Aktsiaselts Infortar interim report for Q1 2024
Infortar will arrange a webinar for investors today 6 May
2024.Please join the webinar via the following links:
- at 12:00
(EET) Estonian webinar
- at 14:00
(EET) English webinar
Infortar's results for the first quarter of 2024
are remarkable, showing significant growth in revenue and profit.
The company's revenue increased to 373 million euros and profit
amounted to 62 million.
The chairman of the board of Infortar Ain
Hanschmidt comments:
„Infortar succeeded in increasing its sales
volumes and continues its expansion into new markets and sectors
amidst stabilized energy prices. Today, more than 80 percent of our
revenue is generated from foreign markets. Our investments have
proven profitable, and as one of the largest investment companies
in the region, we are continually seeking new growth
opportunities”.
Infortar’s subsidiary Eesti Gaas (Elenger in
foreign markets), which is the largest privately owned energy
company in the region, increased its sales volume by 74 percent
compared to the same period last year, reaching a total of 6.1 TWh.
The company's market share in gas sales in the Finnish-Baltic
region increased to 26.4 percent, and Eesti Gaas/Elenger imports
about a third of the natural gas consumed in the region.
In addition to energy, maritime transport and
real estate, Infortar entered the agriculture sector by signing
agreements to acquire a majority stake in one of Estonia's largest
dairy farms in Halinga, Pärnumaa.
Tallink reported profitable quarterly results.
In real estate segment, the expansion of Tallink's logistics center
in Maardu was completed. Both major constructions – the 25,000 sqm
RIMI logistics center in Saue and the new bridge in Pärnu – have
progressed according to the plan.
Compared to the first quarter of the previous
year, Infortar's EBITDA increased by 40 percent, and profit by 32
percent. Infortar's equity reached 853 million euros as of March 31
this year, and its asset volume reached 1.4 billion euros. The
company made investments totalling 7 million euros in the first
quarter.
Since the end of last year, Infortar's shares
have been listed on the Nasdaq Baltic Stock Exchange. A total of
5,517 retail investors from Estonia and professional investors from
Europe participated in the company's initial public offering, with
the total volume of subscriptions reaching 41.4 million euros,
which was 1.3 times the base offer size. Infortar's stock has been
the best performer in the Nasdaq Baltic stock exchange's main list
in the first quarter of this year, with the company's stock rising
by 27 percent.
KEY FIGURES OF FINANCIAL YEAR
| |
Q1 2024 |
Q1 2023 |
2023 |
| Revenue (in
thousands of EUR) |
372 584 |
347 480 |
1 084 626 |
| Gross profit (in
thousands of EUR) |
50 004 |
65 812 |
149 473 |
| EBITDA (in
thousands of EUR) |
74 004 |
52 560 |
143 283 |
| EBITDA margin
% |
19,9% |
15,1% |
13,2% |
| Net profit (in
thousands of EUR) |
67 624 |
49 679 |
123 628 |
| Total profit (in
thousands of EUR) |
62 062 |
46 777 |
293 830 |
| Earnings per
share (EUR)* |
2,9 |
2,2* |
13,9* |
| Total equity (in
thousands of EUR) |
852 690 |
566 482 |
820 210 |
| Total liabilities
(in thousands of EUR) |
375 327 |
340 568 |
441 160 |
* Earnings per share have been calculated for all reported
periods based on the following formula: net profit for the
reporting year divided by the number of issued shares as of March
31, 2024 (Q1 2024 = (62,062,000 / 1,000) / 21,166,239 = 2.9 euros
per share). In 2023 and 2024, share splits and the issuance of new
shares occurred. For comparability purposes, the formula uses the
currently valid number of shares each time.
Revenue
In the first quarter of the 2024, the consolidated revenue of
the group increased by 25.1 million euros to 372.6 million euros
(compared to consolidated revenue of 347.5 million euros in the
first quarter of 2023). A significant positive impact was achieved
by the growth in regional gas sales market share to 26%, which
allowed for an increase in revenue compared to the previous
year.
EBITDA and segment reporting
The EBITDA of the Energy segment in the first quarter of the
2024 was 73.9 million euros (compared to 50.5 million euros in the
first quarter of the 2023). Profitability is not related to the
volatility of energy prices but rather to the increase in market
share and sales volumes. Infortar subsidiary, AS Eesti Gaas,
actively manages price risks by using derivative instruments and
regional natural gas storage facilities.
The Shipping segment's EBITDA in the first quarter of the 2024
was 34.5 million euros (compared to 27.1 million euros in the first
quarter of the 2023). Infortar consolidates the results of AS
Tallink Grupp using the equity method, meaning that results of AS
Tallink Grupp are reflected in the segment reporting according to
Infortar's ownership percentage in AS Tallink Grupp. In segment
reporting, 100% of AS Tallink Grupp results (including 100% EBITDA)
are accounted for in accordance with applicable accounting
rules.
In the Real Estate segment, the profitability is assessed based
on the EBITDA of separate real estate companies. The Real Estate
EBITDA in the first quarter of the 2024 was 3.8 million euros
(compared to 3.7 million euros in the first quarter of the 2023
fiscal year). In the first quarter of 2024, the extension of
Tallink's logistics center was completed, adding an addition 3,800
square meters of warehouse space to the real estate portfolio.
Net profitConsolidated net profit in the first
quarter of the 2024 was 62.1 million euros (compared to 46.8
million euros in the first quarter of the 2023).
Financing
Loan and leasing obligations in the first quarter of the 2024
amounted to 375.3 million euros (compared to 340.6 million euros in
the first quarter of the 2023). The company's net debt decreased
from 354 million euros at the end of 2023 to 196 million euros. The
net debt to EBITDA ratio is 1.3.
Consolidated income statement, in thousands of
euros
| |
|
Q1 2024 |
Q1 2023 |
2023 |
|
Revenue |
|
372 584 |
347 480 |
1 084 626 |
| Cost
of goods (goods and services) sold |
|
-322 573 |
-281 478 |
-934 811 |
|
Write-down of receivables |
|
-7 |
-190 |
-342 |
| Gross
profit |
|
50 004 |
65 812 |
149 473 |
|
Marketing expenses |
|
-415 |
-346 |
-1 620 |
|
General administrative expenses |
|
-7 238 |
-3 250 |
-22 085 |
| Profit
(loss) from the change in the fair value of the investment
property |
156 |
0 |
-4 074 |
|
Unsettled gain/loss on derivative financial instruments |
|
24 659 |
0 |
1 969 |
| Other
operating revenue |
|
600 |
527 |
2 523 |
| Other
operating expenses |
|
-142 |
-13 064 |
-2 558 |
|
Operating profit |
|
67 624 |
49 679 |
123 628 |
|
Profit (loss) from investments accounted for by equity method |
|
2 000 |
723 |
39 639 |
|
Financial income and expenses |
|
|
|
|
|
Other financial investments |
|
0 |
-24 |
-4 |
|
Interest expense |
|
-6 745 |
-3 955 |
-22 573 |
|
Interest income |
|
1 244 |
645 |
2 765 |
|
Profit (loss) from changes in exchange rates |
|
-2 |
-129 |
-173 |
|
Gain from discount purchase |
|
4 |
0 |
159 158 |
| Total
financial income and expenses |
|
-5 499 |
-3 463 |
139 173 |
|
Profit before tax |
|
64 125 |
46 939 |
302 440 |
|
Corporate income tax |
|
-2 063 |
-162 |
-8 610 |
|
Profit for the financial year |
|
62 062 |
46 777 |
293 830 |
|
including: |
|
|
|
|
| Profit
attributable to the owners of the parent company |
62 167 |
46 982 |
293 778 |
|
Profit attributable to non-controlling interest |
|
-105 |
-205 |
52 |
|
Total of other comprehensive income |
-58 275 |
|
including: |
|
Comprehensive profit attributable to the owners of the parent
company |
235 547 |
|
Comprehensive profit attributable to non-controlling interest |
52 |
|
Ordinary and diluted earnings per share (in euros per share) |
14,62 |
|
Diluted earnings per share (in euros per share) |
14,15 |
* The revaluation of non-cash derivative instruments in
consolidated profits does not affect the profitability or
cash-generating ability of AS Eesti Gaas or Infortar's core
business activities.
Consolidated statement of financial position, in
thousands of euros
| ASSETS |
31.03.24 |
31.03.23 |
31.12.2023 |
| Current
assets |
|
|
|
| Cash and cash
equivalents |
179 528 |
199 845 |
87 115 |
| Short term
financial investments |
1 |
1 |
0 |
| Derivative
financial assets |
3 938 |
26 922 |
28 728 |
| Settled
derivative receivables |
5 050 |
24 198 |
5 958 |
| Other prepayments
and receivables |
121 920 |
93 549 |
162 575 |
| Prepayments for
taxes |
1 067 |
1 064 |
925 |
| Trade and other
receivables |
16 982 |
3 931 |
20 185 |
| Prepayments for
inventories |
3 560 |
16 370 |
3 493 |
| Inventories |
61 839 |
38 360 |
146 884 |
| Total current
assets |
393 885 |
404 240 |
455 863 |
| |
|
|
|
| NON-CURRENT
ASSETS |
|
|
|
| Investments to
associates |
348 811 |
300 711 |
346 014 |
| Derivative and
other financial assets |
395 |
6 508 |
1 125 |
| Long-term loans
and other receivables |
7 519 |
10 037 |
9 072 |
| Investment
property |
179 655 |
163 144 |
176 024 |
| Property, plant
and equipment |
443 872 |
149 928 |
446 748 |
| Intangible
assets |
14 525 |
8 876 |
14 366 |
| Right-of-use
assets |
10 797 |
10 055 |
11 300 |
| Total non-current
assets |
1 005 574 |
649 259 |
1 004 649 |
| TOTAL ASSETS |
1 399 459 |
1 053 499 |
1 460 512 |
| CURRENT
LIABILITIES |
31.03.24 |
|
31.03.23 |
31.12.2023 |
| |
|
|
|
|
| Loan
liabilities |
120 733 |
|
149 249 |
184 259 |
| Rental
liabilities |
1 470 |
|
1 452 |
1 766 |
| Payables to
suppliers |
50 766 |
|
68 813 |
74 751 |
| Tax
obligations |
23 050 |
|
21 792 |
32 822 |
| Buyers'
advances |
2 422 |
|
4 666 |
3 099 |
| Short term
derivatives |
1 879 |
|
2 842 |
1 463 |
| Settled
derivatives |
13 557 |
|
4 364 |
10 851 |
| Other current
liabilities |
4 017 |
|
590 |
3 659 |
| Total current
liabilities |
217 894 |
|
253 768 |
312 670 |
| |
|
|
|
|
| NON CURRENT
LIABILITIES |
|
|
|
|
| Long-term
provisions |
11 209 |
|
680 |
8 399 |
| Deferred
taxes |
33 684 |
|
25 051 |
33 233 |
| Other long-term
liabilities |
29 990 |
|
17 651 |
30 679 |
| Long-term
derviatives |
868 |
|
0 |
186 |
|
Loan-liabilities |
244 334 |
|
181 918 |
246 410 |
| Rental
liabilities |
8 790 |
|
7 949 |
8 725 |
| Total non-current
liabilities |
328 875 |
|
233 249 |
327 632 |
| TOTAL
LIABILITIES |
546 769 |
|
487 017 |
640 302 |
| |
|
|
|
|
| Equity |
|
|
|
|
| Share
capital |
2 117 |
|
1 985 |
2 105 |
| Own shares |
-95 |
|
-95 |
-95 |
| Share
premium |
32 484 |
|
0 |
29 344 |
| Other
reserves |
205 |
|
205 |
205 |
| Option
reserve |
4 822 |
|
2 123 |
3 864 |
| Risks hedging
reserve * |
-9 662 |
|
32 841 |
24 118 |
| Unrealised
currency translation differences |
49 |
|
3 |
-39 |
| Employment
benefit reserve |
-44 |
|
0 |
-44 |
| Retained
earnings |
759 918 |
|
481 890 |
466 140 |
| Net profit of the
financial year |
62 167 |
|
46 982 |
293 778 |
| |
|
|
|
|
| Total equity
attributable to equity |
851 961 |
|
565 934 |
819 376 |
| holders of the
Parent |
729 |
|
548 |
834 |
| Minority
interests |
852 690 |
|
566 482 |
820 210 |
| Total equity |
1 399 459 |
|
1 053 499 |
1 460 512 |
* The revaluations of non-monetary derivative instruments in
consolidated profits do not affect the profitability or cash flow
generation ability of Eesti Gaas or Infortar's main business
activities.
| |
CONSOLIDATED CASH FLOW STATEMENT in
thousands of EUR |
Q1
2024 |
Q1
2023 |
2023 |
| Cash
flows from operating activitiesProfit for the financial
year |
|
|
|
| 62
062 |
46
777 |
293 830 |
|
Adjustments |
|
|
|
|
Depreciation, amortisation |
6
536 |
2
881 |
15 581 |
|
Change in the fair value of the investment
property |
-156 |
0 |
4 074 |
|
Equity profits/losses |
-2
000 |
-723 |
-39 639 |
|
Change in the value of derivatives |
25
520 |
50
544 |
54 122 |
|
Other financial income/expenses |
-1
161 |
-621 |
-161 965 |
|
Calculated interest expenses |
6
745 |
3
955 |
22 573 |
|
Profit/loss from non-current assets sold |
-44 |
-30 |
-91 |
|
Income from grants recognised as revenue |
-42 |
-279 |
784 |
|
Corporate income tax expense |
2
063 |
162 |
8 610 |
| |
Income tax
paid |
-1
612 |
-1 |
-267 |
| |
Change in
receivables and prepayments related to operating activities |
44
714 |
115
296 |
54 540 |
| |
Change in
inventories |
84
979 |
31
603 |
-61 914 |
| |
Change in
payables and prepayments relating to operating activities |
-60
965 |
-13
988 |
-406 |
| |
Total cash flows from operating
activities |
166
639 |
235
576 |
189 832 |
| |
Cash flows from investing
activities |
|
|
|
| |
Purchases of
associates |
-797 |
-3
927 |
-10 314 |
| |
Purchases of
subsidiaries |
0 |
-4 |
-103 414 |
| |
Given loans |
0 |
0 |
0 |
| |
Paybacks from
given loans |
1
807 |
5
700 |
6 652 |
| |
Interest
gain |
906 |
603 |
2 691 |
| |
Purchases
Investment property |
-3
474 |
-2
604 |
-18 304 |
| |
Purchases of
property, plant and equipment |
-2
977 |
-4
635 |
-18 143 |
| |
Proceeds from
sale of property |
66 |
32 |
-252 |
| |
Net cash used in investing
activities |
-4
469 |
-4
835 |
-141 084 |
| |
Rahavood
finantseerimistegevusest |
|
|
|
| |
Changes in
overdraft |
-30
528 |
-15
929 |
14 348 |
| |
Proceeds from
borrowings |
59
926 |
900 |
287 606 |
| |
Repayments of
borrowings |
-95
001 |
-71
518 |
-312 846 |
| |
Repayment of
finance lease liabilities |
-593 |
-429 |
-2 233 |
| |
Interest
paid |
-6
713 |
-3
922 |
-22 224 |
| |
Dividends
paid |
0 |
0 |
-15 750 |
| |
Gain from share
emission |
- 152
|
0 |
29
464 |
| |
Net cash used in
financing activities |
-69 757 |
-90 898 |
-21 635 |
| |
TOTAL NET
CASH FLOW |
92 413 |
139 843 |
27 113 |
Infortar operates in six 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.
113,000 m2. In addition to the three main areas of activity,
Infortar also operates in construction and mineral resources,
agriculture, printing, taxi business and many other areas. A total
of 103 companies belong to the Infortar group: 48 subsidiaries, 5
affiliated companies and 50 subsidiaries of affiliated companies.
Excluding affiliates, Infortar employs 1,325 people.
Kadri Laanvee
Investor Relations Managere-mail:
kadri.laanvee@infortar.eephone: +372
5156662https://infortar.ee/en/investor
- Q1 2024 ENG presentation
- Q1 2024 ENG