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