The Supervisory Board of Aktsiaselts Infortar approved the audited annual report
for 2023 and will submit it to the Annual General Meeting for approval.
Major events
Energy
- The group's electricity and gas sales volumes doubled in 2023, reaching
a total of 15.9 TWh in Finland, Estonia, Latvia, Lithuania, and Poland.
- The most substantial investment in 2023 was the acquisition of Gaso,
which owns the gas distribution network in Latvia. This led to a significant
expansion in the infrastructure segment, complementing energy sales and
production.
Maritime transport
- In the maritime transport sector, Infortar continued to increase its
shareholding in AS Tallink Grupp, and as of today, the ownership in AS Tallink
Grupp stands at 42.33%.
Real estate
- In the real estate sector, Infortar group major development projects
included the construction of the logistics center in Saue and the new bridge in
Pärnu, and the expansion of the Tallink logistics center.
KEY FIGURES OF FINANCIAL YEAR
+------------------------------------------------+--------------+--------------+
|Key figures |12 months 2023|12 months 2022|
+------------------------------------------------+--------------+--------------+
|Sales revenue, mEUR | 1 084,626| 1 053,712|
+------------------------------------------------+--------------+--------------+
|Gross profit, mEUR | 149,473| 126,537|
+------------------------------------------------+--------------+--------------+
|EBITDA, mEUR | 143,283| 120,046|
+------------------------------------------------+--------------+--------------+
|EBITDA margin (%) | 13,2%| 11,4%|
+------------------------------------------------+--------------+--------------+
|Net profit, EBIT, mEUR | 123,628| 99,140|
+------------------------------------------------+--------------+--------------+
|Total profit, mEUR | 293,830| 96,124|
+------------------------------------------------+--------------+--------------+
|Net profit from recurring business operations | | |
|(1) | 138,746| 106,616|
+------------------------------------------------+--------------+--------------+
|EPS (euros)(2) | 14.62| 4.77|
+------------------------------------------------+--------------+--------------+
|Total equity | 820,210| 568, 677|
+------------------------------------------------+--------------+--------------+
|Total liabilities | 441,160| 427,205|
+------------------------------------------------+--------------+--------------+
|Net debt | 354,045| 367,203|
+------------------------------------------------+--------------+--------------+
|Long-term debt / EBITDA | 2.0x| 1.7x|
+------------------------------------------------+--------------+--------------+
(1 )Includes a one-time profit of 159 million euros from the acquisition of
Gaso, and in 2023, additional real estate revaluations.( 2 )The calculation is
based on the number of shares as of 31.12.2023, totaling to 21 045 000 shares,
from which the number of treasury shares, totaling to 945 000 shares, has been
deducted.
Revenue
2023, the group's consolidated revenue increased by 30.9 million euros to
1,084.6 million euros (consolidated revenue for 2022 was 1,053.7 million euros).
Revenue growth was driven by the increase in gas sales volumes and the expanded
market share in the Baltic-Finnish region, reaching to 25%.
EBITDA and segment reporting
The annual EBITDA of the Energy segment was 135,9 million euros in 2023 (106.3
million euros in 2022). The profitability is connected with the increase in
market share and the doubling of sales volumes. The group's subsidiary, AS Eesti
Gaas, actively manages market price risks by utilizing regional natural gas
storage options and using relevant financial derivative instruments.
The annual EBITDA of the Shipping segment was 214.5 million euros in the 2023
(135.8 million euros in 2022). Infortar consolidates the results of AS Tallink
Grupp using the equity method, in accordance with its percentage of ownership in
AS Tallink Grupp. However, in segment reporting, the results of Tallink Grupp
AS, include 100% of the EBITDA, as it is in accordance with applicable
accounting rules.
In the Real Estate segment, the profitability is assessed based on the EBITDA of
separate real estate companies' results. In 2023, the total annual EBITDA of
real estate was 12.3 million euros (in 2022, the total annual EBITDA of real
estate was 11.4 million euros). In 2023, three new buildings were added to the
portfolio at the addresses Liivalaia 9, Tähesaju 9, and Tähesaju 11.
Net profit
The consolidated net profit for the year 2023 is 293.8 million euros (compared
to 96.1 million euros in the year 2022). One-time significant transactions
impacting the net profit include the acquisition of the Latvian gas distribution
company Gaso and the effects of property revaluation. Non-recurring items
affecting previous year net profit include the extraordinary profit booked from
acquisition of the Latvian gas distribution company Gaso and the revaluation of
the real estate portfolio. Infortar's net profit from recurring operations
(excluding non-recurring items, which affect comparability) is 144,8 million
euros.
The consolidated operating profit for 2023 was 123.6 million euros (compared to
99.1 million euros in 2022).
Investments
In the past three years (2021-2023), Infortar Group has invested approximately
265 million euros, with the largest investment being the acquisition of Gaso in
2023.
Infortar will continue its investments in the future. Investments already
planned for the years 2024 and 2025 totaling approximately 110 million euros.
The major ongoing development projects include the establishment of a logistics
center in Saue and the construction of a 4MW solar power plant in Latvia.
Financing
The total loan and leasing obligations in 2023 amounted to 441.2 million euros
(compared to 427.2 million euros in 2022). Financing activities cash flow also
includes the proceeds from the initial public offering, which amounted to 31.2
million euros.
Dividends
According to the dividend policy confirmed on October 31, 2023, the objective is
to pay dividends of at least 1 euro per share per fiscal year. Dividend payments
are made semi-annually. The Management Board and The Supervisory Board propose
to General Meeting of Shareholders to pay a dividend of 3 euros per share for
the 2023 financial results.
Consolidated statement of profit or loss and other comprehensive income
Audited, EUR thousand
12-month 2023 12-month 2022
Revenue 1 084 626 1 053 712
Cost of sales -934 811 -927 175
Gross profit/ loss 149 473 126 537
Marketing expenses -1 620 -1 408
Administrative expenses -22 085 -17 520
Profit (loss) from the change in the fair value
of the investment property -4 074 -10 492
Other operating income 4 492 2 261
Other operating expenses -2 258 -238
Operating profit/ loss 123 628 99 140
Financial income 2 765 680
Financial expenses -22 750 -6 275
Profit (loss) from investments in the equity
method 39 639 8 157
Gain from discount purchase 159 158 0
Profit (loss) before tax 302 440 101 702
Income tax expense -8 610 -5 578
Net profit of the financial year 293 830 96 124
Equity holders of the Parent 293 778 95 943
Minority interests 52 181
Other comprehensive income
Revaluation of post-employment benefit
obligations -44 0
Cash flow hedges - the effective portion of a
change in fair value * -58 189 94 772
Exchange rate differences from the translation
of foreign subsidiaries -42 3
Total other comprehensive income -58 275 94 775
Total comprehensive income / loss for the
financial year 235 555 190 899
Attributable to:
Equity holders of the Parent 235 547 190 718
Minority interests 52 181
14,62 15,23
Ordinary earnings per share (in euros per share) 14,56 15,23
* The revaluations of non-monetary derivative instruments in consolidated
profits do not affect the profitability or cash flow generation ability of AS
Eesti Gaas or Infortar's main business activities.
Consolidated statement of financial position
Audited, EUR thousand 31.12.2023 31.12.2022
ASSETS
Cash and cash equivalents 87 115 60 002
Short-term derivatives 28 728 71 109
Derivative financial assets 5 958 108 917
Trade and other receivables 162 575 122 006
Prepayments 24 603 76 752
Prepayments for inventories 146 884 16 654
Total current assets 455 863 455 440
Investments to associates 346 014 296 061
Derivative and other financial assets 1 125 12 866
Long-term loans 9 072 15 736
Long-term requirements 176 024 160 540
Investment property 446 748 147 724
Property, plant and equipment 14 366 8 853
Intangible assets 11 300 10 192
Right-of-use assets 1 004 650 651 972
Total non-current assets 1 460 512 1 107 412
LIABILITIES AND EQUITY
Interest-bearing loans and borrowings 186 025 266 308
Payables to suppliers 74 751 19 845
Tax obligations 32 822 31 135
Buyers' advances 3 099 10 169
Other current liabilities 15 973 6 766
Total current liabilities 312 670 334 223
Interest-bearing loans and borrowings 255 135 160 897
Other long-term liabilities 30 865 18 076
Long-term provisions 8 399 649
Deferred taxes 33 233 24 890
Total non-current liabilities 327 632 204 512
Total liabilities 640 302 538 735
Share capital 2 105 1 985
Own shares -95 -95
Share premium 29 344 0
Reserve capital 28 143 84 162
risk hedging reserve* 24 118 82 307
Unrealized currency translation differences -39 3
Retained earnings 466 140 385 947
Net profit of the financial year 293 778 95 943
Total equity attributable to equity holders of the
Parent 819 376 567 945
Minority interests 834 732
Total equity 820 210 568 677
TOTAL LIABILITIES AND EQUITY 1 460 512 1 107 412
*This represents a change in the accounting for risk management positions, which
affects the consolidated profit result.
Consolidated statement of cash flows
Audited, EUR thousand
2023 2022
Cash flows from operating activities
Net profit of the financial year 302 440 101 702
Adjustments: -104 561 -39 818
Income tax paid -267 -4 051
Changes in assets related to op.activities 54 540 -116 072
Changes in inventories -61 914 3 667
Changes in liabilities related to op.activities -406 55 611
Net cash from operating activities 189 832 1 039
Cash flows from investing activities
Acquisition / reduction of capital of associates -113 728 -4 895
Given loans 0 -6 438
Paybacks from given loans, and interest gain 9 343 992
Purchases of property, plant and equipment -18 143 -14 250
Purchases Investment property -18 556 -23 881
Net cash used in investing activities -141 084 -48 472
Cash flows from financing activities
Received government grants 0 3 251
Changes in overdraft 14 348 -9 456
Proceeds from borrowings 130 567 193 397
Repayments of borrowings -312 846 -98 833
Repayment of finance lease liabilities -2 233 -2 037
Interest paid -22 224 -7 960
Dividends paid -15 750 -16 110
Proceeds from share emission 29 464 0
Net cash used in financing activities -21 635 62 252
TOTAL NET CASH FLOW 27 113 14 819
Cash at the beginning of the year 60 002 45 183
Cash at the end of the period 87 115 60 002
Net (decrease)/increase in cash 27 113 14 819
Cash flows from financing activities
Aktsiaselts Infortar consolidated annual report 2023 is attached to this notice
and will be made available on website www.infortar.ee/en/reports
(http://www.infortar.ee/en/reports).
Infortar operates in five countries, the company's main fields of activity are
energy, maritime transport, and real estate. Infortar owns a 42,3% stake in AS
Tallink Grupp, a 100% stake in AS Eesti Gaas and a versatile and modern real
estate portfolio of approx. 110,000 m2. In addition to the three main areas of
activity, Infortar also operates in construction and mineral resources,
printing, taxi business and many other areas. A total of 103 companies belong to
the Infortar group: 47 subsidiaries, 5 affiliated companies and 50 subsidiaries
of affiliated companies. Excluding affiliates, Infortar employs 1,308 people.
Additional information:
Kadri Laanvee
Investor Relations Manager
e-mail: kadri.laanvee@infortar.ee (mailto:kadri.laanvee@infortar.ee)
phone: +372 5156662
https://infortar.ee/en/investor
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