AS Tallinna Sadam unaudited financial results for Q4 and 2024

Sales revenue of Tallinna Sadam in the fourth quarter was 29 million euros with an increase of +2.7%, adjusted EBITDA was 12 million euros increasing +18% and profit 4 million euros increasing +50% comparing to the same period last year. Sales revenue was 120 million euros in 2024, which is +2.5% more than a year earlier. Adjusted EBITDA of 53 million euros increased by +8%, and the profit was 19 million euros, +21% higher than in the previous year. We invested 5 million euros in the fourth quarter and close to 39 million euros in 2024.

In the fourth quarter of 2024, the number of passengers increased by +4.8% (+3.6% during the year) and cargo volumes by +12% (+4.4% during the year), the number of ship visits increased by +4.8% (+1.4% during the year) comparing to the same period last year. In shipping, passenger ferries showed stable growth - the number of passengers increased in the fourth quarter by +4.3% (+2.1% during the year) and the number of vehicles by +6% (3.6% during the year). Chartering days of Botnica decreased by –18% in the fourth quarter and –4.3% during the year.

"The fourth quarter was a good one with the continued growth in cargo volumes,” comments Valdo Kalm, the Chairman of the Management Board. "Cargo volumes increased in all cargo types, except for liquid bulk. The number of cargo ship calls increased by more than +18%. The largest cargo types have shown growth over the year: containers +12%, dry bulk +19% and ro-ro +2.6%. The number of passengers has increased both in comparison with the quarter and the full year of 2023. Despite the docking work of ships of regular routes that took place at the beginning of the year, the number of passenger ship calls increased. The number of cruise ships visiting us has also increased and the cruise season has extended into the winter months. Passenger ferries broke records last year both in the number of passengers (+2.1%) and vehicles (+3.6%). The signing of a ferry operating services agreement between the mainland and the major islands until 2033 was a remarkable event, which in the long term ensures stability and sustainability in our shipping industry. We foresee high demand in the offshore business, as evidenced by the increase in charter rates,” said Kalm.

Given the company's continued strong cash flow, the Management Board proposes the Council to pay a dividend to shareholders for 2024 the minimum of 70% of the annual profit in accordance with the dividend policy.

Tallinna Sadam management will present the financial results of the Group at webinars on 28 February, including webinar in Estonian starting at 10.00 (EEST) (link to EST webinar) and webinar in English starting at 11.00 (EEST) (link to ENG webinar).

Materials related to the interim report can be found attached to this notice and on our website: https://www.ts.ee/en/investor/interim-reports/
https://www.ts.ee/en/investor/presentations/.

Key figures (in million EUR):

	Q4	Q4	+/–	12M	12M	+/–
	2024	2023	%	2024	2023	%
Revenue	28.8	28.0	2.7%	119.6	116.6	2.5%
Adjusted EBITDA	12.2	10.4	18.0%	53.1	49.2	8.1%
Adjusted EBITDA margin	42.5%	37.0%	5.5	44.4%	42.2%	2.0
Operating profit	5.9	4.6	28.6%	29.1	24.6	18.3%
Income tax	0.0	0.0	0.0	3.1	3.0	4.7%
Profit for the period	4.3	2.9	50.1%	19.2	15.9	20.6%
Investments	5.4	9.8	–45.3%	38.8	20.7	87.3%

	31.12.2024	31.12.2023	+/–
Total assets	629.9	606.2	3.9%
Interest bearing debt	184.8	173.4	6.6%
Other liabilities	67.4	55.1	22.3%
Equity	377.6	377.7	0.0%
Number of shares	263.0	263.0	0.0%

Major events in Q4:

• An agreement with JetGas OÜ for the development of a new liquefied methane terminal 
• Approval of joint projects of FIN-EST Green Corridor
• Extension of the cruise season into winter
• The Tallinn District Court accepted the appeal related to the judgment regarding the former managers of the Port of Tallinn
• Declaration of bankruptcy of OÜ MPG AgroProduction

Revenue
In 2024, revenue increased by EUR 2.9 million (+2.5%) to EUR 119.6 million, supported by growth in vessel dues and sale of other services at the cargo harbours, increased revenue from ferry services between Estonia’s mainland and two largest islands, higher charter fees from the icebreaker Botnica and growth in passenger fees at the passenger harbours.
In terms of revenue streams, the largest increase was in ferry service  revenue, which grew by EUR 0.8 million (+2.2%) to EUR 36.2 million, mainly due to the indexation of the variable part of the contractual fixed fee. The number of trips did not change significantly compared to the previous year (+0.9%). Revenue from other services grew by EUR 0.5 million due to the operation of an LNG quay in Pakrineeme Harbour, which began in 2024, higher revenue from the sale of advertising space at Old City Harbour and the provision of catering services on the icebreaker Botnica during its charter period. Lease income increased by EUR 0.4 million (+3.1%) to EUR 14.1 million. Lease income improved in all segments, but particularly in the Cargo harbours and Ferry segments. Passenger fee revenue increased by EUR 0.4 million (+3.5%) to EUR 11.9 million, supported by the rise in passenger numbers (+3.6%). Charter fee revenue grew by EUR 0.4 million (+3.2%) to EUR 11.9 million. Despite the fact that the icebreaker Botnica had fewer charter days in 2024, charter fee revenue increased due to the projects’ higher charter fee rate per day. Cargo charges revenue increased by EUR 0.2 million (+3.5%) to EUR 6.7 million due to a similar increase in cargo volumes (+4.4%). Vessel dues revenue increased by EUR 0.1 million +0.3%) to EUR 31.5 million, driven by an increase in calls by general-purpose and container ships as well as large bulk carriers at the cargo harbours. The number of cruise ship calls increased, but as the ships’ average capacity was lower, average vessel dues per cruise ship call decreased. Electricity revenue grew by EUR 0.1 million (+2.3%) to EUR 4.6 million, mainly due to an increase in the supply of network services and onshore power while the market price of electricity decreased slightly.

EBITDA
Adjusted EBITDA increased in all four segments, growing by EUR 4.0 million (+8.1%) to EUR 53.1 million in total. The adjusted EBITDA of the Cargo harbours segment improved through lower operating expenses (particularly maintenance and repair costs) and higher revenue. The improvement in the adjusted EBITDA of the segment Other was supported by revenue growth, which exceeded the growth in operating and personnel expenses. Adjusted EBITDA for the fourth quarter increased by EUR 1.9 million (+18.0%) year over year. The adjusted EBITDA margin for 2024 rose from 42.2% to 44.4% and the adjusted EBITDA margin for the fourth quarter increased from 37.0% to 42.5%.

Profit
Profit before tax grew by EUR 3.4 million (+18.1%) to EUR 22.3 million in 2024. Profit grew less than operating profit because finance costs (net) increased (+EUR 1.2 million). The negative impact of higher finance costs was offset to the extent of EUR 0.1 million by higher profit from the equity-accounted associate Green Marine.

The dividend declared in the second quarter of 2024 in the amount of EUR 19.2 million gave rise to income tax expense of EUR 3.1 million, which was EUR 0.1 million larger than in 2023. The amount of the dividend did not change, but in 2023 income tax expense was reduced by the reversal of deferred tax of EUR 0.1 million. Profit for 2024 amounted to EUR 19.2 million, an increase of EUR 3.3 million (+20.6%) compared to 2023. Fourth-quarter profit was EUR 4.3 million (+EUR 1.4 million, +50.1%).

Investments
In 2024, the Group invested EUR 38.8 million, EUR 18.1 million (+87%) more than a year earlier. Investments in infrastructure assets related to harbour management, acquisition of non-current assets and improvements to existing infrastructure totalled EUR 36.7 million. Investments in the icebreaker Botnica amounted to EUR 0.1 million and investments in the Ferry segment to EUR 2.1 million.
The largest investment in 2024 was made in the ongoing construction of a new quay to serve offshore wind farms in Paldiski South Harbour. At Muuga Harbour, the largest investment was made in the reconstruction of a quay to allow smooth reception of large container ships. At Old City Harbour, investments were made in the design of a new Terminal A and its outdoor area, main office building and multi-storey car-park, connecting the facilities to the water supply network and improving ferry traffic (the ramp of berth 5). Investments were also made in software development, expanding data storage and upgrading radio communications. No major investments were made in the icebreaker MPSV Botnica. Significant investments in the Ferry segment included the replacement of the main engines (MF Piret), regular dry-docking (MF Tõll), the replacement of the cooling systems of the main engines and the acquisition of critical equipment.
Investments of the fourth quarter amounted to EUR 5.4 million (–45.3%). The largest investment was made in the construction of a quay in Paldiski, but the investment was smaller than in the fourth quarter of 2023.

Interim condensed consolidated statement of financial position:

In thousands of euros	31 December 2024	31 December 2023
ASSETS
Current assets
Cash and cash equivalents	17 213	29 733
Bank deposits with maturities exceeding 3 months	22 000	0
Trade and other receivables	12 512	12 118
Inventories	695	550
Total other current assets	52 420	42 401
Non-current assets held for sale	4 190	0
Total current assets	56 610	42 401
Non-current assets
Investments in associates	2 664	2 177
Other long-term receivables	0	163
Investment properties	14 069	14 069
Property. plant and equipment	554 280	545 271
Intangible assets	2 238	2 083
Total non-current assets	573 251	563 763
Total assets	629 861	606 164
LIABILITIES
Current liabilities
Loans and borrowings	12 185	15 831
Provisions	1 771	1 311
Government grants	22 146	7 344
Taxes payable	906	876
Trade and other payables	7 780	9 492
Total current liabilities	44 788	34 854
Non-current liabilities
Loans and borrowings	172 650	157 566
Government grants	31 995	33 075
Other payables	2 815	3 010
Total non-current liabilities	207 460	193 651
Total liabilities	252 248	228 505
EQUITY
Share capital at par value	263 000	263 000
Share premium	44 478	44 478
Statutory capital reserve	23 304	22 858
Retained earnings	46 831	47 323
Total equity	377 613	377 659
Total liabilities and equity	629 861	606 164

Interim condensed consolidated statement of profit or loss:

In thousands of euros	Q4 2024	Q4 2023	2024	2023
Revenue	28 791	28 030	119 587	116 646
Other income	579	977	1 737	2 208
Operating expenses	–9 477	–10 231	–40 427	–41 403
Impairment of financial assets	–125	–339	–805	–1 145
Personnel expenses	–7 061	–6 984	–25 722	–25 214
Depreciation, amortisation and impairment	–6 625	–6 033	–24 833	–25 389
Other expenses	–134	–793	–389	–1 073
Operating profit	5 948	4 627	29 148	24 630
Finance income and costs
Finance income	197	320	900	1 237
Finance costs	–1 857	–2 132	–8 257	–7 435
Finance costs – net	–1 660	–1 812	–7 357	–6 198
Share of profit (+)/ loss (–) of an associate accounted for under the equity method	–4	39	487	435
Profit before income tax	4 284	2 854	22 278	18 867
Income tax	0	0	–3 125	–2 985
Profit for the period	4 284	2 854	19 153	15 882
Attributable to owners of the Parent	4 284	2 854	19 153	15 882
Basic and diluted earnings per share (in euros)	0.02	0.01	0.07	0.05

Interim condensed consolidated statement of cash flows:

In thousands of euros	2024	2023
Cash receipts from sale of goods and services	126 612	124 344
Cash receipts related to other income	45	272
Payments to suppliers	–50 431	–52 911
Payments to and on behalf of employees	–23 864	–24 165
Payments for other expenses	–304	–317
Income tax paid on dividends	–3 325	–3 264
Cash from operating activities	48 733	43 959
Purchases of property. plant and equipment	–38 981	–10 063
Purchases of intangible assets	–599	–627
Proceeds from sale of property. plant and equipment	17	28
Government grants received	15 317	0
Dividends received	0	357
Interest received	804	875
Net change in deposits with maturities exceeding 3 months	–22 000	0
Cash used in investing activities	–45 442	–17 181
	–7 650	–7 650
Proceeds from loans received	30 000	0
Repayments of loans received	–10 466	–8 266
Dividends paid	–19 000	–19 012
Interest paid	–8 655	–6 494
Other payments related to financing activities	–40	–10
Cash from/used in financing activities	–15 811	–41 432
NET CASH FLOW	–12 520	–14 654
Cash and cash equivalents at beginning of the period	29 733	44 387
Change in cash and cash equivalents	–12 520	–14 654
Cash and cash equivalents at end of the period	17 213	29 733

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 Ait
Chief Financial Officer
Tel. +372 526 0735
a.ait@ts.ee

Attachments

• 2024 Unaudited Interim Report
• 2024 Main Figures
• 2024 Webinar