Aktsiaselts Infortar (Infortar) will organize a webinar for introducing fourth quarter 2024 results today. Please join the webinar via the following links:
Estonia’s largest investment holding company, Infortar assets increased from €1.4 billion to €2.7 billion following the acquisition of a majority shareholding in Tallink Group (Tallink) and the purchase of a gas sale- and distribution company in Poland. Infortar’s stock price raised by 70% in its first year on the Tallinn stock exchange, raising the company’s total valuation from €548 million to €916 million.
"Over the past few years, our investments have amounted to nearly half a billion euros. We have grown into one of Estonia’s largest companies in terms of assets within a year. We will continue seeking growth opportunities across the region," said Ain Hanschmidt, Chairman of the Management Board of Infortar.
"Today, changes in corporate competitiveness and energy policy across Estonia, Europe, and the United States recognize an increasing role for natural gas as a supporter of renewable energy and a provider of controllable capacity. The outlook for the maritime transport sector is set to improve," Hanschmidt added.
Major events
Maritime transportation
In the summer, Infortar invested €110 million in acquiring Tallink shares, increasing its shareholding in Tallink to 68.5%.
The total number of passengers in 2024 reached 5.6 million. As of the end of the financial year, Tallink operated 14 vessels. Three vessels were chartered out during the year. The number of transported cargo units exceeded 303,000, and passenger vehicles transported totaled 777,000.
Energy
Infortar’s subsidiary, Elenger Group (Elenger), signed a €120 million agreement with the German energy conglomerate EWE AG to acquire EWE Group’s business operations in Poland. The transaction included natural gas assets, a distribution network in Western Poland, and all energy sales segments.
In 2024, Elenger sold a total of 18.4 TWh of energy (15.9 TWh in 2023). Sales in Estonia accounted for 16% of the total energy sales in 2024. The company's market share in gas sales across the Finland-Baltic gas market for the year was 24.3%.
Real estate
Infortar’s real estate portfolio has expanded from 100,000 to 141,000 square meters over the past year. At the end of last year, the Rimi logistics center in Saue received its occupancy permit. This summer, a new bridge in Pärnu will be completed, followed by the opening of Lasnamäe’s second DEPO store in Estonia next year. In early 2028, the Kangru-Saku section of the Rail Baltica main route will also be completed.
Key figures of financial year
Key figures
Q4 2024
Q4 2023
12 months 2024
12 months 2023
Sales revenue, m€
446.168
337.734
1 371.775
1 084.626
Gross profit, m€
34.871
42.235
128.629
149.473
EBITDA, m€
27.892
37.418
145.415
143.283
EBITDA margin (%)
6.3%
11.1%
10.6%
13.2%
Net profit, EBIT, m€
-6.792
28.967
77.025
123.628
Total profit(-loss), m€
-11.988
24.206
175.351
293.830
Net profit (-loss) holders of the Parent m€
-11.188
24.232
172.934
293.778
EPS (euros)*
-0.54
1.18
8.46
14.62
Total equity m€
1 166.222
820.210
1 166.222
820.210
Total liabilities m€
1 223.287
441.160
1 223.287
441.160
Net debt m€
1 055.708
354.045
1 055.708
354.045
Investment loans to EBITDA (ratio)
3.0x
1.7x
3.0x
1.7x
Earnings per share (EPS) in euros is calculated using the following formula: the profit attributable to the parent company's owners is divided by the weighted average number of ordinary shares (20,443,629 as of 31.12.2024 and 20,100,000 as of 31.12.2023). The number of shares, 20,443,629, is determined as follows: Infortar has a total of 21,166,239 issued ordinary shares, from which 722 610 own shares are deducted. These own shares were issued under the employee stock option program and have not been exercised.
Revenue
2024. financial year, the group´s consolidated sales revenue increased by 287.149 million euros reaching 1 371.775 million euros (compared to 1 084.626 million euros in 2023). A significant impact was made by the consolidation of Tallink Grupp’s results into Infortar’s consolidated financial statements starting from August 1, 2024.
EBITDA and Segment Reporting
Maritime transport Segment: The EBITDA for the maritime transport segment in 2024 financial year was 175.181 million euros (compared to 214.528 million euros in the 2023 financial year). In segment reporting 100% Tallink results are presented.
Tallink´s financial results were affected by difficult economic environment across all our home markets, and the lowest consumer confidence levels in a decade.
Energy Segment: The EBITDA for the energy segment of the 2024 financial year was 77.235 million euros (compared to 135.999 million euros in 2023). Warmer winter led to a decrease in sales volumes, which in turn impacted profitability in the fourth quarter.
Real Estate Segment: The profitability assessment considers the EBITDA of individual real estate companies. The EBITDA for the real estate segment of the 2024 financial year was 13.567 million euros (compared to 12.39 million euros in 2023). Three new buildings at Liivalaia 9, Tähesaju 9, and Tähesaju 11 were included in the accounting for the 2023 financial year.
Net Profit
The consolidated net profit for the 2024 financial year was 175.351 million euros (compared to 293.83 million euros in 2023 financial year). One-time significant transactions impacting the net profit calculation for the 2023 financial year included the effects related to the acquisition of the Latvian gas distribution network company, Gaso.
The consolidated operating profit for the 2024 financial year was 77.025 million euros (compared to 123.628 million euros in the 2023 financial year).
Investments
Infortar entered the agricultural sector by acquiring one of Estonia’s largest dairy farms in Halinga and began constructing a biogas plant next to the farm for local gas production. Infortar invested 110 million euros in purchasing Tallink shares, increasing its shareholding in Tallink to 68,5%.
Infortar subsidiary Elenger signed a 120 million euros agreement with the German energy group EWE AG to acquire EWE Group’s entire Polish business. The transaction includes the natural gas distribution network in Western Poland as well as all energy sales operations.
In the fourth quarter Infortar Group’s total investments amounted to approximately 140 million euros, reaching 279 million euros over twelve months.
Financing
Loan and lease liabilities amounted to 1 223.287 million euros in 2024 financial year (compared to 441.16 million euros in 2023 financial year). Significant increase in the 2024 financial year is primarily due to the line-by-line consolidation of Tallink Grupp, which resulted in the full inclusion of Tallink’s liabilities among the group’s obligations. Proportionally to the growth in assets, Infortar’s net debt increased by 701.663 million euros, reaching 1 055.708 million euros (compared to 354,045 million euros in 2023 financial year). The net debt to EBITDA ratio was 3.4.
Dividends
According to the dividend policy, the objective is to pay dividends of at least 1 euro per share per finiancial year. Dividend payments are made semi-annually. Infortar Group’s management proposes to pay a dividend of 3 euros per share for the 2024 financial year results. According to the proposal, the first payout is planned to be made no later than July, and the second payout in December 2025. The dividend consists of three parts:
1 euro per share, as per the dividend policy.
Carried-over dividend from AS Tallink Grupp, which is rounded upwards.
Additional dividend based on the high deliveries of the financial results in 2024.
AS Infortar has a total of 21,166,239 shares, of which 722 610 are company´s own shares. Dividends are therefore paid for 20,443,629 shares, which amounts to approximately 61 million euros.
Consolidated statement of profit or loss and other comprehensive income
(in thousands of EUR)
Q4 2024
Q4 2023
12 months 2024
12 months 2023
Revenue
446 168
337 734
1 371 775
1 084 626
Cost of goods (goods and services) sold
-411 237
-295 439
-1 243 033
-934 811
Write-down of receivables
-60
-60
-113
-342
Gross profit
34 871
42 235
128 629
149 473
Marketing expenses
-12 459
-511
-21 086
-1 620
General administrative expenses
-22 759
-9 522
-50 438
-22 085
Profit (loss) from biological assets
-156
0
-139
0
Profit (loss) from the change in the fair value of the investment property
-6 749
-4 074
-9 640
-4 074
Unsettled gain/loss on derivative financial instruments
2 098
902
26 672
1 969
Other operating revenue
-767
1 458
4 682
2 523
Other operating expenses
-871
-1 521
-1 655
-2 558
Operating profit
-6 792
28 967
77 025
123 628
(in thousands of EUR)
Q4 2024
Q4 2023
12 months 2024
12 months 2023
Profit (loss) from investments accounted for by equity method
846
1 938
22 974
39 639
Financial income and expenses
Other financial investments
269
54
72 789
-4
Interest expense
-13 808
-8 569
-38 274
-22 573
Interest income
760
465
4 979
2 765
Profit (loss) from changes in exchange rates
-56
-13
100
-173
Other financial income and expenses
16 287
-58
15 892
159 158
Total financial income and expenses
3 452
-8 121
55 486
139 173
Profit before tax
-2 494
22 784
155 485
302 440
Corporate income tax
-9 494
1 422
19 866
-8 610
Profit for the financial year
-11 988
24 206
175 351
293 830
including:
Profit attributable to the owners of the parent company
-11 188
24 232
172 934
293 778
Profit attributable to non-controlling interest
-800
-26
2 417
52
Other comprehensive income
12 months 2024
12 months 2023
Revaluation of risk hedging instruments
-46 786
-58 233
Exchange rate differences attributable to foreign subsidiaries
53
-42
Total of other comprehensive income
-46 733
-58 275
Total income, including:
128 618
235 555
including:
Comprehensive profit attributable to the owners of the parent company
126 201
235 503
Comprehensive profit attributable to non-controlling interest
2 417
52
Ordinary earnings per share (in euros per share)
8,46
14,26
Diluted earnings per share (in euros per share)
8,16
14,10
Consolidated statement of financial position
(in thousands of EUR)
31.12.24
31.12.23
Current assets
Cash and cash equivalents
167 579
87 115
Short term financial investments
1
0
Derivative financial assets
8 333
28 728
Settled derivative receivables
676
5 958
Other prepayments and receivables
155 351
162 575
Prepayments for taxes
3 831
925
Trade and other receivables
38 517
20 185
Prepayments for inventories
2 498
3 493
Inventories
215 914
146 884
Biological assets
941
0
Total current assets
593 641
455 863
Non-current assets
31.12.24
31.12.23
Investments to associates
16 603
346 014
Long-term derivative instruments
3 214
1 125
Long-term loans and other receivables
35 163
9 072
Investment property
67 931
176 024
Property, plant and equipment
1 909 458
446 748
Intangible assets
38 874
14 366
Right-of-use assets
47 598
11 300
Biological assets
2 753
0
Total non-current assets
2 121 594
1 004 649
TOTAL ASSETS
2 715 235
1 460 512
(in thousands of EUR)
31.12.24
31.12.23
Current liabilities
Loan liabilities
477 162
184 259
Rental liabilities
9 020
1 766
Payables to suppliers
87 941
74 751
Tax obligations
49 354
32 822
Buyers' advances
31 126
3 099
Settled derivatives
8 728
1 463
Other current liabilities
63 431
10 851
Short term derivatives
27 704
3 659
Total current liabilities
754 446
312 670
Non-current liabilities
31.12.24
31.12.23
Long-term provisions
9 946
8 399
Deferred taxes
2 816
33 233
Other long-term liabilities
43 209
30 679
Long-term derivatives
1 471
186
Loan-liabilities
696 670
246 410
Rental liabilities
40 435
8 725
Total non-current liabilities
794 547
327 632
TOTAL LIABILITIES
1 549 013
640 302
(in thousands of EUR)
31.12.24
31.12.23
Equity
Share capital
2 117
2 105
Own shares
-72
-95
Share premium
32 484
29 344
Reserve capital
212
205
Option reserve
6 223
3 864
Hedging reserve*
7 455
24 118
Unrealised currency translation differences
1 113
-39
Employment benefit reserve
-44
-44
Retained earnings
698 914
466 140
Net profit of the financial year
172 934
293 778
Total equity attributable to equity holders of the Parent
921 336
819 376
Minority interests
244 886
834
Total equity
1 166 222
820 210
TOTAL LIABILITIES AND EQUITY
2 715 235
1 460 512
Consolidated statement of cash flows
Cash flows from operating activities
(in thousands of EUR)
12 months 2024
12 months 2023
Profit for the financial year
175 351
293 830
Adjustments:
Depreciation, amortization, and impairment of non-current assets
58 611
15 581
Change in the fair value of the investment property
9 640
4 074
Equity profits/losses
-156 863
-39 639
Change in the value of derivatives
20 888
54 309
Other financial income/expenses
-827
-161 965
Calculated interest expenses
38 274
22 573
Profit/loss from non-current assets sold
-953
-91
Income from grants recognized as revenue
2 984
784
Corporate income tax expense
-19 866
8 610
Income tax paid
-10 551
-267
Change in receivables and prepayments related to operating activities
52 022
54 539
Change in inventories
-12 830
-61 915
Change in payables and prepayments relating to operating activities
-22 278
-591
Change in biological assets
-322
0
Total cash flows from operating activities
133 280
189 832
Cash flows from investing activities
12 months 2024
12 months 2023
Purchases of associates
0
-10 314
Purchases of subsidiaries
-155 313
-103 414
Received dividends
20 862
0
Given loans
1 918
6 652
Interest gain
4 953
2 691
Purchases Investment property
-5 071
-18 304
Purchases of property, plant and equipment
-38 332
-18 143
Proceeds from sale of property
1 559
-252
Total cash flows used in investing activities
-169 424
-141 084
Cash flows used in financing activities
12 months 2024
12 months 2023
Changes in overdraft
12 863
14 349
Proceeds from borrowings
358 733
130 567
Repayments of borrowings
-151 790
-155 808
Repayment of finance lease liabilities
-6 222
-2 233
Interest paid
-39 153
-22 224
Dividends paid
-60 997
-15 750
Gain from share emission
3 174
29 464
Total cash flows used in financing activities
116 608
-21 635
0
0
TOTAL NET CASH FLOW
80 464
27 113
Cash at the beginning of the year
87 115
60 002
Cash at the end of the period
167 579
87 115
Net (decrease)/increase in cash
80 464
27 113
Infortar operates in seven countries, the company's main fields of activity are maritime transport, energy and real estate. Infortar owns a 68.47% stake in Tallink Grupp, a 100% stake in Elenger Grupp and a versatile and modern real estate portfolio of approx. 141,000 m2. In addition to the three main areas of activity, Infortar also operates in construction and mineral resources, agriculture, printing, and other areas. A total of 110 companies belong to the Infortar group: 101 subsidiaries, 4 affiliated companies and 5 subsidiaries of affiliated companies. Excluding affiliates, Infortar employs 6,228 people.
