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AS Tallinna Sadam financial results for 2022 Q1

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AS Tallinna Sadam
AS Tallinna Sadam

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

m.zirel@ts.ee

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