Company Announcements

Aktsiaselts Infortar Unaudited Consolidated Interim Report for third quarter of 2024

Source: GlobeNewswire
Aktsiaselts Infortar Unaudited Consolidated Interim Report for third quarter of 2024

Aktsiaselts Infortar (Infortar) will organize a webinar for introducing third quarter 2024 results today. Please join the webinar via the following links:

4. November at 12.00 (EET) Estonian webinar

4. November at 14.00 (EET) English webinar

Following the acquisition of a majority stake in Aktsiaselts Tallink Grupp (Tallink), Infortar’s total assets have reached €2.5 billion. For the first nine months of this year, the company’s consolidated revenue amounted to €926 million, net profit reached €187 million, and investments totaled €138 million.

"We’ve grown into Estonia’s largest investment company in the third quarter—our consolidated asset volume has increased by €1 billion within just nine months. Infortar’s structure and outlook have transformed significantly over a short period; we’re literally fuelled by growth," remarked Ain Hanschmidt, Chairman of Infortar’s Management Board.

"Infortar actively seeks and invests in growth across various sectors and beyond borders. When we went public last year, we committed to invest €110 million from 2023 to 2025, yet we have already invested €138 million in the current year alone," said Hanschmidt.

In the third quarter of 2024, Infortar increased its shareholding in Tallink to 68.5% through a public share offering. Alongside with other investors, Infortar envisions a strong and stable future for Tallink. The voluntary takeover offer attracted those who wished to exit the region for various reasons.

In the third quarter of 2024, Tallink transported a total of 1,715,496 passengers, with the company's ships completing 1,840 departures. Compared to the same period last year, Tallink´s unaudited sales revenue decreased by 3.7%, totalling €231.9 million, with a net profit of €36.8 million.

AS Eesti Gaas, the largest private energy company in the Finnish and Baltic region, increased its sales volume of natural gas and electricity by 27% year-on-year, reaching 13.9 TWh and a market share of 25.7%. Operating under the Elenger brand in foreign markets, the company is focused on expanding its energy business in Poland and Germany and establishing access to the wholesale gas market in the Netherlands and Belgium.

The construction of Rimi's logistics centre and the new Pärnu bridge are going according to the schedule. In July, the bridge arch was installed, introducing new engineering solutions to Estonia.

At the end of the third quarter, Infortar announced plans to acquire Tallinna Raamatutrükikoda, in addition to the printing houses Printon and Vaba Maa. This acquisition aims to enhance synergies and bolster the company's extensive experience in the printing sector.

  



KEY FIGURES
9 months 20249 months 2023Q3 2024Q3 2023
Revenue (in thousands of EUR)925 607746 892349 468186 540
Gross profit (in thousands of EUR)93 758107 23840 66918 887
EBITDA (in thousands of EUR)117 384105 86541 87419 294
EBITDA margin %12,7%14,2%12,0%10,3%
Operating profit (in thousands of EUR)83 81794 66120 42214 234
Net profit (in thousands of EUR)187 339269 624114 322185 941
Profit attributable to the owners of the parent company (in thousands of EUR)184 122269 546111 105185 658
Earnings per share (EUR)*9,113,35,59,2
     
Total equity (in thousands of EUR)1 223 058771 700  
Total liabilities (in thousands of EUR)961 419480 816  

* For the period ending 30.09.2024, earnings per share (EPS) in euros have been calculated using a share count of 21,166,239, with company´s own shares deducted for comparability.

Revenue

During the first nine months of 2024, Infortar's consolidated revenue increased by €178.7 million, reaching €925.6 million, compared to €746.9 million in the same period in 2023. This growth was significantly impacted by the line-by-line consolidation of Tallink results into Infortar's financial statements.

EBITDA and Segment Reporting

The acquisition of a majority stake in Tallink does not significantly impact segment reporting; Infortar’s management continues to monitor business segments using existing principles.

Energy Segment: Nine-month EBITDA for 2024 was €79.5 million, down from €99.1 million in 2023.

Maritime transportation segment: nine-month EBITDA for 2024 was €149,5 million, compared to €177.7 million in 2023. Until 31.07.24, Infortar consolidated Tallink results by the equity method according to its ownership percentage, switching to line-by-line reporting as of 01.08.24.

Real Estate Segment: EBITDA for real estate in the first nine months of 2024 reached €12 million, up from €11 million in the same period of 2023.

Net Profit

Consolidated net profit for the first nine months of 2024 was €187.3 million, compared to €269.6 million for the same period in 2023. The previous year’s results included a one-time profit from the AS Gaso acquisition.

Financing

Loan and lease obligations totalled €961.4 million for the first nine months of 2024, up from €480.8 million in 2023 due to the consolidation of Tallink liabilities. The net debt-to-EBITDA ratio, considering Tallink’s full-year EBITDA for 2024, stands at 2.4.

Income statement, in thousands of EURQ3
2024
Q3
2023
9 months 20249 months 2023
Sales Revenue349 468186 540925 607746 892
Cost of Sales-308 803-169 764-831 796-634 815
Impairment of Receivables42 111-53-4 839
Gross Profit40 66918 88793 758107 238
Marketing Expenses-7 789-394-8 627-1 109
General Administrative Expenses-13 423-3 975-27 679-12 563
Profit (Loss) from Biological Assets440170
Loss on Changes in Fair Value of Investment Properties-3 0470-2 8910
Profit (Loss) from Derivative Instruments5238024 5741 067
Other Operating Income4 3683085 4491 065
Other Operating Expenses-452-972-784-1 037
Operating Profit20 42214 23483 81794 661
Profit from Investments Accounted for Using the Equity Method3 24322 25422 12837 701
Financial Income and Expenses    
Income from Financial Investments69 782-3472 520-58
Interest Expense-11 340-5 520-24 466-14 004
Interest Income1 2154674 2192 300
Profit (Loss) from Foreign Exchange Rate Changes160-23156-160
Other Financial Income and Expenses-393159 216-395159 216
Total Financial Income and Expenses59 424154 10652 034147 294
Profit Before Tax83 089190 594157 979279 656
Corporate Income Tax31 233-4 65329 360-10 032
Profit (Loss) for the Reporting Period114 322185 941187 339269 624
Including:    
Profit (Loss) Attributable to Owners of the Parent Company111 105185 658184 122269 546
Profit (Loss) Attributable to Non-controlling Interests3 2172833 21778
Other Comprehensive Income for the Reporting Period  -33 463-60 195
Total Comprehensive income for the Reporting Period  153 876209 429
Including:    
Comprehensive Income (Loss) Attributable to Owners of the Parent Company  150 659209 351
Comprehensive Income (Loss) Attributable to Non-controlling Interests  3 21778
Basic Earnings per Share  9,1113,20
Diluted Earnings per Share  8,7812,80

* The non-cash revaluations of derivative instruments in comprehensive income do not affect the profitability or cash flow generating ability of AS Eesti Gaas or Infortar's core business operations.

Balance sheet, in thousands of EUR

ASSETS  30.09.24 30.09.23 31.12.2023
CURRENT ASSETS       
Cash  95 863 90 456 87 115
Short-term Financial Investments  1 1 0
Short-term Derivative Instruments  2 246 21 216 28 728
Receivables from Realized Derivative Instruments  2 773 1 279 5 958
Receivables from Customers  115 992 91 071 162 575
Tax Prepayments  4 161 1 192 925
Other Receivables and Prepayments  31 098 20 228 20 185
Prepayments for Inventories  2 885 29 354 3 493
Inventories  221 174 177 824 146 884
Biological Assets  420 0 0
Total Current Assets  476 613 432 621 455 863
NON-CURRENT ASSETS       
Investments in Associates  15 756 341 490 346 014
Long-term Derivative Instruments  1 451 3 485 1 125
Long-term Loans and Other Receivables  29 668 9 771  
Investment Properties  67 791 171 046 9 072
Property, Plant, and Equipment  1 816 338 449 014 176 024
Intangible Assets  39 276 13 474 446 748
Right-of-use Assets  47 548 10 421 14 366
Biological Assets  2 840 0 11 300
        
Total non-current assets  2 020 668 998 701 1 004 649
TOTAL ASSETS  2 497 281 1 431 322 1 460 512
        
EQUITY AND LIABILITIES       
CURRENT LIABILITIES       
Loan Liabilities  199 247 204 468 184 259
Lease Liabilities  8 499 956 1 766
Payables to Suppliers  136 017 60 687 74 751
Tax Liabilities  35 702 17 341 32 822
Customer Prepayments  34 741 3 171 3 099
Realized Derivative Instruments  222 3 395 1 463
Other Short-term Liabilities  53 351 21 374 10 851
Short-term Derivative Instruments  11 680 226 3 659
Total Current Liabilities  479 459 311 618 312 670
NON-CURRENT LIABILITIES       
Long-term Provisions  9 208 7 255 8 399
Deferred Income Tax Liability  2 391 34 920 33 233
Other Long-term Liabilities  28 612 30 426 30 679
Long-term Derivative Instruments  880 11 186
Loan liabilities  713 212 265 805 246 410
Lease liabilities  40 461 9 587 8 725
TOTAL NON-CURRENT LIABILITIES  794 764 348 004 327 632
TOTAL LIABILITIES  1 274 223 659 622 640 302
EQUITY       
Share Capital  2 117 1 985 2 105
Treasury Shares  -95 -95 -95
Share Premium  32 484 0 29 344
Statutory Reserve  212 205 205
Option Reserve  7 647 3 068 3 864
Hedging Reserve*  20 725 22 084 24 118
Unrealized Exchange Differences  1 114 32 -39
Reserve for Post-employment Benefit Obligations  -44 0 -44
Retained Earnings  728 559 474 015 466 140
Profit for the Reporting Period  184 122 269 546 293 778
Equity Attributable to Owners of the Parent Company  976 841 770 840 819 376
        
Non-controlling Interests  246 217 860 834
TOTAL EQUITY  1 223 058 771 700 820 210
TOTAL EQUITY AND LIABILITIES  2 497 281 1 431 322 1 460 512

* This represents the change in the accounting hedging position, which affects the comprehensive income result.        

                                                        

Cash flow statement, in thousands of EUR9
months
2024
 9
months 2023
 2023
Cash Flows from Operating Activities     
Profit for the Reporting Period187 339 269 624 293 830
Adjustments     
Depreciation and Impairment of Fixed Assets30 676 11 204 15 581
Change in Value of Investment Properties2 891 0 4 074
Profit/Loss from Equity Investments-156 017 -37 701 -39 639
Change in Value of Derivative Instruments26 156 59 284 54 122
Other Financial Income/Expenses-66 -161 433 -161 965
Accrued Interest Expenses24 466 14 004 22 573
Profit/Loss from Disposal of Fixed Assets-301 -76 -91
Income from Targeted Financing Recognized in Revenue-319 -347 784
Accrued Income Tax Expense-29 360 10 032 8 610
Income Tax Paid-1 482 0 -267
Change in Receivables and Prepayments Related to Operating Activities79 126 130 325 54 540
Change in Inventories-22 986 -118 715 -61 914
Change in Liabilities Related to Operating Activities35 968 -24 650 -406
Change in Biological Assets112 0 0
Total Cash Flows from Operating Activities176 203 151 551 189 832
      
Cash Flows from investing activities     
Payments for Purchase of Associates0 -7 728 -10 314
Payments for Purchase of Subsidiaries-67 810* -103 410 -103 414
Dividends paid20 862 0 0
Repayments of Loans Granted2 057 5 966 6 652
Interest Received4 019 2 301 2 691
Payments for Acquisition of Investment Properties-10 566 -10 506 -18 304
Payments for Acquisition of Property, Plant and other assets-17 042 -13 972 -18 143
Proceeds from Sale of Investment Properties and Fixed Assets707 78 -252
Total cash Flows from investing activities-67 773 -127 271 -141 084
Cash Flows from Financing Activities     
Change in Overdraft-30 457 30 546 14 348
Loans Received106 303 148 955 287 606
Repayments of Loans Received-114 706 -150 790 -312 846
Repayments of Principal Portion of Lease Liabilities-8 674 -1 562 -2 233
Interest Paid-24 968 -13 100 -22 224
Dividends Paid-30 332 -7 875 -15 750
Proceeds from Issuance of Shares3 152 0 29 464
Total Cash Flows from Financing Activities-99 682 6 174 -21 635
      
Total cash flows8 748 30 454 27 113
      
Cash and Cash Equivalents at Beginning of Period87 115 60 002 60 002
Cash and Cash Equivalents at End of Period95 863 90 456 87 115
Change in Cash and Cash Equivalents8 748 30 454 27 113

 

Aktsiaselts Infortar operates in seven countries, the company's main fields of activity are maritime transport, energy and real estate. Aktsiaselts Infortar owns a 68.47% stake in Aktsiaselts Tallink Grupp, a 100% stake in AS Eesti Gaas and a versatile and modern real estate portfolio of approx. 116,000 m2. In addition to the three main areas of activity, Aktsiaselts Infortar also operates in construction and mineral resources, agriculture, printing, taxi business and other areas. A total of 105 companies belong to the Aktsiaselts Infortar group: 96 subsidiaries, 4 affiliated companies and 5 subsidiaries of affiliated companies. Excluding affiliates, Aktsiaselts Infortar employs 6,108 people.

Additional information:
Kadri Laanvee
Investor Relations Manager
Phone: +372 5156662
e-mail: kadri.laanvee@infortar.ee
www.infortar.ee/en/investor

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