Port of Tallinn audited Annual Report 2021 and dividend proposal

The supervisory board of Port of Tallinn approved the audited annual report for 2021 presented by the management board. There are no differences in the audited financial results, compared to the 12-month unaudited financial results disclosed on 28 February 2022.

In 2021, the annual revenue of Port of Tallinn group was EUR 110.1 million (+3%), adjusted EBITDA amounted to EUR 54 million (–8%) and the profit was EUR 25.6 million (–10%). The volume of investments was EUR 14.7 million (–60%).

Based on the dividend policy approved by the general meeting of shareholders to pay a dividend at least 70% of the profits from 2021 and forward, the management board, with the approval of the supervisory board, will propose to the general meeting of shareholders to pay a dividend of EUR 0.097 per share in 2022, totaling EUR 25.511 million, which is 100% of profit.

According to the draft resolution of the shareholders submitted to the general meeting, the list of shareholders entitled to receive dividends will be established as at 05.05.2022 at the end of the business day of Nasdaq CSD settlement system. Consequently, the day of change of the rights related to the shares (ex-dividend date) is set to 04.05.2022. From that day the person acquiring the shares will not have the right to receive dividends for the financial year 2021. Dividends shall be disbursed to the shareholders on 12.05.2022.

According to Valdo Kalm, chairman of the management board of Port of Tallinn, the company was able to increase revenue in all business areas despite the negative impact of the pandemic. “The versatile business model of Port of Tallinn has withstood the crisis well – we are a profitable company and have been able to continue investing in both the Old City harbour and Muuga harbor. Our 2021 financial results and strong liquidity position allow us to exceed our dividend promise. The ongoing pandemic and security crisis will, of course, also affect the operations of Port of Tallinn, but at the same time open up new opportunities through the restructuring of supply chains and the development of renewable energy infrastructure,” Kalm noted.

The consolidated annual report of Port of Tallinn Group for 2021 is attached to this announcement in different formats and is also available on the company’s website at: https://www.ts.ee/en/investor/annual-reports/.

(Source: https://www.ts.ee/en/port-of-tallinn-audited-annual-report-2021-and-dividend-proposal/)