Core Viewpoint - Tallinna Sadam is hosting an investor conference webinar to present its unaudited Q1 2025 results, scheduled for May 12, 2025, with presentations in both Estonian and English [1] Group 1: Webinar Details - The webinar will take place on Microsoft Teams, with the Estonian session starting at 10:00 EET and the English session at 11:00 EET [1] - The management board chairman Valdo Kalm and CFO Andrus Ait will present the results and address questions from participants [1] - Participants are encouraged to submit questions in advance due to time constraints [1] Group 2: Company Overview - Tallinna Sadam is a major cargo and passenger port complex in the Baltic Sea region, providing various services including ferry operations and shipping [3] - The company operates through subsidiaries such as OÜ TS Laevad, which offers ferry services, and OÜ TS Shipping, which charters the multifunctional vessel Botnica for icebreaking and offshore services [3] - Tallinna Sadam is also a shareholder in AS Green Marine, which focuses on waste management services [3] Group 3: Additional Information - Contact information for investor relations is provided, including the head of investor relations, Angelika Annus, and her contact details [4]

Core Points - The annual general meeting of AS Tallinna Sadam was held on April 24, 2025, with 79 shareholders representing 76.25% of the votes [1][3] - The Annual Report for 2024 was approved with 99.99% votes in favor [4] - The profit distribution proposal for 2024 was approved, with dividends set at €0.073 per share, totaling €19,199,000 [5][8] - AS PricewaterhouseCoopers was appointed as the auditor for the financial year 2025 with 99.99% votes in favor [6] - New members of the supervisory board were elected for the term from July 1, 2025, to June 30, 2028, with Priit Perens appointed as chairman [9] Company Overview - AS Tallinna Sadam is one of the largest cargo and passenger port complexes in the Baltic Sea region, providing various services including ferry operations and waste management through its subsidiaries [10]

Summary of Conference Call Notes on China Industrials Industry Overview - The focus is on the shipping supply chain in China, particularly the maritime, logistics, and shipbuilding sectors due to USTR's proposed actions [2][3]. Key Points and Arguments 1. **USTR's Proposed Actions**: - USTR confirmed findings from the Section 301 investigation regarding China's shipping sectors and will hold a public hearing on March 24, 2025 [2]. - Proposed service charges on shipping companies with China exposure could be significantly higher than market expectations [2][3]. 2. **Impact on Chinese Shipping Companies**: - COSCO Shipping could face annual service fees between US$1 billion to US$3.5 billion, representing 33% to 116% of its estimated net profit for 2026 [4]. - SITC is expected to be unaffected due to no US exposure [4]. - Smaller tonnage Chinese-built vessels may be disproportionately impacted as the increased costs become more significant relative to revenue [4]. 3. **Service Fees Structure**: - Proposed fees include: - Up to US$1 million per ship per trip for Chinese shipping companies. - Up to US$1.5 million for companies with sizable Chinese-built vessel fleets. - Up to US$1 million for companies with significant orders from Chinese shipyards in the next 24 months. - Refunds of up to US$1 million for US-built vessels [3]. 4. **Impact on Shipyards**: - Negative implications for Chinese shipyards due to the proposed fees, but potential positive impacts for Korean shipyards [5]. - Major shipping companies have over 50% of their order books from Chinese shipyards, indicating limited impact on order wins for Chinese shipyards in the next two years [5]. 5. **Market Reactions**: - Following USTR's claims, share prices of Korean shipyards rose by 10-15%, while Chinese shipyards are expected to experience weakness [8]. Additional Important Insights - **Risks for Chinese Shipyards**: - Key downside risks include weaker-than-expected shipbuilding demand, changes in freight rates, and increased costs of inputs like steel [13][17]. - Upside risks could arise from better-than-expected shipping demand and potential disruptions in shipping schedules leading to increased freight rates [15]. - **Valuation Methodology**: - Price targets for companies like CM Port and COSCO Shipping are derived using sum-of-the-parts (SOTP) and EV/IC methodologies [14][16]. - **Investment Ratings**: - COSCO Shipping is rated as a "Sell," while China Merchants Port is rated as a "Buy" [31]. This summary encapsulates the critical aspects of the conference call regarding the implications of USTR's proposed actions on the shipping industry in China, highlighting potential impacts on companies and market dynamics.