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Members of the management board: VALDO KALM Chairman of the Management Board, appointed to the board until 28 February 2027 Valdo Kalm has been the chairman of the management board of Tallinna Sadam since March 2016. Previously, he was chief executive at several telecommunications companies for over 20 years: Eesti Telefon, EMT, Eesti Telekom (currently Telia Eesti). He has a master\u2019s degree in automation and telemechanics from Tallinn University of Technology (TalTech). MARGUS VIHMAN Member of the Management Board, Chief Commercial O\ufb03cer, appointed to the board until 31 October 2027 Margus Vihman has been on the management board of Tallinna Sadam since 2016. He is responsible for the company\u2019s commercial activities, i.e. customer relations and sales. Previously, he was sales director at Krimelte, regional sales director at the construction company Ruukki and regional chief executive at the construction chemicals company Henkel Makro\ufb02ex. He has a master\u2019s degree in international business administration (MBA) from the Estonian Business School. ANDRUS AIT Member of the Management Board, Chief Financial O\ufb03cer, appointed to the board until 20 February 2027 Andrus Ait has been on the management board of Tallinna Sadam since February 2022. Previously, he has worked at Riigi Kinnisvara AS in various positions in the \ufb01nancial area, including as chief \ufb01nancial o\ufb03cer and a member of the management board. He has a master\u2019s degree in economics from Tallinn University of Technology (TalTech). RENE P\u00c4RT Member of the Management Board, Chief Business Development O\ufb03cer, appointed to the board for a term from 1 May 2024 to 30 April 2029 Rene P\u00e4rt has a degree in logistics from Tallinn University of Technology (TalTech) and a master\u2019s degree in business administration from Aston University. Previously, he was business development manager at the inter- national logistics corporation K\u00fchne+Nagel and Baltic sales and partnership manager at the shipping group DFDS.
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In 2024, the fees paid or payable for audit services provided by the appointed
auditor totalled EUR 76 thousand (2023: EUR 76 thousand). In addition, the Group paid EUR 1 thousand (2023: EUR 14 thousand) to PwC for other services (\ufb01nancial training). Other audit \ufb01rms have provided the Group with the services of translating its \ufb01nancial reports, conducting expert analysis of IT solutions and auditing external \ufb01nancing projects.
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The Group\u2019s subsidiaries as at 31 December 2024 and 31 December 2023: Subsidiary Domicile Ownership interest (%) 2024 Ownership interest (%) 2023 Core business line O\u00dc TS Shipping Republic of Estonia 100 100 Providing icebreaking and other o\ufb00shore support services with the multifunctional icebreaker Botnica O\u00dc TS Laevad Republic of Estonia 100 100 Providing domestic ferry service between Estonia\u2019s mainland and two largest islands
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The Group\u2019s subsidiaries as at 31 December 2024 and 31 December 2023: Subsidiary Domicile Ownership interest (%) 2024 Ownership interest (%) 2023 Core business line O\u00dc TS Shipping Republic of Estonia 100 100 Providing icebreaking and other o\ufb00shore support services with the multifunctional icebreaker Botnica O\u00dc TS Laevad Republic of Estonia 100 100 Providing domestic ferry service between Estonia\u2019s mainland and two largest islands
Note 1. Reporting entity AS Tallinna Sadam (also referred to as the \u2018Parent\u2019 or the \u2018Company\u2019) is a company incorporated and registered in the Republic of Estonia on 5 November 1996. The consolidated \ufb01nancial statements of AS Tallinna Sadam as at and for the year ended 31 December 2024 comprise the
Parent and its subsidiaries (together referred to as the \u2018Group\u2019).
The Group\u2019s core business lines
are rendering port services in the capacity of a landlord port, organising ferry service between Estonia\u2019s mainland and biggest islands and operating the multifunctional icebreaker Botnica.
The Group owns four harbours: Old City, Saaremaa, Muuga, and Paldiski South. Old City Harbour in the centre of Tallinn and Saaremaa Harbour that is designed for receiving cruise ships provide mainly passenger harbour services. Muuga Harbour, which is Estonia\u2019s largest cargo harbour, and Paldiski South Harbour provide mainly cargo harbour services.
In addition, the Group has a 51% interest in the associate AS Green Marine but it does not have control of the entity\u2019s decision-making. In the Group\u2019s \ufb01nancial statements, the interest in the associate is accounted for using the equity method.
The address of the Parent\u2019s registered o\ufb03ce is
Sadama 25, Tallinn 15051, the Republic of Estonia
.
The ultimate controlling party of AS Tallinna Sadam is the Republic of Estonia (ownership interest of 67.03% through the Ministry of Climate).
The management board authorised these consolidated \ufb01nancial statements for issue on 18 March 2025. Under the Estonian Commercial Code, the annual report must also be approved by the supervisory board and the shareholders. The shareholders may decide not to approve the annual report prepared by the management board and approved by the supervisory board and may demand the preparation of a new annual report.
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The Group\u2019s subsidiaries as at 31 December 2024 and 31 December 2023: Subsidiary Domicile Ownership interest (%) 2024 Ownership interest (%) 2023 Core business line O\u00dc TS Shipping Republic of Estonia 100 100 Providing icebreaking and other o\ufb00shore support services with the multifunctional icebreaker Botnica O\u00dc TS Laevad Republic of Estonia 100 100 Providing domestic ferry service between Estonia\u2019s mainland and two largest islands
In addition, the Group has a 51% interest in the associate AS Green Marine but it does not have control of the entity\u2019s decision-making. In the Group\u2019s \ufb01nancial statements, the interest in the associate is accounted for using the equity method.
Changes in investments in an associate In thousands of euros At 31 December 2024 2023 Carrying amount at beginning of period 2,177 2,099 Share of pro\ufb01t under the equity method 487 435 Dividends paid 0 \u2013357 Carrying amount at end of period 2,664 2,177 Note 9. Investments in an associate AS Green Marine The associate is a waste management company established in 2003. Its principal place of business and country of incorporation is Estonia. The associate prepares its \ufb01nancial statements in accordance with the Estonian Financial Reporting Standard. AS Tallinna Sadam holds 51% (both as at 31 December 2024 and 31 December 2023) of the ownership interest and voting rights in AS Green Marine and two other shareholders hold the remaining interest. However, to have control of AS Green Marine, the Group\u2019s voting or contractual rights should be substantive and provide the Group with the ability to direct AS Green Marine\u2019s activities. The articles of association of AS Green Marine specify that at least 75% of voting rights are required to make decisions about the entity\u2019s activities. Even though AS Tallinna Sadam can block any decision, it does not have control of AS Green Marine because it needs the consent of the other shareholders for the adoption of a decision. Thus, the Group does not have control of the entity. AS Green Marine is involved in the management of port waste, the management, administration and operation of treatment facilities for hazardous ship-generated waste and wastewater, and the cleaning and maintenance of port basins and port areas. The Group\u2019s investments in the associate are accounted for using the equity method in these consolidated \ufb01nancial statements.
Associate AS Green Marine In thousands of euros At 31 December 2024 2023 Current assets 695 691 Non-current assets 10,320 9,042 Current liabilities 1,874 1,907 Non-current liabilities 3,919 3,558 The above amounts of assets and liabilities include the following: Current loans and borrowings 1,052 1,125 Non-current loans and borrowings 3,829 3,446 * At 31 December 2024, the company had an overdra\ufb05 liability of EUR 157 thousand (31 December 2023: EUR 472 thousand), which is presented within current loans and borrowings. AS Tallinna Sadam has no obligation to provide additional \ufb01nancial or other support to AS Green Marine.
In thousands of euros 2024 2023 Revenue 7,743 7,401 Pro\ufb01t for the period from continuing operations 955 853 Pro\ufb01t for the period 955 853 Total comprehensive income for the period 955 853 The above pro\ufb01t for the period includes the following: Depreciation, amortisation and impairment 844 534 Interest expense 293 144 Income tax expense 0 160
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The Group\u2019s subsidiaries as at 31 December 2024 and 31 December 2023: Subsidiary Domicile Ownership interest (%) 2024 Ownership interest (%) 2023 Core business line O\u00dc TS Shipping Republic of Estonia 100 100 Providing icebreaking and other o\ufb00shore support services with the multifunctional icebreaker Botnica O\u00dc TS Laevad Republic of Estonia 100 100 Providing domestic ferry service between Estonia\u2019s mainland and two largest islands
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:25490093MDYISEP1Y539", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-227": { "value": "The Group\u2019s core business lines are rendering port services in the capacity of a landlord port, organising ferry service between Estonia\u2019s mainland and biggest islands and operating the multifunctional icebreaker Botnica. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:25490093MDYISEP1Y539", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-228": { "value": "Sadama 25, Tallinn 15051, the Republic of Estonia", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:25490093MDYISEP1Y539", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-229": { "value": "
The management board authorised these consolidated \ufb01nancial statements for issue on 18 March 2025. Under the Estonian Commercial Code, the annual report must also be approved by the supervisory board and the shareholders. The shareholders may decide not to approve the annual report prepared by the management board and approved by the supervisory board and may demand the preparation of a new annual report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:25490093MDYISEP1Y539", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-230": { "value": "
Note 2. Material accounting policies
Basis of preparation
The Group\u2019s consolidated \ufb01nancial statements as at and for the year ended 31 December 2024 have been prepared in accordance with the Estonian Accounting Act and International Financial Reporting Standards as adopted by the European Union (IFRS).
The consolidated \ufb01nancial statements have been prepared on the historical cost basis except for certain \ufb01nancial assets and \ufb01nancial liabilities, which are carried at fair value.
The preparation of the consolidated \ufb01nancial statements in accordance with IFRS requires management to make judgements, estimates and assumptions that a\ufb00ect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other relevant factors which are used to make judgements about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Actual results may di\ufb00er from these estimates. The management board reviews the estimates regularly and any change in an estimate is recognised prospectively or in the period the change in the estimate relates to. The most signi\ufb01cant estimates made by management are disclosed in note 5 to these consolidated \ufb01nancial statements.
Application of new standards, amendments and interpretations The following new standards, amendments to standards and interpretations became mandatory for the Group on 1 January 2024. Amendments to IAS 1: Classi\ufb01cation of Liabilities as Current or Non-current \u2014 Deferral of E\ufb00ective Date (e\ufb00ective for annual reporting periods beginning on or a\ufb05er 1 January 2024). These amendments clarify that liabilities are classi\ufb01ed as either current or non-current, depending on the rights that exist at the end of the reporting period. Liabilities are non-current if the entity has a substantive right, at the end of the reporting period, to defer settlement for at least twelve months. The guidance no longer requires such a right to be unconditional. The October 2022 amendment established that loan covenants to be complied with a\ufb05er the reporting date do not a\ufb00ect the classi\ufb01cation of debt as current or non-current at the reporting date. Management\u2019s expectations whether they will subsequently exercise the right to defer settlement do not a\ufb00ect the classi\ufb01cation of liabilities. A liability is classi\ufb01ed as current if a condition is breached at or before the reporting date even if a waiver of that condition is obtained from the lender a\ufb05er the end of the reporting period. Conversely, a loan is classi\ufb01ed as non-current if a loan covenant is breached only a\ufb05er the reporting date. In addition, the amendments include clarifying the classi\ufb01cation requirements for debt a company might settle by converting it into equity. \u2018Settlement\u2019 is de\ufb01ned as the extinguishment of a liability with cash, other resources embodying economic bene\ufb01ts or an entity\u2019s own equity instruments. There is an exception for convertible instruments that might be converted into equity, but only for those instruments where the conversion option is classi\ufb01ed as an equity instrument as a separate component of a compound \ufb01nancial instrument. According to the Group\u2019s assessment, the adoption of these amendments did not have a material impact on its \ufb01nancial statements. Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures: Supplier Finance Arrangements (e\ufb00ective for annual reporting periods beginning on or a\ufb05er 1 January 2024). In response to \ufb01nancial statement users\u2019 concerns about insu\ufb03cient or misleading disclosure of \ufb01nancing arrangements, the IASB issued amendments to IAS 7 and IFRS 7 in May 2023 to require disclosure of supplier \ufb01nance arrangements. These changes require disclosure of \ufb01nancial arrangements with corporate suppliers that would allow users of \ufb01nancial statements to assess the impact of those arrangements on the company's liabilities and cash \ufb02ows and the company's liquidity risk. The purpose of the additional disclosure requirements is to increase the transparency of suppliers' \ufb01nancial arrangements. The changes do not a\ufb00ect the recognition or measurement principles, only the disclosure requirements. According to the Group\u2019s assessment, the adoption of these amendments did not have a material impact on its \ufb01nancial statements.
New standards, amendments to standards and interpretations issued Certain new standards, amendments to standards and interpretations have been issued that are mandatory for the Group\u2019s annual periods beginning on or a\ufb05er 1 January 2025 and which the Group has not adopted early. Amendments to the Classi\ufb01cation and Measurement of Financial Instruments \u2014 Amendments to IFRS 9 and IFRS 7 (e\ufb00ective date not yet adopted by the EU). On 30 May 2024, the IASB issued amendments to IFRS 9 and IFRS 7 to: (a) clarify the date of recognition and derecognition of some \ufb01nancial assets and liabilities, with a new exception for some \ufb01nancial liabilities settled through an electronic cash transfer system; (b) clarify and add further guidance for assessing whether a \ufb01nancial asset meets the solely payments of principal and interest (SPPI) criterion; (c) add new disclosures for certain instruments with contractual terms that can change cash \ufb02ows (such as some instruments with features linked to the achievement of environmental, social and governance (ESG) targets); and (d) update the disclosures for equity instruments designated at fair value through other comprehensive income (FVOCI). According to the Group\u2019s assessment, the amendments may a\ufb00ect the disclosures in its \ufb01nancial statements, when initially applied. IFRS 18 Presentation and Disclosure in Financial Statements (e\ufb00ective date not yet adopted by the EU). In April 2024, the IASB has issued IFRS 18, the new standard on presentation and disclosure in \ufb01nancial statements, with a focus on updates to the statement of pro\ufb01t or loss. The key new concepts introduced in IFRS 18 relate to: \u2022 the structure of the statement of pro\ufb01t or loss; \u2022 required disclosures in the \ufb01nancial statements for certain pro\ufb01t or loss performance measures that are reported outside an entity\u2019s \ufb01nancial statements (that is, management- de\ufb01ned performance measures); and \u2022 enhanced principles on aggregation and disaggregation which apply to the primary \ufb01nancial statements and notes in general. IFRS 18 will replace IAS 1; many of the other existing principles in IAS 1 are retained, with limited changes. IFRS 18 will not impact the recognition or measurement of items in the \ufb01nancial statements, but it might change what an entity reports as its \u2018operating pro\ufb01t or loss\u2019. IFRS 18 will apply to reporting periods beginning on or a\ufb05er 1 January 2027 and also applies to comparative information. According to the Group\u2019s assessment, the standard may a\ufb00ect the disclosures in its \ufb01nancial statements, when initially applied.
Basis of consolidation
The consolidated \ufb01nancial statements comprise the \ufb01nancial statements of AS Tallinna Sadam and its subsidiaries, consolidated line by line.
In the consolidated \ufb01nancial statements, investments in associates are accounted for using the equity method.
Revenue The Group recognises revenue when (or as) a performance obligation is satis\ufb01ed, i.e. when \u2018control\u2019 of the goods or services underlying the particular performance obligation is transferred to the customer. The Group does not have contracts with customers where the expected length of time between when the Group transfers the promised services and the customer pays for those services exceeds one year. Accordingly, the Group does not adjust the transaction price for the time value of money. The Group recognises the following major types of revenue from contracts with customers: \u2022 Vessel dues \u2022 Cargo charges \u2022 Passenger fees \u2022 Sale of electricity \u2022 Sale of ferry services \u2022 Sale of other services Revenue is measured based on the consideration speci\ufb01ed in a contract with a customer and it excludes amounts collected on behalf of third parties. Vessel dues Vessel dues are calculated and collected either a\ufb05er each port call or twice a month and consist of the following: \u2022 tonnage charge (on the basis of the gross tonnage of the vessel for each port call of the vessel); \u2022 waste fee (on the basis of the gross tonnage of the vessel for each port call of the vessel; in the case of ferries, for one port call per day); \u2022 mooring charge (for each mooring operation based on the gross tonnage of the vessel). An entrance of a vessel into any of the Group\u2019s harbours is considered a port call. Vessel dues are charged for each port call. Tonnage charges are fees charged from customers, i.e. shipping companies, in exchange for a vessel\u2019s entry into any of the Group\u2019s harbours and the use of a quay (tonnage service). Waste reception and mooring services are rendered in exchange for waste fees and mooring charges. A contract with a customer can either include a vessel schedule in which a number of port calls is determined in advance or it may be a contract for a non-recurring tramp vessel call. Tonnage service, and waste reception and mooring services, when elected, form separate performance obligations. Additionally, the Group grants volume discounts on tonnage service to certain types of vessels based on the accumulated number of port calls by the vessel during the calendar year. Such volume discounts represent options to purchase additional tonnage service in the future (but only up to the end of the calendar year) at a discount, thus granting a material right to the customer. Therefore, each port call that contributes to the cumulative number of port calls, and hence to probable future discounts on tonnage service, consists of two to four performance obligations \u2014 (1) tonnage service, (2) grant of an option to the customer to acquire discounted tonnage service in the future, (3) waste reception (if elected), and (4) mooring service (if elected).
To estimate the amount of variable consideration for cargo charges, the Group uses the most likely amount method. The most likely amount is measured by reference to minimum contractual cargo volumes as well as actual and expected cargo volumes, which requires estimates and judgments by management. These estimates are complex because cargo volumes \ufb02uctuate. The estimates of variable consideration are revised at each reporting date. As cargo operators simultaneously receive and consume access to infrastructure, revenue from cargo charges is recognised over time using a time-based measure of progress because customers derive the bene\ufb01ts of their access equally throughout the duration of the contract. Passenger fees Passenger fees are charged in exchange for services provided to passengers embarking and disembarking at the harbour, such as the use of passenger terminals, connecting walkways, tra\ufb03c areas, etc. The fees are paid by the customer, i.e. the ferry operator, based on the actual number of passengers (no fee is charged for passengers under 12 years). Passenger fees are based on a public price list, which sets out the rates, and fees are collected a\ufb05er each port call or twice a month. Revenue from passenger fees is recognised over time, as the service is delivered to the customer (as the passengers arrive at or depart from the harbour), which typically happens in a single day. Sale of electricity The Group derives revenue from the sale of electricity and network services. Fees from the sale of electricity and network services are collected monthly, in the month following the month of consumption. Prices are \ufb01xed per unit of electricity consumed. As the customers simultaneously receive and consume the bene\ufb01ts provided, the delivery of these services takes place over a period of time. The Group is responsible for maintaining the electricity network required to deliver electricity to customers and has full discretion to establish network prices. Thus, it acts as a principal in providing this service. For tramp vessels and vessels visiting the port based on a pre-agreed schedule but without the right to receive prospective volume discounts, the transaction price is based on public or agreed prices and conditions and is allocated entirely to the tonnage service based on its stand-alone selling price. For vessels visiting the port based on a pre-agreed schedule and having the right to receive a prospective volume discount, the transaction price is allocated between the tonnage service and the option to purchase discounted tonnage service based on the estimated total number of port calls by that vessel during the calendar year. The estimates for the number of total port calls for each vessel are reassessed at each reporting date. Revenue from tonnage service is recognised over time, as the vessels use the quay during each port call, using a time-based measure of progress because the customer receives the bene\ufb01t of the tonnage service equally throughout the port call. Similarly, revenue from waste reception and mooring services is recognised over time, as those services are performed. Revenue from options to acquire future discounted tonnage service is recognised over time, as the options are exercised and the discounted tonnage service is used by the customers. Cargo charges Cargo charges are levied for using the general harbour infrastructure. Contracts with customers, i.e. cargo operators, are normally signed for 20 to 50 years but sometimes for a longer period. Cargo charges are normally calculated and collected monthly based on the cargo volumes handled by the cargo operator during the period. The Group\u2019s performance obligation is to provide the cargo operator with access to the harbour infrastructure throughout the duration of the contract. The performance obligation is made up of a series of distinct services that are considered a single performance obligation over the duration of the contract. Revenue from cargo charges charged from a customer is based on the cargo handling tari\ufb00(s) stipulated in the contract, which generally decrease based on the cargo volume handled by the cargo operator within a calendar year. The agreements signed with cargo operators generally set out a minimum annual cargo volume. If the cargo operator handles less than the minimum, the Group is entitled to charge the customer at the end of the calendar year based on the minimum cargo volume.
Charter fees Charter revenue is derived under time charter agreements, which specify the charter period (the period for which the vessel is rented out) and the consideration receivable (normally a \ufb01xed rate per day). Charter income is recognised on a straight-line basis over the term of the charter period. Sale of ferry services \u2014 government support Government grants received by the Group include public transport support received for operating ferries at the fee rates stated in the public service contract for passenger transport (PSCPT) minus revenue from ticket sales (the item Sale of ferry services \u2014 revenue from ticket sales). Government support for PSCPT comprises \ufb01xed fee components and a trip (voyage) component, which make up the total PSCPT fee. The \ufb01xed components are recognised on a straight-line basis over the term of the PSCPT and the trip component is recognised based on the number of trips made during the period. Revenue recognised from the sale of passenger and/or vehicle tickets during a reporting period is deducted from the total PSCPT fee and the di\ufb00erence is recognised and paid out as government support for public transport (a government grant).
Financial instruments Financial assets and \ufb01nancial liabilities are recognised when a Group entity becomes a party to the contractual provisions of the instrument.
Financial assets and \ufb01nancial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of \ufb01nancial assets and \ufb01nancial liabilities (other than \ufb01nancial assets and \ufb01nancial liabilities at fair value through pro\ufb01t or loss) are added to the fair value of the \ufb01nancial assets and deducted from the fair value of the \ufb01nancial liabilities on initial recognition. Transaction costs directly attributable to the acquisition of \ufb01nancial assets and \ufb01nancial liabilities at fair value through pro\ufb01t or loss are recognised immediately in pro\ufb01t or loss.
When connecting to the electricity network, customers pay a connection fee based on the expenses incurred in enabling connection to the network. The connection service does not represent a separate performance obligation as the customer does not bene\ufb01t from this service separately from the consumption of electricity. Therefore, connection fees form part of the consideration for electricity and are recognised as revenue over the estimated period during which customers consume electricity. Amounts received for connection fees not yet included in revenue are recognised in the statement of \ufb01nancial position as contract liabilities. Sale of ferry services \u2014 revenue from ticket sales The Group earns revenue from the sale of tickets to domestic ferry routes operated by it. Consideration is received when a ticket is sold (for customers who do not buy tickets against their credit limit or prepayment), when a prepayment is received or once a month (based on the ticket, in the month following the month in which the ferry service was used). Ticket prices are \ufb01xed and set by the state. No volume or other discounts are granted. Revenue from ticket sales is recognised over time, as the ferry transfers the passengers and/or vehicles, which happens in a single day, or at the time when the ticket expires. Consideration for tickets sold to trips not yet performed is deferred and recognised as a contract liability within current liabilities. Income from additional services (ticket information sent by SMS, return of tickets and similar services) is recognised when the service has been rendered. Revenue from other sources
Lease income Lease income is earned from operating leases and recognised on a straight-line basis over the lease term. Lease income includes consideration for the rights of super\ufb01cies (building rights) and the lease of non-residential space.
Financial liabilities
All \ufb01nancial liabilities are initially recognised at fair value and subsequently measured at amortised cost using the e\ufb00ective interest method (trade and other payables and loans and borrowings) or at fair value through pro\ufb01t or loss (negative value of interest rate swaps).
Financial liabilities are classi\ufb01ed as current when they are due to be settled within 12 months a\ufb05er the reporting date or if the Group does not have an unconditional right to defer settlement for more than 12 months a\ufb05er the reporting date. Loans and borrowings that the lender has the right to recall at the reporting date due to a breach of contract terms are also classi\ufb01ed as current.
Inventories Inventories are measured at the lower of cost and net realisable value. Cost is determined using the \ufb01rst in, \ufb01rst out (FIFO) method.
Investment properties Investment properties are accounted for using the cost model, i.e. they are measured at cost less any accumulated depreciation and any impairment losses.
Plots of land classi\ufb01ed as investment properties are not depreciated.
Financial assets Impairment of \ufb01nancial assets
The Group recognises a loss allowance for expected credit losses on investments in debt instruments that are measured at amortised cost or at fair value through other comprehensive income and lease receivables. The amount of expected credit losses (ECLs) is updated at each reporting date to re\ufb02ect changes in credit risk since the initial recognition of the \ufb01nancial instrument.
The Group applies the simpli\ufb01ed approach provided in IFRS 9 for recognising lifetime ECLs for trade receivables and lease receivables (see note 4).
A \ufb01nancial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash \ufb02ows of that \ufb01nancial asset have occurred. Evidence that a \ufb01nancial asset is credit-impaired includes observable data about the following events: \u2022 signi\ufb01cant \ufb01nancial di\ufb03culty of the issuer or the borrower; \u2022 a breach of contract, such as a default or past due event; \u2022 a lender of the borrower, for economic or contractual reasons relating to the borrower\u2019s \ufb01nancial di\ufb03culty, has granted to the borrower a concession that the lender would not otherwise consider; \u2022 it is becoming probable that the borrower will enter bankruptcy or other \ufb01nancial reorganisation; or \u2022 the disappearance of an active market for that \ufb01nancial asset because of \ufb01nancial di\ufb03culties. Irrespective of the above, the Group considers that a default has occurred when a \ufb01nancial asset is more than 90 days past due unless the Group has reasonable and supportable information to demonstrate that a more lagging default criterion is more appropriate.
Write-o\ufb00 policy The Group writes o\ufb00 a \ufb01nancial asset when there is information indicating that the counterparty is in severe \ufb01nancial di\ufb03culty and there is no realistic prospect of recovery, e.g. when the counter- party has been put into liquidation or declared to be bankrupt and the Group\u2019s management estimates that collection is improbable. Financial assets written o\ufb00 may still be subject to enforce- ment activities under the Group\u2019s recovery procedures, with the assistance of legal advice where appropriate. Any recoveries of amounts previously written o\ufb00 are recognised in pro\ufb01t or loss.
Property, plant and equipment
Cost The Group\u2019s items of property, plant and equipment include vessels (an icebreaker and ferries), which are subject to periodic major overhauls (dry-dockings) during their useful lives (normally at intervals of 2.5\u20135 years). Vessels are accounted for using the component approach, whereby at initial recognition and subsequently (a) the non-physical component that represents a major overhaul is identi\ufb01ed, (b) the cost of the non-physical component is estimated (if possible, by reference to current market prices), (c) the non-physical component is depreciated separately over its useful life (i.e. the dry-docking component separately from the vessel), and (d) the remaining carrying amount of a non-physical item is derecognised when the next overhaul (dry-docking) is performed and the new non-physical component is recognised.
Depreciation Depreciation of an item of property, plant and equipment is calculated on the di\ufb00erence between cost and residual value over the estimated useful life of the asset using the straight-line method. The value of vessels at the end of their period of use (residual value) is equal to the value of scrap metal. Based on management\u2019s estimates and standard practice in the shipping sector, a vessel\u2019s two signi\ufb01cant parts \u2014 the vessel itself and dry docking expenses \u2013 that have di\ufb00erent useful lives are depreciated separately. The estimated useful lives of items of property, plant and equipment are as follows: \u2022 Quays and berths \u2014 10\u201350 years \u2022 Dredging areas in port basins \u2014 20 years \u2022 Buildings, structures and facilities \u2014 5\u201350 years \u2022 Plant and equipment \u2014 3.3\u201310 years \u2022 Vessels \u2014 10\u201325 years \u2022 Capitalised dry docking costs \u2014 2.5\u20135 years \u2022 Other items of property, plant and equipment \u2014 2\u201310 years Land is not depreciated.
Intangible assets
The expected useful life of intangible assets (computer so\ufb05ware) used by the Group is 5 years.
Impairment of non-\ufb01nancial assets At each reporting date, the Group assesses whether there is any indication that its non-\ufb01nancial assets may be impaired. The Group assesses impairment indicators from both external and internal sources, including signi\ufb01cant changes in the global market, speci\ufb01cally as they relate to the political environments of neighbouring countries such as Russia and Finland, signi\ufb01cant changes in global trade in oil and other liquid bulk cargo as well as dry bulk cargo, signi\ufb01cant changes in the travel industry, and signi\ufb01cant changes in weather patterns that could impact the use of the Group\u2019s multifunctional icebreaker. Non-\ufb01nancial assets include property, plant and equipment and intangible assets. Impairment losses can be estimated for an individual asset or a group of assets (a cash-generating unit). A cash-generating unit is de\ufb01ned as the smallest identi\ufb01able group of assets that generates cash in\ufb02ows that are largely independent of the cash in\ufb02ows from other assets or groups of assets. If there is indication of impairment, the recoverable amount of the asset is assessed and compared to its carrying amount in the statement of \ufb01nancial position. An impairment loss is recognised in the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. Value in use is determined using discounted cash \ufb02ow projections that are based on \ufb01nancial estimates reviewed by management and made for a period corresponding to the expected lifespan of the asset, but normally not more than 50 years. The amount of the impairment loss of a cash generating unit is allocated to more signi\ufb01cant non-current assets of the unit on a pro rata basis so that their value does not fall below their fair value less cost of disposal. Impairment losses are recognised as an expense in the period in which they are incurred. Assets that have been previously written down to their recoverable amount are reviewed at each reporting date to assess whether there is any indication that an impairment loss recognised in a prior period may no longer exist or may have decreased. A reversal of an impairment losses is recognised in the statement of comprehensive income as a reduction of impairment losses on non-current assets.
Corporate income tax The corporate income tax rate in Estonia was 20% until 31 December 2024 (the amount of tax payable was calculated as 20/80 of the net distribution). Since 2019, regular dividend distributions were subject to a lower, 14% tax rate (the amount of tax payable was calculated as 14/86 of the net dividend). The lower tax rate applied to dividends and other pro\ufb01t distributions to an extent not exceeding the three preceding years\u2019 average amount of dividend and other pro\ufb01t distributions and distributions of equity on which tax had been paid. In accordance with the Estonian Income Tax Act, corporate earnings (pro\ufb01t for the \ufb01nancial year) are not subject to income tax. Income tax is paid on dividends, fringe bene\ufb01ts, gi\ufb05s, donations, non-business expenditures and transfer price adjustments. The tax rate for pro\ufb01t distributions is 22% (the amount of tax payable is calculated as 22/78 of the net payment). Under certain circumstances, dividends received can be redistributed without additional income tax expense. The tax exemption applies when the company redistributing a dividend received had at least a 10% interest in the company from which the dividend was received at the time the dividend was received. The lower, 14% income tax rate for regular dividend distributions (14/86 of the net dividend) has been abolished e\ufb00ective from 1 January 2025. Dividends taxed at a lower rate that have been received before the above date can be redistributed in accordance with a transitional provision. Income tax payable on dividends is recognised as income tax expense in the statement of comprehensive income and an income tax liability in the statement of \ufb01nancial position in an amount calculated on the planned dividend.
Deferred tax is recognised for the post-acquisition undistributed pro\ufb01ts of subsidiaries and associates and the post-acquisition changes in other reserves unless the Group can control the subsidiary\u2019s dividend policy and it is probable that the temporary di\ufb00erence will not reverse in the foreseeable future through dividends or otherwise. Since the Group is able to control its subsidiaries\u2019 dividend policy and to block, where necessary, the pro\ufb01t distribution decisions of the associate AS Green Marine, it is able to control the timing of the reversal of the temporary di\ufb00erences associated with those investments. If the Parent has decided not to distribute the pro\ufb01t of the subsidiaries and the associate in the foreseeable future, it will not recognise any deferred tax liability. If the Parent assesses that a dividend will be distributed in the foreseeable future, a deferred tax liability will be recognised for the planned pro\ufb01t distribution, assuming that at the reporting date there are su\ufb03cient funds and equity from which pro\ufb01t can be distributed in the foreseeable future.
The maximum income tax liability that would arise if all of the unrestricted equity were distributed as dividends is disclosed in note 19 to the \ufb01nancial statements. A security tax of 2% will apply to a resident company\u2019s pro\ufb01t before tax for the \ufb01nancial year starting from 1 January 2026. In the case of a group that prepares consolidated \ufb01nancial statements, the tax will apply to the parent company\u2019s unconsolidated pro\ufb01t recognised in the parent company\u2019s income statement.
Government grants Government grants related to assets
Government grants related to the acquisition of assets are presented in the statement of \ufb01nancial position by setting up the grant as non-current deferred income (a non-current liability), which is recognised in pro\ufb01t or loss on a systematic basis over the useful life of the asset. Assets acquired through government grants are initially recognised at full cost (i.e. using the gross method). An acquired asset is depreciated and the liability arising from the government grant is recognised in other income over the estimated useful life of the acquired asset.
Liabilities arising from grants related to non-depreciable assets (e.g. land) are recognised as income when the asset is ultimately retired or sold. Government grants related to domestic ferry service Government grants received in support of providing domestic ferry service are presented in the statement of comprehensive income within Revenue. According to the public service contract for passenger transport, the Group is paid the di\ufb00erence between the revenue calculated on the basis of the contract and revenue from ticket sales. As there are no other conditions besides the provision of ferry service, the grants are recognised as revenue as received. The policies for the recognition of income from government grants related to domestic ferry service are described in this note in the section \u2018Sale of ferry services \u2013 government support\u2019.
Cash and cash equivalents Cash and cash equivalents recognised in the statements of \ufb01nancial position and cash \ufb02ows comprise cash on hand, current account balances, funds that have not yet been transferred to the current account by cash-in-transit service providers or other payment intermediaries, and term deposits with original maturities of up to three months from the date of acquisition.
Statement of cash \ufb02ows The statement of cash \ufb02ows has been prepared using the direct method.
Related party transactions For the purposes of these consolidated \ufb01nancial statements, related parties include the members of the supervisory and management boards of Group companies and their close family members, companies under the control or signi\ufb01cant in\ufb02uence of the above persons, associates, government agencies, and companies under the control or signi\ufb01cant or indirect in\ufb02uence of the Republic of Estonia.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:25490093MDYISEP1Y539", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-231": { "value": "
Note 2. Material accounting policies
Basis of preparation
The Group\u2019s consolidated \ufb01nancial statements as at and for the year ended 31 December 2024 have been prepared in accordance with the Estonian Accounting Act and International Financial Reporting Standards as adopted by the European Union (IFRS).
The consolidated \ufb01nancial statements have been prepared on the historical cost basis except for certain \ufb01nancial assets and \ufb01nancial liabilities, which are carried at fair value.
The preparation of the consolidated \ufb01nancial statements in accordance with IFRS requires management to make judgements, estimates and assumptions that a\ufb00ect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other relevant factors which are used to make judgements about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Actual results may di\ufb00er from these estimates. The management board reviews the estimates regularly and any change in an estimate is recognised prospectively or in the period the change in the estimate relates to. The most signi\ufb01cant estimates made by management are disclosed in note 5 to these consolidated \ufb01nancial statements.
Application of new standards, amendments and interpretations The following new standards, amendments to standards and interpretations became mandatory for the Group on 1 January 2024. Amendments to IAS 1: Classi\ufb01cation of Liabilities as Current or Non-current \u2014 Deferral of E\ufb00ective Date (e\ufb00ective for annual reporting periods beginning on or a\ufb05er 1 January 2024). These amendments clarify that liabilities are classi\ufb01ed as either current or non-current, depending on the rights that exist at the end of the reporting period. Liabilities are non-current if the entity has a substantive right, at the end of the reporting period, to defer settlement for at least twelve months. The guidance no longer requires such a right to be unconditional. The October 2022 amendment established that loan covenants to be complied with a\ufb05er the reporting date do not a\ufb00ect the classi\ufb01cation of debt as current or non-current at the reporting date. Management\u2019s expectations whether they will subsequently exercise the right to defer settlement do not a\ufb00ect the classi\ufb01cation of liabilities. A liability is classi\ufb01ed as current if a condition is breached at or before the reporting date even if a waiver of that condition is obtained from the lender a\ufb05er the end of the reporting period. Conversely, a loan is classi\ufb01ed as non-current if a loan covenant is breached only a\ufb05er the reporting date. In addition, the amendments include clarifying the classi\ufb01cation requirements for debt a company might settle by converting it into equity. \u2018Settlement\u2019 is de\ufb01ned as the extinguishment of a liability with cash, other resources embodying economic bene\ufb01ts or an entity\u2019s own equity instruments. There is an exception for convertible instruments that might be converted into equity, but only for those instruments where the conversion option is classi\ufb01ed as an equity instrument as a separate component of a compound \ufb01nancial instrument. According to the Group\u2019s assessment, the adoption of these amendments did not have a material impact on its \ufb01nancial statements. Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures: Supplier Finance Arrangements (e\ufb00ective for annual reporting periods beginning on or a\ufb05er 1 January 2024). In response to \ufb01nancial statement users\u2019 concerns about insu\ufb03cient or misleading disclosure of \ufb01nancing arrangements, the IASB issued amendments to IAS 7 and IFRS 7 in May 2023 to require disclosure of supplier \ufb01nance arrangements. These changes require disclosure of \ufb01nancial arrangements with corporate suppliers that would allow users of \ufb01nancial statements to assess the impact of those arrangements on the company's liabilities and cash \ufb02ows and the company's liquidity risk. The purpose of the additional disclosure requirements is to increase the transparency of suppliers' \ufb01nancial arrangements. The changes do not a\ufb00ect the recognition or measurement principles, only the disclosure requirements. According to the Group\u2019s assessment, the adoption of these amendments did not have a material impact on its \ufb01nancial statements.
New standards, amendments to standards and interpretations issued Certain new standards, amendments to standards and interpretations have been issued that are mandatory for the Group\u2019s annual periods beginning on or a\ufb05er 1 January 2025 and which the Group has not adopted early. Amendments to the Classi\ufb01cation and Measurement of Financial Instruments \u2014 Amendments to IFRS 9 and IFRS 7 (e\ufb00ective date not yet adopted by the EU). On 30 May 2024, the IASB issued amendments to IFRS 9 and IFRS 7 to: (a) clarify the date of recognition and derecognition of some \ufb01nancial assets and liabilities, with a new exception for some \ufb01nancial liabilities settled through an electronic cash transfer system; (b) clarify and add further guidance for assessing whether a \ufb01nancial asset meets the solely payments of principal and interest (SPPI) criterion; (c) add new disclosures for certain instruments with contractual terms that can change cash \ufb02ows (such as some instruments with features linked to the achievement of environmental, social and governance (ESG) targets); and (d) update the disclosures for equity instruments designated at fair value through other comprehensive income (FVOCI). According to the Group\u2019s assessment, the amendments may a\ufb00ect the disclosures in its \ufb01nancial statements, when initially applied. IFRS 18 Presentation and Disclosure in Financial Statements (e\ufb00ective date not yet adopted by the EU). In April 2024, the IASB has issued IFRS 18, the new standard on presentation and disclosure in \ufb01nancial statements, with a focus on updates to the statement of pro\ufb01t or loss. The key new concepts introduced in IFRS 18 relate to: \u2022 the structure of the statement of pro\ufb01t or loss; \u2022 required disclosures in the \ufb01nancial statements for certain pro\ufb01t or loss performance measures that are reported outside an entity\u2019s \ufb01nancial statements (that is, management- de\ufb01ned performance measures); and \u2022 enhanced principles on aggregation and disaggregation which apply to the primary \ufb01nancial statements and notes in general. IFRS 18 will replace IAS 1; many of the other existing principles in IAS 1 are retained, with limited changes. IFRS 18 will not impact the recognition or measurement of items in the \ufb01nancial statements, but it might change what an entity reports as its \u2018operating pro\ufb01t or loss\u2019. IFRS 18 will apply to reporting periods beginning on or a\ufb05er 1 January 2027 and also applies to comparative information. According to the Group\u2019s assessment, the standard may a\ufb00ect the disclosures in its \ufb01nancial statements, when initially applied.
Basis of consolidation
The consolidated \ufb01nancial statements comprise the \ufb01nancial statements of AS Tallinna Sadam and its subsidiaries, consolidated line by line.
In the consolidated \ufb01nancial statements, investments in associates are accounted for using the equity method.
Revenue The Group recognises revenue when (or as) a performance obligation is satis\ufb01ed, i.e. when \u2018control\u2019 of the goods or services underlying the particular performance obligation is transferred to the customer. The Group does not have contracts with customers where the expected length of time between when the Group transfers the promised services and the customer pays for those services exceeds one year. Accordingly, the Group does not adjust the transaction price for the time value of money. The Group recognises the following major types of revenue from contracts with customers: \u2022 Vessel dues \u2022 Cargo charges \u2022 Passenger fees \u2022 Sale of electricity \u2022 Sale of ferry services \u2022 Sale of other services Revenue is measured based on the consideration speci\ufb01ed in a contract with a customer and it excludes amounts collected on behalf of third parties. Vessel dues Vessel dues are calculated and collected either a\ufb05er each port call or twice a month and consist of the following: \u2022 tonnage charge (on the basis of the gross tonnage of the vessel for each port call of the vessel); \u2022 waste fee (on the basis of the gross tonnage of the vessel for each port call of the vessel; in the case of ferries, for one port call per day); \u2022 mooring charge (for each mooring operation based on the gross tonnage of the vessel). An entrance of a vessel into any of the Group\u2019s harbours is considered a port call. Vessel dues are charged for each port call. Tonnage charges are fees charged from customers, i.e. shipping companies, in exchange for a vessel\u2019s entry into any of the Group\u2019s harbours and the use of a quay (tonnage service). Waste reception and mooring services are rendered in exchange for waste fees and mooring charges. A contract with a customer can either include a vessel schedule in which a number of port calls is determined in advance or it may be a contract for a non-recurring tramp vessel call. Tonnage service, and waste reception and mooring services, when elected, form separate performance obligations. Additionally, the Group grants volume discounts on tonnage service to certain types of vessels based on the accumulated number of port calls by the vessel during the calendar year. Such volume discounts represent options to purchase additional tonnage service in the future (but only up to the end of the calendar year) at a discount, thus granting a material right to the customer. Therefore, each port call that contributes to the cumulative number of port calls, and hence to probable future discounts on tonnage service, consists of two to four performance obligations \u2014 (1) tonnage service, (2) grant of an option to the customer to acquire discounted tonnage service in the future, (3) waste reception (if elected), and (4) mooring service (if elected).
To estimate the amount of variable consideration for cargo charges, the Group uses the most likely amount method. The most likely amount is measured by reference to minimum contractual cargo volumes as well as actual and expected cargo volumes, which requires estimates and judgments by management. These estimates are complex because cargo volumes \ufb02uctuate. The estimates of variable consideration are revised at each reporting date. As cargo operators simultaneously receive and consume access to infrastructure, revenue from cargo charges is recognised over time using a time-based measure of progress because customers derive the bene\ufb01ts of their access equally throughout the duration of the contract. Passenger fees Passenger fees are charged in exchange for services provided to passengers embarking and disembarking at the harbour, such as the use of passenger terminals, connecting walkways, tra\ufb03c areas, etc. The fees are paid by the customer, i.e. the ferry operator, based on the actual number of passengers (no fee is charged for passengers under 12 years). Passenger fees are based on a public price list, which sets out the rates, and fees are collected a\ufb05er each port call or twice a month. Revenue from passenger fees is recognised over time, as the service is delivered to the customer (as the passengers arrive at or depart from the harbour), which typically happens in a single day. Sale of electricity The Group derives revenue from the sale of electricity and network services. Fees from the sale of electricity and network services are collected monthly, in the month following the month of consumption. Prices are \ufb01xed per unit of electricity consumed. As the customers simultaneously receive and consume the bene\ufb01ts provided, the delivery of these services takes place over a period of time. The Group is responsible for maintaining the electricity network required to deliver electricity to customers and has full discretion to establish network prices. Thus, it acts as a principal in providing this service. For tramp vessels and vessels visiting the port based on a pre-agreed schedule but without the right to receive prospective volume discounts, the transaction price is based on public or agreed prices and conditions and is allocated entirely to the tonnage service based on its stand-alone selling price. For vessels visiting the port based on a pre-agreed schedule and having the right to receive a prospective volume discount, the transaction price is allocated between the tonnage service and the option to purchase discounted tonnage service based on the estimated total number of port calls by that vessel during the calendar year. The estimates for the number of total port calls for each vessel are reassessed at each reporting date. Revenue from tonnage service is recognised over time, as the vessels use the quay during each port call, using a time-based measure of progress because the customer receives the bene\ufb01t of the tonnage service equally throughout the port call. Similarly, revenue from waste reception and mooring services is recognised over time, as those services are performed. Revenue from options to acquire future discounted tonnage service is recognised over time, as the options are exercised and the discounted tonnage service is used by the customers. Cargo charges Cargo charges are levied for using the general harbour infrastructure. Contracts with customers, i.e. cargo operators, are normally signed for 20 to 50 years but sometimes for a longer period. Cargo charges are normally calculated and collected monthly based on the cargo volumes handled by the cargo operator during the period. The Group\u2019s performance obligation is to provide the cargo operator with access to the harbour infrastructure throughout the duration of the contract. The performance obligation is made up of a series of distinct services that are considered a single performance obligation over the duration of the contract. Revenue from cargo charges charged from a customer is based on the cargo handling tari\ufb00(s) stipulated in the contract, which generally decrease based on the cargo volume handled by the cargo operator within a calendar year. The agreements signed with cargo operators generally set out a minimum annual cargo volume. If the cargo operator handles less than the minimum, the Group is entitled to charge the customer at the end of the calendar year based on the minimum cargo volume.
Charter fees Charter revenue is derived under time charter agreements, which specify the charter period (the period for which the vessel is rented out) and the consideration receivable (normally a \ufb01xed rate per day). Charter income is recognised on a straight-line basis over the term of the charter period. Sale of ferry services \u2014 government support Government grants received by the Group include public transport support received for operating ferries at the fee rates stated in the public service contract for passenger transport (PSCPT) minus revenue from ticket sales (the item Sale of ferry services \u2014 revenue from ticket sales). Government support for PSCPT comprises \ufb01xed fee components and a trip (voyage) component, which make up the total PSCPT fee. The \ufb01xed components are recognised on a straight-line basis over the term of the PSCPT and the trip component is recognised based on the number of trips made during the period. Revenue recognised from the sale of passenger and/or vehicle tickets during a reporting period is deducted from the total PSCPT fee and the di\ufb00erence is recognised and paid out as government support for public transport (a government grant).
Financial instruments Financial assets and \ufb01nancial liabilities are recognised when a Group entity becomes a party to the contractual provisions of the instrument.
Financial assets and \ufb01nancial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of \ufb01nancial assets and \ufb01nancial liabilities (other than \ufb01nancial assets and \ufb01nancial liabilities at fair value through pro\ufb01t or loss) are added to the fair value of the \ufb01nancial assets and deducted from the fair value of the \ufb01nancial liabilities on initial recognition. Transaction costs directly attributable to the acquisition of \ufb01nancial assets and \ufb01nancial liabilities at fair value through pro\ufb01t or loss are recognised immediately in pro\ufb01t or loss.
When connecting to the electricity network, customers pay a connection fee based on the expenses incurred in enabling connection to the network. The connection service does not represent a separate performance obligation as the customer does not bene\ufb01t from this service separately from the consumption of electricity. Therefore, connection fees form part of the consideration for electricity and are recognised as revenue over the estimated period during which customers consume electricity. Amounts received for connection fees not yet included in revenue are recognised in the statement of \ufb01nancial position as contract liabilities. Sale of ferry services \u2014 revenue from ticket sales The Group earns revenue from the sale of tickets to domestic ferry routes operated by it. Consideration is received when a ticket is sold (for customers who do not buy tickets against their credit limit or prepayment), when a prepayment is received or once a month (based on the ticket, in the month following the month in which the ferry service was used). Ticket prices are \ufb01xed and set by the state. No volume or other discounts are granted. Revenue from ticket sales is recognised over time, as the ferry transfers the passengers and/or vehicles, which happens in a single day, or at the time when the ticket expires. Consideration for tickets sold to trips not yet performed is deferred and recognised as a contract liability within current liabilities. Income from additional services (ticket information sent by SMS, return of tickets and similar services) is recognised when the service has been rendered. Revenue from other sources
Lease income Lease income is earned from operating leases and recognised on a straight-line basis over the lease term. Lease income includes consideration for the rights of super\ufb01cies (building rights) and the lease of non-residential space.
Financial liabilities
All \ufb01nancial liabilities are initially recognised at fair value and subsequently measured at amortised cost using the e\ufb00ective interest method (trade and other payables and loans and borrowings) or at fair value through pro\ufb01t or loss (negative value of interest rate swaps).
Financial liabilities are classi\ufb01ed as current when they are due to be settled within 12 months a\ufb05er the reporting date or if the Group does not have an unconditional right to defer settlement for more than 12 months a\ufb05er the reporting date. Loans and borrowings that the lender has the right to recall at the reporting date due to a breach of contract terms are also classi\ufb01ed as current.
Inventories Inventories are measured at the lower of cost and net realisable value. Cost is determined using the \ufb01rst in, \ufb01rst out (FIFO) method.
Investment properties Investment properties are accounted for using the cost model, i.e. they are measured at cost less any accumulated depreciation and any impairment losses.
Plots of land classi\ufb01ed as investment properties are not depreciated.
Financial assets Impairment of \ufb01nancial assets
The Group recognises a loss allowance for expected credit losses on investments in debt instruments that are measured at amortised cost or at fair value through other comprehensive income and lease receivables. The amount of expected credit losses (ECLs) is updated at each reporting date to re\ufb02ect changes in credit risk since the initial recognition of the \ufb01nancial instrument.
The Group applies the simpli\ufb01ed approach provided in IFRS 9 for recognising lifetime ECLs for trade receivables and lease receivables (see note 4).
A \ufb01nancial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash \ufb02ows of that \ufb01nancial asset have occurred. Evidence that a \ufb01nancial asset is credit-impaired includes observable data about the following events: \u2022 signi\ufb01cant \ufb01nancial di\ufb03culty of the issuer or the borrower; \u2022 a breach of contract, such as a default or past due event; \u2022 a lender of the borrower, for economic or contractual reasons relating to the borrower\u2019s \ufb01nancial di\ufb03culty, has granted to the borrower a concession that the lender would not otherwise consider; \u2022 it is becoming probable that the borrower will enter bankruptcy or other \ufb01nancial reorganisation; or \u2022 the disappearance of an active market for that \ufb01nancial asset because of \ufb01nancial di\ufb03culties. Irrespective of the above, the Group considers that a default has occurred when a \ufb01nancial asset is more than 90 days past due unless the Group has reasonable and supportable information to demonstrate that a more lagging default criterion is more appropriate.
Write-o\ufb00 policy The Group writes o\ufb00 a \ufb01nancial asset when there is information indicating that the counterparty is in severe \ufb01nancial di\ufb03culty and there is no realistic prospect of recovery, e.g. when the counter- party has been put into liquidation or declared to be bankrupt and the Group\u2019s management estimates that collection is improbable. Financial assets written o\ufb00 may still be subject to enforce- ment activities under the Group\u2019s recovery procedures, with the assistance of legal advice where appropriate. Any recoveries of amounts previously written o\ufb00 are recognised in pro\ufb01t or loss.
Property, plant and equipment
Cost The Group\u2019s items of property, plant and equipment include vessels (an icebreaker and ferries), which are subject to periodic major overhauls (dry-dockings) during their useful lives (normally at intervals of 2.5\u20135 years). Vessels are accounted for using the component approach, whereby at initial recognition and subsequently (a) the non-physical component that represents a major overhaul is identi\ufb01ed, (b) the cost of the non-physical component is estimated (if possible, by reference to current market prices), (c) the non-physical component is depreciated separately over its useful life (i.e. the dry-docking component separately from the vessel), and (d) the remaining carrying amount of a non-physical item is derecognised when the next overhaul (dry-docking) is performed and the new non-physical component is recognised.
Depreciation Depreciation of an item of property, plant and equipment is calculated on the di\ufb00erence between cost and residual value over the estimated useful life of the asset using the straight-line method. The value of vessels at the end of their period of use (residual value) is equal to the value of scrap metal. Based on management\u2019s estimates and standard practice in the shipping sector, a vessel\u2019s two signi\ufb01cant parts \u2014 the vessel itself and dry docking expenses \u2013 that have di\ufb00erent useful lives are depreciated separately. The estimated useful lives of items of property, plant and equipment are as follows: \u2022 Quays and berths \u2014 10\u201350 years \u2022 Dredging areas in port basins \u2014 20 years \u2022 Buildings, structures and facilities \u2014 5\u201350 years \u2022 Plant and equipment \u2014 3.3\u201310 years \u2022 Vessels \u2014 10\u201325 years \u2022 Capitalised dry docking costs \u2014 2.5\u20135 years \u2022 Other items of property, plant and equipment \u2014 2\u201310 years Land is not depreciated.
Intangible assets
The expected useful life of intangible assets (computer so\ufb05ware) used by the Group is 5 years.
Impairment of non-\ufb01nancial assets At each reporting date, the Group assesses whether there is any indication that its non-\ufb01nancial assets may be impaired. The Group assesses impairment indicators from both external and internal sources, including signi\ufb01cant changes in the global market, speci\ufb01cally as they relate to the political environments of neighbouring countries such as Russia and Finland, signi\ufb01cant changes in global trade in oil and other liquid bulk cargo as well as dry bulk cargo, signi\ufb01cant changes in the travel industry, and signi\ufb01cant changes in weather patterns that could impact the use of the Group\u2019s multifunctional icebreaker. Non-\ufb01nancial assets include property, plant and equipment and intangible assets. Impairment losses can be estimated for an individual asset or a group of assets (a cash-generating unit). A cash-generating unit is de\ufb01ned as the smallest identi\ufb01able group of assets that generates cash in\ufb02ows that are largely independent of the cash in\ufb02ows from other assets or groups of assets. If there is indication of impairment, the recoverable amount of the asset is assessed and compared to its carrying amount in the statement of \ufb01nancial position. An impairment loss is recognised in the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. Value in use is determined using discounted cash \ufb02ow projections that are based on \ufb01nancial estimates reviewed by management and made for a period corresponding to the expected lifespan of the asset, but normally not more than 50 years. The amount of the impairment loss of a cash generating unit is allocated to more signi\ufb01cant non-current assets of the unit on a pro rata basis so that their value does not fall below their fair value less cost of disposal. Impairment losses are recognised as an expense in the period in which they are incurred. Assets that have been previously written down to their recoverable amount are reviewed at each reporting date to assess whether there is any indication that an impairment loss recognised in a prior period may no longer exist or may have decreased. A reversal of an impairment losses is recognised in the statement of comprehensive income as a reduction of impairment losses on non-current assets.
Corporate income tax The corporate income tax rate in Estonia was 20% until 31 December 2024 (the amount of tax payable was calculated as 20/80 of the net distribution). Since 2019, regular dividend distributions were subject to a lower, 14% tax rate (the amount of tax payable was calculated as 14/86 of the net dividend). The lower tax rate applied to dividends and other pro\ufb01t distributions to an extent not exceeding the three preceding years\u2019 average amount of dividend and other pro\ufb01t distributions and distributions of equity on which tax had been paid. In accordance with the Estonian Income Tax Act, corporate earnings (pro\ufb01t for the \ufb01nancial year) are not subject to income tax. Income tax is paid on dividends, fringe bene\ufb01ts, gi\ufb05s, donations, non-business expenditures and transfer price adjustments. The tax rate for pro\ufb01t distributions is 22% (the amount of tax payable is calculated as 22/78 of the net payment). Under certain circumstances, dividends received can be redistributed without additional income tax expense. The tax exemption applies when the company redistributing a dividend received had at least a 10% interest in the company from which the dividend was received at the time the dividend was received. The lower, 14% income tax rate for regular dividend distributions (14/86 of the net dividend) has been abolished e\ufb00ective from 1 January 2025. Dividends taxed at a lower rate that have been received before the above date can be redistributed in accordance with a transitional provision. Income tax payable on dividends is recognised as income tax expense in the statement of comprehensive income and an income tax liability in the statement of \ufb01nancial position in an amount calculated on the planned dividend.
Deferred tax is recognised for the post-acquisition undistributed pro\ufb01ts of subsidiaries and associates and the post-acquisition changes in other reserves unless the Group can control the subsidiary\u2019s dividend policy and it is probable that the temporary di\ufb00erence will not reverse in the foreseeable future through dividends or otherwise. Since the Group is able to control its subsidiaries\u2019 dividend policy and to block, where necessary, the pro\ufb01t distribution decisions of the associate AS Green Marine, it is able to control the timing of the reversal of the temporary di\ufb00erences associated with those investments. If the Parent has decided not to distribute the pro\ufb01t of the subsidiaries and the associate in the foreseeable future, it will not recognise any deferred tax liability. If the Parent assesses that a dividend will be distributed in the foreseeable future, a deferred tax liability will be recognised for the planned pro\ufb01t distribution, assuming that at the reporting date there are su\ufb03cient funds and equity from which pro\ufb01t can be distributed in the foreseeable future.
The maximum income tax liability that would arise if all of the unrestricted equity were distributed as dividends is disclosed in note 19 to the \ufb01nancial statements. A security tax of 2% will apply to a resident company\u2019s pro\ufb01t before tax for the \ufb01nancial year starting from 1 January 2026. In the case of a group that prepares consolidated \ufb01nancial statements, the tax will apply to the parent company\u2019s unconsolidated pro\ufb01t recognised in the parent company\u2019s income statement.
Government grants Government grants related to assets
Government grants related to the acquisition of assets are presented in the statement of \ufb01nancial position by setting up the grant as non-current deferred income (a non-current liability), which is recognised in pro\ufb01t or loss on a systematic basis over the useful life of the asset. Assets acquired through government grants are initially recognised at full cost (i.e. using the gross method). An acquired asset is depreciated and the liability arising from the government grant is recognised in other income over the estimated useful life of the acquired asset.
Liabilities arising from grants related to non-depreciable assets (e.g. land) are recognised as income when the asset is ultimately retired or sold. Government grants related to domestic ferry service Government grants received in support of providing domestic ferry service are presented in the statement of comprehensive income within Revenue. According to the public service contract for passenger transport, the Group is paid the di\ufb00erence between the revenue calculated on the basis of the contract and revenue from ticket sales. As there are no other conditions besides the provision of ferry service, the grants are recognised as revenue as received. The policies for the recognition of income from government grants related to domestic ferry service are described in this note in the section \u2018Sale of ferry services \u2013 government support\u2019.
Cash and cash equivalents Cash and cash equivalents recognised in the statements of \ufb01nancial position and cash \ufb02ows comprise cash on hand, current account balances, funds that have not yet been transferred to the current account by cash-in-transit service providers or other payment intermediaries, and term deposits with original maturities of up to three months from the date of acquisition.
Statement of cash \ufb02ows The statement of cash \ufb02ows has been prepared using the direct method.
Related party transactions For the purposes of these consolidated \ufb01nancial statements, related parties include the members of the supervisory and management boards of Group companies and their close family members, companies under the control or signi\ufb01cant in\ufb02uence of the above persons, associates, government agencies, and companies under the control or signi\ufb01cant or indirect in\ufb02uence of the Republic of Estonia.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:25490093MDYISEP1Y539", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-232": { "value": "
Basis of preparation
The Group\u2019s consolidated \ufb01nancial statements as at and for the year ended 31 December 2024 have been prepared in accordance with the Estonian Accounting Act and International Financial Reporting Standards as adopted by the European Union (IFRS).
The consolidated \ufb01nancial statements have been prepared on the historical cost basis except for certain \ufb01nancial assets and \ufb01nancial liabilities, which are carried at fair value.
The preparation of the consolidated \ufb01nancial statements in accordance with IFRS requires management to make judgements, estimates and assumptions that a\ufb00ect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other relevant factors which are used to make judgements about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Actual results may di\ufb00er from these estimates. The management board reviews the estimates regularly and any change in an estimate is recognised prospectively or in the period the change in the estimate relates to. The most signi\ufb01cant estimates made by management are disclosed in note 5 to these consolidated \ufb01nancial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:25490093MDYISEP1Y539", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-233": { "value": "
The Group\u2019s consolidated \ufb01nancial statements as at and for the year ended 31 December 2024 have been prepared in accordance with the Estonian Accounting Act and International Financial Reporting Standards as adopted by the European Union (IFRS).
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:25490093MDYISEP1Y539", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-234": { "value": "
The consolidated \ufb01nancial statements have been prepared on the historical cost basis except for certain \ufb01nancial assets and \ufb01nancial liabilities, which are carried at fair value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:25490093MDYISEP1Y539", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-235": { "value": "
Application of new standards, amendments and interpretations The following new standards, amendments to standards and interpretations became mandatory for the Group on 1 January 2024. Amendments to IAS 1: Classi\ufb01cation of Liabilities as Current or Non-current \u2014 Deferral of E\ufb00ective Date (e\ufb00ective for annual reporting periods beginning on or a\ufb05er 1 January 2024). These amendments clarify that liabilities are classi\ufb01ed as either current or non-current, depending on the rights that exist at the end of the reporting period. Liabilities are non-current if the entity has a substantive right, at the end of the reporting period, to defer settlement for at least twelve months. The guidance no longer requires such a right to be unconditional. The October 2022 amendment established that loan covenants to be complied with a\ufb05er the reporting date do not a\ufb00ect the classi\ufb01cation of debt as current or non-current at the reporting date. Management\u2019s expectations whether they will subsequently exercise the right to defer settlement do not a\ufb00ect the classi\ufb01cation of liabilities. A liability is classi\ufb01ed as current if a condition is breached at or before the reporting date even if a waiver of that condition is obtained from the lender a\ufb05er the end of the reporting period. Conversely, a loan is classi\ufb01ed as non-current if a loan covenant is breached only a\ufb05er the reporting date. In addition, the amendments include clarifying the classi\ufb01cation requirements for debt a company might settle by converting it into equity. \u2018Settlement\u2019 is de\ufb01ned as the extinguishment of a liability with cash, other resources embodying economic bene\ufb01ts or an entity\u2019s own equity instruments. There is an exception for convertible instruments that might be converted into equity, but only for those instruments where the conversion option is classi\ufb01ed as an equity instrument as a separate component of a compound \ufb01nancial instrument. According to the Group\u2019s assessment, the adoption of these amendments did not have a material impact on its \ufb01nancial statements. Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures: Supplier Finance Arrangements (e\ufb00ective for annual reporting periods beginning on or a\ufb05er 1 January 2024). In response to \ufb01nancial statement users\u2019 concerns about insu\ufb03cient or misleading disclosure of \ufb01nancing arrangements, the IASB issued amendments to IAS 7 and IFRS 7 in May 2023 to require disclosure of supplier \ufb01nance arrangements. These changes require disclosure of \ufb01nancial arrangements with corporate suppliers that would allow users of \ufb01nancial statements to assess the impact of those arrangements on the company's liabilities and cash \ufb02ows and the company's liquidity risk. The purpose of the additional disclosure requirements is to increase the transparency of suppliers' \ufb01nancial arrangements. The changes do not a\ufb00ect the recognition or measurement principles, only the disclosure requirements. According to the Group\u2019s assessment, the adoption of these amendments did not have a material impact on its \ufb01nancial statements.
New standards, amendments to standards and interpretations issued Certain new standards, amendments to standards and interpretations have been issued that are mandatory for the Group\u2019s annual periods beginning on or a\ufb05er 1 January 2025 and which the Group has not adopted early. Amendments to the Classi\ufb01cation and Measurement of Financial Instruments \u2014 Amendments to IFRS 9 and IFRS 7 (e\ufb00ective date not yet adopted by the EU). On 30 May 2024, the IASB issued amendments to IFRS 9 and IFRS 7 to: (a) clarify the date of recognition and derecognition of some \ufb01nancial assets and liabilities, with a new exception for some \ufb01nancial liabilities settled through an electronic cash transfer system; (b) clarify and add further guidance for assessing whether a \ufb01nancial asset meets the solely payments of principal and interest (SPPI) criterion; (c) add new disclosures for certain instruments with contractual terms that can change cash \ufb02ows (such as some instruments with features linked to the achievement of environmental, social and governance (ESG) targets); and (d) update the disclosures for equity instruments designated at fair value through other comprehensive income (FVOCI). According to the Group\u2019s assessment, the amendments may a\ufb00ect the disclosures in its \ufb01nancial statements, when initially applied. IFRS 18 Presentation and Disclosure in Financial Statements (e\ufb00ective date not yet adopted by the EU). In April 2024, the IASB has issued IFRS 18, the new standard on presentation and disclosure in \ufb01nancial statements, with a focus on updates to the statement of pro\ufb01t or loss. The key new concepts introduced in IFRS 18 relate to: \u2022 the structure of the statement of pro\ufb01t or loss; \u2022 required disclosures in the \ufb01nancial statements for certain pro\ufb01t or loss performance measures that are reported outside an entity\u2019s \ufb01nancial statements (that is, management- de\ufb01ned performance measures); and \u2022 enhanced principles on aggregation and disaggregation which apply to the primary \ufb01nancial statements and notes in general. IFRS 18 will replace IAS 1; many of the other existing principles in IAS 1 are retained, with limited changes. IFRS 18 will not impact the recognition or measurement of items in the \ufb01nancial statements, but it might change what an entity reports as its \u2018operating pro\ufb01t or loss\u2019. IFRS 18 will apply to reporting periods beginning on or a\ufb05er 1 January 2027 and also applies to comparative information. According to the Group\u2019s assessment, the standard may a\ufb00ect the disclosures in its \ufb01nancial statements, when initially applied.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:25490093MDYISEP1Y539", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-236": { "value": "
New standards, amendments to standards and interpretations issued Certain new standards, amendments to standards and interpretations have been issued that are mandatory for the Group\u2019s annual periods beginning on or a\ufb05er 1 January 2025 and which the Group has not adopted early. Amendments to the Classi\ufb01cation and Measurement of Financial Instruments \u2014 Amendments to IFRS 9 and IFRS 7 (e\ufb00ective date not yet adopted by the EU). On 30 May 2024, the IASB issued amendments to IFRS 9 and IFRS 7 to: (a) clarify the date of recognition and derecognition of some \ufb01nancial assets and liabilities, with a new exception for some \ufb01nancial liabilities settled through an electronic cash transfer system; (b) clarify and add further guidance for assessing whether a \ufb01nancial asset meets the solely payments of principal and interest (SPPI) criterion; (c) add new disclosures for certain instruments with contractual terms that can change cash \ufb02ows (such as some instruments with features linked to the achievement of environmental, social and governance (ESG) targets); and (d) update the disclosures for equity instruments designated at fair value through other comprehensive income (FVOCI). According to the Group\u2019s assessment, the amendments may a\ufb00ect the disclosures in its \ufb01nancial statements, when initially applied. IFRS 18 Presentation and Disclosure in Financial Statements (e\ufb00ective date not yet adopted by the EU). In April 2024, the IASB has issued IFRS 18, the new standard on presentation and disclosure in \ufb01nancial statements, with a focus on updates to the statement of pro\ufb01t or loss. The key new concepts introduced in IFRS 18 relate to: \u2022 the structure of the statement of pro\ufb01t or loss; \u2022 required disclosures in the \ufb01nancial statements for certain pro\ufb01t or loss performance measures that are reported outside an entity\u2019s \ufb01nancial statements (that is, management- de\ufb01ned performance measures); and \u2022 enhanced principles on aggregation and disaggregation which apply to the primary \ufb01nancial statements and notes in general. IFRS 18 will replace IAS 1; many of the other existing principles in IAS 1 are retained, with limited changes. IFRS 18 will not impact the recognition or measurement of items in the \ufb01nancial statements, but it might change what an entity reports as its \u2018operating pro\ufb01t or loss\u2019. IFRS 18 will apply to reporting periods beginning on or a\ufb05er 1 January 2027 and also applies to comparative information. According to the Group\u2019s assessment, the standard may a\ufb00ect the disclosures in its \ufb01nancial statements, when initially applied.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:25490093MDYISEP1Y539", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-237": { "value": "
The consolidated \ufb01nancial statements comprise the \ufb01nancial statements of AS Tallinna Sadam and its subsidiaries, consolidated line by line.
Deferred tax is recognised for the post-acquisition undistributed pro\ufb01ts of subsidiaries and associates and the post-acquisition changes in other reserves unless the Group can control the subsidiary\u2019s dividend policy and it is probable that the temporary di\ufb00erence will not reverse in the foreseeable future through dividends or otherwise. Since the Group is able to control its subsidiaries\u2019 dividend policy and to block, where necessary, the pro\ufb01t distribution decisions of the associate AS Green Marine, it is able to control the timing of the reversal of the temporary di\ufb00erences associated with those investments. If the Parent has decided not to distribute the pro\ufb01t of the subsidiaries and the associate in the foreseeable future, it will not recognise any deferred tax liability. If the Parent assesses that a dividend will be distributed in the foreseeable future, a deferred tax liability will be recognised for the planned pro\ufb01t distribution, assuming that at the reporting date there are su\ufb03cient funds and equity from which pro\ufb01t can be distributed in the foreseeable future.
Related party transactions For the purposes of these consolidated \ufb01nancial statements, related parties include the members of the supervisory and management boards of Group companies and their close family members, companies under the control or signi\ufb01cant in\ufb02uence of the above persons, associates, government agencies, and companies under the control or signi\ufb01cant or indirect in\ufb02uence of the Republic of Estonia.
Ferry segment comprises the rendering of ferry service by the subsidiary O\u00dc TS Laevad between Estonia\u00b4s mainland and two largest islands, Saaremaa and Hiiumaa, under a public service contract for passenger transport signed with the state (two routes are operated). Revenue includes revenues from ticket sales to the end-users of ferry service and government support to the extent that revenue from ticket sales does not cover the contract revenue agreed for rendering the ferry service. It also includes lease income and revenue from the provision of other services collected from tenants providing commercial services to passengers on board the ferries. The segment\u2019s expenses include all costs related to owning and operating the ferries required for the two routes. The segment\u2019s revenue and results comprise the revenues and results of the subsidiary O\u00dc TS Laevad that provides the service. No corporate expenses are allocated to the Ferry segment.
The segment Other comprises the business of the subsidiary O\u00dc TS Shipping that owns and operates the multifunctional icebreaker Botnica and the pro\ufb01t or loss on investments in an associate accounted for under the equity method. The segment\u2019s revenues and expenses comprise the revenues and expenses of O\u00dc TS Shipping. No corporate expenses are allocated to the segment Other.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:25490093MDYISEP1Y539", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-238": { "value": "
In the consolidated \ufb01nancial statements, investments in associates are accounted for using the equity method.
Deferred tax is recognised for the post-acquisition undistributed pro\ufb01ts of subsidiaries and associates and the post-acquisition changes in other reserves unless the Group can control the subsidiary\u2019s dividend policy and it is probable that the temporary di\ufb00erence will not reverse in the foreseeable future through dividends or otherwise. Since the Group is able to control its subsidiaries\u2019 dividend policy and to block, where necessary, the pro\ufb01t distribution decisions of the associate AS Green Marine, it is able to control the timing of the reversal of the temporary di\ufb00erences associated with those investments. If the Parent has decided not to distribute the pro\ufb01t of the subsidiaries and the associate in the foreseeable future, it will not recognise any deferred tax liability. If the Parent assesses that a dividend will be distributed in the foreseeable future, a deferred tax liability will be recognised for the planned pro\ufb01t distribution, assuming that at the reporting date there are su\ufb03cient funds and equity from which pro\ufb01t can be distributed in the foreseeable future.
Related party transactions For the purposes of these consolidated \ufb01nancial statements, related parties include the members of the supervisory and management boards of Group companies and their close family members, companies under the control or signi\ufb01cant in\ufb02uence of the above persons, associates, government agencies, and companies under the control or signi\ufb01cant or indirect in\ufb02uence of the Republic of Estonia.
The segment Other comprises the business of the subsidiary O\u00dc TS Shipping that owns and operates the multifunctional icebreaker Botnica and the pro\ufb01t or loss on investments in an associate accounted for under the equity method. The segment\u2019s revenues and expenses comprise the revenues and expenses of O\u00dc TS Shipping. No corporate expenses are allocated to the segment Other.
Reportable segments apply the same accounting policies as the Group. Segment revenue comprises only revenue. Segment performance indicators reported to the chief operating decision maker comprise segment operating pro\ufb01t and adjusted segment EBITDA. Segment operating pro\ufb01t represents pro\ufb01t before \ufb01nance income and costs (net), pro\ufb01t from investments in an associate accounted for under the equity method, and income tax expense. Adjusted segment EBITDA represents segment operating pro\ufb01t before depreciation and amortisation, impairment losses, amortisation of government grants received, and pro\ufb01t from investments in an associate accounted for under the equity method. Compared to pro\ufb01t for the period, adjusted segment EBITDA represents pro\ufb01t for the period before depreciation and amortisation, impairment losses, amortisation of government grants received, \ufb01nance income and costs (net), and income tax expense.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:25490093MDYISEP1Y539", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-239": { "value": "
In the consolidated \ufb01nancial statements, investments in associates are accounted for using the equity method.
Deferred tax is recognised for the post-acquisition undistributed pro\ufb01ts of subsidiaries and associates and the post-acquisition changes in other reserves unless the Group can control the subsidiary\u2019s dividend policy and it is probable that the temporary di\ufb00erence will not reverse in the foreseeable future through dividends or otherwise. Since the Group is able to control its subsidiaries\u2019 dividend policy and to block, where necessary, the pro\ufb01t distribution decisions of the associate AS Green Marine, it is able to control the timing of the reversal of the temporary di\ufb00erences associated with those investments. If the Parent has decided not to distribute the pro\ufb01t of the subsidiaries and the associate in the foreseeable future, it will not recognise any deferred tax liability. If the Parent assesses that a dividend will be distributed in the foreseeable future, a deferred tax liability will be recognised for the planned pro\ufb01t distribution, assuming that at the reporting date there are su\ufb03cient funds and equity from which pro\ufb01t can be distributed in the foreseeable future.
Related party transactions For the purposes of these consolidated \ufb01nancial statements, related parties include the members of the supervisory and management boards of Group companies and their close family members, companies under the control or signi\ufb01cant in\ufb02uence of the above persons, associates, government agencies, and companies under the control or signi\ufb01cant or indirect in\ufb02uence of the Republic of Estonia.
The segment Other comprises the business of the subsidiary O\u00dc TS Shipping that owns and operates the multifunctional icebreaker Botnica and the pro\ufb01t or loss on investments in an associate accounted for under the equity method. The segment\u2019s revenues and expenses comprise the revenues and expenses of O\u00dc TS Shipping. No corporate expenses are allocated to the segment Other.
Reportable segments apply the same accounting policies as the Group. Segment revenue comprises only revenue. Segment performance indicators reported to the chief operating decision maker comprise segment operating pro\ufb01t and adjusted segment EBITDA. Segment operating pro\ufb01t represents pro\ufb01t before \ufb01nance income and costs (net), pro\ufb01t from investments in an associate accounted for under the equity method, and income tax expense. Adjusted segment EBITDA represents segment operating pro\ufb01t before depreciation and amortisation, impairment losses, amortisation of government grants received, and pro\ufb01t from investments in an associate accounted for under the equity method. Compared to pro\ufb01t for the period, adjusted segment EBITDA represents pro\ufb01t for the period before depreciation and amortisation, impairment losses, amortisation of government grants received, \ufb01nance income and costs (net), and income tax expense.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:25490093MDYISEP1Y539", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-240": { "value": "
Revenue The Group recognises revenue when (or as) a performance obligation is satis\ufb01ed, i.e. when \u2018control\u2019 of the goods or services underlying the particular performance obligation is transferred to the customer. The Group does not have contracts with customers where the expected length of time between when the Group transfers the promised services and the customer pays for those services exceeds one year. Accordingly, the Group does not adjust the transaction price for the time value of money. The Group recognises the following major types of revenue from contracts with customers: \u2022 Vessel dues \u2022 Cargo charges \u2022 Passenger fees \u2022 Sale of electricity \u2022 Sale of ferry services \u2022 Sale of other services Revenue is measured based on the consideration speci\ufb01ed in a contract with a customer and it excludes amounts collected on behalf of third parties. Vessel dues Vessel dues are calculated and collected either a\ufb05er each port call or twice a month and consist of the following: \u2022 tonnage charge (on the basis of the gross tonnage of the vessel for each port call of the vessel); \u2022 waste fee (on the basis of the gross tonnage of the vessel for each port call of the vessel; in the case of ferries, for one port call per day); \u2022 mooring charge (for each mooring operation based on the gross tonnage of the vessel). An entrance of a vessel into any of the Group\u2019s harbours is considered a port call. Vessel dues are charged for each port call. Tonnage charges are fees charged from customers, i.e. shipping companies, in exchange for a vessel\u2019s entry into any of the Group\u2019s harbours and the use of a quay (tonnage service). Waste reception and mooring services are rendered in exchange for waste fees and mooring charges. A contract with a customer can either include a vessel schedule in which a number of port calls is determined in advance or it may be a contract for a non-recurring tramp vessel call. Tonnage service, and waste reception and mooring services, when elected, form separate performance obligations. Additionally, the Group grants volume discounts on tonnage service to certain types of vessels based on the accumulated number of port calls by the vessel during the calendar year. Such volume discounts represent options to purchase additional tonnage service in the future (but only up to the end of the calendar year) at a discount, thus granting a material right to the customer. Therefore, each port call that contributes to the cumulative number of port calls, and hence to probable future discounts on tonnage service, consists of two to four performance obligations \u2014 (1) tonnage service, (2) grant of an option to the customer to acquire discounted tonnage service in the future, (3) waste reception (if elected), and (4) mooring service (if elected).
To estimate the amount of variable consideration for cargo charges, the Group uses the most likely amount method. The most likely amount is measured by reference to minimum contractual cargo volumes as well as actual and expected cargo volumes, which requires estimates and judgments by management. These estimates are complex because cargo volumes \ufb02uctuate. The estimates of variable consideration are revised at each reporting date. As cargo operators simultaneously receive and consume access to infrastructure, revenue from cargo charges is recognised over time using a time-based measure of progress because customers derive the bene\ufb01ts of their access equally throughout the duration of the contract. Passenger fees Passenger fees are charged in exchange for services provided to passengers embarking and disembarking at the harbour, such as the use of passenger terminals, connecting walkways, tra\ufb03c areas, etc. The fees are paid by the customer, i.e. the ferry operator, based on the actual number of passengers (no fee is charged for passengers under 12 years). Passenger fees are based on a public price list, which sets out the rates, and fees are collected a\ufb05er each port call or twice a month. Revenue from passenger fees is recognised over time, as the service is delivered to the customer (as the passengers arrive at or depart from the harbour), which typically happens in a single day. Sale of electricity The Group derives revenue from the sale of electricity and network services. Fees from the sale of electricity and network services are collected monthly, in the month following the month of consumption. Prices are \ufb01xed per unit of electricity consumed. As the customers simultaneously receive and consume the bene\ufb01ts provided, the delivery of these services takes place over a period of time. The Group is responsible for maintaining the electricity network required to deliver electricity to customers and has full discretion to establish network prices. Thus, it acts as a principal in providing this service. For tramp vessels and vessels visiting the port based on a pre-agreed schedule but without the right to receive prospective volume discounts, the transaction price is based on public or agreed prices and conditions and is allocated entirely to the tonnage service based on its stand-alone selling price. For vessels visiting the port based on a pre-agreed schedule and having the right to receive a prospective volume discount, the transaction price is allocated between the tonnage service and the option to purchase discounted tonnage service based on the estimated total number of port calls by that vessel during the calendar year. The estimates for the number of total port calls for each vessel are reassessed at each reporting date. Revenue from tonnage service is recognised over time, as the vessels use the quay during each port call, using a time-based measure of progress because the customer receives the bene\ufb01t of the tonnage service equally throughout the port call. Similarly, revenue from waste reception and mooring services is recognised over time, as those services are performed. Revenue from options to acquire future discounted tonnage service is recognised over time, as the options are exercised and the discounted tonnage service is used by the customers. Cargo charges Cargo charges are levied for using the general harbour infrastructure. Contracts with customers, i.e. cargo operators, are normally signed for 20 to 50 years but sometimes for a longer period. Cargo charges are normally calculated and collected monthly based on the cargo volumes handled by the cargo operator during the period. The Group\u2019s performance obligation is to provide the cargo operator with access to the harbour infrastructure throughout the duration of the contract. The performance obligation is made up of a series of distinct services that are considered a single performance obligation over the duration of the contract. Revenue from cargo charges charged from a customer is based on the cargo handling tari\ufb00(s) stipulated in the contract, which generally decrease based on the cargo volume handled by the cargo operator within a calendar year. The agreements signed with cargo operators generally set out a minimum annual cargo volume. If the cargo operator handles less than the minimum, the Group is entitled to charge the customer at the end of the calendar year based on the minimum cargo volume.
Charter fees Charter revenue is derived under time charter agreements, which specify the charter period (the period for which the vessel is rented out) and the consideration receivable (normally a \ufb01xed rate per day). Charter income is recognised on a straight-line basis over the term of the charter period. Sale of ferry services \u2014 government support Government grants received by the Group include public transport support received for operating ferries at the fee rates stated in the public service contract for passenger transport (PSCPT) minus revenue from ticket sales (the item Sale of ferry services \u2014 revenue from ticket sales). Government support for PSCPT comprises \ufb01xed fee components and a trip (voyage) component, which make up the total PSCPT fee. The \ufb01xed components are recognised on a straight-line basis over the term of the PSCPT and the trip component is recognised based on the number of trips made during the period. Revenue recognised from the sale of passenger and/or vehicle tickets during a reporting period is deducted from the total PSCPT fee and the di\ufb00erence is recognised and paid out as government support for public transport (a government grant).
When connecting to the electricity network, customers pay a connection fee based on the expenses incurred in enabling connection to the network. The connection service does not represent a separate performance obligation as the customer does not bene\ufb01t from this service separately from the consumption of electricity. Therefore, connection fees form part of the consideration for electricity and are recognised as revenue over the estimated period during which customers consume electricity. Amounts received for connection fees not yet included in revenue are recognised in the statement of \ufb01nancial position as contract liabilities. Sale of ferry services \u2014 revenue from ticket sales The Group earns revenue from the sale of tickets to domestic ferry routes operated by it. Consideration is received when a ticket is sold (for customers who do not buy tickets against their credit limit or prepayment), when a prepayment is received or once a month (based on the ticket, in the month following the month in which the ferry service was used). Ticket prices are \ufb01xed and set by the state. No volume or other discounts are granted. Revenue from ticket sales is recognised over time, as the ferry transfers the passengers and/or vehicles, which happens in a single day, or at the time when the ticket expires. Consideration for tickets sold to trips not yet performed is deferred and recognised as a contract liability within current liabilities. Income from additional services (ticket information sent by SMS, return of tickets and similar services) is recognised when the service has been rendered. Revenue from other sources
Lease income Lease income is earned from operating leases and recognised on a straight-line basis over the lease term. Lease income includes consideration for the rights of super\ufb01cies (building rights) and the lease of non-residential space.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:25490093MDYISEP1Y539", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-241": { "value": "
Financial instruments Financial assets and \ufb01nancial liabilities are recognised when a Group entity becomes a party to the contractual provisions of the instrument.
Financial assets and \ufb01nancial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of \ufb01nancial assets and \ufb01nancial liabilities (other than \ufb01nancial assets and \ufb01nancial liabilities at fair value through pro\ufb01t or loss) are added to the fair value of the \ufb01nancial assets and deducted from the fair value of the \ufb01nancial liabilities on initial recognition. Transaction costs directly attributable to the acquisition of \ufb01nancial assets and \ufb01nancial liabilities at fair value through pro\ufb01t or loss are recognised immediately in pro\ufb01t or loss.
All \ufb01nancial liabilities are initially recognised at fair value and subsequently measured at amortised cost using the e\ufb00ective interest method (trade and other payables and loans and borrowings) or at fair value through pro\ufb01t or loss (negative value of interest rate swaps).
The Group recognises a loss allowance for expected credit losses on investments in debt instruments that are measured at amortised cost or at fair value through other comprehensive income and lease receivables. The amount of expected credit losses (ECLs) is updated at each reporting date to re\ufb02ect changes in credit risk since the initial recognition of the \ufb01nancial instrument.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:25490093MDYISEP1Y539", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-242": { "value": "
Financial instruments Financial assets and \ufb01nancial liabilities are recognised when a Group entity becomes a party to the contractual provisions of the instrument.
Financial assets and \ufb01nancial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of \ufb01nancial assets and \ufb01nancial liabilities (other than \ufb01nancial assets and \ufb01nancial liabilities at fair value through pro\ufb01t or loss) are added to the fair value of the \ufb01nancial assets and deducted from the fair value of the \ufb01nancial liabilities on initial recognition. Transaction costs directly attributable to the acquisition of \ufb01nancial assets and \ufb01nancial liabilities at fair value through pro\ufb01t or loss are recognised immediately in pro\ufb01t or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:25490093MDYISEP1Y539", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-243": { "value": "
Financial instruments Financial assets and \ufb01nancial liabilities are recognised when a Group entity becomes a party to the contractual provisions of the instrument.
Financial assets and \ufb01nancial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of \ufb01nancial assets and \ufb01nancial liabilities (other than \ufb01nancial assets and \ufb01nancial liabilities at fair value through pro\ufb01t or loss) are added to the fair value of the \ufb01nancial assets and deducted from the fair value of the \ufb01nancial liabilities on initial recognition. Transaction costs directly attributable to the acquisition of \ufb01nancial assets and \ufb01nancial liabilities at fair value through pro\ufb01t or loss are recognised immediately in pro\ufb01t or loss.
Financial liabilities
All \ufb01nancial liabilities are initially recognised at fair value and subsequently measured at amortised cost using the e\ufb00ective interest method (trade and other payables and loans and borrowings) or at fair value through pro\ufb01t or loss (negative value of interest rate swaps).
Financial liabilities are classi\ufb01ed as current when they are due to be settled within 12 months a\ufb05er the reporting date or if the Group does not have an unconditional right to defer settlement for more than 12 months a\ufb05er the reporting date. Loans and borrowings that the lender has the right to recall at the reporting date due to a breach of contract terms are also classi\ufb01ed as current.
Financial assets Impairment of \ufb01nancial assets
The Group recognises a loss allowance for expected credit losses on investments in debt instruments that are measured at amortised cost or at fair value through other comprehensive income and lease receivables. The amount of expected credit losses (ECLs) is updated at each reporting date to re\ufb02ect changes in credit risk since the initial recognition of the \ufb01nancial instrument.
The Group applies the simpli\ufb01ed approach provided in IFRS 9 for recognising lifetime ECLs for trade receivables and lease receivables (see note 4).
A \ufb01nancial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash \ufb02ows of that \ufb01nancial asset have occurred. Evidence that a \ufb01nancial asset is credit-impaired includes observable data about the following events: \u2022 signi\ufb01cant \ufb01nancial di\ufb03culty of the issuer or the borrower; \u2022 a breach of contract, such as a default or past due event; \u2022 a lender of the borrower, for economic or contractual reasons relating to the borrower\u2019s \ufb01nancial di\ufb03culty, has granted to the borrower a concession that the lender would not otherwise consider; \u2022 it is becoming probable that the borrower will enter bankruptcy or other \ufb01nancial reorganisation; or \u2022 the disappearance of an active market for that \ufb01nancial asset because of \ufb01nancial di\ufb03culties. Irrespective of the above, the Group considers that a default has occurred when a \ufb01nancial asset is more than 90 days past due unless the Group has reasonable and supportable information to demonstrate that a more lagging default criterion is more appropriate.
Write-o\ufb00 policy The Group writes o\ufb00 a \ufb01nancial asset when there is information indicating that the counterparty is in severe \ufb01nancial di\ufb03culty and there is no realistic prospect of recovery, e.g. when the counter- party has been put into liquidation or declared to be bankrupt and the Group\u2019s management estimates that collection is improbable. Financial assets written o\ufb00 may still be subject to enforce- ment activities under the Group\u2019s recovery procedures, with the assistance of legal advice where appropriate. Any recoveries of amounts previously written o\ufb00 are recognised in pro\ufb01t or loss.
Cash and cash equivalents Cash and cash equivalents recognised in the statements of \ufb01nancial position and cash \ufb02ows comprise cash on hand, current account balances, funds that have not yet been transferred to the current account by cash-in-transit service providers or other payment intermediaries, and term deposits with original maturities of up to three months from the date of acquisition.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:25490093MDYISEP1Y539", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-244": { "value": "
Financial assets and \ufb01nancial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of \ufb01nancial assets and \ufb01nancial liabilities (other than \ufb01nancial assets and \ufb01nancial liabilities at fair value through pro\ufb01t or loss) are added to the fair value of the \ufb01nancial assets and deducted from the fair value of the \ufb01nancial liabilities on initial recognition. Transaction costs directly attributable to the acquisition of \ufb01nancial assets and \ufb01nancial liabilities at fair value through pro\ufb01t or loss are recognised immediately in pro\ufb01t or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognisingDifferenceBetweenFairValueAtInitialRecognitionAndAmountDeterminedUsingValuationTechniqueExplanatory", "language": "en", "entity": "scheme:25490093MDYISEP1Y539", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-245": { "value": "
Lease income Lease income is earned from operating leases and recognised on a straight-line basis over the lease term. Lease income includes consideration for the rights of super\ufb01cies (building rights) and the lease of non-residential space.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:25490093MDYISEP1Y539", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-246": { "value": "
Financial liabilities
All \ufb01nancial liabilities are initially recognised at fair value and subsequently measured at amortised cost using the e\ufb00ective interest method (trade and other payables and loans and borrowings) or at fair value through pro\ufb01t or loss (negative value of interest rate swaps).
Financial liabilities are classi\ufb01ed as current when they are due to be settled within 12 months a\ufb05er the reporting date or if the Group does not have an unconditional right to defer settlement for more than 12 months a\ufb05er the reporting date. Loans and borrowings that the lender has the right to recall at the reporting date due to a breach of contract terms are also classi\ufb01ed as current.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:25490093MDYISEP1Y539", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-247": { "value": "
Financial liabilities
All \ufb01nancial liabilities are initially recognised at fair value and subsequently measured at amortised cost using the e\ufb00ective interest method (trade and other payables and loans and borrowings) or at fair value through pro\ufb01t or loss (negative value of interest rate swaps).
Financial liabilities are classi\ufb01ed as current when they are due to be settled within 12 months a\ufb05er the reporting date or if the Group does not have an unconditional right to defer settlement for more than 12 months a\ufb05er the reporting date. Loans and borrowings that the lender has the right to recall at the reporting date due to a breach of contract terms are also classi\ufb01ed as current.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:25490093MDYISEP1Y539", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-248": { "value": "
Financial liabilities
All \ufb01nancial liabilities are initially recognised at fair value and subsequently measured at amortised cost using the e\ufb00ective interest method (trade and other payables and loans and borrowings) or at fair value through pro\ufb01t or loss (negative value of interest rate swaps).
Financial liabilities are classi\ufb01ed as current when they are due to be settled within 12 months a\ufb05er the reporting date or if the Group does not have an unconditional right to defer settlement for more than 12 months a\ufb05er the reporting date. Loans and borrowings that the lender has the right to recall at the reporting date due to a breach of contract terms are also classi\ufb01ed as current.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:25490093MDYISEP1Y539", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-249": { "value": "
Inventories Inventories are measured at the lower of cost and net realisable value. Cost is determined using the \ufb01rst in, \ufb01rst out (FIFO) method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:25490093MDYISEP1Y539", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-250": { "value": "
Investment properties Investment properties are accounted for using the cost model, i.e. they are measured at cost less any accumulated depreciation and any impairment losses.
Plots of land classi\ufb01ed as investment properties are not depreciated.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:25490093MDYISEP1Y539", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-251": { "value": "
Plots of land classi\ufb01ed as investment properties are not depreciated.
Depreciation Depreciation of an item of property, plant and equipment is calculated on the di\ufb00erence between cost and residual value over the estimated useful life of the asset using the straight-line method. The value of vessels at the end of their period of use (residual value) is equal to the value of scrap metal. Based on management\u2019s estimates and standard practice in the shipping sector, a vessel\u2019s two signi\ufb01cant parts \u2014 the vessel itself and dry docking expenses \u2013 that have di\ufb00erent useful lives are depreciated separately. The estimated useful lives of items of property, plant and equipment are as follows: \u2022 Quays and berths \u2014 10\u201350 years \u2022 Dredging areas in port basins \u2014 20 years \u2022 Buildings, structures and facilities \u2014 5\u201350 years \u2022 Plant and equipment \u2014 3.3\u201310 years \u2022 Vessels \u2014 10\u201325 years \u2022 Capitalised dry docking costs \u2014 2.5\u20135 years \u2022 Other items of property, plant and equipment \u2014 2\u201310 years Land is not depreciated.
The expected useful life of intangible assets (computer so\ufb05ware) used by the Group is 5 years.
Government grants related to the acquisition of assets are presented in the statement of \ufb01nancial position by setting up the grant as non-current deferred income (a non-current liability), which is recognised in pro\ufb01t or loss on a systematic basis over the useful life of the asset. Assets acquired through government grants are initially recognised at full cost (i.e. using the gross method). An acquired asset is depreciated and the liability arising from the government grant is recognised in other income over the estimated useful life of the acquired asset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:25490093MDYISEP1Y539", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-252": { "value": "
Financial assets Impairment of \ufb01nancial assets
The Group recognises a loss allowance for expected credit losses on investments in debt instruments that are measured at amortised cost or at fair value through other comprehensive income and lease receivables. The amount of expected credit losses (ECLs) is updated at each reporting date to re\ufb02ect changes in credit risk since the initial recognition of the \ufb01nancial instrument.
The Group applies the simpli\ufb01ed approach provided in IFRS 9 for recognising lifetime ECLs for trade receivables and lease receivables (see note 4).
A \ufb01nancial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash \ufb02ows of that \ufb01nancial asset have occurred. Evidence that a \ufb01nancial asset is credit-impaired includes observable data about the following events: \u2022 signi\ufb01cant \ufb01nancial di\ufb03culty of the issuer or the borrower; \u2022 a breach of contract, such as a default or past due event; \u2022 a lender of the borrower, for economic or contractual reasons relating to the borrower\u2019s \ufb01nancial di\ufb03culty, has granted to the borrower a concession that the lender would not otherwise consider; \u2022 it is becoming probable that the borrower will enter bankruptcy or other \ufb01nancial reorganisation; or \u2022 the disappearance of an active market for that \ufb01nancial asset because of \ufb01nancial di\ufb03culties. Irrespective of the above, the Group considers that a default has occurred when a \ufb01nancial asset is more than 90 days past due unless the Group has reasonable and supportable information to demonstrate that a more lagging default criterion is more appropriate.
Write-o\ufb00 policy The Group writes o\ufb00 a \ufb01nancial asset when there is information indicating that the counterparty is in severe \ufb01nancial di\ufb03culty and there is no realistic prospect of recovery, e.g. when the counter- party has been put into liquidation or declared to be bankrupt and the Group\u2019s management estimates that collection is improbable. Financial assets written o\ufb00 may still be subject to enforce- ment activities under the Group\u2019s recovery procedures, with the assistance of legal advice where appropriate. Any recoveries of amounts previously written o\ufb00 are recognised in pro\ufb01t or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:25490093MDYISEP1Y539", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-253": { "value": "
Financial assets Impairment of \ufb01nancial assets
The Group recognises a loss allowance for expected credit losses on investments in debt instruments that are measured at amortised cost or at fair value through other comprehensive income and lease receivables. The amount of expected credit losses (ECLs) is updated at each reporting date to re\ufb02ect changes in credit risk since the initial recognition of the \ufb01nancial instrument.
The Group applies the simpli\ufb01ed approach provided in IFRS 9 for recognising lifetime ECLs for trade receivables and lease receivables (see note 4).
A \ufb01nancial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash \ufb02ows of that \ufb01nancial asset have occurred. Evidence that a \ufb01nancial asset is credit-impaired includes observable data about the following events: \u2022 signi\ufb01cant \ufb01nancial di\ufb03culty of the issuer or the borrower; \u2022 a breach of contract, such as a default or past due event; \u2022 a lender of the borrower, for economic or contractual reasons relating to the borrower\u2019s \ufb01nancial di\ufb03culty, has granted to the borrower a concession that the lender would not otherwise consider; \u2022 it is becoming probable that the borrower will enter bankruptcy or other \ufb01nancial reorganisation; or \u2022 the disappearance of an active market for that \ufb01nancial asset because of \ufb01nancial di\ufb03culties. Irrespective of the above, the Group considers that a default has occurred when a \ufb01nancial asset is more than 90 days past due unless the Group has reasonable and supportable information to demonstrate that a more lagging default criterion is more appropriate.
Impairment of non-\ufb01nancial assets At each reporting date, the Group assesses whether there is any indication that its non-\ufb01nancial assets may be impaired. The Group assesses impairment indicators from both external and internal sources, including signi\ufb01cant changes in the global market, speci\ufb01cally as they relate to the political environments of neighbouring countries such as Russia and Finland, signi\ufb01cant changes in global trade in oil and other liquid bulk cargo as well as dry bulk cargo, signi\ufb01cant changes in the travel industry, and signi\ufb01cant changes in weather patterns that could impact the use of the Group\u2019s multifunctional icebreaker. Non-\ufb01nancial assets include property, plant and equipment and intangible assets. Impairment losses can be estimated for an individual asset or a group of assets (a cash-generating unit). A cash-generating unit is de\ufb01ned as the smallest identi\ufb01able group of assets that generates cash in\ufb02ows that are largely independent of the cash in\ufb02ows from other assets or groups of assets. If there is indication of impairment, the recoverable amount of the asset is assessed and compared to its carrying amount in the statement of \ufb01nancial position. An impairment loss is recognised in the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. Value in use is determined using discounted cash \ufb02ow projections that are based on \ufb01nancial estimates reviewed by management and made for a period corresponding to the expected lifespan of the asset, but normally not more than 50 years. The amount of the impairment loss of a cash generating unit is allocated to more signi\ufb01cant non-current assets of the unit on a pro rata basis so that their value does not fall below their fair value less cost of disposal. Impairment losses are recognised as an expense in the period in which they are incurred. Assets that have been previously written down to their recoverable amount are reviewed at each reporting date to assess whether there is any indication that an impairment loss recognised in a prior period may no longer exist or may have decreased. A reversal of an impairment losses is recognised in the statement of comprehensive income as a reduction of impairment losses on non-current assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:25490093MDYISEP1Y539", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-254": { "value": "
Financial assets Impairment of \ufb01nancial assets
The Group recognises a loss allowance for expected credit losses on investments in debt instruments that are measured at amortised cost or at fair value through other comprehensive income and lease receivables. The amount of expected credit losses (ECLs) is updated at each reporting date to re\ufb02ect changes in credit risk since the initial recognition of the \ufb01nancial instrument.
The Group applies the simpli\ufb01ed approach provided in IFRS 9 for recognising lifetime ECLs for trade receivables and lease receivables (see note 4).
A \ufb01nancial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash \ufb02ows of that \ufb01nancial asset have occurred. Evidence that a \ufb01nancial asset is credit-impaired includes observable data about the following events: \u2022 signi\ufb01cant \ufb01nancial di\ufb03culty of the issuer or the borrower; \u2022 a breach of contract, such as a default or past due event; \u2022 a lender of the borrower, for economic or contractual reasons relating to the borrower\u2019s \ufb01nancial di\ufb03culty, has granted to the borrower a concession that the lender would not otherwise consider; \u2022 it is becoming probable that the borrower will enter bankruptcy or other \ufb01nancial reorganisation; or \u2022 the disappearance of an active market for that \ufb01nancial asset because of \ufb01nancial di\ufb03culties. Irrespective of the above, the Group considers that a default has occurred when a \ufb01nancial asset is more than 90 days past due unless the Group has reasonable and supportable information to demonstrate that a more lagging default criterion is more appropriate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:25490093MDYISEP1Y539", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-255": { "value": "
The Group applies the simpli\ufb01ed approach provided in IFRS 9 for recognising lifetime ECLs for trade receivables and lease receivables (see note 4).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:25490093MDYISEP1Y539", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-256": { "value": "
Write-o\ufb00 policy The Group writes o\ufb00 a \ufb01nancial asset when there is information indicating that the counterparty is in severe \ufb01nancial di\ufb03culty and there is no realistic prospect of recovery, e.g. when the counter- party has been put into liquidation or declared to be bankrupt and the Group\u2019s management estimates that collection is improbable. Financial assets written o\ufb00 may still be subject to enforce- ment activities under the Group\u2019s recovery procedures, with the assistance of legal advice where appropriate. Any recoveries of amounts previously written o\ufb00 are recognised in pro\ufb01t or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:25490093MDYISEP1Y539", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-257": { "value": "
Property, plant and equipment
Cost The Group\u2019s items of property, plant and equipment include vessels (an icebreaker and ferries), which are subject to periodic major overhauls (dry-dockings) during their useful lives (normally at intervals of 2.5\u20135 years). Vessels are accounted for using the component approach, whereby at initial recognition and subsequently (a) the non-physical component that represents a major overhaul is identi\ufb01ed, (b) the cost of the non-physical component is estimated (if possible, by reference to current market prices), (c) the non-physical component is depreciated separately over its useful life (i.e. the dry-docking component separately from the vessel), and (d) the remaining carrying amount of a non-physical item is derecognised when the next overhaul (dry-docking) is performed and the new non-physical component is recognised.
Depreciation Depreciation of an item of property, plant and equipment is calculated on the di\ufb00erence between cost and residual value over the estimated useful life of the asset using the straight-line method. The value of vessels at the end of their period of use (residual value) is equal to the value of scrap metal. Based on management\u2019s estimates and standard practice in the shipping sector, a vessel\u2019s two signi\ufb01cant parts \u2014 the vessel itself and dry docking expenses \u2013 that have di\ufb00erent useful lives are depreciated separately. The estimated useful lives of items of property, plant and equipment are as follows: \u2022 Quays and berths \u2014 10\u201350 years \u2022 Dredging areas in port basins \u2014 20 years \u2022 Buildings, structures and facilities \u2014 5\u201350 years \u2022 Plant and equipment \u2014 3.3\u201310 years \u2022 Vessels \u2014 10\u201325 years \u2022 Capitalised dry docking costs \u2014 2.5\u20135 years \u2022 Other items of property, plant and equipment \u2014 2\u201310 years Land is not depreciated.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:25490093MDYISEP1Y539", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-258": { "value": "
Cost The Group\u2019s items of property, plant and equipment include vessels (an icebreaker and ferries), which are subject to periodic major overhauls (dry-dockings) during their useful lives (normally at intervals of 2.5\u20135 years). Vessels are accounted for using the component approach, whereby at initial recognition and subsequently (a) the non-physical component that represents a major overhaul is identi\ufb01ed, (b) the cost of the non-physical component is estimated (if possible, by reference to current market prices), (c) the non-physical component is depreciated separately over its useful life (i.e. the dry-docking component separately from the vessel), and (d) the remaining carrying amount of a non-physical item is derecognised when the next overhaul (dry-docking) is performed and the new non-physical component is recognised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:25490093MDYISEP1Y539", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-259": { "value": "
Intangible assets
The expected useful life of intangible assets (computer so\ufb05ware) used by the Group is 5 years.
Impairment of non-\ufb01nancial assets At each reporting date, the Group assesses whether there is any indication that its non-\ufb01nancial assets may be impaired. The Group assesses impairment indicators from both external and internal sources, including signi\ufb01cant changes in the global market, speci\ufb01cally as they relate to the political environments of neighbouring countries such as Russia and Finland, signi\ufb01cant changes in global trade in oil and other liquid bulk cargo as well as dry bulk cargo, signi\ufb01cant changes in the travel industry, and signi\ufb01cant changes in weather patterns that could impact the use of the Group\u2019s multifunctional icebreaker. Non-\ufb01nancial assets include property, plant and equipment and intangible assets. Impairment losses can be estimated for an individual asset or a group of assets (a cash-generating unit). A cash-generating unit is de\ufb01ned as the smallest identi\ufb01able group of assets that generates cash in\ufb02ows that are largely independent of the cash in\ufb02ows from other assets or groups of assets. If there is indication of impairment, the recoverable amount of the asset is assessed and compared to its carrying amount in the statement of \ufb01nancial position. An impairment loss is recognised in the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. Value in use is determined using discounted cash \ufb02ow projections that are based on \ufb01nancial estimates reviewed by management and made for a period corresponding to the expected lifespan of the asset, but normally not more than 50 years. The amount of the impairment loss of a cash generating unit is allocated to more signi\ufb01cant non-current assets of the unit on a pro rata basis so that their value does not fall below their fair value less cost of disposal. Impairment losses are recognised as an expense in the period in which they are incurred. Assets that have been previously written down to their recoverable amount are reviewed at each reporting date to assess whether there is any indication that an impairment loss recognised in a prior period may no longer exist or may have decreased. A reversal of an impairment losses is recognised in the statement of comprehensive income as a reduction of impairment losses on non-current assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:25490093MDYISEP1Y539", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-260": { "value": "
Intangible assets
The expected useful life of intangible assets (computer so\ufb05ware) used by the Group is 5 years.
Impairment of non-\ufb01nancial assets At each reporting date, the Group assesses whether there is any indication that its non-\ufb01nancial assets may be impaired. The Group assesses impairment indicators from both external and internal sources, including signi\ufb01cant changes in the global market, speci\ufb01cally as they relate to the political environments of neighbouring countries such as Russia and Finland, signi\ufb01cant changes in global trade in oil and other liquid bulk cargo as well as dry bulk cargo, signi\ufb01cant changes in the travel industry, and signi\ufb01cant changes in weather patterns that could impact the use of the Group\u2019s multifunctional icebreaker. Non-\ufb01nancial assets include property, plant and equipment and intangible assets. Impairment losses can be estimated for an individual asset or a group of assets (a cash-generating unit). A cash-generating unit is de\ufb01ned as the smallest identi\ufb01able group of assets that generates cash in\ufb02ows that are largely independent of the cash in\ufb02ows from other assets or groups of assets. If there is indication of impairment, the recoverable amount of the asset is assessed and compared to its carrying amount in the statement of \ufb01nancial position. An impairment loss is recognised in the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. Value in use is determined using discounted cash \ufb02ow projections that are based on \ufb01nancial estimates reviewed by management and made for a period corresponding to the expected lifespan of the asset, but normally not more than 50 years. The amount of the impairment loss of a cash generating unit is allocated to more signi\ufb01cant non-current assets of the unit on a pro rata basis so that their value does not fall below their fair value less cost of disposal. Impairment losses are recognised as an expense in the period in which they are incurred. Assets that have been previously written down to their recoverable amount are reviewed at each reporting date to assess whether there is any indication that an impairment loss recognised in a prior period may no longer exist or may have decreased. A reversal of an impairment losses is recognised in the statement of comprehensive income as a reduction of impairment losses on non-current assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:25490093MDYISEP1Y539", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-261": { "value": "
Impairment of non-\ufb01nancial assets At each reporting date, the Group assesses whether there is any indication that its non-\ufb01nancial assets may be impaired. The Group assesses impairment indicators from both external and internal sources, including signi\ufb01cant changes in the global market, speci\ufb01cally as they relate to the political environments of neighbouring countries such as Russia and Finland, signi\ufb01cant changes in global trade in oil and other liquid bulk cargo as well as dry bulk cargo, signi\ufb01cant changes in the travel industry, and signi\ufb01cant changes in weather patterns that could impact the use of the Group\u2019s multifunctional icebreaker. Non-\ufb01nancial assets include property, plant and equipment and intangible assets. Impairment losses can be estimated for an individual asset or a group of assets (a cash-generating unit). A cash-generating unit is de\ufb01ned as the smallest identi\ufb01able group of assets that generates cash in\ufb02ows that are largely independent of the cash in\ufb02ows from other assets or groups of assets. If there is indication of impairment, the recoverable amount of the asset is assessed and compared to its carrying amount in the statement of \ufb01nancial position. An impairment loss is recognised in the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. Value in use is determined using discounted cash \ufb02ow projections that are based on \ufb01nancial estimates reviewed by management and made for a period corresponding to the expected lifespan of the asset, but normally not more than 50 years. The amount of the impairment loss of a cash generating unit is allocated to more signi\ufb01cant non-current assets of the unit on a pro rata basis so that their value does not fall below their fair value less cost of disposal. Impairment losses are recognised as an expense in the period in which they are incurred. Assets that have been previously written down to their recoverable amount are reviewed at each reporting date to assess whether there is any indication that an impairment loss recognised in a prior period may no longer exist or may have decreased. A reversal of an impairment losses is recognised in the statement of comprehensive income as a reduction of impairment losses on non-current assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:25490093MDYISEP1Y539", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-262": { "value": "
Corporate income tax The corporate income tax rate in Estonia was 20% until 31 December 2024 (the amount of tax payable was calculated as 20/80 of the net distribution). Since 2019, regular dividend distributions were subject to a lower, 14% tax rate (the amount of tax payable was calculated as 14/86 of the net dividend). The lower tax rate applied to dividends and other pro\ufb01t distributions to an extent not exceeding the three preceding years\u2019 average amount of dividend and other pro\ufb01t distributions and distributions of equity on which tax had been paid. In accordance with the Estonian Income Tax Act, corporate earnings (pro\ufb01t for the \ufb01nancial year) are not subject to income tax. Income tax is paid on dividends, fringe bene\ufb01ts, gi\ufb05s, donations, non-business expenditures and transfer price adjustments. The tax rate for pro\ufb01t distributions is 22% (the amount of tax payable is calculated as 22/78 of the net payment). Under certain circumstances, dividends received can be redistributed without additional income tax expense. The tax exemption applies when the company redistributing a dividend received had at least a 10% interest in the company from which the dividend was received at the time the dividend was received. The lower, 14% income tax rate for regular dividend distributions (14/86 of the net dividend) has been abolished e\ufb00ective from 1 January 2025. Dividends taxed at a lower rate that have been received before the above date can be redistributed in accordance with a transitional provision. Income tax payable on dividends is recognised as income tax expense in the statement of comprehensive income and an income tax liability in the statement of \ufb01nancial position in an amount calculated on the planned dividend.
Deferred tax is recognised for the post-acquisition undistributed pro\ufb01ts of subsidiaries and associates and the post-acquisition changes in other reserves unless the Group can control the subsidiary\u2019s dividend policy and it is probable that the temporary di\ufb00erence will not reverse in the foreseeable future through dividends or otherwise. Since the Group is able to control its subsidiaries\u2019 dividend policy and to block, where necessary, the pro\ufb01t distribution decisions of the associate AS Green Marine, it is able to control the timing of the reversal of the temporary di\ufb00erences associated with those investments. If the Parent has decided not to distribute the pro\ufb01t of the subsidiaries and the associate in the foreseeable future, it will not recognise any deferred tax liability. If the Parent assesses that a dividend will be distributed in the foreseeable future, a deferred tax liability will be recognised for the planned pro\ufb01t distribution, assuming that at the reporting date there are su\ufb03cient funds and equity from which pro\ufb01t can be distributed in the foreseeable future.
The maximum income tax liability that would arise if all of the unrestricted equity were distributed as dividends is disclosed in note 19 to the \ufb01nancial statements. A security tax of 2% will apply to a resident company\u2019s pro\ufb01t before tax for the \ufb01nancial year starting from 1 January 2026. In the case of a group that prepares consolidated \ufb01nancial statements, the tax will apply to the parent company\u2019s unconsolidated pro\ufb01t recognised in the parent company\u2019s income statement.
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Corporate income tax The corporate income tax rate in Estonia was 20% until 31 December 2024 (the amount of tax payable was calculated as 20/80 of the net distribution). Since 2019, regular dividend distributions were subject to a lower, 14% tax rate (the amount of tax payable was calculated as 14/86 of the net dividend). The lower tax rate applied to dividends and other pro\ufb01t distributions to an extent not exceeding the three preceding years\u2019 average amount of dividend and other pro\ufb01t distributions and distributions of equity on which tax had been paid. In accordance with the Estonian Income Tax Act, corporate earnings (pro\ufb01t for the \ufb01nancial year) are not subject to income tax. Income tax is paid on dividends, fringe bene\ufb01ts, gi\ufb05s, donations, non-business expenditures and transfer price adjustments. The tax rate for pro\ufb01t distributions is 22% (the amount of tax payable is calculated as 22/78 of the net payment). Under certain circumstances, dividends received can be redistributed without additional income tax expense. The tax exemption applies when the company redistributing a dividend received had at least a 10% interest in the company from which the dividend was received at the time the dividend was received. The lower, 14% income tax rate for regular dividend distributions (14/86 of the net dividend) has been abolished e\ufb00ective from 1 January 2025. Dividends taxed at a lower rate that have been received before the above date can be redistributed in accordance with a transitional provision. Income tax payable on dividends is recognised as income tax expense in the statement of comprehensive income and an income tax liability in the statement of \ufb01nancial position in an amount calculated on the planned dividend.
Deferred tax is recognised for the post-acquisition undistributed pro\ufb01ts of subsidiaries and associates and the post-acquisition changes in other reserves unless the Group can control the subsidiary\u2019s dividend policy and it is probable that the temporary di\ufb00erence will not reverse in the foreseeable future through dividends or otherwise. Since the Group is able to control its subsidiaries\u2019 dividend policy and to block, where necessary, the pro\ufb01t distribution decisions of the associate AS Green Marine, it is able to control the timing of the reversal of the temporary di\ufb00erences associated with those investments. If the Parent has decided not to distribute the pro\ufb01t of the subsidiaries and the associate in the foreseeable future, it will not recognise any deferred tax liability. If the Parent assesses that a dividend will be distributed in the foreseeable future, a deferred tax liability will be recognised for the planned pro\ufb01t distribution, assuming that at the reporting date there are su\ufb03cient funds and equity from which pro\ufb01t can be distributed in the foreseeable future.
The maximum income tax liability that would arise if all of the unrestricted equity were distributed as dividends is disclosed in note 19 to the \ufb01nancial statements. A security tax of 2% will apply to a resident company\u2019s pro\ufb01t before tax for the \ufb01nancial year starting from 1 January 2026. In the case of a group that prepares consolidated \ufb01nancial statements, the tax will apply to the parent company\u2019s unconsolidated pro\ufb01t recognised in the parent company\u2019s income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:25490093MDYISEP1Y539", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-264": { "value": "
Corporate income tax The corporate income tax rate in Estonia was 20% until 31 December 2024 (the amount of tax payable was calculated as 20/80 of the net distribution). Since 2019, regular dividend distributions were subject to a lower, 14% tax rate (the amount of tax payable was calculated as 14/86 of the net dividend). The lower tax rate applied to dividends and other pro\ufb01t distributions to an extent not exceeding the three preceding years\u2019 average amount of dividend and other pro\ufb01t distributions and distributions of equity on which tax had been paid. In accordance with the Estonian Income Tax Act, corporate earnings (pro\ufb01t for the \ufb01nancial year) are not subject to income tax. Income tax is paid on dividends, fringe bene\ufb01ts, gi\ufb05s, donations, non-business expenditures and transfer price adjustments. The tax rate for pro\ufb01t distributions is 22% (the amount of tax payable is calculated as 22/78 of the net payment). Under certain circumstances, dividends received can be redistributed without additional income tax expense. The tax exemption applies when the company redistributing a dividend received had at least a 10% interest in the company from which the dividend was received at the time the dividend was received. The lower, 14% income tax rate for regular dividend distributions (14/86 of the net dividend) has been abolished e\ufb00ective from 1 January 2025. Dividends taxed at a lower rate that have been received before the above date can be redistributed in accordance with a transitional provision. Income tax payable on dividends is recognised as income tax expense in the statement of comprehensive income and an income tax liability in the statement of \ufb01nancial position in an amount calculated on the planned dividend.
Deferred tax is recognised for the post-acquisition undistributed pro\ufb01ts of subsidiaries and associates and the post-acquisition changes in other reserves unless the Group can control the subsidiary\u2019s dividend policy and it is probable that the temporary di\ufb00erence will not reverse in the foreseeable future through dividends or otherwise. Since the Group is able to control its subsidiaries\u2019 dividend policy and to block, where necessary, the pro\ufb01t distribution decisions of the associate AS Green Marine, it is able to control the timing of the reversal of the temporary di\ufb00erences associated with those investments. If the Parent has decided not to distribute the pro\ufb01t of the subsidiaries and the associate in the foreseeable future, it will not recognise any deferred tax liability. If the Parent assesses that a dividend will be distributed in the foreseeable future, a deferred tax liability will be recognised for the planned pro\ufb01t distribution, assuming that at the reporting date there are su\ufb03cient funds and equity from which pro\ufb01t can be distributed in the foreseeable future.
The maximum income tax liability that would arise if all of the unrestricted equity were distributed as dividends is disclosed in note 19 to the \ufb01nancial statements. A security tax of 2% will apply to a resident company\u2019s pro\ufb01t before tax for the \ufb01nancial year starting from 1 January 2026. In the case of a group that prepares consolidated \ufb01nancial statements, the tax will apply to the parent company\u2019s unconsolidated pro\ufb01t recognised in the parent company\u2019s income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:25490093MDYISEP1Y539", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-265": { "value": "
Government grants Government grants related to assets
Government grants related to the acquisition of assets are presented in the statement of \ufb01nancial position by setting up the grant as non-current deferred income (a non-current liability), which is recognised in pro\ufb01t or loss on a systematic basis over the useful life of the asset. Assets acquired through government grants are initially recognised at full cost (i.e. using the gross method). An acquired asset is depreciated and the liability arising from the government grant is recognised in other income over the estimated useful life of the acquired asset.
Liabilities arising from grants related to non-depreciable assets (e.g. land) are recognised as income when the asset is ultimately retired or sold. Government grants related to domestic ferry service Government grants received in support of providing domestic ferry service are presented in the statement of comprehensive income within Revenue. According to the public service contract for passenger transport, the Group is paid the di\ufb00erence between the revenue calculated on the basis of the contract and revenue from ticket sales. As there are no other conditions besides the provision of ferry service, the grants are recognised as revenue as received. The policies for the recognition of income from government grants related to domestic ferry service are described in this note in the section \u2018Sale of ferry services \u2013 government support\u2019.
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Cash and cash equivalents Cash and cash equivalents recognised in the statements of \ufb01nancial position and cash \ufb02ows comprise cash on hand, current account balances, funds that have not yet been transferred to the current account by cash-in-transit service providers or other payment intermediaries, and term deposits with original maturities of up to three months from the date of acquisition.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:25490093MDYISEP1Y539", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-267": { "value": "
Statement of cash \ufb02ows The statement of cash \ufb02ows has been prepared using the direct method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:25490093MDYISEP1Y539", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-268": { "value": "
Related party transactions For the purposes of these consolidated \ufb01nancial statements, related parties include the members of the supervisory and management boards of Group companies and their close family members, companies under the control or signi\ufb01cant in\ufb02uence of the above persons, associates, government agencies, and companies under the control or signi\ufb01cant or indirect in\ufb02uence of the Republic of Estonia.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:25490093MDYISEP1Y539", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-269": { "value": "
Note 3. Operating segments
Services from which segment revenue is derived The Group\u2019s business activities are organised and managed based on its core business lines. The information used by the chief operating decision maker to make decisions about resources to be allocated and assess segment performance focuses on the Group\u2019s core business lines. The Group\u2019s chief operating decision maker is the management board. No operating segments have been aggregated in presenting reportable segments. The Group\u2019s reportable segments under IFRS 8 are: \u2022 Passenger harbours \u2022 Cargo harbours \u2022 Ferry \u2022 Other Passenger harbours segment comprises the rendering of port services in the capacity of a landlord port in the harbours belonging to the Group that are focused on providing services to passengers \u2014 Old City Harbour and Saaremaa Harbour. The segment\u2019s revenue includes all revenues of these harbours, consisting primarily of vessel dues collected from ferries and cruise ships, and passenger fees charged for using the buildings and structures designed for providing services to passengers and their vehicles. It also includes other revenue generated by harbours mainly involved in providing services to passengers and ferries such as lease income for leasing out premises (o\ufb03ce and commercial premises), cargo charges, sale of electricity and various other services. Expenses related to this segment are primarily the costs incurred in these harbours in connection with the revenue generating activities outlined above. Expenses also include corporate expenses, which are allocated based on the ratio of revenue from this segment to total revenue from harbour operations (the Passenger harbours and Cargo harbours segments combined). All corporate operating expenses are fully allocated to the Passenger harbours and Cargo harbours segments as the provision of landlord port operations is the main activity of the corporate head o\ufb03ce (the port authority). Cargo harbours segment comprises the rendering of port services in the capacity of a landlord port in the harbours belonging to the Group that are focused on cargo handling \u2013 Muuga Harbour and Paldiski South Harbour. The segment\u2019s revenue includes all revenues of these harbours, consisting primarily of revenue from vessel dues for cargo vessels, revenue from cargo charges paid by cargo operators for using the harbour infrastructure, and lease income from the use of premises by cargo operators and other customers under contracts on the right of super\ufb01cies and lease contracts. It also includes passenger fees and revenue from the sale of electricity and other services. Expenses related to this segment are primarily the costs incurred in these harbours in connection with the revenue generating activities outlined above. Expenses also include corporate expenses, which are allocated based on the ratio of revenue from this segment to total revenue from harbour operations (the Passenger harbours and Cargo harbours segments combined). All corporate operating expenses are fully allocated to the Passenger harbours and Cargo harbours segments as the provision of landlord port services is the main activity of the corporate head o\ufb03ce (the port authority).
Ferry segment comprises the rendering of ferry service by the subsidiary O\u00dc TS Laevad between Estonia\u00b4s mainland and two largest islands, Saaremaa and Hiiumaa, under a public service contract for passenger transport signed with the state (two routes are operated). Revenue includes revenues from ticket sales to the end-users of ferry service and government support to the extent that revenue from ticket sales does not cover the contract revenue agreed for rendering the ferry service. It also includes lease income and revenue from the provision of other services collected from tenants providing commercial services to passengers on board the ferries. The segment\u2019s expenses include all costs related to owning and operating the ferries required for the two routes. The segment\u2019s revenue and results comprise the revenues and results of the subsidiary O\u00dc TS Laevad that provides the service. No corporate expenses are allocated to the Ferry segment.
The segment Other comprises the business of the subsidiary O\u00dc TS Shipping that owns and operates the multifunctional icebreaker Botnica and the pro\ufb01t or loss on investments in an associate accounted for under the equity method. The segment\u2019s revenues and expenses comprise the revenues and expenses of O\u00dc TS Shipping. No corporate expenses are allocated to the segment Other.
Segment revenues and results
Reportable segments apply the same accounting policies as the Group. Segment revenue comprises only revenue. Segment performance indicators reported to the chief operating decision maker comprise segment operating pro\ufb01t and adjusted segment EBITDA. Segment operating pro\ufb01t represents pro\ufb01t before \ufb01nance income and costs (net), pro\ufb01t from investments in an associate accounted for under the equity method, and income tax expense. Adjusted segment EBITDA represents segment operating pro\ufb01t before depreciation and amortisation, impairment losses, amortisation of government grants received, and pro\ufb01t from investments in an associate accounted for under the equity method. Compared to pro\ufb01t for the period, adjusted segment EBITDA represents pro\ufb01t for the period before depreciation and amortisation, impairment losses, amortisation of government grants received, \ufb01nance income and costs (net), and income tax expense.
Segment results are reported to the chief operating decision maker for making decisions about allocating resources to the segment and assessing its performance on a monthly basis.
Geographical information In 2024, the Group generated EUR 6,700 thousand, i.e. 6% of its revenue (2023: EUR 6,261 thousand, i.e. 5%) outside Estonia (in Canada and Great Britain) and 94% (2023: 95%) of its revenue in Estonia. Revenue generated outside Estonia consisted of services provided with the icebreaker Botnica (the segment Other) in Canada and Great Britain during the period May to November. All of the Group\u2019s non-current assets with the above exception were located in Estonia. Information about major customers The Group\u2019s total revenue of EUR 119,587 thousand (2023: EUR 116,646 thousand) includes revenue of EUR 26,814 thousand (2023: EUR 26,106 thousand) attributable to its largest customer, which is reported in the Ferry segment and the segment Other. In 2024, the Group\u2019s second-largest customer also contributed 10% or more to the Group\u2019s total revenue. Revenue attributable to the customer of EUR 18,880 thousand (2023: EUR 18,312 thousand) is reported in the Passenger harbours segment and the Cargo harbours segment. No other customer contributed 10% or more to the Group\u2019s total revenue in 2024 or 2023.
Segment revenues and results In thousands of euros 2024 Passenger harbours Cargo harbours Ferry Other Total Vessel dues 18,794 12,734 0 0 31,528 Cargo charges 1,514 5,169 0 0 6,683 Passenger fees 11,668 219 0 0 11,887 Sale of electricity 1,552 3,057 0 0 4,609 Sale of ferry services \u2014 revenue from ticket sales 0 0 14,848 0 14,848 Sale of other services 1,351 902 117 297 2,667 Operating lease income 2,999 9,878 1,270 0 14,147 Charter fees 0 0 0 11,914 11,914 Sale of ferry services \u2014 government support 0 0 21,304 0 21,304 Total segment revenue * (note 20) 37,878 31,959 37,539 12,211 119,587 Adjusted segment EBITDA 19,854 14,148 15,490 3,642 53,134 Depreciation and amortisation \u20137,663 \u20138,553 \u20135,505 \u20132,612 \u201324,333 Impairment losses (notes 11 and 12) 0 \u2013245 \u2013255 0 \u2013500 Amortisation of government grants received (note 18) 581 753 0 0 1,334 Share of pro\ufb01t of an associate accounted for under the equity method 0 0 0 \u2013487 \u2013487 Segment operating pro\ufb01t 12,772 6,103 9,730 543 29,148 Finance income and costs, net \u20137,357 Share of pro\ufb01t of an associate accounted for under the equity method 487 Income tax expense (note 19) \u20133,125 Pro\ufb01t for the period 19,153 * Total segment revenue represents revenue from external customers and excludes inter-segment revenue of EUR 185 thousand and EUR 2 thousand for the Passenger harbours and the Cargo harbours segments, respectively, which was eliminated during consolidation.
Segment revenues and results In thousands of euros 2023 Passenger harbours Cargo harbours Ferry Other Total Vessel dues 19,072 12,353 0 0 31,425 Cargo charges 1,568 4,889 0 0 6,457 Passenger fees 11,284 200 0 0 11,484 Sale of electricity 1,370 3,137 0 0 4,507 Sale of ferry services \u2014 revenue from ticket sales 0 0 14,729 0 14,729 Sale of other services 1,315 547 86 185 2,133 Operating lease income 2,924 9,625 1,178 0 13,727 Charter fees 0 0 0 11,544 11,544 Sale of ferry services \u2014 government support 0 0 20,640 0 20,640 Total segment revenue * (note 20) 37,533 30,751 36,633 11,729 116,646 Adjusted segment EBITDA 19,590 11,257 15,304 3,019 49,170 Depreciation and amortisation \u20137,819 \u20138,505 \u20135,504 \u20132,634 \u201324,462 Impairment losses (notes 11 and 12) \u2013596 \u2013243 \u201374 \u201314 \u2013927 Amortisation of government grants received (note 18) 574 710 0 0 1,284 Share of pro\ufb01t of an associate accounted for under the equity method 0 0 0 \u2013435 \u2013435 Segment operating pro\ufb01t/loss 11,749 3,219 9,726 \u201364 24,630 Finance income and costs, net \u20136,198 Share of pro\ufb01t of an associate accounted for under the equity method 435 Income tax expense \u20132,985 Pro\ufb01t for the period 15,882 * Total segment revenue represents revenue from external customers and excludes inter-segment revenue of EUR 257 thousand and EUR 8 thousand for the Passenger harbours and the Cargo harbours segments, respectively, which was eliminated during consolidation.
In thousands of euros 2024 2023 Revenue 7,743 7,401 Pro\ufb01t for the period from continuing operations 955 853 Pro\ufb01t for the period 955 853 Total comprehensive income for the period 955 853 The above pro\ufb01t for the period includes the following: Depreciation, amortisation and impairment 844 534 Interest expense 293 144 Income tax expense 0 160
In thousands of euros 2024 2023 Revenue from contracts with customers Vessel dues 31,528 31,425 Cargo charges 6,683 6,457 Passenger fees 11,887 11,484 Sale of electricity 4,609 4,507 Sale of ferry services \u2014 ticket sales 14,848 14,729 Sale of other services 2,667 2,133 Total revenue from contracts with customers 72,222 70,735 Revenue from other sources Lease income from operating leases (notes 10 and 13) 14,147 13,727 Charter fees 11,914 11,544 Sale of ferry services \u2014 government support (notes 18 and 24) 21,304 20,640 Total revenue from other sources 47,365 45,911 Total revenue (note 3) 119,587 116,646 Note 20. Revenue
Revenue by country In thousands of euros 2024 2023 Canada 3,004 3,332 Great Britain 3,696 2,929 Estonia 112,887 110,385 Total revenue 119,587 116,646 Of which charter fees: Canada 2,970 3,280 Great Britain 3,434 2,798 Estonia (note 24) 5,510 5,466 Total charter fees 11,914 11,544 Disaggregation of revenue Transaction price allocated to the remaining performance obligations At the end of the reporting period, performance obligations related to cargo charges, the sale of electricity and the sale of other services were partially unsatis\ufb01ed. The Group applies the practical expedient in paragraph 121(b) of IFRS 15 to those revenue streams (a single performance obligation that is made up of a series of distinct services) and does not disclose the transaction price allocated to the remaining performance obligation as the Group has a right to consideration from customers in an amount that corresponds directly to the value that the Group\u2019s performance obligations completed to date have for the customer and the Group has recognised revenue i n the amount in which it has the right to invoice the customers. Partially unsatis\ufb01ed performance obligations related to connection fees as at 31 December 2024 amounted to EUR 673 thousand (31 December 2023: EUR 715 thousand). Management expects that the transaction price allocated to unsatis\ufb01ed performance obligations will be recognised as revenue over the next 3\u201324 years (the average remaining useful life of the investments made to enable connection) on a straight-line basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:25490093MDYISEP1Y539", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-270": { "value": "
Note 3. Operating segments
Services from which segment revenue is derived The Group\u2019s business activities are organised and managed based on its core business lines. The information used by the chief operating decision maker to make decisions about resources to be allocated and assess segment performance focuses on the Group\u2019s core business lines. The Group\u2019s chief operating decision maker is the management board. No operating segments have been aggregated in presenting reportable segments. The Group\u2019s reportable segments under IFRS 8 are: \u2022 Passenger harbours \u2022 Cargo harbours \u2022 Ferry \u2022 Other Passenger harbours segment comprises the rendering of port services in the capacity of a landlord port in the harbours belonging to the Group that are focused on providing services to passengers \u2014 Old City Harbour and Saaremaa Harbour. The segment\u2019s revenue includes all revenues of these harbours, consisting primarily of vessel dues collected from ferries and cruise ships, and passenger fees charged for using the buildings and structures designed for providing services to passengers and their vehicles. It also includes other revenue generated by harbours mainly involved in providing services to passengers and ferries such as lease income for leasing out premises (o\ufb03ce and commercial premises), cargo charges, sale of electricity and various other services. Expenses related to this segment are primarily the costs incurred in these harbours in connection with the revenue generating activities outlined above. Expenses also include corporate expenses, which are allocated based on the ratio of revenue from this segment to total revenue from harbour operations (the Passenger harbours and Cargo harbours segments combined). All corporate operating expenses are fully allocated to the Passenger harbours and Cargo harbours segments as the provision of landlord port operations is the main activity of the corporate head o\ufb03ce (the port authority). Cargo harbours segment comprises the rendering of port services in the capacity of a landlord port in the harbours belonging to the Group that are focused on cargo handling \u2013 Muuga Harbour and Paldiski South Harbour. The segment\u2019s revenue includes all revenues of these harbours, consisting primarily of revenue from vessel dues for cargo vessels, revenue from cargo charges paid by cargo operators for using the harbour infrastructure, and lease income from the use of premises by cargo operators and other customers under contracts on the right of super\ufb01cies and lease contracts. It also includes passenger fees and revenue from the sale of electricity and other services. Expenses related to this segment are primarily the costs incurred in these harbours in connection with the revenue generating activities outlined above. Expenses also include corporate expenses, which are allocated based on the ratio of revenue from this segment to total revenue from harbour operations (the Passenger harbours and Cargo harbours segments combined). All corporate operating expenses are fully allocated to the Passenger harbours and Cargo harbours segments as the provision of landlord port services is the main activity of the corporate head o\ufb03ce (the port authority).
Ferry segment comprises the rendering of ferry service by the subsidiary O\u00dc TS Laevad between Estonia\u00b4s mainland and two largest islands, Saaremaa and Hiiumaa, under a public service contract for passenger transport signed with the state (two routes are operated). Revenue includes revenues from ticket sales to the end-users of ferry service and government support to the extent that revenue from ticket sales does not cover the contract revenue agreed for rendering the ferry service. It also includes lease income and revenue from the provision of other services collected from tenants providing commercial services to passengers on board the ferries. The segment\u2019s expenses include all costs related to owning and operating the ferries required for the two routes. The segment\u2019s revenue and results comprise the revenues and results of the subsidiary O\u00dc TS Laevad that provides the service. No corporate expenses are allocated to the Ferry segment.
The segment Other comprises the business of the subsidiary O\u00dc TS Shipping that owns and operates the multifunctional icebreaker Botnica and the pro\ufb01t or loss on investments in an associate accounted for under the equity method. The segment\u2019s revenues and expenses comprise the revenues and expenses of O\u00dc TS Shipping. No corporate expenses are allocated to the segment Other.
Segment revenues and results
Reportable segments apply the same accounting policies as the Group. Segment revenue comprises only revenue. Segment performance indicators reported to the chief operating decision maker comprise segment operating pro\ufb01t and adjusted segment EBITDA. Segment operating pro\ufb01t represents pro\ufb01t before \ufb01nance income and costs (net), pro\ufb01t from investments in an associate accounted for under the equity method, and income tax expense. Adjusted segment EBITDA represents segment operating pro\ufb01t before depreciation and amortisation, impairment losses, amortisation of government grants received, and pro\ufb01t from investments in an associate accounted for under the equity method. Compared to pro\ufb01t for the period, adjusted segment EBITDA represents pro\ufb01t for the period before depreciation and amortisation, impairment losses, amortisation of government grants received, \ufb01nance income and costs (net), and income tax expense.
Segment results are reported to the chief operating decision maker for making decisions about allocating resources to the segment and assessing its performance on a monthly basis.
Geographical information In 2024, the Group generated EUR 6,700 thousand, i.e. 6% of its revenue (2023: EUR 6,261 thousand, i.e. 5%) outside Estonia (in Canada and Great Britain) and 94% (2023: 95%) of its revenue in Estonia. Revenue generated outside Estonia consisted of services provided with the icebreaker Botnica (the segment Other) in Canada and Great Britain during the period May to November. All of the Group\u2019s non-current assets with the above exception were located in Estonia. Information about major customers The Group\u2019s total revenue of EUR 119,587 thousand (2023: EUR 116,646 thousand) includes revenue of EUR 26,814 thousand (2023: EUR 26,106 thousand) attributable to its largest customer, which is reported in the Ferry segment and the segment Other. In 2024, the Group\u2019s second-largest customer also contributed 10% or more to the Group\u2019s total revenue. Revenue attributable to the customer of EUR 18,880 thousand (2023: EUR 18,312 thousand) is reported in the Passenger harbours segment and the Cargo harbours segment. No other customer contributed 10% or more to the Group\u2019s total revenue in 2024 or 2023.
Segment revenues and results In thousands of euros 2024 Passenger harbours Cargo harbours Ferry Other Total Vessel dues 18,794 12,734 0 0 31,528 Cargo charges 1,514 5,169 0 0 6,683 Passenger fees 11,668 219 0 0 11,887 Sale of electricity 1,552 3,057 0 0 4,609 Sale of ferry services \u2014 revenue from ticket sales 0 0 14,848 0 14,848 Sale of other services 1,351 902 117 297 2,667 Operating lease income 2,999 9,878 1,270 0 14,147 Charter fees 0 0 0 11,914 11,914 Sale of ferry services \u2014 government support 0 0 21,304 0 21,304 Total segment revenue * (note 20) 37,878 31,959 37,539 12,211 119,587 Adjusted segment EBITDA 19,854 14,148 15,490 3,642 53,134 Depreciation and amortisation \u20137,663 \u20138,553 \u20135,505 \u20132,612 \u201324,333 Impairment losses (notes 11 and 12) 0 \u2013245 \u2013255 0 \u2013500 Amortisation of government grants received (note 18) 581 753 0 0 1,334 Share of pro\ufb01t of an associate accounted for under the equity method 0 0 0 \u2013487 \u2013487 Segment operating pro\ufb01t 12,772 6,103 9,730 543 29,148 Finance income and costs, net \u20137,357 Share of pro\ufb01t of an associate accounted for under the equity method 487 Income tax expense (note 19) \u20133,125 Pro\ufb01t for the period 19,153 * Total segment revenue represents revenue from external customers and excludes inter-segment revenue of EUR 185 thousand and EUR 2 thousand for the Passenger harbours and the Cargo harbours segments, respectively, which was eliminated during consolidation.
Segment revenues and results In thousands of euros 2023 Passenger harbours Cargo harbours Ferry Other Total Vessel dues 19,072 12,353 0 0 31,425 Cargo charges 1,568 4,889 0 0 6,457 Passenger fees 11,284 200 0 0 11,484 Sale of electricity 1,370 3,137 0 0 4,507 Sale of ferry services \u2014 revenue from ticket sales 0 0 14,729 0 14,729 Sale of other services 1,315 547 86 185 2,133 Operating lease income 2,924 9,625 1,178 0 13,727 Charter fees 0 0 0 11,544 11,544 Sale of ferry services \u2014 government support 0 0 20,640 0 20,640 Total segment revenue * (note 20) 37,533 30,751 36,633 11,729 116,646 Adjusted segment EBITDA 19,590 11,257 15,304 3,019 49,170 Depreciation and amortisation \u20137,819 \u20138,505 \u20135,504 \u20132,634 \u201324,462 Impairment losses (notes 11 and 12) \u2013596 \u2013243 \u201374 \u201314 \u2013927 Amortisation of government grants received (note 18) 574 710 0 0 1,284 Share of pro\ufb01t of an associate accounted for under the equity method 0 0 0 \u2013435 \u2013435 Segment operating pro\ufb01t/loss 11,749 3,219 9,726 \u201364 24,630 Finance income and costs, net \u20136,198 Share of pro\ufb01t of an associate accounted for under the equity method 435 Income tax expense \u20132,985 Pro\ufb01t for the period 15,882 * Total segment revenue represents revenue from external customers and excludes inter-segment revenue of EUR 257 thousand and EUR 8 thousand for the Passenger harbours and the Cargo harbours segments, respectively, which was eliminated during consolidation.
In thousands of euros 2024 2023 Revenue from contracts with customers Vessel dues 31,528 31,425 Cargo charges 6,683 6,457 Passenger fees 11,887 11,484 Sale of electricity 4,609 4,507 Sale of ferry services \u2014 ticket sales 14,848 14,729 Sale of other services 2,667 2,133 Total revenue from contracts with customers 72,222 70,735 Revenue from other sources Lease income from operating leases (notes 10 and 13) 14,147 13,727 Charter fees 11,914 11,544 Sale of ferry services \u2014 government support (notes 18 and 24) 21,304 20,640 Total revenue from other sources 47,365 45,911 Total revenue (note 3) 119,587 116,646 Note 20. Revenue
Revenue by country In thousands of euros 2024 2023 Canada 3,004 3,332 Great Britain 3,696 2,929 Estonia 112,887 110,385 Total revenue 119,587 116,646 Of which charter fees: Canada 2,970 3,280 Great Britain 3,434 2,798 Estonia (note 24) 5,510 5,466 Total charter fees 11,914 11,544 Disaggregation of revenue Transaction price allocated to the remaining performance obligations At the end of the reporting period, performance obligations related to cargo charges, the sale of electricity and the sale of other services were partially unsatis\ufb01ed. The Group applies the practical expedient in paragraph 121(b) of IFRS 15 to those revenue streams (a single performance obligation that is made up of a series of distinct services) and does not disclose the transaction price allocated to the remaining performance obligation as the Group has a right to consideration from customers in an amount that corresponds directly to the value that the Group\u2019s performance obligations completed to date have for the customer and the Group has recognised revenue i n the amount in which it has the right to invoice the customers. Partially unsatis\ufb01ed performance obligations related to connection fees as at 31 December 2024 amounted to EUR 673 thousand (31 December 2023: EUR 715 thousand). Management expects that the transaction price allocated to unsatis\ufb01ed performance obligations will be recognised as revenue over the next 3\u201324 years (the average remaining useful life of the investments made to enable connection) on a straight-line basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:25490093MDYISEP1Y539", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-271": { "value": "
Note 3. Operating segments
Services from which segment revenue is derived The Group\u2019s business activities are organised and managed based on its core business lines. The information used by the chief operating decision maker to make decisions about resources to be allocated and assess segment performance focuses on the Group\u2019s core business lines. The Group\u2019s chief operating decision maker is the management board. No operating segments have been aggregated in presenting reportable segments. The Group\u2019s reportable segments under IFRS 8 are: \u2022 Passenger harbours \u2022 Cargo harbours \u2022 Ferry \u2022 Other Passenger harbours segment comprises the rendering of port services in the capacity of a landlord port in the harbours belonging to the Group that are focused on providing services to passengers \u2014 Old City Harbour and Saaremaa Harbour. The segment\u2019s revenue includes all revenues of these harbours, consisting primarily of vessel dues collected from ferries and cruise ships, and passenger fees charged for using the buildings and structures designed for providing services to passengers and their vehicles. It also includes other revenue generated by harbours mainly involved in providing services to passengers and ferries such as lease income for leasing out premises (o\ufb03ce and commercial premises), cargo charges, sale of electricity and various other services. Expenses related to this segment are primarily the costs incurred in these harbours in connection with the revenue generating activities outlined above. Expenses also include corporate expenses, which are allocated based on the ratio of revenue from this segment to total revenue from harbour operations (the Passenger harbours and Cargo harbours segments combined). All corporate operating expenses are fully allocated to the Passenger harbours and Cargo harbours segments as the provision of landlord port operations is the main activity of the corporate head o\ufb03ce (the port authority). Cargo harbours segment comprises the rendering of port services in the capacity of a landlord port in the harbours belonging to the Group that are focused on cargo handling \u2013 Muuga Harbour and Paldiski South Harbour. The segment\u2019s revenue includes all revenues of these harbours, consisting primarily of revenue from vessel dues for cargo vessels, revenue from cargo charges paid by cargo operators for using the harbour infrastructure, and lease income from the use of premises by cargo operators and other customers under contracts on the right of super\ufb01cies and lease contracts. It also includes passenger fees and revenue from the sale of electricity and other services. Expenses related to this segment are primarily the costs incurred in these harbours in connection with the revenue generating activities outlined above. Expenses also include corporate expenses, which are allocated based on the ratio of revenue from this segment to total revenue from harbour operations (the Passenger harbours and Cargo harbours segments combined). All corporate operating expenses are fully allocated to the Passenger harbours and Cargo harbours segments as the provision of landlord port services is the main activity of the corporate head o\ufb03ce (the port authority).
Ferry segment comprises the rendering of ferry service by the subsidiary O\u00dc TS Laevad between Estonia\u00b4s mainland and two largest islands, Saaremaa and Hiiumaa, under a public service contract for passenger transport signed with the state (two routes are operated). Revenue includes revenues from ticket sales to the end-users of ferry service and government support to the extent that revenue from ticket sales does not cover the contract revenue agreed for rendering the ferry service. It also includes lease income and revenue from the provision of other services collected from tenants providing commercial services to passengers on board the ferries. The segment\u2019s expenses include all costs related to owning and operating the ferries required for the two routes. The segment\u2019s revenue and results comprise the revenues and results of the subsidiary O\u00dc TS Laevad that provides the service. No corporate expenses are allocated to the Ferry segment.
The segment Other comprises the business of the subsidiary O\u00dc TS Shipping that owns and operates the multifunctional icebreaker Botnica and the pro\ufb01t or loss on investments in an associate accounted for under the equity method. The segment\u2019s revenues and expenses comprise the revenues and expenses of O\u00dc TS Shipping. No corporate expenses are allocated to the segment Other.
Segment revenues and results
Reportable segments apply the same accounting policies as the Group. Segment revenue comprises only revenue. Segment performance indicators reported to the chief operating decision maker comprise segment operating pro\ufb01t and adjusted segment EBITDA. Segment operating pro\ufb01t represents pro\ufb01t before \ufb01nance income and costs (net), pro\ufb01t from investments in an associate accounted for under the equity method, and income tax expense. Adjusted segment EBITDA represents segment operating pro\ufb01t before depreciation and amortisation, impairment losses, amortisation of government grants received, and pro\ufb01t from investments in an associate accounted for under the equity method. Compared to pro\ufb01t for the period, adjusted segment EBITDA represents pro\ufb01t for the period before depreciation and amortisation, impairment losses, amortisation of government grants received, \ufb01nance income and costs (net), and income tax expense.
Segment results are reported to the chief operating decision maker for making decisions about allocating resources to the segment and assessing its performance on a monthly basis.
Geographical information In 2024, the Group generated EUR 6,700 thousand, i.e. 6% of its revenue (2023: EUR 6,261 thousand, i.e. 5%) outside Estonia (in Canada and Great Britain) and 94% (2023: 95%) of its revenue in Estonia. Revenue generated outside Estonia consisted of services provided with the icebreaker Botnica (the segment Other) in Canada and Great Britain during the period May to November. All of the Group\u2019s non-current assets with the above exception were located in Estonia. Information about major customers The Group\u2019s total revenue of EUR 119,587 thousand (2023: EUR 116,646 thousand) includes revenue of EUR 26,814 thousand (2023: EUR 26,106 thousand) attributable to its largest customer, which is reported in the Ferry segment and the segment Other. In 2024, the Group\u2019s second-largest customer also contributed 10% or more to the Group\u2019s total revenue. Revenue attributable to the customer of EUR 18,880 thousand (2023: EUR 18,312 thousand) is reported in the Passenger harbours segment and the Cargo harbours segment. No other customer contributed 10% or more to the Group\u2019s total revenue in 2024 or 2023.
Segment revenues and results In thousands of euros 2024 Passenger harbours Cargo harbours Ferry Other Total Vessel dues 18,794 12,734 0 0 31,528 Cargo charges 1,514 5,169 0 0 6,683 Passenger fees 11,668 219 0 0 11,887 Sale of electricity 1,552 3,057 0 0 4,609 Sale of ferry services \u2014 revenue from ticket sales 0 0 14,848 0 14,848 Sale of other services 1,351 902 117 297 2,667 Operating lease income 2,999 9,878 1,270 0 14,147 Charter fees 0 0 0 11,914 11,914 Sale of ferry services \u2014 government support 0 0 21,304 0 21,304 Total segment revenue * (note 20) 37,878 31,959 37,539 12,211 119,587 Adjusted segment EBITDA 19,854 14,148 15,490 3,642 53,134 Depreciation and amortisation \u20137,663 \u20138,553 \u20135,505 \u20132,612 \u201324,333 Impairment losses (notes 11 and 12) 0 \u2013245 \u2013255 0 \u2013500 Amortisation of government grants received (note 18) 581 753 0 0 1,334 Share of pro\ufb01t of an associate accounted for under the equity method 0 0 0 \u2013487 \u2013487 Segment operating pro\ufb01t 12,772 6,103 9,730 543 29,148 Finance income and costs, net \u20137,357 Share of pro\ufb01t of an associate accounted for under the equity method 487 Income tax expense (note 19) \u20133,125 Pro\ufb01t for the period 19,153 * Total segment revenue represents revenue from external customers and excludes inter-segment revenue of EUR 185 thousand and EUR 2 thousand for the Passenger harbours and the Cargo harbours segments, respectively, which was eliminated during consolidation.
Segment revenues and results In thousands of euros 2023 Passenger harbours Cargo harbours Ferry Other Total Vessel dues 19,072 12,353 0 0 31,425 Cargo charges 1,568 4,889 0 0 6,457 Passenger fees 11,284 200 0 0 11,484 Sale of electricity 1,370 3,137 0 0 4,507 Sale of ferry services \u2014 revenue from ticket sales 0 0 14,729 0 14,729 Sale of other services 1,315 547 86 185 2,133 Operating lease income 2,924 9,625 1,178 0 13,727 Charter fees 0 0 0 11,544 11,544 Sale of ferry services \u2014 government support 0 0 20,640 0 20,640 Total segment revenue * (note 20) 37,533 30,751 36,633 11,729 116,646 Adjusted segment EBITDA 19,590 11,257 15,304 3,019 49,170 Depreciation and amortisation \u20137,819 \u20138,505 \u20135,504 \u20132,634 \u201324,462 Impairment losses (notes 11 and 12) \u2013596 \u2013243 \u201374 \u201314 \u2013927 Amortisation of government grants received (note 18) 574 710 0 0 1,284 Share of pro\ufb01t of an associate accounted for under the equity method 0 0 0 \u2013435 \u2013435 Segment operating pro\ufb01t/loss 11,749 3,219 9,726 \u201364 24,630 Finance income and costs, net \u20136,198 Share of pro\ufb01t of an associate accounted for under the equity method 435 Income tax expense \u20132,985 Pro\ufb01t for the period 15,882 * Total segment revenue represents revenue from external customers and excludes inter-segment revenue of EUR 257 thousand and EUR 8 thousand for the Passenger harbours and the Cargo harbours segments, respectively, which was eliminated during consolidation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:25490093MDYISEP1Y539", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-272": { "value": "
Note 3. Operating segments
Services from which segment revenue is derived The Group\u2019s business activities are organised and managed based on its core business lines. The information used by the chief operating decision maker to make decisions about resources to be allocated and assess segment performance focuses on the Group\u2019s core business lines. The Group\u2019s chief operating decision maker is the management board. No operating segments have been aggregated in presenting reportable segments. The Group\u2019s reportable segments under IFRS 8 are: \u2022 Passenger harbours \u2022 Cargo harbours \u2022 Ferry \u2022 Other Passenger harbours segment comprises the rendering of port services in the capacity of a landlord port in the harbours belonging to the Group that are focused on providing services to passengers \u2014 Old City Harbour and Saaremaa Harbour. The segment\u2019s revenue includes all revenues of these harbours, consisting primarily of vessel dues collected from ferries and cruise ships, and passenger fees charged for using the buildings and structures designed for providing services to passengers and their vehicles. It also includes other revenue generated by harbours mainly involved in providing services to passengers and ferries such as lease income for leasing out premises (o\ufb03ce and commercial premises), cargo charges, sale of electricity and various other services. Expenses related to this segment are primarily the costs incurred in these harbours in connection with the revenue generating activities outlined above. Expenses also include corporate expenses, which are allocated based on the ratio of revenue from this segment to total revenue from harbour operations (the Passenger harbours and Cargo harbours segments combined). All corporate operating expenses are fully allocated to the Passenger harbours and Cargo harbours segments as the provision of landlord port operations is the main activity of the corporate head o\ufb03ce (the port authority). Cargo harbours segment comprises the rendering of port services in the capacity of a landlord port in the harbours belonging to the Group that are focused on cargo handling \u2013 Muuga Harbour and Paldiski South Harbour. The segment\u2019s revenue includes all revenues of these harbours, consisting primarily of revenue from vessel dues for cargo vessels, revenue from cargo charges paid by cargo operators for using the harbour infrastructure, and lease income from the use of premises by cargo operators and other customers under contracts on the right of super\ufb01cies and lease contracts. It also includes passenger fees and revenue from the sale of electricity and other services. Expenses related to this segment are primarily the costs incurred in these harbours in connection with the revenue generating activities outlined above. Expenses also include corporate expenses, which are allocated based on the ratio of revenue from this segment to total revenue from harbour operations (the Passenger harbours and Cargo harbours segments combined). All corporate operating expenses are fully allocated to the Passenger harbours and Cargo harbours segments as the provision of landlord port services is the main activity of the corporate head o\ufb03ce (the port authority).
Ferry segment comprises the rendering of ferry service by the subsidiary O\u00dc TS Laevad between Estonia\u00b4s mainland and two largest islands, Saaremaa and Hiiumaa, under a public service contract for passenger transport signed with the state (two routes are operated). Revenue includes revenues from ticket sales to the end-users of ferry service and government support to the extent that revenue from ticket sales does not cover the contract revenue agreed for rendering the ferry service. It also includes lease income and revenue from the provision of other services collected from tenants providing commercial services to passengers on board the ferries. The segment\u2019s expenses include all costs related to owning and operating the ferries required for the two routes. The segment\u2019s revenue and results comprise the revenues and results of the subsidiary O\u00dc TS Laevad that provides the service. No corporate expenses are allocated to the Ferry segment.
The segment Other comprises the business of the subsidiary O\u00dc TS Shipping that owns and operates the multifunctional icebreaker Botnica and the pro\ufb01t or loss on investments in an associate accounted for under the equity method. The segment\u2019s revenues and expenses comprise the revenues and expenses of O\u00dc TS Shipping. No corporate expenses are allocated to the segment Other.
Segment revenues and results
Reportable segments apply the same accounting policies as the Group. Segment revenue comprises only revenue. Segment performance indicators reported to the chief operating decision maker comprise segment operating pro\ufb01t and adjusted segment EBITDA. Segment operating pro\ufb01t represents pro\ufb01t before \ufb01nance income and costs (net), pro\ufb01t from investments in an associate accounted for under the equity method, and income tax expense. Adjusted segment EBITDA represents segment operating pro\ufb01t before depreciation and amortisation, impairment losses, amortisation of government grants received, and pro\ufb01t from investments in an associate accounted for under the equity method. Compared to pro\ufb01t for the period, adjusted segment EBITDA represents pro\ufb01t for the period before depreciation and amortisation, impairment losses, amortisation of government grants received, \ufb01nance income and costs (net), and income tax expense.
Segment results are reported to the chief operating decision maker for making decisions about allocating resources to the segment and assessing its performance on a monthly basis.
Geographical information In 2024, the Group generated EUR 6,700 thousand, i.e. 6% of its revenue (2023: EUR 6,261 thousand, i.e. 5%) outside Estonia (in Canada and Great Britain) and 94% (2023: 95%) of its revenue in Estonia. Revenue generated outside Estonia consisted of services provided with the icebreaker Botnica (the segment Other) in Canada and Great Britain during the period May to November. All of the Group\u2019s non-current assets with the above exception were located in Estonia. Information about major customers The Group\u2019s total revenue of EUR 119,587 thousand (2023: EUR 116,646 thousand) includes revenue of EUR 26,814 thousand (2023: EUR 26,106 thousand) attributable to its largest customer, which is reported in the Ferry segment and the segment Other. In 2024, the Group\u2019s second-largest customer also contributed 10% or more to the Group\u2019s total revenue. Revenue attributable to the customer of EUR 18,880 thousand (2023: EUR 18,312 thousand) is reported in the Passenger harbours segment and the Cargo harbours segment. No other customer contributed 10% or more to the Group\u2019s total revenue in 2024 or 2023.
Segment revenues and results In thousands of euros 2024 Passenger harbours Cargo harbours Ferry Other Total Vessel dues 18,794 12,734 0 0 31,528 Cargo charges 1,514 5,169 0 0 6,683 Passenger fees 11,668 219 0 0 11,887 Sale of electricity 1,552 3,057 0 0 4,609 Sale of ferry services \u2014 revenue from ticket sales 0 0 14,848 0 14,848 Sale of other services 1,351 902 117 297 2,667 Operating lease income 2,999 9,878 1,270 0 14,147 Charter fees 0 0 0 11,914 11,914 Sale of ferry services \u2014 government support 0 0 21,304 0 21,304 Total segment revenue * (note 20) 37,878 31,959 37,539 12,211 119,587 Adjusted segment EBITDA 19,854 14,148 15,490 3,642 53,134 Depreciation and amortisation \u20137,663 \u20138,553 \u20135,505 \u20132,612 \u201324,333 Impairment losses (notes 11 and 12) 0 \u2013245 \u2013255 0 \u2013500 Amortisation of government grants received (note 18) 581 753 0 0 1,334 Share of pro\ufb01t of an associate accounted for under the equity method 0 0 0 \u2013487 \u2013487 Segment operating pro\ufb01t 12,772 6,103 9,730 543 29,148 Finance income and costs, net \u20137,357 Share of pro\ufb01t of an associate accounted for under the equity method 487 Income tax expense (note 19) \u20133,125 Pro\ufb01t for the period 19,153 * Total segment revenue represents revenue from external customers and excludes inter-segment revenue of EUR 185 thousand and EUR 2 thousand for the Passenger harbours and the Cargo harbours segments, respectively, which was eliminated during consolidation.
Segment revenues and results In thousands of euros 2023 Passenger harbours Cargo harbours Ferry Other Total Vessel dues 19,072 12,353 0 0 31,425 Cargo charges 1,568 4,889 0 0 6,457 Passenger fees 11,284 200 0 0 11,484 Sale of electricity 1,370 3,137 0 0 4,507 Sale of ferry services \u2014 revenue from ticket sales 0 0 14,729 0 14,729 Sale of other services 1,315 547 86 185 2,133 Operating lease income 2,924 9,625 1,178 0 13,727 Charter fees 0 0 0 11,544 11,544 Sale of ferry services \u2014 government support 0 0 20,640 0 20,640 Total segment revenue * (note 20) 37,533 30,751 36,633 11,729 116,646 Adjusted segment EBITDA 19,590 11,257 15,304 3,019 49,170 Depreciation and amortisation \u20137,819 \u20138,505 \u20135,504 \u20132,634 \u201324,462 Impairment losses (notes 11 and 12) \u2013596 \u2013243 \u201374 \u201314 \u2013927 Amortisation of government grants received (note 18) 574 710 0 0 1,284 Share of pro\ufb01t of an associate accounted for under the equity method 0 0 0 \u2013435 \u2013435 Segment operating pro\ufb01t/loss 11,749 3,219 9,726 \u201364 24,630 Finance income and costs, net \u20136,198 Share of pro\ufb01t of an associate accounted for under the equity method 435 Income tax expense \u20132,985 Pro\ufb01t for the period 15,882 * Total segment revenue represents revenue from external customers and excludes inter-segment revenue of EUR 257 thousand and EUR 8 thousand for the Passenger harbours and the Cargo harbours segments, respectively, which was eliminated during consolidation.
In thousands of euros 2024 2023 Revenue from contracts with customers Vessel dues 31,528 31,425 Cargo charges 6,683 6,457 Passenger fees 11,887 11,484 Sale of electricity 4,609 4,507 Sale of ferry services \u2014 ticket sales 14,848 14,729 Sale of other services 2,667 2,133 Total revenue from contracts with customers 72,222 70,735 Revenue from other sources Lease income from operating leases (notes 10 and 13) 14,147 13,727 Charter fees 11,914 11,544 Sale of ferry services \u2014 government support (notes 18 and 24) 21,304 20,640 Total revenue from other sources 47,365 45,911 Total revenue (note 3) 119,587 116,646 Note 20. Revenue
Revenue by country In thousands of euros 2024 2023 Canada 3,004 3,332 Great Britain 3,696 2,929 Estonia 112,887 110,385 Total revenue 119,587 116,646 Of which charter fees: Canada 2,970 3,280 Great Britain 3,434 2,798 Estonia (note 24) 5,510 5,466 Total charter fees 11,914 11,544 Disaggregation of revenue Transaction price allocated to the remaining performance obligations At the end of the reporting period, performance obligations related to cargo charges, the sale of electricity and the sale of other services were partially unsatis\ufb01ed. The Group applies the practical expedient in paragraph 121(b) of IFRS 15 to those revenue streams (a single performance obligation that is made up of a series of distinct services) and does not disclose the transaction price allocated to the remaining performance obligation as the Group has a right to consideration from customers in an amount that corresponds directly to the value that the Group\u2019s performance obligations completed to date have for the customer and the Group has recognised revenue i n the amount in which it has the right to invoice the customers. Partially unsatis\ufb01ed performance obligations related to connection fees as at 31 December 2024 amounted to EUR 673 thousand (31 December 2023: EUR 715 thousand). Management expects that the transaction price allocated to unsatis\ufb01ed performance obligations will be recognised as revenue over the next 3\u201324 years (the average remaining useful life of the investments made to enable connection) on a straight-line basis.
In thousands of euros 2024 2023 Fuel costs 6,945 6,886 Electricity costs 4,829 4,918 Heat, water and sewerage costs 778 783 Technical maintenance and repair of non-current assets 8,506 8,312 Services purchased for infrastructure 4,368 4,035 Tax expenses 1,498 2,661 Incl. land tax 1,443 2,607 Consultation and development expenses 760 669 Incl. research and development expenses 279 367 Services purchased 6,348 6,015 Incl. mooring service 762 778 reception of ship-generated waste 2,054 1,966 port dues 3,479 3,223 Purchase and maintenance of insigni\ufb01cant assets 961 949 Advertising expenses 200 244 Lease expenses 1,185 1,376 Expenses on short-term leases 86 174 Insurance expenses 856 804 Other operating expenses 3,107 3,577 Total operating expenses 40,427 41,403
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Services from which segment revenue is derived The Group\u2019s business activities are organised and managed based on its core business lines. The information used by the chief operating decision maker to make decisions about resources to be allocated and assess segment performance focuses on the Group\u2019s core business lines. The Group\u2019s chief operating decision maker is the management board. No operating segments have been aggregated in presenting reportable segments. The Group\u2019s reportable segments under IFRS 8 are: \u2022 Passenger harbours \u2022 Cargo harbours \u2022 Ferry \u2022 Other Passenger harbours segment comprises the rendering of port services in the capacity of a landlord port in the harbours belonging to the Group that are focused on providing services to passengers \u2014 Old City Harbour and Saaremaa Harbour. The segment\u2019s revenue includes all revenues of these harbours, consisting primarily of vessel dues collected from ferries and cruise ships, and passenger fees charged for using the buildings and structures designed for providing services to passengers and their vehicles. It also includes other revenue generated by harbours mainly involved in providing services to passengers and ferries such as lease income for leasing out premises (o\ufb03ce and commercial premises), cargo charges, sale of electricity and various other services. Expenses related to this segment are primarily the costs incurred in these harbours in connection with the revenue generating activities outlined above. Expenses also include corporate expenses, which are allocated based on the ratio of revenue from this segment to total revenue from harbour operations (the Passenger harbours and Cargo harbours segments combined). All corporate operating expenses are fully allocated to the Passenger harbours and Cargo harbours segments as the provision of landlord port operations is the main activity of the corporate head o\ufb03ce (the port authority). Cargo harbours segment comprises the rendering of port services in the capacity of a landlord port in the harbours belonging to the Group that are focused on cargo handling \u2013 Muuga Harbour and Paldiski South Harbour. The segment\u2019s revenue includes all revenues of these harbours, consisting primarily of revenue from vessel dues for cargo vessels, revenue from cargo charges paid by cargo operators for using the harbour infrastructure, and lease income from the use of premises by cargo operators and other customers under contracts on the right of super\ufb01cies and lease contracts. It also includes passenger fees and revenue from the sale of electricity and other services. Expenses related to this segment are primarily the costs incurred in these harbours in connection with the revenue generating activities outlined above. Expenses also include corporate expenses, which are allocated based on the ratio of revenue from this segment to total revenue from harbour operations (the Passenger harbours and Cargo harbours segments combined). All corporate operating expenses are fully allocated to the Passenger harbours and Cargo harbours segments as the provision of landlord port services is the main activity of the corporate head o\ufb03ce (the port authority).
Ferry segment comprises the rendering of ferry service by the subsidiary O\u00dc TS Laevad between Estonia\u00b4s mainland and two largest islands, Saaremaa and Hiiumaa, under a public service contract for passenger transport signed with the state (two routes are operated). Revenue includes revenues from ticket sales to the end-users of ferry service and government support to the extent that revenue from ticket sales does not cover the contract revenue agreed for rendering the ferry service. It also includes lease income and revenue from the provision of other services collected from tenants providing commercial services to passengers on board the ferries. The segment\u2019s expenses include all costs related to owning and operating the ferries required for the two routes. The segment\u2019s revenue and results comprise the revenues and results of the subsidiary O\u00dc TS Laevad that provides the service. No corporate expenses are allocated to the Ferry segment.
The segment Other comprises the business of the subsidiary O\u00dc TS Shipping that owns and operates the multifunctional icebreaker Botnica and the pro\ufb01t or loss on investments in an associate accounted for under the equity method. The segment\u2019s revenues and expenses comprise the revenues and expenses of O\u00dc TS Shipping. No corporate expenses are allocated to the segment Other.
Segment revenues and results
Reportable segments apply the same accounting policies as the Group. Segment revenue comprises only revenue. Segment performance indicators reported to the chief operating decision maker comprise segment operating pro\ufb01t and adjusted segment EBITDA. Segment operating pro\ufb01t represents pro\ufb01t before \ufb01nance income and costs (net), pro\ufb01t from investments in an associate accounted for under the equity method, and income tax expense. Adjusted segment EBITDA represents segment operating pro\ufb01t before depreciation and amortisation, impairment losses, amortisation of government grants received, and pro\ufb01t from investments in an associate accounted for under the equity method. Compared to pro\ufb01t for the period, adjusted segment EBITDA represents pro\ufb01t for the period before depreciation and amortisation, impairment losses, amortisation of government grants received, \ufb01nance income and costs (net), and income tax expense.
Segment results are reported to the chief operating decision maker for making decisions about allocating resources to the segment and assessing its performance on a monthly basis.
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Segment revenues and results In thousands of euros 2024 Passenger harbours Cargo harbours Ferry Other Total Vessel dues 18,794 12,734 0 0 31,528 Cargo charges 1,514 5,169 0 0 6,683 Passenger fees 11,668 219 0 0 11,887 Sale of electricity 1,552 3,057 0 0 4,609 Sale of ferry services \u2014 revenue from ticket sales 0 0 14,848 0 14,848 Sale of other services 1,351 902 117 297 2,667 Operating lease income 2,999 9,878 1,270 0 14,147 Charter fees 0 0 0 11,914 11,914 Sale of ferry services \u2014 government support 0 0 21,304 0 21,304 Total segment revenue * (note 20) 37,878 31,959 37,539 12,211 119,587 Adjusted segment EBITDA 19,854 14,148 15,490 3,642 53,134 Depreciation and amortisation \u20137,663 \u20138,553 \u20135,505 \u20132,612 \u201324,333 Impairment losses (notes 11 and 12) 0 \u2013245 \u2013255 0 \u2013500 Amortisation of government grants received (note 18) 581 753 0 0 1,334 Share of pro\ufb01t of an associate accounted for under the equity method 0 0 0 \u2013487 \u2013487 Segment operating pro\ufb01t 12,772 6,103 9,730 543 29,148 Finance income and costs, net \u20137,357 Share of pro\ufb01t of an associate accounted for under the equity method 487 Income tax expense (note 19) \u20133,125 Pro\ufb01t for the period 19,153 * Total segment revenue represents revenue from external customers and excludes inter-segment revenue of EUR 185 thousand and EUR 2 thousand for the Passenger harbours and the Cargo harbours segments, respectively, which was eliminated during consolidation.
Segment revenues and results In thousands of euros 2023 Passenger harbours Cargo harbours Ferry Other Total Vessel dues 19,072 12,353 0 0 31,425 Cargo charges 1,568 4,889 0 0 6,457 Passenger fees 11,284 200 0 0 11,484 Sale of electricity 1,370 3,137 0 0 4,507 Sale of ferry services \u2014 revenue from ticket sales 0 0 14,729 0 14,729 Sale of other services 1,315 547 86 185 2,133 Operating lease income 2,924 9,625 1,178 0 13,727 Charter fees 0 0 0 11,544 11,544 Sale of ferry services \u2014 government support 0 0 20,640 0 20,640 Total segment revenue * (note 20) 37,533 30,751 36,633 11,729 116,646 Adjusted segment EBITDA 19,590 11,257 15,304 3,019 49,170 Depreciation and amortisation \u20137,819 \u20138,505 \u20135,504 \u20132,634 \u201324,462 Impairment losses (notes 11 and 12) \u2013596 \u2013243 \u201374 \u201314 \u2013927 Amortisation of government grants received (note 18) 574 710 0 0 1,284 Share of pro\ufb01t of an associate accounted for under the equity method 0 0 0 \u2013435 \u2013435 Segment operating pro\ufb01t/loss 11,749 3,219 9,726 \u201364 24,630 Finance income and costs, net \u20136,198 Share of pro\ufb01t of an associate accounted for under the equity method 435 Income tax expense \u20132,985 Pro\ufb01t for the period 15,882 * Total segment revenue represents revenue from external customers and excludes inter-segment revenue of EUR 257 thousand and EUR 8 thousand for the Passenger harbours and the Cargo harbours segments, respectively, which was eliminated during consolidation.
In thousands of euros 2024 2023 Fuel costs 6,945 6,886 Electricity costs 4,829 4,918 Heat, water and sewerage costs 778 783 Technical maintenance and repair of non-current assets 8,506 8,312 Services purchased for infrastructure 4,368 4,035 Tax expenses 1,498 2,661 Incl. land tax 1,443 2,607 Consultation and development expenses 760 669 Incl. research and development expenses 279 367 Services purchased 6,348 6,015 Incl. mooring service 762 778 reception of ship-generated waste 2,054 1,966 port dues 3,479 3,223 Purchase and maintenance of insigni\ufb01cant assets 961 949 Advertising expenses 200 244 Lease expenses 1,185 1,376 Expenses on short-term leases 86 174 Insurance expenses 856 804 Other operating expenses 3,107 3,577 Total operating expenses 40,427 41,403
Note 21. Operating expenses
Personnel expenses In thousands of euros 2024 2023 Wages and salaries 19,384 19,006 Social security charges 6,338 6,208 Total personnel expenses 25,722 25,214
Personnel expenses
In thousands of euros 2024 2023 Interest expense on loans and borrowings: Interest expense on loans 2,083 1,707 Interest expense on debt securities 6,126 5,690 Total interest expense on loans and borrowings (note 17) 8,209 7,397 Foreign exchange loss 0 28 Other \ufb01nance costs 48 10 Total \ufb01nance costs 8,257 7,435 Note 23. Finance costs
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Segment revenues and results In thousands of euros 2024 Passenger harbours Cargo harbours Ferry Other Total Vessel dues 18,794 12,734 0 0 31,528 Cargo charges 1,514 5,169 0 0 6,683 Passenger fees 11,668 219 0 0 11,887 Sale of electricity 1,552 3,057 0 0 4,609 Sale of ferry services \u2014 revenue from ticket sales 0 0 14,848 0 14,848 Sale of other services 1,351 902 117 297 2,667 Operating lease income 2,999 9,878 1,270 0 14,147 Charter fees 0 0 0 11,914 11,914 Sale of ferry services \u2014 government support 0 0 21,304 0 21,304 Total segment revenue * (note 20) 37,878 31,959 37,539 12,211 119,587 Adjusted segment EBITDA 19,854 14,148 15,490 3,642 53,134 Depreciation and amortisation \u20137,663 \u20138,553 \u20135,505 \u20132,612 \u201324,333 Impairment losses (notes 11 and 12) 0 \u2013245 \u2013255 0 \u2013500 Amortisation of government grants received (note 18) 581 753 0 0 1,334 Share of pro\ufb01t of an associate accounted for under the equity method 0 0 0 \u2013487 \u2013487 Segment operating pro\ufb01t 12,772 6,103 9,730 543 29,148 Finance income and costs, net \u20137,357 Share of pro\ufb01t of an associate accounted for under the equity method 487 Income tax expense (note 19) \u20133,125 Pro\ufb01t for the period 19,153 * Total segment revenue represents revenue from external customers and excludes inter-segment revenue of EUR 185 thousand and EUR 2 thousand for the Passenger harbours and the Cargo harbours segments, respectively, which was eliminated during consolidation.
Segment revenues and results In thousands of euros 2023 Passenger harbours Cargo harbours Ferry Other Total Vessel dues 19,072 12,353 0 0 31,425 Cargo charges 1,568 4,889 0 0 6,457 Passenger fees 11,284 200 0 0 11,484 Sale of electricity 1,370 3,137 0 0 4,507 Sale of ferry services \u2014 revenue from ticket sales 0 0 14,729 0 14,729 Sale of other services 1,315 547 86 185 2,133 Operating lease income 2,924 9,625 1,178 0 13,727 Charter fees 0 0 0 11,544 11,544 Sale of ferry services \u2014 government support 0 0 20,640 0 20,640 Total segment revenue * (note 20) 37,533 30,751 36,633 11,729 116,646 Adjusted segment EBITDA 19,590 11,257 15,304 3,019 49,170 Depreciation and amortisation \u20137,819 \u20138,505 \u20135,504 \u20132,634 \u201324,462 Impairment losses (notes 11 and 12) \u2013596 \u2013243 \u201374 \u201314 \u2013927 Amortisation of government grants received (note 18) 574 710 0 0 1,284 Share of pro\ufb01t of an associate accounted for under the equity method 0 0 0 \u2013435 \u2013435 Segment operating pro\ufb01t/loss 11,749 3,219 9,726 \u201364 24,630 Finance income and costs, net \u20136,198 Share of pro\ufb01t of an associate accounted for under the equity method 435 Income tax expense \u20132,985 Pro\ufb01t for the period 15,882 * Total segment revenue represents revenue from external customers and excludes inter-segment revenue of EUR 257 thousand and EUR 8 thousand for the Passenger harbours and the Cargo harbours segments, respectively, which was eliminated during consolidation.
In thousands of euros 2024 2023 Interest expense on loans and borrowings: Interest expense on loans 2,083 1,707 Interest expense on debt securities 6,126 5,690 Total interest expense on loans and borrowings (note 17) 8,209 7,397 Foreign exchange loss 0 28 Other \ufb01nance costs 48 10 Total \ufb01nance costs 8,257 7,435 Note 23. Finance costs
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Segment revenues and results In thousands of euros 2024 Passenger harbours Cargo harbours Ferry Other Total Vessel dues 18,794 12,734 0 0 31,528 Cargo charges 1,514 5,169 0 0 6,683 Passenger fees 11,668 219 0 0 11,887 Sale of electricity 1,552 3,057 0 0 4,609 Sale of ferry services \u2014 revenue from ticket sales 0 0 14,848 0 14,848 Sale of other services 1,351 902 117 297 2,667 Operating lease income 2,999 9,878 1,270 0 14,147 Charter fees 0 0 0 11,914 11,914 Sale of ferry services \u2014 government support 0 0 21,304 0 21,304 Total segment revenue * (note 20) 37,878 31,959 37,539 12,211 119,587 Adjusted segment EBITDA 19,854 14,148 15,490 3,642 53,134 Depreciation and amortisation \u20137,663 \u20138,553 \u20135,505 \u20132,612 \u201324,333 Impairment losses (notes 11 and 12) 0 \u2013245 \u2013255 0 \u2013500 Amortisation of government grants received (note 18) 581 753 0 0 1,334 Share of pro\ufb01t of an associate accounted for under the equity method 0 0 0 \u2013487 \u2013487 Segment operating pro\ufb01t 12,772 6,103 9,730 543 29,148 Finance income and costs, net \u20137,357 Share of pro\ufb01t of an associate accounted for under the equity method 487 Income tax expense (note 19) \u20133,125 Pro\ufb01t for the period 19,153 * Total segment revenue represents revenue from external customers and excludes inter-segment revenue of EUR 185 thousand and EUR 2 thousand for the Passenger harbours and the Cargo harbours segments, respectively, which was eliminated during consolidation.
Segment revenues and results In thousands of euros 2023 Passenger harbours Cargo harbours Ferry Other Total Vessel dues 19,072 12,353 0 0 31,425 Cargo charges 1,568 4,889 0 0 6,457 Passenger fees 11,284 200 0 0 11,484 Sale of electricity 1,370 3,137 0 0 4,507 Sale of ferry services \u2014 revenue from ticket sales 0 0 14,729 0 14,729 Sale of other services 1,315 547 86 185 2,133 Operating lease income 2,924 9,625 1,178 0 13,727 Charter fees 0 0 0 11,544 11,544 Sale of ferry services \u2014 government support 0 0 20,640 0 20,640 Total segment revenue * (note 20) 37,533 30,751 36,633 11,729 116,646 Adjusted segment EBITDA 19,590 11,257 15,304 3,019 49,170 Depreciation and amortisation \u20137,819 \u20138,505 \u20135,504 \u20132,634 \u201324,462 Impairment losses (notes 11 and 12) \u2013596 \u2013243 \u201374 \u201314 \u2013927 Amortisation of government grants received (note 18) 574 710 0 0 1,284 Share of pro\ufb01t of an associate accounted for under the equity method 0 0 0 \u2013435 \u2013435 Segment operating pro\ufb01t/loss 11,749 3,219 9,726 \u201364 24,630 Finance income and costs, net \u20136,198 Share of pro\ufb01t of an associate accounted for under the equity method 435 Income tax expense \u20132,985 Pro\ufb01t for the period 15,882 * Total segment revenue represents revenue from external customers and excludes inter-segment revenue of EUR 257 thousand and EUR 8 thousand for the Passenger harbours and the Cargo harbours segments, respectively, which was eliminated during consolidation.
In thousands of euros 2024 2023 Interest expense on loans and borrowings: Interest expense on loans 2,083 1,707 Interest expense on debt securities 6,126 5,690 Total interest expense on loans and borrowings (note 17) 8,209 7,397 Foreign exchange loss 0 28 Other \ufb01nance costs 48 10 Total \ufb01nance costs 8,257 7,435 Note 23. Finance costs
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Note 4. Financial risk management The Group\u2019s operations are exposed to several \ufb01nancial risks: market risk (incl. cash \ufb02ow interest rate risk), credit risk and liquidity risk. The Group\u2019s overall risk management programme focuses on the unpredictability of \ufb01nancial markets and seeks to minimise potential adverse e\ufb00ects on the Group\u2019s \ufb01nancial performance. Risk management is performed by the Group\u2019s risk management professionals in accordance with the policies approved by the management board. The management board establishes general risk management policies and the procedures for speci\ufb01c risk areas in writing.
Market risk Currency risk Currency risk is exposure to any future \ufb02uctuation in the fair value of the Group\u2019s \ufb01nancial instruments or cash \ufb02ows arising from movements in foreign exchange rates. The Group has no material liabilities or receivables denominated in any currency other than its functional currency (the euro). All outstanding long-term loans and borrowings are also denominated in euros. In 2024, 97.11% of receipts (2023: 95.8%) and 98.67% of payments (operating expenses, investments, \ufb01nance costs, etc.) (2023: 98.1%) were denominated in euros. Since nearly all receipts, payments, loans and borrowings are denominated in euros, the Group is not exposed to any signi\ufb01cant currency risk. Price risk At 31 December 2024 and the previous \ufb01nancial year-end, the Group\u2019s statement of \ufb01nancial position did not include any investments in equity instruments exposing the Group to price risks resulting from \ufb01nancial instruments. Interest rate risk The Group\u2019s interest rate risk arises from its long-term \ufb02oating-rate loans and borrowings. At 31 December 2024 and at the end of the comparative period, the interest rates of loans and borrowings were not \ufb01xed using derivative instruments. Thus, 100% of loans and borrowings are exposed to interest rate risk. According to the assessment of the Group\u2019s management, the Group\u2019s cash \ufb02ow can survive exceptional \ufb02uctuations in interest rates and the Group can bear interest rate risk without hedging it with derivative \ufb01nancial instruments. The Group\u2019s exposure to interest rate risk is assessed using a sensitivity analysis which describes the impact of the interest rate risk exposure on the Group\u2019s pro\ufb01t through an estimated \ufb02uctuation in the market interest rate. If the market interest rate as at 31 December 2024 had been higher/ lower by 100 basis points, i.e. 1 percentage point, the Group\u2019s pro\ufb01t for the \ufb01nancial year and equity would have increased/decreased by EUR 1,834 thousand (31 December 2023: EUR 1,715 thousand), assuming all other variables remained constants.
In thousands of euros At 31 December 2024 2023 Current accounts and term deposits at banks with original maturities of less than 3 months (note 7) 17,169 29,653 Term deposits with maturities of more than three months (note 7) 22,000 0 Receivables from customers * (note 8) 8,456 6,975 Other receivables (note 8) ** 152 292 Total 47,777 36,920 Credit risk Credit risk exposure mainly results from trade receivables, cash and cash equivalents and term deposits with maturities exceeding three months. At 31 December 2024, the Group\u2019s maximum exposure to credit risk was EUR 47,777 thousand (31 December 2023: EUR 36,920 thousand). Cash and cash equivalents and term deposits with maturities of more than three months were regarded as \ufb01nancial assets with low credit risk at the reporting date, because they were held at reputable international banks. Customer-related credit risk exposure is reduced by requesting advance payments or bank guarantees from customers whose solvency is doubtful. Credit risk is also mitigated by performing due diligence on the customer prior to entering into any major contracts. Other methods for managing customer-related credit risk exposures include day-to-day monitoring of customers\u2019 payment behaviour and prompt application of appropriate measures. Based on the Group\u2019s analysis, a loss allowance for credit-impaired receivables has been recognised. Further information on the credit quality of \ufb01nancial assets is disclosed in note 6. Credit risk exposure from \ufb01nancial transactions is mitigated by using \ufb01nancial institutions with high credit ratings in performing investment transactions. * Impairment allowances have been deducted from receivables from customers. ** Including receivables with settlement schedules at 31 December 2023 of EUR 163 thousand.
Cash in current accounts and deposits by rating * In thousands of euros At 31 December 2024 2023 Aa3 244 29,653 A1 26,925 0 Baa2 12,000 0 Total amount reported in cash and cash equivalents 39,169 29,653 Credit quality of \ufb01nancial assets The credit quality of \ufb01nancial assets which are neither past due nor impaired is assessed by reference to ratings provided to creditors by independent rating agencies (if available for the counterparty). At 31 December 2024, cash and cash equivalents were held at four banks with A1, Baa2 or Aa3 credit ratings and the proportions of the respective risk exposures were 68.8%, 30.6% and 0.6%. At 31 December 2023, cash and cash equivalents were held at two banks with an Aa3 credit rating (Aa3) and the proportions of the risk exposures were 99.6% and 0.4%.
Receivables not past due as at the reporting date accounted for 40.0% (2023: 57.1%) of total trade receivables. Further information on trade receivables is disclosed in note 8.
For all trade receivables, the Group recognises expected credit losses (ECL) using the simpli\ufb01ed approach provided in IFRS 9, which permits recognising an allowance for lifetime expected credit losses. The measurement principles are described in the \u2018Impairment of \ufb01nancial assets\u2019 section of accounting policies (note 2).
* The remaining portion of the balance of cash and cash equivalents and term deposits with maturities of more than 3 months (EUR 44 thousand at 31 December 2024 and EUR 80 thousand at 31 December 2023) not included in the table above consists of cash on hand and in transit, i.e. funds that cash-in-transit service providers and other payment intermediaries have not yet transferred to the Group\u2019s current accounts.
Trade receivables \u2014 expected credit loss matrix In thousands of euros Not past due Days past due 0\u201330 31\u201360 61\u201390 >90 Total At 31 December 2024 Expected credit loss rate 2.9% 3.2% 3.0% 80.0% 100.0% Total trade receivables 5,124 3,564 31 14 4,076 12,809 Lifetime expected credit loss (ECL) \u2013150 \u2013115 \u20131 \u201311 \u20134,076 \u20134,353 8,456 At 31 December 2023 Expected credit loss rate 2.6% 1.5% 3.0% 99.8% 100.0% Total trade receivables 5,942 1,146 58 1,238 2,031 10,415 Lifetime expected credit loss (ECL) \u2013154 \u201317 \u20132 \u20131,236 \u20132,031 \u20133,440 6,975
Trade receivables \u2014 lifetime expected credit loss In thousands of euros Collectively assessed receivables not credit- impaired Credit-impaired receivables * Total At 31 December 2022 675 648 1,323 Transfer to credit impaired 0 1,811 1,811 Amounts written o\ufb00 as uncollectible 0 \u20136 \u20136 Amounts recovered (previously written down or o\ufb00) 0 \u201381 \u201381 Reversals of prior write-downs and write-o\ufb00s 0 \u2013216 \u2013216 Change in loss allowance due to new trade receivables 609 0 609 At 31 December 2023 1,284 2,156 3,440 Transfer to credit impaired 0 1,291 1,291 Amounts written o\ufb00 as uncollectible 0 \u20132 \u20132 Amounts recovered (previously written down or o\ufb00) 0 \u2013278 \u2013278 Reversals of prior write-downs and write-o\ufb00s 0 \u2013203 \u2013203 Change in loss allowance due to new trade receivables 31 74 105 At 31 December 2024 1,315 3,038 4,353 * Including a write-down of EUR 650 thousand (note 30) recognised in 2024 due to the counterparty\u2019s settlement di\ufb03culties (2023: EUR 1,281 thousand). Other receivables (note 8) are assessed using the 12-month expected credit loss method. At 31 December 2024, the credit risk of those \ufb01nancial assets had not increased signi\ufb01cantly and, therefore, no additional loss allowance was needed. At 31 December 2024, a major share of other receivables was made up of instalment plan receivables.
Liquidity risk The Group manages its liquidity risk using a combination of the following solutions: available funds in current accounts, term deposits, overdra\ufb05s and other investment and working capital management solutions o\ufb00ered by banks, regular monitoring of cash \ufb02ows and matching the maturities of \ufb01nancial assets and liabilities. The liquidity bu\ufb00er, which is maintained and available upon short notice to be able to settle quickly the liabilities arising in the ordinary course of the Group\u2019s business, amounts to at least EUR 5 million. The liquidity reserve comprises of cash and cash equivalents, term deposits with original maturities of less than 3 months, and overdra\ufb05s where necessary. Management uses cash \ufb02ow forecasts to monitor changes in the Group\u2019s liquidity reserve on an ongoing basis and if the reserve falls below the required level, short-term external \ufb01nancing in the form of various debt instruments is used. The level of the minimum liquidity reserve must be at least EUR 2 million at any time. At 31 December 2024, current assets exceeded current liabilities by EUR 11.8 million (31 December 2023: by EUR 7.5 million). The Group is generating positive net cash \ufb02ow. Thus, it does not need additional \ufb01nancing for its daily operations. In the following liquidity analysis, the Group\u2019s \ufb01nancial liabilities are grouped by contractual maturity. The balances shown in the table are contractual undiscounted cash \ufb02ows, which comprise the principal and the accrued interest of interest-bearing loans and borrowings. On calculating interest accrued on interest-bearing loans and borrowings (bank loans and issued debt securities), the forward-looking yield curves of interest rate swap transactions from market information providers have been used as the basis for the Euribor forecast as follows: as at 27 January 2025 for the year-end 2024 and as at 11 January 2024 for the year-end 2023. For intra-Group management of subsidiaries\u2019 liquidity, internal credit limits are used, if necessary. Liquidity analysis In thousands of euros Loans outstanding * Debt securities issued ** Trade and other payables Total At 31 December 2024 < 6 months 1,260 1,462 8,040 10,762 6\u201312 months 3,183 9,621 0 12,803 1\u20135 years 52,002 123,971 0 175,972 > 5 years 5,175 0 0 5,175 Total 61,619 135,054 8,040 204,713 At 31 December 2023 < 6 months 3,629 2,068 9,874 15,571 6\u201312 months 4,841 10,515 0 15,357 1\u20135 years 27,082 136,249 0 163,330 > 5 years 5,847 0 0 5,847 Total 41,400 148,832 9,874 200,106 * Comprises principal outstanding of EUR 57,066 thousand (2023: EUR 37,532 thousand) and estimated total future interest payments of EUR 4,553 thousand (2023: EUR 3,868 thousand). ** Comprises principal outstanding of EUR 126,300 thousand (2023: EUR 133,950 thousand) and estimated total future interest payments of EUR 8,754 thousand (2023: EUR 14,882 thousand).
Financial assets In thousands of euros At 31 December 2024 2023 Financial assets carried at amortised cost 50,543 39,883 Cash and cash equivalents (note 7) 17,213 29,733 Term deposits with maturities of more than 3 months (note 7) 22,000 0 Trade receivables (note 8) 8,456 6,975 Other receivables (note 8) 2,874 3,175 Total \ufb01nancial assets 50,543 39,883
Financial liabilities In thousands of euros At 31 December 2024 2023 Financial liabilities carried at amortised cost 189,685 179,970 Trade and other payables \u2014 \ufb01nancial liabilities (note 15) 4,850 6,573 Loans and borrowings (note 17) 184,835 173,397 Total \ufb01nancial liabilities 189,685 179,970
Note 6. Financial instruments Financial instruments by category
Fair value According to the Group\u2019s estimates, the fair values of assets and liabilities measured at amortised cost do not di\ufb00er signi\ufb01cantly from their carrying amounts in the Group\u2019s consolidated statement of \ufb01nancial position as at 31 December 2024, except for loans and borrowings. For the purposes of disclosure, the fair value of loans and borrowings is found by discounting future contractual cash \ufb02ows at current market interest rates that would be available to the Group for similar \ufb01nancial instruments. The fair value of loans and borrowings was found by discounting future contractual cash \ufb02ows at the current market interest rates for similar \ufb01nancial instruments, determined based on the information published by Chatham Financial for the items as at 31 December 2024 and based on the rates available to companies with an S&P BBB rating (the rating indicated by the banks as the internal shadow rating for the Group) for the items as at 31 December 2023. A more detailed comparison of the carrying amounts and fair values of loans and borrowings is disclosed in note 17. The carrying amounts of trade receivables and trade payables, less any write-downs, are estimated to be equal to their fair values.
In thousands of euros At 31 December 2024 2023 Cash on hand 19 16 Current accounts at banks 244 132 Term deposits with short maturities 16,925 29,521 Cash in transit 25 64 Total cash and cash equivalents (notes 4 and 6) 17,213 29,733 Note 7. Cash and cash equivalents and term deposits with maturities of more than 3 months All items of cash and cash equivalents at 31 December 2024 and 31 December 2023 are
denominated in euros.
At 31 December 2024 and 31 December 2023, there were no restrictions
on the use of the Group\u2019s cash and cash equivalents.
Term deposits with maturities of more than 3 months At 31 December 2024, the Group had six 4-month term deposits of EUR 22,000 thousand in total. The deposits bear interest at the rate of 3.35\u20133.46%. There were no similar term deposits at 31 December 2023. The interest accrued as at the reporting date is recognised in \u2018Trade and other receivables\u2019.
In thousands of euros At 31 December 2024 2023 FINANCIAL ASSETS Trade receivables (note 4) 12,809 10,415 Incl. from contracts with customers 5,644 6,143 Allowance for credit losses (note 4) \u20134,353 \u20133,440 Incl. for contracts with customers \u2013306 \u2013323 Government grants receivable (note 18) 2,721 2,885 Receivables from an associate (note 24) 10 9 Other receivables (note 4) 143 281 Total \ufb01nancial assets (note 6) 11,330 10,150 Of which current \ufb01nancial assets 11,330 9,987 Of which non-current \ufb01nancial assets 0 163 NON-FINANCIAL ASSETS Prepaid taxes (note 16) 492 1,599 Other prepayments 681 521 Other receivables (note 4) 9 11 Total non-\ufb01nancial assets 1,182 2,131 Of which current non-\ufb01nancial assets 1,182 2,131 Total trade and other receivables 12,512 12,281 Of which current receivables 12,512 12,118 non-current receivables 0 163 Note 8. Trade and other receivables
Changes in investments in an associate In thousands of euros At 31 December 2024 2023 Carrying amount at beginning of period 2,177 2,099 Share of pro\ufb01t under the equity method 487 435 Dividends paid 0 \u2013357 Carrying amount at end of period 2,664 2,177 Note 9. Investments in an associate AS Green Marine The associate is a waste management company established in 2003. Its principal place of business and country of incorporation is Estonia. The associate prepares its \ufb01nancial statements in accordance with the Estonian Financial Reporting Standard. AS Tallinna Sadam holds 51% (both as at 31 December 2024 and 31 December 2023) of the ownership interest and voting rights in AS Green Marine and two other shareholders hold the remaining interest. However, to have control of AS Green Marine, the Group\u2019s voting or contractual rights should be substantive and provide the Group with the ability to direct AS Green Marine\u2019s activities. The articles of association of AS Green Marine specify that at least 75% of voting rights are required to make decisions about the entity\u2019s activities. Even though AS Tallinna Sadam can block any decision, it does not have control of AS Green Marine because it needs the consent of the other shareholders for the adoption of a decision. Thus, the Group does not have control of the entity. AS Green Marine is involved in the management of port waste, the management, administration and operation of treatment facilities for hazardous ship-generated waste and wastewater, and the cleaning and maintenance of port basins and port areas. The Group\u2019s investments in the associate are accounted for using the equity method in these consolidated \ufb01nancial statements.
Associate AS Green Marine In thousands of euros At 31 December 2024 2023 Current assets 695 691 Non-current assets 10,320 9,042 Current liabilities 1,874 1,907 Non-current liabilities 3,919 3,558 The above amounts of assets and liabilities include the following: Current loans and borrowings 1,052 1,125 Non-current loans and borrowings 3,829 3,446 * At 31 December 2024, the company had an overdra\ufb05 liability of EUR 157 thousand (31 December 2023: EUR 472 thousand), which is presented within current loans and borrowings. AS Tallinna Sadam has no obligation to provide additional \ufb01nancial or other support to AS Green Marine.
In thousands of euros 2024 2023 Revenue 7,743 7,401 Pro\ufb01t for the period from continuing operations 955 853 Pro\ufb01t for the period 955 853 Total comprehensive income for the period 955 853 The above pro\ufb01t for the period includes the following: Depreciation, amortisation and impairment 844 534 Interest expense 293 144 Income tax expense 0 160
In thousands of euros 31.12.2024 31.12.2023 Land measured at cost 14,069 14,069 Direct property management expenses 128 186 Of which expenses on investment property generating lease income 1 1
Investment properties leased out In thousands of euros 31.12.2024 31.12.2023 Land measured at cost 396 396 In thousands of euros 31.12.2024 31.12.2023 Lease income on investment properties (note 20) 7 1 Rental income receivable in future periods < 1 years 7 6 2 years 7 13 Total future lease income 14 19
Note 10. Investment properties The properties classi\ufb01ed as investment properties have the prospects of being directly or indirectly associated with port operations (production activities related to maritime transport, etc.), which is why their value is in\ufb02uenced by the realisation of speci\ufb01c projects. In addition, most of the properties are located in an area where the market activity is relatively low. The future value of the properties, which are located in the area of Muuga Harbour, will also be a\ufb00ected by the precise location of the route of Rail Baltica and the resulting positive and negative implications for the individual properties. As a result, the fair value of the investment properties cannot be measured reliably. The Group did not have any binding commitments related to the investment properties as at 31 December 2024 and 31 December 2023.
In thousands of euros At 31 December 2024 2023 Financial liabilities Trade payables 4,477 6,154 Payables to an associate (note 24) 192 193 Other payables 181 226 Total \ufb01nancial liabilities (note 6) 4,850 6,573 Of which current \ufb01nancial liabilities 4,815 6,500 Of which non-current \ufb01nancial liabilities 35 73 Of which payables for property, plant and equipment (note 26) 1,163 2,358 Of which payables for intangible assets (note 26) 66 91 Non-\ufb01nancial liabilities Payables to employees 1,460 1,624 Accrued taxes payable on remuneration 859 874 Payables related to contracts with customers * 2,836 2,818 Advances for goods and services 590 431 Other payables 0 182 Total non-\ufb01nancial liabilities 5,745 5,929 Of which current non-\ufb01nancial liabilities 2,965 2,992 Of which non-current non-\ufb01nancial liabilities 2,780 2,937 Total trade and other payables 10,595 12,502 Of which current liabilities 7,780 9,492 Of which non-current liabilities 2,815 3,010 * In 2024, the Group received deferred connection fee income (advances) of EUR 67 thousand (2023: EUR 2,040 thousand). Connection fees recognised as revenue in 2024 amounted to EUR 42 thousand (2023: EUR 52 thousand). Note 15. Trade and other payables
In thousands of euros At 31 December 2024 2023 Current portion Loan liabilities 3,066 6,266 Debt securities 7,650 7,650 Interest liabilities 1,469 1,915 Total current portion 12,185 15,831 Non-current portion Loan liabilities 54,000 31,266 Debt securities 118,650 126,300 Total non-current portion 172,650 157,566 Total loans and borrowings (note 6) 184,835 173,397 Note 17. Loans and borrowings
Loans All loan agreements are denominated in euros and have \ufb02oating interest rates (the base rate is 6-month Euribor). At 31 December 2024, the weighted average interest rate of drawn loans was 3.90% (31 December 2023: 4.90%). The interest rate risk of the loans has not been hedged with interest rate swaps. In the second quarter of 2024, AS Tallinna Sadam signed a loan agreement with AS Swedbank for EUR 20 million. In the third quarter of 2024, AS Tallinna Sadam repaid early a loan of EUR 4.8 million from the Nordic Investment Bank, which would have matured in 2028. In the third quarter of 2024, AS Tallinna Sadam signed a loan agreement with AS Swedbank for EUR 10 million. The new and more favourable loan was used, among other things, to re\ufb01nance the Group\u2019s previous loans. The Group did not have any undrawn loans or credit limits at 31 December 2024. The loan agreements are unsecured liabilities, i.e. no assets have been pledged to cover the loans. The Group has performed all its obligations under the loan agreements, including those which relate to complying with covenants, providing information and meeting the minimum requirements set for \ufb01nancial ratios. Principal loan repayments made in 2024 amounted to EUR 10,466 thousand (2023: EUR 8,266 thousand). The \ufb01nal maturities of outstanding loan liabilities fall in the period 2025\u20132030. Issue and redemption of debt securities At 31 December 2024, AS Tallinna Sadam had two debt security (bond) issues with \ufb01nal maturities in 2026 and 2027. The debt securities have been issued in euros and have \ufb02oating interest rates (the base interest rate of 3-month or 6-month Euribor plus a \ufb01xed risk margin). None of the debt security issues is listed on the stock exchange. No debt securities were issued in 2024 or the comparative period. The Group has met all obligations set out in the terms of the debt securities, including those which relate to complying with covenants, providing information and meeting the minimum requirements set for \ufb01nancial ratios. Consistent with the redemption schedules, the Group redeemed debt securities of EUR 7,650 thousand in 2024 (2023: EUR 7,650 thousand). At 31 December 2024, the weighted average interest rate of the debt securities was 3.82% (31 December 2023: 4.84%). The average interest rate has decreased due to the decrease in the base interest rate (Euribor). The risk margins have not changed. The interest rate risk of the debt securities has not been hedged with interest rate swaps.
Carrying amounts and fair values of loans and borrowings * In thousands of euros At 31 December 2024 2023 Carrying amount Debt securities 126,300 133,950 Loan liabilities 57,066 37,532 Total carrying amount 183,366 171,482 Fair value Debt securities 128,422 134,251 Loan liabilities 61,577 37,632 Total fair value 189,999 171,883 * Due to inputs used, all measurements of fair value qualify as level 2 measurements in the fair value hierarchy.
Contractual maturities of loans and borrowings In thousands of euros At 31 December 2024 2023 < 6 months 2,252 5,298 6\u201312 months 9,933 10,533 1\u20135 years 167,650 152,066 > 5 years 5,000 5,500 Total loans and borrowings (note 4) 184,835 173,397
Change in liabilities arising from \ufb01nancing activities In thousands of euros 1 January 2024 Cash \ufb02ows from \ufb01nancing activities Accrued interest (note 23) 31 December 2024 Loan liabilities 37,532 19,534 0 57,066 Debt securities 133,950 \u20137,650 0 126,300 Interest liabilities 1,915 \u20138,655 8,209 1,469 Total 173,397 3,229 8,209 184,835 In thousands of euros 1 January 2023 Cash \ufb02ows from \ufb01nancing activities Accrued interest (note 23) 31 December 2023 Loan liabilities 45,798 \u20138,266 0 37,532 Debt securities 141,600 \u20137,650 0 133,950 Interest liabilities 1,012 \u20136,494 7,397 1,915 Total 188,410 \u201322,410 7,397 173,397
The fair value of loans and borrowings was calculated using the discounted cash \ufb02ow method. Future cash \ufb02ows were estimated based on forward interest rates (extrapolated from observable corporate yield curves and 3-month and 6-month Euribor swap rates at the end of the reporting period) and contractual interest rates, discounted at a rate that re\ufb02ected the credit risk of the Group. At 31 December 2024, the fair value of \ufb01nancial liabilities calculated using the discounted cash \ufb02ow method was 3.62% higher than their carrying amount (31 December 2023: 0.23% higher). The terms and conditions of the Group\u2019s loans and bonds set certain limits to the Group\u2019s consolidated \ufb01nancial indicators. At 31 December 2024 and 31 December 2023, the Group was in compliance with all \ufb01nancial covenants.
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Note 4. Financial risk management The Group\u2019s operations are exposed to several \ufb01nancial risks: market risk (incl. cash \ufb02ow interest rate risk), credit risk and liquidity risk. The Group\u2019s overall risk management programme focuses on the unpredictability of \ufb01nancial markets and seeks to minimise potential adverse e\ufb00ects on the Group\u2019s \ufb01nancial performance. Risk management is performed by the Group\u2019s risk management professionals in accordance with the policies approved by the management board. The management board establishes general risk management policies and the procedures for speci\ufb01c risk areas in writing.
Market risk Currency risk Currency risk is exposure to any future \ufb02uctuation in the fair value of the Group\u2019s \ufb01nancial instruments or cash \ufb02ows arising from movements in foreign exchange rates. The Group has no material liabilities or receivables denominated in any currency other than its functional currency (the euro). All outstanding long-term loans and borrowings are also denominated in euros. In 2024, 97.11% of receipts (2023: 95.8%) and 98.67% of payments (operating expenses, investments, \ufb01nance costs, etc.) (2023: 98.1%) were denominated in euros. Since nearly all receipts, payments, loans and borrowings are denominated in euros, the Group is not exposed to any signi\ufb01cant currency risk. Price risk At 31 December 2024 and the previous \ufb01nancial year-end, the Group\u2019s statement of \ufb01nancial position did not include any investments in equity instruments exposing the Group to price risks resulting from \ufb01nancial instruments. Interest rate risk The Group\u2019s interest rate risk arises from its long-term \ufb02oating-rate loans and borrowings. At 31 December 2024 and at the end of the comparative period, the interest rates of loans and borrowings were not \ufb01xed using derivative instruments. Thus, 100% of loans and borrowings are exposed to interest rate risk. According to the assessment of the Group\u2019s management, the Group\u2019s cash \ufb02ow can survive exceptional \ufb02uctuations in interest rates and the Group can bear interest rate risk without hedging it with derivative \ufb01nancial instruments. The Group\u2019s exposure to interest rate risk is assessed using a sensitivity analysis which describes the impact of the interest rate risk exposure on the Group\u2019s pro\ufb01t through an estimated \ufb02uctuation in the market interest rate. If the market interest rate as at 31 December 2024 had been higher/ lower by 100 basis points, i.e. 1 percentage point, the Group\u2019s pro\ufb01t for the \ufb01nancial year and equity would have increased/decreased by EUR 1,834 thousand (31 December 2023: EUR 1,715 thousand), assuming all other variables remained constants.
In thousands of euros At 31 December 2024 2023 Current accounts and term deposits at banks with original maturities of less than 3 months (note 7) 17,169 29,653 Term deposits with maturities of more than three months (note 7) 22,000 0 Receivables from customers * (note 8) 8,456 6,975 Other receivables (note 8) ** 152 292 Total 47,777 36,920 Credit risk Credit risk exposure mainly results from trade receivables, cash and cash equivalents and term deposits with maturities exceeding three months. At 31 December 2024, the Group\u2019s maximum exposure to credit risk was EUR 47,777 thousand (31 December 2023: EUR 36,920 thousand). Cash and cash equivalents and term deposits with maturities of more than three months were regarded as \ufb01nancial assets with low credit risk at the reporting date, because they were held at reputable international banks. Customer-related credit risk exposure is reduced by requesting advance payments or bank guarantees from customers whose solvency is doubtful. Credit risk is also mitigated by performing due diligence on the customer prior to entering into any major contracts. Other methods for managing customer-related credit risk exposures include day-to-day monitoring of customers\u2019 payment behaviour and prompt application of appropriate measures. Based on the Group\u2019s analysis, a loss allowance for credit-impaired receivables has been recognised. Further information on the credit quality of \ufb01nancial assets is disclosed in note 6. Credit risk exposure from \ufb01nancial transactions is mitigated by using \ufb01nancial institutions with high credit ratings in performing investment transactions. * Impairment allowances have been deducted from receivables from customers. ** Including receivables with settlement schedules at 31 December 2023 of EUR 163 thousand.
Cash in current accounts and deposits by rating * In thousands of euros At 31 December 2024 2023 Aa3 244 29,653 A1 26,925 0 Baa2 12,000 0 Total amount reported in cash and cash equivalents 39,169 29,653 Credit quality of \ufb01nancial assets The credit quality of \ufb01nancial assets which are neither past due nor impaired is assessed by reference to ratings provided to creditors by independent rating agencies (if available for the counterparty). At 31 December 2024, cash and cash equivalents were held at four banks with A1, Baa2 or Aa3 credit ratings and the proportions of the respective risk exposures were 68.8%, 30.6% and 0.6%. At 31 December 2023, cash and cash equivalents were held at two banks with an Aa3 credit rating (Aa3) and the proportions of the risk exposures were 99.6% and 0.4%.
Receivables not past due as at the reporting date accounted for 40.0% (2023: 57.1%) of total trade receivables. Further information on trade receivables is disclosed in note 8.
For all trade receivables, the Group recognises expected credit losses (ECL) using the simpli\ufb01ed approach provided in IFRS 9, which permits recognising an allowance for lifetime expected credit losses. The measurement principles are described in the \u2018Impairment of \ufb01nancial assets\u2019 section of accounting policies (note 2).
* The remaining portion of the balance of cash and cash equivalents and term deposits with maturities of more than 3 months (EUR 44 thousand at 31 December 2024 and EUR 80 thousand at 31 December 2023) not included in the table above consists of cash on hand and in transit, i.e. funds that cash-in-transit service providers and other payment intermediaries have not yet transferred to the Group\u2019s current accounts.
Trade receivables \u2014 expected credit loss matrix In thousands of euros Not past due Days past due 0\u201330 31\u201360 61\u201390 >90 Total At 31 December 2024 Expected credit loss rate 2.9% 3.2% 3.0% 80.0% 100.0% Total trade receivables 5,124 3,564 31 14 4,076 12,809 Lifetime expected credit loss (ECL) \u2013150 \u2013115 \u20131 \u201311 \u20134,076 \u20134,353 8,456 At 31 December 2023 Expected credit loss rate 2.6% 1.5% 3.0% 99.8% 100.0% Total trade receivables 5,942 1,146 58 1,238 2,031 10,415 Lifetime expected credit loss (ECL) \u2013154 \u201317 \u20132 \u20131,236 \u20132,031 \u20133,440 6,975
Trade receivables \u2014 lifetime expected credit loss In thousands of euros Collectively assessed receivables not credit- impaired Credit-impaired receivables * Total At 31 December 2022 675 648 1,323 Transfer to credit impaired 0 1,811 1,811 Amounts written o\ufb00 as uncollectible 0 \u20136 \u20136 Amounts recovered (previously written down or o\ufb00) 0 \u201381 \u201381 Reversals of prior write-downs and write-o\ufb00s 0 \u2013216 \u2013216 Change in loss allowance due to new trade receivables 609 0 609 At 31 December 2023 1,284 2,156 3,440 Transfer to credit impaired 0 1,291 1,291 Amounts written o\ufb00 as uncollectible 0 \u20132 \u20132 Amounts recovered (previously written down or o\ufb00) 0 \u2013278 \u2013278 Reversals of prior write-downs and write-o\ufb00s 0 \u2013203 \u2013203 Change in loss allowance due to new trade receivables 31 74 105 At 31 December 2024 1,315 3,038 4,353 * Including a write-down of EUR 650 thousand (note 30) recognised in 2024 due to the counterparty\u2019s settlement di\ufb03culties (2023: EUR 1,281 thousand). Other receivables (note 8) are assessed using the 12-month expected credit loss method. At 31 December 2024, the credit risk of those \ufb01nancial assets had not increased signi\ufb01cantly and, therefore, no additional loss allowance was needed. At 31 December 2024, a major share of other receivables was made up of instalment plan receivables.
Liquidity risk The Group manages its liquidity risk using a combination of the following solutions: available funds in current accounts, term deposits, overdra\ufb05s and other investment and working capital management solutions o\ufb00ered by banks, regular monitoring of cash \ufb02ows and matching the maturities of \ufb01nancial assets and liabilities. The liquidity bu\ufb00er, which is maintained and available upon short notice to be able to settle quickly the liabilities arising in the ordinary course of the Group\u2019s business, amounts to at least EUR 5 million. The liquidity reserve comprises of cash and cash equivalents, term deposits with original maturities of less than 3 months, and overdra\ufb05s where necessary. Management uses cash \ufb02ow forecasts to monitor changes in the Group\u2019s liquidity reserve on an ongoing basis and if the reserve falls below the required level, short-term external \ufb01nancing in the form of various debt instruments is used. The level of the minimum liquidity reserve must be at least EUR 2 million at any time. At 31 December 2024, current assets exceeded current liabilities by EUR 11.8 million (31 December 2023: by EUR 7.5 million). The Group is generating positive net cash \ufb02ow. Thus, it does not need additional \ufb01nancing for its daily operations. In the following liquidity analysis, the Group\u2019s \ufb01nancial liabilities are grouped by contractual maturity. The balances shown in the table are contractual undiscounted cash \ufb02ows, which comprise the principal and the accrued interest of interest-bearing loans and borrowings. On calculating interest accrued on interest-bearing loans and borrowings (bank loans and issued debt securities), the forward-looking yield curves of interest rate swap transactions from market information providers have been used as the basis for the Euribor forecast as follows: as at 27 January 2025 for the year-end 2024 and as at 11 January 2024 for the year-end 2023. For intra-Group management of subsidiaries\u2019 liquidity, internal credit limits are used, if necessary. Liquidity analysis In thousands of euros Loans outstanding * Debt securities issued ** Trade and other payables Total At 31 December 2024 < 6 months 1,260 1,462 8,040 10,762 6\u201312 months 3,183 9,621 0 12,803 1\u20135 years 52,002 123,971 0 175,972 > 5 years 5,175 0 0 5,175 Total 61,619 135,054 8,040 204,713 At 31 December 2023 < 6 months 3,629 2,068 9,874 15,571 6\u201312 months 4,841 10,515 0 15,357 1\u20135 years 27,082 136,249 0 163,330 > 5 years 5,847 0 0 5,847 Total 41,400 148,832 9,874 200,106 * Comprises principal outstanding of EUR 57,066 thousand (2023: EUR 37,532 thousand) and estimated total future interest payments of EUR 4,553 thousand (2023: EUR 3,868 thousand). ** Comprises principal outstanding of EUR 126,300 thousand (2023: EUR 133,950 thousand) and estimated total future interest payments of EUR 8,754 thousand (2023: EUR 14,882 thousand).
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Market risk Currency risk Currency risk is exposure to any future \ufb02uctuation in the fair value of the Group\u2019s \ufb01nancial instruments or cash \ufb02ows arising from movements in foreign exchange rates. The Group has no material liabilities or receivables denominated in any currency other than its functional currency (the euro). All outstanding long-term loans and borrowings are also denominated in euros. In 2024, 97.11% of receipts (2023: 95.8%) and 98.67% of payments (operating expenses, investments, \ufb01nance costs, etc.) (2023: 98.1%) were denominated in euros. Since nearly all receipts, payments, loans and borrowings are denominated in euros, the Group is not exposed to any signi\ufb01cant currency risk. Price risk At 31 December 2024 and the previous \ufb01nancial year-end, the Group\u2019s statement of \ufb01nancial position did not include any investments in equity instruments exposing the Group to price risks resulting from \ufb01nancial instruments. Interest rate risk The Group\u2019s interest rate risk arises from its long-term \ufb02oating-rate loans and borrowings. At 31 December 2024 and at the end of the comparative period, the interest rates of loans and borrowings were not \ufb01xed using derivative instruments. Thus, 100% of loans and borrowings are exposed to interest rate risk. According to the assessment of the Group\u2019s management, the Group\u2019s cash \ufb02ow can survive exceptional \ufb02uctuations in interest rates and the Group can bear interest rate risk without hedging it with derivative \ufb01nancial instruments. The Group\u2019s exposure to interest rate risk is assessed using a sensitivity analysis which describes the impact of the interest rate risk exposure on the Group\u2019s pro\ufb01t through an estimated \ufb02uctuation in the market interest rate. If the market interest rate as at 31 December 2024 had been higher/ lower by 100 basis points, i.e. 1 percentage point, the Group\u2019s pro\ufb01t for the \ufb01nancial year and equity would have increased/decreased by EUR 1,834 thousand (31 December 2023: EUR 1,715 thousand), assuming all other variables remained constants.
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In thousands of euros At 31 December 2024 2023 Current accounts and term deposits at banks with original maturities of less than 3 months (note 7) 17,169 29,653 Term deposits with maturities of more than three months (note 7) 22,000 0 Receivables from customers * (note 8) 8,456 6,975 Other receivables (note 8) ** 152 292 Total 47,777 36,920 Credit risk Credit risk exposure mainly results from trade receivables, cash and cash equivalents and term deposits with maturities exceeding three months. At 31 December 2024, the Group\u2019s maximum exposure to credit risk was EUR 47,777 thousand (31 December 2023: EUR 36,920 thousand). Cash and cash equivalents and term deposits with maturities of more than three months were regarded as \ufb01nancial assets with low credit risk at the reporting date, because they were held at reputable international banks. Customer-related credit risk exposure is reduced by requesting advance payments or bank guarantees from customers whose solvency is doubtful. Credit risk is also mitigated by performing due diligence on the customer prior to entering into any major contracts. Other methods for managing customer-related credit risk exposures include day-to-day monitoring of customers\u2019 payment behaviour and prompt application of appropriate measures. Based on the Group\u2019s analysis, a loss allowance for credit-impaired receivables has been recognised. Further information on the credit quality of \ufb01nancial assets is disclosed in note 6. Credit risk exposure from \ufb01nancial transactions is mitigated by using \ufb01nancial institutions with high credit ratings in performing investment transactions. * Impairment allowances have been deducted from receivables from customers. ** Including receivables with settlement schedules at 31 December 2023 of EUR 163 thousand.
Cash in current accounts and deposits by rating * In thousands of euros At 31 December 2024 2023 Aa3 244 29,653 A1 26,925 0 Baa2 12,000 0 Total amount reported in cash and cash equivalents 39,169 29,653 Credit quality of \ufb01nancial assets The credit quality of \ufb01nancial assets which are neither past due nor impaired is assessed by reference to ratings provided to creditors by independent rating agencies (if available for the counterparty). At 31 December 2024, cash and cash equivalents were held at four banks with A1, Baa2 or Aa3 credit ratings and the proportions of the respective risk exposures were 68.8%, 30.6% and 0.6%. At 31 December 2023, cash and cash equivalents were held at two banks with an Aa3 credit rating (Aa3) and the proportions of the risk exposures were 99.6% and 0.4%.
* The remaining portion of the balance of cash and cash equivalents and term deposits with maturities of more than 3 months (EUR 44 thousand at 31 December 2024 and EUR 80 thousand at 31 December 2023) not included in the table above consists of cash on hand and in transit, i.e. funds that cash-in-transit service providers and other payment intermediaries have not yet transferred to the Group\u2019s current accounts.
In thousands of euros At 31 December 2024 2023 Cash on hand 19 16 Current accounts at banks 244 132 Term deposits with short maturities 16,925 29,521 Cash in transit 25 64 Total cash and cash equivalents (notes 4 and 6) 17,213 29,733 Note 7. Cash and cash equivalents and term deposits with maturities of more than 3 months All items of cash and cash equivalents at 31 December 2024 and 31 December 2023 are
denominated in euros.
At 31 December 2024 and 31 December 2023, there were no restrictions
on the use of the Group\u2019s cash and cash equivalents.
Term deposits with maturities of more than 3 months At 31 December 2024, the Group had six 4-month term deposits of EUR 22,000 thousand in total. The deposits bear interest at the rate of 3.35\u20133.46%. There were no similar term deposits at 31 December 2023. The interest accrued as at the reporting date is recognised in \u2018Trade and other receivables\u2019.
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In thousands of euros At 31 December 2024 2023 Current accounts and term deposits at banks with original maturities of less than 3 months (note 7) 17,169 29,653 Term deposits with maturities of more than three months (note 7) 22,000 0 Receivables from customers * (note 8) 8,456 6,975 Other receivables (note 8) ** 152 292 Total 47,777 36,920 Credit risk Credit risk exposure mainly results from trade receivables, cash and cash equivalents and term deposits with maturities exceeding three months. At 31 December 2024, the Group\u2019s maximum exposure to credit risk was EUR 47,777 thousand (31 December 2023: EUR 36,920 thousand). Cash and cash equivalents and term deposits with maturities of more than three months were regarded as \ufb01nancial assets with low credit risk at the reporting date, because they were held at reputable international banks. Customer-related credit risk exposure is reduced by requesting advance payments or bank guarantees from customers whose solvency is doubtful. Credit risk is also mitigated by performing due diligence on the customer prior to entering into any major contracts. Other methods for managing customer-related credit risk exposures include day-to-day monitoring of customers\u2019 payment behaviour and prompt application of appropriate measures. Based on the Group\u2019s analysis, a loss allowance for credit-impaired receivables has been recognised. Further information on the credit quality of \ufb01nancial assets is disclosed in note 6. Credit risk exposure from \ufb01nancial transactions is mitigated by using \ufb01nancial institutions with high credit ratings in performing investment transactions. * Impairment allowances have been deducted from receivables from customers. ** Including receivables with settlement schedules at 31 December 2023 of EUR 163 thousand.
Cash in current accounts and deposits by rating * In thousands of euros At 31 December 2024 2023 Aa3 244 29,653 A1 26,925 0 Baa2 12,000 0 Total amount reported in cash and cash equivalents 39,169 29,653 Credit quality of \ufb01nancial assets The credit quality of \ufb01nancial assets which are neither past due nor impaired is assessed by reference to ratings provided to creditors by independent rating agencies (if available for the counterparty). At 31 December 2024, cash and cash equivalents were held at four banks with A1, Baa2 or Aa3 credit ratings and the proportions of the respective risk exposures were 68.8%, 30.6% and 0.6%. At 31 December 2023, cash and cash equivalents were held at two banks with an Aa3 credit rating (Aa3) and the proportions of the risk exposures were 99.6% and 0.4%.
Receivables not past due as at the reporting date accounted for 40.0% (2023: 57.1%) of total trade receivables. Further information on trade receivables is disclosed in note 8.
For all trade receivables, the Group recognises expected credit losses (ECL) using the simpli\ufb01ed approach provided in IFRS 9, which permits recognising an allowance for lifetime expected credit losses. The measurement principles are described in the \u2018Impairment of \ufb01nancial assets\u2019 section of accounting policies (note 2).
* The remaining portion of the balance of cash and cash equivalents and term deposits with maturities of more than 3 months (EUR 44 thousand at 31 December 2024 and EUR 80 thousand at 31 December 2023) not included in the table above consists of cash on hand and in transit, i.e. funds that cash-in-transit service providers and other payment intermediaries have not yet transferred to the Group\u2019s current accounts.
Trade receivables \u2014 expected credit loss matrix In thousands of euros Not past due Days past due 0\u201330 31\u201360 61\u201390 >90 Total At 31 December 2024 Expected credit loss rate 2.9% 3.2% 3.0% 80.0% 100.0% Total trade receivables 5,124 3,564 31 14 4,076 12,809 Lifetime expected credit loss (ECL) \u2013150 \u2013115 \u20131 \u201311 \u20134,076 \u20134,353 8,456 At 31 December 2023 Expected credit loss rate 2.6% 1.5% 3.0% 99.8% 100.0% Total trade receivables 5,942 1,146 58 1,238 2,031 10,415 Lifetime expected credit loss (ECL) \u2013154 \u201317 \u20132 \u20131,236 \u20132,031 \u20133,440 6,975
Trade receivables \u2014 lifetime expected credit loss In thousands of euros Collectively assessed receivables not credit- impaired Credit-impaired receivables * Total At 31 December 2022 675 648 1,323 Transfer to credit impaired 0 1,811 1,811 Amounts written o\ufb00 as uncollectible 0 \u20136 \u20136 Amounts recovered (previously written down or o\ufb00) 0 \u201381 \u201381 Reversals of prior write-downs and write-o\ufb00s 0 \u2013216 \u2013216 Change in loss allowance due to new trade receivables 609 0 609 At 31 December 2023 1,284 2,156 3,440 Transfer to credit impaired 0 1,291 1,291 Amounts written o\ufb00 as uncollectible 0 \u20132 \u20132 Amounts recovered (previously written down or o\ufb00) 0 \u2013278 \u2013278 Reversals of prior write-downs and write-o\ufb00s 0 \u2013203 \u2013203 Change in loss allowance due to new trade receivables 31 74 105 At 31 December 2024 1,315 3,038 4,353 * Including a write-down of EUR 650 thousand (note 30) recognised in 2024 due to the counterparty\u2019s settlement di\ufb03culties (2023: EUR 1,281 thousand). Other receivables (note 8) are assessed using the 12-month expected credit loss method. At 31 December 2024, the credit risk of those \ufb01nancial assets had not increased signi\ufb01cantly and, therefore, no additional loss allowance was needed. At 31 December 2024, a major share of other receivables was made up of instalment plan receivables.
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Receivables not past due as at the reporting date accounted for 40.0% (2023: 57.1%) of total trade receivables. Further information on trade receivables is disclosed in note 8.
For all trade receivables, the Group recognises expected credit losses (ECL) using the simpli\ufb01ed approach provided in IFRS 9, which permits recognising an allowance for lifetime expected credit losses. The measurement principles are described in the \u2018Impairment of \ufb01nancial assets\u2019 section of accounting policies (note 2).
Trade receivables \u2014 expected credit loss matrix In thousands of euros Not past due Days past due 0\u201330 31\u201360 61\u201390 >90 Total At 31 December 2024 Expected credit loss rate 2.9% 3.2% 3.0% 80.0% 100.0% Total trade receivables 5,124 3,564 31 14 4,076 12,809 Lifetime expected credit loss (ECL) \u2013150 \u2013115 \u20131 \u201311 \u20134,076 \u20134,353 8,456 At 31 December 2023 Expected credit loss rate 2.6% 1.5% 3.0% 99.8% 100.0% Total trade receivables 5,942 1,146 58 1,238 2,031 10,415 Lifetime expected credit loss (ECL) \u2013154 \u201317 \u20132 \u20131,236 \u20132,031 \u20133,440 6,975
Trade receivables \u2014 lifetime expected credit loss In thousands of euros Collectively assessed receivables not credit- impaired Credit-impaired receivables * Total At 31 December 2022 675 648 1,323 Transfer to credit impaired 0 1,811 1,811 Amounts written o\ufb00 as uncollectible 0 \u20136 \u20136 Amounts recovered (previously written down or o\ufb00) 0 \u201381 \u201381 Reversals of prior write-downs and write-o\ufb00s 0 \u2013216 \u2013216 Change in loss allowance due to new trade receivables 609 0 609 At 31 December 2023 1,284 2,156 3,440 Transfer to credit impaired 0 1,291 1,291 Amounts written o\ufb00 as uncollectible 0 \u20132 \u20132 Amounts recovered (previously written down or o\ufb00) 0 \u2013278 \u2013278 Reversals of prior write-downs and write-o\ufb00s 0 \u2013203 \u2013203 Change in loss allowance due to new trade receivables 31 74 105 At 31 December 2024 1,315 3,038 4,353 * Including a write-down of EUR 650 thousand (note 30) recognised in 2024 due to the counterparty\u2019s settlement di\ufb03culties (2023: EUR 1,281 thousand). Other receivables (note 8) are assessed using the 12-month expected credit loss method. At 31 December 2024, the credit risk of those \ufb01nancial assets had not increased signi\ufb01cantly and, therefore, no additional loss allowance was needed. At 31 December 2024, a major share of other receivables was made up of instalment plan receivables.
In thousands of euros At 31 December 2024 2023 FINANCIAL ASSETS Trade receivables (note 4) 12,809 10,415 Incl. from contracts with customers 5,644 6,143 Allowance for credit losses (note 4) \u20134,353 \u20133,440 Incl. for contracts with customers \u2013306 \u2013323 Government grants receivable (note 18) 2,721 2,885 Receivables from an associate (note 24) 10 9 Other receivables (note 4) 143 281 Total \ufb01nancial assets (note 6) 11,330 10,150 Of which current \ufb01nancial assets 11,330 9,987 Of which non-current \ufb01nancial assets 0 163 NON-FINANCIAL ASSETS Prepaid taxes (note 16) 492 1,599 Other prepayments 681 521 Other receivables (note 4) 9 11 Total non-\ufb01nancial assets 1,182 2,131 Of which current non-\ufb01nancial assets 1,182 2,131 Total trade and other receivables 12,512 12,281 Of which current receivables 12,512 12,118 non-current receivables 0 163 Note 8. Trade and other receivables
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For all trade receivables, the Group recognises expected credit losses (ECL) using the simpli\ufb01ed approach provided in IFRS 9, which permits recognising an allowance for lifetime expected credit losses. The measurement principles are described in the \u2018Impairment of \ufb01nancial assets\u2019 section of accounting policies (note 2).
Trade receivables \u2014 expected credit loss matrix In thousands of euros Not past due Days past due 0\u201330 31\u201360 61\u201390 >90 Total At 31 December 2024 Expected credit loss rate 2.9% 3.2% 3.0% 80.0% 100.0% Total trade receivables 5,124 3,564 31 14 4,076 12,809 Lifetime expected credit loss (ECL) \u2013150 \u2013115 \u20131 \u201311 \u20134,076 \u20134,353 8,456 At 31 December 2023 Expected credit loss rate 2.6% 1.5% 3.0% 99.8% 100.0% Total trade receivables 5,942 1,146 58 1,238 2,031 10,415 Lifetime expected credit loss (ECL) \u2013154 \u201317 \u20132 \u20131,236 \u20132,031 \u20133,440 6,975
Trade receivables \u2014 lifetime expected credit loss In thousands of euros Collectively assessed receivables not credit- impaired Credit-impaired receivables * Total At 31 December 2022 675 648 1,323 Transfer to credit impaired 0 1,811 1,811 Amounts written o\ufb00 as uncollectible 0 \u20136 \u20136 Amounts recovered (previously written down or o\ufb00) 0 \u201381 \u201381 Reversals of prior write-downs and write-o\ufb00s 0 \u2013216 \u2013216 Change in loss allowance due to new trade receivables 609 0 609 At 31 December 2023 1,284 2,156 3,440 Transfer to credit impaired 0 1,291 1,291 Amounts written o\ufb00 as uncollectible 0 \u20132 \u20132 Amounts recovered (previously written down or o\ufb00) 0 \u2013278 \u2013278 Reversals of prior write-downs and write-o\ufb00s 0 \u2013203 \u2013203 Change in loss allowance due to new trade receivables 31 74 105 At 31 December 2024 1,315 3,038 4,353 * Including a write-down of EUR 650 thousand (note 30) recognised in 2024 due to the counterparty\u2019s settlement di\ufb03culties (2023: EUR 1,281 thousand). Other receivables (note 8) are assessed using the 12-month expected credit loss method. At 31 December 2024, the credit risk of those \ufb01nancial assets had not increased signi\ufb01cantly and, therefore, no additional loss allowance was needed. At 31 December 2024, a major share of other receivables was made up of instalment plan receivables.
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Liquidity risk The Group manages its liquidity risk using a combination of the following solutions: available funds in current accounts, term deposits, overdra\ufb05s and other investment and working capital management solutions o\ufb00ered by banks, regular monitoring of cash \ufb02ows and matching the maturities of \ufb01nancial assets and liabilities. The liquidity bu\ufb00er, which is maintained and available upon short notice to be able to settle quickly the liabilities arising in the ordinary course of the Group\u2019s business, amounts to at least EUR 5 million. The liquidity reserve comprises of cash and cash equivalents, term deposits with original maturities of less than 3 months, and overdra\ufb05s where necessary. Management uses cash \ufb02ow forecasts to monitor changes in the Group\u2019s liquidity reserve on an ongoing basis and if the reserve falls below the required level, short-term external \ufb01nancing in the form of various debt instruments is used. The level of the minimum liquidity reserve must be at least EUR 2 million at any time. At 31 December 2024, current assets exceeded current liabilities by EUR 11.8 million (31 December 2023: by EUR 7.5 million). The Group is generating positive net cash \ufb02ow. Thus, it does not need additional \ufb01nancing for its daily operations. In the following liquidity analysis, the Group\u2019s \ufb01nancial liabilities are grouped by contractual maturity. The balances shown in the table are contractual undiscounted cash \ufb02ows, which comprise the principal and the accrued interest of interest-bearing loans and borrowings. On calculating interest accrued on interest-bearing loans and borrowings (bank loans and issued debt securities), the forward-looking yield curves of interest rate swap transactions from market information providers have been used as the basis for the Euribor forecast as follows: as at 27 January 2025 for the year-end 2024 and as at 11 January 2024 for the year-end 2023. For intra-Group management of subsidiaries\u2019 liquidity, internal credit limits are used, if necessary. Liquidity analysis In thousands of euros Loans outstanding * Debt securities issued ** Trade and other payables Total At 31 December 2024 < 6 months 1,260 1,462 8,040 10,762 6\u201312 months 3,183 9,621 0 12,803 1\u20135 years 52,002 123,971 0 175,972 > 5 years 5,175 0 0 5,175 Total 61,619 135,054 8,040 204,713 At 31 December 2023 < 6 months 3,629 2,068 9,874 15,571 6\u201312 months 4,841 10,515 0 15,357 1\u20135 years 27,082 136,249 0 163,330 > 5 years 5,847 0 0 5,847 Total 41,400 148,832 9,874 200,106 * Comprises principal outstanding of EUR 57,066 thousand (2023: EUR 37,532 thousand) and estimated total future interest payments of EUR 4,553 thousand (2023: EUR 3,868 thousand). ** Comprises principal outstanding of EUR 126,300 thousand (2023: EUR 133,950 thousand) and estimated total future interest payments of EUR 8,754 thousand (2023: EUR 14,882 thousand).
Financial liabilities In thousands of euros At 31 December 2024 2023 Financial liabilities carried at amortised cost 189,685 179,970 Trade and other payables \u2014 \ufb01nancial liabilities (note 15) 4,850 6,573 Loans and borrowings (note 17) 184,835 173,397 Total \ufb01nancial liabilities 189,685 179,970
In thousands of euros At 31 December 2024 2023 Current portion Loan liabilities 3,066 6,266 Debt securities 7,650 7,650 Interest liabilities 1,469 1,915 Total current portion 12,185 15,831 Non-current portion Loan liabilities 54,000 31,266 Debt securities 118,650 126,300 Total non-current portion 172,650 157,566 Total loans and borrowings (note 6) 184,835 173,397 Note 17. Loans and borrowings
Loans All loan agreements are denominated in euros and have \ufb02oating interest rates (the base rate is 6-month Euribor). At 31 December 2024, the weighted average interest rate of drawn loans was 3.90% (31 December 2023: 4.90%). The interest rate risk of the loans has not been hedged with interest rate swaps. In the second quarter of 2024, AS Tallinna Sadam signed a loan agreement with AS Swedbank for EUR 20 million. In the third quarter of 2024, AS Tallinna Sadam repaid early a loan of EUR 4.8 million from the Nordic Investment Bank, which would have matured in 2028. In the third quarter of 2024, AS Tallinna Sadam signed a loan agreement with AS Swedbank for EUR 10 million. The new and more favourable loan was used, among other things, to re\ufb01nance the Group\u2019s previous loans. The Group did not have any undrawn loans or credit limits at 31 December 2024. The loan agreements are unsecured liabilities, i.e. no assets have been pledged to cover the loans. The Group has performed all its obligations under the loan agreements, including those which relate to complying with covenants, providing information and meeting the minimum requirements set for \ufb01nancial ratios. Principal loan repayments made in 2024 amounted to EUR 10,466 thousand (2023: EUR 8,266 thousand). The \ufb01nal maturities of outstanding loan liabilities fall in the period 2025\u20132030. Issue and redemption of debt securities At 31 December 2024, AS Tallinna Sadam had two debt security (bond) issues with \ufb01nal maturities in 2026 and 2027. The debt securities have been issued in euros and have \ufb02oating interest rates (the base interest rate of 3-month or 6-month Euribor plus a \ufb01xed risk margin). None of the debt security issues is listed on the stock exchange. No debt securities were issued in 2024 or the comparative period. The Group has met all obligations set out in the terms of the debt securities, including those which relate to complying with covenants, providing information and meeting the minimum requirements set for \ufb01nancial ratios. Consistent with the redemption schedules, the Group redeemed debt securities of EUR 7,650 thousand in 2024 (2023: EUR 7,650 thousand). At 31 December 2024, the weighted average interest rate of the debt securities was 3.82% (31 December 2023: 4.84%). The average interest rate has decreased due to the decrease in the base interest rate (Euribor). The risk margins have not changed. The interest rate risk of the debt securities has not been hedged with interest rate swaps.
Carrying amounts and fair values of loans and borrowings * In thousands of euros At 31 December 2024 2023 Carrying amount Debt securities 126,300 133,950 Loan liabilities 57,066 37,532 Total carrying amount 183,366 171,482 Fair value Debt securities 128,422 134,251 Loan liabilities 61,577 37,632 Total fair value 189,999 171,883 * Due to inputs used, all measurements of fair value qualify as level 2 measurements in the fair value hierarchy.
Contractual maturities of loans and borrowings In thousands of euros At 31 December 2024 2023 < 6 months 2,252 5,298 6\u201312 months 9,933 10,533 1\u20135 years 167,650 152,066 > 5 years 5,000 5,500 Total loans and borrowings (note 4) 184,835 173,397
Change in liabilities arising from \ufb01nancing activities In thousands of euros 1 January 2024 Cash \ufb02ows from \ufb01nancing activities Accrued interest (note 23) 31 December 2024 Loan liabilities 37,532 19,534 0 57,066 Debt securities 133,950 \u20137,650 0 126,300 Interest liabilities 1,915 \u20138,655 8,209 1,469 Total 173,397 3,229 8,209 184,835 In thousands of euros 1 January 2023 Cash \ufb02ows from \ufb01nancing activities Accrued interest (note 23) 31 December 2023 Loan liabilities 45,798 \u20138,266 0 37,532 Debt securities 141,600 \u20137,650 0 133,950 Interest liabilities 1,012 \u20136,494 7,397 1,915 Total 188,410 \u201322,410 7,397 173,397
The fair value of loans and borrowings was calculated using the discounted cash \ufb02ow method. Future cash \ufb02ows were estimated based on forward interest rates (extrapolated from observable corporate yield curves and 3-month and 6-month Euribor swap rates at the end of the reporting period) and contractual interest rates, discounted at a rate that re\ufb02ected the credit risk of the Group. At 31 December 2024, the fair value of \ufb01nancial liabilities calculated using the discounted cash \ufb02ow method was 3.62% higher than their carrying amount (31 December 2023: 0.23% higher). The terms and conditions of the Group\u2019s loans and bonds set certain limits to the Group\u2019s consolidated \ufb01nancial indicators. At 31 December 2024 and 31 December 2023, the Group was in compliance with all \ufb01nancial covenants.
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Liquidity risk The Group manages its liquidity risk using a combination of the following solutions: available funds in current accounts, term deposits, overdra\ufb05s and other investment and working capital management solutions o\ufb00ered by banks, regular monitoring of cash \ufb02ows and matching the maturities of \ufb01nancial assets and liabilities. The liquidity bu\ufb00er, which is maintained and available upon short notice to be able to settle quickly the liabilities arising in the ordinary course of the Group\u2019s business, amounts to at least EUR 5 million. The liquidity reserve comprises of cash and cash equivalents, term deposits with original maturities of less than 3 months, and overdra\ufb05s where necessary. Management uses cash \ufb02ow forecasts to monitor changes in the Group\u2019s liquidity reserve on an ongoing basis and if the reserve falls below the required level, short-term external \ufb01nancing in the form of various debt instruments is used. The level of the minimum liquidity reserve must be at least EUR 2 million at any time. At 31 December 2024, current assets exceeded current liabilities by EUR 11.8 million (31 December 2023: by EUR 7.5 million). The Group is generating positive net cash \ufb02ow. Thus, it does not need additional \ufb01nancing for its daily operations. In the following liquidity analysis, the Group\u2019s \ufb01nancial liabilities are grouped by contractual maturity. The balances shown in the table are contractual undiscounted cash \ufb02ows, which comprise the principal and the accrued interest of interest-bearing loans and borrowings. On calculating interest accrued on interest-bearing loans and borrowings (bank loans and issued debt securities), the forward-looking yield curves of interest rate swap transactions from market information providers have been used as the basis for the Euribor forecast as follows: as at 27 January 2025 for the year-end 2024 and as at 11 January 2024 for the year-end 2023. For intra-Group management of subsidiaries\u2019 liquidity, internal credit limits are used, if necessary. Liquidity analysis In thousands of euros Loans outstanding * Debt securities issued ** Trade and other payables Total At 31 December 2024 < 6 months 1,260 1,462 8,040 10,762 6\u201312 months 3,183 9,621 0 12,803 1\u20135 years 52,002 123,971 0 175,972 > 5 years 5,175 0 0 5,175 Total 61,619 135,054 8,040 204,713 At 31 December 2023 < 6 months 3,629 2,068 9,874 15,571 6\u201312 months 4,841 10,515 0 15,357 1\u20135 years 27,082 136,249 0 163,330 > 5 years 5,847 0 0 5,847 Total 41,400 148,832 9,874 200,106 * Comprises principal outstanding of EUR 57,066 thousand (2023: EUR 37,532 thousand) and estimated total future interest payments of EUR 4,553 thousand (2023: EUR 3,868 thousand). ** Comprises principal outstanding of EUR 126,300 thousand (2023: EUR 133,950 thousand) and estimated total future interest payments of EUR 8,754 thousand (2023: EUR 14,882 thousand).
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Note 5. Signi\ufb01cant accounting estimates and judgements The preparation of \ufb01nancial statements requires the use of accounting estimates which, by de\ufb01nition, seldom equal actual results. Management also needs to exercise judgement in applying accounting policies. This note provides an overview of areas that involve a higher degree of judgement or complexity, and items which are more likely to be materially adjusted due to estimates and assumptions proving inaccurate. Classi\ufb01cation of assets leased out The Group owns land and buildings in its harbours, which it leases out to third parties under operating leases. Management has assessed whether the leased-out land and buildings should be classi\ufb01ed as property, plant and equipment or investment property. The Group has classi\ufb01ed all assets held to generate operating income from harbour activities by increasing cargo or passenger \ufb02ows and assets related to contracts for services whereby the Group purchases intermediation of services associated with its operating activities and bears revenue risk as items of property, plant and equipment. According to the assessment of the Group\u2019s management, the main objective of holding such assets is not to earn lease income; they are primarily held to increase revenue from operating activities. Accordingly, the main revenue related to those assets does not result from lease income. A property (an item of real estate) not in use but held for future development and not directly attributable to the Group\u2019s operating activities, which are aimed at increasing cargo and passenger \ufb02ows, or activities supporting the operating activities is recognised as an investment property. At 31 December 2024 and 31 December 2023, the total carrying amount of such assets was EUR 14,069 thousand. Useful lives of items of property, plant and equipment The Group owns a large amount of high-value infrastructure assets classi\ufb01ed as items of property, plant and equipment that have very long estimated useful lives (up to 50 years). The useful lives of such items of property, plant and equipment are based on management\u2019s best estimate of the period over which an asset is expected to be available for use. These estimates are based on historical experience with similar assets, because even though construction technologies evolve, the impact of new solutions on the physical and useful lives of such items of property, plant and equipment may not yet have been proved in practice. At 31 December 2024, the carrying amount of the Group\u2019s property, plant and equipment was EUR 554,280 thousand and depreciation for the year amounted to EUR 23,914 thousand. The respective \ufb01gures for 2023 were EUR 545,271 thousand and EUR 23,922 thousand (note 11). If depreciation rates were reduced by 10%, the annual depreciation charge would decrease and pro\ufb01t would increase by EUR 2,391 thousand (2023: EUR 2,392 thousand). The useful lives of property, plant and equipment are reviewed at each reporting date. If new estimates di\ufb00er signi\ufb01cantly from the previous ones, the changes are accounted for as changes in accounting estimates and applied prospectively.
Impairment of property, plant and equipment The Group assesses whether there is any indication that an item of property, plant and equipment may be impaired. If such indications exist, the recoverable amount of the asset is estimated and compared to its carrying amount in the statement of \ufb01nancial position. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. Fair value can be derived from recent transactions conducted by the Group with similar assets or measured with the assistance of professional valuators using the market information available to them. If the fair value of an asset cannot be determined reliably or is likely to be lower, a future cash \ufb02ow model is developed to calculate its value in use. Value in use calculations require estimates which are based on projections of general economic conditions, actual market trends, project-based cargo and/or passenger \ufb02ows and the price level of services sold, which are used as inputs to estimate future cash \ufb02ows expected to arise from the asset or cash-generating unit and to choose a suitable discount rate and growth rate to calculate present value. If circumstances change in the future, either an additional impairment loss is recognised or the previously recognised impairment loss is reversed either in part or in full. Assets are tested for impairment at the end of each reporting period when circumstances indicate that assets might be impaired or events that led to a previous write-down may have ceased to exist. Information about impairment losses is disclosed in note 11. Revenue recognition To recognise monthly and/or quarterly revenue, the Group needs to make signi\ufb01cant estimates about the expected annual vessel calls and/or cargo volumes. Such estimates are made based on the latest information available from customers and the latest market information available to the Group. See note 2, the section \u2018Revenue\u2019 for further details. Classi\ufb01cation of the contract for public transport service The Group owns four ferries, which it uses to provide domestic ferry service to the state (Republic of Estonia) under a public transport service contract secured through a public tender. According to the contract, the state has control of the volume and price of the ferry service the Group has to provide with its ferries. The state had the contractual option to purchase one to four of the ferries used to provide the ferry service, but on 29 September 2022 the Ministry of Economic A\ufb00airs and Communications announced that the Republic of Estonia as the customer of the ferry service did not wish to exercise the purchase option. Due to the nature of the contract terms and conditions, the government grant received may be considered part of the ticket sales revenue, which is why the Group has classi\ufb01ed the consideration received from the state as revenue from government grants.
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Financial assets In thousands of euros At 31 December 2024 2023 Financial assets carried at amortised cost 50,543 39,883 Cash and cash equivalents (note 7) 17,213 29,733 Term deposits with maturities of more than 3 months (note 7) 22,000 0 Trade receivables (note 8) 8,456 6,975 Other receivables (note 8) 2,874 3,175 Total \ufb01nancial assets 50,543 39,883
Financial liabilities In thousands of euros At 31 December 2024 2023 Financial liabilities carried at amortised cost 189,685 179,970 Trade and other payables \u2014 \ufb01nancial liabilities (note 15) 4,850 6,573 Loans and borrowings (note 17) 184,835 173,397 Total \ufb01nancial liabilities 189,685 179,970
Note 6. Financial instruments Financial instruments by category
Fair value According to the Group\u2019s estimates, the fair values of assets and liabilities measured at amortised cost do not di\ufb00er signi\ufb01cantly from their carrying amounts in the Group\u2019s consolidated statement of \ufb01nancial position as at 31 December 2024, except for loans and borrowings. For the purposes of disclosure, the fair value of loans and borrowings is found by discounting future contractual cash \ufb02ows at current market interest rates that would be available to the Group for similar \ufb01nancial instruments. The fair value of loans and borrowings was found by discounting future contractual cash \ufb02ows at the current market interest rates for similar \ufb01nancial instruments, determined based on the information published by Chatham Financial for the items as at 31 December 2024 and based on the rates available to companies with an S&P BBB rating (the rating indicated by the banks as the internal shadow rating for the Group) for the items as at 31 December 2023. A more detailed comparison of the carrying amounts and fair values of loans and borrowings is disclosed in note 17. The carrying amounts of trade receivables and trade payables, less any write-downs, are estimated to be equal to their fair values.
Carrying amounts and fair values of loans and borrowings * In thousands of euros At 31 December 2024 2023 Carrying amount Debt securities 126,300 133,950 Loan liabilities 57,066 37,532 Total carrying amount 183,366 171,482 Fair value Debt securities 128,422 134,251 Loan liabilities 61,577 37,632 Total fair value 189,999 171,883 * Due to inputs used, all measurements of fair value qualify as level 2 measurements in the fair value hierarchy.
The fair value of loans and borrowings was calculated using the discounted cash \ufb02ow method. Future cash \ufb02ows were estimated based on forward interest rates (extrapolated from observable corporate yield curves and 3-month and 6-month Euribor swap rates at the end of the reporting period) and contractual interest rates, discounted at a rate that re\ufb02ected the credit risk of the Group. At 31 December 2024, the fair value of \ufb01nancial liabilities calculated using the discounted cash \ufb02ow method was 3.62% higher than their carrying amount (31 December 2023: 0.23% higher). The terms and conditions of the Group\u2019s loans and bonds set certain limits to the Group\u2019s consolidated \ufb01nancial indicators. At 31 December 2024 and 31 December 2023, the Group was in compliance with all \ufb01nancial covenants.
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Fair value According to the Group\u2019s estimates, the fair values of assets and liabilities measured at amortised cost do not di\ufb00er signi\ufb01cantly from their carrying amounts in the Group\u2019s consolidated statement of \ufb01nancial position as at 31 December 2024, except for loans and borrowings. For the purposes of disclosure, the fair value of loans and borrowings is found by discounting future contractual cash \ufb02ows at current market interest rates that would be available to the Group for similar \ufb01nancial instruments. The fair value of loans and borrowings was found by discounting future contractual cash \ufb02ows at the current market interest rates for similar \ufb01nancial instruments, determined based on the information published by Chatham Financial for the items as at 31 December 2024 and based on the rates available to companies with an S&P BBB rating (the rating indicated by the banks as the internal shadow rating for the Group) for the items as at 31 December 2023. A more detailed comparison of the carrying amounts and fair values of loans and borrowings is disclosed in note 17. The carrying amounts of trade receivables and trade payables, less any write-downs, are estimated to be equal to their fair values.
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At 31 December 2024 and 31 December 2023, there were no restrictions
on the use of the Group\u2019s cash and cash equivalents.
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Changes in investments in an associate In thousands of euros At 31 December 2024 2023 Carrying amount at beginning of period 2,177 2,099 Share of pro\ufb01t under the equity method 487 435 Dividends paid 0 \u2013357 Carrying amount at end of period 2,664 2,177 Note 9. Investments in an associate AS Green Marine The associate is a waste management company established in 2003. Its principal place of business and country of incorporation is Estonia. The associate prepares its \ufb01nancial statements in accordance with the Estonian Financial Reporting Standard. AS Tallinna Sadam holds 51% (both as at 31 December 2024 and 31 December 2023) of the ownership interest and voting rights in AS Green Marine and two other shareholders hold the remaining interest. However, to have control of AS Green Marine, the Group\u2019s voting or contractual rights should be substantive and provide the Group with the ability to direct AS Green Marine\u2019s activities. The articles of association of AS Green Marine specify that at least 75% of voting rights are required to make decisions about the entity\u2019s activities. Even though AS Tallinna Sadam can block any decision, it does not have control of AS Green Marine because it needs the consent of the other shareholders for the adoption of a decision. Thus, the Group does not have control of the entity. AS Green Marine is involved in the management of port waste, the management, administration and operation of treatment facilities for hazardous ship-generated waste and wastewater, and the cleaning and maintenance of port basins and port areas. The Group\u2019s investments in the associate are accounted for using the equity method in these consolidated \ufb01nancial statements.
Associate AS Green Marine In thousands of euros At 31 December 2024 2023 Current assets 695 691 Non-current assets 10,320 9,042 Current liabilities 1,874 1,907 Non-current liabilities 3,919 3,558 The above amounts of assets and liabilities include the following: Current loans and borrowings 1,052 1,125 Non-current loans and borrowings 3,829 3,446 * At 31 December 2024, the company had an overdra\ufb05 liability of EUR 157 thousand (31 December 2023: EUR 472 thousand), which is presented within current loans and borrowings. AS Tallinna Sadam has no obligation to provide additional \ufb01nancial or other support to AS Green Marine.
In thousands of euros 2024 2023 Revenue 7,743 7,401 Pro\ufb01t for the period from continuing operations 955 853 Pro\ufb01t for the period 955 853 Total comprehensive income for the period 955 853 The above pro\ufb01t for the period includes the following: Depreciation, amortisation and impairment 844 534 Interest expense 293 144 Income tax expense 0 160
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Changes in investments in an associate In thousands of euros At 31 December 2024 2023 Carrying amount at beginning of period 2,177 2,099 Share of pro\ufb01t under the equity method 487 435 Dividends paid 0 \u2013357 Carrying amount at end of period 2,664 2,177 Note 9. Investments in an associate AS Green Marine The associate is a waste management company established in 2003. Its principal place of business and country of incorporation is Estonia. The associate prepares its \ufb01nancial statements in accordance with the Estonian Financial Reporting Standard. AS Tallinna Sadam holds 51% (both as at 31 December 2024 and 31 December 2023) of the ownership interest and voting rights in AS Green Marine and two other shareholders hold the remaining interest. However, to have control of AS Green Marine, the Group\u2019s voting or contractual rights should be substantive and provide the Group with the ability to direct AS Green Marine\u2019s activities. The articles of association of AS Green Marine specify that at least 75% of voting rights are required to make decisions about the entity\u2019s activities. Even though AS Tallinna Sadam can block any decision, it does not have control of AS Green Marine because it needs the consent of the other shareholders for the adoption of a decision. Thus, the Group does not have control of the entity. AS Green Marine is involved in the management of port waste, the management, administration and operation of treatment facilities for hazardous ship-generated waste and wastewater, and the cleaning and maintenance of port basins and port areas. The Group\u2019s investments in the associate are accounted for using the equity method in these consolidated \ufb01nancial statements.
Associate AS Green Marine In thousands of euros At 31 December 2024 2023 Current assets 695 691 Non-current assets 10,320 9,042 Current liabilities 1,874 1,907 Non-current liabilities 3,919 3,558 The above amounts of assets and liabilities include the following: Current loans and borrowings 1,052 1,125 Non-current loans and borrowings 3,829 3,446 * At 31 December 2024, the company had an overdra\ufb05 liability of EUR 157 thousand (31 December 2023: EUR 472 thousand), which is presented within current loans and borrowings. AS Tallinna Sadam has no obligation to provide additional \ufb01nancial or other support to AS Green Marine.
In thousands of euros 2024 2023 Revenue 7,743 7,401 Pro\ufb01t for the period from continuing operations 955 853 Pro\ufb01t for the period 955 853 Total comprehensive income for the period 955 853 The above pro\ufb01t for the period includes the following: Depreciation, amortisation and impairment 844 534 Interest expense 293 144 Income tax expense 0 160
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Changes in investments in an associate In thousands of euros At 31 December 2024 2023 Carrying amount at beginning of period 2,177 2,099 Share of pro\ufb01t under the equity method 487 435 Dividends paid 0 \u2013357 Carrying amount at end of period 2,664 2,177 Note 9. Investments in an associate AS Green Marine The associate is a waste management company established in 2003. Its principal place of business and country of incorporation is Estonia. The associate prepares its \ufb01nancial statements in accordance with the Estonian Financial Reporting Standard. AS Tallinna Sadam holds 51% (both as at 31 December 2024 and 31 December 2023) of the ownership interest and voting rights in AS Green Marine and two other shareholders hold the remaining interest. However, to have control of AS Green Marine, the Group\u2019s voting or contractual rights should be substantive and provide the Group with the ability to direct AS Green Marine\u2019s activities. The articles of association of AS Green Marine specify that at least 75% of voting rights are required to make decisions about the entity\u2019s activities. Even though AS Tallinna Sadam can block any decision, it does not have control of AS Green Marine because it needs the consent of the other shareholders for the adoption of a decision. Thus, the Group does not have control of the entity. AS Green Marine is involved in the management of port waste, the management, administration and operation of treatment facilities for hazardous ship-generated waste and wastewater, and the cleaning and maintenance of port basins and port areas. The Group\u2019s investments in the associate are accounted for using the equity method in these consolidated \ufb01nancial statements.
Associate AS Green Marine In thousands of euros At 31 December 2024 2023 Current assets 695 691 Non-current assets 10,320 9,042 Current liabilities 1,874 1,907 Non-current liabilities 3,919 3,558 The above amounts of assets and liabilities include the following: Current loans and borrowings 1,052 1,125 Non-current loans and borrowings 3,829 3,446 * At 31 December 2024, the company had an overdra\ufb05 liability of EUR 157 thousand (31 December 2023: EUR 472 thousand), which is presented within current loans and borrowings. AS Tallinna Sadam has no obligation to provide additional \ufb01nancial or other support to AS Green Marine.
In thousands of euros 2024 2023 Revenue 7,743 7,401 Pro\ufb01t for the period from continuing operations 955 853 Pro\ufb01t for the period 955 853 Total comprehensive income for the period 955 853 The above pro\ufb01t for the period includes the following: Depreciation, amortisation and impairment 844 534 Interest expense 293 144 Income tax expense 0 160
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Changes in investments in an associate In thousands of euros At 31 December 2024 2023 Carrying amount at beginning of period 2,177 2,099 Share of pro\ufb01t under the equity method 487 435 Dividends paid 0 \u2013357 Carrying amount at end of period 2,664 2,177 Note 9. Investments in an associate AS Green Marine The associate is a waste management company established in 2003. Its principal place of business and country of incorporation is Estonia. The associate prepares its \ufb01nancial statements in accordance with the Estonian Financial Reporting Standard. AS Tallinna Sadam holds 51% (both as at 31 December 2024 and 31 December 2023) of the ownership interest and voting rights in AS Green Marine and two other shareholders hold the remaining interest. However, to have control of AS Green Marine, the Group\u2019s voting or contractual rights should be substantive and provide the Group with the ability to direct AS Green Marine\u2019s activities. The articles of association of AS Green Marine specify that at least 75% of voting rights are required to make decisions about the entity\u2019s activities. Even though AS Tallinna Sadam can block any decision, it does not have control of AS Green Marine because it needs the consent of the other shareholders for the adoption of a decision. Thus, the Group does not have control of the entity. AS Green Marine is involved in the management of port waste, the management, administration and operation of treatment facilities for hazardous ship-generated waste and wastewater, and the cleaning and maintenance of port basins and port areas. The Group\u2019s investments in the associate are accounted for using the equity method in these consolidated \ufb01nancial statements.
Associate AS Green Marine In thousands of euros At 31 December 2024 2023 Current assets 695 691 Non-current assets 10,320 9,042 Current liabilities 1,874 1,907 Non-current liabilities 3,919 3,558 The above amounts of assets and liabilities include the following: Current loans and borrowings 1,052 1,125 Non-current loans and borrowings 3,829 3,446 * At 31 December 2024, the company had an overdra\ufb05 liability of EUR 157 thousand (31 December 2023: EUR 472 thousand), which is presented within current loans and borrowings. AS Tallinna Sadam has no obligation to provide additional \ufb01nancial or other support to AS Green Marine.
In thousands of euros 2024 2023 Revenue 7,743 7,401 Pro\ufb01t for the period from continuing operations 955 853 Pro\ufb01t for the period 955 853 Total comprehensive income for the period 955 853 The above pro\ufb01t for the period includes the following: Depreciation, amortisation and impairment 844 534 Interest expense 293 144 Income tax expense 0 160
In thousands of euros 2024 2023 Transactions with an associate Revenue 79 78 Operating expenses 2,083 1,990 Transactions with companies in which members of supervisory and management boards of Group companies have signi\ufb01cant in\ufb02uence * Revenue 1 1 Operating expenses 13 30 Other expenses 10 20 Transactions with government agencies and companies in which the state has control or signi\ufb01cant in\ufb02uence Revenue 27,913 26,886 Of which public transport support (note 20) 21,304 20,640 Of which charter fees (note 20) 5,510 5,466 Other income 646 100 Operating expenses 7,654 6,041 Of which electricity and network charges 3,360 2,059 Of which port dues 3,418 3,218 Other expenses 46 22 Purchase of property, plant and equipment 929 0 Transactions with the members of the Group\u2019s supervisory board and management board Short-term bene\ufb01ts 1,421 1,075 Social security charges 468 355 Note 24. Related party transactions 67.03% of the shares in AS Tallinna Sadam are held by the Republic of Estonia (through the Ministry of Climate). * At 31 December 2024 and 31 December 2023 the Group did not have receivables from or liabilities to companies in which the members of the supervisory and management boards of group companies have signi\ufb01cant in\ufb02uence.
In thousands of euros seisuga 31.12. 2024 2023 Trade receivables from and payables to an associate Receivables (note 8) 10 9 Payables (note 15) 192 193 Trade receivables from and payables to government agencies and companies in which the state has control or signi\ufb01cant in\ufb02uence Receivables* 2,185 2,201 Payables 19,422 7,601 Short-term bene\ufb01ts payable to the members of the Group\u2019s supervisory board and management board Payables 464 287 * No receivables from related parties were written down in 2024 or 2023. All purchases and sales of services were transactions conducted in the ordinary course of business on an arm\u2019s length basis. Revenue and operating expenses from transactions with related parties comprise only revenue and expenses from sales and purchases of business-related services. Information presented on companies over which members of the supervisory and management boards of Group companies have signi\ufb01cant in\ufb02uence is based on the declarations presented in respect of the related parties. Based on the service contracts in force, at 31 December 2024 AS Tallinna Sadam had the obligation to pay its members of the management board (who are regarded as the key management personnel) bene\ufb01ts equal to their three months\u2019 remuneration (EUR 122.0 thousand in 2024 and EUR 99.0 thousand in 2023) if the members of the management board were removed from o\ufb03ce. In addition, AS Tallinna Sadam has the obligation to pay the members of the management board monthly compensation equal to 50% of their monthly remuneration for a period of 12 months a\ufb05er the expiry of their contracts for compliance with the non-compete obligations (EUR 245 thousand in 2024 and EUR 197.9 thousand in 2023). Based on the service contracts in force, at 31 December 2024 the subsidiaries of AS Tallinna Sadam had the obligation to pay their members of the management board bene\ufb01ts equal to their three months\u2019 remuneration if the members of the management board were removed from o\ufb03ce (EUR 142.1 thousand in 2024 and EUR 135.4 thousand in 2023).
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In thousands of euros 31.12.2024 31.12.2023 Land measured at cost 14,069 14,069 Direct property management expenses 128 186 Of which expenses on investment property generating lease income 1 1
Investment properties leased out In thousands of euros 31.12.2024 31.12.2023 Land measured at cost 396 396 In thousands of euros 31.12.2024 31.12.2023 Lease income on investment properties (note 20) 7 1 Rental income receivable in future periods < 1 years 7 6 2 years 7 13 Total future lease income 14 19
Note 10. Investment properties The properties classi\ufb01ed as investment properties have the prospects of being directly or indirectly associated with port operations (production activities related to maritime transport, etc.), which is why their value is in\ufb02uenced by the realisation of speci\ufb01c projects. In addition, most of the properties are located in an area where the market activity is relatively low. The future value of the properties, which are located in the area of Muuga Harbour, will also be a\ufb00ected by the precise location of the route of Rail Baltica and the resulting positive and negative implications for the individual properties. As a result, the fair value of the investment properties cannot be measured reliably. The Group did not have any binding commitments related to the investment properties as at 31 December 2024 and 31 December 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:25490093MDYISEP1Y539", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-295": { "value": "
Investment properties leased out In thousands of euros 31.12.2024 31.12.2023 Land measured at cost 396 396 In thousands of euros 31.12.2024 31.12.2023 Lease income on investment properties (note 20) 7 1 Rental income receivable in future periods < 1 years 7 6 2 years 7 13 Total future lease income 14 19
Items of property, plant and equipment (PPE) leased out under operating leases In thousands of euros Land Incl. with the right of super\ufb01cies Buildings Plant and equipment Other items of PPE Total Property, plant and equipment at 31 December 2022 Cost 44,710 37,201 20,133 214 1,966 67,023 Depreciation 0 0 \u201311,287 \u2013104 \u20131,699 \u201313,090 Carrying amount at 31 December 2022 44,710 37,201 8,846 110 267 53,933 Additions 5,158 13 126 0 0 5,284 Expiry and cancellation \u20131,352 0 \u2013369 \u20136 \u201390 \u20131,817 Depreciation 0 0 \u2013493 \u20139 \u201357 \u2013559 Property, plant and equipment at 31 December 2023 Cost 48,516 37,214 19,660 190 1,801 70,167 Depreciation 0 0 \u201311,550 \u201395 \u20131,681 \u201313,326 Carrying amount at 31 December 2023 48,516 37,214 8,110 95 120 56,841 Additions 1,326 94 86 0 0 1,412 Expiry and cancellation \u20138,376 \u20131,413 \u2013153 0 0 \u20138,529 Depreciation 0 0 \u2013458 \u20139 \u201332 \u2013499 Property, plant and equipment at 31 December 2024 Cost 41,466 35,895 19,249 190 1,801 62,706 Depreciation 0 0 \u201311,664 \u2013104 \u20131,713 \u201313,481 Carrying amount at 31 December 2024 41,466 35,895 7,585 86 88 49,225 Note 13. Leases
Lease income from property, plant and equipment (PPE) leased out under operating leases In thousands of euros 2024 2023 Land 4,230 8,323 Buildings 8,532 4,118 Plant and equipment 1,354 1,261 Other items of PPE 24 24 Total lease income from property, plant and equipment leased out under operating leases (note 20) 14,140 13,726 Of which \ufb01xed lease income 19 188 Undiscounted future lease payments receivable In thousands of euros At 31 December 2024 2023 < 1 year 10,388 10,861 1\u20132 years 9,948 10,084 2\u20133 years 9,856 9,904 3\u20134 years 9,541 9,852 4\u20135 years 9,531 9,798 > 5 years 230,086 319,870 Total undiscounted future lease receivables under existing contracts * 279,350 370,369 * The decrease in the undiscounted future lease receivables under existing contracts as at 31 December 2024 is due to the declaration of the bankruptcy of a counterparty which was contested in court in 2024 (note 27).
Operating leases are agreements whereby the lessor transfers to the lessee the right to use an asset on the agreed terms for an agreed period in return for a payment or series of payments. Operating lease contracts are entered into for periods ranging from 2 years to 26 years. Operating lease rentals can generally be increased once a year based on changes in the consumer price index for the previous year (depending on the contract, either based on the relevant index for Estonia, the euro area, or Germany). Improvements made to a leased asset by the lessee are normally not compensated by the lessor at the end of the lease term. Under the right of super\ufb01cies contracts, many signi\ufb01cant risks and rewards from the possession of the asset (land) are transferred to the lessees. However, as land has an unlimited economic life, there are signi\ufb01cant risks and rewards associated with the land at the end of the lease term, which do not pass to the lessee. Therefore, the right of super\ufb01cies contracts are accounted for as operating leases. The right of super\ufb01cies contracts entered into by the Group and its customers set out payments for the right of super\ufb01cies and the duration of the contract (mostly in the range of 36 years to 62 years). Payments for the right of super\ufb01cies are generally subject to an increase a\ufb05er a certain period has passed, based mostly either on changes in the tax assessed value of land (for older contracts) or changes in the consumer price index (for more recent contracts). Contractual payments for rights of super\ufb01cies are generally not covered by guarantees. At the expiry of a contract the lessee generally has the right to remove the facilities erected on the land under the right of super\ufb01cies; to apply for an extension of the term of the right of super\ufb01cies contract up until the end of the remaining economic life of the facilities; or to receive compensation from the lessor for the usual value of the facilities (see also note 27).
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:25490093MDYISEP1Y539", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-296": { "value": "
In thousands of euros Land and buildings Plant and equipment Other items of property, plant and equipment Assets under construction * Prepayments Total At 31 December 2022 Cost 635,061 254,747 8,835 10,748 1,039 910,430 Accumulated depreciation and impairment losses \u2013248,048 \u2013105,479 \u20136,593 0 0 \u2013360,120 Carrying amount at 31 December 2022 387,013 149,268 2,242 10,748 1,039 550,310 Movements in 2023 Purchases and reconstruction (note 26) 243 1,752 323 14,762 2,757 19,837 Sales at carrying amount ** 0 \u201328 0 0 0 \u201328 Depreciation charge \u201312,071 \u201311,199 \u2013652 0 0 \u201323,922 Impairment losses \u201319 \u2013569 \u2013338 0 0 \u2013926 Reclassi\ufb01ed at carrying amount 7,646 8,259 307 \u201315,014 \u20131,198 0 At 31 December 2023 Cost 642,767 261,522 8,416 10,496 2,598 925,799 Accumulated depreciation and impairment losses \u2013259,955 \u2013114,039 \u20136,534 0 0 \u2013380,528 Carrying amount at 31 December 2023 382,812 147,483 1,882 10,496 2,598 545,271 Movements in 2024 Purchases and reconstruction (note 26) 637 1,819 222 35,579 0 38,257 Sales at carrying amount ** \u2013644 0 0 0 0 \u2013644 Depreciation charge \u201311,993 \u201311,299 \u2013622 0 0 \u201323,914 Impairment losses \u2013245 \u2013255 0 0 0 \u2013500 Reclassi\ufb01ed to non-current assets held for sale at carrying amount *** \u20133,987 \u2013203 0 0 0 \u20134,190 Reclassi\ufb01ed at carrying amount 3,601 2,971 13 \u20136,027 \u2013558 0 At 31 December 2024 Cost 641,820 265,314 8,503 40,048 2,040 957,725 Accumulated depreciation and impairment losses \u2013271,639 \u2013124,798 \u20137,008 0 0 \u2013403,445 Carrying amount at 31 December 2024 370,181 140,516 1,495 40,048 2,040 554,280 Note 11. Property, plant and equipment
* At 31 December 2024, assets under construction of EUR 40,048 thousand included the following major items: \u2022 the construction of quay 6A at Paldiski South Harbour of EUR 38,933 thousand \u2022 the design work related to the area of Terminal A of EUR 809 thousand * At 31 December 2023, assets under construction of EUR 10,496 thousand included the following major items: \u2022 the construction of quay 6A at Paldiski South Harbour of EUR 7,303 thousand; \u2022 the reconstruction of quay 21 in Old City Harbour of EUR 1,249 thousand; \u2022 the design and construction of a new workshop at Lasti tee 6 at Muuga Harbour of EUR 1,247 thousand. ** At 31 December 2024, the cost and accumulated depreciation of property, plant and equipment that was sold were EUR 957 thousand (2023: EUR 857 thousand) and EUR 313 thousand (2023: EUR 829 thousand), respectively. *** At 31 December 2024, items reclassi\ufb01ed to non-current assets held for sale included 10 properties of EUR 3,987 thousand in total that were reclassi\ufb01ed in connection with the construction of the Rail Baltica Freight Terminal at Muuga Harbour and 2 replaced engines of the ferry Piret of EUR 203 thousand (31 December 2023: nil). 8 properties of EUR 854.7 thousand in total were reclassi\ufb01ed to non-current assets held for sale at cost and 2 properties and the 2 engines were reclassi\ufb01ed at an amount reduced by impairment (see the line item \u2018Impairment losses\u2019). The properties and the engines will be sold in 2025. The Group\u2019s assets have not been pledged. At 31 December 2024, the (gross) carrying amount of fully depreciated items still in use was EUR 46,871 thousand (31 December 2023: EUR 45,427 thousand). Commitments related to property, plant and equipment are disclosed in note 25.
In 2024, the Group recognised the following impairment losses consisting of write-downs of EUR 500 thousand within \u2018Depreciation, amortisation and impairment\u2019 in the statement of comprehensive income: \u2022 the write-down of properties of EUR 245 thousand \u2022 the write-down of the replaced engines of the ferry Piret to their sales price of EUR 255 thousand In 2023, the Group recognised the following impairment losses consisting of write-o\ufb00s and write- downs of EUR 926 thousand within \u2018Depreciation, amortisation and impairment\u2019 in the statement of comprehensive income: \u2022 the write-down of a \ufb02oating ramp of EUR 47 thousand; \u2022 reclassi\ufb01cations resulting from the change in the threshold for recognising assets as non-current of EUR 879 thousand, comprising: \u2022 Items of plant and equipment of EUR 521 thousand; \u2022 Other equipment and \ufb01xtures of EUR 339 thousand; \u2022 Connection fees of EUR 19 thousand.
The cash-generating units at risk of impairment due to a decrease in operating volumes in recent years were tested for impairment as at 31 December 2024. Such cash-generating units included quays in the Cargo harbours segment with a total period-end carrying amount of EUR 50,602 thousand. The recoverable amounts were estimated using the discounted cash \ufb02ow method on the basis of contracts in force, operators\u2019 forecasts and the Group\u2019s estimates of future developments in the use of the underlying assets. In connection with expected developments and projects under negotiation, it was assumed that during the next \ufb01ve years the revenues generated by the three quays in the eastern part of Muuga Harbour (Cargo harbours segment) will increase by EUR 199 thousand per year on average. The discounted cash \ufb02ows were projected using a discount rate of 8.72% (2023: 9.25%), which was found, among other things, using the measurement model for \ufb01nancial assets and validated comparative data. It was assumed that from 2030 onward the revenues and expenses of both cash-generating units would grow at the rate of 2% per year (2023: 2%). No impairment was identi\ufb01ed as a result of the testing and therefore the assets were not written down. The assumption with the strongest impact on the value of the assets is the increase in the revenue generated by the three quays in the eastern part of Muuga Harbour (Cargo harbours segment). A change in revenue by EUR 100 thousand per year would have an EUR 797 thousand impact on the value of the quays. In thousands of euros Carrying amount at 31 December 2024 Discount rate (%) Di\ufb00erence between recoverable amount and carrying amount Change in value of assets on +1 pp change in the discount rate 3 quays in the eastern part of Muuga Harbour 6,744 8.72% 203 \u2013827 Ro-ro and container cargo quays in Muuga Harbour 43,858 8.72% 6,597 177
In thousands of euros Computer so\ufb05ware So\ufb05ware under construction Total At 31 December 2022 Cost 5,086 690 5,776 Accumulated amortisation and impairment losses \u20134,041 0 \u20134,041 Carrying amount at 31 December 2022 1,045 690 1,735 Movements in 2023 Purchases and upgrades (note 26) 111 778 889 Amortisation charge \u2013540 0 \u2013540 Impairment losses \u20131 0 \u20131 Reclassi\ufb01cation from assets under construction 1,188 \u20131,188 0 At 31 December 2023 Cost 6,369 280 6,649 Accumulated amortisation and impairment losses \u20134,566 0 \u20134,566 Carrying amount at 31 December 2023 1,803 280 2,083 Movements in 2024 Purchases and upgrades (note 26) 0 574 574 Amortisation charge \u2013419 0 \u2013419 Reclassi\ufb01cation from assets under construction 124 \u2013124 0 At 31 December 2024 Cost 6,460 730 7,190 Accumulated amortisation and impairment losses \u20134,952 0 \u20134,952 Carrying amount at 31 December 2024 1,508 730 2,238 Note 12. Intangible assets
Items of property, plant and equipment (PPE) leased out under operating leases In thousands of euros Land Incl. with the right of super\ufb01cies Buildings Plant and equipment Other items of PPE Total Property, plant and equipment at 31 December 2022 Cost 44,710 37,201 20,133 214 1,966 67,023 Depreciation 0 0 \u201311,287 \u2013104 \u20131,699 \u201313,090 Carrying amount at 31 December 2022 44,710 37,201 8,846 110 267 53,933 Additions 5,158 13 126 0 0 5,284 Expiry and cancellation \u20131,352 0 \u2013369 \u20136 \u201390 \u20131,817 Depreciation 0 0 \u2013493 \u20139 \u201357 \u2013559 Property, plant and equipment at 31 December 2023 Cost 48,516 37,214 19,660 190 1,801 70,167 Depreciation 0 0 \u201311,550 \u201395 \u20131,681 \u201313,326 Carrying amount at 31 December 2023 48,516 37,214 8,110 95 120 56,841 Additions 1,326 94 86 0 0 1,412 Expiry and cancellation \u20138,376 \u20131,413 \u2013153 0 0 \u20138,529 Depreciation 0 0 \u2013458 \u20139 \u201332 \u2013499 Property, plant and equipment at 31 December 2024 Cost 41,466 35,895 19,249 190 1,801 62,706 Depreciation 0 0 \u201311,664 \u2013104 \u20131,713 \u201313,481 Carrying amount at 31 December 2024 41,466 35,895 7,585 86 88 49,225 Note 13. Leases
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:25490093MDYISEP1Y539", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-297": { "value": "
In thousands of euros Land and buildings Plant and equipment Other items of property, plant and equipment Assets under construction * Prepayments Total At 31 December 2022 Cost 635,061 254,747 8,835 10,748 1,039 910,430 Accumulated depreciation and impairment losses \u2013248,048 \u2013105,479 \u20136,593 0 0 \u2013360,120 Carrying amount at 31 December 2022 387,013 149,268 2,242 10,748 1,039 550,310 Movements in 2023 Purchases and reconstruction (note 26) 243 1,752 323 14,762 2,757 19,837 Sales at carrying amount ** 0 \u201328 0 0 0 \u201328 Depreciation charge \u201312,071 \u201311,199 \u2013652 0 0 \u201323,922 Impairment losses \u201319 \u2013569 \u2013338 0 0 \u2013926 Reclassi\ufb01ed at carrying amount 7,646 8,259 307 \u201315,014 \u20131,198 0 At 31 December 2023 Cost 642,767 261,522 8,416 10,496 2,598 925,799 Accumulated depreciation and impairment losses \u2013259,955 \u2013114,039 \u20136,534 0 0 \u2013380,528 Carrying amount at 31 December 2023 382,812 147,483 1,882 10,496 2,598 545,271 Movements in 2024 Purchases and reconstruction (note 26) 637 1,819 222 35,579 0 38,257 Sales at carrying amount ** \u2013644 0 0 0 0 \u2013644 Depreciation charge \u201311,993 \u201311,299 \u2013622 0 0 \u201323,914 Impairment losses \u2013245 \u2013255 0 0 0 \u2013500 Reclassi\ufb01ed to non-current assets held for sale at carrying amount *** \u20133,987 \u2013203 0 0 0 \u20134,190 Reclassi\ufb01ed at carrying amount 3,601 2,971 13 \u20136,027 \u2013558 0 At 31 December 2024 Cost 641,820 265,314 8,503 40,048 2,040 957,725 Accumulated depreciation and impairment losses \u2013271,639 \u2013124,798 \u20137,008 0 0 \u2013403,445 Carrying amount at 31 December 2024 370,181 140,516 1,495 40,048 2,040 554,280 Note 11. Property, plant and equipment
* At 31 December 2024, assets under construction of EUR 40,048 thousand included the following major items: \u2022 the construction of quay 6A at Paldiski South Harbour of EUR 38,933 thousand \u2022 the design work related to the area of Terminal A of EUR 809 thousand * At 31 December 2023, assets under construction of EUR 10,496 thousand included the following major items: \u2022 the construction of quay 6A at Paldiski South Harbour of EUR 7,303 thousand; \u2022 the reconstruction of quay 21 in Old City Harbour of EUR 1,249 thousand; \u2022 the design and construction of a new workshop at Lasti tee 6 at Muuga Harbour of EUR 1,247 thousand. ** At 31 December 2024, the cost and accumulated depreciation of property, plant and equipment that was sold were EUR 957 thousand (2023: EUR 857 thousand) and EUR 313 thousand (2023: EUR 829 thousand), respectively. *** At 31 December 2024, items reclassi\ufb01ed to non-current assets held for sale included 10 properties of EUR 3,987 thousand in total that were reclassi\ufb01ed in connection with the construction of the Rail Baltica Freight Terminal at Muuga Harbour and 2 replaced engines of the ferry Piret of EUR 203 thousand (31 December 2023: nil). 8 properties of EUR 854.7 thousand in total were reclassi\ufb01ed to non-current assets held for sale at cost and 2 properties and the 2 engines were reclassi\ufb01ed at an amount reduced by impairment (see the line item \u2018Impairment losses\u2019). The properties and the engines will be sold in 2025. The Group\u2019s assets have not been pledged. At 31 December 2024, the (gross) carrying amount of fully depreciated items still in use was EUR 46,871 thousand (31 December 2023: EUR 45,427 thousand). Commitments related to property, plant and equipment are disclosed in note 25.
In 2024, the Group recognised the following impairment losses consisting of write-downs of EUR 500 thousand within \u2018Depreciation, amortisation and impairment\u2019 in the statement of comprehensive income: \u2022 the write-down of properties of EUR 245 thousand \u2022 the write-down of the replaced engines of the ferry Piret to their sales price of EUR 255 thousand In 2023, the Group recognised the following impairment losses consisting of write-o\ufb00s and write- downs of EUR 926 thousand within \u2018Depreciation, amortisation and impairment\u2019 in the statement of comprehensive income: \u2022 the write-down of a \ufb02oating ramp of EUR 47 thousand; \u2022 reclassi\ufb01cations resulting from the change in the threshold for recognising assets as non-current of EUR 879 thousand, comprising: \u2022 Items of plant and equipment of EUR 521 thousand; \u2022 Other equipment and \ufb01xtures of EUR 339 thousand; \u2022 Connection fees of EUR 19 thousand.
The cash-generating units at risk of impairment due to a decrease in operating volumes in recent years were tested for impairment as at 31 December 2024. Such cash-generating units included quays in the Cargo harbours segment with a total period-end carrying amount of EUR 50,602 thousand. The recoverable amounts were estimated using the discounted cash \ufb02ow method on the basis of contracts in force, operators\u2019 forecasts and the Group\u2019s estimates of future developments in the use of the underlying assets. In connection with expected developments and projects under negotiation, it was assumed that during the next \ufb01ve years the revenues generated by the three quays in the eastern part of Muuga Harbour (Cargo harbours segment) will increase by EUR 199 thousand per year on average. The discounted cash \ufb02ows were projected using a discount rate of 8.72% (2023: 9.25%), which was found, among other things, using the measurement model for \ufb01nancial assets and validated comparative data. It was assumed that from 2030 onward the revenues and expenses of both cash-generating units would grow at the rate of 2% per year (2023: 2%). No impairment was identi\ufb01ed as a result of the testing and therefore the assets were not written down. The assumption with the strongest impact on the value of the assets is the increase in the revenue generated by the three quays in the eastern part of Muuga Harbour (Cargo harbours segment). A change in revenue by EUR 100 thousand per year would have an EUR 797 thousand impact on the value of the quays. In thousands of euros Carrying amount at 31 December 2024 Discount rate (%) Di\ufb00erence between recoverable amount and carrying amount Change in value of assets on +1 pp change in the discount rate 3 quays in the eastern part of Muuga Harbour 6,744 8.72% 203 \u2013827 Ro-ro and container cargo quays in Muuga Harbour 43,858 8.72% 6,597 177
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:25490093MDYISEP1Y539", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-298": { "value": "
In 2024, the Group recognised the following impairment losses consisting of write-downs of EUR 500 thousand within \u2018Depreciation, amortisation and impairment\u2019 in the statement of comprehensive income: \u2022 the write-down of properties of EUR 245 thousand \u2022 the write-down of the replaced engines of the ferry Piret to their sales price of EUR 255 thousand In 2023, the Group recognised the following impairment losses consisting of write-o\ufb00s and write- downs of EUR 926 thousand within \u2018Depreciation, amortisation and impairment\u2019 in the statement of comprehensive income: \u2022 the write-down of a \ufb02oating ramp of EUR 47 thousand; \u2022 reclassi\ufb01cations resulting from the change in the threshold for recognising assets as non-current of EUR 879 thousand, comprising: \u2022 Items of plant and equipment of EUR 521 thousand; \u2022 Other equipment and \ufb01xtures of EUR 339 thousand; \u2022 Connection fees of EUR 19 thousand.
The cash-generating units at risk of impairment due to a decrease in operating volumes in recent years were tested for impairment as at 31 December 2024. Such cash-generating units included quays in the Cargo harbours segment with a total period-end carrying amount of EUR 50,602 thousand. The recoverable amounts were estimated using the discounted cash \ufb02ow method on the basis of contracts in force, operators\u2019 forecasts and the Group\u2019s estimates of future developments in the use of the underlying assets. In connection with expected developments and projects under negotiation, it was assumed that during the next \ufb01ve years the revenues generated by the three quays in the eastern part of Muuga Harbour (Cargo harbours segment) will increase by EUR 199 thousand per year on average. The discounted cash \ufb02ows were projected using a discount rate of 8.72% (2023: 9.25%), which was found, among other things, using the measurement model for \ufb01nancial assets and validated comparative data. It was assumed that from 2030 onward the revenues and expenses of both cash-generating units would grow at the rate of 2% per year (2023: 2%). No impairment was identi\ufb01ed as a result of the testing and therefore the assets were not written down. The assumption with the strongest impact on the value of the assets is the increase in the revenue generated by the three quays in the eastern part of Muuga Harbour (Cargo harbours segment). A change in revenue by EUR 100 thousand per year would have an EUR 797 thousand impact on the value of the quays. In thousands of euros Carrying amount at 31 December 2024 Discount rate (%) Di\ufb00erence between recoverable amount and carrying amount Change in value of assets on +1 pp change in the discount rate 3 quays in the eastern part of Muuga Harbour 6,744 8.72% 203 \u2013827 Ro-ro and container cargo quays in Muuga Harbour 43,858 8.72% 6,597 177
In thousands of euros Computer so\ufb05ware So\ufb05ware under construction Total At 31 December 2022 Cost 5,086 690 5,776 Accumulated amortisation and impairment losses \u20134,041 0 \u20134,041 Carrying amount at 31 December 2022 1,045 690 1,735 Movements in 2023 Purchases and upgrades (note 26) 111 778 889 Amortisation charge \u2013540 0 \u2013540 Impairment losses \u20131 0 \u20131 Reclassi\ufb01cation from assets under construction 1,188 \u20131,188 0 At 31 December 2023 Cost 6,369 280 6,649 Accumulated amortisation and impairment losses \u20134,566 0 \u20134,566 Carrying amount at 31 December 2023 1,803 280 2,083 Movements in 2024 Purchases and upgrades (note 26) 0 574 574 Amortisation charge \u2013419 0 \u2013419 Reclassi\ufb01cation from assets under construction 124 \u2013124 0 At 31 December 2024 Cost 6,460 730 7,190 Accumulated amortisation and impairment losses \u20134,952 0 \u20134,952 Carrying amount at 31 December 2024 1,508 730 2,238 Note 12. Intangible assets
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:25490093MDYISEP1Y539", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-299": { "value": "
In thousands of euros Computer so\ufb05ware So\ufb05ware under construction Total At 31 December 2022 Cost 5,086 690 5,776 Accumulated amortisation and impairment losses \u20134,041 0 \u20134,041 Carrying amount at 31 December 2022 1,045 690 1,735 Movements in 2023 Purchases and upgrades (note 26) 111 778 889 Amortisation charge \u2013540 0 \u2013540 Impairment losses \u20131 0 \u20131 Reclassi\ufb01cation from assets under construction 1,188 \u20131,188 0 At 31 December 2023 Cost 6,369 280 6,649 Accumulated amortisation and impairment losses \u20134,566 0 \u20134,566 Carrying amount at 31 December 2023 1,803 280 2,083 Movements in 2024 Purchases and upgrades (note 26) 0 574 574 Amortisation charge \u2013419 0 \u2013419 Reclassi\ufb01cation from assets under construction 124 \u2013124 0 At 31 December 2024 Cost 6,460 730 7,190 Accumulated amortisation and impairment losses \u20134,952 0 \u20134,952 Carrying amount at 31 December 2024 1,508 730 2,238 Note 12. Intangible assets
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:25490093MDYISEP1Y539", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-300": { "value": "
In thousands of euros Computer so\ufb05ware So\ufb05ware under construction Total At 31 December 2022 Cost 5,086 690 5,776 Accumulated amortisation and impairment losses \u20134,041 0 \u20134,041 Carrying amount at 31 December 2022 1,045 690 1,735 Movements in 2023 Purchases and upgrades (note 26) 111 778 889 Amortisation charge \u2013540 0 \u2013540 Impairment losses \u20131 0 \u20131 Reclassi\ufb01cation from assets under construction 1,188 \u20131,188 0 At 31 December 2023 Cost 6,369 280 6,649 Accumulated amortisation and impairment losses \u20134,566 0 \u20134,566 Carrying amount at 31 December 2023 1,803 280 2,083 Movements in 2024 Purchases and upgrades (note 26) 0 574 574 Amortisation charge \u2013419 0 \u2013419 Reclassi\ufb01cation from assets under construction 124 \u2013124 0 At 31 December 2024 Cost 6,460 730 7,190 Accumulated amortisation and impairment losses \u20134,952 0 \u20134,952 Carrying amount at 31 December 2024 1,508 730 2,238 Note 12. Intangible assets
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:25490093MDYISEP1Y539", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-301": { "value": "
In thousands of euros 2024 2023 Provision for performance-related remuneration At beginning of year 986 1,688 Recognised 1,384 987 Adjusted \u2013994 \u20131,622 Used 8 \u201367 At end of year 1,384 986 Other provisions At beginning of year 325 325 Recognised 62 0 At end of year 387 325 Total provisions 1,771 1,311 Note 14. Provisions Provision for performance-related remuneration (bonuses) The provision for performance-related remuneration (bonuses) is accrued for estimated performance-related bonuses payable to Group companies\u2019 management board members and employees for the results of the reporting period. The provision also includes associated social security charges and unemployment insurance contributions. The payment of performance- related bonuses is decided a\ufb05er the annual reports of relevant companies for the year ended 31 December 2024 have been approved.
Other provisions Other provisions at 31 December 2024 comprise: \u2022 a provision for ongoing court cases of EUR 61 thousand (31 December 2023: EUR 61 thousand); \u2022 a provision for compliance with the non-compete clauses of the service contracts of the members of the management board of AS Tallinna Sadam of EUR 326 thousand (31 December 2023: EUR 264 thousand).
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:25490093MDYISEP1Y539", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-302": { "value": "
Other provisions Other provisions at 31 December 2024 comprise: \u2022 a provision for ongoing court cases of EUR 61 thousand (31 December 2023: EUR 61 thousand); \u2022 a provision for compliance with the non-compete clauses of the service contracts of the members of the management board of AS Tallinna Sadam of EUR 326 thousand (31 December 2023: EUR 264 thousand).
Note 27. Contingent liabilities Under several lease and right of super\ufb01cies contracts, upon the expiry of the contract AS Tallinna Sadam has to compensate the cost of the facilities built or the improvements made to the assets of AS Tallinna Sadam by the lessee at the usual value of the facility or the improvement. Considering the long terms of the contracts (especially the right of super\ufb01cies contracts) and the fact that the facilities are mostly special-purpose assets (port terminals), there is no valid experience in measuring their usual value upon the expiry of the contracts. Based on the above, the value of the obligations could not be estimated reliably at the reporting date. On 19 January 2024, reorganisation proceedings were initiated on the basis of the reorganisation application submitted by MPG AgroProduction O\u00dc and merged with the bankruptcy proceedings initiated by AS Tallinna Sadam against MPG AgroProduction O\u00dc on 28 November 2023 because MPG AgroProduction O\u00dc had not ful\ufb01lled its contractual obligations for a long time. At the same time, the bankruptcy proceedings were suspended until the approval of the reorganisation plan or the completion of the reorganisation proceedings. The Harju County Court terminated the reorganisation proceedings of MPG AgroProduction O\u00dc by its order of 26 March 2024. MPG AgroProduction O\u00dc \ufb01led appeals against the order with the Tallinn District Court and the Supreme Court. By order of the Supreme Court dated 12 August 2024, the order of the county court dated 26 March 2024 entered into force, which meant that the reorganisation plan of MPG AgroProduction O\u00dc was not approved and the reorganisation proceedings were terminated. As a result of the termination of the reorganisation proceedings, the Harju County Court continued to hear the bankruptcy petition against MPG AgroProduction O\u00dc and appointed an interim bankruptcy trustee for MPG AgroProduction O\u00dc on 21 August 2024. On 15 October 2024, the court declared MPG AgroProduction O\u00dc bankrupt, appointed a bankruptcy trustee and scheduled the \ufb01rst general meeting of the creditors. On 30 October 2024, MPG AgroProduction O\u00dc (bankrupt) \ufb01led an appeal against the bankruptcy order with the Tallinn District Court, seeking the annulment of the bankruptcy order and termination of the proceedings on the bankruptcy petition. AS Tallinna Sadam submitted its position to the court on 14 November 2024, requesting that the appeal be denied. The Tallinn District Court has not decided on the appeal by the date this report is authorised for issue. On 4 April 2024, AS Tallinna Sadam \ufb01led an additional statement of claim against MPG AgroProduction O\u00dc, demanding the imposition of obligations to enter into a real right contract for the transfer of ownership of a right of super\ufb01cies to AS Tallinna Sadam, to make the declarations of intention required for making an entry in the land register and to vacate the area of the right of super\ufb01cies, because MPG AgroProduction O\u00dc has not transferred the right of super\ufb01cies voluntarily to AS Tallinna Sadam. In connection with MPG AgroProduction O\u00dc\u2019s appeal against the bankruptcy order, the proceedings were suspended until the order enters into force. At 31 December 2024, AS Tallinna Sadam had claims of EUR 3.6 million (payments due for the right of super\ufb01cies, servitude, land tax, services, interest and interest on arrears for 2022 and 2023), which had been written down. A contractual penalty and interest on arrears for 2024 will be added to the principal claim. On 29 November 2024, AS Tallinna Sadam \ufb01led a civil action lawsuit against AS Tallinna Vesi claiming compensation of EUR 605,110.26 for damages caused and additionally late payment interest accrued until the claim was \ufb01led. AS Tallinna Sadam and AS Tallinna Vesi have signed an agreement on water supply and sewerage service under which AS Tallinna Sadam has paid AS Tallinna Vesi an unreasonably high price for water service between 1 July 2011 and 30 November 2019. Namely, by amendments to the Public Water Supply and Sewerage Act (the \u2018Act\u2019) that entered into force on 1 November 2010, an obligation was imposed on water undertakings (including AS Tallinna Vesi) to establish, upon coordination with the Competition Authority, a price for water service which meets the criteria provided in subsection 14 (2) of the Act. The Supreme Court has established by its decision in administrative case number 3-11-1355 that the price proposal submitted by AS Tallinna Vesi on 9 November 2010 did not meet the criteria provided in subsection 14 (2) of the Act. AS Tallinna Vesi submitted a price proposal meeting the criteria of the Act to the Competition Authority only on 1 December 2019. AS Tallinna Sadam\u2019s claim for damage caused is based on the excessively paid price for water service, i.e. the di\ufb00erence between the unreasonably high price established by AS Tallinna Vesi and the price meeting the criteria of subsection 14 (2) of the Act, considering the volume of water service consumed by AS Tallinna Sadam from 1 July 2011 to 30 November 2019. The Harju Count accepted the action of AS Tallinna Sadam by its order of 11 December 2024. AS Tallinna Vesi has not yet submitted its full response to the statement of claim. The Group has entered into a guarantee agreement with a bank, under which the bank has issued a guarantee of EUR 5 million to secure the obligations of O\u00dc TS Laevad under the public service contract for passenger transport. According to the assessment of the management board, it is not likely that the guarantee will be called. The Group has entered into a 2-year guarantee agreement with a bank, under which the bank has issued a guarantee of EUR 6 million to secure the obligations of O\u00dc TS Laevad under the public service contract for passenger transport signed on 10 September 2024. According to the assessment of the management board, it is not likely that the guarantee will be called.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:25490093MDYISEP1Y539", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-303": { "value": "
In thousands of euros At 31 December 2024 2023 Financial liabilities Trade payables 4,477 6,154 Payables to an associate (note 24) 192 193 Other payables 181 226 Total \ufb01nancial liabilities (note 6) 4,850 6,573 Of which current \ufb01nancial liabilities 4,815 6,500 Of which non-current \ufb01nancial liabilities 35 73 Of which payables for property, plant and equipment (note 26) 1,163 2,358 Of which payables for intangible assets (note 26) 66 91 Non-\ufb01nancial liabilities Payables to employees 1,460 1,624 Accrued taxes payable on remuneration 859 874 Payables related to contracts with customers * 2,836 2,818 Advances for goods and services 590 431 Other payables 0 182 Total non-\ufb01nancial liabilities 5,745 5,929 Of which current non-\ufb01nancial liabilities 2,965 2,992 Of which non-current non-\ufb01nancial liabilities 2,780 2,937 Total trade and other payables 10,595 12,502 Of which current liabilities 7,780 9,492 Of which non-current liabilities 2,815 3,010 * In 2024, the Group received deferred connection fee income (advances) of EUR 67 thousand (2023: EUR 2,040 thousand). Connection fees recognised as revenue in 2024 amounted to EUR 42 thousand (2023: EUR 52 thousand). Note 15. Trade and other payables
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:25490093MDYISEP1Y539", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-304": { "value": "
In thousands of euros At 31 December 2024 2023 Financial liabilities Trade payables 4,477 6,154 Payables to an associate (note 24) 192 193 Other payables 181 226 Total \ufb01nancial liabilities (note 6) 4,850 6,573 Of which current \ufb01nancial liabilities 4,815 6,500 Of which non-current \ufb01nancial liabilities 35 73 Of which payables for property, plant and equipment (note 26) 1,163 2,358 Of which payables for intangible assets (note 26) 66 91 Non-\ufb01nancial liabilities Payables to employees 1,460 1,624 Accrued taxes payable on remuneration 859 874 Payables related to contracts with customers * 2,836 2,818 Advances for goods and services 590 431 Other payables 0 182 Total non-\ufb01nancial liabilities 5,745 5,929 Of which current non-\ufb01nancial liabilities 2,965 2,992 Of which non-current non-\ufb01nancial liabilities 2,780 2,937 Total trade and other payables 10,595 12,502 Of which current liabilities 7,780 9,492 Of which non-current liabilities 2,815 3,010 * In 2024, the Group received deferred connection fee income (advances) of EUR 67 thousand (2023: EUR 2,040 thousand). Connection fees recognised as revenue in 2024 amounted to EUR 42 thousand (2023: EUR 52 thousand). Note 15. Trade and other payables
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:25490093MDYISEP1Y539", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-305": { "value": "
In thousands of euros At 31 December 2024 2023 Personal income tax 303 295 Corporate income tax * 14 11 Pollution charge 1 3 Social security tax 531 513 Unemployment insurance contributions 32 32 Funded pension contributions 18 17 Excise duties 7 5 Total taxes payable 906 876 Note 16. Taxes payable * The Group did not have any deferred tax liabilities at 31 December 2024 or 31 December 2023. At 31 December 2024, the Group\u2019s prepaid taxes amounted to EUR 492 thousand (31 December 2023: EUR 1,599 thousand). Prepaid taxes are disclosed in note 8.
Income tax on dividends In thousands of euros 2024 2023 Income tax calculated on dividends in Estonia 3,125 3,067 Deferred income tax expense on dividends 0 \u201382 Income tax paid on dividends in Estonia \u20133,325 \u20133,264 Incl. income tax withheld on dividends \u2013199 \u2013187 refund of income tax withheld on dividends for 2019 0 \u201310
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:25490093MDYISEP1Y539", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-306": { "value": "
In thousands of euros At 31 December 2024 2023 Personal income tax 303 295 Corporate income tax * 14 11 Pollution charge 1 3 Social security tax 531 513 Unemployment insurance contributions 32 32 Funded pension contributions 18 17 Excise duties 7 5 Total taxes payable 906 876 Note 16. Taxes payable * The Group did not have any deferred tax liabilities at 31 December 2024 or 31 December 2023. At 31 December 2024, the Group\u2019s prepaid taxes amounted to EUR 492 thousand (31 December 2023: EUR 1,599 thousand). Prepaid taxes are disclosed in note 8.
Income tax on dividends In thousands of euros 2024 2023 Income tax calculated on dividends in Estonia 3,125 3,067 Deferred income tax expense on dividends 0 \u201382 Income tax paid on dividends in Estonia \u20133,325 \u20133,264 Incl. income tax withheld on dividends \u2013199 \u2013187 refund of income tax withheld on dividends for 2019 0 \u201310
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:25490093MDYISEP1Y539", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-307": { "value": "
In thousands of euros At 31 December 2024 2023 Personal income tax 303 295 Corporate income tax * 14 11 Pollution charge 1 3 Social security tax 531 513 Unemployment insurance contributions 32 32 Funded pension contributions 18 17 Excise duties 7 5 Total taxes payable 906 876 Note 16. Taxes payable * The Group did not have any deferred tax liabilities at 31 December 2024 or 31 December 2023. At 31 December 2024, the Group\u2019s prepaid taxes amounted to EUR 492 thousand (31 December 2023: EUR 1,599 thousand). Prepaid taxes are disclosed in note 8.
Income tax on dividends In thousands of euros 2024 2023 Income tax calculated on dividends in Estonia 3,125 3,067 Deferred income tax expense on dividends 0 \u201382 Income tax paid on dividends in Estonia \u20133,325 \u20133,264 Incl. income tax withheld on dividends \u2013199 \u2013187 refund of income tax withheld on dividends for 2019 0 \u201310
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:25490093MDYISEP1Y539", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-308": { "value": "
In thousands of euros At 31 December 2024 2023 Current portion Loan liabilities 3,066 6,266 Debt securities 7,650 7,650 Interest liabilities 1,469 1,915 Total current portion 12,185 15,831 Non-current portion Loan liabilities 54,000 31,266 Debt securities 118,650 126,300 Total non-current portion 172,650 157,566 Total loans and borrowings (note 6) 184,835 173,397 Note 17. Loans and borrowings
Loans All loan agreements are denominated in euros and have \ufb02oating interest rates (the base rate is 6-month Euribor). At 31 December 2024, the weighted average interest rate of drawn loans was 3.90% (31 December 2023: 4.90%). The interest rate risk of the loans has not been hedged with interest rate swaps. In the second quarter of 2024, AS Tallinna Sadam signed a loan agreement with AS Swedbank for EUR 20 million. In the third quarter of 2024, AS Tallinna Sadam repaid early a loan of EUR 4.8 million from the Nordic Investment Bank, which would have matured in 2028. In the third quarter of 2024, AS Tallinna Sadam signed a loan agreement with AS Swedbank for EUR 10 million. The new and more favourable loan was used, among other things, to re\ufb01nance the Group\u2019s previous loans. The Group did not have any undrawn loans or credit limits at 31 December 2024. The loan agreements are unsecured liabilities, i.e. no assets have been pledged to cover the loans. The Group has performed all its obligations under the loan agreements, including those which relate to complying with covenants, providing information and meeting the minimum requirements set for \ufb01nancial ratios. Principal loan repayments made in 2024 amounted to EUR 10,466 thousand (2023: EUR 8,266 thousand). The \ufb01nal maturities of outstanding loan liabilities fall in the period 2025\u20132030. Issue and redemption of debt securities At 31 December 2024, AS Tallinna Sadam had two debt security (bond) issues with \ufb01nal maturities in 2026 and 2027. The debt securities have been issued in euros and have \ufb02oating interest rates (the base interest rate of 3-month or 6-month Euribor plus a \ufb01xed risk margin). None of the debt security issues is listed on the stock exchange. No debt securities were issued in 2024 or the comparative period. The Group has met all obligations set out in the terms of the debt securities, including those which relate to complying with covenants, providing information and meeting the minimum requirements set for \ufb01nancial ratios. Consistent with the redemption schedules, the Group redeemed debt securities of EUR 7,650 thousand in 2024 (2023: EUR 7,650 thousand). At 31 December 2024, the weighted average interest rate of the debt securities was 3.82% (31 December 2023: 4.84%). The average interest rate has decreased due to the decrease in the base interest rate (Euribor). The risk margins have not changed. The interest rate risk of the debt securities has not been hedged with interest rate swaps.
Carrying amounts and fair values of loans and borrowings * In thousands of euros At 31 December 2024 2023 Carrying amount Debt securities 126,300 133,950 Loan liabilities 57,066 37,532 Total carrying amount 183,366 171,482 Fair value Debt securities 128,422 134,251 Loan liabilities 61,577 37,632 Total fair value 189,999 171,883 * Due to inputs used, all measurements of fair value qualify as level 2 measurements in the fair value hierarchy.
Contractual maturities of loans and borrowings In thousands of euros At 31 December 2024 2023 < 6 months 2,252 5,298 6\u201312 months 9,933 10,533 1\u20135 years 167,650 152,066 > 5 years 5,000 5,500 Total loans and borrowings (note 4) 184,835 173,397
Change in liabilities arising from \ufb01nancing activities In thousands of euros 1 January 2024 Cash \ufb02ows from \ufb01nancing activities Accrued interest (note 23) 31 December 2024 Loan liabilities 37,532 19,534 0 57,066 Debt securities 133,950 \u20137,650 0 126,300 Interest liabilities 1,915 \u20138,655 8,209 1,469 Total 173,397 3,229 8,209 184,835 In thousands of euros 1 January 2023 Cash \ufb02ows from \ufb01nancing activities Accrued interest (note 23) 31 December 2023 Loan liabilities 45,798 \u20138,266 0 37,532 Debt securities 141,600 \u20137,650 0 133,950 Interest liabilities 1,012 \u20136,494 7,397 1,915 Total 188,410 \u201322,410 7,397 173,397
The fair value of loans and borrowings was calculated using the discounted cash \ufb02ow method. Future cash \ufb02ows were estimated based on forward interest rates (extrapolated from observable corporate yield curves and 3-month and 6-month Euribor swap rates at the end of the reporting period) and contractual interest rates, discounted at a rate that re\ufb02ected the credit risk of the Group. At 31 December 2024, the fair value of \ufb01nancial liabilities calculated using the discounted cash \ufb02ow method was 3.62% higher than their carrying amount (31 December 2023: 0.23% higher). The terms and conditions of the Group\u2019s loans and bonds set certain limits to the Group\u2019s consolidated \ufb01nancial indicators. At 31 December 2024 and 31 December 2023, the Group was in compliance with all \ufb01nancial covenants.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:25490093MDYISEP1Y539", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-309": { "value": "
In thousands of euros At 31 December 2024 2023 Current portion Loan liabilities 3,066 6,266 Debt securities 7,650 7,650 Interest liabilities 1,469 1,915 Total current portion 12,185 15,831 Non-current portion Loan liabilities 54,000 31,266 Debt securities 118,650 126,300 Total non-current portion 172,650 157,566 Total loans and borrowings (note 6) 184,835 173,397 Note 17. Loans and borrowings
Loans All loan agreements are denominated in euros and have \ufb02oating interest rates (the base rate is 6-month Euribor). At 31 December 2024, the weighted average interest rate of drawn loans was 3.90% (31 December 2023: 4.90%). The interest rate risk of the loans has not been hedged with interest rate swaps. In the second quarter of 2024, AS Tallinna Sadam signed a loan agreement with AS Swedbank for EUR 20 million. In the third quarter of 2024, AS Tallinna Sadam repaid early a loan of EUR 4.8 million from the Nordic Investment Bank, which would have matured in 2028. In the third quarter of 2024, AS Tallinna Sadam signed a loan agreement with AS Swedbank for EUR 10 million. The new and more favourable loan was used, among other things, to re\ufb01nance the Group\u2019s previous loans. The Group did not have any undrawn loans or credit limits at 31 December 2024. The loan agreements are unsecured liabilities, i.e. no assets have been pledged to cover the loans. The Group has performed all its obligations under the loan agreements, including those which relate to complying with covenants, providing information and meeting the minimum requirements set for \ufb01nancial ratios. Principal loan repayments made in 2024 amounted to EUR 10,466 thousand (2023: EUR 8,266 thousand). The \ufb01nal maturities of outstanding loan liabilities fall in the period 2025\u20132030. Issue and redemption of debt securities At 31 December 2024, AS Tallinna Sadam had two debt security (bond) issues with \ufb01nal maturities in 2026 and 2027. The debt securities have been issued in euros and have \ufb02oating interest rates (the base interest rate of 3-month or 6-month Euribor plus a \ufb01xed risk margin). None of the debt security issues is listed on the stock exchange. No debt securities were issued in 2024 or the comparative period. The Group has met all obligations set out in the terms of the debt securities, including those which relate to complying with covenants, providing information and meeting the minimum requirements set for \ufb01nancial ratios. Consistent with the redemption schedules, the Group redeemed debt securities of EUR 7,650 thousand in 2024 (2023: EUR 7,650 thousand). At 31 December 2024, the weighted average interest rate of the debt securities was 3.82% (31 December 2023: 4.84%). The average interest rate has decreased due to the decrease in the base interest rate (Euribor). The risk margins have not changed. The interest rate risk of the debt securities has not been hedged with interest rate swaps.
Carrying amounts and fair values of loans and borrowings * In thousands of euros At 31 December 2024 2023 Carrying amount Debt securities 126,300 133,950 Loan liabilities 57,066 37,532 Total carrying amount 183,366 171,482 Fair value Debt securities 128,422 134,251 Loan liabilities 61,577 37,632 Total fair value 189,999 171,883 * Due to inputs used, all measurements of fair value qualify as level 2 measurements in the fair value hierarchy.
Contractual maturities of loans and borrowings In thousands of euros At 31 December 2024 2023 < 6 months 2,252 5,298 6\u201312 months 9,933 10,533 1\u20135 years 167,650 152,066 > 5 years 5,000 5,500 Total loans and borrowings (note 4) 184,835 173,397
Change in liabilities arising from \ufb01nancing activities In thousands of euros 1 January 2024 Cash \ufb02ows from \ufb01nancing activities Accrued interest (note 23) 31 December 2024 Loan liabilities 37,532 19,534 0 57,066 Debt securities 133,950 \u20137,650 0 126,300 Interest liabilities 1,915 \u20138,655 8,209 1,469 Total 173,397 3,229 8,209 184,835 In thousands of euros 1 January 2023 Cash \ufb02ows from \ufb01nancing activities Accrued interest (note 23) 31 December 2023 Loan liabilities 45,798 \u20138,266 0 37,532 Debt securities 141,600 \u20137,650 0 133,950 Interest liabilities 1,012 \u20136,494 7,397 1,915 Total 188,410 \u201322,410 7,397 173,397
The fair value of loans and borrowings was calculated using the discounted cash \ufb02ow method. Future cash \ufb02ows were estimated based on forward interest rates (extrapolated from observable corporate yield curves and 3-month and 6-month Euribor swap rates at the end of the reporting period) and contractual interest rates, discounted at a rate that re\ufb02ected the credit risk of the Group. At 31 December 2024, the fair value of \ufb01nancial liabilities calculated using the discounted cash \ufb02ow method was 3.62% higher than their carrying amount (31 December 2023: 0.23% higher). The terms and conditions of the Group\u2019s loans and bonds set certain limits to the Group\u2019s consolidated \ufb01nancial indicators. At 31 December 2024 and 31 December 2023, the Group was in compliance with all \ufb01nancial covenants.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:25490093MDYISEP1Y539", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-310": { "value": "
In thousands of euros At 31 December 2024 2023 Current portion Loan liabilities 3,066 6,266 Debt securities 7,650 7,650 Interest liabilities 1,469 1,915 Total current portion 12,185 15,831 Non-current portion Loan liabilities 54,000 31,266 Debt securities 118,650 126,300 Total non-current portion 172,650 157,566 Total loans and borrowings (note 6) 184,835 173,397 Note 17. Loans and borrowings
Loans All loan agreements are denominated in euros and have \ufb02oating interest rates (the base rate is 6-month Euribor). At 31 December 2024, the weighted average interest rate of drawn loans was 3.90% (31 December 2023: 4.90%). The interest rate risk of the loans has not been hedged with interest rate swaps. In the second quarter of 2024, AS Tallinna Sadam signed a loan agreement with AS Swedbank for EUR 20 million. In the third quarter of 2024, AS Tallinna Sadam repaid early a loan of EUR 4.8 million from the Nordic Investment Bank, which would have matured in 2028. In the third quarter of 2024, AS Tallinna Sadam signed a loan agreement with AS Swedbank for EUR 10 million. The new and more favourable loan was used, among other things, to re\ufb01nance the Group\u2019s previous loans. The Group did not have any undrawn loans or credit limits at 31 December 2024. The loan agreements are unsecured liabilities, i.e. no assets have been pledged to cover the loans. The Group has performed all its obligations under the loan agreements, including those which relate to complying with covenants, providing information and meeting the minimum requirements set for \ufb01nancial ratios. Principal loan repayments made in 2024 amounted to EUR 10,466 thousand (2023: EUR 8,266 thousand). The \ufb01nal maturities of outstanding loan liabilities fall in the period 2025\u20132030. Issue and redemption of debt securities At 31 December 2024, AS Tallinna Sadam had two debt security (bond) issues with \ufb01nal maturities in 2026 and 2027. The debt securities have been issued in euros and have \ufb02oating interest rates (the base interest rate of 3-month or 6-month Euribor plus a \ufb01xed risk margin). None of the debt security issues is listed on the stock exchange. No debt securities were issued in 2024 or the comparative period. The Group has met all obligations set out in the terms of the debt securities, including those which relate to complying with covenants, providing information and meeting the minimum requirements set for \ufb01nancial ratios. Consistent with the redemption schedules, the Group redeemed debt securities of EUR 7,650 thousand in 2024 (2023: EUR 7,650 thousand). At 31 December 2024, the weighted average interest rate of the debt securities was 3.82% (31 December 2023: 4.84%). The average interest rate has decreased due to the decrease in the base interest rate (Euribor). The risk margins have not changed. The interest rate risk of the debt securities has not been hedged with interest rate swaps.
Carrying amounts and fair values of loans and borrowings * In thousands of euros At 31 December 2024 2023 Carrying amount Debt securities 126,300 133,950 Loan liabilities 57,066 37,532 Total carrying amount 183,366 171,482 Fair value Debt securities 128,422 134,251 Loan liabilities 61,577 37,632 Total fair value 189,999 171,883 * Due to inputs used, all measurements of fair value qualify as level 2 measurements in the fair value hierarchy.
Contractual maturities of loans and borrowings In thousands of euros At 31 December 2024 2023 < 6 months 2,252 5,298 6\u201312 months 9,933 10,533 1\u20135 years 167,650 152,066 > 5 years 5,000 5,500 Total loans and borrowings (note 4) 184,835 173,397
Change in liabilities arising from \ufb01nancing activities In thousands of euros 1 January 2024 Cash \ufb02ows from \ufb01nancing activities Accrued interest (note 23) 31 December 2024 Loan liabilities 37,532 19,534 0 57,066 Debt securities 133,950 \u20137,650 0 126,300 Interest liabilities 1,915 \u20138,655 8,209 1,469 Total 173,397 3,229 8,209 184,835 In thousands of euros 1 January 2023 Cash \ufb02ows from \ufb01nancing activities Accrued interest (note 23) 31 December 2023 Loan liabilities 45,798 \u20138,266 0 37,532 Debt securities 141,600 \u20137,650 0 133,950 Interest liabilities 1,012 \u20136,494 7,397 1,915 Total 188,410 \u201322,410 7,397 173,397
The fair value of loans and borrowings was calculated using the discounted cash \ufb02ow method. Future cash \ufb02ows were estimated based on forward interest rates (extrapolated from observable corporate yield curves and 3-month and 6-month Euribor swap rates at the end of the reporting period) and contractual interest rates, discounted at a rate that re\ufb02ected the credit risk of the Group. At 31 December 2024, the fair value of \ufb01nancial liabilities calculated using the discounted cash \ufb02ow method was 3.62% higher than their carrying amount (31 December 2023: 0.23% higher). The terms and conditions of the Group\u2019s loans and bonds set certain limits to the Group\u2019s consolidated \ufb01nancial indicators. At 31 December 2024 and 31 December 2023, the Group was in compliance with all \ufb01nancial covenants.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentContractsLiabilitiesExplanatory", "language": "en", "entity": "scheme:25490093MDYISEP1Y539", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-311": { "value": "
Non-current government grant liabilities In thousands of euros At 31 December 2024 2023 Cohesion Fund 18,943 19,370 TEN-T 4,973 5,520 CEF-T 7,967 8,065 State budget of the Republic of Estonia 34 41 INTERREG 78 79 Total non-current government grant liabilities 31,995 33,075 Incl. non-depreciable assets 13,902 13,902 Recognised as income In thousands of euros 2024 2023 Grants related to assets (note 3) 1,334 1,284 Grants related to income 21,305 20,648 Total recognised as income 22,639 21,932 Incl. revenue from other sources (note 20) 21,304 20,640 other income (note 22) 1,335 1,292 Note 18. Government grants
Short-term deferred government grant income In thousands of euros At 31 December 2024 2023 CEF-T 21,969 7,260 State budget of the Republic of Estonia 177 84 Total short-term deferred government grant income 22,146 7,344 Short-term government grants receivable In thousands of euros At 31 December 2024 2023 CEF-T 2,721 2,885 Total short-term government grants receivable (note 8) 2,721 2,885
Cohesion Fund Extension of the eastern part of muuga harbour (2007\u20132011) In the framework of the project, phase I of the extension of Muuga Harbour was supported, including the \ufb01lling of the sea bottom and the coastal region. Non-current government grant liabilities related to the project amount to EUR 15,561 thousand (31 December 2023: EUR 15,769 thousand), including EUR 13,902 thousand (31 December 2023: EUR 13,902 thousand) related to non-depreciable assets. Creating connections between the eastern part and the industrial park of muuga harbour (2010\u20132014) In the framework of the project, a viaduct was constructed in Muuga Harbour to connect the Industrial Park with the harbour, the free zone of Muuga Harbour was extended and the railways of Muuga Industrial Park were \ufb01nished. Non-current government grant liabilities related to the project amount to EUR 3,382 thousand (31 December 2023: EUR 3,601 thousand). TEN-T Motorways of the Seas programme TWIN-PORT (2012\u20132015) In the framework of the project, the infrastructure of Old City Harbour in Tallinn and West Harbour in Helsinki was improved as part of the development of the north-south transport corridor of the European Union (TEN-T North Sea \u2014 Baltic). The investments at Old City Harbour were related to improving the tra\ufb03c scheme in the harbour area and developing the roads connecting the harbour to the city. Non-current government grant liabilities related to the project amount to EUR 714 thousand (31 December 2023: EUR 769 thousand). TWIN-PORT 2 (2014\u20132020) TWIN-PORT 2 was a follow-up project to TWIN-PORT. In the framework of the project, the Port of Helsinki built a new West Terminal, AS Tallink Grupp brought a new LNG vessel Megastar to the Tallinn\u2013Helsinki route, and AS Tallinna Sadam invested in the development of various infrastructure assets at Old City Harbour. Non-current government grant liabilities related to the project amount to EUR 4,235 thousand (31 December 2023: EUR 4,587 thousand). Dredging of the paldiski south harbour fairway and harbour basin (2019\u20132020) The purpose of the project was to dredge the Paldiski South Harbour fairway and basin by 1 metre, from the depth of 14.5 metres to 15.5 metres. As a result of the project, the harbour can receive large cargo vessels and tankers (60\u201370 thousand GT). Using larger vessels, which can transport the same amount of cargo with fewer port calls, allows reducing emissions per unit of cargo. A deeper fairway makes navigation to the harbour safer. Non-current government grant liabilities related to the project amount to EUR 23 thousand (31 December 2023: EUR 163 thousand). The baltic sea hub and spokes project (2010\u20132013) In the framework of the project, AS Tallinna Sadam received support for making investments and developing cooperation in areas related to safety and security. Non-current government grant liabilities related to the project amount to EUR 1 thousand (31 December 2023: EUR 1 thousand).
Connecting Europe Facility for Transport (CEF-T) programme TWIN-PORT 3 (2018\u20132023) TWIN-PORT 3 was a follow-up project to TWIN-PORT and TWIN-PORT 2. The participants in the project were AS Tallinna Sadam, the Port of Helsinki, the City of Helsinki and three ferry operators (Tallink, Viking Line and Ecker\u00f6 Line). The coordinating partner of the project was AS Tallinna Sadam. The purpose of the project was to build onshore power supply systems (OPS) in both ports and on the ferries travelling between Tallinn and Helsinki to enable the ferries (while at the quay) to use electricity from the mainland electricity network and switch o\ufb00 their diesel engines. In addition, an auto-mooring system was built in both harbours, which o\ufb00ers faster and safer mooring for ferries. In Tallinn, the security systems in Old City Harbour were upgraded. In Helsinki, new street lanes were built, the throughput capacity of intersections was improved, a tramway leading to the harbour was relocated and a new bridge was built in the harbour area. The balance of deferred grant income is EUR 2,260 thousand (31 December 2023: EUR 2,260 thousand. Non-current government grant liabilities related to the project amount to EUR 2,955 thousand (31 December 2023: EUR 3,126 thousand). TWIN-PORT 4 (2020\u20132023) TWIN-PORT 4 was the fourth follow-up project in the series. The purpose of the project was to improve the convenience of the maritime connection between Tallinn and Helsinki by developing the infrastructure of the ports on both shores of the Gulf of Finland. The participants in the project are AS Tallinna Sadam and the Port of Helsinki. Compared to the previous ones, the project included a new feature: investments in the development of the Muuga-Vuosaari shipping route in order to divert a signi\ufb01cant share of the heavy goods vehicles tra\ufb03c between Estonia and Finland from the city centres of the two capitals to the Muuga and Vuosaari harbours, respectively. One quay in both harbours was supplied with a second level ramp for more e\ufb03cient servicing of ro-ro tra\ufb03c and at Muuga the \ufb01rst level ramp of the same quay was fully reconstructed. In addition, at Old City Harbour in Tallinn one of the connecting walkways from the terminal to the ferry and the area in front of Passenger Terminal D along with all underground utility networks were reconstructed. The Port of Helsinki supplied one quay in its city-centre harbours with onshore power supply systems. The planned installation of automated mooring systems was not carried out because the development plans of the Port of Helsinki changed. The coordinating partner of this project was also AS Tallinna Sadam. In 2024, no investments were made. Investments made in 2023 amounted to EUR 652 thousand At 31 December 2024, the balance of the government grant receivable was EUR 2,721 thousand (31 December 2023: EUR 2,721 thousand). Non-current government grant liabilities related to the project amount to EUR 3,629 thousand (31 December 2023: EUR 3,858 thousand). TWIN-PORT 5 (2021\u20132025) The project continues the activities started with TWIN-PORT 4 to improve the convenience of the maritime connection between Tallinn and Helsinki by developing the infrastructure of the ports on both shores of the Gulf of Finland on the Muuga\u2013Vuosaari route. The participants in the project are AS Tallinna Sadam and the Port of Helsinki. In the framework of the project, quays 13, 14 and 15 at Muuga Harbour have been supplied with systems allowing to receive sewage from ships. To improve travel experience and raise service quality, an architectural design competition has been organised for the complex of Terminal A and the surrounding outdoor space at Old City Harbour and the designs for the terminal, a multi-storey car park and a new main building have been commissioned. To continue to o\ufb00er excellent high-quality customer service, AS Tallinna Sadam has upgraded the so\ufb05ware and hardware of its Smart Port tra\ufb03c management system (automated vehicle check-in and direction to the waiting area and boarding) and created new capabilities at both Old City Harbour and Muuga Harbour. The Port of Helsinki is focusing on the planning, surveying and design activities necessary for creating the infrastructure (a tunnel, four new quays along with \ufb01lling the sea, and a new terminal) required to implement the strategic goal. The coordinating partner of the TWIN-PORT 5 project is the Port of Helsinki. In 2024, investments made amounted to EUR 809 thousand (2023: EUR 2,288 thousand and expenses incurred amounted to EUR 123 thousand). Support received in 2024 amounted to EUR 570 thousand (2023: no support was received). At 31 December 2023, the amount of grant receivable was EUR 164 thousand. At 31 December 2024, the balance of deferred grant income was EUR 406 thousand. Non-current government grant liabilities related to the project amount to EUR 939 thousand (31 December 2023: EUR 1,081 thousand).
TWIN-PORT 6 (2024\u20132027) The project is the sixth follow-up project in the series. The aim of the project is to reduce the environmental impact of shipping between Estonia and Finland and to improve transport options. AS Tallinna Sadam is participating in the project together with the Port of Helsinki. The overall aim is to create a green corridor between the two ports to make travel and freight transport between Tallinn and Helsinki climate neutral. Tallinna Sadam will focus on environmental friendliness and will install onshore electricity connections at Muuga Harbour to enable ro-ro and container vessels to use onshore electricity. During the project, onshore electricity connections will be installed at berths 13, 14, 15, 16 and 17 in Muuga Harbour. In order to install the onshore electricity connection at berth 17, 358 metres of the berth front wall will also be reinforced. The Port of Helsinki will focus on the development of the Vuosaari Harbour, where the installation of onshore power connections will enable ro-ro and lo-lo vessels to reduce their environmental impact during their stay in the harbour by reducing exhaust and noise pollution. The total cost of the TWIN PORT 6 project is EUR 30.8 million, half of which will be covered by EU funding and the other half will be paid for by the ports from their own resources. Tallinna Sadam\u2019s budget for the whole project is EUR 20,325 thousand and the Port of Helsinki's budget is EUR 10,475 thousand. The coordinating partner of the TWIN-PORT 6 project is the Port of Helsinki. Investments made in 2024 amounted to EUR 888 thousand. Support received in 2024 amounted to EUR 3,557 thousand. At 31 December 2024, the balance of deferred grant income was EUR 3,113 thousand. Non-current government grant liabilities related to the project amount to EUR 443 thousand. Connecting Europe Facility (CEF) \u2014 EstMilMob project EstMilMob is a project funded by the European Union from the CEF-2021 Military Mobility envelope. The participants in the project are AS Tallinna Sadam, the Estonian Transport Administration, the railway infrastructure company AS Eesti Raudtee and the Estonian Centre for Defence Investment. The purpose of the project is to enhance the TEN-T Comprehensive Network and Core Network and their civilian and military dual use at Paldiski South Harbour, at the Kanama intersection and on the Palupera\u2013Puka\u2013Keeni railway section. In the framework of the EstMilMob project, Tallinna Sadam will build a new quay (quay 6a) with a hinterland at Paldiski South Harbour that can be used for both civilian and military purposes. The quay will be equipped with a ramp for loading and unloading ro-ro cargo. Along with the quay, a hinterland of up to 10 ha will be built to handle and store cargo and military equipment. As regards civilian use, it will be possible to handle dry and dry bulk, oversized and ro-ro cargo. The project creates good prospects for becoming a base port for the construction of o\ufb00shore wind farms and supporting the transport of relevant goods (masts, generators, blades). The harbour will also have the capabilities required to serve as a maintenance port for o\ufb00shore wind farms. The Transport Administration will reconstruct the Kanama overpass and the intersection of the E265 Tallinn ring road and the E67 Tallinn\u2013P\u00e4rnu\u2013Ikla road with the aim of bringing the intersection into conformity with the requirements of the EU TEN-T Core Network for road safety, the environment and military transport. AS Eesti Raudtee will carry out major track repairs on the Palupera\u2013Puka and Puka\u2013Keeni sections of the internationally important railway route between Valga and Tartu. The total length of the works is around 21 km, which accounts for approximately 25% of the total length of the route. The coordinating partner of the EstMilMob project is the Estonian Centre for Defence Investment. Investments made in 2024 amounted to EUR 31,178 thousand (2023: EUR 7,090 thousand). Support received in 2024 amounted to EUR 11,189 thousand (2023: no support was received). At 31 December 2024, the balance of deferred grant income was EUR 16,189 thousand (31 December 2023: EUR 5,000 thousand).
State budget of the Republic of Estonia Public transport support (2016\u20132026) In December 2014, a public transport service contract was signed with the Ministry of Economic A\ufb00airs and Communications (the contract is currently administered by the Transport Administration) for the provision of ferry service on the Kuivastu\u2013Virtsu and Rohuk\u00fcla\u2013Heltermaa ferry routes in the period 1 October 2016\u201330 September 2026. The \ufb01nal amount of contractual support depends on the di\ufb00erence between the revenue base calculated annually on the basis of the tari\ufb00 rates \ufb01xed in the contract and the ticket sales revenue recognised in the same period. In 2024, support was calculated in the amount of EUR 21,340 thousand (2023: EUR 20,640 thousand) and received in the amount of EUR 21,398 thousand (2023: EUR 20,759 thousand). The public transport support is treated as part of the Group\u2019s ordinary activity and recognised as revenue (sale of ferry services \u2014 government support) (note 20). At 31 December 2024, the balance of deferred grant income was EUR 174 thousand (31 December 2023: EUR 80 thousand). Grant for purchase of zero-emission vehicles (2023\u20132027) In 2023, a vehicle was acquired using an operating lease. The acquisition of the vehicle was supported by the Environmental Investment Centre with EUR 4 thousand. At 31 December 2024, the balance of deferred grant income was EUR 3 thousand (31 December 2023: EUR 4 thousand). Small Ports Programme (2010) The grant received was used to \ufb01nance the expenditure of the construction of the Old City Marina. Non-current government grant liabilities related to the project amount to EUR 31 thousand (31 December 2023: EUR 37 thousand). Atmospheric Air Protection Programme (2011\u20132013) In the framework of the project Extension of the Outdoor Air Monitoring System at Muuga Harbour, the outdoor air monitoring and management system at Muuga Harbour was extended by installing one outdoor air monitoring station. Non-current government grant liabilities related to the project amount to EUR 4 thousand (31 December 2023: EUR 4 thousand). Other foreign aid \u2014 INTERREG Baltic Sea Region Programme Green Cruise Port \u2014 Sustainable Development of Cruise Port Locations Project (2016\u20132019) The project was aimed at enhancing the cooperation of cruise ports in the Baltic Sea region in the development of port facilities and services, with a focus on environmental sustainability and economic bene\ufb01t. In the framework of the project, the principal design documentation and technical solutions for the Old City Harbour Cruise Terminal were prepared and surveys for developing ecological terminal solutions feasible in a northern climate were carried out. The surveys provided valuable inputs for the design of the new Cruise Terminal and the solutions for its technological systems. Non-current government grant liabilities related to the project amount to EUR 78 thousand (31 December 2023: EUR 79 thousand).
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Earnings per share 2024 2023 Weighted average number of shares 263,000,000 263,000,000 Consolidated pro\ufb01t for the period (in thousands of euros) 19,153 15,882 Basic and diluted earnings per share (in euros) * 0.07 0.06
Note 19. Equity
Share capital At 31 December 2024 and 31 December 2023, AS Tallinna Sadam had 263,000,000 registered ordinary shares, of which 67.03% were held by the Republic of Estonia (through the Ministry of Climate) and 32.97% were held by Estonian and international investment funds, banks, pension funds and retail investors. The par value of a share is EUR 1. The maximum number of ordinary shares stipulated in the articles of association of AS Tallinna Sadam is 664,000,000 (2023: 664,000,000). At 31 December 2024 and 31 December 2023, all issued shares had been fully paid for. AS Tallinna Sadam does not have shares of di\ufb00erent classes or di\ufb00erences in shareholder rights related to pro\ufb01t distributions.
* In the years ended 31 December 2024 and 31 December 2023, there were no dilutive instruments outstanding.
Capital management In thousands of euros At 31 December 2024 2023 Loans and borrowings 184,835 173,397 Cash and cash equivalents (note 7) \u201317,213 \u201329,733 Net debt 167,622 143,664 Capital management The purpose of the Group\u2019s capital management is to ensure that Group entities will be able to continue as going concerns and the Group can generate maximum long-term return through an optimal balance between debt and equity capital. The Group\u2019s capital management strategy has not changed signi\ufb01cantly compared to 2023. The Group\u2019s capital structure consists of net debt (loans and borrowings as detailed in note 17 less cash and cash equivalents) and equity (comprising share capital, reserves and retained earnings). The Group is not subject to any externally imposed capital requirements. The Group\u2019s CFO reviews the capital structure of the Group at least twice a year. As part of this review, the CFO assesses the cost of capital and the risks associated with each class of capital. The Group\u2019s long-term target is to ensure that its equity to assets ratio (calculated as the ratio of total equity to total assets) is 60%.
Equity to assets ratio In thousands of euros At 31 December 2024 2023 Total equity 377,613 377,659 Total assets 629,861 606,164 Equity to assets ratio 60% 62% Equity to assets ratio At 31 December 2024, the Group\u2019s equity to assets ratio, i.e. the ratio of total equity to total assets was 60% (31 December 2023: 62%). The ratio decreased by 2 percentage points compared to 2023 because total equity decreased by 0.01% while total assets increased by 3.91% (2023: the ratio increased by 1 percentage point compared to 2022 because total equity decreased by 0.87% while total assets decreased by 2.43%).
Unrestricted equity At 31 December 2024, the Group\u2019s unrestricted equity was EUR 46,287 thousand (31 December 2023: EUR 46,877 thousand). According to the Estonian Commercial Code, shareholders will not be paid dividends if the company\u2019s net assets which have been recognised in the annual report approved at the end of the previous \ufb01nancial year are or would be less than total share capital and reserves which under the law or the articles of association are not to be paid out to shareholders. At 31 December 2024 and 31 December 2023, the Parent could have distributed all of its unrestricted equity without contravening the law.
Statutory capital reserve The statutory capital reserve was in compliance with the requirements of the Estonian Commercial Code at 31 December 2017. As a result of an increase of share capital by EUR 77,796 thousand in 2018, the Parent\u2019s capital reserve does not comply with the amount required by the articles of association. According to the Estonian Commercial Code, each \ufb01nancial year 1/20 (5%) of pro\ufb01t is to be transferred to the capital reserve until the reserve reaches the amount required by the articles of association. A\ufb05er that, pro\ufb01t transfers to the capital reserve will be discontinued. The capital reserve was increased by EUR 446 thousand in 2024 (2023: EUR 743 thousand).
Dividends In thousands of euros 2024 2023 Dividend declared in the reporting period 19,199 19,199 Dividend distributed in the reporting period 19,000 19,012 Income tax withheld on dividends in the reporting period 199 187 Dividend per share (in euros) 0.073 0.073
Income tax on dividends In thousands of euros 2024 2023 Income tax calculated on dividends in Estonia 3,125 3,067 Deferred income tax expense on dividends 0 \u201382 Income tax paid on dividends in Estonia \u20133,325 \u20133,264 Incl. income tax withheld on dividends \u2013199 \u2013187 refund of income tax withheld on dividends for 2019 0 \u201310
Dividends Based on the resolution of the general meeting that convened on 25 April 2024, the Group paid a dividend of EUR 0.073 per share, i.e. EUR 19,199 thousand in total, for 2023. The list of shareholders entitled to receive the dividend was determined on 10 May 2024 (the ex-dividend date: 9 May 2024) and the dividend was paid out to the shareholders on 17 May 2024 (through Nasdaq CSD). At 31 December 2024 and 31 December 2023, there were no deferred income tax liabilities. The Group\u2019s unrestricted equity as at 31 December 2024 amounted to EUR 46,287 thousand (31 December 2023: EUR 46,877 thousand). The maximum possible income tax liability which would arise if all of the unrestricted equity were distributed as dividends is EUR 10,183 thousand (2023: EUR 8,092 thousand). The maximum possible income tax liability as at 31 December 2024 was calculated using a 22% tax rate (22/78 of the net dividend) and the maximum possible tax liability as at 31 December 2023 was calculated using a 20% rate and a 14% tax rate (20/80 and 14/86 of the net dividend, respectively; the latter rate was applied to the maximum possible dividend to the extent of one third of the pro\ufb01t distributed and taxed in 2021, 2022 and 2023).
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Earnings per share 2024 2023 Weighted average number of shares 263,000,000 263,000,000 Consolidated pro\ufb01t for the period (in thousands of euros) 19,153 15,882 Basic and diluted earnings per share (in euros) * 0.07 0.06
* In the years ended 31 December 2024 and 31 December 2023, there were no dilutive instruments outstanding.
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Share capital At 31 December 2024 and 31 December 2023, AS Tallinna Sadam had 263,000,000 registered ordinary shares, of which 67.03% were held by the Republic of Estonia (through the Ministry of Climate) and 32.97% were held by Estonian and international investment funds, banks, pension funds and retail investors. The par value of a share is EUR 1. The maximum number of ordinary shares stipulated in the articles of association of AS Tallinna Sadam is 664,000,000 (2023: 664,000,000). At 31 December 2024 and 31 December 2023, all issued shares had been fully paid for. AS Tallinna Sadam does not have shares of di\ufb00erent classes or di\ufb00erences in shareholder rights related to pro\ufb01t distributions.
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Capital management In thousands of euros At 31 December 2024 2023 Loans and borrowings 184,835 173,397 Cash and cash equivalents (note 7) \u201317,213 \u201329,733 Net debt 167,622 143,664 Capital management The purpose of the Group\u2019s capital management is to ensure that Group entities will be able to continue as going concerns and the Group can generate maximum long-term return through an optimal balance between debt and equity capital. The Group\u2019s capital management strategy has not changed signi\ufb01cantly compared to 2023. The Group\u2019s capital structure consists of net debt (loans and borrowings as detailed in note 17 less cash and cash equivalents) and equity (comprising share capital, reserves and retained earnings). The Group is not subject to any externally imposed capital requirements. The Group\u2019s CFO reviews the capital structure of the Group at least twice a year. As part of this review, the CFO assesses the cost of capital and the risks associated with each class of capital. The Group\u2019s long-term target is to ensure that its equity to assets ratio (calculated as the ratio of total equity to total assets) is 60%.
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Statutory capital reserve The statutory capital reserve was in compliance with the requirements of the Estonian Commercial Code at 31 December 2017. As a result of an increase of share capital by EUR 77,796 thousand in 2018, the Parent\u2019s capital reserve does not comply with the amount required by the articles of association. According to the Estonian Commercial Code, each \ufb01nancial year 1/20 (5%) of pro\ufb01t is to be transferred to the capital reserve until the reserve reaches the amount required by the articles of association. A\ufb05er that, pro\ufb01t transfers to the capital reserve will be discontinued. The capital reserve was increased by EUR 446 thousand in 2024 (2023: EUR 743 thousand).
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Dividends In thousands of euros 2024 2023 Dividend declared in the reporting period 19,199 19,199 Dividend distributed in the reporting period 19,000 19,012 Income tax withheld on dividends in the reporting period 199 187 Dividend per share (in euros) 0.073 0.073
Income tax on dividends In thousands of euros 2024 2023 Income tax calculated on dividends in Estonia 3,125 3,067 Deferred income tax expense on dividends 0 \u201382 Income tax paid on dividends in Estonia \u20133,325 \u20133,264 Incl. income tax withheld on dividends \u2013199 \u2013187 refund of income tax withheld on dividends for 2019 0 \u201310
Dividends Based on the resolution of the general meeting that convened on 25 April 2024, the Group paid a dividend of EUR 0.073 per share, i.e. EUR 19,199 thousand in total, for 2023. The list of shareholders entitled to receive the dividend was determined on 10 May 2024 (the ex-dividend date: 9 May 2024) and the dividend was paid out to the shareholders on 17 May 2024 (through Nasdaq CSD). At 31 December 2024 and 31 December 2023, there were no deferred income tax liabilities. The Group\u2019s unrestricted equity as at 31 December 2024 amounted to EUR 46,287 thousand (31 December 2023: EUR 46,877 thousand). The maximum possible income tax liability which would arise if all of the unrestricted equity were distributed as dividends is EUR 10,183 thousand (2023: EUR 8,092 thousand). The maximum possible income tax liability as at 31 December 2024 was calculated using a 22% tax rate (22/78 of the net dividend) and the maximum possible tax liability as at 31 December 2023 was calculated using a 20% rate and a 14% tax rate (20/80 and 14/86 of the net dividend, respectively; the latter rate was applied to the maximum possible dividend to the extent of one third of the pro\ufb01t distributed and taxed in 2021, 2022 and 2023).
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In thousands of euros 2024 2023 Fuel costs 6,945 6,886 Electricity costs 4,829 4,918 Heat, water and sewerage costs 778 783 Technical maintenance and repair of non-current assets 8,506 8,312 Services purchased for infrastructure 4,368 4,035 Tax expenses 1,498 2,661 Incl. land tax 1,443 2,607 Consultation and development expenses 760 669 Incl. research and development expenses 279 367 Services purchased 6,348 6,015 Incl. mooring service 762 778 reception of ship-generated waste 2,054 1,966 port dues 3,479 3,223 Purchase and maintenance of insigni\ufb01cant assets 961 949 Advertising expenses 200 244 Lease expenses 1,185 1,376 Expenses on short-term leases 86 174 Insurance expenses 856 804 Other operating expenses 3,107 3,577 Total operating expenses 40,427 41,403
Note 21. Operating expenses
Personnel expenses In thousands of euros 2024 2023 Wages and salaries 19,384 19,006 Social security charges 6,338 6,208 Total personnel expenses 25,722 25,214
Personnel expenses
In thousands of euros 2024 2023 Interest expense on loans and borrowings: Interest expense on loans 2,083 1,707 Interest expense on debt securities 6,126 5,690 Total interest expense on loans and borrowings (note 17) 8,209 7,397 Foreign exchange loss 0 28 Other \ufb01nance costs 48 10 Total \ufb01nance costs 8,257 7,435 Note 23. Finance costs
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In thousands of euros 2024 2023 Fuel costs 6,945 6,886 Electricity costs 4,829 4,918 Heat, water and sewerage costs 778 783 Technical maintenance and repair of non-current assets 8,506 8,312 Services purchased for infrastructure 4,368 4,035 Tax expenses 1,498 2,661 Incl. land tax 1,443 2,607 Consultation and development expenses 760 669 Incl. research and development expenses 279 367 Services purchased 6,348 6,015 Incl. mooring service 762 778 reception of ship-generated waste 2,054 1,966 port dues 3,479 3,223 Purchase and maintenance of insigni\ufb01cant assets 961 949 Advertising expenses 200 244 Lease expenses 1,185 1,376 Expenses on short-term leases 86 174 Insurance expenses 856 804 Other operating expenses 3,107 3,577 Total operating expenses 40,427 41,403
Note 21. Operating expenses
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Personnel expenses In thousands of euros 2024 2023 Wages and salaries 19,384 19,006 Social security charges 6,338 6,208 Total personnel expenses 25,722 25,214
Number of employees 2024 2023 People working under employment contracts 438 461 People working under contracts for services, excluding self-employed people 10 10 Members of legal person\u2019s management or control bodies 9 7 Total 457 478
Personnel expenses
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Personnel expenses In thousands of euros 2024 2023 Wages and salaries 19,384 19,006 Social security charges 6,338 6,208 Total personnel expenses 25,722 25,214
Personnel expenses
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In thousands of euros 2024 2023 Gain on sale of non-current assets 19 0 Penalties, interest on arrears 127 893 Income from government grants (note 18) 1,335 1,292 Other income 256 23 Total other income 1,737 2,208 Note 22. Other income
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In thousands of euros 2024 2023 Gain on sale of non-current assets 19 0 Penalties, interest on arrears 127 893 Income from government grants (note 18) 1,335 1,292 Other income 256 23 Total other income 1,737 2,208 Note 22. Other income
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In thousands of euros 2024 2023 Interest expense on loans and borrowings: Interest expense on loans 2,083 1,707 Interest expense on debt securities 6,126 5,690 Total interest expense on loans and borrowings (note 17) 8,209 7,397 Foreign exchange loss 0 28 Other \ufb01nance costs 48 10 Total \ufb01nance costs 8,257 7,435 Note 23. Finance costs
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In thousands of euros 2024 2023 Interest expense on loans and borrowings: Interest expense on loans 2,083 1,707 Interest expense on debt securities 6,126 5,690 Total interest expense on loans and borrowings (note 17) 8,209 7,397 Foreign exchange loss 0 28 Other \ufb01nance costs 48 10 Total \ufb01nance costs 8,257 7,435 Note 23. Finance costs
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Note 25. Commitments
At 31 December 2024, the Group\u2019s contractual commitments related to purchases of property, plant and equipment, repairs, and research and development expenditures totalled EUR 38,075 thousand (31 December 2023: EUR 68,051 thousand), including a commitment of EUR 23,746 thousand under the contract for the construction of quay 6A at Paldiski South Harbour. At 31 December 2023, the Group\u2019s contractual commitments amounted to EUR 54,102 thousand.
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Note 25. Commitments
At 31 December 2024, the Group\u2019s contractual commitments related to purchases of property, plant and equipment, repairs, and research and development expenditures totalled EUR 38,075 thousand (31 December 2023: EUR 68,051 thousand), including a commitment of EUR 23,746 thousand under the contract for the construction of quay 6A at Paldiski South Harbour. At 31 December 2023, the Group\u2019s contractual commitments amounted to EUR 54,102 thousand.
Note 27. Contingent liabilities Under several lease and right of super\ufb01cies contracts, upon the expiry of the contract AS Tallinna Sadam has to compensate the cost of the facilities built or the improvements made to the assets of AS Tallinna Sadam by the lessee at the usual value of the facility or the improvement. Considering the long terms of the contracts (especially the right of super\ufb01cies contracts) and the fact that the facilities are mostly special-purpose assets (port terminals), there is no valid experience in measuring their usual value upon the expiry of the contracts. Based on the above, the value of the obligations could not be estimated reliably at the reporting date. On 19 January 2024, reorganisation proceedings were initiated on the basis of the reorganisation application submitted by MPG AgroProduction O\u00dc and merged with the bankruptcy proceedings initiated by AS Tallinna Sadam against MPG AgroProduction O\u00dc on 28 November 2023 because MPG AgroProduction O\u00dc had not ful\ufb01lled its contractual obligations for a long time. At the same time, the bankruptcy proceedings were suspended until the approval of the reorganisation plan or the completion of the reorganisation proceedings. The Harju County Court terminated the reorganisation proceedings of MPG AgroProduction O\u00dc by its order of 26 March 2024. MPG AgroProduction O\u00dc \ufb01led appeals against the order with the Tallinn District Court and the Supreme Court. By order of the Supreme Court dated 12 August 2024, the order of the county court dated 26 March 2024 entered into force, which meant that the reorganisation plan of MPG AgroProduction O\u00dc was not approved and the reorganisation proceedings were terminated. As a result of the termination of the reorganisation proceedings, the Harju County Court continued to hear the bankruptcy petition against MPG AgroProduction O\u00dc and appointed an interim bankruptcy trustee for MPG AgroProduction O\u00dc on 21 August 2024. On 15 October 2024, the court declared MPG AgroProduction O\u00dc bankrupt, appointed a bankruptcy trustee and scheduled the \ufb01rst general meeting of the creditors. On 30 October 2024, MPG AgroProduction O\u00dc (bankrupt) \ufb01led an appeal against the bankruptcy order with the Tallinn District Court, seeking the annulment of the bankruptcy order and termination of the proceedings on the bankruptcy petition. AS Tallinna Sadam submitted its position to the court on 14 November 2024, requesting that the appeal be denied. The Tallinn District Court has not decided on the appeal by the date this report is authorised for issue. On 4 April 2024, AS Tallinna Sadam \ufb01led an additional statement of claim against MPG AgroProduction O\u00dc, demanding the imposition of obligations to enter into a real right contract for the transfer of ownership of a right of super\ufb01cies to AS Tallinna Sadam, to make the declarations of intention required for making an entry in the land register and to vacate the area of the right of super\ufb01cies, because MPG AgroProduction O\u00dc has not transferred the right of super\ufb01cies voluntarily to AS Tallinna Sadam. In connection with MPG AgroProduction O\u00dc\u2019s appeal against the bankruptcy order, the proceedings were suspended until the order enters into force. At 31 December 2024, AS Tallinna Sadam had claims of EUR 3.6 million (payments due for the right of super\ufb01cies, servitude, land tax, services, interest and interest on arrears for 2022 and 2023), which had been written down. A contractual penalty and interest on arrears for 2024 will be added to the principal claim. On 29 November 2024, AS Tallinna Sadam \ufb01led a civil action lawsuit against AS Tallinna Vesi claiming compensation of EUR 605,110.26 for damages caused and additionally late payment interest accrued until the claim was \ufb01led. AS Tallinna Sadam and AS Tallinna Vesi have signed an agreement on water supply and sewerage service under which AS Tallinna Sadam has paid AS Tallinna Vesi an unreasonably high price for water service between 1 July 2011 and 30 November 2019. Namely, by amendments to the Public Water Supply and Sewerage Act (the \u2018Act\u2019) that entered into force on 1 November 2010, an obligation was imposed on water undertakings (including AS Tallinna Vesi) to establish, upon coordination with the Competition Authority, a price for water service which meets the criteria provided in subsection 14 (2) of the Act. The Supreme Court has established by its decision in administrative case number 3-11-1355 that the price proposal submitted by AS Tallinna Vesi on 9 November 2010 did not meet the criteria provided in subsection 14 (2) of the Act. AS Tallinna Vesi submitted a price proposal meeting the criteria of the Act to the Competition Authority only on 1 December 2019. AS Tallinna Sadam\u2019s claim for damage caused is based on the excessively paid price for water service, i.e. the di\ufb00erence between the unreasonably high price established by AS Tallinna Vesi and the price meeting the criteria of subsection 14 (2) of the Act, considering the volume of water service consumed by AS Tallinna Sadam from 1 July 2011 to 30 November 2019. The Harju Count accepted the action of AS Tallinna Sadam by its order of 11 December 2024. AS Tallinna Vesi has not yet submitted its full response to the statement of claim. The Group has entered into a guarantee agreement with a bank, under which the bank has issued a guarantee of EUR 5 million to secure the obligations of O\u00dc TS Laevad under the public service contract for passenger transport. According to the assessment of the management board, it is not likely that the guarantee will be called. The Group has entered into a 2-year guarantee agreement with a bank, under which the bank has issued a guarantee of EUR 6 million to secure the obligations of O\u00dc TS Laevad under the public service contract for passenger transport signed on 10 September 2024. According to the assessment of the management board, it is not likely that the guarantee will be called.
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Purchases of intangible assets In thousands of euros 2024 2023 Purchases of intangible assets \u2013599 \u2013799 Paid for previous period 91 0 Trade payables at end of period (note 15) \u201366 \u201391 Other adjustments 0 1 Total adjustments 25 \u201390 Purchases and upgrades (note 12) 574 889 Purchases of property, plant and equipment In thousands of euros 2024 2023 Purchases of property, plant and equipment \u201338,981 \u201317,946 O\ufb00setting transactions \u2013471 0 Paid for previous period 2,358 470 Trade payables at end of period (note 15) \u20131,163 \u20132,358 Other adjustments 0 \u20133 Total adjustments 724 \u20131,891 Purchases and reconstruction (note 11) 38,257 19,837 Note 26. Investing activities in the statement of cash \ufb02ows
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Note 27. Contingent liabilities Under several lease and right of super\ufb01cies contracts, upon the expiry of the contract AS Tallinna Sadam has to compensate the cost of the facilities built or the improvements made to the assets of AS Tallinna Sadam by the lessee at the usual value of the facility or the improvement. Considering the long terms of the contracts (especially the right of super\ufb01cies contracts) and the fact that the facilities are mostly special-purpose assets (port terminals), there is no valid experience in measuring their usual value upon the expiry of the contracts. Based on the above, the value of the obligations could not be estimated reliably at the reporting date. On 19 January 2024, reorganisation proceedings were initiated on the basis of the reorganisation application submitted by MPG AgroProduction O\u00dc and merged with the bankruptcy proceedings initiated by AS Tallinna Sadam against MPG AgroProduction O\u00dc on 28 November 2023 because MPG AgroProduction O\u00dc had not ful\ufb01lled its contractual obligations for a long time. At the same time, the bankruptcy proceedings were suspended until the approval of the reorganisation plan or the completion of the reorganisation proceedings. The Harju County Court terminated the reorganisation proceedings of MPG AgroProduction O\u00dc by its order of 26 March 2024. MPG AgroProduction O\u00dc \ufb01led appeals against the order with the Tallinn District Court and the Supreme Court. By order of the Supreme Court dated 12 August 2024, the order of the county court dated 26 March 2024 entered into force, which meant that the reorganisation plan of MPG AgroProduction O\u00dc was not approved and the reorganisation proceedings were terminated. As a result of the termination of the reorganisation proceedings, the Harju County Court continued to hear the bankruptcy petition against MPG AgroProduction O\u00dc and appointed an interim bankruptcy trustee for MPG AgroProduction O\u00dc on 21 August 2024. On 15 October 2024, the court declared MPG AgroProduction O\u00dc bankrupt, appointed a bankruptcy trustee and scheduled the \ufb01rst general meeting of the creditors. On 30 October 2024, MPG AgroProduction O\u00dc (bankrupt) \ufb01led an appeal against the bankruptcy order with the Tallinn District Court, seeking the annulment of the bankruptcy order and termination of the proceedings on the bankruptcy petition. AS Tallinna Sadam submitted its position to the court on 14 November 2024, requesting that the appeal be denied. The Tallinn District Court has not decided on the appeal by the date this report is authorised for issue. On 4 April 2024, AS Tallinna Sadam \ufb01led an additional statement of claim against MPG AgroProduction O\u00dc, demanding the imposition of obligations to enter into a real right contract for the transfer of ownership of a right of super\ufb01cies to AS Tallinna Sadam, to make the declarations of intention required for making an entry in the land register and to vacate the area of the right of super\ufb01cies, because MPG AgroProduction O\u00dc has not transferred the right of super\ufb01cies voluntarily to AS Tallinna Sadam. In connection with MPG AgroProduction O\u00dc\u2019s appeal against the bankruptcy order, the proceedings were suspended until the order enters into force. At 31 December 2024, AS Tallinna Sadam had claims of EUR 3.6 million (payments due for the right of super\ufb01cies, servitude, land tax, services, interest and interest on arrears for 2022 and 2023), which had been written down. A contractual penalty and interest on arrears for 2024 will be added to the principal claim. On 29 November 2024, AS Tallinna Sadam \ufb01led a civil action lawsuit against AS Tallinna Vesi claiming compensation of EUR 605,110.26 for damages caused and additionally late payment interest accrued until the claim was \ufb01led. AS Tallinna Sadam and AS Tallinna Vesi have signed an agreement on water supply and sewerage service under which AS Tallinna Sadam has paid AS Tallinna Vesi an unreasonably high price for water service between 1 July 2011 and 30 November 2019. Namely, by amendments to the Public Water Supply and Sewerage Act (the \u2018Act\u2019) that entered into force on 1 November 2010, an obligation was imposed on water undertakings (including AS Tallinna Vesi) to establish, upon coordination with the Competition Authority, a price for water service which meets the criteria provided in subsection 14 (2) of the Act. The Supreme Court has established by its decision in administrative case number 3-11-1355 that the price proposal submitted by AS Tallinna Vesi on 9 November 2010 did not meet the criteria provided in subsection 14 (2) of the Act. AS Tallinna Vesi submitted a price proposal meeting the criteria of the Act to the Competition Authority only on 1 December 2019. AS Tallinna Sadam\u2019s claim for damage caused is based on the excessively paid price for water service, i.e. the di\ufb00erence between the unreasonably high price established by AS Tallinna Vesi and the price meeting the criteria of subsection 14 (2) of the Act, considering the volume of water service consumed by AS Tallinna Sadam from 1 July 2011 to 30 November 2019. The Harju Count accepted the action of AS Tallinna Sadam by its order of 11 December 2024. AS Tallinna Vesi has not yet submitted its full response to the statement of claim. The Group has entered into a guarantee agreement with a bank, under which the bank has issued a guarantee of EUR 5 million to secure the obligations of O\u00dc TS Laevad under the public service contract for passenger transport. According to the assessment of the management board, it is not likely that the guarantee will be called. The Group has entered into a 2-year guarantee agreement with a bank, under which the bank has issued a guarantee of EUR 6 million to secure the obligations of O\u00dc TS Laevad under the public service contract for passenger transport signed on 10 September 2024. According to the assessment of the management board, it is not likely that the guarantee will be called.
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Statement of \ufb01nancial position In thousands of euros 31.12.2024 31.12.2023 ASSETS Current assets Cash and cash equivalents 11,774 16,804 Term deposits with maturities of more than 3 months 17,000 0 Trade and other receivables 14,123 17,004 Inventories 10 4 Total other current assets 42,907 33,812 Non-current assets held for sale 3,988 0 Total current assets 46,895 33,812 Non-current assets Investments in subsidiaries 5,774 5,774 Investments in an associate 132 132 Other long-term receivables 44,114 57,634 Investment properties 14,069 14,069 Property, plant and equipment 447,686 432,224 Intangible assets 2,053 1,940 Total non-current assets 513,828 511,773 Total assets 560,723 545,585 Note 29. Additional information on the parent The \ufb01nancial information on the Parent comprises the primary \ufb01nancial statements of the Parent, which are required to be disclosed in accordance with the Estonian Accounting Act, but which are not separate \ufb01nancial statements as de\ufb01ned in IAS 27. The primary \ufb01nancial statements of the Parent have been prepared using the same accounting policies as were applied in the preparation of the consolidated \ufb01nancial statements, except that investments in subsidiaries and associates are measured at cost.
In thousands of euros 31.12.2024 31.12.2023 LIABILITIES Current liabilities Loans and borrowings 12,191 15,832 Provisions 1,436 1,004 Government grants 21,969 7,260 Taxes payable 475 477 Trade and other payables 4,740 6,594 Total current liabilities 40,811 31,167 Non-current liabilities Loans and borrowings 172,650 157,566 Government grants 31,995 33,075 Other payables 2,815 3,010 Total non-current liabilities 207,460 193,651 Total liabilities 248,271 224,818 EQUITY Share capital 263,000 263,000 Share premium 44,478 44,478 Statutory capital reserve 23,304 22,858 Accumulated losses \u201318,330 \u20139,569 Total equity 312,452 320,767 Total liabilities and equity 560,723 545,585
Statement of comprehensive income In thousands of euros 2024 2023 Revenue 70,690 69,205 Other income 1,482 2,185 Operating expenses \u201322,295 \u201323,919 Impairment of \ufb01nancial assets \u2013815 \u20131,117 Personnel expenses \u201313,374 \u201313,271 Depreciation, amortisation and impairment \u201316,461 \u201317,163 Other expenses \u2013352 \u2013952 Operating pro\ufb01t 18,875 14,968 FINANCE INCOME AND COSTS Finance income 3,363 4,419 Finance costs \u20138,229 \u20137,398 Finance costs \u2013 net \u20134,866 \u20132,979 Pro\ufb01t before income tax 14,009 11,989 Income tax expense \u20133,125 \u20133,067 Pro\ufb01t for the period 10,884 8,922
Statement of cash \ufb02ows In thousands of euros 2024 2023 Cash receipts from sale of goods and services 76,257 74,818 Cash receipts related to other income 45 272 Payments to suppliers \u201328,650 \u201332,533 Payments to and on behalf of employees \u201311,884 \u201312,722 Payments for other expenses \u2013173 \u2013199 Income tax paid on dividends \u20133,325 \u20133,264 Cash from operating activities 32,270 26,372 Purchases of property, plant and equipment \u201336,870 \u201313,988 Purchases of intangible assets \u2013459 \u2013782 Proceeds from sale of property, plant and equipment 17 28 Government grants received 15,317 0 Repayments of loans provided 14,175 16,428 Dividends received 0 357 Interest received 3,309 3,769 Net change in deposits with maturities of more than 3 months \u201317,000 0 Cash used in/from investing activities \u201321,511 5,812 Redemption of debt securities \u20137,650 \u20137,650 Loans received 30,000 0 Repayments of loans received \u201310,466 \u20138,266 Dividends paid \u201319,000 \u201319,012 Interest paid \u20138,654 \u20136,494 Other payments related to \ufb01nancing activities \u201319 \u20131 Cash used in \ufb01nancing activities \u201315,789 \u201341,423 Net cash \ufb02ow \u20135,030 \u20139,239 Cash and cash equivalents at beginning of period 16,804 26,043 Change in cash and cash equivalents \u20135,030 \u20139,239 Cash and cash equivalents at end of period 11,774 16,804
Statement of changes in equity In thousands of euros Share capital Share premium Statutory capital reserve Retained earnings/ accumulated losses Total equity Equity at 31 December 2023 263,000 44,478 22,858 \u20139,569 320,767 Pro\ufb01t for the period 0 0 0 10,884 10,884 Total comprehensive income for the period 0 0 0 10,884 10,884 Dividend declared 0 0 0 \u201319,199 \u201319,199 Total transactions with owners 0 0 0 \u201319,199 \u201319,199 Increase of capital reserve 0 0 446 \u2013446 0 Equity at 31 December 2024 263,000 44,478 23,304 \u201318,330 312,452 Carrying amount of interests under control and signi\ufb01cant in\ufb02uence 0 0 0 \u20135,774 \u20135,774 Value of interests under control and signi\ufb01cant in\ufb02uence under the equity method 0 0 0 70,935 70,935 Adjusted unconsolidated equity at 31 December 2024 263,000 44,478 23,304 46,831 377,613 In thousands of euros Share capital Share premium Statutory capital reserve Retained earnings/ accumulated losses Total equity Equity at 31 December 2022 263,000 44,478 22,115 1,451 331,044 Pro\ufb01t for the period 0 0 0 8,922 8,922 Total comprehensive income for the period 0 0 0 8,922 8,922 Dividend declared 0 0 0 \u201319,199 \u201319,199 Total transactions with owners 0 0 0 \u201319,199 \u201319,199 Increase of capital reserve 0 0 743 \u2013743 0 Equity at 31 December 2023 263,000 44,478 22,858 \u20139,569 320,767 Carrying amount of interests under control and signi\ufb01cant in\ufb02uence 0 0 0 \u20135,774 \u20135,774 Value of interests under control and signi\ufb01cant in\ufb02uence under the equity method 0 0 0 62,666 62,666 Adjusted unconsolidated equity at 31 December 2023 263,000 44,478 22,858 47,323 377,659 In accordance with the Estonian Accounting Act, adjusted unconsolidated retained earnings represent the amount that is available for distribution to shareholders.
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4. AS Tallinna Sadam and its subsidiaries are going concerns.
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