Results of 2022 Q2
Webinar 10.08.2022
Presenters
Valdo Kalm CEO Chairman of the management board
Andrus Ait CFO Member of the management board
Q2 2022 main events
- Decision to build a new quay for wind farms in Paldiski South Harbour
- Record volume of ro-ro cargo in 6 months
- Termination of Worldwide Cargo Establishment's contractual penalty lawsuit
- Ferry Regula additional trips in summer 2022
- Voting of the general meeting resolutions, including new supervisory board
- Dividend payment 0.097 EUR per share (EUR 25.5M)
- MOU with Port of Gdynia (Poland) for development of using hydrogen solutions
Trends in Q2
by business segments
- PASSENGERS steep rise in PAX numbers (+219%) and revenue (+88%). Growth in rental fees.
- CARGO decline in volumes (-21%) but stable revenue. Change in the structure of cargo volumes – ro-ro passed liquid bulk. EU sanctions to Russia.
- FERRY revenue growth (+13%) from indexation and additional trips.
- OTHER segment MPSV Botnica revenue growth (+4%) from indexation and stable utilization rate (26%).
Passenger volume
Q2
6 months
Cargo volume
Q2
6 months
Shipping volumes
584 632 853 955 297 300 455 478 0 200 400 600 800 1000 1200 Q2 2021 Q2 2022 6M 2021 6M 2022 Thousand PAX/vehicles passengers vehicles
Ferries
MPSV Botnica
Future outlook by the end of 2022
- Passenger business recovery better than expected.
- Unpredicted impact from COVID-19 in autumn 2022.
- Impact on results from sanctions against Russia and Belarus milder than expected.
- Rising input costs energy, labor, services, etc.
Results of the Group
in Q2
| In thousands |
Q2 2022 |
Q2
2021 |
+/- |
6M 2022 |
6M 2021 |
+/- |
| Revenue |
30 364 |
24 260 |
25.2% |
57 135 |
49 248 |
16.0% |
| Adjusted EBITDA |
15 389 |
11 132 |
38.2% |
28 871 |
24 153 |
19.5% |
| Adjusted EBITDA margin |
50.7% |
45.9% |
4.8 |
50.5% |
49.0% |
1.5 |
| Operating profit |
9 111 |
5 218 |
74.6% |
16 328 |
12 439 |
31.3% |
| Income tax |
-4 111 |
-3 275 |
25.5% |
-4 111 |
-3 275 |
25.5% |
| Profit for the period |
5 061 |
1 657 |
205.4% |
12 252 |
8 501 |
44.1% |
| Investments |
4 269 |
4 290 |
-0.5% |
8 966 |
7 930 |
13.1% |
|
|
|
|
|
|
|
Results by business segments
in Q2
0,9 7,8 9,8 5,7 1,0 8,8 9,9 10,7 -0,2 3,4 5,4 2,5 0,1 3,9 5,1 6,3 -5 0 5 10 15 Other Ferry Cargo H Passenger H Adjusted EBITDA 2022 Adjusted EBITDA 2021 Revenue 2022 Revenue 2021
Q2 segments (mEUR)
6 months segments (mEUR)
Cash Flow and Financial Position
Cash Flow statement
| In thousands |
6M
2022 |
6M
2021 |
+/– |
Cash from operating
activities |
30 106 |
27 329 |
2 777 |
Cash used in investing
activities |
–4 591 |
–9 417 |
4 286 |
Free cash
flow
(FCF) |
25 515 |
17 912 |
7 603 |
Cash from/used in
financing activities |
–29 245 |
–24 200 |
–5 045 |
| NET CASH FLOW |
–3 730 |
–6 288 |
2 558 |
NET DEBT (at the end of
the period) |
168 821 |
187 806 |
–18 985 |
Financial position
Revenue generation
MEUR
6,8 7,4
2022
Q1 Q2 Q3 Q4
7,8 8,8
Ferry
25,0 26,8 24,3 30,4 2022 MEUR Total revenue
EBITDA generation
1,8 2,5 2,5 6,3 5,4 2022 MEUR Passenger harbours
13 15 2022 MEUR Total adj. EBITDA Q1 Q2 Q3 Q4
Cargo harbours
Q&A session
Thank You!
www.ts.ee • Marju Zirel (Head of IR), [email protected]