Results of 2021 Q4 and 12 months
Webinar 28.02.2022
Presenters
Marju Zirel
Valdo Kalm CEO Chairman of the Management Board
Andrus Ait CFO Member of the Management Board
Head of Investor Relations
Main events business in 2021
- Record cargo volume of last 6 years
- Extension of Katoen Natie terminal in Muuga
- HHLA new container cranes at the Muuga harbour
- MPSV Botnica 10-year agreement with the state (20.12.2022–20.04.2032)
- Ferry Tõll incident in July
Main events business in 2021
- Cruise returning and Stockholm line reopened
- Opening of cruise terminal and promenade
- Opening of the Admiral Bridge
- Opening of parking house of passenger terminal D
- Dispute with Tallink over port dues. Compromise agreement reached in Q1 2022
- Changes in the Management Boards CCO Margus Vihman and TS Laevad member of MB Guldar Kivro authorities extended. CFO Marko Raid left the company
Main events CSR in 2021
- Transition to green electricity consumption
- Stricter environmental measures adopted for vessels
- Automated mooring service in the Old City Harbour started in December
- Ships at 5 quays connected to OPS
- Started reporting on CDP (Carbon Disclosure Project) platform
- GHG reduction -10% compared to 2020
Recognitions 2021
- Nasdaq Baltic Awards 2021 Investor Relations of the Year
- Silver level in Estonian Responsible Business Forum's Corporate Social Responsibility Index, both Tallinna Sadam and TS Laevad
- Cruise terminal and promenade was awarded as grand prix of architecture award, "Tallinn Development Project 2021", and was nominent of "Tourist attraction of the year"
- Admiral bridge was awarded as "Structure of the Year"
- Special award for environmental management in the category of environmentally friendly company of the year (by the Ministry of Environment)
Trends in Q4
by business segments
- PASSENGERS steep rise in PAX numbers (+93%) and revenue (+36%). Travel restrictions lifted
- CARGO decline in volumes (-19%); and revenue (-2%) coming mainly from liquid bulk and dry bulk. Impact by high energy prices. Decline in profitability
- FERRY revenue growth (+7%), but lower profitability – high energy prices and planned repair works
- OTHER segment revenue growth (+45%) due to higher utilization rate of MPSV Botnica
Passenger volume
Q4
Cargo volume
Q4
Shipping volumes
Ferries
MPSV Botnica
Future outlook Affecting factors
- Continuing COVID-19 (impact on passenger business)
- Sanctions against Russia
- Sanctions against Belarus cargo
- Energy prices and climate change action
Results of the Group
in Q4
| In thousands |
Q4 2021 |
Q4
2020 |
+/- |
2021 |
2020 |
+/- |
| Revenue |
28 540 |
25 303 |
12.8% |
110 051 |
107 358 |
2.5% |
| Adjusted EBITDA |
12 813 |
12 121 |
5.7% |
54 046 |
58 423 |
-7.5% |
| Adjusted EBITDA margin |
44.9% |
47.9% |
-3.0 |
49.1% |
54.4% |
-5.3 |
| Operating profit |
6 649 |
6 257 |
6.3% |
29 758 |
35 562 |
-16.3% |
| Income tax |
0 |
0 |
- |
-3 275 |
-4 913 |
-33.3% |
| Profit for the period |
6 534 |
5 723 |
14.2% |
25 612 |
28 518 |
-10.2% |
| Investments |
4 502 |
8 212 |
-45.2% |
14 718 |
37 138 |
-60.4% |
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Results by business segments
in Q4
Q4 segments (mEUR)
Cash Flow and Financial Position
Cash Flow statement
| In thousands |
2021 |
2020 |
+/– |
Cash from operating
activities |
50 162 |
49 516 |
646 |
Cash used in investing
activities |
–12 191 |
–30 033 |
17 842 |
Free cash
flow
(FCF) |
37 971 |
19 483 |
18 488 |
Cash from/used in
financing activities |
–29 810 |
–27 987 |
–1 823 |
| NET CASH FLOW |
8 161 |
–8 504 |
16 665 |
NET DEBT (at the end of
the period) |
168 474 |
184 901 |
–16 427 |
Financial position
Revenue generation
Passenger harbours
Total revenue
EBITDA generation
4,0 1,8 1,8 2,5 6,8 15 14 05 10 15 20 2020 2021 MEUR
Passenger harbours
3,2 3,0 3,5 3,4 4,3 3,7 14 13 05 10 15 20 2020 2021 MEUR Ferry Q1 Q2 Q3 Q4
Other
Q&A session
Thank You!
www.ts.ee • Marju Zirel (Head of IR), [email protected]