AS TALLINNA SADAM

TSM1T
Delayed Quote. Delayed  - 06/27 08:59:33 am
1.426EUR -1.66%

AS Tallinna Sadam financial results for 2022 Q1

05/10/2022 | 01:01am

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. 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

m.zirel@ts.ee

 

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