In the second quarter, Tallinna Sadam Group's revenue, adjusted EBITDA and
profit increased year-on-year. Group revenue amounted to EUR 30 million in the
second quarter, increasing by 25% compared to the same period last year. The
group's adjusted EBITDA in the second quarter was EUR 15 million (+38%) and the
profit was EUR 5.1 million (+205%). In the half-year summary, the revenue was
EUR 57 million (+16%), the adjusted EBITDA was EUR 16 million (+31%) and the
profit was EUR 12 million (+44%).
The Group's results for the first half of 2022 were strongly affected by the
easing of the COVID-19 restrictions and a continuing decline in cargo
throughput. As a result of lifting the restrictions and increased passenger
confidence, the number of passengers increased nearly threefold in six months,
especially on the Helsinki route. The decline in cargo volumes is mainly due to
the third consecutive quarter of a decline in dry bulk and liquid bulk cargo
volumes. At the same time, ro-ro and container goods showed a considerable
increase. In shipping, the strong second quarter was supported by additional
voyages of ferry Regula based on growing demand; and chartering of Botnica at
the same level as last year.
Valdo Kalm, chairman of the management board of Tallinna Sadam, is pleased that
despite the difficult circumstances, the company paid a dividend to the extent
promised by the dividend policy. "We continued with the planned investments, and
in order to secure future business, we decided to invest in the Paldiski South
Harbour by building a new quay for the construction and servicing of wind
farms," said Kalm.
Tallinna Sadam will present the financial results of the Group at a webinar on
10 August at 11:00 (EET), to attend, please click here
(https://teams.microsoft.com/l/meetup-
join/19%3ameeting_YzcyMzA2OWEtZTQzYi00YzE5LTkwNzctZjUwM2QwNGIyYWVi%40thread.v2/0
?context=%7B%22Tid%22%3A%223c572f71-c808-4685-aa00-
2ca59a11c7e2%22%2C%22Oid%22%3A%22a6492212-75ef-498f-8735-75f88c5d463a%22%2C%22Is
BroadcastMeeting%22%3Atrue%2C%22role%22%3A%22a%22%7D&btype=a&role=a). The
webinar will be held in English.
Key figures (in million EUR):
Q2 Q2 +/- 6M 6M +/-
2022 2021 % 2022 2021 %
Revenue 30.4 24.3 25.2 57.1 49.3 16.0
Adjusted EBITDA 15.4 11.1 38.2 24.2
Adjusted EBITDA margin 50.7% 45.9% 4.8 50.5% 49.0% 1.5
Operating profit 9.1 5.2 74.6 16.3 12.4 31.3
Income tax -4.1 -3.3 25.5 -4.1 -3.3 25.5
Profit for the period 5.1 1.7 205.4 12.3 8.5 44.1
Investments 4.3 4.3 -0.5 9.0 7.9 13.1
30.06.2022 31.12.2021 +/-
Total assets 618.6 629.5 -1.7%
Interest bearing debt 199.9 203.3 -1.7%
Other liabilities 51.0 45.3 12.6%
Equity 367.6 380.9 -3.5%
Number of shares 263.0 263.0 0.0%
Major events in Q2:
* Investment decision to build a new quay in the Paldiski South Harbour to
serve the wind farms
* Record volume in ro-ro cargo (3.5 million tonnes in 6 months)
* Termination of Worldwide Cargo Establishment's contractual penalty lawsuit
* Voting on the resolutions of the general meeting on 5-25 April 2022,
including election of new supervisory board
* AS Tallinna Sadam paid the shareholders a dividend of EUR 0.097 per share,
i.e. a total of EUR 25.5 million for 2021 (100% of previous year's profit)
* AS Tallinna Sadam and the Port of Gdynia signed a letter of intent on
cooperation in the field of developing hydrogen solutions
Revenue
Revenue for the six months of 2022 grew by EUR 7.9 million (+16.0%) to EUR 57.1
million. Most of the growth resulted from the second quarter when revenue grew
by 25.2%, supported by an increase in the number of passengers as well as higher
revenue from the operation of ferry service between Estonia's mainland and two
largest islands. All revenue streams increased, the most being passenger fee
(+163%), operating lease (+14%), vessel dues (+12%) and ferry service revenue
(+10%).
The six-month revenue of the Passenger harbours segment grew by 57% year on
year, mainly due to a rise in passenger fee revenue due to rapid growth in
passenger numbers and an increase in vessel dues. The segment also increased its
lease income (EUR +0.46 million) by leasing out new premises and electricity
sales revenue. In the second quarter, revenue grew by 88% year on year to EUR
10.7 million.
The six-month revenue of the Cargo harbours segment remained at the same level
as a year earlier (+0.6%). Its vessel dues revenue dropped (EUR -0.5 million)
due to the decline in dry bulk and liquid bulk cargo. The decrease in vessel
dues was offset by the growth in cargo charges (EUR +0.3 million) due to changes
in the cargo structure, an increase in lease income (EUR +0.2 million) due to
changes in lease rates and growth in electricity sales revenue (EUR +0.3
million). In the second quarter, the revenue of the Cargo harbours segment grew
by EUR 32 thousand year on year.
The six-month revenue of the Ferry segment grew by EUR 1.6 million (+10.9%) due
to growth in both ferry service revenue and lease income. Ferry service revenue
increased through a rise in contractual fees due to an increase in the Estonian
fuel cost, employment cost and consumer price indices and growth in the number
of trips. In the second quarter, the revenue of the Ferry segment grew by EUR
1.0 million year on year (+12.8%).
The revenue of the segment Other grew by 2% in the first half-year and by 3.9%
in the second quarter. Revenue growth was supported by the revision of the
contractual fee due to a rise in the Estonian consumer price index.
EBITDA
Adjusted EBITDA for the first half of the year grew by EUR 4.7 million (+19.5%)
to EUR 28.9 million. The strongest contributors to EBITDA growth were the
Passenger harbours segment (EUR +4.5 million) and the Ferry segment (EUR +0.7
million). In the second quarter, EBITDA grew by EUR 4.3 million (+38.2%) year on
year. Thus 90% of the growth in six-month EBITDA was delivered in the second
quarter. The adjusted EBITDA margin for the first half-year increased from
49.0% to 50.5% and the adjusted EBITDA margin for the second quarter increased
from 45.9% to 50.7%.
Profit
Profit for the first six months amounted to EUR 12.3 million, exceeding the
profit for the comparative period by EUR 3.8 million (+44.1%), profit before tax
for the first six months grew by EUR 4.6 million (+39%) year on year. Second-
quarter profit was EUR 5.1 million (EUR +3.4 million) and profit before tax grew
by EUR 4.2 million.
Investments
In the first six months of 2022, the Group invested EUR 9.0 million, EUR 1.0
million more than a year earlier. The largest investments were made in
reconstructing the outdoor area around Terminal D, upgrading the quay equipment
and reconstructing the shoreline reinforcements in Old City Harbour and in
increasing the capacity of Muuga Harbour to serve ro-ro cargo. Investments of
the second quarter totalled EUR 4.3 million (in the second quarter of 2021 also
EUR 4.3 million).
Interim condensed consolidated statement of financial position:
In thousands of euros 30 June 2022 31 December 2021
----------------------------------------------------------------------
ASSETS
Current assets
Cash and cash equivalents 31,110 34,840
Trade and other receivables 9,453 14,151
Contract assets 575 0
Inventories 565 399
----------------------------------------------------------------------
Total current assets 41,703 49,390
----------------------------------------------------------------------
Non-current assets
Investments in associates 1,881 1,559
Other long-term receivables 896 896
Property, plant and equipment 572,082 575,563
Intangible assets 2,042 2,130
Total non-current assets 576,901 580,148
----------------------------------------------------------------------
Total assets 618,604 629,538
----------------------------------------------------------------------
LIABILITIES
Current liabilities
Loans and borrowings 15,916 15,916
Provisions 958 1,572
Government grants 1,665 1,223
Taxes payable 829 890
Trade and other payables 12,953 10,291
Contract liabilities 3,551 57
Total current liabilities 35,872 29,949
----------------------------------------------------------------------
Non-current liabilities
Loans and borrowings 184,015 187,398
Government grants 29,741 29,835
Other payables 552 652
Contract liabilities 788 809
Total non-current liabilities 215,096 218,694
----------------------------------------------------------------------
Total liabilities 250,968 248,643
----------------------------------------------------------------------
EQUITY
Share capital at par value 263,000 263,000
Share premium 44,478 44,478
Statutory capital reserve 22,115 21,271
Retained earnings (prior periods) 25,791 26,534
Profit for the period 12,252 25,612
----------------------------------------------------------------------
Total equity 367,636 380,895
----------------------------------------------------------------------
Total liabilities and equity 618,604 629,538
----------------------------------------------------------------------
Interim condensed consolidated statement of profit or loss:
In thousands of euros Q2 2022 Q2 2021 6M 2022 6M 2021
-------------------------------------------------------------------------------
Revenue 30,363 24,260 57,135 49,248
Other income 434 335 728 659
Operating expenses -9,841 -8,070 -18,504 -15,372
Personnel expenses -5,554 -5,100 -10,325 -9,744
Depreciation, amortisation and impairment -6,225 -6,076 -12,512 -12,098
Other expenses -66 -130 -194 -254
Operating profit 9,111 5,219 16,328 12,439
-------------------------------------------------------------------------------
Finance income and costs
Finance income 34 27 63 37
Finance costs -323 -365 -605 -741
Finance costs - net -289 -338 -542 -704
-------------------------------------------------------------------------------
Share of profit of an associate accounted
for under the equity method 350 52 577 41
Profit before income tax 9,172 4,933 16,363 11,776
-------------------------------------------------------------------------------
Income tax -4,111 -3,275 -4,111 -3,275
Profit for the period 5,061 1,658 12,252 8,501
-------------------------------------------------------------------------------
Attributable to owners of the Parent 5,061 1,658 12,252 8,501
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Basic and diluted earnings per share (in
euros) 0.02 0.01 0.05 0.03
Basic and diluted earnings per share
- continuing operations (in euros) 0.02 0.01 0.05 0.03
-------------------------------------------------------------------------------
Interim condensed consolidated statement of cash flows:
In thousands of euros 6M 2022 6M 2021
---------------------------------------------------------------------------
Cash receipts from sale of goods and services 67,852 55,753
Cash receipts related to other income 71 34
Payments to suppliers -23,580 -19,123
Payments to and on behalf of employees -9,664 -9,064
Payments for other expenses -238 -271
Income tax paid on dividends -4,335 0
Cash from operating activities 30,106 27,329
---------------------------------------------------------------------------
Purchases of property, plant and equipment -9,618 -9,255
Purchases of intangible assets -261 -426
Proceeds from sale of property, plant and equipment 77 263
Proceeds from government grants related to assets 4,954 0
Dividends received 255 0
Interest received 2 1
Cash used in investing activities -4,591 -9,417
---------------------------------------------------------------------------
Repayments of loans received -3,383 -3,383
Dividends paid -25,287 -20,082
Interest paid -570 -734
Other payments related to financing activities -5 -1
Cash from/used in financing activities -29,245 -24,200
---------------------------------------------------------------------------
NET CASH FLOW -3,730 -6,288
---------------------------------------------------------------------------
Cash and cash equivalents at beginning of the period 34,840 26,679
Change in cash and cash equivalents -3,730 -6,288
Cash and cash equivalents at end of the period 31,110 20,391
---------------------------------------------------------------------------
Tallinna Sadam is one of the largest cargo- and passenger port complexes in the
Baltic Sea region, which serves annually 10 million passengers and 20 million
tons of cargo in average. 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, the group's sales in 2021 totalled EUR 110 million, adjusted
EBITDA EUR 54 million and profit EUR 26 million.
Additional information:
Marju Zirel
Head of Investor Relations
Tel. +372 5342 6591
m.zirel@ts.ee (mailto:m.zirel@ts.ee)
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