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TSM1T - Tallinna Sadam AS News Story

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Sector
Industrials
Size
Mid Cap
Market Cap £451.9m
Enterprise Value £611.6m
Revenue £92.7m
Position in Universe 72nd / 795

Harju County Court started the proceedings on the claim filed by AS Tallink Grupp against AS Tallinna Sadam

Thu 15th April, 2021 7:44am
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Harju County Court stared the proceedings on the claim filed by AS Tallink
Grupp (hereinafter: „Tallink“) against AS Tallinna Sadam (hereinafter:
„Tallinna Sadam“) for partial reimbursement of the port dues of EUR 15.4
million (plus accrued interest) unduly received or, alternatively, for
compensation of damages. Tallink claims that Tallinna Sadam has imposed
unfairly high port dues in the Tallinn Old City Harbour for passenger vessels
sailing on international regular lines in the years 2017, 2018 and 2019; and
thereby abused its dominant position in the market.

In the opinion of Tallinna Sadam, the claim filed by Tallink for compensation
of allegedly unfair port dues is unreasonable and Tallinna Sadam intends to
stand up for the sustainability of the company and the interests of its
shareholders. Commentary on Tallink's stock exchange announcement of the claim
is presented in Tallinna Sadam’s 01.03.2021 announcement
(https://www.globenewswire.com/Tracker?data=k1XZdkuCjX-ekBc4P-EGsXyZNZsRbs45SYQhbi0ghjj5cqkKJC4jFlPD0uLnW-InzIz4eflQHqXLJtbGFtzr3V7tR2-pQr-NLhAULQarWas3SYaJCbkEpT0ME45m2x8dI0uZbbeEwf1IA1CTxE1Qwk30n1baqgIgPvyavJ2DO-8=).

The claim does not have a direct impact on the financial results of Tallinna
Sadam, as the management board of Tallinna Sadam considers the claim
unjustified and no reserve has been formed to cover the claim.

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

m.zirel@ts.ee
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