Teate vaade
Ettevõte AS TALLINNA SADAM
Tüüp Korraldatud teave
Kategooria Juhtkonna vaheteadaanne või kvartaalne finantsaruanne
Avaldamise aeg 15 mai 2020 09:00:00 +0300
Manused
ASTallinna-10003372811-en.pdf
ASTallinna-10003372813-et.pdf
Keeleversioonid
Keel English
Valuuta
Pealkiri AS Tallinna Sadam financial results for 2020 Q1
Tekst
In the first quarter of 2020, the revenue of AS Tallinna Sadam (hereinafter "the
Group")  amounted to  EUR 27.9 million,  declining by  2.2% compared to the same
period  last year. The Group's adjusted EBITDA was EUR 16.2 million in the first
quarter,  declining by 4.1% year-on-year. Profit decreased by EUR 1.1 million to
EUR 10.0 million in the first quarter.

The results of the first quarter were mostly affected by the restrictions on the
movement  of passengers imposed in mid-March  due to the COVID-19 pandemic, as a
result  of which  several passenger  ships of  international lines stopped their
traffic.  As a result, Group's revenues from  shipping fees and, due to the lack
of  passengers, passenger fees  decreased even more  significantly. However, the
continuation  of freight transport kept many passenger ships in service, some of
them with a sparse schedule.

By  segments,  the  Passenger  harbours  segment  suffered the most in the first
quarter  due to the COVID-19 pandemic. The  financial results of Cargo harbours,
Ferry and Other segments were less affected by the pandemic.

In  the first quarter, the  volume of investments more  than doubled compared to
the  same period last year.  Mainly due to the  continuation of the construction
works  of the passenger terminal D and  the beginning of the construction of the
cruise  terminal in the Old City Harbour and the dredging and expansion works of
the entrance channel of the Paldiski South Harbour.

Key figures (in million EUR):

                              Q1      Q1    +/-        %

                            2020    2019

  Revenue                   27.9    28.5   -0.6    -2.2%

  Adjusted EBITDA           16.2    16.9   -0.7    -4.1%

  Adjusted EBITDA margin   58.0%   59.1%   -1.1        -

  Operating profit          10.5    11.5   -1.0    -8.2%

  Income tax                   0       0      -        -

  Profit for the period     10.0    11.0   -1.0    -9.6%

  Investments                8.8     3.9    4.8   121.9%


                     31.03.2020   31.12.2019    +/-      %

  Total assets            641.0        630.6   10.4   1.7%

  Net debt                160.2        160.3    0.0   0.0%

  Equity                  387.0        377.0    8.3   2.2%

  Number of shares        263.0        263.0      0      -

Revenue
Revenue  for the first quarter of 2020 decreased by EUR 0.6 million, i.e. 2.2%,
year  on year. In terms of revenue  streams, the biggest drop was in electricity
sales:  EUR  0.5 million,  i.e.  28%, due  to  a  decline  in the consumption of
electricity and network service at harbours (a mild winter being a factor) and a
decrease in the price of electricity. Revenue increased in the segments of Ferry
and Other but decreased in Passenger harbours and Cargo harbours segments.
Passenger  harbours  revenue  decreased  mainly  in  passenger  fees  (EUR (-0.4
million)  due to a  decrease in the  number of passengers  in the second half of
March as a result of movement restrictions imposed in connection with COVID-19.
The  decrease was offset by an increase of nearly EUR 0.2 million in vessel dues
revenue,  which resulted mainly from growth in the estimated average annual port
call revenue, attributable to a decrease in the average vessel-based discount on
tonnage charges resulting from a decline in the annual number of port calls (due
to the COVID-19 measures).
The  revenue of the Cargo harbours  segment decreased by almost EUR 0.4 million,
mainly  due  to  a  decrease  in  revenue  from  electricity and network charges
(through  the combined effect  of a decrease  in consumption and the electricity
price). Revenue from vessel dues and cargo charges decreased somewhat because of
a  fall in the  number of port  calls by container  ships and an increase in the
volume  and share  of liquid  bulk cargo  whose charges  are lower than those of
other cargo types.
Ferry  segment revenue grew by EUR  0.2 million i.e. by 2.8%, mainly because the
fee  rates, which are linked to the Estonian consumer and fuel price indices and
wage inflation, were higher than in the comparative period.
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
Adjusted  EBITDA  decreased  by  EUR  0.7 million  (4.1%),  slightly  less  than
operating profit because the growth in depreciation, amortisation and impairment
expenses  did not affect EBITDA. In terms of segments, adjusted EBITDA increased
in  the Cargo harbours and  the Ferry segments but  decreased in other segments,
particularly  in the Passenger harbours segment  due to lower revenue and higher
expenses. Adjusted EBITDA margin dropped from 59.1% to 58.0%.

Profit
Profit  amounted to EUR  10.0 million, EUR 1.0 million  (-9,6%) less than in the
comparative period last year.

Investments
The  Group's  capital  investments  of  the  period totaled EUR 8.8 million. The
figure  is larger than  the one for  the same period  last year when investments
amounted to EUR 3.9 million.
The  investments were mainly related to the reconstruction of passenger terminal
D  at the Old City  Harbour, the start of  the construction of a cruise terminal
and dredging works at the Paldiski South Harbour.

Interim condensed consolidated statement of financial position:

  In thousands of euros               31 March 2020   31 December 2019
-----------------------------------------------------------------------
  ASSETS



  Current assets

  Cash and cash equivalents                  44,605             35,183

  Trade and other receivables                13,812             10,614

  Contract assets                               217                  0

  Inventories                                   462                408

  Non-current assets held for sale               98                142
-----------------------------------------------------------------------
  Total current assets                       59,194             46,347
-----------------------------------------------------------------------


  Non-current assets

  Investments in associates                   1,452              1,609

  Other long-term receivables                   298                294

  Property, plant and equipment             577,980            575,267

  Intangible assets                           2,070              2,015

  Total non-current assets                  581,800            579,185
-----------------------------------------------------------------------


  Total assets                              640,994            625,532
-----------------------------------------------------------------------


  LIABILITIES



  Current liabilities

  Loans and borrowings                       16,266             16,266

  Derivative financial instruments              209                243

  Provisions                                  1,044              1,915

  Government grants                             290                193

  Taxes payable                                 586                893

  Trade and other payables                   17,847             11,722

  Contractual liabilities                     2,955                 33

  Total current liabilities                  39,197             31,265
-----------------------------------------------------------------------


  Non-current liabilities

  Loans and borrowings                      188,580            191,580

  Government grants                          25,278             24,754

  Other payables                                  3                  2

  Contract liabilities                          902                913
-----------------------------------------------------------------------
  Total non-current liabilities             214,763            217,249
-----------------------------------------------------------------------


  Total liabilities                         253,960            248,514
-----------------------------------------------------------------------


  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                                -209               -243

  Retained earnings (prior periods)          51,263              6,859

  Profit for the period                       9,982             44,404
-----------------------------------------------------------------------
  Total equity                              387,034            377,018
-----------------------------------------------------------------------


  Total liabilities and equity              640,994            625,532
-----------------------------------------------------------------------

Interim condensed consolidated statement of profit or loss:



 In thousands of euros                                          Q1 2020 Q1 2019
-------------------------------------------------------------------------------


 Revenue                                                         27,890  28,527

 Other income                                                     1,767     275

 Operating expenses                                              -8,327  -7,397

 Personnel expenses                                              -4,677  -4,291

 Depreciation, amortisation and impairment                       -5,989  -5,550

 Other expenses                                                    -150    -106

 Operating profit                                                10,514  11,458
-------------------------------------------------------------------------------


 Finance income and costs

 Finance income                                                      11      13

 Finance costs                                                     -386    -438

 Finance costs - net                                               -375    -425
-------------------------------------------------------------------------------


 Share of profit of an associate accounted for under the
 equity method                                                     -157       5

 Profit before income tax                                         9,982  11,038
-------------------------------------------------------------------------------


 Income tax                                                           0       0

 Profit for the period                                            9,982  11,038
-------------------------------------------------------------------------------
 Attributable to owners of the Parent                             9,982  11,038
-------------------------------------------------------------------------------

-------------------------------------------------------------------------------
 Basic and diluted earnings per share (in euros)                   0.04    0.04

 Basic and diluted earnings per share - continuing operations
 (in euros)                                                        0.04    0.04
-------------------------------------------------------------------------------

Interim condensed consolidated statement of cash flows:

                                                         3 months   3 months

  In thousands of euros                                      2020       2019
-----------------------------------------------------------------------------


  Cash receipts from sale of goods and services            30,041     33,009

  Cash receipts related to other income                        13        118

  Payments to suppliers                                    -8,047     -8,911

  Payments to and on behalf of employees                   -3,661     -3,910

  Payments for other expenses                                -138       -102

  Income tax paid on dividends                                  0     -4,949

  Cash from operating activities                           18,208     15,255
-----------------------------------------------------------------------------


  Purchases of property, plant and equipment               -6,859     -3,837

  Purchases of intangible assets                              -96       -107

  Proceeds from sale of property, plant and equipment       1,099         16

  Interest received                                             5         14

  Cash used in investing activities                        -5,270     -3,914
-----------------------------------------------------------------------------


  Repayments of loans received                             -3,000     -3,000

  Interest paid                                              -516       -593

  Other payments related to financing activities               -0         -4

  Cash from/used in financing activities                   -3,516     -3,597
-----------------------------------------------------------------------------


  NET CASH FLOW                                             9,422      7,744
-----------------------------------------------------------------------------


  Cash and cash equivalents at beginning of the period     35,183     42,563

  Change in cash and cash equivalents                       9,422      7,744

  Cash and cash equivalents at end of the period           44,605     50,307
-----------------------------------------------------------------------------

Tallinna  Sadam is one of the largest cargo- and passenger port complexes in the
Baltic  Sea region,  which in  2019 serviced 10.64 million  passengers and 19.9
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 2019
totaled  EUR 130.5 million, adjusted EBITDA EUR  74.3 million and net profit EUR
44.4 million.

Additional information:

Marko Raid
Chief Financial Officer
m.raid@ts.ee (mailto:m.raid@ts.ee)