Infortar As · OMXTSE:INF1T
Infortar As — AS Infortar — Investor Presentation (December 2023)
21 slides from Infortar As's investor presentation, December 2023
Slide 1: AS Infortar
\_ INFORTAR abe! AS Infortar December 2023
Slide 2: The largest investment company in Estonia
The largest investment company in Estonia1 1997 Eesti Gaas (100%, since 2016) Founded • Energy sales Energy • Energy infrastructure EUR 1 054 million • Energy production Revenue (2022) EUR 96 million Tallink (~42% shareholding) Net profit (2022) • Passenger and cargo transport Shipping • 15 vessels
Slide 3: Infortar as an investment
Infortar as an investment Experienced Prudent investor Shareholder Unique portfolio leadership mindset value growth Ability to access regional Company is run by Long investment horizon Stable and diversified cash large-scale investment professional management and actively managed flow from robust as
Slide 4: Gradually growing diversified portfolio within core segments
Gradually growing diversified portfolio within core segments Building of Tallink Group1 Expansion of Tallink Group1 Expansion of Infortar1 1. 1997 - 2004 2. 2005 - 2015 3. 2016 - … Shipping • 1997: Infortar was founded by • 2005: AS Tallink Grupp IPO private investors as part of a • 2017: Launch of
Slide 5: Investment strategy
Investment strategy Investment strategy Selected investments Long-term investment strategy focused on synergies Prudent and value-adding investment decisions Energy Real estate M&A Potential investment Balanced green energy Focus on sustainable real opportunities to transition and expansion of estat
Slide 6: Energy
ENERGY Infortar’s investment rationale Geographic expansion of proven business models Balanced investments between transitional and renewable energy Strong synergies between existing and new businesses
Slide 7: Key energy supplier in the Finnish-Baltic region
Key energy supplier in the Finnish-Baltic region Financials below partly with Gaso (Q3 23) Revenue, EURm EBITDA, EURm1 1 014 104.6 381 584 708 • One of the leading natural gas sellers 182 in the Finnish-Baltic market Energy sales 2020 2021 2022 9m 2022 9m 2023 • Electricity sales in the Baltics 19.3
Slide 8: Energy sales
Energy sales Revenue, EURm1 Energy sales volumes, TWh1 11.4 10.9 956 8.1 8.1 4.7 4.9 4.3 5.5 316 134 2020 2021 2022 2017 2018 2019 2020 2021 2022 9m 2022 9m 2023 EBITDA, EURm2 • One of the largest natural gas sellers in the Finnish-Baltic market 105 • Focus on large customers in all markets and hous
Slide 9: Regional gas market overview
Regional gas market overview Transformation of Exploitation of Favourable outlook regional gas market market opportunities • Moving away from Russian gas • New environment has created • Gas consumption expected to opportunity to build up recover • New natural gas supply sources extensive sourcing ca
Slide 10: Energy infrastructure
Energy infrastructure Energy infrastructure EBITDA, Natural gas distribution networks LNG EURm1,2 LNG bunkering ship Other LNG solutions 13 Optimus Gaasivõrk Gaso • 9 LNG semi-trailers 10 9 • 1A ice class bunker vessel in • Setup and maintenance of Network length, km 1 573 5 420 the Baltic Sea regio
Slide 11: Energy production – focus on renewables
Energy production – focus on renewables EBITDA, EURm1,2 Portfolio of existing and in development solar assets 1.4 integrated with broad customer base • Existing portfolio of ~7.4 MW solar parks in Estonia4: Solar parks • Development pipeline of ~43.5 MW solar parks in Estonia and Latvia3,4 0.3 0.4 •
Slide 12: Shipping
SHIPPING Infortar’s investment rationale Strong market position in the Baltic Sea region creates attractive long-term investment thesis Crisis forged agile business operations Significant synergies with other Group operations
Slide 13: Profile of Tallink
Profile of Tallink 2019 2020 2021 2022 9m 23 Fleet of 15 vessels (passenger and cargo transport) 949 771 6 ferry routes1 642 Q4 Revenue Q3 EUR m 443 477 Q2 Operating 4 hotels2 Q1 Operating 20 Burger King restaurants in the Baltics Q4 On board, onshore and online retail 171 178 Q3 136 EBITDA Q2 EUR m
Slide 14: Growing shareholding in Tallink Grupp
Growing shareholding in Tallink Grupp Shareholders of AS Tallink Grupp, as at 30.09.2023 Securing stable financial position Retail investors 12% • In 2021, Tallink Grupp raised additional capital in the amount of EUR 35 million Institutional • Infortar as the main shareholder of Tallink Grupp provid
Slide 15: Real estate
REAL ESTATE Infortar’s investment rationale Diversified and modern portfolio across various segments Secure assets providing stable cash flow generation Sustainable tenant base with long-term contracts 15 15
Slide 16: Real estate portfolio overview
Real estate portfolio overview Over 100 000 m2 Fair value of real estate portfolio, EURm1,2 Total area of operating assets 188 207 180 27 Offices 24 24 • 3 office buildings and 2 stock offices in Tallinn 180 81 156 164 Hotels 31.12.2020 31.12.2021 31.12.2022 Loans related to real estate as of • 4 ho
Slide 17: Financial overview and dividend policy
FINANCIAL OVERVIEW AND DIVIDEND POLICY
Slide 18: Stable and robust earnings profile
Stable and robust earnings profile Revenue1 EBITDA1 Key financials EUR million EUR million EUR 106 m EBITDA (9M 2023) EUR 270 m Net profit, reported (9M 2023) 1 054 Includes badwill from Gaso transaction in the amount of EUR 159m EUR 110 m Net profit, adjusted (9M 2023) 747 120 Excludes badwill from
Slide 19: Historical dividends and dividend policy
Historical dividends and dividend policy Historical dividends Number of shares before IPO 19 845 000 1 360 000 Shares issued during the IPO (including 160 000 of Infortar has paid steady dividends since 2013 overallotment shares) Dividend policy Active decision not to distribute dividends in 2021 du
Slide 20: Snapshot of key business drivers
Snapshot of key business drivers Energy Enerfy infrastructure & Shipping Real estate Energy sales production Energy sales volumes, TWh1 Energy infrastructure EBITDA, EURm 311 million shares EUR 207m 24 ~42% shareholding in Tallink 11.4 10.9 21 Fair value of real estate2, 3, 4 8.1 8.1 4.7 4.9 4.3 5.5
Slide 21: Key messages
Key messages Diversified and expanding portfolio with strong asset base 1. through prudent investments 2. Further growth with focus on balanced green transition Agile business mindset targeting shared value creation and 3. synergies across its investments Strong management and active owners with uni