Aktsiaselts Infortar 2024 audited Annual Report

Core Viewpoint - Infortar Group has reported significant financial developments for the year 2024, including increased revenues and strategic acquisitions, while facing challenges in profitability and rising liabilities due to the consolidation of Tallink Grupp. Maritime Transport - Infortar invested €110 million in acquiring shares of Tallink Grupp, raising its ownership to 68.5% [2][14] - Tallink reported 5.6 million passengers in 2024, operating 14 vessels, with 303,000 cargo units and 777,000 passenger vehicles transported [2] Energy - Elenger Grupp, a subsidiary of Infortar, signed a €120 million agreement to acquire EWE Group's operations in Poland, including natural gas assets and distribution networks [3][15] - Elenger sold 18.4 TWh of energy in 2024, with Estonia accounting for 16% of total sales, and held a 24.3% market share in the Finland-Baltic gas market [4] Real Estate - Infortar's real estate portfolio expanded from 100,000 to 141,000 square meters, with new developments including a logistics center and a second DEPO store in Estonia [5] Financial Performance - Consolidated sales revenue increased by €287.149 million to €1,371.775 million in 2024, compared to €1,084.626 million in 2023 [6][9] - Total profit for 2024 was €193.67 million, down from €293.83 million in 2023, influenced by one-off revaluations related to acquisitions [13] - The EBITDA margin decreased to 10.6% in 2024 from 13.2% in 2023, with operating profit dropping to €77.024 million from €123.628 million [6][13] Liabilities and Debt - Total liabilities rose to €1,223.287 million in 2024 from €441.16 million in 2023, primarily due to the consolidation of Tallink's loans [8][16] - Net debt increased to €1,055.708 million in 2024 from €354.045 million in 2023, resulting in a net debt to EBITDA ratio of 3.4 [17] Dividends - The management proposes a dividend of €3 per share for the 2024 financial year, adhering to the policy of paying at least €1 per share annually [18] Company Overview - Infortar operates in seven countries, focusing on maritime transport, energy, and real estate, with a diverse portfolio and 110 companies under its umbrella [24]