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    TSM1T   EE3100021635

AS TALLINNA SADAM

(TSM1T)
  Report
Delayed Nasdaq Tallinn  -  08:59 2022-09-23 am EDT
1.400 EUR    0.00%
09/13AS TALLINNA SADAM : The Amber Train embarked from Muuga harbour
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09/05Tallinna Sadam Investor Day “In the winds of the future” 14.09.2022
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09/05Tallinna Sadam Investor Day “In the winds of the future” 14.09.2022
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AS Tallinna Sadam financial results for 2022 Q2 and 6 months

08/10/2022 | 01:01am EDT

In the second quarter, Tallinna Sadam Group's revenue, adjusted EBITDA and profit increased year-on-year. Group revenue amounted to EUR 30 million in the second quarter, increasing by 25% compared to the same period last year. The group's adjusted EBITDA in the second quarter was EUR 15 million (+38%) and the profit was EUR 5.1 million (+205%). In the half-year summary, the revenue was EUR 57 million (+16%), the adjusted EBITDA was EUR 16 million (+31%) and the profit was EUR 12 million (+44%).

The Group’s results for the first half of 2022 were strongly affected by the easing of the COVID-19 restrictions and a continuing decline in cargo throughput. As a result of lifting the restrictions and increased passenger confidence, the number of passengers increased nearly threefold in six months, especially on the Helsinki route. The decline in cargo volumes is mainly due to the third consecutive quarter of a decline in dry bulk and liquid bulk cargo volumes. At the same time, ro-ro and container goods showed a considerable increase. In shipping, the strong second quarter was supported by additional voyages of ferry Regula based on growing demand; and chartering of Botnica at the same level as last year.

Valdo Kalm, chairman of the management board of Tallinna Sadam, is pleased that despite the difficult circumstances, the company paid a dividend to the extent promised by the dividend policy. "We continued with the planned investments, and in order to secure future business, we decided to invest in the Paldiski South Harbour by building a new quay for the construction and servicing of wind farms," said Kalm.

Tallinna Sadam will present the financial results of the Group at a webinar on 10 August at 11:00 (EET), to attend, please click here. The webinar will be held in English.

Key figures (in million EUR):

  Q2 Q2 +/– 6M 6M +/–
  2022 2021 % 2022 2021 %
Revenue 30.4 24.3 25.2 57.1 49.3 16.0
Adjusted EBITDA 15.4 11.1 38.2 24.2
Adjusted EBITDA margin 50.7% 45.9% 4.8 50.5% 49.0% 1.5
Operating profit 9.1 5.2 74.6 16.3 12.4 31.3
Income tax –4.1 –3.3 25.5 –4.1 –3.3 25.5
Profit for the period 5.1 1.7 205.4 12.3 8.5 44.1
Investments 4.3 4.3 –0.5 9.0 7.9 13.1


  30.06.2022 31.12.2021 +/–
Total assets 618.6 629.5 –1.7%
Interest bearing debt 199.9 203.3 –1.7%
Other liabilities 51.0 45.3 12.6%
Equity 367.6 380.9 –3.5%
Number of shares 263.0 263.0 0.0%

Major events in Q2:

  • Investment decision to build a new quay in the Paldiski South Harbour to serve the wind farms
  • Record volume in ro-ro cargo (3.5 million tonnes in 6 months)
  • Termination of Worldwide Cargo Establishment’s contractual penalty lawsuit
  • Voting on the resolutions of the general meeting on 5–25 April 2022, including election of new supervisory board
  • AS Tallinna Sadam paid the shareholders a dividend of EUR 0.097 per share, i.e. a total of EUR 25.5 million for 2021 (100% of previous year’s profit)
  • AS Tallinna Sadam and the Port of Gdynia signed a letter of intent on cooperation in the field of developing hydrogen solutions

Revenue
Revenue for the six months of 2022 grew by EUR 7.9 million (+16.0%) to EUR 57.1 million. Most of the growth resulted from the second quarter when revenue grew by 25.2%, supported by an increase in the number of passengers as well as higher revenue from the operation of ferry service between Estonia’s mainland and two largest islands. All revenue streams increased, the most being passenger fee (+163%), operating lease (+14%), vessel dues (+12%) and ferry service revenue (+10%).
The six-month revenue of the Passenger harbours segment grew by 57% year on year, mainly due to a rise in passenger fee revenue due to rapid growth in passenger numbers and an increase in vessel dues. The segment also increased its lease income (EUR +0.46 million) by leasing out new premises and electricity sales revenue. In the second quarter, revenue grew by 88% year on year to EUR 10.7 million.
The six-month revenue of the Cargo harbours segment remained at the same level as a year earlier (+0.6%). Its vessel dues revenue dropped (EUR –0.5 million) due to the decline in dry bulk and liquid bulk cargo. The decrease in vessel dues was offset by the growth in cargo charges (EUR +0.3 million) due to changes in the cargo structure, an increase in lease income (EUR +0.2 million) due to changes in lease rates and growth in electricity sales revenue (EUR +0.3 million). In the second quarter, the revenue of the Cargo harbours segment grew by EUR 32 thousand year on year.
The six-month revenue of the Ferry segment grew by EUR 1.6 million (+10.9%) due to growth in both ferry service revenue and lease income. Ferry service revenue increased through a rise in contractual fees due to an increase in the Estonian fuel cost, employment cost and consumer price indices and growth in the number of trips. In the second quarter, the revenue of the Ferry segment grew by EUR 1.0 million year on year (+12.8%).
The revenue of the segment Other grew by 2% in the first half-year and by 3.9% in the second quarter. Revenue growth was supported by the revision of the contractual fee due to a rise in the Estonian consumer price index.

EBITDA
Adjusted EBITDA for the first half of the year grew by EUR 4.7 million (+19.5%) to EUR 28.9 million. The strongest contributors to EBITDA growth were the Passenger harbours segment (EUR +4.5 million) and the Ferry segment (EUR +0.7 million). In the second quarter, EBITDA grew by EUR 4.3 million (+38.2%) year on year. Thus 90% of the growth in six-month EBITDA was delivered in the second quarter. The adjusted EBITDA margin for the first half-year increased from 49.0% to 50.5% and the adjusted EBITDA margin for the second quarter increased from 45.9% to 50.7%.

Profit
Profit for the first six months amounted to EUR 12.3 million, exceeding the profit for the comparative period by EUR 3.8 million (+44.1%), profit before tax for the first six months grew by EUR 4.6 million (+39%) year on year. Second-quarter profit was EUR 5.1 million (EUR +3.4 million) and profit before tax grew by EUR 4.2 million.

Investments
In the first six months of 2022, the Group invested EUR 9.0 million, EUR 1.0 million more than a year earlier. The largest investments were made in reconstructing the outdoor area around Terminal D, upgrading the quay equipment and reconstructing the shoreline reinforcements in Old City Harbour and in increasing the capacity of Muuga Harbour to serve ro-ro cargo. Investments of the second quarter totalled EUR 4.3 million (in the second quarter of 2021 also EUR 4.3 million).

Interim condensed consolidated statement of financial position:

In thousands of euros 30 June 2022 31 December 2021
ASSETS   
   
Current assets   
Cash and cash equivalents 31,110 34,840
Trade and other receivables 9,453 14,151
Contract assets 575 0
Inventories 565 399
Total current assets 41,703 49,390
   
Non-current assets   
Investments in associates 1,881 1,559
Other long-term receivables 896 896
Property, plant and equipment 572,082 575,563
Intangible assets 2,042 2,130
Total non-current assets 576,901 580,148
   
Total assets 618,604 629,538
   
LIABILITIES   
   
Current liabilities   
Loans and borrowings 15,916 15,916
Provisions 958 1,572
Government grants 1,665 1,223
Taxes payable 829 890
Trade and other payables 12,953 10,291
Contract liabilities 3,551 57
Total current liabilities 35,872 29,949
   
Non-current liabilities   
Loans and borrowings 184,015 187,398
Government grants 29,741 29,835
Other payables 552 652
Contract liabilities 788 809
Total non-current liabilities 215,096 218,694
   
Total liabilities 250,968 248,643
EQUITY   
Share capital at par value 263,000 263,000
Share premium 44,478 44,478
Statutory capital reserve 22,115 21,271
Retained earnings (prior periods) 25,791 26,534
Profit for the period 12,252 25,612
Total equity 367,636 380,895
Total liabilities and equity 618,604 629,538

Interim condensed consolidated statement of profit or loss:

     
In thousands of euros  Q2 2022  Q2 2021 6M 2022 6M 2021
     
Revenue 30,363 24,260 57,135 49,248
Other income 434 335 728 659
Operating expenses –9,841 –8,070 –18,504 –15,372
Personnel expenses –5,554 –5,100 –10,325 –9,744
Depreciation, amortisation and impairment –6,225 –6,076 –12,512 –12,098
Other expenses –66 –130 –194 –254
Operating profit 9,111 5,219 16,328 12,439
     
Finance income and costs     
Finance income 34 27 63 37
Finance costs –323 –365 –605 –741
Finance costs – net –289 –338 –542 –704
     
Share of profit of an associate accounted
for under the equity method
350 52 577 41
Profit before income tax 9,172 4,933 16,363 11,776
     
Income tax –4,111 –3,275 –4,111 –3,275
Profit for the period 5,061 1,658 12,252 8,501
Attributable to owners of the Parent 5,061 1,658 12,252 8,501
         
Basic and diluted earnings per share (in euros) 0.02 0.01 0.05 0.03
Basic and diluted earnings per share
 – continuing operations (in euros)
0.02 0.01 0.05 0.03

Interim condensed consolidated statement of cash flows:

   
In thousands of euros 6M 2022 6M 2021
   
Cash receipts from sale of goods and services 67,852 55,753
Cash receipts related to other income 71 34
Payments to suppliers –23,580 –19,123
Payments to and on behalf of employees –9,664 –9,064
Payments for other expenses –238 –271
Income tax paid on dividends –4,335 0
Cash from operating activities 30,106 27,329
   
Purchases of property, plant and equipment –9,618 –9,255
Purchases of intangible assets –261 –426
Proceeds from sale of property, plant and equipment 77 263
Proceeds from government grants related to assets 4,954 0
Dividends received 255 0
Interest received 2 1
Cash used in investing activities –4,591 –9,417
Repayments of loans received –3,383 –3,383
Dividends paid –25,287 –20,082
Interest paid –570 –734
Other payments related to financing activities –5 –1
Cash from/used in financing activities –29,245 –24,200
NET CASH FLOW –3,730 –6,288
Cash and cash equivalents at beginning of the period 34,840 26,679
Change in cash and cash equivalents –3,730 –6,288
Cash and cash equivalents at end of the period 31,110 20,391

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. According to unaudited financial results, the group’s sales in 2021 totalled EUR 110 million, adjusted EBITDA EUR 54 million and profit EUR 26 million.

Additional information:

Marju Zirel
Head of Investor Relations
Tel. +372 5342 6591

m.zirel@ts.ee

Attachments


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Financials
Sales 2022 114 M 111 M 111 M
Net income 2022 - - -
Net Debt 2022 - - -
P/E ratio 2022 -
Yield 2022 5,52%
Capitalization 368 M 358 M 358 M
Capi. / Sales 2022 3,23x
Capi. / Sales 2023 3,09x
Nbr of Employees 464
Free-Float 32,9%
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Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 2
Last Close Price 1,40 €
Average target price 2,14 €
Spread / Average Target 52,9%
Managers and Directors
Valdo Kalm Chairman-Management Board
Aare Tark Chairman-Supervisory Board
Hanno Hussar Head-Information Technology
Maarika Liivamagi Independent Member-Supervisory Board
Urmas Kaarlep Independent Member-Supervisory Board