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 2024 | 9 months 2023 | Q3 2024 | Q3 2023 |
| Revenue (in thousands of EUR) | 925 607 | 746 892 | 349 468 | 186 540 |
| Gross profit (in thousands of EUR) | 93 758 | 107 238 | 40 669 | 18 887 |
| EBITDA (in thousands of EUR) | 117 384 | 105 865 | 41 874 | 19 294 |
| EBITDA margin % | 12,7% | 14,2% | 12,0% | 10,3% |
| Operating profit (in thousands of EUR) | 83 817 | 94 661 | 20 422 | 14 234 |
| Net profit (in thousands of EUR) | 187 339 | 269 624 | 114 322 | 185 941 |
| Profit attributable to the owners of the parent company (in thousands of EUR) | 184 122 | 269 546 | 111 105 | 185 658 |
| Earnings per share (EUR)* | 9,1 | 13,3 | 5,5 | 9,2 |
| Total equity (in thousands of EUR) | 1 223 058 | 771 700 | ||
| Total liabilities (in thousands of EUR) | 961 419 | 480 816 |
* 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 EUR | Q3 2024 | Q3 2023 | 9 months 2024 | 9 months 2023 |
| Sales Revenue | 349 468 | 186 540 | 925 607 | 746 892 |
| Cost of Sales | -308 803 | -169 764 | -831 796 | -634 815 |
| Impairment of Receivables | 4 | 2 111 | -53 | -4 839 |
| Gross Profit | 40 669 | 18 887 | 93 758 | 107 238 |
| Marketing Expenses | -7 789 | -394 | -8 627 | -1 109 |
| General Administrative Expenses | -13 423 | -3 975 | -27 679 | -12 563 |
| Profit (Loss) from Biological Assets | 44 | 0 | 17 | 0 |
| Loss on Changes in Fair Value of Investment Properties | -3 047 | 0 | -2 891 | 0 |
| Profit (Loss) from Derivative Instruments | 52 | 380 | 24 574 | 1 067 |
| Other Operating Income | 4 368 | 308 | 5 449 | 1 065 |
| Other Operating Expenses | -452 | -972 | -784 | -1 037 |
| Operating Profit | 20 422 | 14 234 | 83 817 | 94 661 |
| Profit from Investments Accounted for Using the Equity Method | 3 243 | 22 254 | 22 128 | 37 701 |
| Financial Income and Expenses | ||||
| Income from Financial Investments | 69 782 | -34 | 72 520 | -58 |
| Interest Expense | -11 340 | -5 520 | -24 466 | -14 004 |
| Interest Income | 1 215 | 467 | 4 219 | 2 300 |
| Profit (Loss) from Foreign Exchange Rate Changes | 160 | -23 | 156 | -160 |
| Other Financial Income and Expenses | -393 | 159 216 | -395 | 159 216 |
| Total Financial Income and Expenses | 59 424 | 154 106 | 52 034 | 147 294 |
| Profit Before Tax | 83 089 | 190 594 | 157 979 | 279 656 |
| Corporate Income Tax | 31 233 | -4 653 | 29 360 | -10 032 |
| Profit (Loss) for the Reporting Period | 114 322 | 185 941 | 187 339 | 269 624 |
| Including: | ||||
| Profit (Loss) Attributable to Owners of the Parent Company | 111 105 | 185 658 | 184 122 | 269 546 |
| Profit (Loss) Attributable to Non-controlling Interests | 3 217 | 283 | 3 217 | 78 |
| Other Comprehensive Income for the Reporting Period | -33 463 | -60 195 | ||
| Total Comprehensive income for the Reporting Period | 153 876 | 209 429 | ||
| Including: | ||||
| Comprehensive Income (Loss) Attributable to Owners of the Parent Company | 150 659 | 209 351 | ||
| Comprehensive Income (Loss) Attributable to Non-controlling Interests | 3 217 | 78 | ||
| Basic Earnings per Share | 9,11 | 13,20 | ||
| Diluted Earnings per Share | 8,78 | 12,80 |
* 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 EUR | 9 months 2024 | 9 months 2023 | 2023 | ||
| Cash Flows from Operating Activities | |||||
| Profit for the Reporting Period | 187 339 | 269 624 | 293 830 | ||
| Adjustments | |||||
| Depreciation and Impairment of Fixed Assets | 30 676 | 11 204 | 15 581 | ||
| Change in Value of Investment Properties | 2 891 | 0 | 4 074 | ||
| Profit/Loss from Equity Investments | -156 017 | -37 701 | -39 639 | ||
| Change in Value of Derivative Instruments | 26 156 | 59 284 | 54 122 | ||
| Other Financial Income/Expenses | -66 | -161 433 | -161 965 | ||
| Accrued Interest Expenses | 24 466 | 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 Activities | 79 126 | 130 325 | 54 540 | ||
| Change in Inventories | -22 986 | -118 715 | -61 914 | ||
| Change in Liabilities Related to Operating Activities | 35 968 | -24 650 | -406 | ||
| Change in Biological Assets | 112 | 0 | 0 | ||
| Total Cash Flows from Operating Activities | 176 203 | 151 551 | 189 832 | ||
| Cash Flows from investing activities | |||||
| Payments for Purchase of Associates | 0 | -7 728 | -10 314 | ||
| Payments for Purchase of Subsidiaries | -67 810* | -103 410 | -103 414 | ||
| Dividends paid | 20 862 | 0 | 0 | ||
| Repayments of Loans Granted | 2 057 | 5 966 | 6 652 | ||
| Interest Received | 4 019 | 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 Assets | 707 | 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 Received | 106 303 | 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 Shares | 3 152 | 0 | 29 464 | ||
| Total Cash Flows from Financing Activities | -99 682 | 6 174 | -21 635 | ||
| Total cash flows | 8 748 | 30 454 | 27 113 | ||
| Cash and Cash Equivalents at Beginning of Period | 87 115 | 60 002 | 60 002 | ||
| Cash and Cash Equivalents at End of Period | 95 863 | 90 456 | 87 115 | ||
| Change in Cash and Cash Equivalents | 8 748 | 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
