The Port of Tallinn 9 months 2010 net profit EEK 467 million

The unaudited estimates show the consolidated return on sales of Port of Tallinn for the first nine months of 2010 to be a total of EEK 1,044 million, which compared to the same period of 2009 indicates a growth of EEK 72 million, or by 7 per cent, and the consolidated net profit was EEK 467 million, exceeding the figures from the reference period of last year by EEK 61 million, or by 15 per cent. The consolidated EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation) of the first nine months of 2010 was a total of EEK 787 million, indicating a growth of EEK 134 million, or by 20 per cent, in comparison to the same period of last year. The growth of the net profit and EBITDA was associated with the sale of fixed assets for the amount of EEK 66 million.

The volume of consolidated assets of the company increased EEK 238 million, or by 3 per cent, and reached EEK 8.1 billion as of 30 September 2010. The debt burden of the company amounted to EEK 2.4 billion as of the same date, decreasing by EEK 182 million within the nine months.

In summary, the first nine months of 2010 have been successful for the Port of Tallinn. The cargo volume reached 27.3 million tons, which indicated a growth of 3.9 million tons, or by ~17 per cent. Therefore, the Port of Tallinn was among the ports of highest growth of the ports of the eastern coast of the Baltic Sea. Simultaneously, we were able to retain the third largest placement, ranking right below the Primorsk and St. Petersburg and outranking the ports of Riga, Ventspils, and Klaipeda. By the type of cargo, the largest increase was achieved in the handling of the liquid bulk and sold bulk goods, which gave us an increase of the market share to some extent among the ports of the Eastern coast of the Baltic Sea. The lowest increase was indicated in container volumes, which in turn meant the decrease of the market share to the lowest level up to date.

Despite of the continuously complicated economic environment, the number of passengers reached a new record level this year. Within the first nine months of 2010, a total of 6.1 million passengers passed through the Port of Tallinn constituent harbours, indicating a growth of 0.4 million passengers, or by 7 per cent. The increase can be attributed to the growth of passengers in the Tallinn-Helsinki-Tallinn route. At the same time, the number of cruise passengers dropped from the record level of previous year by 26 thousand passengers, or by 6 per cent, down to the number of 389,000 cruise passengers.