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
8606
Attachments
Submission date and time
26.02.2021 09:00:00
Content of announcement in Estonian
Title
ASi Tallinna Sadam 2020 IV kvartali ja 12 kuu majandustulemused
Message
Jätkuva ülemaailmse viirusekriisi mõjul langesid IV kvartalis nii Tallinna Sadama kontserni müügitulu, korrigeeritud EBITDA kui kasum. Müügitulu moodustas IV kvartalis 25,3 mln eurot vähenedes võrreldes eelmise aasta sama perioodiga 15,7%. Kontserni korrigeeritud EBITDA oli IV kvartalis 12,1 miljonit eurot (-18,3%) ja kasumiks kujunes 5,7 mln eurot (-32,3%). Aasta kokkuvõttes oli müügitulu 107,4 mln eurot (-17,8%) ja korrigeeritud EBITDA 58,4 miljonit eurot (-21,4%). Vaatamata pandeemiale kujunes 2020. aasta kasumiks siiski 28,5 mln eurot (-35,8%). Korrigeeritud EBITDA marginaal vähenes 2,5 protsendipunkti võrra, kuid investeeringute maht kasvas 37,1 mln euroni (26%). Tallinna Sadama juhatuse esimehe Valdo Kalmu sõnul oli pandeemia negatiivne mõju ettevõtte majandustulemustele eriti tuntav reisisadamate segmendis, kuid tervikvaates oli viiruse mõju kontserni finantsidele kardetust väiksem ning aasta lõpetati olusid arvestades tugeva kasumiga. ?2020. aasta tõestas hajutatud riskidega äristrateegia ja neljale ärisuunale panustamise õigsust. Olukorras, kus reisijatega seotud äri kahanes pea poole võrra, suudame täita investorite poolseid ootusi ning jätkata lubatud dividendipoliitikaga ehk maksta vähemalt 70% eelneva aasta kasumist dividendideks," selgitas Kalm. Tema sõnul on reisijate arvu suurt langust kompenseerinud viimase viie aasta rekordiline kaubamaht ning reisiparvlaevade ja jäämurdja Botnica müügitulu, mis on kõik püsinud 2019. aastaga võrreldavatel tasemetel. ?Sellest tulenev stabiilne rahavoog ja usk reisijate äri taastumisse on võimaldanud ka kriisis jätkata investeerimist reisijatele suunatud teenustesse ja taristusse eeskätt Vanasadamas, kus oleme võtnud kasutusse uuenduslikke keskkonnasäästlikke lahendusi nagu automaatsildumine ja kaldaelektrivarustus. Sel aastal valmivad või saavad vaatamata reisijate segmendi madalseisule jätku ka mitmed Vanasadama reisijate teenindamise ja kinnisvaraarenduse projektid, sh kruiisiterminal, D- terminali esine väljak ja Admiraliteedi kanali jalakäijate sild," lisas Kalm. Valdo Kalmu videopöördumist vaata siit (https://portoftallinn.sharepoint.com/:v:/s/Turundus/EUAt4ksKAxNJvyKqffChg- oBAtfaylDgxPycamfmjLA7wA?e=QVYUDt). Tallinna Sadama juhatus tutvustab kontserni finantstulemusi 26. veebruaril kell 11:00 toimuval ingliskeelsel veebiseminaril, millel saab osaleda selle lingi kaudu (https://teams.microsoft.com/l/meetup- join/19%3ameeting_OTdmYjIwMTgtZTgzNC00YjE2LWFmYmMtMjY5NzAzNzQ5OWM1%40thread.v2/0 ?context=%7b%22Tid%22%3a%223c572f71-c808-4685-aa00- 2ca59a11c7e2%22%2c%22Oid%22%3a%22f76c4208-aa18-403e-b244- 12d29bf7e0d0%22%2c%22IsBroadcastMeeting%22%3atrue%7d). Peamised finantsnäitajad (mln EUR): IV kv IV kv +/- 2020 2019 +/- 2020 2019 % % Müügitulu 25,3 30,0 -15,7 107,4 130,5 -17,8 Korrigeeritud EBITDA 12,1 14,8 -18,3 58,4 74,3 -21,4 Korrigeeritud EBITDA marginaal 47,9% 49,5% -1,6 54,4% 56,9% -2,5 Ärikasum 6,3 9,1 -31,1 35,6 51,7 -31,2 Tulumaks 0,0 0,0 - -4,9 -5,8 -14,8 Perioodi kasum 5,7 8,5 -32,3 28,5 44,4 -35,8 Investeeringud 8,2 10,7 -23,0 37,1 29,5 26,0 31.12.2020 31.12.2019 +/- Varade maht 628,1 625,5 0,4% Intressi kandvad võlakohustused 211,6 207,8 1,8% Muud kohustused 41,1 40,7 1,0% Omakapital 375,4 377,0 -0,4% Aktsiate arv 263,0 263,0 0,0% Olulisemad sündmused IV kvartalis: * COVID-19 pandeemia mõju jätkus * Kompromiss ESTEVEga kohtuvaidluste lõpetamiseks * TS Laevad OÜ juhatuse esimehe Indrek Randveeri ametisse nimetamine * Enlight Reseach alustas Tallinna Sadama katmist * Nõukogu kinnitas ettevõtte strateegia 2021-2025 * Selgusid Tallinna Sadama ökoloogilise jalajälje kaardistamise tulemused * Tallinna Sadama nimetamiskomitee esimeheks valiti Ando Leppiman * Reisiterminali D parkimismaja valmimine * Viimase viie aasta rekord kaubamaht 2020 - 21,3 mln tonni. Müügitulu Müügitulu vähenes 2020. aasta IV kvartalis 4,7 mln eurot ehk 15,7% eelkõige seoses reisijate arvu vähenemisega. Aasta kokkuvõttes vähenes müügitulu kokku 17,8% 107,4 mln euroni. Müügitulu vähenes kõikides tululiikides, enim reisijatasude (-59%) ja laevatasude tulus (-20%). Langus tulenes peamiselt kruiisilaevade ärajäänud hooajast, liinireisijate arvu olulisest langusest, kuid ka reisilaevade hõredamast graafikust ning mõneti vähenenud kaubamahust segalasti, puistlasti ja konteinerite osas. Tulu suurendavalt mõjus aga vedellasti mahu kasv Reisisadamate segmendi aasta müügitulu langes 42% koroonaviirusega seotud piirangutest tingitud reisijate arvu languse tõttu (-59%), mis tingis ka reisilaevade graafiku hõrenemise ning kruiisihooaja ära jäämise. IV kvartalis vähenes reisisadamate segmendi müügitulu 6,2 mln euroni (-41%). Kaubasadamate segmendi müügitulu IV kvartalis kasvas 0,2 mln eurot (+2,1%) 10,6 mln euroni. Aasta kokkuvõttes vähenes kaubasadamate müügitulu vaid vähesel määral tänu kaubamahu 7%-lisele kasvule. Kaubamaht kasvas eelkõige vedellasti mõjul, kuid madalama tasuga vedellasti mahu kasv ei katnud teiste lastiliikide mahu vähenemise mõju kaubatasu kogutulus. Reisiparvlaevade segmendis aasta müügitulu vähenes peamiselt suveperioodil riigi kui teenuse tellija poolt lisareiside tellimisest väiksemas mahus ning ilma lisalaevata. IV kvartalis vähenes reisiparvlaevade müügitulu 6,9 mln euroni (-1,7%). Muu segmendi müügitulu vähenes nii IV kvartalis kui aasta kokkuvõttes jäämurdja Botnica lühema suvetöö rendiperioodi tõttu seoses Kanada tellija tootmistegevust raskendanud koroonaviirusest tulenenud piirangutega. Tulu suurendavalt mõjus tasumäärade mõningane indekseerimine inflatsiooniindeksiga nii jäämurdetasu kui suvetöö puhul. IV kvartalis vähenes muu segmendi müügitulu 1,6 mln euroni (-27%). EBITDA IV kvartalite võrdluses langes korrigeeritud EBITDA 2,7 mln euro võrra (-18,3%). Aasta kokkuvõttes langes näitaja 58,4 mln euroni (-21,4%), tulenevalt langusest reisisadamate segmendis. Korrigeeritud EBITDA marginaal langes 56,9%-lt 54,4%le. Kasum Kontserni 2020. aasta kasumiks kujunes 28,5 mln eurot, vähenedes 15,9 mln euro võrra. IV kvartali tulemuseks oli kasum summas 5,7 mln eurot (-32,3%). Kasum enne tulumaksu vähenes 2020. aastal 16,7 mln euro võrra 33,4 mln euroni (-33,4%). IV kvartali tulumaksueelne kasum vähenes 2,7 mln eurot. Tulumaksukulu vähenes 0,9 mln euro võrra seoses väiksema dividendimaksega (30,2 mln eurot) võrreldes 2019. aastal välja makstud dividendiga (35,2 mln eurot). Investeeringud 2020. aasta IV kvartali investeeringute summaks kujunes 8,2 mln eurot, aasta kokkuvõttes tegi kontsern investeeringuid summas 37,1 mln eurot ehk 26% enam kui eelneval aastal ning oli suurim investeeringute summa viimastel aastatel. 2020. aasta investeeringud olid taas seotud peamiselt Vanasadamaga, kus jätkati ka kriisioludes olulisemate keskkonda ja reisimistingimusi parendavate investeeringutega. Suurematest objektidest lõpetati reisiterminali D rekonstrueerimine ja kõrvalasuva parkimismaja ehitus. Lõppjärku jõudsid investeeringud liinireisilaevade jaoks kaldaelektrivarustuse rajamisel ja automaatsete sildumisseadmete paigaldamisel. Alustati kruiisiterminali ehitust ja üle Admiraliteedi kanali avatava jalakäijate silla ehitust. Muuga sadamas olid suurimad tööd seotud ro-ro liikluse tingimuste parendamisega. Paldiski Lõunasadamas teostati süvendustöid laevade pöörderingil ja sissesõidukanalil. Reisiparvlaevade puhul oli suurimaks tööks energiasäästule ja keskkonnasõbralikkusele suunatud akupanga energialahenduse paigaldamine reisiparvlaevale Tõll, ning väiksemas mahus teostati planeeritud dokitöid laevadele. Jäämurdjal Botnica renoveeriti II osa käiturite juhtsüsteemist ning täiendati muid tehnilisi süsteeme. Lühendatud konsolideeritud finantsseisundi aruanne: tuhandetes eurodes 31.12.2020 31.12.2019 ---------------------------------------------------------------- VARAD Käibevara Raha ja raha ekvivalendid 26 679 35 183 Nõuded ostjate vastu ja muud nõuded 10 183 10 614 Varud 360 408 Müügiootel põhivara 114 142 Käibevara kokku 37 336 46 347 Põhivara Investeeringud sidusettevõtetesse 1 147 1 609 Muud pikaajalised nõuded 0 294 Materiaalne põhivara 587 506 575 267 Immateriaalne põhivara 2 104 2 015 Põhivara kokku 590 757 579 185 ---------------------------------------------------------------- Varad kokku 628 093 625 532 ---------------------------------------------------------------- KOHUSTISED Lühiajalised kohustised Võlakohustised 17 266 16 266 Tuletisinstrumendid 102 243 Eraldised 1 289 1 915 Sihtfinantseerimine 1 919 193 Maksuvõlad 744 893 Võlad tarnijatele ja muud võlad 9 149 11 755 Lühiajalised kohustised kokku 30 469 31 265 ---------------------------------------------------------------- Pikaajalised kohustised Võlakohustised 194 314 191 580 Sihtfinantseerimine 26 145 24 754 Muud võlad 1 733 915 Pikaajalised kohustised kokku 222 192 217 249 ---------------------------------------------------------------- Kohustised kokku 252 661 248 514 ---------------------------------------------------------------- OMAKAPITAL Aktsiakapital nimiväärtuses 263 000 263 000 Ülekurss 44 478 44 478 Kohustuslik reservkapital 20 262 18 520 Riskimaandamise reserv -102 -243 Eelmiste perioodide jaotamata kasum 19 276 6 859 Perioodi kasum 28 518 44 404 ---------------------------------------------------------------- Omakapital kokku 375 432 377 018 ---------------------------------------------------------------- Kohustised ja omakapital kokku 628 093 625 532 ---------------------------------------------------------------- Lühendatud konsolideeritud kasumiaruanne tuhandetes eurodes IV kv 2020 IV kv 2019 2020 2019 ------------------------------------------------------------------------------- Müügitulu 25 303 30 005 107 358 130 536 Muud tulud 223 229 3 015 1 017 Tegevuskulud -7 576 -9 212 -30 858 -36 669 Tööjõukulud -5 426 -5 740 -19 491 -19 867 Põhivara kulum ja väärtuse langus -6 199 -6 125 -24 094 -23 037 Muud kulud -68 -77 -368 -301 Ärikasum 6 257 9 080 35 562 51 679 ------------------------------------------------------------------------------- Finantstulud ja -kulud Finantstulud 7 13 36 42 Finantskulud -410 -463 -1 705 -1 797 Finantstulud ja -kulud kokku -403 -450 -1 669 -1 755 ------------------------------------------------------------------------------- Kapitaliosaluse meetodil arvestatud kasum investeeringutelt sidusettevõttesse -130 -173 -462 244 Kasum enne tulumaksustamist 5 724 8 457 33 431 50 168 ------------------------------------------------------------------------------- Tulumaks 0 0 -4 913 -5 764 Perioodi kasum 5 724 8 457 28 518 44 404 ------------------------------------------------------------------------------- sh emaettevõtja omanike osa perioodi kasumist 5 724 8 457 28 518 44 404 ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Tava ja lahjendatud puhaskasum aktsia kohta (eurodes) 0,02 0,03 0,11 0,17 Tava ja lahjendatud puhaskasum aktsia kohta - jätkuvad tegevused (eurodes) 0,02 0,03 0,11 0,17 ------------------------------------------------------------------------------- Lühendatud konsolideeritud rahavoogude aruanne: tuhandetes eurodes 2020 2019 ------------------------------------------------------------------------- Kaupade või teenuste müügist laekunud raha 114 378 138 690 Muude tulude eest laekunud raha 94 193 Maksed tarnijatele -43 954 -47 210 Maksed töötajatele ja töötajate eest -15 713 -16 892 Maksed muude kulude eest -376 -377 Makstud tulumaks dividendidelt -4 913 -10 985 Äritegevusest laekunud raha 49 516 63 419 ------------------------------------------------------------------------- Materiaalse põhivara soetamine -35 811 -27 965 Immateriaalse põhivara soetamine -661 -550 Materiaalse põhivara müük 2 863 39 Saadud põhivara sihtfinantseerimisest 3 561 0 Saadud dividendid 0 204 Saadud intressid 15 28 Investeerimistegevuses kasutatud raha -30 033 -28 244 ------------------------------------------------------------------------- Võlakirjade lunastamine -9 000 -9 000 Saadud laenud 20 000 10 000 Saadud laenude tagasimaksed -7 266 -6 766 Makstud dividendid -30 008 -34 970 Makstud intressid -1 694 -1 769 Muud finantseerimistegevusest tulenevad maksed -19 -50 Finantseerimistegevuses(t) laekunud/kasutatud raha -27 987 -42 555 ------------------------------------------------------------------------- RAHAVOOG KOKKU -8 504 -7 380 ------------------------------------------------------------------------- Raha ja raha ekvivalendid perioodi alguses 35 183 42 563 Raha ja raha ekvivalentide muutus -8 504 -7 380 Raha ja raha ekvivalendid perioodi lõpus 26 679 35 183 ------------------------------------------------------------------------- Tallinna Sadamale kuulub üks Läänemere suurimaid kauba- ja reisisadamate komplekse, mida läbib aastas keskmiselt 10 miljonit reisijat ja 20 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. Auditeerimata andmetel oli kontserni 2020. a müügitulu 107,4 miljonit eurot, korrigeeritud EBITDA 58,4 miljonit eurot ning kasum 28,5 miljonit eurot. Lisainfo: Marju Zirel Investorsuhete juht Tel. +372 53 42 6591 E-post: [email protected] (mailto:[email protected])
Content of announcement in English
Title
AS Tallinna Sadam financial results for 2020 Q4 and 12 months
Message
As a result of the ongoing global virus crisis, the revenue, adjusted EBITDA and
profit of AS Tallinna Sadam (hereafter: "the Group") decreased in Q4. Revenue
amounted to EUR 25.3 million decreasing by 15.7% in Q4 year-on-year. The
adjusted EBITDA of Q4 was EUR 12.1 million (-18.3%) and the profit amounted to
EUR 5.7 million (-32.3%).
In 2020, the annual revenue was EUR 107.4 million (-17.8%) and adjusted EBITDA
amounted to EUR 58.4 million (-21.4%). Despite the pandemic, the profit for
2020 was EUR 28.5 million (-35.8%). Adjusted EBITDA margin decreased by 2.5
percentage points, but the volume of investments increased to EUR 37.1 million
(+26%).
According to Valdo Kalm, Chairman of the Management Board of Tallinna Sadam, the
negative impact of the pandemic on the company's financial results was
particularly noticeable in the Passenger harnours segment, but the overall
impact of the virus on the Group's finances was smaller than feared and the year
ended with a strong profit given the circumstances. ?The year 2020 proved that
the business strategy with diversified risks and the contribution to the four
business directions is justified. In a situation where the business related to
passengers decreased by almost half, we are able to meet the expectations of
investors and continue with the promised dividend policy, i.e. pay at least 70%
of the previous year's profit for dividends," explained Kalm.
Kalm says that the large drop in the number of passengers has been compensated
by the highest cargo volume of the last five years, the sales revenue of
passenger ferries and icebreaker Botnica, which have all remained at levels
comparable to 2019. "The resulting stable cash flow and confidence in the
recovery of the passenger business have also enabled us to continue investing in
passenger services and infrastructure despite the crisis, especially in the Old
City Harbour, where we have introduced innovative environmentally friendly
solutions such as automatic mooring and on-shore power supply. This year,
despite the slump in the passenger segment, several passenger service and real
estate development projects in the Old City Harbour will be completed or
continued, including the cruise terminal, the front square of the Terminal D and
the pedestrian bridge of the Admiralty Canal," added Kalm.
Please also see Valdo Kalm's video message
(https://portoftallinn.sharepoint.com/:v:/s/Turundus/EUAt4ksKAxNJvyKqffChg-
oBAtfaylDgxPycamfmjLA7wA?e=QVYUDt).
The management of Tallinna Sadam will present the financial results of the Group
at a webinar on 26 February at 11:00, to attend, please click here
(https://teams.microsoft.com/l/meetup-
join/19%3ameeting_OTdmYjIwMTgtZTgzNC00YjE2LWFmYmMtMjY5NzAzNzQ5OWM1%40thread.v2/0
?context=%7b%22Tid%22%3a%223c572f71-c808-4685-aa00-
2ca59a11c7e2%22%2c%22Oid%22%3a%22f76c4208-aa18-403e-b244-
12d29bf7e0d0%22%2c%22IsBroadcastMeeting%22%3atrue%7d). The webinar will be held
in English.
Key figures (in million EUR):
Q4 Q4 +/- 2020 2019 +/-
2020 2019 % %
Revenue 25.3 30.0 -15.7 107.4 130.5 -17.8
Adjusted EBITDA 12.1 14.8 -18.3 58.4 74.3 -21.4
Adjusted EBITDA margin 47.9% 49.5% -1.6 54.4% 56.9% -2.5
Operating profit 6.3 9.1 -31.1 35.6 51.7 -31.2
Income tax 0.0 0.0 - -4.9 -5.8 -14.8
Profit for the period 5.7 8.5 -32.3 28.5 44.4 -35.8
Investments 8.2 10.7 -23.0 37.1 29.5 26.0
31.12.2020 31.12.2019 +/-
Total assets 628.1 625.5 0.4%
Interest bearing debt 211.6 207.8 1.8%
Other liabilities 41.1 40.7 1.0%
Equity 375.4 377.0 -0.4%
Number of shares 263.0 263.0 0.0%
Major events in Q4:
* The impact of the COVID-19 pandemic continued
* Compromise with ESTEVE to end legal disputes
* Appointment of Indrek Randveer as chairman of the Management Board of TS
Laevad OÜ
* Enlight Research started covering Tallinna Sadam
* The supervisory board approved the company strategy for 2021-2025
* The results of the mapping of the ecological footprint of Tallinna Sadam
* Ando Leppiman was elected chairman of the Tallinna Sadam nomination
committee
* Completion of the parking structure of passenger terminal D
* Past five years' record cargo volume in 2020 - 21.3 million tons
Revenue
Revenue for Q4 of 2020 decreased by EUR 4.7 million, i.e. 15.7%, year on year
mainly due to decline in passenger volumes. Annually, the revenue decreased in
total by 17.8% to EUR 107.4 million. Revenue decreased in all revenue streams,
the sharpest in passenger fees (-59%) and vessel dues (-20%). The decline is
mainly attributable to the cancellation of the cruise season as well as reduced
ferry timetables and a slight decrease in the volumes of general, dry bulk and
container cargo. Growth in the volume of liquid bulk cargo had a positive effect
on revenue.
The revenue of the Passenger harbours segment decreased because the number of
passengers declined in connection with COVID-19 related mobility restrictions,
which led to the reduction of ferry timetables and the cancellation of the
cruise season. The fourth quarter revenue of the Passenger harbours segment
decreased to EUR 6.2 million (-41%)Q4 revenue of the Cargo harbours segment grew
by EUR 0.2 million (+2.1%) to EUR 10.6 million. Annually, the revenue of the
Cargo harbours segment decreased only slightly because cargo throughput grew by
7%. Cargo volume increased primarily due to liquid bulk, but the increase in the
volume of liquid bulk with lower charge did not cover the effect of the decrease
in the volume of other types of cargo in total cargo charge revenue.
The revenue of the Ferry segment decreased mostly during the summer season when
the customer (the state) ordered a smaller number of extra trips and did not
order an additional ferry to be put in service. Fourth quarter revenue decreased
to EUR 6.9 million (-1.7%).
The revenue of the segment Other decreased both in Q4 and annually, because of
the shorter summer charter period of the icebreaker Botnica due to COVID-19
related restrictions, which disrupted the production operations of the Canadian
charterer. The indexation of the ice-breaking and charter fee rates to the
inflation index had a slight positive effect on revenue. Revenue for the fourth
quarter decreased to EUR 1.6 million (-27%).
EBITDA
Adjusted EBITDA for Q4 declined by EUR 2.7 million (-18.3%) year on year. The
annual adjusted EBITDA decreased to EUR 58.4 million (-21.4%) due to a fall in
the Passenger harbours segment. Adjusted EBITDA margin declined from 56.9% to
54.4%.
Profit
The Group's net profit for 2020 amounted to EUR 28.5 million, EUR 15.9 million
less than a year earlier. Net profit for Q4 was EUR 5.7 million (-32.3%).
Profit before tax decreased by EUR 16.7 million to EUR 33.4 million (-33.4%) in
2020. Profit before tax for the fourth quarter decreased by EUR 2.7 million,
year on year. Income tax expense decreased by EUR 0.9 million due to a smaller
dividend distribution (EUR 30.2 million) compared with dividend paid in 2019
(EUR 35.2 million).
Investments
Q4 capital investments amounted to EUR 8.2 million, capital investments in 2020
totalled EUR 37.1 million, which is 26% more than in the prior year and the past
few years' highest figure. The main investments were again made at the Old City
Harbour, where despite the crisis the Group continued to invest in major
improvements to the environment and travel conditions. The largest completed
projects were the reconstruction of Terminal D and the construction of a nearby
multi-storey parking structure. The installation of on-shore power supply
systems and auto-mooring equipment for ferries reached the final phase and the
construction of a cruise terminal and a footbridge across the canal of the
Admiralty Basin was started. The largest works at the Muuga Harbour were related
to improving the conditions of ro-ro traffic. Dredging works were carried out in
the turning basin and approach canal of the Paldiski South Harbour. The largest
projects in the Ferry segment were the installation of battery bank energy
solution on the ferry Tõll in order to achieve energy savings and make the ferry
more environmentally friendly and scheduled smaller-scale dry dock maintenance
of ferries. On the icebreaker Botnica, the second part of the machinery control
system was renewed and other technical systems were also upgraded.
Interim condensed consolidated statement of financial position:
In thousands of euros 31 December 2020 31 December 2019
--------------------------------------------------------------------------
ASSETS
Current assets
Cash and cash equivalents 26,679 35,183
Trade and other receivables 10,183 10,614
Inventories 360 408
Non-current assets held for sale 114 142
--------------------------------------------------------------------------
Total current assets 37,336 46,347
--------------------------------------------------------------------------
Non-current assets
Investments in associates 1,147 1,609
Other long-term receivables 0 294
Property, plant and equipment 587,506 575,267
Intangible assets 2,104 2,015
Total non-current assets 590,757 579,185
--------------------------------------------------------------------------
Total assets 628,093 625,532
--------------------------------------------------------------------------
LIABILITIES
Current liabilities
Loans and borrowings 17,266 16,266
Derivative financial instruments 102 243
Provisions 1,289 1,915
Government grants 1,919 193
Taxes payable 744 893
Trade and other payables 9,149 11,755
Total current liabilities 30,469 31,265
--------------------------------------------------------------------------
Non-current liabilities
Loans and borrowings 194,314 191,580
Government grants 26,145 24,754
Other payables 1,733 915
Total non-current liabilities 222,192 217,249
--------------------------------------------------------------------------
Total liabilities 252,661 248,514
--------------------------------------------------------------------------
EQUITY
Share capital at par value 263,000 263,000
Share premium 44,478 44,478
Statutory capital reserve 20,262 18,520
Hedge reserve -102 -243
Retained earnings (prior periods) 19,276 6,859
Profit for the period 28,518 44,404
--------------------------------------------------------------------------
Total equity 375,432 377,018
--------------------------------------------------------------------------
Total liabilities and equity 628,093 625,532
--------------------------------------------------------------------------
Interim condensed consolidated statement of profit or loss:
In thousands of euros Q4 2020 Q4 2019 2020 2019
-------------------------------------------------------------------------------
Revenue 25,303 30,005 107,358 130,536
Other income 223 229 3,015 1,017
Operating expenses -7,576 -9,212 -30,858 -36,669
Personnel expenses -5,426 -5,740 -19,491 -19,867
Depreciation, amortisation and impairment -6,199 -6,125 -24,094 -23,037
Other expenses -68 -77 -368 -301
Operating profit 6,257 9,080 35,562 51,679
-------------------------------------------------------------------------------
Finance income and costs
Finance income 7 13 36 42
Finance costs -410 -463 -1,705 -1,797
Finance costs - net -403 -450 -1,669 -1,755
-------------------------------------------------------------------------------
Share of profit of an associate accounted for
under the equity method -130 -173 -462 244
Profit before income tax 5,724 8,457 33,431 50,168
-------------------------------------------------------------------------------
Income tax 0 0 -4,913 -5,764
Profit for the period 5,724 8,457 28,518 44,404
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Attributable to owners of the Parent 5,724 8,457 28,518 44,404
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Basic and diluted earnings per share (in
euros) 0.02 0.03 0.11 0.17
Basic and diluted earnings per share -
continuing operations (in euros) 0.02 0.03 0.11 0.17
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Interim condensed consolidated statement of cash flows:
In thousands of euros 2020 2019
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Cash receipts from sale of goods and services 114,378 138,690
Cash receipts related to other income 94 193
Payments to suppliers -43,954 -47,210
Payments to and on behalf of employees -15,713 -16 892
Payments for other expenses -376 -377
Income tax paid on dividends -4,913 -10,985
Cash from operating activities 49,516 63,419
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Purchases of property, plant and equipment -35,811 -27,965
Purchases of intangible assets -661 -550
Proceeds from sale of property, plant and equipment 2,863 39
Government grants received 3,561 0
Dividends received 0 204
Interest received 15 28
Cash used in investing activities -30,033 -28,244
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Redemption of debt securities -9,000 -9,000
Loans received 20,000 10,000
Repayments of loans received -7,266 -6,766
Dividends paid -30,008 -34,970
Interest paid -1,694 -1,769
Other payments related to financing activities -19 -50
Cash from/used in financing activities -27,987 -42,555
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NET CASH FLOW -8,504 -7,380
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Cash and cash equivalents at beginning of the period 35,183 42,563
Change in cash and cash equivalents -8,504 -7,380
Cash and cash equivalents at end of the period 26,679 35,183
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Tallinna Sadam is one of the largest cargo- and passenger port complexes in the
Baltic Sea region, which serves annually 10 million passengers and 20 million
tons of cargo in average. 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 Botnica
for icebreaking and construction services in Estonia and offshore projects
abroad. Tallinna Sadam group is also a shareholder of an associate AS Green
Marine, which provides waste management services. According to unaudited
financial results, the group's sales in 2020 totalled EUR 107.4 million,
adjusted EBITDA EUR 58.4 million and profit EUR 28.5 million.
Additional information:
Marju Zirel
Head of Investor Relations
Tel. +372 5342 6591
E-mail: [email protected] (mailto:[email protected])