LHV Institutional Baltic Insight, May 11th, 2021
* Tallinna Sadam (TSM1T ET) recorded a somewhat steeper than anticipated decline in total revenues and profits for Q1 2021, compared to the same period last year, primarily driven by continuously depressed results of the passenger harbour segment (‘PAX segment’), strongly impacted by the COVID-19 pandemic related cross-border travel restrictions.* The quarterly vessel dues of TSM’s PAX and cargo harbours segments fell short of our estimates, but the results of the ferry segment and the icebreaker Botnica (under the segment ‘other’) were broadly in line with our projections. Please note that, in Q1 2020, the profitability of the cargo segment and the whole Group was improved by a EUR 1.4m one-off gain from the sale of assets used at the Paljassaare Harbour, where TSM has fully closed down its operations.
* Accordingly, on a comparable basis, the decline in core profits was much lower than the drop in reported figures. Overall, given the circumstances, we treat the reported set of numbers as neutral. Please also refer to the tables and charts in the attachment.
Tallinna Sadam AS is an Estonia-based company, which is involved managing and developing port infrastructure and organizing vessel traffic in the port basin. The Company reports three segments: Passenger harbors segment offers passengers transportation from Estonia to Sweden, Finland and Russia; Cargo harbors segment offers transportation of solid and liquid bulk goods, general cargo, as well as the container and rolling stock cargo, and Other segment includes ice-breaking services and various maritime support services. It holds five harbors: Old City, Saaremaa, Muuga, Paljassaare and Paldiski South. The Old City Harbor in the centre of Tallinn, together with the Old City Marina for small vessels and the Saaremaa Harbor, used mostly for receiving cruise liners, are focused on providing passenger port services. Muuga Harbor, Paldiski South Harbor, and the Paljassaare Harbor that services mostly ship repair companies, are focused on providing cargo port services.
LHV Bank is an independent pan-Baltic bank, based on Estonian capital. The company was founded in 1999 by two founders of Hansapank (today’s Swedbank in the Baltics) and has been offering a full range of investment services for 15 years. In May 2009, LHV received a credit institution licence allowing it to provide all banking services.
The head office is situated in Tallinn, Estonia. Cross-border services are offered in Vilnius, Lithuania and in Riga, Latvia. LHV provides brokerage (institutional and retail), asset management, banking and capital markets services. Compared to other banks, we are more innovative and have more solid experience in investment and entrepreneurship.
The Bank, together with the Group asset management company employs over 320 people. LHV Group shares are listed on Nasdaq Tallinn.
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