Market announcement
AS TALLINNA SADAM
LEI code
25490093MDYISEP1Y539
Size of the entity
Large group
Economic activities
Electricity, Gas, Steam and Air Conditioning Supply, Transportation and Storage
Country of registered office
Estonia
General information
Categories
Management interim statement or quarterly financial report
Unique data record identifier
6834
Attachments
Submission date and time
15.08.2018 09:11:46
Content of announcement in Estonian
Title
ASi Tallinna Sadam 2018. aasta II kvartali ja 6 kuu majandustulemused
Message
2018. aasta II kvartalis ja ka esimesel poolaastal kokku kasvasid nii
teenindatud kauba maht kui reisijate arv ning kasvas ka müügitulu, moodustades
II kvartalis 32,8 mln eurot ja esimeses poolaastas kokku 62,2 mln eurot.
Korrigeeritud EBITDA oli stabiilne, kasvades II kvartalis 3,6% 17,9 mln euroni,
puhaskasum aga vähenes 13,8 mln euro võrra. II kvartali ja esimese poolaasta
kahjum on põhjustatud 2018. aasta aprillis otsustatud rekordilise dividendiga
(105 mln eurot) seoses tekkinud tulumaksukulu (26,3 mln eurot) mõjust, mis oli
planeeritud. Juhatuse hinnangul saavutab kontsern 2018. aastaks seatud
kasumieesmärgi ning suudab 2019. aastal maksta dividende vastavalt kehtivale
dividendipoliitikale ehk vähemalt 30 mln eurot.
II kvartali tulemusi mõjutasid enim järgmised trendid:
* Üldine reisijate arvu kasv, samas vähenes reisijate arv Tallinn-Helsingi
liinil 1% võrra
* Vedellasti mahtude stabiliseerumine
* Kaubasadamate segmendis langes müügitulu tonni kohta
* Reisiparvlaevade segmendis reisijate arvu kasv ning lisalaev suveperioodil
Saaremaa liinil
* M/L Botnica prahilepingu sõlmimine suveperioodideks, mõju finantstulemustele
avaldub alates 2018. aasta III kvartalist.
Peamised finantsnäitajad (mln EUR):
II kv II kv +/- 6 kuud 6 kuud +/-
2018 2017 2018 2017
-------------------------------------------------------------------------
Müügitulu 32,8 31,7 3,4% 62,2 61,5 1,1%
Korrigeeritud EBITDA 17,9 17,3 3,6% 35,5 36,5 -2,7%
Korrigeeritud EBITDA marginaal 54,8% 54,7% -0,1 57,2% 59,4% 2,2
Ärikasum 12,6 12,3 2,9% 25,0 27,0 -7,5%
Tulumaks -26,3 -12,0 118,8% -26,3 -12,0 118,8%
Perioodi kasum/kahjum -14,1 -0,3 4301,3% -2,3 14,0 -116,1%
Investeeringud 3,3 9,2 -64,4% 5,2 24,5 -78,8%
30.06.2018 30.06.2017 +/-
--------------------------------------------------------------------
Varade maht 656,4 651,9 0,7%
Intressi kandvad võlakohustused 228,4 241,4 -5,4%
Muud kohustused 87,1 93,6 -7,0%
Omakapital 340,9 316,9 7,6%
Aktsiate arv 263,0 185,2 42,0%
Müügitulu
Müügitulu kasvas 2018. aasta II kvartalis 1,1 mln euro ehk 3% võrra, mis viis
kasvule ka kontserni esimese poolaasta müügitulu, mis kasvas 0,7 mln euro ehk
1% võrra 62,2 mln euroni. Enim kasvas müügitulu II kvartalis reisiparvlaevade
segmendis (0,8 mln euro võrra ehk 11,8%) seoses suveperioodiks lisandunud
täiendava reisiparvlaeva ja reisidega.
Reisisadamate segmendi müügitulu vähenemise tingis 2017. aasta kõrgem keskmine
tasumäär laevatasude puhul ja laeva M/L Sea Wind üleviimine Vanasadamast Muuga
sadamasse 2017. aasta oktoobris.
Kaubasadamate segmendi müügitulu vähenes esimesel poolaastal peamiselt kaubatasu
ja renditulu (peamiselt endise Muuga söeterminali ala renditulu) vähenemise
mõjul.
Segmendi "muud" müügitulu suurenemine tulenes M/L Botnica prahitasu määra
indekseerimisest.
EBITDA
Segmentide põhiselt kasvas korrigeeritud EBITDA reisiparvlaevade segmendis ning
vähenes teiste segmentide puhul nii esimese poolaasta kui II kvartali põhiselt.
Kasv reisiparvlaevade segmendis ületas II kvartalis teiste segmentide vähenemise
mõju, kuid poolaasta arvestuses jäi vähenemiste mõju suuremaks. Esimese
poolaasta korrigeeritud EBITDA marginaal tõusis oodatult reisiparvlaevade puhul
31,5%lt 42,1%ni ning langes teiste segmentide puhul, mis viis ka kontserni
marginaali 59,4%lt 57,2%le. II kvartali marginaali muutused olid segmentide
põhiselt samasuunalised, kuid kontserni tasemel marginaal veidi tõusis eelmise
aasta II kvartali suhtes.
Puhaskasum
Seoses rekordilises summas (105 mln eurot) dividendide väljakuulutamisega 2018.
aasta II kvartalis, võrrelduna 48 mln euroga 2017. aastal, kasvas tulumaksukulu
14,3 mln euro võrra 26,3 mln euroni, mille mõjul jäi kontserni poolaasta
tulemuseks kahjum summas 2,3 mln eurot. II kvartali tulemuseks oli kahjum summas
14,1 mln eurot, võrrelduna eelneva aasta võrdlusperioodi kahjumiga summas 0,3
mln eurot. Juhatuse hinnangul saavutab kontsern 2018. aastaks seatud
kasumieesmärgi ning kõrvalekaldeid kehtiva dividendipoliitika järgimises ei
teki.
Investeeringud
2018. aasta II kvartali investeeringute summaks kujunes 3,3 mln eurot, esimesel
poolaastal kokku tegi kontsern investeeringuid summas 5,2 mln eurot. 2017. aasta
esimesel poolaastal tehti investeeringuid summas 24,5 mln eurot, millest aga
ligi 20 mln eurot oli seotud uute reisiparvlaevade ehitusega. 2018. aasta
esimesel poolaastal olid investeeringud peamiselt seotud Vanasadama liiklusalade
rekonstrueerimise ja automaatsete liikluse juhtimissüsteemide kasutuselevõtuga
ning Botnica viie-aasta dokitööde läbiviimisega.
Lühendatud konsolideeritud finantsseisundi aruanne:
tuhandetes eurodes 30.06.2018 31.12.2017
----------------------------------------------------------------
VARAD
Käibevara
Raha ja raha ekvivalendid 68 404 6 954
Nõuded ostjate vastu ja muud nõuded 10 137 9 271
Lepingulised nõuded 419 0
Varud 407 301
Käibevara kokku 79 367 16 526
----------------------------------------------------------------
Põhivara
Investeeringud ühisettevõtjatesse 1 126 1 256
Muud pikaajalised nõuded 198 272
Materiaalne põhivara 573 657 577 125
Immateriaalne põhivara 2 058 1 958
Põhivara kokku 577 039 580 611
----------------------------------------------------------------
Varad kokku 656 406 597 137
----------------------------------------------------------------
KOHUSTISED
Lühiajalised kohustised
Võlakohustised 18 172 21 989
Tuletisinstrumendid 511 609
Võlad omanikele 20 000 0
Eraldised 1 027 1 503
Sihtfinantseerimine 53 303
Maksuvõlad 21 931 698
Võlad tarnijatele ja muud võlad 15 116 7 777
Lepingulised kohustised 3 860 33
Lühiajalised kohustised kokku 80 671 32 912
----------------------------------------------------------------
Pikaajalised kohustised
Võlakohustised 210 228 213 611
Sihtfinantseerimine 23 607 23 826
Muud võlad 64 64
Lepingulised kohustised 928 932
Pikaajalised kohustised kokku 234 827 238 433
----------------------------------------------------------------
Kohustised kokku 315 498 271 345
----------------------------------------------------------------
OMAKAPITAL
Aktsiakapital nimiväärtuses 263 000 185 203
Ülekurss 44 477 0
Kohustuslik reservkapital 18 520 18 520
Riskimaandamise reserv -511 -609
Jaotamata kasum 15 422 122 678
Omakapital kokku 340 908 325 792
----------------------------------------------------------------
Kohustised ja omakapital kokku 656 406 597 137
----------------------------------------------------------------
Lühendatud konsolideeritud kasumi- ja muu koondkasumi aruanne:
6kuud 6kuud
tuhandetes eurodes II kv 2018 II kv 2017 2018 2017
---------------------------------------------------------------------------
Müügitulu 32 752 31 662 62 166 61 513
Muud tulud 241 238 444 4 135
Tegevuskulud -10 004 -9 948 -17 587 -20 110
Tööjõukulud -4 782 -4 483 -8 972 -8 541
Põhivara kulum ja väärtuse langus -5 546 -5 176 -10 949 -9 726
Muud kulud -50 -39 -152 -290
Ärikasum 12 611 12 254 24 950 26 981
---------------------------------------------------------------------------
Finantstulud ja -kulud
Finantstulud 8 14 8 18
Finantskulud -527 -613 -1 038 -1 088
Finantstulud ja -kulud kokku -519 -599 -1 030 -1 070
---------------------------------------------------------------------------
Kapitaliosaluse meetodil arvestatud
kasum/kahjum investeeringutelt
ühisettevõtjasse 74 25 74 76
Kasum enne tulumaksustamist 12 166 11 680 23 994 25 987
---------------------------------------------------------------------------
Tulumaks -26 250 -12 000 -26 250 -12 000
Perioodi kasum/kahjum -14 084 -320 -2 256 13 987
---------------------------------------------------------------------------
sh emaettevõtja omanike osa
perioodi kasumist/kahjumist -14 084 -320 -2 256 13 987
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Tava ja lahjendatud puhaskasum
/-kahjum aktsia kohta (eurodes) -0,07 0,00 -0,01 0,08
Tava ja lahjendatud puhaskasum
/-kahjum aktsia kohta
- jätkuvad tegevused (eurodes) -0,07 0,00 -0,01 0,08
---------------------------------------------------------------------------
6kuud 6kuud
tuhandetes eurodes II kv 2018 II kv 2017 2018 2017
-------------------------------------------------------------------------------
Perioodi kasum/kahjum -14 084 -320 -2 256 13 987
Muu koondkasum
Kirjed, mida võidakse tulevikus
ümber liigitada kasumisse või kahjumisse:
Kasum rahavoogude riskimaandamis-
Instrumentide õiglase väärtuse
muutusest (neto) 33 107 98 276
Muu koondkasum kokku 33 107 98 276
Perioodi koondkasum/-kahjum kokku -14 051 -213 -2 158 14 263
-------------------------------------------------------------------------------
sh emaettevõtja omanike osa
koondkasumist/-kahjumist -14 051 -213 -2 158 14 263
-------------------------------------------------------------------------------
Lühendatud konsolideeritud rahavoogude aruanne:
6 kuud 6 kuud
tuhandetes eurodes 2018 2017
-------------------------------------------------------------------------
Kaupade või teenuste müügist laekunud raha 67 535 67 309
Muude tulude eest laekunud raha 56 433
Maksed tarnijatele -20 676 -22 976
Maksed töötajatele ja töötajate eest -8 019 -7 631
Maksed muude kulude eest -185 -677
Makstud tulumaks dividendidelt 0 -8 657
Äritegevusest laekunud raha 38 711 27 801
-------------------------------------------------------------------------
Materiaalse põhivara soetamine -5 908 -15 854
Immateriaalse põhivara soetamine -385 -362
Materiaalse põhivara müük 0 501
Saadud intressid 2 8
Investeerimistegevuses kasutatud raha -6 291 -15 707
-------------------------------------------------------------------------
Aktsiakapitali sissemaksed 122 287 0
Võlakirjade lunastamine -1 250 -1 250
Saadud laenude tagasimaksed -3 383 -3 383
Arvelduskrediidi (kohustis) muutus -2 566 0
Kapitalirendi põhiosa tagasimaksed -1 -1
Makstud dividendid -85 000 0
Makstud intressid -1 020 -1 239
Muud finantseerimistegevusest tulenevad maksed -37 -1
Finantseerimistegevuses(t) laekunud/kasutatud raha 29 030 -5 874
-------------------------------------------------------------------------
RAHAVOOG KOKKU 61 450 6 220
-------------------------------------------------------------------------
Raha ja raha ekvivalendid perioodi alguses 6 954 49 918
Raha ja raha ekvivalentide muutus 61 450 6 220
Raha ja raha ekvivalendid perioodi lõpus 68 404 56 138
-------------------------------------------------------------------------
Tallinna Sadamale kuulub üks Läänemere suurimaid kauba- ja reisisadamate
komplekse, mida läbis 2017. a 10,6 miljonit reisijat ja 19,2 miljonit tonni
kaupa. 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 M/L Botnica jäämurde ja konstruktsioonilaeva
teenust Eestis ja offshore projektides. Tallinna Sadama gruppi kuulub ka
jäätmekäitlusega tegelev ühisettevõte AS Green Marine. Kontserni 2017. a
müügitulu oli 121,3 miljonit eurot, korrigeeritud EBITDA 66,5 miljonit eurot
ning puhaskasum 26,4 miljonit eurot.
Marko Raid
Finantsjuht / juhatuse liige
Lisainfo:
Marju Zirel
Investorsuhete juht
[email protected] (mailto:[email protected])
Manus
Content of announcement in English
Title
AS Tallinna Sadam financial results for 2018 2nd quarter and 6 months
Message
In the second quarter and first half of 2018, the volume of cargo handled and
the number of passengers served increased as did the Group's revenue, forming
EUR 32.8 million in the second quarter and EUR 62.2 million in the first half of
2018. The adjusted EBITDA was stable, increasing 3.6% to EUR 17.9 million in the
second quarter, but the profit for the period decreased by EUR 13.8 million. The
loss in the second quarter and first half of the year was caused by the impact
of the anticipated income tax expense (EUR 26.3 million) on the record high
dividend amount (EUR 105 million), which was announced in April 2018. Based on
the management's estimates, the Group shall achieve the profit target set for
2018 and will be capable of paying dividends in 2019 in accordance with the set
dividend policy, i.e. at least EUR 30 million.
The results of the second quarter were mainly driven by the following trends:
* The overall increase in passenger numbers, while the number of passengers on
the Tallinn-Helsinki route decreased by 1%
* Stabilisation of the liquid bulk volumes
* In the cargo harbours segment the revenue per ton declined
* In the ferry segment the increase in the number of passengers and an
additional ferry during the summer period on Saaremaa line
* Signing of the M/V Botnica chartering agreement for summer periods, impact
on the financial results will start from the third quarter of 2018.
Key figures (in million EUR):
Q2 Q2 +/- 6 months 6 months +/-
2018 2017 2018 2017
-------------------------------------------------------------------------
Revenue 32.8 31.7 3.4% 62.2 61.5 1.1%
Adjusted EBITDA 17.9 17.3 3.6% 35.5 36.5 -2.7%
Adjusted EBITDA margin 54.8% 54.7% -0.1 57.2% 59.4% 2.2
Operating profit 12.6 12.3 2.9% 25.0 27.0 -7.5%
Income tax -26.3 -12.0 118.8% -26.3 -12.0 118.8%
Profit/loss for the period -14.1 -0.3 4301.3% -2.3 14.0 -116.1%
Investments 3.3 9.2 -64.4% 5.2 24.5 -78.8%
30.06.2018 30.06.2017 +/-
Total assets 656.4 651.9 0.7%
Interest bearing debt 228.4 241.4 -5.4%
Other liabilities 87.1 93.6 -7.0%
Equity 340.9 316.9 7.6%
Number of shares 263.0 185.2 42.0%
Revenue
Revenue grew in second quarter by EUR 1.1 million, i.e. 3%, triggering a rise in
the half-year revenue, which grew by EUR 0.7 million, i.e. 1% year on year, to
EUR 62.2 million. In the second quarter the revenue grew the most in the ferry
segment (by EUR 0.8 million, i.e. 11.8%) due to the additional ferry and trips
added for the summer period.
In the passenger harbours' segment the half-year revenue decreased because in
2017 the average rate of vessel dues was higher and in October 2017 M/V Sea Wind
was transferred from the Old City Harbour to Muuga Harbour.
In the cargo harbours' segment the half-year revenue decreased, mainly due to a
decline in cargo charges and rental income (primarily rental income from the
former Muuga coal terminal area).
In the segment "other" the revenue grew due to the indexation of the charter fee
rate for M/V Botnica.
EBITDA
Both in the first half and second quarter of 2018, adjusted EBITDA grew in the
ferry segment and decreased in other segments (year on year). In the second
quarter adjusted EBITDA growth in the ferry segment exceeded the decreases in
other segments but in the first half-year the impact of decreases proved
stronger. In the ferry segment, the adjusted EBITDA margin for the first half-
year improved as expected, rising from 31.5% to 42.1%, while in other segments
the margins decreased. As a result, the Group's margin dropped from 59.4% to
57.2%. The changes in the segments' second-quarter margins were mostly of the
same nature but the Group's margin rose slightly compared with the second
quarter of 2017.
Net profit
In connection with the declaration of a record dividend of EUR 105 million in
the second quarter of 2018 compared with EUR 48 million in 2017, income tax
expense increased by EUR 14.3 million to EUR 26.3 million, which resulted in a
loss of EUR 2.3 for the first half of 2018. The net result for the second
quarter was a loss of EUR 14.1 million compared with a loss of EUR 0.3 million
for the second quarter of 2017. According to the management estimates, the Group
shall achieve the profit target set for the 2018 and there will be no deviations
from the dividend policy.
Investments
Investments made in the second quarter totaled EUR 3.3 million, in the first
half of 2018 the Group made investments of EUR 5.2 million. In 2017 half-year
the investments totaled EUR 24.5 million of which around EUR 20 million was
related to the construction of new ferries. In the first half of 2018, the
largest investments were made in the reconstruction of traffic areas and the
implementation of automated traffic control systems at the Old City Harbour and
the dry docking of M/V Botnica which is carried out every five years.
Interim condensed consolidated statement of financial position:
In thousands of euros 30 June 2018 31 December 2017
---------------------------------------------------------------------
ASSETS
Current assets
Cash and cash equivalents 68,404 6,954
Trade and other receivables 10,137 9,271
Contract assets 419 0
Inventories 407 301
Total current assets 79,367 16,526
---------------------------------------------------------------------
Non-current assets
Investments in joint ventures 1,126 1,256
Other long-term receivables 198 272
Property, plant and equipment 573,657 577,125
Intangible assets 2,058 1,958
Total non-current assets 577,039 580,611
---------------------------------------------------------------------
Total assets 656,406 597,137
---------------------------------------------------------------------
LIABILITIES
Current liabilities
Loans and borrowings 18,172 21,989
Derivative financial instruments 511 609
Payables to owners 20,000 0
Provisions 1,027 1,503
Government grants 53 303
Taxes payable 21,931 698
Trade and other payables 15,116 7,777
Contract liabilities 3,860 33
Total current liabilities 80,671 32,912
---------------------------------------------------------------------
Non-current liabilities
Loans and borrowings 210,228 213,611
Government grants 23,607 23,826
Other payables 64 64
Contract liabilities 928 932
Total non-current liabilities 234,827 238,433
---------------------------------------------------------------------
Total liabilities 315,498 271,345
---------------------------------------------------------------------
EQUITY
Share capital at par value 263,000 185,203
Share premium 44,477 0
Statutory capital reserve 18,520 18,520
Hedge reserve -511 -609
Retained earnings 15,422 122,678
Total equity 340,908 325,792
---------------------------------------------------------------------
Total liabilities and equity 656,406 597,137
---------------------------------------------------------------------
Interim condensed consolidated statement of profit or loss ans other
comprehensive income:
In thousands of euros Q2 2018 Q2 2017 6 months 2018 6 months 2017
-------------------------------------------------------------------------
Revenue 32,752 31,662 62,166 61,513
Other income 241 238 444 4,135
Operating expenses -10,004 -9,948 -17,587 -20,110
Personnel expenses -4,782 -4,483 -8,972 -8,541
Depreciation, amortisation
and impairment -5,546 -5,176 -10,949 -9,726
Other expenses -50 -39 -152 -290
Operating profit 12,611 12,254 24,950 26,981
-------------------------------------------------------------------------
Finance income and costs
Finance income 8 14 8 18
Finance costs -527 -613 -1,038 -1,088
Finance costs - net -519 -599 -1,030 -1,070
-------------------------------------------------------------------------
Share of profit of
a joint venture accounted
for under the equity method 74 25 74 76
Profit before income tax 12,166 11,680 23,994 25,987
-------------------------------------------------------------------------
Income tax -26,250 -12,000 -26,250 -12,000
Profit/loss for the period -14,084 -320 -2,256 13,987
-------------------------------------------------------------------------
Of which attributable
to owners of the Parent -14,084 -320 -2,256 13,987
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Basic and diluted earnings
per share (in euros) -0.07 0.00 -0.01 0.08
Basic and diluted earnings
per share - continuing
operations (in euros) -0.07 0.00 -0.01 0.08
-------------------------------------------------------------------------
In thousands of euros Q2 2018 Q2 2017 6 months 2018 6 months 2017
-----------------------------------------------------------------------------
Profit/loss for the period -14,084 -320 -2,256 13,987
Other comprehensive income
Items that may be reclassified
subsequently to profit or loss:
Net fair value gain on
hedging instruments in
cash flow hedges 33 107 98 276
Total other
comprehensive income 33 107 98 276
Total comprehensive income/
expense for the period -14,051 -213 -2,158 14,263
-----------------------------------------------------------------------------
Of which attributable
to owners of the Parent -14,051 -213 -2,158 14,263
-----------------------------------------------------------------------------
Interim condensed consolidated statement of cash flows:
In thousands of euros 6 months 2018 6 months 2017
----------------------------------------------------------------------
Cash receipts from sale
of goods and services 67,535 67,309
Cash receipts related to
other income 56 433
Payments to suppliers -20,676 -22,976
Payments to and on
behalf of employees -8,019 -7,631
Payments for other expenses -185 -677
Income tax paid on dividends 0 -8,657
Cash from operating activities 38,711 27,801
----------------------------------------------------------------------
Purchases of property,
plant and equipment -5,908 -15,854
Purchases of intangible assets -385 -362
Proceeds from sale of
property, plant and equipment 0 501
Interest received 2 8
Cash used in investing activities -6,291 -15,707
----------------------------------------------------------------------
Contributions to share capital 122,287 0
Redemption of debt securities -1,250 -1,250
Repayments of loans received -3,383 -3,383
Change in overdraft (liability) -2,566 0
Repayments of finance
lease principal -1 -1
Dividends paid -85,000 0
Interest paid -1,020 -1,239
Other payments related to
financing activities -37 -1
Cash from/used in
financing activities 29,030 -5,874
----------------------------------------------------------------------
NET CASH FLOW 61,450 6,220
----------------------------------------------------------------------
Cash and cash equivalents
at beginning of the period 6,954 49,918
Change in cash and cash equivalents 61,450 6,220
Cash and cash equivalents
at end of the period 68,404 56,138
----------------------------------------------------------------------
Tallinna Sadam is one of the largest cargo- and passenger port complexes in the
Baltic Sea region, which in 2017 serviced 10.6 million passengers and 19.2
million tons of cargo. 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 m/v Botnica for
icebreaking and construction services in Estonia and offshore projects abroad.
Tallinna Sadam group is also a shareholder of a joint venture AS Green Marine,
which provides waste management services. Tallinna Sadam group's sales in 2017
totaled EUR 121.3 million, adjusted EBITDA EUR 66.5 million and net profit EUR
26.4 million.
Marko Raid
CFO, Member of the Management Board
Additional information:
Marju Zirel
Head of Investor Relations
[email protected] (mailto:[email protected])
Attachment