Tallinna Sadam As · OMXTSE:TSM1T
Tallinna Sadam As — Q4 2022 Earnings Presentation
16 slides from Tallinna Sadam As's earnings presentation, Feb 28, 2023
Slide 1: Results of 2022 Q4 and 12 months
Results of 2022 Q4 and 12 months Webinar 28.02.2023
Slide 2: Main events in 2022
Main events in 2022 • Passenger volumes doubled to 7 million • Russian and Belarussian sanctions impacting cargo business • Paldiski wind-farm quay investment decision • Closing of operations in Paljassaare harbour • Opening of terminal D recreation area
Slide 3: Main events in 2022
Main events in 2022 • Public display of sketch designs of Old City Harbour detail plans • New ship MyStar on Tallinn-Helsinki line • Prolonging Botnica agreement with Baffinland • The state will not exercise the option to purchase the ferries • Closing disputes with Tallink and WCE • New supervisory
Slide 4: Trends in Q4 by business segments
Trends in Q4 by business segments • PASSENGERS – continuing strong growth in PAX numbers (+39%). Decline in revenue due to lowered port fees and less ship calls. • CARGO – decline in volumes (-17%) and revenue (-5%). EU sanctions to Russia. • FERRY – revenue growth (+12%) from indexation and additio
Slide 5: Passenger volume
Passenger volume Q4 2018-2022 2 000 12 10000 10,6 10,6 1 800 +39% 1 690 10 1 600 125 1,0 0,9 8000 1 400 1 215 8 laevakülastust 7,0 Thousand PAX mln reisijat 1 200 5 898 6 111 6000 5 451 5 679 0,55 672 1 000 6 800 4,3 4000 1 522 8,8 8,8 3,5 600 4 1 059 6,2 400 2000 2 4,0 200 3,0 0 0 0 2021 2022 2018
Slide 6: Cargo volume
Cargo volume Q4 2018-2022 6 25 6000 -17% 22,4 20,6 21,3 5 4,7 19,9 1,9 5000 20 1,8 17,8 Million tonnes 0,5 1,9 1,8 3,9 4,7 4 4,4 4000 Million tonnes Vessel calls 3,9 2,1 1,0 0,5 15 4,5 3 2,9 0,8 5,6 6,5 3000 5,3 1,7 10 5,4 2 6,9 2000 1,7 1754 1743 1637 1 654 1458 1 5 8,8 9,1 8,8 1,4 7,6 1000 0,8 5,2
Slide 7: Shipping volumes
Shipping volumes Ferries MPSV Botnica charter 3,0 300 100% 261 267 249 90% 2,5 2,4 250 242 249 2,3 2,3 80% 2,2 thousand PAX/vehicles 2,0 72% 73% 68% 68% 70% 2,0 200 66% 60% days 1,5 150 50% 1,1 1,1 40% 1,0 1,0 1,0 1,0 100 30% 0,5 20% 50 10% 0,0 0 0% 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022
Slide 8: Future outlook
Future outlook • Passenger business recovery continues • Impact on results from sanctions against Russia and Belarus milder than expected: estimated annual impact EUR -7M, 2022: EUR -3.5M • New ro-ro and container lines • Offshore windfarms base harbour development • New contracts in shipping • Prep
Slide 9: Results of the Group in Q4 and full year
Results of the Group in Q4 and full year In thousands Q4 2022 Q4 2021 +/- 2022 2021 +/- Revenue 28 243 28 540 -1.0% 121 703 110 051 10.6% Adjusted EBITDA 8 940 12 813 -30.2% 55 817 54 046 3.3% Adjusted EBITDA margin 31.7% 44.9% -13.2 45.9% 49.1% -3.2 Operating profit 2 616 6 649 -60.7% 30 787 29 758
Slide 10: Revenue and profitability
Revenue and profitability 140 131 131 90% 122 80% 120 107 110 70% 100 60% 57% 57% 54% Revenue 80 EUR mMillion 49% 50% 46% Adj. EBITTDA 74 74 60 40% Adj. EBIDTA margin 58 56 54 30% 40 20% 20 10% 0 0% 2018 2019 2020 2021 2022
Slide 11: Results by business segments in Q4 and full year
Results by business segments in Q4 and full year Q4 segments (mEUR) 12 months segments (mEUR) Passenger H 2,3 8,1 Passenger H 18,6 37,9 4,0 8,4 13,7 28,8 Cargo H 3,2 9,9 Cargo H 16,8 38,8 5,4 10,4 22,3 40,7 Ferry 3,0 8,3 Ferry 14,6 34,8 2,4 7,4 12,5 30,7 Other 0,5 1,9 Other 5,7 10,3 1,1 2,3 5,6 9,9
Slide 12: Cash Flow and Financial Position
Cash Flow and Financial Position Cash Flow statement Financial position 700 In thousands 2022 2021 +/– 600 Cash from operating 52 137 50 162 1 975 500 activities 381 381 EUR million Cash used in investing 400 –114 –12 191 12 077 activities 580 569 300 Free cash flow (FCF) 52 023 37 971 14 052 45 53
Slide 13: Revenue generation
Revenue generation Passenger harbours Cargo harbours 50 50 38 41 39 40 40 29 8,1 10,4 9,9 30 30 MEUR MEUR 8,4 13,0 10,9 9,6 20 20 9,7 10,7 9,8 9,9 Total revenue 10 5,7 10 5,0 6,0 9,6 9,7 150 0 0 122 107 2021 2022 2021 2022 28,4 100 28,5 MEUR Ferry Other 32,3 36,3 50 50 50 30,4 24,3 40 35 40 25,0 26,
Slide 14: EBITDA generation
EBITDA generation Passenger harbours Cargo harbours 30 30 22 19 17 20 20 5,4 MEUR MEUR 14 2,3 3,2 7,5 5,9 10 4,0 10 3,5 Total adj. EBITDA 5,4 5,4 5,1 6,3 80 2,5 5,6 5,1 0 1,8 2,5 0 2021 2022 2021 2022 60 54 56 9 13 MEUR Ferry Other 40 18 30 28 17 20 15 25 23 11 20 18 13 13 MEUR 15 MEUR 0 15 13 3,0 1
Slide 15: Q&A session
PORT OF @ TALLINN Q&A session
Slide 16: Thank You!
Thank You! www.ts.ee • Marju Zirel (Head of IR), m.zirel@ts.ee