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TSM1T - Tallinna Sadam AS News Story

€1.95 0.0  0.1%

Last Trade - 17/09/21

Mid Cap
Market Cap £436.7m
Enterprise Value £596.9m
Revenue £90.7m
Position in Universe 74th / 794

AS Tallinna Sadam operational volumes for 2021 Q2

Fri 9th July, 2021 7:00am
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In 2021 Q2, 5.9 million tonnes of cargo and 596 thousand passengers passed
through the harbours of Tallinna Sadam. Compared to the same period of
previous year, the cargo volume increased by 9% and the number of passengers
by 12%. The number of vessel calls grew by 14% to 1836 calls. The number of
passengers travelling between the Estonian mainland and the main islands
increased by 55% and the number of vehicles by 51%; and the number of charter
days of the icebreaker Botnica stayed at the same level as in the previous,
utility rate of the vessel was 26%.

According to Marko Raid, CFO and the member of the management board of
Tallinna Sadam, the total cargo volume showed strong growth again, which was
mainly supported by dry bulk and ro-ro cargo. "The growth of dry bulk was
mainly brought about by the handling of fertilizers and grain. The volume of
ro-ro cargo continued to grow due to the increase in the number and frequency
of liner vessel calls, primarily on the Muuga-Vuosaari route and due to the
growth in demand of road transport. At the same time, the previous year's
cargo volume base was somewhat lower than usual due to the negative effects of
the onset of the pandemic on production and supply chains,” noted Raid.

The volume of liquid bulk as the largest cargo type decreased slightly in Q2
and six months; general market trends did not change significantly in the
second quarter. "A large part of the region's liquid cargo passes through
Russia's own ports, and for the rest we are in close competition with many
other ports. The volume of container cargo increased in both tons and
container units despite major disruptions in the global supply chains of
container flows and a significant increase in the price of container
transport," said Raid.

The number of passengers increased by 12% in the second quarter but decreased
by 54% in the first half of the year due to the continuing movement
restrictions related to the COVID-19 pandemic and a reduction in people's
confidence and travel due to the instable situation. Compared to the previous
year, the number of passengers was higher in May and April, but again
significantly lower in June. In 2020, the Finnish-Estonian border was opened
to tourists without restrictions already in the middle of June, but this year
the restrictions on labor migration were applied by Finland until 7 June and
the border was opened to tourists on 21 June, but with significant
restrictions. "However, we are more optimistic about the summer months of the
third quarter, as the Tallinn-Stockholm route will be reopened today and the
first cruise ship visits have already taken place, to which we expect addition
as the cruise season continues," Raid explained.

The volumes of passenger ferries show that people travelled significantly more
to the Estonian islands this year than before - partly because no domestic
movement restrictions similar to 2020 were imposed. The icebreaker Botnica
continued on the same course as last year and left for Canada at the end of
June for summer work near Baffin Island.

The operational volumes of Tallinna Sadam group for 2021 Q2 and 6 months:

                                            Q2 2021  Q2 2020  Change  6M 2021  6M 2020  Change   
 Cargo volume by type of cargo (th tonnes)  5 893    5 421    8,7%    11 168   10 235   9,1%     
 Liquid bulk                                2 352    2 555    -7,9%   4 420    4 716    -6,3%    
 Ro-ro                                      1 677    1 349    24,4%   3 219    2 682    20,0%    
 Dry bulk                                   1 259    947      33,0%   2 361    1 714    37,8%    
 Containers                                 483      432      12,0%   926      888      4,2%     
 in TEUs                                    57 826   53 956   7,2%    109 932  104 465  5,2%     
 General cargo                              120      137      -12,3%  242      234      3,5%     
 Non-marine                                 0        2        -       0        2        -        
 Number of passengers by routes (th)        596      531      12,3%   969      2 083    -53,5%   
 Tallinn-Helsinki                           545      489      11,4%   878      1 883    -53,4%   
 Tallinn-Stockholm                          0        0        -       0        136      -100,0%  
 Muuga-Vuosaari                             32       28       12,8%   62       43       42,1%    
 Tallinn-St.Petersburg                      0        0        -       0        0        -        
 Cruise (traditional)                       0        0        -       0        0        -        
 Other                                      20       13       46,0%   29       20       44,7%    
 Number of vessel calls by vessel type      1 836    1 612    13,9%   3 514    3 197    9,9%     
 Cargo vessels                              436      440      -0,9%   795      817      -2,7%    
 Passenger vessels (incl. Ro-Pax)           1 400    1 172    19,5%   2 719    2 380    14,2%    
 Cruise vessels (traditional)               0        0        -       0        0        -        
 Ferries* (Saaremaa and Hiiumaa lines)                                                           
 Passengers (th)                            584      377      54,7%   853      681      25,3%    
 Vehicles (th)                              297      197      50,8%   455      351      29,5%    
 Icebreaker Botnica                                                                              
 Charter days                               24       24       0,0%    114      115      -0,9%    
 Utility rate (%)                           26%      26%      0       63%      63%      0        

*Ferry traffic volumes show the general demand for the service, but do not
directly affect the financial results of the ferry segment, as the fee is
fixed in the service contract regardless of the number of passengers and
vehicles served.

More detailed statistics of passengers by nationality, gender and routes on
monthly basis, can be viewed on the Tallinna Sadam web page:
https://www.ts.ee/en/statistics/. We now also publish quarterly key figures in
xlsx format: https://www.ts.ee/en/investor/key-figures/

Tallinna Sadam is one of the largest cargo- and passenger port complexes in
the Baltic Sea region, which serves annually 10 million passengers and 20
million tons of cargo in average. 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. The group’s sales in 2020 totalled EUR 107.4 million, adjusted
EBITDA EUR 58.4 million and profit EUR 28.5 million.

Additional information:

Marju Zirel
Head of Investor Relations
Tel. +372 5342 6591


*     Tallinna Sadam KPI Q2 2021 ENG
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