Dividend proposal

On 4 May 2020, the Supervisory Board of AS Tallinna Sadam (hereinafter “Tallinna Sadam”) approved a new dividend proposal submitted by the Management Board to pay a dividend of EUR 0.115 per share in 2020, in the total amount of EUR 30.245 million. According to Valdo Kalm, Chairman of the Management Board, Tallinna Sadam wants to fulfill the promise given to the shareholders. “The positive financial results of 2019 would allow us to adhere to the approved dividend policy and to pay a dividend of the size promised during the IPO this year as well,” said Kalm.In making the new dividend proposal, the Management Board proceeded from the dividend policy approved by the General Meeting to pay annual dividend of at least EUR 30 million in 2020 and at least 70% of the net profit starting from 2021. Compared to the dividend proposal made by the Management Board in approving the annual report for 2019, the dividend per share has decreased by EUR 0.036 in the new proposal, i.e. in the total amount of EUR 9.468 million. The need to reduce the dividend proposal is due to the widespread of the coronavirus, which is involving great uncertainty about the duration of the crisis and the extent of its impact. Therefore, in the new proposal the Management Board has taken into account the changed business prospects of Tallinna Sadam, capitalization and possibilities of raising additional loan capital in the circumstances of the crisis.Upon approval of the dividend proposal by the General Meeting, Tallinna Sadam plans to pay the dividend in July. Significant dates related to the payment of dividends will be disclosed in the notice of the General Meeting.Tallinna Sadam is one of the largest cargo- and passenger port complexes in the Baltic Sea region, which in 2019 serviced 10.64 million passengers and 19.9 million tons of cargo. In addition to passenger and freight services, Tallinna Sadam group also operates in shipping business via its subsidiaries – OÜ TS Laevad provides ferry services between the Estonian mainland and the largest islands, and OÜ TS Shipping charters its multifunctional vessel Botnica for icebreaking and construction services in Estonia and offshore projects abroad. Tallinna Sadam group is also a shareholder of an associate AS Green Marine, which provides waste management services. Tallinna Sadam group’s sales in 2019 totaled EUR 130.5 million, adjusted EBITDA EUR 74.3 million and net profit EUR 44.4 million.Additional information:Sirle Arro
Head of Marketing and Communication
AS Tallinna Sadam
s.arro@ts.ee