Published: 2019-03-29 13:05:10 CET
Tallinna Sadam
Company Announcement

Court ruling concerning the civil claim of Saaremaa Laevakompanii and Väinamere Liinid

In 8 March 2019, Harju County Court dismissed the claim filed in the civil case No 2-17-15955 against OÜ TS Laevad and OÜ TS Shipping based on the application of AS Saaremaa Laevakompanii (in bankruptcy) (hereinafter: „SLK“) and Väinamere Liinid OÜ (hereinafter: „Väinamere Liinid“) because the plaintiffs did not pay the court-ordered securities in total amount of EUR 14,000 to cover the estimated costs of the proceedings. The court ruling entered in to force on 28 March 2019 and by this the litigation ended.

In 17 November 2017, Harju County Court stared the proceedings on the claim filed by SLK and Väinamere Liinid in 25 October 2017 against the subsidiaries of AS Tallinna Sadam (hereinafter: „Tallinna Sadam“) OÜ TS Laevad and OÜ TS Shipping applying for compensation for damage caused by the alleged use of business secrets while participating in the public procurement of passenger transport services on Saaremaa and Hiiumaa lines. The amount of the claim totaled EUR 23.8 million, including SLK claim in amount of EUR 15.8 million and Väinamere Liinid claim in amount of EUR 8 million.

The Management Board of Tallinna Sadam, together with the legal adviser of the case in question, has considered the dispute to have no perspective and the Group has not established any reserve to cover the claim amount. Therefore, the dismissal of the claim and the termination of the litigation will not affect the Group's financial performance.

Tallinna Sadam is one of the largest cargo- and passenger port complexes in the Baltic Sea region, which in 2018 serviced 10.6 million passengers and 20.6 million tons of cargo. In addition to passenger and freight services, Tallinna Sadam group also operates in shipping business via its subsidiaries – OÜ TS Laevad provides ferry services between the Estonian mainland and the largest islands, and OÜ TS Shipping charters its multifunctional vessel Botnica for icebreaking and construction services in Estonia and offshore projects abroad. Tallinna Sadam group is also a shareholder of an associate AS Green Marine, which provides waste management services. According to unaudited financial results, Tallinna Sadam group's sales in 2018 totaled EUR 130.6 million, adjusted EBITDA EUR 74.4 million and net profit EUR 24.4 million.

Marju Zirel
Head of Investor Relations
AS Tallinna Sadam