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AS Tallinna Sadam financial results for 2022 Q1
In the first quarter, both revenue (+7%), adjusted EBITDA (+4%) and profit (+5%) increased. Revenue amounted to EUR 26.8 million and profit to EUR 7.2 million. The adjusted EBITDA of Q1 was EUR 13 million.
The number of passengers has been recovering from the impacts of COVID-19-related restrictions since last autumn at an accelerating pace, but due to the after-effects of the pandemic it still remained nearly half smaller than usual for the first quarter. The volumes of container cargo and ro-ro cargo hit new records while liquid bulk cargo dropped to recent years’ lowest level.
According to Valdo Kalm, chairman of the management board of Tallinna Sadam, the Group's financial results continued to be strong and growing in all business segments despite the effects of several current crises. "In the passenger segment, the recovery from the pandemic that began in the autumn continued. In the cargo business, which is affected by both the rise in energy prices and the sanctions imposed on Russia and Belarus, the restructuring of cargo types is underway - the impact of the decline in liquid cargo will be offset by higher margin ro-ro and dry bulk cargo volumes,” explained Kalm.
The management of Tallinna Sadam will present the financial results of the Group at a webinar on 10 May at 11:00 Estonian time (GMT+3), to attend, please click here. The webinar will be held in English.
Key figures (in million EUR):
Q1 2022 | Q1 2021 | +/– | % | |
Revenue | 26.8 | 25.0 | 1.8 | 7.1 |
Adjusted EBITDA | 13.5 | 13.0 | 0.5 | 3.5 |
Adjusted EBITDA margin | 50.4% | 52.1% | –1.7 | – |
Operating profit | 7.2 | 7.2 | 0 | –0.1 |
Profit for the period | 7.2 | 6.8 | 0.4 | 5.1 |
Investments | 4.7 | 3.6 | 1.1 | 29.0 |
31.03.2022 | 31.12.2021 | +/– | |
Total assets | 635.2 | 629.5 | 0.9% |
Interest bearing debt | 200.3 | 203.3 | –1.5% |
Other liabilities | 46.8 | 45.3 | 3.3% |
Equity | 388.1 | 380.9 | 2.0% |
Number of shares | 263.0 | 263.0 | 0.0% |
Major events in Q1:
Confirmation from Baffinland to charter the icebreaker Botnica in summer 2022
Andrus Ait started as a new member of the management board and CFO and the member of the supervisory boards of the subsidiaries
Compromise was achieved with AS Tallink Grupp for the termination of a court dispute
The cruise terminal won Main Prize at Architecture Awards 2021 and was named Concrete Building of the Year 2021
Partnership was established with other major ports for the creation of green transport corridors in the Baltic Sea
Revenue
Revenue for the first quarter grew by EUR 1.8 million (+7.1%) year on year. All revenue streams showed growth, except vessel dues. Passenger fee revenue grew the most, increasing by EUR 0.8 million (+126%) in connection with an increase in the number of passengers, the effect of which was lowered by a 10% reduction in the fee rate for passengers arriving at or departing from Old City Harbour on regularly operated ferry routes as from March 2022. Despite a decrease in cargo throughput, cargo charge revenue grew by EUR 0.18 million (+12%) mostly because the volume of cargo with lower charge rates decreased while the volume of cargo with higher charge rates increased. All segments delivered revenue growth, which was the largest in the Passenger harbours segment and the Ferry segment.
The revenue of the Passenger harbours segment increased by EUR 1.1 million (21%) mainly due to higher passenger fee revenue (EUR +0.78 million), which resulted from growth in passenger numbers. Also, lease income grew (EUR +0.15 million) due to new premises and smaller concessions.
The revenue of the Cargo harbours segment grew by EUR 78 thousand (0.1%). Due to a change in the cargo structure, cargo charge revenue grew (EUR +0.13 million) although cargo volumes decreased. Vessel dues revenue decreased due to a decline in dry and liquid bulk cargo. Lease income grew due an increase in some lease rates.
The revenue of the Ferry segment increased by EUR 0.6 million (9%) mainly through a rise in the contractual fee rates (in connection with an increase in the Estonian fuel cost, employment cost and consumer price indices). Revenue growth was supported by a larger number of trips made (due to high demand the state expanded the ordered more frequent ferry schedule).
The revenue of the segment Other grew marginally in connection with the revision of the contractual fee due to an increase in the Estonian consumer price index.
EBITDA
Adjusted EBITDA grew by EUR 0.46 million through revenue growth, which exceeded growth in expenses (excluding depreciation, amortisation and impairment), and higher profit on the investment in the equity-accounted associate AS Green Marine. In terms of segments, adjusted EBITDA grew in the Passenger harbours segment and the Ferry segment and decreased primarily in the Cargo harbours segment, where revenue did not increase. The adjusted EBITDA margin dropped from 52.1% to 50.4%.
Profit
Profit before tax grew by EUR 0.35 million (+5.1%) to EUR 7.2 million. Net profit was also EUR 7.2 million, EUR 0.35 million larger than a year earlier.
Investments
In the first three months of 2022, the Group invested EUR 4.7 million, EUR 1.1 million more than a year earlier. The main investments were made in the reconstruction of the outdoor area around Terminal D and the upgrade of quay equipment in Old City Harbour and in increasing the capacity of Muuga Harbour to serve ro-ro cargo.
Interim condensed consolidated statement of financial position:
In thousands of euros | 31 March 2022 | 31 December 2021 |
ASSETS | ||
Current assets | ||
Cash and cash equivalents | 41,014 | 34,840 |
Trade and other receivables | 14,650 | 14,151 |
Contract assets | 285 | 0 |
Inventories | 515 | 399 |
Non-current assets held for sale | 56,464 | 49,390 |
Total current assets | 41,014 | 34,840 |
Non-current assets | ||
Investments in associates | 1,786 | 1,559 |
Other long-term receivables | 910 | 896 |
Property, plant and equipment | 573,967 | 575,563 |
Intangible assets | 2,112 | 2,130 |
Total non-current assets | 578,775 | 580,148 |
Total assets | 635,239 | 629,538 |
LIABILITIES | ||
Current liabilities | ||
Loans and borrowings | 15,916 | 15,916 |
Provisions | 622 | 1,572 |
Government grants | 1,243 | 1,223 |
Taxes payable | 594 | 890 |
Trade and other payables | 9,905 | 10,291 |
Contract liabilities | 3,488 | 57 |
Total current liabilities | 31,768 | 29,949 |
Non-current liabilities | ||
Loans and borrowings | 184,398 | 187,398 |
Government grants | 29,587 | 29,835 |
Other payables | 601 | 652 |
Contract liabilities | 799 | 809 |
Total non-current liabilities | 215,385 | 218,694 |
Total liabilities | 247,153 | 248,643 |
EQUITY | ||
Share capital at par value | 263,000 | 263,000 |
Share premium | 44,478 | 44,478 |
Statutory capital reserve | 21,271 | 21,271 |
Retained earnings (prior periods) | 52,146 | 26,534 |
Profit for the period | 7,191 | 25,612 |
Total equity | 388,086 | 380,895 |
Total liabilities and equity | 635,239 | 629,538 |
Interim condensed consolidated statement of profit or loss:
In thousands of euros | Q1 2022 | Q1 2021 |
Revenue | 26,771 | 24,988 |
Other income | 295 | 324 |
Operating expenses | –8,663 | –7,302 |
Personnel expenses | –4,771 | –4,644 |
Depreciation, amortisation and impairment | –6,287 | –6,022 |
Other expenses | –128 | –123 |
Operating profit | 7,217 | 7,221 |
Finance income and costs | ||
Finance income | 31 | 10 |
Finance costs | –284 | –376 |
Finance costs – net | –253 | –366 |
Share of profit of an associate accounted for under the equity method | 227 | –11 |
Profit before income tax | 7,191 | 6,844 |
Profit for the period | 7,191 | 6,844 |
Attributable to owners of the Parent | 7,191 | 6,844 |
Basic and diluted earnings per share (in euros) | 0.03 | 0.03 |
Basic and diluted earnings per share – continuing operations (in euros) | 0.03 | 0.03 |
Interim condensed consolidated statement of cash flows:
In thousands of euros | Q1 2022 | Q1 2021 |
Cash receipts from sale of goods and services | 31,849 | 29,620 |
Cash receipts related to other income | 20 | 14 |
Payments to suppliers | –12,493 | –9,956 |
Payments to and on behalf of employees | –4,359 | –4,552 |
Payments for other expenses | –146 | –111 |
Cash from operating activities | 14,871 | 15,015 |
Purchases of property, plant and equipment | –5,318 | –4,662 |
Purchases of intangible assets | –50 | –218 |
Proceeds from sale of property, plant and equipment | 28 | 119 |
Government grants received | 1 | 0 |
Interest received | –5,339 | 1 |
Cash used in investing activities | –4,760 | |
Repayments of loans received | –3,000 | –3,000 |
Interest paid | –356 | –491 |
Other payments related to financing activities | –2 | 0 |
Cash from/used in financing activities | –3,358 | –3,491 |
NET CASH FLOW | 6,174 | 6,764 |
Cash and cash equivalents at beginning of the period | 34,840 | 26,679 |
Change in cash and cash equivalents | 6,174 | 6,764 |
Cash and cash equivalents at end of the period | 41,014 | 33,443 |
Tallinna Sadam is one of the largest cargo- and passenger port complexes in the Baltic Sea region, which serves annually 10 million passengers and 20 million tons of cargo in average. In addition to passenger and freight services, Tallinna Sadam group also operates in shipping business via its subsidiaries – OÜ TS Laevad provides ferry services between the Estonian mainland and the largest islands, and OÜ TS Shipping charters its multifunctional vessel Botnica for icebreaking and construction services in Estonia and offshore projects abroad. Tallinna Sadam group is also a shareholder of an associate AS Green Marine, which provides waste management services. The group’s sales in 2020 totalled EUR 107.4 million, adjusted EBITDA EUR 58.4 million and profit EUR 28.5 million.
Additional information:
Marju Zirel
Head of Investor Relations
Tel. +372 5342 6591
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