AS Tallinna Sadam unaudited financial results for Q4 and 2024
Sales revenue of Tallinna Sadam in the fourth quarter was 29 million euros with
an increase of +2.7%, adjusted EBITDA was 12 million euros increasing +18% and
profit 4 million euros increasing +50% comparing to the same period last year.
Sales revenue was 120 million euros in 2024, which is +2.5% more than a year
earlier. Adjusted EBITDA of 53 million euros increased by +8%, and the profit
was 19 million euros, +21% higher than in the previous year. We invested 5
million euros in the fourth quarter and close to 39 million euros in 2024.
In the fourth quarter of 2024, the number of passengers increased by +4.8%
(+3.6% during the year) and cargo volumes by +12% (+4.4% during the year), the
number of ship visits increased by +4.8% (+1.4% during the year) comparing to
the same period last year. In shipping, passenger ferries showed stable growth -
the number of passengers increased in the fourth quarter by +4.3% (+2.1% during
the year) and the number of vehicles by +6% (3.6% during the year). Chartering
days of Botnica decreased by -18% in the fourth quarter and -4.3% during the
year.
"The fourth quarter was a good one with the continued growth in cargo volumes,"
comments Valdo Kalm, the Chairman of the Management Board. "Cargo volumes
increased in all cargo types, except for liquid bulk. The number of cargo ship
calls increased by more than +18%. The largest cargo types have shown growth
over the year: containers +12%, dry bulk +19% and ro-ro +2.6%. The number of
passengers has increased both in comparison with the quarter and the full year
of 2023. Despite the docking work of ships of regular routes that took place at
the beginning of the year, the number of passenger ship calls increased. The
number of cruise ships visiting us has also increased and the cruise season has
extended into the winter months. Passenger ferries broke records last year both
in the number of passengers (+2.1%) and vehicles (+3.6%). The signing of a ferry
operating services agreement between the mainland and the major islands until
2033 was a remarkable event, which in the long term ensures stability and
sustainability in our shipping industry. We foresee high demand in the offshore
business, as evidenced by the increase in charter rates," said Kalm.
Given the company's continued strong cash flow, the Management Board proposes
the Council to pay a dividend to shareholders for 2024 the minimum of 70% of the
annual profit in accordance with the dividend policy.
Tallinna Sadam management will present the financial results of the Group at
webinars on 28 February, including webinar in Estonian starting at 10.00 (EEST)
(link to EST webinar (https://teams.microsoft.com/l/meetup-
join/19%3ameeting_YTcwZGQ0ZTEtYTBiYS00OTNhLWJhNzAtOWNmM2JlNjZlZTIw%40thread.v2/0
?context=%7b%22Tid%22%3a%223c572f71-c808-4685-aa00-
2ca59a11c7e2%22%2c%22Oid%22%3a%22a6492212-75ef-498f-8735-75f88c5d463a%22%7d))
and webinar in English starting at 11.00 (EEST) (link to ENG webinar
(https://teams.microsoft.com/l/meetup-
join/19%3ameeting_ZTJkOGJiNzktYzRhZi00NWIxLTgwMjAtZDRkMjM1NjI3Yzdm%40thread.v2/0
?context=%7b%22Tid%22%3a%223c572f71-c808-4685-aa00-
2ca59a11c7e2%22%2c%22Oid%22%3a%22a6492212-75ef-498f-8735-75f88c5d463a%22%7d)).
Materials related to the interim report can be found attached to this notice and
on our website: https://www.ts.ee/en/investor/interim-reports/
https://www.ts.ee/en/investor/presentations/.
Key figures (in million EUR):
Q4 Q4 +/- 12M 12M +/-
2024 2023 % 2024 2023 %
Revenue 28.8 28.0 2.7% 119.6 116.6 2.5%
Adjusted EBITDA 12.2 10.4 18.0% 53.1 49.2 8.1%
Adjusted EBITDA margin 42.5% 37.0% 5.5 44.4% 42.2% 2.0
Operating profit 5.9 4.6 28.6% 29.1 24.6 18.3%
Income tax 0.0 0.0 0.0 3.1 3.0 4.7%
Profit for the period 4.3 2.9 50.1% 19.2 15.9 20.6%
Investments 5.4 9.8 -45.3% 38.8 20.7 87.3%
31.12.2024 31.12.2023 +/-
Total assets 629.9 606.2 3.9%
Interest bearing debt 184.8 173.4 6.6%
Other liabilities 67.4 55.1 22.3%
Equity 377.6 377.7 0.0%
Number of shares 263.0 263.0 0.0%
Major events in Q4:
* An agreement with JetGas OÜ for the development of a new liquefied methane
terminal
* Approval of joint projects of FIN-EST Green Corridor
* Extension of the cruise season into winter
* The Tallinn District Court accepted the appeal related to the judgment
regarding the former managers of the Port of Tallinn
* Declaration of bankruptcy of OÜ MPG AgroProduction
Revenue
In 2024, revenue increased by EUR 2.9 million (+2.5%) to EUR 119.6 million,
supported by growth in vessel dues and sale of other services at the cargo
harbours, increased revenue from ferry services between Estonia's mainland and
two largest islands, higher charter fees from the icebreaker Botnica and growth
in passenger fees at the passenger harbours.
In terms of revenue streams, the largest increase was in ferry service revenue,
which grew by EUR 0.8 million (+2.2%) to EUR 36.2 million, mainly due to the
indexation of the variable part of the contractual fixed fee. The number of
trips did not change significantly compared to the previous year (+0.9%).
Revenue from other services grew by EUR 0.5 million due to the operation of an
LNG quay in Pakrineeme Harbour, which began in 2024, higher revenue from the
sale of advertising space at Old City Harbour and the provision of catering
services on the icebreaker Botnica during its charter period. Lease income
increased by EUR 0.4 million (+3.1%) to EUR 14.1 million. Lease income improved
in all segments, but particularly in the Cargo harbours and Ferry segments.
Passenger fee revenue increased by EUR 0.4 million (+3.5%) to EUR 11.9 million,
supported by the rise in passenger numbers (+3.6%). Charter fee revenue grew by
EUR 0.4 million (+3.2%) to EUR 11.9 million. Despite the fact that the
icebreaker Botnica had fewer charter days in 2024, charter fee revenue increased
due to the projects' higher charter fee rate per day. Cargo charges revenue
increased by EUR 0.2 million (+3.5%) to EUR 6.7 million due to a similar
increase in cargo volumes (+4.4%). Vessel dues revenue increased by EUR 0.1
million +0.3%) to EUR 31.5 million, driven by an increase in calls by general-
purpose and container ships as well as large bulk carriers at the cargo
harbours. The number of cruise ship calls increased, but as the ships' average
capacity was lower, average vessel dues per cruise ship call decreased.
Electricity revenue grew by EUR 0.1 million (+2.3%) to EUR 4.6 million, mainly
due to an increase in the supply of network services and onshore power while the
market price of electricity decreased slightly.
EBITDA
Adjusted EBITDA increased in all four segments, growing by EUR 4.0 million
(+8.1%) to EUR 53.1 million in total. The adjusted EBITDA of the Cargo harbours
segment improved through lower operating expenses (particularly maintenance and
repair costs) and higher revenue. The improvement in the adjusted EBITDA of the
segment Other was supported by revenue growth, which exceeded the growth in
operating and personnel expenses. Adjusted EBITDA for the fourth quarter
increased by EUR 1.9 million (+18.0%) year over year. The adjusted EBITDA margin
for 2024 rose from 42.2% to 44.4% and the adjusted EBITDA margin for the fourth
quarter increased from 37.0% to 42.5%.
Profit
Profit before tax grew by EUR 3.4 million (+18.1%) to EUR 22.3 million in 2024.
Profit grew less than operating profit because finance costs (net) increased
(+EUR 1.2 million). The negative impact of higher finance costs was offset to
the extent of EUR 0.1 million by higher profit from the equity-accounted
associate Green Marine.
The dividend declared in the second quarter of 2024 in the amount of EUR 19.2
million gave rise to income tax expense of EUR 3.1 million, which was EUR 0.1
million larger than in 2023. The amount of the dividend did not change, but in
2023 income tax expense was reduced by the reversal of deferred tax of EUR 0.1
million. Profit for 2024 amounted to EUR 19.2 million, an increase of EUR 3.3
million (+20.6%) compared to 2023. Fourth-quarter profit was EUR 4.3 million
(+EUR 1.4 million, +50.1%).
Investments
In 2024, the Group invested EUR 38.8 million, EUR 18.1 million (+87%) more than
a year earlier. Investments in infrastructure assets related to harbour
management, acquisition of non-current assets and improvements to existing
infrastructure totalled EUR 36.7 million. Investments in the icebreaker Botnica
amounted to EUR 0.1 million and investments in the Ferry segment to EUR 2.1
million.
The largest investment in 2024 was made in the ongoing construction of a new
quay to serve offshore wind farms in Paldiski South Harbour. At Muuga Harbour,
the largest investment was made in the reconstruction of a quay to allow smooth
reception of large container ships. At Old City Harbour, investments were made
in the design of a new Terminal A and its outdoor area, main office building and
multi-storey car-park, connecting the facilities to the water supply network and
improving ferry traffic (the ramp of berth 5). Investments were also made in
software development, expanding data storage and upgrading radio communications.
No major investments were made in the icebreaker MPSV Botnica. Significant
investments in the Ferry segment included the replacement of the main engines
(MF Piret), regular dry-docking (MF Tõll), the replacement of the cooling
systems of the main engines and the acquisition of critical equipment.
Investments of the fourth quarter amounted to EUR 5.4 million (-45.3%). The
largest investment was made in the construction of a quay in Paldiski, but the
investment was smaller than in the fourth quarter of 2023.
Interim condensed consolidated statement of financial position:
In thousands of euros 31 December 2024 31 December 2023
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ASSETS
Current assets
Cash and cash equivalents 17 213 29 733
Bank deposits with maturities exceeding 3
months 22 000 0
Trade and other receivables 12 512 12 118
Inventories 695 550
Total other current assets 52 420 42 401
Non-current assets held for sale 4 190 0
Total current assets 56 610 42 401
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Non-current assets
Investments in associates 2 664 2 177
Other long-term receivables 0 163
Investment properties 14 069 14 069
Property. plant and equipment 554 280 545 271
Intangible assets 2 238 2 083
Total non-current assets 573 251 563 763
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Total assets 629 861 606 164
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LIABILITIES
Current liabilities
Loans and borrowings 12 185 15 831
Provisions 1 771 1 311
Government grants 22 146 7 344
Taxes payable 906 876
Trade and other payables 7 780 9 492
Total current liabilities 44 788 34 854
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Non-current liabilities
Loans and borrowings 172 650 157 566
Government grants 31 995 33 075
Other payables 2 815 3 010
Total non-current liabilities 207 460 193 651
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Total liabilities 252 248 228 505
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EQUITY
Share capital at par value 263 000 263 000
Share premium 44 478 44 478
Statutory capital reserve 23 304 22 858
Retained earnings 46 831 47 323
Total equity 377 613 377 659
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Total liabilities and equity 629 861 606 164
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Interim condensed consolidated statement of profit or loss:
In thousands of euros Q4 2024 Q4 2023 2024 2023
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Revenue 28 791 28 030 119 587 116 646
Other income 579 977 1 737 2 208
Operating expenses -9 477 -10 231 -40 427 -41 403
Impairment of financial assets -125 -339 -805 -1 145
Personnel expenses -7 061 -6 984 -25 722 -25 214
Depreciation, amortisation and impairment -6 625 -6 033 -24 833 -25 389
Other expenses -134 -793 -389 -1 073
Operating profit 5 948 4 627 29 148 24 630
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Finance income and costs
Finance income 197 320 900 1 237
Finance costs -1 857 -2 132 -8 257 -7 435
Finance costs - net -1 660 -1 812 -7 357 -6 198
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Share of profit (+)/ loss (-) of an
associate accounted for under the equity
method -4 39 487 435
Profit before income tax 4 284 2 854 22 278 18 867
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Income tax 0 0 -3 125 -2 985
Profit for the period 4 284 2 854 19 153 15 882
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Attributable to owners of the Parent 4 284 2 854 19 153 15 882
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Basic and diluted earnings per share (in
euros) 0.02 0.01 0.07 0.05
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Interim condensed consolidated statement of cash flows:
In thousands of euros 2024 2023
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Cash receipts from sale of goods and services 126 612 124 344
Cash receipts related to other income 45 272
Payments to suppliers -50 431 -52 911
Payments to and on behalf of employees -23 864 -24 165
Payments for other expenses -304 -317
Income tax paid on dividends -3 325 -3 264
Cash from operating activities 48 733 43 959
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Purchases of property. plant and equipment -38 981 -10 063
Purchases of intangible assets -599 -627
Proceeds from sale of property. plant and equipment 17 28
Government grants received 15 317 0
Dividends received 0 357
Interest received 804 875
Net change in deposits with maturities exceeding 3 months -22 000 0
Cash used in investing activities -45 442 -17 181
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-7 650 -7 650
Proceeds from loans received 30 000 0
Repayments of loans received -10 466 -8 266
Dividends paid -19 000 -19 012
Interest paid -8 655 -6 494
Other payments related to financing activities -40 -10
Cash from/used in financing activities -15 811 -41 432
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NET CASH FLOW -12 520 -14 654
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Cash and cash equivalents at beginning of the period 29 733 44 387
Change in cash and cash equivalents -12 520 -14 654
Cash and cash equivalents at end of the period 17 213 29 733
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Tallinna Sadam is one of the largest cargo- and passenger port complexes in the
Baltic Sea region. 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 offshore services in Estonia and projects abroad. Tallinna Sadam group is
also a shareholder of an associate AS Green Marine. which provides waste
management services.
Additional information:
Andrus Ait
Chief Financial Officer
Tel. +372 526 0735
[email protected] (mailto:[email protected])