Unaudited consolidated Port of Tallinn sales revenue for 2011 on the basis of operative data was an all-time record high 89.2 million euros, growing 2.3 million or 3% in comparison with the last year.
The net profit of the company before considering the impact of dividends, income tax, expenses and asset sales income reached 41.3 million euros, growing by 1.6 million euros or 4% compared to the last year.
According to Ain Kaljurand, Chairman of the Port of Tallinn Management Board, the economic results exceeded predictions by 11%. „The better than expected results enable us to pay into the state budget a dividend of 46.3 million euros that makes up over 30% of the state’s beneficial interest,“ noted Kaljurand.
„Since last year the figure showing growth was the number of passengers that reached 8.5 million people for the first time, one should also add to the direct income the indirect income those tourists left in the Estonian service and accommodation companies,“ said Kaljurand.
„Last year we also continued with several large-scale environmental investments and launched new projects the most important of which is the development of the passenger harbor area and improved access to the port for our citizens,“ commented Kaljurand.
A record breaking 8.48 million passengers passed last year through the harbors considered to be a part of the Port of Tallinn; the annual passenger number growth was 0.56 million passengers or 7%. The company’s cargo volume was 36.5 million tons, a decrease of 0.2 tons or -0.5% compared to 2010. Cargo volume only decreased in terms of timber cargo, growing for other cargo types.
The company’s 2011 consolidated EBITDA (earnings before interest, taxes, depreciation and amortization) was a total of 60.4 million euros, decreasing by 4 million euros or 6% compared to the last year.
The higher EBITDA in 2010 was due to the extraordinary one-time capital asset sales revenue earned in autumn 2010 in the amount of 5.3 million euros. With the addition of the almost doubled dividend income tax cost impact, the company’s 2011 consolidated net profit was 36.3 million euros, which is 6 million euros less than the figure from the previous year.