The unaudited interim reports of AS Tallinna Sadam published for the quarters of 2017 and of previous years have not been prepared in accordance with IAS 34 „Interim Financial Reporting“ standard and do not reflect new and amended IFRS standards (incl. IFRS 15 „Revenue from contracts with customers“ and IFRS 9 „Financial instruments“), which are since 2017 early adopted by the company. In order to achieve greater transparency, the company also discloses the quarterly income statement for 2017 prepared in accordance with the renewed IFRS standards.
| in thousands EUR | Q1 | Q2 | Q3 | Q4 | 2017 TOTAL |
| Revenue | 29 849 | 31 662 | 32 694 | 27 090 | 121 295 |
| Other income | 3 898 | 238 | 441 | 231 | 4 808 |
| Operating expenses | -10 163 | -9 948 | -11 582 | -9 348 | -41 041 |
| Personnel expenses | -4 057 | -4 483 | -4 455 | -4 962 | -17 957 |
| Depreciation, amortization and impairment | -4 550 | -5 176 | -5 307 | -11 397 | -26 430 |
| Other expenses | -251 | -39 | -33 | -35 | -358 |
| Operating profit | 14 726 | 12 254 | 11 758 | 1 579 | 40 317 |
| Finance income and costs | |||||
| Finance income | 4 | 14 | 4 | 11 | 33 |
| Finance costs | -475 | -613 | -611 | -619 | -2 318 |
| Finance costs - net | -471 | -599 | -607 | -608 | -2 285 |
| Profit/loss from investments in joint venture under equity method of accounting | 51 | 25 | 296 | -24 | 348 |
| Profit before income tax | 14 306 | 11 680 | 11 447 | 947 | 38 380 |
| Income tax expense | 0 | -12 000 | 0 | 45 | -11 955 |
| Profit for the period | 14 306 | -320 | 11 447 | 992 | 26 425 |
Both, the quarterly results presented in the table above as well as in the disclosed interim reports for 2017 are unaudited. Detailed information on the impact of the application of the new IFRS standards on the financial results of 2017 has been disclosed in the Consolidated Annual Report for 2017 of AS Tallinna Sadam. Annual reports, interim reports and quarterly key figures are published on the company’s web page dedicated to investors: https://investor.ts.ee/en/.
Tallinna Sadam is one of the largest cargo- and passenger port complexes in the Baltic Sea region, which in 2017 serviced 10.6 million passengers and 19.2 million tons of cargo. 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 m/v Botnica for icebreaking and construction services in Estonia and offshore projects abroad. Tallinna Sadam group is also a shareholder of a joint venture AS Green Marine, which provides waste management services. Tallinna Sadam group's sales in 2017 totaled EUR 121.3 million, adjusted EBITDA EUR 66.5 million and net profit EUR 26.4 million.
Additional information:
Marju Zirel
Head of Investor Relations
AS Tallinna Sadam
m.zirel@ts.ee