AS Tallinna Sadam posts unaudited financial results for 2022
In 2022, revenue increased to 121.7 million euros (+11%), adjusted EBITDA to 55.8 million euros (+3.3%) and profit was 25.6 million euros (–0.1%). The adjusted EBITDA margin decreased by 3.2 percentage points; the volume of investments was 13.9 million euros (–5.9%), according to the company's release.
Last year’s results were most affected by lifting of restrictions related to the pandemic, which boosted the activity of passenger ports, and the start of the Russian-Ukraine operation and sanctions, which led to a decrease in cargo harbours’ volumes. The number of passengers increased by 98% to 7.0 million passengers, but the cargo volume decreased by 20.7% to 17.8 million tons. At the same time, the number of vessel calls was relatively stable, decreasing by only 3% to 7130 visits. High energy prices, rising service prices and wage pressures increased operating costs.
In the fourth quarter, revenue was 28.2 million euros (–1%), adjusted EBITDA was 8.9 million euros (–30%) and profit was 1.6 million euros (–75%). The decline was influenced by the reduced number of vessel calls, the lowering of vessel dues in passenger harbours, the drop in cargo volumes resulting from sanctions and the shorter charter period of Botnica. The ferry segment showed an increase in both revenue and profit margin due to the effect of fee indexation.
