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AS TALLINNA SADAM
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Juhtkonna vaheteadaanne või kvartaalne finantsaruanne
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Kuupäev
28.02.2024 08:00:00
Pealkiri
ASi Tallinna Sadam IV kvartali ja 2023. aasta auditeerimata majandustulemused
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IV kvartalis kasvasid nii korrigeeritud EBITDA kui kasum vastavalt 16% ja 75% ja müügitulu säilis eelmisele aastale lähedasel 28 miljoni euro tasemel (-0,8%). Kasumi kasvule aitasid kaasa tegevuskulude langus, jäämurdja Botnica pikem prahiperiood ning kulumi vähenemine. Kokkuhoiumeetmete tulemusel vähenesid kulud põhivara remondile (-5%), samuti vähenes töötajate arv (-4,5%), mis võimaldas personalikuludes säilitada aastataguse taseme (+0,4%). Seejuures investeerisime 10 miljonit eurot (+586%). Tallinna Sadam teenis 2023. aastal 117 miljonit eurot müügitulu (-4%) ja 16 miljonit eurot kasumit (-38%). Korrigeeritud EBITDA oli 49 miljonit eurot (-12%) ja investeeringute maht suurenes 21 miljoni euroni (+50%). Möödunud aasta tulemusi mõjutas enim Tallinna Sadama kaubamahtude jätkuv langus (-29%), seda nii Vene-Ukraina sõja kui ka üldise majanduslanguse tõttu. Reisijate arv kasvas 8 miljoni reisijani (13%) ja kasv oli eelkõige regulaarliinidel, samas kui kruiisilaevade külastuste arv langes (-45%), kuna piirkonna atraktiivsus on vähenenud seoses geopoliitilise riski ja ka keskkonnanõuetest tuleneva kulude kasvu tõttu. Intressimäärade tõus suurendas intressikulu vaatamata võlakoormuse vähenemisele, mistõttu puhaskasum langes rohkem kui ärikasum ja EBITDA. Tallinna Sadama esimees Valdo Kalm nendib, et ajad on keerulised ja oleme liikunud järjest ühest kriisist teise, kuid ettevõte teenib jätkuvalt korralikku kasumit. Erinevad ärivaldkonnad tasakaalustavad üksteist muutes kontserni tervikuna vastupidavaks väliskeskkonna riskidele, mistõttu oleme jätkuvalt valmis dividende maksma ja samas investeeringutega jätkama. ?Hetkel on tugev fookus kulude kokkuhoiul ja samas uute kasvuprojektide ettevalmistamisel ja käivitamisel nagu meretuuleparkide ja kinnisvaraga seotud arendused. Infrastruktuuri ettevõttena peame olema valmis investeerima majanduse langusfaasis, et olla uue tõusu ajaks valmis vajalikus mahus teenust pakkuma ja kasvama," ütles Kalm. Arvestades ettevõtte jätkuvalt tugevat rahavoogu ja dividendipoliitikat, teeb juhatus ettepaneku maksta 2023. aasta eest aktsionäridele dividendi eelneva aastaga samas mahus ehk 0,073 eurot aktsia kohta. Tallinna Sadama juhatus tutvustab kontserni finantstulemusi 28. veebruaril veebiseminaridel, sh kell 10.00 toimub veebiseminar eesti keeles (link eestikeelsele seminarile (https://teams.microsoft.com/l/meetup- join/19%3ameeting_ZGE2MDc1Y2MtYjdjMi00Yjc3LTkzOWUtNDRiZTRkYjU0ZmI4%40thread.v2/0 ?context=%7B%22Tid%22%3A%223c572f71-c808-4685-aa00- 2ca59a11c7e2%22%2C%22Oid%22%3A%22a6492212-75ef-498f-8735-75f88c5d463a%22%2C%22Is BroadcastMeeting%22%3Atrue%2C%22role%22%3A%22a%22%7D&btype=a&role=a)) ja kell 11.00 toimub seminar inglise keeles (link ingliskeelsele seminarile (https://teams.microsoft.com/l/meetup- join/19%3ameeting_YzdhMTBmNGEtNmFmNS00NGU5LWEyNTAtMzgzM2Q4MTFiMzg0%40thread.v2/0 ?context=%7B%22Tid%22%3A%223c572f71-c808-4685-aa00- 2ca59a11c7e2%22%2C%22Oid%22%3A%22a6492212-75ef-498f-8735-75f88c5d463a%22%2C%22Is BroadcastMeeting%22%3Atrue%2C%22role%22%3A%22a%22%7D&btype=a&role=a)). Peamised finantsnäitajad (mln EUR): IV kv IV kv +/- 2023 2022 +/- 2023 2022 % % Müügitulu 28,0 28,2 -0,8 116,6 121,7 -4,2 Korrigeeritud EBITDA 10,4 8,9 16,0 49,2 55,8 -11,9 Korrigeeritud EBITDA marginaal 37,0% 31,7% 5,3 42,2% 45,9% -3,7 Ärikasum 4,6 2,6 76,9 24,6 30,8 -20,0 Tulumaks 0 -0,1 -100,0 -3,0 -4,2 -28,8 Perioodi kasum 2,9 1,6 75,0 15,9 25,6 -37,9 Investeeringud 9,8 1,4 586,3 20,7 13,9 49,6 31.12.2023 31.12.2022 +/- Varade maht 606,2 621,2 -2,4% Intressi kandvad võlakohustused 171,5 187,4 -8,5% Muud kohustused 57,0 52,9 7,9% Omakapital 377,7 381,0 -0,9% Aktsiate arv 263,0 263,0 0,0% Olulisemad sündmused IV kvartalis: * Paldiski Lõunasadama meretuuleparkide kai ehituslepingu muudatus (kallinemine ja tähtaja pikendamine) * Pakrineeme sadama LNG kai opereerimislepingu sõlmimine Eesti Varude Keskusega * Tallinna Sadama kliendi MPG AgroProduction OÜ pankrotimenetlus ja saneerimise algatamine * Reisiterminali A arhitektuurikonkursi võitja valimine * Eesti-Soome rohekoridori leppe sõlmimine * Tallinna Sadama investorpäev kruiisiterminalis * Juhatuse esimehe lepingu pikendamine kuni 28.02.2027 * Tütarettevõtte TS Laevad juhi lepingu pikendamine kuni 04.01.2027. Müügitulu Müügitulu oli aasta kokkuvõttes 116,6 mln eurot, mis on 5,1 mln eurot ehk 4,2% vähem kui aasta varem. Müügitulu langus oli tingitud peamiselt laevatasude, elektrienergia müügi ja kaubatasu tulude vähenemistest, tululiikidest tõusid enim üleveoteenuste tasu (+5%), laeva prahitasu (jäämurdja Botnica; +13%,) ja reisijatasu tulud (+12%). Enim vähenes laevatasude tulu 5,8 mln eurot ehk -16%, mille põhjustasid vähenenud tankerite ja kruiisilaevade külastuste arv. Segmentide lõikes kasvas müügitulu reisiparvlaevade ja muud segmendis, mis aga ei suutnud kompenseerida langust reisi- ja kaubasadamate segmendis. IV kvartalis langes müügitulu 0,8%. Müügitulu langus tulenes eelkõige madalamatest elektrienergia, kauba- ja laevatasude tuludest. Elektrienergia tulud (-32%) olid madalamad elektrienergia madalama hinna ja tarbimise vähenemise tõttu kaubasadamates, kaubatasu tulud (-18%) vähenesid kaubamahtude languse tõttu. Reisisadamate segmendi aasta müügitulu langes -0,9% laevatasude, muude teenuste, kaubatasude ja elektrienergia müügi tõttu. Laevatasude languse põhjuseks oli kruiisilaevade külastuste vähenemine. Kruiisilaevade külastuste arvu langus ja Ukraina sõjapõgenikke majutanud laeva lahkumine eelmise aasta suvel vähendas muude teenuste tulusid. Kaubatasude langus oli seotud üldise majandusaktiivsuse vähenemisega. Reisijate arvu kasv tõstis reisijatasutulu. IV kvartalis kasvas reisisadamate segmendi müügitulu 0,6 mln eurot (+8%), kuna kasvasid laeva- ja reisijatasutulud. Kaubasadamate segmendi aasta müügitulu langusest (-21%) üle poole oli seotud laevatasude vähenemisega. Vähenes kaubalaevade külastuste arv ja ka külastusi teinud laevad olid keskmiselt väiksemad. Kuigi laevakülastuste arv kokku langes, siis osadel liinidel külastuste arv kasvas, mis tähendas ka suuremaid soodustusi ja väiksemat laevatasu külastuse kohta. Vähenenud kaubamahtude tõttu vähenesid ka kaubatasu tulud. Kaubatasu tulu langes vähem kui kaubamahud, kuna vähenemine toimus eelkõige madalama tasumääraga kaupade arvelt ning kasvas ka tulu leppetrahvidest. Elektrienergia müügitulu vähenes nii elektrienergia hindade languse, kui ka väiksema tarbimise tõttu. IV kvartalis vähenes kaubasadamate segmendi müügitulu 1,9 mln eurot (-19%), kuna sadamatasutulud vähenesid 1,0 mln eurot, elektrienergia müük 0,6 mln eurot ja kaubatasu tulud 0,3 mln eurot. Reisiparvlaevade segmendis aasta müügitulu kasvas nii lepinguliste tasumäärade indekseerimise mõjul kui ka tulenevalt suuremast reiside arvust (+0,6%). IV kvartalis kasvas müügitulu 0,2 mln eurot (+2%). Muu segmendi aasta müügitulu kasvas, kuigi jäämurdja Botnica suvine prahiperiood oli lühem kui aasta varem. Prahitasu jäämurdehooajal kasvas ja vaatamata prahipäevade vähenemisele suurenesid tasud kolmest suvetööst. IV kvartalis kasvas müügitulu 0,9 mln eurot (+49%), kuna tõusis prahipäevade arv (+44%). Botnica müügitulu IV kvartalis aitas tõsta keskmise prahitasumäära suurenemine väljaspool talvist jäämurdehooaega. EBITDA Korrigeeritud EBITDA vähenes 6,6 mln eurot (-12%) 49,2 mln euroni tulenevalt langusest kaubasadamate (-5,6 mln eurot) ja muud segmendis (jäämurdja Botnica). Korrigeeritud EBITDA marginaal langes 45,9%-lt 42,2%-le. IV kvartali korrigeeritud EBITDA tõusis 1,4 mln eurot (+16%), millesse panustas enim kõrgemat laevakülastuste ja reisijate arvu näidanud reisisadamate segment ning segment muud, kus Botnica prahipäevade arv Kanada projektis kasvas. Kasum Kontserni 2023. aasta kasumiks kujunes 15,9 mln eurot, mis vähenes 9,7 mln euro võrra (-38%). IV kvartali tulemuseks oli kasum 2,9 mln eurot (+1,2 mln eurot, +75%). Investeeringud 2023. aastal investeeris kontsern 20,7 mln eurot, mis oli 6,9 mln eurot ehk 50% rohkem kui eelneval aastal. Investeeringud sadamapidamisega seotud infrastruktuuri objektidesse ja põhivara soetusesse ning olemasoleva taristu parendamisse olid kokku 16,6 mln eurot. Jäämurdjaga Botnica seotud investeeringud kokku olid 3,0 mln eurot ja reisiparvlaevadega seotud investeeringud olid 1,1 mln eurot. 2023. aasta suurim investeering oli seotud Paldiski Lõunasadamasse uue tuuleparkide kai ehituse algusega. Muuga sadamas olid suurimad investeeringud seotud ro-ro liikluse tingimuste arendamise, uue töökoja projekteerimise ja ehitusega ning kaidele reoveekanalisatsiooni väljaehitamisega. Vanasadamas investeeriti uue trammitee äärde jäävasse jahisadama kaisse ja reisilaevade liikluse parandamisse (kai 5 ramp). Jäämurdjal Botnica suuremad tööd olid kuivdokitööd ja jääklassi parandamine. Reisiparvlaevade puhul olid olulisemateks investeeringuteks peamasinate jahutite vahetus ja kriitiliste seadmete soetus, et tagada praamiliikluse tõrgeteta toimimine. IV kvartali investeeringute mahuks kujunes 9,8 mln eurot ehk 8,4 mln eurot rohkem kui 2022. aasta IV kvartalis. Investeeringute suure mahu taga aasta viimases kvartalis oli Paldiski kai ehitus. Lühendatud konsolideeritud finantsseisundi aruanne: Korrigeeritud* Korrigeeritud* tuhandetes eurodes 31.12.2023 31.12.2022 01.01.2022 ----------------------------------------------------------------------------- VARAD Käibevara Raha ja raha ekvivalendid 29 733 44 387 34 840 Nõuded ostjate vastu ja muud nõuded 12 118 7 477 14 151 Varud 550 749 399 Müügiootel põhivara 0 100 0 Käibevara kokku 42 401 52 713 49 390 Põhivara Investeeringud sidusettevõtetesse 2 177 2 099 1 559 Muud pikaajalised nõuded 163 303 896 Kinnisvarainvesteeringud 14 069 14 069 14 069 Materiaalne põhivara 545 271 550 310 561 494 Immateriaalne põhivara 2 083 1 735 2 130 Põhivara kokku 563 763 568 516 580 148 ----------------------------------------------------------------------------- Varad kokku 606 164 621 229 629 538 ----------------------------------------------------------------------------- KOHUSTISED Lühiajalised kohustised Võlakohustised 13 916 15 916 15 916 Eraldised 1 311 2 013 1 572 Sihtfinantseerimine 7 344 8 578 1 223 Maksuvõlad 876 1 060 890 Võlad tarnijatele ja muud võlad 11 407 9 832 10 348 Lühiajalised kohustised kokku 34 854 37 399 29 949 ----------------------------------------------------------------------------- Pikaajalised kohustised Võlakohustised 157 566 171 482 187 398 Sihtfinantseerimine 33 075 30 156 29 835 Muud võlad 3 010 1 216 1 461 Pikaajalised kohustised kokku 193 651 202 854 218 694 ----------------------------------------------------------------------------- Kohustised kokku 228 505 240 253 248 643 ----------------------------------------------------------------------------- OMAKAPITAL Aktsiakapital nimiväärtuses 263 000 263 000 263 000 Ülekurss 44 478 44 478 44 478 Kohustuslik reservkapital 22 858 22 115 21 271 Eelmiste perioodide jaotamata kasum 31 441 25 791 52 146 Perioodi kasum 15 882 25 592 0 ----------------------------------------------------------------------------- Omakapital kokku 377 659 380 976 380 895 ----------------------------------------------------------------------------- Kohustised ja omakapital kokku 606 164 621 229 629 538 ----------------------------------------------------------------------------- * 2023. aastal teostatud täiendava analüüsi tulemusena leidis Kontsern, et kasutamata kinnistud, mis olid käsitletud materiaalse põhivarana, vastavad kinnisvarainvesteeringu definitsiooni tingimustele ning on käsitletavad kinnisvarainvesteeringutena. Seetõttu on 2023. aastal nimetatud kinnistud ümberklassifitseeritud kinnisvarainvesteeringuteks ning võrreldavuse tagamiseks koostatud korrigeeritud algbilanss. Lühendatud konsolideeritud kasumiaruanne tuhandetes eurodes IV kv 2023 IV kv 2022 2023 2022 ------------------------------------------------------------------------------- Müügitulu 28 030 28 243 116 646 121 703 Muud tulud 977 301 2 208 1 441 Tegevuskulud -10 570 -12 152 -42 548 -43 418 Tööjõukulud -6 984 -6 955 -25 214 -23 165 Põhivara kulum ja väärtuse langus -6 033 -6 609 -25 389 -25 312 Muud kulud -793 -213 -1 073 -462 Ärikasum 4 627 2 615 24 630 30 787 ------------------------------------------------------------------------------- Finantstulud ja -kulud Finantstulud 320 119 1 237 216 Finantskulud -2 132 -1 002 -7 435 -2 013 Finantstulud ja -kulud kokku -1 812 -883 -6 198 -1 797 ------------------------------------------------------------------------------- Kapitaliosaluse meetodil arvestatud Kasum/kahjum investeeringutelt sidusettevõttesse 39 -19 435 795 Kasum enne tulumaksustamist 2 854 1 713 18 867 29 785 ------------------------------------------------------------------------------- Tulumaks 0 -82 -2 985 -4 193 Perioodi kasum 2 854 1 631 15 882 25 592 ------------------------------------------------------------------------------- Tava ja lahjendatud puhaskasum aktsia kohta (eurodes) 0,01 0,01 0,06 0,10 ------------------------------------------------------------------------------- Lühendatud konsolideeritud rahavoogude aruanne: tuhandetes eurodes 2023 2022 --------------------------------------------------------------------- Kaupade või teenuste müügist laekunud raha 124 344 130 099 Muude tulude eest laekunud raha 272 188 Maksed tarnijatele -52 911 -53 548 Maksed töötajatele ja töötajate eest -24 165 -19 899 Maksed muude kulude eest -317 -368 Makstud tulumaks dividendidelt -3 264 -4 335 Äritegevusest laekunud raha 43 959 52 137 --------------------------------------------------------------------- Materiaalse põhivara soetamine -17 946 -15 189 Immateriaalse põhivara soetamine -799 -455 Materiaalse põhivara müük 28 191 Saadud põhivara sihtfinantseerimisest 0 15 001 Saadud dividendid 357 255 Saadud intressid 1 179 83 Investeerimistegevuses kasutatud raha -17 181 -114 --------------------------------------------------------------------- Võlakirjade lunastamine -7 650 -7 650 Saadud laenude tagasimaksed -8 266 -8 266 Makstud dividendid -19 012 -25 287 Makstud intressid -6 494 -1 264 Muud finantseerimistegevusest tulenevad maksed -10 -9 Finantseerimistegevuses(t) laekunud/kasutatud raha -41 432 -42 476 --------------------------------------------------------------------- RAHAVOOG KOKKU 14 654 9 547 --------------------------------------------------------------------- Raha ja raha ekvivalendid perioodi alguses 44 387 34 840 Raha ja raha ekvivalentide muutus -14 654 9 547 Raha ja raha ekvivalendid perioodi lõpus 29 733 44 387 --------------------------------------------------------------------- Tallinna Sadamale kuulub üks Läänemere suurimaid kauba- ja reisisadamate komplekse. 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 avamere- ja jäämurdetöid Eestis ja offshore projektides. Tallinna Sadama gruppi kuulub ka jäätmekäitlusega tegelev sidusettevõte AS Green Marine. Lisainfo: Marju Zirel Investorsuhete juht Tel. +372 53 42 6591 E-post: m.zirel@ts.ee (mailto:m.zirel@ts.ee)
Pealkiri
AS Tallinna Sadam unaudited financial results for Q4 and 2023
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In Q4 2023, both adjusted EBITDA and profit increased by 16% and 75%, respectively, and revenue remained close to the previous year's level of 28 million euros (-0.8%). Profit growth was mainly driven by lower operating expenses, longer charter period of the icebreaker Botnica and a decrease in depreciation, amortisation and impairment. As a result of austerity measures, maintenance and repair costs of non-current assets decreased (-5%). The number of employees decreased (-4.5%) also, which allowed personnel costs to maintain the previous year's level (+0.4%). At the same time, we invested 10 million euros (+586%). In 2023, Tallinna Sadam earned 117 million euros in revenue (-4%) and 16 million euros in profit (-38%). Adjusted EBITDA was 49 million euros (-12%) and investments increased to 21 million euros (+50%). Last year's results were most affected by the continuing decline in the cargo volumes of Tallinna Sadam (-29 %), due to the Russian-Ukrainian war and the general economic downturn. The number of passengers increased to 8 million passengers (13%) and the growth was mainly on regular lines, while the number of cruise ship visits fell (-45%) as the attractiveness of the region has decreased due to geopolitical risk and also due to the increase in costs related to environmental requirements. The rise in interest rates increased interest expense despite the reduction in debt, so net profit fell more than operating profit and EBITDA. Valdo Kalm, chairman of the management board of Tallinna Sadam, states that times are difficult, and we have moved from one crisis to another, but the company continues to earn a decent profit. Different business areas balance each other, making the group as a whole resistant to the risks of the external environment, which is why we are still ready to pay dividends and at the same time continue with investments. "At the moment, there is a strong focus on cost savings while preparing and launching new growth projects such as offshore wind farms quay and real estate development. As an infrastructure company, we must be ready to invest during the economic downturn, to be ready to offer the required amount of service and grow during the new hightide," said Kalm. Considering the company's continued strong cash flow and dividend policy, the management board proposes to pay a dividend to shareholders for 2023 in the same amount as the previous year, i.e. 0.073 euros per share. The management board of Tallinna Sadam will present the group's financial results on February 28 in webinars, including a webinar in Estonian at 10:00 a.m. (EET) (link to Estonian-language seminar (https://teams.microsoft.com/l/meetup- join/19%3ameeting_ZGE2MDc1Y2MtYjdjMi00Yjc3LTkzOWUtNDRiZTRkYjU0ZmI4%40thread.v2/0 ?context=%7B%22Tid%22%3A%223c572f71-c808-4685-aa00- 2ca59a11c7e2%22%2C%22Oid%22%3A%22a6492212-75ef-498f-8735-75f88c5d463a%22%2C%22Is BroadcastMeeting%22%3Atrue%2C%22role%22%3A%22a%22%7D&btype=a&role=a)) and a seminar in English at 11:00 a.m. (EET) (link to English-language seminar (https://teams.microsoft.com/l/meetup- join/19%3ameeting_YzdhMTBmNGEtNmFmNS00NGU5LWEyNTAtMzgzM2Q4MTFiMzg0%40thread.v2/0 ?context=%7B%22Tid%22%3A%223c572f71-c808-4685-aa00- 2ca59a11c7e2%22%2C%22Oid%22%3A%22a6492212-75ef-498f-8735-75f88c5d463a%22%2C%22Is BroadcastMeeting%22%3Atrue%2C%22role%22%3A%22a%22%7D&btype=a&role=a)). Main financial indicators (million EUR): Q4 Q4 +/- 2023 2022 +/- 2023 2022 % % Revenue 28.0 28.2 -0.8 116.6 121.7 -4.2 Adjusted EBITDA 10.4 8,9 16.0 49.2 55.8 -11.9 Adjusted EBITDA margin 37.0% 31.7% 5.3 42.2% 45.9% -3.7 Operating profit 4.6 2.6 76.9 24.6 30.8 -20.0 Income tax 0 -0.1 -100.0 -3.0 -4.2 -28.8 Profit for the period 2.9 1.6 75.0 15.9 25.6 -37.9 Investments 9.8 1.4 586.3 20.7 13.9 49.6 31.12.2023 31.12.2022 +/- Total assets 606.2 621.2 -2.4% Interest bearing debt 171.5 187.4 -8.5% Other obligations 57.0 52.9 7.9% Equity 377.7 381.0 -0.9% Number of shares 263.0 263.0 0.0% Major events in Q4: * Amendment to construction contract for quay to serve offshore wind farms in Paldiski South Harbour (increase in price and extension of term date) * Agreement with Estonian Stockpiling Agency on operating LNG quay in Pakrineeme harbour * Bankruptcy proceedings against the client of Tallinna Sadam MPG AgroProduction OÜ and initiation of its reorganisation * Selecting the winner of the architectural design competition for passenger terminal A * Signing of memorandum of understanding on Green Corridor between Estonia and Finland * Tallinna Sadam Investor Day at the cruise terminal * Extension of contract of chairman of the management board until 28.02.2027 * Extension of contract of CEO of the subsidiary TS Laevad until 04.01.2027. Revenue Tallinna Sadam ended 2023 with consolidated revenue of EUR 116.6 million, EUR 5.1 million (-4.2%) less than a year earlier. The decline is mainly attributable to lower revenue from vessel dues, electricity sales and cargo charges. In terms of revenue streams, the strongest rise was in ferry service revenue (+5%), charter fees revenue (the icebreaker Botnica; +13%) and passenger fees revenue (+12%). Vessel dues revenue decreased the most by EUR 5.8 million (-16%) to EUR 31.4 million due to fewer calls by tankers and cruise ships. In segment terms, revenue grew in 2023 in the Ferry segment and the segment Other, but the growth could not offset the revenue decline in the Passenger harbours and the Cargo harbours segments. In the fourth quarter, revenue decreased by 0.8%. The decline in revenue is primarily attributable to lower revenue from electricity sales, cargo charges and vessel dues. Revenue from electricity sales (-32%) declined due to a lower electricity price and a decrease in consumption in the Cargo harbours segment. The revenue of the Passenger harbours segment decreased by 0.9% because revenue from vessel dues, other services, cargo charges and electricity sales declined. Vessel dues decreased due to fewer cruise ship calls. This in combination with the leaving of the vessel which accommodated Ukrainian war refugees in the previous summer reduced revenue from other services. Cargo charges declined due to the overall economic slowdown. Growth in passenger numbers increased passenger fees revenue. In the fourth quarter, the revenue of the Passenger harbours segment grew by EUR 0.6 million (+8%) due to higher revenue from vessel dues and passenger fees. More than a half of the revenue decrease (-21%) in the Cargo harbours segment was related to lower revenue from vessel dues. There were fewer calls by cargo vessels and the vessels that called were smaller on average. Although total vessel calls decreased, on certain routes the number of vessel calls increased, which meant higher discounts and lower vessel dues per call. The decline in cargo throughput reduced cargo charges revenue. Cargo charges revenue decreased less than cargo throughput, because the decline was sharper for cargo with lower charge rates and revenue from contractual penalties increased. The decrease in electricity sales revenue was attributable to a lower electricity price and smaller consumption. The fourth-quarter revenue of the Cargo harbours segment declined by EUR 1.9 million (-19%), because port dues revenue decreased by EUR 1.0 million, electricity sales revenue by EUR 0.6 million and cargo charges revenue by EUR 0.3 million. The revenue of the Ferry segment grew due to the indexation of the contractual fee rates and a higher number of trips made (+0.6%). Revenue for the fourth quarter grew by EUR 0.2 million (+2%). The revenue of the segment Other increased, although the summer charter of the icebreaker Botnica was shorter than a year earlier. Charter fee revenue for the icebreaking season grew and three summer charter projects increased revenue despite the drop in charter days. The fourth-quarter revenue of the segment grew by EUR 0.9 million (+49%) as the number of charter days increased (+44%). In the fourth quarter, the revenue from Botnica grew due to the increase in average charter fee rate for the non-icebreaking season. EBITDA Adjusted EBITDA decreased by EUR 6.6 million (-12%) to EUR 49.2 million due to a decrease in the Cargo harbours segment (-EUR 5.6 million) and the segment Other (the icebreaker Botnica). The adjusted EBITDA margin declined from 45.9% to 42.2%. Adjusted EBITDA for the fourth quarter increased by EUR 1.4 million (+16%), with the largest contribution from the Ferry segment through growth in vessel calls and passenger numbers and from the segment Other, where Botnica had more charter days in the project in Canada. Profit The Group's net profit for 2023 amounted to EUR 15.9 million, which is EUR 9.7 million (-38%) less than a year earlier. Fourth-quarter profit was EUR 2.9 million (+EUR 1.2 million, +75%). Investments In 2023, the Group invested EUR 20.7 million, EUR 6.9 million (+50%) more than a year earlier. Investments in harbour infrastructure assets, acquisition of non- current assets and improvements to existing infrastructure totalled EUR 16.6 million. Investments in the icebreaker Botnica amounted to EUR 3.0 million and investments in the Ferry segment to EUR 1.1 million. The largest investment in 2023 was made in launching the construction of a new quay to serve offshore wind farms in Paldiski South Harbour. At Muuga Harbour, the largest investments were related to improving the conditions of ro-ro traffic, the design and construction of a new workshop and the construction of a sewerage system for the quays. In Old City Harbour, investments were made in the marina quay next to the new tramway and ferry traffic improvement (the ramp of berth 5). Major works on the icebreaker Botnica included dry docking and ice class upgrade. Significant investments in the Ferry segment were the replacement of the cooling systems of the vessels' main engines and acquisition of critical equipment to ensure smooth operation of ferry traffic. Investments of the fourth quarter amounted to EUR 9.8 million, EUR 8.4 million more than a year earlier. The high volume of investments in the fourth quarter was driven by the construction of the new quay in Paldiski. Interim condensed consolidated statement of financial position: Restated* Restated* in thousands of euros 31.12.2023 31.12.2022 01.01.2022 --------------------------------------------------------------------------- ASSETS Current assets Cash and cash equivalents 29,733 44,387 34,840 Trade and other receivables 12,118 7,477 14,151 Inventories 550 749 399 Non-current assets held for sale 0 100 0 Total current assets 42,401 52,713 49,390 Non-current assets Investments in associate 2,177 2,099 1,559 Other long-term receivables 163 303 896 Investment properties 14,069 14,069 14,069 Property, plant and equipment 545,271 550,310 561,494 Intangible assets 2,083 1,735 2,130 Total non-current assets 563,763 568,516 580,148 --------------------------------------------------------------------------- Total assets 606,164 621,229 629,538 --------------------------------------------------------------------------- LIABILITIES Current liabilities Loans and borrowings 13,916 15,916 15,916 Provisions 1,311 2 013 1,572 Government grants 7,344 8,578 1,223 Taxes payable 876 1,060 890 Trade and other payables 11,407 9,832 10,348 Contract liabilities 34,854 37,399 29,949 --------------------------------------------------------------------------- Non-current liabilities Loans and borrowings 157,566 171,482 187,398 Government grants 33,075 30,156 29,835 Other payables 3,010 1,216 1,461 Contract liabilities 193,651 202,854 218,694 --------------------------------------------------------------------------- Total non-current liabilities 228,505 240,253 248,643 --------------------------------------------------------------------------- EQUITY Share capital at par value 263,000 263,000 263,000 Share premium 44,478 44,478 44,478 Statutory capital reserve 22,858 22,115 21,271 Retained earnings (prior periods) 31,441 25,791 52,146 Profit for the period 15,882 25,592 0 --------------------------------------------------------------------------- Total equity 377,659 380,976 380,895 --------------------------------------------------------------------------- Total liabilities and equity 606,164 621,229 629,538 --------------------------------------------------------------------------- * Based on the results of an additional analysis carried out in 2023, the Group concluded that properties (land plots) not is use, which used to be accounted for as items of property, plant and equipment, meet the definition of investment property and ought to be classified as such. Accordingly, the properties were reclassified to investment properties in 2023 and the opening balances were restated to ensure comparability. Interim condensed consolidated income statement in thousands of euros Q4 2023 Q4 2022 2023 2022 ------------------------------------------------------------------------------ Revenue 28,030 28,243 116,646 121,703 Other income 977 301 2,208 1,441 Operating expenses -10,570 -12,152 -42,548 -43,418 Personnel expenses -6,984 -6,955 -25,214 -23,165 Depreciation, amortisation and impairment -6,033 -6,609 -25,389 -25,312 Other expenses -793 -213 -1,073 -462 Operating profit 4,627 2,615 24,630 30,787 ------------------------------------------------------------------------------ Finance income and costs Finance income 320 119 1,237 216 Finance costs -2,132 -1,002 -7,435 -2,013 Finance costs - net -1,812 -883 -6,198 -1,797 ------------------------------------------------------------------------------ Share of profit of an associate accounted for under the equity method 39 -19 435 795 Profit before income tax 2,854 1,713 18,867 29,785 ------------------------------------------------------------------------------ Income tax expense 0 -82 -2,985 -4,193 Profit for the period 2,854 1,631 15,882 25,592 ------------------------------------------------------------------------------ Basic earnings and diluted earnings per share (in euros) 0.01 0.01 0.06 0.10 ------------------------------------------------------------------------------ Condensed Consolidated Statement of Cash Flows: in thousands of euros 2023 2022 ------------------------------------------------------------------------------- Cash receipts from sale of goods and services 124,344 130,099 Cash receipts related to other income 272 188 Payments to suppliers -52,911 -53,548 Payments to and on behalf of employees -24,165 -19,899 Payments for other expenses -317 -368 Income tax paid on dividends -3,264 -4,335 Cash receipts from sale of goods and services 43,959 52,137 ------------------------------------------------------------------------------- Purchases of property, plant and equipment -17,946 -15,189 Purchases of intangible assets -799 -455 Proceeds from sale of property, plant and equipment 28 191 Proceeds from government grants related to assets 0 15,001 Dividends received 357 255 Interest received 1,179 83 Cash used in investing activities -17,181 -114 ------------------------------------------------------------------------------- Redemption of bonds -7,650 -7,650 Repayments of loans received -8,266 -8,266 Dividends paid -19,012 -25,287 Interest paid -6,494 -1,264 Redemption of bonds -10 -9 In financing activity(s) Cash from/used in financing activities -41,432 -42,476 ------------------------------------------------------------------------------- TOTAL CASH FLOW 14,654 9,547 ------------------------------------------------------------------------------- Cash and cash equivalents at the beginning of the period 44,387 34,840 Change in money and money equivalents -14,654 9,547 Cash and cash equivalents at the end of the period 29,733 44,387 ------------------------------------------------------------------------------- Tallinna Sadam is one of the largest cargo- and passenger port complexes in the Baltic Sea region. 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 offshore services in Estonia and projects abroad. Tallinna Sadam group is also a shareholder of an associate AS Green Marine, which provides waste management services. Additional information: Marju Zirel Head of Investor Relations Tel. +372 53 42 6591 E-mail: m.zirel@ts.ee (mailto:m.zirel@ts.ee)