Dividends

Considering the company’s continued strong cash flow and dividend policy, the management board proposes to pay a dividend to shareholders for 2023 in the same volume as the previous year, i.e. 0.073 euros per share, a total of 19.2 million euros (121% of the previous year’s profit).

In 2023, Tallinna Sadam paid dividends EUR 0,073 per share, i.e. EUR 19,199 million in total (75% of last year’s profit). The list of shareholders entitled to receive dividends will be established as at 10.05.2023 at the end of the business day of the settlement system (ex-dividend date was 09.05.2023). Dividends were disbursed to the shareholders on 12.05.2023.

“From year 2019, a lower tax rate (14/86) applies to part of dividends paid by the Estonan resident company regularly (The profit distributed in a calendar year, which is smaller than or equal to the average distributed profit of the previous three calendar years (starting from 2018) on which a resident company has paid income tax).

The natural person receiving such dividends taxed at a lower rate (14/86) in the hands of the Estonian company, has to pay income tax at a rate of 7% in addition. It has to be withheld by the payer.

A non-resident natural person has to pay income tax on dividends received from the Estonian company in the resident country also and he or she cannot take into account the corporate income tax (20/80 or 14/86) paid in Estonia by the Estonian resident company to avoid double taxation of the recipient. Only the income tax withheld at a rate of 7% may qualify to avoid double taxation of the natural person recipient.” /Estonian Tax and Customs Board/

Dividend Policy

According to the dividend policy, from 2021 the company intends to pay out annually at least 70% of its preceeding year’s net profit.* The dividend policy excludes any one-off effects and is subject to market conditions, growth and development plans and the need to maintain a reasonable level of liquidity.

 

*During the period 2019-2020 the goal was to pay out annual dividends at least EUR 30 million. The timing and amount of any future dividend payments will depend on the Group’s existing and future financial condition, results of operations, capital requirements, liquidity needs and other matters that it may consider relevant from time to time, including, without limitation, the ability of subsidiaries to distribute dividends, its capital needs, financial performance and prevailing equity market conditions. This section includes forward-looking statements which involve risks and uncertainties, relating to events and depending on circumstances that may or may not occur in the future.