Company overview and la late test results Tallin allinn 15 - - PowerPoint PPT Presentation

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Company overview and la late test results Tallin allinn 15 - - PowerPoint PPT Presentation

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Company overview and la late test results Tallin allinn 15 15.08.2019 How we operate Limited liability company, 67% state-owned Listed in Nasdaq Tallinn SE from 13.06.2018 As a landlord port , we own: Infrastructure in our 4 harbours: o

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SLIDE 1

Company overview and la late test results

Tallin allinn 15 15.08.2019

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SLIDE 2

How we operate

Limited liability company, 67% state-owned Listed in Nasdaq Tallinn SE from 13.06.2018 As a landlord port, we own:

  • Infrastructure in our 4 harbours:
  • land, quays and sea approaches;
  • superstructure provided by indipendent operators.
  • 5 ferries and a multi-functional ice-breaker,

which we also operate

  • Land for real estate development

in the Tallinn Old City Harbour

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SLIDE 3

Group companies

AS AS Tall allin inna Sadam

Port services for passengers and cargo

OÜ TS La Laevad ad

100% 00% Ferry service to Saaremaa and Hiiumaa

OÜ TS Shi hipping

100% 00% Icebreaker Botnica charter

AS Green Mar arin ine

51% 51% Waste management

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SLIDE 4

Where we operate

FROM HARBOURS TO VESSEL OPERATIONS

Muuga Harbour Old City Harbour PaldiskiSouth Harbour

Saaremaa

Harbour T allinn

Old City Marina

Ferry transfer to islands Ice-breaker Botnica

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SLIDE 5

MUUGA HARBOUR

Estonia’s Biggest Cargo Harbour

TERRITORY AQUATORY TOTAL L LENGTH OF OF BE BERTHS NUMBER OF OF BE BERTHS

  • MAX. DEPT

PTH

  • MAX. LENGTH OF

OF A VESSEL 567 ha 682 ha 6,4 km 29 18 m 300+ m

Containers, liquid bulk, solid bulk, general cargo, Ro-Ro

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SLIDE 6

TERRITORY AQUATORY TOTAL L LENGTH OF OF BE BERTHS NUMBER OF OF BE BERTHS

  • MAX. DEPT

PTH

  • MAX. LENGTH OF

OF A VESSEL 119 ha 147 ha 1,85 km 10 14,5 m 230 m

PALDISKI SOUTH HARBOUR

Port of Tallinn’s Second Biggest Cargo Harbour

Ro-Ro, general cargo, solid bulk, liquid bulk

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SLIDE 7

OLD CITY HARBOUR

Estonia’s Biggest Tourism Gateway

TER ERRITORY AQUATORY TOTAL L LENGTH OF OF BE BERTHS NU NUMBER OF OF BE BERTHS

  • MAX. DEPT

PTH

  • MAX. LENGTH OF

OF A VESSEL 55. 55.3 3 ha ha 94 94 ha ha 5 5 km 24 24 10. 10.7 7 m 340+ 340+ m

Passengers (ferries, cruises, yachts), Ro-Ro

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SLIDE 8

Cruises

CALLS PER YEAR (2018) - 348 PASSENGERS PER YEAR (2018) - 638 000

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SLIDE 9

Business Fields

Pass assengers Ca Cargo Real eal Estate Shipp Shippin ing

10.6 m passengers 20.6 m tons

Muuga Industrial Park 76 ha Paldiski Industrial Park 34 ha Tallinn Old City Harbour real estate development 16 ha 5 ferries: 2 m passengers & 1 m vehicles; Ice-breaker Botnica

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SLIDE 10 Republic of Estonia Terminal operators Clients Republic of Estonia

Ferries Other

Botnica Shipping lines Regular lines Cruise

Cargo harbours Passenger harbours

(2)

Revenue Structure & Main Customers

38% 32% 23% 7%

Revenue 2018

44% 32% 18% 6%

  • Adj. EBITDA 2018
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SLIDE 11

TEXT Larger vessels Cost efficiency Environmental requirements Digitalisation and automation

MEGATRENDS

TEXT Unmanned vessels Client experience Green port Digital data exchange

VISION

Fully automated terminals and multimodality

e-tr trade Indu ndustry 4. 4.0 Lo Logis istic ics 5. 5.0 Ne New technol

  • logie

ies Com

  • mpetit

itio ion Coo

  • operatio

tion of f logis istic ic chain hain

Marine and logistics sector

Megatrends and vision

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SLIDE 12

Revenue model

Passenger harbours

2018 Revenue Breakdown

55% 34% 3% 3% 4%

Rental Income

  • Fixed lease income from operators using PoT’s land

premises (commercial operators e.g. shops, restaurants) Cargo Charges

  • Pre-agreed tariffs for ro-ro cargo carried on ROPAX

vessels Passenger Fees

  • Passenger fees per passenger based on public price list
  • Line and Cruise passenger fees are based on similar

model, but have different tariffs Vessel Charges

  • Tonnage charges based on gross tonnage separately for

each call of the vessel based on public price list

  • Waste fee based on vessel gross tonnage for each vessel

call, in case of passenger ships for one call per day

  • Mooring charge based on the gross tonnage of the vessel

Adjusted EBITDA Revenue 2018 Contribution

Cruise

Key Customers

Regular Lines Cruise 38% 44%
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SLIDE 13 50% 14% 22% 12% 3%

Revenue model

Cargo harbours

2018 Revenue Breakdown Sales of Electricity

  • Calculated based on the readings of customers electricity

meters Rental Income

  • Fixed lease income from operators using PoT’s land and

facilities Cargo Charges

  • Pre-agreed tariff based charges (volume x tariff = charge)
  • Cargo charges agreed separately from operator to operator
  • Contractual penalties if terminal operators fail to handle pre-

agreed minimum amounts of cargo Vessel Charges

  • Tonnage charges based on vessel gross tonnage
  • Waste fee
  • Mooring

Adjusted EBITDA Revenue 2018 Contribution

Cruise

Key Customers Terminal Operators Shipping Lines

32% 32%
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SLIDE 14

Revenue model

Ferry business

Customer

State of Estonia

Adjusted EBITDA Revenue 2018 Contribution

23% 18%
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SLIDE 15

Smart Port solution

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SLIDE 16

Logistics X-Road & Single Window

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SLIDE 17

OLD CITY HARBOUR Main tourism gate of Estonia

  • Li

Line e traf affic and d crui uise se busi sines ness s development – Muuga-Vuosaari line

  • As

Asian an clients

  • Passen

ssenger er termina nals renovation

  • Cruise

se termina nal construction

  • Smar

art Port and traffic management systems, autom

  • moo
  • oring

ng

Opportunities: Passengers

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SLIDE 18

MUUGA HARBOUR Largest cargo harbour in Estonia

  • No

North-Sout uth h direction trade increase (incl. Rail Baltica)

  • Chines

nese silk road d branch (e-trade, distribution center)

  • LN

LNG and cont ntainer ner go good

  • ds

s market growth

  • Conscious development of the compe

petitiven eness ess of frei eigh ght corrido dors passing through Estonia together with other participants of the logistics chain

  • Digi

gital alisa sation of the logistics chain

Opportunities: Cargo

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SLIDE 19

Opportunities: Shipping

TS Laevad:

  • third

d ship on Saaremaa line (for summer)

  • improvement of service qual

ality

  • effective oper

eration

  • n

TS Shipping:

  • MPSV Botnica summer chart

arter er

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SLIDE 20

MPSV Botnica

Subsidiary TS Shipping OÜ

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SLIDE 21

Opportunities: Real Estate

  • Execution of the Old City Harbour development plan Ma

Mast ster erpl plan an 2030 30+

  • Starting detai

ail plans ans and generating business models

  • Improvement of Old City Harbour attractiveness as a tourism

sm and d main n marine ne gat ate, excellent service experience

  • Development of the indu

dustrial al parks s and providing addi dition

  • nal

al value ue

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SLIDE 22

Real estate development

In the Old City Harbour

  • Masterplan 2030
  • MOU with Tallinn City
  • Total build-up area of 460,000

gross m2 above ground (including 160,000m2 extension possibility by land reclamation)

  • Detail plans are in the process of

being initiated by the city

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SLIDE 23

Trading of the share

First year on Nasdaq Tallinn SE

5 10 15 20 25 2 000 4 000 6 000 8 000 10 000 12 000

Millions Thousands

Monthly volume and turnover

Volume (left) Turnover mEUR (right)

  • Market capitalisation EUR 519 mln 14.08.19
  • Listed since 13.06.18, 263 mln shares
  • Free float 33%, i.e. 86.7 million shares
  • As at 14.08.2019 share price up 16%

compared to offer price.

Since listing max EUR 2.18, min EUR 1.91.

800 850 900 950 1000 1,90 1,95 2,00 2,05 2,10 2,15 2,20

06.18 07.18 08.18 09.18 10.18 11.18 12.18 01.19 02.19 03.19 04.19 05.19 06.19 07.19 08.19

Share price (EUR)

TSM1T (L) OMXBBGI (R)

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SLIDE 24

Shareholder structure

12 500 shareholders

State 67% (67%) INT funds 16% (18%) EST retail 9% (7%) EST PF&IF 6% (6%) BALTIC funds (LV, LT) 2% (2%) *as at 30.06.2019 compared to 12.06.2018 in brackets

TOP 5 shareholders: 1. Republic of Estonia 67.0%

  • 2. JP Morgan Chase Bank 3.7%
  • 3. EBRD 3.6%
  • 4. SEB progressive PF 2.5%
  • 5. LHV pension fund L 2.0%
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SLIDE 25

Dividend stock

Equity story

31 35 48 105 35

20 40 60 80 100 120 2015 2016 2017 2018 2019

Dividends paid (mEUR)

✓ Expectations of the State as the majority shareholder for continuous stable dividends ✓ Stable EBITDA and cashflow

DIVIDEND POLICY

  • Min EUR 30M annually in 2019 and 2020
  • starting 2021 at least 70% of net profit

Dividend paid in 2019 EUR 35,242M (EUR 0,134 per share)

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SLIDE 26

Successful year 2018

  • IPO in May 2018
  • Passengers:

✓ Record high cruise season ✓ 11th annual record in PAX numbers ✓ Smart Port solution completion ✓ Start of D terminal reconstruction ✓ Masterplan 2030, MOU with City of Tallinn

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SLIDE 27

Successful year 2018

  • Cargo:

✓ Liquid bulk growth in tight competition ✓ Oilseed factory cooperation agreement ✓ Paldiski LNG terminal MOU with Alexela ✓ LNG bunkering station in Muuga agreement

with Vopak

✓ HHLA - new owner of Muuga container

terminal

  • Ferry: Additional ferry on Saaremaa line
  • Other: Botnica agreement with Baffinland
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SLIDE 28
  • Vopak E.O.S. acquired by Liwathon
  • PAX vessels maintenance in Q1 decline in PAX, vessel

calls and revenues

  • Additional ferry trips on Saaremaa line in summer
  • MPSV Botnica charter for summer in Baffin island
  • Dividend payment on 04.06.2019 (EUR 0.134 per share)
  • New RO-PAX ship on Muuga-Vuosaari line by Eckerö

and start of PAX service by Eckerö and Tallink

  • New dry bulk and general cargo terminal in Muuga

Harbour by PK Terminal

Latest highlights

In first half of 2019

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SLIDE 29

Cargo Volume

by cargo type

7,4 8,8 5,1 5,3 4,1 3,9 1,9 1,9 0,6 0,6 0,0 5,0 10,0 15,0 20,0 25,0 2017 2018 Million tons

FY 2017-2018

Liquid bulk Ro-Ro Dry bulk Containers General cargo

19,2

+7,4%

20,6

4,3 4,0 2,7 2,7 1,8 2,0 1,0 0,9 0,3 0,4 0,0 2,0 4,0 6,0 8,0 10,0 12,0 2018 6M 2019 6M Million tons

6M 2018-2019 10,1

  • 0,8%

10,0

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SLIDE 30

Number of Passengers

by routes

8798 8797 1013 1009 83 85 566 638 100 90 2000 4000 6000 8000 10000 12000 2017 2018

Thousand PAX

FY 2017-2018

Tallinn-Helsinki Tallinn-Stockholm Tallinn-St.Petersburg Cruise (traditional) Other 2

+0,6%

10 560 10 619

4026 3968 491 416 31 28 244 241 34 43 1000 2000 3000 4000 5000 6000 6M 2018 6M 2019

Thousand PAX

6M 2018-2019

2

  • 2,7%

4827 4697

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SLIDE 31

In thousands 2017 2018 +/- 6M 2018 6M 2019 +/-

Revenue 121 295 130 635 7.7% 62 166 61 350

  • 1.3%

Adjusted EBITDA 66 521 74 380 11.8% 35 695 35 706 0.0% Adjusted EBITDA margin 54.8% 56.9% 2.1 57.4% 58.2% 0.8 Operating profit 40 317 52 075 29.2% 24 950 24 731

  • 0.9%

Income tax

  • 11 955
  • 26 199

119.1%

  • 26 250
  • 5 764
  • 78.0%

Profit/loss for the period 26 425 24 423

  • 7.6%
  • 2 256

18 199 906.7% Investments 36 847 14 251

  • 60.2%

5 190 11 070 113.3%

Results of the Group

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SLIDE 32

In thousands 2018 6M 2019

Cash from operating activities 57 113 31 484 Cash used in investing activities

  • 12 325
  • 10 159

Free cash flow (FCF) 44 788 21 325 Cash from/used in financing activities

  • 9 179
  • 39 250

NET CASH FLOW 35 609

  • 17 925

NET DEBT (at the end of the period) 171 049 185 591

Cash Flow and Financial Position

Cash Flow statement

43 25 8 12 573 572 214 210 42 48 368 351 100 200 300 400 500 600 700 31.12.18 31.12.18 30.06.19 30.06.19

Financial position

Cash Other current assetes Non-current assets Debt Other liabilities Equity

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SLIDE 33

Results

  • n segment level (in million EUR)

4,2 14,4 20,5 23,1 4,3 14,8 20,0 22,3 5 10 15 20 25 Other Ferry Cargo H Passenger H

6 months 2018-2019

Revenue 2019 Revenue 2018 Adjusted EBITDA 2019 Adjusted EBITDA 2018 4,6 27,1 39,8 49,9 8,9 30,1 41,7 49,9 10 20 30 40 50 60 Other Ferry Cargo H Passenger H

FY 2017-2018

Revenue 2018 Revenue 2017 Adjusted EBITDA 2018 Adjusted EBITDA 2017

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SLIDE 34

Questions?

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SLIDE 35

Thank You!

IR relat ated ed quest estion

  • ns:

Marju Zirel Head of Investor Relations m.zirel@ts.ee

po portofta talli llinn.com • inve nvesto tor.ts.ee