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Ettevõte AS TALLINNA SADAM
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Kategooria Juhtkonna vaheteadaanne või kvartaalne finantsaruanne
Avaldamise aeg 14 aug 2019 09:00:00 +0300
Manused
ASTallinna-10002570931-en.pdf
ASTallinna-10002570933-et.pdf
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Valuuta
Pealkiri AS Tallinna Sadam financial results for 2019 Q2 and 6 months
Tekst
In  the second quarter  of 2019, revenue, adjusted  EBITDA and net  profit of AS
Tallinna  Sadam  (hereinafter  "the  Group")  increased. Revenue amounted to EUR
32.8 million, growing by 0.2% compared to the same period last year. The Group's
adjusted  EBITDA was EUR 18.8 million  in Q2, growing by  4.1% year on year. Net
profit amounted to EUR 7.2 million.

According  to Valdo  Kalm, Chairman  of the  Management Board  of the Group, the
results of Q2 were influenced by the growth of dry bulk cargo, mainly due to the
launch  of the dry  bulk terminal by  the new cargo  operator PK Terminal and by
recovery of the liquid bulk volumes to the last year's level under conditions of
continued  strong competition. "In the second  quarter, the number of passengers
increased  mainly due to the Tallinn-Helsinki route.  At the end of June, Eckerö
Line  started operating  on the  Muuga-Vuosaari route  with its  vessel MS Finbo
Cargo,  which serves  both lorries  and vehicles  and in  addition, Tallink also
started  to serve  passengers with  vehicles on  this route  with its vessel Sea
Wind.  These events will have an impact  on the Group's financial results mainly
since  the  third  quarter,"  said  Kalm.  The  biggest  growth  in  revenue and
profitability  was generated  by the  ferries operating  on Saaremaa and Hiiumaa
routes  and by the icebreaker Botnica due  to the indexation of contractual fees
and the increase of operational efficiency.

Supported by the growth in passenger and cargo volumes, half-year revenue made a
slight  recovery to EUR 61.4 million, reducing the 3%-drop in Q1 caused by lower
liquid  cargo volume and scheduled maintenance  of the passenger ships. Adjusted
EBITDA  remained at the previous year's level due to lower operating expenses in
Q2. The strong growth in net profit over in 6 months year-on-year was due to EUR
20.5 million lower dividend income tax expense in 2019.

In  the  second  quarter,  the  investments  also increased compared to the same
period last year due to the reconstruction of the passenger terminal D, dredging
works  at the Paldiski South Harbour and the co-financing of the construction of
Reidi road at the Old City Harbour.

The  Management  Board  estimates  that  Tallinna  Sadam will achieve the profit
target set for 2019 and there will be no deviations from the dividend policy.

The  members of the Management  Board will present the  financial results of the
Group  at a webinar on  14 August at 11:00 EET, to  attend, please register here
(https://register.gotowebinar.com/register/2889630203974507267).   The   webinar
will be held in English.



Key figures (in million EUR):

                           Q2    Q2    +/- 6 months 6 months    +/-

                         2019  2018            2019     2018

 Revenue                 32.8  32.8   0.2%     61.4     62.2  -1.3%

 Adjusted EBITDA         18.8  18.1   4.1%     35.7     35.7   0.0%

 Adjusted EBITDA margin 57.4% 55.2%    2.2    58.2%    57.4%    0.8

 Operating profit        13.3  12.6   5.2%     24.7     25.0  -0.9%

 Income tax              -5.8 -26.3 -78.0%     -5.8    -26.3 -78.0%

 Profit for the period    7.2 -14.1 150.8%     18.2     -2.3 906.7%

 Investments              7.1   3.3 118.1%     11.1      5.2 113.3%


                     30.06.2019   31.12.2018     +/-

  Total assets            608,7        623,6   -2,4%

  Net debt                185,6        171,0    8,5%

  Equity                  350,7        367,7   -4,6%

  Number of shares        263,0        263,0    0,0%

Revenue
Revenue  for the 6 months of 2019 decreased  by EUR 0.8 million, i.e. 1.3%, year
on  year. The  decline is  mostly attributable  to the  decline in  liquid cargo
volume  and the decline in the number of ship calls during the first quarter due
to planned repairs of passenger ships. Revenue from general and dry bulk vessels
increased  through growth  in cargo  volumes and  revenue from container vessels
grew  through a  rise in  their average  size. In  both Q2  and 6 months revenue
increased  in the  Ferries and  Other segments,  but decreased  in the Passenger
harbours and Cargo harbours segment.

Passenger  harbours revenue for Q2 remained at the same level as in the previous
year but decreased in the first half of the year due to lower number of calls in
Q1  due to planned maintenance of passenger vessels and due to the discounts for
the vessels with lower level of emissions.

Cargo  harbours revenue for Q2 did not change significantly year on year, but in
the  first half  of the  year decreased  by 2.6% mainly  due to  the decrease of
liquid cargo volume in Q1.

The  revenue of the Ferry segment grew because of a rise in fee rates, which are
linked to the Estonian consumer.

The  revenue of the segment Other grew through the indexation of the contractual
fees of the icebreaker Botnica to the Estonian consumer price index.

EBITDA
Compared  to Q2 2018, adjusted EBITDA increased by EUR 0.7 million influenced by
growth  in  all  segments,  covering  the  decline in Q1. Adjusted EBITDA margin
increased  from 57.4% to 58.2% in 6 months as a result of Q2 growth, from 55.2%
to 57.4%. Adjusted EBITDA for the first 6 months was EUR 35.7 million, remaining
on the same level as last year.

Net profit
In  the  second  quarter  of  2019, the  Group  declared a dividend of EUR 35.2
million.  Related income  tax expense  amounted to  EUR 5.76 million,  being EUR
20.5 million smaller than in the previous year when the Group declared a record-
high  dividend (EUR 105 million). Due to the decrease in income tax expense, net
profit  for six months (EUR 18.2 million) exceeded the result of the comparative
period (a loss of EUR 2.26 million) by EUR 20.5 million.

Investments
In  the first half  of 2019, the Group  invested EUR 11.1 million, including EUR
7.1 million  in Q2 (6  months 2018: EUR 5.2 million).  Investments of the period
were  mostly related to  the reconstruction of  passenger terminal D  at the Old
City  Harbour, dredging works at the Paldiski South Harbour and the co-financing
of the construction of Reidi road at the Old City Harbour.


Interim condensed consolidated statement of financial position:

  In thousands of euros               30 June 2019   31 December 2018
----------------------------------------------------------------------
  ASSETS



  Current assets

  Cash and cash equivalents                 24,638             42,563

  Trade and other receivables               10,872              8,017

  Contract assets                              369                  0

  Inventories                                  341                305

  Total current assets                      36,220             50,885
----------------------------------------------------------------------


  Non-current assets

  Investments in associates                  1,451              1,569

  Other long-term receivables                  151                196

  Property, plant and equipment            568,841            568,965

  Intangible assets                          2,024              2,024

  Total non-current assets                 572,467            572,754
----------------------------------------------------------------------


  Total assets                             608,687            623,639
----------------------------------------------------------------------


  LIABILITIES



  Current liabilities

  Loans and borrowings                      15,766             15,766

  Derivative financial instruments             393                425

  Provisions                                 1,105              1,957

  Government grants                             85                174

  Taxes payable                              6,895              5,844

  Trade and other payables                  11,201              9,485

  Contractual liabilities                    3,988                 32

  Total current liabilities                 39,433             33,683
----------------------------------------------------------------------


  Non-current liabilities

  Loans and borrowings                     194,463            197,846

  Government grants                         23,130             23,418

  Other payables                                79                 79

  Contract liabilities                         919                939

  Total non-current liabilities            218,591            222,282
----------------------------------------------------------------------


  Total liabilities                        258,024            255,965
----------------------------------------------------------------------


  EQUITY

  Share capital at par value               263,000            263,000

  Share premium                             44,478             44,478

  Statutory capital reserve                 18,520             18,520

  Hedge reserve                               -393               -425

  Retained earnings (prior periods)          6,859             17,678

  Profit for the period                     18,199             24,423
----------------------------------------------------------------------
  Total equity                             350,663            367,674
----------------------------------------------------------------------


  Total liabilities and equity             608,687            623,639
----------------------------------------------------------------------

Interim condensed consolidated statement of profit or loss:

                                                              6 months 6 months

 In thousands of euros                        Q2 2019 Q2 2018     2019     2018
-------------------------------------------------------------------------------


 Revenue                                       32,822  32,752   61,350   62,166

 Other income                                     305     241      580      444

 Operating expenses                            -9,319 -10,004  -16,717  -17,587

 Personnel expenses                            -4,817  -4,782   -9,108   -8,972

 Depreciation, amortisation and impairment     -5,643  -5,546  -11,193  -10,949

 Other expenses                                   -75     -50     -181     -152

 Operating profit                              13,273  12,611   24,731   24,950
-------------------------------------------------------------------------------


 Finance income and costs

 Finance income                                    14       8       27        8

 Finance costs                                   -443    -527     -881   -1,038

 Finance costs - net                             -429    -519     -854   -1,030
-------------------------------------------------------------------------------


 Share of profit of an associate accounted
 for under the equity method                       81      74       86       74

 Profit before income tax                      12,925  12,166   23,963   23,994
-------------------------------------------------------------------------------


 Income tax                                    -5,764 -26,250   -5,764   26,250

 Profit for the period                          7,161 -14,084   18,199   -2,256
-------------------------------------------------------------------------------
 Attributable to owners of the Parent           7,161 -14,084   18,199   -2,256
-------------------------------------------------------------------------------

-------------------------------------------------------------------------------
 Basic and diluted earnings per share (in
 euros)                                          0.03   -0.07     0.07    -0.01

 Basic and diluted earnings per share -
 continuing operations (in euros)                0.03   -0.07     0.07    -0.01
-------------------------------------------------------------------------------


Interim condensed consolidated statement of cash flows:

                                                         6 months   6 months

  In thousands of euros                                      2019       2018
-----------------------------------------------------------------------------


  Cash receipts from sale of goods and services            65,769     67,535

  Cash receipts related to other income                       151         56

  Payments to suppliers                                   -20,480    -20,676

  Payments to and on behalf of employees                   -8,791     -8,019

  Payments for other expenses                                -216       -185

  Income tax paid on dividends                             -4,949          0

  Cash from operating activities                           31,484     38,711
-----------------------------------------------------------------------------


  Purchases of property, plant and equipment               -9,975     -5,908

  Purchases of intangible assets                             -233       -385

  Proceeds from sale of property, plant and equipment          24          0

  Interest received                                            25          2

  Cash used in investing activities                       -10,159     -6,291
-----------------------------------------------------------------------------


  Contributions to share capital                                0    122,287

  Redemption of debt securities                                 0     -1,250

  Repayments of loans received                             -3,383     -3,383

  Change in overdraft (liability)                               0     -2,566

  Repayments of finance lease principal                         0         -1

  Dividends paid                                          -34,970    -85,000

  Interest paid                                              -887     -1,020

  Other payments related to financing activities              -10        -37

  Cash from/used in financing activities                 - 39,250     29,030
-----------------------------------------------------------------------------

-----------------------------------------------------------------------------
  NET CASH FLOW                                           -17,925     61,450
-----------------------------------------------------------------------------


  Cash and cash equivalents at beginning of the period     42,563      6,954

  Change in cash and cash equivalents                     -17,925     61,450

  Cash and cash equivalents at end of the period           24,638     68,404
-----------------------------------------------------------------------------


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 m/v Botnica for
icebreaking and construction services in Estonia and offshore projects abroad.
Tallinna Sadam group is also a shareholder in an associate AS Green Marine,
which provides waste management services. 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.

Additional information:

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