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Kategooria Muud korporatiivtoimingud
Avaldamise aeg 28 juuni 2019 16:30:00 +0300
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Pealkiri Harju County Court started the proceedings on the claim filed by Coal Terminal against Tallinna Sadam
In 21 June 2019, Harju County Court stared the proceedings on the claim filed by
AS  Coal  Terminal  (in  bankruptcy)  (hereinafter:  ?Coal  Terminal")  and  its
bankruptcy  trustees  in  20 May  2019 against  AS  Tallinna Sadam (hereinafter:
?Tallinna  Sadam") applying for  compensation of the  market value of the former
coal  terminal buildings and equipment plus  accrued interest in connection with
the expiration of the right of superficies contracts in Muuga Harbour. The claim
amounts to EUR 22.4 million plus accrued interest.

The  bankruptcy of  Coal Terminal,  a long-term  customer of Tallinna Sadam, was
declared  on 2 May 2017. As  bankruptcy trustees refused  to execute commitments
under the right of superficies contracts, the contracts together with the assets
erected  on  the  plots  covered  by  the  right  of  superficies contracts were
transferred  back into  the possession  of Tallinna  Sadam. Under the contracts,
Tallinna  Sadam has to compensate the value of buildings and equipment that form
an  essential part of the  rights of superficies, the  amount of which cannot be
estimated  reliably because  the assets  are special-purpose  assets for which a
regular  market does not exist and there  are contradictory views both among the
experts  and the parties of the dispute  on the valuation methods that should be
used.  On 6 July  2018, the bankruptcy  trustees submitted  a claim  to Tallinna
Sadam  for compensation of EUR  22.4 million for the value  of the assets, which
Tallinna  Sadam did not admit as such and the bankruptcy trustees then turned to

Several  assets transferred  back to  Tallinna Sadam  were sold  in 2018 and the
proceeds  from the  sale of  the assets  totalled EUR 2.6 million. In connection
with  the termination of contracts, Tallinna Sadam has submitted a counter-claim
to Coal Terminal in amount of EUR 11.7 million for compensation of the damages.

The  Management Board of Tallinna  Sadam is of the  opinion that the requests in
the  application of the claim  are unjustified in this  form. The final monetary
impact  to  Tallinna  Sadam  from  the  bankruptcy  proceedings of Coal Terminal
depends  on the  combined effect  of the  outcomes of several parallel disputes,
which  monetary  impact  cannot  be  estimated  reliably  and  there  is also no
certainty  about the  timing of  the realization  of the claims and liabilities.
Thus,  the Management Board has not recognised a provision for a possible claim.
Tallinna  Sadam will file  the response to  the application of  the claim by the
deadline fixed by the court.

Tallinna  Sadam is one of the largest cargo- and passenger port complexes in the
Baltic  Sea  region,  which  in  2018 serviced 10.6 million passengers and 20.6
million  tons of cargo. 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.  According  to unaudited financial
results,  Tallinna  Sadam  group's  sales  in  2018 totaled  EUR  130.6 million,
adjusted EBITDA EUR 74.4 million and net profit EUR 24.4 million.

Marju Zirel
Head of Investor Relations
AS Tallinna Sadam
m.zirel@ts.ee (mailto:m.zirel@ts.ee)