Teate vaade
Ettevõte AS TALLINNA VESI
Tüüp Korraldatud teave
Kategooria Juhtkonna vaheteadaanne või kvartaalne finantsaruanne
Avaldamise aeg 31 juuli 2020 09:00:00 +0300
Manused
TallinnaVe-10004000741-en.pdf
TallinnaVe-10004000743-et.pdf
Keeleversioonid
Keel English
Valuuta
Pealkiri AS Tallinna Vesi´s financial results for the 2nd quarter of 2020
Tekst
Due  to the new reduced tariffs and  lower consumption, induced by the spread of
coronavirus, the sales revenue of AS Tallinna Vesi in the 2(nd) quarter of 2020
was EUR12.09 million, i.e. 25.1% lower compared with the same period of 2019.

The  sales revenue from private customers  was EUR5.10 million, showing a decrease
of  21.9% due to the new reduced tariffs. The tariffs impact was partly balanced
by  higher  consumption  of  apartment  blocks,  which  is the company's largest
private  customer segment, because large number of people were working from home
due to the arrangements regarding coronavirus.

In the main service area, the sales revenue from commercial customers dropped by
45.1% year-on-year  to EUR2.95 million, which  was mainly attributable to 35% less
consumption  and  lower  tariffs  as  well.  Consumption  in commercial customer
segment  was adversely impacted by coronavirus, because very many companies were
closed from mid-March to the end of May to prevent the spread of the virus.

The  gross  profit  of  the  2(nd) quarter  of 2020 was EUR4.73 million, showing a
46.2% decrease  mostly due  to lower  sales revenues.  The operating  profit was
EUR4.59  million, lower by EUR2.01 million year-on-year.  Besides changes in tariffs
and  consumption, the operating profit was also impacted by EUR1.20 million change
in  the provision for  third-party claims and  lower legal costs  related to the
tariff dispute.

The  net profit  for the  2(nd) quarter of  2020 was EUR0.15  million. It showed a
94.5% decrease  compared  to  the  same  period  last  year and was additionally
impacted by higher dividend tax payments and lower financial expenses.

Coronavirus  also affected the sale of  construction services, because the start
of  several  new  developments  in  Tallinn  was  postponed due to the emergency
situation  declared in  Estonia and  consequent effects.  At the  same time, the
subsidiary Watercom continued the works on several larger projects they had been
awarded  in  2019 in  Tallinn  and  other  areas  of  Estonia.  The revenue from
construction services decreased by 18.6% or EUR0.27 million year-on-year.

MAIN FINANCIAL INDICATORS

 EUR million,       2(nd) quarter                       6 months
 except key                              Change                          Change
 ratios          2020   2019   2018  2020/ 2019 2020   2019   2018   2020/ 2019
-------------------------------------------------------------------------------
 Sales          12.09  16.15  15.98      -25.1%  25.27  30.81  30.06     -18.0%

 Gross profit    4.73   8.79   8.90      -46.2%  10.79  17.05  17.22     -36.7%

 Gross profit
 margin %       39.16  54.44  55.68      -28.1%  42.70  55.34  57.29     -22.8%

 Operating
 profit before
 depreciation
 and
 amortisation    6.14   8.07   8.96      -23.9%  13.32  16.46  17.18     -19.1%

 Operating
 profit before
 depreciation
 and
 amortisation
 margin %       50.76  49.96  56.04        1.6%  52.70  53.43  57.15      -1.4%

 Operating
 profit          4.59   6.60   7.54      -30.4%  10.26  13.49  14.34     -24.0%

 Operating
 profit - main
 business        4.32   6.40   7.35      -32.6%   9.94  13.18  14.09     -24.6%

 Operating
 profit margin
 %              37.99  40.88  47.18       -7.1%  40.61  43.79  47.70      -7.3%

 Profit before
 taxes           4.51   6.34   7.27      -28.9%  10.06  13.02  13.80     -22.7%

 Profit before
 taxes margin
 %              37.29  39.23  45.47       -4.9%  39.82  42.25  45.91      -5.8%

 Net profit      0.15   2.79   5.47      -94.5%   5.71   9.48  12.00     -39.8%

 Net profit
 margin %        1.27  17.29  34.20      -92.7%  22.59  30.75  39.92     -26.5%

 ROA %           0.06   1.09   2.32      -94.6%   2.22   3.78   5.16     -41.2%

 Debt to total
 capital
 employed %     59.63  61.32  61.64       -2.8%  59.63  61.32  61.64      -2.8%

 ROE %           0.14   2.70   5.97      -94.9%   5.27   9.48  13.60     -44.4%

 Current ratio   3.23   3.90   5.00      -17.2%   3.23   3.90   5.00     -17.2%

 Quick ratio     3.18   3.87   4.96      -17.8%   3.18   3.87   4.96     -17.8%

 Investments
 into fixed
 assets          4.27   2.70   2.21       58.2%   7.85   6.11   3.07      28.6%

 Payout ratio
 %                 na  72.05  62.11                 na  72.05  62.11
-------------------------------------------------------------------------------

Gross profit margin - Gross profit / Net sales
Operating profit before depreciation and amortisation - Operating profit +
depreciation and amortisation
Operating profit before depreciation and amortisation margin - Operating profit
before depreciation and amortisation / Net sales
Operating profit margin - Operating profit / Net sales
Net profit margin - Net profit / Net sales
ROA - Net profit / Average Total assets for the period
Debt to Total capital employed - Total liabilities / Total capital employed
ROE - Net profit / Average Total equity for the period
Current ratio - Current assets / Current liabilities
Quick ratio - (Current assets - Stocks) / Current liabilities
Payout ratio - Total Dividends per annum/ Total Net Income per annum
Main business - water services related activities, excl. connections profit and
government grants, construction services, doubtful debt

 STATEMENT OF               2(nd)        2(nd)
 COMPREHENSIVE INCOME      quarter      quarter   6 months 6 months   12 months

 EUR thousand                   2020         2019       2020     2019        2019



 Revenue                    12,089       16,149     25,269   30,813      63,423

 Cost of goods and
 services sold              -7,355       -7,358    -14,478  -13,762     -29,470
-------------------------------------------------------------------------------
 GROSS PROFIT                4,734        8,791     10,791   17,051      33,953



 Marketing expenses           -109          -96       -226     -208        -390

 General
 administration
 expenses                   -1,213       -2,026     -2,508   -3,288      -5,689

 Other income (+)/
 expenses (-)                1,180          -67      2,205      -61       4,201
-------------------------------------------------------------------------------
 OPERATING PROFIT            4,592        6,602     10,262   13,494      32,075



 Financial income               12           10         24       18          38

 Financial expenses            -96         -276       -223     -491        -809

 Other financial
 income (+)/ expenses
 (-)                             0            0          0        0           0
-------------------------------------------------------------------------------
 PROFIT BEFORE TAXES         4,508        6,336     10,063   13,021      31,304



 Income tax on
 dividends                  -4,355       -3,544     -4,355   -3,544      -3,544



 NET PROFIT FOR THE
 PERIOD                        153        2,792      5,708    9,477      27,760
-------------------------------------------------------------------------------
 COMPREHENSIVE INCOME
 FOR THE PERIOD                153        2,792      5,708    9,477      27,760



 Attributable profit
 to:
-------------------------------------------------------------------------------
 Equity holders of A-
 shares                        152        2,791      5,707    9,476      27,759

 B-share holder               0.60         0.60       0.60     0.60        0.60



 Earnings per A share
 (in euros)                   0.01         0.14       0.29     0.47        1.39

 Earnings per B share
 (in euros)                    600          600        600      600         600


 STATEMENT OF FINANCIAL POSITION

 EUR thousand                                  30/06/2020 30/06/2019   31/12/2019



 ASSETS

 CURRENT ASSETS
-------------------------------------------------------------------------------
 Cash and cash equivalents                       48,826     58,895       64,775

 Trade receivables, accrued income and
 prepaid expenses                                 6,081      8,278        7,239

 Inventories                                        742        526          504
-------------------------------------------------------------------------------
 TOTAL CURRENT ASSETS                            55,649     67,699       72,518



 NON-CURRENT ASSETS
-------------------------------------------------------------------------------
 Property, plant and equipment                  194,467    183,028      189,627

 Intangible assets                                  629        645          710
-------------------------------------------------------------------------------
 TOTAL NON-CURRENT ASSETS                       195,096    183,673      190,337
-------------------------------------------------------------------------------


 TOTAL ASSETS                                   250,745    251,372      262,855



 LIABILITIES AND EQUITY



 CURRENT LIABILITIES
-------------------------------------------------------------------------------
 Current portion of long-term lease
 liabilities                                        493        388          352

 Current portion of long-term loans               3,630      3,632        3,631

 Trade and other payables                        10,828     10,124        6,718

 Derivatives                                         70        247          221

 Prepayments                                      2,233      2,961        2,323
-------------------------------------------------------------------------------
 TOTAL CURRENT LIABILITIES                       17,254     17,352       13,245



 NON-CURRENT LIABILITIES
-------------------------------------------------------------------------------
 Deferred income from connection fees            32,865     27,017       31,070

 Leases                                           1,552      1,048          964

 Loans                                           85,785     89,486       87,592

 Derivatives                                          0        115            0

 Provision for possible third party claims       12,035     19,068       14,442

 Other payables                                      23         45           18
-------------------------------------------------------------------------------
 TOTAL NON-CURRENT LIABILITIES                  132,260    136,779      134,086
-------------------------------------------------------------------------------
 TOTAL LIABILITIES                              149,514    154,131      147,331



 EQUITY
-------------------------------------------------------------------------------
 Share capital                                   12,000     12,000       12,000

 Share premium                                   24,734     24,734       24,734

 Statutory legal reserve                          1,278      1,278        1,278

 Retained earnings                               63,219     59,229       77,512
-------------------------------------------------------------------------------
 TOTAL EQUITY                                   101,231     97,241      115,524
-------------------------------------------------------------------------------


 TOTAL LIABILITIES AND EQUITY                   250,745    251,372      262,855









 CASH FLOWS STATEMENT                          6 months   6 months    12 months

 EUR thousand                                        2020       2019         2019



 CASH FLOWS FROM OPERATING ACTIVITIES
-------------------------------------------------------------------------------
 Operating profit                                10,262     13,494       32,075

 Adjustment for depreciation/amortisation         3,054      2,969        6,109

 Adjustment for revenues from connection
 fees                                              -225       -179         -389

 Other non-cash adjustments                      -2,407          0       -4,624

 Profit/loss(+) from sale and write off of
 property, plant and equipment, and
 intangible assets                                  -11         -5          138

 Change in current assets involved in
 operating activities                               938       -663          391

 Change in liabilities involved in operating
 activities                                        -481        570          318
-------------------------------------------------------------------------------
 TOTAL CASH FLOWS FROM OPERATING ACTIVITIES      11,130     16,186       34,018



 CASH FLOWS USED IN INVESTING ACTIVITIES
-------------------------------------------------------------------------------
 Acquisition of property, plant and
 equipment, and intangible assets                -5,450     -3,093      -10,441

 Compensations received for construction of
 pipelines, incl connection fees                    718      1,668        3,010

 Proceeds from sales of property, plant and
 equipment and intangible assets                     28          7           24

 Interest received                                   30         15           36
-------------------------------------------------------------------------------
 TOTAL CASH FLOWS USED IN INVESTING
 ACTIVITIES                                      -4,674     -1,403       -7,371



 CASH FLOWS USE D IN FINANCING ACTIVITIES
-------------------------------------------------------------------------------
 Interest paid and loan financing costs,
 incl swap interests                               -367       -509       -1,056

 Lease payments                                    -259       -209         -404

 Received loans                                       0          0       37,500

 Repayment of loans                              -1,818     -1,818      -41,136

 Dividends paid                                 -19,888    -14,965      -14,965

 Withheld income tax paid on dividends                0          0          -36

 Income tax paid on dividends                       -73       -156       -3,544
-------------------------------------------------------------------------------
 TOTAL CASH FLOW USED IN FINANCING
 ACTIVITIES                                     -22,405    -17,657      -23,641


-------------------------------------------------------------------------------
 CHANGE IN CASH AND CASH EQUIVALENTS            -15,949     -2,874        3,006


-------------------------------------------------------------------------------
 CASH AND CASH EQUIVALENTS AT THE BEGINNING
 OF THE PERIOD                                   64,775     61,769       61,769


-------------------------------------------------------------------------------
 CASH AND CASH EQUIVALENTS AT THE END OF THE
 PERIOD                                          48,826     58,895       64,775

Karl Heino Brookes

Chairman of the Management Board

+372 62 62 200

karl.brookes@tvesi.ee (https://www.globenewswire.com/Tracker?data=ylcNe-
3F3FLka4eLvHeGMcRuXyAA2xSI9Gq80foEdoKuI79SQ0EvoV5ycfpP4_5vynG5KKdwi9U4XaRB6YWWsb
bMaNNvI-4YHIKk5uR0t4E=)