May 3, 2025
Financial Highlights – FY 2024
- Revenue: EUR 785.8 million (↓5.9% from 2023)
- EBITDA: EUR 175.2 million (↓18.3% from 2023)
- Net profit: EUR 40.3 million (↓48.9% from 2023)
- Gross profit: EUR 153.6 million
- Earnings per share: EUR 0.05 (2023: EUR 0.11)
- Passengers carried: 5.6 million (↓2.2%)
- Cargo units: 303,234 (↓6.4%)
- Net debt: EUR 537.7 million (↓69.6 million)
- Capital expenditure: EUR 22.4 million
- Dividends paid: EUR 44.6 million
- Equity ratio: 53.4%
- Liquidity buffer: EUR 93.7 million
CEO’s Comments – Paavo Nõgene (Chairman of the Management Board)
Economic & Geopolitical Context
- Hoped for a stable 2024, but was met with rising geopolitical tensions, weak economic conditions, and lower consumer confidence.
- Despite these challenges, the company delivered a “satisfactory result in the circumstances.”
Strategy & Performance
- Chose to maintain premium pricing to reflect the quality of service, even at the cost of some volume.
- Cargo volumes declined, but profitability improved through strong pricing and efficiency.
- Passenger pricing strategy followed the same principle: quality requires investment, and investment requires appropriate pricing.
Regulatory & Environmental Challenges
- Faced new costs from the EU Emissions Trading System (ETS) and other climate regulations.
- Highlighted growing bureaucracy and reporting obligations, especially related to the new CSRD-compliant ESG report.
- Warned that environmental surcharges will increase, driven by necessary investments in greener technologies.
Operational Focus
- Maintained an optimal mix of operating and chartered vessels, including vessel sales and new charter extensions.
- Focus on tailored and high-quality services on core Baltic Sea routes, with efforts to improve charter revenues from idle vessels.
Outlook
- Emphasised continued focus on stability, cost efficiency, and customer-centric innovation.
- CEO thanked shareholders and highlighted the confidence shown by AS Infortar, which increased its stake to 68.5% in 2024.
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