The Supervisory Board of Aktsiaselts Infortar approved the audited annual report for 2024 and will submit it to the Annual General Meeting for approval.
Major events
Maritime transport
In the summer, Infortar invested €110 million in acquiring Tallink Grupp (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 totalled 777,000.
Energy
Infortar’s subsidiary, Elenger Grupp (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 centre 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 | 12 months 2024 | 12 months 2023 |
| Sales revenue. m€ | 1 371.775 | 1 084.626 |
| Gross profit. m€ | 128.628 | 149.473 |
| EBITDA. m€ | 145.275 | 143.283 |
| EBITDA margin (%) | 10.6% | 13.2% |
| Operating profit. EBIT. m€ | 77.024 | 123.628 |
| Total profit(-loss). m€1,2 | 193.670 | 293.830 |
| EPS (euros)2 | 9.36 | 14.62 |
| Total equity m€ | 1 166.221 | 820.210 |
| Total liabilities m€3 | 1 223.287 | 441.160 |
| Net debt m€4 | 1 055.708 | 354.045 |
| Investment loans to EBITDA (ratio)5 | 3.0x | 1.7x |
1.The 2024 financial year total profit includes a one-off revaluation of €94 million, mainly arising from the acquisition of Tallink. The 2023 financial year profit includes a one-off revaluation of €159 million, mainly arising from the acquisition of Gaso.
2. In the Q4 and 12-month annual results reported on 25 February 2025, the consolidated total profit for the financial year was €173.351 million, and earnings per share (EPS) amounted to €8.46. Adjustments have been made in the audited figures, mainly related to the purchase price allocation of Tallink Grupp, resulting in an increase of €20.319 million in the total profit for the annual year and an increase of earnings per share (EPS) by 0.9 euros.
3–4. The significant increase in liabilities and net debt is due to the consolidation of Tallink’s loans into Infortar’s financial statements in 2024.
5. Infortar Group’s investment loans / EBITDA ratio. For 2024 Tallink’s 12-month EBITDA (€265.447 million) has been used for comparability purposes
Revenue
2024. financial year, the group´s consolidated sales revenue increased by €287.149 million reaching €1 371.775 million (compared to €1 084.626 million 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 (compared to €214.528 million 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 (compared to €135.999 million 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 (compared to €12.39 million in 2023). Three new buildings at Liivalaia 9, Tähesaju 9, and Tähesaju 11 were included in the accounting for the 2023 financial year.
Total Profit
The consolidated total profit for the 2024 financial year was €193.67 million (compared to €293.83 million in the 2023 financial year). One-off significant impacts included the effects related to the acquisition of Tallink in 2024 and Latvian gas distribution company Gaso in 2023. The consolidated operating profit for the 2024 financial year was €77.024 million (compared to €123.628 million in 2023).
Investments
Infortar entered the agricultural sector by acquiring one of Estonia’s largest dairy farms in Halinga and began constructing a biomethane plant next to the farm for local biomethane production. Infortar invested €110 million in purchasing Tallink shares, increasing its shareholding in Tallink to 68,5%.
Infortar subsidiary Elenger signed a €120 million 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.
Financing
Loan and lease liabilities amounted to €1 223.287 million in 2024 financial year (compared to €441.16 million 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, reaching €1 055.708 million (compared to €354,045 million 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 financial 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.
Consolidated statement of profit or loss and other comprehensive income
| (in thousands of EUR) | 12 months 2024 | 12 months 2023 |
| Revenue | 1 371 775 | 1 084 626 |
| Cost of goods (goods and services) sold | -1 243 034 | -934 811 |
| Write-down of receivables | -113 | -342 |
| Gross profit | 128 628 | 149 473 |
| Marketing expenses | -21 086 | -1 620 |
| General administrative expenses | -50 438 | -22 085 |
| Profit (loss) from biological assets | -139 | 0 |
| Profit (loss) from the change in the fair value of the investment property | -949 | -4 074 |
| Profit (loss) from changes in the fair value of fixed assets | -8 691 | |
| Unsettled gain/loss on derivative financial instruments | 26 672 | 1 969 |
| Other operating revenue | 4 682 | 2 523 |
| Other operating expenses | -1 655 | -2 558 |
| Operating profit | 77 024 | 123 628 |
| Profit (loss) from investments accounted for by equity method | 22 974 | 39 639 |
| Financial income and expenses | 13 392 | 0 |
| Other financial investments | -50 | -4 |
| Interest expense | -38 274 | -22 573 |
| Interest income | 4 979 | 2 765 |
| Profit (loss) from changes in exchange rates | 100 | -173 |
| Gain from bargain purchase | 93 659 | 159 158 |
| Total financial income and expenses | 73 806 | 139 173 |
| Profit before tax | 173 804 | 302 440 |
| Corporate income tax | 19 866 | -8 610 |
| Profit for the financial year | 193 670 | 293 830 |
| including: | ||
| Profit attributable to the owners of the parent company | 191 253 | 293 778 |
| Profit attributable to non-controlling interest | 2 417 | 52 |
| Other comprehensive income | ||
| Items that will not be reclassified to profit or loss | ||
| Revaluation of post-employment benefit obligations | -141 | -44 |
| Items that may be subsequently reclassified to the income statement: | ||
| Revaluation of risk hedging instruments | -45 792 | -58 189 |
| Exchange rate differences attributable to foreign subsidiaries | 53 | -42 |
| Total of other comprehensive income | -45 880 | -58 275 |
| Total income | 147 790 | 235 555 |
| including: | ||
| Comprehensive profit attributable to the owners of the parent company | 145 514 | 235 503 |
| Comprehensive profit attributable to non-controlling interest | 2 417 | 52 |
| Ordinary earnings per share (in euros per share) | 9,36 | 14,62 |
| Diluted earnings per share (in euros per share) | 9,12 | 14,15 |
Consolidated statement of financial position
| (in thousands of EUR) | 31.12.24 | 31.12.23 |
| Current assets | ||
| Cash and cash equivalents | 167 579 | 87 115 |
| Short-term derivatives | 8 333 | 28 728 |
| Settled derivative receivables | 676 | 5 958 |
| Other prepayments and receivables | 155 351 | 162 575 |
| Prepaid 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 | 593 640 | 455 863 |
| Non-current assets | ||
| 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 | 2 715 234 | 1 460 512 |
| (in thousands of EUR) | 31.12.24 | 31.12.23 |
| Current liabilities | ||
| Loan liabilities | 497 162 | 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 | 774 466 | 312 670 |
| Non-current liabilities | ||
| 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 | 676 670 | 246 410 |
| Rental liabilities | 40 435 | 8 725 |
| Total non-current liabilities | 774 547 | 327 632 |
| TOTAL LIABILITIES | 1 549 013 | 640 302 |
| (in thousands of EUR) | 31.12.24 | 31.12.23 |
| Equity | ||
| 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* | -21 674 | 24 118 |
| Unrealised exchange rate differences | 45 | -39 |
| Post-employment benefit obligation reserve | -185 | -44 |
| Retained earnings from previous periods | 890 167 | 759 918 |
| Total equity attributable to equity holders of the Parent | 909 317 | 819 376 |
| Minority interests | 256 904 | 834 |
| Total equity | 1 166 221 | 820 210 |
| TOTAL LIABILITIES AND EQUITY | 2 715 234 | 1 460 512 |
Consolidated statement of cash flows
| Cash flows from operating activities | ||
| (in thousands of EUR) | 12 months 2024 |
12 months 2023 |
| Profit for the financial year | 193 670 | 293 830 |
| Adjustments: | ||
| Depreciation, amortisation, and impairment of non-current assets | 68 251 | 19 655 |
| Change in the fair value of the investment property | -22 974 | -39 639 |
| Change in the value of derivatives | -1 483 | 54 122 |
| Other financial income/expenses | -112 030 | -161 965 |
| Calculated interest expenses | 38 274 | 22 573 |
| Profit/loss from non-current assets sold | -955 | -91 |
| Income from grants recognised as revenue | -643 | 784 |
| Corporate income tax expense | -19 866 | 8 610 |
| Income tax paid | -10 551 | -267 |
| Change in receivables and prepayments related to operating activities | 52 023 | 54 540 |
| Change in inventories | -12 831 | -61 914 |
| Change in payables and prepayments relating to operating activities | -81 275 | -406 |
| Change in biological assets | -322 | 0 |
| Total cash flows from operating activities | 89 288 | 189 832 |
| Cash flows from investing activities | ||
| Purchases of associates | 0 | -10 314 |
| Purchases of subsidiaries | -111 684 | -103 414 |
| Received dividends | 20 862 | 0 |
| Given loans | 1 918 | 6 652 |
| Interest gain | 4 953 | 2 691 |
| Purchases Investment property | -10 352 | -18 304 |
| Purchases of property, plant and equipment | -27 835 | -18 143 |
| Proceeds from sale of property | 1 561 | -252 |
| Total cash flows used in investing activities | -120 577 | -141 084 |
| Cash flows used in financing activities | 12 months 2024 |
12 months 2023 |
| Proceeds from targeted financing | 225 | 0 |
| Changes in overdraft | 12 863 | 14 348 |
| Proceeds from borrowings | 358 731 | 287 606 |
| Repayments of borrowings | -151 790 | -312 846 |
| Repayment of finance lease liabilities | -11 300 | -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 | 111 753 | -21 635 |
| 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 |
The 2024 Annual Report of Aktsiaselts Infortar is attached to this notice and will be made available on the website Reports | Infortar.
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
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