Tallinna Sadam As · OMXTSE:TSM1T
Tallinna Sadam As — Q3 2022 Earnings Presentation
15 slides from Tallinna Sadam As's earnings presentation, Nov 10, 2022
Slide 1: Results of 2022 Q3
Results of 2022 Q3 Webinar 10.11.2022
Slide 2: Q3 2022 main events
Q3 2022 main events • Continuous rapid recovery of passenger business • Closing of operations in Paljassaare harbour • The Competition Authority terminated supervision proceedings regarding the contractual penalty of Worldwide Cargo Establishment • The state will not exercise the option to purchase
Slide 3: Trends in Q3 by business segments
Trends in Q3 by business segments • PASSENGERS – continuing strong growth in PAX numbers (+87%) and revenue (+34%). Growth in rental fees. • CARGO – decline in volumes (-33%) and revenue (-14%). EU sanctions to Russia. • FERRY – revenue growth (+18%) from indexation and additional trips. • OTHER seg
Slide 4: Passenger volume Q3 2017-2022
Passenger volume Q3 2017-2022 3 000 12 9 000 10,6 10,6 10,6 2 533 8 000 2 500 +87% 10 7 000 1,0 1,0 0,9 PAX vessel calls 146 2 000 8 6 039 5 898 6 111 6 000 Thousand PAX 5 679 5,3 Million PAX 5 451 5 000 1 500 1 358 6 4 3994 000 4,3 0,3 2 169 4 8,8 8,8 8,8 3,5 3 000 1 000 4,6 2 000 500 1 075 2 4,0 3
Slide 5: Cargo volume Q3 2017-2022
Cargo volume Q3 2017-2022 8 25 6000 22,4 7 6,5 20,6 21,3 19,2 19,9 1,9 5000 0,5 -33% 20 1,8 Million tonnes 6 1,9 1,8 1,9 4,4 4,7 1,4 4000 Million tonnes Vessel calls 5 4,4 3,9 13,9 15 4,1 4,5 4 0,5 1,6 3000 1,6 5,3 5,6 6,5 3 0,9 10 5,1 5,4 2,2 2000 2 1,7 1677 1754 1743 1637 1 654 5,2 3,0 5 8,8 9,1 8
Slide 6: Shipping volumes
Shipping volumes Ferries MPSV Botnica charter 3,0 300 100% 261 267 249 90% 2,5 2,4 250 242 2,3 80% 2,2 2,2 75% Thousand PAX/vehicles 2,0 72% 73% 206 68% 70% 2,0 1,9 200 66% 60% days 1,5 150 50% 1,1 110 40% 1,0 1,0 1,0 1,0 1,0 0,9 100 30% 30% 20% 0,5 50 10% 0,0 0 0% 2017 2018 2019 2020 2021 2022 9M 2
Slide 7: Future outlook
Future outlook • Passenger business recovery continues • Impact on results from sanctions against Russia milder than expected: estimated annual impact EUR -5M, 2022: EUR -2.5M • Rising input costs – energy, labor, services, etc. • Offshore windfarms base harbour development • New contracts in shippi
Slide 8: Results of the Group in Q3
Results of the Group in Q3 In thousands Q3 2022 Q3 2021 +/- 9M 2022 9M 2021 +/- Revenue 36 325 32 263 12.6% 93 460 81 511 14.7% Adjusted EBITDA 18 006 17 080 5.4% 46 877 41 233 13.7% Adjusted EBITDA margin 49.6% 52.9% -3.3 50.2% 50.6% -0.4 Operating profit 11 843 10 670 11.0% 28 171 23 109 21.9% Inc
Slide 9: Revenue and profitability
Revenue and profitability 140 131 131 90% 121 80% 120 107 110 70% 100 93 60% 55% 57% 57% 54% Revenue 80 EUR mMillion 49% 50% 50% Adj. EBITTDA 74 74 60 67 40% Adj. EBIDTA margin 58 54 30% 40 47 20% 20 10% 0 0% 2017 2018 2019 2020 2021 2022 9M
Slide 10: Results by business segments in Q3
Results by business segments in Q3 Q3 segments (mEUR) 9 months segments (mEUR) Passenger H 7,5 13,0 Passenger H 16,3 29,7 5,4 9,7 9,6 20,4 Cargo H 3,5 9,6 Cargo H 13,7 28,9 5,9 10,9 16,9 30,3 Ferry 4,4 10,2 Ferry 11,6 26,5 3,7 8,6 10,2 23,3 Other 3,0 3,8 Other 5,3 8,4 2,1 3,1 4,5 7,6 0 2 4 6 8 10 12
Slide 11: Cash Flow and Financial Position
Cash Flow and Financial Position Cash Flow statement Financial position 700 In thousands 9M 2022 9M 2021 +/– 600 Cash from operating 43 266 39 248 3 978 500 activities 381 379 EUR million Cash used in investing 400 –8 005 –11 516 3 511 activities 580 574 300 Free cash flow (FCF) 35 221 27 732 7 489
Slide 12: Revenue generation
Revenue generation Passenger harbours Cargo harbours 50 50 41 40 40 29 30 10,4 29 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 0 107 2021 2022 2021 2022 93 100 28,5 MEUR Ferry Other 32,3 36,3 50 50 50 30,4 24,3 40 40 25,0 26,8 31 0 26 MEUR 30
Slide 13: EBITDA generation
EBITDA generation Passenger harbours Cargo harbours 30 30 22 20 16 20 5,4 MEUR MEUR 14 14 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 47 13 MEUR Ferry Other 40 18 30 28 17 20 15 25 23 11 20 18 13 13 MEUR MEUR 0 15 13 12 13 2021 2022 10
Slide 14: Q&A session
PORT OF @ TALLINN Q&A session
Slide 15: Thank You!
Thank You! www.ts.ee • Marju Zirel (Head of IR), m.zirel@ts.ee