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06.05.2024 08:00:00
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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 profit
Consolidated 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 activities Profit 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 |
| 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 Manager
e-mail: kadri.laanvee@infortar.ee
phone: +372 5156662
https://infortar.ee/en/investor
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