Market announcement
AS TALLINNA SADAM
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Other price sensitive information
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Date
27.02.2009 12:12:56
Title
VAHEARUANNE 12 KUUD 2008
Message
MAJANDUSTULEMUSTE KOMMENTAAR Kommentaar on koostatud konsolideeritud näitajate põhjal. 2008. aasta majandustegevuse tulemust mõjutas peamiselt 2007. aasta keskel järsult vähenenud Venemaalt pärineva kauba maht, mis püsis küllaltki ühtlasel tasemel terve majandusaasta jooksul ja mõjutas kõige enam kogumahu 19%list vähenemist. Teadaolevalt algas kaubamahu vähenemine 2007. aastal asjaoludel, mis ei olnud ASi Tallinna Sadam mõjusfääris ega seotud ASi Tallinna Sadam konkurentsivõimega. Teisalt saavutas kaubamaht planeeritud taseme, vaatamata aasta lõpupoole maailma majanduskeskkonna jahenemise mõjude avaldumisega mõnele kaubagrupile. Sadamat läbinud reisijate arv aga saavutas rekordilise taseme nii liini- kui kruiisireisijate osas. Reisijate arvu kasvu toetavatest teguritest olulisimad olid Eesti liitumine Schengeni viisaruumiga detsembris 2007, liinilaevade jätkuv uuenemine koos sooduspakkumistega reisijatele ning kruiisivaldkonnas Läänemere piirkonna kujunemine maailma ühe kiireima kasvuga kruiisipiirkonnaks. 2008. aastal vähenes ASi Tallinna Sadam koosseisu kuuluvaid sadamaid läbinud kaubamaht 7 milj tonni (ehk 19%) võrra 29 milj tonnini. Vähenemine toimus järelmõjuna 2007. aasta keskpaigas toimunud hüppelisele vähenemisele, mille järgselt on kaubamaht püsinud suhteliselt stabiilsel tasemel. Vähenemine ja ühtlasi suurimad muutused leidsid aset taas puistlasti ja vedellasti mahtudes. Nende kaubagruppide vähenemise põhjustas eelkõige Venemaalt lähtuva kaubamahu jätkuv suunamine Venemaa enda sadamatesse nende võimsuste täieliku ärakasutamise eesmärgil. Peamiselt Läänemere idakalda ja selle taguse piirkonna tarbimise arenguga seotud konteiner- ja veeremkauba maht kokkuvõttes ei muutunud (v.a. uued sõiduautod, mille maht vähenes) ning osatähtsus kaubamahu struktuuris kasvas seoses suuremate kaubagruppide mahtude vähenemisega. Lastiliikide lõikes moodustasid kaubamahust põhiosa vedellast 71%, puistlast 10%, veerem 12% ja konteinerid 5% (2007. aasta vastavad näitajad olid 62%, 22%, 10% ja 4%). Veosuundade lõikes moodustas kaubamahust 77% transiit, 11% eksport ja 12% import (2007. aasta vastavad näitajad olid 82%, 8% ja 10%). 2008. aastal oli ASi Tallinna Sadam koosseisu kuuluvaid sadamaid läbinud reisijate arv rekordiline 7,25 milj, kasvades ligi 730 tuh reisija ehk 11% võrra (2007. aasta vastavad näitajad olid 6,51 milj reisijat ja vähenemine 3,7%). Reisijate arv ületas 2008. aastal oodatud taseme kasvades nii peamiste liinide kui kruiisireisijate osas, millest viimane tegi ka suhteliselt kiireima kasvu. Arvuliselt kasvas reisijate arv enim suurima osatähtsusega Tallinn-Helsingi liinil, 570 tuh reisija ehk 10% võrra. Suuruselt teisel, Tallinn-Stockholm liinil reisinute arv kasvas 100 tuh reisija ehk 15% võrra. Liinireisijate arvu kasvu soosis lisaks pehmest talvest tingitud pikale kiirlaevade sõidu hooajale Eesti liitumine Schengeni viisaruumiga 2007. aasta lõpus, taaskord mitme uue ja suurema reisilaeva tulemine peamistele liinidele ning laevaoperaatorite poolt reisijatele tehtud mitmete sooduskampaaniate mõju, mis muutsid reisimise lihtsamaks ja mugavamaks. Kruiisireisijate arv kasvas 83 tuh reisija võrra ehk 28% ja saavutas sellega rekordilise taseme, kokku 378 tuh reisijat. Kruiisireisijate arvu kasvu soosis Läänemere piirkonna kui kiiresti areneva ja maailma kruiisiturismi kõige kiiremini kasvava piirkonna renomee. ASi Tallinna Sadam 2008. aasta konsolideeritud müügitulu moodustas 1 169 milj krooni (74,7 milj eurot), kasvades 7 milj krooni (0,4 milj euro) ehk 0,6% võrra (2007. aasta vastavad näitajad olid 1 162 milj krooni (74,3 milj eurot) ja vähenemine 1,3%). Kuigi müügitulu kokku jäi pea muutumatuks, toimus tulude struktuuris mõningaid muutusi seoses kaubamahu ja reisijate arvu muutustega. Kaubamahu vähenemisega kaasnes kaubatasu tulu vähenemine 26 milj krooni (1,7 milj euro) ehk 16% võrra 138 milj kroonini (8,8 milj euroni). Reisijate arvu kasv tõi kaasa aga reisijatasu tulu kasvu 20 milj krooni (1,3 milj euro) ehk 16% võrra 148 milj kroonini (9,4 milj euroni). Renditulu kasvas 7 milj krooni (0,5 milj euro) ehk 6% võrra 119 milj kroonini (7,6 milj euroni). Sadamatasude tulu, mis on otseselt seotud laevakülastuste arvu ja laevade kogumahutavusega, oluliselt ei muutunud, kasvades 1 milj krooni (0,1 milj euro) ehk 0,2% võrra. Põhitegevusega seotud kulud (tegevuskulud, tööjõukulud ning põhivara kulum ja väärtuse langus) olid kokku 717 milj krooni (45,8 milj eurot), kasvades aastaga 27 milj krooni (1,7 milj euro) ehk 4% võrra. Kulude kasvu põhjustasid eelkõige põhivara kulumi ja väärtuse languse kulu, mis kasvas 28 milj krooni (1,8 milj euro) ehk 14% võrra seoses nii varade mahu kasvust tingitud kulumi kasvuga kui ka realiseerimisele mittekuuluvate arendusprojektide kuluks kandmisega. 2008. aasta tegevuskasumiks (ärikasum enne muud äritulu ja muud ärikulu) kujunes 452 milj krooni (28,9 milj eurot), mis tähendas tegevuskasumi vähenemist 20,5 milj krooni (1,3 milj euro) ehk 4% võrra 2007. aastaga võrreldes. Seetõttu vähenes ka ASi Tallinna Sadam tegevuse efektiivsus, väljendatuna tegevuskasumi marginaalina (tegevuskasum jagatud müügituluga), mis langes 2008. aastal 40,7%lt 38,7%le. Kontserni 2008. aasta puhaskasumiks kujunes 417 milj krooni (26,6 milj eurot), mis on 2007. aasta puhaskasumist 81 milj krooni (5,2 milj euro) võrra rohkem. Korrigeerides 2008. aasta puhaskasumit dividendide tulumaksukulu võrra summas 26,6 milj krooni (1,7 milj eurot) ja põhivara müügi kasumi võrra summas 16 milj krooni (1 milj eurot) saame korrigeeritud puhaskasumiks 427 milj krooni (27,3 milj eurot). 2007. aasta puhaskasumi korrigeerimisel dividendide tulumaksukulu võrra summas 84,6 milj krooni (5,4 milj eurot) saame korrigeeritud puhaskasumiks 420 milj krooni (26,9 milj eurot). Korrigeeritud puhaskasumi kasv tulenes nii muu äritulu koosseisus kajastunud leppetrahvide tulu suurenemisest kui teiselt poolt põhivarade kulumi ja allahindluse kulu ning finantskulu kasvu koosmõjust. ASi Tallinna Sadam varade tootlus (puhaskasum jagatud aasta keskmise varade mahuga) oli 5,9%, mis oli veidi rohkem 2007. aasta näitajast. Korrigeeritud puhaskasumi põhjal saadud varade tootlus aga vähenes 2008. aastal, langedes 6,0%ni. Tegemist on viimase viie aasta madalaima varade tootlusnäitajaga. Siiski oli langustrend osaliselt ootuspärane, tulenedes varade mahu kasvust seoses pikaajaliste ja mahukate investeeringutega, millelt saadavad tulud realiseeruvad tulevastes perioodides. Tootluse langust mõjutas 2008. aastal aga kaubamahu vähenemine, mis vähendas muude tulude kasvu mõju. ASi Tallinna Sadam omakapitali tootluseks (korrigeeritud puhaskasum jagatuna aasta keskmise omakapitali mahuga) kujunes 2008. aastal 9,2%. Ka siin toimus tootluse mõningane vähenemine võrreldes eelneva aasta 9,4%se tootlusega (mis põhineb samuti korrigeeritud puhaskasumil). Võrreldes varade tootluse suurema vähenemisega aitas omakapitali tootlust hoida kapitalistruktuuris toimunud muudatus, kus mõnevõrra suurenes võõrkapitali osakaal. Omakapitali tootluse languse põhjuseks on eelkõige põhitegevuse kasumlikkuse vähenemine. 2008. aastal investeeris kontsern uutesse infrastruktuuri objektidesse ja olemasolevate infrastruktuuri objektide parendamisesse kokku 560 milj krooni (35,8 milj eurot), mis tähendas eelneva aastaga võrreldes vähenemist 293 milj krooni (18,7 milj euro) võrra kui ka planeeritust mõnevõrra väiksemat mahtu. Suurem osa investeeringutest tehti uute kaide ja tagala rajamiseks, kokku 360 milj krooni (23,0 milj eurot) ehk pea 2/3 kogu investeeringute mahust. Alustati puistekaupade käitlemiseks mõeldud kaide rajamist Paldiski lõunasadamas ja konteinerkaupade terminali kai ja tagala rajamist Muuga sadamas. Muud veetranspordirajatistega (kaid ja akvatoorium) seotud investeeringud olid kokku 67 milj krooni (4,3 milj eurot) ehk 12% kogu investeeringute mahust. Hoonete, rajatiste ja teenindusseadmete arendamiseks investeeriti 91 milj krooni (5,8 milj eurot), raudteeühendustesse 15 milj krooni (1,0 milj eurot), kommunaalteenuste osutamiseks vajalikesse võrkudesse ja nende teenuste varustuskindluse tõstmiseks 27 milj krooni (1,7 milj eurot). KONSOLIDEERITUD BILANSS -------------------------------------------------------------------------------- | tuhandetes (auditeerimata) | EEK | EEK | EUR | EUR | -------------------------------------------------------------------------------- | seisuga 31. Detsember | 2008 | 2007 | 2008 | 2007 | -------------------------------------------------------------------------------- | VARAD | | | | | -------------------------------------------------------------------------------- | Käibevara | | | | | -------------------------------------------------------------------------------- | Raha ja raha ekvivalendid | 217 406 | 269 641 | 13 895 | 17 233 | -------------------------------------------------------------------------------- | Üle 3-kuulise tähtajaga | 193 000 | 0 | 12 335 | 0 | | deposiidid pankades | | | | | -------------------------------------------------------------------------------- | Müügiootel finantsvara | 2 855 | 2 855 | 182 | 182 | -------------------------------------------------------------------------------- | Tuletisinstrumendid | 2 776 | 11 427 | 177 | 730 | -------------------------------------------------------------------------------- | Nõuded ostjate vastu ja muud | 190 113 | 110 880 | 12 150 | 7 087 | | nõuded | | | | | -------------------------------------------------------------------------------- | Kokku käibevara | 606 150 | 394 803 | 38 739 | 25 232 | -------------------------------------------------------------------------------- | Põhivara | | | | | -------------------------------------------------------------------------------- | Investeeringud | 4 276 | 2 673 | 273 | 171 | | ühisettevõtjasse | | | | | -------------------------------------------------------------------------------- | Muud pikaajalised nõuded | 4 453 | 6 959 | 285 | 445 | -------------------------------------------------------------------------------- | Materiaalne põhivara | 6 777 456 | 6 385 769 | 433 158 | 408 125 | -------------------------------------------------------------------------------- | Immateriaalne põhivara | 716 | 0 | 46 | 0 | -------------------------------------------------------------------------------- | Kokku põhivara | 6 786 901 | 6 395 401 | 433 762 | 408 741 | -------------------------------------------------------------------------------- | Kokku varad | 7 393 051 | 6 790 204 | 472 501 | 433 973 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | KOHUSTUSED | | | | | -------------------------------------------------------------------------------- | Lühiajalised kohustused | | | | | -------------------------------------------------------------------------------- | Võlakirjade ja pikaajaliste | 1 342 261 | 608 435 | 85 786 | 38 886 | | laenude tagasimaksed järgmisel | | | | | | perioodil | | | | | -------------------------------------------------------------------------------- | Tuletisinstrumendid | 9 242 | 0 | 591 | 0 | -------------------------------------------------------------------------------- | Lühiajalised eraldised | 20 511 | 18 910 | 1 311 | 1 208 | -------------------------------------------------------------------------------- | Võlad tarnijatele ja muud | 230 950 | 195 190 | 14 760 | 12 475 | | võlad | | | | | -------------------------------------------------------------------------------- | Kokku lühiajalised kohustused | 1 602 964 | 822 535 | 102 448 | 52 569 | -------------------------------------------------------------------------------- | Pikaajalised kohustused | | | | | -------------------------------------------------------------------------------- | Pikaajalised võlakohustused | 981 194 | 1 453 504 | 62 710 | 92 896 | -------------------------------------------------------------------------------- | Sihtfinantseerimine | 2 386 | 11 455 | 152 | 732 | -------------------------------------------------------------------------------- | Muud pikaajalised võlad | 9 835 | 9 400 | 629 | 601 | -------------------------------------------------------------------------------- | Kokku pikaajalised kohustused | 993 415 | 1 474 359 | 63 491 | 94 229 | -------------------------------------------------------------------------------- | Kokku kohustused | 2 596 379 | 2 296 894 | 165 939 | 146 798 | -------------------------------------------------------------------------------- | OMAKAPITAL | | | | | -------------------------------------------------------------------------------- | Aktsiakapital nimiväärtuses | 2 786 204 | 2 786 204 | 178 071 | 178 071 | -------------------------------------------------------------------------------- | Kohustuslik reservkapital | 278 620 | 275 562 | 17 807 | 17 612 | -------------------------------------------------------------------------------- | Riskimaandamise reserv | -4 641 | 8 642 | -297 | 552 | -------------------------------------------------------------------------------- | Jaotamata kasum | 1 319 845 | 1 087 071 | 84 353 | 69 476 | -------------------------------------------------------------------------------- | Aruandeaasta kasum | 416 644 | 335 831 | 26 628 | 21 464 | -------------------------------------------------------------------------------- | Kokku omakapital | 4 796 672 | 4 493 310 | 306 562 | 287 175 | -------------------------------------------------------------------------------- | Kokku kohustused ja omakapital | 7 393 051 | 6 790 204 | 472 501 | 433 973 | -------------------------------------------------------------------------------- KONSOLIDEERITUD KASUMIARUANNE -------------------------------------------------------------------------------- | tuhandetes kroonides | 2008 | 2007 |1.07.2008- |1.07.2007- | | (auditeerimata) | | |31.12.2008 |31.12.2007 | -------------------------------------------------------------------------------- | Müügitulu | 1 168 968 | 1 162 445 | 553 571 | 509 955 | -------------------------------------------------------------------------------- | Muud äritulud | 82 726 | 30 174 | 65 117 | 24 640 | -------------------------------------------------------------------------------- | Tegevuskulud | -307 871 | -309 252 | -169 578 | -164 305 | -------------------------------------------------------------------------------- | Tööjõukulud | -176 371 | -176 025 | -105 865 | -106 157 | -------------------------------------------------------------------------------- | Põhivara kulum ja väärtuse | -232 363 | -204 296 | -130 029 | -105 102 | | langus | | | | | -------------------------------------------------------------------------------- | Muud ärikulud | -7 877 | -19 652 | -3 746 | -15 706 | -------------------------------------------------------------------------------- | ÄRIKASUM | 527 212 | 483 394 | 209 470 | 143 325 | -------------------------------------------------------------------------------- | Finantstulud ja -kulud | | | | | -------------------------------------------------------------------------------- | Finantstulud | 15 632 | 12 798 | 9 519 | 4 488 | -------------------------------------------------------------------------------- | Finantskulud | -101 221 | -76 645 | -55 632 | -40 401 | -------------------------------------------------------------------------------- | Kokku finantstulud ja | -85 589 | -63 847 | -46 113 | -35 913 | | -kulud | | | | | -------------------------------------------------------------------------------- | Kasum/kahjum | 1 603 | 899 | 702 | -145 | | kapitaliosaluse meetodil | | | | | | investeeringutelt | | | | | | ühisettevõtjasse | | | | | -------------------------------------------------------------------------------- | Kasum enne tulumaksustamist | 443 226 | 420 446 | 164 059 | 107 267 | -------------------------------------------------------------------------------- | Tulumaks | -26 582 | -84 615 | 0 | 0 | -------------------------------------------------------------------------------- | Aruandeaasta puhaskasum | 416 644 | 335 831 | 164 059 | 107 267 | -------------------------------------------------------------------------------- | Puhaskasum ja lahjendatud | 1,50 | 1,21 | 0,59 | 0,39 | | puhaskasum aktsia kohta | | | | | | (kroonides) | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | tuhandetes eurodes | 2008 | 2007 |1.07.2008- |1.07.2007- | | (auditeerimata) | | |31.12.2008 |31.12.2007 | -------------------------------------------------------------------------------- | Müügitulu | 74 711 | 74 294 | 35 380 | 32 592 | -------------------------------------------------------------------------------- | Muud äritulud | 5 287 | 1 929 | 4 162 | 1 575 | -------------------------------------------------------------------------------- | Tegevuskulud | -19 677 | -19 765 | -10 838 | -10 501 | -------------------------------------------------------------------------------- | Tööjõukulud | -11 272 | -11 250 | -6 766 | -6 785 | -------------------------------------------------------------------------------- | Põhivara kulum ja väärtuse | -14 851 | -13 057 | -8 310 | -6 717 | | langus | | | | | -------------------------------------------------------------------------------- | Muud ärikulud | -503 | -1 256 | -239 | -1 004 | -------------------------------------------------------------------------------- | ÄRIKASUM | 33 695 | 30 895 | 13 389 | 9 160 | -------------------------------------------------------------------------------- | Finantstulud ja -kulud | | | | | -------------------------------------------------------------------------------- | Finantstulud | 999 | 818 | 608 | 287 | -------------------------------------------------------------------------------- | Finantskulud | -6 469 | -4 899 | -3 556 | -2 582 | -------------------------------------------------------------------------------- | Kokku finantstulud ja | -5 470 | -4 081 | -2 948 | -2 295 | | -kulud | | | | | -------------------------------------------------------------------------------- | Kasum/kahjum | 102 | 58 | 45 | -9 | | kapitaliosaluse meetodil | | | | | | investeeringutelt | | | | | | ühisettevõtjasse | | | | | -------------------------------------------------------------------------------- | Kasum enne tulumaksustamist | 28 327 | 26 872 | 10 486 | 6 856 | -------------------------------------------------------------------------------- | Tulumaks | -1 699 | -5 408 | 0 | 0 | -------------------------------------------------------------------------------- | Aruandeaasta puhaskasum | 26 628 | 21 464 | 10 486 | 6 856 | -------------------------------------------------------------------------------- | Puhaskasum ja lahjendatud | 0,10 | 0,08 | 0,04 | 0,02 | | puhaskasum aktsia kohta | | | | | | (eurodes) | | | | | -------------------------------------------------------------------------------- Marko Raid Finantsjuht 6318047 Helen Hinno Turundusosakonna juhataja 6318066
Title
INTERIM REPORT 12 MONTHS 2008
Message
COMMENTS TO FINANCIAL RESULTS The comments have been prepared on the basis of consolidated financial indicators. The results of operations in 2008 were primarily impacted by sharp drop of Russia-originating cargo volume seen in mid-2007, which however stayed at a relatively stable level during the financial year, but nevertheless resulted in a decrease in cargo volume of 19% in total. As it is known, the decrease in cargo volume in 2007 started under the circumstances which were neither in the scope of influence of AS Tallinna Sadam nor related to the competitiveness of AS Tallinna Sadam. On the other hand, cargo volume reached the budgeted level, despite the impact of the global economic cool-down on some cargo groups. However, the number of passengers passing through the port reached a record level both in respect of line as well as cruise passengers. The factors which impacted the growth of the number of passengers included Estonia's joining the Schengen visa zone in December 2007, ongoing upgrading of line vessels together with special offers being made available to passengers, and with regard to cruise traffic, the Baltic Sea becoming one of the fastest growing cruise regions in the world. In 2008, the cargo volume passing through the ports of AS Tallinna Sadam decreased by 7 million tons (or 19%), to 29 million tons. The decrease was an aftermath to an steep drop that had occurred in mid-2007 subsequent to which the cargo volume has stayed at a relatively stable level. The decrease together with major changes occurred again in the volumes of bulk cargo and liquid cargo. The reason behind the decline in these cargo groups was primarily related to the continuing direction of cargo originating in Russia to Russia's own ports for the purpose of completely utilising their capacity. The volume of container and rolling stock primarily related to the development of consumption on the East Coast of the Baltic Sea and its hinterland did not change (except for new passenger cars, the volume of which decreased) and their share in the structure of cargo volume increased due to the decrease in the volumes of the largest cargo groups. By cargo types, liquid cargo made up 71%, bulk cargo 10%, rolling stock 12% and containers 5% of cargo volume (2007: 62%, 22%, 10% and 4%, respectively). With regard to cargo routes, transit made up 77%, exports 11% and imports 12% of cargo volume (2007: 82%, 8% and 10%, respectively). In 2008, the number of passengers travelling through the ports of AS Tallinna Sadam was record-breaking 7.25 million, increasing by almost 730 thousand passengers or 11% (2007: 6.51 million passengers and a decrease of 3.7%, respectively). The number of passengers exceeded the expected level in 2008 increasing primarily both with regard to line as well as cruise passengers, the latter also increased the most in relative terms. In absolute terms, the number of passengers increased the most on the largest Tallinn-Helsinki line, by 570 thousand passengers or 10%. The number of passengers on the second largest line Tallinn-Stockholm increased by 100 thousand passengers or 15%. In addition to a long season of high-speed crafts permitted by mild winter, the growth in the number of passengers was also fostered by Estonia's joining the Schengen visa zone at the end of 2007; once again, the addition of several new and larger passenger ships to the main lines and the effect of several marketing campaigns offered to passengers which made travelling easier and more convenient. The number of cruise passengers increased by 83 thousand passengers or 28% and reached a record-breaking level, 378 thousand passengers. The reputation of Baltic Sea region as a fast-growing region and the world's fastest growing cruise tourism region helped to increase the number of cruise passengers. In 2008, the consolidated revenue of AS Tallinna Sadam amounted to EEK 1,169 million (EUR 74.7 million), increasing by EEK 7 million (EUR 0.4 million) or 0.6% (2007: 1,162 million (EUR 74.3 million) and a decrease of 1.3%, respectively). Although there was almost no change in revenue, some changes occurred in the structure of income related to the changes in cargo volume and the number of passengers. The decrease in the cargo volume was accompanied by a decrease in income derived from cargo fees by EEK 26 million (EUR 1.7 million) or 16%, to EEK 138 million (EUR 8.8 million). However, growth in the number of passengers led to an increase in passenger fee revenue by EEK 20 million (EUR 1.3 million) or 16%, to EEK 148 million (EUR 9.4 million). Rental income increased by EEK 7 million (EUR 0.5 million) or 6%, to EEK 119 million (EUR 7.6 million). Revenue from port fees, directly related to the number of vessel calls and total capacity of vessels, did not change significantly, increasing by EEK 1 million (EUR 0.1 million) or 0.2%. The expenses related to main operations (operating expenses, personnel expenses, and depreciation and impairment expense) totalled EEK 717 million (EUR 45.8 million), increasing by EEK 27 million (EUR 1.7 million) or 4% in a year. Growth of expenses was primarily related to depreciation and impairment expense that increased by EEK 28 million (EUR 1.8 million) or 14% due to higher depreciation cost related to growth of assets as well as expensing non-feasible development projects. The operating profit for 2008 (operating profit before other operating income and other operating expenses) was EEK 452 million (EUR 28.9 million), representing a decline of the operating profit by EEK 20.5 million (EUR 1.3 million) or 4% as compared to 2007. Therefore, the efficiency of operations of AS Tallinna Sadam, expressed as an operating margin (operating profit divided by sales revenue) fell from 40.7% to 38.7% in 2008. In 2008, the Group's net profit was EEK 417 million (EUR 26.6 million), which is EEK 81 million (EUR 5.2 million) higher than in 2007. By adjusting the net profit for 2008 by the amount of the income tax expense on dividends in the amount of EEK 26.6 million (EUR 1.7 million) and the profit from sale of non-current assets in the amount of EEK 16 million (EUR 1 million), the adjusted net profit equals EEK 427 million (EUR 27.3 million). By adjusting the net profit for 2007 by the income tax expense on dividends in the amount of EEK 84.6 million (EUR 5.4 million), the adjusted net profit is EEK 420 million (EUR 26.9 million). The growth of the adjusted net profit was related to the increase of the income derived from contractual penalties included within other operating income on the one hand and the co-effect of the cost of depreciation and impairment and growth of the financing expense on the other. The return on assets of AS Tallinna Sadam (net profit divided by the annual average volume of assets) was 5.9% which is slightly more than in 2007. However, the return on assets determined using the adjusted net profit fell in 2008, to 6.0%. This represents the lowest return on assets over the last five years. However, the declining trend was partially expected, based on the growth in assets as a result of long-term and large-scale investments, the related income of which will be earned in future periods. The decline in the return was impacted by decline in cargo volume which reduced the impact of the growth of other income. In 2008, the return on equity of AS Tallinna Sadam (adjusted net profit divided by the average annual volume of equity) was 9.2%. This also represented a slight decline in the return as compared to the return of 9.4% of the previous year (which is also based on adjusted net profit). As compared to a larger decline in the return on assets, the return on equity was somewhat maintained due to a change in capital structure as the share of debt increased slightly. The decline in the return on equity was primarily related to a decline of profitability of the main operations. In 2008, the Group invested a total of EEK 560 million (EUR 35.8 million) in new infrastructure objects and improvement of existing infrastructure assets, representing a decline by EEK 293 million (EUR 18.7 million) and somewhat smaller volume than budgeted. Most of the investments were made to build new quays and the hinterland area, totalling EEK 360 million (EUR 23.0 million) or almost 2/3 of the total volume of investments. Construction of quays for handling bulk cargo at Paldiski South Harbour and the quay and hinterland area for container cargo at Muuga Port were launched. The investments related to other water transportation structures (quays and aquatory) totalled EEK 67 million (EUR 4.3 million) or 12% of the total volume of investments. A total of EEK 91 million (EUR 5.8 million) was invested in buildings, structures and servicing, EEK 15 million (EUR 1.0 million) in railway runways, EEK 27 million (EUR 1.7 million) in necessary networks of utility services and for increasing the supply security of these services. CONSOLIDATED BALANCE SHEET -------------------------------------------------------------------------------- | in thousands of (unaudited) | EEK | EEK | EUR | EUR | -------------------------------------------------------------------------------- | as at 31 December | 2008 | 2007 | 2008 | 2007 | -------------------------------------------------------------------------------- | ASSETS | | | | | -------------------------------------------------------------------------------- | Current assets | | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents | 217 406 | 269 641 | 13 895 | 17 233 | -------------------------------------------------------------------------------- | Term deposits with | 193 000 | 0 | 12 335 | 0 | | maturities greater than 3 | | | | | | months at banks | | | | | -------------------------------------------------------------------------------- | Available-for-sale | 2 855 | 2 855 | 182 | 182 | | financial assets | | | | | -------------------------------------------------------------------------------- | Derivatives | 2 776 | 11 427 | 177 | 730 | -------------------------------------------------------------------------------- | Trade and other receivables | 190 113 | 110 880 | 12 150 | 7 087 | -------------------------------------------------------------------------------- | Total current assets | 606 150 | 394 803 | 38 739 | 25 232 | -------------------------------------------------------------------------------- | Non-current assets | | | | | -------------------------------------------------------------------------------- | Investments in joint | 4 276 | 2 673 | 273 | 171 | | venture | | | | | -------------------------------------------------------------------------------- | Other long-term receivables | 4 453 | 6 959 | 285 | 445 | -------------------------------------------------------------------------------- | Property, plant and | 6 777 456 | 6 385 769 | 433 158 | 408 125 | | equipment | | | | | -------------------------------------------------------------------------------- | Intangible assets | 716 | 0 | 46 | 0 | -------------------------------------------------------------------------------- | Total non-current assets | 6 786 901 | 6 395 401 | 433 762 | 408 741 | -------------------------------------------------------------------------------- | Total assets | 7 393 051 | 6 790 204 | 472 501 | 433 973 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | LIABILITIES | | | | | -------------------------------------------------------------------------------- | Current liabilities | | | | | -------------------------------------------------------------------------------- | Current portion of bonds | 1 342 261 | 608 435 | 85 786 | 38 886 | | and long-term loans | | | | | -------------------------------------------------------------------------------- | Derivatives | 9 242 | 0 | 591 | 0 | -------------------------------------------------------------------------------- | Short-term provisions | 20 511 | 18 910 | 1 311 | 1 208 | -------------------------------------------------------------------------------- | Trade and other payables | 230 950 | 195 190 | 14 760 | 12 475 | -------------------------------------------------------------------------------- | Total current liabilities | 1 602 964 | 822 535 | 102 448 | 52 569 | -------------------------------------------------------------------------------- | Non-current liabilities | | | | | -------------------------------------------------------------------------------- | Long-term borrowings | 981 194 | 1 453 504 | 62 710 | 92 896 | -------------------------------------------------------------------------------- | Government grants | 2 386 | 11 455 | 152 | 732 | -------------------------------------------------------------------------------- | Other long-term payables | 9 835 | 9 400 | 629 | 601 | -------------------------------------------------------------------------------- | Total non-current | 993 415 | 1 474 359 | 63 491 | 94 229 | | liabilities | | | | | -------------------------------------------------------------------------------- | Total liabilities | 2 596 379 | 2 296 894 | 165 939 | 146 798 | -------------------------------------------------------------------------------- | EQUITY | | | | | -------------------------------------------------------------------------------- | Share capital at nominal | 2 786 204 | 2 786 204 | 178 071 | 178 071 | | value | | | | | -------------------------------------------------------------------------------- | Statutory reserve capital | 278 620 | 275 562 | 17 807 | 17 612 | -------------------------------------------------------------------------------- | Hedge reserve | -4 641 | 8 642 | -297 | 552 | -------------------------------------------------------------------------------- | Retained earnings | 1 319 845 | 1 087 071 | 84 353 | 69 476 | -------------------------------------------------------------------------------- | Net profit for the | 416 644 | 335 831 | 26 628 | 21 464 | | financial year | | | | | -------------------------------------------------------------------------------- | Total equity | 4 796 672 | 4 493 310 | 306 562 | 287 175 | -------------------------------------------------------------------------------- | Total liabilities and | 7 393 051 | 6 790 204 | 472 501 | 433 973 | | equity | | | | | -------------------------------------------------------------------------------- CONSOLIDATED INCOME STATEMENT -------------------------------------------------------------------------------- | in thousands of EEK | 2008 | 2007 | 01.07.2008- | 01.07.2007- | | (unaudited) | | | 31.12.2008 | 31.12.2007 | -------------------------------------------------------------------------------- | Sales |1 168 968 |1 162 445 | 553 571 | 509 955 | -------------------------------------------------------------------------------- | Other income | 82 726 | 30 174 | 65 117 | 24 640 | -------------------------------------------------------------------------------- | Operating expenses | -307 871 | -309 252 | -169 578 | -164 305 | -------------------------------------------------------------------------------- | Personnel expenses | -176 371 | -176 025 | -105 865 | -106 157 | -------------------------------------------------------------------------------- | Depreciation and | -232 363 | -204 296 | -130 029 | -105 102 | | impairment | | | | | -------------------------------------------------------------------------------- | Other expenses | -7 877 | -19 652 | -3 746 | -15 706 | -------------------------------------------------------------------------------- | Operating profit | 527 212 | 483 394 | 209 470 | 143 325 | -------------------------------------------------------------------------------- | Finance income and costs | | | | | -------------------------------------------------------------------------------- | Finance income | 15 632 | 12 798 | 9 519 | 4 488 | -------------------------------------------------------------------------------- | Finance costs | -101 221 | -76 645 | -55 632 | -40 401 | -------------------------------------------------------------------------------- | Total finance income and | -85 589 | -63 847 | -46 113 | -35 913 | | costs | | | | | -------------------------------------------------------------------------------- | Profit/loss from | 1 603 | 899 | 702 | -145 | | investments in joint | | | | | | venture under eguity | | | | | | method of accounting | | | | | -------------------------------------------------------------------------------- | Profit before tax | 443 226 | 420 446 | 164 059 | 107 267 | -------------------------------------------------------------------------------- | Income tax expense | -26 582 | -84 615 | 0 | 0 | -------------------------------------------------------------------------------- | Net profit for the period | 416 644 | 335 831 | 164 059 | 107 267 | -------------------------------------------------------------------------------- | Basic earnings and diluted | 1,50 | 1,21 | 0,59 | 0,39 | | earnings per share (in | | | | | | kroons) | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | in thousands of EUR | 2008 | 2007 | 01.07.2008- | 01.07.2007- | | (unaudited) | | | 31.12.2008 | 31.12.2007 | -------------------------------------------------------------------------------- | Sales | 74 711 | 74 294 | 35 380 | 32 592 | -------------------------------------------------------------------------------- | Other income | 5 287 | 1 929 | 4 162 | 1 575 | -------------------------------------------------------------------------------- | Operating expenses | -19 677 | -19 765 | -10 838 | -10 501 | -------------------------------------------------------------------------------- | Personnel expenses | -11 272 | -11 250 | -6 766 | -6 785 | -------------------------------------------------------------------------------- | Depreciation and | -14 851 | -13 057 | -8 310 | -6 717 | | impairment | | | | | -------------------------------------------------------------------------------- | Other expenses | -503 | -1 256 | -239 | -1 004 | -------------------------------------------------------------------------------- | Operating profit | 33 695 | 30 895 | 13 389 | 9 160 | -------------------------------------------------------------------------------- | Finance income and costs | | | | | -------------------------------------------------------------------------------- | Finance income | 999 | 818 | 608 | 287 | -------------------------------------------------------------------------------- | Finance costs | -6 469 | -4 899 | -3 556 | -2 582 | -------------------------------------------------------------------------------- | Total finance income and | -5 470 | -4 081 | -2 948 | -2 295 | | costs | | | | | -------------------------------------------------------------------------------- | Profit/loss from | 102 | 58 | 45 | -9 | | investments in joint | | | | | | venture under eguity | | | | | | method of accounting | | | | | -------------------------------------------------------------------------------- | Profit before tax | 28 327 | 26 872 | 10 486 | 6 856 | -------------------------------------------------------------------------------- | Income tax expense | -1 699 | -5 408 | 0 | 0 | -------------------------------------------------------------------------------- | Net profit for the period | 26 628 | 21 464 | 10 486 | 6 856 | -------------------------------------------------------------------------------- | Basic earnings and diluted | 0,10 | 0,08 | 0,04 | 0,02 | | earnings per share (in | | | | | | kroons) | | | | | -------------------------------------------------------------------------------- Marko Raid Chief Financial Officer +372 6318047 Helen Hinno Head of Marketing Department +372 6318066