The supervisory board of Port of Tallinn approved the audited annual report for 2020 presented by the management board. There are no differences in the audited financial results, compared to the 12-month unaudited financial results disclosed on 26 February 2021.
In 2020, the annual revenue of Port of Tallinn group was EUR 107.4 million (–17.8%) and adjusted EBITDA amounted to EUR 58.4 million (–21.4%). Despite the pandemic, the profit for 2020 was EUR 28.5 million (–35.8%). Adjusted EBITDA margin decreased by 2.5 percentage points, but the volume of investments increased to EUR 37.1 million (+26%).
According to Valdo Kalm, Chairman of the Management Board of Port of Tallinn, the negative impact of the pandemic on the company’s financial results was particularly noticeable in the Passenger harbours segment, but the overall impact of the virus on the Group’s finances was smaller than feared and the year ended with a strong profit given the circumstances. „The year 2020 proved that the business strategy with diversified risks and the contribution to the four business directions is justified. In a situation where the business related to passengers decreased by almost half, we are able to meet the expectations of investors and continue with the promised dividend policy, i.e. pay at least 70% of the previous year’s profit for dividends,” explained Kalm.
Kalm says that the large drop in the number of passengers has been compensated by the highest cargo volume of the last five years, the sales revenue of passenger ferries and icebreaker Botnica, which have all remained at levels comparable to 2019. “The resulting stable cash flow and confidence in the recovery of the passenger business have also enabled us to continue investing in passenger services and infrastructure despite the crisis, especially in the Old City Harbour, where we have introduced innovative environmentally friendly solutions such as automatic mooring and on-shore power supply. This year, despite the slump in the passenger segment, several passenger service and real estate development projects in the Old City Harbour will be completed or continued, including the cruise terminal, the front square of the Terminal D and the pedestrian bridge of the Admiralty Canal,” added Kalm.
Based on the aforesaid and the dividend policy approved by the general meeting of shareholders to pay a dividend at least 70% of the profits from 2021 and forward, the management board, with the approval of the supervisory board, will propose to the general meeting of shareholders to pay a dividend of EUR 0.077 per share in 2021, totaling EUR 20.251 million.
Material dates related to the payment of dividends will be disclosed in the notice of the general meeting by the end of April the latest.
The consolidated annual report of Port of Tallinn Group for 2020 is attached to this announcement and is also available on the company’s website.