In the first quarter, Tallinna Sadam generated sales revenue of 27.9 million euros and a profit of 5.2 million euros. In the first quarter, revenue (-2%), adjusted EBITDA (-6%) and profit (-9%) all decreased year-over-year. Adjusted EBITDA margin was 46% and investment amount was 18 million euros.
In the passenger business, the number of passengers continued to steadily increase, and in the cargo business, transport volumes remained stable. The number of passenger ship calls decreased, primarily due to routine docking operations for Eckero Line's vessel Finlandia, which affected the first quarter results. In the shipping sector, both ferries and the icebreaker Botnica showed stable performance, but increased fuel consumption due to ice conditions on ferries reduced the profitability of the ferry sector. Finance costs increased due to the increase in Euribor, and personnel costs increased due to salary changes made during the previous year, primarily in the shipping sector. Construction of quays to feed offshore wind farms continued at Pardix South Harbor and accounted for the majority of investment in the first quarter.
Tarinna Saddam management will present the group's financial results at a presentation. Webinar on May 10th; include Webinar in Estonian starting at 10:00 (EET) (EST Webinar Link) and English webinar starting at 11:00 (EET) (Link to English webinar).
Key figures (in millions of euros):
|
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 income |
7.0 |
6.8 |
0.2 |
3.0 |
|
Net income |
5.2 |
5.7 |
–0.5 |
–8.9 |
|
investment |
17.9 |
1.5 |
16.4 |
1064.2 |
|
2024.03.31 |
2023.12.31 |
+/– |
|
|
Total assets |
610.0 |
606.2 |
0.6% |
|
interest-bearing debt |
170.1 |
173.4 |
-1.9% |
|
Other debts |
57.0 |
55.1 |
3.4% |
|
capital |
382.8 |
377.7 |
1.4% |
|
Number of shares |
263.0 |
263.0 |
0.0% |
Main events in the first quarter:
-
Stabilization of cargo volume
-
Submit bid to provide ferry services from 2026 to 2033
-
Announcement of Rokka Port Vacant Land Development Competition
-
Rehabilitation proceedings for MPG AgroProduction OÜ to be initiated by court
-
Affirmative verdict in judicial dispute brought by SLK and Vajnamea Linid
-
Changes in the Management Committee – Extension of term of office of Mr. Margus Wiemann.The Supervisory Board has appointed René Pärt as the fourth member of the Board of Management.
revenue
Revenues in the first quarter were down 0.5 million euros (-1.7%) compared to the same period last year. All revenue sources showed an increase except for vessel royalties and freight charges. Revenue from ship royalties decreased the most by his €800,000 (-11%). This was related to a reduction in vessel calls at passenger ports, primarily affected by the cancellation of vessels from shipping routes due to dockworks, and at cargo ports, revenue from tankers decreased. The decrease in freight rate revenue (-11%) was due to lower freight rate forecasts expected at the end of the year, which also impacted the first quarter according to IFRS 15 standards. Revenues increased in the Ferry and Other divisions, but decreased in the Passenger Port and Cargo Port divisions.
The revenue of Passenger port segment A decrease of EUR 500,000 (-6%) due to lower vessel rental and freight revenue in this segment, mainly due to a decrease in the number of ships in port (-EUR -600,000 and -EUR -100,000 respectively). Revenue from electricity sales increased. Although the number of ships calling at ports decreased, the number of passengers and passenger fare revenue increased. Higher lease revenues, primarily from the rental of additional cruise terminal space, helped offset lower revenues from other services.
The revenue of Cargo port segment decreased by €200,000 (-2%). Although the number of port calls increased, vessel dues revenue decreased due to an increase in the number of vessels with lower average dues per GT and a decrease in the number of tankers with higher dues. Freight charges have decreased due to the revenue recognition requirements of IFRS 15. In the first quarter of last year, the Group recognized increased revenue from liquid bulk cargo operators based on full-year freight rate forecasts. Revenues from other services increased as the group began operating an LNG quay at Pakrinime Port in early 2024.
The revenue of ferry section The slide in the variable portion of the fixed price offset the decrease in the travel rate, resulting in an increase of €100,000 (1.5%). The number of trips and passengers increased.
The revenue of Segment Others Due to the leap year, the amount increased by 44,000 euros. Charter rates for the icebreaking season remained unchanged. Charter rates for icebreaking services will remain unchanged until the 2025/26 icebreaking season, when sliding rates will be available.
EBITDA
Adjusted EBITDA decreased by EUR 800,000 due to lower sales, higher total expenses and a lower share of group profit of our equity method affiliate AS Green Marine. By segment, adjusted EBITDA increased only in the Cargo Ports segment and decreased in the Passenger Ports, Ferry and Other segments. Adjusted EBITDA margin decreased from 47.8% to 45.5%.
profit
Pre-tax profit decreased by EUR 5 million (-8.9%) to EUR 5.2 million. The Group's net profit for the first quarter also amounted to 5.2 million euros, a decrease of 0.5 million euros compared to the same period last year.
investment
The Group invested €18 million in the first three months of 2024, an increase of €16.4 million compared to the same period last year. The bulk of the investment was related to the construction of the Paldiski South Port quay to supply the offshore wind farm and the regular dry docking of ferries.
Interim condensed consolidated statement of financial position:
|
for a few thousand euros |
March 31, 2024 |
December 31, 2023 |
|
assets |
||
|
current assets |
||
|
cash and cash equivalents |
22 102 |
29 733 |
|
Trade and other receivables |
11 512 |
12 118 |
|
contract assets |
104 |
0 |
|
stock |
579 |
550 |
|
Total current assets |
34 297 |
42 401 |
|
non-current assets |
2 192 |
2 177 |
|
Investment in affiliated companies |
148 |
163 |
|
Other long-term receivables |
14 069 |
14 069 |
|
Tangible fixed assets |
557 120 |
545 271 |
|
intangible assets |
2 151 |
2 083 |
|
Total fixed assets |
575 680 |
563 763 |
|
Total assets |
609 977 |
606 164 |
|
liabilities |
||
|
Current Liabilities |
||
|
Loans and borrowings |
13 556 |
15 831 |
|
regulations |
556 |
1 311 |
|
government subsidy |
7 375 |
7 344 |
|
taxes to be paid |
1 528 |
876 |
|
Trade and other payables |
8 681 |
9 429 |
|
contractual liability |
3 180 |
63 |
|
Total current liabilities |
34 876 |
34 854 |
|
Fixed debt |
||
|
Loans and borrowings |
156 566 |
157 566 |
|
government subsidy |
32 739 |
33 075 |
|
Other accounts payable |
201 |
255 |
|
contractual liability |
2 743 |
2 755 |
|
Total fixed liabilities |
192 249 |
193 651 |
|
Total debt |
227 125 |
228 505 |
|
capital |
||
|
share capital |
263,000 |
263,000 |
|
capital surplus |
44 478 |
44 478 |
|
Statutory capital reserve |
22 858 |
22 858 |
|
retained earnings |
52 516 |
47 323 |
|
Total capital |
382 852 |
377 659 |
|
Total debt and equity |
609 977 |
606 164 |
Interim condensed consolidated income statement:
|
for a few thousand euros |
Q1 2024 |
Q1 2023 |
|
revenue |
27 931 |
28 405 |
|
Other income/income |
358 |
341 |
|
Operating expenses |
–9 031 |
–8 862 |
|
Impairment of financial assets |
–181 |
–283 |
|
personnel costs |
–5 908 |
-5 621 |
|
Depreciation, amortization and impairment |
-6 036 |
–7 038 |
|
Other costs |
–132 |
–145 |
|
Operating income |
7 001 |
6 797 |
|
financial income and expenses |
||
|
financial income |
267 |
258 |
|
financial costs |
–2 090 |
–1 393 |
|
Financial costs – net |
–1 823 |
–1 135 |
|
Share of losses of equity method affiliates |
15 |
39 |
|
Pre-tax profit |
5 193 |
5 701 |
|
Net income |
5 193 |
5 701 |
|
Cause: |
||
|
parent owner |
5 193 |
5 701 |
|
Basic profit and diluted earnings per share (euros) |
0,02 |
0,02 |
Interim summary consolidated cash flow statement:
|
for a few thousand euros |
Q1 2024 |
Q1 2023 |
|
Cash receipts from the sale of goods or services |
33 449 |
32 199 |
|
Receiving cash related to other income |
28 |
28 |
|
Payment to suppliers |
–11 823 |
–13 307 |
|
Payments to and on behalf of employees |
–5 414 |
–5 373 |
|
Payment of other expenses |
–136 |
–148 |
|
Cash flow from operating activities |
16 104 |
13 399 |
|
Purchase of tangible fixed assets |
–18 460 |
–1 630 |
|
Purchase of intangible assets |
–175 |
–176 |
|
Proceeds from sale of tangible fixed assets |
Five |
0 |
|
Interest income |
258 |
242 |
|
Cash used for investment activities |
–18 372 |
–1 564 |
|
repayment of loans |
–3,000 |
–3,000 |
|
interest paid |
–2 360 |
–1 263 |
|
Payments related to other financial activities |
–3 |
–2 |
|
Cash used for financing activities |
–5 363 |
–4 265 |
|
net cash flow |
–7 631 |
7 570 |
|
Opening balance of cash and cash equivalents |
29 733 |
44 387 |
|
Increase/decrease in cash and cash equivalents |
–7 631 |
7 570 |
|
Ending cash and cash equivalents |
22 102 |
51 957 |
Tallinna Saddam is one of the largest cargo and passenger port complexes in the Baltic Sea region. In addition to passenger and cargo services, the Tarinna Saddam Group also operates in the shipping business through its subsidiaries. OÜ TS Laevad provides ferry services between mainland Estonia and the largest islands, while OÜ TS Shipping charters the multifunctional vessel Botnica for icebreaking and offshore services in Estonia. Projects in Estonia and abroad. Talinna Saddam Group is also a shareholder in AS Green Marine, an associated company that provides waste management services.
Additional Information:
Andrus Aito
CFO
Phone number +372 526 0735
a.ait@ts.ee
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