Aktsiaselts Infortar 2023 audited Annual Report
The Supervisory Board of Aktsiaselts Infortar approved the
audited annual report for 2023 and will submit it to the Annual
General Meeting for approval.
Major events
Energy
- The group's
electricity and gas sales volumes doubled in 2023, reaching a total
of 15.9 TWh in Finland, Estonia, Latvia, Lithuania, and Poland.
- The most
substantial investment in 2023 was the acquisition of Gaso, which
owns the gas distribution network in Latvia. This led to a
significant expansion in the infrastructure segment, complementing
energy sales and production.
Maritime transport
- In the maritime
transport sector, Infortar continued to increase its shareholding
in AS Tallink Grupp, and as of today, the ownership in AS Tallink
Grupp stands at 42.33%.
Real estate
- In the real
estate sector, Infortar group major development projects included
the construction of the logistics center in Saue and the new bridge
in Pärnu, and the expansion of the Tallink logistics center.
KEY FIGURES OF FINANCIAL YEAR
Key figures |
12 months 2023 |
12 months 2022 |
Sales revenue, m€ |
1 084,626 |
1 053,712 |
Gross profit, m€ |
149,473 |
126,537 |
EBITDA, m€ |
143,283 |
120,046 |
EBITDA margin (%) |
13,2% |
11,4% |
Net profit, EBIT, m€ |
123,628 |
99,140 |
Total profit, m€ |
293,830 |
96,124 |
Net profit from recurring business operations 1 |
138,746 |
106,616 |
EPS (euros)2 |
14.62 |
4.77 |
Total equity |
820,210 |
568, 677 |
Total liabilities |
441,160 |
427,205 |
Net debt |
354,045 |
367,203 |
Long-term debt / EBITDA |
2.0x |
1.7x |
1 Includes a one-time profit of 159 million euros from the
acquisition of Gaso, and in 2023, additional real estate
revaluations. 2 The calculation is based on the number of shares as
of 31.12.2023, totaling to 21 045 000 shares, from which the number
of treasury shares, totaling to 945 000 shares, has been
deducted.
Revenue
2023, the group's consolidated revenue increased by 30.9 million
euros to 1,084.6 million euros (consolidated revenue for 2022 was
1,053.7 million euros). Revenue growth was driven by the increase
in gas sales volumes and the expanded market share in the
Baltic-Finnish region, reaching to 25%.
EBITDA and segment reporting
The annual EBITDA of the Energy segment was 135,9 million euros
in 2023 (106.3 million euros in 2022). The profitability is
connected with the increase in market share and the doubling of
sales volumes. The group's subsidiary, AS Eesti Gaas, actively
manages market price risks by utilizing regional natural gas
storage options and using relevant financial derivative
instruments.
The annual EBITDA of the Shipping segment was 214.5 million
euros in the 2023 (135.8 million euros in 2022). Infortar
consolidates the results of AS Tallink Grupp using the equity
method, in accordance with its percentage of ownership in AS
Tallink Grupp. However, in segment reporting, the results of
Tallink Grupp AS, include 100% of the EBITDA, as it is in
accordance with applicable accounting rules.
In the Real Estate segment, the profitability is assessed based
on the EBITDA of separate real estate companies’ results. In 2023,
the total annual EBITDA of real estate was 12.3 million euros (in
2022, the total annual EBITDA of real estate was 11.4 million
euros). In 2023, three new buildings were added to the portfolio at
the addresses Liivalaia 9, Tähesaju 9, and Tähesaju 11.
Net profit
The consolidated net profit for the year 2023 is 293.8 million
euros (compared to 96.1 million euros in the year 2022). One-time
significant transactions impacting the net profit include the
acquisition of the Latvian gas distribution company Gaso and the
effects of property revaluation. Non-recurring items affecting
previous year net profit include the extraordinary profit booked
from acquisition of the Latvian gas distribution company Gaso and
the revaluation of the real estate portfolio. Infortar’s net profit
from recurring operations (excluding non-recurring items, which
affect comparability) is 144,8 million euros.
The consolidated operating profit for 2023 was 123.6 million
euros (compared to 99.1 million euros in 2022).
Investments
In the past three years (2021-2023), Infortar Group has invested
approximately 265 million euros, with the largest investment being
the acquisition of Gaso in 2023.
Infortar will continue its investments in the future.
Investments already planned for the years 2024 and 2025 totaling
approximately 110 million euros. The major ongoing development
projects include the establishment of a logistics center in Saue
and the construction of a 4MW solar power plant in Latvia.
Financing
The total loan and leasing obligations in 2023 amounted to 441.2
million euros (compared to 427.2 million euros in 2022). Financing
activities cash flow also includes the proceeds from the initial
public offering, which amounted to 31.2 million euros.
Dividends
According to the dividend policy confirmed on October 31, 2023,
the objective is to pay dividends of at least 1 euro per share per
fiscal year. Dividend payments are made semi-annually. The
Management Board and The Supervisory Board propose to General
Meeting of Shareholders to pay a dividend of 3 euros per share for
the 2023 financial results.
Consolidated statement of profit or loss and other
comprehensive income
Audited, € thousand |
12-month 2023 |
12-month 2022 |
|
|
Revenue |
1 084 626 |
1 053 712 |
|
Cost of sales |
-934 811 |
-927 175 |
|
Gross profit/
loss |
149 473 |
126 537 |
|
Marketing expenses |
-1 620 |
-1 408 |
|
Administrative expenses |
-22 085 |
-17 520 |
|
Profit (loss) from the change in the fair value of the
investment property |
-4 074 |
-10 492 |
|
Other operating income |
4 492 |
2 261 |
|
Other operating expenses |
-2 258 |
-238 |
|
Operating profit/
loss |
123 628 |
99 140 |
|
Financial income |
2 765 |
680 |
|
Financial expenses |
-22 750 |
-6 275 |
|
Profit (loss) from investments in the equity method |
39 639 |
8 157 |
|
Gain from discount purchase |
159 158 |
0 |
|
Profit
(loss) before tax |
302 440 |
101 702 |
|
Income tax
expense |
-8 610 |
-5 578 |
|
Net profit of the
financial year |
293 830 |
96 124 |
|
Equity holders of
the Parent |
293 778 |
95 943 |
|
Minority
interests |
52 |
181 |
|
Other
comprehensive income |
|
|
|
Revaluation of
post-employment benefit obligations |
-44 |
0 |
|
Cash flow hedges - the effective portion of a change in fair value
* |
-58 189 |
94 772 |
|
Exchange rate differences from the translation of foreign
subsidiaries |
-42 |
3 |
|
Total other comprehensive income |
-58 275 |
94 775 |
|
Total comprehensive income / loss for the financial year |
235 555 |
190 899 |
|
Attributable to: |
|
|
|
Equity holders of
the Parent |
235 547 |
190 718 |
|
Minority
interests |
52 |
181 |
|
|
14,62 |
15,23 |
|
Ordinary earnings
per share (in euros per share) |
14,56 |
15,23 |
|
* The revaluations of non-monetary derivative instruments in
consolidated profits do not affect the profitability or cash flow
generation ability of AS Eesti Gaas or Infortar's main business
activities.
Consolidated statement of financial
position
Audited, € thousand |
31.12.2023 |
31.12.2022 |
ASSETS |
|
|
Cash and cash
equivalents |
87 115 |
60 002 |
Short-term
derivatives |
28 728 |
71 109 |
Derivative
financial assets |
5 958 |
108 917 |
Trade and
other receivables |
162 575 |
122 006 |
Prepayments |
24 603 |
76 752 |
Prepayments for
inventories |
146 884 |
16 654 |
Total
current assets |
455 863 |
455 440 |
|
|
|
Investments to associates |
346 014 |
296 061 |
Derivative and
other financial assets |
1 125 |
12 866 |
Long-term
loans |
9 072 |
15 736 |
Long-term
requirements |
176 024 |
160 540 |
Investment
property |
446 748 |
147 724 |
Property, plant
and equipment |
14 366 |
8 853 |
Intangible
assets |
11 300 |
10 192 |
Right-of-use
assets |
1 004 650 |
651 972 |
Total
non-current assets |
1 460 512 |
1 107 412 |
|
|
|
LIABILITIES AND
EQUITY |
|
|
Interest-bearing
loans and borrowings |
186 025 |
266 308 |
Payables to
suppliers |
74 751 |
19 845 |
Tax
obligations |
32 822 |
31 135 |
Buyers'
advances |
3 099 |
10 169 |
Other current
liabilities |
15 973 |
6 766 |
Total
current liabilities |
312 670 |
334 223 |
|
|
|
Interest-bearing
loans and borrowings |
255 135 |
160 897 |
Other long-term
liabilities |
30 865 |
18 076 |
Long-term
provisions |
8 399 |
649 |
Deferred
taxes |
33 233 |
24 890 |
Total
non-current liabilities |
327 632 |
204 512 |
Total
liabilities |
640 302 |
538 735 |
|
|
|
Share
capital |
2 105 |
1 985 |
Own shares |
-95 |
-95 |
Share
premium |
29 344 |
0 |
Reserve
capital |
28 143 |
84 162 |
risk hedging reserve* |
24 118 |
82 307 |
Unrealized
currency translation differences |
-39 |
3 |
Retained
earnings |
466 140 |
385 947 |
Net profit of the
financial year |
293 778 |
95 943 |
Total equity
attributable to equity holders of the Parent |
819 376 |
567 945 |
Minority
interests |
834 |
732 |
Total equity |
820 210 |
568 677 |
TOTAL
LIABILITIES AND EQUITY |
1 460 512 |
1 107 412 |
*This represents a change in the accounting for risk management
positions, which affects the consolidated profit result.
Consolidated statement of cash flows
Audited, € thousand |
2023 |
2022 |
|
|
Cash flows from
operating activities |
|
|
|
Net profit of the
financial year |
302 440 |
101 702 |
|
Adjustments: |
-104 561 |
-39 818 |
|
|
|
|
|
Income tax
paid |
-267 |
-4 051 |
|
Changes in assets related to op.activities |
54 540 |
-116 072 |
|
Changes in inventories |
-61 914 |
3 667 |
|
Changes in liabilities related to op.activities |
-406 |
55 611 |
|
Net cash from operating activities |
189 832 |
1 039 |
|
|
|
|
|
Cash flows from
investing activities |
|
|
|
Acquisition /
reduction of capital of associates |
-113 728 |
-4 895 |
|
Given loans |
0 |
-6 438 |
|
Paybacks from given loans, and interest gain |
9 343 |
992 |
|
Purchases of property, plant and equipment |
-18 143 |
-14 250 |
|
Purchases Investment property |
-18 556 |
-23 881 |
|
Net cash used in investing activities |
-141 084 |
-48 472 |
|
|
|
|
|
Cash flows from
financing activities |
|
|
|
Received
government grants |
0 |
3 251 |
|
Changes in overdraft |
14 348 |
-9 456 |
|
Proceeds from borrowings |
130 567 |
193 397 |
|
Repayments of borrowings |
-312 846 |
-98 833 |
|
Repayment of finance lease liabilities |
-2 233 |
-2 037 |
|
Interest paid |
-22 224 |
-7 960 |
|
Dividends paid |
-15 750 |
-16 110 |
|
Proceeds from share emission |
29 464 |
0 |
|
Net cash used in financing activities |
-21 635 |
62 252 |
|
|
|
|
|
TOTAL NET
CASH FLOW |
27 113 |
14 819 |
|
|
|
|
|
Cash at the
beginning of the year |
60 002 |
45 183 |
|
Cash at the end of the period |
87 115 |
60 002 |
|
Net (decrease)/increase in cash |
27 113 |
14 819 |
|
Cash flows from
financing activities |
|
|
|
Aktsiaselts Infortar consolidated annual report 2023 is attached
to this notice and will be made available on website
www.infortar.ee/en/reports.
Infortar operates in five countries, the company's main fields
of activity are energy, maritime transport, and real estate.
Infortar owns a 42,3% stake in AS Tallink Grupp, a 100% stake in AS
Eesti Gaas and a versatile and modern real estate portfolio of
approx. 110,000 m2. In addition to the three main areas of
activity, Infortar also operates in construction and mineral
resources, printing, taxi business and many other areas. A total of
103 companies belong to the Infortar group: 47 subsidiaries, 5
affiliated companies and 50 subsidiaries of affiliated companies.
Excluding affiliates, Infortar employs 1,308 people.
Additional information:
Kadri Laanvee
Investor Relations Managere-mail:
kadri.laanvee@infortar.eephone: +372 5156662
https://infortar.ee/en/investor
- Infortar_aastaraamat_2023_ENG
- AS Infortar sõltumatu vandeaudiitori aruanne ESEF