On the general meeting held on Tuesday, May 14, shareholders of AS Tallinna Sadam approved the company’s last year’s annual report and dividends in the amount of 13.4 cents per share, i.e. a total amount of 35,242 million euros. Furthermore, the shareholders also approved formation of the five-member Nomination Committee, the task of which is to nominate members of the Supervisory Board of AS Tallinna Sadam.
81.72% of the company’s 263 million votes determined by shares were represented at AS Tallinna Sadam’s general meeting of shareholders, the company announced on Tuesday to Nasdaq Tallinn Stock Exchange.
The general meeting decided to unanimously approve the net profit for the financial year of 2018 in the amount of 24,423,303 euros and the retained earnings in the amount of 42,100,654 euros. As decided by the general meeting of the shareholders, dividends are to be paid to the shareholders in 0.134 euros per share, in the total amount of 35,242,000 euros.
“Last year was a success for AS Tallinna Sadam. We increased both our turnover and profit which among other things were influenced by a record-breaking cruise season, increased passenger numbers, conclusion of the extensive Botnica contract in Canadian waters, increased liquid cargo volumes, and launch of the Smart Port Solution,” said Valdo Kalm, Chairman of the Management Board of AS Tallinna Sadam, speaking to the shareholders.
In 2018, 10.6 million passengers passed through the Port of Tallinn as well as 20.6 tons of goods, while the company’s return on sales was 130.6 million euros and net profit 24.4 million euros.
“In pinpointing new opportunities for the company, in the next coming years we will consider prevalent trends in the entire maritime and logistics domain such as the capacity to service larger ships, digitalization, and prompt employment of new technologies,” Kalm described the company’s future plans to the shareholders referring by way of example to fully automated terminals, unmanned ships, and green port. “In the few coming years, the Port of Tallinn will focus on expanding its Terminal D, work on which is currently already underway, development of the ferry business, and valorization and development of the port and harbor area of the City of Tallinn.”
The list of shareholders entitled to receive dividends will be established as at May 28, 2019 at the end of the working day of the settlement system of Nasdaq Tallinn Stock Exchange and dividends will be disbursed to the shareholders in two installments on June 4, 2019. 35 euros out of the sum total of dividends are subject to a 14% lowered income tax on dividend, while the remaining dividends are subjected to a 20% income tax.
On dividends paid to shareholders that are private individuals, a 7% income tax is withheld in adherence to the Republic of Estonia Income Tax Act.
The general meeting of the shareholders of AS Tallinna Sadam also elected the following persons to the five-member Nomination Committee, the task of which is to nominate members of the company’s Supervisory Board: Erkki Raasuke, Chairman of the Nomination Committee established by the Estonian Government; Veiko Tali, Secretary General of the Republic of Estonia Ministry of Finance; Ando Leppiman, Secretary General of the Republic of Estonia Ministry of Economic Affairs and Communications; Sven Kunsing, Management Board Member of AS SEB Varahaldus; and Elena Kiseleva, Principal Banker of Transport Team of European Bank of Reconstruction and Development.
The shareholders of AS Tallinna Sadam furthermore approved a new wording of the rules of procedure of the company’s Supervisory Board.
During the initial public offering (IPO) of the shares of AS Tallinna Sadam on May 25 – June 6, 2018 a total of 86,704,968 ordinary shares of AS Tallinna Sadam were listed for sale. 13,723 Estonian retail investors and 102 professional investors participated in the public offer; the demand for the shares exceeded the supply thereof more than threefold. The total volume of the public offer was approximately 147.4 million euros. The final price of the share that made its debut on June 13, 2018 at Nasdaq Tallinn Stock Exchange was set at 1.70 euros.
AS Tallinna Sadam owns one of the largest cargo- and passenger port complexes in the Baltic Sea region, which in 2018 serviced 10.6 million passengers and 20.6 million tons of cargo. In addition to passenger and freight services, the company also operates in the shipping business via its subsidiaries – OÜ TS Laevad provides ferry services between the Estonian mainland and the nation’s largest islands, and OÜ TS Shipping charters its multifunctional vessel Botnica for icebreaking and construction services in Estonia and for offshore projects abroad. AS Green Marine, a related company that provides waste management services, is also part of the Tallinna Sadam Group. The Group’s sales revenue in 2018 totaled EUR 130.6 million, adjusted EBITDA EUR 74.4 million, and its net profit amounted to EUR 24.4 million.
Head of Investor Relations
AS Tallinna Sadam