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
7582
Attachments
Submission date and time
15.11.2019 09:00:00
Content of announcement in Estonian
Title
ASi Tallinna Sadam 2019. a III kvartali ja 9 kuu majandustulemused
Message
2019. aasta 9 kuuga toimus Tallinna Sadama kontserni põhinäitajates erisuunalisi muutusi, mis kokkuvõttes aga III kvartali ja 9 kuu tulude ja kasumi näitajad oluliselt ei muutunud. Müügitulu moodustas III kvartalis 39,2 mln eurot (0,7% aasta baasil), kontserni korrigeeritud EBITDA oli 23,7 miljonit eurot (-1,1% aasta baasil) ja puhaskasumiks kujunes 17,7 mln eurot (-1,8% aasta baasil). Tallinna Sadama finantsjuhi Marko Raidi sõnul mõjutas kolmanda kvartali tulemusi ühelt poolt vedellastist tulenev kaubamahu tugev langus, teisalt aga laevakülastuste arvu kasv ja jäämurdja Botnica pikem suvetöö periood Kanadas. Jõudsalt kasvas ka puistlasti maht, mis mõnevõrra pehmendas vedellasti langusest põhjustatud kukkumist kaubamahus. ?Reisijate arv kasvas kolmandas kvartalis eelkõige Tallinn-Helsingi ja Muuga-Vuosaari liinide mõjul. Juuni lõpus alustas Muuga-Vuosaari liinil liiklemist Eckerö Line'i laev MS Finbo Cargo, mis teenindab nii veokeid kui autoga reisijaid, samuti asus sellel liinil sõidukitega reisijaid teenindama Tallink oma laevaga Sea Wind. Laevade kõrge täituvusprotsent näitab, et liin on korralikult käivitunud ja ka autoga reisijad hindavad kesklinna ummikuid vältivat soodsat alternatiivi Eesti ja Soome vahel reisimisel," ütles Raid. Suurima kasvu nii müügitulus kui kasumlikkuses tegi kolmandas kvartalis jäämurdja Botnica seoses suvetöö suurema prahipäevade arvuga ning suurim langus oli kaubasadamate segmendis peamiselt seoses vedellasti mahu langusest tingitud laevatasude tulu vähenemisega. 9 kuu kokkuvõttes teenis kontsern 100,5 mln eurot müügitulu ja 35,9 mln eurot puhaskasumit. Müügitulu ja korrigeeritud EBITDA jäid seejuures eelmise aastaga võrreldavale tasemele, vähenedes vastavalt -0,5% ja -0,4%. Puhaskasumi suur kasv 9 kuu võrdluses oli tingitud 20,5 mln väiksemast dividendide tulumaksu kulust 2019. aastal. III kvartalis suurenes ka investeeringute maht võrredes eelmise aasta sama perioodiga, peamiselt 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, maksta 2020. aastal vähemalt 30 mln eurot dividende, ei teki. Tallinna Sadam tutvustab kontserni finantstulemusi 15. novembril kell 11:00 toimuval ingliskeelsel veebiseminaril, millel osalemiseks saab registreeruda siin (https://register.gotowebinar.com/register/1398358185175429635). Peamised finantsnäitajad (mln EUR): III kv III kv +/- 9 kuud 9 kuud +/- 2019 2018 2019 2018 Müügitulu 39,2 38,9 0,7% 100,5 101,1 -0,5% Korrigeeritud EBITDA 23,7 24,0 -1,1% 59,5 59,7 -0,4% Korrigeeritud EBITDA marginaal 60,6% 61,7% -1,1 59,1% 59,1% 0,0 Ärikasum 17,9 18,1 -1,4% 42,6 43,1 -1,1% Tulumaks 0 0 - -5,8 -26,3 -78,0% Perioodi kasum 17,7 18,1 -1,8% 35,9 15,8 127,2% Investeeringud 7,7 2,9 164,0% 18,8 8,1 131,6% 30.09.2019 31.12.2018 +/- Varade maht 616,2 623,6 -1,2% Netovõlg 178,3 171,0 4,2% Omakapital 368,5 367,7 0,2% Aktsiate arv 263,0 263,0 0,0% Müügitulu Müügitulu vähenes 2019. aasta 9 kuuga 0,5 mln eurot ehk 0,5% ja oli 100,5 mln eurot. 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 reisilaevadelt, kus II kvartali lõpus asus Muuga-Vuosaari liinile täiendav ROPAX tüüpi laev. Segmentidest kasvas tulu 9 kuuga reisiparvlaevade ja muu segmendi puhul, vähenes aga kauba- ja reisisadamate segmentides. Reisisadamate segmendi müügitulu kasvas III kvartalis, kuid vähenes 9 kuu kokkuvõttes seoses väiksema külastuste arvuga I kvartalis reisilaevade korraliste hooldustööde tõttu ning väiksema heitmetasemega laevadele kehtestatud soodustuse tõttu. Kaubasadamate segmendi müügitulu vähenes nii III kvartalite võrdluses kui ka 9 kuu kokkuvõttes peamiselt vedellasti mahu languse tõttu. Reisiparvlaevade segmendi tulu kasv tulenes tasumäärade tõusust, mis on seotud Eesti tarbija- ja kütuse hinnaindeksi ning palgainflatsiooniga. Muu segmendi müügitulu suurenemine oli tingitud jäämurdja Botnica suvise töö tulu kasvust kui ka lepingulise tasu indekseerimise mõjust Eesti ja Kanada tarbijahinnaindeksitega. EBITDA III kvartali võrdluses langes korrigeeritud EBITDA 0,3 mln euro võrra (-1,1%), kaubasadamate segmendi mõjul. 9 kuu kokkuvõttes langes korrigeeritud EBITDA 0,4% 59,5 mln euroni. Segmentidest kasvas EBITDA reisiparvlaevade ja muude segmendi puhul, vähenes kaubasadamate- ja püsis reisisadamate segmendis. Korrigeeritud EBITDA marginaal püsis 9 kuuga 59,1%-l, vaatamata marginaali mõningasele langusele III kvartalis 61,7%-lt 60,6%-le. Puhaskasum III kvartalis teenis kontsern puhaskasumit 17,7 mln eurot (-1,8%), 9 kuu kokkuvõttes oli puhaskasum 35,9 mln eurot (kasv 127,2%). 9 kuu puhaskasumi suurt kasvu mõjutas dividendide tulumaksukulu vähenemine. 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. Investeeringud 2019. aasta 9 kuuga investeeris kontsern 18,8 mln eurot, sh III kvartalis 7,7 mln eurot (9 kuud 2018: 8,1 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 30.09.2019 31.12.2018 ---------------------------------------------------------------- VARAD Käibevara Raha ja raha ekvivalendid 28 955 42 563 Nõuded ostjate vastu ja muud nõuded 11 445 8 017 Lepingulised nõuded 678 0 Varud 287 305 Käibevara kokku 41 365 50 885 ---------------------------------------------------------------- Põhivara Investeeringud sidusettevõtjatesse 1 782 1 569 Muud pikaajalised nõuded 151 196 Materiaalne põhivara 570 844 568 965 Immateriaalne põhivara 2 034 2 024 Põhivara kokku 574 811 572 754 ---------------------------------------------------------------- Varad kokku 616 176 623 639 ---------------------------------------------------------------- KOHUSTISED Lühiajalised kohustised Võlakohustised 15 766 15 766 Tuletisinstrumendid 349 425 Eraldised 1 426 1 957 Sihtfinantseerimine 344 174 Maksuvõlad 1 495 5 844 Võlad tarnijatele ja muud võlad 10 521 9 485 Lepingulised kohustised 2 203 32 Lühiajalised kohustised kokku 32 104 33 683 ---------------------------------------------------------------- Pikaajalised kohustised Võlakohustised 191 463 197 846 Sihtfinantseerimine 23 149 23 418 Muud võlad 81 79 Lepingulised kohustised 924 939 Pikaajalised kohustised kokku 215 617 222 282 ---------------------------------------------------------------- Kohustised kokku 247 721 255 965 ---------------------------------------------------------------- OMAKAPITAL Aktsiakapital nimiväärtuses 263 000 263 000 Ülekurss 44 478 44 478 Kohustuslik reservkapital 18 520 18 520 Riskimaandamise reserv -349 -425 Eelmiste perioodide jaotamata kasum 6 859 17 678 Perioodi kasum 35 947 24 423 ---------------------------------------------------------------- Omakapital kokku 368 455 367 674 ---------------------------------------------------------------- Kohustised ja omakapital kokku 616 176 623 639 ---------------------------------------------------------------- Lühendatud konsolideeritud kasumiaruanne 9 kuud 9 kuud tuhandetes eurodes III kv 2019 III kv 2018 2019 2018 ------------------------------------------------------------------------------- Müügitulu 39 181 38 897 100 531 101 063 Muud tulud 209 215 789 659 Tegevuskulud -10 741 -10 426 -27 457 -28 013 Tööjõukulud -5 019 -4 941 -14 127 -13 912 Põhivara kulum ja väärtuse langus -5 719 -5 567 -16 912 -16 516 Muud kulud -44 -65 -226 -217 Ärikasum 17 867 18 113 42 598 43 064 ------------------------------------------------------------------------------- Finantstulud ja -kulud Finantstulud 2 5 29 13 Finantskulud -452 -501 -1 333 -1 539 Finantstulud ja -kulud kokku -450 -496 -1 304 -1 526 ------------------------------------------------------------------------------- Kapitaliosaluse meetodil arvestatud kasum investeeringutelt sidusettevõttesse 331 461 417 535 Kasum enne tulumaksustamist 17 748 18 078 41 711 42 073 ------------------------------------------------------------------------------- Tulumaks 0 0 -5 764 -26 250 Perioodi kasum 17 748 18 078 35 947 15 823 ------------------------------------------------------------------------------- sh emaettevõtja omanike osa perioodi kasumist 17 748 18 078 35 947 15 823 ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Tava ja lahjendatud puhaskasum aktsia kohta (eurodes) 0,07 0,07 0,14 0,07 Tava ja lahjendatud puhaskasum aktsia kohta - jätkuvad tegevused (eurodes) 0,07 0,07 0,14 0,07 ------------------------------------------------------------------------------- Lühendatud konsolideeritud rahavoogude aruanne: 9 kuud 9 kuud tuhandetes eurodes 2019 2018 -------------------------------------------------------------------------- Kaupade või teenuste müügist laekunud raha 105 558 108 685 Muude tulude eest laekunud raha 156 62 Maksed tarnijatele -34 030 -33 466 Maksed töötajatele ja töötajate eest -13 248 -12 364 Maksed muude kulude eest -299 -293 Makstud tulumaks dividendidelt -10 713 -21 405 Äritegevusest laekunud raha 47 424 41 219 -------------------------------------------------------------------------- Materiaalse põhivara soetamine -17 909 -8 388 Immateriaalse põhivara soetamine -360 -509 Materiaalse põhivara müük 39 6 Saadud intressid 27 3 Investeerimistegevuses kasutatud raha -18 203 -8 888 -------------------------------------------------------------------------- Aktsiakapitali sissemaksed 0 119 882 Võlakirjade lunastamine 0 -1 250 Saadud laenude tagasimaksed -6 383 -6 383 Arvelduskrediidi (kohustis) muutus 0 -2 566 Kapitalirendi põhiosa tagasimaksed 0 -7 Makstud dividendid -34 970 -85 000 Makstud intressid -1 461 -1 704 Muud finantseerimistegevusest tulenevad maksed -15 -46 Finantseerimistegevuses(t) laekunud/kasutatud raha - 42 829 22 926 -------------------------------------------------------------------------- -------------------------------------------------------------------------- RAHAVOOG KOKKU -13 608 55 257 -------------------------------------------------------------------------- Raha ja raha ekvivalendid perioodi alguses 42 563 6 954 Raha ja raha ekvivalentide muutus -13 608 55 257 Raha ja raha ekvivalendid perioodi lõpus 28 955 62 211 -------------------------------------------------------------------------- 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 Q3 and 9 months
Message
In the first 9 months of 2019, the Group's key performance indicators moved in different directions but, through their combined effect, revenue and profit figures for Q3 and 9 months did not change significantly. In the third quarter, the Group's revenue was EUR 39.2 million (0.7% y-o-y), adjusted EBITDA was EUR 23.7 million (-1.1% y-o-y) and net profit was EUR 17.7 million (-1.8% y-o-y). According to Marko Raid, CFO of Tallinna Sadam, Q3 results were affected by a sharp decline in cargo volume due to liquid bulk, but on the other hand by an increase in the number of ship calls and a longer summer season charter period of the icebreaker Botnica in Canada. The volume of dry bulk cargo also increased rapidly, which somewhat mitigated the decline in overall cargo volume caused by the drop in liquid cargo. "In the third quarter, the number of passengers increased mainly due to the Tallinn-Helsinki and Muuga-Vuosaari routes. At the end of June, Eckerö Line started operating on the Muuga-Vuosaari route with its vessel MS Finbo Cargo, which serves both trucks and passengers with cars and in addition, Tallink also started to serve passengers with cars on this route with its vessel Sea Wind. The high occupancy rate of the vessels shows that the route has been properly launched and that passengers with cars also appreciate the lower cost alternative to avoid city center congestion when travelling between Estonia and Finland," said Raid. The highest growth in revenue and profitability was generated by the icebreaker Botnica due to increase in the number of charter days for summer season and the largest decline was in the Cargo harbours segment, mostly attributable to lower liquid cargo volumes, which led to decrease in revenue from vessel dues. In the first 9 months, the Group generated EUR 100.5 million revenue and EUR 35.9 million net profit. Revenue and adjusted EBITDA remained at the comparable level with the previous year, decreasing by -0.5% and -0.4% respectively. The strong growth in net profit in 9 months year-on-year was due to EUR 20.5 million lower dividend income tax expense in 2019. In the third 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 to pay at least EUR 30 million dividends in 2020. Tallinna Sadam will present the financial results of the Group at a webinar on 15 November at 11:00, to attend, please register here (https://register.gotowebinar.com/register/1398358185175429635). The webinar will be held in English. Key figures (in million EUR): Q3 Q3 +/- 9 months 9 months +/- 2019 2018 2019 2018 Revenue 39.2 38.9 0.7% 100.5 101.1 -0.5% Adjusted EBITDA 23.7 24.0 -1.1% 59.5 59.7 -0.4% Adjusted EBITDA margin 60.6% 61.7% -1.1 59.1% 59.1% 0.0 Operating profit 17.9 18.1 -1.4% 42.6 43.1 -1.1% Income tax 0 0 - -5.8 -26.3 -78.0% Profit for the period 17.7 18.1 -1.8% 35.9 15.8 127.2% Investments 7.7 2.9 164.0% 18.8 8.1 131.6% 30.09.2019 31.12.2018 +/- Total assets 616.2 623.6 -1.2% Net debt 178.3 171.0 4.2% Equity 368.5 367.7 0.2% Number of shares 263.0 263.0 0.0% Revenue Revenue for the 9 months of 2019 decreased by EUR 0.5 million (-0.5% y-o-y) and was EUR 100.5 million. 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 increased from general and dry bulk vessels, through growth in cargo volumes, and passenger vessels, where an additional ROPAX type vessel started operating on the Muuga- Vuosaari line at the end of the second quarter. In terms of segments, nine-month revenue grew in the Ferry segment and the segment Other but declined in the Passenger harbours and Cargo harbours segments. Passenger harbours revenue increased in Q3 but decreased in 9 months year-on- year caused by the lower number of ship 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 Q3 and 9 months decreased, mainly due to the drop of liquid cargo volume. The revenue of the Ferry segment grew because of a rise in fee rates, which are linked to the Estonian consumer and fuel price indices and wage inflation. The revenue of the segment Other grew, mostly through growth in the revenue generated by the icebreaker Botnica during the summer season, as well as the indexation of the contractual fees to the Estonian and Canadian consumer price indices. EBITDA Compared to Q3 2018, adjusted EBITDA decreased by EUR 0.3 million (-1,1%) influenced by Cargo harbours segment. In 9 months of 2019, adjusted EBITDA decreased by 0.4% to EUR 59.5 million. In terms of segments, adjusted EBITDA grew in the Ferry segment and the segment Other, decreased in the Cargo harbours segment and remained stable in the Passenger harbours segment. The adjusted EBITDA margin for the first 9 months of the year remained stable at 59.1% despite a slight decrease from 61.7% to 60.6% in Q3. Net profit In the third quarter, the Group earned EUR 17.7 million net profit (-1.8% y-o- y), in the first 9 months the net profit was EUR 35.9 million (127.2% y-o-y). The strong growth in net profit in 9 months year-on-year was due to the decline in dividend income tax expense in 2019. 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). Investments In the first 9 months of 2019, the Group invested EUR 18.8 million, including EUR 7.7 million in Q3 (9 months 2018: EUR 8.1 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 Sept 2019 31 December 2018 ---------------------------------------------------------------------- ASSETS Current assets Cash and cash equivalents 28,955 42,563 Trade and other receivables 11,445 8,017 Contract assets 678 0 Inventories 287 305 Total current assets 41,365 50,885 ---------------------------------------------------------------------- Non-current assets Investments in associates 1,782 1,569 Other long-term receivables 151 196 Property, plant and equipment 570,844 568,965 Intangible assets 2,034 2,024 Total non-current assets 574,811 572,754 ---------------------------------------------------------------------- Total assets 616,176 623,639 ---------------------------------------------------------------------- LIABILITIES Current liabilities Loans and borrowings 15,766 15,766 Derivative financial instruments 349 425 Provisions 1,426 1,957 Government grants 344 174 Taxes payable 1,495 5,844 Trade and other payables 10,521 9,485 Contractual liabilities 2,203 32 Total current liabilities 32,104 33,683 ---------------------------------------------------------------------- Non-current liabilities Loans and borrowings 191,463 197,846 Government grants 23,149 23,418 Other payables 81 79 Contract liabilities 924 939 Total non-current liabilities 215,617 222,282 ---------------------------------------------------------------------- Total liabilities 247,721 255,965 ---------------------------------------------------------------------- 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 -349 -425 Retained earnings (prior periods) 6,859 17,678 Profit for the period 35,947 24,423 ---------------------------------------------------------------------- Total equity 368,455 367,674 ---------------------------------------------------------------------- Total liabilities and equity 616,176 623,639 ---------------------------------------------------------------------- Interim condensed consolidated statement of profit or loss: 9 months 9 months In thousands of euros Q3 2019 Q3 2018 2019 2018 ------------------------------------------------------------------------------- Revenue 39,181 38,897 100,531 101,063 Other income 209 215 789 659 Operating expenses -10,741 -10,426 -27,457 -28,013 Personnel expenses -5,019 -4,941 -14,127 -13,912 Depreciation, amortisation and impairment -5,719 -5,567 -16,912 -16,516 Other expenses -44 -65 -226 -217 Operating profit 17,867 18,113 42,598 43,064 ------------------------------------------------------------------------------- Finance income and costs Finance income 2 5 29 13 Finance costs -452 -501 -1,333 -1,539 Finance costs - net -450 -496 -1,304 -1,526 ------------------------------------------------------------------------------- Share of profit of an associate accounted for under the equity method 331 461 417 535 Profit before income tax 17,748 18,078 41,711 42,073 ------------------------------------------------------------------------------- Income tax 0 0 -5,764 -26,250 Profit for the period 17,748 18,078 35,947 15,823 ------------------------------------------------------------------------------- Attributable to owners of the Parent 17,748 18,078 35,947 15,823 ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Basic and diluted earnings per share (in euros) 0.07 0.07 0.14 0.07 Basic and diluted earnings per share - continuing operations (in euros) 0.07 0.07 0.14 0.07 ------------------------------------------------------------------------------- Interim condensed consolidated statement of cash flows: 9 months 9 months In thousands of euros 2019 2018 ----------------------------------------------------------------------------- Cash receipts from sale of goods and services 105,558 108,685 Cash receipts related to other income 156 62 Payments to suppliers -34,030 -33,466 Payments to and on behalf of employees -13,248 -12,364 Payments for other expenses -299 -293 Income tax paid on dividends -10,713 -21,405 Cash from operating activities 47,424 41,219 ----------------------------------------------------------------------------- Purchases of property, plant and equipment -17,909 -8,388 Purchases of intangible assets -360 -509 Proceeds from sale of property, plant and equipment 39 6 Interest received 27 3 Cash used in investing activities -18,203 -8,888 ----------------------------------------------------------------------------- Contributions to share capital 0 119,882 Redemption of debt securities 0 -1,250 Repayments of loans received -6,383 -6,383 Change in overdraft (liability) 0 -2,566 Repayments of finance lease principal 0 -7 Dividends paid -34,970 -85,000 Interest paid -1,461 -1,704 Other payments related to financing activities -15 -46 Cash from/used in financing activities -42,829 22,926 ----------------------------------------------------------------------------- ----------------------------------------------------------------------------- NET CASH FLOW -13,608 55,257 ----------------------------------------------------------------------------- Cash and cash equivalents at beginning of the period 42,563 6,954 Change in cash and cash equivalents -13,608 55,257 Cash and cash equivalents at end of the period 28,955 62,211 ----------------------------------------------------------------------------- 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])