Tallinna Sadam As · OMXTSE:TSM1T
Tallinna Sadam As — Q3 2023 Earnings Presentation
16 slides from Tallinna Sadam As's earnings presentation, Nov 10, 2023
Slide 1: Results of 2023 Q3 and 9 months
Results of 2023 Q3 and 9 months 10.11.2023
Slide 2: Main events in Q3 2023
Main events in Q3 2023 • Growth in passenger volumes, fewer PAX and cruise ship calls • Paldiski offshore windfarms quay cornerstone • Ferry Regula additional trips in September • Icebreaker Botnica 2023 summer charters – Equinor, British Petroleum, Baffinland • Changes in the management board of TS
Slide 3: Main events in October-November 2023
Main events in October-November 2023 • Increase in price and extension of term date of Paldiski offshore windfarm quay investment • Supervisory board extended the CEO contract of Valdo Kalm for 3 years • The winner of the A passenger terminal quarter architectural contest – joint work of Molumba and
Slide 4: Trends in Q3 by business segments
Trends in Q3 by business segments • PASSENGERS – continuing growth in PAX numbers (+3%), decrease in PAX vessel calls (-8%) and revenue (-17%). Fewer cruise calls and –passengers. • CARGO – decline in cargo volume (-33%), vessel calls (-1%) and revenue (-23%). EU sanctions to Russia and overall econ
Slide 5: Passengers and PAX ship calls
Passengers and PAX ship calls Q2 2019-2023 3 500 +3% 3000 12 10,6 10000 3 000 2500 2533 2600 10 8000 0,9 2 500 Thousand PAX 146 152 2000 8 7,0 Million PAX Ship calls Ship calls 2 000 6 111 6,1 6000 1 566 5 451 5 679 5 672 1 448 1500 6 1 500 4,3 4 267 4000 2283 1000 4 8,8 3,5 1 000 2169 6,2 5,4 500 2
Slide 6: Cargo volume
Cargo volume 2019-2023 Q3 25 6000 6000 1200 22,4 21,3 19,9 1,9 5000 20 1,8 5000 1000 1,8 17,8 4361 4,7 Ship calls -33% 4,4 2,1 4000 Ship calls 4,5 Million tons 4000 508 800 15 Thousand tons 2,9 3000 874 2920 5,6 6,5 3000 600 5,4 9,5 10 469 6,9 1,4 2000 1743 1637 1 654 1,6 2000 1703 525 400 1458 371
Slide 7: Ferries
Ferries Q3 2019-2023 1 200 10 000 3,0 40 000 1 000 934 2,5 2,4 897 8 000 2,3 2,2 30 000 Thousand PAX / vehicles Million PAX / vehicles 7013 7048 2,0 2,0 800 2,0 6 000 22 842 21 518 Trips 600 1,5 21 010 20 118 20 000 17 887 409 4 000 1,1 1,1 394 1,0 1,0 400 1,0 0,9 10 000 2 000 200 0,5 0 0 0,0 0 2022
Slide 8: Icebreaker Botnica
Icebreaker Botnica Q3 2019-2023 100 100% 100% 300 100% 90 90% 92 250 267 80 80% 261 80% 249 249 72% 73% 70 70% 200 68% 68% 64% 65% 60 60% 60% päeva Days 59 178 50 50% 150 40 40% 40% 100 30 30% 20 20% 20% 50 10 10% 0 0% 0 0% 2022 2023 2019 2020 2021 2022 2023 9M Charter days % utilisation rate Charte
Slide 9: Future outlook
Future outlook • Austerity measures in personnel and maintenance costs • Passenger business recovery continues • The negative impact of geopolitics and recession on financial results • New ro-ro and container lines • Offshore windfarms base harbour development and maintenance fleet • Preparation of
Slide 10: Results of the Group Q3 and 9 months
Results of the Group Q3 and 9 months In thousands Q3 2023 Q3 2022 +/- 9M 2023 9M 2022 +/- Revenue 31 426 36 325 -13,5% 88 615 93 460 -5,2% Adjusted EBITDA 13 517 18 006 -24,9% 38 797 46 877 -17,2% Adjusted EBITDA margin 43,0% 49,6% -6,6 43,8% 50,2% -6,4 Operating profit 7 449 11 843 -37,1% 20 004 28
Slide 11: Results by business segments
Results by business segments Q3 and 9 months Q3 segments (mEUR) 9 months segments (mEUR) Passenger H 6,1 10,7 Passenger H 15,5 28,8 7,5 13,0 16,3 29,7 Cargo H 2,4 7,2 Cargo H 9,0 22,8 3,5 9,4 13,7 28,9 Ferry 4,5 10,4 Ferry 12,5 28,2 4,4 10,2 11,6 26,5 Other 0,5 3,1 Other 1,9 8,9 2,6 3,8 5,3 8,4 0 5
Slide 12: Cash Flow and Financial Position
Cash Flow and Financial Position Cash flow statement Financial position 700 In thousands 9M 2023 9M 2022 +/– 600 Cash from operating 500 34 011 43 226 –9 215 activities 381 375 EUR million Cash used in investing 400 –9 430 –8 005 –1 425 activities 569 560 300 Free cash flow (FCF) 24 581 35 221 –10 6
Slide 13: Revenue generation
Revenue generation Passenger harbours Cargo harbours 50 50 38 39 40 40 8,1 29 9,9 Total revenue 30 30 MEUR MEUR 23 150 13,0 10,7 9,6 20 20 7,2 130 122 10,0 9,9 10 10,7 10 7,7 110 28,2 6,0 8,0 9,7 7,9 0 0 89 90 2022 2023 2022 2023 MEUR 36,3 31,4 70 Ferry Other 50 30,4 28,8 50 50 30 40 35 40 10 26,8 2
Slide 14: EBITDA generation
EBITDA generation Passenger harbours Cargo harbours 25 25 20 19 20 2,3 15 17 Total adj. EBITDA 15 15 3,2 MEUR MEUR 80 7,5 6,1 3,5 9 10 10 5,7 5,1 2,4 5 6,3 5 3,1 3,6 5,1 60 56 2,5 3,5 0 0 9 2022 2023 2022 2023 39 MEUR 40 Ferry Other 18 14 25 23 20 15 12 20 18 15 15 12 13 14 MEUR 13 MEUR 3,0 0 10 4,4
Slide 15: Q&A session
TALLINNA @ SADAM Q&A session
Slide 16: Thank You!
Thank You! www.ts.ee • Marju Zirel (Head of IR), m.zirel@ts.ee