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AS INFORTAR
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24.04.2024 14:31:45
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Aktsiaselts Infortar auditeeritud majandusaasta aruanne 2023
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Aktsiaselts Infortar (edaspidi Infortar) nõukogu kiitis heaks 2023. aasta auditeeritud aastaaruande ja esitab selle kinnitamiseks aktsionäride üldkoosolekule. Olulisemad sündmused 2023 Energeetika Kontserni elektri- ja gaasimüügikogused kahekordistusid 2023. aastal ulatudes Soomes, Eestis, Lätis, Leedus ja Poolas kokku 15,9 TWh-ni. 2023 suurim investeering oli Läti gaasi jaotusvõrku omava Gaso omandamine, mis tähendas energia müügi ja tootmise kõrval olulist laienemist infrastruktuuri segmendis. Laevandus Laevanduses jätkas Infortar oma osaluse suurendamist, tänase päeva seisuga on osalus AS- s Tallink Grupp 42,33% Kinnisvara Kinnisvara valdkonnas alustasid Infortari ettevõtted möödunud aastal suurematest projektidest Rimi logistikakeskuse ja Pärnu uue silla ehitust ning Tallinki logistikakeskuse laiendust. Tähtsamad finantsnäitajad ja suhtarvud +----------------------------------------------------+------------+------------+ |Finantsnäitaja/suhtarv |12 kuud 2023|12 kuud 2022| +----------------------------------------------------+------------+------------+ |Müügitulu (miljonites eurodes) | 1 084,626| 1 053,712| +----------------------------------------------------+------------+------------+ |Brutokasum (miljonites eurodes) | 149,473| 126,537| +----------------------------------------------------+------------+------------+ |EBITDA (miljonites eurodes) | 143,283| 120,046| +----------------------------------------------------+------------+------------+ |EBITDA marginaal (%) | 13,2%| 11,4%| +----------------------------------------------------+------------+------------+ |Ärikasum/ kahjum (EBIT) (miljonites eurodes) | 123,628| 99,140| +----------------------------------------------------+------------+------------+ |Aruandeaasta kasum/ kahjum (miljonites eurodes) | 293,830| 96,124| +----------------------------------------------------+------------+------------+ |Puhaskasum jooksvast tegevusest, (miljonites | | | |eurodes)(1) | 138,746| 106,616| +----------------------------------------------------+------------+------------+ |Kasum aktsia kohta (eurodes)(2) | 14.62| 4.77| +----------------------------------------------------+------------+------------+ |Omakapital (miljonites eurodes) | 820,210| 568, 677| +----------------------------------------------------+------------+------------+ |Kohustised (miljonites eurodes) | 441,160| 427,205| +----------------------------------------------------+------------+------------+ |Netovõlg | 354,045| 367,203| +----------------------------------------------------+------------+------------+ |Investeerimislaenude ja EBITDA suhe | 2.0x| 1.7x| +----------------------------------------------------+------------+------------+ (1)Sisaldab 159 miljonit eurot Gaso ostust tekkinud ühekordset kasumit ja kinnisvara ümberhindluste mõju. (2 )Arvutamisel on kasutatud 31.12.2023 seisuga aktsiate arvu 21 045 000, millest on võetud maha omaaktsiate arv 945 000. Müügitulu 2023. majandusaastal suurenes kontserni konsolideeritud müügitulu 30,9 miljoni euro võrra 1 084,6 miljoni euroni (2022 konsolideeritud müügitulu 1 053,7 miljonit eurot). Olulist positiivset mõju avaldas piirkondliku gaasimüügi turuosa kasv 25% protsendini, mis võimaldas müügitulu võrreldes eelneva aastaga suurendada. EBITDA ja segmendiaruandlus Energeetikasegmendi EBITDA oli 135,9 miljonit eurot 2023. majandusaastal (115,969 miljonit eurot 2022. majandusaastal). Kasumi kasvu suunasid turuosa kasv ning müügimahtude kahekordistumine. Kontserni tütarühing AS Eesti Gaas juhib teadlikult hinnariske, kasutades selleks tuletisinstrumente ja piirkondlikke maagaasi ladustamise võimalusi. Laevanduse segmendi EBITDA oli 214,5 miljonit eurot 2023. majandusaastal (135,8 miljonit eurot 2022. majandusaastal). Infortar konsolideerib AS Tallink Grupp tulemused kapitaliosaluse meetodil, ehk vastavalt oma osaluse protsendile AS-s Tallink Grupp, kuid segmendiaruandluses on vastavalt kehtivatele raamatupidamisreeglitele kajastatud 100% AS Tallink Grupp tulemused (sealhulgas 100% EBITDA). Kinnisvarasegmendis võetakse kasumlikkuse hindamisel arvesse eraldiseisvate kinnisvara ettevõtete EBITDA. 2023. majandusaastal oli kinnisvara EBITDA kokku 12,3 miljonit eurot (2022. majandusaastal 11,4 miljonit eurot). 2023. majandusaastal lisandusid arvestusse kolm uut hoonet aadressidel Liivalaia 9, Tähesaju 9 ja Tähesaju 11. Puhaskasum Konsolideeritud puhaskasum oli 2023. majandusaastal 293,8 miljonit eurot (2022. majandusaastal 96,1 miljonit eurot). Ühekordse olulise mõjuga tehingutest olid puhaskasumi arvestuses Läti gaasi jaotusvõrgu ettevõte Gaso omandamine ja kinnisvara ümberhindluse mõjud. Konsolideeritud ärikasum oli 2023. majandusaastal 123,6 miljonit eurot (2022. majandusaastal 99,1 miljonit eurot). Ärikasum näitab kontserni põhitegevusest teenitavat kasumit. Investeeringud Aastatel 2021-2023 on AS-i Infortar grupi investeeringute kogusumma ligikaudu 265 miljonit eurot. Suurimaks investeeringuks kujunes Läti gaasi jaotusvõrku omava Gaso omandamine 2023. aastal. Infortar jätkab investeeringutega tulevikus, aastateks 2023-2025 on plaanis täiendavad investeeringud kogumahus ligikaudu 110 miljonit eurot. Olulisemad töös olevad arendusprojektid on logistikakeskuse rajamine Sauele ja 4MW paneelide võimsusega päikeseelektrijaama ehitus Lätis. Finantseerimine Laenu ja liisingkohustised olid 2023. majandusaastal kokku 441,2 miljonit eurot (2022. majandusaastal 427,2 miljonit eurot). Finantseerimistegevusest tulenevate rahavoogude juhtimisele aitas kaasa 2023. aastal toimunud aktsiate avalik pakkumine, mille raames kaasati 31,2 miljonit eurot. Dividendid 31. oktoobril 2023 kinnitatud dividendipoliitika kohaselt on eesmärgiks maksta dividendideks vähemalt 1 euro aktsia kohta majandusaastas. Dividendide väljamakseid tehakse kahes osas. Infortar kontserni juhatus ja nõukogu teevad aktsionäride üldkoosolekule ettepaneku tasuda 2023. aasta majandustulemuste eest dividendi 3 eurot aktsia kohta. Konsolideeritud kasumiaruanne Auditeeritud, tuhandetes eurodes 12 kuud 2023 12 kuud 2022 Müügitulu 1 084 626 1 053 712 Müüdud kaupade ja teenuste kulud -935 153 -927 175 Brutokasum/ kahjum 149 473 126 537 Müügi- ja turunduskulud -1 620 -1 408 Üldhalduskulud -22 085 -17 520 Kinnisvara ümberhindlused -4 074 -10 492 Muud äritulud 4 492 2 261 Muud ärikulud -2 558 -238 Kasum/ kahjum äritegevusest 123 628 99 140 2 Finantstulud 765 680 Finantskulud -22 750 -6 275 Kapitaliosaluse meetodil arvestatud kasum/kahjum 39 639 8 157 Soodusostust saadud tulu 159 158 0 Kasum/ kahjum enne tulumaksu 302 440 101 702 Tulumaks -8 610 -5 578 Aruandeperioodi puhaskasum/ kahjum 293 830 96 124 Emaettevõtte omanikele kuuluv puhaskasum/ kahjum 293 778 95 943 Vähemusosalusele kuuluv kasum/kahjum 52 181 Muu koondkasum/ kahjum Töösuhtejärgsete hüvitiste kohustuste ümberhindlus -44 0 Rahavoogude riskimaandamisinstrumendid* -58 189 94 772 Välismaiste tütarettevõtjate valuutakursivahed -42 3 Muu koondkasum kokku -58 275 94 775 Aruandeaasta koondkasum/ kahjum kokku 235 555 190 899 sealhulgas: Emaettevõtte omanikele kuuluv kasum/- kahjum 235 547 190 718 Vähemusosalusele kuuluv kasum/ kahjum 52 181 Tavakasum aktsia kohta (eurodes) 14,62 15,23 Lahustatud kasum aktsia kohta (eurodes) 14,56 15,23 * Mitterahalised tuletisinstrumentide ümberhindlused koondkasumites ei mõjuta AS-i Eesti Gaasi ega Infortari põhiäritegevuse kasumlikkust ega rahavoo teenimise võimet. Konsolideeritud finantsseisundi aruanne Auditeerimata, tuhandetes eurodes 31.12.2023 31.12.2022 VARAD Raha ja raha ekvivalendid 87 115 60 002 Lühiajalised tuletisinstrumendid 28 728 71 109 Realiseerunud tuletisinstrumentide nõuded 5 958 108 917 Nõuded ostjatele 162 575 122 006 Ettemaksed 24 603 76 752 Varud 146 884 16 654 Käibevara 455 863 455 440 Kapitaliosaluse meetodil kajastatud investeeringud 346 014 296 061 Pikajalised tuletisinstrumendid 1 125 12 866 Pikajalised laenud 9 072 15 736 Kinnisvarainvesteeringud 176 024 160 540 Materiaalne põhivara 446 748 147 724 Immateriaalne vara 14 366 8 853 Kasutusõigusega vara 11 300 10 192 Põhivara 1 004 650 651 972 VARAD KOKKU 1 460 512 1 107 412 KOHUSTISED JA OMAKAPITAL Laenu- ja rendikohustised 186 025 266 308 Võlad tarnijatele 74 751 19 845 Maksukohustised 32 822 31 135 Ostjate ettemaksed 3 099 10 169 Muud lühiajalised kohustised 15 973 6 766 Lühiajalised kohustised 312 670 334 223 Laenu- ja rendikohustised 255 135 160 897 Muud pikaajalised kohustised 30 865 18 076 Pikaajalised eraldised 8 399 649 Edasilükkunud tulumaksukohustis 33 233 24 890 Pikaajalised kohustised 327 632 204 512 Kohustised kokku 640 302 538 735 Aktsiakapital 2 105 1 985 Omaakatsiad -95 -95 Ülekurss 29 344 0 Reservid 28 143 84 162 sh. riskimaandamise reserv* 24 118 82 307 Realiseerimata kursivahed -39 3 Jaotamata kasum 466 140 385 947 Aruandeaasta kasum 293 778 95 943 Emaettevõtja omanikele kuuluv omakapital 819 376 567 945 Vähemusosalus 834 732 Omakapital kokku 820 210 568 677 KOHUSTUSED JA OMAKAPITAL KOKKU 1 460 512 1 107 412 * tegemist on arvestusliku riskimaandamise positsiooni muutusega mis mõjutab koondkasumi tulemust. Konsolideeritud rahavoogude aruanne Auditeerimata, tuhandetes eurodes 2023 2022 RAHAVOOD ÄRITEGEVUSEST Kasum enne maksustamist 302 440 101 702 Korrigeerimised -104 561 -39 818 Muutused: Makstud tulumaks -267 -4 051 Äritegevusega seotud nõuetes ja ettemaksetes 54 540 -116 072 Varude muutused -61 914 3 667 Äritegevusega seotud kohustised -406 55 611 RAHAVOOD ÄRITEGEVUSEST KOKKU 189 832 1 039 RAHAVOOD INVESTEERIMISTEGEVUSEST Tasutud tütar- ja sidusettevõtete ostul -113 728 -4 895 Antud laenud 0 -6 438 Laekunud laenude tagasimaksed ja intressid 9 343 992 Tasutud materiaalse põhivara soetamisel -18 143 -14 250 Tasutud kinnisvarainvesteeringute soetamisel -18 556 -23 881 RAHAVOOD INVESTEERIMISTEGEVUSEST KOKKU -141 084 -48 472 RAHAVOOD FINANTSEERIMISTEGEVUSEST Saadud sihtfinantseerimine 0 3 251 Arvelduskrediidi muutus 14 348 -9 456 Saadud laene 130 567 193 397 Saadud laenude tagasimaksed -312 846 -98 833 Rendikohustiste põhiosa tagasimaksed -2 233 -2 037 Makstud intressid -22 224 -7 960 Makstud dividendid -15 750 -16 110 Laekunud aktsiate emiteerimisest 29 464 0 RAHAVOOD FINANTSEERIMISTEGEVUSEST KOKKU -21 635 62 252 RAHAVOOD KOKKU 27 113 14 819 Raha ja raha ekvivalendid perioodi alguses 60 002 45 183 Raha ja raha ekvivalentide muutus 87 115 60 002 Raha ja raha ekvivalendid perioodi lõpus 27 113 14 819 Aktsiaselts Infortar aastaaruanne 2023 on lisatud teatele ja tehakse kättesaadavaks veebilehel www.infortar.ee/aruandlus (http://www.infortar.ee/aruandlus). Infortar tegutseb viies riigis, ühingu peamised tegevusvaldkonnad on energeetika, laevandus ja kinnisvara. Infortar omab 42,3 protsendi suurust osalust AS-is Tallink Grupp, 100% osalust AS-is Eesti Gaas ning mitmekülgset ja kaasaegset, ca 110 000 m2 suurust kinnisvaraportfelli. Lisaks kolmele põhitegevusvaldkonnale tegutseb Infortar ka ehituse, maavarade, trükinduse, taksonduse ja paljudes muudes valdkondades. Kokku kuulub Infortari kontserni 103 ühingut: 47 kontserni tütarühingut, 5 sidusettevõtjat ja 50 sidusettevõtjate tütarühingut. Arvestamata sidusettevõtjaid annab Infortar tööd 1308 inimesele. Kadri Laanvee AS Infortar investorsuhete juht e-post: kadri.laanvee@infortar.ee (mailto:kadri.laanvee@infortar.ee) telefon: +372 5156662 https://infortar.ee/investorile
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Aktsiaselts Infortar 2023 audited Annual Report
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The Supervisory Board of Aktsiaselts Infortar approved the audited annual report for 2023 and will submit it to the Annual General Meeting for approval. Major events Energy - The group's electricity and gas sales volumes doubled in 2023, reaching a total of 15.9 TWh in Finland, Estonia, Latvia, Lithuania, and Poland. - The most substantial investment in 2023 was the acquisition of Gaso, which owns the gas distribution network in Latvia. This led to a significant expansion in the infrastructure segment, complementing energy sales and production. Maritime transport - In the maritime transport sector, Infortar continued to increase its shareholding in AS Tallink Grupp, and as of today, the ownership in AS Tallink Grupp stands at 42.33%. Real estate - In the real estate sector, Infortar group major development projects included the construction of the logistics center in Saue and the new bridge in Pärnu, and the expansion of the Tallink logistics center. KEY FIGURES OF FINANCIAL YEAR +------------------------------------------------+--------------+--------------+ |Key figures |12 months 2023|12 months 2022| +------------------------------------------------+--------------+--------------+ |Sales revenue, mEUR | 1 084,626| 1 053,712| +------------------------------------------------+--------------+--------------+ |Gross profit, mEUR | 149,473| 126,537| +------------------------------------------------+--------------+--------------+ |EBITDA, mEUR | 143,283| 120,046| +------------------------------------------------+--------------+--------------+ |EBITDA margin (%) | 13,2%| 11,4%| +------------------------------------------------+--------------+--------------+ |Net profit, EBIT, mEUR | 123,628| 99,140| +------------------------------------------------+--------------+--------------+ |Total profit, mEUR | 293,830| 96,124| +------------------------------------------------+--------------+--------------+ |Net profit from recurring business operations | | | |(1) | 138,746| 106,616| +------------------------------------------------+--------------+--------------+ |EPS (euros)(2) | 14.62| 4.77| +------------------------------------------------+--------------+--------------+ |Total equity | 820,210| 568, 677| +------------------------------------------------+--------------+--------------+ |Total liabilities | 441,160| 427,205| +------------------------------------------------+--------------+--------------+ |Net debt | 354,045| 367,203| +------------------------------------------------+--------------+--------------+ |Long-term debt / EBITDA | 2.0x| 1.7x| +------------------------------------------------+--------------+--------------+ (1 )Includes a one-time profit of 159 million euros from the acquisition of Gaso, and in 2023, additional real estate revaluations.( 2 )The calculation is based on the number of shares as of 31.12.2023, totaling to 21 045 000 shares, from which the number of treasury shares, totaling to 945 000 shares, has been deducted. Revenue 2023, the group's consolidated revenue increased by 30.9 million euros to 1,084.6 million euros (consolidated revenue for 2022 was 1,053.7 million euros). Revenue growth was driven by the increase in gas sales volumes and the expanded market share in the Baltic-Finnish region, reaching to 25%. EBITDA and segment reporting The annual EBITDA of the Energy segment was 135,9 million euros in 2023 (106.3 million euros in 2022). The profitability is connected with the increase in market share and the doubling of sales volumes. The group's subsidiary, AS Eesti Gaas, actively manages market price risks by utilizing regional natural gas storage options and using relevant financial derivative instruments. The annual EBITDA of the Shipping segment was 214.5 million euros in the 2023 (135.8 million euros in 2022). Infortar consolidates the results of AS Tallink Grupp using the equity method, in accordance with its percentage of ownership in AS Tallink Grupp. However, in segment reporting, the results of Tallink Grupp AS, include 100% of the EBITDA, as it is in accordance with applicable accounting rules. In the Real Estate segment, the profitability is assessed based on the EBITDA of separate real estate companies' results. In 2023, the total annual EBITDA of real estate was 12.3 million euros (in 2022, the total annual EBITDA of real estate was 11.4 million euros). In 2023, three new buildings were added to the portfolio at the addresses Liivalaia 9, Tähesaju 9, and Tähesaju 11. Net profit The consolidated net profit for the year 2023 is 293.8 million euros (compared to 96.1 million euros in the year 2022). One-time significant transactions impacting the net profit include the acquisition of the Latvian gas distribution company Gaso and the effects of property revaluation. Non-recurring items affecting previous year net profit include the extraordinary profit booked from acquisition of the Latvian gas distribution company Gaso and the revaluation of the real estate portfolio. Infortar's net profit from recurring operations (excluding non-recurring items, which affect comparability) is 144,8 million euros. The consolidated operating profit for 2023 was 123.6 million euros (compared to 99.1 million euros in 2022). Investments In the past three years (2021-2023), Infortar Group has invested approximately 265 million euros, with the largest investment being the acquisition of Gaso in 2023. Infortar will continue its investments in the future. Investments already planned for the years 2024 and 2025 totaling approximately 110 million euros. The major ongoing development projects include the establishment of a logistics center in Saue and the construction of a 4MW solar power plant in Latvia. Financing The total loan and leasing obligations in 2023 amounted to 441.2 million euros (compared to 427.2 million euros in 2022). Financing activities cash flow also includes the proceeds from the initial public offering, which amounted to 31.2 million euros. Dividends According to the dividend policy confirmed on October 31, 2023, the objective is to pay dividends of at least 1 euro per share per fiscal year. Dividend payments are made semi-annually. The Management Board and The Supervisory Board propose to General Meeting of Shareholders to pay a dividend of 3 euros per share for the 2023 financial results. Consolidated statement of profit or loss and other comprehensive income Audited, EUR thousand 12-month 2023 12-month 2022 Revenue 1 084 626 1 053 712 Cost of sales -934 811 -927 175 Gross profit/ loss 149 473 126 537 Marketing expenses -1 620 -1 408 Administrative expenses -22 085 -17 520 Profit (loss) from the change in the fair value of the investment property -4 074 -10 492 Other operating income 4 492 2 261 Other operating expenses -2 258 -238 Operating profit/ loss 123 628 99 140 Financial income 2 765 680 Financial expenses -22 750 -6 275 Profit (loss) from investments in the equity method 39 639 8 157 Gain from discount purchase 159 158 0 Profit (loss) before tax 302 440 101 702 Income tax expense -8 610 -5 578 Net profit of the financial year 293 830 96 124 Equity holders of the Parent 293 778 95 943 Minority interests 52 181 Other comprehensive income Revaluation of post-employment benefit obligations -44 0 Cash flow hedges - the effective portion of a change in fair value * -58 189 94 772 Exchange rate differences from the translation of foreign subsidiaries -42 3 Total other comprehensive income -58 275 94 775 Total comprehensive income / loss for the financial year 235 555 190 899 Attributable to: Equity holders of the Parent 235 547 190 718 Minority interests 52 181 14,62 15,23 Ordinary earnings per share (in euros per share) 14,56 15,23 * The revaluations of non-monetary derivative instruments in consolidated profits do not affect the profitability or cash flow generation ability of AS Eesti Gaas or Infortar's main business activities. Consolidated statement of financial position Audited, EUR thousand 31.12.2023 31.12.2022 ASSETS Cash and cash equivalents 87 115 60 002 Short-term derivatives 28 728 71 109 Derivative financial assets 5 958 108 917 Trade and other receivables 162 575 122 006 Prepayments 24 603 76 752 Prepayments for inventories 146 884 16 654 Total current assets 455 863 455 440 Investments to associates 346 014 296 061 Derivative and other financial assets 1 125 12 866 Long-term loans 9 072 15 736 Long-term requirements 176 024 160 540 Investment property 446 748 147 724 Property, plant and equipment 14 366 8 853 Intangible assets 11 300 10 192 Right-of-use assets 1 004 650 651 972 Total non-current assets 1 460 512 1 107 412 LIABILITIES AND EQUITY Interest-bearing loans and borrowings 186 025 266 308 Payables to suppliers 74 751 19 845 Tax obligations 32 822 31 135 Buyers' advances 3 099 10 169 Other current liabilities 15 973 6 766 Total current liabilities 312 670 334 223 Interest-bearing loans and borrowings 255 135 160 897 Other long-term liabilities 30 865 18 076 Long-term provisions 8 399 649 Deferred taxes 33 233 24 890 Total non-current liabilities 327 632 204 512 Total liabilities 640 302 538 735 Share capital 2 105 1 985 Own shares -95 -95 Share premium 29 344 0 Reserve capital 28 143 84 162 risk hedging reserve* 24 118 82 307 Unrealized currency translation differences -39 3 Retained earnings 466 140 385 947 Net profit of the financial year 293 778 95 943 Total equity attributable to equity holders of the Parent 819 376 567 945 Minority interests 834 732 Total equity 820 210 568 677 TOTAL LIABILITIES AND EQUITY 1 460 512 1 107 412 *This represents a change in the accounting for risk management positions, which affects the consolidated profit result. Consolidated statement of cash flows Audited, EUR thousand 2023 2022 Cash flows from operating activities Net profit of the financial year 302 440 101 702 Adjustments: -104 561 -39 818 Income tax paid -267 -4 051 Changes in assets related to op.activities 54 540 -116 072 Changes in inventories -61 914 3 667 Changes in liabilities related to op.activities -406 55 611 Net cash from operating activities 189 832 1 039 Cash flows from investing activities Acquisition / reduction of capital of associates -113 728 -4 895 Given loans 0 -6 438 Paybacks from given loans, and interest gain 9 343 992 Purchases of property, plant and equipment -18 143 -14 250 Purchases Investment property -18 556 -23 881 Net cash used in investing activities -141 084 -48 472 Cash flows from financing activities Received government grants 0 3 251 Changes in overdraft 14 348 -9 456 Proceeds from borrowings 130 567 193 397 Repayments of borrowings -312 846 -98 833 Repayment of finance lease liabilities -2 233 -2 037 Interest paid -22 224 -7 960 Dividends paid -15 750 -16 110 Proceeds from share emission 29 464 0 Net cash used in financing activities -21 635 62 252 TOTAL NET CASH FLOW 27 113 14 819 Cash at the beginning of the year 60 002 45 183 Cash at the end of the period 87 115 60 002 Net (decrease)/increase in cash 27 113 14 819 Cash flows from financing activities Aktsiaselts Infortar consolidated annual report 2023 is attached to this notice and will be made available on website www.infortar.ee/en/reports (http://www.infortar.ee/en/reports). Infortar operates in five countries, the company's main fields of activity are energy, maritime transport, and real estate. Infortar owns a 42,3% stake in AS Tallink Grupp, a 100% stake in AS Eesti Gaas and a versatile and modern real estate portfolio of approx. 110,000 m2. In addition to the three main areas of activity, Infortar also operates in construction and mineral resources, printing, taxi business and many other areas. A total of 103 companies belong to the Infortar group: 47 subsidiaries, 5 affiliated companies and 50 subsidiaries of affiliated companies. Excluding affiliates, Infortar employs 1,308 people. Additional information: Kadri Laanvee Investor Relations Manager e-mail: kadri.laanvee@infortar.ee (mailto:kadri.laanvee@infortar.ee) phone: +372 5156662 https://infortar.ee/en/investor