Company overview and latest results - Tallinn 15.08.2019 - Tallinna Sadam
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Company overview and latest results Tallinn 15.08.2019
How we operate
Limited liability company, 67% state-owned
Listed in Nasdaq Tallinn SE from 13.06.2018
As a landlord port, we own:
• Infrastructure in our 4 harbours:
o land, quays and sea approaches;
o superstructure provided by indipendent operators.
• 5 ferries and a multi-functional ice-breaker,
which we also operate
• Land for real estate development
in the Tallinn Old City Harbour
Group companies
AS Tallinna Sadam
Port services for passengers
and cargo
OÜ TS Laevad OÜ TS Shipping
100%
AS Green Marine
100% 51%
Ferry service to Saaremaa
Icebreaker Botnica charter Waste management
and Hiiumaa
Ice-breaker
Where we operate Botnica
FROM HARBOURS Tallinn
TO VESSEL OPERATIONS Muuga Harbour
Old City Harbour
Old City Marina
PaldiskiSouth Harbour
Ferry transfer to islands
Saaremaa
Harbour
MUUGA HARBOUR TERRITORY
AQUATORY
567 ha
682 ha
TOTAL LENGTH OF BERTHS 6,4 km
Estonia’s Biggest Cargo Harbour NUMBER OF BERTHS 29
MAX. DEPTH 18 m
MAX. LENGTH OF A VESSEL 300+ m
Containers, liquid bulk, solid bulk, general cargo, Ro-Ro
PALDISKI SOUTH HARBOUR Ro-Ro, general cargo,
solid bulk, liquid bulk
Port of Tallinn’s Second Biggest Cargo Harbour
TERRITORY 119 ha
AQUATORY 147 ha
TOTAL LENGTH OF BERTHS 1,85 km
NUMBER OF BERTHS 10
MAX. DEPTH 14,5 m
MAX. LENGTH OF A VESSEL 230 m
OLD CITY HARBOUR TERRITORY
AQUATORY
55.3 ha
94 ha
Estonia’s Biggest Tourism Gateway TOTAL LENGTH OF BERTHS 5 km
NUMBER OF BERTHS 24
MAX. DEPTH 10.7 m
MAX. LENGTH OF A VESSEL 340+ m
Passengers (ferries, cruises, yachts), Ro-Ro
CALLS PER YEAR (2018) - 348 Cruises PASSENGERS PER YEAR (2018) - 638 000
Business Fields
Passengers
Real Estate
10.6 m
passengers Cargo Shipping Muuga Industrial Park 76 ha
Paldiski Industrial Park 34 ha
5 ferries: Tallinn Old City Harbour real
20.6 m 2 m passengers & estate development 16 ha
tons 1 m vehicles;
Ice-breaker Botnica
Revenue Structure & Main Customers
Passenger harbours
Revenue 2018 Cargo harbours
Regular lines Cruise Terminal operators Shipping lines
38% 32%
(2)
7% 23%
Adj. EBITDA 2018
Other Ferries
Botnica Clients
32%
44%
Republic of Estonia 18% Republic of Estonia
6%Marine and logistics sector
Megatrends and vision
e-trade
MEGATRENDS VISION
Industry 4.0
Larger Unmanned vessels
vessels Logistics 5.0 Fully automated
terminals and
Cost efficiency multimodality
TEXT New TEXT
technologies Digital data
exchange
Digitalisation and
automation Competition Green port
Environmental Cooperation of Client experience
requirements logistic chainRevenue model
Passenger harbours
2018 Contribution
2018 Revenue Breakdown
Revenue
4%
Rental Income 38%
3% • Fixed lease income from operators using PoT’s land
3%
premises (commercial operators e.g. shops, restaurants)
Adjusted EBITDA
Cargo Charges
34% • Pre-agreed tariffs for ro-ro cargo carried on ROPAX 44%
vessels
Passenger Fees
• Passenger fees per passenger based on public price list Key Customers
Cruise
• Line and Cruise passenger fees are based on similar Regular Lines
model, but have different tariffs
Vessel Charges
55%
• Tonnage charges based on gross tonnage separately for
each call of the vessel based on public price list Cruise
• Waste fee based on vessel gross tonnage for each vessel
call, in case of passenger ships for one call per day
• Mooring charge based on the gross tonnage of the vesselRevenue model
Cargo harbours
2018 Contribution
2018 Revenue Breakdown
Revenue
32%
3%
Sales of Electricity
12% • Calculated based on the readings of customers electricity
meters Adjusted EBITDA
Rental Income 32%
22%
• Fixed lease income from operators using PoT’s land and
facilities
14% Cargo Charges
• Pre-agreed tariff based charges (volume x tariff = charge) Key Customers
Cruise
• Cargo charges agreed separately from operator to operator Terminal Operators
• Contractual penalties if terminal operators fail to handle pre-
agreed minimum amounts of cargo
50%
Vessel Charges
Shipping Lines
• Tonnage charges based on vessel gross tonnage
• Waste fee
• MooringRevenue model
Ferry business
2018 Contribution
Revenue
23%
Adjusted EBITDA
18%
Customer
State of EstoniaSmart Port solution
Logistics X-Road & Single Window
Opportunities: • Line traffic and cruise business development –
Muuga-Vuosaari line
Passengers • Asian clients
• Passenger terminals renovation
• Cruise terminal construction
• Smart Port and traffic management systems,
automooring
OLD CITY HARBOUR
Main tourism gate of EstoniaOpportunities: • North-South direction trade increase (incl. Rail Baltica)
•
Cargo •
Chinese silk road branch (e-trade, distribution center)
LNG and container goods market growth
• Conscious development of the competitiveness of freight
corridors passing through Estonia together with other
participants of the logistics chain
• Digitalisation of the logistics chain
MUUGA HARBOUR
Largest cargo harbour in EstoniaOpportunities: Shipping TS Laevad: • third ship on Saaremaa line (for summer) • improvement of service quality • effective operation TS Shipping: • MPSV Botnica summer charter
MPSV Botnica Subsidiary TS Shipping OÜ
Opportunities: Real Estate
• Execution of the Old City Harbour development plan Masterplan 2030+
• Starting detail plans and generating business models
• Improvement of Old City Harbour attractiveness as a tourism and main
marine gate, excellent service experience
• Development of the industrial parks and providing additional valueReal estate development In the Old City Harbour • Masterplan 2030 • MOU with Tallinn City • Total build-up area of 460,000 gross m2 above ground (including 160,000m2 extension possibility by land reclamation) • Detail plans are in the process of being initiated by the city
Trading of the share
First year on Nasdaq Tallinn SE
Share price (EUR)
2,20 1000
2,15
• Market capitalisation EUR 519 mln 14.08.19 2,10
950
2,05 900
2,00
850
1,95
• Listed since 13.06.18, 263 mln shares 1,90 800
09.18
06.18
07.18
08.18
10.18
11.18
12.18
01.19
02.19
03.19
04.19
05.19
06.19
07.19
08.19
TSM1T (L) OMXBBGI (R)
• Free float 33%, i.e. 86.7 million shares
Monthly volume and turnover
12 000 25
Millions
Thousands
• As at 14.08.2019 share price up 16%
10 000 20
8 000
15
6 000
10
compared to offer price. 4 000
2 000 5
Since listing max EUR 2.18, min EUR 1.91. 0 0
Volume (left) Turnover mEUR (right)Shareholder structure
12 500 shareholders
EST PF&IF
6% (6%) BALTIC funds
(LV, LT)
2% (2%)
TOP 5 shareholders:
EST retail
9% (7%)
1. Republic of Estonia 67.0%
2. JP Morgan Chase Bank 3.7%
3. EBRD 3.6%
State 4. SEB progressive PF 2.5%
67% (67%)
INT funds
5. LHV pension fund L 2.0%
16% (18%)
*as at 30.06.2019 compared to 12.06.2018 in bracketsDividend stock
Equity story
✓ Expectations of the State as the majority
Dividends paid (mEUR) shareholder for continuous stable dividends
120
105 ✓ Stable EBITDA and cashflow
100
80 DIVIDEND POLICY
60
48 • Min EUR 30M annually in 2019 and 2020
40 31 35 35 • starting 2021 at least 70% of net profit
20
Dividend paid in 2019 EUR 35,242M
0
2015 2016 2017 2018 2019 (EUR 0,134 per share)Successful year 2018 • IPO in May 2018 • Passengers: ✓ Record high cruise season ✓ 11th annual record in PAX numbers ✓ Smart Port solution completion ✓ Start of D terminal reconstruction ✓ Masterplan 2030, MOU with City of Tallinn
Successful year 2018
• Cargo:
✓ Liquid bulk growth in tight competition
✓ Oilseed factory cooperation agreement
✓ Paldiski LNG terminal MOU with Alexela
✓ LNG bunkering station in Muuga agreement
with Vopak
✓ HHLA - new owner of Muuga container
terminal
• Ferry: Additional ferry on Saaremaa line
• Other: Botnica agreement with BaffinlandLatest highlights In first half of 2019 • Vopak E.O.S. acquired by Liwathon • PAX vessels maintenance in Q1 decline in PAX, vessel calls and revenues • Additional ferry trips on Saaremaa line in summer • MPSV Botnica charter for summer in Baffin island • Dividend payment on 04.06.2019 (EUR 0.134 per share) • New RO-PAX ship on Muuga-Vuosaari line by Eckerö and start of PAX service by Eckerö and Tallink • New dry bulk and general cargo terminal in Muuga Harbour by PK Terminal
Cargo Volume
by cargo type
25,0
FY 2017-2018 12,0
6M 2018-2019
+7,4% 20,6 -0,8%
10,1 10,0
20,0 19,2 0,6 10,0 0,3 0,4
0,6 1,9 1,0 0,9
1,9
3,9 8,0 1,8 2,0
15,0
4,1
Million tons
Million tons
6,0
5,3 2,7
2,7
10,0 5,1
4,0
5,0 4,3
8,8 2,0 4,0
7,4
0,0
0,0
2018 6M 2019 6M
2017 2018
Liquid bulk Ro-Ro Dry bulk Containers General cargoNumber of Passengers
by routes
12000 6000
FY 2017-2018 +0,6% 6M 2018-2019
10 560 10 619 -2,7%
10000 566 100 638 90
5000
4827
4697
1013 1009 85 244 34
83 241 43
491 416
31 28
8000 4000
Thousand PAX
Thousand PAX
6000 3000
2 2
8798 8797
4000 2000 4026 3968
2000 1000
0 0
2017 2018 6M 2018 6M 2019
Tallinn-Helsinki Tallinn-Stockholm Tallinn-St.Petersburg Cruise (traditional) OtherResults of the Group In thousands 2017 2018 +/- 6M 2018 6M 2019 +/- Revenue 121 295 130 635 7.7% 62 166 61 350 -1.3% Adjusted EBITDA 66 521 74 380 11.8% 35 695 35 706 0.0% Adjusted EBITDA margin 54.8% 56.9% 2.1 57.4% 58.2% 0.8 Operating profit 40 317 52 075 29.2% 24 950 24 731 -0.9% Income tax -11 955 -26 199 119.1% -26 250 -5 764 -78.0% Profit/loss for the period 26 425 24 423 -7.6% -2 256 18 199 906.7% Investments 36 847 14 251 -60.2% 5 190 11 070 113.3%
Cash Flow and Financial Position
Cash Flow statement Financial position
700
In thousands 2018 6M 2019
600
Cash from operating activities 57 113 31 484 500
368 351
Cash used in investing 400
-12 325 -10 159
activities 573 572
300
Free cash flow (FCF) 44 788 21 325 42 48
200
Cash from/used in financing
-9 179 -39 250 100 214 210
activities 8
12
43 25
0
NET CASH FLOW 35 609 -17 925 31.12.18 31.12.18 30.06.19 30.06.19
Cash Other current assetes
NET DEBT (at the end of the period) 171 049 185 591 Non-current assets Debt
Other liabilities EquityResults
on segment level (in million EUR)
FY 2017-2018 6 months 2018-2019
49,9 Passenger H 22,3
Passenger H
49,9 23,1
41,7 Cargo H 20,0
Cargo H
39,8 20,5
Ferry 30,1 Ferry 14,8
27,1 14,4
Other 8,9 Other 4,3
4,6 4,2
0 10 20 30 40 50 60 0 5 10 15 20 25
Revenue 2018 Revenue 2017 Revenue 2019 Revenue 2018
Adjusted EBITDA 2018 Adjusted EBITDA 2017 Adjusted EBITDA 2019 Adjusted EBITDA 2018Questions?
Thank
You!
IR related questions:
Marju Zirel
Head of Investor Relations
m.zirel@ts.ee
portoftallinn.com • investor.ts.eeYou can also read
