The supervisory board of AS Tallinna Sadam (hereafter: Tallinna Sadam) approved the audited annual report for 2020 presented by the board of directors. There is no difference in the audited financial results, compared to the unaudited 12 month financial results published on February 26, 2021.
In 2020, the annual turnover of the Tallinna Sadam group was 107.4 million euros (17.8%) and the adjusted EBITDA was 58.4 million euros (21.4%) . Despite the pandemic, the profit for 2020 was 28.5 million euros (35.8%). The adjusted EBITDA margin decreased by 2.5 percentage points, but the volume of investments increased to 37.1 million euros (+ 26%).
According to Valdo Kalm, Chairman of the Management Board of Tallinna Sadam, the negative impact of the pandemic on the company’s financial results was particularly noticeable in the Passenger Harnours segment, but the overall impact of the virus on the Group’s finances was weaker than expected and The year ended with a strong profit given the circumstances. The year 2020 has proven that the commercial strategy with diversified risks and the contribution to the four business divisions is justified. In a situation where the activity related to passengers has halved, we are able to meet the expectations of investors and continue the promised dividend policy, i.e. paying at least 70% of the profit from the previous year into dividends, ”Kalm explained.
Kalm says the sharp drop in passenger numbers was offset by the highest freight volume in the past five years, sales revenues from passenger ferries and the Botnica icebreaker, all of which remained at levels comparable to 2019. The resulting stable cash flow and confidence in the recovery of passenger business have also enabled us to continue to invest in passenger services and infrastructure despite the crisis, especially in the Old Town port, where we have introduced innovative environmentally friendly solutions such as automatic mooring and shore power supply. . This year, despite the crisis in the passenger segment, several passenger services and real estate development projects in the port of the old town will be completed or continued, including the cruise terminal, the front plaza of Terminal D and the pedestrian bridge of the Admiralty Canal. Kalm added.
Please also see Valdo Kalms video message.
Based on the above and the dividend policy approved by the general meeting of shareholders to pay a dividend of at least 70% of profits from 2021 and eventually, the management board, with the approval of the board Supervisory Board, will propose to the shareholders to pay a dividend of 0.077 EUR per share in 2021, for a total amount of 20.251 million EUR.
The important dates linked to the payment of dividends will be communicated in the notice convening the general meeting by the end of April at the latest.
The consolidated annual report of the Tallinna Sadam Group for 2020 is attached to this announcement and is also available on the company’s website at: https://www.ts.ee/en/investor/annual-reports/. For the first time, the annual report has been submitted in a machine-readable manner (data file named Tallinna_Sadam_2020-12-31_ENG.zip) in accordance with the requirements of the European Single Electronic Format Regulatory Technical Standard (ESEF RTS). Online XBRL Viewer Link.
Tallinna Sadam is one of the largest freight and passenger port complexes in the Baltic Sea region, serving 10 million passengers and 20 million tonnes of freight on average annually. In addition to passenger and freight services, the Tallinna Sadam Group also operates in maritime transport through its subsidiaries O TS Laevad provides ferry services between the Estonian mainland and the larger islands, and O TS Shipping charters its multi-functional vessel Botnica for icebreaking and construction services in Estonia. and offshore projects abroad. The Tallinna Sadam group is also a shareholder of a partner AS Green Marine, which provides waste management services. The group’s turnover in 2020 was 107.4 million euros, adjusted EBITDA 58.4 million euros and profit 28.5 million euros.
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