In the first quarter, Tallinna Sadam earned
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
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 |
+/– | |||
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
Revenue
Revenue for the first quarter decreased by
The revenue of the Passenger harbours segment decreased by
The revenue of the Cargo harbours segment decreased by
The revenue of the Ferry segment grew by
The revenue of the segment Other grew due to a
EBITDA
Adjusted EBITDA declined by
Profit
Profit before tax decreased by
Investments
The Group invested
Interim condensed consolidated statement of financial position:
In thousands of euros | ||
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 |
–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
Additional information:
Andrus Ait
Chief Financial Officer
Tel. +372 526 0735
a.ait@ts.ee
Attachments
- Presentation Tallinna Sadam Q1 2024 webinar ENG
- Tallinna Sadam Financial Results Q1 2024 Data
- Tallinna Sadam Q1 2024 interim report ENG
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