Börsiteade
AS TALLINNA SADAM
Kategooria
Muu oluline informatsioon
Manused
Kuupäev
29.02.2008 09:16:09
Pealkiri
KONSOLIDEERITUD VAHEARUANNE 12 KUUD 2007
Teade
MAJANDUSTULEMUSTE KOMMENTAAR Kommentaar on koostatud konsolideeritud näitajate põhjal. 2007. aasta majandustegevuse tulemus kujunes ootamatu muutuse oludes, kus aasta esimesel poolel kasvutempos liikunud kaubamaht pöördus aasta keskel järsule langusele, mis aasta kokkuvõttes viis kaubamahu vähenemisele 13% võrra. ASi Tallinna Sadam läbiva kauba peamisest lähteriigist Venemaalt lähtuvat vedellasti ja kivisöe voogu suunati kaubaomanike poolt ümber Venemaa enda või teistesse piirkonna sadamatesse. Ka sadamat läbinud reisijate arv vähenes veidi. Kaubamahu vähenemise erakorralisest iseloomust tingituna jäi kaubamaht alla oodatud mahu ning samuti vähenes turuosa Läänemere idakalda suuremate sadamate hulgas. Kaubamahu vähenemine tõi kaasa ka ASi Tallinna Sadam tegevustulude ja tegevuse efektiivsuse languse. 2007. aastal vähenes ASi Tallinna Sadam koosseisu kuuluvaid sadamaid läbinud kaubamaht 5,2 milj tonni võrra (ehk 13%) 36 milj tonnini. Mai kuust alanud kaubamahu järkjärguline kiire vähenemine toimus eeskätt puistlasti ja vedellasti arvelt. Puist- ja vedellasti mahu vähenemise põhjustas eelkõige Venemaalt lähtuva kaubamahu kasvav suunamine Venemaa enda sadamatesse nende võimsuste täieliku ärakasutamise eesmärgil välis- ja majanduspoliitilistel põhjustel. Kaubamahu struktuuris kasvas peamiselt Läänemere idakalda ja selle taguse piirkonna tarbimise arenguga seotud konteiner- ja veeremkauba ning uute sõiduautode maht. Konteinerkaubandust soosib ka kaubanduse kasvav trend kauba saatmiseks konteinerites, mis lihtsustab ja kiirendab kaubakäitlusega seotud toiminguid. Nimetatud kaubagruppide maht ületab oodatavalt juba 2008. aastal puistlasti mahu ASi Tallinna Sadam sadamates. Selle trendi mõjul väheneb Venemaalt pärineva ekspordisuunalise transiidi (peamiselt vedellasti ja puistlasti) osakaal ASi Tallinna Sadam kaubamahus, asendudes impordisuunalise kauba liikumisega. Koos kaubamahu vähenemisega langes ASi Tallinna Sadam kaubaveo turuosa Läänemere idakalda suuremate sadamate hulgas - 11,9%lt 9,8%ni. Lastiliikide lõikes moodustasid kaubamahust põhiosa vedellast 62%, puistlast 22%, veerem 10% ja konteinerid 4% (2006. aasta vastavad näitajad olid 58%, 27%, 8% ja 3%). Veosuundade lõikes moodustas kaubamahust 82% transiit, 8% eksport ja 10% import (2006. aasta vastavad näitajad olid 84%, 7% ja 8%). 2007. aastal oli ASi Tallinna Sadam koosseisu kuuluvaid sadamaid läbinud reisijate arv 6,51 milj, vähenedes ligi 250 tuh reisija ehk 3,6% võrra (2006. aasta vastavad näitajad olid 6,76 milj reisijat ja vähenemine 3,5%). Reisijate arvu vähenemine tulenes taas peamiselt suurima osatähtsusega Tallinn-Helsingi liinil reisinute arvu langusest, kus oodatud kasvu asemel reisijate arv vähenes pea 170 tuh reisija ehk 3% võrra. Suuruselt teisel, Tallinn-Stockholm liinil arenes reisijate liiklus aga jõudsalt ning reisijate arv jõudis 676 tuh reisijani, kasvades 54 tuh reisija ehk tervelt 9% võrra. Paldiski-Kapellskär liinil reisinute arv aga vähenes 86 tuh reisija ehk 63% võrra. Nimetatud liinil ei sõida enam peamiselt reisijate teenindamiseks mõeldud laevu, vaid toimub valdavalt veeremkauba vedu, mistõttu jääb liin reisijaveo liinide mõistes edaspidi vähemkaalukaks. Kruiisireisijate arv tegi ASi Tallinna Sadam viimase viie aasta ajaloos esmakordselt läbi languse, vähenedes 6% võrra 295 tuh reisijani, sealhulgas traditsiooniliste kruiisireisijate arv vähenes 2% võrra. Kruiisireisijate arvu vähenemise tingis peamiselt mõnede kruiisifirmade tegevuse lõpetamine. ASi Tallinna Sadam 2007. aasta konsolideeritud müügitulu moodustas 1 162 milj krooni (74,3 milj eurot), vähenedes 16 milj krooni (1 milj euro) ehk 1,3% võrra (2006. aasta vastavad näitajad olid 1 178 milj krooni (75,3 milj eurot) ja kasv 4,1%). Tulude vähenemise põhjustas peamiselt kaubamahu languse mõju, oma osa oli ka reisijate arvu vähenemisel. Nimetatud negatiivsete muutuste mõju tuludele aga aitas mõnevõrra tasakaalustada sadamat külastanud laevade kogumahutavuse kasv ning sadamatasude igaaastane indekseerimine vastavalt elukalliduse muutumisele. Tululiikidest vähenesid nimetatud muutuste mõjul kaubamahu ja reisijate arvuga otseselt seotud tulud - kaubatasu ja reisijatasu tulud, mis vähenesid vastavalt 19,4 milj krooni (1,2 milj euro) ehk 11% võrra ja 0,2 milj krooni (0,01 milj euro) ehk 0,2% võrra. Sadamatasude tulu, mis on otseselt seotud laevakülastuste arvu ja laevade kogumahutavusega, oluliselt ei muutunud, kasvades 3,4 milj krooni (0,2 milj euro) ehk 0,5% võrra. Põhitegevusega seotud kulud (tegevuskulud, tööjõukulud ning põhivara kulum ja väärtuse langus) olid kokku 690 milj krooni (44,1 milj eurot), kasvades aastaga 57 milj krooni (3,7 milj euro) ehk 9,1% võrra. Kulude kasvu põhjustasid eelkõige põhitegevuse laiendamisega seotud kulud, tööjõu ja teenuste hindade kasv. 2007. aasta tegevuskasumiks (ärikasum enne muud äritulu ja muud ärikulu) kujunes 473 milj krooni (30,2 milj eurot), mis tähendas 2006. aastaga võrreldes tegevuskasumi vähenemist 72,9 milj krooni (4,7 milj euro) ehk 13,4% võrra. Tegevuskasum vähenes tegevustulude vähenemise ja tegevuskulude kasvu koosmõju tulemusena. Seetõttu vähenes ASi Tallinna Sadam tegevuse efektiivsus, väljendatuna tegevuskasumi marginaalina (tegevuskasum jagatud müügituluga), mis langes 2007. aastal 46,3%lt 40,7%le. Kontserni 2007. aasta puhaskasumiks kujunes 336 milj krooni (21,5 milj eurot), mis on 2006. aasta puhaskasumist 260 milj krooni (16,6 milj euro) võrra vähem. Arvestades, et 2006. aasta puhaskasumist moodustas ühekordse iseloomuga varade müügikasum 171 milj krooni (10,9 milj eurot), vähenes 2007. aasta puhaskasum 89 milj krooni (5,7 milj euro) võrra. ASi Tallinna Sadam varade tootlus (puhaskasum jagatud aasta keskmise varade mahuga) langes 2007. aastal viimase viie aasta madalaimale tasemele 5,1%. Korrigeeritud puhaskasumi (puhaskasumit on korrigeeritud dividendide tulumaksukulu ja varade müügi kasumi võrra) põhjal leitud varade tootluseks oli samuti nimetatud perioodi madalaim näitaja 6,4%. Siiski on varade tootluse langustrend osaliselt ootuspärane, tulenedes varade mahu kasvust seoses pikaajaliste ja mahukate investeeringutega, millelt saadavad tulud realiseeruvad tulevastes perioodides. Tootluse langust mõjutas 2007. aastal aga ootamatu kaubamahu vähenemine, mis omas tootluse langusele suuremat mõju kui varade mahu kasv. ASi Tallinna Sadam omakapitali tootluseks (korrigeeritud puhaskasum jagatuna aasta keskmise omakapitali mahuga) kujunes 2007. aastal 9,4%. Ka see tähendas tootluse vähenemist võrreldes eelneva aasta 10,1%se tootlusega (mis on korrigeeritud varade müügi ühekordse kasumi 171 milj krooni (10,9 milj euro) võrra). Võrreldes varade tootluse suurema vähenemisega, aitas omakapitali tootlust hoida kapitalistruktuuris toimunud muudatus, kus mõnevõrra suurenes võõrkapitali osakaal (aasta keskmiste võrdluses). Omakapitali tootluse languse põhjuseks on eelkõige põhitegevuse kasumlikkuse vähenemine. 2007. aastal investeeris kontsern uutesse infrastruktuuri objektidesse ja olemasolevate infrastruktuuri objektide parendamisesse kokku 853 milj krooni (54,5 milj eurot), mis tähendas üheltpoolt eelneva aastaga võrreldes kasvu 408 milj krooni (26,1 milj euro) võrra, kuid teisalt jäi siiski alla planeeritud taseme. Seoses ehitushindade arvatust oluliselt suurema kallinemisega ning aasta jooksul aset leidnud Venemaalt lähtuva kaubavoo järsu vähenemisega otsustati Muuga sadama idaosaga seotud investeeringute plaan üle vaadata ning 2007. aastal investeeringuid ei tehtud. Suurem osa investeeringutest tehti uute territooriumide soetamiseks ja rajamiseks, kokku 268 milj krooni (17,1 milj eurot) ehk 31% kogu investeeringute mahust. Soetati uusi maid Muuga ja Paldiski lõunasadama arendamiseks ning arendati Muuga sadama tööstuspargi infrastruktuuri. Veetranspordirajatistega (kaid ja akvatoorium) seotud investeeringud olid kokku 177 milj krooni (11,3 milj eurot) ehk 21% kogu investeeringute mahust. Hoonete, rajatiste ja teenindusseadmete arendamiseks investeeriti 233 milj krooni (14,9 milj eurot), raudteeharudesse ja seisupargi rajamisse 81 milj krooni (5,2 milj eurot), kommunaalteenuste osutamiseks vajalikesse võrkudesse ja nende teenuste varustuskindluse tõstmiseks suunati 63 milj krooni (4 milj eurot). KONSOLIDEERITUD BILANSS -------------------------------------------------------------------------------- | tuhandetes (auditeerimata) | EEK | EEK | EUR | EUR | -------------------------------------------------------------------------------- | seisuga 31. detsember | 2007 | 2006 | 2007 | 2006 | -------------------------------------------------------------------------------- | VARAD | | | | | -------------------------------------------------------------------------------- | Käibevara | | | | | -------------------------------------------------------------------------------- | Raha ja raha ekvivalendid | 269 641 | 514 693 | 17 233 | 32 895 | -------------------------------------------------------------------------------- | Müügiootel finantsvara | 2 855 | 2 855 | 182 | 182 | -------------------------------------------------------------------------------- | Muu finantsvara õiglases | 0 | 34 855 | 0 | 2 228 | | väärtuses muutustega läbi | | | | | | kasumiaruande | | | | | -------------------------------------------------------------------------------- | Tuletisinstrumendid | 11 427 | 9 078 | 730 | 580 | -------------------------------------------------------------------------------- | Nõuded ostjate vastu ja | 110 880 | 102 705 | 7 087 | 6 564 | | muud nõuded | | | | | -------------------------------------------------------------------------------- | Kokku käibevara | 394 803 | 664 186 | 25 232 | 42 449 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Põhivara | | | | | -------------------------------------------------------------------------------- | Investeeringud | 2 673 | 0 | 171 | 0 | | ühisettevõtjasse | | | | | -------------------------------------------------------------------------------- | Muud pikaajalised nõuded | 6 959 | 8 585 | 445 | 549 | -------------------------------------------------------------------------------- | Materiaalne põhivara | 6 385 769 | 5 757 872 | 408 125 | 367 995 | -------------------------------------------------------------------------------- | Kokku põhivara | 6 395 401 | 5 766 457 | 408 741 | 368 544 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Kokku varad | 6 790 204 | 6 430 643 | 433 973 | 410 993 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | KOHUSTUSED | | | | | -------------------------------------------------------------------------------- | Lühiajalised kohustused | | | | | -------------------------------------------------------------------------------- | Võlakirjade ja | 608 435 | 185 282 | 38 886 | 11 842 | | pikaajaliste laenude | | | | | | tagasimaksed järgmisel | | | | | | perioodil | | | | | -------------------------------------------------------------------------------- | Lühiajalised eraldised | 18 910 | 17 189 | 1 208 | 1 099 | -------------------------------------------------------------------------------- | Võlad tarnijatele ja muud | 195 190 | 113 267 | 12 475 | 7 238 | | võlad | | | | | -------------------------------------------------------------------------------- | Kokku lühiajalised | 822 535 | 315 738 | 52 569 | 20 179 | | kohustused | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Pikaajalised kohustused | | | | | -------------------------------------------------------------------------------- | Pikaajalised | 1 453 504 | 1 661 386 | 92 896 | 106 182 | | võlakohustused | | | | | -------------------------------------------------------------------------------- | Sihtfinantseerimine | 11 455 | 18 358 | 732 | 1 173 | -------------------------------------------------------------------------------- | Muud pikaajalised võlad | 9 400 | 6 712 | 601 | 429 | -------------------------------------------------------------------------------- | Kokku pikaajalised | 1 474 359 | 1 686 456 | 94 229 | 107 784 | | kohustused | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Kokku kohustused | 2 296 894 | 2 002 194 | 146 798 | 127 963 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | OMAKAPITAL | | | | | -------------------------------------------------------------------------------- | Aktsiakapital | 2 786 204 | 2 755 619 | 178 071 | 176 116 | | nimiväärtuses | | | | | -------------------------------------------------------------------------------- | Kohustuslik reservkapital | 275 562 | 275 000 | 17 612 | 17 576 | -------------------------------------------------------------------------------- | Riskimaandamise reserv | 8 642 | 8 494 | 552 | 543 | -------------------------------------------------------------------------------- | Eelmiste perioodide | 1 087 071 | 792 908 | 69 476 | 50 676 | | jaotamata kasum | | | | | -------------------------------------------------------------------------------- | Aruandeaasta kasum | 335 831 | 594 724 | 21 464 | 38 010 | -------------------------------------------------------------------------------- | Emaettevõtja omanikele | 4 493 310 | 4 426 745 | 287 175 | 282 921 | | kuuluv kapital ja reservid | | | | | | kokku | | | | | -------------------------------------------------------------------------------- | Vähemusosalus | 0 | 1 704 | 0 | 109 | -------------------------------------------------------------------------------- | Kokku omakapital | 4 493 310 | 4 428 449 | 287 175 | 283 030 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Kokku kohustused ja | 6 790 204 | 6 430 643 | 433 973 | 410 993 | | omakapital | | | | | -------------------------------------------------------------------------------- KONSOLIDEERITUD KASUMIARUANNE -------------------------------------------------------------------------------- | tuhandetes kroonides | 2007 | 2006 | 01.07.2007- | 01.07.2006- | | (auditeerimata) | | | 31.12.2007 | 31.12.2006 | -------------------------------------------------------------------------------- | Müügitulu |1 162 445 |1 177 953 | 509 955 | 549 657 | -------------------------------------------------------------------------------- | Muud äritulud | 30 174 | 186 810 | 24 640 | 51 115 | -------------------------------------------------------------------------------- | Tegevuskulud | -309 252 | -289 023 | -164 305 | -150 510 | -------------------------------------------------------------------------------- | Tööjõukulud | -176 025 | -153 651 | -106 157 | -93 216 | -------------------------------------------------------------------------------- | Põhivara kulum ja väärtuse | -204 296 | -189 545 | -105 102 | -97 328 | | langus | | | | | -------------------------------------------------------------------------------- | Muud ärikulud | -19 652 | -973 | -15 706 | -468 | -------------------------------------------------------------------------------- | ÄRIKASUM | 483 394 | 731 571 | 143 325 | 259 250 | -------------------------------------------------------------------------------- | Finantstulud ja -kulud | | | | | -------------------------------------------------------------------------------- | Finantstulud | 12 798 | 11 714 | 4 488 | 7 160 | -------------------------------------------------------------------------------- | Finantskulud | -76 645 | -62 557 | -40 401 | -33 791 | -------------------------------------------------------------------------------- | Kokku finantstulud ja | -63 847 | -50 843 | -35 913 | -26 631 | | -kulud | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Kasum/kahjum | 899 | 0 | -145 | 0 | | kapitaliosaluse meetodil | | | | | | investeeringutelt | | | | | | ühisettevõtjasse | | | | | -------------------------------------------------------------------------------- | Kasum enne | 420 446 | 680 728 | 107 267 | 232 619 | | tulumaksustamist | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Tulumaks | -84 615 | -85 130 | 0 | 0 | -------------------------------------------------------------------------------- | Aruandeaasta puhaskasum | 335 831 | 595 598 | 107 267 | 232 619 | -------------------------------------------------------------------------------- | sh | | | | | -------------------------------------------------------------------------------- | emaettevõtja omanike osa | 335 831 | 594 724 | 107 267 | 232 129 | | puhaskasumist | | | | | -------------------------------------------------------------------------------- | vähemusomanike osa | 0 | 874 | 0 | 490 | | puhaskasumist | | | | | -------------------------------------------------------------------------------- | Puhaskasum ja lahjendatud | 1,21 | 2,16 | 0,39 | 0,84 | | puhaskasum aktsia kohta | | | | | | (kroonides) | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | tuhandetes eurodes | 2007 | 2006 | 01.07.2007- | 01.07.2006- | | (auditeerimata) | | | 31.12.2007 | 31.12.2006 | -------------------------------------------------------------------------------- | Müügitulu | 74 294 | 75 285 | 32 592 | 35 129 | -------------------------------------------------------------------------------- | Muud äritulud | 1 929 | 11 939 | 1 575 | 3 267 | -------------------------------------------------------------------------------- | Tegevuskulud | -19 765 | -18 472 | -10 501 | -9 619 | -------------------------------------------------------------------------------- | Tööjõukulud | -11 250 | -9 820 | -6 785 | -5 958 | -------------------------------------------------------------------------------- | Põhivara kulum ja väärtuse | -13 057 | -12 114 | -6 717 | -6 220 | | langus | | | | | -------------------------------------------------------------------------------- | Muud ärikulud | -1 256 | -62 | -1 004 | -30 | -------------------------------------------------------------------------------- | ÄRIKASUM | 30 895 | 46 756 | 9 160 | 16 569 | -------------------------------------------------------------------------------- | Finantstulud ja -kulud | | | | | -------------------------------------------------------------------------------- | Finantstulud | 818 | 749 | 287 | 458 | -------------------------------------------------------------------------------- | Finantskulud | -4 899 | -3 998 | -2 582 | -2 160 | -------------------------------------------------------------------------------- | Kokku finantstulud ja | -4 081 | -3 249 | -2 295 | -1 702 | | -kulud | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Kasum/kahjum | 58 | 0 | -9 | 0 | | kapitaliosaluse meetodil | | | | | | investeeringutelt | | | | | | ühisettevõtjasse | | | | | -------------------------------------------------------------------------------- | Kasum enne | 26 872 | 43 507 | 6 856 | 14 867 | | tulumaksustamist | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Tulumaks | -5 408 | -5 441 | 0 | 0 | -------------------------------------------------------------------------------- | Aruandeaasta puhaskasum | 21 464 | 38 066 | 6 856 | 14 867 | -------------------------------------------------------------------------------- | sh | | | | | -------------------------------------------------------------------------------- | emaettevõtja omanike osa | 21 464 | 38 010 | 6 856 | 14 836 | | puhaskasumist | | | | | -------------------------------------------------------------------------------- | vähemusomanike osa | 0 | 56 | 0 | 31 | | puhaskasumist | | | | | -------------------------------------------------------------------------------- | Puhaskasum ja lahjendatud | 0,08 | 0,14 | 0,02 | 0,05 | | puhaskasum aktsia kohta | | | | | | (eurodes) | | | | | -------------------------------------------------------------------------------- Marko Raid Finantsjuht 6318047 Sven Ratassepp Avalike suhete juht 6318064
Pealkiri
CONSOLIDATED INTERIM REPORT 12 MONTHS 2007
Teade
COMMENTS TO FINANCIAL RESULTS The comments have been prepared on the basis of consolidated financial indicators. In 2007, the results of operations were shaped by unexpected circumstances whereby growing cargo volume in the first half of the year declined sharply in the middle of the year as a result of which cargo volume for the year decreased by 13%. Cargo owners redirected the flow of liquid cargo and coal passing through AS Tallinna Sadam and originating from Russia into Russia's own ports or other ports in the region. The number of passengers passing through the port also decreased somewhat. Due to the extraordinary nature of the decline in cargo volume, it fell short of the expected volume and the Group's market share also declined among the major ports on the eastern coast of the Baltic Sea. The decline in cargo volume also led to the decline in sales and efficiency of operations. In 2007, the cargo volume passing through the ports of AS Tallinna Sadam decreased by 5.2 million tons (or 13%), to 36 million tons. The gradual decline of cargo volume since May occurred primarily in bulk and liquid cargo volume. The reason behind the decline in the volume of bulk and liquid cargo was primarily related to the redirection of cargo volume originating from Russia to Russia's own ports for the purpose of completely utilising their capacity due to the foreign and economic policy factors. With regard to the structure of cargo volume, the volume of containers, rolling stock and new passenger cars grew together with the development of consumption on the eastern coast of the Baltic Sea and beyond. Container trade is also favoured by the growing trend of delivering cargo in containers, which simplifies and accelerates cargo-handling operations. The volume of these cargo groups is expected to surpass the volume of bulk cargo at the ports of AS Tallinna Sadam already in 2008. Against a backdrop of this trend, the share of export-driven transit originating from Russia (primarily liquid and bulk cargo) will decline in the cargo volume of AS Tallinna Sadam and an import-driven cargo movement is replacing it. Along with the decline in cargo volume, the market share of AS Tallinna Sadam declined among the major ports on the eastern coast of the Baltic Sea - from 11.9% to 9.8%. By cargo types, liquid cargo made up 62%, bulk cargo 22%, rolling stock 10% and containers 4% of cargo volume (in 2006, the respective figures were 58%, 27%, 8% and 3%). With regard to transport directions, transit made up 82%, exports 8% and imports 10% of cargo volume (in 2006, the respective figures were 84%, 7% and 8%). In 2007, the number of passengers travelling through the ports of AS Tallinna Sadam was 6.51 million, declining by 250 thousand passengers or 3.6% (in 2006, the respective figures were 6.76 million passengers and a decline of 3.5%). The decline in the number of passengers was mostly attributed to the decline in the number of passengers on the most important Tallinn-Helsinki line where instead of the expected growth, the number of passengers declined by almost 170 thousand passengers or 3%. However, the number of passengers grew steadily on the second largest Tallinn-Stockholm line, reaching 676 thousand passengers and increasing by almost 54 thousand passengers or a healthy 9%. However, the number of passengers on Paldiski-Kapellskär line decreased by 86 thousand passengers or 63%. Instead of carrying passengers the transportation of rolling stock mostly occurs on this line as a result of which the former will be of less importance in the future. The number of cruise passengers of AS Tallinna Sadam declined for the first time in the last five years, by 6% to 295 thousand passengers, whereas the number of traditional cruise passengers declined by 2%. The decline in the number of cruise passengers was primarily related to the termination of operations of some cruise operators. In 2007, the consolidated sales of AS Tallinna Sadam amounted to EEK 1 162 million (EUR 74.3 million), decreasing by EEK 16 million (EUR 1 million) or 1.3% (in 2006, the respective figures were EEK 1 178 million (EUR 75.3 million) and growth of 4.1%). The decline in sales was primarily related to the decline in cargo volume, and partly to the decline in the number of passengers. The effect of these negative changes on sales were somewhat alleviated by the growth in the total capacity of vessels calling at the port and the annual indexation of port dues in line with the change in the cost of living. Of the types of sales, the sales directly related to the cargo volume and the number of passengers declined due to the aforementioned changes - sales from cargo and passenger fees decreased by EEK 19.4 million (EUR 1.2 million) or 11% and EEK 0.2 million (EUR 0.01 million) or 0.2%, respectively. The sales from port dues which are directly related to the number of vessel calls and the gross tonnage of vessels did not change much, increasing by EEK 3.4 million (EUR 0.2 million) or 0.5%. The expenses related to operating activities (operating expenses, personnel expenses as well as depreciation and impairment losses) totalled EEK 690 million (EUR 44.1 million), increasing by EEK 57 million (EUR 3.7 million) or 9,1% in a year. The growth of expenses was primarily related to the costs of expanding the port operations as well as appreciation of labour costs and service prices. The operating profit for 2007 (profit before other income and other expenses) totalled EEK 473 million (EUR 30.2 million) which represented a decline in the operating profit by EEK 72.9 million (EUR 4.7 million) or 13.4% as compared to 2006. The operating profit fell in conjunction with the growth of operating expenses and decline of sales. Thus, the efficiency of the operations of AS Tallinna Sadam expressed as the operating margin (sales divided by operating profit) fell, declining from 46.3% to 40.7% in 2007. The Group's net profit for 2007 totalled EEK 336 million (EUR 21.5 million) which is EEK 260 million (EUR 16.6 million) less than in 2006. Considering that one-time profit from sale of assets made up EEK 171 million (EUR 10.9 million) out of the net profit in 2006, the net profit for 2007 declined by EEK 89 million (EUR 5.7 million). In 2007, the return on assets of AS Tallinna Sadam (net profit divided by the annual average volume of assets) decreased to 5.1%, which is the lowest level in the last five years. The return on assets calculated using the adjusted net profit (the net profit has been adjusted by the dividend income tax and profit from sale of assets) was 6.4% which is also the lowest level in the same time period. However, the decline in the return on assets was somewhat expected, related to the volume growth of assets due to long-term and large-scale investments that will yield expected gains in future periods. The decline in the return on assets was related to an unexpected decline in cargo volume in 2007 which had a larger effect on the decline in the return on assets than asset growth. In 2007, the return on equity of AS Tallinna Sadam (adjusted net profit divided by the annual average volume of equity, also adjusted by the same one-time profit) was 9.4%. This also represented a decline in the return as compared to the return of 10.1% previous year (which was also adjusted by the one-time profit on the sale of assets in the amount of EEK 171 million (EUR 10.9 million)). When compared with the larger decline in the return on assets, the return on equity was maintained due to a change which occurred in the capital structure, as the share of debt increased somewhat (when comparing the averages for the year). The reason for the decline in the return on equity was primarily related to the loss in profitability of the port operations. In 2007, the Group invested a total of EEK 853 million (EUR 54.5 million) in new infrastructure and improvements of existing infrastructure which on the one hand represented a growth of EEK 408 million (EUR 26.1 million) as compared to the previous year, but on the other hand did not meet the budgeted level. Due to much higher than anticipated appreciation of construction prices and the sharp lowering of cargo volumes from Russia during the year, the investment plan relating to the eastern part of Muuga Port was reviewed and no investments were made in 2007. Most of the investments were related to the acquisition and construction of new territories totalling EEK 268 million (EUR 17.1 million) or 31% of the total volume of investments. New territories were acquired for the development of Muuga Port and Paldiski South Harbour and the infrastructure of the industrial park of Muuga Port was developed further. Investments related to marine transport facilities (quays and aquatory) totalled EEK 177 million (EUR 11.3 million) or 21% of the total volume of investments. Investments in the development of buildings, structure and service equipment totalled EEK 233 million (EUR 14.9 million), in the foundation of railway branches and a station park totalled EEK 81 million (EUR 5.2 million), in the necessary networks needed for the provision of utility services and increasing security of supply of these services totalled EEK 63 million (EUR 4 million). CONSOLIDATED BALANCE SHEET -------------------------------------------------------------------------------- | in thousands of | EEK | EEK | EUR | EUR | | (unaudited) | | | | | -------------------------------------------------------------------------------- | as at 31 December | 2007 | 2006 | 2007 | 2006 | -------------------------------------------------------------------------------- | ASSETS | | | | | -------------------------------------------------------------------------------- | Current assets | | | | | -------------------------------------------------------------------------------- | Cash and cash | 269 641 | 514 693 | 17 233 | 32 895 | | equivalents | | | | | -------------------------------------------------------------------------------- | Available for sale | 2 855 | 2 855 | 182 | 182 | | financial assets | | | | | -------------------------------------------------------------------------------- | Other financial assets | 0 | 34 855 | 0 | 2 228 | | at fair value through | | | | | | profit and loss | | | | | -------------------------------------------------------------------------------- | Derivatives | 11 427 | 9 078 | 730 | 580 | -------------------------------------------------------------------------------- | Trade and other | 110 880 | 102 705 | 7 087 | 6 564 | | receivables | | | | | -------------------------------------------------------------------------------- | Total current assets | 394 803 | 664 186 | 25 232 | 42 449 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Non-current assets | | | | | -------------------------------------------------------------------------------- | Investments in joint | 2 673 | 0 | 171 | 0 | | venture | | | | | -------------------------------------------------------------------------------- | Other long-term | 6 959 | 8 585 | 445 | 549 | | receivables | | | | | -------------------------------------------------------------------------------- | Property, plant and | 6 385 769 | 5 757 872 | 408 125 | 367 995 | | equipment | | | | | -------------------------------------------------------------------------------- | Total non-current assets | 6 395 401 | 5 766 457 | 408 741 | 368 544 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total assets | 6 790 204 | 6 430 643 | 433 973 | 410 993 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | LIABITLITIES | | | | | -------------------------------------------------------------------------------- | Current liabilities | | | | | -------------------------------------------------------------------------------- | Current portion of bonds | 608 435 | 185 282 | 38 886 | 11 842 | | and long-term loans | | | | | -------------------------------------------------------------------------------- | Short-term provisions | 18 910 | 17 189 | 1 208 | 1 099 | -------------------------------------------------------------------------------- | Supplier and other | 195 190 | 113 267 | 12 475 | 7 238 | | payables | | | | | -------------------------------------------------------------------------------- | Total current | 822 535 | 315 738 | 52 569 | 20 179 | | liabilities | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Non-current liabilities | | | | | -------------------------------------------------------------------------------- | Long-term borrowings | 1 453 504 | 1 661 386 | 92 896 | 106 182 | -------------------------------------------------------------------------------- | Government grants | 11 455 | 18 358 | 732 | 1 173 | -------------------------------------------------------------------------------- | Other long-term payables | 9 400 | 6 712 | 601 | 429 | -------------------------------------------------------------------------------- | Total non-current | 1 474 359 | 1 686 456 | 94 229 | 107 784 | | liabilities | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total liabilities | 2 296 894 | 2 002 194 | 146 798 | 127 963 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EQUITY | | | | | -------------------------------------------------------------------------------- | Share capital at nominal | 2 786 204 | 2 755 619 | 178 071 | 176 116 | | value | | | | | -------------------------------------------------------------------------------- | Statutory reserve | 275 562 | 275 000 | 17 612 | 17 576 | | capital | | | | | -------------------------------------------------------------------------------- | Hedge reserve | 8 642 | 8 494 | 552 | 543 | -------------------------------------------------------------------------------- | Retained earnings | 1 087 071 | 792 908 | 69 476 | 50 676 | -------------------------------------------------------------------------------- | Net profit for the | 335 831 | 594 724 | 21 464 | 38 010 | | financial year | | | | | -------------------------------------------------------------------------------- | Capital and reserves | 4 493 310 | 4 426 745 | 287 175 | 282 921 | | attributable to equity | | | | | | holders of the Parent | | | | | | Company | | | | | -------------------------------------------------------------------------------- | Minority interest | 0 | 1 704 | 0 | 109 | -------------------------------------------------------------------------------- | Total equity | 4 493 310 | 4 428 449 | 287 175 | 283 030 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total liabilities and | 6 790 204 | 6 430 643 | 433 973 | 410 993 | | equity | | | | | -------------------------------------------------------------------------------- CONSOLIDATED INCOME STATEMENT -------------------------------------------------------------------------------- | in thousands of EEK | 2007 | 2006 | 01.07.2007- | 01.07.2006- | | (unaudited) | | | 31.12.2007 | 31.12.2006 | -------------------------------------------------------------------------------- | Sales | 1 162 445 | 1 177 953 | 509 955 | 549 657 | -------------------------------------------------------------------------------- | Other income | 30 174 | 186 810 | 24 640 | 51 115 | -------------------------------------------------------------------------------- | Operating expenses | -309 252 | -289 023 | -164 305 | -150 510 | -------------------------------------------------------------------------------- | Personnel expenses | -176 025 | -153 651 | -106 157 | -93 216 | -------------------------------------------------------------------------------- | Depreciation and | -204 296 | -189 545 | -105 102 | -97 328 | | impairment | | | | | -------------------------------------------------------------------------------- | Other expenses | -19 652 | -973 | -15 706 | -468 | -------------------------------------------------------------------------------- | Operating profit | 483 394 | 731 571 | 143 325 | 259 250 | -------------------------------------------------------------------------------- | Finance income and costs | | | | | -------------------------------------------------------------------------------- | Finance income | 12 798 | 11 714 | 4 488 | 7 160 | -------------------------------------------------------------------------------- | Finance costs | -76 645 | -62 557 | -40 401 | -33 791 | -------------------------------------------------------------------------------- | Total finance income and | -63 847 | -50 843 | -35 913 | -26 631 | | costs | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit/loss from | 899 | 0 | -145 | 0 | | investments in joint | | | | | | venture under equity | | | | | | method of accounting | | | | | -------------------------------------------------------------------------------- | Profit before tax | 420 446 | 680 728 | 107 267 | 232 619 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Income tax expense | -84 615 | -85 130 | 0 | 0 | -------------------------------------------------------------------------------- | Profit for the period | 335 831 | 595 598 | 107 267 | 232 619 | -------------------------------------------------------------------------------- | attributable to: | | | | | -------------------------------------------------------------------------------- | equity holders of the | 335 831 | 594 724 | 107 267 | 232 129 | | Parent Company | | | | | -------------------------------------------------------------------------------- | minority interest | 0 | 874 | 0 | 490 | -------------------------------------------------------------------------------- | Basic earnings and | 1,21 | 2,16 | 0,39 | 0,84 | | diluted earnings per | | | | | | share (in EEK) | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | in thousands of EUR | 2007 | 2006 | 01.07.2007- | 01.07.2006- | | (unaudited) | | | 31.12.2007 | 31.12.2006 | -------------------------------------------------------------------------------- | Sales | 74 294 | 75 285 | 32 592 | 35 129 | -------------------------------------------------------------------------------- | Other income | 1 929 | 11 939 | 1 575 | 3 267 | -------------------------------------------------------------------------------- | Operating expenses | -19 765 | -18 472 | -10 501 | -9 619 | -------------------------------------------------------------------------------- | Personnel expenses | -11 250 | -9 820 | -6 785 | -5 958 | -------------------------------------------------------------------------------- | Depreciation and | -13 057 | -12 114 | -6 717 | -6 220 | | impairment | | | | | -------------------------------------------------------------------------------- | Other expenses | -1 256 | -62 | -1 004 | -30 | -------------------------------------------------------------------------------- | Operating profit | 30 895 | 46 756 | 9 160 | 16 569 | -------------------------------------------------------------------------------- | Finance income and costs | | | | | -------------------------------------------------------------------------------- | Finance income | 818 | 749 | 287 | 458 | -------------------------------------------------------------------------------- | Finance costs | -4 899 | -3 998 | -2 582 | -2 160 | -------------------------------------------------------------------------------- | Total finance income and | -4 081 | -3 249 | -2 295 | -1 702 | | costs | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit/loss from | 58 | 0 | -9 | 0 | | investments in joint | | | | | | venture under equity | | | | | | method of accounting | | | | | -------------------------------------------------------------------------------- | Profit before tax | 26 872 | 43 507 | 6 856 | 14 867 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Income tax expense | -5 408 | -5 441 | 0 | 0 | -------------------------------------------------------------------------------- | Profit for the period | 21 464 | 38 066 | 6 856 | 14 867 | -------------------------------------------------------------------------------- | attributable to: | | | | | -------------------------------------------------------------------------------- | equity holders of the | 21 464 | 38 010 | 6 856 | 14 836 | | Parent Company | | | | | -------------------------------------------------------------------------------- | minority interest | 0 | 56 | 0 | 31 | -------------------------------------------------------------------------------- | Basic earnings and | 0,08 | 0,14 | 0,02 | 0,05 | | diluted earnings per | | | | | | share (in EUR) | | | | | -------------------------------------------------------------------------------- Marko Raid Chief Financial Officer +372 6318047 Sven Ratassepp Public Relations Manager +372 6318064