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Pealkiri

AS Tallinna Sadam financial results for 2021 Q2

Teade

In  the second quarter, the  revenue, adjusted EBITDA and  profit of AS Tallinna
Sadam  (hereafter: "the Group") increased year  on year. Revenue amounted to EUR
24 million  in Q2, increasing by 8% year-on-year.  The adjusted EBITDA of Q2 was
EUR  11 million (+9%) and the profit was EUR 1.7 million instead of the EUR 0.8
million  loss of the comparison  period. In the first  half of the year, revenue
was EUR 49 million (-2%), adjusted EBITDA EUR 24 million (-9%) and profit EUR 9
million (-7%).

The  Group's  results  were  still  strongly  influenced  by cross-border travel
restrictions  between countries put in place due to the COVID-19 pandemic, which
had  a particularly strong  effect on the  performance of the Passenger harbours
segment.  In  the  second  quarter,  we  saw  an  improvement  in  the number of
passengers,  but the decline continued in 6 months, as there were practically no
restrictions  in the  first quarter  of last  year. The  number of port calls by
ferries grew somewhat year on year but, like last year, there were no port calls
by  cruise ships in  the first half  of the year.  Cargo throughput continued to
grow vigorously through growth in dry bulk and ro-ro cargo.

Valdo  Kalm, Chairman of the Management Board of Tallinna Sadam, is pleased that
despite  the difficult circumstances,  the company paid  a dividend according to
the  dividend policy. "We continued with investments  and we are also happy with
the growth of ro-ro and dry bulk volumes to a record level," said Kalm.

The management of Tallinna Sadam will present the financial results of the Group
at  a webinar  on 10 August  at 11:00 Estonian  time (UTC+3),  to attend, please
click                                                                       here
(https://www.globenewswire.com/Tracker?data=dApgizER8UNKgXxLGHNnKJJaEHWD8x5n4Pmn
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vhQ8Z9uXzO6iFJAkXSsNVUiYSlDwDMmXyJYVS6yTKjgofbe21j1nQTMtK-
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tZX8Sk2xVRicdXJrbm_tz1BewF78G0FfxnihkpMs5lCYFaeS4LqbYrvjJGsWrd0P1sL0CE8AiIspThFd
RYmjmHuRHfwSMUMdeonDh7xDVY6C6y4aBOBhkolge4wFs_fVMW). The webinar will be held in
English.

Key figures (in million EUR):

                                  Q2    Q2    +/-    6M    6M   +/-

                                2021  2020      %  2021  2020     %

 Revenue                        24.3  22.4    8.3  49.3  50.3  -2.1

 Adjusted EBITDA                11.1  10.2    8.9  24.2  26.4  -8.5

 Adjusted EBITDA margin        45.9% 45.6%    0.3 49.0% 52.5%  -3.5

 Operating profit                5.2   4.6   13.5  12.4  15.1 -17.7

 Income tax                     -3.3  -4.9  -33.3  -3.3  -4.9 -33.3

 Profit or loss for the period   1.7  -0.8 -299.4   8.5   9.2  -7.1

 Investments                     4.3   8.6  -50.3   7.9  17.4 -54.4


                          30.06.2021   31.12.2020     +/-

  Total assets                 618.6        628.1   -1.5%

  Interest bearing debt        208.2        211.6   -1.6%

  Other liabilities             46.7         41.1   13.6%

  Equity                       363.8        375.4   -3.1%

  Number of shares             263.0        263.0    0.0%

Significant events in Q2:

  * Record volumes of ro-ro and dry bulk cargo
  * The supervisory board extended the term of office of member of management
    board Margus Vihman
  * The state decided to change the financing of the construction of a new ferry
    and shall order the ferry through the Transport Administration, not via OÜ
    TS Laevad, as was the initial intention
  * Transport Administration will order 536 additional trips to be made by the
    ferry Regula on the Virtsu-Kuivastu route in summer period
  * Voting on the resolutions of the annual general meeting on 18 - 24 May 2021
  * On 10 July 2021, AS Tallinna Sadam paid the shareholders a dividend of EUR
    0.077 per share, that is EUR 20.251 million in total, for the year 2020 (71%
    of the previous year's profit)
  * AS Tallinna Sadam achieved again and OÜ TS Laevad achieved for the first
    time the silver level in the Estonian Responsible Business Forum's Corporate
    Social Responsibility Index
  * Tallinna Sadam adopted stricter environmental measures for the vessels
    calling its harbours
  * Completion of an interim report "Heritage and Community" on a cooperation
    project with the Estonian Academy of Arts.

Revenue
Revenue  for the first six months  of 2021 was EUR 49.2 million, EUR 1.0 million
(-2.1%)  down from  a year  earlier. The  decrease is  attributable to the first
quarter  because there were  no COVID-19-related restrictions  or impacts at the
beginning  of last year. Revenue for the  second quarter grew by EUR 1.9 million
(8.3%).
Revenue  decreased the sharpest in passenger  fees (-53%) and vessel dues (-2%),
revenues from other streams increased, mainly from the sale of electricity (28%)
and cargo charges (7,3%).
The  six-month revenue of  the Passenger harbours  segment decreased by EUR 1.9
million  (-15%) year-on-year, mainly because passenger  fees revenue dropped due
to  a decline in  the number of  passengers (primarily in  the first quarter) in
connection  with COVID-19-related travel restrictions. In  Q2 the revenue of the
Passenger harbours segment increased by EUR 1.1 million year-on-year (+23%).
The  six-month revenue  of the  Cargo harbours  segment grew  by EUR 0.6 million
(+3%)  due to the  combined effect of  various revenue items  but mostly through
growth  in electricity  sales (as  an agent)  and cargo  charge revenue.  The Q2
revenue  of the  Cargo harbours  segment grew  by EUR  0.4 million for  the same
reasons.
The  revenue of the Ferry segment grew by EUR 0.2 million (+1,6%) through slight
growth  in  ferry  service  revenue  as  well  as  lease  revenue  which  in the
comparative  period  was  lowered  by  a  decline in passenger traffic caused by
travel  restrictions.  The  Q2  revenue  of  the  Ferry segment grew by EUR 0.4
million.
The  revenue of the  segment Other decreased  somewhat, mostly because last year
was  a leap  year and  thus there  was an  extra charter  day along with related
revenue in February. There was no significant change in the revenue for Q2.

EBITDA
Adjusted  EBITDA for  the second  quarter increased  by EUR 0.9 million (+8.9%),
mainly due to the Ferry segment (EUR 0.6 million). Adjusted EBITDA for first six
months  declined  by  EUR  2.2 million  (-8.5%)  year on year. In segment terms,
adjusted  EBITDA for Q2 decreased slightly in the Ferry segment and increased in
all  other segments, the most in the Passenger harbours segment. Adjusted EBITDA
margin  declined in 6 months from 52.5% to 49.0%. In Q2 the margin grew slightly
from 45.6% to 45.9%.

Profit
Profit  for the  second quarter  (EUR 1.7 million)  exceeded the  figure for the
comparative period (a loss) by EUR 2.5 million, while profit before tax exceeded
the  figure for the comparative period  by around EUR 0.9 million. Profit before
tax for the first six months decreased by EUR 2.3 million (-16%) year on year to
EUR 11.8 million.

Investments
Investments  of Q2  totalled EUR  4.3 million (Q2  2020: EUR 8.6 million).In the
first six months of 2021, the Group invested EUR 7.9 million, significantly less
than  in the same period last year (EUR 17.4 million). Investments of the period
were  mostly related to the completion of  the construction of a cruise terminal
and a promenade and the construction of a footbridge at Old City Harbour.

Interim condensed consolidated statement of financial position:

  In thousands of euros               31 March 2021   31 December 2020
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  ASSETS



  Current assets

  Cash and cash equivalents                  20,391             26,679

  Trade and other receivables                10,396             10,183

  Contract assets                               335                  0

  Inventories                                   327                360

  Non-current assets held for sale               98                114
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  Total current assets                       31,547             37,336
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  Non-current assets

  Investments in associates                   1,188              1,147

  Other long-term receivables                   454                  0

  Property, plant and equipment             583,205            587,506

  Intangible assets                           2,237              2,104

  Total non-current assets                  587,084            590,757
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  Total assets                              618,631            628,093
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  LIABILITIES



  Current liabilities                        17,266

  Loans and borrowings                           64             17,266

  Derivative financial instruments              585                102

  Provisions                                  1,815              1,289

  Government grants                             943              1,919

  Taxes payable                               8,225                744

  Trade and other payables                    3,215              9,149

  Total current liabilities                  35,563             30,469
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  Non-current liabilities

  Loans and borrowings                      190,931            194,314

  Government grants                          26,764             26,145

  Other payables                                748                841

  Contract liabilities                          870                892

  Total non-current liabilities             219,313            222,192
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  Total liabilities                         254,876            252,661
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  EQUITY

  Share capital at par value                263,000            263,000

  Share premium                              44,478             44,478

  Statutory capital reserve                  21,271             20,262

  Hedge reserve                                 -29               -102

  Retained earnings (prior periods)          26,534             19,276

  Profit for the period                       8,501             28,518
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  Total equity                              363,755            375,432
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  Total liabilities and equity              618,631            628,093
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Interim condensed consolidated statement of profit or loss:



 In thousands of euros                          Q2 2021 Q2 2020    2021    2020
-------------------------------------------------------------------------------


 Revenue                                         24,260  22,399  49,248  50,289

 Other income                                       335     219     659   1,970

 Operating expenses                              -8,070  -7,210 -15,372 -15,537

 Personnel expenses                              -5,100  -4,807  -9,744  -9,484

 Depreciation, amortisation and impairment       -6,076  -5,924 -12,098 -11,912

 Other expenses                                    -130     -79    -254    -213

 Operating profit                                 5,219   4,598  12,439  15,113
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 Finance income and costs

 Finance income                                      27      13      37      24

 Finance costs                                     -365    -427    -741    -814

 Finance costs - net                               -338    -414    -704    -790
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 Share of profit of an associate accounted for
 under the equity method                             52    -102      41    -259

 Profit before income tax                         4,933   4,082  11,776  14,064
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 Income tax                                      -3,275  -4,913  -3,275  -4,913

 Profit/loss for the period                       1,658    -831   8,501   9,151
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 Attributable to owners of the Parent             1,658    -831   8,501   9,151
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 Basic and diluted earnings per share (in
 euros)                                            0.01    0.00    0.03    0.03

 Basic and diluted earnings per share -
 continuing operations (in euros)                  0.01    0.00    0.03    0.03
-------------------------------------------------------------------------------

Interim condensed consolidated statement of cash flows:



  In thousands of euros                                  6M 2021   6M 2020
---------------------------------------------------------------------------


  Cash receipts from sale of goods and services           55 753    55 328

  Cash receipts related to other income                       34        21

  Payments to suppliers                                  -19 123   -20 587

  Payments to and on behalf of employees                  -9 064    -7 956

  Payments for other expenses                               -271      -196

  Cash from operating activities                          27 329    26 610
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  Purchases of property, plant and equipment              -9 255   -16 162

  Purchases of intangible assets                            -426      -272

  Proceeds from sale of property, plant and equipment        263     1 101

  Government grants received                                   0     2 061

  Interest received                                            1        15

  Cash used in investing activities                       -9 417   -13 257
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  Repayments of loans received

  Dividends paid                                          -3 383    -3 383

  Interest paid                                          -20 082         0

  Cash from/used in financing activities                    -734      -816
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  NET CASH FLOW                                               -1        -6
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  Cash and cash equivalents at beginning of the period   -24 200    -4 205

  Change in cash and cash equivalents                     -6 288     9 148

  Cash and cash equivalents at end of the period          20 391    44 331
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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])