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AS Tallinna Sadam financial results for 2022 Q1

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In the first quarter, both revenue (+7%), adjusted EBITDA (+4%) and profit (+5%)
increased. Revenue amounted to EUR 26.8 million and profit to EUR 7.2 million.
The adjusted EBITDA of Q1 was EUR 13 million.

The  number  of  passengers  has  been  recovering from the impacts of COVID-19-
related  restrictions since last autumn at an  accelerating pace, but due to the
after-effects  of the pandemic it still  remained nearly half smaller than usual
for  the first quarter. The  volumes of container cargo  and ro-ro cargo hit new
records while liquid bulk cargo dropped to recent years' lowest level.

According to Valdo Kalm, chairman of the management board of Tallinna Sadam, the
Group's  financial results  continued to  be strong  and growing in all business
segments  despite  the  effects  of  several  current  crises. "In the passenger
segment,  the recovery from the pandemic that  began in the autumn continued. In
the  cargo business, which is affected by both the rise in energy prices and the
sanctions  imposed on  Russia and  Belarus, the  restructuring of cargo types is
underway  - the impact of  the decline in liquid  cargo will be offset by higher
margin ro-ro and dry bulk cargo volumes," explained Kalm.

The management of Tallinna Sadam will present the financial results of the Group
at  a webinar on 10 May at 11:00 Estonian  time (GMT+3), to attend, please click
here                                      (https://teams.microsoft.com/l/meetup-
join/19%3ameeting_MzlmM2NmYmMtMDJlNy00MmU3LTkzYmMtYTJjYzc0MGM4NmE0%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%7d&btype=a&role=a).  The  webinar  will  be  held  in
English.

Key figures (in million EUR):

                           Q1 2022   Q1 2021    +/-      %

  Revenue                     26.8      25.0    1.8    7.1

  Adjusted EBITDA             13.5      13.0    0.5    3.5

  Adjusted EBITDA margin     50.4%     52.1%   -1.7      -

  Operating profit             7.2       7.2      0   -0.1

  Profit for the period        7.2       6.8    0.4    5.1

  Investments                  4.7       3.6    1.1   29.0


                          31.03.2022   31.12.2021     +/-

  Total assets                 635.2        629.5    0.9%

  Interest bearing debt        200.3        203.3   -1.5%

  Other liabilities             46.8         45.3    3.3%

  Equity                       388.1        380.9    2.0%

  Number of shares             263.0        263.0    0.0%

Major events in Q1:

  * Confirmation from Baffinland to charter the icebreaker Botnica in summer
    2022
  * Andrus Ait started as a new member of the management board and CFO and the
    member of the supervisory boards of the subsidiaries
  * Compromise was achieved with AS Tallink Grupp for the termination of a court
    dispute
  * The cruise terminal won Main Prize at Architecture Awards 2021 and was named
    Concrete Building of the Year 2021
  * Partnership was established with other major ports for the creation of green
    transport corridors in the Baltic Sea

Revenue
Revenue  for the first quarter grew by EUR 1.8 million (+7.1%) year on year. All
revenue  streams showed growth,  except vessel dues.  Passenger fee revenue grew
the  most, increasing by EUR 0.8 million  (+126%) in connection with an increase
in  the number of passengers, the effect of which was lowered by a 10% reduction
in the fee rate for passengers arriving at or departing from Old City Harbour on
regularly  operated ferry routes as from March 2022. Despite a decrease in cargo
throughput,  cargo charge revenue grew by EUR 0.18 million (+12%) mostly because
the  volume of cargo with lower charge rates decreased while the volume of cargo
with higher charge rates increased. All segments delivered revenue growth, which
was the largest in the Passenger harbours segment and the Ferry segment.

The revenue of the Passenger harbours segment increased by EUR 1.1 million (21%)
mainly  due to higher passenger fee  revenue (EUR +0.78 million), which resulted
from  growth in passenger  numbers. Also, lease  income grew (EUR +0.15 million)
due to new premises and smaller concessions.
The revenue of the Cargo harbours segment grew by EUR 78 thousand (0.1%). Due to
a  change in the cargo structure,  cargo charge revenue grew (EUR +0.13 million)
although cargo volumes decreased. Vessel dues revenue decreased due to a decline
in  dry and liquid bulk  cargo. Lease income grew  due an increase in some lease
rates.
The  revenue  of  the  Ferry  segment  increased  by EUR 0.6 million (9%) mainly
through  a rise in the contractual fee  rates (in connection with an increase in
the  Estonian fuel  cost, employment  cost and  consumer price indices). Revenue
growth  was supported by a  larger number of trips  made (due to high demand the
state expanded the ordered more frequent ferry schedule).
The revenue of the segment Other grew marginally in connection with the revision
of the contractual fee due to an increase in the Estonian consumer price index.

EBITDA
Adjusted  EBITDA grew by EUR 0.46 million through revenue growth, which exceeded
growth  in expenses  (excluding depreciation,  amortisation and impairment), and
higher  profit  on  the  investment  in  the equity-accounted associate AS Green
Marine.  In terms  of segments,  adjusted EBITDA  grew in the Passenger harbours
segment  and the  Ferry segment  and decreased  primarily in  the Cargo harbours
segment, where revenue did not increase. The adjusted EBITDA margin dropped from
52.1% to 50.4%.

Profit
Profit  before  tax  grew  by  EUR  0.35 million (+5.1%) to EUR 7.2 million. Net
profit was also EUR 7.2 million, EUR 0.35 million larger than a year earlier.

Investments
In  the first three months of 2022, the Group invested EUR 4.7 million, EUR 1.1
million  more  than  a  year  earlier.  The  main  investments  were made in the
reconstruction  of the outdoor  area around Terminal  D and the  upgrade of quay
equipment in Old City Harbour and in increasing the capacity of Muuga Harbour to
serve ro-ro cargo.



Interim condensed consolidated statement of financial position:

  In thousands of euros               31 March 2022   31 December 2021
-----------------------------------------------------------------------
  ASSETS



  Current assets

  Cash and cash equivalents                  41,014             34,840

  Trade and other receivables                14,650             14,151

  Contract assets                               285                  0

  Inventories                                   515                399

  Non-current assets held for sale           56,464             49,390
-----------------------------------------------------------------------
  Total current assets                       41,014             34,840
-----------------------------------------------------------------------


  Non-current assets

  Investments in associates                   1,786              1,559

  Other long-term receivables                   910                896

  Property, plant and equipment             573,967            575,563

  Intangible assets                           2,112              2,130

  Total non-current assets                  578,775            580,148
-----------------------------------------------------------------------
  Total assets                              635,239            629,538
-----------------------------------------------------------------------


  LIABILITIES



  Current liabilities

  Loans and borrowings                       15,916             15,916

  Provisions                                    622              1,572

  Government grants                           1,243              1,223

  Taxes payable                                 594                890

  Trade and other payables                    9,905             10,291

  Contract liabilities                        3,488                 57

  Total current liabilities                  31,768             29,949
-----------------------------------------------------------------------


  Non-current liabilities

  Loans and borrowings                      184,398            187,398

  Government grants                          29,587             29,835

  Other payables                                601                652

  Contract liabilities                          799                809

  Total non-current liabilities             215,385            218,694
-----------------------------------------------------------------------
  Total liabilities                         247,153            248,643
-----------------------------------------------------------------------


  EQUITY

  Share capital at par value                263,000            263,000

  Share premium                              44,478             44,478

  Statutory capital reserve                  21,271             21,271

  Retained earnings (prior periods)          52,146             26,534

  Profit for the period                       7,191             25,612
-----------------------------------------------------------------------
  Total equity                              388,086            380,895
-----------------------------------------------------------------------
  Total liabilities and equity              635,239            629,538
-----------------------------------------------------------------------

Interim condensed consolidated statement of profit or loss:



 In thousands of euros                                          Q1 2022 Q1 2021
-------------------------------------------------------------------------------


 Revenue                                                         26,771  24,988

 Other income                                                       295     324

 Operating expenses                                              -8,663  -7,302

 Personnel expenses                                              -4,771  -4,644

 Depreciation, amortisation and impairment                       -6,287  -6,022

 Other expenses                                                    -128    -123

 Operating profit                                                 7,217   7,221
-------------------------------------------------------------------------------


 Finance income and costs

 Finance income                                                      31      10

 Finance costs                                                     -284    -376

 Finance costs - net                                               -253    -366
-------------------------------------------------------------------------------


 Share of profit of an associate accounted for under the equity
 method                                                             227     -11

 Profit before income tax                                         7,191   6,844
-------------------------------------------------------------------------------


 Profit for the period                                            7,191   6,844
-------------------------------------------------------------------------------
 Attributable to owners of the Parent                             7,191   6,844
-------------------------------------------------------------------------------

-------------------------------------------------------------------------------
 Basic and diluted earnings per share (in euros)                   0.03    0.03

 Basic and diluted earnings per share - continuing operations
 (in euros)                                                        0.03    0.03
-------------------------------------------------------------------------------

Interim condensed consolidated statement of cash flows:



  In thousands of euros                                  Q1 2022   Q1 2021
---------------------------------------------------------------------------


  Cash receipts from sale of goods and services           31,849    29,620

  Cash receipts related to other income                       20        14

  Payments to suppliers                                  -12,493    -9,956

  Payments to and on behalf of employees                  -4,359    -4,552

  Payments for other expenses                               -146      -111

  Cash from operating activities                          14,871    15,015
---------------------------------------------------------------------------


  Purchases of property, plant and equipment              -5,318    -4,662

  Purchases of intangible assets                             -50      -218

  Proceeds from sale of property, plant and equipment         28       119

  Government grants received                                   1         0

  Interest received                                       -5,339         1

  Cash used in investing activities                                 -4,760
---------------------------------------------------------------------------
  Repayments of loans received                            -3,000    -3,000

  Interest paid                                             -356      -491

  Other payments related to financing activities              -2         0

  Cash from/used in financing activities                  -3,358    -3,491
---------------------------------------------------------------------------
  NET CASH FLOW                                            6,174     6,764
---------------------------------------------------------------------------
  Cash and cash equivalents at beginning of the period    34,840    26,679

  Change in cash and cash equivalents                      6,174     6,764

  Cash and cash equivalents at end of the period          41,014    33,443
---------------------------------------------------------------------------

Tallinna  Sadam is one of the largest cargo- and passenger port complexes in the
Baltic  Sea region, which  serves annually 10 million  passengers and 20 million
tons  of  cargo  in  average.  In  addition  to  passenger and freight services,
Tallinna  Sadam group also operates in  shipping business via its subsidiaries -
OÜ  TS  Laevad  provides  ferry  services  between the Estonian mainland and the
largest  islands, and OÜ TS Shipping charters its multifunctional vessel Botnica
for  icebreaking  and  construction  services  in  Estonia and offshore projects
abroad.  Tallinna Sadam  group is  also a  shareholder of  an associate AS Green
Marine,  which provides  waste management  services. The  group's sales in 2020
totalled  EUR  107.4 million,  adjusted  EBITDA  EUR 58.4 million and profit EUR
28.5 million.

Additional information:

Marju Zirel
Head of Investor Relations
Tel. +372 5342 6591

[email protected] (mailto:[email protected])