Börsiteade

Pealkiri

AS Tallinna Sadam unaudited financial results for Q4 and 2024

Teade

Sales  revenue of Tallinna Sadam in the fourth quarter was 29 million euros with
an  increase of +2.7%, adjusted EBITDA  was 12 million euros increasing +18% and
profit  4 million euros increasing +50% comparing to  the same period last year.
Sales  revenue was  120 million euros  in 2024, which  is +2.5% more than a year
earlier.  Adjusted EBITDA of  53 million euros increased  by +8%, and the profit
was  19 million euros,  +21% higher than  in the  previous year.  We invested 5
million euros in the fourth quarter and close to 39 million euros in 2024.

In  the fourth  quarter of  2024, the number  of passengers  increased by +4.8%
(+3.6%  during the year) and cargo  volumes by +12% (+4.4% during the year), the
number  of ship visits  increased by +4.8% (+1.4%  during the year) comparing to
the same period last year. In shipping, passenger ferries showed stable growth -
the  number of passengers increased in the fourth quarter by +4.3% (+2.1% during
the  year) and the number of vehicles  by +6% (3.6% during the year). Chartering
days  of Botnica decreased  by -18% in the  fourth quarter and  -4.3% during the
year.

"The  fourth quarter was a good one with the continued growth in cargo volumes,"
comments  Valdo  Kalm,  the  Chairman  of  the  Management Board. "Cargo volumes
increased  in all cargo types, except for  liquid bulk. The number of cargo ship
calls  increased by  more than  +18%. The largest  cargo types have shown growth
over  the year:  containers +12%, dry  bulk +19% and  ro-ro +2.6%. The number of
passengers  has increased both in comparison with  the quarter and the full year
of  2023. Despite the docking work of ships of regular routes that took place at
the  beginning of the  year, the number  of passenger ship  calls increased. The
number  of cruise ships visiting us has also increased and the cruise season has
extended  into the winter months. Passenger ferries broke records last year both
in the number of passengers (+2.1%) and vehicles (+3.6%). The signing of a ferry
operating  services agreement between  the mainland and  the major islands until
2033 was  a  remarkable  event,  which  in  the  long term ensures stability and
sustainability  in our shipping industry. We foresee high demand in the offshore
business, as evidenced by the increase in charter rates," said Kalm.

Given  the company's continued  strong cash flow,  the Management Board proposes
the Council to pay a dividend to shareholders for 2024 the minimum of 70% of the
annual profit in accordance with the dividend policy.

Tallinna  Sadam management  will present  the financial  results of the Group at
webinars  on 28 February, including webinar in Estonian starting at 10.00 (EEST)
(link       to      EST      webinar      (https://teams.microsoft.com/l/meetup-
join/19%3ameeting_YTcwZGQ0ZTEtYTBiYS00OTNhLWJhNzAtOWNmM2JlNjZlZTIw%40thread.v2/0
?context=%7b%22Tid%22%3a%223c572f71-c808-4685-aa00-
2ca59a11c7e2%22%2c%22Oid%22%3a%22a6492212-75ef-498f-8735-75f88c5d463a%22%7d))
and   webinar   in  English  starting  at  11.00 (EEST)  (link  to  ENG  webinar
(https://teams.microsoft.com/l/meetup-
join/19%3ameeting_ZTJkOGJiNzktYzRhZi00NWIxLTgwMjAtZDRkMjM1NjI3Yzdm%40thread.v2/0
?context=%7b%22Tid%22%3a%223c572f71-c808-4685-aa00-
2ca59a11c7e2%22%2c%22Oid%22%3a%22a6492212-75ef-498f-8735-75f88c5d463a%22%7d)).

Materials related to the interim report can be found attached to this notice and
on our website: https://www.ts.ee/en/investor/interim-reports/
https://www.ts.ee/en/investor/presentations/.

Key figures (in million EUR):

                              Q4      Q4      +/-     12M     12M     +/-

                            2024    2023        %    2024    2023       %

  Revenue                   28.8    28.0     2.7%   119.6   116.6    2.5%

  Adjusted EBITDA           12.2    10.4    18.0%    53.1    49.2    8.1%

  Adjusted EBITDA margin   42.5%   37.0%      5.5   44.4%   42.2%     2.0

  Operating profit           5.9     4.6    28.6%    29.1    24.6   18.3%

  Income tax                 0.0     0.0      0.0     3.1     3.0    4.7%

  Profit for the period      4.3     2.9    50.1%    19.2    15.9   20.6%

  Investments                5.4     9.8   -45.3%    38.8    20.7   87.3%


                          31.12.2024   31.12.2023     +/-

  Total assets                 629.9        606.2    3.9%

  Interest bearing debt        184.8        173.4    6.6%

  Other liabilities             67.4         55.1   22.3%

  Equity                       377.6        377.7    0.0%

  Number of shares             263.0        263.0    0.0%

Major events in Q4:

  * An agreement with JetGas OÜ for the development of a new liquefied methane
    terminal
  * Approval of joint projects of FIN-EST Green Corridor
  * Extension of the cruise season into winter
  * The Tallinn District Court accepted the appeal related to the judgment
    regarding the former managers of the Port of Tallinn
  * Declaration of bankruptcy of OÜ MPG AgroProduction

Revenue
In  2024, revenue  increased  by  EUR  2.9 million (+2.5%) to EUR 119.6 million,
supported  by growth  in vessel  dues and  sale of  other services  at the cargo
harbours,  increased revenue from ferry  services between Estonia's mainland and
two  largest islands, higher charter fees from the icebreaker Botnica and growth
in passenger fees at the passenger harbours.
In terms of revenue streams, the largest increase was in ferry service  revenue,
which  grew by EUR  0.8 million (+2.2%) to  EUR 36.2 million, mainly  due to the
indexation  of the  variable part  of the  contractual fixed  fee. The number of
trips  did  not  change  significantly  compared  to  the previous year (+0.9%).
Revenue  from other services grew by EUR  0.5 million due to the operation of an
LNG  quay in  Pakrineeme Harbour,  which began  in 2024, higher revenue from the
sale  of advertising  space at  Old City  Harbour and  the provision of catering
services  on  the  icebreaker  Botnica  during  its charter period. Lease income
increased  by EUR 0.4 million (+3.1%) to EUR 14.1 million. Lease income improved
in  all segments,  but particularly  in the  Cargo harbours  and Ferry segments.
Passenger  fee revenue increased by EUR 0.4 million (+3.5%) to EUR 11.9 million,
supported  by the rise in passenger numbers (+3.6%). Charter fee revenue grew by
EUR  0.4 million  (+3.2%)  to  EUR  11.9 million.  Despite  the  fact  that  the
icebreaker Botnica had fewer charter days in 2024, charter fee revenue increased
due  to the  projects' higher  charter fee  rate per  day. Cargo charges revenue
increased  by  EUR  0.2 million  (+3.5%)  to  EUR  6.7 million  due to a similar
increase  in cargo  volumes (+4.4%).  Vessel dues  revenue increased by EUR 0.1
million  +0.3%) to EUR 31.5 million, driven by  an increase in calls by general-
purpose  and  container  ships  as  well  as  large  bulk  carriers at the cargo
harbours.  The number of cruise ship calls  increased, but as the ships' average
capacity  was  lower,  average  vessel  dues  per  cruise  ship  call decreased.
Electricity  revenue grew by EUR 0.1 million  (+2.3%) to EUR 4.6 million, mainly
due to an increase in the supply of network services and onshore power while the
market price of electricity decreased slightly.

EBITDA
Adjusted  EBITDA  increased  in  all  four  segments, growing by EUR 4.0 million
(+8.1%)  to EUR 53.1 million in total. The adjusted EBITDA of the Cargo harbours
segment  improved through lower operating expenses (particularly maintenance and
repair  costs) and higher revenue. The improvement in the adjusted EBITDA of the
segment  Other was  supported by  revenue growth,  which exceeded  the growth in
operating  and  personnel  expenses.  Adjusted  EBITDA  for  the  fourth quarter
increased by EUR 1.9 million (+18.0%) year over year. The adjusted EBITDA margin
for  2024 rose from 42.2% to 44.4% and the adjusted EBITDA margin for the fourth
quarter increased from 37.0% to 42.5%.

Profit
Profit before tax grew by EUR 3.4 million (+18.1%) to EUR 22.3 million in 2024.
Profit  grew less  than operating  profit because  finance costs (net) increased
(+EUR  1.2 million). The negative  impact of higher  finance costs was offset to
the  extent  of  EUR  0.1 million  by  higher  profit  from the equity-accounted
associate Green Marine.

The  dividend declared in the second quarter  of 2024 in the amount of EUR 19.2
million  gave rise to income tax expense  of EUR 3.1 million, which was EUR 0.1
million  larger than in 2023. The amount of  the dividend did not change, but in
2023 income  tax expense was reduced by the reversal of deferred tax of EUR 0.1
million.  Profit for 2024 amounted to EUR  19.2 million, an increase of EUR 3.3
million  (+20.6%) compared  to 2023. Fourth-quarter  profit was  EUR 4.3 million
(+EUR 1.4 million, +50.1%).

Investments
In  2024, the Group invested EUR 38.8 million, EUR 18.1 million (+87%) more than
a  year  earlier.  Investments  in  infrastructure  assets  related  to  harbour
management,  acquisition  of  non-current  assets  and  improvements to existing
infrastructure  totalled EUR 36.7 million. Investments in the icebreaker Botnica
amounted  to EUR 0.1 million  and investments in  the Ferry segment  to EUR 2.1
million.
The  largest investment in  2024 was made in  the ongoing construction  of a new
quay  to serve offshore wind farms in  Paldiski South Harbour. At Muuga Harbour,
the  largest investment was made in the reconstruction of a quay to allow smooth
reception  of large container ships. At  Old City Harbour, investments were made
in the design of a new Terminal A and its outdoor area, main office building and
multi-storey car-park, connecting the facilities to the water supply network and
improving  ferry traffic  (the ramp  of berth  5). Investments were also made in
software development, expanding data storage and upgrading radio communications.
No  major  investments  were  made  in  the icebreaker MPSV Botnica. Significant
investments  in the Ferry  segment included the  replacement of the main engines
(MF  Piret),  regular  dry-docking  (MF  Tõll),  the  replacement of the cooling
systems of the main engines and the acquisition of critical equipment.
Investments  of the  fourth quarter  amounted to  EUR 5.4 million  (-45.3%). The
largest  investment was made in the construction  of a quay in Paldiski, but the
investment was smaller than in the fourth quarter of 2023.

Interim condensed consolidated statement of financial position:

 In thousands of euros                        31 December 2024 31 December 2023
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 ASSETS



 Current assets

 Cash and cash equivalents                              17 213           29 733

 Bank deposits with maturities exceeding 3
 months                                                 22 000                0

 Trade and other receivables                            12 512           12 118

 Inventories                                               695              550

 Total other current assets                             52 420           42 401

 Non-current assets held for sale                        4 190                0

 Total current assets                                   56 610           42 401


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 Non-current assets

 Investments in associates                               2 664            2 177

 Other long-term receivables                                 0              163

 Investment properties                                  14 069           14 069

 Property. plant and equipment                         554 280          545 271

 Intangible assets                                       2 238            2 083

 Total non-current assets                              573 251          563 763
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 Total assets                                          629 861          606 164
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 LIABILITIES



 Current liabilities

 Loans and borrowings                                   12 185           15 831

 Provisions                                              1 771            1 311

 Government grants                                      22 146            7 344

 Taxes payable                                             906              876

 Trade and other payables                                7 780            9 492

 Total current liabilities                              44 788           34 854
-------------------------------------------------------------------------------


 Non-current liabilities

 Loans and borrowings                                  172 650          157 566

 Government grants                                      31 995           33 075

 Other payables                                          2 815            3 010

 Total non-current liabilities                         207 460          193 651
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 Total liabilities                                     252 248          228 505
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 EQUITY

 Share capital at par value                            263 000          263 000

 Share premium                                          44 478           44 478

 Statutory capital reserve                              23 304           22 858

 Retained earnings                                      46 831           47 323

 Total equity                                          377 613          377 659
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 Total liabilities and equity                          629 861          606 164
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Interim condensed consolidated statement of profit or loss:

 In thousands of euros                         Q4 2024  Q4 2023    2024    2023
-------------------------------------------------------------------------------


 Revenue                                        28 791   28 030 119 587 116 646

 Other income                                      579      977   1 737   2 208

 Operating expenses                             -9 477  -10 231 -40 427 -41 403

 Impairment of financial assets                   -125     -339    -805  -1 145

 Personnel expenses                             -7 061   -6 984 -25 722 -25 214

 Depreciation, amortisation and impairment      -6 625   -6 033 -24 833 -25 389

 Other expenses                                   -134     -793    -389  -1 073

 Operating profit                                5 948    4 627  29 148  24 630


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 Finance income and costs

 Finance income                                    197      320     900   1 237

 Finance costs                                  -1 857   -2 132  -8 257  -7 435

 Finance costs - net                            -1 660   -1 812  -7 357  -6 198
-------------------------------------------------------------------------------

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 Share of profit (+)/ loss (-) of an
 associate accounted for under the equity
 method                                             -4       39     487     435

 Profit before income tax                        4 284    2 854  22 278  18 867
-------------------------------------------------------------------------------


 Income tax                                          0        0  -3 125  -2 985

 Profit for the period                           4 284    2 854  19 153  15 882
-------------------------------------------------------------------------------
 Attributable to owners of the Parent            4 284    2 854  19 153  15 882
-------------------------------------------------------------------------------

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 Basic and diluted earnings per share (in
 euros)                                           0.02     0.01    0.07    0.05
-------------------------------------------------------------------------------

Interim condensed consolidated statement of cash flows:



 In thousands of euros                                        2024    2023
--------------------------------------------------------------------------


 Cash receipts from sale of goods and services             126 612 124 344

 Cash receipts related to other income                          45     272

 Payments to suppliers                                     -50 431 -52 911

 Payments to and on behalf of employees                    -23 864 -24 165

 Payments for other expenses                                  -304    -317

 Income tax paid on dividends                               -3 325  -3 264

 Cash from operating activities                             48 733  43 959


--------------------------------------------------------------------------
 Purchases of property. plant and equipment                -38 981 -10 063

 Purchases of intangible assets                               -599    -627

 Proceeds from sale of property. plant and equipment            17      28

 Government grants received                                 15 317       0

 Dividends received                                              0     357

 Interest received                                             804     875

 Net change in deposits with maturities exceeding 3 months -22 000       0

 Cash used in investing activities                         -45 442 -17 181
--------------------------------------------------------------------------
                                                            -7 650  -7 650

 Proceeds from loans received                               30 000       0

 Repayments of loans received                              -10 466  -8 266

 Dividends paid                                            -19 000 -19 012

 Interest paid                                              -8 655  -6 494

 Other payments related to financing activities                -40     -10

 Cash from/used in financing activities                    -15 811 -41 432
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 NET CASH FLOW                                             -12 520 -14 654
--------------------------------------------------------------------------
 Cash and cash equivalents at beginning of the period       29 733  44 387

 Change in cash and cash equivalents                       -12 520 -14 654

 Cash and cash equivalents at end of the period             17 213  29 733
--------------------------------------------------------------------------

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:

Andrus Ait
Chief Financial Officer
Tel. +372 526 0735
[email protected] (mailto:[email protected])