Tallinna Sadam

Earnings Release • Aug 10, 2021

Results of 2021 Q2 and 6 months

Webinar 10.08.2021

Presenters

Valdo Kalm CEO Chairman of the Management Board

Marko Raid CFO Member of the Management Board

Q2 2021 main events (1/2)

• Record volume of ro-ro and 10 year record of dry bulk cargo
• The state decided to change the financing of the construction of a new ferry
• Additional trips by the ferry Regula in summer 2021
• Voting on the resolutions of the annual general meeting on 18 – 24 May 2021
• Dividend payment on 10.06.2021 EUR 0,077 per share, 20,251 mEUR in total (71% of 2020 profit)

Q2 2021 main events (2/2)

• Extension of Margus Vihman's authorities as a management board member of AS Tallinna Sadam
• Silver level in Estonian Responsible Business Forum's Corporate Social Responsibility Index, both Tallinna Sadam and TS Laevad
• Stricter environmental measures adopted for vessels
• TS Laevad served the 10 millionth passenger since the start of service in 2016

Trends in Q2

by business segments

• PASSENGERS growth in PAX numbers (+12%) and revenue (+23%) but still at a low level. No cruise, some lines closed
• CARGO growth in volumes (+9%); and revenue (+4%) coming from dry bulk and ro-ro
• FERRY– stable revenue
• OTHER segment stable revenue and utilization rate of MPSV Botnica

COVID-19 main impacts

• Passenger H: strong downturn from March 2020, reopening of cruise season and Tallinn-Stockholm line in July 2021. Opening of new cruise terminal. Temporary restrictions for passenger movement, ro-ro cargo keeps ROPAX vessels moving
• Cargo H: Continuous growth in volume, especially ro-ro and dry bulk
• Ferry: no significant financial impact
• Other: no significant impact for Botnica. Drop in Green Marine profitability, in 2021 partial recovery

Investments continue. Cooperation with institutions and partners, safeguard of employees. Motivating the vaccination of passengers.

Passenger volume

Cargo volume

6 months

Shipping volumes

377 584 681 853 197 297 351 455 0 100 200 300 400 500 600 700 800 900 Q2 2020 Q2 2021 6M 2020 6M 2021 Thousand PAX/vehicles passengers vehicles

Ferries

MPSV Botnica

Results of the Group

in Q2

In thousands	Q2 2021	Q2 2020	+/-	6M 2021	6M 2020	+/-
Revenue	24 260	22 399	8.3%	49 248	50 289	-2.1%
Adjusted EBITDA	11 132	10 222	8.9%	24 153	26 394	-8.5%
Adjusted EBITDA margin	45.9%	45.6%	0.3	49.0%	52.5%	-3.5
Operating profit	5 218	4 598	13.5%	12 439	15 113	-17.7%
Income tax	-3 275	-4 913	-33.3%	-3 275	-4 913	-33.3%
Profit/loss for the period	1 657	-831	-299.4%	8 501	9 151	-7.1%
Investments	4 290	8 625	-50.3%	7 930	17 382	-54.4%

Results by business segments

in Q2

6 months segments (mEUR)

Cash Flow and Financial Position

Cash Flow statement

In thousands	6M 2021	6M 2020	+/–
Cash from operating activities	27 329	26 610	719
Cash used in investing activities	–9 417	–13 257	–3 840
Free cash flow (FCF)	17 912	13 353	4 559
Cash from/used in financing activities	–24 200	–4 205	19 995
NET CASH FLOW	-6 288	9 148	–15 436
NET DEBT (at the end of the period)	187 806	160 132	27 674

Financial position

Revenue generation

7,0 6,8 7,4 7,8

Ferry

2020 2021

Q1 Q2 Q3 Q4

15

8,3

0

10

20

MEUR

30

40

6,9

30

EBITDA generation

4,0 1,8 1,8 2,5 6,8 2,5 15 4 05 10 15 20 2020 2021 MEUR Passenger harbours

6,7 5,6 5,2 5,4 7,0 6,4 25 11 0 10 20 30 2020 2021 MEUR Cargo harbours

Q&A session

Thank You!

www.ts.ee • Marju Zirel (Head of IR), m.zirel@ts.ee