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 FIGURES9 months 20249 months 2023Q3 2024Q3 2023Revenue (in thousands of EUR)925 607746 892349 468186 540Gross profit (in thousands of EUR)93 758107 23840 66918 887EBITDA (in thousands of EUR)117 384105 86541 87419 294EBITDA margin %12,7%14,2%12,0%10,3%Operating profit (in thousands of EUR)83 81794 66120 42214 234Net profit (in thousands of EUR)187 339269 624114 322185 941Profit attributable to the owners of the parent company (in thousands of EUR)184 122269 546111 105185 658Earnings 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

2024Q3

20239 months 20249 months 2023Sales Revenue349 468186 540925 607746 892Cost of Sales-308 803-169 764-831 796-634 815Impairment of Receivables42 111-53-4 839Gross Profit40 66918 88793 758107 238Marketing Expenses-7 789-394-8 627-1 109General Administrative Expenses-13 423-3 975-27 679-12 563Profit (Loss) from Biological Assets440170Loss on Changes in Fair Value of Investment Properties-3 0470-2 8910Profit (Loss) from Derivative Instruments5238024 5741 067Other Operating Income4 3683085 4491 065Other Operating Expenses-452-972-784-1 037Operating Profit20 42214 23483 81794 661Profit from Investments Accounted for Using the Equity Method3 24322 25422 12837 701Financial Income and Expenses    Income from Financial Investments69 782-3472 520-58Interest Expense-11 340-5 520-24 466-14 004Interest Income1 2154674 2192 300Profit (Loss) from Foreign Exchange Rate Changes160-23156-160Other Financial Income and Expenses-393159 216-395159 216Total Financial Income and Expenses59 424154 10652 034147 294Profit Before Tax83 089190 594157 979279 656Corporate Income Tax31 233-4 65329 360-10 032Profit (Loss) for the Reporting Period114 322185 941187 339269 624Including:    Profit (Loss) Attributable to Owners of the Parent Company111 105185 658184 122269 546Profit (Loss) Attributable to Non-controlling Interests3 2172833 21778Other Comprehensive Income for the Reporting Period  -33 463-60 195Total Comprehensive income for the Reporting Period  153 876209 429Including:    Comprehensive Income (Loss) Attributable to Owners of the Parent Company  150 659209 351Comprehensive Income (Loss) Attributable to Non-controlling Interests  3 21778Basic Earnings per Share  9,1113,20Diluted 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 31.12.2023CURRENT ASSETS       Cash  95 863 90 456 87 115Short-term Financial Investments  1 1 0Short-term Derivative Instruments  2 246 21 216 28 728Receivables from Realized Derivative Instruments  2 773 1 279 5 958Receivables from Customers  115 992 91 071 162 575Tax Prepayments  4 161 1 192 925Other Receivables and Prepayments  31 098 20 228 20 185Prepayments for Inventories  2 885 29 354 3 493Inventories  221 174 177 824 146 884Biological Assets  420 0 0Total Current Assets  476 613 432 621 455 863NON-CURRENT ASSETS       Investments in Associates  15 756 341 490 346 014Long-term Derivative Instruments  1 451 3 485 1 125Long-term Loans and Other Receivables  29 668 9 771  Investment Properties  67 791 171 046 9 072Property, Plant, and Equipment  1 816 338 449 014 176 024Intangible Assets  39 276 13 474 446 748Right-of-use Assets  47 548 10 421 14 366Biological Assets  2 840 0 11 300        Total non-current assets  2 020 668 998 701 1 004 649TOTAL ASSETS  2 497 281 1 431 322 1 460 512        EQUITY AND LIABILITIES       CURRENT LIABILITIES       Loan Liabilities  199 247 204 468 184 259Lease Liabilities  8 499 956 1 766Payables to Suppliers  136 017 60 687 74 751Tax Liabilities  35 702 17 341 32 822Customer Prepayments  34 741 3 171 3 099Realized Derivative Instruments  222 3 395 1 463Other Short-term Liabilities  53 351 21 374 10 851Short-term Derivative Instruments  11 680 226 3 659Total Current Liabilities  479 459 311 618 312 670NON-CURRENT LIABILITIES       Long-term Provisions  9 208 7 255 8 399Deferred Income Tax Liability  2 391 34 920 33 233Other Long-term Liabilities  28 612 30 426 30 679Long-term Derivative Instruments  880 11 186Loan liabilities  713 212 265 805 246 410Lease liabilities  40 461 9 587 8 725TOTAL NON-CURRENT LIABILITIES  794 764 348 004 327 632TOTAL LIABILITIES  1 274 223 659 622 640 302EQUITY