Market announcement
AS TALLINNA SADAM
Category
Management interim statement or quarterly financial report
Attachments
Date
10.11.2023 08:00:00
Title
ASi Tallinna Sadam 2023 III kvartali ja 9 kuu majandustulemused
Message
Tallinna Sadam teenis III kvartalis 31 miljonit eurot müügitulu ja 6 miljonit eurot kasumit. Üheksa kuu müügitulu oli 89 miljonit eurot ja kasum ulatus 13 miljoni euroni. III kvartalis suurenes investeeringute maht ligi 5 miljoni euroni, aasta algusest kokku investeerisime 11 miljonit eurot. III kvartalis langesid aasta võrdluses nii müügitulu (-14%), korrigeeritud EBITDA (-25%) kui ka kasum (-49%). Tegevuskulud III kvartalis vähenesid peamiselt seoses energiahindade langusega. 9 kuu kokkuvõttes vähenes müügitulu 5% ja kulude kasvu survel langesid korrigeeritud EBITDA (-17%) ja kasum (-46%). Üheksa kuu kokkuvõttes kasvas reisijate arv 15%, kuid liinil oli vähem reisilaevu. Eelneva aastaga võrreldes külastas meie sadamaid vähem kruiisilaevu, ehkki laevade täituvus oli oluliselt kõrgem. Kaubamahtudes jätkus langus tulenevalt sanktsioonidest ja üldisest kaubamahtude vähenemisest, mis tõi kaasa müügitulu ja korrigeeritud EBITDA languse. Laevanduses näitasid kasvu nii reisiparvlaevad kui jäämurdja Botnica, kuid regulaarsed dokitööd ja uue prahilepingutega seotud kulud mõjutasid Botnica kasumlikkust. Palgasurve ja Euribori tõusu mõjul suurenesid kulude poolel enim tööjõukulud ja finantskulud. Tallinna Sadama esimees Valdo Kalm nendib, et ajad on keerulised ja oleme liikunud järjest ühest kriisist teise, kuid ettevõte teenib jätkuvalt korralikku kasumit. Erinevad ärivaldkonnad tasakaalustavad üksteist muutes kontserni tervikuna vastupidavaks väliskeskkonna riskidele, mistõttu oleme valmis ka järgmisel aastal dividende maksma ja samas investeeringutega jätkama. ?Hetkel on tugev fookus kulude kokkuhoiul ja samas uute kasvuprojektide arendamisel ja käivitamisel nagu Paldiski meretuuleparkide kai ehitus ja hoolduslaevastiku tasuvusanalüüs ning Pakrineeme sadama LNG kai opereerimise alustamine," ütles Kalm. Tallinna Sadama juhatus tutvustab kontserni finantstulemusi 10. novembril veebiseminaridel, sh kell 10.00 toimub veebiseminar eesti keeles (link eestikeelsele seminarile (https://teams.microsoft.com/l/meetup- join/19%3ameeting_MThkOGM0NjYtYTI0Ni00NWI4LWEwMTctNjYxMDgyMzNiYTAx%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)) ja kell 11.00 toimub seminar inglise keeles (link ingliskeelsele seminarile (https://teams.microsoft.com/l/meetup- join/19%3ameeting_NzVmMDRmMzAtZjg0My00NjUwLTk2NGEtNGY1NTIwYjI4NWI2%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)). Peamised finantsnäitajad (mln EUR): III kv III kv +/- 9 kuud 9 kuud +/- 2023 2022 % 2023 2022 % Müügitulu 31,4 36,3 -13,5 88,6 93,5 -5,2 Korrigeeritud EBITDA 13,5 18,0 -24,9 38,8 46,9 -17,2 Korrigeeritud EBITDA marginaal 43,0% 49,6% -6,6 43,8% 50,2% -6,4 Ärikasum 7,4 11,8 -37,1 20,0 28,2 -29,0 Tulumaks 0 0 - -3,0 -4,1 -27,4 Perioodi kasum 6,0 11,7 -49,1 13,0 24,0 -45,6 Investeeringud 4,8 3,5 37,4 10,9 12,4 -12,3 30.09.2023 31.12.2022 +/- Varade maht 612,7 621,2 -1,6% Intressi kandvad võlakohustused 180,0 187,4 -3,9% Muud kohustused 57,9 52,9 9,6% Omakapital 374,8 381,0 -1,6% Aktsiate arv 263,0 263,0 0,0% Olulisemad sündmused III kvartalis: * Reisiparvlaev Regula lisareisid 2023 septembris * Muudatused ASi Tallinna Sadama tütarettevõtte TS Shipping OÜ juhatuses * Riigi osaluse valitseja alates juulist 2023 Kliimaministeerium * Jäämurdja Botnica 2023. a suvetööd - Equinor, British Petroleum ja Baffinland * Vanasadama Kruiisiterminal sai rahvusvahelise keskkonnamärgise Green Key * Paldiski Lõunasadam 30 ja meretuuleparkide kai nurgakivi panek * Crevex2023 kriisiõppus Muugal Müügitulu Müügitulu kahanes 2023. aasta 9 kuuga 4,8 mln eurot (-5,2%) 88,6 mln euroni. Müügitulu languse taga oli laevatasude, elektrienergia müügi, kaubatasude ja muude teenuste tulude vähenemine, mida ei kompenseerinud tulude suurenemine mandri-Eesti ja suursaarte vahelisest üleveoteenusest, reisijatasudest, jäämurdja Botnica prahitasust muude segmendis ja kasutusrendist. Müügitulu liikide lõikes oli 9 kuu suurimaks muutuseks laevatasu tulude langus 5,5 mln euro võrra (-18,6%) 24,1 mln euroni. Laevatasude languse taga on eelkõige kaubamahtude langusest tingutud kauba- ja ro-pax laevade külastuste arvu vähenemine ning kruiisilaevade külastuste arvu langus (-44,9%). Segmentidest langes müügitulu 9 kuu võrdluses kaubasadamate ja reisisadamate segmendis, mida ei suutnud kompenseerida müügitulude kasv reisiparvlaevade ja muud segmendis (jäämurdja Botnica). Reisisadamate segmendi müügitulu kahanes 9 kuuga 1,0 mln euro võrra ehk 3,2% eelneva aasta suhtes peamiselt laevatasu tulu (-2,1 mln eurot) vähenemise tõttu seoses kruiisilaevade külastuste vähenemisega. III kvartalis langes müügitulu võrreldes aasta varasemaga 17,2% 10,7 mln euroni (-2,2 mln eurot), mille peamiseks põhjuseks oli laevatasutulude langus tulenevalt vähenenud kruiisilaevade külastustest. Kaubasadamate segmendi 9 kuu müügitulu langes võrreldes aasta varasemaga (-6,1 mln eurot, -21,2%). Suurem langus oli laevatasude tuludes (-3,5 mln eurot) seoses vähenenud laevakülastustega tulenevalt kaubamahtude langusest. Kaubatasud vähenesid (-0,6 mln eurot), kuna kaubamahud langesid kõikides lastiliikides peale mitte-merelise. Elektrienergia müügitulu vähenes (-1,9 mln eurot), kuna tarbimine kaubamahtude vähenemise tõttu on langenud ning ka elektrienergia hind oli madalam. III kvartali võrdluses langes kaubasadamate segmendi müügitulu 2,2 mln eurot (-23,4%), peamiselt laevatasude ja elektrienergia müügi vähenemise tõttu. Reisiparvlaevade segmendis tulu kasvas 9 kuuga 1,7 mln eurot (+6,5%) peamiselt üleveoteenuste tulu kasvu tõttu. Üleveoteenuste tulu on suurenenud lepingulise tasu tõusust tulenevalt Eesti kütuse-, tööjõu- ja tarbijahinnaindeksi kasvust. III kvartali võrdluses kasvas reisiparvlaevade segmendi müügitulu 0,2 mln eurot (+1,6%). Muu segmendi müügitulu kasvas 9 kuuga 0,5 mln eurot (+6,0%). Müügitulu kasvas tänu jäämurdja Botnica täiendavale suvetööle ja suuremale prahitasule jäämurdehooajal, mis jäid esimesse poolaastasse. III kvartali müügitulu langes kuna Botnica kasutusmäär langes. Eelmisel aastal algas Baffinlandi projekt varem ja vabu prahipäevi kolmandas kvartalis ei olnud. Sellel aastal tehti III kvartalis suvetööd BP Exploration Operating Companyle ja Baffinlandi prahitööle Kanadas mindi septembri alguses ehk hilisemalt kui eelmisel aastal. III kvartalis vähenes müügitulu 0,6 mln eurot (-17,0%). EBITDA Korrigeeritud EBITDA vähenes 9 kuuga 8,1 mln euro võrra (-17,2%) 38,8 mln euroni. Kõige enam vähenes korrigeeritud EBITDA kaubasadamate segmendis (-4,7 mln eurot). Segment muus oli korrigeeritud EBITDA langus (-3,4 mln eurot) põhjustatud kulude kasvust ja vähenenud kasumist sidusettevõttest. Reisisadamate segmendi korrigeeritud EBITDA (-0,9 mln eurot) langes tulenevalt tulude vähenemisest, mida veidi kompenseeris kulude langus. Segmentidest kasvas vaid parvlaevade segmendi korrigeeritud EBITDA (+0,9 mln eurot), seda tänu tulude kasvule. III kvartalis vähenes korrigeeritud EBITDA võrreldes eelmise aastaga 4,5 mln eurot (-24,9%). Korrigeeritud EBITDA langes kõigis segmentides välja arvatud reisiparvlaevad. Korrigeeritud EBITDA marginaal langes 9 kuuga 50,2%-lt 43,8%-le ja III kvartalis 49,6%-lt 43,0%-le. Kasum Kasum enne tulumaksu langes 9 kuu võrdluses 12,1 mln eurot (-43,0%) 16,0 mln euroni. Kasum langes ärikasumist enam, kuna sidusettevõttest Green Marine kapitaliosaluse meetodil arvestatud tulemus langes 0,4 mln euro võrra ja finantskulud (neto) kasvasid (+3,5 mln eurot). 9 kuu kasum vähenes aasta baasil 10,9 mln eurot (-45,6%). III kvartali kasum oli 6,0 mln eurot (-5,7 mln eurot, -49,1%). Investeeringud 2023. aasta 9 kuuga investeeris kontsern 10,9 mln eurot, mis oli 1,5 mln eurot vähem kui aasta varem. 2023. aasta 9 kuu investeeringud olid jäämurdja Botnica regulaarsed dokitööd ja jääklassi parandamine, Paldiski Lõunasadamasse uue kai rajamine, Vanasadamas kai ja kai rambi rekonstrueerimine, reisiterminali D ümbritseva välisruumi rekonstrueerimise lõpetamine, Muuga sadamas ro-ro kauba teenindusvõimsuse suurendamine (II korruse ramp) ning investeeringud tarkvarasse. III kvartali investeeringute summaks kujunes 4,8 mln eurot (2022. aasta III kvartalis 3,5 mln eurot). Lühendatud konsolideeritud finantsseisundi aruanne: tuhandetes eurodes 30.09.2023 31.12.2022 ---------------------------------------------------------------- VARAD Käibevara Raha ja raha ekvivalendid 37 912 44 387 Nõuded ostjate vastu ja muud nõuded 14 074 7 477 Lepingulised varad 582 0 Varud 387 749 Müügiootel põhivara 0 100 Käibevara kokku 52 955 52 713 Põhivara Investeeringud sidusettevõtetesse 2 137 2 099 Muud pikaajalised nõuded 29 303 Materiaalne põhivara 555 660 564 379 Immateriaalne põhivara 1 968 1 735 Põhivara kokku 559 794 568 516 ---------------------------------------------------------------- Varad kokku 612 749 621 229 ---------------------------------------------------------------- ---------------------------------------------------------------- KOHUSTISED Lühiajalised kohustised Võlakohustised 13 916 15 916 Eraldised 978 2 013 Sihtfinantseerimine 8 131 8 578 Maksuvõlad 1 726 1 060 Võlad tarnijatele ja muud võlad 9 598 9 770 Lepingulised kohustised 1 650 62 Lühiajalised kohustised kokku 35 999 37 399 ---------------------------------------------------------------- Pikaajalised kohustised Võlakohustised 166 099 171 482 Sihtfinantseerimine 32 552 30 156 Muud võlad 529 449 Lepingulised kohustised 2 765 767 Pikaajalised kohustised kokku 201 945 202 854 ---------------------------------------------------------------- Kohustised kokku 237 944 240 253 ---------------------------------------------------------------- OMAKAPITAL Aktsiakapital nimiväärtuses 263 000 263 000 Ülekurss 44 478 44 478 Kohustuslik reservkapital 22 858 22 115 Eelmiste perioodide jaotamata kasum 31 441 25 791 Perioodi kasum 13 028 25 592 ---------------------------------------------------------------- Omakapital kokku 374 805 380 976 ---------------------------------------------------------------- Kohustised ja omakapital kokku 612 749 621 229 ---------------------------------------------------------------- Lühendatud konsolideeritud kasumiaruanne tuhandetes eurodes III kv 2023 III kv 2022 9 kuud 2023 9 kuud 2022 ------------------------------------------------------------------------------- Müügitulu 31 426 36 325 88 615 93 460 Muud tulud 371 412 1 231 1 140 Tegevuskulud -11 910 -12 763 -31 977 -31 267 Tööjõukulud -6 254 -5 885 -18 229 -16 210 Põhivara kulum ja väärtuse langus -6 129 -6 191 -19 356 -18 703 Muud kulud -55 -55 -280 -249 Ärikasum 7 449 11 843 20 004 28 171 ------------------------------------------------------------------------------- Finantstulud ja -kulud Finantstulud 330 32 916 97 Finantskulud -2 073 -404 -5 303 -1 011 Finantstulud ja -kulud kokku -1 743 -372 -4 387 -914 ------------------------------------------------------------------------------- Kapitaliosaluse meetodil arvestatud kasum investeeringutelt sidusettevõttesse 258 237 396 814 Kasum enne tulumaksustamist 5 964 11 708 16 013 28 071 ------------------------------------------------------------------------------- Tulumaks 0 0 -2 985 -4 111 Perioodi kasum 5 964 11 708 13 028 23 960 ------------------------------------------------------------------------------- Emaettevõtja omanike osa perioodi kasumist 5 964 11 708 13 028 23 960 ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Tava ja lahjendatud puhaskasum aktsia kohta (eurodes) 0,02 0,04 0,05 0,09 Tava ja lahjendatud puhaskasum aktsia kohta - jätkuvad tegevused (eurodes) 0,02 0,04 0,05 0,09 ------------------------------------------------------------------------------- Lühendatud konsolideeritud rahavoogude aruanne: tuhandetes eurodes 9 kuud 2023 9 kuud 2022 --------------------------------------------------------------------------- Kaupade või teenuste müügist laekunud raha 94 692 101 077 Muude tulude eest laekunud raha 247 135 Maksed tarnijatele -38 900 -38 682 Maksed töötajatele ja töötajate eest -18 511 -14 673 Maksed muude kulude eest -253 -296 Makstud tulumaks dividendidelt -3 264 -4 335 --------------------------------------------------------------------------- Äritegevusest laekunud raha 34 011 43 226 --------------------------------------------------------------------------- Materiaalse põhivara soetamine -10 063 -12 932 Immateriaalse põhivara soetamine -627 -346 Materiaalse põhivara müük 28 91 Saadud põhivara sihtfinantseerimisest 0 4 924 Saadud dividendid 357 255 Saadud intressid 875 3 Investeerimistegevuses kasutatud raha -9 430 -8 005 --------------------------------------------------------------------------- Saadud laenude tagasimaksed -7 383 -7 383 Makstud dividendid -19 012 -25 287 Makstud intressid -4 654 -968 Muud finantseerimistegevusest tulenevad maksed -7 -7 --------------------------------------------------------------------------- Finantseerimistegevuses(t) laekunud/kasutatud raha -31 056 -33 645 --------------------------------------------------------------------------- RAHAVOOG KOKKU -6 475 1 576 --------------------------------------------------------------------------- Raha ja raha ekvivalendid perioodi alguses 44 387 34 840 Raha ja raha ekvivalentide muutus -6 475 1 576 Raha ja raha ekvivalendid perioodi lõpus 37 912 36 416 --------------------------------------------------------------------------- Tallinna Sadamale kuulub üks Läänemere suurimaid kauba- ja reisisadamate komplekse. Lisaks reisijate ja kaubavedude teenindamisele tegutseb ettevõte laevanduse ärivaldkonnas läbi oma tütarettevõtete - OÜ TS Laevad korraldab parvlaevaühendust Eesti mandri ja suursaarte vahel ning OÜ TS Shipping osutab multifunktsionaalse jäämurdjaga Botnica avamere- ja jäämurdetöid Eestis ja offshore projektides. Tallinna Sadama gruppi kuulub ka jäätmekäitlusega tegelev sidusettevõte AS Green Marine. Lisainfo: Marju Zirel Investorsuhete juht Tel. +372 53 42 6591 E-post: m.zirel@ts.ee (mailto:m.zirel@ts.ee)
Title
AS Tallinna Sadam financial results for 2023 Q3 and 9 months
Message
Tallinna Sadam earned 31 million euros in revenue and 6 million euros in profit in the third quarter. The nine-month revenue was 89 million euros and the profit reached 13 million euros. In the third quarter, the volume of investments increased to nearly 5 million euros, since the beginning of the year we invested a total of 11 million euros. In the third quarter, both revenue (-14%), adjusted EBITDA (-25%) and profit (- 49%) decreased year-on-year. Operating expenses in the third quarter decreased mainly due to the drop in energy prices. In the 9 months total, the revenue decreased by 5%, and due to the pressure of cost growth, adjusted EBITDA (-17%) and profit (-46%) fell. Nine months in total, the number of passengers increased by 15%, but there were fewer passenger ship calls. Compared to the previous year, fewer cruise ships visited our harbours, although the occupancy of the ships was significantly higher. The decrease in cargo volumes continued due to sanctions and the general decrease in freight volumes, which led to a decrease in revenue and adjusted EBITDA. In shipping, both ferries and the icebreaker Botnica showed growth, but regular dock work and costs related to the new charter contracts affected Botnica's profitability. As a result of wage pressure and the rise in Euribor interest rates, personnel costs and financial costs increased the most on the cost side. Valdo Kalm, chairman of the management board of Tallinna Sadam, states that times are difficult, and we have moved from one crisis to another, but the company continues to make a decent profit. The various business areas balance each other, making the group as a whole resistant to the risks of the external environment, which is why we are ready to pay dividends next year as well and simultaneously continue with investments. "At the moment, there is a strong focus on cost savings and on the development and launch of new growth projects, such as the construction of the Paldiski offshore wind farm quay and the cost- benefit analysis of the maintenance fleet and the start of operation of the Pakrineeme harbor LNG quay," said Kalm. The management board of Tallinna Sadama will present the group's financial results in webinars on 10 November, including a webinar in Estonian at 10:00 a.m. (EET) (link to EST webinar (https://teams.microsoft.com/l/meetup- join/19%3ameeting_MThkOGM0NjYtYTI0Ni00NWI4LWEwMTctNjYxMDgyMzNiYTAx%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)) and a webinar in English at 11:00 a.m. (EET) (link to ENG webinar (https://teams.microsoft.com/l/meetup- join/19%3ameeting_NzVmMDRmMzAtZjg0My00NjUwLTk2NGEtNGY1NTIwYjI4NWI2%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)). Key figures (million EUR): Q3 Q3 +/- 9M 9M +/- 2023 2022 % 2023 2022 % Revenue 31.4 36.3 -13.5 88.6 93.5 -5.2 Adjusted EBITDA 13.5 18.0 -24.9 38.8 46.9 -17.2 Adjusted EBITDA margin 43.0% 49.6% -6.6 43.8% 50.2% -6.4 Operating profit 7.4 11.8 - 37.1 20.0 28.2 -29.0 Income tax 0 0 - -3.0 -4.1 -27.4 Profit for the period 6.0 11.7 -49.1 13.0 24.0 -45.6 Investments 4.8 3.5 37.4 10.9 12.4 -12.3 30.09.2023 31.12.2022 +/- Total assets 612.7 621.2 -1.6% Interest bearing debt 180.0 187.4 -3.9% Other liabilities 57.9 52.9 9.6% Equity 374.8 381.0 -1.6% Number of shares 263.0 263.0 0.0% Major events in Q3: * Additional trips by the ferry Regula in September 2023 * Changes on the management board of AS Tallinna Sadam's subsidiary OÜ TS Shipping * The administrator of the state shares in AS Tallinna Sadam from July 2023 is the Ministry of Climate * Icebreaker Botnica 2023 summer charters - Equinor, British Petroleum and Baffinland * The cruise terminal of Tallinn Old City Harbour obtains the international Green Key certificate. * 30th anniversary of Paldiski South Harbour and laying the cornerstone for a new quay * Crevex2023 evacuation exercise at Muuga. Revenue Revenue for nine months decreased by EUR 4.8 million (-5.2%) year on year to EUR 88.6 million. The decline is attributable to lower revenue from vessel dues, electricity sales, cargo charges and other services, which was not offset by higher revenue from ferry service between Estonia's mainland and two largest islands, passenger fees, the charter fees of the icebreaker Botnica in the segment Other and operating leases. In terms of revenue streams, the biggest change in nine months was in vessel dues revenue, which declined by EUR 5.5 million (-18.6%) to EUR 24.1 million. This was mainly attributable to fewer calls by cargo ships and ro-pax vessels due to the decrease in cargo volumes as well as a drop in the number of cruise ship calls (-44.9%). In terms of segments, the decrease in nine-month revenue posted by the Cargo harbours and the Passenger harbours segments exceeded the revenue growth delivered by the Ferry segment and the segment Other (the icebreaker Botnica). The nine-month revenue of the Passenger harbours segment decreased by EUR 1.0 million (-3.2%) year on year, mainly due to fewer cruise ship calls, which lowered the segment's vessel dues revenue (-EUR 2.1 million). In the third quarter, revenue decreased by 17.2% year on year to EUR 10.7 million (-EUR 2.2 million), mainly due to fewer cruise ship calls, which lowered vessel dues revenue. The nine-month revenue of the Cargo harbours segment decreased year on year (-EUR 6.1 million, -21.2%). Vessel dues revenue dropped significantly (-EUR 3.5 million) because the number of vessel calls decreased due to the decline in cargo volumes. Cargo charge revenue decreased (-EUR 0.6 million) because volumes contracted for all cargo types with the exception of non-marine. Revenue from the sale of electricity decreased (-EUR 1.9 million) because consumption declined due to lower cargo volumes and electricity prices were lower than a year earlier. Lease income and revenue from the sale of other services also declined. The third-quarter revenue of the Cargo harbours segment decreased by EUR 2.2 million (-23.4%) year on year, mainly due to lower vessel dues and electricity sales revenue. The nine-month revenue of the Ferry segment grew by EUR 1.7 million (+6.5%), driven by growth in ferry service revenue. Ferry service revenue grew through a rise in contractual fees due to an increase in the Estonian fuel cost, employment cost and consumer price indices. In the third quarter, the revenue of the Ferry segment grew by EUR 0.2 million (+1.6%) year on year. The nine-month revenue of the segment Other grew by EUR 0.5 million (+6.0%). Revenue grew due to the additional summer charter of the icebreaker Botnica and higher charter fee revenue for the icebreaking season, both in the first half of the year. Revenue for the third quarter fell because the utilisation rate of Botnica was lower. Last year, the charter to Baffinland started earlier and the vessel had no idle days in the third quarter. In the third quarter of this year, the vessel was chartered to BP Exploration Operating Company and the charter to Baffinland in Canada started in early September, i.e. later than last year. Revenue for the third quarter dropped by EUR 0.6 million (-17.0%). EBITDA Adjusted EBITDA for nine months dropped by EUR 8.1 million (-17.2%) year on year to EUR 38.8 million. Adjusted EBITDA decreased the most in the Cargo harbours segment (-EUR 4.7 million), where revenue decreased and expenses increased. In the segment Other, the decline in adjusted EBITDA (-EUR 3.4 million) resulted from higher expenses and lower profit on the investment in the equity-accounted associate. The adjusted EBITDA of the Passenger harbours segment decreased (-EUR 0.9 million) due to lower revenue, which was slightly offset by lower expenses. Adjusted EBITDA grew only in the Ferry segment (+EUR 0.9 million), driven by revenue growth. Adjusted EBITDA for the third quarter decreased by EUR 4.5 million (-24.9%) year on year. Adjusted EBITDA decreased in all segments except the Ferry segment. Adjusted EBITDA margin for nine months dropped from 50.2% to 43.8% and adjusted EBITDA margin for the third quarter decreased from 49.6% to 43.0%. Profit Profit before tax for nine months fell by EUR 12.1 million (-43.0%) year on year to EUR 16.0 million. Profit decreased more than operating profit because the profit from the equity-accounted associate AS Green Marine decreased by EUR 0.4 million and finance costs (net) grew (+EUR 3.5 million). Profit for the first nine months decreased by EUR 10.9 million (-45.6%) year on year. Third-quarter profit was EUR 6.0 million (-EUR 5.7 million, -49.1%). Investments In the first nine months of 2023, the Group invested EUR 10.9 million, EUR 1.5 million less than a year earlier. The largest investments were made in the regular dry docking works and ice class upgrade of the icebreaker Botnica, building a new quay in Paldiski South Harbour, reconstructing a quay and a quay ramp and completing the reconstruction of the outdoor area around terminal D in Old City Harbour, increasing the capacity of Muuga Harbour to serve ro-ro cargo (second floor ramp), and software. Investments of the third quarter totalled EUR 4.8 million (EUR 3.5 million in the third quarter of 2022). Interim condensed consolidated statement of financial position: in thousands of euros 30.09.2023 31.12.2022 -------------------------------------------------------------- ASSETS Current assets Cash and cash equivalents 37,912 44,387 Trade and other receivables 14,074 7 477 Contract assets 582 0 Inventories 387 749 Non-current assets held for sale 0 100 Total current assets 52,955 52,713 Non-current assets Investments in associates 2 137 2,099 Other long-term receivables 29 303 Property, plant and equipment 555,660 564 379 Intangible assets 1 968 1 735 Total non-current assets 559,794 568,516 -------------------------------------------------------------- Total assets 612,749 621 229 -------------------------------------------------------------- -------------------------------------------------------------- LIABILITIES Current liabilities Loans and borrowings 13,916 15,916 Provisions 978 2 013 Government grants 8 131 8,578 Taxes payable 1 726 1,060 Trade and other payables 9,598 9,770 Contract liabilities 1,650 62 Total current liabilities 35,999 37,399 -------------------------------------------------------------- Non-current liabilities Loans and borrowings 166,099 171,482 Government grants 32,552 30 156 Other payables 529 449 Contract liabilities 2,765 767 Total non-current liabilities 201,945 202,854 -------------------------------------------------------------- Total liabilities 237,944 240 253 -------------------------------------------------------------- EQUITY Share capital at par value 263,000 263,000 Share premium 44,478 44,478 Statutory capital reserve 22,858 22 115 Retained earnings (prior periods) 31 441 25,791 Profit for the period 13,028 25,592 -------------------------------------------------------------- Total equity 374,805 380,976 -------------------------------------------------------------- Total liabilities and equity 612,749 621 229 -------------------------------------------------------------- Interim condensed consolidated statement of profit or loss: in thousands of euros Q3 2023 Q3 2022 9M 2023 9M 2022 ------------------------------------------------------------------------------- Revenue 31,426 36,325 88,615 93,460 Other income 371 412 1 231 1 140 Operating expenses -11,910 -12,763 -31,977 -31,267 Personnel expenses -6,254 -5,885 -18,229 -16,210 Depreciation, amortisation and impairment -6 129 -6 191 -19,356 -18,703 Other expenses -55 -55 -280 -249 Operating profit 7 449 11,843 20,004 28 171 ------------------------------------------------------------------------------- Finance income and costs Finance income 330 32 916 97 Finance costs -2,073 -404 -5,303 -1 011 Finance costs - net -1 743 -372 -4,387 -914 ------------------------------------------------------------------------------- Share of profit of an associate accounted for under the equity method 258 237 396 814 Profit before income tax 5,964 11,708 16,013 28,071 ------------------------------------------------------------------------------- Income tax 0 0 -2,985 -4 111 Profit for the period 5,964 11,708 13,028 23,960 ------------------------------------------------------------------------------- Attributable to owners of the Parent 5,964 11,708 13,028 23,960 ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Basic and diluted earnings per share (in euros) 0.02 0.04 0.05 0.09 Basic and diluted earnings per share - continuing operations (in euros) 0.02 0.04 0.05 0.09 ------------------------------------------------------------------------------- Interim condensed consolidated statement of cash flows in thousands of euros 9M 2023 9M 2022 --------------------------------------------------------------------------- Cash receipts from sale of goods and services 94,692 101,077 Cash receipts related to other income 247 135 Payments to suppliers -38,900 -38,682 Payments to and on behalf of employees -18,511 -14,673 Payments for other expenses -253 -296 Income tax paid on dividends -3,264 -4,335 --------------------------------------------------------------------------- Cash from operating activities 34,011 43,226 --------------------------------------------------------------------------- Purchases of property, plant and equipment -10,063 -12,932 Purchases of intangible assets -627 -346 Proceeds from sale of property, plant and equipment 28 91 Proceeds from government grants related to assets 0 4,924 Dividends received 357 255 Interest received 875 3 Cash used in investing activities -9,430 -8,005 --------------------------------------------------------------------------- Repayments of loans received -7,383 -7,383 Dividends paid -19,012 -25,287 Interest paid -4,654 -968 Other payments related to financing activities -7 -7 --------------------------------------------------------------------------- Cash from/used in financing activities -31,056 -33,645 --------------------------------------------------------------------------- NET CASH FLOW -6,475 1 576 --------------------------------------------------------------------------- Cash and cash equivalents at beginning of the period 44,387 34,840 Change in cash and cash equivalents -6,475 1 576 Cash and cash equivalents at the end of the period 37,912 36,416 --------------------------------------------------------------------------- Tallinna Sadam is one of the largest cargo- and passenger port complexes in the Baltic Sea region. 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 offshore services in Estonia and projects abroad. Tallinna Sadam group is also a shareholder of an associate AS Green Marine, which provides waste management services. Additional information: Marju Zirel Head of Investor Relations Tel. +372 53 42 6591 E-mail: m.zirel@ts.ee (mailto:m.zirel@ts.ee)