A significant loss
The company’s turnover was EUR 67.2 million (EUR -28.3 million). The large decrease is explained by the halt of passenger traffic due to COVID-19 and the consequent decrease in passenger and vessel charges. Despite the adjustment measures, the result was a loss of more than EUR 10 million.
- Turnover (EUR 67.2 million) decreased by 29.6% compared to the previous year.
- The most significant revenue items were cargo charges (EUR 30.7 million), vessel charges (EUR 14.6 million) and passenger charges (EUR 8.8 million).
- Profits totalled EUR -2.5 million (-113% compared to the previous year).
- Profit/loss before appropriation and taxes was EUR -10.5 million.
- After taxes, the result for the financial year was EUR -10.5 million.
Key figures
| Million euro | 2018 | 2019 | 2020 |
|---|---|---|---|
| Turnover, Meur | 96.6 | 95.6 | 67,2 |
| Investmets, Meur | 15.2 | 11.7 | 23,8 |
| Grand total of the balance sheet, Meur | 522.8 | 504.0 | 489,9 |
| Change in the turnover, % | 1.7 | -1.1 | -29,6 |
| Turnover/ person-years, 1000 euro | 640 | 1050 | 800 |
| Return on investment, % | * 4.4 | 3.9 | -0,5 |
| Equity ratio, % | 63.6 | 66.6 | 65,4 |
* Return on investment adjusted with one-off instalments
Due to the decreased turnover forecast, the company’s cost structure was adjusted. Savings were sought by reducing service purchases and postponing some investments, among other measures. Personnel cost savings were achieved through temporary lay offs and postponement of recruitment. Savings were also made in maintenance costs, as there was no snow or ice in the winter of 2019–2020. In total, the operating costs (EUR 27.8 million) were 16% lower than the previous year.
The Port of Helsinki operates in a financially sustainable manner and creates national and regional well-being. A stable financial result is the basis for other sustainable operations. In 2020:
- the tax footprint of the Port of Helsinki was EUR 3,2 million
- Interest and rents paid by the Port amounted to EUR 18,3 million
- The Board of directors of the Port of Helsinki Ltd proposes to the general meeting that a dividend of EUR 4 million be paid from previous financials years’ retained earnings in accordance with the target of the owner, the City of Helsinki.
The decline in turnover was also reflected in productivity
The main indicators of the productivity of the Port of Helsinki are the productivity index and turnover/personnel. On both indicators, productivity clearly declined despite adjustment measures. The business of the Port of Helsinki Ltd is capital-intensive in nature and the proportion of flexible costs is small, making it challenging to quickly adapt to changes in the operating environment.
The productivity index, which describes the development in the Port of Helsinki’s total productivity, fell to 92.2 points, and turnover/personnel was EUR 800,000.
The most significant investments were carried out
In 2020, the Port of Helsinki’s investments amounted to approximately EUR 23.8 million. Of the investments budgeted for the year, 71% were realised. Some of the planned investments were postponed as part of the company’s adjustment programme.
The most significant investments of the year included
- deepening of the Vuosaari fairway (total investment value EUR 4.7 million),
- construction of the Finnish Food Authority’s border inspection post (EUR 1.8 million),
- construction of an onshore power supply at South Harbour (EUR 1.3 million),
- repairs to the LHC quay in Hernesaari (EUR 3.3 million) and
- an automated ship mooring system at West Harbour (EUR 2.6 million).