Market announcement
AS TALLINNA SADAM
Category
Management interim statement or quarterly financial report
Attachments
Date
10.05.2024 08:00:00
Title
ASi Tallinna Sadam 2024 I kvartali majandustulemused
Message
Tallinna Sadam teenis I kvartalis 27,9 miljonit eurot müügitulu ja 5,2 miljonit
eurot kasumit. I kvartalis langesid aasta võrdluses nii müügitulu (-2%),
korrigeeritud EBITDA (-6%) kui kasum (-9%). Korrigeeritud EBITDA marginaal oli
46% ning investeeringute maht 18,0 mln eurot.
Reisijate äris jätkus stabiilne reisijate arvu kasv ja kaubaäris toimus mahtude
stabiliseerumine. Reisilaevakülastused vähenesid tingituna peamiselt Eckerö
Line`i laeva Finlandia plaanilistest dokitöödest ja mõjutasid oluliselt I
kvartali finantstulemusi. Laevanduses näitasid stabiilseid tulemusi nii
reisiparvlaevad kui jäämurdja Botnica, kuid reisiparvlaevade jääoludest tingitud
kütusekulu kasv vähendas reisiparvlaevade segmendi kasumlikkust. Tõusnud
Euribori mõjul suurenesid finantskulud ning eelmise aasta jooksul peamiselt
laevanduses tehtud palgamuudatused tõstsid tööjõukulusid. Paldiski Lõunasadamas
jätkus tuuleparkide ehitus- ja hoolduskai rajamine, mis moodustas enamuse I
kvartali investeeringutest.
Tallinna Sadama juhatus tutvustab kontserni finantstulemusi 10. mail
veebiseminaridel, sh kell 10.00 toimub veebiseminar eesti keeles (link
eestikeelsele seminarile (https://teams.microsoft.com/l/meetup-
join/19%3ameeting_MzFkYWY0MjAtMmNhYi00MGM1LWE5ZTctODJhOWI1M2M3ZTdj%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_NGQ3YTc2NTgtYTlkYS00MDhhLWIwYzktNWMyODE4Nzg2ZTky%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):
I kv 2024 I kv 2023 +/- %
Müügitulu 27,9 28,4 -0,5 -1,7
Korrigeeritud EBITDA 12,7 13,6 -0,8 -6,3
Korrigeeritud EBITDA marginaal 45,5% 47,8% -2,3 -
Ärikasum 7,0 6,8 0,2 3,0
Perioodi kasum 5,2 5,7 -0,5 -8,9
Investeeringud 17,9 1,5 16,4 1064,2
31.03.2024 31.12.2023 +/-
Varade maht 610,0 606,2 0,6%
Intressi kandvad võlakohustused 170,1 173,4 -1,9%
Muud kohustused 57,0 55,1 3,4%
Omakapital 382,8 377,7 1,4%
Aktsiate arv 263,0 263,0 0,0%
Olulisemad sündmused I kvartalis:
* Kaubamahu stabiliseerumine
* Pakkumuse esitamine parvlaeva teenuse osutamiseks perioodil 2026 - 2033
* Konkurssi väljakuulutamine Muuga sadama vabade alade väljaarendamiseks
* Kohus algatas MPG AgroProduction OÜ saneerimismenetluse
* Positiivne kohtuotsus SLK ja Väinamere Liinide kohtuvaidluses
* ASi Tallinna Sadam juhatuse liikme Margus Vihmani volituste pikendamine,
nõukogu määras neljandaks juhatuse liikmeks Rene Pärdi
Müügitulu
Müügitulu vähenes 2024. aasta I kvartalis 0,5 mln eurot ehk 1,7%. Kasvasid kõik
tululiigid peale laeva- ja kaubatasude. Enim langes tulu laevatasudest 0,8 mln
eurot ehk 11% seoses laevakülastuste vähenemisega, mida reisisadamates mõjutasid
peamiselt laevade liinilt eemalolek dokitööde tõttu ja kaubasadamates vähenenud
tulu tankeritelt. Kaubatasu tulu langus (-11%) tulenes aasta lõpuks oodatavast
madalamast kaubatasu prognoosist, mis vastavalt standardile IFRS 15 avaldas mõju
ka esimeses kvartalis. Müügitulu kasvas reisiparvlaevade ja muud segmendis ning
langes reisisadamate ja kaubasadamate segmendis.
Reisisadamate segmendi müügitulu kahanes 0,5 mln eurot (-6%) peamiselt laeva-
ja kaubatasu mõjul (vastavalt -0,6 mln ja -0,1 mln eurot), seoses
laevakülastuste vähenemisega. Suurenes tulu elektrienergia müügist. Vaatamata
laevakülastuste arvu vähenemisele reisijate arv kasvas ja reisijatasu tulud
kasvasid. Renditulud kasvasid eelkõige tänu Kruiisiterminali kasutamise
suurenemisele. Renditulude kasv kompenseeris tulude vähenemise muudelt
teenustelt.
Kaubasadamate segmendi müügitulu vähenes 0,2 mln eurot (-2%). Laevatasutulud
vähenesid vaatamata laevakülastuste arvu kasvule, kuna laevakülastuste arv
kasvas laevaliikides, kus keskmine tasu GT ühiku kohta on väiksem, samas kui
kõrgema tasuga tankerite arv vähenes. Kaubatasud vähenesid tulenevalt tulude
kajastamisest IFRS 15 reeglite järgi. Eelmise aasta I kvartalis arvestati
suuremat tulu vedellasti operaatoritelt võttes aluseks kogu aasta kaubatasu
tulude prognoose. Muude teenuste müük kasvas, kuna 2024. aasta algusest
opereeritakse Pakrineeme sadama LNG kaid.
Reisiparvlaevade segmendis müügitulu kasvas 0,1 mln eurot (1,5%) tänu püsitasu
muutuvosa indekseerimisele, mis kompenseeris reisitasude määra langust. Reiside
ja reisijate arv kasvas.
Muu segmendi müügitulu kasvas seoses liigaastaga 44 tuh euro võrra. Prahitasu
talvisel jäämurdehooajal ei muutunud. Jäämurdeteenuse prahitasu ei muudeta kuni
2025/26 hooajani, mil on võimalik hakata rakendama indekseerimist.
EBITDA
Korrigeeritud EBITDA langes 0,8 mln euro võrra, kuna müügitulu langes ja kulud
kokku kasvasid ning kapitaliosaluse meetodil saadud kasum sidusettevõttest AS
Green Marine vähenes. Segmentidest kasvas korrigeeritud EBITDA kaubasadamate
segmendis. Reisisadamate, reisiparvlaevade ja muud segmendis korrigeeritud EBITA
vähenes. Korrigeeritud EBITDA marginaal langes 47,8%-lt 45,5%-le.
Kasum
Kasum enne tulumaksu langes 0,5 mln eurot (-8,9%) 5,2 mln euroni. Kasumiks
kujunes samuti 5,2 mln eurot, mis oli 0,5 mln euro võrra vähem eelmise aasta
võrdlusperioodi näitajast.
Investeeringud
2024. aasta 3 kuuga investeeris kontsern 18,0 mln eurot ehk 16,4 mln eurot enam
kui eelmise aasta samal perioodil. 2024. aasta 3 kuu investeeringud olid
peamiselt seotud Paldiski Lõunasadama meretuuleparkide kai ehitusega ja
reisiparvlaeva korralise dokitööga.
Lühendatud konsolideeritud finantsseisundi aruanne:
tuhandetes eurodes 31.03.2024 31.12.2023
----------------------------------------------------------------
VARAD
Käibevara
Raha ja raha ekvivalendid 22 102 29 733
Nõuded ostjate vastu ja muud nõuded 11 512 12 118
Lepingulised varad 104 0
Varud 579 550
Käibevara kokku 34 297 42 401
----------------------------------------------------------------
Põhivara 2 192 2 177
Investeeringud sidusettevõttesse 148 163
Muud pikaajalised nõuded 14 069 14 069
Materiaalne põhivara 557 120 545 271
Immateriaalne põhivara 2 151 2 083
Põhivara kokku 575 680 563 763
----------------------------------------------------------------
Varad kokku 609 977 606 164
----------------------------------------------------------------
KOHUSTISED
Lühiajalised kohustised
Võlakohustised 13 556 15 831
Eraldised 556 1 311
Sihtfinantseerimine 7 375 7 344
Maksuvõlad 1 528 876
Võlad tarnijatele ja muud võlad 8 681 9 429
Lepingulised kohustised 3 180 63
Lühiajalised kohustised kokku 34 876 34 854
----------------------------------------------------------------
Pikaajalised kohustised
Võlakohustised 156 566 157 566
Sihtfinantseerimine 32 739 33 075
Muud võlad 201 255
Lepingulised kohustised 2 743 2 755
Pikaajalised kohustised kokku 192 249 193 651
----------------------------------------------------------------
Kohustised kokku 227 125 228 505
----------------------------------------------------------------
OMAKAPITAL
Aktsiakapital 263 000 263 000
Ülekurss 44 478 44 478
Kohustuslik reservkapital 22 858 22 858
Jaotamata kasum 52 516 47 323
Omakapital kokku 382 852 377 659
----------------------------------------------------------------
Kohustised ja omakapital kokku 609 977 606 164
----------------------------------------------------------------
Lühendatud konsolideeritud kasumiaruanne
tuhandetes eurodes I kv 2024 I kv 2023
-------------------------------------------------------------------------------
Müügitulu 27 931 28 405
Muud tulud 358 341
Tegevuskulud -9 031 -8 862
Finantsvarade väärtuse langus -181 -283
Tööjõukulud -5 908 -5 621
Põhivara kulum ja väärtuse langus -6 036 -7 038
Muud kulud -132 -145
Ärikasum 7 001 6 797
-------------------------------------------------------------------------------
Finantstulud ja -kulud
Finantstulud 267 258
Finantskulud -2 090 -1 393
Finantstulud ja -kulud kokku -1 823 -1 135
-------------------------------------------------------------------------------
Kapitaliosaluse meetodil arvestatud kahjum
investeeringutelt sidusettevõttesse 15 39
Kasum enne tulumaksustamist 5 193 5 701
-------------------------------------------------------------------------------
Perioodi kasum 5 193 5 701
-------------------------------------------------------------------------------
Emaettevõtte omanike osa perioodi kasumist 5 193 5 701
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Tava ja lahjendatud puhaskasum aktsia kohta (eurodes) 0,02 0,02
-------------------------------------------------------------------------------
Lühendatud konsolideeritud rahavoogude aruanne:
tuhandetes eurodes I kv 2024 I kv 2023
-------------------------------------------------------------------------
Kaupade või teenuste müügist laekunud raha 33 449 32 199
Muude tulude eest laekunud raha 28 28
Maksed tarnijatele -11 823 -13 307
Maksed töötajatele ja töötajate eest -5 414 -5 373
Maksed muude kulude eest -136 -148
Äritegevusest laekunud raha 16 104 13 399
-------------------------------------------------------------------------
Materiaalse põhivara soetamine -18 460 -1 630
Immateriaalse põhivara soetamine -175 -176
Materiaalse põhivara müük 5 0
Saadud intressid 258 242
Investeerimistegevuses kasutatud raha -18 372 -1 564
-------------------------------------------------------------------------
Saadud laenude tagasimaksed -3 000 -3 000
Makstud intressid -2 360 -1 263
Muud finantseerimistegevusest tulenevad maksed -3 -2
-------------------------------------------------------------------------
Finantseerimistegevuses kasutatud raha -5 363 -4 265
-------------------------------------------------------------------------
RAHAVOOG KOKKU -7 631 7 570
-------------------------------------------------------------------------
Raha ja raha ekvivalendid perioodi alguses 29 733 44 387
Raha ja raha ekvivalentide muutus -7 631 7 570
Raha ja raha ekvivalendid perioodi lõpus 22 102 51 957
-------------------------------------------------------------------------
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 jäämurde ja konstruktsioonilaeva teenust
Eestis ja offshore projektides. Tallinna Sadama gruppi kuulub ka
jäätmekäitlusega tegelev sidusettevõte AS Green Marine.
Lisainfo:
Andrus Ait
Finantsjuht / juhatuse liige
Tel. +372 526 0735
E-post: a.ait@ts.ee (mailto:a.ait@ts.ee)
Title
AS Tallinna Sadam financial results for 2024 Q1
Message
In the first quarter, Tallinna Sadam earned 27.9 million euros in sales revenue
and 5.2 million euros in profit. In the first quarter, both sales revenue (-
2%), adjusted EBITDA (-6%) and profit (-9%) decreased year-on-year. The adjusted
EBITDA margin was 46% and the volume of investments 18.0 million euros.
In the passenger business, the number of passengers continued to grow steadily,
and in the cargo business, volumes stabilized. The number of passenger vessel
calls decreased mainly due to scheduled docking works of Eckerö Line's ship
Finlandia and affected the financial results of the first quarter. In shipping,
both ferries and the icebreaker Botnica showed stable results, but the increase
in fuel consumption due to the ice conditions of ferries reduced the
profitability of the ferry segment. As a result of the increased Euribor,
financial costs increased, and salary changes made during the previous year,
mainly in shipping, increased personnel expenses. The construction of a quay
intended to serve offshore wind farms continued at Paldiks South Harbour, making
up the majority of investments in the first quarter.
Tallinna Sadam management will present the financial results of the Group at a
webinars on 10 May, including webinar in Estonian starting at 10.00 (EET) (link
to EST webinar (https://teams.microsoft.com/l/meetup-
join/19%3ameeting_MzFkYWY0MjAtMmNhYi00MGM1LWE5ZTctODJhOWI1M2M3ZTdj%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
webinar in English starting at 11.00 (EET) (link to ENG webinar
(https://teams.microsoft.com/l/meetup-
join/19%3ameeting_NGQ3YTc2NTgtYTlkYS00MDhhLWIwYzktNWMyODE4Nzg2ZTky%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 (in million EUR):
Q1 2024 Q1 2023 +/- %
Revenue 27.9 28.4 -0,5 -1,7
Adjusted EBITDA 12.7 13.6 -0.8 -6,3
Adjusted EBITDA margin 45.5% 47.8% -2.3 -
Operating profit 7.0 6.8 0.2 3.0
Profit for the period 5.2 5.7 -0.5 -8.9
Investments 17.9 1.5 16.4 1064.2
31.03.2024 31.12.2023 +/-
Total assets 610.0 606.2 0.6%
Interest bearing debt 170.1 173.4 -1.9%
Other liabilities 57.0 55.1 3.4%
Equity 382.8 377.7 1.4%
Number of shares 263.0 263.0 0.0%
Major events in Q1:
* Stabilization of the cargo volume
* Submission of a tender to provide ferry service in 2026-2033
* Announcement of a competition to develop vacant areas in Muuga Harbour
* Reorganization proceedings for MPG AgroProduction OÜ initiated by the court
* Positive judgment in the judicial dispute initiated by SLK and Väinamere
Liinid
* Changes on the management board - extension of the term of office of Margus
Vihman; the supervisory board appointed Rene Pärt as the fourth member of
the management board
Revenue
Revenue for the first quarter decreased by EUR 0.5 million (-1.7%) year on year.
All revenue streams showed growth, except vessel dues and cargo charges. Revenue
from vessel dues decreased the most by EUR 0.8 million (-11%), in connection
with a decrease in vessel calls, which in passenger ports was mainly affected by
the absence of ships from the line due to dock works, and in cargo ports,
decreased revenue from tankers. The decrease in cargo charges revenue (-11%)
resulted from the lower cargo charges forecast expected at the end of the year,
which, according to the IFRS 15 standard, also had an impact in the first
quarter. Revenue grew in the Ferry segment and in the segment Other, but
decreased in the Passenger harbours segment and in the Cargo harbours segment.
The revenue of the Passenger harbours segment decreased by EUR 0.5 million (-6%)
mainly due to fewer vessel calls, which lowered the segment's vessel dues and
cargo charges revenue (-EUR 0.6 million and -EUR 0.1 million, respectively).
Electricity sales revenue grew. Despite fewer vessel calls, the number of
passengers and passenger fees revenue increased. The growth in lease income,
mainly due to the rental of additional space in the cruise terminal, helped
offset the decline in revenue from other services.
The revenue of the Cargo harbours segment decreased by EUR 0.2 million (-2%).
Although the number of vessel calls increased, vessel dues revenue decreased,
because the number of vessels with lower average dues per GT increased and the
number of tankers with higher dues decreased. Cargo charges decreased due to the
revenue recognition requirements of IFRS 15. In the first quarter of last year,
the Group recognised higher revenue from operators of liquid bulk cargo based on
the cargo charge forecast for the full year. The sale of other services grew,
because the Group started to operate an LNG quay in Pakrineeme Harbour at the
beginning of 2024.
The revenue of the Ferry segment grew by EUR 0.1 million (1,5%) due to the
indexation of the variable part of fixed fees, which offset the decrease in the
rate for trip fees. The number of trips and passengers increased.
The revenue of the segment Other grew due to a leap year by EUR 44 thousand. The
charter fees for the icebreaking season remained unchanged. The charter fees for
the icebreaking service will not change until the icebreaking season of
2025/26, when indexation of the fees will be possible.
EBITDA
Adjusted EBITDA declined by EUR 0.8 million as revenue decreased, total expenses
increased and the Group's share of profit of the equity-accounted associate AS
Green Marine decreased. In segment terms, adjusted EBITDA grew only in the Cargo
harbours segment and declined in the Passenger harbours segment, the Ferry
segment and the segment Other. The adjusted EBITDA margin slipped from 47.8% to
45.5%.
Profit
Profit before tax decreased by EUR 0.5 million (-8.9%) to EUR 5.2 million. The
Group's net profit for the first quarter also amounted to EUR 5.2 million, EUR
0.5 million less than a year earlier.
Investments
The Group invested EUR 18,0 million in the first three months of 2024, EUR 16.4
million more than a year earlier. The majority of the investments were related
to the construction of a quay at Paldiski South Harbour to serve offshore wind
farms and the regular drydocking of a ferry.
Interim condensed consolidated statement of financial position:
In thousands of euros 31 March 2024 31 December 2023
-------------------------------------------------------------------
ASSETS
Current assets
Cash and cash equivalents 22 102 29 733
Trade and other receivables 11 512 12 118
Contract assets 104 0
Inventories 579 550
Total current assets 34 297 42 401
-------------------------------------------------------------------
Non-current assets 2 192 2 177
Investments in an associate 148 163
Other long-term receivables 14 069 14 069
Property, plant and equipment 557 120 545 271
Intangible assets 2 151 2 083
Total non-current assets 575 680 563 763
-------------------------------------------------------------------
Total assets 609 977 606 164
-------------------------------------------------------------------
LIABILITIES
Current liabilities
Loans and borrowings 13 556 15 831
Provisions 556 1 311
Government grants 7 375 7 344
Taxes payable 1 528 876
Trade and other payables 8 681 9 429
Contract liabilities 3 180 63
Total current liabilities 34 876 34 854
-------------------------------------------------------------------
Non-current liabilities
Loans and borrowings 156 566 157 566
Government grants 32 739 33 075
Other payables 201 255
Contract liabilities 2 743 2 755
Total non-current liabilities 192 249 193 651
-------------------------------------------------------------------
Total liabilities 227 125 228 505
-------------------------------------------------------------------
EQUITY
Share capital 263 000 263 000
Share premium 44 478 44 478
Statutory capital reserve 22 858 22 858
Retained earnings 52 516 47 323
Total equity 382 852 377 659
-------------------------------------------------------------------
Total liabilities and equity 609 977 606 164
-------------------------------------------------------------------
Interim condensed consolidated statement of profit or loss:
In thousands of euros Q1 2024 Q1 2023
-------------------------------------------------------------------------------
Revenue 27 931 28 405
Other income 358 341
Operating expenses -9 031 -8 862
Impairment of financial assets -181 -283
Personnel expenses -5 908 -5 621
Depreciation, amortisation and impairment -6 036 -7 038
Other expenses -132 -145
Operating profit 7 001 6 797
-------------------------------------------------------------------------------
Finance income and costs
Finance income 267 258
Finance costs -2 090 -1 393
Finance costs - net -1 823 -1 135
-------------------------------------------------------------------------------
Share of loss of an associate accounted for under the equity
method 15 39
Profit before income tax 5 193 5 701
-------------------------------------------------------------------------------
Profit for the period 5 193 5 701
-------------------------------------------------------------------------------
Attributable to:
Owners of the Parent 5 193 5 701
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Basic earnings and diluted earnings per share (in euros) 0,02 0,02
-------------------------------------------------------------------------------
Interim condensed consolidated statement of cash flows:
in thousands of euros Q1 2024 Q1 2023
---------------------------------------------------------------------------
Cash receipts from sale of goods and services 33 449 32 199
Cash receipts related to other income 28 28
Payments to suppliers -11 823 -13 307
Payments to and on behalf of employees -5 414 -5 373
Payments for other expenses -136 -148
Cash flows from operating activities 16 104 13 399
---------------------------------------------------------------------------
Purchases of property, plant and equipment -18 460 -1 630
Purchases of intangible assets -175 -176
Proceeds from sale of property, plant and equipment 5 0
Interest received 258 242
Cash used in investing activities -18 372 -1 564
---------------------------------------------------------------------------
Repayments of loans received -3 000 -3 000
Interest paid -2 360 -1 263
Other payments related to financing activities -3 -2
Cash used in financing activities -5 363 -4 265
---------------------------------------------------------------------------
NET CASH FLOW -7 631 7 570
---------------------------------------------------------------------------
Cash and cash equivalents at beginning of the period 29 733 44 387
Change in cash and cash equivalents -7 631 7 570
Cash and cash equivalents at end of the period 22 102 51 957
---------------------------------------------------------------------------
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:
Andrus Ait
Chief Financial Officer
Tel. +372 526 0735
a.ait@ts.ee (mailto:a.ait@ts.ee)