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
7292
Attachments
Submission date and time
17.05.2019 09:00:00
Content of announcement in Estonian
Title
ASi Tallinna Sadam 2019. a I kvartali majandustulemused
Message
Tallinna Sadama grupi 2019. a I kvartali müügitulu moodustas 28,5 mln eurot vähenedes võrreldes eelmise aasta sama perioodiga 3,0%. Kontserni korrigeeritud EBITDA oli I kvartalis 16,9 miljonit eurot, mis langes aasta varasemaga võrreldes 4,2%. Puhaskasum vähenes esimeste kvartalite võrdluses 0,8 miljoni euro võrra 11,0 miljoni euroni. Tallinna Sadama juhatuse esimehe Valdo Kalmu sõnul mõjutasid I kvartali tulemust enim reisilaevade plaanilised hooldustööd, mille tulemusena olid laevad liinilt ajutiselt eemal ning vähenes nii laevakülastuste kui reisijate arv, ro-ro kaupade maht ja reisisadamate müügitulu. ?Vastavalt rahvusvahelistele merendusregulatsioonidele peavad kõik reisilaevad läbima korrapäraseid hooldusi ja käima dokis. Hoolduste tõttu olid liinilt eemal nii Tallinki, Viking Line'i kui Eckerö Line'i laevad ja seetõttu vähenes aasta esimestel kuudel sadamaid läbinud reisijate arv kui ka ro-ro kaupade maht," ütles Kalm. Samuti avaldas majandustulemustele olulist mõju kaubasadamate segmendis vedellasti kaubamahu langus 11,9%. ?Läbi Tallinna Sadama sadamate teenindatud vedellasti maht vähenes eelkõige aasta alguses, mille tulemusel vähenesid nii laevatasud kui ka kaubatasu. Kvartali lõpus on vedellasti mahud stabiliseerunud ning seda trendi näeme jätkuvat," märkis Valdo Kalm. I kvartalis suurenes ka investeeringute maht võrredes eelmise aasta sama perioodiga seoses D-terminali ehitustöödega. Hoolimata mõningasest tulude ja kasumi langusest aasta alguses, saavutab ettevõte juhatuse hinnangul 2019. aastaks seatud kasumieesmärgi ja kõrvalekaldeid kehtiva dividendipoliitika järgimises ei teki. Peamised finantsnäitajad (mln EUR): I kv I kv +/- % 2019 2018 Müügitulu 28,5 29,4 -0,9 -3,0% Korrigeeritud EBITDA 16,9 17,6 -0,7 -4,2% Korrigeeritud EBITDA marginaal 59,1% 59,8% -0,7 - Ärikasum 11,5 12,3 -0,9 -7,1% Tulumaks 0 0 - - Perioodi kasum 11,0 11,8 -0,8 -6,7% Investeeringud 3,9 1,9 2,0 105,2% 31.03.2019 31.12.2018 +/- % Varade maht 630,6 623,6 6,9 1,1% Netovõlg 160,3 171,0 -10,7 -6,3% Omakapital 378,8 367,7 11,1 3,0% Aktsiate arv 263,0 263,0 0 - Müügitulu Müügitulu vähenes 2019. aasta I kvartalis 0,9 mln euro ehk 3,0% võrra. Müügitulu liikide lõikes vähenes enim tulu laevatasudest, 0,9 mln euro ehk 9% võrra ja reisijatasudest 0,2 mln euro ehk ligi 7% võrra. Müügitulu kasvas reisiparvlaevade ja muus segmendis, langes aga reisisadamate ja kaubasadamate segmendis. Reisisadamate segmendi müügitulu vähenes 0,6 mln eurot ehk 7,2% peamiselt mitmete liinireisilaevade korraliste hooldustöödega dokis või kai ääres, mistõttu vähenes reiside ja reisijate arv, millest tulenevalt vähenesid ka tulud laevatasudest ning reisijatasust. Veeremkauba (ro-ro) mahu vähenemise mõju tuludele oli väiksem. Kaubasadamate segmendi müügitulu vähenes 0,5 mln eurot ehk 4,9% peamiselt vedellasti mahu vähenemise tõttu, mille mõjul vähenes tulu laevatasudest. Kaubatasu tulu mõjutas vedellasti vähenemine vähem, kuna vedellasti puhul on kaubatasu madalama tariifiga ning perioodi kaubatasu tulu sõltub ka kaubatasu kogu aasta tuluprognoosist (IFRS 15). Reisiparvlaevade segmendi tulu kasvas 0,2 mln eurot ehk 2,9% peamiselt eelmisest aastast kõrgemate tasumäärade mõjul, mis on seotud Eesti tarbija- ja kütuse hinnaindeksi ning palgainflatsiooniga. Muu segmendi müügitulu suurenemine tulenes jäämurdja Botnica lepingulise tasu indekseerimise mõjust Eesti tarbijahinnaindeksiga. EBITDA Korrigeeritud EBITDA vähenes 0,7 mln euro võrra ehk 4,2%, mis oli ärikasumi muutusest pisut vähem, kuna amortisatsioonikulu suurenemine EBITDA-d ei mõjutanud. Segmentidest kasvas korrigeeritud EBITDA reisiparvlaevade puhul ja teiste segmentide puhul vähenes, enim kaubasadamate segmendis tulude vähenemise tõttu. Korrigeeritud EBITDA marginaal langes 59,8%lt 59,1%le. Puhaskasum Puhaskasumiks kujunes 11,0 mln eurot, mis oli 0,8 mln euro (6,7%) võrra väiksem eelmise aasta võrdlusperioodi näitajast. Investeeringud 2019. aasta 3 kuuga investeeris Tallinna Sadam 3,9 mln eurot. See näitaja on suurem kui eelmise aasta samal perioodil, mil investeeringuid tehti summas 1,9 mln eurot. Investeeringud olid peamiselt seotud Vanasadama reisiterminali D rekonstrueerimistöödega. Lühendatud konsolideeritud finantsseisundi aruanne: tuhandetes eurodes 31.03.2019 31.12.2018 ---------------------------------------------------------------- VARAD Käibevara Raha ja raha ekvivalendid 50 307 42 563 Nõuded ostjate vastu ja muud nõuded 8 602 8 017 Lepingulised nõuded 218 0 Varud 297 305 Käibevara kokku 59 424 50 885 ---------------------------------------------------------------- Põhivara Investeeringud sidusettevõtjatesse 1 574 1 569 Muud pikaajalised nõuded 196 196 Materiaalne põhivara 567 425 568 965 Immateriaalne põhivara 1 961 2 024 Põhivara kokku 571 156 572 754 ---------------------------------------------------------------- Varad kokku 630 580 623 639 ---------------------------------------------------------------- KOHUSTISED Lühiajalised kohustised Võlakohustised 15 766 15 766 Tuletisinstrumendid 382 425 Eraldised 879 1 957 Sihtfinantseerimine 188 174 Maksuvõlad 1 243 5 844 Võlad tarnijatele ja muud võlad 10 743 9 485 Lepingulised kohustised 3 479 32 Lühiajalised kohustised kokku 32 680 33 683 ---------------------------------------------------------------- Pikaajalised kohustised Võlakohustised 194 846 197 846 Sihtfinantseerimine 23 291 23 418 Muud võlad 79 79 Lepingulised kohustised 929 939 Pikaajalised kohustised kokku 219 145 222 282 ---------------------------------------------------------------- Kohustised kokku 251 825 255 965 ---------------------------------------------------------------- OMAKAPITAL Aktsiakapital nimiväärtuses 263 000 263 000 Ülekurss 44 478 44 478 Kohustuslik reservkapital 18 520 18 520 Riskimaandamise reserv -382 -425 Eelmiste perioodide jaotamata kasum 42 101 17 678 Perioodi kasum 11 038 24 423 ---------------------------------------------------------------- Omakapital kokku 378 755 367 674 ---------------------------------------------------------------- Kohustised ja omakapital kokku 630 580 623 639 ---------------------------------------------------------------- Lühendatud konsolideeritud kasumiaruanne tuhandetes eurodes I kv 2019 I kv 2018 --------------------------------------------------------------------- Müügitulu 28 527 29 414 Muud tulud 275 203 Tegevuskulud -7 397 -7 584 Tööjõukulud -4 291 -4 189 Põhivara kulum ja väärtuse langus -5 550 -5 403 Muud kulud -106 -102 Ärikasum 11 458 12 339 --------------------------------------------------------------------- Finantstulud ja -kulud Finantstulud 13 0 Finantskulud -438 -511 Finantstulud ja -kulud kokku -425 -511 --------------------------------------------------------------------- Kapitaliosaluse meetodil arvestatud kasum investeeringutelt sidusettevõtjasse 5 0 Kasum enne tulumaksustamist 11 038 11 828 --------------------------------------------------------------------- Tulumaks 0 0 Perioodi kasum 11 038 11 828 --------------------------------------------------------------------- sh emaettevõtja omanike osa perioodi kasumist 11 038 11 828 --------------------------------------------------------------------- --------------------------------------------------------------------- Tava ja lahjendatud puhaskasum aktsia kohta (eurodes) 0,04 0,06 Tava ja lahjendatud puhaskasum aktsia kohta - jätkuvad tegevused (eurodes) 0,04 0,06 --------------------------------------------------------------------- Lühendatud konsolideeritud rahavoogude aruanne: 3 kuud 3 kuud tuhandetes eurodes 2019 2018 ------------------------------------------------------------------------ Kaupade või teenuste müügist laekunud raha 33 009 35 237 Muude tulude eest laekunud raha 118 3 Maksed tarnijatele -8 911 -8 987 Maksed töötajatele ja töötajate eest -3 910 -3 517 Maksed muude kulude eest -102 -99 Makstud tulumaks dividendidelt -4 949 0 Äritegevusest laekunud raha 15 255 22 637 ------------------------------------------------------------------------ Materiaalse põhivara soetamine -3 837 -2 984 Immateriaalse põhivara soetamine -107 -130 Materiaalse põhivara müük 16 0 Saadud intressid 14 0 Investeerimistegevuses kasutatud raha -3 914 -3 114 ------------------------------------------------------------------------ Saadud laenude tagasimaksed -3 000 -3 000 Arvelduskrediidi (kohustis) muutus 0 -2 565 Kapitalirendi põhiosa tagasimaksed 0 -1 Makstud intressid -593 -707 Muud finantseerimistegevusest tulenevad maksed -4 -16 Finantseerimistegevuses(t) laekunud/kasutatud raha - 3 597 -6 289 ------------------------------------------------------------------------ ------------------------------------------------------------------------ RAHAVOOG KOKKU 7 744 13 234 ------------------------------------------------------------------------ Raha ja raha ekvivalendid perioodi alguses 42 563 6 954 Raha ja raha ekvivalentide muutus 7 744 13 234 Raha ja raha ekvivalendid perioodi lõpus 50 307 20 188 ------------------------------------------------------------------------ Tallinna Sadamale kuulub üks Läänemere suurimaid kauba- ja reisisadamate komplekse, mida läbis 2018. a 10,6 miljonit reisijat ja 20,6 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 Botnica jäämurde ja konstruktsioonilaeva teenust Eestis ja offshore projektides. Tallinna Sadama gruppi kuulub ka jäätmekäitlusega tegelev sidusettevõte AS Green Marine. Kontserni 2018. a müügitulu oli 130,6 miljonit eurot, korrigeeritud EBITDA 74,4 miljonit eurot ning puhaskasum 24,4 miljonit eurot. Lisainfo: Marju Zirel Investorsuhete juht [email protected] (mailto:[email protected])
Content of announcement in English
Title
AS Tallinna Sadam financial results for 2019 1st quarter
Message
In the first quarter of 2019, the revenue of AS Tallinna Sadam (hereinafter "the Group") amounted to EUR 28.5 million, declining by 3.0% compared to the same period last year. The Group's adjusted EBITDA was EUR 16.9 million in the first quarter, declining by 4.2% year-on-year. Net profit decreased by EUR 0.8 million to EUR 11.0 million in the first quarter. According to Valdo Kalm, Chairman of the Management Board of the Group, the most significant impact on the results of the first quarter was the planned maintenance of passenger vessels, which resulted in a temporary break of service of several passenger ships and a decrease in the number of vessel calls and passengers, the volume of ro-ro cargo and the revenue of the passenger harbours segment. "According to international maritime regulations, all passenger ships must undergo regular maintenance and dock. Due to the maintenance, Tallink, Viking Line and Eckerö Line vessels were out of service for a while and therefore the volumes of passengers as well as ro-ro cargo passing through the harbours declined in the first months of the year," said Kalm. The financial results were also impacted by a drop in the volume of liquid bulk by 11.9% in the cargo harbours segment. "The volume of liquid bulk handled at the harbours of the Group decreased mainly at the beginning of the year, as a result of which both vessel fees and cargo fees decreased. Liquid bulk volumes have stabilized at the end of the quarter, and we see this trend continuing," noted Valdo Kalm. In the first quarter, the investments also increased compared to the same period last year due to the reconstruction of the passenger terminal D. Despite the modest decline in revenue and profit at the beginning of the year, the Management Board estimates that the profit target set for 2019 will be achieved and deviations from the set dividend policy will not occur. Key figures (in million EUR): Q1 Q1 +/- % 2019 2018 Revenue 28.5 29.4 -0.9 -3.0% Adjusted EBITDA 16.9 17.6 -0.7 -4.2% Adjusted EBITDA margin 59.1% 59.8% -0.7 - Operating profit 11.5 12.3 -0.9 -7.1% Income tax 0 0 - - Profit for the period 11.0 11.8 -0.8 -6.7% Investments 3.9 1.9 2.0 105.2% 31.03.2019 31.12.2018 +/- % Total assets 630.6 623.6 6.9 1.1% Net debt 160.3 171.0 -10.7 -6.3% Equity 378.8 367.7 11.1 3.0% Number of shares 263.0 263.0 0 - Revenue Revenue for the first quarter of 2019 decreased by EUR 0.9 million, i.e. 3.0%, compared to the same period last year. In terms of revenue streams, the strongest decline occurred in vessel dues that decreased by EUR 0.9 million, i.e. 9%, and passenger fees that decreased by EUR 0.2 million, i.e. around 7%. Revenue increased in the segments of Ferry and Other but decreased in Passenger harbours and Cargo harbours segments. Passenger harbours revenue decreased by EUR 0.6 million i.e. 7.2%, mainly because several passenger ferries operating on regular routes were temporarily out of service due to planned dry dock or wet berth maintenance. This reduced the number of trips and passengers, which also lowered revenue from vessel dues and passenger fees. The impact of the decrease in ro-ro cargo volume was smaller. Cargo harbours revenue declined by EUR 0.5 million, i.e. by 4.9%, primarily because the volume of liquid bulk cargo decreased, which lowered vessel dues revenue. Cargo charge revenue was less affected by the drop of liquid bulk volume, as liquid bulk cargo charge rates are lower than those of other cargo types and, quarterly cargo charge revenue is based on the estimated annual cargo charge revenue (IFRS 15). Ferry segment revenue grew by EUR 0.2 million i.e. by 2.9%, mainly because the fee rates, which are linked to the Estonian consumer and fuel price indices and wage inflation, were higher than in the comparative period. The revenue of the segment Other grew through the indexation of the contractual fees of the icebreaker Botnica to the Estonian consumer price index. EBITDA Adjusted EBITDA declined by EUR 0.7 million i.e. by 4.2 %, somewhat less than operating profit because growth in depreciation, amortisation and impairment expenses did not affect EBITDA. In terms of segments, adjusted EBITDA grew in the Ferry segment and decreased in all other segments. The decline was the sharpest in the Cargo harbours segment due to the decrease in its revenue. Adjusted EBITDA margin dropped from 59.8% to 59.1%. Net profit Net profit amounted to EUR 11.0 million, EUR 0.8 million less than in the comparative period. Investments The Group invested EUR 3.9 million in the first quarter of 2019. The figure is larger than in the same period last year when investments totalled EUR 1.9 million. Investments of the period were mostly related to the reconstruction of passenger terminal D at the Old City Harbour. Interim condensed consolidated statement of financial position: In thousands of euros 31 March 2019 31 December 2018 ----------------------------------------------------------------------- ASSETS Current assets Cash and cash equivalents 50,3,07 42,563 Trade and other receivables 8,602 8,017 Contract assets 218 0 Inventories 297 305 Total current assets 59,424 50,885 ----------------------------------------------------------------------- Non-current assets Investments in associates 1,574 1,569 Other long-term receivables 196 196 Property, plant and equipment 567,425 568,965 Intangible assets 1,961 2,024 Total non-current assets 571,156 572,754 ----------------------------------------------------------------------- Total assets 630,580 623,639 ----------------------------------------------------------------------- LIABILITIES Current liabilities Loans and borrowings 15,766 15,766 Derivative financial instruments 382 425 Provisions 879 1,957 Government grants 188 174 Taxes payable 1,243 5,844 Trade and other payables 10,743 9,485 Contractual liabilities 3,479 32 Total current liabilities 32,680 33,683 ----------------------------------------------------------------------- Non-current liabilities Loans and borrowings 194,846 197,846 Government grants 23,291 23,418 Other payables 79 79 Contract liabilities 929 939 ----------------------------------------------------------------------- Total non-current liabilities 219,145 222,282 ----------------------------------------------------------------------- Total liabilities 251,825 255,965 ----------------------------------------------------------------------- EQUITY Share capital at par value 263,000 263,000 Share premium 44,478 44,478 Statutory capital reserve 18,520 18,520 Hedge reserve -382 -425 Retained earnings (prior periods) 42,101 17,678 Profit for the period 11,038 24,423 ----------------------------------------------------------------------- Total equity 378,755 367,674 ----------------------------------------------------------------------- Total liabilities and equity 630,580 623,639 ----------------------------------------------------------------------- Interim condensed consolidated statement of profit or loss: In thousands of euros Q1 2019 Q1 2018 ------------------------------------------------------------------------------- Revenue 28,527 29,414 Other income 275 203 Operating expenses -7,397 -7,584 Personnel expenses -4,291 -4,189 Depreciation, amortisation and impairment -5,550 -5,403 Other expenses -106 -102 Operating profit 11,458 12,339 ------------------------------------------------------------------------------- Finance income and costs Finance income 13 0 Finance costs -438 -511 Finance costs - net -425 -511 ------------------------------------------------------------------------------- Share of profit of an associate accounted for under the equity method 5 0 Profit before income tax 11,038 11,828 ------------------------------------------------------------------------------- Income tax 0 0 Profit for the period 11,038 11,828 ------------------------------------------------------------------------------- Attributable to owners of the Parent 11,038 11,828 ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Basic and diluted earnings per share (in euros) 0.04 0.06 Basic and diluted earnings per share - continuing operations (in euros) 0.04 0.06 ------------------------------------------------------------------------------- Interim condensed consolidated statement of cash flows: 3 months 3 months In thousands of euros 2019 2018 ----------------------------------------------------------------------------- Cash receipts from sale of goods and services 33,009 35,237 Cash receipts related to other income 118 3 Payments to suppliers -8,911 -8,987 Payments to and on behalf of employees -3,910 -3,517 Payments for other expenses -102 -99 Income tax paid on dividends -4,949 0 Cash from operating activities 15,255 22,637 ----------------------------------------------------------------------------- Purchases of property, plant and equipment -3,837 -2,984 Purchases of intangible assets -107 -130 Proceeds from sale of property, plant and equipment 16 0 Interest received 14 0 Cash used in investing activities -3,914 -3,114 ----------------------------------------------------------------------------- Repayments of loans received -3,000 -3,000 Change in overdraft (liability) 0 -2,565 Repayments of finance lease principal 0 -1 Interest paid -593 -707 Other payments related to financing activities -4 -16 Cash from/used in financing activities - 3,597 -6,289 ----------------------------------------------------------------------------- NET CASH FLOW 7,744 13,234 ----------------------------------------------------------------------------- Cash and cash equivalents at beginning of the period 42,563 6,954 Change in cash and cash equivalents 7,744 13,234 Cash and cash equivalents at end of the period 50,307 20,188 ----------------------------------------------------------------------------- Tallinna Sadam is one of the largest cargo- and passenger port complexes in the Baltic Sea region, which in 2018 serviced 10.6 million passengers and 20.6 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 in an associate AS Green Marine, which provides waste management services. Tallinna Sadam group's sales in 2018 totaled EUR 130.6 million, adjusted EBITDA EUR 74.4 million and net profit EUR 24.4 million. Additional information: Marju Zirel Head of Investor Relations AS Tallinna Sadam [email protected] (mailto:[email protected])