Turismo
AS Tallinna Sadam financial results for 2024 Q1
In the first quarter, Tallinna Sadam earned 27.9 million euros in sales revenue and 5.2 million euros in profit. In the first quarter, both sales revenue (-2%), adjusted EBITDA (-6%) and profit (-9%) decreased year-on-year. The adjusted EBITDA margin was 46% and the volume of investments 18.0 million euros.
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 Finlandia and affected the financial results of the first quarter. In shipping, both ferries and the icebreaker Botnica showed stable results, but the increase in fuel consumption due to the ice conditions of ferries reduced the profitability of the ferry segment. As a result of the increased Euribor, financial costs increased, and salary changes made during the previous year, mainly in shipping, increased personnel expenses. The construction of a quay intended to serve offshore wind farms continued at Paldiks South Harbour, making up the majority of investments in the first quarter.
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):
Major events in Q1:
Revenue
Revenue for the first quarter decreased by EUR 0.5 million (–1.7%) year on year. All revenue streams showed growth, except vessel dues and cargo charges. Revenue from vessel dues decreased the most by EUR 0.8 million (–11%), in connection with a decrease in vessel calls, which in passenger ports was mainly affected by the absence of ships from the line due to dock works, and in cargo ports, decreased revenue from tankers. The decrease in cargo charges revenue (–11%) resulted from the lower cargo charges forecast expected at the end of the year, which, according to the IFRS 15 standard, also had an impact in the first quarter. Revenue grew in the Ferry segment and in the segment Other, but decreased in the Passenger harbours segment and in the Cargo harbours segment.
The revenue of the Passenger harbours segment decreased by EUR 0.5 million (–6%) mainly due to fewer vessel calls, which lowered the segment's vessel dues and cargo charges revenue (–EUR 0.6 million and –EUR 0.1 million, respectively). Electricity sales revenue grew. Despite fewer vessel calls, the number of passengers and passenger fees revenue increased. The growth in lease income, mainly due to the rental of additional space in the cruise terminal, helped offset the decline in revenue from other services.
The revenue of the Cargo harbours segment decreased by EUR 0.2 million (–2%). Although the number of vessel calls increased, vessel dues revenue decreased, because the number of vessels with lower average dues per GT increased and the number of tankers with higher dues decreased. Cargo charges decreased due to the revenue recognition requirements of IFRS 15. In the first quarter of last year, the Group recognised higher revenue from operators of liquid bulk cargo based on the cargo charge forecast for the full year. The sale of other services grew, because the Group started to operate an LNG quay in Pakrineeme Harbour at the beginning of 2024.
The revenue of the Ferry segment grew by EUR 0.1 million (1,5%) due to the indexation of the variable part of fixed fees, which offset the decrease in the rate for trip fees. The number of trips and passengers increased.
The revenue of the segment Other grew due to a leap year by EUR 44 thousand. The charter fees for the icebreaking season remained unchanged. The charter fees for the icebreaking service will not change until the icebreaking season of 2025/26, when indexation of the fees will be possible.
EBITDA
Adjusted EBITDA declined by EUR 0.8 million as revenue decreased, total expenses increased and the Group's share of profit of the equity-accounted associate AS Green Marine decreased. In segment terms, adjusted EBITDA grew only in the Cargo harbours segment and declined in the Passenger harbours segment, the Ferry segment and the segment Other. The adjusted EBITDA margin slipped from 47.8% to 45.5%.
Profit
Profit before tax decreased by EUR 0.5 million (–8.9%) to EUR 5.2 million. The Group's net profit for the first quarter also amounted to EUR 5.2 million, EUR 0.5 million less than a year earlier.
Investments
The Group invested EUR 18,0 million in the first three months of 2024, EUR 16.4 million more than a year earlier. The majority of the investments were related to the construction of a quay at Paldiski South Harbour to serve offshore wind farms and the regular drydocking of a ferry.
Interim condensed consolidated statement of financial position:
Interim condensed consolidated statement of profit or loss:
Interim condensed consolidated statement of cash flows:
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
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90245 El Segundo Stati Uniti