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
7446
Attachments
Submission date and time
14.08.2019 09:00:00
Content of announcement in Estonian
Title
ASi Tallinna Sadam 2019. a II kvartali ja 6 kuu majandustulemused
Message
2019. a II kvartalis kasvasid nii Tallinna Sadama kontserni müügitulu, korrigeeritud EBITDA kui ka puhaskasum. Müügitulu moodustas II kvartalis 32,8 mln eurot kasvades võrreldes eelmise aasta sama perioodiga 0,2%. Kontserni korrigeeritud EBITDA oli II kvartalis 18,8 miljonit eurot, kasvades 4,1%. Puhaskasumiks kujunes 7,2 mln eurot. Tallinna Sadama juhatuse esimehe Valdo Kalmu sõnul mõjutas teise kvartali tulemusi puistlasti kasv, mis tulenes peamiselt uue kaubaoperaatori PK Terminal poolt puistlastiterminali käivitamisest ning jätkuvalt tihedas konkurentsis vedellasti mahtude taastumisest eelmise aasta tasemele. ?Reisijate arv kasvas teises kvartalis eelkõige Tallinn-Helsingi liini mõjul. Juuni lõpus alustas Muuga-Vuosaari liinil liiklemist Eckerö Line'i laev MS Finbo Cargo, mis teenindab nii veokeid kui sõidukitega reisijaid, samuti asus sellel liinil sõidukitega reisijaid teenindama ka Tallink oma laevaga Sea Wind. Nende sündmuste mõju avaldub kontserni finantstulemustele valdavalt alates kolmandast kvartalist," ütles Kalm. Suurima kasvu nii müügitulus kui kasumlikkuses tegid Saaremaa ja Hiiumaa liinide reisiparvlaevad ja jäämurdja Botnica seoses lepinguliste tasude indekseerimise ja tegevuste efektiivsemaks muutmistega. Poolaasta kokkuvõttes toetas müügitulu mõningast taastumist 61,4 mln euroni reisijate arvu ja kaubamahu kasv, mis vähendas I kvartalis vedellasti mahu vähenemisest ja reisilaevade korralistest hooldustöödest tingitud 3%-list langust. Korrigeeritud EBITDA jäi eelneva aastaga samale tasemele tänu tegevuskulude vähenemisele II kvartalis. Puhaskasumi suur kasv poolaastate võrdluses oli tingitud 20,5 mln väiksemast dividendide tulumaksu kulust 2019. aastal. II kvartalis suurenes ka investeeringute maht võrredes eelmise aasta sama perioodiga seoses D-terminali rekonstrueerimisega, süvendustöödega Paldiski Lõunasadamas ja Reidi tee ehituse kaasfinantseerimisega Vanasadamas. Ettevõte juhatuse hinnangul saavutab Tallinna Sadam 2019. aastaks seatud kasumieesmärgi ja kõrvalekaldeid kehtiva dividendipoliitika järgimises ei teki. Tallinna Sadama juhatuse liikmed tutvustavad kontserni finantstulemusi 14. augustil kell 11:00 toimuval veebiseminaril, millel osalemiseks saab registreeruda siin (https://register.gotowebinar.com/register/2889630203974507267). Veebiseminar toimub inglise keeles. Peamised finantsnäitajad (mln EUR): II kv II kv +/- 6 kuud 6 kuud +/- 2019 2018 2019 2018 Müügitulu 32,8 32,8 0,2% 61,4 62,2 -1,3% Korrigeeritud EBITDA 18,8 18,1 4,1% 35,7 35,7 0,0% Korrigeeritud EBITDA marginaal 57,4% 55,2% 2,2 58,2% 57,4% 0,8 Ärikasum 13,3 12,6 5,2% 24,7 25,0 -0,9% Tulumaks -5,8 -26,3 -78,0% -5,8 -26,3 -78,0% Perioodi kasum 7,2 -14,1 150,8% 18,2 -2,3 906,7% Investeeringud 7,1 3,3 118,1% 11,1 5,2 113,3% 30.06.2019 31.12.2018 +/- Varade maht 608,7 623,6 -2,4% Netovõlg 185,6 171,0 8,5% Omakapital 350,7 367,7 -4,6% Aktsiate arv 263,0 263,0 0,0% Müügitulu Müügitulu vähenes 2019. aasta 6 kuuga 0,8 mln eurot ehk 1,3%. Vähenemist võib seostada peamiselt vedellasti mahu langusega, ja I kvartalis vähenenud laevakülastuste arvuga seoses reisilaevade korraliste remonditöödega. Tulud kasvasid sega-puistlasti laevadelt seoses kaubamahu kasvuga ja ka konteinerlaevadelt, mille keskmine suurus kasvas. Nii II kvartalis kui poolaastas kasvas müügitulu reisiparvlaevade- ja muus segmendis, langes aga reisisadamate ja kaubasadamate segmendis. Reisisadamate segmendi müügitulu jäi II kvartalis eelneva aastaga võrreldavale tasemele, kuid vähenes poolaasta kokkuvõttes seoses väiksema külastuste arvuga I kvartalis reisilaevade korraliste hooldustööde tõttu ning väiksema heitmetasemega laevadele kehtestatud soodustuse tõttu. Kaubasadamate segmendi müügitulu II kvartalite võrdluses oluliselt ei muutunud, poolaasta kokkuvõttes aga vähenes 2,6% peamiselt vedellasti mahu languse tõttu I kvartalis. Reisiparvlaevade segmendi tulu kasv tulenes tasumäärade tõusust, mis on seotud Eesti tarbija- ja kütuse hinnaindeksi ning palgainflatsiooniga. Muu segmendi müügitulu suurenemine tulenes jäämurdja Botnica lepingulise tasu indekseerimise mõjust Eesti tarbijahinnaindeksiga. EBITDA II kvartali võrdluses kasvas korrigeeritud EBITDA 0,7 mln euro võrra kõikide segmentide kasvu mõjul, kattes I kvartalis toimunud languse. Korrigeeritud EBITDA marginaal tõusis 6 kuuga 57,4%lt 58,2%le II kvartali tulemuse mõjul, mil marginaal kasvas 55,2%lt 57,4%le. 6 kuu kokkuvõttes oli korrigeeritud EBITDA 35,7 mln eurot jäädes samale tasemele eelmise aasta sama perioodiga võrreldes. Puhaskasum 2019. aasta II kvartalis välja kuulutatud dividendidega summas 35,2 mln eurot kaasnes tulumaksukulu 5,76 mln eurot, mis oli 20,5 mln euro võrra väiksem eelmise aasta kulust, mis kaasnes rekordilises summas (105 mln eurot) dividendide väljakuulutamisega. Väiksema tulumaksukulu mõjul ületas 6 kuu kasum (18,2 mln eurot) eelneva aasta tulemust (kahjum 2,26 mln eurot) 20,5 mln euro võrra. Investeeringud 2019. aasta 6 kuuga investeeris kontsern 11,1 mln eurot, sh II kvartalis 7,1 mln eurot (6 kuud 2018: 5,2 mln eurot). Investeeringud olid peamiselt seotud Vanasadamas reisiterminali D rekonstrueerimisega, süvendustöödega Paldiski Lõunasadamas ja Reidi tee ehituse kaasfinantseerimisega Vanasadamas. Lühendatud konsolideeritud finantsseisundi aruanne: tuhandetes eurodes 30.06.2019 31.12.2018 ---------------------------------------------------------------- VARAD Käibevara Raha ja raha ekvivalendid 24 638 42 563 Nõuded ostjate vastu ja muud nõuded 10 872 8 017 Lepingulised nõuded 369 0 Varud 341 305 Käibevara kokku 36 220 50 885 ---------------------------------------------------------------- Põhivara Investeeringud sidusettevõtjatesse 1 451 1 569 Muud pikaajalised nõuded 151 196 Materiaalne põhivara 568 841 568 965 Immateriaalne põhivara 2 024 2 024 Põhivara kokku 572 467 572 754 ---------------------------------------------------------------- Varad kokku 608 687 623 639 ---------------------------------------------------------------- KOHUSTISED Lühiajalised kohustised Võlakohustised 15 766 15 766 Tuletisinstrumendid 393 425 Eraldised 1 105 1 957 Sihtfinantseerimine 85 174 Maksuvõlad 6 895 5 844 Võlad tarnijatele ja muud võlad 11 201 9 485 Lepingulised kohustised 3 988 32 Lühiajalised kohustised kokku 39 433 33 683 ---------------------------------------------------------------- Pikaajalised kohustised Võlakohustised 194 463 197 846 Sihtfinantseerimine 23 130 23 418 Muud võlad 79 79 Lepingulised kohustised 919 939 Pikaajalised kohustised kokku 218 591 222 282 ---------------------------------------------------------------- Kohustised kokku 258 024 255 965 ---------------------------------------------------------------- OMAKAPITAL Aktsiakapital nimiväärtuses 263 000 263 000 Ülekurss 44 478 44 478 Kohustuslik reservkapital 18 520 18 520 Riskimaandamise reserv -393 -425 Eelmiste perioodide jaotamata kasum 6 859 17 678 Perioodi kasum 18 199 24 423 ---------------------------------------------------------------- Omakapital kokku 350 663 367 674 ---------------------------------------------------------------- Kohustised ja omakapital kokku 608 687 623 639 ---------------------------------------------------------------- Lühendatud konsolideeritud kasumiaruanne 6 kuud 6 kuud tuhandetes eurodes II kv 2019 II kv 2018 2019 2018 ------------------------------------------------------------------------------- Müügitulu 32 822 32 752 61 350 62 166 Muud tulud 305 241 580 444 Tegevuskulud -9 319 -10 004 -16 717 -17 587 Tööjõukulud -4 817 -4 782 -9 108 -8 972 Põhivara kulum ja väärtuse langus -5 643 -5 546 -11 193 -10 949 Muud kulud -75 -50 -181 -152 Ärikasum 13 273 12 611 24 731 24 950 ------------------------------------------------------------------------------- Finantstulud ja -kulud Finantstulud 14 8 27 8 Finantskulud -443 -527 -881 -1 038 Finantstulud ja -kulud kokku -429 -519 -854 -1 030 ------------------------------------------------------------------------------- Kapitaliosaluse meetodil arvestatud kasum investeeringutelt sidusettevõttesse 81 74 86 74 Kasum enne tulumaksustamist 12 925 12 166 23 963 23 994 ------------------------------------------------------------------------------- Tulumaks -5 764 -26 250 -5 764 -26 250 Perioodi kasum 7 161 -14 084 18 199 -2 256 ------------------------------------------------------------------------------- sh emaettevõtja omanike osa perioodi kasumist 7 161 -14 084 18 199 -2 256 ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Tava ja lahjendatud puhaskasum aktsia kohta (eurodes) 0,03 -0,07 0,07 -0,01 Tava ja lahjendatud puhaskasum aktsia kohta - jätkuvad tegevused (eurodes) 0,03 -0,07 0,07 -0,01 ------------------------------------------------------------------------------- Lühendatud konsolideeritud rahavoogude aruanne: 6 kuud 6 kuud tuhandetes eurodes 2019 2018 -------------------------------------------------------------------------- Kaupade või teenuste müügist laekunud raha 65 769 67 535 Muude tulude eest laekunud raha 151 56 Maksed tarnijatele -20 480 -20 676 Maksed töötajatele ja töötajate eest -8 791 -8 019 Maksed muude kulude eest -216 -185 Makstud tulumaks dividendidelt -4 949 0 Äritegevusest laekunud raha 31 484 38 711 -------------------------------------------------------------------------- Materiaalse põhivara soetamine -9 975 -5 908 Immateriaalse põhivara soetamine -233 -385 Materiaalse põhivara müük 24 0 Saadud intressid 25 2 Investeerimistegevuses kasutatud raha -10 159 -6 291 -------------------------------------------------------------------------- Aktsiakapitali sissemaksed 0 122 287 Võlakirjade lunastamine 0 -1 250 Saadud laenude tagasimaksed -3 383 -3 383 Arvelduskrediidi (kohustis) muutus 0 -2 566 Kapitalirendi põhiosa tagasimaksed 0 -1 Makstud dividendid -34 970 -85 000 Makstud intressid -887 -1 020 Muud finantseerimistegevusest tulenevad maksed -10 -37 Finantseerimistegevuses(t) laekunud/kasutatud raha - 39 250 29 030 -------------------------------------------------------------------------- -------------------------------------------------------------------------- RAHAVOOG KOKKU -17 925 61 450 -------------------------------------------------------------------------- Raha ja raha ekvivalendid perioodi alguses 42 563 6 954 Raha ja raha ekvivalentide muutus -17 925 61 450 Raha ja raha ekvivalendid perioodi lõpus 24 638 68 404 -------------------------------------------------------------------------- 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 Q2 and 6 months
Message
In the second quarter of 2019, revenue, adjusted EBITDA and net profit of AS Tallinna Sadam (hereinafter "the Group") increased. Revenue amounted to EUR 32.8 million, growing by 0.2% compared to the same period last year. The Group's adjusted EBITDA was EUR 18.8 million in Q2, growing by 4.1% year on year. Net profit amounted to EUR 7.2 million. According to Valdo Kalm, Chairman of the Management Board of the Group, the results of Q2 were influenced by the growth of dry bulk cargo, mainly due to the launch of the dry bulk terminal by the new cargo operator PK Terminal and by recovery of the liquid bulk volumes to the last year's level under conditions of continued strong competition. "In the second quarter, the number of passengers increased mainly due to the Tallinn-Helsinki route. At the end of June, Eckerö Line started operating on the Muuga-Vuosaari route with its vessel MS Finbo Cargo, which serves both lorries and vehicles and in addition, Tallink also started to serve passengers with vehicles on this route with its vessel Sea Wind. These events will have an impact on the Group's financial results mainly since the third quarter," said Kalm. The biggest growth in revenue and profitability was generated by the ferries operating on Saaremaa and Hiiumaa routes and by the icebreaker Botnica due to the indexation of contractual fees and the increase of operational efficiency. Supported by the growth in passenger and cargo volumes, half-year revenue made a slight recovery to EUR 61.4 million, reducing the 3%-drop in Q1 caused by lower liquid cargo volume and scheduled maintenance of the passenger ships. Adjusted EBITDA remained at the previous year's level due to lower operating expenses in Q2. The strong growth in net profit over in 6 months year-on-year was due to EUR 20.5 million lower dividend income tax expense in 2019. In the second quarter, the investments also increased compared to the same period last year due to the reconstruction of the passenger terminal D, dredging works at the Paldiski South Harbour and the co-financing of the construction of Reidi road at the Old City Harbour. The Management Board estimates that Tallinna Sadam will achieve the profit target set for 2019 and there will be no deviations from the dividend policy. The members of the Management Board will present the financial results of the Group at a webinar on 14 August at 11:00 EET, to attend, please register here (https://register.gotowebinar.com/register/2889630203974507267). The webinar will be held in English. Key figures (in million EUR): Q2 Q2 +/- 6 months 6 months +/- 2019 2018 2019 2018 Revenue 32.8 32.8 0.2% 61.4 62.2 -1.3% Adjusted EBITDA 18.8 18.1 4.1% 35.7 35.7 0.0% Adjusted EBITDA margin 57.4% 55.2% 2.2 58.2% 57.4% 0.8 Operating profit 13.3 12.6 5.2% 24.7 25.0 -0.9% Income tax -5.8 -26.3 -78.0% -5.8 -26.3 -78.0% Profit for the period 7.2 -14.1 150.8% 18.2 -2.3 906.7% Investments 7.1 3.3 118.1% 11.1 5.2 113.3% 30.06.2019 31.12.2018 +/- Total assets 608,7 623,6 -2,4% Net debt 185,6 171,0 8,5% Equity 350,7 367,7 -4,6% Number of shares 263,0 263,0 0,0% Revenue Revenue for the 6 months of 2019 decreased by EUR 0.8 million, i.e. 1.3%, year on year. The decline is mostly attributable to the decline in liquid cargo volume and the decline in the number of ship calls during the first quarter due to planned repairs of passenger ships. Revenue from general and dry bulk vessels increased through growth in cargo volumes and revenue from container vessels grew through a rise in their average size. In both Q2 and 6 months revenue increased in the Ferries and Other segments, but decreased in the Passenger harbours and Cargo harbours segment. Passenger harbours revenue for Q2 remained at the same level as in the previous year but decreased in the first half of the year due to lower number of calls in Q1 due to planned maintenance of passenger vessels and due to the discounts for the vessels with lower level of emissions. Cargo harbours revenue for Q2 did not change significantly year on year, but in the first half of the year decreased by 2.6% mainly due to the decrease of liquid cargo volume in Q1. The revenue of the Ferry segment grew because of a rise in fee rates, which are linked to the Estonian consumer. 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 Compared to Q2 2018, adjusted EBITDA increased by EUR 0.7 million influenced by growth in all segments, covering the decline in Q1. Adjusted EBITDA margin increased from 57.4% to 58.2% in 6 months as a result of Q2 growth, from 55.2% to 57.4%. Adjusted EBITDA for the first 6 months was EUR 35.7 million, remaining on the same level as last year. Net profit In the second quarter of 2019, the Group declared a dividend of EUR 35.2 million. Related income tax expense amounted to EUR 5.76 million, being EUR 20.5 million smaller than in the previous year when the Group declared a record- high dividend (EUR 105 million). Due to the decrease in income tax expense, net profit for six months (EUR 18.2 million) exceeded the result of the comparative period (a loss of EUR 2.26 million) by EUR 20.5 million. Investments In the first half of 2019, the Group invested EUR 11.1 million, including EUR 7.1 million in Q2 (6 months 2018: EUR 5.2 million). Investments of the period were mostly related to the reconstruction of passenger terminal D at the Old City Harbour, dredging works at the Paldiski South Harbour and the co-financing of the construction of Reidi road at the Old City Harbour. Interim condensed consolidated statement of financial position: In thousands of euros 30 June 2019 31 December 2018 ---------------------------------------------------------------------- ASSETS Current assets Cash and cash equivalents 24,638 42,563 Trade and other receivables 10,872 8,017 Contract assets 369 0 Inventories 341 305 Total current assets 36,220 50,885 ---------------------------------------------------------------------- Non-current assets Investments in associates 1,451 1,569 Other long-term receivables 151 196 Property, plant and equipment 568,841 568,965 Intangible assets 2,024 2,024 Total non-current assets 572,467 572,754 ---------------------------------------------------------------------- Total assets 608,687 623,639 ---------------------------------------------------------------------- LIABILITIES Current liabilities Loans and borrowings 15,766 15,766 Derivative financial instruments 393 425 Provisions 1,105 1,957 Government grants 85 174 Taxes payable 6,895 5,844 Trade and other payables 11,201 9,485 Contractual liabilities 3,988 32 Total current liabilities 39,433 33,683 ---------------------------------------------------------------------- Non-current liabilities Loans and borrowings 194,463 197,846 Government grants 23,130 23,418 Other payables 79 79 Contract liabilities 919 939 Total non-current liabilities 218,591 222,282 ---------------------------------------------------------------------- Total liabilities 258,024 255,965 ---------------------------------------------------------------------- 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 -393 -425 Retained earnings (prior periods) 6,859 17,678 Profit for the period 18,199 24,423 ---------------------------------------------------------------------- Total equity 350,663 367,674 ---------------------------------------------------------------------- Total liabilities and equity 608,687 623,639 ---------------------------------------------------------------------- Interim condensed consolidated statement of profit or loss: 6 months 6 months In thousands of euros Q2 2019 Q2 2018 2019 2018 ------------------------------------------------------------------------------- Revenue 32,822 32,752 61,350 62,166 Other income 305 241 580 444 Operating expenses -9,319 -10,004 -16,717 -17,587 Personnel expenses -4,817 -4,782 -9,108 -8,972 Depreciation, amortisation and impairment -5,643 -5,546 -11,193 -10,949 Other expenses -75 -50 -181 -152 Operating profit 13,273 12,611 24,731 24,950 ------------------------------------------------------------------------------- Finance income and costs Finance income 14 8 27 8 Finance costs -443 -527 -881 -1,038 Finance costs - net -429 -519 -854 -1,030 ------------------------------------------------------------------------------- Share of profit of an associate accounted for under the equity method 81 74 86 74 Profit before income tax 12,925 12,166 23,963 23,994 ------------------------------------------------------------------------------- Income tax -5,764 -26,250 -5,764 26,250 Profit for the period 7,161 -14,084 18,199 -2,256 ------------------------------------------------------------------------------- Attributable to owners of the Parent 7,161 -14,084 18,199 -2,256 ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Basic and diluted earnings per share (in euros) 0.03 -0.07 0.07 -0.01 Basic and diluted earnings per share - continuing operations (in euros) 0.03 -0.07 0.07 -0.01 ------------------------------------------------------------------------------- Interim condensed consolidated statement of cash flows: 6 months 6 months In thousands of euros 2019 2018 ----------------------------------------------------------------------------- Cash receipts from sale of goods and services 65,769 67,535 Cash receipts related to other income 151 56 Payments to suppliers -20,480 -20,676 Payments to and on behalf of employees -8,791 -8,019 Payments for other expenses -216 -185 Income tax paid on dividends -4,949 0 Cash from operating activities 31,484 38,711 ----------------------------------------------------------------------------- Purchases of property, plant and equipment -9,975 -5,908 Purchases of intangible assets -233 -385 Proceeds from sale of property, plant and equipment 24 0 Interest received 25 2 Cash used in investing activities -10,159 -6,291 ----------------------------------------------------------------------------- Contributions to share capital 0 122,287 Redemption of debt securities 0 -1,250 Repayments of loans received -3,383 -3,383 Change in overdraft (liability) 0 -2,566 Repayments of finance lease principal 0 -1 Dividends paid -34,970 -85,000 Interest paid -887 -1,020 Other payments related to financing activities -10 -37 Cash from/used in financing activities - 39,250 29,030 ----------------------------------------------------------------------------- ----------------------------------------------------------------------------- NET CASH FLOW -17,925 61,450 ----------------------------------------------------------------------------- Cash and cash equivalents at beginning of the period 42,563 6,954 Change in cash and cash equivalents -17,925 61,450 Cash and cash equivalents at end of the period 24,638 68,404 ----------------------------------------------------------------------------- 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])