AS Tallinna Sadam financial results for 2024 Q1
10 Mayo 2024 - 12:00AM
AS Tallinna Sadam financial results for 2024 Q1
In the first quarter, Tallinna Sadam earned 27.9
million euros in sales revenue and 5.2 million euros in profit. In
the first quarter, both sales revenue (-2%), adjusted EBITDA (-6%)
and profit (-9%) decreased year-on-year. The adjusted EBITDA margin
was 46% and the volume of investments 18.0 million euros.
In the passenger business, the number of
passengers continued to grow steadily, and in the cargo business,
volumes stabilized. The number of passenger vessel calls decreased
mainly due to scheduled docking works of Eckerö Line's ship
Finlandia and affected the financial results of the first quarter.
In shipping, both ferries and the icebreaker Botnica showed stable
results, but the increase in fuel consumption due to the ice
conditions of ferries reduced the profitability of the ferry
segment. As a result of the increased Euribor, financial costs
increased, and salary changes made during the previous year, mainly
in shipping, increased personnel expenses. The construction of a
quay intended to serve offshore wind farms continued at Paldiks
South Harbour, making up the majority of investments in the first
quarter.
Tallinna Sadam management will present the
financial results of the Group at a webinars on 10
May, including webinar in Estonian starting at
10.00 (EET) (link to EST webinar) and webinar in
English starting at 11.00 (EET) (link to ENG webinar).
Key figures (in million
EUR):
|
Q1 2024 |
Q1 2023 |
+/– |
% |
Revenue |
27.9 |
28.4 |
–0,5 |
–1,7 |
Adjusted EBITDA |
12.7 |
13.6 |
–0.8 |
–6,3 |
Adjusted EBITDA margin |
45.5% |
47.8% |
–2.3 |
– |
Operating profit |
7.0 |
6.8 |
0.2 |
3.0 |
Profit for the period |
5.2 |
5.7 |
–0.5 |
–8.9 |
Investments |
17.9 |
1.5 |
16.4 |
1064.2 |
|
31.03.2024 |
31.12.2023 |
+/– |
Total assets |
610.0 |
606.2 |
0.6% |
Interest bearing debt |
170.1 |
173.4 |
–1.9% |
Other liabilities |
57.0 |
55.1 |
3.4% |
Equity |
382.8 |
377.7 |
1.4% |
Number of shares |
263.0 |
263.0 |
0.0% |
Major events in Q1:
- Stabilization of the cargo volume
- Submission of a tender to provide ferry service in
2026–2033
- Announcement of a competition to develop vacant areas in Muuga
Harbour
- Reorganization proceedings for MPG AgroProduction OÜ initiated
by the court
- Positive judgment in the judicial dispute initiated by SLK and
Väinamere Liinid
- Changes on the management board - extension of the term of
office of Margus Vihman; the supervisory board appointed Rene Pärt
as the fourth member of the management board
RevenueRevenue for the first
quarter decreased by EUR 0.5 million (–1.7%) year on year. All
revenue streams showed growth, except vessel dues and cargo
charges. Revenue from vessel dues decreased the most by EUR 0.8
million (–11%), in connection with a decrease in vessel calls,
which in passenger ports was mainly affected by the absence of
ships from the line due to dock works, and in cargo ports,
decreased revenue from tankers. The decrease in cargo charges
revenue (–11%) resulted from the lower cargo charges forecast
expected at the end of the year, which, according to the IFRS 15
standard, also had an impact in the first quarter. Revenue grew in
the Ferry segment and in the segment Other, but decreased in the
Passenger harbours segment and in the Cargo harbours segment.
The revenue of the Passenger harbours segment
decreased by EUR 0.5 million (–6%) mainly due to fewer vessel
calls, which lowered the segment’s vessel dues and cargo charges
revenue (–EUR 0.6 million and –EUR 0.1 million, respectively).
Electricity sales revenue grew. Despite fewer vessel calls, the
number of passengers and passenger fees revenue increased. The
growth in lease income, mainly due to the rental of additional
space in the cruise terminal, helped offset the decline in revenue
from other services.
The revenue of the Cargo harbours segment
decreased by EUR 0.2 million (–2%). Although the number of vessel
calls increased, vessel dues revenue decreased, because the number
of vessels with lower average dues per GT increased and the number
of tankers with higher dues decreased. Cargo charges decreased due
to the revenue recognition requirements of IFRS 15. In the first
quarter of last year, the Group recognised higher revenue from
operators of liquid bulk cargo based on the cargo charge forecast
for the full year. The sale of other services grew, because the
Group started to operate an LNG quay in Pakrineeme Harbour at the
beginning of 2024.
The revenue of the Ferry segment grew by EUR 0.1
million (1,5%) due to the indexation of the variable part of fixed
fees, which offset the decrease in the rate for trip fees. The
number of trips and passengers increased.
The revenue of the segment Other grew due to a
leap year by EUR 44 thousand. The charter fees for the icebreaking
season remained unchanged. The charter fees for the icebreaking
service will not change until the icebreaking season of 2025/26,
when indexation of the fees will be possible.
EBITDAAdjusted EBITDA declined
by EUR 0.8 million as revenue decreased, total expenses increased
and the Group’s share of profit of the equity-accounted associate
AS Green Marine decreased. In segment terms, adjusted EBITDA grew
only in the Cargo harbours segment and declined in the Passenger
harbours segment, the Ferry segment and the segment Other. The
adjusted EBITDA margin slipped from 47.8% to 45.5%.
ProfitProfit before tax
decreased by EUR 0.5 million (–8.9%) to EUR 5.2 million. The
Group’s net profit for the first quarter also amounted to EUR 5.2
million, EUR 0.5 million less than a year earlier.
InvestmentsThe Group invested
EUR 18,0 million in the first three months of 2024, EUR 16.4
million more than a year earlier. The majority of the investments
were related to the construction of a quay at Paldiski South
Harbour to serve offshore wind farms and the regular drydocking of
a ferry.
Interim condensed consolidated statement
of financial position:
In
thousands of euros |
31 March 2024 |
31 December 2023 |
ASSETS |
|
|
Current assets |
|
|
Cash and cash equivalents |
22 102 |
29
733 |
Trade and other receivables |
11 512 |
12
118 |
Contract assets |
104 |
0 |
Inventories |
579 |
550 |
Total
current assets |
34 297 |
42 401 |
Non-current assets |
2 192 |
2
177 |
Investments in an associate |
148 |
163 |
Other long-term receivables |
14 069 |
14
069 |
Property, plant and equipment |
557 120 |
545
271 |
Intangible assets |
2 151 |
2
083 |
Total
non-current assets |
575 680 |
563 763 |
Total
assets |
609 977 |
606 164 |
LIABILITIES |
|
|
Current liabilities |
|
|
Loans and borrowings |
13 556 |
15
831 |
Provisions |
556 |
1
311 |
Government grants |
7 375 |
7
344 |
Taxes payable |
1 528 |
876 |
Trade and other payables |
8 681 |
9
429 |
Contract liabilities |
3 180 |
63 |
Total
current liabilities |
34 876 |
34 854 |
Non-current liabilities |
|
|
Loans and borrowings |
156 566 |
157
566 |
Government grants |
32 739 |
33
075 |
Other payables |
201 |
255 |
Contract liabilities |
2 743 |
2
755 |
Total
non-current liabilities |
192 249 |
193 651 |
Total
liabilities |
227 125 |
228 505 |
EQUITY |
|
|
Share capital |
263 000 |
263
000 |
Share premium |
44 478 |
44
478 |
Statutory capital reserve |
22 858 |
22
858 |
Retained earnings |
52 516 |
47
323 |
Total
equity |
382 852 |
377 659 |
Total
liabilities and equity |
609 977 |
606 164 |
Interim condensed consolidated statement
of profit or loss:
In
thousands of euros |
Q1 2024 |
Q1 2023 |
Revenue |
27
931 |
28 405 |
Other income |
358 |
341 |
Operating expenses |
–9
031 |
–8 862 |
Impairment of financial assets |
–181 |
–283 |
Personnel expenses |
–5
908 |
-5 621 |
Depreciation, amortisation and
impairment |
-6
036 |
–7 038 |
Other expenses |
–132 |
–145 |
Operating profit |
7 001 |
6 797 |
Finance income and costs |
|
|
Finance income |
267 |
258 |
Finance costs |
–2
090 |
–1 393 |
Finance costs - net |
–1 823 |
–1 135 |
Share of loss of an associate accounted
for under the equity method |
15 |
39 |
Profit
before income tax |
5 193 |
5 701 |
Profit
for the period |
5 193 |
5 701 |
Attributable to: |
|
|
Owners
of the Parent |
5 193 |
5 701 |
|
|
|
Basic
earnings and diluted earnings per share (in euros) |
0,02 |
0,02 |
Interim condensed consolidated statement
of cash flows:
in thousands of euros |
Q1 2024 |
Q1 2023 |
Cash receipts
from sale of goods and services |
33
449 |
32
199 |
Cash receipts
related to other income |
28 |
28 |
Payments to
suppliers |
–11
823 |
–13
307 |
Payments to
and on behalf of employees |
–5
414 |
–5
373 |
Payments for
other expenses |
–136 |
–148 |
Cash flows from operating activities |
16 104 |
13 399 |
Purchases of
property, plant and equipment |
–18
460 |
–1
630 |
Purchases of
intangible assets |
–175 |
–176 |
Proceeds from
sale of property, plant and equipment |
5 |
0 |
Interest
received |
258 |
242 |
Cash used in investing activities |
–18 372 |
–1 564 |
Repayments of
loans received |
–3
000 |
–3
000 |
Interest
paid |
–2
360 |
–1
263 |
Other payments
related to financing activities |
–3 |
–2 |
Cash used in financing activities |
–5 363 |
–4 265 |
NET CASH FLOW |
–7 631 |
7 570 |
Cash and cash
equivalents at beginning of the period |
29
733 |
44
387 |
Change in cash
and cash equivalents |
–7
631 |
7
570 |
Cash and cash equivalents at end of the period |
22 102 |
51 957 |
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 AitChief Financial OfficerTel. +372 526
0735a.ait@ts.ee
- Presentation Tallinna Sadam Q1 2024 webinar ENG
- Tallinna Sadam Financial Results Q1 2024 Data
- Tallinna Sadam Q1 2024 interim report ENG