is a public limited company incorporated and domiciled in Estonia, with a registered office at Sadama 5 Tallinn. AS Tallink Grupp shares have been publicly traded on the Nasdaq Tallinn Stock Exchange since 9 December 2005. The principal activities of the Group are related to marine transportation in the Baltic Sea (passenger and cargo transportation), EMTAK 50101 \u2013 Sea and coastal passenger water transport, EMTAK 50201 \u2013 Sea and coastal freight water transport, EMTAK 79121 \u2013 Travel agency activities. Further information on the Group\u2019s principal activities is presented in Note 4 Segment information. At 31 December 2022 the Group employed 4 904 people (4 785 at 31 December 2021). Note 2 Basis of Preparation 2.1. Statement of Compliance The consolidated financial statements of AS Tallink Grupp and its subsidiaries have been prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union (hereinafter: IFRS EU). 2.2. Basis of Measurement The consolidated financial statements have been prepared on the historical cost basis except for the following items in the statement of financial position: \u2022 equity securities are measured at fair value (Note 13) \u2022 ships are measured at revalued amounts (Note 14) 2.3. Changes in Accounting Policies Except for the changes below, the Group has consistently applied the accounting policies set out in Note 3 to all periods presented in these financial statements. The Group has adopted the following new standards and amendments to standards, including any consequential amendments to other standards, with a date of initial application of 1 January 2022. Changes in significant accounting policies The Group applied the following amendments to standards initially on 1 January 2022. Amendments to IFRS 3 Business Combinations Effective for annual periods beginning on or after 1 January 2022. The amendments to IFRS 3 update a reference in IFRS 3 to the 2018 Conceptual Framework for Financial Reporting instead of the 1989 Framework. At the same time, the amendments add a new paragraph to IFRS 3 to clarify that contingent assets do not qualify for recognition at the acquisition date. The amendments had no material impact on the Group\u2019s financial statements when initially applied. Amendments to IAS 16 Property, Plant and Equipment Effective for annual periods beginning on or after 1 January 2022; to be applied retrospectively. The amendments to IAS 16 require that the proceeds from selling items produced while bringing an item of property, plant and equipment to the location and condition necessary for it to be capable of operating in the manner intended must be recognised, together with the cost of those items, in profit or loss and that the entity must measure the cost of those items applying the measurement requirements of IAS 2. The amendments must be applied retrospectively, but only to items of property, plant and equipment that are brought to the location and condition necessary for them to be capable of operating in the manner intended on or after the beginning of the earliest period presented in the financial statements in which the entity first applies the amendments. The cumulative effect of initially applying the amendments will be recognised as an adjustment to the opening balance of retained earnings (or other component of equity, as appropriate) at the beginning of that earliest period presented (if necessary). The amendments had no material impact on the Group\u2019s financial statements when initially applied. Amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets Effective for annual periods beginning on or after 1 January 2022, to be applied retrospectively. In determining the costs of fulfilling a contract, the amendments require an entity to include all costs that relate directly to a contract. The amendments clarify that the cost of fulfilling a contract comprises both: \u2022 the incremental costs of fulfilling that contract and \u2022 an allocation of other costs that relate directly to fulfilling contracts. An entity must apply those amendments to contracts for which it has not yet fulfilled all its obligations at the beginning of the annual reporting period in which it first applies the amendments (the date of initial application). The entity will not restate comparative information. Instead, the entity will recognise the cumulative effect of initially applying the amendments as an adjustment to the opening balance of retained earnings or other component of equity, as appropriate, at the date of initial application. The Group does not expect the amendments to have a material impact on its financial statements when initially applied, because in determining the costs of fulfilling a contract the Group takes into account both incremental costs and other costs that relate directly to fulfilling contracts. The amendments had no material impact on the Group\u2019s financial statements when initially applied. Annual improvements to IFRS standards 2018-2020 Effective for annual periods beginning on or after 1 January 2022. Early application is permitted. Improvements to IFRS (2018-2020) include three amendments to the standards: \u2022 the amendments to IFRS 9 Financial Instruments clarify that, when assessing whether an exchange of debt instruments between an existing borrower and lender is on terms that are substantially different, the fees to include together with the discounted present value of the cash flows under the new terms include only fees paid or received between the borrower and the lender, including fees paid or received by either the borrower or lender on the other's behalf. \u2022 the amendments to IFRS 16 Leases remove illustrative example 13 accompanying IFRS 16, which in practice creates confusion in accounting for leasehold improvements for both the lessee and lessor. The purpose of the amendment is to remove the illustrative example that creates confusion. \u2022 the amendments to IAS 41 Agriculture remove the requirement to use pre-tax cash flows to measure the fair value of agriculture assets. Previously, IAS 41 had required an entity to use pre-tax cash flows when measuring fair value but did not require the use of a pre-tax discount rate to discount those cash flows. The amendments had no material impact on the Group\u2019s financial statements when initially applied. Standards, interpretations and amendments to published standards that are not yet effective Amendments to IAS 1 Presentation of Financial Statements Effective for annual periods beginning on or after 1 January 2023, to be applied retrospectively. Early application is permitted. These amendments are not yet endorsed by the EU. The amendments clarify that the classification of liabilities as current or non-current is based solely on the entity\u2019s right to defer settlement at the end of the reporting period. The entity\u2019s right to defer settlement for at least 12 months from the reporting date need not be unconditional but must have substance. The classification is not affected by management\u2019s intentions or expectations about whether and when the entity will exercise its right. The amendments also clarify the situations that are considered settlement of a liability. The Group does not expect the amendments to have a material impact on its financial statements when initially applied. Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements Effective for annual periods beginning on or after 1 January 2023. Early application is permitted. The amendments to IAS 1 aim to help entities provide accounting policy disclosures that are more useful by: \u2022 Requiring companies to disclose their material accounting policies rather than their significant accounting policies; \u2022 Clarifying that accounting policies related to immaterial transactions, other events or conditions are themselves immaterial and as such need not be disclosed; and \u2022 Clarifying that not all accounting policies that relate to material transactions, other events or conditions are themselves material to a company\u2019s financial statements. The Board also amended IFRS Practice Statement 2 to include guidance and two additional examples on the application of materiality to accounting policy disclosures. The amendments are consistent with the refined definition of material: \u201cAccounting policy information is material if, when considered together with other information included in an entity\u2019s financial statements, it can reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements\u201d. The Group does not expect the amendments to have an impact on its financial statements when initially applied. Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors Effective for annual periods beginning on or after 1 January 2023; to be applied prospectively. Early application is permitted. The amendments introduce a new definition for accounting estimates: clarifying that they are monetary amounts in the financial statements that are subject to measurement uncertainty. The amendments also clarify the relationship between accounting policies and accounting estimates by specifying that a company develops an accounting estimate to achieve the objective set out by an accounting policy. The amendments are not expected to have a material impact on the Group as these amendments provide guidance in determining whether changes are to be treated as changes in estimates, changes in policies, or errors. Amendments to IAS 12 Income Taxes Effective for annual periods beginning on or after 1 January 2023. Early application is permitted. The amendments clarify the accounting for deferred tax on transactions that involve recognising both an asset and a liability with a single tax treatment related to both. The amendments narrow the scope of the initial recognition exemption (IRE) so that it does not apply to transactions that give rise to equal and offsetting temporary differences. As a result, companies will need to recognise a deferred tax asset and a deferred tax liability for temporary differences arising on initial recognition of a lease and a decommissioning provision. The Group does not expect the amendments to have a material impact on its financial statements when initially applied. Amendments to IAS 1 Classification of liabilities as current or non-current, deferral of effective date The amendments to IAS 1 on classification of liabilities as current or non-current was issued in January 2020 with an original effective date 1 January 2022. However in response to the COVID-19 pandemic, the effective date was deferred by one year to provide companies with more time to implement the classification changes resulting from the amended guidance. The Group does not expect the amendments to have a material impact on its financial statements when initially applied. Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback Effective for annual periods beginning on or after 1 January 2024; to be applied retrospectively to the date when the entity initially applied IFRS 16. Early application is permitted. Amendments to IFRS 16 Leases impact how a seller-lessee accounts for variable lease payments that arise in a sale-and-leaseback transaction. The amendments introduce a new accounting model for variable payments. The amendments confirm the following. \u2022 On initial recognition, the seller-lessee includes variable lease payments when it measures a lease liability arising from a sale-and- leaseback transaction. \u2022 After initial recognition, the seller-lessee applies the general requirements for subsequent accounting of the lease liability such that it recognises no gain or loss relating to the right of use it retains. A seller-lessee may adopt different approaches that satisfy the new requirements on subsequent measurement. The Group does not expect the amendments to have a material impact on its financial statements when initially applied. Other changes Other new standards, amendments to standards and interpretations that are not yet effective are not expected to have a significant impact on the Group\u2019s financial statements. 2.4. Functional and Presentation Currency The figures reported in the financial statements are presented in euros, which is the Parent\u2019s functional currency. All financial information presented in euros has been rounded to the nearest thousand unless otherwise indicated. 2.5. Use of Estimates and Judgements The preparation of the consolidated financial statements in conformity with IFRS (EU) requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected. Judgements In the process of applying the Group\u2019s accounting policies, management has made the following judgements, which have the most significant effect on the amounts recognised in the financial statements: Lease Term Judgement to determine whether the Group is reasonably certain to exercise extension options. As at 31 December 2022, the Group had entered into lease agreements for 4 hotel buildings, 4 office buildings, 1 warehouse building, 19 restaurant buildings and 5 shops (31 December 2021: 4 hotel buildings, 4 office buildings, 1 warehouse building, 16 restaurant buildings and 5 shops). See Note 17 for more detailed information on the minimum lease payments of the lease agreements. Assumptions and Estimation Uncertainty The following assumptions and estimation uncertainties have a risk of resulting in a material adjustment in the next financial year: Fair Value of Ships For the purpose of revaluation, the Group determined the fair value of its ships as at 31 December 2022. The fair value of ships depends on many factors, including the year of construction, several technical parameters as well as how the ships have been maintained (i.e. how much the owner has invested in maintenance). In order to assess the fair value of ships, the Group\u2019s management used independent appraisers. Revaluation depends upon changes in the fair values of the ships. When the fair value of a ship differs materially from its carrying amount, a revaluation is required. Management is of the opinion that as at 31 December 2022 the carrying value of ships as a group did not materially differ from their fair value. Therefore, no revaluation was performed as at 31 December 2022. Further details are given in Note 3.4 and Note 14. Assessment of Impairment of Right-of-Use Buildings and Premises At each reporting date, the Group assesses whether any indications exist of possible impairment of right-of-use buildings. If such indications exist, an impairment test is performed. For estimation of the value, the items\u2019 value in use is determined. For determining the value in use, the discounted cash flow method is used. Further details are given in Note 14. Determination of the Useful Lives of Property, Plant and Equipment and Intangible Assets Management has estimated the useful lives and residual values of property, plant and equipment and intangible assets, taking into consideration the volumes of business activities, historical experience in this area and future outlook. Management\u2019s estimates of the useful lives of the Group\u2019s property, plant and equipment and the Group\u2019s intangible assets are disclosed in Notes 3.4 and 3.5, respectively. Impairment of Goodwill The Group determines whether goodwill is impaired at least on an annual basis. This requires an estimation of the value in use of the cash-generating units to which goodwill is allocated. Estimating value in use requires management to make an estimate of the expected future cash flows from the cash-generating unit and also to choose a suitable discount rate in order to calculate the present value of those cash flows. The carrying amount of goodwill as at 31 December 2022 amounted to EUR 11 066 thousand (31 December 2021: EUR 11 066 thousand). Further details are given in Note 15. Deferred Tax Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different taxable entities which intend either to settle current tax liabilities and assets on a net basis or to realise the assets and settle the liabilities simultaneously. A deferred tax asset is recognised for all unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilised. Significant management estimation is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and level of future taxable profits. Further details are provided in Note 6. Customer Loyalty Programme Customer loyalty programme (Club One) applies to sales transactions in which the entities grant their customers award credits that, subject to meeting further qualifying conditions, the customers can redeem in the future for free or discounted goods or services. The Group recognises the credits that it awards to customers as a separate performance obligation, which is deferred at the date of the initial sale. The credits are recognised based on the relative stand-alone selling price allocation method. See also Note 19. Note 3 Significant Accounting Policies The accounting policies set out below have been applied consistently to all periods presented in these consolidated financial statements, and have been applied consistently by Group entities. 3.1. Basis of Consolidation Business Combinations Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. For acquisitions the Group measures goodwill at the acquisition date as: \u2022 the fair value of the consideration transferred; plus \u2022 the recognised amount of any non-controlling interests in the acquiree; plus \u2022 if the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree; less \u2022 the net recognised amount (fair value) of the identifiable assets acquired and liabilities assumed. When the excess is negative, a bargain purchase gain is recognised immediately in profit or loss. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in profit or loss. Costs related to the acquisition, other than those associated with the issue of debt or equity securities, that the Group incurs in connection with a business combination are expensed as incurred. Any contingent consideration payable is recognised at fair value at the acquisition date. If the contingent consideration is classified as equity, it is not remeasured and settlement is accounted for within equity. Otherwise, subsequent changes to the fair value of the contingent consideration are recognised in profit or loss. Subsidiaries Subsidiaries are entities controlled by the Group. Control exists when the Group is exposed or has rights to variable returns from its involvements with the investee and it has the ability to affect those returns through its power over the investee and there is a link between power and returns. In assessing control, potential voting rights that currently are exercisable are taken into account. The consolidated financial statements comprise the financial statements of AS Tallink Grupp and its subsidiaries. The financial statements of the subsidiaries used in the preparation of the consolidated financial statements are prepared as at the same reporting date. If a subsidiary uses accounting policies other than those adopted in the consolidated financial statements for like transactions and events in similar circumstances, appropriate adjustments are made to its financial statements in preparing the consolidated financial statements. Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Group obtains control, and continue to be consolidated until the date that such control ceases. Investments in Equity-Accounted Investees Equity-accounted investees are those entities in which the Group has significant influence, but not control, over the financial and operating policies. Significant influence is presumed to exist when the Group holds between 20% and 50% of the voting power of another entity. Equity-accounted investees are accounted for using the equity method (equity-accounted investees) and are initially recognised at cost. The Group\u2019s investment includes goodwill identified on acquisition, net of any accumulated impairment losses. The consolidated financial statements include the Group\u2019s share of the profit or loss and other comprehensive income and equity movements of equity-accounted investees, after adjustments to align the accounting policies with those of the Group, from the date that significant influence commences until the date that significant influence ceases. When the Group\u2019s share of losses exceeds its interest in an equity-accounted investee, the carrying amount of that interest (including any long-term investment) is reduced to nil and the recognition of further losses is discontinued except to the extent that the Group has an obligation or has made payments on behalf of the investee. Transactions Eliminated on Consolidation Intra-group balances and transactions, and any unrealised gains arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. Unrealised gains arising from transactions with equity-accounted investees are eliminated against the investment to the extent of the Group\u2019s interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment. 3.2. Foreign Currency Foreign Currency Transactions The Parent\u2019s functional currency and presentation currency is the euro. Each entity in the Group determines its own functional currency and the items included in the financial statements of each entity are measured using that functional currency. Transactions in foreign currencies are translated into the respective functional currencies of Group companies at the exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are retranslated to the functional currency at the exchange rate at that date. The foreign currency gain or loss on monetary items is the difference between amortised cost in the functional currency at the beginning of the year and the amortised cost in foreign currency translated at the exchange rate at the end of the year. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are retranslated to the functional currency at the exchange rate at the date that the fair value was determined. Foreign currency differences arising on retranslation are recognised in profit or loss, except for differences arising on the retranslation of equity instruments which are recognised in other comprehensive income. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Foreign Operations The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are translated to euros at exchange rates at the reporting date. The income and expenses of foreign operations are translated to euros at exchange rates at the dates of the transactions. Foreign currency differences are recognised in other comprehensive income, and presented in the foreign currency translation reserve (FCTR) in equity. When a foreign operation is disposed of such that control or significant influence is lost, the cumulative amount in the FCTR related to that foreign operation is reclassified to profit or loss as part of the gain or loss on disposal. When the Group disposes of only part of its interest in a subsidiary that includes a foreign operation while retaining control, the relevant proportion of the cumulative amount is reattributed to non-controlling interests. 3.3. Financial Instruments Recognition and Initial Measurement Trade receivables are initially recognised when they are originated. All other financial assets and financial liabilities are initially recognised when the Group becomes a party to the contractual provisions of the instrument. A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus, for an item not at FVTPL, transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price. Classification and Subsequent Measurement Financial Assets On initial recognition, a financial asset is classified as measured at: - amortised cost - FVOCI \u2013 debt investment - FVOCI \u2013 equity investment or - FVTPL Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: - it is held within a business model whose objective is to hold assets to collect contractual cash flows and - its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding All financial assets not classified as measured at amortised cost as described above or FVOCI are measured at FVTPL. This includes all derivative financial assets. Financial Assets \u2013 Subsequent Measurement and Gains and Losses Financial assets at FVTPL These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognised in profit or loss. Financial assets at amortised cost. These assets are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss. Financial Liabilities \u2013 Classification, Subsequent Measurement and Gains and Losses Financial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently measured at amortised cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss. Derecognition Financial Assets The Group derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and does not retain control of the financial asset. The Group also enters into transactions whereby it transfers assets recognised in its statement of financial position, but retains either all or substantially all of the risks and rewards of the transferred assets. In these cases, the transferred assets are not derecognised. Financial Liabilities The Group derecognises a financial liability when its contractual obligations are discharged or cancelled, or expire. The Group also derecognises a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognised at fair value. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in profit or loss. Offsetting Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group currently has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realise the asset and settle the liability simultaneously. Share Capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares and share options are recognised as a deduction from equity. 3.4. Property, Plant and Equipment Recognition and Measurement Property, plant and equipment, except ships, are measured at cost, less accumulated depreciation and any impairment. Cost includes expenditure that is directly attributable to the acquisition of the asset, including borrowing costs (see 3.8). The cost of self-constructed assets includes the cost of materials and direct labour and any other costs directly attributable to bringing the assets to a working condition for their intended use. When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment. Ships are measured at revalued amounts (i.e. fair value less depreciation charged subsequent to the date of the revaluation). Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting period. At the revaluation date, the carrying amount of ships is replaced with their fair value at the date of revaluation and accumulated depreciation is eliminated. Any revaluation surplus is recognised in other comprehensive income and presented in the revaluation reserve in equity. A revaluation deficit is recognised in loss, except that a deficit offsetting a previous surplus on the same asset, previously recognised in other comprehensive income, is offset against the surplus in the \u2018revaluation of ships\u2019. An annual transfer from the revaluation reserve to retained earnings is made for the difference between depreciation based on the revalued carrying amount of the assets and the depreciation based on the assets\u2019 original cost. Upon disposal, any revaluation reserve relating to the particular asset being sold is transferred to retained earnings. Subsequent Costs Subsequent expenditure relating to an item of property, plant and equipment that has already been recognised (e.g. replacements of parts of some items, dry-dockings with intervals of two or five years) is added to the carrying amount of the asset, if the recognition criteria are met, i.e. (a) it is probable that future economic benefits associated with the item will flow to the Group, and (b) the cost of the item can be measured reliably. The replaced items are derecognised. All other expenditures are recognised as an expense in the period in which they are incurred. Depreciation Depreciation is calculated on a straight-line basis over the estimated useful life of the asset. Depreciation is discontinued when the carrying value of an asset equals its residual value. The residual value of ships is based on their estimated realisable value at the end of their useful life. Depreciation is calculated on a straight-line basis over the estimated useful life of assets as follows: \u2022 buildings 5 to 50 years \u2022 plant and equipment 3 to 10 years \u2022 ships 17 to 40 years \u2022 other equipment 2 to 5 years Land is not depreciated. Depreciation is calculated separately for two components of a ship: the vessel itself and dry-docking expenses as a separate component. This is based on the industry accounting practice. The depreciation charge is calculated for each part of a ship on a straight-line basis over the estimated useful life as follows: \u2022 ships 17 to 40 years \u2022 capitalised dry-docking expenses 2 to 5 years The residual values, depreciation methods and useful lives of items of property, plant and equipment are reviewed at least at each financial year-end and, if an expectation differs from previous estimates, the change is accounted for as a change in an accounting estimate. The residual value is calculated as a percentage of the gross carrying amount of the ship. An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of an asset is included in profit or loss (in \u2018other operating income\u2019 or \u2018other operating expenses\u2019) in the financial year the asset is derecognised. 3.5. Intangible Assets Goodwill Goodwill that arises upon the acquisition of subsidiaries is included in intangible assets. Subsequent Measurement Goodwill is measured at cost less accumulated impairment losses. Research and Development Costs Research costs are expensed as incurred. An intangible asset arising from development expenditure on an individual project is capitalised only when the Group can demonstrate (1) the technical feasibility of completing the intangible asset so that it will be available for use or sale; (2) its intention to complete and its ability to use or sell the asset; (3) how the asset will generate future economic benefits; (4) the availability of resources to complete the asset; and (5) the ability to measure reliably the expenditure attributable to the asset during development. Following the initial recognition of development expenditure, the cost model is applied requiring the asset to be carried at cost less any accumulated amortisation and any accumulated impairment losses. Any expenditure capitalised is amortised over the period of expected future sales from the related project. Amortisation of the asset begins when development is completed and the asset is available for use. Trademark The cost of a trademark acquired as part of the acquisition of a business is its fair value as at the date of acquisition. Following initial recognition, intangible assets with finite useful lives are carried at cost less accumulated amortisation and any accumulated impairment losses. Other Intangible Assets Other intangible assets (the licences and development costs of IT programs, acquired customer contracts) are initially recognised at cost. Following initial recognition, intangible assets with finite useful lives are carried at cost less accumulated amortisation and any accumulated impairment losses. Internally generated intangible assets, excluding capitalised development costs, are not capitalised and expenditure is expensed in the year in which the expenditure is incurred. The useful lives of intangible assets are assessed to be either finite or indefinite. Intangible assets with finite lives are amortised over the useful economic life on a straight-line basis and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation method for an intangible asset with a finite life are reviewed at each financial year-end. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are accounted for by changing the amortisation period or method, as appropriate, and treated as changes in accounting estimates. The amortisation expense on intangible assets with finite lives is recognised in profit or loss in the expense category according to the function of the intangible asset. Subsequent Expenditure Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognised in profit or loss as incurred. Amortisation Amortisation is calculated on a straight-line basis over the estimated useful life of an intangible asset as follows: \u2022 trademarks 20 years \u2022 other intangible assets 5 to 10 years Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognised in profit or loss when the asset is derecognised. 3.6. Investment Property Investment property is property held either to earn rental income or for capital appreciation or for both, rather than for sale in the ordinary course of business, use in the supply of goods or services, or for administrative purposes. Investment property is measured at fair value with any change therein recognised in profit or loss. When the use of a property changes such that it is reclassified to property, plant and equipment, its fair value at the date of reclassification becomes its deemed cost for subsequent accounting. 3.7. Inventories Inventories are measured at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs necessary to make the sale. The costs of inventories, consisting mostly of fuel, and merchandise purchased for resale are assigned by using the weighted average cost method and include expenditure incurred in acquiring the inventories, conversion costs and other costs incurred in bringing the inventories to their existing location and condition. 3.8. Borrowing Costs Borrowing costs are recognised as an expense when incurred, except those, which are directly attributable to the acquisition, construction or production of assets that necessarily take a substantial period of time to get ready for their intended use or sale (e.g. new ships). Borrowing costs related to the building of new ships are capitalised as part of the cost of related assets up to the delivery date. 3.9. Impairment Financial Assets A financial asset is assessed at each reporting date to determine whether there is any objective evidence that it is impaired. A financial asset is considered to be impaired if objective evidence indicates that one or more events have had a negative effect on the estimated future cash flows of the asset. At initial recognition of each accounts receivable balance and throughout its life, a lifetime credit loss is recognised in order to arrive at the appropriate impairment under IFRS 9. In order to calculate a lifetime expected credit loss the provision matrix method is used. An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference between its carrying amount and the present value of its estimated future cash flows discounted at the original effective interest rate. All impairment losses are recognised in profit or loss and reflected in an allowance account. When the Group considers that there are no realistic prospects of recovery of the asset, the relevant amounts are written off. An impairment loss is reversed if the reversal can be related objectively to an event occurring after the impairment loss was recognised. For financial assets measured at amortised cost, the reversal is recognised in profit or loss. Non-Financial Assets The carrying amounts of the Group\u2019s non-financial assets, other than ships, investment property, inventories and deferred tax assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. For goodwill and intangible assets that have indefinite lives or that are not yet available for use, the recoverable amount is estimated at each reporting date. The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessment of the time value of money and the risks specific to the asset. For the purpose of impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the cash- generating unit). The goodwill acquired in a business combination, for the purpose of impairment testing, is allocated to the cash-generating units that are expected to benefit from the synergies of the combination. An impairment loss is recognised if the carrying amount of an asset or its cash-generating unit exceeds its estimated recoverable amount. Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of a cash-generating unit are allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to reduce the carrying amount of the other assets in the unit (group of units) on a pro rata basis. An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognised in prior periods are assessed at each reporting date for any indication that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. 3.10. Employee Benefits Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognised for the amount expected to be paid under a short-term cash bonus plan if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably. Termination benefits are recognised as an expense when the Group is demonstrably committed, without realistic possibility of withdrawal, to a formal detailed plan to either terminate employment before the normal retirement date, or to provide termination benefits as a result of an offer made to encourage voluntary redundancy. Termination benefits for voluntary redundancies are recognised as an expense if the Group has made an offer of voluntary redundancy, it is probable that the offer will be accepted, and the number of acceptances can be estimated reliably. 3.11. Provisions Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects the risks specific to the liability. The expense relating to a provision is presented in profit or loss net of any reimbursement. Where discounting is used, the increase in the provision due to the passage of time is recognised in \u2018finance costs\u2019. A provision for onerous contracts is recognised when the expected benefits to be derived by the Group from a contract are lower than the unavoidable cost of meeting its obligations under the contract. The provision is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract. Before a provision is established, the Group recognises any impairment loss on the assets associated with that contract. 3.12. Leases At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group uses the definition of a lease in IFRS 16. The Group as a Lessee At commencement or on modification of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component on the basis of its relative stand- alone prices. However, for the leases of property the Group has elected not to separate non-lease components and account for the lease and non-lease components as a single lease component. The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Group by the end of the lease term or the cost of the right-of-use asset reflects that the Group will exercise a purchase option. In that case the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate. The Group determines its incremental borrowing rate by obtaining interest rates from various external financing sources and makes certain adjustments to reflect the terms of the lease and type of the asset leased. Lease payments included in the measurement of the lease liability comprise the following: \u2022 fixed payments, including in-substance fixed payments \u2022 variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date \u2022 amounts expected to be payable under a residual value guarantee \u2022 the exercise price under a purchase option that the Group is reasonably certain to exercise, lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Group is reasonably certain not to terminate early The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group\u2019s estimate of the amount expected to be payable under a residual value guarantee, if the Group changes its assessment of whether it will exercise a purchase, extension or termination option or if there is a revised in-substance fixed lease payment. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. In 2021 and 2022 the Group negotiated rent concessions with the landlords for the leases of its hotels and retail premises because of the severe impact of the COVID-19 pandemic during the year. The Group applied the practical expedient for COVID-19 related rent concessions consistently to all eligible rent concessions relating to the leases of its hotels and retail premises. The Group presents right-of-use assets that do not meet the definition of investment property in \u2018property, plant and equipment\u2019 and lease liabilities in \u2018loans and borrowings\u2019 in the statement of financial position. Short-Term Leases and Leases of Low-Value Assets The Group has elected not to recognise right-of-use assets and lease liabilities for leases of low-value assets and short-term leases. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term. The Group as a Lessor At inception or on modification of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component on the basis of their relative standalone prices. When the Group acts as a lessor, it determines at lease inception whether each lease is a finance lease or an operating lease. To classify each lease, the Group makes an overall assessment of whether the lease transfers substantially all of the risks and rewards incidental to ownership of the underlying asset. If this is the case, then the lease is a finance lease; if not, then it is an operating lease. As part of this assessment, the Group considers certain indicators such as whether the lease is for the major part of the economic life of the asset. If an arrangement contains lease and non-lease components, then the Group applies IFRS 15 to allocate the consideration in the contract. The Group applies the derecognition and impairment requirements in IFRS 9 to the net investment in the lease. The Group further regularly reviews estimated unguaranteed residual values used in calculating the gross investment in the lease. The Group recognises lease payments received under operating leases as income on a straight-line basis over the lease term as part of \u2018other revenue\u2019. 3.13. Revenue Revenue is measured based on the consideration specified in a contract with a customer. The Group recognises revenue when it transfers control over a good or service to a customer. The following provides information about the nature and timing of the satisfaction of performance obligations in contracts with customers, including significant payment terms, and the related revenue recognition policies. The following specific recognition criteria must also be met before revenue is recognised: Sale of Goods \u2013 Restaurant and Shop Sales On-Board and Onshore Revenue is recognised when the goods are delivered and have been accepted by customers at their locations, i.e. at the retail stores, bars and restaurants, generally for cash or by card payment. Ticket Sale and Sale of Cargo Transport Revenue from tickets and cargo transport is recognised as the services are rendered. At financial year-end, a revenue deferral is recorded for the part of revenue that has not yet been earned in relation to prepaid tickets and cargo shipments. Sales of Hotel Accommodation Revenue from sales of hotel accommodation is recognised when the rooms have been used by the clients. At financial year-end, a revenue deferral is recorded for the part of revenue that has not yet been earned in relation to prepaid room days. Revenue from Travel Packages The Group sells travel packages, which consist of a ship ticket, accommodation in a hotel not operated by the Group and tours in different cities not provided by the Group. The Group recognises the sales of travel packages in its revenue in full instead of recognising only the commission fee for accommodation, tours and entertainment events, as the Group is able to determine the price of the content of the package and has discretion in selecting the suppliers for the service. Revenue from sales of travel packages is recognised when the package is used by the client. Revenue from travel packages is part of ticket sales revenue. Charter Income Charter income arising from operating charters of ships is accounted for on a straight-line basis over the charter terms. In these financial statements the term \u2018charter\u2019 refers to \u2018lease\u2019 as defined in IFRS 16. Customer Loyalty Programme The Group allocates a portion of the consideration received to Club One loyalty points. This allocation is based on the relative stand-alone selling price method. The amount allocated to the loyalty programme is deferred, and is recognised as revenue when loyalty points are redeemed or the likelihood of the customer redeeming the loyalty points becomes remote. The deferred revenue is included in contract liabilities. See also Note 4 and Note 18. 3.14. Government Grants and Assistance Government grants are initially recognised as deferred income where there is reasonable assurance that the grant will be received and all attaching conditions will be complied with. Grants related to an expense item are recognised as a reduction of the expense over the period necessary to match the grant on a systematic basis to the costs that it is intended to compensate. Grants that compensate the Group for the cost of an asset are recognised in profit or loss on a systematic basis over the useful life of the asset. Government assistance is action by government designed to provide an economic benefit specific to an entity or range of entities qualifying under certain criteria. Government assistance is recognised in profit or loss on the date that the Group\u2019s right to receive payment is established. 3.15. Finance Income and Finance Costs Finance income comprises interest income on funds invested (including equity instruments), dividend income, gains on the disposal of equity instruments, and gains on derivative instruments that are recognised in profit or loss. Finance costs comprise interest expense on borrowings, changes in the fair value of financial assets at fair value through profit or loss, impairment losses recognised on financial assets and losses on derivative instruments that are recognised in profit or loss. Borrowing costs not directly attributable to the acquisition or construction of a qualifying asset are recognised in profit or loss using the effective interest method. Foreign currency gains and losses are reported on a net basis. Interest income and expenses are recognised as they accrue in profit or loss, using the effective interest method. The effective interest rate is the rate that exactly discounts the estimated future cash payments and receipts through the expected life of the financial asset or liability to the carrying amount of the financial asset or liability. When calculating the effective interest rate, the Group estimates future cash flows considering all contractual terms of the financial instrument, but not future credit losses. The calculation of effective interest rate includes all transaction costs and fees and points paid or received that are an integral part of the effective interest rate. Transaction costs include incremental costs that are directly attributable to the acquisition or issue of a financial asset or liability. Dividend income is recognised in profit or loss on the date that the Group\u2019s right to receive payment is established. 3.16. Income Tax Income tax expense comprises current and deferred tax. Income tax expense is recognised in profit or loss except to the extent that it relates to items recognised in other comprehensive income or expense, in which case income tax is also recognised in other comprehensive income or expense. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Current tax payable also includes any tax liability arising from the distribution of dividends. See below, Group companies in Estonia. Deferred tax is recognised, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for the following temporary differences: the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit, and differences relating to investments in subsidiaries and jointly controlled entities to the extent that it is probable that they will not reverse in the foreseeable future. In addition, deferred tax is not recognised for taxable temporary differences arising on the initial recognition of goodwill. Deferred tax is measured at the tax rates that are expected to be applied to the temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets are recognised for unused tax losses, unused tax credits and deductible temporary differences to the extent that it is probable that future taxable profits will be available, against which they can be used. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised; such reductions are reversed when the probability of future taxable profits improves. Unrecognised deferred tax assets are reassessed at each reporting date and recognised to the extent that it has become probable that future taxable profits will be available, against which they can be used. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and the deferred tax assets and liabilities relate to income taxes levied by the same tax authority on the same taxable entity, or on different taxable entities, but they intend either to settle current tax liabilities and assets on a net basis or to realise the assets and settle the liabilities simultaneously. Group Companies in Estonia According to the Estonian Income Tax Act, for Group companies registered in Estonia, including the Parent, net profit is not subject to income tax, but dividends paid are subject to income tax of 14% or 20% (calculated as 14/86 or 20/80 of the net dividends to be paid in 2023). The potential tax liability from the distribution of the entire retained earnings as dividends is not recorded in the statement of financial position for Estonian Group companies. The amount of the potential tax liability from the distribution of dividends depends on the time, amount and sources of the dividend distribution. There is a dividend taxation regime in Estonia including a lower income tax rate of 14% (14/86 of the net amount of the distribution) for regular profit distributions. The lower tax rate may be applied if the amount of the distribution does not exceed the Group's last three years' average profit distributions subject to taxation in Estonia. The portion of the distribution exceeding this threshold remains taxable at 20%. In practice, a lower tax rate can be applied to dividends distributed in annual periods beginning on or after 2019. However, as dividends paid to individuals will be subject to an additional 7% income tax withholding, the change does not lighten the tax burden of shareholders who are individuals. Income tax from the payment of dividends is recorded as income tax expense in the period in which the dividends are declared. The maximum income tax liability that could arise on the distribution of dividends is disclosed in Note 21. Group companies in Cyprus According to the income tax law of Cyprus, the net profit of shipping companies registered in Cyprus and operating with ships registered in the Cyprus ship register or/and having their business outside Cyprus, and the dividends paid by these companies, are not subject to income tax. Thus, there are no temporary differences between the tax bases and carrying values of assets and liabilities that may cause deferred income tax. Other Foreign Group Companies and Permanent Establishments In accordance with the income tax laws of other jurisdictions, a company\u2019s net profit and the profit from permanent establishments, adjusted for temporary and permanent differences as determined by the local income tax legislation, is subject to current income tax in the countries in which the Group\u2019s companies and permanent establishments have been registered (see Note 6). Tax to be paid is reported under current liabilities and deferred tax positions are reported under non- current assets or liabilities. According to tax law changes that came into force from 1 January 2018, in Latvia the profits of companies derived in 2018 and subsequent periods are taxed similarly to Estonia at the moment of distribution with corporate income tax at a rate of 20% (at 20/80 of the net amount). 3.17. Earnings Per Share The Group presents basic and diluted earnings per share (EPS) data for its ordinary shares. Basic EPS is calculated by dividing the profit or loss attributable to ordinary shareholders of the Parent by the weighted average number of ordinary shares outstanding during the period. Diluted EPS is determined by adjusting the profit or loss attributable to ordinary shareholders and the weighted average number of ordinary shares outstanding for the effects of all dilutive potential ordinary shares, which comprise share options granted to employees, if any. 3.18. Segment Reporting The Group determines and presents operating segments based on the information that is provided internally to the Group's Management Board that is the Group's chief operating decision maker. An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the Group\u2019s other components. All operating segments\u2019 operating results are reviewed regularly by the Group\u2019s Management Board to make decisions about resources to be allocated to the segment and to assess its performance, and for which discrete financial information is available. A segment is a distinguishable component of the Group that is engaged either in providing products or services within a particular economic environment (geographical segment), or in providing related products or services (operating segment), and which is subject to risks and returns that are different from those of other segments. Segment information is presented in respect of the Group\u2019s geographical segments (by routes). Inter-segment pricing is determined on an arm\u2019s length basis. Segment expense is expense resulting from the operating activities of a segment that is directly attributable to the segment and the relevant portion of expenses that can be allocated to the segment on a reasonable basis, including expenses relating to sales to external customers and expenses relating to transactions with other segments of the Group. Segment expense does not include administrative expenses, interest expense, income tax expense and other expenses that arise at the Group level and are related to the Group as a whole. Expenses incurred at the Group level on behalf of a segment are allocated to the segment on a reasonable basis, if these expenses relate to the segment\u2019s operating activities and can be directly attributed or allocated to the segment. Segment results that are reported to the Management Board include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Segment assets are those operating assets that are employed by a segment in its operating activities and that either are directly attributable to the segment or can be allocated to the segment on a reasonable basis. Segment assets do not include assets used for general Group or head office purposes or which cannot be allocated directly to the segment. Segment assets include operating assets shared by two or more segments if a reasonable basis for allocation exists. Segment liabilities are those liabilities that are incurred by a segment in its operating activities and that either are directly attributable to the segment or can be allocated to the segment on a reasonable basis. Expenses, assets and liabilities which are not directly related to a segment or cannot be allocated to a segment are presented as unallocated expenses, assets and liabilities of the Group. Segment capital expenditure is the total cost incurred during the financial year to acquire property, plant and equipment, and intangible assets other than goodwill. 3.19. Determination of Fair Values A number of the Group\u2019s accounting policies and disclosures require determination of fair value for both financial and non-financial assets and liabilities. Fair values have been determined for measurement and/or disclosure purposes based on the following methods. When applicable, further information about the assumptions made in determining fair values is disclosed in the notes specific to the asset or liability. When measuring the fair value of an asset or liability, the Group uses observable market data as far as possible. Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows: \u2022 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities \u2022 Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) \u2022 Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs) Ships (Level 3) The market value of ships is the estimated amount for which the property could be exchanged on the date of valuation between a willing buyer and a willing seller in an arm\u2019s length transaction after proper marketing wherein the parties had each acted knowledgeably and willingly. The Group uses independent appraisers to determine the fair value of the ships. The fair value is calculated using the weighted average of the appraisers valuations and stress-sale valuations. No revaluation will be carried out if the difference between calculated fair value and book value is immaterial. The frequency of revaluation depends upon changes in the fair values of the ships. When the fair value of a ship differs materially from its carrying amount, a revaluation is required. Intangible Assets (Level 3) The fair value of patents and trademarks acquired in a business combination is determined using the relief from royalty method. The fair value of customer relationships acquired in a business combination is determined using the multi-period excess earnings method, whereby the subject asset is valued after deducting a fair return on all other assets that are part of creating the related cash flows. The fair value of other intangible assets is based on the discounted cash flows expected to be derived from the use and eventual sale of the assets. Non-Derivative Financial Liabilities (Levels 1 and 2) Fair value, which is determined for disclosure purposes, is calculated based on the present value of future principal and interest cash flows, discounted at the market rate of interest at the reporting date. 3.20. Separate Financial Statements of the Parent In accordance with the Estonian Accounting Act, the notes to the consolidated financial statements have to include the separate primary financial statements (i.e. statement of comprehensive income, statement of financial position, statement of cash flows and statement of changes in equity, collectively referred to as primary financial statements) of the Parent. The separate primary financial statements of AS Tallink Grupp are disclosed in Note 28 Primary Financial Statements of the Parent. These statements have been prepared using the same accounting policies and measurement bases that were used on the preparation of the consolidated financial statements, except for investments in subsidiaries which are stated at cost in the separate primary financial statements of the Parent. Note 4 Segment Information The Group\u2019s operations are organised and managed separately according to the nature of the different markets. As at 31 December 2022 the Group operated in the following business segments: \u2022 Estonia-Finland routes: 3 ships (31 December 2021: 4 ships) \u2022 Estonia-Sweden routes: 3 ships (31 December 2021: 4 ships) \u2022 Latvia-Sweden route: no ships (31 December 2021: 1 ship) 1 \u2022 Finland-Sweden routes: 3 ships (31 December 2021: 4 ships) \u2022 Other segment - Ships chartered out by the Group: 6 ships (31 December 2021: 1 ship) 2 - Ships chartered out by the Group in the future: no ships (31 December 2021: 1 ship) 3 - Hotels in Estonia: 3 hotels (31 December 2021: 3 hotels) - Hotels in Latvia : 1 hotel, reopening in spring 2023 (31 December 2021: 1 hotel, operations suspended) - Shops in Estonia: 5 shops (31 December 2021: 5 shops) - Online shop: 1 shop (31 December 2021: 1 shop) - Restaurants in Estonia: 10 restaurants (31 December 2021: 8 restaurants) - Restaurants in Latvia: 5 restaurants (31 December 2021: 3 restaurants) - Restaurants in Lithuania: 5 restaurants (31 December 2021: 5 restaurants) 1 Items previously reported under geographical segment Latvia-Sweden routes are included in the segment Other as Latvia-Sweden route has not been operated in 2022 and the amounts are below significance threshold. 2 As the chartering out of vessels is not the Group\u2019s core business chartered out ships are shown under Other segment. 3 The ship reported in this category on 31 December 2021 is included in the number of 6 ships charted out on 31 December 2022. The following tables present the Group\u2019s revenue and profit as well as certain asset and liability information regarding reportable segments for the years ended 31 December 2022 and 31 December 2021Geographical Segments \u2013 by the Location of Assets For the year ended 31 December, in thousands of EUR Estonia-Finland routes Estonia-Sweden routes Finland-Sweden routes Other Intersegment elimination Total 2022 Sales to external customers 277 806 76 835 274 314 142 432 0 771 387 Intersegment sales 0 0 0 4 997 -4 997 0 Revenue 277 806 76 835 274 314 147 429 -4 997 771 387 Segment result 51 664 -10 997 -941 34 948 0 74 674 Unallocated expenses -37 001 Net financial items -24 656 Share of profit/loss of equity-accounted investees -90 Profit/loss before income tax 12 927 Income tax 1 008 Net profit/loss for the period 13 935 Segment's assets 570 069 157 184 317 380 511 676 -462 1 555 847 Unallocated assets 135 795 Assets 1 691 642 Segment's liabilities 28 657 9 843 54 194 128 257 -462 220 489 Unallocated liabilities 764 222 Liabilities 984 711 Capital expenditures Segment\u2019s property, plant and equipment 255 101 4 829 2 295 9 327 0 271 552 Unallocated property, plant and equipment -70 680 Segment\u2019s intangible assets 40 0 103 698 0 841 Unallocated intangible assets 1 609 Depreciation 15 869 9 890 23 640 36 696 0 86 095 Unallocated depreciation 5 121 Amortisation 559 259 563 336 0 1 717 Unallocated amortisation 5 203 For the year ended 31 December, in thousands of EUR Estonia-Finland routes Estonia-Sweden routes Finland-Sweden routes Other Intersegment elimination Total 2021 Sales to external customers 184 529 49 065 158 697 84 646 0 476 937 Intersegment sales 0 0 0 874 -874 0 Revenue 184 529 49 065 158 697 85 520 -874 476 937 Segment result 11 962 -7 025 -15 587 3 043 0 -7 607 Unallocated expenses -29 424 Net financial items -21 887 Share of profit/loss of equity-accounted investees -80 Profit/loss before income tax -58 998 Income tax 2 422 Net profit/loss for the period -56 576 Segment's assets 401 055 252 227 445 329 257 471 -125 1 355 957 Unallocated assets 229 958 Assets 1 585 915 Segment's liabilities 29 809 8 298 61 865 112 329 -125 212 176 Unallocated liabilities 681 223 Liabilities 893 399 Capital expenditures Segment\u2019s property, plant and equipment 2 890 519 6 362 6 360 0 16 131 Unallocated property, plant and equipment 1 278 Segment\u2019s intangible assets 0 12 23 773 0 808 Unallocated intangible assets 1 975 Depreciation 18 322 11 127 22 884 30 389 0 82 722 Unallocated depreciation 5 668 Amortisation 692 264 388 331 0 1 675 Unallocated amortisation 5 248 Revenue by Type of Services and Goods Sold Contract Balances The following table provides information about receivables, contract assets and contract liabilities from contracts with customers. The contract liabilities relate to the advance consideration received from customers and to the unredeemed customer loyalty points. Loyalty points are recognised as revenue when the points are redeemed by customers, which is expected to occur over the next two years. For the year ended 31 December, in thousands of EUR Routes 2022 Other 2022 Total 2022 Routes 2021 Other 2021 Total 2021 Revenue from contracts with customers Restaurant and shop sales on-board and onshore 323 958 54 205 378 163 188 762 44 614 233 376 Ticket sales 191 920 0 191 920 99 094 0 99 094 Sales of cargo transport 103 183 0 103 183 94 763 0 94 763 Sales of accommodation 0 11 325 11 325 0 3 367 3 367 Other 3 573 11 094 14 667 5 234 6 387 11 621 Total revenue from contracts with customers 622 634 76 624 699 258 387 853 54 368 442 221 Revenue from other sources Income from charter of vessels 0 65 808 65 808 0 30 278 30 278 Other 6 321 0 6 321 4 438 0 4 438 Total revenue from other sources 6 321 65 808 72 129 4 438 30 278 34 716 Total revenue of the Group 628 955 142 432 771 387 392 291 84 646 476 937 In thousands of EUR 31 December 2022 31 December 2021 Trade and other receivables 31 380 29 298 Contract liabilities Club One points 7 016 6 360 Prepaid revenue 37 206 15 374 Total contract liabilities 44 222 21 734 Note 5 Operating Expenses and Financial Items Cost of Sales Sales and Marketing Expenses Administrative Expenses Specification of Staff Costs Included in the Cost of Sales, Sales and Marketing Expenses and Administrative Expenses During the reporting period EUR 32 519 thousand was deducted from the cost of sales in connection with government grants related to seamen\u2019s salaries in Estonia, Finland and Sweden (2021: EUR 26 719 thousand). The grants are received according to law. During the reporting period no COVID-19 related aid was received (2021: EUR 411 thousand). In 2021 EUR 5 980 thousand of COVID-19 related aid was paid directly to the employees by the Estonian Unemployment Insurance Fund, see also Note 22. For the year ended 31 December, in thousands of EUR 2022 2021 Cost of goods sold -160 556 -110 451 Port & stevedoring costs -77 198 -62 998 Fuel costs -144 141 -72 234 Staff costs -120 018 -86 101 Ships\u2019 operating expenses -51 607 -34 363 Depreciation and amortisation (Notes 14, 15) -85 894 -82 394 Cost of travel package sales -6 155 -1 529 Other costs -12 348 -5 212 Total cost of sales -657 917 -455 282 For the year ended 31 December, in thousands of EUR 2022 2021 Advertising expenses -14 811 -8 320 Staff costs -19 580 -16 770 Depreciation and amortisation (Notes 14, 15) -1 918 -2 003 Other costs -2 487 -2 169 Total sales and marketing expenses -38 796 -29 262 For the year ended 31 December, in thousands of EUR 2022 2021 Staff costs -23 255 -21 175 Depreciation and amortisation (Notes 14, 15) -10 324 -10 916 Other costs -13 976 -13 542 Total administrative expenses -47 555 -45 633 For the year ended 31 December, in thousands of EUR 2022 2021 Wages and salaries -148 934 -114 661 Government grants 32 519 27 130 Social security costs -44 592 -34 072 Staff training costs -549 -608 Other staff costs -1 297 -1 835 Total staff costs -162 853 -124 046 Government grants receivable are disclosed in Note 9. The average number of the Group\u2019s employees according to their employment relationship is presented in the table below. Finance Income and Finance Costs Recognised in Profit or Loss Note 6 Income Tax Income tax contains current income tax and deferred income tax. Swedish, Finnish, German, Russian and Singaporean Subsidiaries and Polish Branch Office In accordance with the Swedish, Finnish, German, Russian, Singaporean and Polish tax laws, a company\u2019s net profit, adjusted for temporary and permanent differences as determined by the local income tax legislation, is subject to income tax in Finland, Sweden, Germany, Russia, Poland and Singapore. As at 31 December 2022, the tax rate was 20% in Finland, 20.6% in Sweden, 15% in Germany, 20% in Russia, 19% in Poland and 17% in Singapore (as at 31 December 2021, 20% in Finland, 20.6% in Sweden, 15% in Germany, 20% in Russia, 19% in Poland and 17% in Singapore). For the year ended 31 December 2022 2021 Employees under employment contract 4 780 3 749 Employees under service contract 238 605 Members of the Management Board 5 6 Total average number of employees 5 023 4 360 For the year ended 31 December, in thousands of EUR 2022 2021 Net foreign exchange gain 0 31 Income from other financial assets 215 3 Total finance income 215 34 Net foreign exchange loss -34 0 Expenses from other financial assets 0 -75 Interest expense on financial liabilities measured at amortised cost -22 447 -19 424 Interest expense on lease liabilities related to right-of-use assets -2 390 -2 422 Total finance costs -24 871 -21 921 Net finance costs -24 656 -21 887 Income Tax Expense Major components of the Group\u2019s income tax expense for the year ended 31 December: Reconciliation of the Effective Tax Rate Deferred Tax Assets and Liabilities According to Russian, German, Finnish, Swedish, Polish and Singaporean legislation it is permissible to use higher depreciation and amortisation rates for taxation purposes and thereby defer tax payments. These deferrals are shown as deferred tax liabilities. The Finnish and Swedish subsidiaries have also carry-forwards of tax losses, which are considered in the calculation of deferred tax assets. Deferred Tax Assets and Liabilities are Attributable to the Following 1 Deferred tax assets of EUR 22 799 thousand (2021: EUR 23 029 thousand) in Finland and of 1 076 thousand (2021: EUR 1 429 thousand) in Sweden have been recognised in respect of losses carried forward. The recognised Finnish tax losses will expire from 2028 to 2032 (2021: 2027-2031) and the Swedish tax losses have no expiration date. The tax losses of the Finnish subsidiary that will expire before 2028 have not been recognised due to estimation uncertainty. Such unrecognised tax losses amounted to EUR 161 814 thousand as at 31 December 2022 (EUR 192 598 thousand as at 31 December 2021). The Group has recognised deferred tax assets to the extent that the losses carried forward will be offset against projected future taxable profits. The estimations are based on the business plan of the Finnish operations for the year 2023 and beyond. The revenue growth rate of the Finnish operations For the year ended 31 December, in thousands of EUR 2022 2021 Finnish subsidiaries -178 -190 Other subsidiaries 1 -8 Estonian subsidiaries and Parent company 1 185 1 050 Current period tax expense 1 008 852 Swedish subsidiaries -353 225 Finnish subsidiaries 353 1 345 Deferred tax expense 0 1 570 Total tax expense 1 008 2 422 For the year ended 31 December, in thousands of EUR 2022 % 2021 % Profit/loss before tax 12 927 -58 998 Current income tax expense in foreign jurisdictions 1 008 7.80% 852 -1.44% Change in recognised tax losses -583 -4.51% 987 -1.67% Change in temporary differences 583 4.51% 583 -0.99% Income tax expense 1 008 7.80% 2 422 -4.10% As at 31 December, in thousands of EUR Assets 2022 Liabilities 2022 Assets 2021 Liabilities 2021 Tax loss carry-forward\u00b9 23 875 0 24 458 0 Intangible assets 0 -2 035 0 -2 618 Tax assets / liabilities 23 875 -2 035 24 458 -2 618 Offset of assets and liabilities -2 035 2 035 -2 618 2 618 Tax assets 21 840 0 21 840 0 for the years 2023-2032 used in the calculations was 1-7% and the growth rate used for the cost increase was 1.0-7.1% (as at 31 December 2021, the revenue growth rate of the Finnish operations for the years 2023-2031 used in the calculations was 1-9% and the growth rate used for the cost increase was 0.6-5.5%). The sensitivity of the value of recognised deferred tax assets to the main assumptions of the projected future taxable profits is as follows: 1) +/- 10 percentage point change in the average revenue growth rate for the years 2023-2032 would change the value of recognised tax assets by EUR +1 855 thousand / EUR -3 254 thousand, respectively; 2) +/- 5 percentage point change in average operating cost growth rate relative to revenues for the years 2023-2032 would change the value of recognised tax assets by EUR -4 061 thousand / EUR +1 855 thousand, respectively. Movements in Deferred Tax Balances Note 7 Earnings Per Share (EPS) EPS are calculated by dividing the net profit or loss for the year attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the year. As at 31 December, in thousands of EUR Balance as at 31 December 2022 Recognised in profit in 2022 Balance as at 31 December 2021 Tax loss carry-forward 23 875 0 24 458 Intangible assets -2 035 0 -2 618 Net deferred tax asset 21 840 0 21 840 As at 31 December, in thousands 2022 2021 Shares issued 743 569 743 569 Shares outstanding 743 569 743 569 For the year ended 31 December, in thousands of EUR 2022 2021 Weighted average number of ordinary shares outstanding (in thousands) 743 569 694 444 Net loss attributable to equity holders of the Parent 13 935 -56 576 EPS (EUR) 0.019 -0.081 Note 8 Cash and Cash Equivalents Cash at bank earns interest at floating rates based on daily bank deposit rates. In 2022 the rates were in the range of 0.00-1.75% including short-term deposits (2021: 0.00-0.01%). Short-term deposits are overnight deposits with maturity date of 01.01.2023. The Group\u2019s exposure to currency risk is disclosed in Note 25. Note 9 Trade and Other Receivables During the reporting period EUR 153 thousand of trade receivables was expensed as doubtful and uncollectible (2021: EUR 99 thousand). The Group\u2019s exposure to the credit and currency risks of receivables (excluding government grants receivable) is disclosed in Note 25. Additional information about government grants is disclosed in Note 5. Note 10 Prepayments The balance of prepaid expenses includes mostly prepayments for insurance. As at 31 December, in thousands of EUR 2022 2021 Cash at bank and in hand 42 883 127 380 Cash in transit 411 176 Short-term deposits 71 641 0 Total cash and cash equivalents 114 935 127 556 As at 31 December, in thousands of EUR 2022 2021 Trade receivables 20 384 15 763 Allowance for doubtful receivables -481 -468 Government grants receivable 9 123 9 806 Receivables from related parties 43 69 Other receivables 2 311 4 128 Total trade and other receivables 31 380 29 298 As at 31 December in thousands of EUR 2022 2021 Prepaid expenses 6 462 7 606 Tax prepayments 2 917 4 318 Total prepayments 9 379 11 924 As at 31 December in thousands of EUR 2022 2021 Tax prepayments VAT 2 049 1 504 Other prepayments 868 2 814 Total tax prepayments 2 917 4 318 Note 11 Inventories Fuel price risk The Group is exposed to fuel price risk as part of the fuel used for ship operations is purchased at market prices. At 31 December 2022 (as well as at 31 December 2021) there were no derivative contracts for fuel outstanding. For more information, see Note 25. Note 12 Investments in Equity-Accounted Investees At 31 December 2022 the Group had a 34% interest in the equity-accounted investee Tallink Takso AS, incorporated in Estonia (as at 31 December 2021: 34%). The key figures of the equity-accounted investee Tallink Takso AS are below. The figures as at and for the year ended 31 December 2022 are unaudited (Tallink Takso AS is exempt from audit). The figures reflect 100% of the assets, liabilities and result of the associate. As at 31 December, in thousands of EUR 2022 2021 Raw materials (mostly fuel) 4 681 4 707 Goods for sale 35 284 29 924 Total inventories 39 965 34 631 In thousands of EUR 2022 2021 Investments at the beginning of financial year 165 245 Share of loss of equity-accounted investee -90 -80 Investments at the end of financial year 75 165 In thousands of EUR Current assets Non-current assets Total assets Current liabilities Non-current liabilities Total liabilities As at 31 December 2022 293 267 560 325 14 339 As at 31 December 2021 419 341 760 221 55 276 In thousands of EUR Revenues Expenses Loss Equity For the year ended 31 December 2022 2 353 2 281 -271 221 For the year ended 31 December 2021 2 173 2 352 -179 484 Note 13 Other Long-term Financial Assets and Other Prepayments Note 14 Property, Plant and Equipment 1 Additions and reclassifications include a delivery of MyStar with a total cost of EUR 252 027 thousand. As at 31 December, in thousands of EUR 2022 2021 Equity securities 177 177 Other receivables 332 378 Prepaid expenses 3 113 0 Total other financial assets 3 622 555 In thousands of EUR Land and buildings Ships\u00b9 Plant and equipment Right-of-use assets Assets under construction Total Book value as at 31 December 2021 1 582 1 082 535 50 472 108 809 79 955 1 323 353 Additions 1 388 175 893 7 152 8 245 16 362 209 040 Reclassification 0 87 152 5 892 0 -92 967 77 Disposals 0 -2 587 -159 -222 0 -2 968 Depreciation for the period -185 -55 278 -15 425 -20 328 0 -91 216 Book value as at 31 December 2022 2 785 1 287 715 47 932 96 504 3 350 1 438 286 As at 31 December 2022 Gross carrying amount 10 065 1 908 961 131 139 156 638 3 350 2 210 153 Accumulated depreciation -7 280 -621 246 -83 207 -60 134 0 -771 867 Book value as at 31 December 2020 1 477 1 134 564 54 483 94 738 78 223 1 363 485 Additions 259 -398 6 334 35 372 11 239 52 806 Reclassification 140 3 443 5 924 0 -9 507 0 Disposals 0 0 -509 -4 054 0 -4 563 Depreciation for the period -294 -55 074 -15 760 -17 247 0 -88 375 Book value as at 31 December 2021 1 582 1 082 535 50 472 108 809 79 955 1 323 353 As at 31 December 2021 Gross carrying amount 8 677 1 653 461 119 577 151 997 79 955 2 013 667 Accumulated depreciation -7 095 -570 926 -69 105 -43 188 0 -690 314 Right-of-use assets by classes of property, plant and equipment Testing Right-of-Use Assets for Impairment The Group\u2019s right-of-use assets are measured at cost, less accumulated depreciation and any impairment. At the end of the reporting period the Group assesses whether there is any indication of impairment. As at 31 December 2022, the recoverable amount of operational hotels right-of-use lease assets was tested for impairment (book value EUR 68 364 thousand) using the discounted cash flow method. For testing purposes the Group used a detailed budget for the year 2023, assuming a fast recovery after end of the COVID-19 pandemic, and a strategic forecast for the years 2024-2032, which included revenues, expenses and investing activities (2021: a detailed budget for 2022 and a strategic forecast for 2023-2031). For the Estonian hotels, the combined revenue growth rate used in the calculations was 1.7%-7.3% for the years 2024-2032 and the combined operating expense growth rate was 2.5%-14.3% (2021: 2023-2031 revenue growth rate 3.0%-22.4% and operating expense growth rate 1.7%-8.5%). A weighted average cost of capital of 10.0% was used for the years 2023- 2024 and 7.03% for 2025-2032 (2021: 10.0% for 2022-2023 and 6.31% for 2024-2031). Latvian hotel was forecasted to be re-opened in April 2023; the revenue growth rate used for testing period 2024- 2030 was 1.7%-26.3% and operating expense growth rate was 2.7%-8.8%. For the Latvian hotel, a weighted average cost of capital of 10.0% was used for the years 2023-2024 and 7.48% for 2025- 2030. An impairment loss is recognised if the carrying amount of an assets exceeds its recoverable amount. Management is of the opinion that as at 31 December 2022 there were no material differences between the carrying amounts and fair values (as well as at 31 December 2021). In thousands of EUR Buildings and premises Plant and equipment Total right-of- use assets Book value as at 31 December 2021 108 340 469 108 809 Additions 7 548 697 8 245 Disposals -184 -38 -222 Depreciation for the period -19 997 -331 -20 328 Book value as at 31 December 2022 95 707 797 96 504 As at 31 December 2022 Gross carrying amount 154 910 1 728 156 638 Accumulated depreciation -59 203 -931 -60 134 Book value as at 31 December 2020 94 102 636 94 738 Additions 35 159 213 35 372 Disposals -4 019 -35 -4 054 Depreciation for the period -16 902 -345 -17 247 Book value as at 31 December 2021 108 340 469 108 809 As at 31 December 2021 Gross carrying amount 150 576 1 421 151 997 Accumulated depreciation -42 236 -952 -43 188 Revaluation of Ships The Group\u2019s vessels are measured at revalued amounts, which are determined using fair value at the end of the reporting period. The Group used the valuations of three independent appraisers to determine the fair value of ships. Fair value was determined by reference to market-based inputs, which are mainly unobservable (level 3 under the fair value hierarchy). The Group\u2019s management also take into consideration the expected cash flows of chartered ships if needed. The following table shows the valuation techniques used in measuring the ships\u2019 fair values, as well as the significant unobservable inputs used. Valuation technique Significant unobservable inputs Market comparison technique, cost approach: independent appraisers consider both approaches. They scan the market and look at second-hand sales of similar ships and analyse general demand for the particular ship in various parts of the world. Also, they look at the construction cost of the ship less reasonable depreciation and the construction prices of similar new ships today. Sales prices of similar ships Level of demand for particular ships Construction prices of ships Maintenance and repair programme of ships The frequency of revaluations depends on changes in fair values which are assessed at each year- end. When fair value differs materially from the carrying amount, further revaluation is performed. Management is of the opinion that as at 31 December 2022 there were no material differences between the carrying amounts and fair values (as well as at 31 December 2021). As a result of the pandemic that affected ship operations over the past years, and war in Ukraine, the market is very illiquid with very few transactions made in this segment of tonnage. Therefore, the valuations are to be deemed uncertain. Depending on how the situation develops and when passenger traffic resumes to its full extent the values are subject to adjustment in the short term. Management is of the opinion that buyers of this type of asset normally have a long-term view and a planning horizon stretching to 20-30 years and therefore possible market fluctuations are to be regarded as temporary. If the ships were measured using the cost model, the carrying amounts would be as follows: Due to the annual transfer from the revaluation reserve to retained earnings (the difference between depreciation based on the revalued carrying amount of the assets and the depreciation based on the assets\u2019 original cost) the revaluation reserve was decreased as at 31 December 2022 by EUR 2 047 thousand (2021: EUR 2 047 thousand) and retained earnings were increased by the same amount. As at 31 December 2022 In thousands of EUR Cost 2 031 631 Accumulated depreciation -777 280 Net carrying amount 1 254 351 As at 31 December 2021 In thousands of EUR Cost 1 778 543 Accumulated depreciation -731 419 Net carrying amount 1 047 124 As at 31 December 2022 the Group\u2019s ships with a book value of EUR 1 267 423 thousand (2021: EUR 1 060 950 thousand) were encumbered with first or second ranking mortgages to secure the Group\u2019s bank loans (see also Note 16). Change in useful life of vessel During 2022, the Group conducted an in-service expectancy review of its vessels. Based on the analysis of the intensity of usage, regular maintenance and investments of its vessels, the Group concluded, that the estimated useful life of its vessel Megastar can be extended by 5 years. As a result, the expected useful life of the Group\u2019s vessel Megastar was increased from 35 years to 40 years and vessel\u2019s estimated residual value remained the same. The total effect of the change was EUR 803 thousand less depreciation expense in 2022. Contractual Commitments As at 31 December 2021 the Group had a contractual commitment for a new vessel, MyStar, of EUR 172 900 thousand. MyStar was delivered in December 2022. As at 31 December 2022 the Group had no contractual commitments. The Group did not have any other substantial contractual commitments related to property, plant and equipment. Note 15 Intangible Assets Intangible Asset Classes 1 Goodwill in the amount of EUR 11 066 thousand is related to Estonia-Finland routes segment. In the impairment test of goodwill related to Estonia-Finland routes, the recoverable amount was identified based on value in use. Management calculated value in use based on five-year cash flow perpetuity In thousands of EUR Goodwill\u00b9 Trademark\u00b2 Other\u00b3 Assets under construction Total Book value as at 31 December 2021 11 066 13 090 11 426 711 36 293 Additions 0 0 167 2 360 2 527 Reclassification 0 0 2 456 -2 533 -77 Amortisation for the period 0 -2 916 -4 004 0 -6 920 Book value as at 31 December 2022 11 066 10 174 10 045 538 31 823 As at 31 December 2022 Cost 11 066 58 288 44 071 538 113 963 Accumulated amortisation 0 -48 114 -34 026 0 -82 140 Book value as at 31 December 2020 11 066 16 006 12 829 547 40 448 Additions 0 0 725 2 058 2 783 Reclassification 0 0 1 894 -1 894 0 Amortisation for the period 0 -2 916 -4 022 0 -6 938 Book value as at 31 December 2021 11 066 13 090 11 426 711 36 293 As at 31 December 2021 Cost 11 066 58 288 41 699 711 111 764 Accumulated amortisation 0 -45 198 -30 273 0 -75 471 and using a discount rate of 7.60% (2021: 6.54%). Five-year cash flow to perpetuity value was used. There was no need to recognise an impairment loss. 2 A trademark of EUR 58 288 thousand was recognised in connection with the acquisition of Silja OY Ab in 2006. The fair value of the trademark at the acquisition date was determined using the relief from royalty method. As at 31 December 2022 the remaining amortisation period of the trademark was 3.5 years. As at 31 December 2022, the book value of the trademark was tested for impairment. For testing purposes revenue was modelled in a short-term recovery stage and long-term stable growth stage. Following recovery the average annual revenue growth rate of 1.6% (2021: 1.5%), a royalty rate of 2.25% (2021: 2.25%) and an equity discount rate of 11.2% (2021: 9.0% weighted average cost of capital) were used. There was no need to recognise an impairment loss. 3 Other intangible assets include mostly the licences and the development costs of IT software. The licenses have finite lives and are amortised over 5 to 10 years. Amortisation of intangible assets is recorded in profit or loss under cost of sales, sales and marketing expenses and administrative expenses. Note 16 Interest-Bearing Loans and Borrowings 1 Lease liabilities related to the adoption of IFRS 16. \u00b2 Long-term bank loans include a loan from the financial institution SA Kredex of EUR 100 000 thousand. As at 31 December 2022 the Group had the right to use bank overdrafts of up to EUR 135 000 thousand (2021: EUR 135 000 thousand). Bank overdrafts are secured with a commercial pledge of EUR 20 204 thousand (2021: EUR 20 204 thousand) and mortgages on ships (see Note 14). As at 31 December 2022 the balance of overdrafts in use was EUR 15 thousand (2021: EUR 180 thousand). As at 31 December 2022 AS Tallink Grupp had given guarantees to Nordea Bank Plc, KfW IPEX-Bank GmbH and the Nordic Investment Bank for loans granted to its ship-owning subsidiaries and Tallink Silja OY. The book value of such loans was EUR 404 462 thousand on 31 December 2022 (2021: EUR 247 159 thousand; guarantees were given to Nordea Bank Plc, Danske Bank A/S and Nordic Investment Bank). Ship-owning subsidiaries had given guarantees to Nordea Bank Finland Plc, Swedbank AS and SA KredEx for the loans granted to AS Tallink Grupp. As at 31 December 2022 the book value of such loans was EUR 341 865 thousand (31 December 2021: EUR 416 067 thousand). As at 31 December 2022, in thousands of EUR Maturity Interest rate Current portion Non-current portion Total borrowings Lease liabilities 2023-2024 6.30% 67 10 77 Lease liabilities related to right-of-use assets\u00b9 2023-2033 2.18-2.42% 20 958 86 137 107 095 Overdraft EURIBOR+2.91% 15 0 15 Long-term bank loans\u00b2 2023-2034 EURIBOR+2.68% 144 009 602 318 746 327 Total borrowings 165 049 688 465 853 514 As at 31 December 2021, in thousands of EUR Maturity Interest rate Current portion Non-current portion Total borrowings Lease liabilities 2022-2023 5.67% 73 43 116 Lease liabilities related to right-of-use assets\u00b9 2022-2033 2.18-2.25% 16 488 99 915 116 403 Overdraft EURIBOR+2.91% 180 0 180 Long-term bank loans\u00b2 2022-2029 EURIBOR+2.47% 227 695 435 531 663 226 Total borrowings 244 436 535 489 779 925 Primary securities for the loans are the ships belonging to the overseas subsidiaries and a pledge of the shares in these subsidiaries. The Group has issued counter guarantees to the commercial banks that have issued guarantees to several governmental authorities in favour of Group entities required to perform the Group\u2019s daily operations. As at 31 December 2022 the total amount of the guarantees was EUR 7 132 thousand (2021: EUR 5 763 thousand). The guarantees issued are not recognised in the statement of financial position as, according to historical experience and management\u2019s estimations, none of them is expected to turn into an actual liability. In the loan agreements signed with banks, the Group has agreed to comply with financial covenants related to ensuring certain equity, liquidity and other ratios. As at 31 December 2022 and during 2022 the Group was in compliance with all the covenants as agreed with banks. Reconciliation of Liabilities Arising from Financing Activities In thousands of EUR Bank overdrafts Long-term bank loans Lease liabilities Right-of-use assets' liabilities Share capital Reserves Retained earnings Total Balance as at 31 December 2021 180 663 226 116 116 403 349 477 67 930 274 446 1 471 778 Changes from financing cash flows Proceeds from loans 0 196 290 0 0 0 0 0 196 290 Repayment of loans 0 -110 055 0 0 0 0 0 -110 055 Change in overdraft -165 0 0 0 0 0 0 -165 Payment of lease liabilities 0 0 -31 -17 126 0 0 0 -17 157 Interest paid 0 0 0 0 0 0 -23 516 -23 516 Payment of transaction costs related to loans 0 -1 977 0 0 0 0 0 -1 977 Total changes from financing cash flows -165 84 258 -31 -17 126 0 0 -23 516 43 420 The effect of changes in foreign exchange rates 0 0 -8 -129 0 480 0 343 Liability-related changes New leases 0 0 0 8 245 0 0 0 8 245 Transfer from revaluation reserve 0 0 0 0 0 -2 047 2 047 0 Termination of old leases 0 0 0 -298 0 0 0 -298 Amortisation of capitalised borrowing costs 0 1 063 0 0 0 0 0 1 063 Capitalised borrowing costs 0 -2 220 0 0 0 0 0 -2 220 Interest paid 0 0 0 0 0 0 23 516 23 516 Total liability-related changes 0 -1 157 0 7 947 0 -2 047 25 563 30 306 Total equity-related changes 0 0 0 0 0 0 13 935 13 935 Balance as at 31 December 2022 15 746 327 77 107 095 349 477 66 363 290 428 1 559 782 In thousands of EUR Bank overdrafts Long-term bank loans Lease liabilities Right-of-use assets' liabilities Share capital Reserves Retained earnings Total Balance as at 31 December 2020 15 736 586 616 258 102 509 314 844 69 854 328 975 1 418 792 Changes from financing cash flows Proceeds from loans 0 90 000 0 0 0 0 0 90 000 Repayment of loans 0 -14 667 0 0 0 0 0 -14 667 Change in overdraft -15 556 0 0 0 0 0 0 -15 556 Payment of lease liabilities 0 0 -57 -14 846 0 0 0 -14 903 Interest paid 0 0 0 0 0 0 -19 296 -19 296 Payment of transaction costs related to loans 0 -495 0 0 0 0 0 -495 Increase of share capital 0 0 0 0 34 633 0 0 34 633 Total changes from financing cash flows -15 556 74 838 -57 -14 846 34 633 0 -19 296 59 716 The effect of changes in foreign exchange rates 0 0 -4 -1 0 123 0 118 Liability-related changes New leases 0 0 25 35 372 0 0 0 35 397 Transfer from revaluation reserve 0 0 0 0 0 -2 047 2 047 0 Termination of old leases 0 0 -106 -6 631 0 0 0 -6 737 Amortisation of capitalised borrowing costs 0 1 277 0 0 0 0 0 1 277 Capitalised borrowing costs 0 495 0 0 0 0 0 495 Interest paid 0 0 0 0 0 0 19 296 19 296 Total liability-related changes 0 1 772 -81 28 741 0 -2 047 21 343 49 728 Total equity-related changes 0 0 0 0 0 0 -56 576 -56 576 Balance as at 31 December 2021 180 663 226 116 116 403 349 477 67 930 274 446 1 471 778 Note 17 Leases The Group as the Lessee The Group leases hotel and office buildings, warehouse, restaurant and shop premises. The leases typically run for a fixed period, with the Group\u2019s option to renew the lease further. Some lease payments are increased every year and some leases provide for additional lease payments that are based on the result of operations. Right-of-Use Assets Right-of-use assets are presented as property, plant and equipment. Amounts Recognised in Profit or Loss 1 The Group negotiated rent concessions with the landlords for the leases of its hotels and retail premises because of the severe impact of the COVID-19 pandemic during the year. The Group applied the practical expedient for COVID-19 related rent concessions consistently to eligible rent concessions relating to the leases of its hotels and retail premises. In thousands of EUR Buildings and premises Plant and equipment Total right-of-use assets Book value as at 31 December 2021 108 340 469 108 809 Additions 7 548 697 8 245 Disposals -184 -38 -222 Depreciation for the period -19 997 -331 -20 328 Book value as at 31 December 2022 95 707 797 96 504 Book value as at 31 December 2020 94 102 636 94 738 Additions 35 159 213 35 372 Disposals -4 019 -35 -4 054 Depreciation for the period -16 902 -345 -17 247 Book value as at 31 December 2021 108 340 469 108 809 For the year ended 31 December 2022 In thousands of EUR Depreciation for the period -20 328 Interest expense on lease liabilities related to right-of-use assets -2 390 COVID-19 related lease discounts\u00b9 62 Expenses on short-term and low-value leases -1 434 Lease expenses under IFRS 16 -24 090 For the year ended 31 December 2021 In thousands of EUR Depreciation for the period -17 247 Interest expense on lease liabilities related to right-of-use assets -2 422 COVID-19 related lease discounts\u00b9 2 083 Expenses on short-term and low-value leases -1 034 Lease expenses under IFRS 16 -18 620 The Group as the Lessor The Group\u2019s charter income for 2022 was EUR 65 808 thousand (2021: EUR 30 278 thousand). Minimum non-cancellable charter payments are as follows: All charter agreements used by the Group are based on BIMCO Standard Bareboat Charter and BIMCO Time Charter Agreement. Note 18 Trade and Other Payables The Group\u2019s exposure to currency and liquidity risks (excluding tax liabilities and other accruals) is disclosed in Note 25. Additional information about tax liabilities is disclosed below. As at 31 December, in thousands of EUR 2022 2021 < 1 year 74 990 18 281 Year 2 15 629 12 045 Year 3 2 640 12 078 Year 4 0 2 640 Total minimum charter payments 93 259 45 044 As at 31 December, in thousands of EUR 2022 2021 Trade payables 38 309 42 174 Other payables 2 304 2 247 Payables to employees 19 638 19 997 Interest payable 3 527 3 269 Tax liabilities 16 592 17 166 Other accruals 6 564 6 834 Total trade and other payables 86 934 91 687 As at 31 December, in thousands of EUR 2022 2021 Salary-related taxes 11 818 14 429 Excise duties 1 239 1 331 VAT 3 535 1 406 Total tax liabilities 16 592 17 166 Note 19 Deferred Income The Group measures the liability for outstanding Club One points in combination with the value of its services and the averages of the Club One points used to redeem the services, taking into account the pattern of use of the points by the customers and the expiry rates of the points. The calculations are performed for each segment and the deferred income is recognised based on the relative stand- alone selling price allocation method. Prepaid revenue include prepayments related to chartering out of the vessels during 2023Note 20 Share Capital and Reserves According to the articles of association of the Parent, the maximum number of ordinary shares is 2 400 000 000. Each share grants one vote at the shareholders\u2019 general meeting. Shares acquired by the transfer of ownership are eligible for participating in and voting at a general meeting only if the ownership change is recorded in the Estonian Central Registry of Securities at the time used to determine the list of shareholders for the given General Meeting of Shareholders. Ordinary shares grant their holders all the rights provided for under the Estonian Commercial Code \u2013 the right to participate in the general meeting, the distribution of profits, and the distribution of residual assets upon the dissolution of the Company; the right to receive information from the Management Board about the activities of the Company; a pre-emptive right to subscribe for new shares in proportion to the sum of the par values of the shares already held when share capital is increased, etc. During 18 August \u2013 01 September 2021 the Parent held a public offering of new shares. The issue price per one share was EUR 0.47. As a result of the offering a total of 73 687 024 new shares of the Parent were allocated to the investors. Share capital was increased by EUR 34 633 thousand. AS Tallink Grupp has 743 569 064 registered shares (31 December 2021: 743 569 064) without nominal value and the notional value of each share is EUR 0.47 (31 December 2021: EUR 0.47). As at 31 December, in thousands of EUR 2022 2021 Club One points 7 016 6 360 Prepaid revenue\u00b9 37 206 15 374 Total deferred income 44 222 21 734 As at 31 December, in thousands 2022 2021 The number of shares issued and fully paid 743 569 743 569 Total number of shares 743 569 743 569 As at 31 December, in thousands of EUR 2022 2021 Share capital (authorised and registered) 349 477 349 477 Total share capital 349 477 349 477 Share premium 663 663 Total share premium 663 663 Reserves Translation Reserve The translation reserve comprises all foreign currency differences arising from the translation of the financial statements of foreign operations. Ships\u2019 Revaluation Reserve The revaluation reserve is related to the revaluation of ships. The ships\u2019 revaluation reserve may be transferred directly to retained earnings when the ship is disposed of. However, some of the revaluation surplus may be transferred when the ship is used by the Group. In such a case, the amount of surplus transferred is the difference between depreciation based on the revalued carrying amount of the ship and depreciation based on the original cost of the ship. The Group uses the latter alternative. Legal Reserve The legal reserve has been formed in accordance with the Estonian Commercial Code. The legal reserve is formed by means of yearly net profit transfers. At least 1/20 of net profit must be transferred to the legal reserve, until the reserve amounts to 1/10 of share capital. The legal reserve may be used to cover losses and to increase share capital but it may not be used to make distributions to owners. Dividends Due to a deteriorated operating environment and considering the Company\u2019s long-term interests, on 09 June 2022 the General Meeting of Shareholder decided not to pay dividends in 2022. There was also no dividend payment in 2021. Note 21 Contingencies and Commitments Key Management Personnel\u2019s Termination Benefits The members of the Management Board are entitled to termination benefits if their service agreement is terminated by the Group\u2019s Supervisory Board. At 31 December 2022 the maximum amount of such benefits was EUR 1 461 thousand (EUR 1 461 thousand in 2021) (see Note 23). Income Tax on Dividends The Group\u2019s retained earnings as at 31 December 2022 were EUR 290 428 thousand (2021: EUR 274 446 thousand). As at 31 December 2022, the maximum income tax liability which would arise if retained earnings were fully distributed is EUR 58 086 thousand (2021: EUR 54 889 thousand). The maximum income tax liability has been calculated using the income tax rate effective for dividends on the assumption that the dividend and the related income tax expense cannot exceed the amount of retained earnings as at 31 December 2022 (2021: 31 December 2021). As at 31 December, in thousands of EUR 2022 2021 Translation reserve 840 360 Ships\u2019 revaluation reserve 33 364 35 411 Legal reserve 32 159 32 159 Total reserves 66 363 67 930 Note 22 Government Assistance Total other income of EUR 10 871 thousand included COVID-19 related government assistance, compensations from insurance companies, fines and late charges in 2022 (2021: EUR 16 336 thousand). In 2022 EUR 3 326 thousand (2021: EUR 12 771 thousand) was received by Group entities as COVID-19 related government assistance from the governments of Estonia, Finland, Sweden and Germany. The assistance has been recognised in other operating income as stated in the table below. Other Operating Income In 2021, EUR 5 980 thousand of COVID-19 related aid was paid directly to employees by the Estonian Unemployment Insurance Fund. No COVID-19 related aid was paid directly to employees by the Estonian Unemployment Insurance Fund in 2022. In 2022, the Group received other aid of EUR 32 519 thousand (2021: EUR 26 719 thousand) which was deducted directly from the cost of sales (see Note 5). No COVID-19 related aid (2021: EUR 411 thousand) was reflected in the cost of sales of the Group in 2022. In the second quarter of 2020, the Estonian parliament approved a change in legislation granting exemption from ships\u2019 fairway dues for 12 months starting from April 2020 and 50% reduction of the ships\u2019 fairway dues for 12 months starting from April 2021. The effect of the exemption and reduction amounted to EUR 2 134 thousand in 2022 (2021: EUR 2 800 thousand). In order to relieve the liquidity issues caused by the COVID-19 situation, Group entities were allowed to postpone tax payments. The postponed tax liabilities, which amounted to EUR 55 thousand (2021: EUR 1 825 thousand) at the year-end, will be settled by spring 2023. For the year ended 31 December, in thousands of EUR 2022 2021 Government assistance Estonia 0 1 174 Finland 3 448 5 127 Sweden -135 5 896 Germany 13 74 Latvia 0 500 Total government assistance 3 326 12 771 Other income 7 545 3 565 Total other income 10 871 16 336 Note 23 Related Party Disclosures For the purpose of these financial statements, parties are related if one controls the other or has significant influence on the other\u2019s financing and operating decisions. In determining possible related party relationships, attention must be paid to the substance of the relationship and not merely the legal form. A related party is a person or a company that is related to the Group to such an extent that transactions between them may be conducted on terms not equivalent to those that prevail in arm\u2019s length transactions. A person or a close member of that person\u2019s family (i.e. a family member who may be associated with significant influence such as the spouse or the domestic partner or a child) is a related party for the company if that person: - is a member of the management of the company or its parent company (i.e. a person having authority and responsibility for planning, directing and controlling the activities of the company, directly or indirectly) or - has control of or significant influence over the company (e.g. through an ownership interest) Another company is a related party for the company if any of the following conditions apply: - the other company and the company are under common control (i.e. they are members of the same group or controlled by the same person (or a close family member of that person)) - one is under the control of a third party (that may be a company or a person) and the other is under the significant influence of that third party (if the third party is a person, then that person or a close family member of that person) - the other company has control of or significant influence over the company - the other company is under the control or significant influence of the company - a member of the management of the company\u2019s parent company (or a close family member of the member of the management) has control or significant influence over the other company - the other company\u2019s management (or their close family members) include persons that have control of or significant influence over the company The Group has conducted transactions with related parties and has outstanding balances with related parties. For the year ended 31 December 2022, in thousands of EUR Sales to related parties Purchases from related parties Receivables from related parties Payables to related parties Companies controlled by the Key Management Personnel 823 22 912 43 94 005 Associated companies 9 142 0 14 Total 832 23 054 43 94 019 For the year ended 31 December 2021, in thousands of EUR Sales to related parties Purchases from related parties Receivables from related parties Payables to related parties Companies controlled by the Key Management Personnel 2 117 24 205 68 100 137 Associated companies 1 128 1 11 Total 2 118 24 333 69 100 148 The following goods and services were purchased from related parties: Key Management Personnel\u2019s Compensation AS Tallink Grupp members of the Management Board and members of the Supervisory Board are defined as the Key Management Personnel. In 2022, the Key Management Personnel\u2019s compensation was EUR 1 600 thousand (2021: EUR 2 441 thousand). The members of the Management Board are entitled to termination benefits if their service agreement is terminated by the Group\u2019s Supervisory Board. At 31 December 2022 the maximum amount of such benefits was EUR 1 461 thousand (2021: EUR 1 461 thousand). The Key Management personnel\u2019s benefits are presented without social security tax. For the year ended 31 December, in thousands of EUR 2022 2021 Leases 15 815 13 153 Fuel and electricity 5 185 8 818 Other goods and services 2 054 2 362 Total goods and services 23 054 24 333 Note 24 Group Entities 1 Dormant. Group entities Interest as at 31 December 2022 Interest as at 31 December 2021 Country of incorporation Parent company Baan Thai O\u00dc 100% 100% Estonia Tallink Grupp AS Hansaliin O\u00dc 100% 100% Estonia Tallink Grupp AS Hansatee Kinnisvara O\u00dc 100% 100% Estonia Tallink Grupp AS Hera Salongid O\u00dc 100% 100% Estonia TLG Hotell O\u00dc HT Laevateenindus O\u00dc 100% 100% Estonia Tallink Grupp AS HT Meelelahutus O\u00dc 100% 100% Estonia Tallink Grupp AS LNG Shipmanagement O\u00dc 100% 100% Estonia Tallink Grupp AS Mare Catering O\u00dc 100% 100% Estonia Tallink Grupp AS Tallink AS 100% 100% Estonia Tallink Grupp AS Tallink Baltic AS 100% 100% Estonia Tallink Grupp AS Tallink Duty Free AS 100% 100% Estonia Tallink Grupp AS Tallink Fast Food O\u00dc 100% 100% Estonia Tallink Grupp AS Tallink Scandinavian AS 100% 100% Estonia Tallink Grupp AS Tallink Travel Club O\u00dc 100% 100% Estonia Tallink Grupp AS TLG Hotell O\u00dc 100% 100% Estonia Tallink Grupp AS TLG Stividor O\u00dc 100% 100% Estonia Tallink Grupp AS Baltic SF VII Ltd 100% 100% Cyprus Tallink Grupp AS Baltic SF VIII Ltd 100% 100% Cyprus Tallink Grupp AS Baltic SF IX Ltd 100% 100% Cyprus Tallink Grupp AS Hansalink Ltd 100% 100% Cyprus Tallink Grupp AS Tallink Autoexpress Ltd 100% 100% Cyprus Tallink Grupp AS Tallink Fast Ltd 100% 100% Cyprus Tallink Grupp AS Tallink Hansaway Ltd 100% 100% Cyprus Tallink Grupp AS Tallink High Speed Line Ltd 100% 100% Cyprus Tallink Grupp AS Tallink Line Ltd 100% 100% Cyprus Tallink Grupp AS Tallink Ltd 100% 100% Cyprus Tallink Grupp AS Tallink Sea Line Ltd 100% 100% Cyprus Tallink Grupp AS Tallink Superfast Ltd 100% 100% Cyprus Tallink Grupp AS Tallink Victory Line Ltd 100% 100% Cyprus Tallink Grupp AS Tallinn - Helsinki Line Ltd 100% 100% Cyprus Tallink Grupp AS Tallinn Swedish Line Ltd 100% 100% Cyprus Tallink Grupp AS HTG Stevedoring OY 100% 100% Finland Tallink Grupp AS Tallink Silja OY 100% 100% Finland Tallink Scandinavian AS Sally AB 100% 100% Finland Tallink Silja OY Tallink Silja GMBH 100% 100% Germany Tallink Silja OY Tallink Latvija AS 100% 100% Latvia Tallink Grupp AS BK Properties SIA 100% 100% Latvia Tallink Latvija AS HT Shipmanagement SIA 100% 100% Latvia HT Laevateenindus O\u00dc TLG Hotell Latvija SIA 100% 100% Latvia TLG Hotell O\u00dc Tallink Fast Food Latvia SIA 100% 100% Latvia Tallink Fast Food O\u00dc Tallink Fast Food Lithuania UAB 100% 100% Lithuania Tallink Fast Food O\u00dc Tallink-Ru OOO\u00b9 100% 100% Russia Tallink Grupp AS Tallink Asia Pte. Ltd 100% 100% Singapore Tallink Grupp AS Tallink Silja AB 100% 100% Sweden Tallink Grupp AS Ingleby (1699) Ltd. 100% 100% UK Tallink Grupp AS Note 25 Financial Risk Management Overview Through the use of financial instruments the Group is exposed to the following risks: \u2022 credit risk \u2022 liquidity risk \u2022 market risk This note presents information about the Group\u2019s exposure to each of the above risks, the Group\u2019s objectives, policies and processes for measuring and managing risk, and the Group\u2019s capital management. The Management Board has overall responsibility for the establishment and oversight of the Group\u2019s risk management framework. The Group\u2019s financial department is responsible for developing and monitoring the Group\u2019s risk management policies. The Group\u2019s risk management policies are established to identify and analyse the risks faced by the Group, to set appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Group\u2019s activities. Credit Risk Credit risk is the risk of financial loss that the Group would suffer if the counterparty failed to perform its financial obligations, and arises principally from the Group\u2019s receivables from customers and cash and cash equivalents. The credit risk concentration related to accounts receivable is not material due to the extensive number of customers. Maximum credit risk was as follows: The Group\u2019s credit risk exposure from trade receivables is mainly influenced by the characteristics of each customer. In monitoring credit risk, customers are grouped according to their credit characteristics, including whether they are individuals or legal entities, whether they are travel agents or customers with credit limits, and considering their geographic location, receivable aging profile, and existence of previous financial difficulties. Trade receivables relate mainly to travel agents and customers with credit facilities. The credit risk concentration related to trade receivables is reduced by the high number of customers. The Group\u2019s management has established a credit policy under which each new customer with a credit request is analysed individually for creditworthiness before the Group\u2019s payment terms and conditions are offered. Some customers are obliged to present a bank guarantee to meet the credit sale criteria. Customers are assigned credit limits, which represent the maximum exposure that does not require approval from the Group\u2019s management. Customers that fail to meet the Group\u2019s benchmark creditworthiness may transact with the Group on a prepayment basis only. Charterers hiring the Group\u2019s vessels have to provide bank guarantees to cover their payment risk. As at 31 December, in thousands of EUR 2022 2021 Cash and cash equivalents (Note 8) 114 935 127 556 Trade and other receivables (Notes 9, 13) 22 589 19 870 Total 137 524 147 426 In accordance with IFRS 9 the Group measures an allowance for impairment of receivables at an amount of lifetime expected credit loss. Lifetime expected credit loss is calculated as a product of total trade receivables in the aging bucket and the respective credit loss ratio. The expected credit loss ratio is recalculated once a quarter based on actual write-offs during the last 12 quarters. The aging of the receivables at the reporting date was: The Group holds cash and cash equivalents with banking groups that have investment grade credit ratings (BBB or higher issued by internationally recognised credit rating agencies). Liquidity Risk Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when they fall due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to its reputation. The Group\u2019s low current ratio represents the normal course of business. The majority of sales are conducted by prepayment, bank card or cash payment, therefore the cash conversion cycle is negative and in general the Group receives cash from sales before it has to pay to its vendors. The Group\u2019s objective is to maintain a balance between the continuity and flexibility of funding through the use of bank overdrafts, bank loans and bonds. The Group has established Group account systems (the Group\u2019s cash pools) in Estonia and Finland to manage the cash flows in the Group as efficiently as possible. Excess liquidity is invested in short-term money market instruments. AS Tallink Grupp maintains four committed bank overdraft facilities to minimise the Group\u2019s liquidity risk (see Note 16 for details). At 31 December 2022, the Group\u2019s cash and cash equivalents totalled EUR 114 935 thousand (EUR 127 556 thousand at 31 December 2021). In addition, the Group had available unused overdraft credit lines of EUR 134 985 thousand (2021: EUR 134 820 thousand). In thousands of EUR 2022 2021 Balance at 1 January 468 539 Amounts written off -127 -171 Impairment loss recognised 153 99 Reversal of prior period impairment loss -13 1 Balance at 31 December 481 468 As at 31 December 2022, in thousands of EUR Gross Impairment Net Not past due 20 579 -116 20 463 Past due 0-30 days 1 923 -34 1 889 Past due 31-90 days 222 -14 208 Past due 91 days - one year 121 -93 28 Past due over one year 225 -224 1 Total 23 070 -481 22 589 As at 31 December 2021, in thousands of EUR Gross Impairment Net Not past due 18 568 -128 18 440 Past due 0-30 days 1 422 -26 1 396 Past due 31-90 days 2 -2 0 Past due 91 days - one year 82 -48 34 Past due over one year 264 -264 0 Total 20 338 -468 19 870 In the loan agreements signed with banks, the Group has agreed to comply with financial covenants related to ensuring certain equity, liquidity and other ratios. In management\u2019s opinion, the Group has sufficient liquidity to support its operations. AS Tallink Grupp and its subsidiaries are able to continue as going concerns for at least one year after the date of approval of these consolidated financial statements. The following tables illustrate liquidity risk by periods when financial liabilities as at 31 December will fall due or may fall due based on contractual cash flows. 1 Expected, based on the interest rates and interest rate forward curves Guarantees issued are not recognised in the statement of financial position as, according to historical experience and management\u2019s estimations, none of them has turned into an actual liability. Market Risk Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices will affect the Group\u2019s income or the value of financial instruments held. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return. The Group buys and sells derivatives, and also incurs financial liabilities, in order to manage market risk. Foreign Exchange Rate Risk The Group is exposed to exchange rate risk arising from revenues, operating expenses and liabilities in foreign currencies, mainly in the US dollar (USD) and the Swedish krona (SEK). Exposure to USD results from the purchase of ship fuel and insurance and exposure to SEK arises from the fact that it is the operational currency on some routes. The Group seeks to minimise currency risk by matching foreign currency inflows with outflows. In thousands of EUR, 2022 < 1 year 1-2 years 2-5 years >5 years Total Non-derivative financial liabilities Lease liabilities -68 -10 0 0 -78 Lease liabilities related to right-of-use assets -20 958 -16 296 -41 999 -27 842 -107 095 Trade and other payables -63 778 0 0 0 -63 778 Secured bank loan repayments -145 521 -201 722 -248 326 -156 249 -751 818 Interest payments\u00b9 -27 512 -21 523 -21 533 -11 990 -82 558 Total -257 852 -239 551 -311 858 -196 081 -1 005 342 In thousands of EUR, 2021 < 1 year 1-2 years 2-5 years >5 years Total Non-derivative financial liabilities Lease liabilities -73 -43 0 0 -116 Lease liabilities related to right-of-use assets -16 488 -16 751 -44 475 -38 689 -116 403 Trade and other payables -67 687 0 0 0 -67 687 Secured bank loan repayments -228 667 -194 083 -181 500 -61 333 -665 583 Interest payments\u00b9 -16 657 -9 523 -9 962 -3 288 -39 430 Total -329 572 -220 400 -235 937 -103 310 -889 219 The following tables present the Group\u2019s financial instruments by currency denomination: A 10% strengthening of the euro against the following currencies at the end of the financial year would have increased (decreased) profit or loss and equity by the amounts shown below. This sensitivity analysis assumes that all other variables remain constant. The analysis was performed on the same basis for 2021. Interest Rate Risk The Group is exposed to interest rate risk through funding and cash management activities. The interest rate risk \u2013 the possibility that fluctuations in interest rates can have a significant impact on the profitability and cash flows of the Group \u2013 results mainly from long term floating rate bank loans. In thousands of EUR, 2022 EUR USD SEK Other Total Cash and cash equivalents 108 335 160 6 334 106 114 935 Trade receivables, net of allowance 19 316 0 610 20 19 946 Other financial assets 1 896 50 658 39 2 643 Total 129 547 210 7 602 165 137 524 Current portion of borrowings -164 061 0 -988 0 -165 049 Trade payables -38 181 -172 -2 049 -205 -40 607 Other current payables -25 156 0 -4 583 -2 -29 741 Non-current portion of borrowings and other liabilities -688 277 0 -188 0 -688 465 Total -915 675 -172 -7 808 -207 -923 862 Net, EUR -786 128 38 -206 -42 -786 338 In thousands of EUR, 2021 EUR USD SEK Other Total Cash and cash equivalents 118 040 32 9 421 63 127 556 Trade receivables, net of allowance 15 140 0 199 25 15 364 Other financial assets 2 834 0 1 662 10 4 506 Total 136 014 32 11 282 98 147 426 Current portion of borrowings -243 481 0 -949 -6 -244 436 Trade payables -39 255 -284 -4 512 -347 -44 398 Other current payables -22 449 0 -7 678 -2 -30 129 Non-current portion of borrowings and other liabilities -534 310 0 -1 162 -17 -535 489 Total -839 495 -284 -14 301 -372 -854 452 Net, EUR -703 481 -252 -3 019 -274 -707 026 As at 31 December, in thousands of EUR 2022 Profit or loss 2021 Profit or loss USD -4 25 SEK 21 302 NOK 0 0 Other 4 27 At the reporting date the interest rate profile of the Group\u2019s interest-bearing financial liabilities was as follows: The Group\u2019s floating rate loan commitments are mainly based on EURIBOR rates. During 2022, 6-month EURIBOR increased from -0.539% on January 3 to 2.693% on December 30. At the end of February 2023, 6-month EURIBOR had crossed a 3% mark. A change of 10 basis points in the interest rates of interest-bearing financial liabilities at the reporting date would have increased (decreased) profit and equity by the amounts shown below. This analysis assumes that all other variables remain constant. The analysis was performed on the same basis for 2021. When analysing interest rate risks, various hedging options are considered including refinancing floating rate loan commitments with fixed rate loan commitments. The management of the Group has assessed the interest rate risks related to assets and liabilities of the Group and concluded that there are no material risks to outline. Fair Values of Financial Instruments All financial assets and liabilities are measured at amortised cost excluding derivatives, which are measured at fair value. According to the assessment of the Group\u2019s management, as at 31 December 2022 and 31 December 2021 the fair values of assets and liabilities measured at amortised cost did not differ materially from their carrying amounts. Capital Management The Group considers total shareholders\u2019 equity as capital. As at 31 December 2022 the shareholders\u2019 equity was EUR 706 931 thousand (2021: EUR 692 516 thousand). The Group\u2019s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and sustain future development of the business. The Group has made significant investments in recent years where strong shareholders\u2019 equity has been a major supporting factor for the investments. The Group seeks to maintain a balance between the higher returns that might be possible with higher levels of borrowing and the advantages and security afforded by a sound capital position. At the General Meeting of Shareholders held on 8 February 2011, management introduced the strategic target of reaching the optimal debt level which would allow the Group to start paying dividends. In management\u2019s opinion, a comfortable level for the Group\u2019s equity ratio is between 40% and 50% and for the net debt to EBITDA ratio an indicator below 5. As at 31 December 2022 the Group\u2019s equity ratio was 41.8% and the net debt to EBITDA ratio was 5.4 (2021: 43.7% and 11.2, respectively). As at 31 December, in thousands of EUR 2022 2021 Fixed rate financial liabilities 294 665 129 628 Variable rate financial liabilities 451 739 533 714 Total 746 404 663 342 In thousands of EUR 2022 2021 10 basis point increase -452 -534 10 basis point decrease 452 534 Due to a complicated operating environment and considering the Company\u2019s long-term interests, management will propose to the General Meeting of Shareholders not to pay a dividend in 2023 for the results for 2022 (2021: not to pay a dividend from the results for 2021). The Group may purchase its own shares from the market; the timing of these purchases may depend on market prices, the Group\u2019s liquidity position and business outlook. Additionally, legal factors may limit the timing of such decisions. Repurchased shares are intended to be cancelled. Currently the Group does not have a defined share buyback plan. Note 26 Going Concern In the beginning of the financial year 2022, the Group\u2019s operations and operating results were influenced by the COVID-19 in all home markets, and by the war in Ukraine that Russia unleashed on 24 February 2022. To ensure the sustainability of the business operations both in 2022 and going forward we took several actions, including: \u2022 Restoring profitable operations on our core routes \u2022 Focusing on cost savings from previously implemented measures \u2022 Chartering out vessels for additional revenue streams \u2022 Applying for government assistance measures \u2022 Amendment and restatement of EUR 280 million loan agreement from December 2016 At 31 December 2022, the Group\u2019s cash and cash equivalents totalled EUR 114 935 thousand (EUR 127 556 thousand at 31 December 2021). In addition, the Group had available unused overdraft credit lines of EUR 134 985 thousand (2021: EUR 134 820 thousand). As 31 December 2022 current liabilities exceeded current assets by EUR 100 550 thousand (EUR 154 501 thousand at 31 December 2021). Current liabilities exceed current assets to a large extent due to a bank loan maturing in the fourth quarter of 2023. As in previous years the Group plans to refinance the maturing bilateral bank loan and has started preparations for the refinancing process. The Management Board is of the opinion that the Group is able to continue as a going concern. These consolidated financial statements have been prepared on a going concern basis as according to the assessment of the Management Board the Group can continue its operations and meet its obligations for the foreseeable future, i.e. for at least 12 months from the date these financial statements are authorised for issue. Should the economic environment worsen significantly, the Group may have to review its business plan in order to ensure its ability to continue as a going concern. Liquidity can also be strengthened through a shareholder contribution or the sale of assets, if needed. Note 27 Subsequent Events New Collective Agreement On 6 February 2023, AS Tallink Grupp and Estonian Seamen\u2019s Independent Union signed a new collective agreement for the next 4 years. Subject to the agreement, the wages of the Group\u2019s maritime workers in Estonia will increase by 13.5% (service personnel) and 16.1% (technical personnel) compared to the minimum wages of the previous collective agreement. Note 28 Primary Financial Statements of the Parent Statement of profit or loss and other comprehensive income For the year ended 31 December, in thousands of EUR 2022 2021 Revenue 379 788 243 846 Cost of sales -325 056 -233 324 Gross profit/loss 54 732 10 522 Sales and marketing expenses -24 400 -18 271 Administrative expenses -25 935 -25 789 Impairment loss on receivables -95 -95 Other operating income 6 939 2 411 Other operating expenses -107 -1 025 Result from operating activities 11 134 -32 247 Finance income 15 230 20 703 Finance costs -24 296 -23 631 Share of profit of subsidiaries 24 900 29 190 Share of profit/loss of equity-accounted investees -90 -80 Profit/loss before income tax 26 878 -6 065 Income tax 1 186 1 051 Net profit/loss for the year 28 064 -5 014 Statement of Financial Position As at 31 December, in thousands of EUR 2022 2021 ASSETS Cash and cash equivalents 2 014 2 792 Receivables from subsidiaries 118 693 86 450 Receivables and prepayments 17 829 20 442 Inventories 9 983 8 985 Current assets 148 519 118 669 Investments in subsidiaries 718 677 715 677 Receivables from subsidiaries 580 129 569 580 Investments in equity-accounted investees 75 165 Other financial assets and prepayments 3 148 65 Property, plant and equipment 548 602 482 558 Intangible assets 8 521 10 580 Non-current assets 1 859 152 1 778 625 TOTAL ASSETS 2 007 671 1 897 294 LIABILITIES AND EQUITY Interest-bearing loans and borrowings 208 057 300 291 Payables and deferred income 84 936 70 041 Dividends payable to shareholders 6 6 Tax liabilities 4 310 4 148 Current liabilities 297 309 374 486 Interest-bearing loans and borrowings 761 659 602 169 Non-current liabilities 761 659 602 169 Total liabilities 1 058 968 976 655 Share capital 349 477 349 477 Share premium 663 663 Reserves 32 159 32 159 Retained earnings 566 404 538 340 Equity 948 703 920 639 TOTAL LIABILITIES AND EQUITY 2 007 671 1 897 294 Statement of Cash Flows For the year ended 31 December, in thousands of EUR 2022 2021 CASH FLOWS FROM OPERATING ACTIVITIES Net profit/loss for the period 28 064 -5 014 Adjustment for: Depreciation and amortisation 57 832 57 395 Net gain/loss on disposals of property, plant and equipment and intangible assets -15 0 Net interest expense 8 773 2 890 Income from subsidiaries -24 810 -29 190 Income tax -1 186 -1 051 Other adjustments 0 1 080 Adjustments 40 594 31 124 Changes in: Receivables and prepayments related to operating activities 12 117 -3 008 Inventories -998 74 Liabilities related to operating activities 17 739 33 118 Changes in assets and liabilities 28 858 30 184 Cash generated from operating activities 97 516 56 294 NET CASH FROM OPERATING ACTIVITIES 97 516 56 294 CASH FLOWS FROM INVESTING ACTIVITIES Purchase of property, plant, equipment and intangible assets -7 925 -6 355 Proceeds from disposals of property, plant and equipment 0 892 Increase in share capital of subsidiaries -3 000 -108 000 Loans granted to subsidiaries -39 660 -53 220 Repayments of loans granted 54 430 118 640 Dividends received from subsidiaries 22 700 8 500 Interest received 13 139 19 017 NET CASH USED IN INVESTING ACTIVITIES 39 684 -20 526 CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from loans from subsidiaries 23 600 3 400 Repayment of loans -73 885 -7 000 Repayment of loans to subsidiaries -16 100 -4 500 Change in overdraft 949 8 838 Payment of lease liabilities -48 542 -46 763 Interest paid -22 883 -22 524 Payment of transaction costs related to loans -1 117 0 Issue of shares 0 34 633 NET CASH USED IN/FROM FINANCING ACTIVITIES -137 978 -33 916 NET CASH FLOW -778 1 852 Cash and cash equivalents at the beginning of period 2 792 940 Change -778 1 852 Cash and cash equivalents at the end of period 2 014 2 792 Statement of Changes in Equity In thousands of EUR Share capital Share premium Mandatory legal reserve Retained earnings Total equity As at 31 December 2021 349 477 663 32 159 538 340 920 639 Net profit/loss for 2022 0 0 0 28 064 28 064 As at 31 December 2022 349 477 663 32 159 566 404 948 703 As at 31 December 2020 314 844 663 32 159 543 354 891 020 Net profit/loss for 2021 0 0 0 -5 014 -5 014 Issue of shares 34 633 0 0 0 34 633 Total transactions with owners of the Company recognised directly in equity 34 633 0 0 0 34 633 As at 31 December 2021 349 477 663 32 159 538 340 920 639 In thousands of EUR 2022 2021 Unconsolidated equity at 31 December 948 703 920 639 Interests under control and significant influence: Carrying amount -718 752 -715 842 Value under the equity method 476 980 487 719 Adjusted unconsolidated equity at 31 December 706 931 692 516 STATEMENT BY THE MANAGEMENT BOARD We hereby take responsibility for the preparation of the consolidated financial statements of AS Tallink Grupp (in the consolidated financial statements referred to as \u201cthe Parent\u201d) and its subsidiaries (together referred to as \u201cthe Group\"). The Management Board confirms that: \u2022 The consolidated financial statements are in compliance with International Financial Reporting Standards (IFRS) as adopted by the European Union. \u2022 The consolidated financial statements give a true and fair view of the financial position, financial performance and cash flows of the Group and the Parent. \u2022 AS Tallink Grupp and its subsidiaries are able to continue as going concerns for at least one year after the date of approval of these consolidated financial statements. Paavo N\u00f5gene Chairman of the Management Board Kadri Land Member of the Management Board Harri Hanschmidt Member of the Management Board Piret M\u00fcrk-Dubout Member of the Management Board Margus Schults Member of the Management Board 31 March 2023 This audited annual report has been signed digitally. ",
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"value": "AS Tallink Grupp (\u201cthe Company\u201d) with its subsidiaries (\u201cthe Group\u201d) is the leading European ferry operator, which has been offering high quality mini-cruise, passenger transport and ro-ro cargo services in the northern part of the Baltic Sea for over 30 years.Estonia, Finland, Sweden and LatviaNote 1 Corporate Information The consolidated financial statements of AS Tallink Grupp (the \u201cParent\u201d) and its subsidiaries (together referred to as the \u201cGroup\u201d) for the year ended 31 December 2022 were authorised for issue by the Management Board on 31 March 2023. According to the Estonian Commercial Code, the annual report including the consolidated financial statements prepared by the Management Board must first be approved by the Supervisory Board and ultimately by the General Meeting of Shareholders. Shareholders have the power not to approve the annual report prepared and presented by the Management Board and the right to request that a new annual report be prepared. AS Tallink Grupp is a public limited company incorporated and domiciled in Estonia, with a registered office at Sadama 5 Tallinn. AS Tallink Grupp shares have been publicly traded on the Nasdaq Tallinn Stock Exchange since 9 December 2005. The principal activities of the Group are related to marine transportation in the Baltic Sea (passenger and cargo transportation), EMTAK 50101 \u2013 Sea and coastal passenger water transport, EMTAK 50201 \u2013 Sea and coastal freight water transport, EMTAK 79121 \u2013 Travel agency activities. Further information on the Group\u2019s principal activities is presented in Note 4 Segment information. At 31 December 2022 the Group employed 4 904 people (4 785 at 31 December 2021). Note 2 Basis of Preparation 2.1. Statement of Compliance The consolidated financial statements of AS Tallink Grupp and its subsidiaries have been prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union (hereinafter: IFRS EU). 2.2. Basis of Measurement The consolidated financial statements have been prepared on the historical cost basis except for the following items in the statement of financial position: \u2022 equity securities are measured at fair value (Note 13) \u2022 ships are measured at revalued amounts (Note 14) 2.3. Changes in Accounting Policies Except for the changes below, the Group has consistently applied the accounting policies set out in Note 3 to all periods presented in these financial statements. The Group has adopted the following new standards and amendments to standards, including any consequential amendments to other standards, with a date of initial application of 1 January 2022. Changes in significant accounting policies The Group applied the following amendments to standards initially on 1 January 2022. Amendments to IFRS 3 Business Combinations Effective for annual periods beginning on or after 1 January 2022. The amendments to IFRS 3 update a reference in IFRS 3 to the 2018 Conceptual Framework for Financial Reporting instead of the 1989 Framework. At the same time, the amendments add a new paragraph to IFRS 3 to clarify that contingent assets do not qualify for recognition at the acquisition date. The amendments had no material impact on the Group\u2019s financial statements when initially applied. Amendments to IAS 16 Property, Plant and Equipment Effective for annual periods beginning on or after 1 January 2022; to be applied retrospectively. The amendments to IAS 16 require that the proceeds from selling items produced while bringing an item of property, plant and equipment to the location and condition necessary for it to be capable of operating in the manner intended must be recognised, together with the cost of those items, in profit or loss and that the entity must measure the cost of those items applying the measurement requirements of IAS 2. The amendments must be applied retrospectively, but only to items of property, plant and equipment that are brought to the location and condition necessary for them to be capable of operating in the manner intended on or after the beginning of the earliest period presented in the financial statements in which the entity first applies the amendments. The cumulative effect of initially applying the amendments will be recognised as an adjustment to the opening balance of retained earnings (or other component of equity, as appropriate) at the beginning of that earliest period presented (if necessary). The amendments had no material impact on the Group\u2019s financial statements when initially applied. Amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets Effective for annual periods beginning on or after 1 January 2022, to be applied retrospectively. In determining the costs of fulfilling a contract, the amendments require an entity to include all costs that relate directly to a contract. The amendments clarify that the cost of fulfilling a contract comprises both: \u2022 the incremental costs of fulfilling that contract and \u2022 an allocation of other costs that relate directly to fulfilling contracts. An entity must apply those amendments to contracts for which it has not yet fulfilled all its obligations at the beginning of the annual reporting period in which it first applies the amendments (the date of initial application). The entity will not restate comparative information. Instead, the entity will recognise the cumulative effect of initially applying the amendments as an adjustment to the opening balance of retained earnings or other component of equity, as appropriate, at the date of initial application. The Group does not expect the amendments to have a material impact on its financial statements when initially applied, because in determining the costs of fulfilling a contract the Group takes into account both incremental costs and other costs that relate directly to fulfilling contracts. The amendments had no material impact on the Group\u2019s financial statements when initially applied. Annual improvements to IFRS standards 2018-2020 Effective for annual periods beginning on or after 1 January 2022. Early application is permitted. Improvements to IFRS (2018-2020) include three amendments to the standards: \u2022 the amendments to IFRS 9 Financial Instruments clarify that, when assessing whether an exchange of debt instruments between an existing borrower and lender is on terms that are substantially different, the fees to include together with the discounted present value of the cash flows under the new terms include only fees paid or received between the borrower and the lender, including fees paid or received by either the borrower or lender on the other's behalf. \u2022 the amendments to IFRS 16 Leases remove illustrative example 13 accompanying IFRS 16, which in practice creates confusion in accounting for leasehold improvements for both the lessee and lessor. The purpose of the amendment is to remove the illustrative example that creates confusion. \u2022 the amendments to IAS 41 Agriculture remove the requirement to use pre-tax cash flows to measure the fair value of agriculture assets. Previously, IAS 41 had required an entity to use pre-tax cash flows when measuring fair value but did not require the use of a pre-tax discount rate to discount those cash flows. The amendments had no material impact on the Group\u2019s financial statements when initially applied. Standards, interpretations and amendments to published standards that are not yet effective Amendments to IAS 1 Presentation of Financial Statements Effective for annual periods beginning on or after 1 January 2023, to be applied retrospectively. Early application is permitted. These amendments are not yet endorsed by the EU. The amendments clarify that the classification of liabilities as current or non-current is based solely on the entity\u2019s right to defer settlement at the end of the reporting period. The entity\u2019s right to defer settlement for at least 12 months from the reporting date need not be unconditional but must have substance. The classification is not affected by management\u2019s intentions or expectations about whether and when the entity will exercise its right. The amendments also clarify the situations that are considered settlement of a liability. The Group does not expect the amendments to have a material impact on its financial statements when initially applied. Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements Effective for annual periods beginning on or after 1 January 2023. Early application is permitted. The amendments to IAS 1 aim to help entities provide accounting policy disclosures that are more useful by: \u2022 Requiring companies to disclose their material accounting policies rather than their significant accounting policies; \u2022 Clarifying that accounting policies related to immaterial transactions, other events or conditions are themselves immaterial and as such need not be disclosed; and \u2022 Clarifying that not all accounting policies that relate to material transactions, other events or conditions are themselves material to a company\u2019s financial statements. The Board also amended IFRS Practice Statement 2 to include guidance and two additional examples on the application of materiality to accounting policy disclosures. The amendments are consistent with the refined definition of material: \u201cAccounting policy information is material if, when considered together with other information included in an entity\u2019s financial statements, it can reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements\u201d. The Group does not expect the amendments to have an impact on its financial statements when initially applied. Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors Effective for annual periods beginning on or after 1 January 2023; to be applied prospectively. Early application is permitted. The amendments introduce a new definition for accounting estimates: clarifying that they are monetary amounts in the financial statements that are subject to measurement uncertainty. The amendments also clarify the relationship between accounting policies and accounting estimates by specifying that a company develops an accounting estimate to achieve the objective set out by an accounting policy. The amendments are not expected to have a material impact on the Group as these amendments provide guidance in determining whether changes are to be treated as changes in estimates, changes in policies, or errors. Amendments to IAS 12 Income Taxes Effective for annual periods beginning on or after 1 January 2023. Early application is permitted. The amendments clarify the accounting for deferred tax on transactions that involve recognising both an asset and a liability with a single tax treatment related to both. The amendments narrow the scope of the initial recognition exemption (IRE) so that it does not apply to transactions that give rise to equal and offsetting temporary differences. As a result, companies will need to recognise a deferred tax asset and a deferred tax liability for temporary differences arising on initial recognition of a lease and a decommissioning provision. The Group does not expect the amendments to have a material impact on its financial statements when initially applied. Amendments to IAS 1 Classification of liabilities as current or non-current, deferral of effective date The amendments to IAS 1 on classification of liabilities as current or non-current was issued in January 2020 with an original effective date 1 January 2022. However in response to the COVID-19 pandemic, the effective date was deferred by one year to provide companies with more time to implement the classification changes resulting from the amended guidance. The Group does not expect the amendments to have a material impact on its financial statements when initially applied. Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback Effective for annual periods beginning on or after 1 January 2024; to be applied retrospectively to the date when the entity initially applied IFRS 16. Early application is permitted. Amendments to IFRS 16 Leases impact how a seller-lessee accounts for variable lease payments that arise in a sale-and-leaseback transaction. The amendments introduce a new accounting model for variable payments. The amendments confirm the following. \u2022 On initial recognition, the seller-lessee includes variable lease payments when it measures a lease liability arising from a sale-and- leaseback transaction. \u2022 After initial recognition, the seller-lessee applies the general requirements for subsequent accounting of the lease liability such that it recognises no gain or loss relating to the right of use it retains. A seller-lessee may adopt different approaches that satisfy the new requirements on subsequent measurement. The Group does not expect the amendments to have a material impact on its financial statements when initially applied. Other changes Other new standards, amendments to standards and interpretations that are not yet effective are not expected to have a significant impact on the Group\u2019s financial statements. 2.4. Functional and Presentation Currency The figures reported in the financial statements are presented in euros, which is the Parent\u2019s functional currency. All financial information presented in euros has been rounded to the nearest thousand unless otherwise indicated. 2.5. Use of Estimates and Judgements The preparation of the consolidated financial statements in conformity with IFRS (EU) requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected. Judgements In the process of applying the Group\u2019s accounting policies, management has made the following judgements, which have the most significant effect on the amounts recognised in the financial statements: Lease Term Judgement to determine whether the Group is reasonably certain to exercise extension options. As at 31 December 2022, the Group had entered into lease agreements for 4 hotel buildings, 4 office buildings, 1 warehouse building, 19 restaurant buildings and 5 shops (31 December 2021: 4 hotel buildings, 4 office buildings, 1 warehouse building, 16 restaurant buildings and 5 shops). See Note 17 for more detailed information on the minimum lease payments of the lease agreements. Assumptions and Estimation Uncertainty The following assumptions and estimation uncertainties have a risk of resulting in a material adjustment in the next financial year: Fair Value of Ships For the purpose of revaluation, the Group determined the fair value of its ships as at 31 December 2022. The fair value of ships depends on many factors, including the year of construction, several technical parameters as well as how the ships have been maintained (i.e. how much the owner has invested in maintenance). In order to assess the fair value of ships, the Group\u2019s management used independent appraisers. Revaluation depends upon changes in the fair values of the ships. When the fair value of a ship differs materially from its carrying amount, a revaluation is required. Management is of the opinion that as at 31 December 2022 the carrying value of ships as a group did not materially differ from their fair value. Therefore, no revaluation was performed as at 31 December 2022. Further details are given in Note 3.4 and Note 14. Assessment of Impairment of Right-of-Use Buildings and Premises At each reporting date, the Group assesses whether any indications exist of possible impairment of right-of-use buildings. If such indications exist, an impairment test is performed. For estimation of the value, the items\u2019 value in use is determined. For determining the value in use, the discounted cash flow method is used. Further details are given in Note 14. Determination of the Useful Lives of Property, Plant and Equipment and Intangible Assets Management has estimated the useful lives and residual values of property, plant and equipment and intangible assets, taking into consideration the volumes of business activities, historical experience in this area and future outlook. Management\u2019s estimates of the useful lives of the Group\u2019s property, plant and equipment and the Group\u2019s intangible assets are disclosed in Notes 3.4 and 3.5, respectively. Impairment of Goodwill The Group determines whether goodwill is impaired at least on an annual basis. This requires an estimation of the value in use of the cash-generating units to which goodwill is allocated. Estimating value in use requires management to make an estimate of the expected future cash flows from the cash-generating unit and also to choose a suitable discount rate in order to calculate the present value of those cash flows. The carrying amount of goodwill as at 31 December 2022 amounted to EUR 11 066 thousand (31 December 2021: EUR 11 066 thousand). Further details are given in Note 15. Deferred Tax Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different taxable entities which intend either to settle current tax liabilities and assets on a net basis or to realise the assets and settle the liabilities simultaneously. A deferred tax asset is recognised for all unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilised. Significant management estimation is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and level of future taxable profits. Further details are provided in Note 6. Customer Loyalty Programme Customer loyalty programme (Club One) applies to sales transactions in which the entities grant their customers award credits that, subject to meeting further qualifying conditions, the customers can redeem in the future for free or discounted goods or services. The Group recognises the credits that it awards to customers as a separate performance obligation, which is deferred at the date of the initial sale. The credits are recognised based on the relative stand-alone selling price allocation method. See also Note 19. 3.1. Basis of Consolidation Business Combinations Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. For acquisitions the Group measures goodwill at the acquisition date as: \u2022 the fair value of the consideration transferred; plus \u2022 the recognised amount of any non-controlling interests in the acquiree; plus \u2022 if the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree; less \u2022 the net recognised amount (fair value) of the identifiable assets acquired and liabilities assumed. When the excess is negative, a bargain purchase gain is recognised immediately in profit or loss. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in profit or loss. Costs related to the acquisition, other than those associated with the issue of debt or equity securities, that the Group incurs in connection with a business combination are expensed as incurred. Any contingent consideration payable is recognised at fair value at the acquisition date. If the contingent consideration is classified as equity, it is not remeasured and settlement is accounted for within equity. Otherwise, subsequent changes to the fair value of the contingent consideration are recognised in profit or loss. Subsidiaries Subsidiaries are entities controlled by the Group. Control exists when the Group is exposed or has rights to variable returns from its involvements with the investee and it has the ability to affect those returns through its power over the investee and there is a link between power and returns. In assessing control, potential voting rights that currently are exercisable are taken into account. The consolidated financial statements comprise the financial statements of AS Tallink Grupp and its subsidiaries. The financial statements of the subsidiaries used in the preparation of the consolidated financial statements are prepared as at the same reporting date. If a subsidiary uses accounting policies other than those adopted in the consolidated financial statements for like transactions and events in similar circumstances, appropriate adjustments are made to its financial statements in preparing the consolidated financial statements. Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Group obtains control, and continue to be consolidated until the date that such control ceases. Investments in Equity-Accounted Investees Equity-accounted investees are those entities in which the Group has significant influence, but not control, over the financial and operating policies. Significant influence is presumed to exist when the Group holds between 20% and 50% of the voting power of another entity. Equity-accounted investees are accounted for using the equity method (equity-accounted investees) and are initially recognised at cost. The Group\u2019s investment includes goodwill identified on acquisition, net of any accumulated impairment losses. The consolidated financial statements include the Group\u2019s share of the profit or loss and other comprehensive income and equity movements of equity-accounted investees, after adjustments to align the accounting policies with those of the Group, from the date that significant influence commences until the date that significant influence ceases. When the Group\u2019s share of losses exceeds its interest in an equity-accounted investee, the carrying amount of that interest (including any long-term investment) is reduced to nil and the recognition of further losses is discontinued except to the extent that the Group has an obligation or has made payments on behalf of the investee. Transactions Eliminated on Consolidation Intra-group balances and transactions, and any unrealised gains arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. Unrealised gains arising from transactions with equity-accounted investees are eliminated against the investment to the extent of the Group\u2019s interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment. Note 26 Going Concern In the beginning of the financial year 2022, the Group\u2019s operations and operating results were influenced by the COVID-19 in all home markets, and by the war in Ukraine that Russia unleashed on 24 February 2022. To ensure the sustainability of the business operations both in 2022 and going forward we took several actions, including: \u2022 Restoring profitable operations on our core routes \u2022 Focusing on cost savings from previously implemented measures \u2022 Chartering out vessels for additional revenue streams \u2022 Applying for government assistance measures \u2022 Amendment and restatement of EUR 280 million loan agreement from December 2016 At 31 December 2022, the Group\u2019s cash and cash equivalents totalled EUR 114 935 thousand (EUR 127 556 thousand at 31 December 2021). In addition, the Group had available unused overdraft credit lines of EUR 134 985 thousand (2021: EUR 134 820 thousand). As 31 December 2022 current liabilities exceeded current assets by EUR 100 550 thousand (EUR 154 501 thousand at 31 December 2021). Current liabilities exceed current assets to a large extent due to a bank loan maturing in the fourth quarter of 2023. As in previous years the Group plans to refinance the maturing bilateral bank loan and has started preparations for the refinancing process. The Management Board is of the opinion that the Group is able to continue as a going concern. These consolidated financial statements have been prepared on a going concern basis as according to the assessment of the Management Board the Group can continue its operations and meet its obligations for the foreseeable future, i.e. for at least 12 months from the date these financial statements are authorised for issue. Should the economic environment worsen significantly, the Group may have to review its business plan in order to ensure its ability to continue as a going concern. Liquidity can also be strengthened through a shareholder contribution or the sale of assets, if needed. STATEMENT BY THE MANAGEMENT BOARD We hereby take responsibility for the preparation of the consolidated financial statements of AS Tallink Grupp (in the consolidated financial statements referred to as \u201cthe Parent\u201d) and its subsidiaries (together referred to as \u201cthe Group\"). The Management Board confirms that: \u2022 The consolidated financial statements are in compliance with International Financial Reporting Standards (IFRS) as adopted by the European Union. \u2022 The consolidated financial statements give a true and fair view of the financial position, financial performance and cash flows of the Group and the Parent. \u2022 AS Tallink Grupp and its subsidiaries are able to continue as going concerns for at least one year after the date of approval of these consolidated financial statements. Paavo N\u00f5gene Chairman of the Management Board Kadri Land Member of the Management Board Harri Hanschmidt Member of the Management Board Piret M\u00fcrk-Dubout Member of the Management Board Margus Schults Member of the Management Board 31 March 2023 This audited annual report has been signed digitally. ",
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"value": "AS Tallink GruppAS Tallink Grupp Note 23 Related Party Disclosures For the purpose of these financial statements, parties are related if one controls the other or has significant influence on the other\u2019s financing and operating decisions. In determining possible related party relationships, attention must be paid to the substance of the relationship and not merely the legal form. A related party is a person or a company that is related to the Group to such an extent that transactions between them may be conducted on terms not equivalent to those that prevail in arm\u2019s length transactions. A person or a close member of that person\u2019s family (i.e. a family member who may be associated with significant influence such as the spouse or the domestic partner or a child) is a related party for the company if that person: - is a member of the management of the company or its parent company (i.e. a person having authority and responsibility for planning, directing and controlling the activities of the company, directly or indirectly) or - has control of or significant influence over the company (e.g. through an ownership interest) Another company is a related party for the company if any of the following conditions apply: - the other company and the company are under common control (i.e. they are members of the same group or controlled by the same person (or a close family member of that person)) - one is under the control of a third party (that may be a company or a person) and the other is under the significant influence of that third party (if the third party is a person, then that person or a close family member of that person) - the other company has control of or significant influence over the company - the other company is under the control or significant influence of the company - a member of the management of the company\u2019s parent company (or a close family member of the member of the management) has control or significant influence over the other company - the other company\u2019s management (or their close family members) include persons that have control of or significant influence over the company The Group has conducted transactions with related parties and has outstanding balances with related parties. For the year ended 31 December 2022, in thousands of EUR Sales to related parties Purchases from related parties Receivables from related parties Payables to related parties Companies controlled by the Key Management Personnel 823 22 912 43 94 005 Associated companies 9 142 0 14 Total 832 23 054 43 94 019 For the year ended 31 December 2021, in thousands of EUR Sales to related parties Purchases from related parties Receivables from related parties Payables to related parties Companies controlled by the Key Management Personnel 2 117 24 205 68 100 137 Associated companies 1 128 1 11 Total 2 118 24 333 69 100 148 The following goods and services were purchased from related parties: Key Management Personnel\u2019s Compensation AS Tallink Grupp members of the Management Board and members of the Supervisory Board are defined as the Key Management Personnel. In 2022, the Key Management Personnel\u2019s compensation was EUR 1 600 thousand (2021: EUR 2 441 thousand). The members of the Management Board are entitled to termination benefits if their service agreement is terminated by the Group\u2019s Supervisory Board. At 31 December 2022 the maximum amount of such benefits was EUR 1 461 thousand (2021: EUR 1 461 thousand). The Key Management personnel\u2019s benefits are presented without social security tax. For the year ended 31 December, in thousands of EUR 2022 2021 Leases 15 815 13 153 Fuel and electricity 5 185 8 818 Other goods and services 2 054 2 362 Total goods and services 23 054 24 333 ",
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"value": "Note 2 Basis of Preparation 2.1. Statement of Compliance The consolidated financial statements of AS Tallink Grupp and its subsidiaries have been prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union (hereinafter: IFRS EU). 2.2. Basis of Measurement The consolidated financial statements have been prepared on the historical cost basis except for the following items in the statement of financial position: \u2022 equity securities are measured at fair value (Note 13) \u2022 ships are measured at revalued amounts (Note 14) ",
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"value": "2.1. Statement of Compliance The consolidated financial statements of AS Tallink Grupp and its subsidiaries have been prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union (hereinafter: IFRS EU). ",
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"value": "2.3. Changes in Accounting Policies Except for the changes below, the Group has consistently applied the accounting policies set out in Note 3 to all periods presented in these financial statements. The Group has adopted the following new standards and amendments to standards, including any consequential amendments to other standards, with a date of initial application of 1 January 2022. Changes in significant accounting policies The Group applied the following amendments to standards initially on 1 January 2022. Amendments to IFRS 3 Business Combinations Effective for annual periods beginning on or after 1 January 2022. The amendments to IFRS 3 update a reference in IFRS 3 to the 2018 Conceptual Framework for Financial Reporting instead of the 1989 Framework. At the same time, the amendments add a new paragraph to IFRS 3 to clarify that contingent assets do not qualify for recognition at the acquisition date. The amendments had no material impact on the Group\u2019s financial statements when initially applied. Amendments to IAS 16 Property, Plant and Equipment Effective for annual periods beginning on or after 1 January 2022; to be applied retrospectively. The amendments to IAS 16 require that the proceeds from selling items produced while bringing an item of property, plant and equipment to the location and condition necessary for it to be capable of operating in the manner intended must be recognised, together with the cost of those items, in profit or loss and that the entity must measure the cost of those items applying the measurement requirements of IAS 2. The amendments must be applied retrospectively, but only to items of property, plant and equipment that are brought to the location and condition necessary for them to be capable of operating in the manner intended on or after the beginning of the earliest period presented in the financial statements in which the entity first applies the amendments. The cumulative effect of initially applying the amendments will be recognised as an adjustment to the opening balance of retained earnings (or other component of equity, as appropriate) at the beginning of that earliest period presented (if necessary). The amendments had no material impact on the Group\u2019s financial statements when initially applied. Amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets Effective for annual periods beginning on or after 1 January 2022, to be applied retrospectively. In determining the costs of fulfilling a contract, the amendments require an entity to include all costs that relate directly to a contract. The amendments clarify that the cost of fulfilling a contract comprises both: \u2022 the incremental costs of fulfilling that contract and \u2022 an allocation of other costs that relate directly to fulfilling contracts. An entity must apply those amendments to contracts for which it has not yet fulfilled all its obligations at the beginning of the annual reporting period in which it first applies the amendments (the date of initial application). The entity will not restate comparative information. Instead, the entity will recognise the cumulative effect of initially applying the amendments as an adjustment to the opening balance of retained earnings or other component of equity, as appropriate, at the date of initial application. The Group does not expect the amendments to have a material impact on its financial statements when initially applied, because in determining the costs of fulfilling a contract the Group takes into account both incremental costs and other costs that relate directly to fulfilling contracts. The amendments had no material impact on the Group\u2019s financial statements when initially applied. Annual improvements to IFRS standards 2018-2020 Effective for annual periods beginning on or after 1 January 2022. Early application is permitted. Improvements to IFRS (2018-2020) include three amendments to the standards: \u2022 the amendments to IFRS 9 Financial Instruments clarify that, when assessing whether an exchange of debt instruments between an existing borrower and lender is on terms that are substantially different, the fees to include together with the discounted present value of the cash flows under the new terms include only fees paid or received between the borrower and the lender, including fees paid or received by either the borrower or lender on the other's behalf. \u2022 the amendments to IFRS 16 Leases remove illustrative example 13 accompanying IFRS 16, which in practice creates confusion in accounting for leasehold improvements for both the lessee and lessor. The purpose of the amendment is to remove the illustrative example that creates confusion. \u2022 the amendments to IAS 41 Agriculture remove the requirement to use pre-tax cash flows to measure the fair value of agriculture assets. Previously, IAS 41 had required an entity to use pre-tax cash flows when measuring fair value but did not require the use of a pre-tax discount rate to discount those cash flows. The amendments had no material impact on the Group\u2019s financial statements when initially applied. Standards, interpretations and amendments to published standards that are not yet effective Amendments to IAS 1 Presentation of Financial Statements Effective for annual periods beginning on or after 1 January 2023, to be applied retrospectively. Early application is permitted. These amendments are not yet endorsed by the EU. The amendments clarify that the classification of liabilities as current or non-current is based solely on the entity\u2019s right to defer settlement at the end of the reporting period. The entity\u2019s right to defer settlement for at least 12 months from the reporting date need not be unconditional but must have substance. The classification is not affected by management\u2019s intentions or expectations about whether and when the entity will exercise its right. The amendments also clarify the situations that are considered settlement of a liability. The Group does not expect the amendments to have a material impact on its financial statements when initially applied. Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements Effective for annual periods beginning on or after 1 January 2023. Early application is permitted. The amendments to IAS 1 aim to help entities provide accounting policy disclosures that are more useful by: \u2022 Requiring companies to disclose their material accounting policies rather than their significant accounting policies; \u2022 Clarifying that accounting policies related to immaterial transactions, other events or conditions are themselves immaterial and as such need not be disclosed; and \u2022 Clarifying that not all accounting policies that relate to material transactions, other events or conditions are themselves material to a company\u2019s financial statements. The Board also amended IFRS Practice Statement 2 to include guidance and two additional examples on the application of materiality to accounting policy disclosures. The amendments are consistent with the refined definition of material: \u201cAccounting policy information is material if, when considered together with other information included in an entity\u2019s financial statements, it can reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements\u201d. The Group does not expect the amendments to have an impact on its financial statements when initially applied. Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors Effective for annual periods beginning on or after 1 January 2023; to be applied prospectively. Early application is permitted. The amendments introduce a new definition for accounting estimates: clarifying that they are monetary amounts in the financial statements that are subject to measurement uncertainty. The amendments also clarify the relationship between accounting policies and accounting estimates by specifying that a company develops an accounting estimate to achieve the objective set out by an accounting policy. The amendments are not expected to have a material impact on the Group as these amendments provide guidance in determining whether changes are to be treated as changes in estimates, changes in policies, or errors. Amendments to IAS 12 Income Taxes Effective for annual periods beginning on or after 1 January 2023. Early application is permitted. The amendments clarify the accounting for deferred tax on transactions that involve recognising both an asset and a liability with a single tax treatment related to both. The amendments narrow the scope of the initial recognition exemption (IRE) so that it does not apply to transactions that give rise to equal and offsetting temporary differences. As a result, companies will need to recognise a deferred tax asset and a deferred tax liability for temporary differences arising on initial recognition of a lease and a decommissioning provision. The Group does not expect the amendments to have a material impact on its financial statements when initially applied. Amendments to IAS 1 Classification of liabilities as current or non-current, deferral of effective date The amendments to IAS 1 on classification of liabilities as current or non-current was issued in January 2020 with an original effective date 1 January 2022. However in response to the COVID-19 pandemic, the effective date was deferred by one year to provide companies with more time to implement the classification changes resulting from the amended guidance. The Group does not expect the amendments to have a material impact on its financial statements when initially applied. Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback Effective for annual periods beginning on or after 1 January 2024; to be applied retrospectively to the date when the entity initially applied IFRS 16. Early application is permitted. Amendments to IFRS 16 Leases impact how a seller-lessee accounts for variable lease payments that arise in a sale-and-leaseback transaction. The amendments introduce a new accounting model for variable payments. The amendments confirm the following. \u2022 On initial recognition, the seller-lessee includes variable lease payments when it measures a lease liability arising from a sale-and- leaseback transaction. \u2022 After initial recognition, the seller-lessee applies the general requirements for subsequent accounting of the lease liability such that it recognises no gain or loss relating to the right of use it retains. A seller-lessee may adopt different approaches that satisfy the new requirements on subsequent measurement. The Group does not expect the amendments to have a material impact on its financial statements when initially applied. Other changes Other new standards, amendments to standards and interpretations that are not yet effective are not expected to have a significant impact on the Group\u2019s financial statements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4391": {
"value": "2.3. Changes in Accounting Policies Except for the changes below, the Group has consistently applied the accounting policies set out in Note 3 to all periods presented in these financial statements. The Group has adopted the following new standards and amendments to standards, including any consequential amendments to other standards, with a date of initial application of 1 January 2022. Changes in significant accounting policies The Group applied the following amendments to standards initially on 1 January 2022. Amendments to IFRS 3 Business Combinations Effective for annual periods beginning on or after 1 January 2022. The amendments to IFRS 3 update a reference in IFRS 3 to the 2018 Conceptual Framework for Financial Reporting instead of the 1989 Framework. At the same time, the amendments add a new paragraph to IFRS 3 to clarify that contingent assets do not qualify for recognition at the acquisition date. The amendments had no material impact on the Group\u2019s financial statements when initially applied. Amendments to IAS 16 Property, Plant and Equipment Effective for annual periods beginning on or after 1 January 2022; to be applied retrospectively. The amendments to IAS 16 require that the proceeds from selling items produced while bringing an item of property, plant and equipment to the location and condition necessary for it to be capable of operating in the manner intended must be recognised, together with the cost of those items, in profit or loss and that the entity must measure the cost of those items applying the measurement requirements of IAS 2. The amendments must be applied retrospectively, but only to items of property, plant and equipment that are brought to the location and condition necessary for them to be capable of operating in the manner intended on or after the beginning of the earliest period presented in the financial statements in which the entity first applies the amendments. The cumulative effect of initially applying the amendments will be recognised as an adjustment to the opening balance of retained earnings (or other component of equity, as appropriate) at the beginning of that earliest period presented (if necessary). The amendments had no material impact on the Group\u2019s financial statements when initially applied. Amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets Effective for annual periods beginning on or after 1 January 2022, to be applied retrospectively. In determining the costs of fulfilling a contract, the amendments require an entity to include all costs that relate directly to a contract. The amendments clarify that the cost of fulfilling a contract comprises both: \u2022 the incremental costs of fulfilling that contract and \u2022 an allocation of other costs that relate directly to fulfilling contracts. An entity must apply those amendments to contracts for which it has not yet fulfilled all its obligations at the beginning of the annual reporting period in which it first applies the amendments (the date of initial application). The entity will not restate comparative information. Instead, the entity will recognise the cumulative effect of initially applying the amendments as an adjustment to the opening balance of retained earnings or other component of equity, as appropriate, at the date of initial application. The Group does not expect the amendments to have a material impact on its financial statements when initially applied, because in determining the costs of fulfilling a contract the Group takes into account both incremental costs and other costs that relate directly to fulfilling contracts. The amendments had no material impact on the Group\u2019s financial statements when initially applied. Annual improvements to IFRS standards 2018-2020 Effective for annual periods beginning on or after 1 January 2022. Early application is permitted. Improvements to IFRS (2018-2020) include three amendments to the standards: \u2022 the amendments to IFRS 9 Financial Instruments clarify that, when assessing whether an exchange of debt instruments between an existing borrower and lender is on terms that are substantially different, the fees to include together with the discounted present value of the cash flows under the new terms include only fees paid or received between the borrower and the lender, including fees paid or received by either the borrower or lender on the other's behalf. \u2022 the amendments to IFRS 16 Leases remove illustrative example 13 accompanying IFRS 16, which in practice creates confusion in accounting for leasehold improvements for both the lessee and lessor. The purpose of the amendment is to remove the illustrative example that creates confusion. \u2022 the amendments to IAS 41 Agriculture remove the requirement to use pre-tax cash flows to measure the fair value of agriculture assets. Previously, IAS 41 had required an entity to use pre-tax cash flows when measuring fair value but did not require the use of a pre-tax discount rate to discount those cash flows. The amendments had no material impact on the Group\u2019s financial statements when initially applied. Standards, interpretations and amendments to published standards that are not yet effective Amendments to IAS 1 Presentation of Financial Statements Effective for annual periods beginning on or after 1 January 2023, to be applied retrospectively. Early application is permitted. These amendments are not yet endorsed by the EU. The amendments clarify that the classification of liabilities as current or non-current is based solely on the entity\u2019s right to defer settlement at the end of the reporting period. The entity\u2019s right to defer settlement for at least 12 months from the reporting date need not be unconditional but must have substance. The classification is not affected by management\u2019s intentions or expectations about whether and when the entity will exercise its right. The amendments also clarify the situations that are considered settlement of a liability. The Group does not expect the amendments to have a material impact on its financial statements when initially applied. Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements Effective for annual periods beginning on or after 1 January 2023. Early application is permitted. The amendments to IAS 1 aim to help entities provide accounting policy disclosures that are more useful by: \u2022 Requiring companies to disclose their material accounting policies rather than their significant accounting policies; \u2022 Clarifying that accounting policies related to immaterial transactions, other events or conditions are themselves immaterial and as such need not be disclosed; and \u2022 Clarifying that not all accounting policies that relate to material transactions, other events or conditions are themselves material to a company\u2019s financial statements. The Board also amended IFRS Practice Statement 2 to include guidance and two additional examples on the application of materiality to accounting policy disclosures. The amendments are consistent with the refined definition of material: \u201cAccounting policy information is material if, when considered together with other information included in an entity\u2019s financial statements, it can reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements\u201d. The Group does not expect the amendments to have an impact on its financial statements when initially applied. Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors Effective for annual periods beginning on or after 1 January 2023; to be applied prospectively. Early application is permitted. The amendments introduce a new definition for accounting estimates: clarifying that they are monetary amounts in the financial statements that are subject to measurement uncertainty. The amendments also clarify the relationship between accounting policies and accounting estimates by specifying that a company develops an accounting estimate to achieve the objective set out by an accounting policy. The amendments are not expected to have a material impact on the Group as these amendments provide guidance in determining whether changes are to be treated as changes in estimates, changes in policies, or errors. Amendments to IAS 12 Income Taxes Effective for annual periods beginning on or after 1 January 2023. Early application is permitted. The amendments clarify the accounting for deferred tax on transactions that involve recognising both an asset and a liability with a single tax treatment related to both. The amendments narrow the scope of the initial recognition exemption (IRE) so that it does not apply to transactions that give rise to equal and offsetting temporary differences. As a result, companies will need to recognise a deferred tax asset and a deferred tax liability for temporary differences arising on initial recognition of a lease and a decommissioning provision. The Group does not expect the amendments to have a material impact on its financial statements when initially applied. Amendments to IAS 1 Classification of liabilities as current or non-current, deferral of effective date The amendments to IAS 1 on classification of liabilities as current or non-current was issued in January 2020 with an original effective date 1 January 2022. However in response to the COVID-19 pandemic, the effective date was deferred by one year to provide companies with more time to implement the classification changes resulting from the amended guidance. The Group does not expect the amendments to have a material impact on its financial statements when initially applied. Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback Effective for annual periods beginning on or after 1 January 2024; to be applied retrospectively to the date when the entity initially applied IFRS 16. Early application is permitted. Amendments to IFRS 16 Leases impact how a seller-lessee accounts for variable lease payments that arise in a sale-and-leaseback transaction. The amendments introduce a new accounting model for variable payments. The amendments confirm the following. \u2022 On initial recognition, the seller-lessee includes variable lease payments when it measures a lease liability arising from a sale-and- leaseback transaction. \u2022 After initial recognition, the seller-lessee applies the general requirements for subsequent accounting of the lease liability such that it recognises no gain or loss relating to the right of use it retains. A seller-lessee may adopt different approaches that satisfy the new requirements on subsequent measurement. The Group does not expect the amendments to have a material impact on its financial statements when initially applied. Other changes Other new standards, amendments to standards and interpretations that are not yet effective are not expected to have a significant impact on the Group\u2019s financial statements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4592": {
"value": "2.5. Use of Estimates and Judgements The preparation of the consolidated financial statements in conformity with IFRS (EU) requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected. Judgements In the process of applying the Group\u2019s accounting policies, management has made the following judgements, which have the most significant effect on the amounts recognised in the financial statements: Lease Term Judgement to determine whether the Group is reasonably certain to exercise extension options. As at 31 December 2022, the Group had entered into lease agreements for 4 hotel buildings, 4 office buildings, 1 warehouse building, 19 restaurant buildings and 5 shops (31 December 2021: 4 hotel buildings, 4 office buildings, 1 warehouse building, 16 restaurant buildings and 5 shops). See Note 17 for more detailed information on the minimum lease payments of the lease agreements. Assumptions and Estimation Uncertainty The following assumptions and estimation uncertainties have a risk of resulting in a material adjustment in the next financial year: Fair Value of Ships For the purpose of revaluation, the Group determined the fair value of its ships as at 31 December 2022. The fair value of ships depends on many factors, including the year of construction, several technical parameters as well as how the ships have been maintained (i.e. how much the owner has invested in maintenance). In order to assess the fair value of ships, the Group\u2019s management used independent appraisers. Revaluation depends upon changes in the fair values of the ships. When the fair value of a ship differs materially from its carrying amount, a revaluation is required. Management is of the opinion that as at 31 December 2022 the carrying value of ships as a group did not materially differ from their fair value. Therefore, no revaluation was performed as at 31 December 2022. Further details are given in Note 3.4 and Note 14. Assessment of Impairment of Right-of-Use Buildings and Premises At each reporting date, the Group assesses whether any indications exist of possible impairment of right-of-use buildings. If such indications exist, an impairment test is performed. For estimation of the value, the items\u2019 value in use is determined. For determining the value in use, the discounted cash flow method is used. Further details are given in Note 14. Determination of the Useful Lives of Property, Plant and Equipment and Intangible Assets Management has estimated the useful lives and residual values of property, plant and equipment and intangible assets, taking into consideration the volumes of business activities, historical experience in this area and future outlook. Management\u2019s estimates of the useful lives of the Group\u2019s property, plant and equipment and the Group\u2019s intangible assets are disclosed in Notes 3.4 and 3.5, respectively. Impairment of Goodwill The Group determines whether goodwill is impaired at least on an annual basis. This requires an estimation of the value in use of the cash-generating units to which goodwill is allocated. Estimating value in use requires management to make an estimate of the expected future cash flows from the cash-generating unit and also to choose a suitable discount rate in order to calculate the present value of those cash flows. The carrying amount of goodwill as at 31 December 2022 amounted to EUR 11 066 thousand (31 December 2021: EUR 11 066 thousand). Further details are given in Note 15. Deferred Tax Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different taxable entities which intend either to settle current tax liabilities and assets on a net basis or to realise the assets and settle the liabilities simultaneously. A deferred tax asset is recognised for all unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilised. Significant management estimation is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and level of future taxable profits. Further details are provided in Note 6. Customer Loyalty Programme Customer loyalty programme (Club One) applies to sales transactions in which the entities grant their customers award credits that, subject to meeting further qualifying conditions, the customers can redeem in the future for free or discounted goods or services. The Group recognises the credits that it awards to customers as a separate performance obligation, which is deferred at the date of the initial sale. The credits are recognised based on the relative stand-alone selling price allocation method. See also Note 19. ",
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"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4611": {
"value": "Assumptions and Estimation Uncertainty The following assumptions and estimation uncertainties have a risk of resulting in a material adjustment in the next financial year: Fair Value of Ships For the purpose of revaluation, the Group determined the fair value of its ships as at 31 December 2022. The fair value of ships depends on many factors, including the year of construction, several technical parameters as well as how the ships have been maintained (i.e. how much the owner has invested in maintenance). In order to assess the fair value of ships, the Group\u2019s management used independent appraisers. Revaluation depends upon changes in the fair values of the ships. When the fair value of a ship differs materially from its carrying amount, a revaluation is required. Management is of the opinion that as at 31 December 2022 the carrying value of ships as a group did not materially differ from their fair value. Therefore, no revaluation was performed as at 31 December 2022. Further details are given in Note 3.4 and Note 14. Assessment of Impairment of Right-of-Use Buildings and Premises At each reporting date, the Group assesses whether any indications exist of possible impairment of right-of-use buildings. If such indications exist, an impairment test is performed. For estimation of the value, the items\u2019 value in use is determined. For determining the value in use, the discounted cash flow method is used. Further details are given in Note 14. Determination of the Useful Lives of Property, Plant and Equipment and Intangible Assets Management has estimated the useful lives and residual values of property, plant and equipment and intangible assets, taking into consideration the volumes of business activities, historical experience in this area and future outlook. Management\u2019s estimates of the useful lives of the Group\u2019s property, plant and equipment and the Group\u2019s intangible assets are disclosed in Notes 3.4 and 3.5, respectively. Impairment of Goodwill The Group determines whether goodwill is impaired at least on an annual basis. This requires an estimation of the value in use of the cash-generating units to which goodwill is allocated. Estimating value in use requires management to make an estimate of the expected future cash flows from the cash-generating unit and also to choose a suitable discount rate in order to calculate the present value of those cash flows. The carrying amount of goodwill as at 31 December 2022 amounted to EUR 11 066 thousand (31 December 2021: EUR 11 066 thousand). Further details are given in Note 15. Deferred Tax Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different taxable entities which intend either to settle current tax liabilities and assets on a net basis or to realise the assets and settle the liabilities simultaneously. A deferred tax asset is recognised for all unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilised. Significant management estimation is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and level of future taxable profits. Further details are provided in Note 6Customer Loyalty Programme Customer loyalty programme (Club One) applies to sales transactions in which the entities grant their customers award credits that, subject to meeting further qualifying conditions, the customers can redeem in the future for free or discounted goods or services. The Group recognises the credits that it awards to customers as a separate performance obligation, which is deferred at the date of the initial sale. The credits are recognised based on the relative stand-alone selling price allocation method. See also Note 19",
"dimensions": {
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"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4656": {
"value": "Deferred Tax Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different taxable entities which intend either to settle current tax liabilities and assets on a net basis or to realise the assets and settle the liabilities simultaneously. A deferred tax asset is recognised for all unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilised. Significant management estimation is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and level of future taxable profits. Further details are provided in Note 6. Non-Financial Assets The carrying amounts of the Group\u2019s non-financial assets, other than ships, investment property, inventories and deferred tax assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. For goodwill and intangible assets that have indefinite lives or that are not yet available for use, the recoverable amount is estimated at each reporting date. 3.16. Income Tax Income tax expense comprises current and deferred tax. Income tax expense is recognised in profit or loss except to the extent that it relates to items recognised in other comprehensive income or expense, in which case income tax is also recognised in other comprehensive income or expense. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Current tax payable also includes any tax liability arising from the distribution of dividends. See below, Group companies in Estonia. Deferred tax is recognised, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for the following temporary differences: the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit, and differences relating to investments in subsidiaries and jointly controlled entities to the extent that it is probable that they will not reverse in the foreseeable future. In addition, deferred tax is not recognised for taxable temporary differences arising on the initial recognition of goodwill. Deferred tax is measured at the tax rates that are expected to be applied to the temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets are recognised for unused tax losses, unused tax credits and deductible temporary differences to the extent that it is probable that future taxable profits will be available, against which they can be used. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised; such reductions are reversed when the probability of future taxable profits improves. Unrecognised deferred tax assets are reassessed at each reporting date and recognised to the extent that it has become probable that future taxable profits will be available, against which they can be used. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and the deferred tax assets and liabilities relate to income taxes levied by the same tax authority on the same taxable entity, or on different taxable entities, but they intend either to settle current tax liabilities and assets on a net basis or to realise the assets and settle the liabilities simultaneously. Group Companies in Estonia According to the Estonian Income Tax Act, for Group companies registered in Estonia, including the Parent, net profit is not subject to income tax, but dividends paid are subject to income tax of 14% or 20% (calculated as 14/86 or 20/80 of the net dividends to be paid in 2023). The potential tax liability from the distribution of the entire retained earnings as dividends is not recorded in the statement of financial position for Estonian Group companies. The amount of the potential tax liability from the distribution of dividends depends on the time, amount and sources of the dividend distribution. There is a dividend taxation regime in Estonia including a lower income tax rate of 14% (14/86 of the net amount of the distribution) for regular profit distributions. The lower tax rate may be applied if the amount of the distribution does not exceed the Group's last three years' average profit distributions subject to taxation in Estonia. The portion of the distribution exceeding this threshold remains taxable at 20%. In practice, a lower tax rate can be applied to dividends distributed in annual periods beginning on or after 2019. However, as dividends paid to individuals will be subject to an additional 7% income tax withholding, the change does not lighten the tax burden of shareholders who are individuals. Income tax from the payment of dividends is recorded as income tax expense in the period in which the dividends are declared. The maximum income tax liability that could arise on the distribution of dividends is disclosed in Note 21. Group companies in Cyprus According to the income tax law of Cyprus, the net profit of shipping companies registered in Cyprus and operating with ships registered in the Cyprus ship register or/and having their business outside Cyprus, and the dividends paid by these companies, are not subject to income tax. Thus, there are no temporary differences between the tax bases and carrying values of assets and liabilities that may cause deferred income tax. Other Foreign Group Companies and Permanent Establishments In accordance with the income tax laws of other jurisdictions, a company\u2019s net profit and the profit from permanent establishments, adjusted for temporary and permanent differences as determined by the local income tax legislation, is subject to current income tax in the countries in which the Group\u2019s companies and permanent establishments have been registered (see Note 6). Tax to be paid is reported under current liabilities and deferred tax positions are reported under non- current assets or liabilities. According to tax law changes that came into force from 1 January 2018, in Latvia the profits of companies derived in 2018 and subsequent periods are taxed similarly to Estonia at the moment of distribution with corporate income tax at a rate of 20% (at 20/80 of the net amount). Note 6 Income Tax Income tax contains current income tax and deferred income tax. Swedish, Finnish, German, Russian and Singaporean Subsidiaries and Polish Branch Office In accordance with the Swedish, Finnish, German, Russian, Singaporean and Polish tax laws, a company\u2019s net profit, adjusted for temporary and permanent differences as determined by the local income tax legislation, is subject to income tax in Finland, Sweden, Germany, Russia, Poland and Singapore. As at 31 December 2022, the tax rate was 20% in Finland, 20.6% in Sweden, 15% in Germany, 20% in Russia, 19% in Poland and 17% in Singapore (as at 31 December 2021, 20% in Finland, 20.6% in Sweden, 15% in Germany, 20% in Russia, 19% in Poland and 17% in Singapore). Income Tax Expense Major components of the Group\u2019s income tax expense for the year ended 31 December: Reconciliation of the Effective Tax Rate Deferred Tax Assets and Liabilities According to Russian, German, Finnish, Swedish, Polish and Singaporean legislation it is permissible to use higher depreciation and amortisation rates for taxation purposes and thereby defer tax payments. These deferrals are shown as deferred tax liabilities. The Finnish and Swedish subsidiaries have also carry-forwards of tax losses, which are considered in the calculation of deferred tax assets. Deferred Tax Assets and Liabilities are Attributable to the Following 1 Deferred tax assets of EUR 22 799 thousand (2021: EUR 23 029 thousand) in Finland and of 1 076 thousand (2021: EUR 1 429 thousand) in Sweden have been recognised in respect of losses carried forward. The recognised Finnish tax losses will expire from 2028 to 2032 (2021: 2027-2031) and the Swedish tax losses have no expiration date. The tax losses of the Finnish subsidiary that will expire before 2028 have not been recognised due to estimation uncertainty. Such unrecognised tax losses amounted to EUR 161 814 thousand as at 31 December 2022 (EUR 192 598 thousand as at 31 December 2021). The Group has recognised deferred tax assets to the extent that the losses carried forward will be offset against projected future taxable profits. The estimations are based on the business plan of the Finnish operations for the year 2023 and beyond. The revenue growth rate of the Finnish operations For the year ended 31 December, in thousands of EUR 2022 2021 Finnish subsidiaries -178 -190 Other subsidiaries 1 -8 Estonian subsidiaries and Parent company 1 185 1 050 Current period tax expense 1 008 852 Swedish subsidiaries -353 225 Finnish subsidiaries 353 1 345 Deferred tax expense 0 1 570 Total tax expense 1 008 2 422 For the year ended 31 December, in thousands of EUR 2022 % 2021 % Profit/loss before tax 12 927 -58 998 Current income tax expense in foreign jurisdictions 1 008 7.80% 852 -1.44% Change in recognised tax losses -583 -4.51% 987 -1.67% Change in temporary differences 583 4.51% 583 -0.99% Income tax expense 1 008 7.80% 2 422 -4.10% As at 31 December, in thousands of EUR Assets 2022 Liabilities 2022 Assets 2021 Liabilities 2021 Tax loss carry-forward\u00b9 23 875 0 24 458 0 Intangible assets 0 -2 035 0 -2 618 Tax assets / liabilities 23 875 -2 035 24 458 -2 618 Offset of assets and liabilities -2 035 2 035 -2 618 2 618 Tax assets 21 840 0 21 840 0 for the years 2023-2032 used in the calculations was 1-7% and the growth rate used for the cost increase was 1.0-7.1% (as at 31 December 2021, the revenue growth rate of the Finnish operations for the years 2023-2031 used in the calculations was 1-9% and the growth rate used for the cost increase was 0.6-5.5%). The sensitivity of the value of recognised deferred tax assets to the main assumptions of the projected future taxable profits is as follows: 1) +/- 10 percentage point change in the average revenue growth rate for the years 2023-2032 would change the value of recognised tax assets by EUR +1 855 thousand / EUR -3 254 thousand, respectively; 2) +/- 5 percentage point change in average operating cost growth rate relative to revenues for the years 2023-2032 would change the value of recognised tax assets by EUR -4 061 thousand / EUR +1 855 thousand, respectively. Movements in Deferred Tax Balances As at 31 December, in thousands of EUR Balance as at 31 December 2022 Recognised in profit in 2022 Balance as at 31 December 2021 Tax loss carry-forward 23 875 0 24 458 Intangible assets -2 035 0 -2 618 Net deferred tax asset 21 840 0 21 840 ",
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"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4657": {
"value": "Deferred Tax Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different taxable entities which intend either to settle current tax liabilities and assets on a net basis or to realise the assets and settle the liabilities simultaneously. A deferred tax asset is recognised for all unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilised. Significant management estimation is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and level of future taxable profits. Further details are provided in Note 6. Non-Financial Assets The carrying amounts of the Group\u2019s non-financial assets, other than ships, investment property, inventories and deferred tax assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. For goodwill and intangible assets that have indefinite lives or that are not yet available for use, the recoverable amount is estimated at each reporting date. 3.16. Income Tax Income tax expense comprises current and deferred tax. Income tax expense is recognised in profit or loss except to the extent that it relates to items recognised in other comprehensive income or expense, in which case income tax is also recognised in other comprehensive income or expense. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Current tax payable also includes any tax liability arising from the distribution of dividends. See below, Group companies in Estonia. Deferred tax is recognised, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for the following temporary differences: the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit, and differences relating to investments in subsidiaries and jointly controlled entities to the extent that it is probable that they will not reverse in the foreseeable future. In addition, deferred tax is not recognised for taxable temporary differences arising on the initial recognition of goodwill. Deferred tax is measured at the tax rates that are expected to be applied to the temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets are recognised for unused tax losses, unused tax credits and deductible temporary differences to the extent that it is probable that future taxable profits will be available, against which they can be used. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised; such reductions are reversed when the probability of future taxable profits improves. Unrecognised deferred tax assets are reassessed at each reporting date and recognised to the extent that it has become probable that future taxable profits will be available, against which they can be used. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and the deferred tax assets and liabilities relate to income taxes levied by the same tax authority on the same taxable entity, or on different taxable entities, but they intend either to settle current tax liabilities and assets on a net basis or to realise the assets and settle the liabilities simultaneously. Deferred Tax Assets and Liabilities According to Russian, German, Finnish, Swedish, Polish and Singaporean legislation it is permissible to use higher depreciation and amortisation rates for taxation purposes and thereby defer tax payments. These deferrals are shown as deferred tax liabilities. The Finnish and Swedish subsidiaries have also carry-forwards of tax losses, which are considered in the calculation of deferred tax assets. Deferred Tax Assets and Liabilities are Attributable to the Following 1 Deferred tax assets of EUR 22 799 thousand (2021: EUR 23 029 thousand) in Finland and of 1 076 thousand (2021: EUR 1 429 thousand) in Sweden have been recognised in respect of losses carried forward. The recognised Finnish tax losses will expire from 2028 to 2032 (2021: 2027-2031) and the Swedish tax losses have no expiration date. The tax losses of the Finnish subsidiary that will expire before 2028 have not been recognised due to estimation uncertainty. Such unrecognised tax losses amounted to EUR 161 814 thousand as at 31 December 2022 (EUR 192 598 thousand as at 31 December 2021). The Group has recognised deferred tax assets to the extent that the losses carried forward will be offset against projected future taxable profits. The estimations are based on the business plan of the Finnish operations for the year 2023 and beyond. The revenue growth rate of the Finnish operations As at 31 December, in thousands of EUR Assets 2022 Liabilities 2022 Assets 2021 Liabilities 2021 Tax loss carry-forward\u00b9 23 875 0 24 458 0 Intangible assets 0 -2 035 0 -2 618 Tax assets / liabilities 23 875 -2 035 24 458 -2 618 Offset of assets and liabilities -2 035 2 035 -2 618 2 618 Tax assets 21 840 0 21 840 0 for the years 2023-2032 used in the calculations was 1-7% and the growth rate used for the cost increase was 1.0-7.1% (as at 31 December 2021, the revenue growth rate of the Finnish operations for the years 2023-2031 used in the calculations was 1-9% and the growth rate used for the cost increase was 0.6-5.5%). The sensitivity of the value of recognised deferred tax assets to the main assumptions of the projected future taxable profits is as follows: 1) +/- 10 percentage point change in the average revenue growth rate for the years 2023-2032 would change the value of recognised tax assets by EUR +1 855 thousand / EUR -3 254 thousand, respectively; 2) +/- 5 percentage point change in average operating cost growth rate relative to revenues for the years 2023-2032 would change the value of recognised tax assets by EUR -4 061 thousand / EUR +1 855 thousand, respectively. Movements in Deferred Tax Balances As at 31 December, in thousands of EUR Balance as at 31 December 2022 Recognised in profit in 2022 Balance as at 31 December 2021 Tax loss carry-forward 23 875 0 24 458 Intangible assets -2 035 0 -2 618 Net deferred tax asset 21 840 0 21 840 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4682": {
"value": "Customer Loyalty Programme Customer loyalty programme (Club One) applies to sales transactions in which the entities grant their customers award credits that, subject to meeting further qualifying conditions, the customers can redeem in the future for free or discounted goods or services. The Group recognises the credits that it awards to customers as a separate performance obligation, which is deferred at the date of the initial sale. The credits are recognised based on the relative stand-alone selling price allocation method. See also Note 19. 3.13. Revenue Revenue is measured based on the consideration specified in a contract with a customer. The Group recognises revenue when it transfers control over a good or service to a customer. The following provides information about the nature and timing of the satisfaction of performance obligations in contracts with customers, including significant payment terms, and the related revenue recognition policies. The following specific recognition criteria must also be met before revenue is recognised: Sale of Goods \u2013 Restaurant and Shop Sales On-Board and Onshore Revenue is recognised when the goods are delivered and have been accepted by customers at their locations, i.e. at the retail stores, bars and restaurants, generally for cash or by card payment. Ticket Sale and Sale of Cargo Transport Revenue from tickets and cargo transport is recognised as the services are rendered. At financial year-end, a revenue deferral is recorded for the part of revenue that has not yet been earned in relation to prepaid tickets and cargo shipments. Sales of Hotel Accommodation Revenue from sales of hotel accommodation is recognised when the rooms have been used by the clients. At financial year-end, a revenue deferral is recorded for the part of revenue that has not yet been earned in relation to prepaid room days. Revenue from Travel Packages The Group sells travel packages, which consist of a ship ticket, accommodation in a hotel not operated by the Group and tours in different cities not provided by the Group. The Group recognises the sales of travel packages in its revenue in full instead of recognising only the commission fee for accommodation, tours and entertainment events, as the Group is able to determine the price of the content of the package and has discretion in selecting the suppliers for the service. Revenue from sales of travel packages is recognised when the package is used by the client. Revenue from travel packages is part of ticket sales revenue. Charter Income Charter income arising from operating charters of ships is accounted for on a straight-line basis over the charter terms. In these financial statements the term \u2018charter\u2019 refers to \u2018lease\u2019 as defined in IFRS 16. Customer Loyalty Programme The Group allocates a portion of the consideration received to Club One loyalty points. This allocation is based on the relative stand-alone selling price method. The amount allocated to the loyalty programme is deferred, and is recognised as revenue when loyalty points are redeemed or the likelihood of the customer redeeming the loyalty points becomes remote. The deferred revenue is included in contract liabilities. See also Note 4 and Note 18. Revenue by Type of Services and Goods Sold Contract Balances The following table provides information about receivables, contract assets and contract liabilities from contracts with customers. The contract liabilities relate to the advance consideration received from customers and to the unredeemed customer loyalty points. Loyalty points are recognised as revenue when the points are redeemed by customers, which is expected to occur over the next two years. For the year ended 31 December, in thousands of EUR Routes 2022 Other 2022 Total 2022 Routes 2021 Other 2021 Total 2021 Revenue from contracts with customers Restaurant and shop sales on-board and onshore 323 958 54 205 378 163 188 762 44 614 233 376 Ticket sales 191 920 0 191 920 99 094 0 99 094 Sales of cargo transport 103 183 0 103 183 94 763 0 94 763 Sales of accommodation 0 11 325 11 325 0 3 367 3 367 Other 3 573 11 094 14 667 5 234 6 387 11 621 Total revenue from contracts with customers 622 634 76 624 699 258 387 853 54 368 442 221 Revenue from other sources Income from charter of vessels 0 65 808 65 808 0 30 278 30 278 Other 6 321 0 6 321 4 438 0 4 438 Total revenue from other sources 6 321 65 808 72 129 4 438 30 278 34 716 Total revenue of the Group 628 955 142 432 771 387 392 291 84 646 476 937 In thousands of EUR 31 December 2022 31 December 2021 Trade and other receivables 31 380 29 298 Contract liabilities Club One points 7 016 6 360 Prepaid revenue 37 206 15 374 Total contract liabilities 44 222 21 734 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4683": {
"value": "Customer Loyalty Programme Customer loyalty programme (Club One) applies to sales transactions in which the entities grant their customers award credits that, subject to meeting further qualifying conditions, the customers can redeem in the future for free or discounted goods or services. The Group recognises the credits that it awards to customers as a separate performance obligation, which is deferred at the date of the initial sale. The credits are recognised based on the relative stand-alone selling price allocation method. See also Note 19. Note 3 Significant Accounting Policies The accounting policies set out below have been applied consistently to all periods presented in these consolidated financial statements, and have been applied consistently by Group entities. 3.1. Basis of Consolidation Business Combinations Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. For acquisitions the Group measures goodwill at the acquisition date as: \u2022 the fair value of the consideration transferred; plus \u2022 the recognised amount of any non-controlling interests in the acquiree; plus \u2022 if the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree; less \u2022 the net recognised amount (fair value) of the identifiable assets acquired and liabilities assumed. When the excess is negative, a bargain purchase gain is recognised immediately in profit or loss. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in profit or loss. Costs related to the acquisition, other than those associated with the issue of debt or equity securities, that the Group incurs in connection with a business combination are expensed as incurred. Any contingent consideration payable is recognised at fair value at the acquisition date. If the contingent consideration is classified as equity, it is not remeasured and settlement is accounted for within equity. Otherwise, subsequent changes to the fair value of the contingent consideration are recognised in profit or loss. Subsidiaries Subsidiaries are entities controlled by the Group. Control exists when the Group is exposed or has rights to variable returns from its involvements with the investee and it has the ability to affect those returns through its power over the investee and there is a link between power and returns. In assessing control, potential voting rights that currently are exercisable are taken into account. The consolidated financial statements comprise the financial statements of AS Tallink Grupp and its subsidiaries. The financial statements of the subsidiaries used in the preparation of the consolidated financial statements are prepared as at the same reporting date. If a subsidiary uses accounting policies other than those adopted in the consolidated financial statements for like transactions and events in similar circumstances, appropriate adjustments are made to its financial statements in preparing the consolidated financial statements. Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Group obtains control, and continue to be consolidated until the date that such control ceases. Investments in Equity-Accounted Investees Equity-accounted investees are those entities in which the Group has significant influence, but not control, over the financial and operating policies. Significant influence is presumed to exist when the Group holds between 20% and 50% of the voting power of another entity. Equity-accounted investees are accounted for using the equity method (equity-accounted investees) and are initially recognised at cost. The Group\u2019s investment includes goodwill identified on acquisition, net of any accumulated impairment losses. The consolidated financial statements include the Group\u2019s share of the profit or loss and other comprehensive income and equity movements of equity-accounted investees, after adjustments to align the accounting policies with those of the Group, from the date that significant influence commences until the date that significant influence ceases. When the Group\u2019s share of losses exceeds its interest in an equity-accounted investee, the carrying amount of that interest (including any long-term investment) is reduced to nil and the recognition of further losses is discontinued except to the extent that the Group has an obligation or has made payments on behalf of the investee. Transactions Eliminated on Consolidation Intra-group balances and transactions, and any unrealised gains arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. Unrealised gains arising from transactions with equity-accounted investees are eliminated against the investment to the extent of the Group\u2019s interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment. 3.2. Foreign Currency Foreign Currency Transactions The Parent\u2019s functional currency and presentation currency is the euro. Each entity in the Group determines its own functional currency and the items included in the financial statements of each entity are measured using that functional currency. Transactions in foreign currencies are translated into the respective functional currencies of Group companies at the exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are retranslated to the functional currency at the exchange rate at that date. The foreign currency gain or loss on monetary items is the difference between amortised cost in the functional currency at the beginning of the year and the amortised cost in foreign currency translated at the exchange rate at the end of the year. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are retranslated to the functional currency at the exchange rate at the date that the fair value was determined. Foreign currency differences arising on retranslation are recognised in profit or loss, except for differences arising on the retranslation of equity instruments which are recognised in other comprehensive income. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Foreign Operations The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are translated to euros at exchange rates at the reporting date. The income and expenses of foreign operations are translated to euros at exchange rates at the dates of the transactions. Foreign currency differences are recognised in other comprehensive income, and presented in the foreign currency translation reserve (FCTR) in equity. When a foreign operation is disposed of such that control or significant influence is lost, the cumulative amount in the FCTR related to that foreign operation is reclassified to profit or loss as part of the gain or loss on disposal. When the Group disposes of only part of its interest in a subsidiary that includes a foreign operation while retaining control, the relevant proportion of the cumulative amount is reattributed to non-controlling interests. 3.3. Financial Instruments Recognition and Initial Measurement Trade receivables are initially recognised when they are originated. All other financial assets and financial liabilities are initially recognised when the Group becomes a party to the contractual provisions of the instrument. A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus, for an item not at FVTPL, transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price. Classification and Subsequent Measurement Financial Assets On initial recognition, a financial asset is classified as measured at: - amortised cost - FVOCI \u2013 debt investment - FVOCI \u2013 equity investment or - FVTPL Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: - it is held within a business model whose objective is to hold assets to collect contractual cash flows and - its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding All financial assets not classified as measured at amortised cost as described above or FVOCI are measured at FVTPL. This includes all derivative financial assets. Financial Assets \u2013 Subsequent Measurement and Gains and Losses Financial assets at FVTPL These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognised in profit or loss. Financial assets at amortised cost. These assets are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss. Financial Liabilities \u2013 Classification, Subsequent Measurement and Gains and Losses Financial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently measured at amortised cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss. Derecognition Financial Assets The Group derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and does not retain control of the financial asset. The Group also enters into transactions whereby it transfers assets recognised in its statement of financial position, but retains either all or substantially all of the risks and rewards of the transferred assets. In these cases, the transferred assets are not derecognised. Financial Liabilities The Group derecognises a financial liability when its contractual obligations are discharged or cancelled, or expire. The Group also derecognises a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognised at fair value. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in profit or loss. Offsetting Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group currently has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realise the asset and settle the liability simultaneously. Share Capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares and share options are recognised as a deduction from equity. 3.4. Property, Plant and Equipment Recognition and Measurement Property, plant and equipment, except ships, are measured at cost, less accumulated depreciation and any impairment. Cost includes expenditure that is directly attributable to the acquisition of the asset, including borrowing costs (see 3.8). The cost of self-constructed assets includes the cost of materials and direct labour and any other costs directly attributable to bringing the assets to a working condition for their intended use. When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment. Ships are measured at revalued amounts (i.e. fair value less depreciation charged subsequent to the date of the revaluation). Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting period. At the revaluation date, the carrying amount of ships is replaced with their fair value at the date of revaluation and accumulated depreciation is eliminated. Any revaluation surplus is recognised in other comprehensive income and presented in the revaluation reserve in equity. A revaluation deficit is recognised in loss, except that a deficit offsetting a previous surplus on the same asset, previously recognised in other comprehensive income, is offset against the surplus in the \u2018revaluation of ships\u2019. An annual transfer from the revaluation reserve to retained earnings is made for the difference between depreciation based on the revalued carrying amount of the assets and the depreciation based on the assets\u2019 original cost. Upon disposal, any revaluation reserve relating to the particular asset being sold is transferred to retained earnings. Subsequent Costs Subsequent expenditure relating to an item of property, plant and equipment that has already been recognised (e.g. replacements of parts of some items, dry-dockings with intervals of two or five years) is added to the carrying amount of the asset, if the recognition criteria are met, i.e. (a) it is probable that future economic benefits associated with the item will flow to the Group, and (b) the cost of the item can be measured reliably. The replaced items are derecognised. All other expenditures are recognised as an expense in the period in which they are incurred. Depreciation Depreciation is calculated on a straight-line basis over the estimated useful life of the asset. Depreciation is discontinued when the carrying value of an asset equals its residual value. The residual value of ships is based on their estimated realisable value at the end of their useful life. Depreciation is calculated on a straight-line basis over the estimated useful life of assets as follows: \u2022 buildings 5 to 50 years \u2022 plant and equipment 3 to 10 years \u2022 ships 17 to 40 years \u2022 other equipment 2 to 5 years Land is not depreciated. Depreciation is calculated separately for two components of a ship: the vessel itself and dry-docking expenses as a separate component. This is based on the industry accounting practice. The depreciation charge is calculated for each part of a ship on a straight-line basis over the estimated useful life as follows: \u2022 ships 17 to 40 years \u2022 capitalised dry-docking expenses 2 to 5 years The residual values, depreciation methods and useful lives of items of property, plant and equipment are reviewed at least at each financial year-end and, if an expectation differs from previous estimates, the change is accounted for as a change in an accounting estimate. The residual value is calculated as a percentage of the gross carrying amount of the ship. An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of an asset is included in profit or loss (in \u2018other operating income\u2019 or \u2018other operating expenses\u2019) in the financial year the asset is derecognised. 3.5. Intangible Assets Goodwill Goodwill that arises upon the acquisition of subsidiaries is included in intangible assets. Subsequent Measurement Goodwill is measured at cost less accumulated impairment losses. Research and Development Costs Research costs are expensed as incurred. An intangible asset arising from development expenditure on an individual project is capitalised only when the Group can demonstrate (1) the technical feasibility of completing the intangible asset so that it will be available for use or sale; (2) its intention to complete and its ability to use or sell the asset; (3) how the asset will generate future economic benefits; (4) the availability of resources to complete the asset; and (5) the ability to measure reliably the expenditure attributable to the asset during development. Following the initial recognition of development expenditure, the cost model is applied requiring the asset to be carried at cost less any accumulated amortisation and any accumulated impairment losses. Any expenditure capitalised is amortised over the period of expected future sales from the related project. Amortisation of the asset begins when development is completed and the asset is available for use. Trademark The cost of a trademark acquired as part of the acquisition of a business is its fair value as at the date of acquisition. Following initial recognition, intangible assets with finite useful lives are carried at cost less accumulated amortisation and any accumulated impairment losses. Other Intangible Assets Other intangible assets (the licences and development costs of IT programs, acquired customer contracts) are initially recognised at cost. Following initial recognition, intangible assets with finite useful lives are carried at cost less accumulated amortisation and any accumulated impairment losses. Internally generated intangible assets, excluding capitalised development costs, are not capitalised and expenditure is expensed in the year in which the expenditure is incurred. The useful lives of intangible assets are assessed to be either finite or indefinite. Intangible assets with finite lives are amortised over the useful economic life on a straight-line basis and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation method for an intangible asset with a finite life are reviewed at each financial year-end. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are accounted for by changing the amortisation period or method, as appropriate, and treated as changes in accounting estimates. The amortisation expense on intangible assets with finite lives is recognised in profit or loss in the expense category according to the function of the intangible asset. Subsequent Expenditure Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognised in profit or loss as incurred. Amortisation Amortisation is calculated on a straight-line basis over the estimated useful life of an intangible asset as follows: \u2022 trademarks 20 years \u2022 other intangible assets 5 to 10 years Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognised in profit or loss when the asset is derecognised. 3.6. Investment Property Investment property is property held either to earn rental income or for capital appreciation or for both, rather than for sale in the ordinary course of business, use in the supply of goods or services, or for administrative purposes. Investment property is measured at fair value with any change therein recognised in profit or loss. When the use of a property changes such that it is reclassified to property, plant and equipment, its fair value at the date of reclassification becomes its deemed cost for subsequent accounting. 3.7. Inventories Inventories are measured at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs necessary to make the sale. The costs of inventories, consisting mostly of fuel, and merchandise purchased for resale are assigned by using the weighted average cost method and include expenditure incurred in acquiring the inventories, conversion costs and other costs incurred in bringing the inventories to their existing location and condition. 3.8. Borrowing Costs Borrowing costs are recognised as an expense when incurred, except those, which are directly attributable to the acquisition, construction or production of assets that necessarily take a substantial period of time to get ready for their intended use or sale (e.g. new ships). Borrowing costs related to the building of new ships are capitalised as part of the cost of related assets up to the delivery date. 3.9. Impairment Financial Assets A financial asset is assessed at each reporting date to determine whether there is any objective evidence that it is impaired. A financial asset is considered to be impaired if objective evidence indicates that one or more events have had a negative effect on the estimated future cash flows of the asset. At initial recognition of each accounts receivable balance and throughout its life, a lifetime credit loss is recognised in order to arrive at the appropriate impairment under IFRS 9. In order to calculate a lifetime expected credit loss the provision matrix method is used. An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference between its carrying amount and the present value of its estimated future cash flows discounted at the original effective interest rate. All impairment losses are recognised in profit or loss and reflected in an allowance account. When the Group considers that there are no realistic prospects of recovery of the asset, the relevant amounts are written off. An impairment loss is reversed if the reversal can be related objectively to an event occurring after the impairment loss was recognised. For financial assets measured at amortised cost, the reversal is recognised in profit or loss. Non-Financial Assets The carrying amounts of the Group\u2019s non-financial assets, other than ships, investment property, inventories and deferred tax assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. For goodwill and intangible assets that have indefinite lives or that are not yet available for use, the recoverable amount is estimated at each reporting date. The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessment of the time value of money and the risks specific to the asset. For the purpose of impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the cash- generating unit). The goodwill acquired in a business combination, for the purpose of impairment testing, is allocated to the cash-generating units that are expected to benefit from the synergies of the combination. An impairment loss is recognised if the carrying amount of an asset or its cash-generating unit exceeds its estimated recoverable amount. Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of a cash-generating unit are allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to reduce the carrying amount of the other assets in the unit (group of units) on a pro rata basis. An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognised in prior periods are assessed at each reporting date for any indication that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. 3.10. Employee Benefits Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognised for the amount expected to be paid under a short-term cash bonus plan if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably. Termination benefits are recognised as an expense when the Group is demonstrably committed, without realistic possibility of withdrawal, to a formal detailed plan to either terminate employment before the normal retirement date, or to provide termination benefits as a result of an offer made to encourage voluntary redundancy. Termination benefits for voluntary redundancies are recognised as an expense if the Group has made an offer of voluntary redundancy, it is probable that the offer will be accepted, and the number of acceptances can be estimated reliably. 3.11. Provisions Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects the risks specific to the liability. The expense relating to a provision is presented in profit or loss net of any reimbursement. Where discounting is used, the increase in the provision due to the passage of time is recognised in \u2018finance costs\u2019. A provision for onerous contracts is recognised when the expected benefits to be derived by the Group from a contract are lower than the unavoidable cost of meeting its obligations under the contract. The provision is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract. Before a provision is established, the Group recognises any impairment loss on the assets associated with that contract. 3.12. Leases At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group uses the definition of a lease in IFRS 16. The Group as a Lessee At commencement or on modification of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component on the basis of its relative stand- alone prices. However, for the leases of property the Group has elected not to separate non-lease components and account for the lease and non-lease components as a single lease component. The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Group by the end of the lease term or the cost of the right-of-use asset reflects that the Group will exercise a purchase option. In that case the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate. The Group determines its incremental borrowing rate by obtaining interest rates from various external financing sources and makes certain adjustments to reflect the terms of the lease and type of the asset leased. Lease payments included in the measurement of the lease liability comprise the following: \u2022 fixed payments, including in-substance fixed payments \u2022 variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date \u2022 amounts expected to be payable under a residual value guarantee \u2022 the exercise price under a purchase option that the Group is reasonably certain to exercise, lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Group is reasonably certain not to terminate early The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group\u2019s estimate of the amount expected to be payable under a residual value guarantee, if the Group changes its assessment of whether it will exercise a purchase, extension or termination option or if there is a revised in-substance fixed lease payment. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. In 2021 and 2022 the Group negotiated rent concessions with the landlords for the leases of its hotels and retail premises because of the severe impact of the COVID-19 pandemic during the year. The Group applied the practical expedient for COVID-19 related rent concessions consistently to all eligible rent concessions relating to the leases of its hotels and retail premises. The Group presents right-of-use assets that do not meet the definition of investment property in \u2018property, plant and equipment\u2019 and lease liabilities in \u2018loans and borrowings\u2019 in the statement of financial position. Short-Term Leases and Leases of Low-Value Assets The Group has elected not to recognise right-of-use assets and lease liabilities for leases of low-value assets and short-term leases. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term. The Group as a Lessor At inception or on modification of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component on the basis of their relative standalone prices. When the Group acts as a lessor, it determines at lease inception whether each lease is a finance lease or an operating lease. To classify each lease, the Group makes an overall assessment of whether the lease transfers substantially all of the risks and rewards incidental to ownership of the underlying asset. If this is the case, then the lease is a finance lease; if not, then it is an operating lease. As part of this assessment, the Group considers certain indicators such as whether the lease is for the major part of the economic life of the asset. If an arrangement contains lease and non-lease components, then the Group applies IFRS 15 to allocate the consideration in the contract. The Group applies the derecognition and impairment requirements in IFRS 9 to the net investment in the lease. The Group further regularly reviews estimated unguaranteed residual values used in calculating the gross investment in the lease. The Group recognises lease payments received under operating leases as income on a straight-line basis over the lease term as part of \u2018other revenue\u2019. 3.13. Revenue Revenue is measured based on the consideration specified in a contract with a customer. The Group recognises revenue when it transfers control over a good or service to a customer. The following provides information about the nature and timing of the satisfaction of performance obligations in contracts with customers, including significant payment terms, and the related revenue recognition policies. The following specific recognition criteria must also be met before revenue is recognised: Sale of Goods \u2013 Restaurant and Shop Sales On-Board and Onshore Revenue is recognised when the goods are delivered and have been accepted by customers at their locations, i.e. at the retail stores, bars and restaurants, generally for cash or by card payment. Ticket Sale and Sale of Cargo Transport Revenue from tickets and cargo transport is recognised as the services are rendered. At financial year-end, a revenue deferral is recorded for the part of revenue that has not yet been earned in relation to prepaid tickets and cargo shipments. Sales of Hotel Accommodation Revenue from sales of hotel accommodation is recognised when the rooms have been used by the clients. At financial year-end, a revenue deferral is recorded for the part of revenue that has not yet been earned in relation to prepaid room days. Revenue from Travel Packages The Group sells travel packages, which consist of a ship ticket, accommodation in a hotel not operated by the Group and tours in different cities not provided by the Group. The Group recognises the sales of travel packages in its revenue in full instead of recognising only the commission fee for accommodation, tours and entertainment events, as the Group is able to determine the price of the content of the package and has discretion in selecting the suppliers for the service. Revenue from sales of travel packages is recognised when the package is used by the client. Revenue from travel packages is part of ticket sales revenue. Charter Income Charter income arising from operating charters of ships is accounted for on a straight-line basis over the charter terms. In these financial statements the term \u2018charter\u2019 refers to \u2018lease\u2019 as defined in IFRS 16. Customer Loyalty Programme The Group allocates a portion of the consideration received to Club One loyalty points. This allocation is based on the relative stand-alone selling price method. The amount allocated to the loyalty programme is deferred, and is recognised as revenue when loyalty points are redeemed or the likelihood of the customer redeeming the loyalty points becomes remote. The deferred revenue is included in contract liabilities. See also Note 4 and Note 18. 3.14. Government Grants and Assistance Government grants are initially recognised as deferred income where there is reasonable assurance that the grant will be received and all attaching conditions will be complied with. Grants related to an expense item are recognised as a reduction of the expense over the period necessary to match the grant on a systematic basis to the costs that it is intended to compensate. Grants that compensate the Group for the cost of an asset are recognised in profit or loss on a systematic basis over the useful life of the asset. Government assistance is action by government designed to provide an economic benefit specific to an entity or range of entities qualifying under certain criteria. Government assistance is recognised in profit or loss on the date that the Group\u2019s right to receive payment is established. 3.15. Finance Income and Finance Costs Finance income comprises interest income on funds invested (including equity instruments), dividend income, gains on the disposal of equity instruments, and gains on derivative instruments that are recognised in profit or loss. Finance costs comprise interest expense on borrowings, changes in the fair value of financial assets at fair value through profit or loss, impairment losses recognised on financial assets and losses on derivative instruments that are recognised in profit or loss. Borrowing costs not directly attributable to the acquisition or construction of a qualifying asset are recognised in profit or loss using the effective interest method. Foreign currency gains and losses are reported on a net basis. Interest income and expenses are recognised as they accrue in profit or loss, using the effective interest method. The effective interest rate is the rate that exactly discounts the estimated future cash payments and receipts through the expected life of the financial asset or liability to the carrying amount of the financial asset or liability. When calculating the effective interest rate, the Group estimates future cash flows considering all contractual terms of the financial instrument, but not future credit losses. The calculation of effective interest rate includes all transaction costs and fees and points paid or received that are an integral part of the effective interest rate. Transaction costs include incremental costs that are directly attributable to the acquisition or issue of a financial asset or liability. Dividend income is recognised in profit or loss on the date that the Group\u2019s right to receive payment is established. 3.16. Income Tax Income tax expense comprises current and deferred tax. Income tax expense is recognised in profit or loss except to the extent that it relates to items recognised in other comprehensive income or expense, in which case income tax is also recognised in other comprehensive income or expense. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Current tax payable also includes any tax liability arising from the distribution of dividends. See below, Group companies in Estonia. Deferred tax is recognised, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for the following temporary differences: the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit, and differences relating to investments in subsidiaries and jointly controlled entities to the extent that it is probable that they will not reverse in the foreseeable future. In addition, deferred tax is not recognised for taxable temporary differences arising on the initial recognition of goodwill. Deferred tax is measured at the tax rates that are expected to be applied to the temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets are recognised for unused tax losses, unused tax credits and deductible temporary differences to the extent that it is probable that future taxable profits will be available, against which they can be used. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised; such reductions are reversed when the probability of future taxable profits improves. Unrecognised deferred tax assets are reassessed at each reporting date and recognised to the extent that it has become probable that future taxable profits will be available, against which they can be used. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and the deferred tax assets and liabilities relate to income taxes levied by the same tax authority on the same taxable entity, or on different taxable entities, but they intend either to settle current tax liabilities and assets on a net basis or to realise the assets and settle the liabilities simultaneously. Group Companies in Estonia According to the Estonian Income Tax Act, for Group companies registered in Estonia, including the Parent, net profit is not subject to income tax, but dividends paid are subject to income tax of 14% or 20% (calculated as 14/86 or 20/80 of the net dividends to be paid in 2023). The potential tax liability from the distribution of the entire retained earnings as dividends is not recorded in the statement of financial position for Estonian Group companies. The amount of the potential tax liability from the distribution of dividends depends on the time, amount and sources of the dividend distribution. There is a dividend taxation regime in Estonia including a lower income tax rate of 14% (14/86 of the net amount of the distribution) for regular profit distributions. The lower tax rate may be applied if the amount of the distribution does not exceed the Group's last three years' average profit distributions subject to taxation in Estonia. The portion of the distribution exceeding this threshold remains taxable at 20%. In practice, a lower tax rate can be applied to dividends distributed in annual periods beginning on or after 2019. However, as dividends paid to individuals will be subject to an additional 7% income tax withholding, the change does not lighten the tax burden of shareholders who are individuals. Income tax from the payment of dividends is recorded as income tax expense in the period in which the dividends are declared. The maximum income tax liability that could arise on the distribution of dividends is disclosed in Note 21. Group companies in Cyprus According to the income tax law of Cyprus, the net profit of shipping companies registered in Cyprus and operating with ships registered in the Cyprus ship register or/and having their business outside Cyprus, and the dividends paid by these companies, are not subject to income tax. Thus, there are no temporary differences between the tax bases and carrying values of assets and liabilities that may cause deferred income tax. Other Foreign Group Companies and Permanent Establishments In accordance with the income tax laws of other jurisdictions, a company\u2019s net profit and the profit from permanent establishments, adjusted for temporary and permanent differences as determined by the local income tax legislation, is subject to current income tax in the countries in which the Group\u2019s companies and permanent establishments have been registered (see Note 6). Tax to be paid is reported under current liabilities and deferred tax positions are reported under non- current assets or liabilities. According to tax law changes that came into force from 1 January 2018, in Latvia the profits of companies derived in 2018 and subsequent periods are taxed similarly to Estonia at the moment of distribution with corporate income tax at a rate of 20% (at 20/80 of the net amount). 3.17. Earnings Per Share The Group presents basic and diluted earnings per share (EPS) data for its ordinary shares. Basic EPS is calculated by dividing the profit or loss attributable to ordinary shareholders of the Parent by the weighted average number of ordinary shares outstanding during the period. Diluted EPS is determined by adjusting the profit or loss attributable to ordinary shareholders and the weighted average number of ordinary shares outstanding for the effects of all dilutive potential ordinary shares, which comprise share options granted to employees, if any. 3.18. Segment Reporting The Group determines and presents operating segments based on the information that is provided internally to the Group's Management Board that is the Group's chief operating decision maker. An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the Group\u2019s other components. All operating segments\u2019 operating results are reviewed regularly by the Group\u2019s Management Board to make decisions about resources to be allocated to the segment and to assess its performance, and for which discrete financial information is available. A segment is a distinguishable component of the Group that is engaged either in providing products or services within a particular economic environment (geographical segment), or in providing related products or services (operating segment), and which is subject to risks and returns that are different from those of other segments. Segment information is presented in respect of the Group\u2019s geographical segments (by routes). Inter-segment pricing is determined on an arm\u2019s length basis. Segment expense is expense resulting from the operating activities of a segment that is directly attributable to the segment and the relevant portion of expenses that can be allocated to the segment on a reasonable basis, including expenses relating to sales to external customers and expenses relating to transactions with other segments of the Group. Segment expense does not include administrative expenses, interest expense, income tax expense and other expenses that arise at the Group level and are related to the Group as a whole. Expenses incurred at the Group level on behalf of a segment are allocated to the segment on a reasonable basis, if these expenses relate to the segment\u2019s operating activities and can be directly attributed or allocated to the segment. Segment results that are reported to the Management Board include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Segment assets are those operating assets that are employed by a segment in its operating activities and that either are directly attributable to the segment or can be allocated to the segment on a reasonable basis. Segment assets do not include assets used for general Group or head office purposes or which cannot be allocated directly to the segment. Segment assets include operating assets shared by two or more segments if a reasonable basis for allocation exists. Segment liabilities are those liabilities that are incurred by a segment in its operating activities and that either are directly attributable to the segment or can be allocated to the segment on a reasonable basis. Expenses, assets and liabilities which are not directly related to a segment or cannot be allocated to a segment are presented as unallocated expenses, assets and liabilities of the Group. Segment capital expenditure is the total cost incurred during the financial year to acquire property, plant and equipment, and intangible assets other than goodwill. 3.19. Determination of Fair Values A number of the Group\u2019s accounting policies and disclosures require determination of fair value for both financial and non-financial assets and liabilities. Fair values have been determined for measurement and/or disclosure purposes based on the following methods. When applicable, further information about the assumptions made in determining fair values is disclosed in the notes specific to the asset or liability. When measuring the fair value of an asset or liability, the Group uses observable market data as far as possible. Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows: \u2022 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities \u2022 Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) \u2022 Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs) Ships (Level 3) The market value of ships is the estimated amount for which the property could be exchanged on the date of valuation between a willing buyer and a willing seller in an arm\u2019s length transaction after proper marketing wherein the parties had each acted knowledgeably and willingly. The Group uses independent appraisers to determine the fair value of the ships. The fair value is calculated using the weighted average of the appraisers valuations and stress-sale valuations. No revaluation will be carried out if the difference between calculated fair value and book value is immaterial. The frequency of revaluation depends upon changes in the fair values of the ships. When the fair value of a ship differs materially from its carrying amount, a revaluation is required. Intangible Assets (Level 3) The fair value of patents and trademarks acquired in a business combination is determined using the relief from royalty method. The fair value of customer relationships acquired in a business combination is determined using the multi-period excess earnings method, whereby the subject asset is valued after deducting a fair return on all other assets that are part of creating the related cash flows. The fair value of other intangible assets is based on the discounted cash flows expected to be derived from the use and eventual sale of the assets. Non-Derivative Financial Liabilities (Levels 1 and 2) Fair value, which is determined for disclosure purposes, is calculated based on the present value of future principal and interest cash flows, discounted at the market rate of interest at the reporting date. 3.20. Separate Financial Statements of the Parent In accordance with the Estonian Accounting Act, the notes to the consolidated financial statements have to include the separate primary financial statements (i.e. statement of comprehensive income, statement of financial position, statement of cash flows and statement of changes in equity, collectively referred to as primary financial statements) of the Parent. The separate primary financial statements of AS Tallink Grupp are disclosed in Note 28 Primary Financial Statements of the Parent. These statements have been prepared using the same accounting policies and measurement bases that were used on the preparation of the consolidated financial statements, except for investments in subsidiaries which are stated at cost in the separate primary financial statements of the Parent. Note 23 Related Party Disclosures For the purpose of these financial statements, parties are related if one controls the other or has significant influence on the other\u2019s financing and operating decisions. In determining possible related party relationships, attention must be paid to the substance of the relationship and not merely the legal form. A related party is a person or a company that is related to the Group to such an extent that transactions between them may be conducted on terms not equivalent to those that prevail in arm\u2019s length transactions. A person or a close member of that person\u2019s family (i.e. a family member who may be associated with significant influence such as the spouse or the domestic partner or a child) is a related party for the company if that person: - is a member of the management of the company or its parent company (i.e. a person having authority and responsibility for planning, directing and controlling the activities of the company, directly or indirectly) or - has control of or significant influence over the company (e.g. through an ownership interest) Another company is a related party for the company if any of the following conditions apply: - the other company and the company are under common control (i.e. they are members of the same group or controlled by the same person (or a close family member of that person)) - one is under the control of a third party (that may be a company or a person) and the other is under the significant influence of that third party (if the third party is a person, then that person or a close family member of that person) - the other company has control of or significant influence over the company - the other company is under the control or significant influence of the company - a member of the management of the company\u2019s parent company (or a close family member of the member of the management) has control or significant influence over the other company - the other company\u2019s management (or their close family members) include persons that have control of or significant influence over the company The Group has conducted transactions with related parties and has outstanding balances with related parties. For the year ended 31 December 2022, in thousands of EUR Sales to related parties Purchases from related parties Receivables from related parties Payables to related parties Companies controlled by the Key Management Personnel 823 22 912 43 94 005 Associated companies 9 142 0 14 Total 832 23 054 43 94 019 For the year ended 31 December 2021, in thousands of EUR Sales to related parties Purchases from related parties Receivables from related parties Payables to related parties Companies controlled by the Key Management Personnel 2 117 24 205 68 100 137 Associated companies 1 128 1 11 Total 2 118 24 333 69 100 148 The following goods and services were purchased from related parties: For the year ended 31 December, in thousands of EUR 2022 2021 Leases 15 815 13 153 Fuel and electricity 5 185 8 818 Other goods and services 2 054 2 362 Total goods and services 23 054 24 333 ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"f4684": {
"value": "Customer Loyalty Programme Customer loyalty programme (Club One) applies to sales transactions in which the entities grant their customers award credits that, subject to meeting further qualifying conditions, the customers can redeem in the future for free or discounted goods or services. The Group recognises the credits that it awards to customers as a separate performance obligation, which is deferred at the date of the initial sale. The credits are recognised based on the relative stand-alone selling price allocation method. See also Note 19. 3.13. Revenue Revenue is measured based on the consideration specified in a contract with a customer. The Group recognises revenue when it transfers control over a good or service to a customer. The following provides information about the nature and timing of the satisfaction of performance obligations in contracts with customers, including significant payment terms, and the related revenue recognition policies. The following specific recognition criteria must also be met before revenue is recognised: Sale of Goods \u2013 Restaurant and Shop Sales On-Board and Onshore Revenue is recognised when the goods are delivered and have been accepted by customers at their locations, i.e. at the retail stores, bars and restaurants, generally for cash or by card payment. Ticket Sale and Sale of Cargo Transport Revenue from tickets and cargo transport is recognised as the services are rendered. At financial year-end, a revenue deferral is recorded for the part of revenue that has not yet been earned in relation to prepaid tickets and cargo shipments. Sales of Hotel Accommodation Revenue from sales of hotel accommodation is recognised when the rooms have been used by the clients. At financial year-end, a revenue deferral is recorded for the part of revenue that has not yet been earned in relation to prepaid room days. Revenue from Travel Packages The Group sells travel packages, which consist of a ship ticket, accommodation in a hotel not operated by the Group and tours in different cities not provided by the Group. The Group recognises the sales of travel packages in its revenue in full instead of recognising only the commission fee for accommodation, tours and entertainment events, as the Group is able to determine the price of the content of the package and has discretion in selecting the suppliers for the service. Revenue from sales of travel packages is recognised when the package is used by the client. Revenue from travel packages is part of ticket sales revenue. Charter Income Charter income arising from operating charters of ships is accounted for on a straight-line basis over the charter terms. In these financial statements the term \u2018charter\u2019 refers to \u2018lease\u2019 as defined in IFRS 16. Customer Loyalty Programme The Group allocates a portion of the consideration received to Club One loyalty points. This allocation is based on the relative stand-alone selling price method. The amount allocated to the loyalty programme is deferred, and is recognised as revenue when loyalty points are redeemed or the likelihood of the customer redeeming the loyalty points becomes remote. The deferred revenue is included in contract liabilities. See also Note 4 and Note 18. ",
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"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"f4685": {
"value": "Customer Loyalty Programme Customer loyalty programme (Club One) applies to sales transactions in which the entities grant their customers award credits that, subject to meeting further qualifying conditions, the customers can redeem in the future for free or discounted goods or services. The Group recognises the credits that it awards to customers as a separate performance obligation, which is deferred at the date of the initial sale. The credits are recognised based on the relative stand-alone selling price allocation method. See also Note 19. ",
"dimensions": {
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"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4701": {
"value": "3.1. Basis of Consolidation Business Combinations Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. For acquisitions the Group measures goodwill at the acquisition date as: \u2022 the fair value of the consideration transferred; plus \u2022 the recognised amount of any non-controlling interests in the acquiree; plus \u2022 if the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree; less \u2022 the net recognised amount (fair value) of the identifiable assets acquired and liabilities assumed. When the excess is negative, a bargain purchase gain is recognised immediately in profit or loss. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in profit or loss. Costs related to the acquisition, other than those associated with the issue of debt or equity securities, that the Group incurs in connection with a business combination are expensed as incurred. Any contingent consideration payable is recognised at fair value at the acquisition date. If the contingent consideration is classified as equity, it is not remeasured and settlement is accounted for within equity. Otherwise, subsequent changes to the fair value of the contingent consideration are recognised in profit or loss. Subsidiaries Subsidiaries are entities controlled by the Group. Control exists when the Group is exposed or has rights to variable returns from its involvements with the investee and it has the ability to affect those returns through its power over the investee and there is a link between power and returns. In assessing control, potential voting rights that currently are exercisable are taken into account. The consolidated financial statements comprise the financial statements of AS Tallink Grupp and its subsidiaries. The financial statements of the subsidiaries used in the preparation of the consolidated financial statements are prepared as at the same reporting date. If a subsidiary uses accounting policies other than those adopted in the consolidated financial statements for like transactions and events in similar circumstances, appropriate adjustments are made to its financial statements in preparing the consolidated financial statements. Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Group obtains control, and continue to be consolidated until the date that such control ceases. Investments in Equity-Accounted Investees Equity-accounted investees are those entities in which the Group has significant influence, but not control, over the financial and operating policies. Significant influence is presumed to exist when the Group holds between 20% and 50% of the voting power of another entity. Equity-accounted investees are accounted for using the equity method (equity-accounted investees) and are initially recognised at cost. The Group\u2019s investment includes goodwill identified on acquisition, net of any accumulated impairment losses. The consolidated financial statements include the Group\u2019s share of the profit or loss and other comprehensive income and equity movements of equity-accounted investees, after adjustments to align the accounting policies with those of the Group, from the date that significant influence commences until the date that significant influence ceases. When the Group\u2019s share of losses exceeds its interest in an equity-accounted investee, the carrying amount of that interest (including any long-term investment) is reduced to nil and the recognition of further losses is discontinued except to the extent that the Group has an obligation or has made payments on behalf of the investee. Transactions Eliminated on Consolidation Intra-group balances and transactions, and any unrealised gains arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. Unrealised gains arising from transactions with equity-accounted investees are eliminated against the investment to the extent of the Group\u2019s interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment. ",
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"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"f4703": {
"value": "Business Combinations Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. For acquisitions the Group measures goodwill at the acquisition date as: \u2022 the fair value of the consideration transferred; plus \u2022 the recognised amount of any non-controlling interests in the acquiree; plus \u2022 if the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree; less \u2022 the net recognised amount (fair value) of the identifiable assets acquired and liabilities assumed. When the excess is negative, a bargain purchase gain is recognised immediately in profit or loss. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in profit or loss. Costs related to the acquisition, other than those associated with the issue of debt or equity securities, that the Group incurs in connection with a business combination are expensed as incurred. Any contingent consideration payable is recognised at fair value at the acquisition date. If the contingent consideration is classified as equity, it is not remeasured and settlement is accounted for within equity. Otherwise, subsequent changes to the fair value of the contingent consideration are recognised in profit or loss. Goodwill Goodwill that arises upon the acquisition of subsidiaries is included in intangible assets. Subsequent Measurement Goodwill is measured at cost less accumulated impairment losses. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"f4704": {
"value": "Business Combinations Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. For acquisitions the Group measures goodwill at the acquisition date as: \u2022 the fair value of the consideration transferred; plus \u2022 the recognised amount of any non-controlling interests in the acquiree; plus \u2022 if the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree; less \u2022 the net recognised amount (fair value) of the identifiable assets acquired and liabilities assumed. When the excess is negative, a bargain purchase gain is recognised immediately in profit or loss. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in profit or loss. Costs related to the acquisition, other than those associated with the issue of debt or equity securities, that the Group incurs in connection with a business combination are expensed as incurred. Any contingent consideration payable is recognised at fair value at the acquisition date. If the contingent consideration is classified as equity, it is not remeasured and settlement is accounted for within equity. Otherwise, subsequent changes to the fair value of the contingent consideration are recognised in profit or loss. ",
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"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4705": {
"value": "Business Combinations Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. For acquisitions the Group measures goodwill at the acquisition date as: \u2022 the fair value of the consideration transferred; plus \u2022 the recognised amount of any non-controlling interests in the acquiree; plus \u2022 if the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree; less \u2022 the net recognised amount (fair value) of the identifiable assets acquired and liabilities assumed. When the excess is negative, a bargain purchase gain is recognised immediately in profit or loss. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in profit or loss. Costs related to the acquisition, other than those associated with the issue of debt or equity securities, that the Group incurs in connection with a business combination are expensed as incurred. Any contingent consideration payable is recognised at fair value at the acquisition date. If the contingent consideration is classified as equity, it is not remeasured and settlement is accounted for within equity. Otherwise, subsequent changes to the fair value of the contingent consideration are recognised in profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4730": {
"value": "Subsidiaries Subsidiaries are entities controlled by the Group. Control exists when the Group is exposed or has rights to variable returns from its involvements with the investee and it has the ability to affect those returns through its power over the investee and there is a link between power and returns. In assessing control, potential voting rights that currently are exercisable are taken into account. The consolidated financial statements comprise the financial statements of AS Tallink Grupp and its subsidiaries. The financial statements of the subsidiaries used in the preparation of the consolidated financial statements are prepared as at the same reporting date. If a subsidiary uses accounting policies other than those adopted in the consolidated financial statements for like transactions and events in similar circumstances, appropriate adjustments are made to its financial statements in preparing the consolidated financial statements. Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Group obtains control, and continue to be consolidated until the date that such control ceases. Investments in Equity-Accounted Investees Equity-accounted investees are those entities in which the Group has significant influence, but not control, over the financial and operating policies. Significant influence is presumed to exist when the Group holds between 20% and 50% of the voting power of another entity. Equity-accounted investees are accounted for using the equity method (equity-accounted investees) and are initially recognised at cost. The Group\u2019s investment includes goodwill identified on acquisition, net of any accumulated impairment losses. The consolidated financial statements include the Group\u2019s share of the profit or loss and other comprehensive income and equity movements of equity-accounted investees, after adjustments to align the accounting policies with those of the Group, from the date that significant influence commences until the date that significant influence ceases. When the Group\u2019s share of losses exceeds its interest in an equity-accounted investee, the carrying amount of that interest (including any long-term investment) is reduced to nil and the recognition of further losses is discontinued except to the extent that the Group has an obligation or has made payments on behalf of the investee. Note 12 Investments in Equity-Accounted Investees At 31 December 2022 the Group had a 34% interest in the equity-accounted investee Tallink Takso AS, incorporated in Estonia (as at 31 December 2021: 34%). The key figures of the equity-accounted investee Tallink Takso AS are below. The figures as at and for the year ended 31 December 2022 are unaudited (Tallink Takso AS is exempt from audit). The figures reflect 100% of the assets, liabilities and result of the associate. In thousands of EUR 2022 2021 Investments at the beginning of financial year 165 245 Share of loss of equity-accounted investee -90 -80 Investments at the end of financial year 75 165 In thousands of EUR Current assets Non-current assets Total assets Current liabilities Non-current liabilities Total liabilities As at 31 December 2022 293 267 560 325 14 339 As at 31 December 2021 419 341 760 221 55 276 In thousands of EUR Revenues Expenses Loss Equity For the year ended 31 December 2022 2 353 2 281 -271 221 For the year ended 31 December 2021 2 173 2 352 -179 484 Note 24 Group Entities 1 Dormant. Group entities Interest as at 31 December 2022 Interest as at 31 December 2021 Country of incorporation Parent company Baan Thai O\u00dc 100% 100% Estonia Tallink Grupp AS Hansaliin O\u00dc 100% 100% Estonia Tallink Grupp AS Hansatee Kinnisvara O\u00dc 100% 100% Estonia Tallink Grupp AS Hera Salongid O\u00dc 100% 100% Estonia TLG Hotell O\u00dc HT Laevateenindus O\u00dc 100% 100% Estonia Tallink Grupp AS HT Meelelahutus O\u00dc 100% 100% Estonia Tallink Grupp AS LNG Shipmanagement O\u00dc 100% 100% Estonia Tallink Grupp AS Mare Catering O\u00dc 100% 100% Estonia Tallink Grupp AS Tallink AS 100% 100% Estonia Tallink Grupp AS Tallink Baltic AS 100% 100% Estonia Tallink Grupp AS Tallink Duty Free AS 100% 100% Estonia Tallink Grupp AS Tallink Fast Food O\u00dc 100% 100% Estonia Tallink Grupp AS Tallink Scandinavian AS 100% 100% Estonia Tallink Grupp AS Tallink Travel Club O\u00dc 100% 100% Estonia Tallink Grupp AS TLG Hotell O\u00dc 100% 100% Estonia Tallink Grupp AS TLG Stividor O\u00dc 100% 100% Estonia Tallink Grupp AS Baltic SF VII Ltd 100% 100% Cyprus Tallink Grupp AS Baltic SF VIII Ltd 100% 100% Cyprus Tallink Grupp AS Baltic SF IX Ltd 100% 100% Cyprus Tallink Grupp AS Hansalink Ltd 100% 100% Cyprus Tallink Grupp AS Tallink Autoexpress Ltd 100% 100% Cyprus Tallink Grupp AS Tallink Fast Ltd 100% 100% Cyprus Tallink Grupp AS Tallink Hansaway Ltd 100% 100% Cyprus Tallink Grupp AS Tallink High Speed Line Ltd 100% 100% Cyprus Tallink Grupp AS Tallink Line Ltd 100% 100% Cyprus Tallink Grupp AS Tallink Ltd 100% 100% Cyprus Tallink Grupp AS Tallink Sea Line Ltd 100% 100% Cyprus Tallink Grupp AS Tallink Superfast Ltd 100% 100% Cyprus Tallink Grupp AS Tallink Victory Line Ltd 100% 100% Cyprus Tallink Grupp AS Tallinn - Helsinki Line Ltd 100% 100% Cyprus Tallink Grupp AS Tallinn Swedish Line Ltd 100% 100% Cyprus Tallink Grupp AS HTG Stevedoring OY 100% 100% Finland Tallink Grupp AS Tallink Silja OY 100% 100% Finland Tallink Scandinavian AS Sally AB 100% 100% Finland Tallink Silja OY Tallink Silja GMBH 100% 100% Germany Tallink Silja OY Tallink Latvija AS 100% 100% Latvia Tallink Grupp AS BK Properties SIA 100% 100% Latvia Tallink Latvija AS HT Shipmanagement SIA 100% 100% Latvia HT Laevateenindus O\u00dc TLG Hotell Latvija SIA 100% 100% Latvia TLG Hotell O\u00dc Tallink Fast Food Latvia SIA 100% 100% Latvia Tallink Fast Food O\u00dc Tallink Fast Food Lithuania UAB 100% 100% Lithuania Tallink Fast Food O\u00dc Tallink-Ru OOO\u00b9 100% 100% Russia Tallink Grupp AS Tallink Asia Pte. Ltd 100% 100% Singapore Tallink Grupp AS Tallink Silja AB 100% 100% Sweden Tallink Grupp AS Ingleby (1699) Ltd. 100% 100% UK Tallink Grupp AS ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4731": {
"value": "Subsidiaries Subsidiaries are entities controlled by the Group. Control exists when the Group is exposed or has rights to variable returns from its involvements with the investee and it has the ability to affect those returns through its power over the investee and there is a link between power and returns. In assessing control, potential voting rights that currently are exercisable are taken into account. The consolidated financial statements comprise the financial statements of AS Tallink Grupp and its subsidiaries. The financial statements of the subsidiaries used in the preparation of the consolidated financial statements are prepared as at the same reporting date. If a subsidiary uses accounting policies other than those adopted in the consolidated financial statements for like transactions and events in similar circumstances, appropriate adjustments are made to its financial statements in preparing the consolidated financial statements. Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Group obtains control, and continue to be consolidated until the date that such control ceases. Note 24 Group Entities 1 Dormant. Group entities Interest as at 31 December 2022 Interest as at 31 December 2021 Country of incorporation Parent company Baan Thai O\u00dc 100% 100% Estonia Tallink Grupp AS Hansaliin O\u00dc 100% 100% Estonia Tallink Grupp AS Hansatee Kinnisvara O\u00dc 100% 100% Estonia Tallink Grupp AS Hera Salongid O\u00dc 100% 100% Estonia TLG Hotell O\u00dc HT Laevateenindus O\u00dc 100% 100% Estonia Tallink Grupp AS HT Meelelahutus O\u00dc 100% 100% Estonia Tallink Grupp AS LNG Shipmanagement O\u00dc 100% 100% Estonia Tallink Grupp AS Mare Catering O\u00dc 100% 100% Estonia Tallink Grupp AS Tallink AS 100% 100% Estonia Tallink Grupp AS Tallink Baltic AS 100% 100% Estonia Tallink Grupp AS Tallink Duty Free AS 100% 100% Estonia Tallink Grupp AS Tallink Fast Food O\u00dc 100% 100% Estonia Tallink Grupp AS Tallink Scandinavian AS 100% 100% Estonia Tallink Grupp AS Tallink Travel Club O\u00dc 100% 100% Estonia Tallink Grupp AS TLG Hotell O\u00dc 100% 100% Estonia Tallink Grupp AS TLG Stividor O\u00dc 100% 100% Estonia Tallink Grupp AS Baltic SF VII Ltd 100% 100% Cyprus Tallink Grupp AS Baltic SF VIII Ltd 100% 100% Cyprus Tallink Grupp AS Baltic SF IX Ltd 100% 100% Cyprus Tallink Grupp AS Hansalink Ltd 100% 100% Cyprus Tallink Grupp AS Tallink Autoexpress Ltd 100% 100% Cyprus Tallink Grupp AS Tallink Fast Ltd 100% 100% Cyprus Tallink Grupp AS Tallink Hansaway Ltd 100% 100% Cyprus Tallink Grupp AS Tallink High Speed Line Ltd 100% 100% Cyprus Tallink Grupp AS Tallink Line Ltd 100% 100% Cyprus Tallink Grupp AS Tallink Ltd 100% 100% Cyprus Tallink Grupp AS Tallink Sea Line Ltd 100% 100% Cyprus Tallink Grupp AS Tallink Superfast Ltd 100% 100% Cyprus Tallink Grupp AS Tallink Victory Line Ltd 100% 100% Cyprus Tallink Grupp AS Tallinn - Helsinki Line Ltd 100% 100% Cyprus Tallink Grupp AS Tallinn Swedish Line Ltd 100% 100% Cyprus Tallink Grupp AS HTG Stevedoring OY 100% 100% Finland Tallink Grupp AS Tallink Silja OY 100% 100% Finland Tallink Scandinavian AS Sally AB 100% 100% Finland Tallink Silja OY Tallink Silja GMBH 100% 100% Germany Tallink Silja OY Tallink Latvija AS 100% 100% Latvia Tallink Grupp AS BK Properties SIA 100% 100% Latvia Tallink Latvija AS HT Shipmanagement SIA 100% 100% Latvia HT Laevateenindus O\u00dc TLG Hotell Latvija SIA 100% 100% Latvia TLG Hotell O\u00dc Tallink Fast Food Latvia SIA 100% 100% Latvia Tallink Fast Food O\u00dc Tallink Fast Food Lithuania UAB 100% 100% Lithuania Tallink Fast Food O\u00dc Tallink-Ru OOO\u00b9 100% 100% Russia Tallink Grupp AS Tallink Asia Pte. Ltd 100% 100% Singapore Tallink Grupp AS Tallink Silja AB 100% 100% Sweden Tallink Grupp AS Ingleby (1699) Ltd. 100% 100% UK Tallink Grupp AS ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4732": {
"value": "Subsidiaries Subsidiaries are entities controlled by the Group. Control exists when the Group is exposed or has rights to variable returns from its involvements with the investee and it has the ability to affect those returns through its power over the investee and there is a link between power and returns. In assessing control, potential voting rights that currently are exercisable are taken into account. The consolidated financial statements comprise the financial statements of AS Tallink Grupp and its subsidiaries. The financial statements of the subsidiaries used in the preparation of the consolidated financial statements are prepared as at the same reporting date. If a subsidiary uses accounting policies other than those adopted in the consolidated financial statements for like transactions and events in similar circumstances, appropriate adjustments are made to its financial statements in preparing the consolidated financial statements. Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Group obtains control, and continue to be consolidated until the date that such control ceases. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4762": {
"value": "Investments in Equity-Accounted Investees Equity-accounted investees are those entities in which the Group has significant influence, but not control, over the financial and operating policies. Significant influence is presumed to exist when the Group holds between 20% and 50% of the voting power of another entity. Equity-accounted investees are accounted for using the equity method (equity-accounted investees) and are initially recognised at cost. The Group\u2019s investment includes goodwill identified on acquisition, net of any accumulated impairment losses. The consolidated financial statements include the Group\u2019s share of the profit or loss and other comprehensive income and equity movements of equity-accounted investees, after adjustments to align the accounting policies with those of the Group, from the date that significant influence commences until the date that significant influence ceases. When the Group\u2019s share of losses exceeds its interest in an equity-accounted investee, the carrying amount of that interest (including any long-term investment) is reduced to nil and the recognition of further losses is discontinued except to the extent that the Group has an obligation or has made payments on behalf of the investee. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4763": {
"value": "Investments in Equity-Accounted Investees Equity-accounted investees are those entities in which the Group has significant influence, but not control, over the financial and operating policies. Significant influence is presumed to exist when the Group holds between 20% and 50% of the voting power of another entity. Equity-accounted investees are accounted for using the equity method (equity-accounted investees) and are initially recognised at cost. The Group\u2019s investment includes goodwill identified on acquisition, net of any accumulated impairment losses. The consolidated financial statements include the Group\u2019s share of the profit or loss and other comprehensive income and equity movements of equity-accounted investees, after adjustments to align the accounting policies with those of the Group, from the date that significant influence commences until the date that significant influence ceases. When the Group\u2019s share of losses exceeds its interest in an equity-accounted investee, the carrying amount of that interest (including any long-term investment) is reduced to nil and the recognition of further losses is discontinued except to the extent that the Group has an obligation or has made payments on behalf of the investeeNote 12 Investments in Equity-Accounted Investees At 31 December 2022 the Group had a 34% interest in the equity-accounted investee Tallink Takso AS, incorporated in Estonia (as at 31 December 2021: 34%). The key figures of the equity-accounted investee Tallink Takso AS are below. The figures as at and for the year ended 31 December 2022 are unaudited (Tallink Takso AS is exempt from audit). The figures reflect 100% of the assets, liabilities and result of the associate. In thousands of EUR 2022 2021 Investments at the beginning of financial year 165 245 Share of loss of equity-accounted investee -90 -80 Investments at the end of financial year 75 165 In thousands of EUR Current assets Non-current assets Total assets Current liabilities Non-current liabilities Total liabilities As at 31 December 2022 293 267 560 325 14 339 As at 31 December 2021 419 341 760 221 55 276 In thousands of EUR Revenues Expenses Loss Equity For the year ended 31 December 2022 2 353 2 281 -271 221 For the year ended 31 December 2021 2 173 2 352 -179 484 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4764": {
"value": "Investments in Equity-Accounted Investees Equity-accounted investees are those entities in which the Group has significant influence, but not control, over the financial and operating policies. Significant influence is presumed to exist when the Group holds between 20% and 50% of the voting power of another entity. Equity-accounted investees are accounted for using the equity method (equity-accounted investees) and are initially recognised at cost. The Group\u2019s investment includes goodwill identified on acquisition, net of any accumulated impairment losses. The consolidated financial statements include the Group\u2019s share of the profit or loss and other comprehensive income and equity movements of equity-accounted investees, after adjustments to align the accounting policies with those of the Group, from the date that significant influence commences until the date that significant influence ceases. When the Group\u2019s share of losses exceeds its interest in an equity-accounted investee, the carrying amount of that interest (including any long-term investment) is reduced to nil and the recognition of further losses is discontinued except to the extent that the Group has an obligation or has made payments on behalf of the investeeNote 12 Investments in Equity-Accounted Investees At 31 December 2022 the Group had a 34% interest in the equity-accounted investee Tallink Takso AS, incorporated in Estonia (as at 31 December 2021: 34%). The key figures of the equity-accounted investee Tallink Takso AS are below. The figures as at and for the year ended 31 December 2022 are unaudited (Tallink Takso AS is exempt from audit). The figures reflect 100% of the assets, liabilities and result of the associateIn thousands of EUR 2022 2021 Investments at the beginning of financial year 165 245 Share of loss of equity-accounted investee -90 -80 Investments at the end of financial year 75 165 In thousands of EUR Current assets Non-current assets Total assets Current liabilities Non-current liabilities Total liabilities As at 31 December 2022 293 267 560 325 14 339 As at 31 December 2021 419 341 760 221 55 276 In thousands of EUR Revenues Expenses Loss Equity For the year ended 31 December 2022 2 353 2 281 -271 221 For the year ended 31 December 2021 2 173 2 352 -179 484 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4765": {
"value": "Investments in Equity-Accounted Investees Equity-accounted investees are those entities in which the Group has significant influence, but not control, over the financial and operating policies. Significant influence is presumed to exist when the Group holds between 20% and 50% of the voting power of another entity. Equity-accounted investees are accounted for using the equity method (equity-accounted investees) and are initially recognised at cost. The Group\u2019s investment includes goodwill identified on acquisition, net of any accumulated impairment losses. The consolidated financial statements include the Group\u2019s share of the profit or loss and other comprehensive income and equity movements of equity-accounted investees, after adjustments to align the accounting policies with those of the Group, from the date that significant influence commences until the date that significant influence ceases. When the Group\u2019s share of losses exceeds its interest in an equity-accounted investee, the carrying amount of that interest (including any long-term investment) is reduced to nil and the recognition of further losses is discontinued except to the extent that the Group has an obligation or has made payments on behalf of the investee",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4789": {
"value": "3.2. Foreign Currency Foreign Currency Transactions The Parent\u2019s functional currency and presentation currency is the euro. Each entity in the Group determines its own functional currency and the items included in the financial statements of each entity are measured using that functional currency. Transactions in foreign currencies are translated into the respective functional currencies of Group companies at the exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are retranslated to the functional currency at the exchange rate at that date. The foreign currency gain or loss on monetary items is the difference between amortised cost in the functional currency at the beginning of the year and the amortised cost in foreign currency translated at the exchange rate at the end of the year. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are retranslated to the functional currency at the exchange rate at the date that the fair value was determined. Foreign currency differences arising on retranslation are recognised in profit or loss, except for differences arising on the retranslation of equity instruments which are recognised in other comprehensive income. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Foreign Operations The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are translated to euros at exchange rates at the reporting date. The income and expenses of foreign operations are translated to euros at exchange rates at the dates of the transactions. Foreign currency differences are recognised in other comprehensive income, and presented in the foreign currency translation reserve (FCTR) in equity. When a foreign operation is disposed of such that control or significant influence is lost, the cumulative amount in the FCTR related to that foreign operation is reclassified to profit or loss as part of the gain or loss on disposal. When the Group disposes of only part of its interest in a subsidiary that includes a foreign operation while retaining control, the relevant proportion of the cumulative amount is reattributed to non-controlling interests",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4790": {
"value": "3.2. Foreign Currency Foreign Currency Transactions The Parent\u2019s functional currency and presentation currency is the euro. Each entity in the Group determines its own functional currency and the items included in the financial statements of each entity are measured using that functional currency. Transactions in foreign currencies are translated into the respective functional currencies of Group companies at the exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are retranslated to the functional currency at the exchange rate at that date. The foreign currency gain or loss on monetary items is the difference between amortised cost in the functional currency at the beginning of the year and the amortised cost in foreign currency translated at the exchange rate at the end of the year. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are retranslated to the functional currency at the exchange rate at the date that the fair value was determined. Foreign currency differences arising on retranslation are recognised in profit or loss, except for differences arising on the retranslation of equity instruments which are recognised in other comprehensive income. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transactionForeign Operations The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are translated to euros at exchange rates at the reporting date. The income and expenses of foreign operations are translated to euros at exchange rates at the dates of the transactions. Foreign currency differences are recognised in other comprehensive income, and presented in the foreign currency translation reserve (FCTR) in equity. When a foreign operation is disposed of such that control or significant influence is lost, the cumulative amount in the FCTR related to that foreign operation is reclassified to profit or loss as part of the gain or loss on disposal. When the Group disposes of only part of its interest in a subsidiary that includes a foreign operation while retaining control, the relevant proportion of the cumulative amount is reattributed to non-controlling interests. Foreign Exchange Rate Risk The Group is exposed to exchange rate risk arising from revenues, operating expenses and liabilities in foreign currencies, mainly in the US dollar (USD) and the Swedish krona (SEK). Exposure to USD results from the purchase of ship fuel and insurance and exposure to SEK arises from the fact that it is the operational currency on some routes. The Group seeks to minimise currency risk by matching foreign currency inflows with outflows. The following tables present the Group\u2019s financial instruments by currency denomination: A 10% strengthening of the euro against the following currencies at the end of the financial year would have increased (decreased) profit or loss and equity by the amounts shown below. This sensitivity analysis assumes that all other variables remain constant. The analysis was performed on the same basis for 2021. In thousands of EUR, 2022 EUR USD SEK Other Total Cash and cash equivalents 108 335 160 6 334 106 114 935 Trade receivables, net of allowance 19 316 0 610 20 19 946 Other financial assets 1 896 50 658 39 2 643 Total 129 547 210 7 602 165 137 524 Current portion of borrowings -164 061 0 -988 0 -165 049 Trade payables -38 181 -172 -2 049 -205 -40 607 Other current payables -25 156 0 -4 583 -2 -29 741 Non-current portion of borrowings and other liabilities -688 277 0 -188 0 -688 465 Total -915 675 -172 -7 808 -207 -923 862 Net, EUR -786 128 38 -206 -42 -786 338 In thousands of EUR, 2021 EUR USD SEK Other Total Cash and cash equivalents 118 040 32 9 421 63 127 556 Trade receivables, net of allowance 15 140 0 199 25 15 364 Other financial assets 2 834 0 1 662 10 4 506 Total 136 014 32 11 282 98 147 426 Current portion of borrowings -243 481 0 -949 -6 -244 436 Trade payables -39 255 -284 -4 512 -347 -44 398 Other current payables -22 449 0 -7 678 -2 -30 129 Non-current portion of borrowings and other liabilities -534 310 0 -1 162 -17 -535 489 Total -839 495 -284 -14 301 -372 -854 452 Net, EUR -703 481 -252 -3 019 -274 -707 026 As at 31 December, in thousands of EUR 2022 Profit or loss 2021 Profit or loss USD -4 25 SEK 21 302 NOK 0 0 Other 4 27 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4791": {
"value": "3.2. Foreign Currency Foreign Currency Transactions The Parent\u2019s functional currency and presentation currency is the euro. Each entity in the Group determines its own functional currency and the items included in the financial statements of each entity are measured using that functional currency. Transactions in foreign currencies are translated into the respective functional currencies of Group companies at the exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are retranslated to the functional currency at the exchange rate at that date. The foreign currency gain or loss on monetary items is the difference between amortised cost in the functional currency at the beginning of the year and the amortised cost in foreign currency translated at the exchange rate at the end of the year. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are retranslated to the functional currency at the exchange rate at the date that the fair value was determined. Foreign currency differences arising on retranslation are recognised in profit or loss, except for differences arising on the retranslation of equity instruments which are recognised in other comprehensive income. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transactionForeign Operations The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are translated to euros at exchange rates at the reporting date. The income and expenses of foreign operations are translated to euros at exchange rates at the dates of the transactions. Foreign currency differences are recognised in other comprehensive income, and presented in the foreign currency translation reserve (FCTR) in equity. When a foreign operation is disposed of such that control or significant influence is lost, the cumulative amount in the FCTR related to that foreign operation is reclassified to profit or loss as part of the gain or loss on disposal. When the Group disposes of only part of its interest in a subsidiary that includes a foreign operation while retaining control, the relevant proportion of the cumulative amount is reattributed to non-controlling interests. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4839": {
"value": "3.3. Financial Instruments Recognition and Initial Measurement Trade receivables are initially recognised when they are originated. All other financial assets and financial liabilities are initially recognised when the Group becomes a party to the contractual provisions of the instrument. A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus, for an item not at FVTPL, transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price. Classification and Subsequent Measurement Financial Assets On initial recognition, a financial asset is classified as measured at: - amortised cost - FVOCI \u2013 debt investment - FVOCI \u2013 equity investment or - FVTPL Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: - it is held within a business model whose objective is to hold assets to collect contractual cash flows and - its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding All financial assets not classified as measured at amortised cost as described above or FVOCI are measured at FVTPL. This includes all derivative financial assets. Financial Assets \u2013 Subsequent Measurement and Gains and Losses Financial assets at FVTPL These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognised in profit or loss. Financial assets at amortised cost. These assets are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss. Derecognition Financial Assets The Group derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and does not retain control of the financial asset. The Group also enters into transactions whereby it transfers assets recognised in its statement of financial position, but retains either all or substantially all of the risks and rewards of the transferred assets. In these cases, the transferred assets are not derecognised. Offsetting Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group currently has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realise the asset and settle the liability simultaneously. 3.9. Impairment Financial Assets A financial asset is assessed at each reporting date to determine whether there is any objective evidence that it is impaired. A financial asset is considered to be impaired if objective evidence indicates that one or more events have had a negative effect on the estimated future cash flows of the asset. At initial recognition of each accounts receivable balance and throughout its life, a lifetime credit loss is recognised in order to arrive at the appropriate impairment under IFRS 9. In order to calculate a lifetime expected credit loss the provision matrix method is used. An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference between its carrying amount and the present value of its estimated future cash flows discounted at the original effective interest rate. All impairment losses are recognised in profit or loss and reflected in an allowance account. When the Group considers that there are no realistic prospects of recovery of the asset, the relevant amounts are written off. An impairment loss is reversed if the reversal can be related objectively to an event occurring after the impairment loss was recognised. For financial assets measured at amortised cost, the reversal is recognised in profit or loss. ",
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},
"f4841": {
"value": "Recognition and Initial Measurement Trade receivables are initially recognised when they are originated. All other financial assets and financial liabilities are initially recognised when the Group becomes a party to the contractual provisions of the instrument. A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus, for an item not at FVTPL, transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price. Note 9 Trade and Other Receivables During the reporting period EUR 153 thousand of trade receivables was expensed as doubtful and uncollectible (2021: EUR 99 thousand). The Group\u2019s exposure to the credit and currency risks of receivables (excluding government grants receivable) is disclosed in Note 25. Additional information about government grants is disclosed in Note 5. As at 31 December, in thousands of EUR 2022 2021 Trade receivables 20 384 15 763 Allowance for doubtful receivables -481 -468 Government grants receivable 9 123 9 806 Receivables from related parties 43 69 Other receivables 2 311 4 128 Total trade and other receivables 31 380 29 298 ",
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"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"f4842": {
"value": "Recognition and Initial Measurement Trade receivables are initially recognised when they are originated. All other financial assets and financial liabilities are initially recognised when the Group becomes a party to the contractual provisions of the instrument. A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus, for an item not at FVTPL, transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price. ",
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"f4888": {
"value": "Financial assets at amortised cost. These assets are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss. Financial Liabilities \u2013 Classification, Subsequent Measurement and Gains and Losses Financial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently measured at amortised cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss. Derecognition Financial Assets The Group derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and does not retain control of the financial asset. The Group also enters into transactions whereby it transfers assets recognised in its statement of financial position, but retains either all or substantially all of the risks and rewards of the transferred assets. In these cases, the transferred assets are not derecognised. Financial Liabilities The Group derecognises a financial liability when its contractual obligations are discharged or cancelled, or expire. The Group also derecognises a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognised at fair value. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in profit or loss. Offsetting Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group currently has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realise the asset and settle the liability simultaneously. 3.3. Financial Instruments Recognition and Initial Measurement Trade receivables are initially recognised when they are originated. All other financial assets and financial liabilities are initially recognised when the Group becomes a party to the contractual provisions of the instrument. A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus, for an item not at FVTPL, transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price. Classification and Subsequent Measurement Financial Assets On initial recognition, a financial asset is classified as measured at: - amortised cost - FVOCI \u2013 debt investment - FVOCI \u2013 equity investment or - FVTPL Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: - it is held within a business model whose objective is to hold assets to collect contractual cash flows and - its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding All financial assets not classified as measured at amortised cost as described above or FVOCI are measured at FVTPL. This includes all derivative financial assets. Financial Assets \u2013 Subsequent Measurement and Gains and Losses Financial assets at FVTPL These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognised in profit or loss. 3.9. Impairment Financial Assets A financial asset is assessed at each reporting date to determine whether there is any objective evidence that it is impaired. A financial asset is considered to be impaired if objective evidence indicates that one or more events have had a negative effect on the estimated future cash flows of the asset. At initial recognition of each accounts receivable balance and throughout its life, a lifetime credit loss is recognised in order to arrive at the appropriate impairment under IFRS 9. In order to calculate a lifetime expected credit loss the provision matrix method is used. An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference between its carrying amount and the present value of its estimated future cash flows discounted at the original effective interest rate. All impairment losses are recognised in profit or loss and reflected in an allowance account. When the Group considers that there are no realistic prospects of recovery of the asset, the relevant amounts are written off. An impairment loss is reversed if the reversal can be related objectively to an event occurring after the impairment loss was recognised. For financial assets measured at amortised cost, the reversal is recognised in profit or loss. An impairment loss is recognised if the carrying amount of an asset or its cash-generating unit exceeds its estimated recoverable amount. Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of a cash-generating unit are allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to reduce the carrying amount of the other assets in the unit (group of units) on a pro rata basis. 3.19. Determination of Fair Values A number of the Group\u2019s accounting policies and disclosures require determination of fair value for both financial and non-financial assets and liabilities. Fair values have been determined for measurement and/or disclosure purposes based on the following methods. When applicable, further information about the assumptions made in determining fair values is disclosed in the notes specific to the asset or liability. When measuring the fair value of an asset or liability, the Group uses observable market data as far as possible. Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows: \u2022 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities \u2022 Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) \u2022 Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs) Ships (Level 3) The market value of ships is the estimated amount for which the property could be exchanged on the date of valuation between a willing buyer and a willing seller in an arm\u2019s length transaction after proper marketing wherein the parties had each acted knowledgeably and willingly. The Group uses independent appraisers to determine the fair value of the ships. The fair value is calculated using the weighted average of the appraisers valuations and stress-sale valuations. No revaluation will be carried out if the difference between calculated fair value and book value is immaterial. The frequency of revaluation depends upon changes in the fair values of the ships. When the fair value of a ship differs materially from its carrying amount, a revaluation is required. Intangible Assets (Level 3) The fair value of patents and trademarks acquired in a business combination is determined using the relief from royalty method. The fair value of customer relationships acquired in a business combination is determined using the multi-period excess earnings method, whereby the subject asset is valued after deducting a fair return on all other assets that are part of creating the related cash flows. The fair value of other intangible assets is based on the discounted cash flows expected to be derived from the use and eventual sale of the assets. Non-Derivative Financial Liabilities (Levels 1 and 2) Fair value, which is determined for disclosure purposes, is calculated based on the present value of future principal and interest cash flows, discounted at the market rate of interest at the reporting date. Note 16 Interest-Bearing Loans and Borrowings Lease liabilities related to the adoption of IFRS 16. \u00b2 Long-term bank loans include a loan from the financial institution SA Kredex of EUR 100 000 thousandAs at 31 December 2022, in thousands of EUR Maturity Interest rate Current portion Non-current portion Total borrowings Lease liabilities 2023-2024 6.30% 67 10 77 Lease liabilities related to right-of-use assets\u00b9 2023-2033 2.18-2.42% 20 958 86 137 107 095 Overdraft EURIBOR+2.91% 15 0 15 Long-term bank loans\u00b2 2023-2034 EURIBOR+2.68% 144 009 602 318 746 327 Total borrowings 165 049 688 465 853 514 As at 31 December 2021, in thousands of EUR Maturity Interest rate Current portion Non-current portion Total borrowings Lease liabilities 2022-2023 5.67% 73 43 116 Lease liabilities related to right-of-use assets\u00b9 2022-2033 2.18-2.25% 16 488 99 915 116 403 Overdraft EURIBOR+2.91% 180 0 180 Long-term bank loans\u00b2 2022-2029 EURIBOR+2.47% 227 695 435 531 663 226 Total borrowings 244 436 535 489 779 925 Reconciliation of Liabilities Arising from Financing Activities In thousands of EUR Bank overdrafts Long-term bank loans Lease liabilities Right-of-use assets' liabilities Share capital Reserves Retained earnings Total Balance as at 31 December 2021 180 663 226 116 116 403 349 477 67 930 274 446 1 471 778 Changes from financing cash flows Proceeds from loans 0 196 290 0 0 0 0 0 196 290 Repayment of loans 0 -110 055 0 0 0 0 0 -110 055 Change in overdraft -165 0 0 0 0 0 0 -165 Payment of lease liabilities 0 0 -31 -17 126 0 0 0 -17 157 Interest paid 0 0 0 0 0 0 -23 516 -23 516 Payment of transaction costs related to loans 0 -1 977 0 0 0 0 0 -1 977 Total changes from financing cash flows -165 84 258 -31 -17 126 0 0 -23 516 43 420 The effect of changes in foreign exchange rates 0 0 -8 -129 0 480 0 343 Liability-related changes New leases 0 0 0 8 245 0 0 0 8 245 Transfer from revaluation reserve 0 0 0 0 0 -2 047 2 047 0 Termination of old leases 0 0 0 -298 0 0 0 -298 Amortisation of capitalised borrowing costs 0 1 063 0 0 0 0 0 1 063 Capitalised borrowing costs 0 -2 220 0 0 0 0 0 -2 220 Interest paid 0 0 0 0 0 0 23 516 23 516 Total liability-related changes 0 -1 157 0 7 947 0 -2 047 25 563 30 306 Total equity-related changes 0 0 0 0 0 0 13 935 13 935 Balance as at 31 December 2022 15 746 327 77 107 095 349 477 66 363 290 428 1 559 782 In thousands of EUR Bank overdrafts Long-term bank loans Lease liabilities Right-of-use assets' liabilities Share capital Reserves Retained earnings Total Balance as at 31 December 2020 15 736 586 616 258 102 509 314 844 69 854 328 975 1 418 792 Changes from financing cash flows Proceeds from loans 0 90 000 0 0 0 0 0 90 000 Repayment of loans 0 -14 667 0 0 0 0 0 -14 667 Change in overdraft -15 556 0 0 0 0 0 0 -15 556 Payment of lease liabilities 0 0 -57 -14 846 0 0 0 -14 903 Interest paid 0 0 0 0 0 0 -19 296 -19 296 Payment of transaction costs related to loans 0 -495 0 0 0 0 0 -495 Increase of share capital 0 0 0 0 34 633 0 0 34 633 Total changes from financing cash flows -15 556 74 838 -57 -14 846 34 633 0 -19 296 59 716 The effect of changes in foreign exchange rates 0 0 -4 -1 0 123 0 118 Liability-related changes New leases 0 0 25 35 372 0 0 0 35 397 Transfer from revaluation reserve 0 0 0 0 0 -2 047 2 047 0 Termination of old leases 0 0 -106 -6 631 0 0 0 -6 737 Amortisation of capitalised borrowing costs 0 1 277 0 0 0 0 0 1 277 Capitalised borrowing costs 0 495 0 0 0 0 0 495 Interest paid 0 0 0 0 0 0 19 296 19 296 Total liability-related changes 0 1 772 -81 28 741 0 -2 047 21 343 49 728 Total equity-related changes 0 0 0 0 0 0 -56 576 -56 576 Balance as at 31 December 2021 180 663 226 116 116 403 349 477 67 930 274 446 1 471 778 Note 25 Financial Risk Management Overview Through the use of financial instruments the Group is exposed to the following risks: \u2022 credit risk \u2022 liquidity risk \u2022 market risk This note presents information about the Group\u2019s exposure to each of the above risks, the Group\u2019s objectives, policies and processes for measuring and managing risk, and the Group\u2019s capital management. The Management Board has overall responsibility for the establishment and oversight of the Group\u2019s risk management framework. The Group\u2019s financial department is responsible for developing and monitoring the Group\u2019s risk management policies. The Group\u2019s risk management policies are established to identify and analyse the risks faced by the Group, to set appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Group\u2019s activities. Credit Risk Credit risk is the risk of financial loss that the Group would suffer if the counterparty failed to perform its financial obligations, and arises principally from the Group\u2019s receivables from customers and cash and cash equivalents. The credit risk concentration related to accounts receivable is not material due to the extensive number of customers. Maximum credit risk was as follows: The Group\u2019s credit risk exposure from trade receivables is mainly influenced by the characteristics of each customer. In monitoring credit risk, customers are grouped according to their credit characteristics, including whether they are individuals or legal entities, whether they are travel agents or customers with credit limits, and considering their geographic location, receivable aging profile, and existence of previous financial difficulties. Trade receivables relate mainly to travel agents and customers with credit facilities. The credit risk concentration related to trade receivables is reduced by the high number of customers. The Group\u2019s management has established a credit policy under which each new customer with a credit request is analysed individually for creditworthiness before the Group\u2019s payment terms and conditions are offered. Some customers are obliged to present a bank guarantee to meet the credit sale criteria. Customers are assigned credit limits, which represent the maximum exposure that does not require approval from the Group\u2019s management. Customers that fail to meet the Group\u2019s benchmark creditworthiness may transact with the Group on a prepayment basis only. Charterers hiring the Group\u2019s vessels have to provide bank guarantees to cover their payment risk. As at 31 December, in thousands of EUR 2022 2021 Cash and cash equivalents (Note 8) 114 935 127 556 Trade and other receivables (Notes 9, 13) 22 589 19 870 Total 137 524 147 426 In accordance with IFRS 9 the Group measures an allowance for impairment of receivables at an amount of lifetime expected credit loss. Lifetime expected credit loss is calculated as a product of total trade receivables in the aging bucket and the respective credit loss ratio. The expected credit loss ratio is recalculated once a quarter based on actual write-offs during the last 12 quarters. The aging of the receivables at the reporting date was: The Group holds cash and cash equivalents with banking groups that have investment grade credit ratings (BBB or higher issued by internationally recognised credit rating agencies). Liquidity Risk Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when they fall due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to its reputation. The Group\u2019s low current ratio represents the normal course of business. The majority of sales are conducted by prepayment, bank card or cash payment, therefore the cash conversion cycle is negative and in general the Group receives cash from sales before it has to pay to its vendors. The Group\u2019s objective is to maintain a balance between the continuity and flexibility of funding through the use of bank overdrafts, bank loans and bonds. The Group has established Group account systems (the Group\u2019s cash pools) in Estonia and Finland to manage the cash flows in the Group as efficiently as possible. Excess liquidity is invested in short-term money market instruments. AS Tallink Grupp maintains four committed bank overdraft facilities to minimise the Group\u2019s liquidity risk (see Note 16 for details). At 31 December 2022, the Group\u2019s cash and cash equivalents totalled EUR 114 935 thousand (EUR 127 556 thousand at 31 December 2021). In addition, the Group had available unused overdraft credit lines of EUR 134 985 thousand (2021: EUR 134 820 thousand). In thousands of EUR 2022 2021 Balance at 1 January 468 539 Amounts written off -127 -171 Impairment loss recognised 153 99 Reversal of prior period impairment loss -13 1 Balance at 31 December 481 468 As at 31 December 2022, in thousands of EUR Gross Impairment Net Not past due 20 579 -116 20 463 Past due 0-30 days 1 923 -34 1 889 Past due 31-90 days 222 -14 208 Past due 91 days - one year 121 -93 28 Past due over one year 225 -224 1 Total 23 070 -481 22 589 As at 31 December 2021, in thousands of EUR Gross Impairment Net Not past due 18 568 -128 18 440 Past due 0-30 days 1 422 -26 1 396 Past due 31-90 days 2 -2 0 Past due 91 days - one year 82 -48 34 Past due over one year 264 -264 0 Total 20 338 -468 19 870 In the loan agreements signed with banks, the Group has agreed to comply with financial covenants related to ensuring certain equity, liquidity and other ratios. In management\u2019s opinion, the Group has sufficient liquidity to support its operations. AS Tallink Grupp and its subsidiaries are able to continue as going concerns for at least one year after the date of approval of these consolidated financial statements. The following tables illustrate liquidity risk by periods when financial liabilities as at 31 December will fall due or may fall due based on contractual cash flows. 1 Expected, based on the interest rates and interest rate forward curves Guarantees issued are not recognised in the statement of financial position as, according to historical experience and management\u2019s estimations, none of them has turned into an actual liability. Market Risk Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices will affect the Group\u2019s income or the value of financial instruments held. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return. The Group buys and sells derivatives, and also incurs financial liabilities, in order to manage market risk. Foreign Exchange Rate Risk The Group is exposed to exchange rate risk arising from revenues, operating expenses and liabilities in foreign currencies, mainly in the US dollar (USD) and the Swedish krona (SEK). Exposure to USD results from the purchase of ship fuel and insurance and exposure to SEK arises from the fact that it is the operational currency on some routes. The Group seeks to minimise currency risk by matching foreign currency inflows with outflows. In thousands of EUR, 2022 < 1 year 1-2 years 2-5 years >5 years Total Non-derivative financial liabilities Lease liabilities -68 -10 0 0 -78 Lease liabilities related to right-of-use assets -20 958 -16 296 -41 999 -27 842 -107 095 Trade and other payables -63 778 0 0 0 -63 778 Secured bank loan repayments -145 521 -201 722 -248 326 -156 249 -751 818 Interest payments\u00b9 -27 512 -21 523 -21 533 -11 990 -82 558 Total -257 852 -239 551 -311 858 -196 081 -1 005 342 In thousands of EUR, 2021 < 1 year 1-2 years 2-5 years >5 years Total Non-derivative financial liabilities Lease liabilities -73 -43 0 0 -116 Lease liabilities related to right-of-use assets -16 488 -16 751 -44 475 -38 689 -116 403 Trade and other payables -67 687 0 0 0 -67 687 Secured bank loan repayments -228 667 -194 083 -181 500 -61 333 -665 583 Interest payments\u00b9 -16 657 -9 523 -9 962 -3 288 -39 430 Total -329 572 -220 400 -235 937 -103 310 -889 219 The following tables present the Group\u2019s financial instruments by currency denomination: A 10% strengthening of the euro against the following currencies at the end of the financial year would have increased (decreased) profit or loss and equity by the amounts shown below. This sensitivity analysis assumes that all other variables remain constant. The analysis was performed on the same basis for 2021. Interest Rate Risk The Group is exposed to interest rate risk through funding and cash management activities. The interest rate risk \u2013 the possibility that fluctuations in interest rates can have a significant impact on the profitability and cash flows of the Group \u2013 results mainly from long term floating rate bank loans. In thousands of EUR, 2022 EUR USD SEK Other Total Cash and cash equivalents 108 335 160 6 334 106 114 935 Trade receivables, net of allowance 19 316 0 610 20 19 946 Other financial assets 1 896 50 658 39 2 643 Total 129 547 210 7 602 165 137 524 Current portion of borrowings -164 061 0 -988 0 -165 049 Trade payables -38 181 -172 -2 049 -205 -40 607 Other current payables -25 156 0 -4 583 -2 -29 741 Non-current portion of borrowings and other liabilities -688 277 0 -188 0 -688 465 Total -915 675 -172 -7 808 -207 -923 862 Net, EUR -786 128 38 -206 -42 -786 338 In thousands of EUR, 2021 EUR USD SEK Other Total Cash and cash equivalents 118 040 32 9 421 63 127 556 Trade receivables, net of allowance 15 140 0 199 25 15 364 Other financial assets 2 834 0 1 662 10 4 506 Total 136 014 32 11 282 98 147 426 Current portion of borrowings -243 481 0 -949 -6 -244 436 Trade payables -39 255 -284 -4 512 -347 -44 398 Other current payables -22 449 0 -7 678 -2 -30 129 Non-current portion of borrowings and other liabilities -534 310 0 -1 162 -17 -535 489 Total -839 495 -284 -14 301 -372 -854 452 Net, EUR -703 481 -252 -3 019 -274 -707 026 As at 31 December, in thousands of EUR 2022 Profit or loss 2021 Profit or loss USD -4 25 SEK 21 302 NOK 0 0 Other 4 27 At the reporting date the interest rate profile of the Group\u2019s interest-bearing financial liabilities was as follows: The Group\u2019s floating rate loan commitments are mainly based on EURIBOR rates. During 2022, 6-month EURIBOR increased from -0.539% on January 3 to 2.693% on December 30. At the end of February 2023, 6-month EURIBOR had crossed a 3% mark. A change of 10 basis points in the interest rates of interest-bearing financial liabilities at the reporting date would have increased (decreased) profit and equity by the amounts shown below. This analysis assumes that all other variables remain constant. The analysis was performed on the same basis for 2021. When analysing interest rate risks, various hedging options are considered including refinancing floating rate loan commitments with fixed rate loan commitments. The management of the Group has assessed the interest rate risks related to assets and liabilities of the Group and concluded that there are no material risks to outline. Fair Values of Financial Instruments All financial assets and liabilities are measured at amortised cost excluding derivatives, which are measured at fair value. According to the assessment of the Group\u2019s management, as at 31 December 2022 and 31 December 2021 the fair values of assets and liabilities measured at amortised cost did not differ materially from their carrying amounts. Capital Management The Group considers total shareholders\u2019 equity as capital. As at 31 December 2022 the shareholders\u2019 equity was EUR 706 931 thousand (2021: EUR 692 516 thousand). The Group\u2019s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and sustain future development of the business. The Group has made significant investments in recent years where strong shareholders\u2019 equity has been a major supporting factor for the investments. The Group seeks to maintain a balance between the higher returns that might be possible with higher levels of borrowing and the advantages and security afforded by a sound capital position. At the General Meeting of Shareholders held on 8 February 2011, management introduced the strategic target of reaching the optimal debt level which would allow the Group to start paying dividends. In management\u2019s opinion, a comfortable level for the Group\u2019s equity ratio is between 40% and 50% and for the net debt to EBITDA ratio an indicator below 5. As at 31 December 2022 the Group\u2019s equity ratio was 41.8% and the net debt to EBITDA ratio was 5.4 (2021: 43.7% and 11.2, respectively). As at 31 December, in thousands of EUR 2022 2021 Fixed rate financial liabilities 294 665 129 628 Variable rate financial liabilities 451 739 533 714 Total 746 404 663 342 In thousands of EUR 2022 2021 10 basis point increase -452 -534 10 basis point decrease 452 534 Due to a complicated operating environment and considering the Company\u2019s long-term interests, management will propose to the General Meeting of Shareholders not to pay a dividend in 2023 for the results for 2022 (2021: not to pay a dividend from the results for 2021). The Group may purchase its own shares from the market; the timing of these purchases may depend on market prices, the Group\u2019s liquidity position and business outlook. Additionally, legal factors may limit the timing of such decisions. Repurchased shares are intended to be cancelled. Currently the Group does not have a defined share buyback plan. ",
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"f4889": {
"value": "Financial assets at amortised cost. These assets are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss. Financial Liabilities \u2013 Classification, Subsequent Measurement and Gains and Losses Financial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently measured at amortised cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss. Derecognition Financial Assets The Group derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and does not retain control of the financial asset. The Group also enters into transactions whereby it transfers assets recognised in its statement of financial position, but retains either all or substantially all of the risks and rewards of the transferred assets. In these cases, the transferred assets are not derecognised. Financial Liabilities The Group derecognises a financial liability when its contractual obligations are discharged or cancelled, or expire. The Group also derecognises a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognised at fair value. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in profit or loss. Offsetting Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group currently has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realise the asset and settle the liability simultaneously. 3.3. Financial Instruments Recognition and Initial Measurement Trade receivables are initially recognised when they are originated. All other financial assets and financial liabilities are initially recognised when the Group becomes a party to the contractual provisions of the instrument. A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus, for an item not at FVTPL, transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price. Classification and Subsequent Measurement Financial Assets On initial recognition, a financial asset is classified as measured at: - amortised cost - FVOCI \u2013 debt investment - FVOCI \u2013 equity investment or - FVTPL Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: - it is held within a business model whose objective is to hold assets to collect contractual cash flows and - its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding All financial assets not classified as measured at amortised cost as described above or FVOCI are measured at FVTPL. This includes all derivative financial assets. Financial Assets \u2013 Subsequent Measurement and Gains and Losses Financial assets at FVTPL These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognised in profit or loss. 3.9. Impairment Financial Assets A financial asset is assessed at each reporting date to determine whether there is any objective evidence that it is impaired. A financial asset is considered to be impaired if objective evidence indicates that one or more events have had a negative effect on the estimated future cash flows of the asset. At initial recognition of each accounts receivable balance and throughout its life, a lifetime credit loss is recognised in order to arrive at the appropriate impairment under IFRS 9. In order to calculate a lifetime expected credit loss the provision matrix method is used. An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference between its carrying amount and the present value of its estimated future cash flows discounted at the original effective interest rate. All impairment losses are recognised in profit or loss and reflected in an allowance account. When the Group considers that there are no realistic prospects of recovery of the asset, the relevant amounts are written off. An impairment loss is reversed if the reversal can be related objectively to an event occurring after the impairment loss was recognised. For financial assets measured at amortised cost, the reversal is recognised in profit or loss. An impairment loss is recognised if the carrying amount of an asset or its cash-generating unit exceeds its estimated recoverable amount. Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of a cash-generating unit are allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to reduce the carrying amount of the other assets in the unit (group of units) on a pro rata basis. 3.19. Determination of Fair Values A number of the Group\u2019s accounting policies and disclosures require determination of fair value for both financial and non-financial assets and liabilities. Fair values have been determined for measurement and/or disclosure purposes based on the following methods. When applicable, further information about the assumptions made in determining fair values is disclosed in the notes specific to the asset or liability. When measuring the fair value of an asset or liability, the Group uses observable market data as far as possible. Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows: \u2022 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities \u2022 Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) \u2022 Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs) Ships (Level 3) The market value of ships is the estimated amount for which the property could be exchanged on the date of valuation between a willing buyer and a willing seller in an arm\u2019s length transaction after proper marketing wherein the parties had each acted knowledgeably and willingly. The Group uses independent appraisers to determine the fair value of the ships. The fair value is calculated using the weighted average of the appraisers valuations and stress-sale valuations. No revaluation will be carried out if the difference between calculated fair value and book value is immaterial. The frequency of revaluation depends upon changes in the fair values of the ships. When the fair value of a ship differs materially from its carrying amount, a revaluation is required. Intangible Assets (Level 3) The fair value of patents and trademarks acquired in a business combination is determined using the relief from royalty method. The fair value of customer relationships acquired in a business combination is determined using the multi-period excess earnings method, whereby the subject asset is valued after deducting a fair return on all other assets that are part of creating the related cash flows. The fair value of other intangible assets is based on the discounted cash flows expected to be derived from the use and eventual sale of the assets. Non-Derivative Financial Liabilities (Levels 1 and 2) Fair value, which is determined for disclosure purposes, is calculated based on the present value of future principal and interest cash flows, discounted at the market rate of interest at the reporting date. ",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4896": {
"value": "Financial Liabilities \u2013 Classification, Subsequent Measurement and Gains and Losses Financial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently measured at amortised cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss. Financial Liabilities The Group derecognises a financial liability when its contractual obligations are discharged or cancelled, or expire. The Group also derecognises a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognised at fair value. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4905": {
"value": "Derecognition Financial Assets The Group derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and does not retain control of the financial asset. The Group also enters into transactions whereby it transfers assets recognised in its statement of financial position, but retains either all or substantially all of the risks and rewards of the transferred assets. In these cases, the transferred assets are not derecognised. Financial Liabilities The Group derecognises a financial liability when its contractual obligations are discharged or cancelled, or expire. The Group also derecognises a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognised at fair value. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in profit or loss",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4929": {
"value": "Offsetting Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group currently has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realise the asset and settle the liability simultaneously. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4935": {
"value": "Share Capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares and share options are recognised as a deduction from equity. Note 20 Share Capital and Reserves According to the articles of association of the Parent, the maximum number of ordinary shares is 2 400 000 000. Each share grants one vote at the shareholders\u2019 general meeting. Shares acquired by the transfer of ownership are eligible for participating in and voting at a general meeting only if the ownership change is recorded in the Estonian Central Registry of Securities at the time used to determine the list of shareholders for the given General Meeting of Shareholders. Ordinary shares grant their holders all the rights provided for under the Estonian Commercial Code \u2013 the right to participate in the general meeting, the distribution of profits, and the distribution of residual assets upon the dissolution of the Company; the right to receive information from the Management Board about the activities of the Company; a pre-emptive right to subscribe for new shares in proportion to the sum of the par values of the shares already held when share capital is increased, etc. During 18 August \u2013 01 September 2021 the Parent held a public offering of new shares. The issue price per one share was EUR 0.47. As a result of the offering a total of 73 687 024 new shares of the Parent were allocated to the investors. Share capital was increased by EUR 34 633 thousand. AS Tallink Grupp has 743 569 064 registered shares (31 December 2021: 743 569 064) without nominal value and the notional value of each share is EUR 0.47 (31 December 2021: EUR 0.47). As at 31 December, in thousands 2022 2021 The number of shares issued and fully paid 743 569 743 569 Total number of shares 743 569 743 569 As at 31 December, in thousands of EUR 2022 2021 Share capital (authorised and registered) 349 477 349 477 Total share capital 349 477 349 477 Share premium 663 663 Total share premium 663 663 Reserves Translation Reserve The translation reserve comprises all foreign currency differences arising from the translation of the financial statements of foreign operations. Ships\u2019 Revaluation Reserve The revaluation reserve is related to the revaluation of ships. The ships\u2019 revaluation reserve may be transferred directly to retained earnings when the ship is disposed of. However, some of the revaluation surplus may be transferred when the ship is used by the Group. In such a case, the amount of surplus transferred is the difference between depreciation based on the revalued carrying amount of the ship and depreciation based on the original cost of the ship. The Group uses the latter alternative. Legal Reserve The legal reserve has been formed in accordance with the Estonian Commercial Code. The legal reserve is formed by means of yearly net profit transfers. At least 1/20 of net profit must be transferred to the legal reserve, until the reserve amounts to 1/10 of share capital. The legal reserve may be used to cover losses and to increase share capital but it may not be used to make distributions to owners. Dividends Due to a deteriorated operating environment and considering the Company\u2019s long-term interests, on 09 June 2022 the General Meeting of Shareholder decided not to pay dividends in 2022. There was also no dividend payment in 2021. As at 31 December, in thousands of EUR 2022 2021 Translation reserve 840 360 Ships\u2019 revaluation reserve 33 364 35 411 Legal reserve 32 159 32 159 Total reserves 66 363 67 930 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4936": {
"value": "Share Capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares and share options are recognised as a deduction from equity. Note 20 Share Capital and Reserves According to the articles of association of the Parent, the maximum number of ordinary shares is 2 400 000 000. Each share grants one vote at the shareholders\u2019 general meeting. Shares acquired by the transfer of ownership are eligible for participating in and voting at a general meeting only if the ownership change is recorded in the Estonian Central Registry of Securities at the time used to determine the list of shareholders for the given General Meeting of Shareholders. Ordinary shares grant their holders all the rights provided for under the Estonian Commercial Code \u2013 the right to participate in the general meeting, the distribution of profits, and the distribution of residual assets upon the dissolution of the Company; the right to receive information from the Management Board about the activities of the Company; a pre-emptive right to subscribe for new shares in proportion to the sum of the par values of the shares already held when share capital is increased, etc. During 18 August \u2013 01 September 2021 the Parent held a public offering of new shares. The issue price per one share was EUR 0.47. As a result of the offering a total of 73 687 024 new shares of the Parent were allocated to the investors. Share capital was increased by EUR 34 633 thousand. AS Tallink Grupp has 743 569 064 registered shares (31 December 2021: 743 569 064) without nominal value and the notional value of each share is EUR 0.47 (31 December 2021: EUR 0.47). As at 31 December, in thousands 2022 2021 The number of shares issued and fully paid 743 569 743 569 Total number of shares 743 569 743 569 As at 31 December, in thousands of EUR 2022 2021 Share capital (authorised and registered) 349 477 349 477 Total share capital 349 477 349 477 Share premium 663 663 Total share premium 663 663 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4937": {
"value": "Share Capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares and share options are recognised as a deduction from equity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4951": {
"value": "3.4. Property, Plant and Equipment Recognition and Measurement Property, plant and equipment, except ships, are measured at cost, less accumulated depreciation and any impairment. Cost includes expenditure that is directly attributable to the acquisition of the asset, including borrowing costs (see 3.8). The cost of self-constructed assets includes the cost of materials and direct labour and any other costs directly attributable to bringing the assets to a working condition for their intended use. When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment. Ships are measured at revalued amounts (i.e. fair value less depreciation charged subsequent to the date of the revaluation). Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting period. At the revaluation date, the carrying amount of ships is replaced with their fair value at the date of revaluation and accumulated depreciation is eliminated. Any revaluation surplus is recognised in other comprehensive income and presented in the revaluation reserve in equity. A revaluation deficit is recognised in loss, except that a deficit offsetting a previous surplus on the same asset, previously recognised in other comprehensive income, is offset against the surplus in the \u2018revaluation of ships\u2019. An annual transfer from the revaluation reserve to retained earnings is made for the difference between depreciation based on the revalued carrying amount of the assets and the depreciation based on the assets\u2019 original cost. Upon disposal, any revaluation reserve relating to the particular asset being sold is transferred to retained earnings. Subsequent Costs Subsequent expenditure relating to an item of property, plant and equipment that has already been recognised (e.g. replacements of parts of some items, dry-dockings with intervals of two or five years) is added to the carrying amount of the asset, if the recognition criteria are met, i.e. (a) it is probable that future economic benefits associated with the item will flow to the Group, and (b) the cost of the item can be measured reliably. The replaced items are derecognised. All other expenditures are recognised as an expense in the period in which they are incurred. Depreciation Depreciation is calculated on a straight-line basis over the estimated useful life of the asset. Depreciation is discontinued when the carrying value of an asset equals its residual value. The residual value of ships is based on their estimated realisable value at the end of their useful life. Depreciation is calculated on a straight-line basis over the estimated useful life of assets as follows: \u2022 buildings 5 to 50 years \u2022 plant and equipment 3 to 10 years \u2022 ships 17 to 40 years \u2022 other equipment 2 to 5 years Land is not depreciated. Depreciation is calculated separately for two components of a ship: the vessel itself and dry-docking expenses as a separate component. This is based on the industry accounting practice. The depreciation charge is calculated for each part of a ship on a straight-line basis over the estimated useful life as follows: \u2022 ships 17 to 40 years \u2022 capitalised dry-docking expenses 2 to 5 years The residual values, depreciation methods and useful lives of items of property, plant and equipment are reviewed at least at each financial year-end and, if an expectation differs from previous estimates, the change is accounted for as a change in an accounting estimate. The residual value is calculated as a percentage of the gross carrying amount of the ship. An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of an asset is included in profit or loss (in \u2018other operating income\u2019 or \u2018other operating expenses\u2019) in the financial year the asset is derecognised. Note 14 Property, Plant and Equipment 1 Additions and reclassifications include a delivery of MyStar with a total cost of EUR 252 027 thousand. In thousands of EUR Land and buildings Ships\u00b9 Plant and equipment Right-of-use assets Assets under construction Total Book value as at 31 December 2021 1 582 1 082 535 50 472 108 809 79 955 1 323 353 Additions 1 388 175 893 7 152 8 245 16 362 209 040 Reclassification 0 87 152 5 892 0 -92 967 77 Disposals 0 -2 587 -159 -222 0 -2 968 Depreciation for the period -185 -55 278 -15 425 -20 328 0 -91 216 Book value as at 31 December 2022 2 785 1 287 715 47 932 96 504 3 350 1 438 286 As at 31 December 2022 Gross carrying amount 10 065 1 908 961 131 139 156 638 3 350 2 210 153 Accumulated depreciation -7 280 -621 246 -83 207 -60 134 0 -771 867 Book value as at 31 December 2020 1 477 1 134 564 54 483 94 738 78 223 1 363 485 Additions 259 -398 6 334 35 372 11 239 52 806 Reclassification 140 3 443 5 924 0 -9 507 0 Disposals 0 0 -509 -4 054 0 -4 563 Depreciation for the period -294 -55 074 -15 760 -17 247 0 -88 375 Book value as at 31 December 2021 1 582 1 082 535 50 472 108 809 79 955 1 323 353 As at 31 December 2021 Gross carrying amount 8 677 1 653 461 119 577 151 997 79 955 2 013 667 Accumulated depreciation -7 095 -570 926 -69 105 -43 188 0 -690 314 Right-of-use assets by classes of property, plant and equipment Testing Right-of-Use Assets for Impairment The Group\u2019s right-of-use assets are measured at cost, less accumulated depreciation and any impairment. At the end of the reporting period the Group assesses whether there is any indication of impairment. As at 31 December 2022, the recoverable amount of operational hotels right-of-use lease assets was tested for impairment (book value EUR 68 364 thousand) using the discounted cash flow method. For testing purposes the Group used a detailed budget for the year 2023, assuming a fast recovery after end of the COVID-19 pandemic, and a strategic forecast for the years 2024-2032, which included revenues, expenses and investing activities (2021: a detailed budget for 2022 and a strategic forecast for 2023-2031). For the Estonian hotels, the combined revenue growth rate used in the calculations was 1.7%-7.3% for the years 2024-2032 and the combined operating expense growth rate was 2.5%-14.3% (2021: 2023-2031 revenue growth rate 3.0%-22.4% and operating expense growth rate 1.7%-8.5%). A weighted average cost of capital of 10.0% was used for the years 2023- 2024 and 7.03% for 2025-2032 (2021: 10.0% for 2022-2023 and 6.31% for 2024-2031). Latvian hotel was forecasted to be re-opened in April 2023; the revenue growth rate used for testing period 2024- 2030 was 1.7%-26.3% and operating expense growth rate was 2.7%-8.8%. For the Latvian hotel, a weighted average cost of capital of 10.0% was used for the years 2023-2024 and 7.48% for 2025- 2030. An impairment loss is recognised if the carrying amount of an assets exceeds its recoverable amount. Management is of the opinion that as at 31 December 2022 there were no material differences between the carrying amounts and fair values (as well as at 31 December 2021). In thousands of EUR Buildings and premises Plant and equipment Total right-of- use assets Book value as at 31 December 2021 108 340 469 108 809 Additions 7 548 697 8 245 Disposals -184 -38 -222 Depreciation for the period -19 997 -331 -20 328 Book value as at 31 December 2022 95 707 797 96 504 As at 31 December 2022 Gross carrying amount 154 910 1 728 156 638 Accumulated depreciation -59 203 -931 -60 134 Book value as at 31 December 2020 94 102 636 94 738 Additions 35 159 213 35 372 Disposals -4 019 -35 -4 054 Depreciation for the period -16 902 -345 -17 247 Book value as at 31 December 2021 108 340 469 108 809 As at 31 December 2021 Gross carrying amount 150 576 1 421 151 997 Accumulated depreciation -42 236 -952 -43 188 Revaluation of Ships The Group\u2019s vessels are measured at revalued amounts, which are determined using fair value at the end of the reporting period. The Group used the valuations of three independent appraisers to determine the fair value of ships. Fair value was determined by reference to market-based inputs, which are mainly unobservable (level 3 under the fair value hierarchy). The Group\u2019s management also take into consideration the expected cash flows of chartered ships if needed. The following table shows the valuation techniques used in measuring the ships\u2019 fair values, as well as the significant unobservable inputs used. Valuation technique Significant unobservable inputs Market comparison technique, cost approach: independent appraisers consider both approaches. They scan the market and look at second-hand sales of similar ships and analyse general demand for the particular ship in various parts of the world. Also, they look at the construction cost of the ship less reasonable depreciation and the construction prices of similar new ships today. Sales prices of similar ships Level of demand for particular ships Construction prices of ships Maintenance and repair programme of ships The frequency of revaluations depends on changes in fair values which are assessed at each year- end. When fair value differs materially from the carrying amount, further revaluation is performed. Management is of the opinion that as at 31 December 2022 there were no material differences between the carrying amounts and fair values (as well as at 31 December 2021). As a result of the pandemic that affected ship operations over the past years, and war in Ukraine, the market is very illiquid with very few transactions made in this segment of tonnage. Therefore, the valuations are to be deemed uncertain. Depending on how the situation develops and when passenger traffic resumes to its full extent the values are subject to adjustment in the short term. Management is of the opinion that buyers of this type of asset normally have a long-term view and a planning horizon stretching to 20-30 years and therefore possible market fluctuations are to be regarded as temporary. If the ships were measured using the cost model, the carrying amounts would be as follows: Due to the annual transfer from the revaluation reserve to retained earnings (the difference between depreciation based on the revalued carrying amount of the assets and the depreciation based on the assets\u2019 original cost) the revaluation reserve was decreased as at 31 December 2022 by EUR 2 047 thousand (2021: EUR 2 047 thousand) and retained earnings were increased by the same amount. As at 31 December 2022 In thousands of EUR Cost 2 031 631 Accumulated depreciation -777 280 Net carrying amount 1 254 351 As at 31 December 2021 In thousands of EUR Cost 1 778 543 Accumulated depreciation -731 419 Net carrying amount 1 047 124 As at 31 December 2022 the Group\u2019s ships with a book value of EUR 1 267 423 thousand (2021: EUR 1 060 950 thousand) were encumbered with first or second ranking mortgages to secure the Group\u2019s bank loans (see also Note 16). Change in useful life of vessel During 2022, the Group conducted an in-service expectancy review of its vessels. Based on the analysis of the intensity of usage, regular maintenance and investments of its vessels, the Group concluded, that the estimated useful life of its vessel Megastar can be extended by 5 years. As a result, the expected useful life of the Group\u2019s vessel Megastar was increased from 35 years to 40 years and vessel\u2019s estimated residual value remained the same. The total effect of the change was EUR 803 thousand less depreciation expense in 2022. Contractual Commitments As at 31 December 2021 the Group had a contractual commitment for a new vessel, MyStar, of EUR 172 900 thousand. MyStar was delivered in December 2022. As at 31 December 2022 the Group had no contractual commitments. The Group did not have any other substantial contractual commitments related to property, plant and equipment. ",
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"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4952": {
"value": "3.4. Property, Plant and Equipment Recognition and Measurement Property, plant and equipment, except ships, are measured at cost, less accumulated depreciation and any impairment. Cost includes expenditure that is directly attributable to the acquisition of the asset, including borrowing costs (see 3.8). The cost of self-constructed assets includes the cost of materials and direct labour and any other costs directly attributable to bringing the assets to a working condition for their intended use. When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment. Ships are measured at revalued amounts (i.e. fair value less depreciation charged subsequent to the date of the revaluation). Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting period. At the revaluation date, the carrying amount of ships is replaced with their fair value at the date of revaluation and accumulated depreciation is eliminated. Any revaluation surplus is recognised in other comprehensive income and presented in the revaluation reserve in equity. A revaluation deficit is recognised in loss, except that a deficit offsetting a previous surplus on the same asset, previously recognised in other comprehensive income, is offset against the surplus in the \u2018revaluation of ships\u2019. An annual transfer from the revaluation reserve to retained earnings is made for the difference between depreciation based on the revalued carrying amount of the assets and the depreciation based on the assets\u2019 original cost. Upon disposal, any revaluation reserve relating to the particular asset being sold is transferred to retained earnings. Subsequent Costs Subsequent expenditure relating to an item of property, plant and equipment that has already been recognised (e.g. replacements of parts of some items, dry-dockings with intervals of two or five years) is added to the carrying amount of the asset, if the recognition criteria are met, i.e. (a) it is probable that future economic benefits associated with the item will flow to the Group, and (b) the cost of the item can be measured reliably. The replaced items are derecognised. All other expenditures are recognised as an expense in the period in which they are incurred. Depreciation Depreciation is calculated on a straight-line basis over the estimated useful life of the asset. Depreciation is discontinued when the carrying value of an asset equals its residual value. The residual value of ships is based on their estimated realisable value at the end of their useful life. Depreciation is calculated on a straight-line basis over the estimated useful life of assets as follows: \u2022 buildings 5 to 50 years \u2022 plant and equipment 3 to 10 years \u2022 ships 17 to 40 years \u2022 other equipment 2 to 5 years Land is not depreciated. Depreciation is calculated separately for two components of a ship: the vessel itself and dry-docking expenses as a separate component. This is based on the industry accounting practice. The depreciation charge is calculated for each part of a ship on a straight-line basis over the estimated useful life as follows: \u2022 ships 17 to 40 years \u2022 capitalised dry-docking expenses 2 to 5 years The residual values, depreciation methods and useful lives of items of property, plant and equipment are reviewed at least at each financial year-end and, if an expectation differs from previous estimates, the change is accounted for as a change in an accounting estimate. The residual value is calculated as a percentage of the gross carrying amount of the ship. An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of an asset is included in profit or loss (in \u2018other operating income\u2019 or \u2018other operating expenses\u2019) in the financial year the asset is derecognised. ",
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"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4983": {
"value": "Depreciation Depreciation is calculated on a straight-line basis over the estimated useful life of the asset. Depreciation is discontinued when the carrying value of an asset equals its residual value. The residual value of ships is based on their estimated realisable value at the end of their useful life. Depreciation is calculated on a straight-line basis over the estimated useful life of assets as follows: \u2022 buildings 5 to 50 years \u2022 plant and equipment 3 to 10 years \u2022 ships 17 to 40 years \u2022 other equipment 2 to 5 years Land is not depreciated. Depreciation is calculated separately for two components of a ship: the vessel itself and dry-docking expenses as a separate component. This is based on the industry accounting practice. The depreciation charge is calculated for each part of a ship on a straight-line basis over the estimated useful life as follows: \u2022 ships 17 to 40 years \u2022 capitalised dry-docking expenses 2 to 5 years The residual values, depreciation methods and useful lives of items of property, plant and equipment are reviewed at least at each financial year-end and, if an expectation differs from previous estimates, the change is accounted for as a change in an accounting estimate. The residual value is calculated as a percentage of the gross carrying amount of the ship. An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of an asset is included in profit or loss (in \u2018other operating income\u2019 or \u2018other operating expenses\u2019) in the financial year the asset is derecognised. Amortisation Amortisation is calculated on a straight-line basis over the estimated useful life of an intangible asset as follows: \u2022 trademarks 20 years \u2022 other intangible assets 5 to 10 years Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognised in profit or loss when the asset is derecognised. Note 5 Operating Expenses and Financial Items Cost of Sales Sales and Marketing Expenses Administrative Expenses Specification of Staff Costs Included in the Cost of Sales, Sales and Marketing Expenses and Administrative Expenses During the reporting period EUR 32 519 thousand was deducted from the cost of sales in connection with government grants related to seamen\u2019s salaries in Estonia, Finland and Sweden (2021: EUR 26 719 thousand). The grants are received according to law. During the reporting period no COVID-19 related aid was received (2021: EUR 411 thousand). In 2021 EUR 5 980 thousand of COVID-19 related aid was paid directly to the employees by the Estonian Unemployment Insurance Fund, see also Note 22. For the year ended 31 December, in thousands of EUR 2022 2021 Cost of goods sold -160 556 -110 451 Port & stevedoring costs -77 198 -62 998 Fuel costs -144 141 -72 234 Staff costs -120 018 -86 101 Ships\u2019 operating expenses -51 607 -34 363 Depreciation and amortisation (Notes 14, 15) -85 894 -82 394 Cost of travel package sales -6 155 -1 529 Other costs -12 348 -5 212 Total cost of sales -657 917 -455 282 For the year ended 31 December, in thousands of EUR 2022 2021 Advertising expenses -14 811 -8 320 Staff costs -19 580 -16 770 Depreciation and amortisation (Notes 14, 15) -1 918 -2 003 Other costs -2 487 -2 169 Total sales and marketing expenses -38 796 -29 262 For the year ended 31 December, in thousands of EUR 2022 2021 Staff costs -23 255 -21 175 Depreciation and amortisation (Notes 14, 15) -10 324 -10 916 Other costs -13 976 -13 542 Total administrative expenses -47 555 -45 633 For the year ended 31 December, in thousands of EUR 2022 2021 Wages and salaries -148 934 -114 661 Government grants 32 519 27 130 Social security costs -44 592 -34 072 Staff training costs -549 -608 Other staff costs -1 297 -1 835 Total staff costs -162 853 -124 046 Government grants receivable are disclosed in Note 9. The average number of the Group\u2019s employees according to their employment relationship is presented in the table belowFinance Income and Finance Costs Recognised in Profit or Loss For the year ended 31 December 2022 2021 Employees under employment contract 4 780 3 749 Employees under service contract 238 605 Members of the Management Board 5 6 Total average number of employees 5 023 4 360 For the year ended 31 December, in thousands of EUR 2022 2021 Net foreign exchange gain 0 31 Income from other financial assets 215 3 Total finance income 215 34 Net foreign exchange loss -34 0 Expenses from other financial assets 0 -75 Interest expense on financial liabilities measured at amortised cost -22 447 -19 424 Interest expense on lease liabilities related to right-of-use assets -2 390 -2 422 Total finance costs -24 871 -21 921 Net finance costs -24 656 -21 887 ",
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"f4984": {
"value": "Depreciation Depreciation is calculated on a straight-line basis over the estimated useful life of the asset. Depreciation is discontinued when the carrying value of an asset equals its residual value. The residual value of ships is based on their estimated realisable value at the end of their useful life. Depreciation is calculated on a straight-line basis over the estimated useful life of assets as follows: \u2022 buildings 5 to 50 years \u2022 plant and equipment 3 to 10 years \u2022 ships 17 to 40 years \u2022 other equipment 2 to 5 years Land is not depreciated. Depreciation is calculated separately for two components of a ship: the vessel itself and dry-docking expenses as a separate component. This is based on the industry accounting practice. The depreciation charge is calculated for each part of a ship on a straight-line basis over the estimated useful life as follows: \u2022 ships 17 to 40 years \u2022 capitalised dry-docking expenses 2 to 5 years The residual values, depreciation methods and useful lives of items of property, plant and equipment are reviewed at least at each financial year-end and, if an expectation differs from previous estimates, the change is accounted for as a change in an accounting estimate. The residual value is calculated as a percentage of the gross carrying amount of the ship. An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of an asset is included in profit or loss (in \u2018other operating income\u2019 or \u2018other operating expenses\u2019) in the financial year the asset is derecognised. Amortisation Amortisation is calculated on a straight-line basis over the estimated useful life of an intangible asset as follows: \u2022 trademarks 20 years \u2022 other intangible assets 5 to 10 years Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognised in profit or loss when the asset is derecognised. ",
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"f4985": {
"value": "Depreciation Depreciation is calculated on a straight-line basis over the estimated useful life of the asset. Depreciation is discontinued when the carrying value of an asset equals its residual value. The residual value of ships is based on their estimated realisable value at the end of their useful life. Depreciation is calculated on a straight-line basis over the estimated useful life of assets as follows: \u2022 buildings 5 to 50 years \u2022 plant and equipment 3 to 10 years \u2022 ships 17 to 40 years \u2022 other equipment 2 to 5 years Land is not depreciated. Depreciation is calculated separately for two components of a ship: the vessel itself and dry-docking expenses as a separate component. This is based on the industry accounting practice. The depreciation charge is calculated for each part of a ship on a straight-line basis over the estimated useful life as follows: \u2022 ships 17 to 40 years \u2022 capitalised dry-docking expenses 2 to 5 years The residual values, depreciation methods and useful lives of items of property, plant and equipment are reviewed at least at each financial year-end and, if an expectation differs from previous estimates, the change is accounted for as a change in an accounting estimate. The residual value is calculated as a percentage of the gross carrying amount of the ship. An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of an asset is included in profit or loss (in \u2018other operating income\u2019 or \u2018other operating expenses\u2019) in the financial year the asset is derecognised. Amortisation Amortisation is calculated on a straight-line basis over the estimated useful life of an intangible asset as follows: \u2022 trademarks 20 years \u2022 other intangible assets 5 to 10 years Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognised in profit or loss when the asset is derecognised. Cost of Sales Sales and Marketing Expenses Administrative Expenses For the year ended 31 December, in thousands of EUR 2022 2021 Cost of goods sold -160 556 -110 451 Port & stevedoring costs -77 198 -62 998 Fuel costs -144 141 -72 234 Staff costs -120 018 -86 101 Ships\u2019 operating expenses -51 607 -34 363 Depreciation and amortisation (Notes 14, 15) -85 894 -82 394 Cost of travel package sales -6 155 -1 529 Other costs -12 348 -5 212 Total cost of sales -657 917 -455 282 For the year ended 31 December, in thousands of EUR 2022 2021 Advertising expenses -14 811 -8 320 Staff costs -19 580 -16 770 Depreciation and amortisation (Notes 14, 15) -1 918 -2 003 Other costs -2 487 -2 169 Total sales and marketing expenses -38 796 -29 262 For the year ended 31 December, in thousands of EUR 2022 2021 Staff costs -23 255 -21 175 Depreciation and amortisation (Notes 14, 15) -10 324 -10 916 Other costs -13 976 -13 542 Total administrative expenses -47 555 -45 633 Note 14 Property, Plant and Equipment 1 Additions and reclassifications include a delivery of MyStar with a total cost of EUR 252 027 thousand. In thousands of EUR Land and buildings Ships\u00b9 Plant and equipment Right-of-use assets Assets under construction Total Book value as at 31 December 2021 1 582 1 082 535 50 472 108 809 79 955 1 323 353 Additions 1 388 175 893 7 152 8 245 16 362 209 040 Reclassification 0 87 152 5 892 0 -92 967 77 Disposals 0 -2 587 -159 -222 0 -2 968 Depreciation for the period -185 -55 278 -15 425 -20 328 0 -91 216 Book value as at 31 December 2022 2 785 1 287 715 47 932 96 504 3 350 1 438 286 As at 31 December 2022 Gross carrying amount 10 065 1 908 961 131 139 156 638 3 350 2 210 153 Accumulated depreciation -7 280 -621 246 -83 207 -60 134 0 -771 867 Book value as at 31 December 2020 1 477 1 134 564 54 483 94 738 78 223 1 363 485 Additions 259 -398 6 334 35 372 11 239 52 806 Reclassification 140 3 443 5 924 0 -9 507 0 Disposals 0 0 -509 -4 054 0 -4 563 Depreciation for the period -294 -55 074 -15 760 -17 247 0 -88 375 Book value as at 31 December 2021 1 582 1 082 535 50 472 108 809 79 955 1 323 353 As at 31 December 2021 Gross carrying amount 8 677 1 653 461 119 577 151 997 79 955 2 013 667 Accumulated depreciation -7 095 -570 926 -69 105 -43 188 0 -690 314 Right-of-use assets by classes of property, plant and equipment Testing Right-of-Use Assets for Impairment The Group\u2019s right-of-use assets are measured at cost, less accumulated depreciation and any impairment. At the end of the reporting period the Group assesses whether there is any indication of impairment. As at 31 December 2022, the recoverable amount of operational hotels right-of-use lease assets was tested for impairment (book value EUR 68 364 thousand) using the discounted cash flow method. For testing purposes the Group used a detailed budget for the year 2023, assuming a fast recovery after end of the COVID-19 pandemic, and a strategic forecast for the years 2024-2032, which included revenues, expenses and investing activities (2021: a detailed budget for 2022 and a strategic forecast for 2023-2031). For the Estonian hotels, the combined revenue growth rate used in the calculations was 1.7%-7.3% for the years 2024-2032 and the combined operating expense growth rate was 2.5%-14.3% (2021: 2023-2031 revenue growth rate 3.0%-22.4% and operating expense growth rate 1.7%-8.5%). A weighted average cost of capital of 10.0% was used for the years 2023- 2024 and 7.03% for 2025-2032 (2021: 10.0% for 2022-2023 and 6.31% for 2024-2031). Latvian hotel was forecasted to be re-opened in April 2023; the revenue growth rate used for testing period 2024- 2030 was 1.7%-26.3% and operating expense growth rate was 2.7%-8.8%. For the Latvian hotel, a weighted average cost of capital of 10.0% was used for the years 2023-2024 and 7.48% for 2025- 2030. An impairment loss is recognised if the carrying amount of an assets exceeds its recoverable amount. Management is of the opinion that as at 31 December 2022 there were no material differences between the carrying amounts and fair values (as well as at 31 December 2021). In thousands of EUR Buildings and premises Plant and equipment Total right-of- use assets Book value as at 31 December 2021 108 340 469 108 809 Additions 7 548 697 8 245 Disposals -184 -38 -222 Depreciation for the period -19 997 -331 -20 328 Book value as at 31 December 2022 95 707 797 96 504 As at 31 December 2022 Gross carrying amount 154 910 1 728 156 638 Accumulated depreciation -59 203 -931 -60 134 Book value as at 31 December 2020 94 102 636 94 738 Additions 35 159 213 35 372 Disposals -4 019 -35 -4 054 Depreciation for the period -16 902 -345 -17 247 Book value as at 31 December 2021 108 340 469 108 809 As at 31 December 2021 Gross carrying amount 150 576 1 421 151 997 Accumulated depreciation -42 236 -952 -43 188 Revaluation of Ships The Group\u2019s vessels are measured at revalued amounts, which are determined using fair value at the end of the reporting period. The Group used the valuations of three independent appraisers to determine the fair value of ships. Fair value was determined by reference to market-based inputs, which are mainly unobservable (level 3 under the fair value hierarchy). The Group\u2019s management also take into consideration the expected cash flows of chartered ships if needed. The following table shows the valuation techniques used in measuring the ships\u2019 fair values, as well as the significant unobservable inputs used. Valuation technique Significant unobservable inputs Market comparison technique, cost approach: independent appraisers consider both approaches. They scan the market and look at second-hand sales of similar ships and analyse general demand for the particular ship in various parts of the world. Also, they look at the construction cost of the ship less reasonable depreciation and the construction prices of similar new ships today. Sales prices of similar ships Level of demand for particular ships Construction prices of ships Maintenance and repair programme of ships The frequency of revaluations depends on changes in fair values which are assessed at each year- end. When fair value differs materially from the carrying amount, further revaluation is performed. Management is of the opinion that as at 31 December 2022 there were no material differences between the carrying amounts and fair values (as well as at 31 December 2021). As a result of the pandemic that affected ship operations over the past years, and war in Ukraine, the market is very illiquid with very few transactions made in this segment of tonnage. Therefore, the valuations are to be deemed uncertain. Depending on how the situation develops and when passenger traffic resumes to its full extent the values are subject to adjustment in the short term. Management is of the opinion that buyers of this type of asset normally have a long-term view and a planning horizon stretching to 20-30 years and therefore possible market fluctuations are to be regarded as temporary. If the ships were measured using the cost model, the carrying amounts would be as follows: Due to the annual transfer from the revaluation reserve to retained earnings (the difference between depreciation based on the revalued carrying amount of the assets and the depreciation based on the assets\u2019 original cost) the revaluation reserve was decreased as at 31 December 2022 by EUR 2 047 thousand (2021: EUR 2 047 thousand) and retained earnings were increased by the same amount. As at 31 December 2022 In thousands of EUR Cost 2 031 631 Accumulated depreciation -777 280 Net carrying amount 1 254 351 As at 31 December 2021 In thousands of EUR Cost 1 778 543 Accumulated depreciation -731 419 Net carrying amount 1 047 124 As at 31 December 2022 the Group\u2019s ships with a book value of EUR 1 267 423 thousand (2021: EUR 1 060 950 thousand) were encumbered with first or second ranking mortgages to secure the Group\u2019s bank loans (see also Note 16). Change in useful life of vessel During 2022, the Group conducted an in-service expectancy review of its vessels. Based on the analysis of the intensity of usage, regular maintenance and investments of its vessels, the Group concluded, that the estimated useful life of its vessel Megastar can be extended by 5 years. As a result, the expected useful life of the Group\u2019s vessel Megastar was increased from 35 years to 40 years and vessel\u2019s estimated residual value remained the same. The total effect of the change was EUR 803 thousand less depreciation expense in 2022. Contractual Commitments As at 31 December 2021 the Group had a contractual commitment for a new vessel, MyStar, of EUR 172 900 thousand. MyStar was delivered in December 2022. As at 31 December 2022 the Group had no contractual commitments. The Group did not have any other substantial contractual commitments related to property, plant and equipment. Note 15 Intangible Assets Intangible Asset Classes 1 Goodwill in the amount of EUR 11 066 thousand is related to Estonia-Finland routes segment. In the impairment test of goodwill related to Estonia-Finland routes, the recoverable amount was identified based on value in use. Management calculated value in use based on five-year cash flow perpetuity In thousands of EUR Goodwill\u00b9 Trademark\u00b2 Other\u00b3 Assets under construction Total Book value as at 31 December 2021 11 066 13 090 11 426 711 36 293 Additions 0 0 167 2 360 2 527 Reclassification 0 0 2 456 -2 533 -77 Amortisation for the period 0 -2 916 -4 004 0 -6 920 Book value as at 31 December 2022 11 066 10 174 10 045 538 31 823 As at 31 December 2022 Cost 11 066 58 288 44 071 538 113 963 Accumulated amortisation 0 -48 114 -34 026 0 -82 140 Book value as at 31 December 2020 11 066 16 006 12 829 547 40 448 Additions 0 0 725 2 058 2 783 Reclassification 0 0 1 894 -1 894 0 Amortisation for the period 0 -2 916 -4 022 0 -6 938 Book value as at 31 December 2021 11 066 13 090 11 426 711 36 293 As at 31 December 2021 Cost 11 066 58 288 41 699 711 111 764 Accumulated amortisation 0 -45 198 -30 273 0 -75 471 and using a discount rate of 7.60% (2021: 6.54%). Five-year cash flow to perpetuity value was used. There was no need to recognise an impairment loss. 2 A trademark of EUR 58 288 thousand was recognised in connection with the acquisition of Silja OY Ab in 2006. The fair value of the trademark at the acquisition date was determined using the relief from royalty method. As at 31 December 2022 the remaining amortisation period of the trademark was 3.5 years. As at 31 December 2022, the book value of the trademark was tested for impairment. For testing purposes revenue was modelled in a short-term recovery stage and long-term stable growth stage. Following recovery the average annual revenue growth rate of 1.6% (2021: 1.5%), a royalty rate of 2.25% (2021: 2.25%) and an equity discount rate of 11.2% (2021: 9.0% weighted average cost of capital) were used. There was no need to recognise an impairment loss. 3 Other intangible assets include mostly the licences and the development costs of IT software. The licenses have finite lives and are amortised over 5 to 10 years. Amortisation of intangible assets is recorded in profit or loss under cost of sales, sales and marketing expenses and administrative expenses. Note 17 Leases The Group as the Lessee The Group leases hotel and office buildings, warehouse, restaurant and shop premises. The leases typically run for a fixed period, with the Group\u2019s option to renew the lease further. Some lease payments are increased every year and some leases provide for additional lease payments that are based on the result of operations. Right-of-Use Assets Right-of-use assets are presented as property, plant and equipment. Amounts Recognised in Profit or Loss 1 The Group negotiated rent concessions with the landlords for the leases of its hotels and retail premises because of the severe impact of the COVID-19 pandemic during the year. The Group applied the practical expedient for COVID-19 related rent concessions consistently to eligible rent concessions relating to the leases of its hotels and retail premises. In thousands of EUR Buildings and premises Plant and equipment Total right-of-use assets Book value as at 31 December 2021 108 340 469 108 809 Additions 7 548 697 8 245 Disposals -184 -38 -222 Depreciation for the period -19 997 -331 -20 328 Book value as at 31 December 2022 95 707 797 96 504 Book value as at 31 December 2020 94 102 636 94 738 Additions 35 159 213 35 372 Disposals -4 019 -35 -4 054 Depreciation for the period -16 902 -345 -17 247 Book value as at 31 December 2021 108 340 469 108 809 For the year ended 31 December 2022 In thousands of EUR Depreciation for the period -20 328 Interest expense on lease liabilities related to right-of-use assets -2 390 COVID-19 related lease discounts\u00b9 62 Expenses on short-term and low-value leases -1 434 Lease expenses under IFRS 16 -24 090 For the year ended 31 December 2021 In thousands of EUR Depreciation for the period -17 247 Interest expense on lease liabilities related to right-of-use assets -2 422 COVID-19 related lease discounts\u00b9 2 083 Expenses on short-term and low-value leases -1 034 Lease expenses under IFRS 16 -18 620 The Group as the Lessor The Group\u2019s charter income for 2022 was EUR 65 808 thousand (2021: EUR 30 278 thousand). Minimum non-cancellable charter payments are as follows: All charter agreements used by the Group are based on BIMCO Standard Bareboat Charter and BIMCO Time Charter Agreement. As at 31 December, in thousands of EUR 2022 2021 < 1 year 74 990 18 281 Year 2 15 629 12 045 Year 3 2 640 12 078 Year 4 0 2 640 Total minimum charter payments 93 259 45 044 ",
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"f4986": {
"value": "Depreciation Depreciation is calculated on a straight-line basis over the estimated useful life of the asset. Depreciation is discontinued when the carrying value of an asset equals its residual value. The residual value of ships is based on their estimated realisable value at the end of their useful life. Depreciation is calculated on a straight-line basis over the estimated useful life of assets as follows: \u2022 buildings 5 to 50 years \u2022 plant and equipment 3 to 10 years \u2022 ships 17 to 40 years \u2022 other equipment 2 to 5 years Land is not depreciated. Depreciation is calculated separately for two components of a ship: the vessel itself and dry-docking expenses as a separate component. This is based on the industry accounting practice. The depreciation charge is calculated for each part of a ship on a straight-line basis over the estimated useful life as follows: \u2022 ships 17 to 40 years \u2022 capitalised dry-docking expenses 2 to 5 years The residual values, depreciation methods and useful lives of items of property, plant and equipment are reviewed at least at each financial year-end and, if an expectation differs from previous estimates, the change is accounted for as a change in an accounting estimate. The residual value is calculated as a percentage of the gross carrying amount of the ship. An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of an asset is included in profit or loss (in \u2018other operating income\u2019 or \u2018other operating expenses\u2019) in the financial year the asset is derecognised. Amortisation Amortisation is calculated on a straight-line basis over the estimated useful life of an intangible asset as follows: \u2022 trademarks 20 years \u2022 other intangible assets 5 to 10 years Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognised in profit or loss when the asset is derecognised. ",
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"f5039": {
"value": "3.5. Intangible Assets Goodwill Goodwill that arises upon the acquisition of subsidiaries is included in intangible assets. Subsequent Measurement Goodwill is measured at cost less accumulated impairment losses. Research and Development Costs Research costs are expensed as incurred. An intangible asset arising from development expenditure on an individual project is capitalised only when the Group can demonstrate (1) the technical feasibility of completing the intangible asset so that it will be available for use or sale; (2) its intention to complete and its ability to use or sell the asset; (3) how the asset will generate future economic benefits; (4) the availability of resources to complete the asset; and (5) the ability to measure reliably the expenditure attributable to the asset during development. Following the initial recognition of development expenditure, the cost model is applied requiring the asset to be carried at cost less any accumulated amortisation and any accumulated impairment losses. Any expenditure capitalised is amortised over the period of expected future sales from the related project. Amortisation of the asset begins when development is completed and the asset is available for use. Trademark The cost of a trademark acquired as part of the acquisition of a business is its fair value as at the date of acquisition. Following initial recognition, intangible assets with finite useful lives are carried at cost less accumulated amortisation and any accumulated impairment losses. Other Intangible Assets Other intangible assets (the licences and development costs of IT programs, acquired customer contracts) are initially recognised at cost. Following initial recognition, intangible assets with finite useful lives are carried at cost less accumulated amortisation and any accumulated impairment losses. Internally generated intangible assets, excluding capitalised development costs, are not capitalised and expenditure is expensed in the year in which the expenditure is incurred. The useful lives of intangible assets are assessed to be either finite or indefinite. Intangible assets with finite lives are amortised over the useful economic life on a straight-line basis and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation method for an intangible asset with a finite life are reviewed at each financial year-end. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are accounted for by changing the amortisation period or method, as appropriate, and treated as changes in accounting estimates. The amortisation expense on intangible assets with finite lives is recognised in profit or loss in the expense category according to the function of the intangible asset. Subsequent Expenditure Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognised in profit or loss as incurred. Amortisation Amortisation is calculated on a straight-line basis over the estimated useful life of an intangible asset as follows: \u2022 trademarks 20 years \u2022 other intangible assets 5 to 10 years Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognised in profit or loss when the asset is derecognised. Note 15 Intangible Assets Intangible Asset Classes 1 Goodwill in the amount of EUR 11 066 thousand is related to Estonia-Finland routes segment. In the impairment test of goodwill related to Estonia-Finland routes, the recoverable amount was identified based on value in use. Management calculated value in use based on five-year cash flow perpetuity In thousands of EUR Goodwill\u00b9 Trademark\u00b2 Other\u00b3 Assets under construction Total Book value as at 31 December 2021 11 066 13 090 11 426 711 36 293 Additions 0 0 167 2 360 2 527 Reclassification 0 0 2 456 -2 533 -77 Amortisation for the period 0 -2 916 -4 004 0 -6 920 Book value as at 31 December 2022 11 066 10 174 10 045 538 31 823 As at 31 December 2022 Cost 11 066 58 288 44 071 538 113 963 Accumulated amortisation 0 -48 114 -34 026 0 -82 140 Book value as at 31 December 2020 11 066 16 006 12 829 547 40 448 Additions 0 0 725 2 058 2 783 Reclassification 0 0 1 894 -1 894 0 Amortisation for the period 0 -2 916 -4 022 0 -6 938 Book value as at 31 December 2021 11 066 13 090 11 426 711 36 293 As at 31 December 2021 Cost 11 066 58 288 41 699 711 111 764 Accumulated amortisation 0 -45 198 -30 273 0 -75 471 and using a discount rate of 7.60% (2021: 6.54%). Five-year cash flow to perpetuity value was used. There was no need to recognise an impairment loss. 2 A trademark of EUR 58 288 thousand was recognised in connection with the acquisition of Silja OY Ab in 2006. The fair value of the trademark at the acquisition date was determined using the relief from royalty method. As at 31 December 2022 the remaining amortisation period of the trademark was 3.5 years. As at 31 December 2022, the book value of the trademark was tested for impairment. For testing purposes revenue was modelled in a short-term recovery stage and long-term stable growth stage. Following recovery the average annual revenue growth rate of 1.6% (2021: 1.5%), a royalty rate of 2.25% (2021: 2.25%) and an equity discount rate of 11.2% (2021: 9.0% weighted average cost of capital) were used. There was no need to recognise an impairment loss. 3 Other intangible assets include mostly the licences and the development costs of IT software. The licenses have finite lives and are amortised over 5 to 10 years. Amortisation of intangible assets is recorded in profit or loss under cost of sales, sales and marketing expenses and administrative expenses. ",
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},
"f5040": {
"value": "3.5. Intangible Assets Goodwill Goodwill that arises upon the acquisition of subsidiaries is included in intangible assets. Subsequent Measurement Goodwill is measured at cost less accumulated impairment losses. Research and Development Costs Research costs are expensed as incurred. An intangible asset arising from development expenditure on an individual project is capitalised only when the Group can demonstrate (1) the technical feasibility of completing the intangible asset so that it will be available for use or sale; (2) its intention to complete and its ability to use or sell the asset; (3) how the asset will generate future economic benefits; (4) the availability of resources to complete the asset; and (5) the ability to measure reliably the expenditure attributable to the asset during development. Following the initial recognition of development expenditure, the cost model is applied requiring the asset to be carried at cost less any accumulated amortisation and any accumulated impairment losses. Any expenditure capitalised is amortised over the period of expected future sales from the related project. Amortisation of the asset begins when development is completed and the asset is available for use. Trademark The cost of a trademark acquired as part of the acquisition of a business is its fair value as at the date of acquisition. Following initial recognition, intangible assets with finite useful lives are carried at cost less accumulated amortisation and any accumulated impairment losses. Other Intangible Assets Other intangible assets (the licences and development costs of IT programs, acquired customer contracts) are initially recognised at cost. Following initial recognition, intangible assets with finite useful lives are carried at cost less accumulated amortisation and any accumulated impairment losses. Internally generated intangible assets, excluding capitalised development costs, are not capitalised and expenditure is expensed in the year in which the expenditure is incurred. The useful lives of intangible assets are assessed to be either finite or indefinite. Intangible assets with finite lives are amortised over the useful economic life on a straight-line basis and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation method for an intangible asset with a finite life are reviewed at each financial year-end. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are accounted for by changing the amortisation period or method, as appropriate, and treated as changes in accounting estimates. The amortisation expense on intangible assets with finite lives is recognised in profit or loss in the expense category according to the function of the intangible asset. Subsequent Expenditure Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognised in profit or loss as incurred. Amortisation Amortisation is calculated on a straight-line basis over the estimated useful life of an intangible asset as follows: \u2022 trademarks 20 years \u2022 other intangible assets 5 to 10 years Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognised in profit or loss when the asset is derecognised. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5041": {
"value": "3.5. Intangible Assets Research and Development Costs Research costs are expensed as incurred. An intangible asset arising from development expenditure on an individual project is capitalised only when the Group can demonstrate (1) the technical feasibility of completing the intangible asset so that it will be available for use or sale; (2) its intention to complete and its ability to use or sell the asset; (3) how the asset will generate future economic benefits; (4) the availability of resources to complete the asset; and (5) the ability to measure reliably the expenditure attributable to the asset during development. Following the initial recognition of development expenditure, the cost model is applied requiring the asset to be carried at cost less any accumulated amortisation and any accumulated impairment losses. Any expenditure capitalised is amortised over the period of expected future sales from the related project. Amortisation of the asset begins when development is completed and the asset is available for use. Trademark The cost of a trademark acquired as part of the acquisition of a business is its fair value as at the date of acquisition. Following initial recognition, intangible assets with finite useful lives are carried at cost less accumulated amortisation and any accumulated impairment losses. Other Intangible Assets Other intangible assets (the licences and development costs of IT programs, acquired customer contracts) are initially recognised at cost. Following initial recognition, intangible assets with finite useful lives are carried at cost less accumulated amortisation and any accumulated impairment losses. Internally generated intangible assets, excluding capitalised development costs, are not capitalised and expenditure is expensed in the year in which the expenditure is incurred. The useful lives of intangible assets are assessed to be either finite or indefinite. Intangible assets with finite lives are amortised over the useful economic life on a straight-line basis and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation method for an intangible asset with a finite life are reviewed at each financial year-end. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are accounted for by changing the amortisation period or method, as appropriate, and treated as changes in accounting estimates. The amortisation expense on intangible assets with finite lives is recognised in profit or loss in the expense category according to the function of the intangible asset. Subsequent Expenditure Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognised in profit or loss as incurred. Amortisation Amortisation is calculated on a straight-line basis over the estimated useful life of an intangible asset as follows: \u2022 trademarks 20 years \u2022 other intangible assets 5 to 10 years Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognised in profit or loss when the asset is derecognised. Note 15 Intangible Assets Intangible Asset Classes 1 Goodwill in the amount of EUR 11 066 thousand is related to Estonia-Finland routes segment. In the impairment test of goodwill related to Estonia-Finland routes, the recoverable amount was identified based on value in use. Management calculated value in use based on five-year cash flow perpetuity In thousands of EUR Goodwill\u00b9 Trademark\u00b2 Other\u00b3 Assets under construction Total Book value as at 31 December 2021 11 066 13 090 11 426 711 36 293 Additions 0 0 167 2 360 2 527 Reclassification 0 0 2 456 -2 533 -77 Amortisation for the period 0 -2 916 -4 004 0 -6 920 Book value as at 31 December 2022 11 066 10 174 10 045 538 31 823 As at 31 December 2022 Cost 11 066 58 288 44 071 538 113 963 Accumulated amortisation 0 -48 114 -34 026 0 -82 140 Book value as at 31 December 2020 11 066 16 006 12 829 547 40 448 Additions 0 0 725 2 058 2 783 Reclassification 0 0 1 894 -1 894 0 Amortisation for the period 0 -2 916 -4 022 0 -6 938 Book value as at 31 December 2021 11 066 13 090 11 426 711 36 293 As at 31 December 2021 Cost 11 066 58 288 41 699 711 111 764 Accumulated amortisation 0 -45 198 -30 273 0 -75 471 and using a discount rate of 7.60% (2021: 6.54%). Five-year cash flow to perpetuity value was used. There was no need to recognise an impairment loss. 2 A trademark of EUR 58 288 thousand was recognised in connection with the acquisition of Silja OY Ab in 2006. The fair value of the trademark at the acquisition date was determined using the relief from royalty method. As at 31 December 2022 the remaining amortisation period of the trademark was 3.5 years. As at 31 December 2022, the book value of the trademark was tested for impairment. For testing purposes revenue was modelled in a short-term recovery stage and long-term stable growth stage. Following recovery the average annual revenue growth rate of 1.6% (2021: 1.5%), a royalty rate of 2.25% (2021: 2.25%) and an equity discount rate of 11.2% (2021: 9.0% weighted average cost of capital) were used. There was no need to recognise an impairment loss. 3 Other intangible assets include mostly the licences and the development costs of IT software. The licenses have finite lives and are amortised over 5 to 10 years. Amortisation of intangible assets is recorded in profit or loss under cost of sales, sales and marketing expenses and administrative expenses. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5042": {
"value": "3.5. Intangible Assets Research and Development Costs Research costs are expensed as incurred. An intangible asset arising from development expenditure on an individual project is capitalised only when the Group can demonstrate (1) the technical feasibility of completing the intangible asset so that it will be available for use or sale; (2) its intention to complete and its ability to use or sell the asset; (3) how the asset will generate future economic benefits; (4) the availability of resources to complete the asset; and (5) the ability to measure reliably the expenditure attributable to the asset during development. Following the initial recognition of development expenditure, the cost model is applied requiring the asset to be carried at cost less any accumulated amortisation and any accumulated impairment losses. Any expenditure capitalised is amortised over the period of expected future sales from the related project. Amortisation of the asset begins when development is completed and the asset is available for use. Trademark The cost of a trademark acquired as part of the acquisition of a business is its fair value as at the date of acquisition. Following initial recognition, intangible assets with finite useful lives are carried at cost less accumulated amortisation and any accumulated impairment losses. Other Intangible Assets Other intangible assets (the licences and development costs of IT programs, acquired customer contracts) are initially recognised at cost. Following initial recognition, intangible assets with finite useful lives are carried at cost less accumulated amortisation and any accumulated impairment losses. Internally generated intangible assets, excluding capitalised development costs, are not capitalised and expenditure is expensed in the year in which the expenditure is incurred. The useful lives of intangible assets are assessed to be either finite or indefinite. Intangible assets with finite lives are amortised over the useful economic life on a straight-line basis and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation method for an intangible asset with a finite life are reviewed at each financial year-end. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are accounted for by changing the amortisation period or method, as appropriate, and treated as changes in accounting estimates. The amortisation expense on intangible assets with finite lives is recognised in profit or loss in the expense category according to the function of the intangible asset. Subsequent Expenditure Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognised in profit or loss as incurred. Amortisation Amortisation is calculated on a straight-line basis over the estimated useful life of an intangible asset as follows: \u2022 trademarks 20 years \u2022 other intangible assets 5 to 10 years Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognised in profit or loss when the asset is derecognised. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5046": {
"value": "Goodwill Goodwill that arises upon the acquisition of subsidiaries is included in intangible assets. Subsequent Measurement Goodwill is measured at cost less accumulated impairment losses. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5119": {
"value": "3.6. Investment Property Investment property is property held either to earn rental income or for capital appreciation or for both, rather than for sale in the ordinary course of business, use in the supply of goods or services, or for administrative purposes. Investment property is measured at fair value with any change therein recognised in profit or loss. When the use of a property changes such that it is reclassified to property, plant and equipment, its fair value at the date of reclassification becomes its deemed cost for subsequent accounting. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5120": {
"value": "3.6. Investment Property Investment property is property held either to earn rental income or for capital appreciation or for both, rather than for sale in the ordinary course of business, use in the supply of goods or services, or for administrative purposes. Investment property is measured at fair value with any change therein recognised in profit or loss. When the use of a property changes such that it is reclassified to property, plant and equipment, its fair value at the date of reclassification becomes its deemed cost for subsequent accounting. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5128": {
"value": "3.7. Inventories Inventories are measured at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs necessary to make the sale. The costs of inventories, consisting mostly of fuel, and merchandise purchased for resale are assigned by using the weighted average cost method and include expenditure incurred in acquiring the inventories, conversion costs and other costs incurred in bringing the inventories to their existing location and condition. Note 11 Inventories Fuel price risk The Group is exposed to fuel price risk as part of the fuel used for ship operations is purchased at market prices. At 31 December 2022 (as well as at 31 December 2021) there were no derivative contracts for fuel outstanding. For more information, see Note 25. As at 31 December, in thousands of EUR 2022 2021 Raw materials (mostly fuel) 4 681 4 707 Goods for sale 35 284 29 924 Total inventories 39 965 34 631 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5129": {
"value": "3.7. Inventories Inventories are measured at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs necessary to make the sale. The costs of inventories, consisting mostly of fuel, and merchandise purchased for resale are assigned by using the weighted average cost method and include expenditure incurred in acquiring the inventories, conversion costs and other costs incurred in bringing the inventories to their existing location and condition. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5138": {
"value": "3.8. Borrowing Costs Borrowing costs are recognised as an expense when incurred, except those, which are directly attributable to the acquisition, construction or production of assets that necessarily take a substantial period of time to get ready for their intended use or sale (e.g. new ships). Borrowing costs related to the building of new ships are capitalised as part of the cost of related assets up to the delivery date. Note 16 Interest-Bearing Loans and Borrowings Lease liabilities related to the adoption of IFRS 16. \u00b2 Long-term bank loans include a loan from the financial institution SA Kredex of EUR 100 000 thousand. As at 31 December 2022 the Group had the right to use bank overdrafts of up to EUR 135 000 thousand (2021: EUR 135 000 thousand). Bank overdrafts are secured with a commercial pledge of EUR 20 204 thousand (2021: EUR 20 204 thousand) and mortgages on ships (see Note 14). As at 31 December 2022 the balance of overdrafts in use was EUR 15 thousand (2021: EUR 180 thousand). As at 31 December 2022 AS Tallink Grupp had given guarantees to Nordea Bank Plc, KfW IPEX-Bank GmbH and the Nordic Investment Bank for loans granted to its ship-owning subsidiaries and Tallink Silja OY. The book value of such loans was EUR 404 462 thousand on 31 December 2022 (2021: EUR 247 159 thousand; guarantees were given to Nordea Bank Plc, Danske Bank A/S and Nordic Investment Bank). Ship-owning subsidiaries had given guarantees to Nordea Bank Finland Plc, Swedbank AS and SA KredEx for the loans granted to AS Tallink Grupp. As at 31 December 2022 the book value of such loans was EUR 341 865 thousand (31 December 2021: EUR 416 067 thousand). As at 31 December 2022, in thousands of EUR Maturity Interest rate Current portion Non-current portion Total borrowings Lease liabilities 2023-2024 6.30% 67 10 77 Lease liabilities related to right-of-use assets\u00b9 2023-2033 2.18-2.42% 20 958 86 137 107 095 Overdraft EURIBOR+2.91% 15 0 15 Long-term bank loans\u00b2 2023-2034 EURIBOR+2.68% 144 009 602 318 746 327 Total borrowings 165 049 688 465 853 514 As at 31 December 2021, in thousands of EUR Maturity Interest rate Current portion Non-current portion Total borrowings Lease liabilities 2022-2023 5.67% 73 43 116 Lease liabilities related to right-of-use assets\u00b9 2022-2033 2.18-2.25% 16 488 99 915 116 403 Overdraft EURIBOR+2.91% 180 0 180 Long-term bank loans\u00b2 2022-2029 EURIBOR+2.47% 227 695 435 531 663 226 Total borrowings 244 436 535 489 779 925 Primary securities for the loans are the ships belonging to the overseas subsidiaries and a pledge of the shares in these subsidiaries. The Group has issued counter guarantees to the commercial banks that have issued guarantees to several governmental authorities in favour of Group entities required to perform the Group\u2019s daily operations. As at 31 December 2022 the total amount of the guarantees was EUR 7 132 thousand (2021: EUR 5 763 thousand). The guarantees issued are not recognised in the statement of financial position as, according to historical experience and management\u2019s estimations, none of them is expected to turn into an actual liability. In the loan agreements signed with banks, the Group has agreed to comply with financial covenants related to ensuring certain equity, liquidity and other ratios. As at 31 December 2022 and during 2022 the Group was in compliance with all the covenants as agreed with banks. Reconciliation of Liabilities Arising from Financing Activities In thousands of EUR Bank overdrafts Long-term bank loans Lease liabilities Right-of-use assets' liabilities Share capital Reserves Retained earnings Total Balance as at 31 December 2021 180 663 226 116 116 403 349 477 67 930 274 446 1 471 778 Changes from financing cash flows Proceeds from loans 0 196 290 0 0 0 0 0 196 290 Repayment of loans 0 -110 055 0 0 0 0 0 -110 055 Change in overdraft -165 0 0 0 0 0 0 -165 Payment of lease liabilities 0 0 -31 -17 126 0 0 0 -17 157 Interest paid 0 0 0 0 0 0 -23 516 -23 516 Payment of transaction costs related to loans 0 -1 977 0 0 0 0 0 -1 977 Total changes from financing cash flows -165 84 258 -31 -17 126 0 0 -23 516 43 420 The effect of changes in foreign exchange rates 0 0 -8 -129 0 480 0 343 Liability-related changes New leases 0 0 0 8 245 0 0 0 8 245 Transfer from revaluation reserve 0 0 0 0 0 -2 047 2 047 0 Termination of old leases 0 0 0 -298 0 0 0 -298 Amortisation of capitalised borrowing costs 0 1 063 0 0 0 0 0 1 063 Capitalised borrowing costs 0 -2 220 0 0 0 0 0 -2 220 Interest paid 0 0 0 0 0 0 23 516 23 516 Total liability-related changes 0 -1 157 0 7 947 0 -2 047 25 563 30 306 Total equity-related changes 0 0 0 0 0 0 13 935 13 935 Balance as at 31 December 2022 15 746 327 77 107 095 349 477 66 363 290 428 1 559 782 n thousands of EUR Bank overdrafts Long-term bank loans Lease liabilities Right-of-use assets' liabilities Share capital Reserves Retained earnings Total Balance as at 31 December 2020 15 736 586 616 258 102 509 314 844 69 854 328 975 1 418 792 Changes from financing cash flows Proceeds from loans 0 90 000 0 0 0 0 0 90 000 Repayment of loans 0 -14 667 0 0 0 0 0 -14 667 Change in overdraft -15 556 0 0 0 0 0 0 -15 556 Payment of lease liabilities 0 0 -57 -14 846 0 0 0 -14 903 Interest paid 0 0 0 0 0 0 -19 296 -19 296 Payment of transaction costs related to loans 0 -495 0 0 0 0 0 -495 Increase of share capital 0 0 0 0 34 633 0 0 34 633 Total changes from financing cash flows -15 556 74 838 -57 -14 846 34 633 0 -19 296 59 716 The effect of changes in foreign exchange rates 0 0 -4 -1 0 123 0 118 Liability-related changes New leases 0 0 25 35 372 0 0 0 35 397 Transfer from revaluation reserve 0 0 0 0 0 -2 047 2 047 0 Termination of old leases 0 0 -106 -6 631 0 0 0 -6 737 Amortisation of capitalised borrowing costs 0 1 277 0 0 0 0 0 1 277 Capitalised borrowing costs 0 495 0 0 0 0 0 495 Interest paid 0 0 0 0 0 0 19 296 19 296 Total liability-related changes 0 1 772 -81 28 741 0 -2 047 21 343 49 728 Total equity-related changes 0 0 0 0 0 0 -56 576 -56 576 Balance as at 31 December 2021 180 663 226 116 116 403 349 477 67 930 274 446 1 471 778 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5139": {
"value": "3.8. Borrowing Costs Borrowing costs are recognised as an expense when incurred, except those, which are directly attributable to the acquisition, construction or production of assets that necessarily take a substantial period of time to get ready for their intended use or sale (e.g. new ships). Borrowing costs related to the building of new ships are capitalised as part of the cost of related assets up to the delivery date. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5156": {
"value": "3.9. Impairment Financial Assets A financial asset is assessed at each reporting date to determine whether there is any objective evidence that it is impaired. A financial asset is considered to be impaired if objective evidence indicates that one or more events have had a negative effect on the estimated future cash flows of the asset. At initial recognition of each accounts receivable balance and throughout its life, a lifetime credit loss is recognised in order to arrive at the appropriate impairment under IFRS 9. In order to calculate a lifetime expected credit loss the provision matrix method is used. An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference between its carrying amount and the present value of its estimated future cash flows discounted at the original effective interest rate. All impairment losses are recognised in profit or loss and reflected in an allowance account. When the Group considers that there are no realistic prospects of recovery of the asset, the relevant amounts are written off. An impairment loss is reversed if the reversal can be related objectively to an event occurring after the impairment loss was recognised. For financial assets measured at amortised cost, the reversal is recognised in profit or loss. Non-Financial Assets The carrying amounts of the Group\u2019s non-financial assets, other than ships, investment property, inventories and deferred tax assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. For goodwill and intangible assets that have indefinite lives or that are not yet available for use, the recoverable amount is estimated at each reporting date. The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessment of the time value of money and the risks specific to the asset. For the purpose of impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the cash- generating unit). The goodwill acquired in a business combination, for the purpose of impairment testing, is allocated to the cash-generating units that are expected to benefit from the synergies of the combination. An impairment loss is recognised if the carrying amount of an asset or its cash-generating unit exceeds its estimated recoverable amount. Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of a cash-generating unit are allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to reduce the carrying amount of the other assets in the unit (group of units) on a pro rata basis. An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognised in prior periods are assessed at each reporting date for any indication that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5161": {
"value": "3.9. Impairment Financial Assets A financial asset is assessed at each reporting date to determine whether there is any objective evidence that it is impaired. A financial asset is considered to be impaired if objective evidence indicates that one or more events have had a negative effect on the estimated future cash flows of the asset. At initial recognition of each accounts receivable balance and throughout its life, a lifetime credit loss is recognised in order to arrive at the appropriate impairment under IFRS 9. In order to calculate a lifetime expected credit loss the provision matrix method is used. An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference between its carrying amount and the present value of its estimated future cash flows discounted at the original effective interest rate. All impairment losses are recognised in profit or loss and reflected in an allowance account. When the Group considers that there are no realistic prospects of recovery of the asset, the relevant amounts are written off. An impairment loss is reversed if the reversal can be related objectively to an event occurring after the impairment loss was recognised. For financial assets measured at amortised cost, the reversal is recognised in profit or loss. Credit Risk Credit risk is the risk of financial loss that the Group would suffer if the counterparty failed to perform its financial obligations, and arises principally from the Group\u2019s receivables from customers and cash and cash equivalents. The credit risk concentration related to accounts receivable is not material due to the extensive number of customers. Maximum credit risk was as follows: The Group\u2019s credit risk exposure from trade receivables is mainly influenced by the characteristics of each customer. In monitoring credit risk, customers are grouped according to their credit characteristics, including whether they are individuals or legal entities, whether they are travel agents or customers with credit limits, and considering their geographic location, receivable aging profile, and existence of previous financial difficulties. Trade receivables relate mainly to travel agents and customers with credit facilities. The credit risk concentration related to trade receivables is reduced by the high number of customers. The Group\u2019s management has established a credit policy under which each new customer with a credit request is analysed individually for creditworthiness before the Group\u2019s payment terms and conditions are offered. Some customers are obliged to present a bank guarantee to meet the credit sale criteria. Customers are assigned credit limits, which represent the maximum exposure that does not require approval from the Group\u2019s management. Customers that fail to meet the Group\u2019s benchmark creditworthiness may transact with the Group on a prepayment basis only. Charterers hiring the Group\u2019s vessels have to provide bank guarantees to cover their payment risk. As at 31 December, in thousands of EUR 2022 2021 Cash and cash equivalents (Note 8) 114 935 127 556 Trade and other receivables (Notes 9, 13) 22 589 19 870 Total 137 524 147 426 In accordance with IFRS 9 the Group measures an allowance for impairment of receivables at an amount of lifetime expected credit loss. Lifetime expected credit loss is calculated as a product of total trade receivables in the aging bucket and the respective credit loss ratio. The expected credit loss ratio is recalculated once a quarter based on actual write-offs during the last 12 quarters. The aging of the receivables at the reporting date was: The Group holds cash and cash equivalents with banking groups that have investment grade credit ratings (BBB or higher issued by internationally recognised credit rating agencies). In thousands of EUR 2022 2021 Balance at 1 January 468 539 Amounts written off -127 -171 Impairment loss recognised 153 99 Reversal of prior period impairment loss -13 1 Balance at 31 December 481 468 As at 31 December 2022, in thousands of EUR Gross Impairment Net Not past due 20 579 -116 20 463 Past due 0-30 days 1 923 -34 1 889 Past due 31-90 days 222 -14 208 Past due 91 days - one year 121 -93 28 Past due over one year 225 -224 1 Total 23 070 -481 22 589 As at 31 December 2021, in thousands of EUR Gross Impairment Net Not past due 18 568 -128 18 440 Past due 0-30 days 1 422 -26 1 396 Past due 31-90 days 2 -2 0 Past due 91 days - one year 82 -48 34 Past due over one year 264 -264 0 Total 20 338 -468 19 870 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5162": {
"value": "3.9. Impairment Financial Assets A financial asset is assessed at each reporting date to determine whether there is any objective evidence that it is impaired. A financial asset is considered to be impaired if objective evidence indicates that one or more events have had a negative effect on the estimated future cash flows of the asset. At initial recognition of each accounts receivable balance and throughout its life, a lifetime credit loss is recognised in order to arrive at the appropriate impairment under IFRS 9. In order to calculate a lifetime expected credit loss the provision matrix method is used. An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference between its carrying amount and the present value of its estimated future cash flows discounted at the original effective interest rate. All impairment losses are recognised in profit or loss and reflected in an allowance account. When the Group considers that there are no realistic prospects of recovery of the asset, the relevant amounts are written off. An impairment loss is reversed if the reversal can be related objectively to an event occurring after the impairment loss was recognised. For financial assets measured at amortised cost, the reversal is recognised in profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5175": {
"value": "All impairment losses are recognised in profit or loss and reflected in an allowance account. When the Group considers that there are no realistic prospects of recovery of the asset, the relevant amounts are written off. An impairment loss is reversed if the reversal can be related objectively to an event occurring after the impairment loss was recognised. For financial assets measured at amortised cost, the reversal is recognised in profit or lossAn impairment loss is recognised if the carrying amount of an asset or its cash-generating unit exceeds its estimated recoverable amount. Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of a cash-generating unit are allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to reduce the carrying amount of the other assets in the unit (group of units) on a pro rata basis. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5176": {
"value": "All impairment losses are recognised in profit or loss and reflected in an allowance account. When the Group considers that there are no realistic prospects of recovery of the asset, the relevant amounts are written off. An impairment loss is reversed if the reversal can be related objectively to an event occurring after the impairment loss was recognised. For financial assets measured at amortised cost, the reversal is recognised in profit or lossAn impairment loss is recognised if the carrying amount of an asset or its cash-generating unit exceeds its estimated recoverable amount. Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of a cash-generating unit are allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to reduce the carrying amount of the other assets in the unit (group of units) on a pro rata basis. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5184": {
"value": "Non-Financial Assets The carrying amounts of the Group\u2019s non-financial assets, other than ships, investment property, inventories and deferred tax assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. For goodwill and intangible assets that have indefinite lives or that are not yet available for use, the recoverable amount is estimated at each reporting date. The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessment of the time value of money and the risks specific to the asset. For the purpose of impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the cash- generating unit). The goodwill acquired in a business combination, for the purpose of impairment testing, is allocated to the cash-generating units that are expected to benefit from the synergies of the combination. An impairment loss is recognised if the carrying amount of an asset or its cash-generating unit exceeds its estimated recoverable amount. Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of a cash-generating unit are allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to reduce the carrying amount of the other assets in the unit (group of units) on a pro rata basis. An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognised in prior periods are assessed at each reporting date for any indication that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. Testing Right-of-Use Assets for Impairment The Group\u2019s right-of-use assets are measured at cost, less accumulated depreciation and any impairment. At the end of the reporting period the Group assesses whether there is any indication of impairment. As at 31 December 2022, the recoverable amount of operational hotels right-of-use lease assets was tested for impairment (book value EUR 68 364 thousand) using the discounted cash flow method. For testing purposes the Group used a detailed budget for the year 2023, assuming a fast recovery after end of the COVID-19 pandemic, and a strategic forecast for the years 2024-2032, which included revenues, expenses and investing activities (2021: a detailed budget for 2022 and a strategic forecast for 2023-2031). For the Estonian hotels, the combined revenue growth rate used in the calculations was 1.7%-7.3% for the years 2024-2032 and the combined operating expense growth rate was 2.5%-14.3% (2021: 2023-2031 revenue growth rate 3.0%-22.4% and operating expense growth rate 1.7%-8.5%). A weighted average cost of capital of 10.0% was used for the years 2023- 2024 and 7.03% for 2025-2032 (2021: 10.0% for 2022-2023 and 6.31% for 2024-2031). Latvian hotel was forecasted to be re-opened in April 2023; the revenue growth rate used for testing period 2024- 2030 was 1.7%-26.3% and operating expense growth rate was 2.7%-8.8%. For the Latvian hotel, a weighted average cost of capital of 10.0% was used for the years 2023-2024 and 7.48% for 2025- 2030. An impairment loss is recognised if the carrying amount of an assets exceeds its recoverable amount. Management is of the opinion that as at 31 December 2022 there were no material differences between the carrying amounts and fair values (as well as at 31 December 2021). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5185": {
"value": "Non-Financial Assets The carrying amounts of the Group\u2019s non-financial assets, other than ships, investment property, inventories and deferred tax assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. For goodwill and intangible assets that have indefinite lives or that are not yet available for use, the recoverable amount is estimated at each reporting date. The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessment of the time value of money and the risks specific to the asset. For the purpose of impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the cash- generating unit). The goodwill acquired in a business combination, for the purpose of impairment testing, is allocated to the cash-generating units that are expected to benefit from the synergies of the combination. An impairment loss is recognised if the carrying amount of an asset or its cash-generating unit exceeds its estimated recoverable amount. Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of a cash-generating unit are allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to reduce the carrying amount of the other assets in the unit (group of units) on a pro rata basis. An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognised in prior periods are assessed at each reporting date for any indication that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5229": {
"value": "3.10. Employee Benefits Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognised for the amount expected to be paid under a short-term cash bonus plan if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably. Termination benefits are recognised as an expense when the Group is demonstrably committed, without realistic possibility of withdrawal, to a formal detailed plan to either terminate employment before the normal retirement date, or to provide termination benefits as a result of an offer made to encourage voluntary redundancy. Termination benefits for voluntary redundancies are recognised as an expense if the Group has made an offer of voluntary redundancy, it is probable that the offer will be accepted, and the number of acceptances can be estimated reliably. Key Management Personnel\u2019s Termination Benefits The members of the Management Board are entitled to termination benefits if their service agreement is terminated by the Group\u2019s Supervisory Board. At 31 December 2022 the maximum amount of such benefits was EUR 1 461 thousand (EUR 1 461 thousand in 2021) (see Note 23). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5230": {
"value": "3.10. Employee Benefits Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognised for the amount expected to be paid under a short-term cash bonus plan if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably. Termination benefits are recognised as an expense when the Group is demonstrably committed, without realistic possibility of withdrawal, to a formal detailed plan to either terminate employment before the normal retirement date, or to provide termination benefits as a result of an offer made to encourage voluntary redundancy. Termination benefits for voluntary redundancies are recognised as an expense if the Group has made an offer of voluntary redundancy, it is probable that the offer will be accepted, and the number of acceptances can be estimated reliably. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5237": {
"value": "Termination benefits are recognised as an expense when the Group is demonstrably committed, without realistic possibility of withdrawal, to a formal detailed plan to either terminate employment before the normal retirement date, or to provide termination benefits as a result of an offer made to encourage voluntary redundancy. Termination benefits for voluntary redundancies are recognised as an expense if the Group has made an offer of voluntary redundancy, it is probable that the offer will be accepted, and the number of acceptances can be estimated reliably. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5244": {
"value": "3.11. Provisions Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects the risks specific to the liability. The expense relating to a provision is presented in profit or loss net of any reimbursement. Where discounting is used, the increase in the provision due to the passage of time is recognised in \u2018finance costs\u2019. A provision for onerous contracts is recognised when the expected benefits to be derived by the Group from a contract are lower than the unavoidable cost of meeting its obligations under the contract. The provision is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract. Before a provision is established, the Group recognises any impairment loss on the assets associated with that contract. Note 21 Contingencies and Commitments Key Management Personnel\u2019s Termination Benefits The members of the Management Board are entitled to termination benefits if their service agreement is terminated by the Group\u2019s Supervisory Board. At 31 December 2022 the maximum amount of such benefits was EUR 1 461 thousand (EUR 1 461 thousand in 2021) (see Note 23). Income Tax on Dividends The Group\u2019s retained earnings as at 31 December 2022 were EUR 290 428 thousand (2021: EUR 274 446 thousand). As at 31 December 2022, the maximum income tax liability which would arise if retained earnings were fully distributed is EUR 58 086 thousand (2021: EUR 54 889 thousand). The maximum income tax liability has been calculated using the income tax rate effective for dividends on the assumption that the dividend and the related income tax expense cannot exceed the amount of retained earnings as at 31 December 2022 (2021: 31 December 2021). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5245": {
"value": "3.11. Provisions Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects the risks specific to the liability. The expense relating to a provision is presented in profit or loss net of any reimbursement. Where discounting is used, the increase in the provision due to the passage of time is recognised in \u2018finance costs\u2019. A provision for onerous contracts is recognised when the expected benefits to be derived by the Group from a contract are lower than the unavoidable cost of meeting its obligations under the contract. The provision is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract. Before a provision is established, the Group recognises any impairment loss on the assets associated with that contract. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5260": {
"value": "3.12. Leases At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group uses the definition of a lease in IFRS 16. The Group as a Lessee At commencement or on modification of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component on the basis of its relative stand- alone prices. However, for the leases of property the Group has elected not to separate non-lease components and account for the lease and non-lease components as a single lease component. The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Group by the end of the lease term or the cost of the right-of-use asset reflects that the Group will exercise a purchase option. In that case the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate. The Group determines its incremental borrowing rate by obtaining interest rates from various external financing sources and makes certain adjustments to reflect the terms of the lease and type of the asset leased. Lease payments included in the measurement of the lease liability comprise the following: \u2022 fixed payments, including in-substance fixed payments \u2022 variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date \u2022 amounts expected to be payable under a residual value guarantee \u2022 the exercise price under a purchase option that the Group is reasonably certain to exercise, lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Group is reasonably certain not to terminate early The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group\u2019s estimate of the amount expected to be payable under a residual value guarantee, if the Group changes its assessment of whether it will exercise a purchase, extension or termination option or if there is a revised in-substance fixed lease payment. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. In 2021 and 2022 the Group negotiated rent concessions with the landlords for the leases of its hotels and retail premises because of the severe impact of the COVID-19 pandemic during the year. The Group applied the practical expedient for COVID-19 related rent concessions consistently to all eligible rent concessions relating to the leases of its hotels and retail premises. The Group presents right-of-use assets that do not meet the definition of investment property in \u2018property, plant and equipment\u2019 and lease liabilities in \u2018loans and borrowings\u2019 in the statement of financial position. Short-Term Leases and Leases of Low-Value Assets The Group has elected not to recognise right-of-use assets and lease liabilities for leases of low-value assets and short-term leases. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term. The Group as a Lessor At inception or on modification of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component on the basis of their relative standalone prices. When the Group acts as a lessor, it determines at lease inception whether each lease is a finance lease or an operating lease. To classify each lease, the Group makes an overall assessment of whether the lease transfers substantially all of the risks and rewards incidental to ownership of the underlying asset. If this is the case, then the lease is a finance lease; if not, then it is an operating lease. As part of this assessment, the Group considers certain indicators such as whether the lease is for the major part of the economic life of the asset. If an arrangement contains lease and non-lease components, then the Group applies IFRS 15 to allocate the consideration in the contract. The Group applies the derecognition and impairment requirements in IFRS 9 to the net investment in the lease. The Group further regularly reviews estimated unguaranteed residual values used in calculating the gross investment in the lease. The Group recognises lease payments received under operating leases as income on a straight-line basis over the lease term as part of \u2018other revenue\u2019. Note 17 Leases The Group as the Lessee The Group leases hotel and office buildings, warehouse, restaurant and shop premises. The leases typically run for a fixed period, with the Group\u2019s option to renew the lease further. Some lease payments are increased every year and some leases provide for additional lease payments that are based on the result of operations. Right-of-Use Assets Right-of-use assets are presented as property, plant and equipment. Amounts Recognised in Profit or Loss 1 The Group negotiated rent concessions with the landlords for the leases of its hotels and retail premises because of the severe impact of the COVID-19 pandemic during the year. The Group applied the practical expedient for COVID-19 related rent concessions consistently to eligible rent concessions relating to the leases of its hotels and retail premisesIn thousands of EUR Buildings and premises Plant and equipment Total right-of-use assets Book value as at 31 December 2021 108 340 469 108 809 Additions 7 548 697 8 245 Disposals -184 -38 -222 Depreciation for the period -19 997 -331 -20 328 Book value as at 31 December 2022 95 707 797 96 504 Book value as at 31 December 2020 94 102 636 94 738 Additions 35 159 213 35 372 Disposals -4 019 -35 -4 054 Depreciation for the period -16 902 -345 -17 247 Book value as at 31 December 2021 108 340 469 108 809 For the year ended 31 December 2022 In thousands of EUR Depreciation for the period -20 328 Interest expense on lease liabilities related to right-of-use assets -2 390 COVID-19 related lease discounts\u00b9 62 Expenses on short-term and low-value leases -1 434 Lease expenses under IFRS 16 -24 090 For the year ended 31 December 2021 In thousands of EUR Depreciation for the period -17 247 Interest expense on lease liabilities related to right-of-use assets -2 422 COVID-19 related lease discounts\u00b9 2 083 Expenses on short-term and low-value leases -1 034 Lease expenses under IFRS 16 -18 620 The Group as the Lessor The Group\u2019s charter income for 2022 was EUR 65 808 thousand (2021: EUR 30 278 thousand). Minimum non-cancellable charter payments are as follows: All charter agreements used by the Group are based on BIMCO Standard Bareboat Charter and BIMCO Time Charter Agreement. As at 31 December, in thousands of EUR 2022 2021 < 1 year 74 990 18 281 Year 2 15 629 12 045 Year 3 2 640 12 078 Year 4 0 2 640 Total minimum charter payments 93 259 45 044 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5261": {
"value": "3.12. Leases At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group uses the definition of a lease in IFRS 16. The Group as a Lessee At commencement or on modification of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component on the basis of its relative stand- alone prices. However, for the leases of property the Group has elected not to separate non-lease components and account for the lease and non-lease components as a single lease component. The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Group by the end of the lease term or the cost of the right-of-use asset reflects that the Group will exercise a purchase option. In that case the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate. The Group determines its incremental borrowing rate by obtaining interest rates from various external financing sources and makes certain adjustments to reflect the terms of the lease and type of the asset leased. Lease payments included in the measurement of the lease liability comprise the following: \u2022 fixed payments, including in-substance fixed payments \u2022 variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date \u2022 amounts expected to be payable under a residual value guarantee \u2022 the exercise price under a purchase option that the Group is reasonably certain to exercise, lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Group is reasonably certain not to terminate early The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group\u2019s estimate of the amount expected to be payable under a residual value guarantee, if the Group changes its assessment of whether it will exercise a purchase, extension or termination option or if there is a revised in-substance fixed lease payment. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. In 2021 and 2022 the Group negotiated rent concessions with the landlords for the leases of its hotels and retail premises because of the severe impact of the COVID-19 pandemic during the year. The Group applied the practical expedient for COVID-19 related rent concessions consistently to all eligible rent concessions relating to the leases of its hotels and retail premises. The Group presents right-of-use assets that do not meet the definition of investment property in \u2018property, plant and equipment\u2019 and lease liabilities in \u2018loans and borrowings\u2019 in the statement of financial position. Short-Term Leases and Leases of Low-Value Assets The Group has elected not to recognise right-of-use assets and lease liabilities for leases of low-value assets and short-term leases. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term. The Group as a Lessor At inception or on modification of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component on the basis of their relative standalone prices. When the Group acts as a lessor, it determines at lease inception whether each lease is a finance lease or an operating lease. To classify each lease, the Group makes an overall assessment of whether the lease transfers substantially all of the risks and rewards incidental to ownership of the underlying asset. If this is the case, then the lease is a finance lease; if not, then it is an operating lease. As part of this assessment, the Group considers certain indicators such as whether the lease is for the major part of the economic life of the asset. If an arrangement contains lease and non-lease components, then the Group applies IFRS 15 to allocate the consideration in the contract. The Group applies the derecognition and impairment requirements in IFRS 9 to the net investment in the lease. The Group further regularly reviews estimated unguaranteed residual values used in calculating the gross investment in the lease. The Group recognises lease payments received under operating leases as income on a straight-line basis over the lease term as part of \u2018other revenue\u2019. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5384": {
"value": "Revenue from Travel Packages The Group sells travel packages, which consist of a ship ticket, accommodation in a hotel not operated by the Group and tours in different cities not provided by the Group. The Group recognises the sales of travel packages in its revenue in full instead of recognising only the commission fee for accommodation, tours and entertainment events, as the Group is able to determine the price of the content of the package and has discretion in selecting the suppliers for the service. Revenue from sales of travel packages is recognised when the package is used by the client. Revenue from travel packages is part of ticket sales revenue. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5415": {
"value": "3.14. Government Grants and Assistance Government grants are initially recognised as deferred income where there is reasonable assurance that the grant will be received and all attaching conditions will be complied with. Grants related to an expense item are recognised as a reduction of the expense over the period necessary to match the grant on a systematic basis to the costs that it is intended to compensate. Grants that compensate the Group for the cost of an asset are recognised in profit or loss on a systematic basis over the useful life of the asset. Government assistance is action by government designed to provide an economic benefit specific to an entity or range of entities qualifying under certain criteria. Government assistance is recognised in profit or loss on the date that the Group\u2019s right to receive payment is established. Specification of Staff Costs Included in the Cost of Sales, Sales and Marketing Expenses and Administrative Expenses During the reporting period EUR 32 519 thousand was deducted from the cost of sales in connection with government grants related to seamen\u2019s salaries in Estonia, Finland and Sweden (2021: EUR 26 719 thousand). The grants are received according to law. During the reporting period no COVID-19 related aid was received (2021: EUR 411 thousand). In 2021 EUR 5 980 thousand of COVID-19 related aid was paid directly to the employees by the Estonian Unemployment Insurance Fund, see also Note 22. For the year ended 31 December, in thousands of EUR 2022 2021 Wages and salaries -148 934 -114 661 Government grants 32 519 27 130 Social security costs -44 592 -34 072 Staff training costs -549 -608 Other staff costs -1 297 -1 835 Total staff costs -162 853 -124 046 Note 22 Government Assistance Total other income of EUR 10 871 thousand included COVID-19 related government assistance, compensations from insurance companies, fines and late charges in 2022 (2021: EUR 16 336 thousand). In 2022 EUR 3 326 thousand (2021: EUR 12 771 thousand) was received by Group entities as COVID-19 related government assistance from the governments of Estonia, Finland, Sweden and Germany. The assistance has been recognised in other operating income as stated in the table below. Other Operating Income n 2021, EUR 5 980 thousand of COVID-19 related aid was paid directly to employees by the Estonian Unemployment Insurance Fund. No COVID-19 related aid was paid directly to employees by the Estonian Unemployment Insurance Fund in 2022. In 2022, the Group received other aid of EUR 32 519 thousand (2021: EUR 26 719 thousand) which was deducted directly from the cost of sales (see Note 5). No COVID-19 related aid (2021: EUR 411 thousand) was reflected in the cost of sales of the Group in 2022. In the second quarter of 2020, the Estonian parliament approved a change in legislation granting exemption from ships\u2019 fairway dues for 12 months starting from April 2020 and 50% reduction of the ships\u2019 fairway dues for 12 months starting from April 2021. The effect of the exemption and reduction amounted to EUR 2 134 thousand in 2022 (2021: EUR 2 800 thousand). In order to relieve the liquidity issues caused by the COVID-19 situation, Group entities were allowed to postpone tax payments. The postponed tax liabilities, which amounted to EUR 55 thousand (2021: EUR 1 825 thousand) at the year-end, will be settled by spring 2023For the year ended 31 December, in thousands of EUR 2022 2021 Government assistance Estonia 0 1 174 Finland 3 448 5 127 Sweden -135 5 896 Germany 13 74 Latvia 0 500 Total government assistance 3 326 12 771 Other income 7 545 3 565 Total other income 10 871 16 336 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5416": {
"value": "3.14. Government Grants and Assistance Government grants are initially recognised as deferred income where there is reasonable assurance that the grant will be received and all attaching conditions will be complied with. Grants related to an expense item are recognised as a reduction of the expense over the period necessary to match the grant on a systematic basis to the costs that it is intended to compensate. Grants that compensate the Group for the cost of an asset are recognised in profit or loss on a systematic basis over the useful life of the asset. Government assistance is action by government designed to provide an economic benefit specific to an entity or range of entities qualifying under certain criteria. Government assistance is recognised in profit or loss on the date that the Group\u2019s right to receive payment is established. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5427": {
"value": "3.15. Finance Income and Finance Costs Finance income comprises interest income on funds invested (including equity instruments), dividend income, gains on the disposal of equity instruments, and gains on derivative instruments that are recognised in profit or loss. Finance costs comprise interest expense on borrowings, changes in the fair value of financial assets at fair value through profit or loss, impairment losses recognised on financial assets and losses on derivative instruments that are recognised in profit or loss. Borrowing costs not directly attributable to the acquisition or construction of a qualifying asset are recognised in profit or loss using the effective interest method. Foreign currency gains and losses are reported on a net basis. Interest income and expenses are recognised as they accrue in profit or loss, using the effective interest method. The effective interest rate is the rate that exactly discounts the estimated future cash payments and receipts through the expected life of the financial asset or liability to the carrying amount of the financial asset or liability. When calculating the effective interest rate, the Group estimates future cash flows considering all contractual terms of the financial instrument, but not future credit losses. The calculation of effective interest rate includes all transaction costs and fees and points paid or received that are an integral part of the effective interest rate. Transaction costs include incremental costs that are directly attributable to the acquisition or issue of a financial asset or liability. Dividend income is recognised in profit or loss on the date that the Group\u2019s right to receive payment is established. Finance Income and Finance Costs Recognised in Profit or Loss For the year ended 31 December, in thousands of EUR 2022 2021 Net foreign exchange gain 0 31 Income from other financial assets 215 3 Total finance income 215 34 Net foreign exchange loss -34 0 Expenses from other financial assets 0 -75 Interest expense on financial liabilities measured at amortised cost -22 447 -19 424 Interest expense on lease liabilities related to right-of-use assets -2 390 -2 422 Total finance costs -24 871 -21 921 Net finance costs -24 656 -21 887 Reconciliation of Liabilities Arising from Financing Activities In thousands of EUR Bank overdrafts Long-term bank loans Lease liabilities Right-of-use assets' liabilities Share capital Reserves Retained earnings Total Balance as at 31 December 2021 180 663 226 116 116 403 349 477 67 930 274 446 1 471 778 Changes from financing cash flows Proceeds from loans 0 196 290 0 0 0 0 0 196 290 Repayment of loans 0 -110 055 0 0 0 0 0 -110 055 Change in overdraft -165 0 0 0 0 0 0 -165 Payment of lease liabilities 0 0 -31 -17 126 0 0 0 -17 157 Interest paid 0 0 0 0 0 0 -23 516 -23 516 Payment of transaction costs related to loans 0 -1 977 0 0 0 0 0 -1 977 Total changes from financing cash flows -165 84 258 -31 -17 126 0 0 -23 516 43 420 The effect of changes in foreign exchange rates 0 0 -8 -129 0 480 0 343 Liability-related changes New leases 0 0 0 8 245 0 0 0 8 245 Transfer from revaluation reserve 0 0 0 0 0 -2 047 2 047 0 Termination of old leases 0 0 0 -298 0 0 0 -298 Amortisation of capitalised borrowing costs 0 1 063 0 0 0 0 0 1 063 Capitalised borrowing costs 0 -2 220 0 0 0 0 0 -2 220 Interest paid 0 0 0 0 0 0 23 516 23 516 Total liability-related changes 0 -1 157 0 7 947 0 -2 047 25 563 30 306 Total equity-related changes 0 0 0 0 0 0 13 935 13 935 Balance as at 31 December 2022 15 746 327 77 107 095 349 477 66 363 290 428 1 559 782 In thousands of EUR Bank overdrafts Long-term bank loans Lease liabilities Right-of-use assets' liabilities Share capital Reserves Retained earnings Total Balance as at 31 December 2020 15 736 586 616 258 102 509 314 844 69 854 328 975 1 418 792 Changes from financing cash flows Proceeds from loans 0 90 000 0 0 0 0 0 90 000 Repayment of loans 0 -14 667 0 0 0 0 0 -14 667 Change in overdraft -15 556 0 0 0 0 0 0 -15 556 Payment of lease liabilities 0 0 -57 -14 846 0 0 0 -14 903 Interest paid 0 0 0 0 0 0 -19 296 -19 296 Payment of transaction costs related to loans 0 -495 0 0 0 0 0 -495 Increase of share capital 0 0 0 0 34 633 0 0 34 633 Total changes from financing cash flows -15 556 74 838 -57 -14 846 34 633 0 -19 296 59 716 The effect of changes in foreign exchange rates 0 0 -4 -1 0 123 0 118 Liability-related changes New leases 0 0 25 35 372 0 0 0 35 397 Transfer from revaluation reserve 0 0 0 0 0 -2 047 2 047 0 Termination of old leases 0 0 -106 -6 631 0 0 0 -6 737 Amortisation of capitalised borrowing costs 0 1 277 0 0 0 0 0 1 277 Capitalised borrowing costs 0 495 0 0 0 0 0 495 Interest paid 0 0 0 0 0 0 19 296 19 296 Total liability-related changes 0 1 772 -81 28 741 0 -2 047 21 343 49 728 Total equity-related changes 0 0 0 0 0 0 -56 576 -56 576 Balance as at 31 December 2021 180 663 226 116 116 403 349 477 67 930 274 446 1 471 778 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5428": {
"value": "3.15. Finance Income and Finance Costs Finance income comprises interest income on funds invested (including equity instruments), dividend income, gains on the disposal of equity instruments, and gains on derivative instruments that are recognised in profit or loss. Finance costs comprise interest expense on borrowings, changes in the fair value of financial assets at fair value through profit or loss, impairment losses recognised on financial assets and losses on derivative instruments that are recognised in profit or loss. Borrowing costs not directly attributable to the acquisition or construction of a qualifying asset are recognised in profit or loss using the effective interest method. Foreign currency gains and losses are reported on a net basis. Interest income and expenses are recognised as they accrue in profit or loss, using the effective interest method. The effective interest rate is the rate that exactly discounts the estimated future cash payments and receipts through the expected life of the financial asset or liability to the carrying amount of the financial asset or liability. When calculating the effective interest rate, the Group estimates future cash flows considering all contractual terms of the financial instrument, but not future credit losses. The calculation of effective interest rate includes all transaction costs and fees and points paid or received that are an integral part of the effective interest rate. Transaction costs include incremental costs that are directly attributable to the acquisition or issue of a financial asset or liability. Dividend income is recognised in profit or loss on the date that the Group\u2019s right to receive payment is established. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5433": {
"value": "Finance costs comprise interest expense on borrowings, changes in the fair value of financial assets at fair value through profit or loss, impairment losses recognised on financial assets and losses on derivative instruments that are recognised in profit or loss. Borrowing costs not directly attributable to the acquisition or construction of a qualifying asset are recognised in profit or loss using the effective interest method. Finance Income and Finance Costs Recognised in Profit or Loss For the year ended 31 December, in thousands of EUR 2022 2021 Net foreign exchange gain 0 31 Income from other financial assets 215 3 Total finance income 215 34 Net foreign exchange loss -34 0 Expenses from other financial assets 0 -75 Interest expense on financial liabilities measured at amortised cost -22 447 -19 424 Interest expense on lease liabilities related to right-of-use assets -2 390 -2 422 Total finance costs -24 871 -21 921 Net finance costs -24 656 -21 887 Reconciliation of Liabilities Arising from Financing Activities In thousands of EUR Bank overdrafts Long-term bank loans Lease liabilities Right-of-use assets' liabilities Share capital Reserves Retained earnings Total Balance as at 31 December 2021 180 663 226 116 116 403 349 477 67 930 274 446 1 471 778 Changes from financing cash flows Proceeds from loans 0 196 290 0 0 0 0 0 196 290 Repayment of loans 0 -110 055 0 0 0 0 0 -110 055 Change in overdraft -165 0 0 0 0 0 0 -165 Payment of lease liabilities 0 0 -31 -17 126 0 0 0 -17 157 Interest paid 0 0 0 0 0 0 -23 516 -23 516 Payment of transaction costs related to loans 0 -1 977 0 0 0 0 0 -1 977 Total changes from financing cash flows -165 84 258 -31 -17 126 0 0 -23 516 43 420 The effect of changes in foreign exchange rates 0 0 -8 -129 0 480 0 343 Liability-related changes New leases 0 0 0 8 245 0 0 0 8 245 Transfer from revaluation reserve 0 0 0 0 0 -2 047 2 047 0 Termination of old leases 0 0 0 -298 0 0 0 -298 Amortisation of capitalised borrowing costs 0 1 063 0 0 0 0 0 1 063 Capitalised borrowing costs 0 -2 220 0 0 0 0 0 -2 220 Interest paid 0 0 0 0 0 0 23 516 23 516 Total liability-related changes 0 -1 157 0 7 947 0 -2 047 25 563 30 306 Total equity-related changes 0 0 0 0 0 0 13 935 13 935 Balance as at 31 December 2022 15 746 327 77 107 095 349 477 66 363 290 428 1 559 782 In thousands of EUR Bank overdrafts Long-term bank loans Lease liabilities Right-of-use assets' liabilities Share capital Reserves Retained earnings Total Balance as at 31 December 2020 15 736 586 616 258 102 509 314 844 69 854 328 975 1 418 792 Changes from financing cash flows Proceeds from loans 0 90 000 0 0 0 0 0 90 000 Repayment of loans 0 -14 667 0 0 0 0 0 -14 667 Change in overdraft -15 556 0 0 0 0 0 0 -15 556 Payment of lease liabilities 0 0 -57 -14 846 0 0 0 -14 903 Interest paid 0 0 0 0 0 0 -19 296 -19 296 Payment of transaction costs related to loans 0 -495 0 0 0 0 0 -495 Increase of share capital 0 0 0 0 34 633 0 0 34 633 Total changes from financing cash flows -15 556 74 838 -57 -14 846 34 633 0 -19 296 59 716 The effect of changes in foreign exchange rates 0 0 -4 -1 0 123 0 118 Liability-related changes New leases 0 0 25 35 372 0 0 0 35 397 Transfer from revaluation reserve 0 0 0 0 0 -2 047 2 047 0 Termination of old leases 0 0 -106 -6 631 0 0 0 -6 737 Amortisation of capitalised borrowing costs 0 1 277 0 0 0 0 0 1 277 Capitalised borrowing costs 0 495 0 0 0 0 0 495 Interest paid 0 0 0 0 0 0 19 296 19 296 Total liability-related changes 0 1 772 -81 28 741 0 -2 047 21 343 49 728 Total equity-related changes 0 0 0 0 0 0 -56 576 -56 576 Balance as at 31 December 2021 180 663 226 116 116 403 349 477 67 930 274 446 1 471 778 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5434": {
"value": "Finance costs comprise interest expense on borrowings, changes in the fair value of financial assets at fair value through profit or loss, impairment losses recognised on financial assets and losses on derivative instruments that are recognised in profit or loss. Borrowing costs not directly attributable to the acquisition or construction of a qualifying asset are recognised in profit or loss using the effective interest method. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5441": {
"value": "Interest income and expenses are recognised as they accrue in profit or loss, using the effective interest method. The effective interest rate is the rate that exactly discounts the estimated future cash payments and receipts through the expected life of the financial asset or liability to the carrying amount of the financial asset or liability. When calculating the effective interest rate, the Group estimates future cash flows considering all contractual terms of the financial instrument, but not future credit losses. The calculation of effective interest rate includes all transaction costs and fees and points paid or received that are an integral part of the effective interest rate. Transaction costs include incremental costs that are directly attributable to the acquisition or issue of a financial asset or liability. Finance Income and Finance Costs Recognised in Profit or Loss For the year ended 31 December, in thousands of EUR 2022 2021 Net foreign exchange gain 0 31 Income from other financial assets 215 3 Total finance income 215 34 Net foreign exchange loss -34 0 Expenses from other financial assets 0 -75 Interest expense on financial liabilities measured at amortised cost -22 447 -19 424 Interest expense on lease liabilities related to right-of-use assets -2 390 -2 422 Total finance costs -24 871 -21 921 Net finance costs -24 656 -21 887 Reconciliation of Liabilities Arising from Financing Activities In thousands of EUR Bank overdrafts Long-term bank loans Lease liabilities Right-of-use assets' liabilities Share capital Reserves Retained earnings Total Balance as at 31 December 2021 180 663 226 116 116 403 349 477 67 930 274 446 1 471 778 Changes from financing cash flows Proceeds from loans 0 196 290 0 0 0 0 0 196 290 Repayment of loans 0 -110 055 0 0 0 0 0 -110 055 Change in overdraft -165 0 0 0 0 0 0 -165 Payment of lease liabilities 0 0 -31 -17 126 0 0 0 -17 157 Interest paid 0 0 0 0 0 0 -23 516 -23 516 Payment of transaction costs related to loans 0 -1 977 0 0 0 0 0 -1 977 Total changes from financing cash flows -165 84 258 -31 -17 126 0 0 -23 516 43 420 The effect of changes in foreign exchange rates 0 0 -8 -129 0 480 0 343 Liability-related changes New leases 0 0 0 8 245 0 0 0 8 245 Transfer from revaluation reserve 0 0 0 0 0 -2 047 2 047 0 Termination of old leases 0 0 0 -298 0 0 0 -298 Amortisation of capitalised borrowing costs 0 1 063 0 0 0 0 0 1 063 Capitalised borrowing costs 0 -2 220 0 0 0 0 0 -2 220 Interest paid 0 0 0 0 0 0 23 516 23 516 Total liability-related changes 0 -1 157 0 7 947 0 -2 047 25 563 30 306 Total equity-related changes 0 0 0 0 0 0 13 935 13 935 Balance as at 31 December 2022 15 746 327 77 107 095 349 477 66 363 290 428 1 559 782 In thousands of EUR Bank overdrafts Long-term bank loans Lease liabilities Right-of-use assets' liabilities Share capital Reserves Retained earnings Total Balance as at 31 December 2020 15 736 586 616 258 102 509 314 844 69 854 328 975 1 418 792 Changes from financing cash flows Proceeds from loans 0 90 000 0 0 0 0 0 90 000 Repayment of loans 0 -14 667 0 0 0 0 0 -14 667 Change in overdraft -15 556 0 0 0 0 0 0 -15 556 Payment of lease liabilities 0 0 -57 -14 846 0 0 0 -14 903 Interest paid 0 0 0 0 0 0 -19 296 -19 296 Payment of transaction costs related to loans 0 -495 0 0 0 0 0 -495 Increase of share capital 0 0 0 0 34 633 0 0 34 633 Total changes from financing cash flows -15 556 74 838 -57 -14 846 34 633 0 -19 296 59 716 The effect of changes in foreign exchange rates 0 0 -4 -1 0 123 0 118 Liability-related changes New leases 0 0 25 35 372 0 0 0 35 397 Transfer from revaluation reserve 0 0 0 0 0 -2 047 2 047 0 Termination of old leases 0 0 -106 -6 631 0 0 0 -6 737 Amortisation of capitalised borrowing costs 0 1 277 0 0 0 0 0 1 277 Capitalised borrowing costs 0 495 0 0 0 0 0 495 Interest paid 0 0 0 0 0 0 19 296 19 296 Total liability-related changes 0 1 772 -81 28 741 0 -2 047 21 343 49 728 Total equity-related changes 0 0 0 0 0 0 -56 576 -56 576 Balance as at 31 December 2021 180 663 226 116 116 403 349 477 67 930 274 446 1 471 778 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5442": {
"value": "Interest income and expenses are recognised as they accrue in profit or loss, using the effective interest method. The effective interest rate is the rate that exactly discounts the estimated future cash payments and receipts through the expected life of the financial asset or liability to the carrying amount of the financial asset or liability. When calculating the effective interest rate, the Group estimates future cash flows considering all contractual terms of the financial instrument, but not future credit losses. The calculation of effective interest rate includes all transaction costs and fees and points paid or received that are an integral part of the effective interest rate. Transaction costs include incremental costs that are directly attributable to the acquisition or issue of a financial asset or liability. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5465": {
"value": "3.16. Income Tax Income tax expense comprises current and deferred tax. Income tax expense is recognised in profit or loss except to the extent that it relates to items recognised in other comprehensive income or expense, in which case income tax is also recognised in other comprehensive income or expense. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Current tax payable also includes any tax liability arising from the distribution of dividends. See below, Group companies in Estonia. Deferred tax is recognised, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for the following temporary differences: the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit, and differences relating to investments in subsidiaries and jointly controlled entities to the extent that it is probable that they will not reverse in the foreseeable future. In addition, deferred tax is not recognised for taxable temporary differences arising on the initial recognition of goodwill. Deferred tax is measured at the tax rates that are expected to be applied to the temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets are recognised for unused tax losses, unused tax credits and deductible temporary differences to the extent that it is probable that future taxable profits will be available, against which they can be used. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised; such reductions are reversed when the probability of future taxable profits improves. Unrecognised deferred tax assets are reassessed at each reporting date and recognised to the extent that it has become probable that future taxable profits will be available, against which they can be used. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and the deferred tax assets and liabilities relate to income taxes levied by the same tax authority on the same taxable entity, or on different taxable entities, but they intend either to settle current tax liabilities and assets on a net basis or to realise the assets and settle the liabilities simultaneously. Group Companies in Estonia According to the Estonian Income Tax Act, for Group companies registered in Estonia, including the Parent, net profit is not subject to income tax, but dividends paid are subject to income tax of 14% or 20% (calculated as 14/86 or 20/80 of the net dividends to be paid in 2023). The potential tax liability from the distribution of the entire retained earnings as dividends is not recorded in the statement of financial position for Estonian Group companies. The amount of the potential tax liability from the distribution of dividends depends on the time, amount and sources of the dividend distribution. There is a dividend taxation regime in Estonia including a lower income tax rate of 14% (14/86 of the net amount of the distribution) for regular profit distributions. The lower tax rate may be applied if the amount of the distribution does not exceed the Group's last three years' average profit distributions subject to taxation in Estonia. The portion of the distribution exceeding this threshold remains taxable at 20%. In practice, a lower tax rate can be applied to dividends distributed in annual periods beginning on or after 2019. However, as dividends paid to individuals will be subject to an additional 7% income tax withholding, the change does not lighten the tax burden of shareholders who are individuals. Income tax from the payment of dividends is recorded as income tax expense in the period in which the dividends are declared. The maximum income tax liability that could arise on the distribution of dividends is disclosed in Note 21. Group companies in Cyprus According to the income tax law of Cyprus, the net profit of shipping companies registered in Cyprus and operating with ships registered in the Cyprus ship register or/and having their business outside Cyprus, and the dividends paid by these companies, are not subject to income tax. Thus, there are no temporary differences between the tax bases and carrying values of assets and liabilities that may cause deferred income tax. Other Foreign Group Companies and Permanent Establishments In accordance with the income tax laws of other jurisdictions, a company\u2019s net profit and the profit from permanent establishments, adjusted for temporary and permanent differences as determined by the local income tax legislation, is subject to current income tax in the countries in which the Group\u2019s companies and permanent establishments have been registered (see Note 6). Tax to be paid is reported under current liabilities and deferred tax positions are reported under non- current assets or liabilities. According to tax law changes that came into force from 1 January 2018, in Latvia the profits of companies derived in 2018 and subsequent periods are taxed similarly to Estonia at the moment of distribution with corporate income tax at a rate of 20% (at 20/80 of the net amount). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5467": {
"value": "3.16. Income Tax Income tax expense comprises current and deferred tax. Income tax expense is recognised in profit or loss except to the extent that it relates to items recognised in other comprehensive income or expense, in which case income tax is also recognised in other comprehensive income or expense. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Current tax payable also includes any tax liability arising from the distribution of dividends. See below, Group companies in Estonia. Deferred tax is recognised, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for the following temporary differences: the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit, and differences relating to investments in subsidiaries and jointly controlled entities to the extent that it is probable that they will not reverse in the foreseeable future. In addition, deferred tax is not recognised for taxable temporary differences arising on the initial recognition of goodwill. Deferred tax is measured at the tax rates that are expected to be applied to the temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets are recognised for unused tax losses, unused tax credits and deductible temporary differences to the extent that it is probable that future taxable profits will be available, against which they can be used. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised; such reductions are reversed when the probability of future taxable profits improves. Unrecognised deferred tax assets are reassessed at each reporting date and recognised to the extent that it has become probable that future taxable profits will be available, against which they can be used. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and the deferred tax assets and liabilities relate to income taxes levied by the same tax authority on the same taxable entity, or on different taxable entities, but they intend either to settle current tax liabilities and assets on a net basis or to realise the assets and settle the liabilities simultaneously. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5544": {
"value": "3.17. Earnings Per Share The Group presents basic and diluted earnings per share (EPS) data for its ordinary shares. Basic EPS is calculated by dividing the profit or loss attributable to ordinary shareholders of the Parent by the weighted average number of ordinary shares outstanding during the period. Diluted EPS is determined by adjusting the profit or loss attributable to ordinary shareholders and the weighted average number of ordinary shares outstanding for the effects of all dilutive potential ordinary shares, which comprise share options granted to employees, if any. Note 7 Earnings Per Share (EPS) EPS are calculated by dividing the net profit or loss for the year attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the year. As at 31 December, in thousands 2022 2021 Shares issued 743 569 743 569 Shares outstanding 743 569 743 569 For the year ended 31 December, in thousands of EUR 2022 2021 Weighted average number of ordinary shares outstanding (in thousands) 743 569 694 444 Net loss attributable to equity holders of the Parent 13 935 -56 576 EPS (EUR) 0.019 -0.081 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5545": {
"value": "3.17. Earnings Per Share The Group presents basic and diluted earnings per share (EPS) data for its ordinary shares. Basic EPS is calculated by dividing the profit or loss attributable to ordinary shareholders of the Parent by the weighted average number of ordinary shares outstanding during the period. Diluted EPS is determined by adjusting the profit or loss attributable to ordinary shareholders and the weighted average number of ordinary shares outstanding for the effects of all dilutive potential ordinary shares, which comprise share options granted to employees, if any. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5553": {
"value": "3.18. Segment Reporting The Group determines and presents operating segments based on the information that is provided internally to the Group's Management Board that is the Group's chief operating decision maker. An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the Group\u2019s other components. All operating segments\u2019 operating results are reviewed regularly by the Group\u2019s Management Board to make decisions about resources to be allocated to the segment and to assess its performance, and for which discrete financial information is available. A segment is a distinguishable component of the Group that is engaged either in providing products or services within a particular economic environment (geographical segment), or in providing related products or services (operating segment), and which is subject to risks and returns that are different from those of other segments. Segment information is presented in respect of the Group\u2019s geographical segments (by routes). Inter-segment pricing is determined on an arm\u2019s length basis. Segment expense is expense resulting from the operating activities of a segment that is directly attributable to the segment and the relevant portion of expenses that can be allocated to the segment on a reasonable basis, including expenses relating to sales to external customers and expenses relating to transactions with other segments of the Group. Segment expense does not include administrative expenses, interest expense, income tax expense and other expenses that arise at the Group level and are related to the Group as a whole. Expenses incurred at the Group level on behalf of a segment are allocated to the segment on a reasonable basis, if these expenses relate to the segment\u2019s operating activities and can be directly attributed or allocated to the segment. Segment results that are reported to the Management Board include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Segment assets are those operating assets that are employed by a segment in its operating activities and that either are directly attributable to the segment or can be allocated to the segment on a reasonable basis. Segment assets do not include assets used for general Group or head office purposes or which cannot be allocated directly to the segment. Segment assets include operating assets shared by two or more segments if a reasonable basis for allocation exists. Segment liabilities are those liabilities that are incurred by a segment in its operating activities and that either are directly attributable to the segment or can be allocated to the segment on a reasonable basis. Expenses, assets and liabilities which are not directly related to a segment or cannot be allocated to a segment are presented as unallocated expenses, assets and liabilities of the Group. Segment capital expenditure is the total cost incurred during the financial year to acquire property, plant and equipment, and intangible assets other than goodwill. Note 4 Segment Information The Group\u2019s operations are organised and managed separately according to the nature of the different markets. As at 31 December 2022 the Group operated in the following business segments: \u2022 Estonia-Finland routes: 3 ships (31 December 2021: 4 ships) \u2022 Estonia-Sweden routes: 3 ships (31 December 2021: 4 ships) \u2022 Latvia-Sweden route: no ships (31 December 2021: 1 ship) 1 \u2022 Finland-Sweden routes: 3 ships (31 December 2021: 4 ships) \u2022 Other segment - Ships chartered out by the Group: 6 ships (31 December 2021: 1 ship) 2 - Ships chartered out by the Group in the future: no ships (31 December 2021: 1 ship) 3 - Hotels in Estonia: 3 hotels (31 December 2021: 3 hotels) - Hotels in Latvia : 1 hotel, reopening in spring 2023 (31 December 2021: 1 hotel, operations suspended) - Shops in Estonia: 5 shops (31 December 2021: 5 shops) - Online shop: 1 shop (31 December 2021: 1 shop) - Restaurants in Estonia: 10 restaurants (31 December 2021: 8 restaurants) - Restaurants in Latvia: 5 restaurants (31 December 2021: 3 restaurants) - Restaurants in Lithuania: 5 restaurants (31 December 2021: 5 restaurants) 1 Items previously reported under geographical segment Latvia-Sweden routes are included in the segment Other as Latvia-Sweden route has not been operated in 2022 and the amounts are below significance threshold. 2 As the chartering out of vessels is not the Group\u2019s core business chartered out ships are shown under Other segment. 3 The ship reported in this category on 31 December 2021 is included in the number of 6 ships charted out on 31 December 2022. The following tables present the Group\u2019s revenue and profit as well as certain asset and liability information regarding reportable segments for the years ended 31 December 2022 and 31 December 2021Geographical Segments \u2013 by the Location of Assets For the year ended 31 December, in thousands of EUR Estonia-Finland routes Estonia-Sweden routes Finland-Sweden routes Other Intersegment elimination Total 2022 Sales to external customers 277 806 76 835 274 314 142 432 0 771 387 Intersegment sales 0 0 0 4 997 -4 997 0 Revenue 277 806 76 835 274 314 147 429 -4 997 771 387 Segment result 51 664 -10 997 -941 34 948 0 74 674 Unallocated expenses -37 001 Net financial items -24 656 Share of profit/loss of equity-accounted investees -90 Profit/loss before income tax 12 927 Income tax 1 008 Net profit/loss for the period 13 935 Segment's assets 570 069 157 184 317 380 511 676 -462 1 555 847 Unallocated assets 135 795 Assets 1 691 642 Segment's liabilities 28 657 9 843 54 194 128 257 -462 220 489 Unallocated liabilities 764 222 Liabilities 984 711 Capital expenditures Segment\u2019s property, plant and equipment 255 101 4 829 2 295 9 327 0 271 552 Unallocated property, plant and equipment -70 680 Segment\u2019s intangible assets 40 0 103 698 0 841 Unallocated intangible assets 1 609 Depreciation 15 869 9 890 23 640 36 696 0 86 095 Unallocated depreciation 5 121 Amortisation 559 259 563 336 0 1 717 Unallocated amortisation 5 203 For the year ended 31 December, in thousands of EUR Estonia-Finland routes Estonia-Sweden routes Finland-Sweden routes Other Intersegment elimination Total 2021 Sales to external customers 184 529 49 065 158 697 84 646 0 476 937 Intersegment sales 0 0 0 874 -874 0 Revenue 184 529 49 065 158 697 85 520 -874 476 937 Segment result 11 962 -7 025 -15 587 3 043 0 -7 607 Unallocated expenses -29 424 Net financial items -21 887 Share of profit/loss of equity-accounted investees -80 Profit/loss before income tax -58 998 Income tax 2 422 Net profit/loss for the period -56 576 Segment's assets 401 055 252 227 445 329 257 471 -125 1 355 957 Unallocated assets 229 958 Assets 1 585 915 Segment's liabilities 29 809 8 298 61 865 112 329 -125 212 176 Unallocated liabilities 681 223 Liabilities 893 399 Capital expenditures Segment\u2019s property, plant and equipment 2 890 519 6 362 6 360 0 16 131 Unallocated property, plant and equipment 1 278 Segment\u2019s intangible assets 0 12 23 773 0 808 Unallocated intangible assets 1 975 Depreciation 18 322 11 127 22 884 30 389 0 82 722 Unallocated depreciation 5 668 Amortisation 692 264 388 331 0 1 675 Unallocated amortisation 5 248 Revenue by Type of Services and Goods Sold Contract Balances The following table provides information about receivables, contract assets and contract liabilities from contracts with customers. The contract liabilities relate to the advance consideration received from customers and to the unredeemed customer loyalty points. Loyalty points are recognised as revenue when the points are redeemed by customers, which is expected to occur over the next two years. For the year ended 31 December, in thousands of EUR Routes 2022 Other 2022 Total 2022 Routes 2021 Other 2021 Total 2021 Revenue from contracts with customers Restaurant and shop sales on-board and onshore 323 958 54 205 378 163 188 762 44 614 233 376 Ticket sales 191 920 0 191 920 99 094 0 99 094 Sales of cargo transport 103 183 0 103 183 94 763 0 94 763 Sales of accommodation 0 11 325 11 325 0 3 367 3 367 Other 3 573 11 094 14 667 5 234 6 387 11 621 Total revenue from contracts with customers 622 634 76 624 699 258 387 853 54 368 442 221 Revenue from other sources Income from charter of vessels 0 65 808 65 808 0 30 278 30 278 Other 6 321 0 6 321 4 438 0 4 438 Total revenue from other sources 6 321 65 808 72 129 4 438 30 278 34 716 Total revenue of the Group 628 955 142 432 771 387 392 291 84 646 476 937 In thousands of EUR 31 December 2022 31 December 2021 Trade and other receivables 31 380 29 298 Contract liabilities Club One points 7 016 6 360 Prepaid revenue 37 206 15 374 Total contract liabilities 44 222 21 734 ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"f5554": {
"value": "3.18. Segment Reporting The Group determines and presents operating segments based on the information that is provided internally to the Group's Management Board that is the Group's chief operating decision maker. An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the Group\u2019s other components. All operating segments\u2019 operating results are reviewed regularly by the Group\u2019s Management Board to make decisions about resources to be allocated to the segment and to assess its performance, and for which discrete financial information is available. A segment is a distinguishable component of the Group that is engaged either in providing products or services within a particular economic environment (geographical segment), or in providing related products or services (operating segment), and which is subject to risks and returns that are different from those of other segments. Segment information is presented in respect of the Group\u2019s geographical segments (by routes). Inter-segment pricing is determined on an arm\u2019s length basis. Segment expense is expense resulting from the operating activities of a segment that is directly attributable to the segment and the relevant portion of expenses that can be allocated to the segment on a reasonable basis, including expenses relating to sales to external customers and expenses relating to transactions with other segments of the Group. Segment expense does not include administrative expenses, interest expense, income tax expense and other expenses that arise at the Group level and are related to the Group as a whole. Expenses incurred at the Group level on behalf of a segment are allocated to the segment on a reasonable basis, if these expenses relate to the segment\u2019s operating activities and can be directly attributed or allocated to the segment. Segment results that are reported to the Management Board include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Segment assets are those operating assets that are employed by a segment in its operating activities and that either are directly attributable to the segment or can be allocated to the segment on a reasonable basis. Segment assets do not include assets used for general Group or head office purposes or which cannot be allocated directly to the segment. Segment assets include operating assets shared by two or more segments if a reasonable basis for allocation exists. Segment liabilities are those liabilities that are incurred by a segment in its operating activities and that either are directly attributable to the segment or can be allocated to the segment on a reasonable basis. Expenses, assets and liabilities which are not directly related to a segment or cannot be allocated to a segment are presented as unallocated expenses, assets and liabilities of the Group. Segment capital expenditure is the total cost incurred during the financial year to acquire property, plant and equipment, and intangible assets other than goodwill. ",
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"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5603": {
"value": "3.19. Determination of Fair Values A number of the Group\u2019s accounting policies and disclosures require determination of fair value for both financial and non-financial assets and liabilities. Fair values have been determined for measurement and/or disclosure purposes based on the following methods. When applicable, further information about the assumptions made in determining fair values is disclosed in the notes specific to the asset or liability. When measuring the fair value of an asset or liability, the Group uses observable market data as far as possible. Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows: \u2022 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities \u2022 Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) \u2022 Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs) Ships (Level 3) The market value of ships is the estimated amount for which the property could be exchanged on the date of valuation between a willing buyer and a willing seller in an arm\u2019s length transaction after proper marketing wherein the parties had each acted knowledgeably and willingly. The Group uses independent appraisers to determine the fair value of the ships. The fair value is calculated using the weighted average of the appraisers valuations and stress-sale valuations. No revaluation will be carried out if the difference between calculated fair value and book value is immaterial. The frequency of revaluation depends upon changes in the fair values of the ships. When the fair value of a ship differs materially from its carrying amount, a revaluation is required. Intangible Assets (Level 3) The fair value of patents and trademarks acquired in a business combination is determined using the relief from royalty method. The fair value of customer relationships acquired in a business combination is determined using the multi-period excess earnings method, whereby the subject asset is valued after deducting a fair return on all other assets that are part of creating the related cash flows. The fair value of other intangible assets is based on the discounted cash flows expected to be derived from the use and eventual sale of the assets. Non-Derivative Financial Liabilities (Levels 1 and 2) Fair value, which is determined for disclosure purposes, is calculated based on the present value of future principal and interest cash flows, discounted at the market rate of interest at the reporting date. 3.20. Separate Financial Statements of the Parent In accordance with the Estonian Accounting Act, the notes to the consolidated financial statements have to include the separate primary financial statements (i.e. statement of comprehensive income, statement of financial position, statement of cash flows and statement of changes in equity, collectively referred to as primary financial statements) of the Parent. The separate primary financial statements of AS Tallink Grupp are disclosed in Note 28 Primary Financial Statements of the Parent. These statements have been prepared using the same accounting policies and measurement bases that were used on the preparation of the consolidated financial statements, except for investments in subsidiaries which are stated at cost in the separate primary financial statements of the Parent. Revaluation of Ships The Group\u2019s vessels are measured at revalued amounts, which are determined using fair value at the end of the reporting period. The Group used the valuations of three independent appraisers to determine the fair value of ships. Fair value was determined by reference to market-based inputs, which are mainly unobservable (level 3 under the fair value hierarchy). The Group\u2019s management also take into consideration the expected cash flows of chartered ships if needed. The following table shows the valuation techniques used in measuring the ships\u2019 fair values, as well as the significant unobservable inputs used. Valuation technique Significant unobservable inputs Market comparison technique, cost approach: independent appraisers consider both approaches. They scan the market and look at second-hand sales of similar ships and analyse general demand for the particular ship in various parts of the world. Also, they look at the construction cost of the ship less reasonable depreciation and the construction prices of similar new ships today. Sales prices of similar ships Level of demand for particular ships Construction prices of ships Maintenance and repair programme of ships The frequency of revaluations depends on changes in fair values which are assessed at each year- end. When fair value differs materially from the carrying amount, further revaluation is performed. Management is of the opinion that as at 31 December 2022 there were no material differences between the carrying amounts and fair values (as well as at 31 December 2021). As a result of the pandemic that affected ship operations over the past years, and war in Ukraine, the market is very illiquid with very few transactions made in this segment of tonnage. Therefore, the valuations are to be deemed uncertain. Depending on how the situation develops and when passenger traffic resumes to its full extent the values are subject to adjustment in the short term. Management is of the opinion that buyers of this type of asset normally have a long-term view and a planning horizon stretching to 20-30 years and therefore possible market fluctuations are to be regarded as temporary. If the ships were measured using the cost model, the carrying amounts would be as follows: Due to the annual transfer from the revaluation reserve to retained earnings (the difference between depreciation based on the revalued carrying amount of the assets and the depreciation based on the assets\u2019 original cost) the revaluation reserve was decreased as at 31 December 2022 by EUR 2 047 thousand (2021: EUR 2 047 thousand) and retained earnings were increased by the same amount. As at 31 December 2022 In thousands of EUR Cost 2 031 631 Accumulated depreciation -777 280 Net carrying amount 1 254 351 As at 31 December 2021 In thousands of EUR Cost 1 778 543 Accumulated depreciation -731 419 Net carrying amount 1 047 124 As at 31 December 2022 the Group\u2019s ships with a book value of EUR 1 267 423 thousand (2021: EUR 1 060 950 thousand) were encumbered with first or second ranking mortgages to secure the Group\u2019s bank loans (see also Note 16). Fair Values of Financial Instruments All financial assets and liabilities are measured at amortised cost excluding derivatives, which are measured at fair value. According to the assessment of the Group\u2019s management, as at 31 December 2022 and 31 December 2021 the fair values of assets and liabilities measured at amortised cost did not differ materially from their carrying amounts. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5604": {
"value": "3.19. Determination of Fair Values A number of the Group\u2019s accounting policies and disclosures require determination of fair value for both financial and non-financial assets and liabilities. Fair values have been determined for measurement and/or disclosure purposes based on the following methods. When applicable, further information about the assumptions made in determining fair values is disclosed in the notes specific to the asset or liability. When measuring the fair value of an asset or liability, the Group uses observable market data as far as possible. Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows: \u2022 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities \u2022 Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) \u2022 Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs) Ships (Level 3) The market value of ships is the estimated amount for which the property could be exchanged on the date of valuation between a willing buyer and a willing seller in an arm\u2019s length transaction after proper marketing wherein the parties had each acted knowledgeably and willingly. The Group uses independent appraisers to determine the fair value of the ships. The fair value is calculated using the weighted average of the appraisers valuations and stress-sale valuations. No revaluation will be carried out if the difference between calculated fair value and book value is immaterial. The frequency of revaluation depends upon changes in the fair values of the ships. When the fair value of a ship differs materially from its carrying amount, a revaluation is required. Intangible Assets (Level 3) The fair value of patents and trademarks acquired in a business combination is determined using the relief from royalty method. The fair value of customer relationships acquired in a business combination is determined using the multi-period excess earnings method, whereby the subject asset is valued after deducting a fair return on all other assets that are part of creating the related cash flows. The fair value of other intangible assets is based on the discounted cash flows expected to be derived from the use and eventual sale of the assets. Non-Derivative Financial Liabilities (Levels 1 and 2) Fair value, which is determined for disclosure purposes, is calculated based on the present value of future principal and interest cash flows, discounted at the market rate of interest at the reporting date. 3.20. Separate Financial Statements of the Parent In accordance with the Estonian Accounting Act, the notes to the consolidated financial statements have to include the separate primary financial statements (i.e. statement of comprehensive income, statement of financial position, statement of cash flows and statement of changes in equity, collectively referred to as primary financial statements) of the Parent. The separate primary financial statements of AS Tallink Grupp are disclosed in Note 28 Primary Financial Statements of the Parent. These statements have been prepared using the same accounting policies and measurement bases that were used on the preparation of the consolidated financial statements, except for investments in subsidiaries which are stated at cost in the separate primary financial statements of the Parent. ",
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"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5607": {
"value": "3.19. Determination of Fair Values A number of the Group\u2019s accounting policies and disclosures require determination of fair value for both financial and non-financial assets and liabilities. Fair values have been determined for measurement and/or disclosure purposes based on the following methods. When applicable, further information about the assumptions made in determining fair values is disclosed in the notes specific to the asset or liability. When measuring the fair value of an asset or liability, the Group uses observable market data as far as possible. Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows: \u2022 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities \u2022 Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) \u2022 Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs) Ships (Level 3) The market value of ships is the estimated amount for which the property could be exchanged on the date of valuation between a willing buyer and a willing seller in an arm\u2019s length transaction after proper marketing wherein the parties had each acted knowledgeably and willingly. The Group uses independent appraisers to determine the fair value of the ships. The fair value is calculated using the weighted average of the appraisers valuations and stress-sale valuations. No revaluation will be carried out if the difference between calculated fair value and book value is immaterial. The frequency of revaluation depends upon changes in the fair values of the ships. When the fair value of a ship differs materially from its carrying amount, a revaluation is required. Intangible Assets (Level 3) The fair value of patents and trademarks acquired in a business combination is determined using the relief from royalty method. The fair value of customer relationships acquired in a business combination is determined using the multi-period excess earnings method, whereby the subject asset is valued after deducting a fair return on all other assets that are part of creating the related cash flows. The fair value of other intangible assets is based on the discounted cash flows expected to be derived from the use and eventual sale of the assets. Non-Derivative Financial Liabilities (Levels 1 and 2) Fair value, which is determined for disclosure purposes, is calculated based on the present value of future principal and interest cash flows, discounted at the market rate of interest at the reporting date. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognisingDifferenceBetweenFairValueAtInitialRecognitionAndAmountDeterminedUsingValuationTechniqueExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5985": {
"value": "Revenue by Type of Services and Goods Sold Contract Balances The following table provides information about receivables, contract assets and contract liabilities from contracts with customers. The contract liabilities relate to the advance consideration received from customers and to the unredeemed customer loyalty points. Loyalty points are recognised as revenue when the points are redeemed by customers, which is expected to occur over the next two years. For the year ended 31 December, in thousands of EUR Routes 2022 Other 2022 Total 2022 Routes 2021 Other 2021 Total 2021 Revenue from contracts with customers Restaurant and shop sales on-board and onshore 323 958 54 205 378 163 188 762 44 614 233 376 Ticket sales 191 920 0 191 920 99 094 0 99 094 Sales of cargo transport 103 183 0 103 183 94 763 0 94 763 Sales of accommodation 0 11 325 11 325 0 3 367 3 367 Other 3 573 11 094 14 667 5 234 6 387 11 621 Total revenue from contracts with customers 622 634 76 624 699 258 387 853 54 368 442 221 Revenue from other sources Income from charter of vessels 0 65 808 65 808 0 30 278 30 278 Other 6 321 0 6 321 4 438 0 4 438 Total revenue from other sources 6 321 65 808 72 129 4 438 30 278 34 716 Total revenue of the Group 628 955 142 432 771 387 392 291 84 646 476 937 In thousands of EUR 31 December 2022 31 December 2021 Trade and other receivables 31 380 29 298 Contract liabilities Club One points 7 016 6 360 Prepaid revenue 37 206 15 374 Total contract liabilities 44 222 21 734 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6109": {
"value": "Cost of Sales For the year ended 31 December, in thousands of EUR 2022 2021 Cost of goods sold -160 556 -110 451 Port & stevedoring costs -77 198 -62 998 Fuel costs -144 141 -72 234 Staff costs -120 018 -86 101 Ships\u2019 operating expenses -51 607 -34 363 Depreciation and amortisation (Notes 14, 15) -85 894 -82 394 Cost of travel package sales -6 155 -1 529 Other costs -12 348 -5 212 Total cost of sales -657 917 -455 282 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6111": {
"value": "Sales and Marketing Expenses Administrative Expenses Specification of Staff Costs Included in the Cost of Sales, Sales and Marketing Expenses and Administrative Expenses For the year ended 31 December, in thousands of EUR 2022 2021 Advertising expenses -14 811 -8 320 Staff costs -19 580 -16 770 Depreciation and amortisation (Notes 14, 15) -1 918 -2 003 Other costs -2 487 -2 169 Total sales and marketing expenses -38 796 -29 262 For the year ended 31 December, in thousands of EUR 2022 2021 Staff costs -23 255 -21 175 Depreciation and amortisation (Notes 14, 15) -10 324 -10 916 Other costs -13 976 -13 542 Total administrative expenses -47 555 -45 633 For the year ended 31 December, in thousands of EUR 2022 2021 Wages and salaries -148 934 -114 661 Government grants 32 519 27 130 Social security costs -44 592 -34 072 Staff training costs -549 -608 Other staff costs -1 297 -1 835 Total staff costs -162 853 -124 046 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6225": {
"value": "The average number of the Group\u2019s employees according to their employment relationship is presented in the table below. For the year ended 31 December 2022 2021 Employees under employment contract 4 780 3 749 Employees under service contract 238 605 Members of the Management Board 5 6 Total average number of employees 5 023 4 360 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6233": {
"value": "Finance Income and Finance Costs Recognised in Profit or Loss For the year ended 31 December, in thousands of EUR 2022 2021 Net foreign exchange gain 0 31 Income from other financial assets 215 3 Total finance income 215 34 Net foreign exchange loss -34 0 Expenses from other financial assets 0 -75 Interest expense on financial liabilities measured at amortised cost -22 447 -19 424 Interest expense on lease liabilities related to right-of-use assets -2 390 -2 422 Total finance costs -24 871 -21 921 Net finance costs -24 656 -21 887 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6237": {
"value": "Finance Income and Finance Costs Recognised in Profit or Loss For the year ended 31 December, in thousands of EUR 2022 2021 Net foreign exchange gain 0 31 Income from other financial assets 215 3 Total finance income 215 34 Net foreign exchange loss -34 0 Expenses from other financial assets 0 -75 Interest expense on financial liabilities measured at amortised cost -22 447 -19 424 Interest expense on lease liabilities related to right-of-use assets -2 390 -2 422 Total finance costs -24 871 -21 921 Net finance costs -24 656 -21 887 Reconciliation of Liabilities Arising from Financing Activities In thousands of EUR Bank overdrafts Long-term bank loans Lease liabilities Right-of-use assets' liabilities Share capital Reserves Retained earnings Total Balance as at 31 December 2021 180 663 226 116 116 403 349 477 67 930 274 446 1 471 778 Changes from financing cash flows Proceeds from loans 0 196 290 0 0 0 0 0 196 290 Repayment of loans 0 -110 055 0 0 0 0 0 -110 055 Change in overdraft -165 0 0 0 0 0 0 -165 Payment of lease liabilities 0 0 -31 -17 126 0 0 0 -17 157 Interest paid 0 0 0 0 0 0 -23 516 -23 516 Payment of transaction costs related to loans 0 -1 977 0 0 0 0 0 -1 977 Total changes from financing cash flows -165 84 258 -31 -17 126 0 0 -23 516 43 420 The effect of changes in foreign exchange rates 0 0 -8 -129 0 480 0 343 Liability-related changes New leases 0 0 0 8 245 0 0 0 8 245 Transfer from revaluation reserve 0 0 0 0 0 -2 047 2 047 0 Termination of old leases 0 0 0 -298 0 0 0 -298 Amortisation of capitalised borrowing costs 0 1 063 0 0 0 0 0 1 063 Capitalised borrowing costs 0 -2 220 0 0 0 0 0 -2 220 Interest paid 0 0 0 0 0 0 23 516 23 516 Total liability-related changes 0 -1 157 0 7 947 0 -2 047 25 563 30 306 Total equity-related changes 0 0 0 0 0 0 13 935 13 935 Balance as at 31 December 2022 15 746 327 77 107 095 349 477 66 363 290 428 1 559 782 In thousands of EUR Bank overdrafts Long-term bank loans Lease liabilities Right-of-use assets' liabilities Share capital Reserves Retained earnings Total Balance as at 31 December 2020 15 736 586 616 258 102 509 314 844 69 854 328 975 1 418 792 Changes from financing cash flows Proceeds from loans 0 90 000 0 0 0 0 0 90 000 Repayment of loans 0 -14 667 0 0 0 0 0 -14 667 Change in overdraft -15 556 0 0 0 0 0 0 -15 556 Payment of lease liabilities 0 0 -57 -14 846 0 0 0 -14 903 Interest paid 0 0 0 0 0 0 -19 296 -19 296 Payment of transaction costs related to loans 0 -495 0 0 0 0 0 -495 Increase of share capital 0 0 0 0 34 633 0 0 34 633 Total changes from financing cash flows -15 556 74 838 -57 -14 846 34 633 0 -19 296 59 716 The effect of changes in foreign exchange rates 0 0 -4 -1 0 123 0 118 Liability-related changes New leases 0 0 25 35 372 0 0 0 35 397 Transfer from revaluation reserve 0 0 0 0 0 -2 047 2 047 0 Termination of old leases 0 0 -106 -6 631 0 0 0 -6 737 Amortisation of capitalised borrowing costs 0 1 277 0 0 0 0 0 1 277 Capitalised borrowing costs 0 495 0 0 0 0 0 495 Interest paid 0 0 0 0 0 0 19 296 19 296 Total liability-related changes 0 1 772 -81 28 741 0 -2 047 21 343 49 728 Total equity-related changes 0 0 0 0 0 0 -56 576 -56 576 Balance as at 31 December 2021 180 663 226 116 116 403 349 477 67 930 274 446 1 471 778 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6501": {
"value": "Note 8 Cash and Cash Equivalents Cash at bank earns interest at floating rates based on daily bank deposit rates. In 2022 the rates were in the range of 0.00-1.75% including short-term deposits (2021: 0.00-0.01%). Short-term deposits are overnight deposits with maturity date of 01.01.2023. The Group\u2019s exposure to currency risk is disclosed in Note 25. As at 31 December, in thousands of EUR 2022 2021 Cash at bank and in hand 42 883 127 380 Cash in transit 411 176 Short-term deposits 71 641 0 Total cash and cash equivalents 114 935 127 556 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6509": {
"value": "Note 9 Trade and Other Receivables During the reporting period EUR 153 thousand of trade receivables was expensed as doubtful and uncollectible (2021: EUR 99 thousand). The Group\u2019s exposure to the credit and currency risks of receivables (excluding government grants receivable) is disclosed in Note 25. Additional information about government grants is disclosed in Note 5. Note 10 Prepayments The balance of prepaid expenses includes mostly prepayments for insurance. As at 31 December, in thousands of EUR 2022 2021 Trade receivables 20 384 15 763 Allowance for doubtful receivables -481 -468 Government grants receivable 9 123 9 806 Receivables from related parties 43 69 Other receivables 2 311 4 128 Total trade and other receivables 31 380 29 298 As at 31 December in thousands of EUR 2022 2021 Prepaid expenses 6 462 7 606 Tax prepayments 2 917 4 318 Total prepayments 9 379 11 924 As at 31 December in thousands of EUR 2022 2021 Tax prepayments VAT 2 049 1 504 Other prepayments 868 2 814 Total tax prepayments 2 917 4 318 Note 13 Other Long-term Financial Assets and Other Prepayments As at 31 December, in thousands of EUR 2022 2021 Equity securities 177 177 Other receivables 332 378 Prepaid expenses 3 113 0 Total other financial assets 3 622 555 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6510": {
"value": "Note 9 Trade and Other Receivables During the reporting period EUR 153 thousand of trade receivables was expensed as doubtful and uncollectible (2021: EUR 99 thousand). The Group\u2019s exposure to the credit and currency risks of receivables (excluding government grants receivable) is disclosed in Note 25. Additional information about government grants is disclosed in Note 5. As at 31 December, in thousands of EUR 2022 2021 Trade receivables 20 384 15 763 Allowance for doubtful receivables -481 -468 Government grants receivable 9 123 9 806 Receivables from related parties 43 69 Other receivables 2 311 4 128 Total trade and other receivables 31 380 29 298 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6519": {
"value": "Note 10 Prepayments The balance of prepaid expenses includes mostly prepayments for insurance. As at 31 December in thousands of EUR 2022 2021 Prepaid expenses 6 462 7 606 Tax prepayments 2 917 4 318 Total prepayments 9 379 11 924 As at 31 December in thousands of EUR 2022 2021 Tax prepayments VAT 2 049 1 504 Other prepayments 868 2 814 Total tax prepayments 2 917 4 318 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6520": {
"value": "Note 10 Prepayments he balance of prepaid expenses includes mostly prepayments for insurance. As at 31 December in thousands of EUR 2022 2021 Prepaid expenses 6 462 7 606 Tax prepayments 2 917 4 318 Total prepayments 9 379 11 924 As at 31 December in thousands of EUR 2022 2021 Tax prepayments VAT 2 049 1 504 Other prepayments 868 2 814 Total tax prepayments 2 917 4 318 Note 18 Trade and Other Payables The Group\u2019s exposure to currency and liquidity risks (excluding tax liabilities and other accruals) is disclosed in Note 25. Additional information about tax liabilities is disclosed below. As at 31 December, in thousands of EUR 2022 2021 Trade payables 38 309 42 174 Other payables 2 304 2 247 Payables to employees 19 638 19 997 Interest payable 3 527 3 269 Tax liabilities 16 592 17 166 Other accruals 6 564 6 834 Total trade and other payables 86 934 91 687 As at 31 December, in thousands of EUR 2022 2021 Salary-related taxes 11 818 14 429 Excise duties 1 239 1 331 VAT 3 535 1 406 Total tax liabilities 16 592 17 166 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6703": {
"value": "Note 13 Other Long-term Financial Assets and Other Prepayments As at 31 December, in thousands of EUR 2022 2021 Equity securities 177 177 Other receivables 332 378 Prepaid expenses 3 113 0 Total other financial assets 3 622 555 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7046": {
"value": "Contractual Commitments As at 31 December 2021 the Group had a contractual commitment for a new vessel, MyStar, of EUR 172 900 thousand. MyStar was delivered in December 2022. As at 31 December 2022 the Group had no contractual commitments. The Group did not have any other substantial contractual commitments related to property, plant and equipment. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInsuranceContractsExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7047": {
"value": "Contractual Commitments As at 31 December 2021 the Group had a contractual commitment for a new vessel, MyStar, of EUR 172 900 thousand. MyStar was delivered in December 2022. As at 31 December 2022 the Group had no contractual commitments. The Group did not have any other substantial contractual commitments related to property, plant and equipment. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentContractsLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7048": {
"value": "Contractual Commitments As at 31 December 2021 the Group had a contractual commitment for a new vessel, MyStar, of EUR 172 900 thousand. MyStar was delivered in December 2022. As at 31 December 2022 the Group had no contractual commitments. The Group did not have any other substantial contractual commitments related to property, plant and equipment. Note 21 Contingencies and Commitments Key Management Personnel\u2019s Termination Benefits The members of the Management Board are entitled to termination benefits if their service agreement is terminated by the Group\u2019s Supervisory Board. At 31 December 2022 the maximum amount of such benefits was EUR 1 461 thousand (EUR 1 461 thousand in 2021) (see Note 23). Income Tax on Dividends The Group\u2019s retained earnings as at 31 December 2022 were EUR 290 428 thousand (2021: EUR 274 446 thousand). As at 31 December 2022, the maximum income tax liability which would arise if retained earnings were fully distributed is EUR 58 086 thousand (2021: EUR 54 889 thousand). The maximum income tax liability has been calculated using the income tax rate effective for dividends on the assumption that the dividend and the related income tax expense cannot exceed the amount of retained earnings as at 31 December 2022 (2021: 31 December 2021). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7049": {
"value": "Contractual Commitments As at 31 December 2021 the Group had a contractual commitment for a new vessel, MyStar, of EUR 172 900 thousand. MyStar was delivered in December 2022. As at 31 December 2022 the Group had no contractual commitments. The Group did not have any other substantial contractual commitments related to property, plant and equipment. Note 21 Contingencies and Commitments Key Management Personnel\u2019s Termination Benefits The members of the Management Board are entitled to termination benefits if their service agreement is terminated by the Group\u2019s Supervisory Board. At 31 December 2022 the maximum amount of such benefits was EUR 1 461 thousand (EUR 1 461 thousand in 2021) (see Note 23). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7059": {
"value": "Intangible Asset Classes 1 Goodwill in the amount of EUR 11 066 thousand is related to Estonia-Finland routes segment. In the impairment test of goodwill related to Estonia-Finland routes, the recoverable amount was identified based on value in use. Management calculated value in use based on five-year cash flow perpetuity Goodwill Goodwill that arises upon the acquisition of subsidiaries is included in intangible assets. Subsequent Measurement Goodwill is measured at cost less accumulated impairment losses. and using a discount rate of 7.60% (2021: 6.54%). Five-year cash flow to perpetuity value was used. There was no need to recognise an impairment loss. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7189": {
"value": "Note 16 Interest-Bearing Loans and Borrowings 1 Lease liabilities related to the adoption of IFRS 16. \u00b2 Long-term bank loans include a loan from the financial institution SA Kredex of EUR 100 000 thousand. As at 31 December 2022 the Group had the right to use bank overdrafts of up to EUR 135 000 thousand (2021: EUR 135 000 thousand). Bank overdrafts are secured with a commercial pledge of EUR 20 204 thousand (2021: EUR 20 204 thousand) and mortgages on ships (see Note 14). As at 31 December 2022 the balance of overdrafts in use was EUR 15 thousand (2021: EUR 180 thousand). As at 31 December 2022 AS Tallink Grupp had given guarantees to Nordea Bank Plc, KfW IPEX-Bank GmbH and the Nordic Investment Bank for loans granted to its ship-owning subsidiaries and Tallink Silja OY. The book value of such loans was EUR 404 462 thousand on 31 December 2022 (2021: EUR 247 159 thousand; guarantees were given to Nordea Bank Plc, Danske Bank A/S and Nordic Investment Bank). Ship-owning subsidiaries had given guarantees to Nordea Bank Finland Plc, Swedbank AS and SA KredEx for the loans granted to AS Tallink Grupp. As at 31 December 2022 the book value of such loans was EUR 341 865 thousand (31 December 2021: EUR 416 067 thousand). As at 31 December 2022, in thousands of EUR Maturity Interest rate Current portion Non-current portion Total borrowings Lease liabilities 2023-2024 6.30% 67 10 77 Lease liabilities related to right-of-use assets\u00b9 2023-2033 2.18-2.42% 20 958 86 137 107 095 Overdraft EURIBOR+2.91% 15 0 15 Long-term bank loans\u00b2 2023-2034 EURIBOR+2.68% 144 009 602 318 746 327 Total borrowings 165 049 688 465 853 514 As at 31 December 2021, in thousands of EUR Maturity Interest rate Current portion Non-current portion Total borrowings Lease liabilities 2022-2023 5.67% 73 43 116 Lease liabilities related to right-of-use assets\u00b9 2022-2033 2.18-2.25% 16 488 99 915 116 403 Overdraft EURIBOR+2.91% 180 0 180 Long-term bank loans\u00b2 2022-2029 EURIBOR+2.47% 227 695 435 531 663 226 Total borrowings 244 436 535 489 779 925 Primary securities for the loans are the ships belonging to the overseas subsidiaries and a pledge of the shares in these subsidiaries. The Group has issued counter guarantees to the commercial banks that have issued guarantees to several governmental authorities in favour of Group entities required to perform the Group\u2019s daily operations. As at 31 December 2022 the total amount of the guarantees was EUR 7 132 thousand (2021: EUR 5 763 thousand). The guarantees issued are not recognised in the statement of financial position as, according to historical experience and management\u2019s estimations, none of them is expected to turn into an actual liability. In the loan agreements signed with banks, the Group has agreed to comply with financial covenants related to ensuring certain equity, liquidity and other ratios. As at 31 December 2022 and during 2022 the Group was in compliance with all the covenants as agreed with banks. Reconciliation of Liabilities Arising from Financing Activities n thousands of EUR Bank overdrafts Long-term bank loans Lease liabilities Right-of-use assets' liabilities Share capital Reserves Retained earnings Total Balance as at 31 December 2021 180 663 226 116 116 403 349 477 67 930 274 446 1 471 778 Changes from financing cash flows Proceeds from loans 0 196 290 0 0 0 0 0 196 290 Repayment of loans 0 -110 055 0 0 0 0 0 -110 055 Change in overdraft -165 0 0 0 0 0 0 -165 Payment of lease liabilities 0 0 -31 -17 126 0 0 0 -17 157 Interest paid 0 0 0 0 0 0 -23 516 -23 516 Payment of transaction costs related to loans 0 -1 977 0 0 0 0 0 -1 977 Total changes from financing cash flows -165 84 258 -31 -17 126 0 0 -23 516 43 420 The effect of changes in foreign exchange rates 0 0 -8 -129 0 480 0 343 Liability-related changes New leases 0 0 0 8 245 0 0 0 8 245 Transfer from revaluation reserve 0 0 0 0 0 -2 047 2 047 0 Termination of old leases 0 0 0 -298 0 0 0 -298 Amortisation of capitalised borrowing costs 0 1 063 0 0 0 0 0 1 063 Capitalised borrowing costs 0 -2 220 0 0 0 0 0 -2 220 Interest paid 0 0 0 0 0 0 23 516 23 516 Total liability-related changes 0 -1 157 0 7 947 0 -2 047 25 563 30 306 Total equity-related changes 0 0 0 0 0 0 13 935 13 935 Balance as at 31 December 2022 15 746 327 77 107 095 349 477 66 363 290 428 1 559 782 n thousands of EUR Bank overdrafts Long-term bank loans Lease liabilities Right-of-use assets' liabilities Share capital Reserves Retained earnings Total Balance as at 31 December 2020 15 736 586 616 258 102 509 314 844 69 854 328 975 1 418 792 Changes from financing cash flows Proceeds from loans 0 90 000 0 0 0 0 0 90 000 Repayment of loans 0 -14 667 0 0 0 0 0 -14 667 Change in overdraft -15 556 0 0 0 0 0 0 -15 556 Payment of lease liabilities 0 0 -57 -14 846 0 0 0 -14 903 Interest paid 0 0 0 0 0 0 -19 296 -19 296 Payment of transaction costs related to loans 0 -495 0 0 0 0 0 -495 Increase of share capital 0 0 0 0 34 633 0 0 34 633 Total changes from financing cash flows -15 556 74 838 -57 -14 846 34 633 0 -19 296 59 716 The effect of changes in foreign exchange rates 0 0 -4 -1 0 123 0 118 Liability-related changes New leases 0 0 25 35 372 0 0 0 35 397 Transfer from revaluation reserve 0 0 0 0 0 -2 047 2 047 0 Termination of old leases 0 0 -106 -6 631 0 0 0 -6 737 Amortisation of capitalised borrowing costs 0 1 277 0 0 0 0 0 1 277 Capitalised borrowing costs 0 495 0 0 0 0 0 495 Interest paid 0 0 0 0 0 0 19 296 19 296 Total liability-related changes 0 1 772 -81 28 741 0 -2 047 21 343 49 728 Total equity-related changes 0 0 0 0 0 0 -56 576 -56 576 Balance as at 31 December 2021 180 663 226 116 116 403 349 477 67 930 274 446 1 471 778 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7190": {
"value": "Note 16 Interest-Bearing Loans and Borrowings 1 Lease liabilities related to the adoption of IFRS 16. \u00b2 Long-term bank loans include a loan from the financial institution SA Kredex of EUR 100 000 thousand. As at 31 December 2022 the Group had the right to use bank overdrafts of up to EUR 135 000 thousand (2021: EUR 135 000 thousand). Bank overdrafts are secured with a commercial pledge of EUR 20 204 thousand (2021: EUR 20 204 thousand) and mortgages on ships (see Note 14). As at 31 December 2022 the balance of overdrafts in use was EUR 15 thousand (2021: EUR 180 thousand). As at 31 December 2022 AS Tallink Grupp had given guarantees to Nordea Bank Plc, KfW IPEX-Bank GmbH and the Nordic Investment Bank for loans granted to its ship-owning subsidiaries and Tallink Silja OY. The book value of such loans was EUR 404 462 thousand on 31 December 2022 (2021: EUR 247 159 thousand; guarantees were given to Nordea Bank Plc, Danske Bank A/S and Nordic Investment Bank). Ship-owning subsidiaries had given guarantees to Nordea Bank Finland Plc, Swedbank AS and SA KredEx for the loans granted to AS Tallink Grupp. As at 31 December 2022 the book value of such loans was EUR 341 865 thousand (31 December 2021: EUR 416 067 thousand). As at 31 December 2022, in thousands of EUR Maturity Interest rate Current portion Non-current portion Total borrowings Lease liabilities 2023-2024 6.30% 67 10 77 Lease liabilities related to right-of-use assets\u00b9 2023-2033 2.18-2.42% 20 958 86 137 107 095 Overdraft EURIBOR+2.91% 15 0 15 Long-term bank loans\u00b2 2023-2034 EURIBOR+2.68% 144 009 602 318 746 327 Total borrowings 165 049 688 465 853 514 As at 31 December 2021, in thousands of EUR Maturity Interest rate Current portion Non-current portion Total borrowings Lease liabilities 2022-2023 5.67% 73 43 116 Lease liabilities related to right-of-use assets\u00b9 2022-2033 2.18-2.25% 16 488 99 915 116 403 Overdraft EURIBOR+2.91% 180 0 180 Long-term bank loans\u00b2 2022-2029 EURIBOR+2.47% 227 695 435 531 663 226 Total borrowings 244 436 535 489 779 925 Primary securities for the loans are the ships belonging to the overseas subsidiaries and a pledge of the shares in these subsidiaries. The Group has issued counter guarantees to the commercial banks that have issued guarantees to several governmental authorities in favour of Group entities required to perform the Group\u2019s daily operations. As at 31 December 2022 the total amount of the guarantees was EUR 7 132 thousand (2021: EUR 5 763 thousand). The guarantees issued are not recognised in the statement of financial position as, according to historical experience and management\u2019s estimations, none of them is expected to turn into an actual liability. In the loan agreements signed with banks, the Group has agreed to comply with financial covenants related to ensuring certain equity, liquidity and other ratios. As at 31 December 2022 and during 2022 the Group was in compliance with all the covenants as agreed with banks. Reconciliation of Liabilities Arising from Financing Activities In thousands of EUR Bank overdrafts Long-term bank loans Lease liabilities Right-of-use assets' liabilities Share capital Reserves Retained earnings Total Balance as at 31 December 2021 180 663 226 116 116 403 349 477 67 930 274 446 1 471 778 Changes from financing cash flows Proceeds from loans 0 196 290 0 0 0 0 0 196 290 Repayment of loans 0 -110 055 0 0 0 0 0 -110 055 Change in overdraft -165 0 0 0 0 0 0 -165 Payment of lease liabilities 0 0 -31 -17 126 0 0 0 -17 157 Interest paid 0 0 0 0 0 0 -23 516 -23 516 Payment of transaction costs related to loans 0 -1 977 0 0 0 0 0 -1 977 Total changes from financing cash flows -165 84 258 -31 -17 126 0 0 -23 516 43 420 The effect of changes in foreign exchange rates 0 0 -8 -129 0 480 0 343 Liability-related changes New leases 0 0 0 8 245 0 0 0 8 245 Transfer from revaluation reserve 0 0 0 0 0 -2 047 2 047 0 Termination of old leases 0 0 0 -298 0 0 0 -298 Amortisation of capitalised borrowing costs 0 1 063 0 0 0 0 0 1 063 Capitalised borrowing costs 0 -2 220 0 0 0 0 0 -2 220 Interest paid 0 0 0 0 0 0 23 516 23 516 Total liability-related changes 0 -1 157 0 7 947 0 -2 047 25 563 30 306 Total equity-related changes 0 0 0 0 0 0 13 935 13 935 Balance as at 31 December 2022 15 746 327 77 107 095 349 477 66 363 290 428 1 559 782 In thousands of EUR Bank overdrafts Long-term bank loans Lease liabilities Right-of-use assets' liabilities Share capital Reserves Retained earnings Total Balance as at 31 December 2020 15 736 586 616 258 102 509 314 844 69 854 328 975 1 418 792 Changes from financing cash flows Proceeds from loans 0 90 000 0 0 0 0 0 90 000 Repayment of loans 0 -14 667 0 0 0 0 0 -14 667 Change in overdraft -15 556 0 0 0 0 0 0 -15 556 Payment of lease liabilities 0 0 -57 -14 846 0 0 0 -14 903 Interest paid 0 0 0 0 0 0 -19 296 -19 296 Payment of transaction costs related to loans 0 -495 0 0 0 0 0 -495 Increase of share capital 0 0 0 0 34 633 0 0 34 633 Total changes from financing cash flows -15 556 74 838 -57 -14 846 34 633 0 -19 296 59 716 The effect of changes in foreign exchange rates 0 0 -4 -1 0 123 0 118 Liability-related changes New leases 0 0 25 35 372 0 0 0 35 397 Transfer from revaluation reserve 0 0 0 0 0 -2 047 2 047 0 Termination of old leases 0 0 -106 -6 631 0 0 0 -6 737 Amortisation of capitalised borrowing costs 0 1 277 0 0 0 0 0 1 277 Capitalised borrowing costs 0 495 0 0 0 0 0 495 Interest paid 0 0 0 0 0 0 19 296 19 296 Total liability-related changes 0 1 772 -81 28 741 0 -2 047 21 343 49 728 Total equity-related changes 0 0 0 0 0 0 -56 576 -56 576 Balance as at 31 December 2021 180 663 226 116 116 403 349 477 67 930 274 446 1 471 778 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLoansAndAdvancesToBanksExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7192": {
"value": "Note 16 Interest-Bearing Loans and Borrowings Lease liabilities related to the adoption of IFRS 16. \u00b2 Long-term bank loans include a loan from the financial institution SA Kredex of EUR 100 000 thousandAs at 31 December 2022, in thousands of EUR Maturity Interest rate Current portion Non-current portion Total borrowings Lease liabilities 2023-2024 6.30% 67 10 77 Lease liabilities related to right-of-use assets\u00b9 2023-2033 2.18-2.42% 20 958 86 137 107 095 Overdraft EURIBOR+2.91% 15 0 15 Long-term bank loans\u00b2 2023-2034 EURIBOR+2.68% 144 009 602 318 746 327 Total borrowings 165 049 688 465 853 514 As at 31 December 2021, in thousands of EUR Maturity Interest rate Current portion Non-current portion Total borrowings Lease liabilities 2022-2023 5.67% 73 43 116 Lease liabilities related to right-of-use assets\u00b9 2022-2033 2.18-2.25% 16 488 99 915 116 403 Overdraft EURIBOR+2.91% 180 0 180 Long-term bank loans\u00b2 2022-2029 EURIBOR+2.47% 227 695 435 531 663 226 Total borrowings 244 436 535 489 779 925 Reconciliation of Liabilities Arising from Financing Activities In thousands of EUR Bank overdrafts Long-term bank loans Lease liabilities Right-of-use assets' liabilities Share capital Reserves Retained earnings Total Balance as at 31 December 2021 180 663 226 116 116 403 349 477 67 930 274 446 1 471 778 Changes from financing cash flows Proceeds from loans 0 196 290 0 0 0 0 0 196 290 Repayment of loans 0 -110 055 0 0 0 0 0 -110 055 Change in overdraft -165 0 0 0 0 0 0 -165 Payment of lease liabilities 0 0 -31 -17 126 0 0 0 -17 157 Interest paid 0 0 0 0 0 0 -23 516 -23 516 Payment of transaction costs related to loans 0 -1 977 0 0 0 0 0 -1 977 Total changes from financing cash flows -165 84 258 -31 -17 126 0 0 -23 516 43 420 The effect of changes in foreign exchange rates 0 0 -8 -129 0 480 0 343 Liability-related changes New leases 0 0 0 8 245 0 0 0 8 245 Transfer from revaluation reserve 0 0 0 0 0 -2 047 2 047 0 Termination of old leases 0 0 0 -298 0 0 0 -298 Amortisation of capitalised borrowing costs 0 1 063 0 0 0 0 0 1 063 Capitalised borrowing costs 0 -2 220 0 0 0 0 0 -2 220 Interest paid 0 0 0 0 0 0 23 516 23 516 Total liability-related changes 0 -1 157 0 7 947 0 -2 047 25 563 30 306 Total equity-related changes 0 0 0 0 0 0 13 935 13 935 Balance as at 31 December 2022 15 746 327 77 107 095 349 477 66 363 290 428 1 559 782 In thousands of EUR Bank overdrafts Long-term bank loans Lease liabilities Right-of-use assets' liabilities Share capital Reserves Retained earnings Total Balance as at 31 December 2020 15 736 586 616 258 102 509 314 844 69 854 328 975 1 418 792 Changes from financing cash flows Proceeds from loans 0 90 000 0 0 0 0 0 90 000 Repayment of loans 0 -14 667 0 0 0 0 0 -14 667 Change in overdraft -15 556 0 0 0 0 0 0 -15 556 Payment of lease liabilities 0 0 -57 -14 846 0 0 0 -14 903 Interest paid 0 0 0 0 0 0 -19 296 -19 296 Payment of transaction costs related to loans 0 -495 0 0 0 0 0 -495 Increase of share capital 0 0 0 0 34 633 0 0 34 633 Total changes from financing cash flows -15 556 74 838 -57 -14 846 34 633 0 -19 296 59 716 The effect of changes in foreign exchange rates 0 0 -4 -1 0 123 0 118 Liability-related changes New leases 0 0 25 35 372 0 0 0 35 397 Transfer from revaluation reserve 0 0 0 0 0 -2 047 2 047 0 Termination of old leases 0 0 -106 -6 631 0 0 0 -6 737 Amortisation of capitalised borrowing costs 0 1 277 0 0 0 0 0 1 277 Capitalised borrowing costs 0 495 0 0 0 0 0 495 Interest paid 0 0 0 0 0 0 19 296 19 296 Total liability-related changes 0 1 772 -81 28 741 0 -2 047 21 343 49 728 Total equity-related changes 0 0 0 0 0 0 -56 576 -56 576 Balance as at 31 December 2021 180 663 226 116 116 403 349 477 67 930 274 446 1 471 778 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7832": {
"value": "Note 18 Trade and Other Payables The Group\u2019s exposure to currency and liquidity risks (excluding tax liabilities and other accruals) is disclosed in Note 25. Additional information about tax liabilities is disclosed below. As at 31 December, in thousands of EUR 2022 2021 Trade payables 38 309 42 174 Other payables 2 304 2 247 Payables to employees 19 638 19 997 Interest payable 3 527 3 269 Tax liabilities 16 592 17 166 Other accruals 6 564 6 834 Total trade and other payables 86 934 91 687 As at 31 December, in thousands of EUR 2022 2021 Salary-related taxes 11 818 14 429 Excise duties 1 239 1 331 VAT 3 535 1 406 Total tax liabilities 16 592 17 166 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7833": {
"value": "Note 18 Trade and Other Payables The Group\u2019s exposure to currency and liquidity risks (excluding tax liabilities and other accruals) is disclosed in Note 25. Additional information about tax liabilities is disclosed below. As at 31 December, in thousands of EUR 2022 2021 Trade payables 38 309 42 174 Other payables 2 304 2 247 Payables to employees 19 638 19 997 Interest payable 3 527 3 269 Tax liabilities 16 592 17 166 Other accruals 6 564 6 834 Total trade and other payables 86 934 91 687 As at 31 December, in thousands of EUR 2022 2021 Salary-related taxes 11 818 14 429 Excise duties 1 239 1 331 VAT 3 535 1 406 Total tax liabilities 16 592 17 166 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7834": {
"value": "Note 18 Trade and Other Payables The Group\u2019s exposure to currency and liquidity risks (excluding tax liabilities and other accruals) is disclosed in Note 25. Additional information about tax liabilities is disclosed below. As at 31 December, in thousands of EUR 2022 2021 Trade payables 38 309 42 174 Other payables 2 304 2 247 Payables to employees 19 638 19 997 Interest payable 3 527 3 269 Tax liabilities 16 592 17 166 Other accruals 6 564 6 834 Total trade and other payables 86 934 91 687 As at 31 December, in thousands of EUR 2022 2021 Salary-related taxes 11 818 14 429 Excise duties 1 239 1 331 VAT 3 535 1 406 Total tax liabilities 16 592 17 166 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7835": {
"value": "Note 18 Trade and Other Payables The Group\u2019s exposure to currency and liquidity risks (excluding tax liabilities and other accruals) is disclosed in Note 25. Additional information about tax liabilities is disclosed belowAs at 31 December, in thousands of EUR 2022 2021 Trade payables 38 309 42 174 Other payables 2 304 2 247 Payables to employees 19 638 19 997 Interest payable 3 527 3 269 Tax liabilities 16 592 17 166 Other accruals 6 564 6 834 Total trade and other payables 86 934 91 687 As at 31 December, in thousands of EUR 2022 2021 Salary-related taxes 11 818 14 429 Excise duties 1 239 1 331 VAT 3 535 1 406 Total tax liabilities 16 592 17 166 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7915": {
"value": "Note 19 Deferred Income The Group measures the liability for outstanding Club One points in combination with the value of its services and the averages of the Club One points used to redeem the services, taking into account the pattern of use of the points by the customers and the expiry rates of the points. The calculations are performed for each segment and the deferred income is recognised based on the relative stand- alone selling price allocation method. Prepaid revenue include prepayments related to chartering out of the vessels during 2023As at 31 December, in thousands of EUR 2022 2021 Club One points 7 016 6 360 Prepaid revenue\u00b9 37 206 15 374 Total deferred income 44 222 21 734 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8000": {
"value": "Reserves Translation Reserve The translation reserve comprises all foreign currency differences arising from the translation of the financial statements of foreign operations. Ships\u2019 Revaluation Reserve The revaluation reserve is related to the revaluation of ships. The ships\u2019 revaluation reserve may be transferred directly to retained earnings when the ship is disposed of. However, some of the revaluation surplus may be transferred when the ship is used by the Group. In such a case, the amount of surplus transferred is the difference between depreciation based on the revalued carrying amount of the ship and depreciation based on the original cost of the ship. The Group uses the latter alternative. Legal Reserve The legal reserve has been formed in accordance with the Estonian Commercial Code. The legal reserve is formed by means of yearly net profit transfers. At least 1/20 of net profit must be transferred to the legal reserve, until the reserve amounts to 1/10 of share capital. The legal reserve may be used to cover losses and to increase share capital but it may not be used to make distributions to owners. As at 31 December, in thousands of EUR 2022 2021 Translation reserve 840 360 Ships\u2019 revaluation reserve 33 364 35 411 Legal reserve 32 159 32 159 Total reserves 66 363 67 930 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8021": {
"value": "Dividends Due to a deteriorated operating environment and considering the Company\u2019s long-term interests, on 09 June 2022 the General Meeting of Shareholder decided not to pay dividends in 2022. There was also no dividend payment in 2021. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8029": {
"value": "Note 21 Contingencies and Commitments Key Management Personnel\u2019s Termination Benefits The members of the Management Board are entitled to termination benefits if their service agreement is terminated by the Group\u2019s Supervisory Board. At 31 December 2022 the maximum amount of such benefits was EUR 1 461 thousand (EUR 1 461 thousand in 2021) (see Note 23). Income Tax on Dividends The Group\u2019s retained earnings as at 31 December 2022 were EUR 290 428 thousand (2021: EUR 274 446 thousand). As at 31 December 2022, the maximum income tax liability which would arise if retained earnings were fully distributed is EUR 58 086 thousand (2021: EUR 54 889 thousand). The maximum income tax liability has been calculated using the income tax rate effective for dividends on the assumption that the dividend and the related income tax expense cannot exceed the amount of retained earnings as at 31 December 2022 (2021: 31 December 2021). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8041": {
"value": "The maximum income tax liability has been calculated using the income tax rate effective for dividends on the assumption that the dividend and the related income tax expense cannot exceed the amount of retained earnings as at 31 December 2022 (2021: 31 December 2021). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8082": {
"value": "Other Operating Income In 2021, EUR 5 980 thousand of COVID-19 related aid was paid directly to employees by the Estonian Unemployment Insurance Fund. No COVID-19 related aid was paid directly to employees by the Estonian Unemployment Insurance Fund in 2022. In 2022, the Group received other aid of EUR 32 519 thousand (2021: EUR 26 719 thousand) which was deducted directly from the cost of sales (see Note 5). No COVID-19 related aid (2021: EUR 411 thousand) was reflected in the cost of sales of the Group in 2022. In the second quarter of 2020, the Estonian parliament approved a change in legislation granting exemption from ships\u2019 fairway dues for 12 months starting from April 2020 and 50% reduction of the ships\u2019 fairway dues for 12 months starting from April 2021. The effect of the exemption and reduction amounted to EUR 2 134 thousand in 2022 (2021: EUR 2 800 thousand). In order to relieve the liquidity issues caused by the COVID-19 situation, Group entities were allowed to postpone tax payments. The postponed tax liabilities, which amounted to EUR 55 thousand (2021: EUR 1 825 thousand) at the year-end, will be settled by spring 2023. For the year ended 31 December, in thousands of EUR 2022 2021 Government assistance Estonia 0 1 174 Finland 3 448 5 127 Sweden -135 5 896 Germany 13 74 Latvia 0 500 Total government assistance 3 326 12 771 Other income 7 545 3 565 Total other income 10 871 16 336 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8083": {
"value": "Other Operating Income In 2021, EUR 5 980 thousand of COVID-19 related aid was paid directly to employees by the Estonian Unemployment Insurance Fund. No COVID-19 related aid was paid directly to employees by the Estonian Unemployment Insurance Fund in 2022. In 2022, the Group received other aid of EUR 32 519 thousand (2021: EUR 26 719 thousand) which was deducted directly from the cost of sales (see Note 5). No COVID-19 related aid (2021: EUR 411 thousand) was reflected in the cost of sales of the Group in 2022. In the second quarter of 2020, the Estonian parliament approved a change in legislation granting exemption from ships\u2019 fairway dues for 12 months starting from April 2020 and 50% reduction of the ships\u2019 fairway dues for 12 months starting from April 2021. The effect of the exemption and reduction amounted to EUR 2 134 thousand in 2022 (2021: EUR 2 800 thousand). In order to relieve the liquidity issues caused by the COVID-19 situation, Group entities were allowed to postpone tax payments. The postponed tax liabilities, which amounted to EUR 55 thousand (2021: EUR 1 825 thousand) at the year-end, will be settled by spring 2023. For the year ended 31 December, in thousands of EUR 2022 2021 Government assistance Estonia 0 1 174 Finland 3 448 5 127 Sweden -135 5 896 Germany 13 74 Latvia 0 500 Total government assistance 3 326 12 771 Other income 7 545 3 565 Total other income 10 871 16 336 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8142": {
"value": "Note 23 Related Party Disclosures For the purpose of these financial statements, parties are related if one controls the other or has significant influence on the other\u2019s financing and operating decisions. In determining possible related party relationships, attention must be paid to the substance of the relationship and not merely the legal form. A related party is a person or a company that is related to the Group to such an extent that transactions between them may be conducted on terms not equivalent to those that prevail in arm\u2019s length transactions. A person or a close member of that person\u2019s family (i.e. a family member who may be associated with significant influence such as the spouse or the domestic partner or a child) is a related party for the company if that person: - is a member of the management of the company or its parent company (i.e. a person having authority and responsibility for planning, directing and controlling the activities of the company, directly or indirectly) or - has control of or significant influence over the company (e.g. through an ownership interest) Another company is a related party for the company if any of the following conditions apply: - the other company and the company are under common control (i.e. they are members of the same group or controlled by the same person (or a close family member of that person)) - one is under the control of a third party (that may be a company or a person) and the other is under the significant influence of that third party (if the third party is a person, then that person or a close family member of that person) - the other company has control of or significant influence over the company - the other company is under the control or significant influence of the company - a member of the management of the company\u2019s parent company (or a close family member of the member of the management) has control or significant influence over the other company - the other company\u2019s management (or their close family members) include persons that have control of or significant influence over the company The Group has conducted transactions with related parties and has outstanding balances with related parties. For the year ended 31 December 2022, in thousands of EUR Sales to related parties Purchases from related parties Receivables from related parties Payables to related parties Companies controlled by the Key Management Personnel 823 22 912 43 94 005 Associated companies 9 142 0 14 Total 832 23 054 43 94 019 For the year ended 31 December 2021, in thousands of EUR Sales to related parties Purchases from related parties Receivables from related parties Payables to related parties Companies controlled by the Key Management Personnel 2 117 24 205 68 100 137 Associated companies 1 128 1 11 Total 2 118 24 333 69 100 148 The following goods and services were purchased from related parties: For the year ended 31 December, in thousands of EUR 2022 2021 Leases 15 815 13 153 Fuel and electricity 5 185 8 818 Other goods and services 2 054 2 362 Total goods and services 23 054 24 333 ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8247": {
"value": "Key Management Personnel\u2019s Compensation AS Tallink Grupp members of the Management Board and members of the Supervisory Board are defined as the Key Management Personnel. In 2022, the Key Management Personnel\u2019s compensation was EUR 1 600 thousand (2021: EUR 2 441 thousand). The members of the Management Board are entitled to termination benefits if their service agreement is terminated by the Group\u2019s Supervisory Board. At 31 December 2022 the maximum amount of such benefits was EUR 1 461 thousand (2021: EUR 1 461 thousand). The Key Management personnel\u2019s benefits are presented without social security tax. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8530": {
"value": "Note 25 Financial Risk Management Overview Through the use of financial instruments the Group is exposed to the following risks: \u2022 credit risk \u2022 liquidity risk \u2022 market risk This note presents information about the Group\u2019s exposure to each of the above risks, the Group\u2019s objectives, policies and processes for measuring and managing risk, and the Group\u2019s capital management. The Management Board has overall responsibility for the establishment and oversight of the Group\u2019s risk management framework. The Group\u2019s financial department is responsible for developing and monitoring the Group\u2019s risk management policies. The Group\u2019s risk management policies are established to identify and analyse the risks faced by the Group, to set appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Group\u2019s activities. Credit Risk Credit risk is the risk of financial loss that the Group would suffer if the counterparty failed to perform its financial obligations, and arises principally from the Group\u2019s receivables from customers and cash and cash equivalents. The credit risk concentration related to accounts receivable is not material due to the extensive number of customers. Maximum credit risk was as follows: The Group\u2019s credit risk exposure from trade receivables is mainly influenced by the characteristics of each customer. In monitoring credit risk, customers are grouped according to their credit characteristics, including whether they are individuals or legal entities, whether they are travel agents or customers with credit limits, and considering their geographic location, receivable aging profile, and existence of previous financial difficulties. Trade receivables relate mainly to travel agents and customers with credit facilities. The credit risk concentration related to trade receivables is reduced by the high number of customers. The Group\u2019s management has established a credit policy under which each new customer with a credit request is analysed individually for creditworthiness before the Group\u2019s payment terms and conditions are offered. Some customers are obliged to present a bank guarantee to meet the credit sale criteria. Customers are assigned credit limits, which represent the maximum exposure that does not require approval from the Group\u2019s management. Customers that fail to meet the Group\u2019s benchmark creditworthiness may transact with the Group on a prepayment basis only. Charterers hiring the Group\u2019s vessels have to provide bank guarantees to cover their payment risk. As at 31 December, in thousands of EUR 2022 2021 Cash and cash equivalents (Note 8) 114 935 127 556 Trade and other receivables (Notes 9, 13) 22 589 19 870 Total 137 524 147 426 In accordance with IFRS 9 the Group measures an allowance for impairment of receivables at an amount of lifetime expected credit loss. Lifetime expected credit loss is calculated as a product of total trade receivables in the aging bucket and the respective credit loss ratio. The expected credit loss ratio is recalculated once a quarter based on actual write-offs during the last 12 quarters. The aging of the receivables at the reporting date was: The Group holds cash and cash equivalents with banking groups that have investment grade credit ratings (BBB or higher issued by internationally recognised credit rating agencies). Liquidity Risk Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when they fall due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to its reputation. The Group\u2019s low current ratio represents the normal course of business. The majority of sales are conducted by prepayment, bank card or cash payment, therefore the cash conversion cycle is negative and in general the Group receives cash from sales before it has to pay to its vendors. The Group\u2019s objective is to maintain a balance between the continuity and flexibility of funding through the use of bank overdrafts, bank loans and bonds. The Group has established Group account systems (the Group\u2019s cash pools) in Estonia and Finland to manage the cash flows in the Group as efficiently as possible. Excess liquidity is invested in short-term money market instruments. AS Tallink Grupp maintains four committed bank overdraft facilities to minimise the Group\u2019s liquidity risk (see Note 16 for details). At 31 December 2022, the Group\u2019s cash and cash equivalents totalled EUR 114 935 thousand (EUR 127 556 thousand at 31 December 2021). In addition, the Group had available unused overdraft credit lines of EUR 134 985 thousand (2021: EUR 134 820 thousand). n thousands of EUR 2022 2021 Balance at 1 January 468 539 Amounts written off -127 -171 Impairment loss recognised 153 99 Reversal of prior period impairment loss -13 1 Balance at 31 December 481 468 As at 31 December 2022, in thousands of EUR Gross Impairment Net Not past due 20 579 -116 20 463 Past due 0-30 days 1 923 -34 1 889 Past due 31-90 days 222 -14 208 Past due 91 days - one year 121 -93 28 Past due over one year 225 -224 1 Total 23 070 -481 22 589 As at 31 December 2021, in thousands of EUR Gross Impairment Net Not past due 18 568 -128 18 440 Past due 0-30 days 1 422 -26 1 396 Past due 31-90 days 2 -2 0 Past due 91 days - one year 82 -48 34 Past due over one year 264 -264 0 Total 20 338 -468 19 870 In the loan agreements signed with banks, the Group has agreed to comply with financial covenants related to ensuring certain equity, liquidity and other ratios. In management\u2019s opinion, the Group has sufficient liquidity to support its operations. AS Tallink Grupp and its subsidiaries are able to continue as going concerns for at least one year after the date of approval of these consolidated financial statements. The following tables illustrate liquidity risk by periods when financial liabilities as at 31 December will fall due or may fall due based on contractual cash flows. 1 Expected, based on the interest rates and interest rate forward curves Guarantees issued are not recognised in the statement of financial position as, according to historical experience and management\u2019s estimations, none of them has turned into an actual liability. Market Risk Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices will affect the Group\u2019s income or the value of financial instruments held. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return. The Group buys and sells derivatives, and also incurs financial liabilities, in order to manage market risk. Foreign Exchange Rate Risk The Group is exposed to exchange rate risk arising from revenues, operating expenses and liabilities in foreign currencies, mainly in the US dollar (USD) and the Swedish krona (SEK). Exposure to USD results from the purchase of ship fuel and insurance and exposure to SEK arises from the fact that it is the operational currency on some routes. The Group seeks to minimise currency risk by matching foreign currency inflows with outflows. In thousands of EUR, 2022 < 1 year 1-2 years 2-5 years >5 years Total Non-derivative financial liabilities Lease liabilities -68 -10 0 0 -78 Lease liabilities related to right-of-use assets -20 958 -16 296 -41 999 -27 842 -107 095 Trade and other payables -63 778 0 0 0 -63 778 Secured bank loan repayments -145 521 -201 722 -248 326 -156 249 -751 818 Interest payments\u00b9 -27 512 -21 523 -21 533 -11 990 -82 558 Total -257 852 -239 551 -311 858 -196 081 -1 005 342 In thousands of EUR, 2021 < 1 year 1-2 years 2-5 years >5 years Total Non-derivative financial liabilities Lease liabilities -73 -43 0 0 -116 Lease liabilities related to right-of-use assets -16 488 -16 751 -44 475 -38 689 -116 403 Trade and other payables -67 687 0 0 0 -67 687 Secured bank loan repayments -228 667 -194 083 -181 500 -61 333 -665 583 Interest payments\u00b9 -16 657 -9 523 -9 962 -3 288 -39 430 Total -329 572 -220 400 -235 937 -103 310 -889 219 The following tables present the Group\u2019s financial instruments by currency denomination: A 10% strengthening of the euro against the following currencies at the end of the financial year would have increased (decreased) profit or loss and equity by the amounts shown below. This sensitivity analysis assumes that all other variables remain constant. The analysis was performed on the same basis for 2021. Interest Rate Risk The Group is exposed to interest rate risk through funding and cash management activities. The interest rate risk \u2013 the possibility that fluctuations in interest rates can have a significant impact on the profitability and cash flows of the Group \u2013 results mainly from long term floating rate bank loans. n thousands of EUR, 2022 EUR USD SEK Other Total Cash and cash equivalents 108 335 160 6 334 106 114 935 Trade receivables, net of allowance 19 316 0 610 20 19 946 Other financial assets 1 896 50 658 39 2 643 Total 129 547 210 7 602 165 137 524 Current portion of borrowings -164 061 0 -988 0 -165 049 Trade payables -38 181 -172 -2 049 -205 -40 607 Other current payables -25 156 0 -4 583 -2 -29 741 Non-current portion of borrowings and other liabilities -688 277 0 -188 0 -688 465 Total -915 675 -172 -7 808 -207 -923 862 Net, EUR -786 128 38 -206 -42 -786 338 In thousands of EUR, 2021 EUR USD SEK Other Total Cash and cash equivalents 118 040 32 9 421 63 127 556 Trade receivables, net of allowance 15 140 0 199 25 15 364 Other financial assets 2 834 0 1 662 10 4 506 Total 136 014 32 11 282 98 147 426 Current portion of borrowings -243 481 0 -949 -6 -244 436 Trade payables -39 255 -284 -4 512 -347 -44 398 Other current payables -22 449 0 -7 678 -2 -30 129 Non-current portion of borrowings and other liabilities -534 310 0 -1 162 -17 -535 489 Total -839 495 -284 -14 301 -372 -854 452 Net, EUR -703 481 -252 -3 019 -274 -707 026 As at 31 December, in thousands of EUR 2022 Profit or loss 2021 Profit or loss USD -4 25 SEK 21 302 NOK 0 0 Other 4 27 At the reporting date the interest rate profile of the Group\u2019s interest-bearing financial liabilities was as follows: The Group\u2019s floating rate loan commitments are mainly based on EURIBOR rates. During 2022, 6-month EURIBOR increased from -0.539% on January 3 to 2.693% on December 30. At the end of February 2023, 6-month EURIBOR had crossed a 3% mark. A change of 10 basis points in the interest rates of interest-bearing financial liabilities at the reporting date would have increased (decreased) profit and equity by the amounts shown below. This analysis assumes that all other variables remain constant. The analysis was performed on the same basis for 2021. When analysing interest rate risks, various hedging options are considered including refinancing floating rate loan commitments with fixed rate loan commitments. The management of the Group has assessed the interest rate risks related to assets and liabilities of the Group and concluded that there are no material risks to outline. Fair Values of Financial Instruments All financial assets and liabilities are measured at amortised cost excluding derivatives, which are measured at fair value. According to the assessment of the Group\u2019s management, as at 31 December 2022 and 31 December 2021 the fair values of assets and liabilities measured at amortised cost did not differ materially from their carrying amounts. Capital Management The Group considers total shareholders\u2019 equity as capital. As at 31 December 2022 the shareholders\u2019 equity was EUR 706 931 thousand (2021: EUR 692 516 thousand). The Group\u2019s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and sustain future development of the business. The Group has made significant investments in recent years where strong shareholders\u2019 equity has been a major supporting factor for the investments. The Group seeks to maintain a balance between the higher returns that might be possible with higher levels of borrowing and the advantages and security afforded by a sound capital position. At the General Meeting of Shareholders held on 8 February 2011, management introduced the strategic target of reaching the optimal debt level which would allow the Group to start paying dividends. In management\u2019s opinion, a comfortable level for the Group\u2019s equity ratio is between 40% and 50% and for the net debt to EBITDA ratio an indicator below 5. As at 31 December 2022 the Group\u2019s equity ratio was 41.8% and the net debt to EBITDA ratio was 5.4 (2021: 43.7% and 11.2, respectively). As at 31 December, in thousands of EUR 2022 2021 Fixed rate financial liabilities 294 665 129 628 Variable rate financial liabilities 451 739 533 714 Total 746 404 663 342 n thousands of EUR 2022 2021 10 basis point increase -452 -534 10 basis point decrease 452 534 Due to a complicated operating environment and considering the Company\u2019s long-term interests, management will propose to the General Meeting of Shareholders not to pay a dividend in 2023 for the results for 2022 (2021: not to pay a dividend from the results for 2021). The Group may purchase its own shares from the market; the timing of these purchases may depend on market prices, the Group\u2019s liquidity position and business outlook. Additionally, legal factors may limit the timing of such decisions. Repurchased shares are intended to be cancelled. Currently the Group does not have a defined share buyback plan. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8552": {
"value": "Credit Risk Credit risk is the risk of financial loss that the Group would suffer if the counterparty failed to perform its financial obligations, and arises principally from the Group\u2019s receivables from customers and cash and cash equivalents. The credit risk concentration related to accounts receivable is not material due to the extensive number of customers. Maximum credit risk was as follows: The Group\u2019s credit risk exposure from trade receivables is mainly influenced by the characteristics of each customer. In monitoring credit risk, customers are grouped according to their credit characteristics, including whether they are individuals or legal entities, whether they are travel agents or customers with credit limits, and considering their geographic location, receivable aging profile, and existence of previous financial difficulties. Trade receivables relate mainly to travel agents and customers with credit facilities. The credit risk concentration related to trade receivables is reduced by the high number of customers. The Group\u2019s management has established a credit policy under which each new customer with a credit request is analysed individually for creditworthiness before the Group\u2019s payment terms and conditions are offered. Some customers are obliged to present a bank guarantee to meet the credit sale criteria. Customers are assigned credit limits, which represent the maximum exposure that does not require approval from the Group\u2019s management. Customers that fail to meet the Group\u2019s benchmark creditworthiness may transact with the Group on a prepayment basis only. Charterers hiring the Group\u2019s vessels have to provide bank guarantees to cover their payment risk. As at 31 December, in thousands of EUR 2022 2021 Cash and cash equivalents (Note 8) 114 935 127 556 Trade and other receivables (Notes 9, 13) 22 589 19 870 Total 137 524 147 426 In accordance with IFRS 9 the Group measures an allowance for impairment of receivables at an amount of lifetime expected credit loss. Lifetime expected credit loss is calculated as a product of total trade receivables in the aging bucket and the respective credit loss ratio. The expected credit loss ratio is recalculated once a quarter based on actual write-offs during the last 12 quarters. he aging of the receivables at the reporting date was:The Group holds cash and cash equivalents with banking groups that have investment grade credit ratings (BBB or higher issued by internationally recognised credit rating agencies). In thousands of EUR 2022 2021 Balance at 1 January 468 539 Amounts written off -127 -171 Impairment loss recognised 153 99 Reversal of prior period impairment loss -13 1 Balance at 31 December 481 468 As at 31 December 2022, in thousands of EUR Gross Impairment Net Not past due 20 579 -116 20 463 Past due 0-30 days 1 923 -34 1 889 Past due 31-90 days 222 -14 208 Past due 91 days - one year 121 -93 28 Past due over one year 225 -224 1 Total 23 070 -481 22 589 As at 31 December 2021, in thousands of EUR Gross Impairment Net Not past due 18 568 -128 18 440 Past due 0-30 days 1 422 -26 1 396 Past due 31-90 days 2 -2 0 Past due 91 days - one year 82 -48 34 Past due over one year 264 -264 0 Total 20 338 -468 19 870 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExposureExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8596": {
"value": "In accordance with IFRS 9 the Group measures an allowance for impairment of receivables at an amount of lifetime expected credit loss. Lifetime expected credit loss is calculated as a product of total trade receivables in the aging bucket and the respective credit loss ratio. The expected credit loss ratio is recalculated once a quarter based on actual write-offs during the last 12 quarters. The aging of the receivables at the reporting date was: The Group holds cash and cash equivalents with banking groups that have investment grade credit ratings (BBB or higher issued by internationally recognised credit rating agencies). 3.9. Impairment Financial Assets A financial asset is assessed at each reporting date to determine whether there is any objective evidence that it is impaired. A financial asset is considered to be impaired if objective evidence indicates that one or more events have had a negative effect on the estimated future cash flows of the asset. At initial recognition of each accounts receivable balance and throughout its life, a lifetime credit loss is recognised in order to arrive at the appropriate impairment under IFRS 9. In order to calculate a lifetime expected credit loss the provision matrix method is used. An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference between its carrying amount and the present value of its estimated future cash flows discounted at the original effective interest rate. All impairment losses are recognised in profit or loss and reflected in an allowance account. When the Group considers that there are no realistic prospects of recovery of the asset, the relevant amounts are written off. An impairment loss is reversed if the reversal can be related objectively to an event occurring after the impairment loss was recognised. For financial assets measured at amortised cost, the reversal is recognised in profit or loss. Credit Risk Credit risk is the risk of financial loss that the Group would suffer if the counterparty failed to perform its financial obligations, and arises principally from the Group\u2019s receivables from customers and cash and cash equivalents. The credit risk concentration related to accounts receivable is not material due to the extensive number of customers. Maximum credit risk was as follows: The Group\u2019s credit risk exposure from trade receivables is mainly influenced by the characteristics of each customer. In monitoring credit risk, customers are grouped according to their credit characteristics, including whether they are individuals or legal entities, whether they are travel agents or customers with credit limits, and considering their geographic location, receivable aging profile, and existence of previous financial difficulties. Trade receivables relate mainly to travel agents and customers with credit facilities. The credit risk concentration related to trade receivables is reduced by the high number of customers. The Group\u2019s management has established a credit policy under which each new customer with a credit request is analysed individually for creditworthiness before the Group\u2019s payment terms and conditions are offered. Some customers are obliged to present a bank guarantee to meet the credit sale criteria. Customers are assigned credit limits, which represent the maximum exposure that does not require approval from the Group\u2019s management. Customers that fail to meet the Group\u2019s benchmark creditworthiness may transact with the Group on a prepayment basis only. Charterers hiring the Group\u2019s vessels have to provide bank guarantees to cover their payment risk. As at 31 December, in thousands of EUR 2022 2021 Cash and cash equivalents (Note 8) 114 935 127 556 Trade and other receivables (Notes 9, 13) 22 589 19 870 Total 137 524 147 426 In thousands of EUR 2022 2021 Balance at 1 January 468 539 Amounts written off -127 -171 Impairment loss recognised 153 99 Reversal of prior period impairment loss -13 1 Balance at 31 December 481 468 As at 31 December 2022, in thousands of EUR Gross Impairment Net Not past due 20 579 -116 20 463 Past due 0-30 days 1 923 -34 1 889 Past due 31-90 days 222 -14 208 Past due 91 days - one year 121 -93 28 Past due over one year 225 -224 1 Total 23 070 -481 22 589 As at 31 December 2021, in thousands of EUR Gross Impairment Net Not past due 18 568 -128 18 440 Past due 0-30 days 1 422 -26 1 396 Past due 31-90 days 2 -2 0 Past due 91 days - one year 82 -48 34 Past due over one year 264 -264 0 Total 20 338 -468 19 870 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8610": {
"value": "Liquidity Risk Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when they fall due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to its reputation. The Group\u2019s low current ratio represents the normal course of business. The majority of sales are conducted by prepayment, bank card or cash payment, therefore the cash conversion cycle is negative and in general the Group receives cash from sales before it has to pay to its vendors. The Group\u2019s objective is to maintain a balance between the continuity and flexibility of funding through the use of bank overdrafts, bank loans and bonds. The Group has established Group account systems (the Group\u2019s cash pools) in Estonia and Finland to manage the cash flows in the Group as efficiently as possible. Excess liquidity is invested in short-term money market instruments. AS Tallink Grupp maintains four committed bank overdraft facilities to minimise the Group\u2019s liquidity risk (see Note 16 for details). At 31 December 2022, the Group\u2019s cash and cash equivalents totalled EUR 114 935 thousand (EUR 127 556 thousand at 31 December 2021). In addition, the Group had available unused overdraft credit lines of EUR 134 985 thousand (2021: EUR 134 820 thousand). In the loan agreements signed with banks, the Group has agreed to comply with financial covenants related to ensuring certain equity, liquidity and other ratios. In management\u2019s opinion, the Group has sufficient liquidity to support its operations. AS Tallink Grupp and its subsidiaries are able to continue as going concerns for at least one year after the date of approval of these consolidated financial statements. The following tables illustrate liquidity risk by periods when financial liabilities as at 31 December will fall due or may fall due based on contractual cash flows. 1 Expected, based on the interest rates and interest rate forward curves Guarantees issued are not recognised in the statement of financial position as, according to historical experience and management\u2019s estimations, none of them has turned into an actual liability. In thousands of EUR, 2022 < 1 year 1-2 years 2-5 years >5 years Total Non-derivative financial liabilities Lease liabilities -68 -10 0 0 -78 Lease liabilities related to right-of-use assets -20 958 -16 296 -41 999 -27 842 -107 095 Trade and other payables -63 778 0 0 0 -63 778 Secured bank loan repayments -145 521 -201 722 -248 326 -156 249 -751 818 Interest payments\u00b9 -27 512 -21 523 -21 533 -11 990 -82 558 Total -257 852 -239 551 -311 858 -196 081 -1 005 342 In thousands of EUR, 2021 < 1 year 1-2 years 2-5 years >5 years Total Non-derivative financial liabilities Lease liabilities -73 -43 0 0 -116 Lease liabilities related to right-of-use assets -16 488 -16 751 -44 475 -38 689 -116 403 Trade and other payables -67 687 0 0 0 -67 687 Secured bank loan repayments -228 667 -194 083 -181 500 -61 333 -665 583 Interest payments\u00b9 -16 657 -9 523 -9 962 -3 288 -39 430 Total -329 572 -220 400 -235 937 -103 310 -889 219 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8736": {
"value": "Market Risk Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices will affect the Group\u2019s income or the value of financial instruments held. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return. The Group buys and sells derivatives, and also incurs financial liabilities, in order to manage market risk. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9037": {
"value": "Fair Values of Financial Instruments All financial assets and liabilities are measured at amortised cost excluding derivatives, which are measured at fair value. According to the assessment of the Group\u2019s management, as at 31 December 2022 and 31 December 2021 the fair values of assets and liabilities measured at amortised cost did not differ materially from their carrying amounts. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9044": {
"value": "Capital Management The Group considers total shareholders\u2019 equity as capital. As at 31 December 2022 the shareholders\u2019 equity was EUR 706 931 thousand (2021: EUR 692 516 thousand). The Group\u2019s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and sustain future development of the business. The Group has made significant investments in recent years where strong shareholders\u2019 equity has been a major supporting factor for the investments. The Group seeks to maintain a balance between the higher returns that might be possible with higher levels of borrowing and the advantages and security afforded by a sound capital position. At the General Meeting of Shareholders held on 8 February 2011, management introduced the strategic target of reaching the optimal debt level which would allow the Group to start paying dividends. In management\u2019s opinion, a comfortable level for the Group\u2019s equity ratio is between 40% and 50% and for the net debt to EBITDA ratio an indicator below 5. As at 31 December 2022 the Group\u2019s equity ratio was 41.8% and the net debt to EBITDA ratio was 5.4 (2021: 43.7% and 11.2, respectively). Due to a complicated operating environment and considering the Company\u2019s long-term interests, management will propose to the General Meeting of Shareholders not to pay a dividend in 2023 for the results for 2022 (2021: not to pay a dividend from the results for 2021). The Group may purchase its own shares from the market; the timing of these purchases may depend on market prices, the Group\u2019s liquidity position and business outlook. Additionally, legal factors may limit the timing of such decisions. Repurchased shares are intended to be cancelled. Currently the Group does not have a defined share buyback plan. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9104": {
"value": "Note 26 Going Concern In the beginning of the financial year 2022, the Group\u2019s operations and operating results were influenced by the COVID-19 in all home markets, and by the war in Ukraine that Russia unleashed on 24 February 2022. To ensure the sustainability of the business operations both in 2022 and going forward we took several actions, including: \u2022 Restoring profitable operations on our core routes \u2022 Focusing on cost savings from previously implemented measures \u2022 Chartering out vessels for additional revenue streams \u2022 Applying for government assistance measures \u2022 Amendment and restatement of EUR 280 million loan agreement from December 2016 At 31 December 2022, the Group\u2019s cash and cash equivalents totalled EUR 114 935 thousand (EUR 127 556 thousand at 31 December 2021). In addition, the Group had available unused overdraft credit lines of EUR 134 985 thousand (2021: EUR 134 820 thousand). As 31 December 2022 current liabilities exceeded current assets by EUR 100 550 thousand (EUR 154 501 thousand at 31 December 2021). Current liabilities exceed current assets to a large extent due to a bank loan maturing in the fourth quarter of 2023. As in previous years the Group plans to refinance the maturing bilateral bank loan and has started preparations for the refinancing process. The Management Board is of the opinion that the Group is able to continue as a going concern. These consolidated financial statements have been prepared on a going concern basis as according to the assessment of the Management Board the Group can continue its operations and meet its obligations for the foreseeable future, i.e. for at least 12 months from the date these financial statements are authorised for issue. Should the economic environment worsen significantly, the Group may have to review its business plan in order to ensure its ability to continue as a going concern. Liquidity can also be strengthened through a shareholder contribution or the sale of assets, if needed. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9138": {
"value": "Note 27 Subsequent Events New Collective Agreement On 6 February 2023, AS Tallink Grupp and Estonian Seamen\u2019s Independent Union signed a new collective agreement for the next 4 years. Subject to the agreement, the wages of the Group\u2019s maritime workers in Estonia will increase by 13.5% (service personnel) and 16.1% (technical personnel) compared to the minimum wages of the previous collective agreement. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9154": {
"value": "Note 28 Primary Financial Statements of the Parent Statement of profit or loss and other comprehensive income For the year ended 31 December, in thousands of EUR 2022 2021 Revenue 379 788 243 846 Cost of sales -325 056 -233 324 Gross profit/loss 54 732 10 522 Sales and marketing expenses -24 400 -18 271 Administrative expenses -25 935 -25 789 Impairment loss on receivables -95 -95 Other operating income 6 939 2 411 Other operating expenses -107 -1 025 Result from operating activities 11 134 -32 247 Finance income 15 230 20 703 Finance costs -24 296 -23 631 Share of profit of subsidiaries 24 900 29 190 Share of profit/loss of equity-accounted investees -90 -80 Profit/loss before income tax 26 878 -6 065 Income tax 1 186 1 051 Net profit/loss for the year 28 064 -5 014 Statement of Financial Position As at 31 December, in thousands of EUR 2022 2021 ASSETS Cash and cash equivalents 2 014 2 792 Receivables from subsidiaries 118 693 86 450 Receivables and prepayments 17 829 20 442 Inventories 9 983 8 985 Current assets 148 519 118 669 Investments in subsidiaries 718 677 715 677 Receivables from subsidiaries 580 129 569 580 Investments in equity-accounted investees 75 165 Other financial assets and prepayments 3 148 65 Property, plant and equipment 548 602 482 558 Intangible assets 8 521 10 580 Non-current assets 1 859 152 1 778 625 TOTAL ASSETS 2 007 671 1 897 294 LIABILITIES AND EQUITY Interest-bearing loans and borrowings 208 057 300 291 Payables and deferred income 84 936 70 041 Dividends payable to shareholders 6 6 Tax liabilities 4 310 4 148 Current liabilities 297 309 374 486 Interest-bearing loans and borrowings 761 659 602 169 Non-current liabilities 761 659 602 169 Total liabilities 1 058 968 976 655 Share capital 349 477 349 477 Share premium 663 663 Reserves 32 159 32 159 Retained earnings 566 404 538 340 Equity 948 703 920 639 TOTAL LIABILITIES AND EQUITY 2 007 671 1 897 294 Statement of Cash Flows For the year ended 31 December, in thousands of EUR 2022 2021 CASH FLOWS FROM OPERATING ACTIVITIES Net profit/loss for the period 28 064 -5 014 Adjustment for: Depreciation and amortisation 57 832 57 395 Net gain/loss on disposals of property, plant and equipment and intangible assets -15 0 Net interest expense 8 773 2 890 Income from subsidiaries -24 810 -29 190 Income tax -1 186 -1 051 Other adjustments 0 1 080 Adjustments 40 594 31 124 Changes in: Receivables and prepayments related to operating activities 12 117 -3 008 Inventories -998 74 Liabilities related to operating activities 17 739 33 118 Changes in assets and liabilities 28 858 30 184 Cash generated from operating activities 97 516 56 294 NET CASH FROM OPERATING ACTIVITIES 97 516 56 294 CASH FLOWS FROM INVESTING ACTIVITIES Purchase of property, plant, equipment and intangible assets -7 925 -6 355 Proceeds from disposals of property, plant and equipment 0 892 Increase in share capital of subsidiaries -3 000 -108 000 Loans granted to subsidiaries -39 660 -53 220 Repayments of loans granted 54 430 118 640 Dividends received from subsidiaries 22 700 8 500 Interest received 13 139 19 017 NET CASH USED IN INVESTING ACTIVITIES 39 684 -20 526 CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from loans from subsidiaries 23 600 3 400 Repayment of loans -73 885 -7 000 Repayment of loans to subsidiaries -16 100 -4 500 Change in overdraft 949 8 838 Payment of lease liabilities -48 542 -46 763 Interest paid -22 883 -22 524 Payment of transaction costs related to loans -1 117 0 Issue of shares 0 34 633 NET CASH USED IN/FROM FINANCING ACTIVITIES -137 978 -33 916 NET CASH FLOW -778 1 852 Cash and cash equivalents at the beginning of period 2 792 940 Change -778 1 852 Cash and cash equivalents at the end of period 2 014 2 792 Statement of Changes in Equity In thousands of EUR Share capital Share premium Mandatory legal reserve Retained earnings Total equity As at 31 December 2021 349 477 663 32 159 538 340 920 639 Net profit/loss for 2022 0 0 0 28 064 28 064 As at 31 December 2022 349 477 663 32 159 566 404 948 703 As at 31 December 2020 314 844 663 32 159 543 354 891 020 Net profit/loss for 2021 0 0 0 -5 014 -5 014 Issue of shares 34 633 0 0 0 34 633 Total transactions with owners of the Company recognised directly in equity 34 633 0 0 0 34 633 As at 31 December 2021 349 477 663 32 159 538 340 920 639 In thousands of EUR 2022 2021 Unconsolidated equity at 31 December 948 703 920 639 Interests under control and significant influence: Carrying amount -718 752 -715 842 Value under the equity method 476 980 487 719 Adjusted unconsolidated equity at 31 December 706 931 692 516 ",
"dimensions": {
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"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9525": {
"value": "STATEMENT BY THE MANAGEMENT BOARD We hereby take responsibility for the preparation of the consolidated financial statements of AS Tallink Grupp (in the consolidated financial statements referred to as \u201cthe Parent\u201d) and its subsidiaries (together referred to as \u201cthe Group\"). The Management Board confirms that: \u2022 The consolidated financial statements are in compliance with International Financial Reporting Standards (IFRS) as adopted by the European Union. \u2022 The consolidated financial statements give a true and fair view of the financial position, financial performance and cash flows of the Group and the Parent. \u2022 AS Tallink Grupp and its subsidiaries are able to continue as going concerns for at least one year after the date of approval of these consolidated financial statements. Paavo N\u00f5gene Chairman of the Management Board Kadri Land Member of the Management Board Harri Hanschmidt Member of the Management Board Piret M\u00fcrk-Dubout Member of the Management Board Margus Schults Member of the Management Board 31 March 2023 This audited annual report has been signed digitally. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:529900QRMWAKKR3L9W75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}