Aktsiaselts Infortar (Infortar) will organize a webinar for introducing fourth quarter 2024 results today. Please join the webinar via the following links:
25 February 2025 at 12:00 (EET) Estonian webinar
25 February 2025 at 14:00 (EET) English webinar
Estonia’s largest investment holding company, Infortar assets increased from €1.4 billion to €2.7 billion following the acquisition of a majority shareholding in Tallink Group (Tallink) and the purchase of a gas sale- and distribution company in Poland. Infortar’s stock price raised by 70% in its first year on the Tallinn stock exchange, raising the company’s total valuation from €548 million to €916 million.
“Over the past few years, our investments have amounted to nearly half a billion euros. We have grown into one of Estonia’s largest companies in terms of assets within a year. We will continue seeking growth opportunities across the region,” said Ain Hanschmidt, Chairman of the Management Board of Infortar.
“Today, changes in corporate competitiveness and energy policy across Estonia, Europe, and the United States recognize an increasing role for natural gas as a supporter of renewable energy and a provider of controllable capacity. The outlook for the maritime transport sector is set to improve,” Hanschmidt added.
Major events
Maritime transportation
In the summer, Infortar invested €110 million in acquiring Tallink shares, increasing its shareholding in Tallink to 68.5%.
The total number of passengers in 2024 reached 5.6 million. As of the end of the financial year, Tallink operated 14 vessels. Three vessels were chartered out during the year. The number of transported cargo units exceeded 303,000, and passenger vehicles transported totaled 777,000.
Energy
Infortar’s subsidiary, Elenger Group (Elenger), signed a €120 million agreement with the German energy conglomerate EWE AG to acquire EWE Group’s business operations in Poland. The transaction included natural gas assets, a distribution network in Western Poland, and all energy sales segments.
In 2024, Elenger sold a total of 18.4 TWh of energy (15.9 TWh in 2023). Sales in Estonia accounted for 16% of the total energy sales in 2024. The company’s market share in gas sales across the Finland-Baltic gas market for the year was 24.3%.
Real estate
Infortar’s real estate portfolio has expanded from 100,000 to 141,000 square meters over the past year. At the end of last year, the Rimi logistics center in Saue received its occupancy permit. This summer, a new bridge in Pärnu will be completed, followed by the opening of Lasnamäe’s second DEPO store in Estonia next year. In early 2028, the Kangru-Saku section of the Rail Baltica main route will also be completed.
Key figures of financial year
| Key figures | Q4 2024 | Q4 2023 | 12 months 2024 | 12 months 2023 |
| Sales revenue, m€ | 446.168 | 337.734 | 1 371.775 | 1 084.626 |
| Gross profit, m€ | 34.871 | 42.235 | 128.629 | 149.473 |
| EBITDA, m€ | 27.892 | 37.418 | 145.415 | 143.283 |
| EBITDA margin (%) | 6.3% | 11.1% | 10.6% | 13.2% |
| Net profit, EBIT, m€ | -6.792 | 28.967 | 77.025 | 123.628 |
| Total profit(-loss), m€ | -11.988 | 24.206 | 175.351 | 293.830 |
| Net profit (-loss) holders of the Parent m€ | -11.188 | 24.232 | 172.934 | 293.778 |
| EPS (euros)* | -0.54 | 1.18 | 8.46 | 14.62 |
| Total equity m€ | 1 166.222 | 820.210 | 1 166.222 | 820.210 |
| Total liabilities m€ | 1 223.287 | 441.160 | 1 223.287 | 441.160 |
| Net debt m€ | 1 055.708 | 354.045 | 1 055.708 | 354.045 |
| Investment loans to EBITDA (ratio) | 3.0x | 1.7x | 3.0x | 1.7x |
Earnings per share (EPS) in euros is calculated using the following formula: the profit attributable to the parent company’s owners is divided by the weighted average number of ordinary shares (20,443,629 as of 31.12.2024 and 20,100,000 as of 31.12.2023). The number of shares, 20,443,629, is determined as follows: Infortar has a total of 21,166,239 issued ordinary shares, from which 722Â 610 own shares are deducted. These own shares were issued under the employee stock option program and have not been exercised.
Revenue
2024. financial year, the group´s consolidated sales revenue increased by 287.149 million euros reaching 1 371.775 million euros (compared to 1 084.626 million euros in 2023). A significant impact was made by the consolidation of Tallink Grupp’s results into Infortar’s consolidated financial statements starting from August 1, 2024.
EBITDA and Segment Reporting
Maritime transport Segment: The EBITDA for the maritime transport segment in 2024 financial year was 175.181 million euros (compared to 214.528 million euros in the 2023 financial year). In segment reporting 100% Tallink results are presented.
Tallink´s financial results were affected by difficult economic environment across all our home markets, and the lowest consumer confidence levels in a decade.
Energy Segment: The EBITDA for the energy segment of the 2024 financial year was 77.235 million euros (compared to 135.999 million euros in 2023). Warmer winter led to a decrease in sales volumes, which in turn impacted profitability in the fourth quarter.
Real Estate Segment: The profitability assessment considers the EBITDA of individual real estate companies. The EBITDA for the real estate segment of the 2024 financial year was 13.567 million euros (compared to 12.39 million euros in 2023). Three new buildings at Liivalaia 9, Tähesaju 9, and Tähesaju 11 were included in the accounting for the 2023 financial year.
Net Profit
The consolidated net profit for the 2024 financial year was 175.351 million euros (compared to 293.83 million euros in 2023 financial year). One-time significant transactions impacting the net profit calculation for the 2023 financial year included the effects related to the acquisition of the Latvian gas distribution network company, Gaso.
The consolidated operating profit for the 2024 financial year was 77.025 million euros (compared to 123.628 million euros in the 2023 financial year).
Investments
Infortar entered the agricultural sector by acquiring one of Estonia’s largest dairy farms in Halinga and began constructing a biogas plant next to the farm for local gas production. Infortar invested 110 million euros in purchasing Tallink shares, increasing its shareholding in Tallink to 68,5%.
Infortar subsidiary Elenger signed a 120 million euros agreement with the German energy group EWE AG to acquire EWE Group’s entire Polish business. The transaction includes the natural gas distribution network in Western Poland as well as all energy sales operations.
In the fourth quarter Infortar Group’s total investments amounted to approximately 140 million euros, reaching 279 million euros over twelve months.
Financing
Loan and lease liabilities amounted to 1 223.287 million euros in 2024 financial year (compared to 441.16 million euros in 2023 financial year). Significant increase in the 2024 financial year is primarily due to the line-by-line consolidation of Tallink Grupp, which resulted in the full inclusion of Tallink’s liabilities among the group’s obligations. Proportionally to the growth in assets, Infortar’s net debt increased by 701.663 million euros, reaching 1 055.708 million euros (compared to 354,045 million euros in 2023 financial year). The net debt to EBITDA ratio was 3.4.
Dividends
According to the dividend policy, the objective is to pay dividends of at least 1 euro per share per finiancial year. Dividend payments are made semi-annually. Infortar Group’s management proposes to pay a dividend of 3 euros per share for the 2024 financial year results. According to the proposal, the first payout is planned to be made no later than July, and the second payout in December 2025. The dividend consists of three parts:
1 euro per share, as per the dividend policy.
Carried-over dividend from AS Tallink Grupp, which is rounded upwards.
Additional dividend based on the high deliveries of the financial results in 2024.
AS Infortar has a total of 21,166,239 shares, of which 722 610 are company´s own shares. Dividends are therefore paid for 20,443,629 shares, which amounts to approximately 61 million euros.
Consolidated statement of profit or loss and other comprehensive income
| (in thousands of EUR) | Q4 2024 | Q4 2023 | 12 months 2024 | 12 months 2023 |
| Revenue | 446 168 | 337 734 | 1 371 775 | 1 084 626 |
| Cost of goods (goods and services) sold | -411 237 | -295 439 | -1 243 033 | -934 811 |
| Write-down of receivables | -60 | -60 | -113 | -342 |
| Gross profit | 34 871 | 42 235 | 128 629 | 149 473 |
| Marketing expenses | -12 459 | -511 | -21 086 | -1 620 |
| General administrative expenses | -22 759 | -9 522 | -50 438 | -22 085 |
| Profit (loss) from biological assets | -156 | 0 | -139 | 0 |
| Profit (loss) from the change in the fair value of the investment property | -6 749 | -4 074 | -9 640 | -4 074 |
| Unsettled gain/loss on derivative financial instruments | 2 098 | 902 | 26 672 | 1 969 |
| Other operating revenue | -767 | 1 458 | 4 682 | 2 523 |
| Other operating expenses | -871 | -1 521 | -1 655 | -2 558 |
| Operating profit | -6 792 | 28 967 | 77 025 | 123 628 |
| Â | Â | Â | Â | Â |
| (in thousands of EUR) | Q4 2024 | Q4 2023 | 12 months 2024 | 12 months 2023 |
| Profit (loss) from investments accounted for by equity method | 846 | 1 938 | 22 974 | 39 639 |
| Financial income and expenses | Â | Â | Â | Â |
| Other financial investments | 269 | 54 | 72 789 | -4 |
| Interest expense | -13 808 | -8 569 | -38 274 | -22 573 |
| Interest income | 760 | 465 | 4 979 | 2 765 |
| Profit (loss) from changes in exchange rates | -56 | -13 | 100 | -173 |
| Other financial income and expenses | 16 287 | -58 | 15 892 | 159 158 |
| Total financial income and expenses | 3 452 | -8 121 | 55 486 | 139 173 |
| Profit before tax | -2 494 | 22 784 | 155 485 | 302 440 |
| Corporate income tax | -9 494 | 1 422 | 19 866 | -8 610 |
| Profit for the financial year | -11 988 | 24 206 | 175 351 | 293 830 |
| including: | Â | Â | Â | Â |
| Profit attributable to the owners of the parent company | -11 188 | 24 232 | 172 934 | 293 778 |
| Profit attributable to non-controlling interest | -800 | -26 | 2 417 | 52 |
| Â | Â | Â | Â | Â |
| Other comprehensive income | Â | Â | 12 months 2024 | 12 months 2023 |
| Revaluation of risk hedging instruments | -46 786 | -58 233 | ||
| Exchange rate differences attributable to foreign subsidiaries | 53 | -42 | ||
| Total of other comprehensive income | -46 733 | -58 275 | ||
| Total income, including: | Â | Â | 128 618 | 235 555 |
| including: | Â | Â | Â | Â |
| Comprehensive profit attributable to the owners of the parent company | 126 201 | 235 503 | ||
| Comprehensive profit attributable to non-controlling interest | 2 417 | 52 | ||
| Ordinary earnings per share (in euros per share) | 8,46 | 14,26 | ||
| Diluted earnings per share (in euros per share) | 8,16 | 14,10 | ||
Consolidated statement of financial position
| (in thousands of EUR) | 31.12.24 | 31.12.23 |
| Current assets | Â | Â |
| Cash and cash equivalents | 167 579 | 87 115 |
| Short term financial investments | 1 | 0 |
| Derivative financial assets | 8 333 | 28 728 |
| Settled derivative receivables | 676 | 5 958 |
| Other prepayments and receivables | 155 351 | 162 575 |
| Prepayments for taxes | 3 831 | 925 |
| Trade and other receivables | 38 517 | 20 185 |
| Prepayments for inventories | 2 498 | 3 493 |
| Inventories | 215 914 | 146 884 |
| Biological assets | 941 | 0 |
| Total current assets | 593 641 | 455 863 |
| Â | Â | Â |
| Non-current assets | 31.12.24 | 31.12.23 |
| Investments to associates | 16 603 | 346 014 |
| Long-term derivative instruments | 3 214 | 1 125 |
| Long-term loans and other receivables | 35 163 | 9 072 |
| Investment property | 67 931 | 176 024 |
| Property, plant and equipment | 1 909 458 | 446 748 |
| Intangible assets | 38 874 | 14 366 |
| Right-of-use assets | 47 598 | 11 300 |
| Biological assets | 2 753 | 0 |
| Total non-current assets | 2 121 594 | 1 004 649 |
| TOTAL ASSETS | 2 715 235 | 1 460 512 |
| Â | Â | Â |
| (in thousands of EUR) | 31.12.24 | 31.12.23 |
| Current liabilities | Â | Â |
| Loan liabilities | 477 162 | 184 259 |
| Rental liabilities | 9 020 | 1 766 |
| Payables to suppliers | 87 941 | 74 751 |
| Tax obligations | 49 354 | 32 822 |
| Buyers’ advances | 31 126 | 3 099 |
| Settled derivatives | 8 728 | 1 463 |
| Other current liabilities | 63 431 | 10 851 |
| Short term derivatives | 27 704 | 3 659 |
| Total current liabilities | 754 446 | 312 670 |
| Â | Â | Â |
| Non-current liabilities | 31.12.24 | 31.12.23 |
| Long-term provisions | 9 946 | 8 399 |
| Deferred taxes | 2 816 | 33 233 |
| Other long-term liabilities | 43 209 | 30 679 |
| Long-term derivatives | 1 471 | 186 |
| Loan-liabilities | 696 670 | 246 410 |
| Rental liabilities | 40 435 | 8 725 |
| Total non-current liabilities | 794 547 | 327 632 |
| TOTAL LIABILITIES | 1 549 013 | 640 302 |
| Â | Â | Â |
| (in thousands of EUR) | 31.12.24 | 31.12.23 |
| Equity | Â | Â |
| Share capital | 2 117 | 2 105 |
| Own shares | -72 | -95 |
| Share premium | 32 484 | 29 344 |
| Reserve capital | 212 | 205 |
| Option reserve | 6 223 | 3 864 |
| Hedging reserve* | 7 455 | 24 118 |
| Unrealised currency translation differences | 1 113 | -39 |
| Employment benefit reserve | -44 | -44 |
| Retained earnings | 698 914 | 466 140 |
| Net profit of the financial year | 172 934 | 293 778 |
| Total equity attributable to equity holders of the Parent | 921 336 | 819 376 |
| Minority interests | 244 886 | 834 |
| Total equity | 1 166 222 | 820 210 |
| Â | Â | Â |
| TOTAL LIABILITIES AND EQUITY | 2 715 235 | 1 460 512 |
Consolidated statement of cash flows
| Cash flows from operating activities | Â | Â |
| (in thousands of EUR) | 12 months 2024 |
12 months 2023 |
| Profit for the financial year | 175 351 | 293 830 |
| Adjustments: | Â | Â |
| Depreciation, amortization, and impairment of non-current assets | 58 611 | 15 581 |
| Change in the fair value of the investment property | 9 640 | 4 074 |
| Equity profits/losses | -156 863 | -39 639 |
| Change in the value of derivatives | 20 888 | 54 309 |
| Other financial income/expenses | -827 | -161 965 |
| Calculated interest expenses | 38 274 | 22 573 |
| Profit/loss from non-current assets sold | -953 | -91 |
| Income from grants recognized as revenue | 2 984 | 784 |
| Corporate income tax expense | -19 866 | 8 610 |
| Income tax paid | -10 551 | -267 |
| Change in receivables and prepayments related to operating activities | 52 022 | 54 539 |
| Change in inventories | -12 830 | -61 915 |
| Change in payables and prepayments relating to operating activities | -22 278 | -591 |
| Change in biological assets | -322 | 0 |
| Total cash flows from operating activities | 133 280 | 189 832 |
| Â | Â | Â |
| Cash flows from investing activities | 12 months 2024 |
12 months 2023 |
| Purchases of associates | 0 | -10 314 |
| Purchases of subsidiaries | -155 313 | -103 414 |
| Received dividends | 20 862 | 0 |
| Given loans | 1 918 | 6 652 |
| Interest gain | 4 953 | 2 691 |
| Purchases Investment property | -5 071 | -18 304 |
| Purchases of property, plant and equipment | -38 332 | -18 143 |
| Proceeds from sale of property | 1 559 | -252 |
| Total cash flows used in investing activities | -169 424 | -141 084 |
| Â | Â | Â |
| Cash flows used in financing activities | 12 months 2024 |
12 months 2023 |
| Changes in overdraft | 12 863 | 14 349 |
| Proceeds from borrowings | 358 733 | 130 567 |
| Repayments of borrowings | -151 790 | -155 808 |
| Repayment of finance lease liabilities | -6 222 | -2 233 |
| Interest paid | -39 153 | -22 224 |
| Dividends paid | -60 997 | -15 750 |
| Gain from share emission | 3 174 | 29 464 |
| Total cash flows used in financing activities | 116 608 | -21 635 |
| Â | 0 | 0 |
| TOTAL NET CASH FLOW | 80 464 | 27 113 |
| Cash at the beginning of the year | 87 115 | 60 002 |
| Cash at the end of the period | 167 579 | 87 115 |
| Net (decrease)/increase in cash | 80 464 | 27 113 |
Infortar operates in seven countries, the company’s main fields of activity are maritime transport, energy and real estate. Infortar owns a 68.47% stake in Tallink Grupp, a 100% stake in Elenger Grupp and a versatile and modern real estate portfolio of approx. 141,000 m2. In addition to the three main areas of activity, Infortar also operates in construction and mineral resources, agriculture, printing, and other areas. A total of 110 companies belong to the Infortar group: 101 subsidiaries, 4 affiliated companies and 5 subsidiaries of affiliated companies. Excluding affiliates, Infortar employs 6,228 people.
Additional information:
Kadri Laanvee
Investor Relations Manager
Phone: +372 5156662
e-mail: [email protected]
www.infortar.ee/en/investor
Attachments
- 4 kvartali aruanne 31.12.2024 ENG
- 4 kvartali presentatsioon 31.12.2024 ENG
