Last update: 27.11.2024 18:40 (GMT+2)
TALLINNA SADAM STOCK EXCHANGE RELEASE 28.02.2005
AS TALLINNA SADAM (PORT OF TALLINN) ECONOMIC RESULTS 2004, UNAUDITED
SUMMARY OF PERFORMANCE RESULTS
During the second half of 2004 18.07 million tons of cargo passed through the
harbours of the Port of Tallinn, which is 0.9 million tons (or 5.2%) more than
in the same period of 2003. The total cargo volume passing through the
harbours of the Port of Tallinn in 2004 was 37.42 million tons, which is 2.5
million tons (or 7.2%) more than in the year 2003. The total cargo volume of
bigger Baltic Sea east coast ports in 2004 was 299 million tons, a growth of
17.8%. Thus, the growth of cargo volume in the Port of Tallinn fell below the
overall market growth in the region and that was primarily due to the powerful
start of Russian new port projects.
During the second half of 2004, 3.94 million passengers passed through the
harbours of the Port of Tallinn, which is 0.67 million passengers (or 20.6%)
more than in the same period of 2003. The total number of passengers passing
through the harbours of the Port of Tallinn in 2004 was 6.74 million, which is
0.88 million (or 14.9%) more than in the year 2003.
The consolidated sales revenue of the Port of Tallinn for the second half of
2004 was EEK 511 million (EUR 32.6 million), which is EEK 49 million (EUR 3.1
million) more than the sales revenue for the same period last year. The total
sales revenue for 2004 was EEK 1 062 million (EUR 67.9 million), an increase
of 10.5%. The increase in sales revenue was primarily due to increase in port
dues and passenger dues, which grew by EEK 47 million (EUR 3.0 million or 9%)
and EEK 35 million (EUR 2.2 million or 38%) respectively.
The consolidated operating expenses (excl. other expenses) for the second half
of 2004 comprised EEK 286 million (EUR 18.2 million), a decrease of EEK 10
million (EUR 0.7 million) compared to the same period of 2003. The total
operating expenses for 2004 were EEK 523 million (EUR 33.4 million), a
decrease of EEK 34 million (EUR 2.1 million). The decrease in operating
expenses was mainly due to decreases in depreciation, sponsorship and
marketing expenses, salaries, representation expenses and other operating
expenses.
The consolidated net profit for the second half of 2004 was EEK 99 million
(EUR 6.3 million), which was EEK 58 million (EUR 3.7 million) less than for
the same period of 2003 – primarily due to an increase in dividend income tax
expense in the second half of 2004. The total net profit for 2004 was EEK 398
million (EUR 25.4 million), an increase of EEK 167 million (EUR 10.7 million).
The increase in net profit was primarily due to increased sales revenue and
decreased operating expenses, the effect of which was somewhat decreased by an
increase in interest expenses due to increased borrowings. In addition, the
expenses incurred by the Port of Tallinn for the financing of ice-breaking
works by the Estonian Maritime Administration in the amount of EEK 119.3
million (EUR 7.6 million) shown as other expenses, decreased the net profit
for 2003.
During the second half of 2004 a total investments into fixed assets in the
amount of EEK 313 million (EUR 20.0 million) and during 2004 EEK 1.04 billion
(EUR 66.6 million) were made. Majority of the investments were related to
construction of new quays with supplementary infrastructure in Muuga Harbour
and Paldiski South Harbour. In Muuga Harbour the biggest projects were the
construction of a coal terminal, a quay for container ships, railways and
viaducts. In Paldiski South Harbour new land area for port expansion was
purchased, reconstruction of quay no.6 and dredging of port aquatory was
performed.
On 21 January 2005, the Supervisory Board of Port of Tallinn resolved to
establish a subsidiary with the share capital of EEK 49 thousand (EUR 2.56
thousand). The subsidiary shall provide heat and water, sewage supply and
operate respective infrastructure.
BALANCE SHEET, in thousands, unaudited
EEK EEK EUR EUR
ASSETS 31.12.04 31.12. 03 31.12.04 31.12.03
CURRENT ASSETS
Cash and bank 99 409 155 516 6 353 9 939
Shares and other 0 10 041 0 642
securities (at fair
value)
Customer receivables 87 971 83 719 5 622 5 351
Other receivables and 13 777 73 933 881 4 725
prepayments
Inventories 1 333 2 354 85 150
Total current assets 202 490 325 563 12 941 20 807
NON-CURRENT ASSETS
Other shares and 2 855 4 655 182 298
securities (at cost)
Other long-term 10 955 14 763 700 944
receivables
Tangible fixed assets 5 380 873 4 563 763 343 900 291 678
Total non-current 5 394 683 4 583 181 344 783 292 919
assets
TOTAL ASSETS 5 597 173 4 908 744 357 725 313 726
LIABILITIES
Current liabilities
Current portion of 69 540 0 4 444 0
long-term debt
Supplier payables 85 090 207 860 5 438 13 285
Taxes payable 8 429 21 041 539 1 345
Payables to 0 100 000 0 6 391
shareholders
Short-term provisions 2 084 1 222 133 78
Other payables 59 426 39 268 3 798 2 510
Total current 224 569 369 391 14 353 23 608
liabilities
Non-current
liabilities
Long-term borrowings 1 391 714 725 866 88 947 46 391
Long-term provisions 2 778 3 426 178 219
Government grant 458 0 29 0
Other long-term 3 384 17 997 216 1 150
liabilities
Total non-current 1 398 334 747 289 89 370 47 760
liabilities
Total liabilities 1 622 903 1 116 680 103 722 71 369
OWNERS’ EQUITY
Share capital at 2 750 000 2 650 000 175 757 169 366
nominal value
Statutory reserve 265 000 262 111 16 937 16 752
Hedging reserve -11 918 0 -762 0
Retained earnings 571 584 647 206 36 531 41 364
Profit for the year 398 209 230 787 25 450 14 750
Capital and reserves 3 972 875 3 790 104 253 913 242 232
attributable the
Company’s equity
holders
Minority interest 1 395 1 960 89 125
OWNERS’ EQUITY 3 974 270 3 792 064 254 002 242 357
TOTAL LIABILITIES AND 5 597 173 4 908 744 357 725 313 726
OWNERS’ EQUITY
INCOME STATEMENT, in thousands of EEK, unaudited
01.07.04- 01.07.03-
2004 2003 31.12.04 31.12.03
Sales revenue 1 061 822 960 560 510 748 462 039
Other income 13 356 20 249 11 361 6 439
Operating expenses -230 135 -253 480 -124 176 -132 874
Personnel expenses -141 545 -145 733 -84 226 -83 431
Depreciation and -151 257 -157 350 -77 102 -79 391
impairment
Other expenses -13 306 -138 829 -11 109 -9 343
OPERATING PROFIT 538 935 285 417 225 496 163 439
Financial income and
expenses
Interest expense -34 002 -8 405 -19 875 -6 683
Other financial income -647 2 153 43 2 070
and expenses
Total financial income -34 649 -6 252 -19 832 -4 613
and expenses
Profit from ordinary 504 286 279 165 205 664 158 826
activities
Income tax -106 642 -48 378 -106 642 -1 402
NET PROFIT FOR THE 397 644 230 787 99 022 157 424
PERIOD
Attributable to:
Equity holders
of the Company 398 209 230 787 99 297 157 424
Minority interest -565 0 -275 0
INCOME STATEMENT, in thousands of EUR, unaudited
01.07.04- 01.07.03-
2004 2003 31.12.04 31.12.03
Sales revenue 67 863 61 391 32 643 29 530
Other income 854 1 294 726 412
Operating expenses -14 708 -16 200 -7 936 -8 492
Personnel expenses -9 046 -9 314 -5 383 -5 332
Depreciation and -9 667 -10 056 -4 928 -5 074
impairment
Other expenses -850 -8 873 -710 -597
OPERATING PROFIT 34 444 18 241 14 412 10 446
Financial income and
expenses
Interest expense -2 173 -537 -1 270 -427
Other financial income -41 138 3 132
and expenses
Total financial income -2 214 -400 -1 267 -295
and expenses
Profit from ordinary 32 230 17 842 13 144 10 151
activities
Income tax -6 816 -3 092 -6 816 -90
NET PROFIT FOR THE 25 414 14 750 6 329 10 061
PERIOD
Attributable to:
Equity holders
of the Company 25 450 14 750 6 346 10 061
Minority interest -36 0 -18 0
Earnings per share have been disclosed in Unaudited intermediary financial
statements for 2004, Note 5.
Erik Sakkov
Marketing Director
+372 631 8067
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