AS Tallinna Sadam audited Annual Report 2019. Postponement of dividend proposal and Annual General Meeting
The Supervisory Board of AS Tallinna Sadam (hereinafter: “Tallinna Sadam”) approved the audited annual report for 2019 presented by the Management Board. There are no differences in the audited financial results, compared to the 12-month unaudited financial results disclosed on 28 February 2020.
The consolidated annual report 2019 of Tallinna Sadam is enclosed to the announcement and is also available on the company’s webpage at: .
In 2019, the annual revenue was EUR 130.5 million and adjusted EBITDA amounted to EUR 74.3 million, both decreasing by 0.1% staying to the level of previous year. However, the profit for the year was an all-time record of EUR 44.4 million, exceeding the previous year's profit by EUR 20.0 million due to lower dividend income tax expenses. The Group's retained earnings as of 31.12.2019 were EUR 51.3 million.
The Group’s revenue was mainly influenced by the passenger record, the rapid development of the Muuga-Vuosaari line, the increase in dry bulk, the longer summer work period of the icebreaker Botnica in northern Canada and the revenue from the trips of the additional ferry on the Saaremaa route in summer. On the other hand, the results were pressured by fluctuations and general drop in liquid cargo volumes and regular docking of several passenger vessels at the beginning of the year.
Based on the aforesaid and the dividend policy approved by the General Meeting of Shareholders to pay a dividend of at least EUR 30 million in 2020 and at least 70% of the profits from 2021 and forward, upon approval of the annual report on 13 March 2020 the Management Board proposed to pay a dividend of EUR 0.151 per share in 2020, totaling EUR 39.7 million. Since the approval of the report, the COVID-19 pandemic has escalated involving great uncertainty about the duration of the crisis and the extent of its impact on Tallinna Sadam among others, and therefore the Management Board will formulate its position and publish a new dividend proposal coordinated with the Supervisory Board in early June at the latest.
Due to the COVID-19 pandemic and the established state of emergency, the Management Board also decided to postpone the Annual General Meeting previously announced to be held on 12 May 2020 to June. The new date of the general meeting and the notice of the general meeting together with the materials will be announced at the beginning of June at the latest.
Tallinna Sadam is one of the largest cargo- and passenger port complexes in the Baltic Sea region, which in 2019 serviced 10.64 million passengers and 19.9 million tons of cargo. In addition to passenger and freight services, Tallinna Sadam group also operates in shipping business via its subsidiaries – OÜ TS Laevad provides ferry services between the Estonian mainland and the largest islands, and OÜ TS Shipping charters its multifunctional vessel Botnica for icebreaking and construction services in Estonia and offshore projects abroad. Tallinna Sadam group is also a shareholder of an associate AS Green Marine, which provides waste management services.
Marko Raid
CFO, Member of the Management Board
Additional information:
Marju Zirel
Head of Investor Relations
AS Tallinna Sadam
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