AGM 2025

May 7, 2025

Dear shareholders, welcome to the Port of Tallinn Shareholders' General Assembly. It is definitely one of the most important obligations a company has to fulfill every year. I'm very happy to welcome you all here in our main building of Port of Tallinn, because this is also where the most important decisions are made for decades, maybe already hundreds of years, because this part of the building here has been here for a really long time. I hope a few years from now you will be able to see the more historic view of this building, because these are the plans we have, and the chairman of the board will discuss this in greater detail. I have some notes here for you, so I would like to introduce the rules of procedure first. I'm the head of marketing, Sirle Arro, and I'll be the chair today. Minutes of the meeting will be taken by Erly Lüdig, Head of Legal Department. Representing our management, we have here Marek Helm and Risto Mäeots from the Supervisory Board and the Management Board, Valdo Kalm, the Chairman of the Management Board, and Andrus Ait, who's the Member of the Management Board. We have the Head of Investor Relations, Angelika Annus, and she is going to be your immediate contact person if you have any questions throughout the year or and also it covers any proposals you might have. The voting is organized by ARS Corporate Service OÜ and Helen Hunt. We have a notary, Merle Saar-Johanson, who will be supervising the voting. Before we move on to the presentations and we'll start voting, I'll tell you about the rules of procedure and the voting rules. As usual, please set your mobile phones on silent so we can do the work. When it comes to the decisions, then the drafts were available on the website, and you were able to familiarize yourself with these documents in our offices. All the documents will be visible on the screen, and we'll be reading them out. The shareholder capital is EUR 263 million, which has been divided into 1 EUR nominal value shares, and each of them will give you 1 vote. The list of shareholders who have a right to vote was established as of 17th of April, end of day, and the people who are physically present here will use remote devices to vote. I hope that everybody who wants to vote today have registered and received their remote device. Before the meeting, people have also voted, and they're considered to be attending. These votes are counted as part of the quorum. The agenda points will be followed by questions. You can ask after every point has been covered and any other questions will, you can ask after the end of the event. All the questions should be used with a microphone, and please introduce yourselves. This event will be recorded, and then it will be made public, so we can also hear the questions and answers. All the proposals, dissenting opinions, objections, if you could please submit them in writing and hand them over to the person taking the minutes of the meeting, and they'll be added to the minutes. The voting will take place separately based on each presentation. The voting results will be then announced after each vote. If you'd like to take the floor, then please let us know in writing. These written proposals, if you could bring them to me, and you will get the paper and pen on the table there, and no longer than 5 minutes for the question or comment. All the decisions will be adopted if over, if we have a majority of the votes cast in favor. After the meeting, as I mentioned, you can then talk to the members of the supervisory board, or the management board or any other employee of Port of Tallinn and ask questions about our activities. If there are any media representatives here, as I know we have, then please do not disclose anything which is discussed here during the meeting. Please wait until we can make the stock exchange notification, which will be made today after the end of the meeting. Before we move on to the presentations, I would like to introduce our today's agenda. First of all, we have the majority shareholder, video greeting, Kuldar Leis, Minister of Infrastructure. Overview of the activities of the Supervisory Board will be provided by Marek Helm, Member of the Supervisory Board, Chairman of the Audit Committee. Annual review and the future outlook. What is happening with the Port of Tallinn and where we are going, what the future projects are. We have Valdo Kalm, Chairman of the Management Board. We are continuing with the presentations of the resolutions of the shareholders and voting. Andrus Ait, Member of the Management Board, will introduce financial results before the voting. Election of the members of the Supervisory Board will be covered by Kristi Klaas, Chairman of the Nomination Committee. We'll have a possibility to have a general exchange of views. What kind of decisions will be adopted today? First of all, we have the approval of the annual report of 2024, then followed by profit allocation. Next, we have the appointment of the auditor. Not a new auditor, but an auditor. Then we have the election of the members of the supervisory board. We are voting over 4 points on the agenda. First of all, I would like to now meet the representative of the majority shareholder. This is the Minister of Infrastructure, Kuldar Leis, and his video greeting. Good morning, dear shareholders, supervisory board, and members of the management board. I'm sorry I'm not there in person. Thursday, as we know, is a day for government session, and it's not really possible for me to be absent. I'm very happy that I can use this opportunity to exchange some of the ideas with you over video. Looking back at the previous years, this last year has not been calm water sanctions. We can see that transit was lost towards the east. We have changes in international cargo flows. All these issues cause problems for the entire sector. If you look at the annual report, and then I can say that you managed all these rocky seas as experienced captains. We had 1/5 increase of profit, turnover increased, the number of cruise ships increased, and we saw an increase of cargo volumes. In Q4, we had 50% of profit increase. We have a good reason to recognize your efforts. This is not something which happens on its own. Especially, it is noteworthy to see how quickly you adapted to change. When the east transit disappeared, you were not just hanging around, but you started to look elsewhere. You looked for new cargo corridors, you strengthened other lines of business. This flexibility is a sign of a strong company. What is very nice, and I believe it's good to know for everybody who's been in business, is that when the times are hard, it's not only that you managed to cope, but you also invested. Almost EUR 39 million investments, nearly 90% more than the year before. These new investments were Paldiski wind farm quay, a new capability at Muuga for container vessels, or the development at Old Harbour. These are the steps which create long-term value. When it comes to green corridors, we can see that although the green transition might sound dangerous for some, but if you think it through and you have good cooperation, then it means a smart investment. The Port of Tallinn has clearly proven it, because when you look at the shore electricity infrastructure, automated docking equipment, also striving towards zero emissions, these are not future promises, but these are ongoing activities. The work which is done with our Finnish partners to make sure that Helsinki-Tallinn line was not only faster but cleaner, then this is a good example for the entire Baltic Sea region. Talking a little bit about offshore wind farms, this is also one of the fields which looks further into the future, it does not mean that the Port of Tallinn would have to wait until every single detail is in place. Paldiski South Harbour Quay is investment into the future because when there was wind, the port has the readiness to operate. This quay can be the actual quay for the entire Baltic Sea region. Talking about developments, there are a few other ideas. The government is looking at the EUR 160 million support structure to support large scale investments. One large scale investments could be related to the Port of Tallinn industrial area. Refit retrofitting measure is important. This is a measure I signed yesterday. This will bring vessels to our ports, so they can be made more environmentally friendly and more efficient. To conclude, you also know that the Port of Tallinn is not only a place where the ships arrive and the cargo moves, because every year about 10 million passengers travel through the ports. That means for many, it is the first and the last contact to Estonia as they're coming in or they're leaving. You are our representation, and I'm very happy to see that this representation looks good and you're starting with the design of the new passenger terminal. I would like to thank the TS Laevad, TS shipping teams, because how you have been looking after the big islands, they have contacts with the mainland, and there is also a icebreaking capability. That's a very big part of our success story. Thank you for the work you've done. I hope you will have good decisions, a good outlook for the future, and smooth sailing, even if the world shows us bigger waves. All the best. Thank you very much to the new Minister for these very positive messages for the Port of Tallinn and to the shareholders. Now I would like to invite here the Member of the Supervisory Board, Marek Helm, who will tell us about the Supervisory Board activities the year before. Thank you very much. I would like to welcome you all the shareholders, and we appreciate that you have come here in person, and also greetings to the people who are watching us over Internet. I'm going to introduce the view of the Supervisory Board of what we have been doing last year. These are the Supervisory Board members, and as you were told that there is going to be some changes. This is the team who's been working for three years now. I believe that they've been very much hands-on, a very good team. We can see the overview of who is private sector, who is from the public sector, but they are complementary to each other, and I can assure you that Supervisory Board meetings are very busy. We've had a lot of discussions, and we discuss a lot of co- content. If you look in the statistics, then, frequency of the meetings, is pretty good. We have had 11 meetings, a very high participation rate. We have 2 committees, audit committee and remuneration committee, supporting our work. To taking a quick look of the major decisions, last year, then, our task is to support the group strategy, 2023 to 2027. We added Rene Pärt as a new member, and we extended the powers of Margus Vihman. We are constantly keeping an eye on achievement of goals. This is being expressed in measurable results and to see if the management board is achieving the goals we have set. Approval of major commercial decisions, so a tender for ferry services, LNG terminal agreement, raising loan capital as well. There's been important topics and supporting the growth of the company. As the head of the audit committee, management control is important on different levels. A working process, organization has to be done so that all the risks are alleviated. Valdo will give us a better overview of the business strategy focuses and growth projects, but in the Supervisory Board, we also discuss on a regular basis how the Port of Tallinn can be innovative. This is not only about traditional activities which have been done in the past, but also is looking towards the future, for the future growth for the company. We'd like to see the business volumes growing, how the Port of Tallinn can be a reliable partner, a good employer. When it comes to management, we now want to see management culture being good, that we will not have business risks, or they will be minimum. We have a very good overview as a supervisory board. Talking about the risks, of course, there are many risks, more than listed here, but we have brought out a few of them because we are not operating in a vacuum. We are dependent on what is happening around us in the economy and geopolitics. As the minister also mentioned, the management board has done really well during these difficult times, taking into account the cargo volumes, the structure, and the decisions which impact us due to our geographical location. You can see that these figures based on growth tell us that these business risks have been justified. New regulations about the environment and other issues. There's one more decision regarding good use of auditors, for example, as we are making this decision today. We can confirm that one of the discussions we have in the audit committee is how do we look outside? Is the management board working well enough, and are the company regulations enough to alleviate risks? Other issues regarding Botnica, for example, how to use this resource, so it's not only seasonal, but how we can use Botnica the icebreaker better. The Port of Tallinn is a valued employer. This is not something which will happen on its own, that people feel they're valued in the company, they are included, and they can contribute towards the achievement of goals. We have had a good cooperation with the trade union. Valdo Kalm has given feedback many times that negotiations with the trade unions, of course, is not a simple process because there are sometimes opposing interests involved. The management has had a lot of experience, so we can achieve agreements, and this has been beneficial. The business culture as a whole, I believe we have a good reputation. It is. We have not been really known for having problems in media, so our image in the public sector is good. Why it is good to be the shareholder? Because it is a stable company. When it comes to the business model, we're not all the eggs in one basket. There are many lines of business, many directions, and Valdo is going to talk about this in greater detail. Good cash flow, a good margin. And personally, what I'm interested in as well to see what the development projects and growth projects are, so we would have a better competitive advantage than it is now, and we also have a stable dividend policy. This is something which defends the interest of the shareholders. More we can forecast what is going to happen, it better it is for the shareholders. That's it from me. I would like to thank the management board for good cooperation. I would like to thank all the shareholders that you are here with us. We'll be looking towards the future with hope. Thank you very much, Marek. Any questions for Marek Helm? Marek will stay here until the end of the meeting, if you have any questions, you can ask them after the end of the meeting. I'll step out for one moment, I'll come back. Now I'd like to invite here the Chairman of the Management Board, Valdo Kalm. We'll find out how we have been doing, what it is in detail, and what are the growth opportunities for the future. We can confirm that the Port of Tallinn is a successful company and will remain successful. Thank you very much. Dear shareholders, I'm very happy to see so many of you in our offices today, and I'm very happy to sum up last year. In spite of the stormy seas, we have had a good year. Mostly, due to the fact that we have a balanced business model, as been mentioned before, we have different types of businesses. We have a passenger harbors segment, which is the biggest business volume, then cargo harbors, then ferries, and under others, we have Icebreaker Botnica. All the industrial parks, it will fall under cargo harbors, but this is going to be a separate segment in the future. As usual, we are looking at every business separately, so I am going to give you an overview of what we have done before and what we are going to do now. We are looking at the growth opportunities and new business. Summing up last year, recovery of passenger business was good. This is 3.6% growth, so we are happy with that. All lines, Tallinn-Helsinki, Tallinn-Stockholm showed an increase, and we can see good increase in cruises. Muuga Vuosaari is pretty good because this is not only for cargo, but 200,000 clients travel through that harbor. Smaller buses, campers, people traveling by car are going through Muuga Vuosaari Eckerö Line 3 times a day, and this is a very efficient model, the passengers have found this as well. We are hoping that recovery will continue this year. First quarter, January, February, were very strong. March, a little bit weaker because last year the Easter was in March, and this year it was in April. Competition between the operators is very strong, and we hope that this will show us that there'll be good offers for the clients and recovery continues. Cruise business is also looking good. Last year, we had 107 vessels, Tallinn and Saaremaa. This year, we are expecting 121, and there's some positive trends as well. We have extension to the season. Last year, for the first time, fourth quarter had also 2 Christmas cruises, not small vessels, but quite serious, very big cruisers. In our business, it is very important to have the number of ship calls because we have more profit from ship calls than cargo and passengers. The number of ship calls is very important. Noting all that, I can say that the first quarter showed growth in ship calls, 5%, so it's very important for us. Last year, we were working on this. We are continuing this year. This is Finnish Estonian green corridor, and we have 19 projects started. Why is it important? It's part of sustainable business model, we're also hoping to bring new clients to Tallinn-Helsinki line, especially younger people who can see this green traveling as a good opportunity. We are looking very seriously at fully electric ships between Tallinn and Helsinki, this is a confidential project, I'm not going to get into detail. One of the three operators are working on it's good news for us that they have a good vessel, new vessel. We have certain requirements here as well, we are working on it. We are also trying to find new green fuels. Tallink is using LNG, which is greener. Two vessels are on LNG now, there is also possibility for methanol. The port has to be working on this very hard to make sure that we have capability to offer different types of fuel, and this is how you attract new vessels to the harbor. Here we have several topics, shore electricity for one, how to solve this issue for cruise vessels is a very serious topic. This is an important project. It's not greenwashing, but this is a good business project. When it comes to the green journey, all the different components are important. Important component came about last year. We had the tramline to the harbor, so we were very much interested in the tramline, and this is working very well for us. Our passengers who are arriving to A or D terminal are using it, even the passenger from Sweden. I talked to a taxi driver, and the taxi driver said that these passengers from Sweden are taking the tram now, which is impressive. This is very contemporary, and this project was carried out in cooperation with the city and Rail Baltica before the deadline. We mentioned some of the new projects as well. What concerns our core business, so the last thing for us here is the reconstruction of A terminal. We're talking about the new terminal building. Last year, we have the project, and this year we have the designing process. It's a very serious building, so this is in 2 stages. First, a terminal, and then we have the office and parking facility. This is going to be ongoing project design phase this year. This is quite an extensive project. This is going to be a very contemporary modern building as it was with the D terminal and cruise terminal. We see a reduction of heating costs 35%-40%. If it's an automated system, it's a sustainable building. You're using renewable sources, the cost efficiency is very serious. We see that in cruise terminal because they are all using seawater plus solar panels for cooling and heating. We can see the long-term effect here. Until the end of the year when the project is ready, we will decide when exactly we are going to move on with the construction procurement. We have some other good news when it comes to the real estate business. We have been talking about this, that we are, have different planning processes going on, 5 plus 1, total of 6, which are under a detailed plan project. We are reaching this phase that when it comes to the planning permissions, then they'll be adopted at the end of the year. This means that we'll be continuing with our work with a certain lot. We will announce an international procurement. We'll see what the market says, because this is our business model, that we are not developing it, but we are announcing in international procurement, and the development will be done by a developer, and they will be the ones investing. We've chosen the lots now. Maybe it's not the best time to enter the market yet, but we have to be ready for the next growth. Possibly it's going to be the business real estate, we'll test the market next to the Reidi Road. These plans are very specific, we are starting at the end of the year. Our aim is to make sure we have the master plan in place. It is very much in our interest to make sure the real estate is not harming our core business. This is a business real estate. There might be also some rental space, some residential buildings, but we can talk about it more towards the end of the year. We are hoping that at least some of the planning permissions will be approved at the end of the year. This is a very large area. If you talk to the people from the city, this is 60 hectares. They have never done planning permissions for an area this big. It's going to be complicated, but we have had very good cooperation on Reidi Road, also bringing the tramline to the harbor. I believe that we can reach agreements here. We have had good cooperation with the city government, and we can hopefully, we can get going this year. If this is a long-term business, it's going to be profitable. This is 350,000 square meters, which is a very large scale. This is what, where we can offer added value by the sea and with the sea view. Next, we are looking at the cargo harbors. Last year was good. We have had over 4% cargo volume increase under all categories except for liquid fuel, liquid cargo. The, we are looking on containers and Ro-Ro. Export is improving. This covers both our nearby markets and in Estonia. We are hoping to see the recovery of cargo business also this year. What is very important here, what we can do and what we can have an influence on. This is covering new cargo lines. Last year we have X-Press Feeders calling on Muuga Harbour. This is a very environmentally friendly container vessel using methanol. These are already ongoing in the marine business. We can see that we need green fuels for vessels because we are asking the bunkering. This year, first quarter, Muuga Harbour also welcomed ONE. This is a shipping line, O-O-N-E. It's a regular line. They have very big plans. Today we have people representing three large German harbors. We have a mini conference today. There is Hamburg, Lübeck, and Rostock, and there are some heads of the shipping lines. The president of ONE is in Tallinn today, and he talked about his plans yesterday. This is very good news for us when we have a regular line, regular calls. We have very good forwarding company, which is a German stock, exchange-listed company, and they are taking care of all the loading facilities. The capability in Muuga is very good. We still have free quays. We can accept more shipping lines. Talking about forwarding. These are the companies which are also organizing loading. In Paldiski, they have bought some new powerful cranes, and last year were able to welcome many special vessels for wind farms. Through our harbor, all the bigger wind farms have been built. We are offering services for all the wind farm constructions. Talking about the growth projects, Rail Baltica. We can see opportunities here. This is not a new slide for you, but we have seen some significant changes here. We have preparation works ongoing at Muuga for the cargo terminal, and the beginning of the year, we sold 8 lots to the government, and they will go for under the Rail Baltica infrastructure. These are the lots of land which we don't need for our own operators. This is a precondition to have a cargo terminal at Muuga, and it's very important for us because this is the only harbor at the Baltic Sea which has a Rail Baltica cargo harbor access to Central Europe and, what is most important, to the Mediterranean. It's a new cargo corridor. We will see additional capacity of 4-5 million tons of goods per year. Of course, it's a military strategic site as well. I think that 2030 we have a set of rails which are ready, and the train will be traveling there. We are counting on that. Now talking about other opportunities for growth, as Marek mentioned. Our industrial parks are becoming industrial centers. Fortunately, we still have land available, especially in Muuga. This is where we are looking for industries, as there are certain projects which have been listed here. These are all in the negotiation phase right now. These are the projects where we have one leg involves transport of goods or raw material through the harbor. This is of great interest for us. 2 projects are very important for Estonia, as the minister mentioned. Where we can also apply for large-scale investor support, EUR 200 million investment and 200 jobs. This is a very serious business, and it is not very easy to attract them to us. The cost of an electricity is high, the labor costs are high, and the war is not so far from us. This is not easy at all. As a harbor, we will do everything we can, and Team Estonia is also working. We are working hand in hand with Enterprise Estonia, and the state officials have been of great help to confirm to the potential investors that this is the best location. We have a new project, which is Industrial Parks 2.0, where we have mapped our clients, not only for Scandinavia, but around the Baltic Sea, Asia. We have had cooperation with professional associations with 8 embassies and chambers of commerce. That means we want to attract people to Muuga and Paldiski because we have some land available in Paldiski as well. Hoping to see new investors who will then transport their goods or raw materials through our harbors. What is important for maritime business and for us is also the retrofitting of vessels. This measure, which was mentioned by the minister, is more aimed for ship owners and shipbuilders. We have 4 or 5 good shipbuilders in Estonia, but they're often working outside Estonia now. When it comes to the cruise vessels, they can attract them to Estonia. We offering them a quay at Muuga, and they can carry out the works here in Estonia. The works, added value, ecosystem will be all created here. In Muuga, we have a possibility to offer these services at 5 quays, and it's a very good business for us because if the vessel is there for months, then they need to pay for the use of that quay. Where else we see these opportunities because, where we are already working, we have alternative fuels, renewable energy sources, also production and storage, and offering it for industries and shipping. Last quarter, I signed with JetGas, the construction of the terminal at Muuga. This is a very specific project. If everything goes well, then they're starting in 2025, and the first stage will be completed by 2027. This is a green LNG, the LM. The second one, the more extensive project is right now in the planning phase, which is Derivaat NH3 with green ammonia and later with green methanol or green methane. You can see it's a very good serious factory. They are renting plots of land right now, and they are preparing for the construction permission. A lot of it has to do with the energy price, but for us, it is very good industry for us. We have signed a memorandum of understanding with the Protio from United States for the production of green methane. As I said, we are negotiating with five or six companies regarding the developments of the next few years. Paldiski South Harbour Quay, the construction is ongoing. It's all going according to plan. We have 10 hectares. We are building the line there's going to be a very special ramp. This is the quay which is meant for offshore wind farms, constructions here at the Baltic Sea. This is not only Estonia or the Baltic Sea, but we are also looking at Poland, Lithuania. We are negotiating with the Dutch, this is a special capability. We also want to offer services to the military, defense forces. We have their requirements for the ramp regarding the weight of the equipment. In Paldiski, we have a shortage of Ro-Ro quays. It's a small harbor, but there are 4 lines which travels across the world, Transfennica, Mann Lines, X-Press Feeders, and Tallink. The traffic is so busy that if we wanted to add another line to Paldiski, we don't really have a quay for them. The South Harbor 6A is going to be a multifunctional quay. We're not really concerned about how busy it's going to be. It's going to be finished next year, 1st quarter if all goes well, hopefully we'll get the 1st turnover coming in very quickly. Our subsidiaries had very good results. Brief overview. Passenger ferries had a record. Our people from Saaremaa and Hiiumaa Islands are traveling. There are many guests, there are records. We also won an international procurement for the next period, which starts next year until the end of the next period. For business strategy, it is a very important contract. When it comes to Botnica, the icebreaker, we have also a longer agreement. The offshore market where Botnica operates is very interesting because right now we are designing and carrying out market research regarding a new vessel, either leasing or buying. It's a very big investment, so we have to be very practical. It's a global market. We're looking at all the cables being destroyed underwater. We think that this vessel should be more multifunctional and could also install or repair cables. This is a very important growth project. Once we make this decision, then it seems to be that this is going to be a busy market and there is a lot of demand, and the day rates are very high. If there is work, then it's going to be profitable business. Green Marine, another our, another one of our subsidiaries. They started the new construction waste sorting plant in Maardu. This is a very big factory. All the bigger companies are our clients, so we are market leaders in this niche. There is a big truck which just dumps construction waste. It could be different materials into a machine, and there are 8 fraction sizes coming out, stones, metal, and some of it can be sold. It's going to be a true circular economy project and unique in Estonia. This, we were able to commission it over 3 or 4 months, so very fast. It's not at full capacity operationally yet. I hope that across Estonia, we can bring all the construction waste to Maardu. Now a little bit about sustainable development. I don't want to talk about too much about money in a polite company, but, of course, if we have business, then it has to be sustainable, and this is what we're trying to do. As it was said, we have different scope. We have different key indicators for our footprint, different scopes, so we know exactly what our emissions are. The biggest comes from our vessels. This is the orange column. We have one hybrid vessel, so we are looking at a second DSLI, which could become hybrid or maybe fully electric. We measure that as well. We're taking steps how to reduce our footprint. This is the end of my presentation. Any questions for Valdo Kalm right now? If you have any questions, please introduce yourself first. I'll give you a microphone. My name is Urmas Mardi. I'm a shareholder. I don't really have a question, Valdo Kalm, you had a very good presentation. First question I had was actually about the presentation by the Chairman of the Supervisory Board, which meant the mentioned risks. One of them was the development of cargo harbors. Actually, I'd be interested to know what kind of developments of the cargo harbors would be considered a risk. The second question is that, of course, we all like receiving dividends, more the merrier. If we're looking at this, 100% of profit being paid out of dividends, then are we shooting ourselves in the foot? Because otherwise, we have to take more loans and pay interest. Thank you very much. Very good questions. First one about risks, they are related to very busy competition between the cargo harbors, especially after we lost the Russian transit. This concerns the Baltic countries and the Finnish harbors. The market is restless, and we're competing with 30 harbors in the Baltic Sea. We are in a serious competition with the Latvians, also with Finns and Swedes, but we are prepared for it. First of all, we consider ourselves to be quite flexible and innovative company, which the our clients like. Everything is digital. Our agents don't have any papers, so you are very quick, very flexible, very transparent. We can be flexible in our pricing because we don't have monopolies here. We know what the cost price is, we can be flexible. I think that there are risks here, but that is also about our preparedness. We tend to be 1 place higher. If we measure the entire market share, we are in the 8th place in the Baltic Sea. Compared to last year, we took a step up. We are monitoring the competitiveness very seriously, and we know pretty much exactly what the cargo volumes are. That's the 1st question. 2nd question, also very good question. We are looking at the 5 years of the business ahead for businesses and the revenue. We want to make sure we can make investments and pay out dividends. That means that right now, what we have said is that we are continuing with the dividend policies, at least 70% of the profit, and at the same time, we can carry out investments for growth projects. That this is the plan. Once there is a decision made about vessel, then this is part of this plan as well. We are not overextending ourselves, but we're not going to go too risky with our investments. We have to be very practical, very sensible, and paying out dividends is one of the promises to you and also to the institutional investors and also the majority shareholder, the state. Any other questions right now? Thank you very much. I'd like to invite here Andrus Ait, Member of the Management Board, the Chief Financial Officer, and we'll hear about the financial results before we go on with voting. You will find out more about the financial outcome. Dear investors, my name is Andrus Ait, Member of the Management Board and Chief Financial Officer. I would like to introduce to you 2024 financial outcomes and also dividend proposals. We will talk about the auditors separately. First of all, looking at the passenger numbers and the ship calls in 2024, we had 8.2 million passengers, which are 3.6% more than the year before that. We can see the 5 years timeline, and we can clearly see that 2022 showed a recovery from the coronavirus pandemic, and the recovery continued also the year before. This is a positive trend over last 3 years. Another thing which is important that the growth took place in all the main lines, Tallinn-Helsinki, Tallinn-Stockholm, and Muuga-Vuosaari. The we could see a very wide-based increase of passenger volumes. As Valdo Kalm mentioned, then ship calls are very important for us. And throughout the years, it has been very stable. 5,650, 700. This was the level, and the it has been stable. The number of calls has increased. Last year, 1 month, one operator's main vessel was actually off because they had dock works, so, but we still had a growth of ship calls. We can say that this year was successful when it comes to the passenger volumes. Now, if you're looking at the cargo and the vessel calls, then the cargo volumes were negatively influenced due to the sanctions which started in 2022. We could see the increase of sanctions in 2023, and in 2024, we were able to reverse this trend, and we could see an increase of cargo volumes. When we met here a year ago, then we said that we had a sort of a sense that 2023 was likely to be a year of the lowest point, and we could see a recovery since then. We could see that this is really what happened. We could see growth. The only cargo volume which went down was liquid bulk. This is also due to sanctions. This is a certain group which was under sanctions in 2024 while they were transporting 2023. We could see a decrease there. Dry bulk went up, cereals were transported, peat, also wood granules. I'm very happy to see that the RoRo was doing well. This is the rolling stock, this showed an increase because for a while they were in a decline having grown for 9 years. Based on this, we can see that the recovery is quite wide-based. Hopefully, the trend will continue. The vessel calls to cargo harbors, 4.4% growth, which is in correlation with the cargo volume growth. This is also positive message. When it comes to financial results, you can see that the entire segment showed the most growth when it comes to financial results. Shipping, first of all, ferry operations, this has been very stable throughout the years. 2024, we showed record volumes, 2.5 million passengers, 1.2 million vehicles, and we could see 1% increase of passenger numbers. The demand is very high. We won the contract for new procurement starting from 2026 for 7 years. Client satisfaction is very high. We have been able to maintain it. We have all the preconditions in place to show a sensible growth, show stability, and to be a good partner for our client, this is the government. Next, Botnica. We are measuring 2 indicators here. The number of chartered days, how many days per year it has been chartered, and they can show the utilization rate. Both indicators, 2024 went down. We had 10 days less, it was 221 days. Based on financial outcome, sales revenue grew. Because the demand for this type of vessel and the charter rates have gone up on the market. Last year, we saw a 1-time incident, they had to stop the services earlier than usual. This issue was resolved very quickly, and this year the vessel is back and fully prepared to start the summer projects, and we offered services to the transport board for icebreaking services. Looking at the figures. This is the financial results, the profit statement. We showed a 2.5% increase, EUR 119, and all the types of businesses we indicate here showed growth. We could see an impact of a higher number of passengers, more cargo, also vessel calls. We could see the positive effect here. 2024, we started providing services from Pakri Neem, which is next to Paldiski South Harbour. It belongs to the state, the Estonian Stockpiling Agency, and we're offering port services there. This is also shows a positive effect, also, rental, advertising sales. In each category, we could see additional contribution. We can show that we have had quite a wide-based growth. Adjusted EBITDA, 8%. EUR 53.1 million. We can say that the growth is bigger than when it was for sales. That means the costs were going down at the same time, in addition to revenues going up. Biggest issue was the income tax, because we saw the change in land taxation. The land tax costs decreased, but other operating costs were kept low and somewhat decreased. In the company, we've been using certain efficiency programs and measures. I'm happy to say that they have also been given us good results, and this is related to the EBITDA growth. EBITDA margin grew to 44.4%, 2.2 percentage points compared to the year before. Again, last year at the annual general meeting, we mentioned what is the level we are trying to aim for. We said it should be 45%, 50%. I'm happy to note that this is where it is heading. In spite of complicated times, in 2024, we were almost able to reach 45%. Now, operating profit, 18% growth. Here we can see the depreciation impacting us because in 2023 it was higher due to discounting, and we did not see the same impact in 2024 because we had changes in the state accounting system, so accounting rules. The fixed assets calculation changed, so it was about EUR 700,000 impact. Therefore, 2024 was positive. Income tax stayed at the same level as the year before. It has been dividends of EUR 19 million, about the same, and the profit was EUR 19.1 million. Increase was over 20%. This outcome is quite good considering what is happening on the market. Investments almost EUR 39 million, and the biggest project in Paldiski was Paldiski South Harbor. It was the wind farm quay for the installations and maintenance. Old Harbor, the design of old A terminal and the surrounding areas and buildings. Also the ramp we're using for Finnish line, this was modernization and updating Muuga Harbour. Container vessels, we increased our capability to receive them in Paldiski. There was the quay construction, as I mentioned, and in Laevandus, the main investment in shipping, was the change of the main engine of one of the ferries. We had to change the engine and then docking works for one of the vessels. We have maintained our ferries, and we are ready to enter our new contract period. When it comes to the revenue and profitability across the years, you can see that previous years, we have shown a slight decline for margin due to sanctions and before that it was COVID crisis, which had an impact. In 2024, we could see the turn and margin showed growth once again. EBITDA grew and sales revenues. We are hoping that this trend will continue. We are hoping for this trend to continue. This is the result by segments. We have four segments here. Passenger terminals, sales revenue went up. The biggest impact was due to the rental revenue and the increased number of passengers, which was then transferred to EBITDA. For cargo harbors, as I mentioned before, we saw positive growth figures because we had more ship calls due to the higher cargo volume. Providing services at Pakri Neem was in the same segment and increase of rental income. EBITDA growth was higher than sales revenue growth. This is how you can see the efficiency measures at work, plus, this segment was impacted also by reduced land tax. When it comes to ferries, the revenue was due to indexation. We earned more revenue from rental space on ferries and it wasn't transferred to EBITDA directly for a very specific reason, because 2024 first quarter, we had very difficult ice conditions, so the fuel cost went up. The cost in this segment were related to fuel. Segment others, that's Botnica. We saw the last, we saw reduced volume, but revenue increased by about EUR half a million. The same is also true for EBITDA. Botnica activities in 2024 was positive compared to 2023 and also provided its share for the growth of the company. But this is it for me. Are there any questions? Let me know if there are any questions. If there are no further questions, then we can continue with voting. Please use your remote devices. Button 1, which is green, that's in favor. When you're against, press 2, which is red, and abstentions will be button 3 and yellow. I'm going to read out the registration results. How many votes are represented here today? Total number of votes was 263 million. Before the meeting, we had 186,396,661 votes cast. Registered, 14,140,836. Representative votes together, 200,537,497. This is 76.25%. I request you to approve this agenda item 1 to approve the annual report 2024 of AS Tallinna Sadam as presented to the general meeting. If your screen reads received, that means your vote has been cast, and you can keep pressing until we tell you that voting is over. 2 remote devices still have to cast their votes. The remote number 33. If your remote says received, your vote has been cast. All the votes have been cast now. The voting results should be displayed on the screen. If the majority have voted, then we can consider the voting to be to have taken place. I'll read this out. Here are the votes. In favor, 200,520,863 votes, 99.99% against 16,634 votes. That's 0.01%. This report was approved. Andrus, if you can continue the next point. This is the next point on the agenda, which is the dividend proposal. The Port of Tallinn has a dividend policy in force, which has been approved by the general meeting to pay at least 70% of the previous year's profit as dividends. This has been in force since 2021. Before that, it was the certain amount, which is EUR 30 million. Taking into account the financial outcome, also investments, cash flow generation capability, then the management board has made a proposal to the supervisory board, which has been approved and submitted to the general meeting as a proposal to pay as dividends EUR 0.073 per share, which is total of EUR 19 million 199. The list of shareholders who have the right to receive dividends will be set as of 9th of May. The change of rights day will be 8th of May. If somebody buys shares later, then they have no right for dividends based on 2024. The payment date, it will be 16th of May, this year. Any questions regarding the dividend proposal? If there are no questions, then please vote on agenda item 2, which is profit allocation. Please vote to approve the net profit of the financial year of 2024 in the amount of EUR 19,152,928 and the retained earnings, including 2024 profit of EUR 46,831,353. To distribute to statutory capital reserve EUR 544,210. The most important, to pay dividends to the shareholders EUR 0.073 per share in the total amount of EUR 19,199,000. Please vote. The voting has ended. In favor, 200,537,445. Against, 0 votes. Abstentions, 52. Zero point zero zero zero percent. Almost 100 were in favor. Thank you all. This agenda item has been concluded because the majority has been in favor. Let us continue now for the appointment of the auditor. Next, I would like to introduce the agenda item regarding the appointment of the auditor for Tallinn Port of Tallinn. In 2023 and 2024, the annual report was audited by PricewaterhouseCoopers. This contract was concluded based on procurement organized by towards the end of 2022. The audit committee and the supervisory board in consultations found that the best approach would be that we'll have a 2-year contract under the possibility to extend for 1 more year. Now we would like to extend this contract also for the annual report audit for financial year 2025. This proposal has been made to the audit committee and to the supervisory board. They have approved all the extensions and submitted it to the general meeting. Because we've had good cooperation with the auditing company. This is the proposal. The procurement for the next periods will be organized by the end of the year, and then we can continue with the results of the next procurement. Right now, we are looking at the request to extend. Any questions regarding the choice of auditor? Please vote agenda item 3, appointment of the auditor of Port of Tallinn to appoint the company of auditors, PricewaterhouseCoopers, to conduct the audit of Tallinna Sadam for the financial year 2025 and remunerate the company of auditors in accordance with the offer made by the company of auditors in the public procurement. Please vote. The voting has ended, the agenda item 3 in favor, 200,517,412 votes. That's 99.99%. Against, 0. Abstentions, 20,085. 0.01%. As we had the majority of the votes cast, this has been approved. Point 4. This is the new members of the supervisory board. As an introduction, here we have the Chair of our nomination committee, Kristi Klaas, Deputy Secretary-General of the Ministry of Climate. Because she had this task before the new secretary-general took office, she will inform us. My name is Kristi Klaas, Ministry of Climate. In March, when the nomination committee met, since then I've been the Chair of the nomination committee. I'll tell you about the background. How we elected new members and what were the proposals. In March, we met in order to discuss what kind of competencies would be necessary for the supervisory board of Port of Tallinn. What are the strategic directions for the development in the future? When we made our decisions, we looked at the strategy. Also, we looked at the expectations or the majority shareholder, the government, when it comes to the strategic infrastructure company and how it's possible to protect the interest of the minority shareholders. We found that the following competencies should be represented. First of all, general management, strategic vision and leadership, finance, risk management, tourism, hotel sector, catering, international logistics, maritime logistics, digitalization, smart solutions, business and development in the wider sense, and also technologies. When we held our discussions, we also considered that in 2024 the supervisory board carried out self-assessment, and they looked at the additional competencies which they would require. We met Riho Unt, the current Chair of the Supervisory Board, who gave us an overview of the work carried out by the Supervisory Board, we got information about the strategic developments. We also looked at the principles of participation on the government level, the principle says that the members of the Supervisory Board will be not selected for two considered consecutive terms. At the same time, we want to make sure that they have the quorum, they can make decisions, we would have a good continuation policy. Based on the discussions, we found that we should continue the 7 members Supervisory Board, which guarantees a good functioning and good representation of competencies. Based on that, the nomination committee decided on the 31st of March to recall as current members of the supervisory board Riho Unt, Maarika Honkonen, Veiko Sepp, Risto Mäeots, and Ain Tatter. Their powers will expire on 30th of June 2025, and to appoint as new members of the supervisory board, Priit Perens, Meelike Paalberg, Anneli Heinsoo, Teele Lepp, Marek Helm, Kaur Kajak, and Sander Salmu. Their terms of office starts of, as of 1st of July 2025, for the period of 3 years until 30th of June 2028. This is the proposal we will make on behalf of the nomination committee to the general meeting for your approval. Before we will vote, I will introduce the future members of the supervisory board. As a Chairman of the Supervisory Board, Priit Perens, competencies in executive leadership, finance and banking sector, also strategic management and public sector health administration, because this is where he's working now. He's the Chairman of the Tartu University Clinic. Meelike Paalberg, her competencies are in international logistics, management of supply chains, international transport and operative management and product development of over 10 years. She has been the CEO of Itella Estonia. Anneli Heinsoo, her competencies are digital transformation, cybersecurity, IT, business leadership, corporate governance. Currently, Neverhack Estonia CEO and management board member, very strong entrepreneurial background. Teele Lepp, from the hospitality management and her competencies are in hotel business, COO, business development, and cooperative sales. Currently, regional operation manager and management board member of Citybox Tallinn OÜ. Marek Helm will continue in the supervisory board, so you met him already. Competencies in management, corporate governance, also public sector management, strategic development, and he has very good leadership skills. Also, technology and engineering. Currently, CEO and chairman of the management board of GScan OÜ. Kaur Kajak will continue in the supervisory board from the Ministry of Finance, and his competencies are management, corporate governance, strategic perspective, also legal and regulatory issues. Very strong leadership skills. A new member will be Sander Salmu from the Ministry of Climate Mobility, Deputy Secretary General. As a future member of our supervisory board, he's also in many other supervisory boards in the transport and infrastructure sector. Public sector leadership skills, mobility, infrastructure, and business, and international sales, and also familiar with environment, especially when it comes to infrastructure and innovation. We would request you to approve this decision to appoint Priit Perens, Meelike Paalberg, Anneli Heinsoo, Teele Lepp, Marek Helm, Kaur Kajak, and Sander Salmu, members of the Supervisory Board, for the term of office from 1st of July, 2025 to 30th of June, 2028. To appoint Priit Perens as Chairman of the Supervisory Board starting from 1st of July, 2025. The terms of office of the members of the Supervisory Board, Riho Unt, Maarika Honkonen, Risto Mäeots, Ain Tatter, and Veiko Sepp will not be extended and will expire on 30th of June, 2025. Please vote. In favor, 200,444,144 votes, so that's 99.95%. Against, 17,885 votes, that's 0.01 votes. Abstentions, 72,968 votes, so that's 0.04%. We had a majority in favor, so this decision has been approved. Thank you very much. These decisions will be published as notification to the stock exchange, and all the information, all the presentations, the video recording will be available on our website. This information will be received by the stock exchange too, both in Estonian and English, by no later than May the 8th. There'll be interpretation provided for this meeting, so this all takes a little bit of time. But thank you all. You're welcome to stay and have a chat with the members of the management board and the supervisory board, and there are some refreshments available. Hopefully we'll meet you all again next year. Hopefully, not only as shareholders, that you're also our clients, you're traveling to Finland or Sweden. If you have bigger business interests, as Valdo said, then our Industrial Parks have space available. Thank you all for coming, and see you again next year.