Market announcement
AS INFORTAR
LEI code
549300LS1K5S7AWHV603
Size of the entity
Large group
Economic activities
Financial and Insurance Activities
Country of registered office
Estonia
General information
Categories
Half-yearly financial report
Unique data record identifier
10982
Attachments
Submission date and time
26.02.2024 09:00:00
Content of announcement in Estonian
Title
Aktsiaselts Infortar 2023. aasta auditeerimata konsolideeritud IV kvartali ja 12 kuu vahearuanne
Message
Eesti ühe suurima ettevõtte Aktsiaseltsi Infortar (edaspidi Infortar) varade
maht kasvas möödunud aastal 1 462,2 miljoni euroni, müügitulu 1 084,6 miljoni
ning kasum 293,8 miljoni euroni. Järgnevalt on välja toodud peamised
majandustulemusi mõjutanud asjaolud.
Aktsiaselts Infortar juhatuse esimehe Ain Hanschmidt´i kommentaar:
?Meie kõigil kolmel valdkonnal läks hästi ja tegime kõikides näitajates
tippmargid. Suutsime piirkonnas ühe vähese energeetikaettevõttena mahte
kasvatada ka stabiliseerunud energiahindade tingimustes. Edu on toonud ja
kindlustanud piiriülene kasv, jätkuvad investeeringud ettevõtte laienemisesse
ning kontserni kuuluvate ettevõtete kohanemisvõime - oleme oma
investeerimisportfellis riskid mitme segmendi vahel maandanud ning
turumuutustest tulenenud väljakutsed eduks pööranud. Rekordilised
majandustulemused võimaldavad meil jätkata mahukate investeeringutega ja teha
juhatusel ettepanek maksta meie enam kui 5200 aktsionärile täna Tallinna börsil
noteeritud ettevõtetest ajaloo suurima dividendisumma," tähendas Hanschmidt.
Veebiseminar IV kvartali 2023 tulemuste tutvustamiseks
Infortar korraldab investoritele täna, 26. veebruaril IV kvartali 2023
vahearuande tutvustamiseks veebiseminari, mis on otseülekandena jälgitav
aadressil www.infortar.ee (http://www.infortar.ee). Eestikeelne veebiseminar
toimub kell 12.00 Eesti aja järgi ja inglisekeelne veebiseminar toimub kell
14:00 Eesti aja järgi.
Olulisemad sündmused
Energeetika
* Kontserni elektri- ja gaasimüügikogused kahekordistusid 2023. aastal
ulatudes Soomes, Eestis, Lätis, Leedus ja Poolas kokku 15,9 TWh-ni.
* 2023 suurim investeering oli Läti gaasi jaotusvõrku omava Gaso omandamine,
mis tähendas energia müügi ja tootmise kõrval olulist laienemist
infrastruktuuri segmendis.
Laevandus
* Laevanduses jätkas Infortar oma osaluse suurendamist, seisuga 26.02.24 on
osalus AS- s Tallink Grupp 42,33%
Kinnisvara
* Kinnisvara valdkonnas alustasid Infortari ettevõtted möödunud aastal
suurematest projektidest Rimi logistikakeskuse ja Pärnu uue silla ehitust
ning Tallinki logistikakeskuse laiendust.
Tähtsamad finantsnäitajad ja suhtarvud
+--------------------------------+---------+---------+------------+------------+
|Finantsnäitaja/suhtarv |4 kv 2023|4 kv 2022|12 kuud 2023|12 kuud 2022|
+--------------------------------+---------+---------+------------+------------+
|Müügitulu (miljonites eurodes) | 337,734| 442,596| 1 084,626| 1 053,712|
+--------------------------------+---------+---------+------------+------------+
|Brutokasum (miljonites eurodes) | 42,235| 14,412| 149,473| 126,537|
+--------------------------------+---------+---------+------------+------------+
|EBITDA (miljonites eurodes) | 37,418| 10,000| 143,283| 120,046|
+--------------------------------+---------+---------+------------+------------+
|EBITDA marginaal (%) | 11,1%| 2,3%| 13,2%| 11,4%|
+--------------------------------+---------+---------+------------+------------+
|Ärikasum/ kahjum (EBIT) | | | | |
|(miljonites eurodes) | 28,967| -2,946| 123,628| 99,140|
+--------------------------------+---------+---------+------------+------------+
|Aruandeaasta kasum/ kahjum | | | | |
|(miljonites eurodes) | 24,206| -1,674| 293,830| 96,124|
+--------------------------------+---------+---------+------------+------------+
|Puhaskasum jooksvast tegevusest | -| -| 144,830*| 107,124**|
+--------------------------------+---------+---------+------------+------------+
|Kasum aktsia kohta eurodes*** | -| -| 14.63| 5.13|
+--------------------------------+---------+---------+------------+------------+
|Omakapital | 821, 946| 568, 677| 821, 946| 568, 677|
+--------------------------------+---------+---------+------------+------------+
|Kohustised | 441,160| 427,205| 441,160| 427,205|
+--------------------------------+---------+---------+------------+------------+
|Netovõlg | 354,045| 367,203| 354,045| 367,203|
+--------------------------------+---------+---------+------------+------------+
|Investeerimislaenuda ja EBITDA | | | | |
|suhe | 2.0x| 1.7x| 2.0x| 1.7x|
+--------------------------------+---------+---------+------------+------------+
* Sisaldab 159 miljonit eurot Gaso ostust tekkinud ühekordset kasumit ja 2023.
aasta kinnisvara ümberhindluse mõju -10 miljonit eurot (lisandus kolm uut
kinnisvara objekti, mille mõju on arvesse võetud).
**Sisaldab -11 miljonit eurot kinnisvara portfellis 2022 aastal täielikult
kasutuses olnud objektide ümberhindluse tulemit.
*** Arvutamisel on kasutatud 31.12.2023 seisuga aktsiate arvu 21 045 000,
millest on võetud maha omaaktsiate arv 945 000
Müügitulu
2023. majandusaastal suurenes kontserni konsolideeritud müügitulu 30,9 miljoni
euro võrra 1 084,6 miljoni euroni (2022 konsolideeritud müügitulu 1 053,7
miljonit eurot). Olulist positiivset mõju avaldas piirkondliku gaasimüügi
turuosa kasv 25% protsendini, mis võimaldas müügitulu võrreldes eelneva aastaga
suurendada.
EBITDA ja segmendiaruandlus
Energeetikasegmendi EBITDA oli 2023. majandusaastal 135,9 miljonit eurot (2022.
majandusaastal 115,969 miljonit eurot). Kasumlikkus ei ole seotud energiahindade
muutlikkusega vaid turuosa suurenemise ja müügimahtude kahekordistamisega.
Kontserni tütarühing AS Eesti Gaas juhib teadlikult hinnariske, kasutades
selleks tuletisinstrumente ja piirkondlikke maagaasi ladustamise võimalusi.
Laevanduse segmendi EBITDA oli 2023. majandusaastal 214,5 miljonit eurot (2022.
majandusaastal 135,8 miljonit eurot). Infortar konsolideerib AS Tallink Grupp
tulemused kapitaliosaluse meetodil, ehk vastavalt oma osaluse protsendile AS
Tallink Grupp, kuid segmendiaruandluses on vastavalt kehtivatele
raamatupidamisreeglitele kajastatud 100% AS Tallink Grupp tulemused (sealhulgas
100 protsenti EBITDA).
Kinnisvarasegmendis võetakse kasumlikkuse hindamisel arvesse eraldiseisvate
kinnisvara ettevõtete EBITDA. Kinnisvara EBITDA oli 2023. majandusaastal kokku
12,3 miljonit eurot (2022. majandusaastal 11,4 miljonit eurote). Täiendavalt
lisandusid 2023. majandusaastal arvestusse kolm uut hoonet aadressidel Liivalaia
9, Tähesaju 9 ja Tähesaju 11.
Puhaskasum
Konsolideeritud puhaskasum oli 2023. majandusaastal 293,8 miljonit eurot (2022.
majandusaastal 96,1 miljonit eurot). Ühekordse olulise mõjuga tehingutest olid
puhaskasumi arvestuses Läti gaasi jaotusvõrgu ettevõte Gaso omandamine ja
kinnisvara ümberhindluse mõjud. Konsolideeritud ärikasum oli 2023.
majandusaastal 123,6 miljonit eurot (2022. majandusaastal 99,1 miljonit eurot).
Ärikasum näitab kontserni põhitegevusest teenitavat kasumit.
Investeeringud
Aastatel 2021-2023 on AS-i Infortar grupi investeeringute kogusumma ligikaudu
265 miljonit eurot. Suurimaks investeeringuks kujunes Läti gaasi jaotusvõrku
omava Gaso omandamine 2023. aastal. Infortar jätkab investeeringutega tulevikus,
aastateks 2023-2025 on plaanis täiendavad investeeringud kogumahus ligikaudu
110 miljonit eurot. Olulisemad töös olevad arendusprojektid on logistikakeskuse
rajamine Sauele ja 4MW paneelide võimsusega päikeseelektrijaama ehitus Lätis.
Finantseerimine
Laenu ja liisingkohustised olid 2023. majandusaastal kokku 441,2 miljonit eurot
(2022. majandusaastal 427,2 miljonit eurot). Finantseerimistegevusest tulenevate
rahavoogude juhtimisele aitas kaasa 2023. aastal toimunud aktsiate avalik
pakkumine, mille raames kaasati 31,2 miljonit eurot.
Dividendid
31. oktoobril 2023 kinnitatud dividendipoliitika kohaselt on eesmärgiks maksta
dividendideks vähemalt 1 euro aktsia kohta majandusaastas. Dividendide
väljamakseid tehakse kahes osas. AS-i Infortar kontserni juhatus kavatseb
kooskõlastatult nõukoguga teha ettepaneku tasuda 2023. aasta majandustulemuste
eest dividendi 3 eurot aktsia kohta. Ettepaneku kohaselt toimuvad väljamaksed
juunis ja detsembris 2024. Dividend koosneb kolmest osast:
* 1 euro aktsia kohta, mida makstakse vastavalt dividendipoliitikale;
* AS Tallink Grupp edasi kantav dividend (ümardatud ülesse);
* Täiendav dividend, mida makstakse tulenevalt majandustulemustest 2023.
aastal.
AS Infortari aktsiate arv kokku on 21 166 239, millest arvatakse maha omaaktsiad
945 000. Dividende makstakse seega 20 221 239 aktsia eest, mille rahaline
väärtus on ligikaudu 61 miljonit eurot.
Konsolideeritud kasumiaruanne
Auditeerimata, tuhandetes
eurodes
4 kv 2023 4 kv 2022 12 kuud 2023 12 kuud 2022
Müügitulu 337 734 442 596 1 084 626 1 053 712
Müüdud kaupade ja teenuste
kulud -295 499 -428 184 -935 153 -927 175
Brutokasum/ kahjum 42 235 14 412 149 473 126 537
Müügi- ja turunduskulud -511 -413 -1 620 -1 408
Üldhalduskulud -9 522 -6 838 -22 085 -17 520
Muud äritulud 1 458 483 2 523 2 275
Muud ärikulud -4 693 -10 590 -4 663 -10 744
Kasum/ kahjum äritegevusest 28 967 -2 946 123 628 99 140
Finantstulud 519 2 206 2 761 2 632
Finantskulud -8 640 -4 017 136 412 -8 227
Kapitaliosaluse meetodil
arvestatud kasum/kahjum 1 938 7 302 39 639 8 157
Kasum/ kahjum enne tulumaksu 22 784 2 545 302 440 101 702
Tulumaks 1 422 -4 219 -8 610 -5 578
Aruandeperioodi puhaskasum/
kahjum 24 206 -1 674 293 830 96 124
Emaettevõtte omanikele kuuluv
puhaskasum/ kahjum 24 232 -1 853 293 778 95 943
Vähemusosalusele kuuluv
kasum/kahjum -26 179 52 181
Muu koondkasum/ kahjum
Rahavoogude
riskimaandamisinstrumendid* -58 233 94 772
Välismaiste tütarettevõtjate
valuutakursivahed -42 3
Aruandeaasta koondkasum/
kahjum kokku 235 555 190 899
sealhulgas:
Emaettevõtte omanikele kuuluv
kasum/-kahjum 235 503 190 718
Vähemusosalusele kuuluv kasum/
kahjum 52 181
Tavakasum aktsia kohta
(eurodes) 14,62 15,23
Lahustatud kasum aktsia kohta
(eurodes) 14,56 15,22
* Mitterahalised tuletisinstrumentide ümberhindlused koondkasumites ei mõjuta
AS-i Eesti Gaasi ega Infortari põhiäritegevuse kasumlikkust ega rahavoo
teenimise võimet.
Konsolideeritud finantsseisundi aruanne
Auditeerimata, tuhandetes eurodes 31.12.2023 31.12.2022
VARAD
Raha ja raha ekvivalendid 87 115 60 002
Nõuded ostjate vastu ja muud nõuded 197 261 193 115
Ettemaksed 26 339 125 571
Varud 146 883 76 752
Käibevara 457 598 455 440
Kapitaliosaluse meetodil kajastatud investeeringud 346 014 296 061
Pikajalised tuletisinstrumendid 1 125 12 866
Pikajalised laenud 9 065 15 716
Muud pikajalised nõuded 8 20
Kinnisvarainvesteeringud 176 024 160 540
Materiaalne põhivara 446 748 147 724
Immateriaalne vara 14 366 8 853
Kasutusõigusega vara 11 300 10 192
Põhivara 1 004 650 651 972
VARAD KOKKU 1 462 248 1 107 412
KOHUSTISED JA OMAKAPITAL
Laenu- ja rendikohustised 186 025 266 308
Võlad tarnijatele 74 751 19 845
Maksukohustised 32 822 31 135
Ostjate ettemaksed 3 099 10 169
Muud lühiajalised kohustised 15 973 6 766
Lühiajalised kohustised 312 670 334 223
Laenu- ja rendikohustised 255 135 160 897
Muud pikaajalised kohustised 30 865 18 076
Pikaajalised eraldised 8 399 649
Edasilükkunud tulumaksukohustis 33 233 24 890
Pikaajalised kohustised 327 632 204 512
Kohustised kokku 640 302 538 735
Aktsiakapital 2 105 1 985
Omaakatsiad -95 -95
Ülekurss 31 080 0
Reservid 28 143 84 162
sh. riskimaandamise reserv* 24 074 82 307
Realiseerimata kursivahed -39 3
Jaotamata kasum 466 140 385 947
Aruandeaasta kasum 293 778 95 943
Emaettevõtja omanikele kuuluv omakapital 821 112 567 945
Vähemusosalus 834 732
Omakapital kokku 821 946 568 677
KOHUSTUSED JA OMAKAPITAL KOKKU 1 462 248 1 107 412
* tegemist on arvestusliku riskimaandamise positsiooni muutusega mis mõjutab
koondkasumi tulemust.
Konsolideeritud rahavoogude aruanne
Auditeerimata, tuhandetes eurodes
12 kuud 2023 12 kuud 2022
RAHAVOOD ÄRITEGEVUSEST
Kasum enne maksustamist 302 440 101 702
Korrigeerimised -104 374 -39 818
Muutused:
Makstud tulumaks -267 -4 051
Äritegevusega seotud nõuetes ja ettemaksetes 52 804 -116 072
Varude muutused -61 915 3 667
Äritegevusega seotud kohustised -591 55 611
RAHAVOOD ÄRITEGEVUSEST KOKKU 188 097 1 039
RAHAVOOD INVESTEERIMISTEGEVUSEST
Tasutud tütar- ja sidusettevõtete ostul -113 727 -4 895
Antud laenud 0 -6 438
Laekunud laenude tagasimaksed ja intressid 9 342 992
Tasutud materiaalse põhivara soetamisel -18 144 -14 250
Tasutud kinnisvarainvesteeringute soetamisel -18 556 -23 881
RAHAVOOD INVESTEERIMISTEGEVUSEST KOKKU -141 085 -48 472
RAHAVOOD FINANTSEERIMISTEGEVUSEST
Saadud sihtfinantseerimine 0 3 251
Arvelduskrediidi muutus 14 349 -9 456
Saadud laene 130 567 193 397
Saadud laenude tagasimaksed -155 808 -98 833
Rendikohustiste põhiosa tagasimaksed -2 233 -2 037
Makstud intressid -22 224 -7 960
Makstud dividendid -15 750 -16 110
Laekunud aktsiate emiteerimisest 31 200 0
RAHAVOOD FINANTSEERIMISTEGEVUSEST KOKKU -19 899 62 252
RAHAVOOD KOKKU 27 113 14 819
Raha ja raha ekvivalendid perioodi alguses 60 002 45 183
Raha ja raha ekvivalentide muutus 87 115 60 002
Raha ja raha ekvivalendid perioodi lõpus 27 113 14 819
Infortar tegutseb viies riigis, ettevõtte peamised tegevusvaldkonnad on
energeetika, laevandus ja kinnisvara. Infortar omab 42 ,3 protsendi suurust
osalust AS-is Tallink Grupp, 100% osalust AS-is Eesti Gaas ning mitmekülgset ja
kaasaegset, ca 110 000 m2 suurust kinnisvaraportfelli. Lisaks kolmele
põhitegevusvaldkonnale tegutseb Infortar ka ehituse ja maavarade, trükkimise,
taksonduse ja muudes valdkondades. Kokku kuulub Infortari kontserni 103
ettevõtet: 47 kontserni ettevõtet, 5 sidusettevõtet ja 50 sidusettevõtete
tütarettevõtet. Arvestamata sidusettevõtteid annab Infortar tööd 1308 inimesele.
Lisainfo:
Kadri Laanvee
AS Infortar investorsuhete juht
Tel. 5156662
E-mail: [email protected] (mailto:[email protected])
www.infortar.ee/investorile (http://www.infortar.ee/investorile)
Content of announcement in English
Title
Aktsiaselts Infortar Unaudited Consolidated Interim Report for fourth quarter and 12 months of 2023
Message
In 2023 Estonia´s largest investment holding company Aktsiaselts Infortar
(hereinafter referred to as "Infortar") increased its revenue to 1,084.6 million
euros with profit reaching to 293.8 million euros. As of 31(st) of December, the
Total assets of Infortar amounted to 1,462.2 million euros. The key drivers of
the group's financial performance are described below.
The chairman of the board of Infortar Ain Hanschmidt comments:
?All three core business segments performed well, achieving the best results in
all financial indicators. Although the energy prices in the region stabilized at
lower levels, Eesti Gaas, as one of the few energy companies, was able to
significantly increase its volumes. Key factors driving our success include
cross-border growth, ongoing investments in expansion, and the adaptability of
our group companies. We have diversified risks across multiple segments in our
investment portfolio and have successfully turned market challenges into
opportunities. Record-breaking financial results enable us to proceed with
extensive investment plans and the board proposes to pay one of the largest
dividends of today's Tallinn Stock Exchange-listed companies in history to our
more than 5200 shareholders, "noted Hanschmidt.
Webinar to present the results of Q4 2023
Today, February 26, 2023, at 12.00 EEST Infortar will host a webinar in Estonian
and at 14.00 EEST in English to present and discuss its Q4 2023 results. To
participate, please follow this www.infortar.ee (http://www.infortar.ee)
Major events
Energy
* The group's electricity and gas sales volumes doubled in 2023, reaching a
total of 15.9 TWh in Finland, Estonia, Latvia, Lithuania, and Poland.
* The most substantial investment in 2023 was the acquisition of Gaso, which
owns the gas distribution network in Latvia. This led to a significant
expansion in the infrastructure segment, complementing energy sales and
production.
Maritime transport
* In the maritime transport sector, Infortar continued to increase its
shareholding in AS Tallink Grupp, and as of February 26, 2024, the ownership
in AS Tallink Grupp stands at 42.33%.
Real estate
* In the real estate sector, Infortar group major development projects
included the construction of the logistics center in Saue and the new bridge
in Pärnu, and the expansion of the Tallink logistics center.
KEY FIGURES OF FINANCIAL YEAR
Key figures Q4 2023 Q4 2022 12-month 2023 12-month 2022
Sales revenue, mEUR 337,734 442,596 1 084,626 1 053,712
Gross profit, mEUR 42,235 14,412 149,473 126,537
EBITDA, mEUR 37,418 10,000 143,283 120,046
EBITDA margin (%) 11,1% 2,3% 13,2% 11,4%
Net profit, EBIT, mEUR 28,967 -2,946 123,628 99,140
Total profit, mEUR 24,206 -1,674 293,830 96,124
Net profit from recurring
business operations - - 144,830* 107,124**
EPS (euros)*** - - 14.63 5.13
Total equity 821, 946 568, 677 821, 946 568, 677
Total liabilities 441,160 427,205 441,160 427,205
Net debt 354,045 367,203 354,045 367,203
Long-term debt / EBITDA 821, 946 1.7x 821, 946 1.7x
* Includes a one-time profit of 159 million euros from the acquisition of Gaso,
and in 2023, additional revaluations were made for newly added objects. With the
revaluation of new objects, the impact of revaluations in 2023 is -10 million
euros.
** Includes -11 million euros from the revaluation results of real estate
portfolio assets that were fully operational in 2022.
*** The calculation is based on the number of shares as of 31.12.2023, totaling
to 21 045 000 shares, from which the number of treasury shares, totaling to
945 000 shares, has been deducted.
Revenue
2023, the group's consolidated revenue increased by 30.9 million euros to
1,084.6 million euros (consolidated revenue for 2022 was 1,053.7 million euros).
Revenue growth was driven by the increase in gas sales volumes and the expanded
market share in the Baltic-Finnish region, reaching to 25%.
EBITDA and segment reporting
The annual EBITDA of the Energy segment was 135,9 million euros in 2023 (106.3
million euros in 2022). The profitability is not connected to the volatility of
energy prices but rather to the increase in market share and the doubling of
sales volumes. The group's subsidiary, AS Eesti Gaas, actively manages market
price risks by utilizing regional natural gas storage options and using relevant
financial derivative instruments
The annual EBITDA of the Shipping segment was 214.5 million euros in the 2023
(135.8 million euros in 2022). Infortar consolidates the results of AS Tallink
Grupp using the equity method, in accordance with its percentage of ownership in
AS Tallink Grupp. However, in segment reporting, the results of Tallink Grupp
AS, include 100% of the EBITDA, as it is in accordance with applicable
accounting rules.
In the Real Estate segment, the profitability is assessed based on the EBITDA of
separate real estate companies' results. In 2023, the total annual EBITDA of
real estate was 12.3 million euros (in 2022, the total annual EBITDA of real
estate was 11.4 million euros). In 2023, three new buildings were added to the
portfolio at the addresses Liivalaia 9, Tähesaju 9, and Tähesaju 11.
Net profit
The consolidated net profit for the year 2023 is 293.8 million euros (compared
to 96.1 million euros in the year 2022). One-time significant transactions
impacting the net profit include the acquisition of the Latvian gas distribution
company Gaso and the effects of property revaluation. Non-recurring items
affecting previous year net profit include the extraordinary profit booked from
acquisition of the Latvian gas distribution company Gaso and the revaluation of
the real estate portfolio. Infortar's net profit from recurring operations
(excluding non-recurring items, which affect comparability) is 144,8 million
euros.
The consolidated operating profit for 2023 was 123.6 million euros (compared to
99.1 million euros in 2022).
Investments
In the past three years (2021-2023), Infortar Group has invested approximately
265 million euros, with the largest investment being the acquisition of Gaso in
2023.
Infortar will continue its investments in the future. Investments already
planned for the years 2024 and 2025 totaling approximately 110 million euros.
The major ongoing development projects include the establishment of a logistics
center in Saue and the construction of a 4MW solar power plant in Latvia.
Financing
The total loan and leasing obligations in 2023 amounted to 441.2 million euros
(compared to 427.2 million euros in 2022). Financing activities cash flow also
includes the proceeds from the initial public offering, which amounted to 31.2
million euros.
Dividends
According to the dividend policy confirmed on October 31, 2023, the objective is
to pay dividends of at least 1 euro per share per fiscal year. Dividend payments
are made semi-annually. Infortar Group's management proposes to pay a dividend
of 3 euros per share for the 2023 fiscal year results. According to the
proposal, the first payout is planned to be made no later than June, and the
second payout in December 2024. The dividend consists of three parts:
* 1 euro per share, as per the dividend policy.
* Carried-over dividend from AS Tallink Grupp, which is rounded upwards.
* Additional dividend based on the high deliveries of the financial results in
2023.
AS Infortar has a total of 21,166,239 shares, of which 945,000 are company´s own
shares. Dividends are therefore paid for 20,221,239 shares, which amounts to
approximately 61 million euros.
Consolidated statement of profit or loss and other comprehensive income
Unaudited, EUR thousand 12-months
Q4 2023 Q4 2022 12-month 2023 2023
Revenue 337 734 442 596 1 084 626 1 053 712
Cost of sales -295 499 -428 184 -935 153 -927 175
Gross profit/ loss 42 235 14 412 149 473 126 537
Marketing expenses -511 -413 -1 620 -1 408
Administrative expenses -9 522 -6 838 -22 085 -17 520
Other operating income 1 458 483 2 523 2 275
Other operating expenses -4 693 -10 590 -4 663 -10 744
Operating profit/ loss 28 967 -2 946 123 628 99 140
Financial income 519 2 206 2 761 2 632
Financial expenses -8 640 -4 017 136 412 -8 227
Profit (loss) from investments in
the equity method 1 938 7 302 39 639 8 157
Profit (loss) before tax 22 784 2 545 302 440 101 702
Income tax expense 1 422 -4 219 -8 610 -5 578
Net profit of the financial year 24 206 -1 674 293 830 96 124
Equity holders of the Parent 24 232 -1 853 293 778 95 943
Minority interests -26 179 52 181
Other comprehensive income
Cash flow hedges - the effective
portion of a change in fair value
* -58 233 94 772
Exchange rate differences from the
translation of foreign
subsidiaries -42 3
Total comprehensive income / loss
for the financial year 235 555 190 899
Attributable to:
Equity holders of the Parent 235 503 190 718
Minority interests 52 181
Ordinary earnings per share (in
euros) 14,62 15,23
Diluted earnings per share (in
euros) 14,56 15,22
* The revaluations of non-monetary derivative instruments in consolidated
profits do not affect the profitability or cash flow generation ability of AS
Eesti Gaas or Infortar's main business activities.
Consolidated statement of financial position
Unaudited, EUR thousand 31.12.2023 31.12.2022
ASSETS
Cash and cash equivalents 87 115 60 002
Trade and other receivables 197 261 193 115
Prepayments 26 339 125 571
Prepayments for inventories 146 883 76 752
Total current assets 457 598 455 440
Investments to associates 346 014 296 061
Derivative and other financial assets 1 125 12 866
Long-term loans 9 065 15 716
Long-term requirements 8 20
Investment property 176 024 160 540
Property, plant and equipment 446 748 147 724
Intangible assets 14 366 8 853
Right-of-use assets 11 300 10 192
Total non-current assets 1 004 650 651 972
TOTAL ASSETS 1 462 248 1 107 412
LIABILITIES AND EQUITY
Interest-bearing loans and borrowings 185 868 266 308
Payables to suppliers 74 751 19 845
Tax obligations 32 822 31 135
Buyers' advances 3 099 10 169
Other current liabilities 15 973 6 766
Total current liabilities 312 513 334 223
Interest-bearing loans and borrowings 255 292 160 897
Other long-term liabilities 30 865 18 076
Long-term provisions 8 399 649
Deferred taxes 33 233 24 890
Total non-current liabilities 327 789 204 512
Total liabilities 640 302 538 735
Share capital 2 105 1 985
Own shares -95 -95
Share premium 31 080 0
Reserve capital 28 143 84 162
risk hedging reserve* 24 074 82 307
Unrealized currency translation differences -39 3
Retained earnings 466 140 385 947
Net profit of the financial year 293 778 95 943
Total equity attributable to equity holders of the
Parent 821 112 567 945
Minority interests 834 732
Total equity 821 946 568 677
TOTAL LIABILITIES AND EQUITY 1 462 248 1 107 412
*This represents a change in the accounting for risk management positions, which
affects the consolidated profit result.
Consolidated statement of cash flows
Unaudited, EUR thousand
12-month 2023 12-month 2022
Cash flows from operating activities
Net profit of the financial year 302 440 101 702
Adjustments: -104 374 -39 818
Income tax paid -267 -4 051
Changes in assets related to op.activities 52 804 -116 072
Changes in inventories -61 915 3 667
Changes in liabilities related to op.activities -591 55 611
Net cash from operating activities 188 097 1 039
Cash flows from investing activities
Acquisition / reduction of capital of associates -113 727 -4 895
Given loans 0 -6 438
Paybacks from given loans, and interest gain 9 342 992
Purchases of property, plant and equipment -18 144 -14 250
Purchases Investment property -18 556 -23 881
Net cash used in investing activities -141 085 -48 472
Cash flows from financing activities
Received government grants 0 3 251
Changes in overdraft 14 349 -9 456
Proceeds from borrowings 130 567 193 397
Repayments of borrowings -155 808 -98 833
Repayment of finance lease liabilities -2 233 -2 037
Interest paid -22 224 -7 960
Dividends paid -15 750 -16 110
Proceeds from share emission 31 200 0
Net cash used in financing activities -19 899 62 252
TOTAL NET CASH FLOW 27 113 14 819
Cash at the beginning of the year 60 002 45 183
Cash at the end of the period 87 115 60 002
Net (decrease)/increase in cash 27 113 14 819
Infortar operates in five countries, the company's main fields of activity are
energy, maritime transport, and real estate. Infortar owns a 42,3% stake in AS
Tallink Grupp, a 100% stake in AS Eesti Gaas and a versatile and modern real
estate portfolio of approx. 110,000 m2. In addition to the three main areas of
activity, Infortar also operates in construction and mineral resources,
printing, taxi business and other areas. A total of 103 companies belong to the
Infortar group: 47 subsidiaries, 5 affiliated companies and 50 subsidiaries of
affiliated companies. Excluding affiliates, Infortar employs 1,308 people.
Additional information:
Kadri Laanvee
Investor Relations Manager
Phone: + 372 5156662
e-mail: [email protected] (mailto:[email protected])
www.infortar.ee/en/investor (http://www.infortar.ee/en/investor)