Market announcement

AS TALLINNA SADAM

Category

Annual financial report

Date

03.04.2008 16:02:20

Title

2007. AASTA AUDITEERITUD MAJANDUSTULEMUSED

Message

MAJANDUSTULEMUSTE KOMMENTAAR                                                    

Kommentaar on koostatud konsolideeritud näitajate põhjal.                       

2007. aasta majandustegevuse tulemus kujunes ootamatu muutuse oludes, kus aasta 
esimesel poolel kasvutempos liikunud kaubamaht pöördus aasta keskel järsule     
langusele, mis aasta kokkuvõttes viis kaubamahu vähenemisele 13% võrra. ASi     
Tallinna Sadam läbiva kauba peamisest lähteriigist Venemaalt lähtuvat vedellasti
ja kivisöe voogu suunati kaubaomanike poolt ümber Venemaa enda või teistesse    
piirkonna sadamatesse. Ka sadamat läbinud reisijate arv vähenes veidi. Kaubamahu
vähenemise erakorralisest iseloomust tingituna jäi kaubamaht alla oodatud mahu  
ning samuti vähenes turuosa Läänemere idakalda suuremate sadamate hulgas.       
Kaubamahu vähenemine tõi kaasa ka ASi Tallinna Sadam tegevustulude ja tegevuse  
efektiivsuse languse.                                                           

2007. aastal vähenes ASi Tallinna Sadam koosseisu kuuluvaid sadamaid läbinud    
kaubamaht 5,2 milj tonni võrra (ehk 13%) 36 milj tonnini. Mai kuust alanud      
kaubamahu järkjärguline kiire vähenemine toimus eeskätt puistlasti ja vedellasti
arvelt. Puist- ja vedellasti mahu vähenemise põhjustas eelkõige Venemaalt       
lähtuva kaubamahu kasvav suunamine Venemaa enda sadamatesse nende võimsuste     
täieliku ärakasutamise eesmärgil välis- ja majanduspoliitilistel põhjustel.     
Kaubamahu struktuuris kasvas peamiselt Läänemere idakalda ja selle taguse       
piirkonna tarbimise arenguga seotud konteiner- ja veeremkauba ning uute         
sõiduautode maht. Konteinerkaubandust soosib ka kaubanduse kasvav trend kauba   
saatmiseks konteinerites, mis lihtsustab ja kiirendab kaubakäitlusega seotud    
toiminguid. Nimetatud kaubagruppide maht ületab oodatavalt juba 2008. aastal    
puistlasti mahu ASi Tallinna Sadam sadamates. Selle trendi mõjul väheneb        
Venemaalt pärineva ekspordisuunalise transiidi (peamiselt vedellasti ja         
puistlasti) osakaal ASi Tallinna Sadam kaubamahus, asendudes impordisuunalise   
kauba liikumisega. Koos kaubamahu vähenemisega langes ASi Tallinna Sadam        
kaubaveo turuosa Läänemere idakalda suuremate sadamate hulgas - 11,9%lt 9,8%ni. 
Lastiliikide lõikes moodustasid kaubamahust põhiosa vedellast 62%, puistlast    
22%, veerem 10% ja konteinerid 4% (2006. aasta vastavad näitajad olid 58%, 27%, 
8% ja 3%). Veosuundade lõikes moodustas kaubamahust 82% transiit, 8% eksport ja 
10% import (2006. aasta vastavad näitajad olid 84%, 7% ja 8%).                  

2007. aastal oli ASi Tallinna Sadam koosseisu kuuluvaid sadamaid läbinud        
reisijate arv 6,51 milj, vähenedes ligi 250 tuh reisija ehk 3,6% võrra (2006.   
aasta vastavad näitajad olid 6,76 milj reisijat ja vähenemine 3,5%). Reisijate  
arvu vähenemine tulenes taas peamiselt suurima osatähtsusega Tallinn-Helsingi   
liinil reisinute arvu langusest, kus oodatud kasvu asemel reisijate arv vähenes 
pea 170 tuh reisija ehk 3% võrra. Suuruselt teisel, Tallinn-Stockholm liinil    
arenes reisijate liiklus aga jõudsalt ning reisijate arv jõudis 676 tuh         
reisijani, kasvades 54 tuh reisija ehk tervelt 9% võrra. Paldiski-Kapellskär    
liinil reisinute arv aga vähenes 86 tuh reisija ehk 63% võrra. Nimetatud liinil 
ei sõida enam peamiselt reisijate teenindamiseks mõeldud laevu, vaid toimub     
valdavalt veeremkauba vedu, mistõttu jääb liin reisijaveo liinide mõistes       
edaspidi vähemkaalukaks. Kruiisireisijate arv tegi ASi Tallinna Sadam viimase   
viie aasta ajaloos esmakordselt läbi languse, vähenedes 6% võrra 295 tuh        
reisijani, sealhulgas traditsiooniliste kruiisireisijate arv vähenes 2% võrra.  
Kruiisireisijate arvu vähenemise tingis peamiselt mõnede kruiisifirmade tegevuse
lõpetamine.                                                                     

ASi Tallinna Sadam 2007. aasta konsolideeritud müügitulu moodustas 1 162 milj   
krooni (74,3 milj eurot), vähenedes 16 milj krooni (1 milj euro) ehk 1,3% võrra 
(2006. aasta vastavad näitajad olid 1 178 milj krooni (75,3 milj eurot) ja kasv 
4,1%). Tulude vähenemise põhjustas peamiselt kaubamahu languse mõju, oma osa oli
ka reisijate arvu vähenemisel. Nimetatud negatiivsete muutuste mõju tuludele aga
aitas mõnevõrra tasakaalustada sadamat külastanud laevade kogumahutavuse kasv   
ning sadamatasude igaaastane indekseerimine vastavalt elukalliduse muutumisele. 
Tululiikidest vähenesid nimetatud muutuste mõjul kaubamahu ja reisijate arvuga  
otseselt seotud tulud - kaubatasu ja reisijatasu tulud, mis vähenesid vastavalt 
19,4 milj krooni (1,2 milj euro) ehk 11% võrra ja 0,2 milj krooni (0,01 milj    
euro) ehk 0,2% võrra. Sadamatasude tulu, mis on otseselt seotud laevakülastuste 
arvu ja laevade kogumahutavusega, oluliselt ei muutunud, kasvades 3,4 milj      
krooni (0,2 milj euro) ehk 0,5% võrra.                                          

Põhitegevusega seotud kulud (tegevuskulud, tööjõukulud ning põhivara kulum ja   
väärtuse langus) olid kokku 690 milj krooni (44,1 milj eurot), kasvades aastaga 
57 milj krooni (3,7 milj euro) ehk 9,1% võrra. Kulude kasvu põhjustasid eelkõige
põhitegevuse laiendamisega seotud kulud, tööjõu ja  teenuste hindade kasv.      
2007.aasta tegevuskasumiks (ärikasum enne muud äritulu ja muud ärikulu) kujunes 
473 milj krooni (30,2 milj eurot), mis tähendas 2006. aastaga võrreldes         
tegevuskasumi vähenemist 72,9 milj krooni (4,7 milj euro) ehk 13,4% võrra.      
Tegevuskasum vähenes tegevustulude vähenemise ja tegevuskulude kasvu koosmõju   
tulemusena. Seetõttu vähenes ASi Tallinna Sadam tegevuse efektiivsus,           
väljendatuna tegevuskasumi marginaalina (tegevuskasum jagatud müügituluga), mis 
langes 2007. aastal 46,3%lt 40,7%le. Kontserni 2007. aasta puhaskasumiks kujunes
336 milj krooni (21,5 milj eurot), mis on 2006. aasta puhaskasumist 260 milj    
krooni (16,6 milj euro) võrra vähem. Arvestades, et 2006. aasta puhaskasumist   
moodustas ühekordse iseloomuga varade müügikasum 171 milj krooni (10,9 milj     
eurot), vähenes 2007. aasta puhaskasum 89 milj krooni (5,7 milj euro) võrra.    

ASi Tallinna Sadam varade tootlus (puhaskasum jagatud aasta keskmise varade     
mahuga) langes 2007. aastal viimase viie aasta madalaimale tasemele 5,1%.       
Korrigeeritud puhaskasumi (puhaskasumit on korrigeeritud dividendide            
tulumaksukulu ja varade müügi kasumi võrra) põhjal leitud varade tootluseks oli 
samuti nimetatud perioodi madalaim näitaja 6,4%. Siiski on varade tootluse      
langustrend osaliselt ootuspärane, tulenedes varade mahu kasvust seoses         
pikaajaliste ja mahukate investeeringutega, millelt saadavad tulud realiseeruvad
tulevastes perioodides. Tootluse langust mõjutas 2007. aastal aga ootamatu      
kaubamahu vähenemine, mis omas tootluse langusele suuremat mõju kui varade mahu 
kasv.                                                                           

ASi Tallinna Sadam omakapitali tootluseks (korrigeeritud puhaskasum jagatuna    
aasta keskmise omakapitali mahuga) kujunes 2007. aastal 9,4%. Ka see tähendas   
tootluse vähenemist võrreldes eelneva aasta 10,1%se tootlusega (mis on          
korrigeeritud varade müügi ühekordse kasumi 171 milj krooni (10,9 milj euro)    
võrra). Võrreldes varade tootluse suurema vähenemisega, aitas omakapitali       
tootlust hoida kapitalistruktuuris toimunud muudatus, kus mõnevõrra suurenes    
võõrkapitali osakaal (aasta keskmiste võrdluses). Omakapitali tootluse languse  
põhjuseks on eelkõige põhitegevuse kasumlikkuse vähenemine.                     

2007. aastal investeeris kontsern uutesse infrastruktuuri objektidesse ja       
olemasolevate infrastruktuuri objektide parendamisesse kokku 853 milj krooni    
(54,5 milj eurot), mis tähendas üheltpoolt eelneva aastaga võrreldes kasvu 408  
milj krooni (26,1 milj euro) võrra, kuid teisalt jäi siiski alla planeeritud    
taseme. Seoses ehitushindade arvatust oluliselt suurema kallinemisega ning aasta
jooksul aset leidnud Venemaalt lähtuva kaubavoo järsu vähenemisega otsustati    
Muuga sadama idaosaga seotud investeeringute plaan üle vaadata ning 2007. aastal
investeeringuid ei tehtud. Suurem osa investeeringutest tehti uute              
territooriumide soetamiseks ja rajamiseks, kokku 268 milj krooni (17,1 milj     
eurot) ehk 31% kogu investeeringute mahust. Soetati uusi maid Muuga ja Paldiski 
lõunasadama arendamiseks ning arendati Muuga sadama tööstuspargi                
infrastruktuuri. Veetranspordirajatistega (kaid ja akvatoorium) seotud          
investeeringud olid kokku 177 milj krooni (11,3 milj eurot) ehk 21% kogu        
investeeringute mahust. Hoonete, rajatiste ja teenindusseadmete arendamiseks    
investeeriti 233 milj krooni (14,9 milj eurot), raudteeharudesse ja seisupargi  
rajamisse 81 milj krooni (5,2 milj eurot), kommunaalteenuste osutamiseks        
vajalikesse võrkudesse ja nende teenuste varustuskindluse tõstmiseks suunati 63 
milj krooni (4 milj eurot).                                                     

KONSOLIDEERITUD BILANSS                                                         

--------------------------------------------------------------------------------
| tuhandetes, auditeeritud     |        EEK |        EEK |      EUR |      EUR |
--------------------------------------------------------------------------------
| seisuga 31. detsember        |       2007 |       2006 |     2007 |     2006 |
--------------------------------------------------------------------------------
| VARAD                        |            |            |          |          |
--------------------------------------------------------------------------------
| Käibevara                    |            |            |          |          |
--------------------------------------------------------------------------------
| Raha ja raha ekvivalendid    |    269 641 |    514 693 |   17 233 |   32 895 |
--------------------------------------------------------------------------------
| Müügiootel finantsvara       |      2 855 |      2 855 |      182 |      182 |
--------------------------------------------------------------------------------
| Muu finantsvara õiglases     |          0 |     34 855 |        0 |    2 228 |
| väärtuses muutustega läbi    |            |            |          |          |
| kasumiaruande                |            |            |          |          |
--------------------------------------------------------------------------------
| Tuletisinstrumendid          |     11 427 |      9 078 |      730 |      580 |
--------------------------------------------------------------------------------
| Nõuded ostjate vastu ja muud |    110 880 |    102 705 |    7 087 |    6 564 |
| nõuded                       |            |            |          |          |
--------------------------------------------------------------------------------
| Kokku käibevara              |    394 803 |    664 186 |   25 232 |   42 449 |
--------------------------------------------------------------------------------
| Põhivara                     |            |            |          |          |
--------------------------------------------------------------------------------
| Investeeringud               |      2 673 |          0 |      171 |        0 |
| ühisettevõtjasse             |            |            |          |          |
--------------------------------------------------------------------------------
| Muud pikaajalised nõuded     |      6 959 |      8 585 |      445 |      549 |
--------------------------------------------------------------------------------
| Materiaalne põhivara         |  6 385 769 |  5 757 872 |  408 125 |  367 995 |
--------------------------------------------------------------------------------
| Kokku põhivara               |  6 395 401 |  5 766 457 |  408 741 |  368 544 |
--------------------------------------------------------------------------------
| Kokku varad                  |  6 790 204 |  6 430 643 |  433 973 |  410 993 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| KOHUSTUSED                   |            |            |          |          |
--------------------------------------------------------------------------------
| Lühiajalised kohustused      |            |            |          |          |
--------------------------------------------------------------------------------
| Võlakirjade ja pikaajaliste  |    608 435 |    185 282 |   38 886 |   11 842 |
| laenude tagasimaksed         |            |            |          |          |
| järgmisel perioodil          |            |            |          |          |
--------------------------------------------------------------------------------
| Lühiajalised eraldised       |     18 910 |     17 189 |    1 208 |    1 099 |
--------------------------------------------------------------------------------
| Võlad tarnijatele ja muud    |    195 190 |    113 267 |   12 475 |    7 238 |
| võlad                        |            |            |          |          |
--------------------------------------------------------------------------------
| Kokku lühiajalised           |    822 535 |    315 738 |   52 569 |   20 179 |
| kohustused                   |            |            |          |          |
--------------------------------------------------------------------------------
| Pikaajalised kohustused      |            |            |          |          |
--------------------------------------------------------------------------------
| Pikaajalised võlakohustused  |  1 453 504 |  1 661 386 |   92 896 |  106 182 |
--------------------------------------------------------------------------------
| Sihtfinantseerimine          |     11 455 |     18 358 |      732 |    1 173 |
--------------------------------------------------------------------------------
| Muud pikaajalised võlad      |      9 400 |      6 712 |      601 |      429 |
--------------------------------------------------------------------------------
| Kokku pikaajalised           |  1 474 359 |  1 686 456 |   94 229 |  107 784 |
| kohustused                   |            |            |          |          |
--------------------------------------------------------------------------------
| Kokku kohustused             |  2 296 894 |  2 002 194 |  146 798 |  127 963 |
--------------------------------------------------------------------------------
| OMAKAPITAL                   |            |            |          |          |
--------------------------------------------------------------------------------
| Aktsiakapital nimiväärtuses  |  2 786 204 |  2 755 619 |  178 071 |  176 116 |
--------------------------------------------------------------------------------
| Kohustuslik reservkapital    |    275 562 |    275 000 |   17 612 |   17 576 |
--------------------------------------------------------------------------------
| Riskimaandamise reserv       |      8 642 |      8 494 |      552 |      543 |
--------------------------------------------------------------------------------
| Eelmiste perioodide          |  1 087 071 |    792 908 |   69 476 |   50 676 |
| jaotamata kasum              |            |            |          |          |
--------------------------------------------------------------------------------
| Aruandeaasta kasum           |    335 831 |    594 724 |   21 464 |   38 010 |
--------------------------------------------------------------------------------
| Emaettevõtja omanikele       |  4 493 310 |  4 426 745 |  287 175 |  282 921 |
| kuuluv kapital  ja reservid  |            |            |          |          |
| kokku                        |            |            |          |          |
--------------------------------------------------------------------------------
| Vähemusosalus                |          0 |      1 704 |        0 |      109 |
--------------------------------------------------------------------------------
| Kokku omakapital             |  4 493 310 |  4 428 449 |  287 175 |  283 030 |
--------------------------------------------------------------------------------
| Kokku kohustused ja          |  6 790 204 |  6 430 643 |  433 973 |  410 993 |
| omakapital                   |            |            |          |          |
--------------------------------------------------------------------------------

KONSOLIDEERITUD KASUMIARUANNE                                                   

--------------------------------------------------------------------------------
| tuhandetes, auditeeritud     |        EEK |        EEK |      EUR |      EUR |
--------------------------------------------------------------------------------
|                              |       2007 |       2006 |     2007 |     2006 |
--------------------------------------------------------------------------------
| Müügitulu                    |  1 162 445 |  1 177 953 |   74 294 |   75 285 |
--------------------------------------------------------------------------------
| Muud äritulud                |     30 174 |    186 810 |    1 929 |   11 940 |
--------------------------------------------------------------------------------
| Tegevuskulud                 |   -309 252 |   -289 023 |  -19 765 |  -18 472 |
--------------------------------------------------------------------------------
| Tööjõukulud                  |   -176 025 |   -153 651 |  -11 250 |   -9 820 |
--------------------------------------------------------------------------------
| Põhivara kulum ja väärtuse   |   -204 296 |   -189 545 |  -13 057 |  -12 115 |
| langus                       |            |            |          |          |
--------------------------------------------------------------------------------
| Muud ärikulud                |    -19 652 |       -973 |   -1 256 |      -62 |
--------------------------------------------------------------------------------
| Ärikasum                     |    483 394 |    731 571 |   30 895 |   46 756 |
--------------------------------------------------------------------------------
| Finantstulud ja -kulud       |            |            |          |          |
--------------------------------------------------------------------------------
| Finantstulud                 |     12 798 |     11 714 |      818 |      749 |
--------------------------------------------------------------------------------
| Finantskulud                 |    -76 645 |    -62 557 |   -4 899 |   -3 998 |
--------------------------------------------------------------------------------
| Kokku finantstulud ja -kulud |    -63 847 |    -50 843 |   -4 081 |   -3 249 |
--------------------------------------------------------------------------------
| Kasum/kahjum kapitaliosaluse |        899 |          0 |       58 |        0 |
| meetodil investeeringutelt   |            |            |          |          |
| ühisettevõtjasse             |            |            |          |          |
--------------------------------------------------------------------------------
| Kasum enne tulumaksustamist  |    420 446 |    680 728 |   26 872 |   43 507 |
--------------------------------------------------------------------------------
| Tulumaks                     |    -84 615 |    -85 130 |   -5 408 |   -5 441 |
--------------------------------------------------------------------------------
| Aruandeaasta puhaskasum      |    335 831 |    595 598 |   21 464 |   38 066 |
--------------------------------------------------------------------------------
| sh                           |            |            |          |          |
--------------------------------------------------------------------------------
| emaettevõtja omanike osa     |    335 831 |    594 724 |   21 464 |   38 010 |
| puhaskasumist                |            |            |          |          |
--------------------------------------------------------------------------------
| vähemusosanike osa           |          0 |        874 |        0 |       56 |
| puhaskasumist                |            |            |          |          |
--------------------------------------------------------------------------------
| Puhaskasum ja lahjendatud    |       1,21 |       2,16 |     0,08 |     0,14 |
| puhaskasum aktsia kohta      |            |            |          |          |
| (kroonides, eurodes)         |            |            |          |          |
--------------------------------------------------------------------------------

Marko Raid                                                                      
Finantsjuht                                                                     
6318047                                                                         

Sven Ratassepp                                                                  
Avalike suhete juht                                                             
6318064

Title

2007 AUDITED FINANCIAL RESULTS

Message

COMMENTS TO FINANCIAL RESULTS                                                   

The comments have been prepared on the basis of consolidated financial          
indicators.                                                                     

In 2007, the results of operations were shaped by unexpected circumstances      
whereby growing cargo volume in the first half of the year declined sharply in  
the middle of the year as a result of which cargo volume for the year decreased 
by 13%. Cargo owners redirected the flow of liquid cargo and coal passing       
through AS Tallinna Sadam and originating from Russia into Russia's own ports or
other ports in the region. The number of passengers passing through the port    
also decreased somewhat. Due to the extraordinary nature of the decline in cargo
volume, it fell short of the expected volume and the Group's market share also  
declined among the major ports on the eastern coast of the Baltic Sea. The      
decline in cargo volume also led to the decline in sales and efficiency of      
operations.                                                                     

In 2007, the cargo volume passing through the ports of AS Tallinna Sadam        
decreased by 5.2 million tons (or 13%), to 36 million tons. The gradual decline 
of cargo volume since May occurred primarily in bulk and liquid cargo volume.   
The reason behind the decline in the volume of bulk and liquid cargo was        
primarily related to the redirection of cargo volume originating from Russia to 
Russia's own ports for the purpose of completely utilising their capacity due to
the foreign and economic policy factors. With regard to the structure of cargo  
volume, the volume of containers, rolling stock and new passenger cars grew     
together with the development of consumption on the eastern coast of the Baltic 
Sea and beyond. Container trade is also favoured by the growing trend of        
delivering cargo in containers, which simplifies and accelerates cargo-handling 
operations. The volume of these cargo groups is expected to surpass the volume  
of bulk cargo at the ports of AS Tallinna Sadam already in 2008. Against a      
backdrop of this trend, the share of export-driven transit originating from     
Russia (primarily liquid and bulk cargo) will decline in the cargo volume of AS 
Tallinna Sadam and an import-driven cargo movement is replacing it. Along with  
the decline in cargo volume, the market share of AS Tallinna Sadam declined     
among the major ports on the eastern coast of the Baltic Sea - from 11.9% to    
9.8%. By cargo types, liquid cargo made up 62%, bulk cargo 22%, rolling stock   
10% and containers 4% of cargo volume (in 2006, the respective figures were 58%,
27%, 8% and 3%). With regard to transport directions, transit made up 82%,      
exports 8% and imports 10% of cargo volume (in 2006, the respective figures were
84%, 7% and 8%).                                                                

In 2007, the number of passengers travelling through the ports of AS Tallinna   
Sadam was 6.51 million, declining by 250 thousand passengers or 3.6% (in 2006,  
the respective figures were 6.76 million passengers and a decline of 3.5%). The 
decline in the number of passengers was mostly attributed to the decline in the 
number of passengers on the most important Tallinn-Helsinki line where instead  
of the expected growth, the number of passengers declined by almost 170 thousand
passengers or 3%. However, the number of passengers grew steadily on the second 
largest Tallinn-Stockholm line, reaching 676 thousand passengers and increasing 
by almost 54 thousand passengers or a healthy 9%. However, the number of        
passengers on Paldiski-Kapellskär line decreased by 86 thousand passengers or   
63%. Instead of carrying passengers the transportation of rolling stock mostly  
occurs on this line as a result of which the former will be of less importance  
in the future. The number of cruise passengers of AS Tallinna Sadam declined for
the first time in the last five years, by 6% to 295 thousand passengers, whereas
the number of traditional cruise passengers declined by 2%. The decline in the  
number of cruise passengers was primarily related to the termination of         
operations of some cruise operators.                                            

In 2007, the consolidated sales of AS Tallinna Sadam amounted to EEK 1 162      
million (EUR 74.3 million), decreasing by EEK 16 million (EUR 1 million) or 1.3%
(in 2006, the respective figures were EEK 1 178 million (EUR 75.3 million) and  
growth of 4.1%). The decline in sales was primarily related to the decline in   
cargo volume, and partly to the decline in the number of passengers. The effect 
of these negative changes on sales were somewhat alleviated by the growth in the
total capacity of vessels calling at the port and the annual indexation of port 
dues in line with the change in the cost of living. Of the types of sales, the  
sales directly related to the cargo volume and the number of passengers declined
due to the aforementioned changes - sales from cargo and passenger fees         
decreased by EEK 19.4 million (EUR 1.2 million) or 11% and EEK 0.2 million (EUR 
0.01 million) or 0.2%, respectively. The sales from port dues which are directly
related to the number of vessel calls and the gross tonnage of vessels did not  
change much, increasing by EEK 3.4 million (EUR 0.2 million) or 0.5%.           

The expenses related to operating activities (operating expenses, personnel     
expenses as well as depreciation and impairment losses) totalled EEK 690 million
(EUR 44.1 million), increasing by EEK 57 million (EUR 3.7 million) or 9,1% in a 
year. The growth of expenses was primarily related to the costs of expanding the
port operations as well as appreciation of labour costs and service prices. The 
operating profit for 2007 (profit before other income and other expenses)       
totalled EEK 473 million (EUR 30.2 million) which represented a decline in the  
operating profit by EEK 72.9 million (EUR 4.7 million) or 13.4% as compared to  
2006. The operating profit fell in conjunction with the growth of operating     
expenses and decline of sales. Thus, the efficiency of the operations of AS     
Tallinna Sadam expressed as the operating margin (sales divided by operating    
profit) fell, declining from 46.3% to 40.7% in 2007. The Group's net profit for 
2007 totalled EEK 336 million (EUR 21.5 million) which is EEK 260 million (EUR  
16.6 million) less than in 2006. Considering that one-time profit from sale of  
assets made up EEK 171 million (EUR 10.9 million) out of the net profit in 2006,
the net profit for 2007 declined by EEK 89 million (EUR 5.7 million).           

In 2007, the return on assets of AS Tallinna Sadam (net profit divided by the   
annual average volume of assets) decreased to 5.1%, which is the lowest level in
the last five years. The return on assets calculated using the adjusted net     
profit (the net profit has been adjusted by the dividend income tax and profit  
from sale of assets) was 6.4% which is also the lowest level in the same time   
period. However, the decline in the return on assets was somewhat expected,     
related to the volume growth of assets due to long-term and large-scale         
investments that will yield expected gains in future periods. The decline in the
return on assets was related to an unexpected decline in cargo volume in 2007   
which had a larger effect on the decline in the return on assets than asset     
growth. In 2007, the return on equity of AS Tallinna Sadam (adjusted net profit 
divided by the annual average volume of equity, also adjusted by the same       
one-time profit) was 9.4%. This also represented a decline in the return as     
compared to the return of 10.1% previous year (which was also adjusted by the   
one-time profit on the sale of assets in the amount of EEK 171 million (EUR 10.9
million)). When compared with the larger decline in the return on assets, the   
return on equity was maintained due to a change which occurred in the capital   
structure, as the share of debt increased somewhat (when comparing the averages 
for the year). The reason for the decline in the return on equity was primarily 
related to the loss in profitability of the port operations.                    

In 2007, the Group invested a total of EEK 853 million (EUR 54.5 million) in new
infrastructure and improvements of existing infrastructure which on the one hand
represented a growth of EEK 408 million (EUR 26.1 million) as compared to the   
previous year, but on the other hand did not meet the budgeted level. Due to    
much higher than anticipated appreciation of construction prices and the sharp  
lowering of cargo volumes from Russia during the year, the investment plan      
relating to the eastern part of Muuga Port was reviewed and no investments were 
made in 2007. Most of the investments were related to the acquisition and       
construction of new territories totalling EEK 268 million (EUR 17.1 million) or 
31% of the total volume of investments. New territories were acquired for the   
development of Muuga Port and Paldiski South Harbour and the infrastructure of  
the industrial park of Muuga Port was developed further. Investments related to 
marine transport facilities (quays and aquatory) totalled EEK 177 million (EUR  
11.3 million) or 21% of the total volume of investments. Investments in the     
development of buildings, structure and service equipment totalled EEK 233      
million (EUR 14.9 million), in the foundation of railway branches and a station 
park totalled EEK 81 million (EUR 5.2 million), in the necessary networks needed
for the provision of utility services and increasing security of supply of these
services totalled EEK 63 million (EUR 4 million).                               

CONSOLIDATED BALANCE SHEET                                                      

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| in thousands of, audited     |        EEK |        EEK |      EUR |      EUR |
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| as at 31 December            |       2007 |       2006 |     2007 |     2006 |
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| ASSETS                       |            |            |          |          |
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| Current assets               |            |            |          |          |
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| Cash and cash equivalents    |    269 641 |    514 693 |   17 233 |   32 895 |
--------------------------------------------------------------------------------
| Available for sale financial |      2 855 |      2 855 |      182 |      182 |
| assets                       |            |            |          |          |
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| Other financial assets at    |          0 |     34 855 |        0 |    2 228 |
| fair value through profit    |            |            |          |          |
| and loss                     |            |            |          |          |
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| Derivatives                  |     11 427 |      9 078 |      730 |      580 |
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| Trade and other receivables  |    110 880 |    102 705 |    7 087 |    6 564 |
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| Total current assets         |    394 803 |    664 186 |   25 232 |   42 449 |
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| Non-current assets           |            |            |          |          |
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| Investments in joint venture |      2 673 |          0 |      171 |        0 |
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| Other long-term receivables  |      6 959 |      8 585 |      445 |      549 |
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| Property, plant and          |  6 385 769 |  5 757 872 |  408 125 |  367 995 |
| equipment                    |            |            |          |          |
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| Total non-current assets     |  6 395 401 |  5 766 457 |  408 741 |  368 544 |
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| Total assets                 |  6 790 204 |  6 430 643 |  433 973 |  410 993 |
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--------------------------------------------------------------------------------
| LIABITLITIES                 |            |            |          |          |
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| Current liabilities          |            |            |          |          |
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| Current portion of bonds and |    608 435 |    185 282 |   38 886 |   11 842 |
| long-term loans              |            |            |          |          |
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| Short-term provisions        |     18 910 |     17 189 |    1 208 |    1 099 |
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| Supplier and other payables  |    195 190 |    113 267 |   12 475 |    7 238 |
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| Total current liabilities    |    822 535 |    315 738 |   52 569 |   20 179 |
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| Non-current liabilities      |            |            |          |          |
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| Long-term borrowings         |  1 453 504 |  1 661 386 |   92 896 |  106 182 |
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| Government grants            |     11 455 |     18 358 |      732 |    1 173 |
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| Other long-term payables     |      9 400 |      6 712 |      601 |      429 |
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| Total non-current            |  1 474 359 |  1 686 456 |   94 229 |  107 784 |
| liabilities                  |            |            |          |          |
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| Total liabilities            |  2 296 894 |  2 002 194 |  146 798 |  127 963 |
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| EQUITY                       |            |            |          |          |
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| Share capital at nominal     |  2 786 204 |  2 755 619 |  178 071 |  176 116 |
| value                        |            |            |          |          |
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| Statutory reserve capital    |    275 562 |    275 000 |   17 612 |   17 576 |
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| Hedge reserve                |      8 642 |      8 494 |      552 |      543 |
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| Retained earnings            |  1 087 071 |    792 908 |   69 476 |   50 676 |
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| Net profit for the financial |    335 831 |    594 724 |   21 464 |   38 010 |
| year                         |            |            |          |          |
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| Capital and reserves         |  4 493 310 |  4 426 745 |  287 175 |  282 921 |
| attributable to equity       |            |            |          |          |
| holders of the Parent        |            |            |          |          |
| Company                      |            |            |          |          |
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| Minority interest            |          0 |      1 704 |        0 |      109 |
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| Total equity                 |  4 493 310 |  4 428 449 |  287 175 |  283 030 |
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| Total liabilities and equity |  6 790 204 |  6 430 643 |  433 973 |  410 993 |
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CONSOLIDATED INCOME STATEMENT                                                   

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| in thousands of, audited     |        EEK |        EEK |      EUR |      EUR |
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|                              |       2007 |       2006 |     2007 |     2006 |
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| Sales                        |  1 162 445 |  1 177 953 |   74 294 |   75 285 |
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| Other income                 |     30 174 |    186 810 |    1 929 |   11 940 |
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| Operating expenses           |   -309 252 |   -289 023 |  -19 765 |  -18 472 |
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| Personnel expenses           |   -176 025 |   -153 651 |  -11 250 |   -9 820 |
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| Depreciation and impairment  |   -204 296 |   -189 545 |  -13 057 |  -12 115 |
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| Other expenses               |    -19 652 |       -973 |   -1 256 |      -62 |
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| Operating profit             |    483 394 |    731 571 |   30 895 |   46 756 |
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| Finance income and costs     |            |            |          |          |
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| Finance income               |     12 798 |     11 714 |      818 |      749 |
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| Finance costs                |    -76 645 |    -62 557 |   -4 899 |   -3 998 |
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| Total finance income and     |    -63 847 |    -50 843 |   -4 081 |   -3 249 |
| costs                        |            |            |          |          |
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| Profit/loss from investments |        899 |          0 |       58 |        0 |
| in joint venture under       |            |            |          |          |
| equity method of accounting  |            |            |          |          |
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| Profit before tax            |    420 446 |    680 728 |   26 872 |   43 507 |
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| Income tax expense           |    -84 615 |    -85 130 |   -5 408 |   -5 441 |
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| Net profit for the financial |    335 831 |    595 598 |   21 464 |   38 066 |
| year                         |            |            |          |          |
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| attributable to:             |            |            |          |          |
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| equity holders of the Parent |    335 831 |    594 724 |   21 464 |   38 010 |
| Company                      |            |            |          |          |
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| minority interest            |          0 |        874 |        0 |       56 |
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| Basic earnings and diluted   |       1.21 |       2.16 |     0.08 |     0.14 |
| earnings per share (in EEK,  |            |            |          |          |
| EUR)                         |            |            |          |          |
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Marko Raid                                                                      
Chief Financial Officer                                                         
+372 6318047                                                                    

Sven Ratassepp                                                                  
Public Relations Manager                                                        
+372 6318064