Results of 2023 Q3 and 9 months
10.11.2023
Main events in Q3 2023
- Growth in passenger volumes, fewer PAX and cruise ship calls
- Paldiski offshore windfarms quay cornerstone
- Ferry Regula additional trips in September
- Icebreaker Botnica 2023 summer charters Equinor, British Petroleum, Baffinland
- Changes in the management board of TS Shipping
- Crevex2023 evacuation exercise at Muuga
- Ministry of Climate the administrator of state shares
- Cruise terminal obtains the Green Key certificate
Main events in October-November 2023
- Increase in price and extension of term date of Paldiski offshore windfarm quay investment
- Supervisory board extended the CEO contract of Valdo Kalm for 3 years
- The winner of the A passenger terminal quarter architectural contest – joint work of Molumba and Mareld
- Pakrineeme harbour LNG quay operation contract with the Estonian Stockpiling Agency
- State announced procurement for ferry services of main islands for 2026-2033, bid date 01.02.2024
Trends in Q3 by business segments
- PASSENGERS continuing growth in PAX numbers (+3%), decrease in PAX vessel calls (-8%) and revenue (-17%). Fewer cruise calls and –passengers.
- CARGO decline in cargo volume (-33%), vessel calls (-1%) and revenue (-23%). EU sanctions to Russia and overall economic decline.
- FERRY revenue growth (+2%) from contract fee indexation.
- OTHER segment Botnica revenue declined (-17%), less charter days and three different summer charters, higher costs.
Passengers and PAX ship calls
2019-2023
Cargo volume
1156 320 1703 1503 874 525 508 469 4361 2920 371 367 0 200 400 600 800 1000 1200 0 1000 2000 3000 4000 5000 6000 2022 2023 Ship calls Thousand tons Q3 -33% 5,4 4,5 1,8 0 5 10 15 20 25 Million tons
7,6 9,1 8,8 5,2 1,3 5,6 6,5 6,9 4,9 4,4 4,7 2,9 1,6 1,8 1,9 2,1 1,4 19,9 21,3 22,4 17,8 9,5 1743 1637 1 654 1458 1066 0 1000 2000 3000 4000 5000 6000 2019 2020 2021 2022 2023 9M Liquid bulk Ro-ro Dry bulk Containers General cargo Cargo vessel calls
2019-2023
Ship calls
2019-2023
Icebreaker Botnica
Future outlook
- Austerity measures in personnel and maintenance costs
- Passenger business recovery continues
- The negative impact of geopolitics and recession on financial results
- New ro-ro and container lines
- Offshore windfarms base harbour development and maintenance fleet
- Preparation of the real estate business model
- Remotely controlled port operation (Pakrineeme)
Results of the Group Q3 and 9 months
| In thousands |
Q3 2023 |
Q3 2022 |
+/- |
9M 2023 |
9M 2022 |
+/- |
| Revenue |
31 426 |
36 325 |
-13,5% |
88 615 |
93 460 |
-5,2% |
Adjusted
EBITDA |
13 517 |
18 006 |
-24,9% |
38 797 |
46 877 |
-17,2% |
Adjusted
EBITDA margin |
43,0% |
49,6% |
-6,6 |
43,8% |
50,2% |
-6,4 |
| Operating profit |
7 449 |
11 843 |
-37,1% |
20 004 |
28 171 |
-29,0% |
| Income tax |
0 |
0 |
- |
-2 985 |
-4 111 |
-27,4% |
| Profit for the period |
5 964 |
11 708 |
-49,1% |
13 028 |
23 960 |
-45,6% |
| Investments |
4 752 |
3 458 |
37,4% |
10 899 |
12 424 |
-12,3% |
Results by business segments Q3 and 9 months
3,8 10,2 9,4 13,0 3,1 10,4 7,2 10,7 2,6 4,4 3,5 7,5 0,5 4,5 2,4 6,1 0 5 10 15 Other Ferry Cargo H Passenger H Adj. EBITDA 2023 Adj. EBITDA 2022
Q3 segments (mEUR)
Revenue 2023 Revenue 2022
9 months segments (mEUR)
Cash Flow and Financial Position
Cash flow statement
| In thousands |
9M 2023 |
9M 2022 |
+/– |
Cash from operating
activities |
34 011 |
43 226 |
–9 215 |
Cash used in investing
activities |
–9 430 |
–8 005 |
–1 425 |
| Free cash flow (FCF) |
24 581 |
35 221 |
–10 640 |
Cash from/used in
financing activities |
–31 056 |
–33 645 |
2 589 |
| NET CASH FLOW |
–6 475 |
1 576 |
–8 051 |
NET DEBT (at the end of
the period) |
142 103 |
159 515 |
–17 412 |
Financial position
Revenue generation
6,0 8,0 10,7 10,0 13,0 10,7 8,1 2023 MEUR Passenger harbours
EBITDA generation
2,5 3,6 6,3 5,7 7,5 6,1 19 15 05 10 15 20 25 2022 2023 MEUR
Passenger harbours
2,6 2,6 3,06 2 -238 13 18 23 2022 2023 MEUR Q1 Q2 Q3 Q4
Q&A session
Thank You!
www.ts.ee • Marju Zirel (Head of IR), [email protected]