Market announcement
AS TALLINNA SADAM
Category
Half-yearly financial report
Attachments
Date
12.08.2024 08:00:00
Title
ASi Tallinna Sadam 2024 II kvartali ja 6 kuu majandustulemused
Message
Tallinna Sadam teenis II kvartalis 32 miljonit eurot müügitulu ja 4 miljonit eurot kasumit. Kuue kuu müügitulu oli 60 miljonit eurot ja kasum ületas 9 miljonit eurot. II kvartalis suurenes investeeringute maht 7 miljoni euroni, I poolaastal kokku investeerisime 25 miljonit eurot. II kvartalis kasvasid aasta võrdluses nii müügitulu (10%), korrigeeritud EBITDA (27%) kui ka kasum (201%). Poolaasta kokkuvõttes on müügitulu tõusnud (4%) ja kulude vähenemine on kaasa toonud korrigeeritud EBITDA (9%) ja kasumi (32%) suurenemise. ?Arvestades üldist globaalset tausta ja makromajanduslikku keskkonda, võib tulemustega rahule jääda," kommenteerib juhatuse esimees Valdo Kalm. ?Reisijate arv on kasvanud ja kaubamahtude osas näeme stabiliseerumist. Enim on kaupade poolest tõusu näidanud ro-ro ja konteinerite mahud. Rõõmu valmistab tegevuse efektiivsus - oleme suutnud vähendada tegevuskulusid ja loodame jätkata selles joones ka edaspidi. Pikemas perspektiivis mõjutavad positiivselt ettevõtte tegevust teises kvartalis aset leidnud parvlaeva teenuste hanke võit ja multifunktsionaalse jäämurdja Botnica prahilepingu sõlmimine viieks järgnevaks aastaks." Kuue kuu finantstulemusi mõjutasid nii reisijate arvu kasv kui kaubamahtude stabiliseerumine. kus on toimunud muutused mahtudes kaubaliikide lõikes. Laevanduses näitasid kasvu nii reisiparvlaevad kui jäämurdja Botnica. Botnica alustas sellel aastal offshore töödega varem kui mullu ja see andis oma panuse käibe kasvule. Kontserni tegevuskulud on vähenenud, samas kõrge euribori tõttu on suurenesid finantskulud. Tallinna Sadama juhatus tutvustab kontserni finantstulemusi 12. augustil veebiseminaridel, sh kell 10.00 toimub veebiseminar eesti keeles (link eestikeelsele seminarile (https://teams.microsoft.com/l/meetup- join/19%3ameeting_NzZlZDk5ZmQtNGZmMS00ZWZhLTk2MGMtNmI4NTdhYmQ0ZmI4%40thread.v2/0 ?context=%7b%22Tid%22%3a%223c572f71-c808-4685-aa00- 2ca59a11c7e2%22%2c%22Oid%22%3a%22a6492212-75ef-498f-8735-75f88c5d463a%22%7d)) ja kell 11.00 toimub seminar inglise keeles (link ingliskeelsele seminarile (https://www.globenewswire.com/Tracker?data=1w4cONrRmvgpJsjRj4fXQU9SwCfmsfpHalE2 BbuXgLWjz_3ArvgzX2Kputrb-cBO0GEt_w6Lw0JK1dF-KmSvscALNsEwiO8h1Pe3V- F4BY9nQ8mERCNJz6s9Ahtr1pFSFNJjy6a5u6OlFPkjKnWhdafbRIee5BKDC426uvJ48Uo8Y4- PD8uSCeHKJYMR3MfQMSP-KiHetW_e-arHko-2lWB2oqc6Xuwh1sq- XMyZlnCNx6hNUijAb8xmANi1zgmXsTA0x4NkVvENlzgOzLfh_-rzh7tg5WcPNoPyYd7FQBvl-O8_kQ- G2AQagKGL_3TK67y9lcCMR-j4L6IFUYkodYxGDkGXVZcjoKK9hvWFp5qe8fNOsGUqJHFt05Hfh20e)). Peamised finantsnäitajad (mln EUR): II kv II kv +/- 6 kuud 6 kuud +/- 2024 2023 % 2024 2023 % Müügitulu 31,7 28,8 10,0 59,6 57,2 4,2 Korrigeeritud EBITDA 14,9 11,7 27,1 27,6 25,3 9,2 Korrigeeritud EBITDA marginaal 47,0% 40,7% 6,3 43,6% 44,2% -0,6 Ärikasum 8,9 5,8 55,1 15,9 12,6 26,9 Tulumaks -3,1 -3,0 4,7 -3,1 -3,0 4,7 Perioodi kasum 4,1 1,4 200,6 9,3 7,1 31,5 Investeeringud 7,1 4,6 53,9 25,0 6,1 307,3 30.06.2024 31.12.2023 +/- Varade maht 618,0 606,2 1,9% Intressi kandvad võlakohustused 190,0 173,4 9,6% Muud kohustused 60,3 55,1 9,4% Omakapital 367,8 377,7 -2,6% Aktsiate arv 263,0 263,0 0,0% Olulisemad sündmused II kvartalis: * Parvlaevateenuse hanke võit perioodiks 2026-2033 * Jäämurdja Botnica offshore leping Baffinlandiga aastateks 2024-2028 * Jäämurdja Botnica offshore leping BP Exploration Operating Copmpany Ltd'ga * Reisiparvlaev Regula lisareisid 2024 suvel * Tagatiseta laenu lepingu sõlmimine Swedbankiga * Positiivne kohtuotsus SLK ja Väinamere Liinide kohtuvaidluses * Tütarettevõtete juhatuse liikmete volituste pikendamine * Kohtuotsus Tallinna sadama endiste juhtide osas Müügitulu Müügitulu kasvas 2024. aasta 6 kuuga 2,4 mln eurot (+4,2%) 59,6 mln euroni. Müügitulu kasvu toetasid tulude suurenemine jäämurdja Botnica prahitasust (muud segment) ning mandri-Eesti ja suursaarte vahelisest üleveoteenusest (reisiparvlaevade segment). Reisi- ja kaubasadamate segmentide müügitulu kahanes. Müügitulu liikide lõikes oli I poolaasta suurimaks muutuseks laeva prahitasu tulu kasv 2,6 mln eurot (+45,8%). Laeva prahitasu suurenemine oli seotud jäämurdja Botnica suvise töö algusega varem kui eelmisel aastal. 2024. aasta projektipõhine suvine töö aga jäi tehniliste probleemide tõttu planeeritust lühemaks. Laevatasutulud langesid 1,2 mln euro võrra (-7,3%) 14,8 mln euroni. Laevatasude languse põhjuseks oli nii reisi-, kruiisi- ja kaubalaevade laevakülastuste arvu vähenemine. Tulu muudelt teenustelt kasvas 0,4 mln eurot (+43,0%), kuna jäämurdja Botnica teenis täiendavat tulu seoses suvetööga ja Pakrineeme sadamas algas selle aasta alguses LNG kai opereerimine. Tulu üleveoteenuse osutamisest kasvas 0,3 mln euro võrra (+1,7%) 17,6 mln euroni. Reiside arv võrreldes aasta varasemaga kasvas 2,0%. Kaubatasu tulud langesid aastaga 0,3 mln euro võrra (-9,0%) 2,9 mln euroni tulenevalt kaubamahtude langusest. Kaubatasu tulude langus oli suurem kui kaubamahtude langus (-0,3%), kuna võrdlusperioodil ootasime 2023. aasta lõpuks suuremat vedellasti kaubatulu kui 2024. aastal, siis vastavalt standardile IFRS 15 oli sellel positiivne efekt võrdlusperioodi kaubatasule. Elektrienergia müügist tõusis tulu 0,2 mln euro võrra (+11,2%) 2,4 mln euroni. Elektrienergia tulu on kasvanud reisisadamate segmendis, kus on suurenenud nii elektrienergia kui ka võrguteenuse müügimahud. Kasutusrendi tulud tõusid 0,1 mln euro võrra (+2,0%) 6,8 mln euroni. Kasutusrendi tulud tõusid nii reisisadamate, reisiparvlaevade kui ka kaubasadamate segmendis, kuna kruiisiterminali kasutamine ja parkimistulud on suurenenud Vanasadamas ning rendi- ja hoonestusõiguse tulud on kasvanud ka indekseerimise tõttu. Reisijatasu tulu kasvas 0,1 mln euro võrra (+2,3%) 5,3 mln euroni. Reisijatasude tulude kasvu toetas reisijate arvu kasv (+2,4%). Teiste tululiikide muutused olid väiksemad. 6 kuu tulu segmentide võrdluses kasvas muus segmendis (jäämurdja Botnica) ja reisiparvlaevade segmendis, mis kompenseeris languse reisi- ja kaubasadamate segmentides. EBITDA Korrigeeritud EBITDA suurenes 6 kuuga 2,3 mln euro võrra (+9,2%) 27,6 mln euroni. Suurenes nii segmendi muud kui ka kaubasadamate korrigeeritud EBITDA. Reisisadamate ja reisiparvlaevade segmentide korrigeeritud EBITDA vähenes. Muu segmendi korrigeeritud EBITDA tõusis, kuna lisaks müügitulude kasvule vähenesid põhivara remondi ja korrashoiu kulud ning kütusekulu, mis kompenseerisid tööjõukulude kasvu. Kaubasadamate segmendi korrigeeritud EBITDA tõusis vaatamata müügitulude langusele, kuna vähenesid kulutused põhivara remontidele ning ka muud kulud kokku vähenesid. II kvartalis kasvas korrigeeritud EBITDA võrreldes eelmise aastaga 3,2 mln eurot (+27,1%). Korrigeeritud EBITDA tõusis kõigis segmentides välja arvatud reisisadamad. Korrigeeritud EBITDA marginaal suurenes 6 kuuga 44,2%-lt 46,3%-le ja II kvartalis 40,7%-lt 47,0%-le. Kasum Kasum enne tulumaksu suurenes 6 kuu võrdluses 2,4 mln eurot (+23,5%) 12,4 mln euroni. Kasum tõusis ärikasumist vähem, kuna finantskulud (neto) kasvasid. 2024. aasta II kvartalis välja kuulutatud dividendidega summas 19,2 mln eurot kaasnes tulumaksu kulu 3,1 mln eurot, mis oli 0,1 mln euro võrra suurem eelmise aasta dividendide väljamaksega kaasnevast kulust. Dividendide suurus aastaga ei muutunud, kuid eelmisel aastal vähendas tulumaksu kulu edasilükkunud tulumaksu tühistamine summas 0,1 mln eurot. 6 kuu kasum tõusis aasta baasil 2,2 mln eurot (+31,5%). II kvartali kasum oli 4,1 mln eurot (+2,7 mln eurot; +200,6%), tulumaksueelne kasum oli 7,2 mln eurot (+2,9 mln eurot; +66,1%). Investeeringud 2024. aasta 6 kuuga investeeris kontsern 25,0 mln eurot, mis oli 18,9 mln eurot rohkem kui aasta varem. 2024. aasta 6 kuu investeeringud olid seotud peamiselt Paldiski Lõunasadama meretuuleparkide kai ehitusega, reisiparvlaeva korralise dokitööga, Vanasadamas kai rambi rekonstrueerimisega, infosüsteemide arendusega ja reisiparvlaevadele seadmete soetamisega. II kvartali investeeringute summaks kujunes 7,1 mln eurot (2023. aasta II kvartalis 4,6 mln eurot). Lühendatud konsolideeritud finantsseisundi aruanne: tuhandetes eurodes 30.06.2024 31.12.2023 ---------------------------------------------------------------- VARAD Käibevara Raha ja raha ekvivalendid 25 890 29 733 Nõuded ostjate vastu ja muud nõuded 15 134 12 118 Lepingulised varad 196 0 Varud 714 550 Käibevara kokku 41 934 42 401 ---------------------------------------------------------------- Põhivara Investeeringud sidusettevõttesse 2 402 2 177 Muud pikaajalised nõuded 0 163 Kinnisvara investeeringud 14 069 14 069 Materiaalne põhivara 557 424 545 271 Immateriaalne põhivara 2 204 2 083 Põhivara kokku 576 099 563 763 ---------------------------------------------------------------- Varad kokku 618 033 606 164 ---------------------------------------------------------------- KOHUSTISED Lühiajalised kohustised Võlakohustised 17 416 15 831 Eraldised 848 1 311 Sihtfinantseerimine 7 778 7 344 Maksuvõlad 1 745 876 Võlad tarnijatele ja muud võlad 11 725 9 429 Lepingulised kohustised 3 088 63 Lühiajalised kohustised kokku 42 600 34 854 ---------------------------------------------------------------- Pikaajalised kohustised Võlakohustised 172 583 157 566 Sihtfinantseerimine 32 214 33 075 Muud võlad 152 255 Lepingulised kohustised 2 733 2 755 Pikaajalised kohustised kokku 207 682 193 651 ---------------------------------------------------------------- Kohustised kokku 250 282 228 505 ---------------------------------------------------------------- OMAKAPITAL Aktsiakapital 263 000 263 000 Ülekurss 44 478 44 478 Kohustuslik reservkapital 23 304 22 858 Jaotamata kasum 36 969 47 323 Omakapital kokku 367 751 377 659 ---------------------------------------------------------------- Kohustised ja omakapital kokku 618 033 606 164 ---------------------------------------------------------------- Lühendatud konsolideeritud kasumiaruanne tuhandetes eurodes II kv 2024 II kv 2023 6k 2024 6k 2023 ------------------------------------------------------------------------------- Müügitulu 31 651 28 783 59 582 57 189 Muud tulud 412 520 767 861 Tegevuskulud -10 269 -10 802 -19 300 -19 664 Finantsvarade väärtuse langus -286 -120 -466 -403 Tööjõukulud -6 451 -6 355 -12 359 -11 976 Põhivara kulum ja väärtuse langus -6 084 -6 189 -12 120 -13 227 Muud kulud -42 -79 -172 -225 Ärikasum 8 931 5 758 15 932 12 555 ------------------------------------------------------------------------------- Finantstulud ja -kulud Finantstulud 234 329 501 587 Finantskulud -2 151 -1 837 -4 242 -3 230 Finantstulud ja -kulud kokku -1 917 -1 508 -3 741 -2 643 ------------------------------------------------------------------------------- Kapitaliosaluse meetodil arvestatud kahjum investeeringutelt sidusettevõttesse 210 98 225 138 Kasum enne tulumaksustamist 7 224 4 348 12 416 10 050 ------------------------------------------------------------------------------- Tulumaksukulu -3 125 -2 985 -3 125 -2 985 ------------------------------------------------------------------------------- Perioodi kasum 4 099 1 363 9 291 7 065 ------------------------------------------------------------------------------- Emaettevõtte omanike osa perioodi kasumist 4 099 1 363 9 291 7 065 ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Tava ja lahjendatud puhaskasum aktsia kohta (eurodes) 0,02 0,01 0,04 0,03 ------------------------------------------------------------------------------- Lühendatud konsolideeritud rahavoogude aruanne: tuhandetes eurodes 6k 2024 6k 2023 --------------------------------------------------------------------- Kaupade või teenuste müügist laekunud raha 64 749 62 283 Muude tulude eest laekunud raha 34 181 Maksed tarnijatele -24 680 -23 952 Maksed töötajatele ja töötajate eest -11 384 -12 569 Maksed muude kulude eest -179 -204 Makstud tulumaks dividendidelt -3 325 -3 264 Äritegevusest laekunud raha 25 215 22 475 --------------------------------------------------------------------- Materiaalse põhivara soetamine -22 559 -4 664 Immateriaalse põhivara soetamine -374 -404 Materiaalse põhivara müük 17 28 Saadud dividendid 0 357 Saadud intressid 483 555 Investeerimistegevuses kasutatud raha -22 433 -4 128 --------------------------------------------------------------------- Saadud laenud 20 000 0 Saadud laenude tagasimaksed -3 383 -3 383 Makstud dividendid -19 000 -19 012 Makstud intressid -4 229 -2 498 Muud finantseerimistegevusest tulenevad maksed -13 -5 Finantseerimistegevuses kasutatud raha -6 625 -24 898 --------------------------------------------------------------------- RAHAVOOG KOKKU -3 843 -6 551 --------------------------------------------------------------------- Raha ja raha ekvivalendid perioodi alguses 29 733 44 387 Raha ja raha ekvivalentide muutus -3 843 -6 551 Raha ja raha ekvivalendid perioodi lõpus 25 890 37 836 --------------------------------------------------------------------- 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 Q2 and 6 months
Message
In the second quarter, Tallinna Sadam earned 32 million euros in sales revenue
and 4 million euros in profit. The revenue for six months was 60 million euros
and the profit exceeded 9 million euros. In the second quarter, the volume of
investments increased to 7 million euros, in the first half of the year we
invested a total of 25 million euros.
In the second quarter, sales revenue (10%), adjusted EBITDA (27%) and profit
(201%) increased year-on-year. Semiannually, the revenue increased (4%) and cost
reduction resulted in positive changes for adjusted EBITDA (9%) and profit
(32%).
"Considering the general global background and macroeconomic environment, we can
be satisfied with the results," comments Valdo Kalm, the Chairman of the
Management Board. "The number of passengers has increased, and we see
stabilization in terms of cargo volumes. In terms of goods, ro-ro and container
volumes have shown the most increase. We are pleased with the efficiency of
operations - we have managed to reduce operating costs and we hope to continue
in this direction in the future. In the long term, the company's operations will
be positively affected by winning the tender for ferry services and signing the
chartering contract for the multi-functional icebreaker Botnica for the next
five years.
The financial results of six months were affected by an increase in the number
of passengers and stabilized cargo volumes. In shipping, both ferries and the
icebreaker Botnica showed growth. Botnica started offshore works this year
earlier than last year and contributed to the increase in revenue. The group's
operating costs have decreased, while financial costs have increased due to high
Euribor rates.
Tallinna Sadam management will present the financial results of the Group at a
webinars on 12 August, including webinar in Estonian starting at 10.00 (EEST)
(link to EST webinar (https://teams.microsoft.com/l/meetup-
join/19%3ameeting_NzZlZDk5ZmQtNGZmMS00ZWZhLTk2MGMtNmI4NTdhYmQ0ZmI4%40thread.v2/0
?context=%7b%22Tid%22%3a%223c572f71-c808-4685-aa00-
2ca59a11c7e2%22%2c%22Oid%22%3a%22a6492212-75ef-498f-8735-75f88c5d463a%22%7d))
and webinar in English starting at 11.00 (EEST) (link to ENG webinar
(https://www.globenewswire.com/Tracker?data=1w4cONrRmvgpJsjRj4fXQU9SwCfmsfpHalE2
BbuXgLWjz_3ArvgzX2Kputrb-cBO0GEt_w6Lw0JK1dF-KmSvscALNsEwiO8h1Pe3V-
F4BY9nQ8mERCNJz6s9Ahtr1pFSFNJjy6a5u6OlFPkjKnWhdafbRIee5BKDC426uvJ48Uo8Y4-
PD8uSCeHKJYMR3MfQMSP-KiHetW_e-arHko-2lWB2oqc6Xuwh1sq-
XMyZlnCNx6hNUijAb8xmANi1zgmXsTA0x4NkVvENlzgOzLfh_-rzh7tg5WcPNoPyYd7FQBvl-O8_kQ-
G2AQagKGL_3TK67y9lcCMR-j4L6IFUYkodYxGDkGXVZcjoKK9hvWFp5qe8fNOsGUqJHFt05Hfh20e)).
Key figures (in million EUR):
Q2 Q2 +/- 6M 6M +/-
2024 2023 % 2024 2023 %
Revenue 31.7 28.8 10.0 59.6 57.2 4.2
Adjusted EBITDA 14.9 11.7 27.1 27.6 25.3 9.2
Adjusted EBITDA margin 47.0% 40.7% 6.3 43.6% 44.2% -0.6
Operating profit 8.9 5.8 55.1 15.9 12.6 26.9
Income tax -3.1 -3.0 4.7 -3.1 -3.0 4.7
Profit for the period 4.1 1.4 200.6 9.3 7.1 31.5
Investments 7.1 4.6 53.9 25.0 6.1 307.3
30.06.2024 31.12.2023 +/-
Total assets 618.0 606.2 1.9%
Interest bearing debt 190.0 173.4 9.6%
Other liabilities 60.3 55.1 9.4%
Equity 367.8 377.7 -2.6%
Number of shares 263.0 263.0 0.0%
Major events in Q2:
* Winning the tender for ferry services for the period 2026-2033
* Icebreaker Botnica charter contract with Baffinland for the period 2024-2028
* Icebreaker Botnica charter contract with BP Exploration Operating Copmpany
Ltd
* Additional trips by the ferry Regula in summer 2024
* Signing unsecured loan agreement with Swedbank
* Positive judgment in the judicial dispute with SLK and Väinamere Liinid
* Extension of the term of office of members of the board in subsidiaries
* Court ruling in the case against former board members of Tallinna Sadam.
Revenue
Revenue for six months increased by EUR 2.4 million (+4.2%) year on year to EUR
59.6 million, supported by higher revenues from the icebreaker MSV Botnica
(charter fees, the segment Other) and ferry service between Estonia's mainland
and two largest islands (the Ferry segment). Revenues from the Passenger
harbours and Cargo harbours segments decreased. In terms of revenue streams, the
biggest change in the first half-year was in charter fees revenue, which
increased by EUR 2.6 million (+45.8%), because the summer charter of the
icebreaker MSV Botnica started earlier than last year. However, due to technical
issues, the icebreaker's summer project proved shorter than planned in 2024.
Vessel dues revenue declined by EUR 1.2 million (-7.3%) to EUR 14.8 million due
to a decrease in ferry, cruise ship and cargo vessel calls. Revenue from other
services grew by EUR 0.4 million (+43.0%) as the icebreaker MSV Botnica
generated additional revenue from its summer work and the LNG quay in Pakrineeme
harbour was put into service at the beginning of this year. Ferry service
revenue grew by EUR 0.3 million (+1.7%) to EUR 17.6 million. The number of trips
grew by 2.0% year on year. Cargo charges revenue decreased by EUR 0.3 million
(-9.0%) to EUR 2.9 million due to a decline in cargo volumes. The decrease in
cargo charges revenue was higher than in cargo volumes (-0.3%), because in the
same period in 2023 we expected the cargo charges revenue from liquid bulk cargo
to be higher by the end of the year than in 2024 and, in accordance with IFRS
15, this had a positive effect on the cargo charges revenue for the comparative
period. Electricity sales revenue grew by EUR 0.2 million (+11.2%) to EUR 2.4
million, driven by growth in the Passenger harbours segment where the sales
volumes of both electricity and network services grew. Operating lease income
increased by EUR 0.1 million (+2.0%) to EUR 6.8 million. Operating lease income
grew in the Passenger harbours segment, the Ferry segment and the Cargo harbours
segment, driven by an increase in the letting of premises in the cruise terminal
and parking charges at Old City Harbour as well as indexation of lease income
and income from the rights of superficies. Passenger fees revenue grew by EUR
0.1 million (+2.3%) to EUR 5.3 million, supported by a rise in the number of
passengers (+2.4%). Changes in other revenue streams were less significant. In
segment terms, half-year revenue grew in the segment Other (MSV Botnica) and the
Ferry segment, which offset the revenue decline in the Passenger harbours and
Cargo harbours segments.
EBITDA
Adjusted EBITDA for six months grew by EUR 2.3 million (+9.2%) year on year to
EUR 27.6 million. Adjusted EBITDA grew in the segment Other and the Cargo
harbours segment. In the Passenger harbours and Ferry segments, adjusted EBITDA
decreased. The adjusted EBITDA of the segment Other increased as revenue grew,
while lower non-current asset maintenance and repair costs and fuel costs offset
the growth in personnel expenses. The adjusted EBITDA of the Cargo harbours
segment increased despite lower revenue, because non-current asset repair costs
and the total amount of other expenses decreased. Adjusted EBITDA for the second
quarter grew by EUR 3.2 million (+27.1%) year on year. Adjusted EBITDA improved
in all segments except Passenger harbours. Adjusted EBITDA margin for six months
rose from 44.2% to 46.3% and adjusted EBITDA margin for the second quarter rose
from 40.7% to 47.0%.
Profit
Profit before tax for six months increased by EUR 2.4 million (+23.5%) year on
year to EUR 12.4 million. Profit grew less than operating profit because finance
costs (net) increased. The dividend declared in the second quarter of 2024 in an
amount of EUR 19.2 million gave rise to income tax expense of EUR 3.1 million,
which was EUR 0.1 million larger than the income tax expense on the dividend
distributed last year. The amount of the dividend did not change year on year,
but last year income tax expense was reduced by the reversal of deferred tax of
EUR 0.1 million. Profit for the first six months increased by EUR 2.2 million
(+31.5%) year on year. Second-quarter profit amounted to EUR 4.1 million (+EUR
2.7 million; +200.6%) and profit before tax to EUR 7.2 million (+EUR 2.9
million; +66.1%).
Investments
In the first six months of 2024, the Group invested EUR 25.0 million, EUR 18.9
million more than a year earlier. The largest capital investments of the period
were made in the construction of a new quay in Paldiski South Harbour to serve
offshore wind farms, the regular dry-docking of a ferry, the reconstruction of a
quay ramp in Old City Harbour, the development of information systems and the
acquisition of equipment for ferries. Investments of the second quarter totalled
EUR 7.1 million (EUR 4.6 million in the second quarter of 2023).
Interim condensed consolidated statement of financial position:
In thousands of euros 30 June 2024 31 December 2023
------------------------------------------------------------------
ASSETS
Current assets
Cash and cash equivalents 25 890 29 733
Trade and other receivables 15 134 12 118
Contract assets 196 0
Inventories 714 550
Total current assets 41 934 42 401
------------------------------------------------------------------
Non-current assets
Investments in associates 2 402 2 177
Other long-term receivables 0 163
Investment properties 14 069 14 069
Property, plant and equipment 557 424 545 271
Intangible assets 2 204 2 083
Total non-current assets 576 099 563 763
------------------------------------------------------------------
Total assets 618 033 606 164
------------------------------------------------------------------
LIABILITIES
Current liabilities
Loans and borrowings 17 416 15 831
Provisions 848 1 311
Government grants 7 778 7 344
Taxes payable 1 745 876
Trade and other payables 11 725 9 429
Contract liabilities 3 088 63
Total current liabilities 42 600 34 854
------------------------------------------------------------------
Non-current liabilities
Loans and borrowings 172 583 157 566
Government grants 32 214 33 075
Other payables 152 255
Contract liabilities 2 733 2 755
Total non-current liabilities 207 682 193 651
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Total liabilities 250 282 228 505
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EQUITY
Share capital at par value 263 000 263 000
Share premium 44 478 44 478
Statutory capital reserve 23 304 22 858
Retained earnings 36 969 47 323
Total equity 367 751 377 659
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Total liabilities and equity 618 033 606 164
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Interim condensed consolidated statement of profit or loss:
In thousands of euros Q2 2024 Q2 2023 6M 2024 6M 2023
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Revenue 31 651 28 783 59 582 57 189
Other income 412 520 767 861
Operating expenses -10 269 -10 802 -19 300 -19 664
Impairment of financial assets -286 -120 -466 -403
Personnel expenses -6 451 -6 355 -12 359 -11 976
Depreciation, amortisation and impairment -6 084 -6 189 -12 120 -13 227
Other expenses -42 -79 -172 -225
Operating profit 8 931 5 758 15 932 12 555
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Finance income and costs
Finance income 234 329 501 587
Finance costs -2 151 -1 837 -4 242 -3 230
Finance costs - net -1 917 -1 508 -3 741 -2 643
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Share of profit of an associate accounted
for under the equity method 210 98 225 138
Profit before income tax 7 224 4 348 12 416 10 050
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Income tax -3 125 -2 985 -3 125 -2 985
Profit for the period 4 099 1 363 9 291 7 065
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Attributable to owners of the Parent 4 099 1 363 9 291 7 065
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Basic and diluted earnings per share (in
euros) 0.02 0.01 0.04 0.03
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Interim condensed consolidated statement of cash flows:
In thousands of euros 6M 2024 6M 2023
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Cash receipts from sale of goods and services 64 749 62 283
Cash receipts related to other income 34 181
Payments to suppliers -24 680 -23 952
Payments to and on behalf of employees -11 384 -12 569
Payments for other expenses -179 -204
Income tax paid on dividends -3 325 -3 264
Cash from operating activities 25 215 22 475
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Purchases of property, plant and equipment -22 559 -4 664
Purchases of intangible assets -374 -404
Proceeds from sale of property, plant and equipment 17 28
Dividends received 0 357
Interest received 483 555
Cash used in investing activities -22 433 -4 128
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Proceeds from loans received 20 000 0
Repayments of loans received -3 383 -3 383
Dividends paid -19 000 -19 012
Interest paid -4 229 -2 498
Other payments related to financing activities -13 -5
Cash from/used in financing activities -6 625 -24 898
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NET CASH FLOW -3 843 -6 551
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Cash and cash equivalents at beginning of the period 29 733 44 387
Change in cash and cash equivalents -3 843 -6 551
Cash and cash equivalents at end of the period 25 890 37 836
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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)