The Management Board of AS Tallinna Sadam (hereinafter: “Tallinna Sadam”) presented to the Supervisory Board the audited Annual Report 2018, which the Supervisory Board approved. There are no differences in the audited financial results, compared to the  12-month unaudited financial results disclosed on 27 February 2019.

The consolidated Group Annual Report 2018 of Tallinna Sadam is enclosed to this announcement and is also available on the company’s investor webpage at: https://investor.ts.ee/en/annual-reports/  .

The annual revenue of 2018 amounted to EUR 130.6 million, increasing by EUR 9.3 million, i.e. 7.7% year on year. The adjusted EBITDA was EUR 74.4 million i.e. 11.8% higher compared to 2017. The net profit amounted to EUR 24.4 million, an annual decrease of EUR 2.0 million due to EUR 14.2 million higher dividend income tax expense in 2018 in connection with the payment of a record high dividend. The Group's retained earnings as of 31.12.2018 were EUR 42.1 million.

The increase in the Group’s revenue was mainly influenced by the work of multifunctional icebreaker Botnica as an escort and ice management vessel in the northern part of Canada from June to November; and the growth of liquid cargo volumes and revenues. Also, the revenue from the trips of the additional ferry on the Saaremaa route in summer contributed significantly to the annual results.

Based on the aforesaid and the dividend policy approved by the General Meeting of Shareholders to pay a dividend of at least EUR 30 mln in 2019 and 2020 and at least 70% of the profits from 2021 and forward, the Management Board, with the approval of the Supervisory Board, will propose to the General Meeting of Shareholders to pay a dividend of EUR 0.134 per share in 2019, totaling EUR 35.242 mln.

Material dates related to the payment of dividends will be disclosed in the notice of the general meeting the latest on 23 April 2019. The Annual General Meeting of Shareholders will be held on 14 May 2019.

Tallinna Sadam is one of the largest cargo- and passenger port complexes in the Baltic Sea region, which in 2018 serviced 10.6 million passengers and 20.6 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 m/v Botnica for icebreaking and construction services in Estonia and offshore projects abroad. Tallinna Sadam group is also a shareholder in an associate AS Green Marine, which provides waste management services.

Marko Raid CFO, Member of the Management Board

Additional information:

Marju Zirel Head of Investor Relations AS Tallinna Sadam m.zirel@ts.ee

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