Results of 2022 Q4 and 12 months
Webinar 28.02.2023
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
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 board
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 additional trips.
- OTHER segment MPSV Botnica revenue decline (-16%) due to less charter days.
Passenger volume
1 059 1 522 125 1 215 1 690 0 200 400 600 800 1 000 1 200 1 400 1 600 1 800 2 000 2021 2022 Thousand PAX Q4 Tallinn-Helsinki Tallinn-Stockholm Muuga-Vuosaari Cruise (trad.) Other +39%
Cargo volume
2018-2022
Shipping volumes
2,3 2,4 2,0 2,2 2,3 1,0 1,0 1,0 1,1 1,1 0,0 0,5 1,0 1,5 2,0 2,5 3,0 2018 2019 2020 2021 2022 thousand PAX/vehicles Passengers Vehicles
Ferries
MPSV Botnica charter
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
- Preparation of the real estate business model
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 |
3.5% |
| Income tax |
-82 |
0 |
- |
-4 193 |
-3 275 |
28.0% |
| Profit for the period |
1 632 |
6 543 |
-75.0% |
25 592 |
25 612 |
-0.1% |
| Investments |
1 432 |
4 502 |
-68.2% |
13 856 |
14 718 |
-5.9% |
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Revenue and profitability
Results by business segments
in Q4 and full year
Q4 segments (mEUR)
12 months segments (mEUR)
Cash Flow and Financial Position
Financial position
Cash Flow statement
| In thousands |
2022 |
2021 |
+/– |
Cash from operating
activities |
52 137 |
50 162 |
1 975 |
Cash used in investing
activities |
–114 |
–12 191 |
12 077 |
Free cash
flow
(FCF) |
52 023 |
37 971 |
14 052 |
Cash from/used in
financing activities |
–42 476 |
–29 810 |
–12 666 |
| NET CASH FLOW |
9 547 |
8 161 |
1 386 |
NET DEBT (at the end of
the period) |
143 011 |
168 474 |
–25 463 |
Revenue generation
5,0 6,0 5,7 10,7 9,7 13,0 8,4 29 8,1 38 0 10 20 30 40 50 2021 2022 MEUR Passenger harbours
EBITDA generation
1,8 2,5 2,5 6,3 5,4 7,5 4,0 14 2,3 19 0 10 20 30 2021 2022 MEUR Passenger harbours 30 Ferry
5,6 5,1 5,4 5,1 5,9 3,5 5,4 3,2 22 17 0 10 20 30 2021 2022 MEUR Cargo harbours 2,6 2,6 2,1 3,0 6 6 -2 3 8 13 18 23 28 2021 2022 MEUR Other Q1 Q2 Q3 Q4
Q&A session
Thank You!
www.ts.ee • Marju Zirel (Head of IR), [email protected]