AS Tallinna Vesi's sales revenue for the second quarter of 2021 was EUR12.97
million, showing a 7.3% increase on the same period last year. The revenue was
reflected by higher commercial consumption due to the easement of COVID-19
restrictions and increase in construction revenues.
Sales to private customers in the main service area decreased by 0.9% to EUR5.10
million, due to reduced household consumption attributable to the easement of
COVID-19 restrictions.
In the main service area, the sales revenue from commercial customers increased
by 17.2% to EUR3.46 million as a result of their consumption being higher by EUR0.51
million. As a result of relaxation of the pandemic restrictions the hospitality
sector reopened in June, and less people were working from home.
The gross profit for the 2(nd) quarter of 2021 was EUR5.23 million, being 10.5%
higher due to increased sales revenue. The operating profit was EUR5.20 million,
having increased by EUR0.61 compared to the same period last year. The main factor
impacting the operating profit was higher sales revenue resulting from increased
consumption of commercial customers.
The net profit for the 2(nd) quarter of 2021 was EUR3.07 million, showing an
increase of EUR2.92 million compared to the same period in 2020. The increase in
the net profit was mainly impacted by lower dividend related tax cost,
accompanied by higher operating profit and lower interest costs.
In the second quarter of 2021 the construction revenue of subsidiary Watercom
increased year-on-year due to pipe and road construction procurements won during
2020 and the first half of 2021 in Tallinn and surrounding municipalities. The
sales revenue from construction services for the 2(nd) quarter was EUR1.57
million, indicating a 33.8% increase compared to the same period in 2020.
MAIN FINANCIAL INDICATORS
EUR million, 2(nd) quarter 6 months
except key Change Change
ratios 2021 2020 2019 2021/ 2020 2021 2020 2019 2021/ 2020
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Sales 12.97 12.09 16.15 7.3% 24.75 25.27 30.81 -2.0%
Gross profit 5.23 4.73 8.79 10.5% 10.41 10.79 17.05 -3.5%
Gross profit
margin % 40.34 39.16 54.44 3.0% 42.07 42.70 55.34 -1.5%
Operating
profit before
depreciation
and
amortisation 6.80 6.14 8.07 10.8% 13.03 13.32 16.46 -2.2%
Operating
profit before
depreciation
and
amortisation
margin % 52.44 50.76 49.96 3.3% 52.63 52.70 53.43 -0.1%
Operating
profit 5.20 4.59 6.60 13.2% 9.86 10.26 13.49 -3.9%
Operating
profit - main
business 4.96 4.32 6.40 15.0% 9.46 9.94 13.18 -4.8%
Operating
profit margin % 40.09 37.99 40.88 5.5% 39.83 40.61 43.79 -1.9%
Profit before
taxes 5.11 4.51 6.34 13.4% 9.68 10.06 13.02 -3.8%
Profit before
taxes margin % 39.40 37.29 39.23 5.7% 39.10 39.82 42.25 -1.8%
Net profit 3.07 0.15 2.79 1909.2% 7.62 5.71 9.48 33.5%
Net profit
margin % 23.70 1.27 17.29 1772.8% 30.80 22.59 30.75 36.3%
ROA % 1.21 0.06 1.09 1950.1% 3.02 2.22 3.78 35.7%
Debt to total
capital
employed % 57.20 59.63 61.32 -4.1% 57.20 59.63 61.32 -4.1%
ROE % 2.75 0.14 2.70 1896.8% 6.96 5.27 9.48 32.1%
Current ratio 2.75 3.23 3.90 -14.9% 2.75 3.23 3.90 -14.9%
Quick ratio 2.69 3.18 3.87 -15.4% 2.69 3.18 3.87 -15.4%
Investments
into fixed
assets 3.35 4.27 2.70 -21.5% 5.63 7.85 6.11 -28.3%
Payout ratio % na 77.70 72.05 na 77.70 72.05
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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 COMPREHENSIVE
INCOME 2nd quarter 2nd quarter 6 months 6 months 12 months
EUR thousand 2021 2020 2021 2020 2020
Revenue 12,968 12,089 24,752 25,269 51,717
Cost of goods and services
sold -7,737 -7,355 -14,340 -14,478 -29,491
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GROSS PROFIT 5,231 4,734 10,412 10,791 22,226
Marketing expenses -104 -109 -224 -226 -433
General administration
expenses -992 -1,213 -2,544 -2,508 -4,576
Other income (+)/ expenses
(-) 1,064 1,180 2,215 2,205 4,567
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OPERATING PROFIT 5,199 4,592 9,859 10,262 21,784
Financial income 2 12 7 24 31
Financial expenses -91 -96 -187 -223 -473
PROFIT BEFORE TAXES 5,110 4,508 9,679 10,063 21,342
Income tax on dividends -2,036 -4,355 -2,056 -4,355 -4,610
NET PROFIT FOR THE PERIOD 3,074 153 7,623 5,708 16,732
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COMPREHENSIVE INCOME FOR
THE PERIOD 3,074 153 7,623 5,708 16,732
Attributable profit to:
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Equity holders of A-shares 3,074 152 7,623 5,707 16,731
B-share holder 0.00 0.60 0.00 0.60 0.60
Earnings per A share (in
euros) 0.15 0.01 0.38 0.29 0.84
Earnings per B share (in
euros) 0 600 0 600 600
STATEMENT OF FINANCIAL POSITION
EUR thousand 30/06/2021 30/06/2021 31/12/2020
ASSETS
CURRENT ASSETS
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Cash and cash equivalents 37,011 48,826 44,514
Trade receivables, accrued income and
prepaid expenses 5,990 6,081 7,019
Inventories 835 742 701
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TOTAL CURRENT ASSETS 43,836 55,649 52,234
NON-CURRENT ASSETS
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Property, plant and equipment 205,295 194,467 202,802
Intangible assets 583 629 629
-------------------------------------------------------------------------------
TOTAL NON-CURRENT ASSETS 205,878 195,096 203,431
-------------------------------------------------------------------------------
TOTAL ASSETS 249,714 250,745 255,665
LIABILITIES AND EQUITY
CURRENT LIABILITIES
-------------------------------------------------------------------------------
Current portion of long-term lease
liabilities 390 493 393
Current portion of long-term loans 3,630 3,630 3,630
Trade and other payables 9,067 10,828 7,084
Derivatives 0 70 0
Prepayments 2,880 2,233 2,445
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TOTAL CURRENT LIABILITIES 15,967 17,254 13,552
NON-CURRENT LIABILITIES
-------------------------------------------------------------------------------
Deferred income from connection fees 35,988 32,865 34,564
Leases 1,277 1,552 1,400
Loans 82,154 85,785 83,978
Provision for possible third party claims 7,221 12,035 9,628
Deferred tax liability 195 0 255
Other payables 34 23 32
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TOTAL NON-CURRENT LIABILITIES 126,869 132,260 129,857
-------------------------------------------------------------------------------
TOTAL LIABILITIES 142,836 149,514 143,409
EQUITY
-------------------------------------------------------------------------------
Share capital 12,000 12,000 12,000
Share premium 24,734 24,734 24,734
Statutory legal reserve 1,278 1,278 1,279
Retained earnings 68,866 63,219 74,243
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TOTAL EQUITY 106,878 101,231 112,256
-------------------------------------------------------------------------------
TOTAL LIABILITIES AND EQUITY 249,714 250,745 255,665
CASH FLOWS STATEMENT 6 months 6 months 12 months
EUR thousand 2021 2020 2020
CASH FLOWS FROM OPERATING ACTIVITIES
-------------------------------------------------------------------------------
Operating profit 9,859 10,262 21,784
Adjustment for depreciation/amortisation 3,168 3,054 6,283
Adjustment for revenues from connection fees -251 -225 -542
Other non-cash adjustments -2,407 -2,407 -4,814
Profit/loss(+) from sale and write off of
property, plant and equipment, and intangible
assets 0 -11 -14
Change in current assets involved in operating
activities 892 938 140
Change in liabilities involved in operating
activities 126 -481 -215
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TOTAL CASH FLOWS FROM OPERATING ACTIVITIES 11,387 11,130 22,622
CASH FLOWS USED IN INVESTING ACTIVITIES
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Acquisition of property, plant and equipment,
and intangible assets -5,084 -5,450 -15,682
Compensations received for construction of
pipelines, incl connection fees 1,351 718 1,998
Proceeds from sales of property, plant and
equipment and intangible assets 0 28 32
Interest received 9 30 35
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TOTAL CASH FLOWS USED IN INVESTING ACTIVITIES -3,724 -4,674 -13,617
CASH FLOWS USE D IN FINANCING ACTIVITIES
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Interest paid and loan financing costs, incl
swap interests -204 -367 -719
Lease payments -205 -259 -555
Received loans 0 0 0
Repayment of loans -1,818 -1,818 -3,636
Dividends paid -12,841 -19,888 -19,888
Withheld income tax paid on dividends 0 0 -113
Income tax paid on dividends -98 -73 -4,355
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TOTAL CASH FLOW USED IN FINANCING ACTIVITIES -15,166 -22,405 -29,266
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CHANGE IN CASH AND CASH EQUIVALENTS -7,503 -15,949 -20,261
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CASH AND CASH EQUIVALENTS AT THE BEGINNING OF
THE PERIOD 44,514 64,775 64,775
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CASH AND CASH EQUIVALENTS AT THE END OF THE
PERIOD 37,011 48,826 44,514
Aleksandr Timofejev
CEO
Member of the Management Board
+372 62 62 200
aleksandr.timofejev@tvesi.ee (mailto:aleksandr.timofejev@tvesi.ee)
Kristi Ojakäär
CFO
Member of the Management Board
+372 62 62 200
kristi.ojakaar@tvesi.ee (mailto:kristi.ojakaar@tvesi.ee)
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