Port of Tallinn six-month loss totals €2.3 million due to dividends

A cruise ship docked at the Port of Tallinn. Source: Siim Lõvi/ERR

The sales, cargo volumes handled, and number of passengers served by listed Estonian port company AS Tallinna Sadam (Port of Tallinn) grew in both the second quarter and first half of 2018, but its net loss totalled €2.3 million due to the income tax expense on a record high dividend amount.

In the second quarter of 2018, the port company's net loss totalled €14.1 million, while the net loss for the first half of the year totalled €2.3 million, due primarily to the anticipated income tax expense on the record high dividend amount, the company told Tallinn Stock Exchange (TSE).

The group's sales, meanwhile, increased by 3.4% to €32.8 million in the second quarter, and by 1.1% to €62.1 million in the first half of the year.

The adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) grew €660,000 in the second quarter due to an additional ferry. In the first half of the year, the adjusted EBITDA fell by €1 million as a result of sales declining compared to 2017, when sales included penalty fee payments due to new ferries being delivered to the company late.

"The loss in the second quarter and first half of the year was caused by the impact of the anticipated income tax expense on the record high dividend amount of €105 million, which was announced in April 2018," Port of Tallinn CEO Valdo Kalm said. "Based on the management's estimates, the group will achieve the profit target set for 2018 and will be capable of paying dividends in 2019 in accordance with the set dividend policy, that is, at least €30 million."

In the first six months of 2018, a total of 10.1 million tonnes of freight and 4.8 million passengers passed through Port of Tallinn ports, including 5.1 million tonnes of freight and 2.9 million passengers in the second quarter. Compared to the same periods last year, freight carriage increased 1.4% in the first six months of the year and 2.5% in the second quarter, while passenger numbers increased 0.2% in both periods.

The Port of Tallinn is the owner of Estonia's largest complex of passenger and freight harbours. The group consists of a parent company of the same name as well as the subsidiaries TS Laevad OÜ and TS Shipping OÜ.

The company's initial public offering (IPO) took place on 13 July, when offer shares were priced at €1.70 per share.

Editor: Aili Vahtla

Source: BNS

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