Market announcement
AS TALLINNA VESI
Category
Half-yearly financial report
Attachments
Date
17.07.2008 08:45:00
Title
2008. aasta 1. poolaasta majandustulemused (EEK)
Message
TEGEVUSARUANNE
2008. AASTA 1. POOLAASTA MAJANDUSTULEMUSED
Kokkuvõte
2008. aasta 6. kuuga kasvas Ettevõtte müügitulu 445,1 miljoni kroonini, mis on
16,6%-line kasv võrreldes 2007. aasta 6. kuuga. Vee ja reoveeteenuse kogu
müügimahud kasvasid 2008. aasta 6 kuuga 0,2%, teenuste müügitulu kasvas 10,5%
võrreldes 2007. aasta 6. kuuga. Põhiteeninduspiirkonna eraklientide müügitulu
kasvas 9,4%, juriidiliste klientide müügitulu kasvas 8,3% ja müük väljaspool
teeninduspiirkonda suurenes 47,3%, ulatudes 1,7 milj. m³ või 12,2 miljoni
kroonini. Ettevõtte kasum enne tulumaksu oli 180,1 miljonit krooni, mis on 2007.
aasta 6. kuuga võrreldes 3,2% rohkem. Elimineerides 2007. aasta 1. kvartalis
vabastatud lämmastiku provisjoni mõju, kasvas perioodilise tegevuse kasum 11,8%
võrra. Ettevõte investeeris 98,1 miljonit krooni, millest 76,9 miljonit krooni
investeeriti võrkude laiendamiseks ja rekonstrueerimiseks.
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| miljon EEK | 6 kuud | 6 kuud | Muutus | 6 kuud | Muutus |
| | 2008 | 2007 | | 2007 põhi | |
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| Müügitulu | 445,1 | 381,8 | 16,6% | 381,8 | 16,6% |
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| Põhitegevuse tulud | 363,2 | 325,5 | 11,6% | 325,5 | 11,6% |
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| Põhitegevusega seotud | 81,9 | 56,3 | 45,6% | 56,3 | 45,6% |
| muud tulud | | | | | |
--------------------------------------------------------------------------------
| Brutokasum | 237,0 | 229,6 | 3,2% | 216,3 | 9,6% |
--------------------------------------------------------------------------------
| Brutokasumi marginaal % | 53,3 | 60,1 | -11,5% | 56,7 | -6,0% |
--------------------------------------------------------------------------------
| Ärikasum | 201,9 | 195,5 | 3,3% | 182,2 | 10,8% |
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| Ärikasumi marginaal % | 45,4 | 51,2 | -11,4% | 47,7 | -5,0% |
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| Kasum enne | 180,1 | 174,5 | 3,2% | 161,2 | 11,8% |
| tulumaksustamist | | | | | |
--------------------------------------------------------------------------------
| Maksustamiseelse kasumi | 40,5 | 45,7 | -11,5% | 42,2 | -4,2% |
| marginaal % | | | | | |
--------------------------------------------------------------------------------
| Puhaskasum | 113,9 | 119,2 | -4,4% | 105,9 | 7,6% |
--------------------------------------------------------------------------------
| Vara puhasrentaablus % | 4,6 | 4,9 | -6,4% | 4,4 | 5,4% |
--------------------------------------------------------------------------------
| Kohustuste osatähtsus | 55,7% | 55,8% | -0,1% | 55,8% | -0,1% |
| koguvarast | | | | | |
--------------------------------------------------------------------------------
Brutokasumi marginaal - brutokasum / müügitulu
Ärikasumi marginaal - ärikasum / müügitulu
Maksustamiseelse kasumi marginaal - kasum enne tulumaksustamist / müügitulu
Vara puhasrentaablus - puhaskasum / vara kokku
Kohustuste osatähtsus koguvarast - kohustused kokku / vara kokku
Kasumiaruanne
2. kvartal 2008
Müügitulud
2008. aasta 2. kvartalis kasvas Ettevõtte tulu 233,9 miljoni kroonini, mis on
32,6% suurune kasv võrreldes eelmise aasta sama perioodiga. Ettevõtte tulud
põhitegevusest olid 182,3 miljonit krooni. Põhitegevuse tulu koosneb peamiselt
era- ja juriidilistele klientidele osutatud veemüügi ning reoveeteenuse tulust
nii teeninduspiirkonnas kui väljaspool. Samuti sisaldab see Tallinna linnalt
saadavat sademetevee kogumise süsteemide käigushoidmise ja hoolduse tasu.
Tulud veemüügist ja reoveeteenustest kasvasid võrreldes eelmise aasta 2.
kvartaliga 8,9% võrra 166,6 miljoni kroonini. Elimineerides ülereostustasu mõju
kasvasid põhiteenuste tulud 9,2% võrra, tulenevalt 11,7% suurusest
tariifitõusust alates 1. jaanuarist 2008 kombinatsioonis allkirjeldatud
teguritega.
Sektori lõikes jagunes kasv järgnevalt: müük eraklientidele kasvas 9,2% võrra
87,2 miljoni kroonini. Müük äriklientidele teeninduspiirkonnas kasvas 6,6% võrra
69,9 miljoni kroonini. Müük äriklientidele väljaspool teeninduspiirkonda
(peamiselt ümbritsevatele omavalitsustele pakutav reovee puhastamise teenus)
kasvas 52,0% ulatudes 821 tuhande m³ ehk 5,9 miljoni kroonini. Saadud
ülereostustasu oli 3,6 miljonit krooni, püsides samal tasemel, kui 2007. aasta
samal perioodil.
2008. aasta 2. kvartalis vähenesid eraklientide müügimahud 171 tuhande m³ ehk
2,3% võrra võrreldes 2007. aasta 2. kvartaliga. Meie arvates selgitab seda
põhiliselt seniste tarbijate siirdumine lähivaldadesse.
Müük juriidilistele klientidele teeninduspiirkonnas langes võrreldes 2007. aasta
2. kvartaliga mitme teguri tõttu. Osa kaotatud müügimahust tuleneb ettevõtete
siirdumisest Tallinna äärealadele ning ettevõtete üleüldisest kokkuhoiust või
tootmise vähenemisest. Eriti mõjutas 2008. aasta 2. kvartali müüki võrreldes
eelmise aasta sama perioodiga see, et 2007. aasta lõpus viis üks Ettevõtte
suurimaid juriidilisi kliente oma asutuse teenusepiirkonnast välja, mille tõttu
vähenes 2008. aasta 2. kvartalis vee ja reovee müügimaht kokku 56 tuhande m3
võrra.
Kinnisvaraturg on püsinud alates eelmisest aastast suhteliselt muutumatuna.
Kuigi ehitusi on vähem kui 2007. aastal, on Tallinnas ehitatavate uute korterite
ning ärihoonete arv püsinud kõrge. Suur osa uutest hoonetest jääb tühjaks kuna
nii juriidilised kliendid kui ka elamispinda vajavad eraisikud ostavad
kinnisvara pigem Tallinna äärealadele, kus kinnisvarahinnad on taskukohasemad.
See trend kajastub ka Ettevõtte müüginumbrites ümbritsevatele aladele, mis on
kasvanud 52,0% võrreldes eelmise aasta sama perioodiga. See kajastab Ettev��tte
edukat strateegiat saamaks tagasi kliente, kes on otsustanud Tallinnast lahkuda.
Ettevõte otsib aktiivselt täiendavaid võimalusi ümberkaudsetesse valdadesse
laienemiseks.
2008. aasta 2. kvartalis kasvas sademetevee teenuse ja tuletõrjehüdrantide
süsteemide käigushoidmise ja hoolduse tasu 37,5% võrra 12,5 miljoni kroonini
võrreldes 2007. aasta sama perioodiga. See on kooskõlas lepingu nõuete ja
sätetega, mille kohaselt sademetevee ja tuletõrjehüdrantide kulud arveldatakse
tegelike kulude ja töödeldud mahtude alusel. See on lepingujärgselt kokkulepitud
aastani 2020.
Põhitegevusega seotud muud tulud olid 51,5 miljonit krooni (peamiselt liitumised
ning sademetevee torustiku ehitus), mis on 39,5 miljonit krooni rohkem võrreldes
2007. aasta 2. kvartaliga. Enne 2008. aastat kinnitati märkimisväärne osa
töödest ja tuludest 1. kvartalis. Tallinna linnaga 30. novembril 2007. aastal
sõlmitud uue lepingu kohaselt on tulude voog aasta vältel palju ühtlasem. Alates
2008. aasta märtsist kasutatakse antud real oleva tulu arvestamisel peamiselt
Tallinna erakliendile müüdud vee mahtu ning fikseeritud arenduskomponenti
kuupmeetri kohta. Vastava tuluga sarnaselt muutub rida Põhitegevusega seotud
muud kulud, kus kajastatakse vastavad ehituskulud.
Müüdud toodete ja teenuste kulu ja brutokasumi marginaal
Põhitegevusega seotud müüdud toodete ja teenuste kulu oli 2008. aasta 2.
kvartalis 68,2 miljonit krooni, so 11,1 miljonit krooni ehk 19,4% enam kui
eelmise aasta samal perioodil.
2008. aasta 2. kvartalis ei saavutanud Ettevõte sooduskoefitsienti 0,5, mistõttu
oli makstavate keskkonnamaksude suurus 2. kvartalis 5,1 miljonit krooni,
võrreldes 0,9 miljoni krooniga 2007. aasta samal perioodil. 2007. aasta 2.
kvartal sisaldas 2007. aasta 1. kvartali saastetasu vähendamist, kuna
keskkonnaamet kinnitas soodusmäära alles 2007. aasta 2. kvartalis. Ilma vastava
vähenemiseta oleks 2007. aasta 2. kvartali kulu olnud 1,5 miljonit krooni.
Saastetasu suurenemise põhjuseks on koefitsiendi muutus ning maksumäärade tõus
20% võrra, samuti ka kogused ja reostuskoormus. Hoolimata faktist, et
sissetuleva heitvee reostuskoormus varieerub ning ettevõttel puudub täielik
kontroll sademevee väljalaskude saastatuse üle, töötame me selle nimel, et
kasutada optimaalselt kemikaale saavutamaks 0,5 kordne koefitsient 2008. aasta
järgmistes kvartalites.
Kvartali kemikaalikulud olid 6,6 miljonit krooni, mis on 24,5% rohkem kui 2007.
aasta samal perioodil. See on puhastatud reovee hulga ja doseeritud kemikaalide
kombineeritud tulemus, samuti kemikaalihindade inflatsiooni tulemus.
Elektrikulud kasvasid 2008. aasta 2. kvartalis võrreldes eelmise aasta sama
perioodiga 0,2 miljoni krooni ehk 3,5% võrra kõrgema elektrihinna ning
puhastatud reovee hulga koosmõjul.
Palgakulud kasvasid 3,2 miljoni krooni ehk 25,0% võrra seoses mitme asjaoluga.
Esiteks, suurenenud töötajate arv seoses uute teenuste käivitamisega ettevõttes.
Teiseks, konkurentsitingimused tööjõuturul põhjustasid olulise palkade tõusu.
Viimasena mõjutas ka osakondade ümberstruktureerimine ja ühendamine 2008. aasta
1. kvartalis, mille tulemusena liikus kulu ühelt realt teisele. Struktuuri
mõjusid elimineerides kasvasid palgad 17,0%. See on samal tasemel Eesti keskmise
palgatõusuga.
Kulum kasvas 2008. aasta 2. kvartalis võrreldes eelmise aasta sama perioodiga
1,9 miljoni krooni ehk 10,4% võrra. Selle põhjuseks on uue mudatöötlushoone
käikuvõtmine 2007. aasta lõpus. Samuti muudeti 2008. aasta alguses kuluminorme
vastavalt varade kasulikule eale.
Muud müüdud toodete ja teenuste kulud kasvasid 0,3 miljoni krooni ehk 2,4%
võrra. 2008. aasta 2. kvartalis kasvasid muud kulud mitmete tugiteenuste (nt
transport ja turvateenused) kulude suurenemise tõttu, mis tulenes tööjõukulude
märkimisväärsest kasvust Tallinnas. Teisalt peegeldab see Ettevõtte edukust
kulude kokkuhoiul protsesside optimeerimise näol.
Kulude kasvust tingitud surve esitab ettevõttele väljakutse otsimaks edasisi
võimalusi efektiivsuse suurendamiseks protsesside, hangete jms ülevaatamise
kaudu.
Ülaltoodud mõjude tulemusena oli 2008. aasta 2. kvartalis ettevõtte brutokasum
118,8 miljonit krooni, mis on 10,0 miljoni krooni või 9,3% võrra rohkem, kui
2007. aasta 2. kvartali 108,8 miljoni krooni suurune brutokasum.
Ärikulud ja ärikasumi marginaal
Turustuskulud vähenesid 2008. aasta 2. kvartalis võrrelduna 2007. aasta 2.
kvartaliga 0,3 miljoni krooni võrra 3,1 miljoni kroonini. Seda mõjutas peamiselt
eelviidatud struktuurimuutus, mida tasandas amortisatsiooni kasv.
2008. aasta 2. kvartalis vähenesid üldhalduskulud 1,1 miljonit krooni 14,2
miljoni kroonini, peamiselt struktuurimuudatuste mõjul.
Tööjõukulud olid 2008. aasta 2. kvartalis 22,0 miljonit krooni, mis on 2,8
miljonit krooni või 14,9% enam, kui 2007. aasta samal perioodil. Nagu mainitud
on selle põhjuseks 2008. aasta alguses üle kogu Ettevõtte läbi viidud palkade
korrigeerimine.
Muud äritulud/kulud andsid 2008. aasta 2. kvartalis kokku tulu 0,1 miljonit
krooni võrreldes 0,4 miljoni kroonise kuluga 2007. aasta 2. kvartalis.
Ülaltoodud mõjude tulemusena oli ettevõtte ärikasum 2008. aasta 2. kvartalis
101,7 miljonit krooni, mis on 12,0 miljonit krooni rohkem kui 89,7 miljoni
krooni suurune ärikasum 2007. aasta 2. kvartalis. Võrreldes 2008. aasta 2.
kvartalit 2007. aasta 2. kvartaliga kasvas ärikasum 13,3%.
Finantskulud
Ettevõtte neto finantskulud olid 2008. aasta 2. kvartalis 11,1 miljonit krooni,
mis on 0,5 miljoni krooni ehk 4,6% võrra enam kui 2007. aasta 2. kvartalis.
Võrrelduna 2007. aasta 2. kvartaliga on Ettevõtte intressikulud tõusnud 19,5%
võrra. See on tingitud asjaolust, et osa Ettevõtte laenudest on seotud 6 kuu
EURIBORi määraga. Intressikulude tõusu katab osaliselt 2008. aasta 2. kvartalis
kasvanud finantstulu, mis on Ettevõtte efektiivsema rahade juhtimise, tugeva
rahalise seisu ja suurenenud intressimäärade tulemus.
Maksustamiseelne kasum
Ettevõtte maksustamiseelne kasum oli 2008. aasta 2. kvartalis 90,6 miljonit
krooni, so 11,4 miljonit krooni rohkem kui 79,2 miljoni krooni suurune
maksustamiseelne kasum 2007. aasta 2. kvartalis.
Tulenevalt otsusest jaotada 249,0 miljonit krooni dividendideks kajastati 2008.
aasta 2. kvartalis dividendide tulumaks 66,2 miljonit krooni.
2008. aasta 1. poolaasta tulemused
2008. aasta 6. kuuga kasvas Ettevõtte tulu 445,1 miljoni kroonini, mis on
16,6%-line kasv võrreldes eelmise aasta sama perioodiga. Ettevõtte tulud
põhitegevusest olid 363,2 miljonit krooni. Veemüügi ja reoveeteenuse tulu oli
335,0 miljonit krooni, mis on 10,5% võrra enam, kui 2007.aasta 1. poolaastal.
Ettevõtte maksustamiseelne kasum oli 2008. aasta 6. kuuga 180,1 miljonit krooni,
so 5,6 miljonit krooni enam kui 174,5 miljoni kroonine maksustamiseelne kasum
2007. aasta 1. poolaastal. 2008. aasta 6. kuu tulemustele avaldas mõju
Keskkonnaministeeriumi lõplik heakskiit lämmastikuprojekti edukusest, mille
tulemusena vabastati 13,3 miljoni kroonine saastetasu provisjon. Nende
ühekordsete kulude elimineerimisel kasvas Ettevõtte 2008. aasta 6. kuu
maksustamiseelne kasum võrreldes eelmise aasta sama perioodiga 18,9 miljoni
krooni ehk 11,8% võrra.
Bilanss
2008. aasta 6. kuu jooksul investeeris ettevõte põhivarasse 98,1 miljonit
krooni. Lõpetamata-, materiaalne- ja immateriaalne põhivara oli 2008. aasta 30.
juuni seisuga 2.164 miljonit krooni. Käibevara vähenes aasta 6. kuuga 54,5
miljoni krooni võrra 319,1 miljoni kroonini, nõuded ostjate vastu vähenesid 79,2
miljoni krooni võrra. 2008. aasta 6. kuuga on rahajääk pangas kasvanud 13,5
miljoni krooni võrra.
Lühiajalised kohustused kasvasid 6. kuu jooksul 99,8 miljoni krooni võrra 299,1
miljoni kroonini. See tulenes peamiselt 41,5 miljoni krooni võrra suurenenud
Pikaajaliste pangalaenude tagasimaksetest järgmistel perioodidel, ning Maksuvõla
suurenemisest 70,0 miljoni krooni võrra. Suurenenud maksuvõla põhjustas
dividendide tulumaksukohustus.
Ettevõte hoiab jätkuvalt oma finantsvõimendust sihiks võetud üle 50% tasemel.
2008. aasta 30. juuni seisuga oli kohustuste osakaal varast 55,7%. Pikaajalised
kohustused olid 2008. aasta juuni lõpu seisuga 1.084,6 miljonit krooni, mis
koosnes peaaegu täielikult kahe pikaajalise pangalaenu jäägist.
Rahakäive
2008. aasta 1. poolaasta jooksul oli Ettevõtte äritegevuse rahakäive 222,4
miljonit krooni, mis on 49,2 miljonit krooni enam kui 2007. aasta samal
perioodil. Perioodilise põhitegevuse ärikasum on jätkuvalt peamine tegur
ettevõtte äritegevuse rahakäibe kasvus. Lisaks andis oma panuse ostjate võlgade
tasumine 2008. aasta 6. kuu jooksul.
2008. aasta 1. poolaasta investeerimistegevuse raha sissevool oli 40,1 miljonit
krooni, so 65,8 miljonit krooni enam kui 2007. aasta 1. poolaasta jooksul. Selle
peamiseks põhjuseks olid suured rajamistulu arved, mis kuulusid maksmisele ning
maksti 2008. aasta 1. kvartalis, mille tasakaalustasid osaliselt suurenenud
investeerimismaksed. 1. poolaastal investeeris ettevõte 98,1 miljonit krooni -
76,9 miljonit krooni võrkudesse (sh 52,6 miljonit krooni laiendamiseks ja
arendamiseks), 10,1 miljonit krooni Paljassaare sade- ja reovee puhastusjaama
uuendamiseks, 3,6 miljonit krooni vee kvaliteedi säilitamiseks (Ülemiste
veepuhastusjaam ja toorvee kvaliteet) ja 7,5 miljonit krooni muudeks
investeeringuteks (IT, investeeringute väärtuse säilimine, veemõõtjad jne).
Raha väljavool finantstegevusest oli 2008. aasta 6. kuuga 249,0 miljonit krooni
võrreldes 2007. aasta 6. kuu 196,5 miljoni krooni suuruse raha väljavooluga.
Antud summad näitavad vastavate aastate dividendimaksete suurust.
Eelnevate tegurite mõjul oli raha sissevool 2008. aasta 1. poolaasta jooksul
13,5 miljonit krooni võrrelduna 48,9 miljoni krooni suuruse raha väljavooluga
2007. aasta 6. kuuga. Raha ja raha ekvivalentide saldo oli 2008. aasta 30. juuni
seisuga 191,9 miljonit krooni.
Töötajad
2008. aasta 2. kvartali lõpus töötas ettevõttes 316 töötajat, võrreldes 319
töötajaga 2007. aasta 2.kvartali lõpus.
Dividendid ja aktsiahinna muutused
2007. aasta majandustulemuste põhjal maksis Ettevõtte 249 010 000 krooni
dividende. Sellest 10 000 krooni maksti B-aktsia omanikule ja 249 000 000
krooni, so 12,45 krooni aktsia kohta A-aktsia omanikele. Dividendid maksti välja
2008. aasta 13. juunil vastavalt 30. mail 2008 fikseeritud aktsionäride
nimekirjale.
2008. aasta 30.juuni seisuga olid üle 5%-list otseosalust omavad AS Tallinna
Vesi aktsionärid:
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| United Utilities (Tallinn) BV | 35.3% |
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| City of Tallinn | 34.7% |
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| Nordea Bank Finland Plc kliendikonto | 8.72% |
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| Morgan Stanley + Co International Equity | 6.81% |
| kliendikonto | |
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Kvartali lõpus, 30. juunil 2008, oli AS Tallinna Vesi aktsia sulgemishind 184,79
krooni (11.81 EUR), mis on 5,5% madalam võrreldes kvartali alguses olnud 195,58
EEK (12.50 EUR) ületades jätkuvalt OMX Tallinn indeksit, mis langes kvartalis
8,5%.
Põhitegevusega seotud arengud 2008. aastal
2008. aasta 1. kvartalis juurutas Ettevõte Tallinna linnaga sõlmitud
Teenuslepingu muudatuse, mis allkirjastati 2007. aasta 30. novembril.
Teenuslepingut pikendati 2020. aastani. Samuti fikseeriti K-koefitsient 2020.
aastani - 2% aastatel 2009 kuni 2010 ning 0% aastatel 2011 kuni 2020.
Lisainvesteeringuid (v.a. lepinguga kinnitatud hooldusinvesteeringud ning
võrkude laienduse kava) ei saa Ettevõtte käest nõuda enne 2020. aastat.
Vastavalt lepingule peavad võrkude laiendamise ehitused olema lõpetatud märtsiks
2011. Kompenseerimaks Ettevõttele ehitus- ja finantseerimiskulutusi, lisatakse
alates 1. märtsist 2008 kuni 2017 aasta lõpuni eraisikute vee tariifile
spetsiaalne arenduskomponent ning Tallinna linn kompenseerib sademetevee
torustike rajamiskulu igakuiselt 4,4 miljonit krooni kuni 2011. aasta lõpuni.
Arenduskomponent kompenseeritakse tarbijatele Tallinna linna poolt otsese
maksega Ettevõttele. Arenduskomponent on suurem ehitusperioodil (9,00 krooni m3
kohta kuni 31. detsembrini 2011 ja 6,10 krooni m3 kohta aastatel 2012 kuni
2017).
Aasta algusest tõusid vee- ja kanalisatsiooniteenuse tariifid, mis said Tallinna
linnavalitsuse heakskiidu 2007. aasta lõpus. Tariifi tõus on 11,7%
teeninduspiirkonnas ning sellelähedane väljaspool teeninduspiirkonda, olenevalt
individuaalsetest lepingutest ümbritsevate omavalitsustega.
Internetipõhise iseteeninduse kasutamine on kasvanud 3 kordselt võrreldes 2007.
aastaga, 12% arvetest esitati interneti kaudu.
Meil on heameel kinnitada, et 2008. aasta 1. kvartalis täitsime kõiki
teenustasemete nõudeid vastavalt Tallinna Linnaga sõlmitud lepingule.
Lisainformatsioon:
Siiri Lahe
Finantsdirektor
+372 6262 262
siiri.lahe@tvesi.ee
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| KASUMIARUANNE | 6 kuud | 6 kuud | 12 kuud |
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| (tuhat EEK) | 2008 | 2007 | 2007 |
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| | | | |
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| Põhitegevuse tulud | 363 230 | 325 496 | 648 335 |
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| Põhitegevusega seotud muud tulud | 81 900 | 56 257 | 172 437 |
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| Müügitulu | 445 130 | 381 753 | 820 772 |
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| | | | |
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| Müüdud toodete/teenuste kulud | -134 376 | -102 005 | -216 677 |
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| Põhitegevusega seotud muud kulud | -73 711 | -50 157 | -158 187 |
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| | | | |
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| BRUTOKASUM | 237 043 | 229 591 | 445 908 |
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| | | | |
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| Turustuskulud | -6 434 | -6 493 | -13 547 |
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| Üldhalduskulud | -28 721 | -29 543 | -56 849 |
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| Muud äritulud/-kulud (-) | 27 | 1 971 | 1 850 |
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| | | | |
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| ÄRIKASUM | 201 915 | 195 526 | 377 362 |
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| | | | |
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| Finantstulud/-kulud (-) | -21 810 | -21 073 | -44 237 |
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| | | | |
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| KASUM ENNE TULUMAKSUSTAMIST | 180 105 | 174 453 | 333 125 |
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| | | | |
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| Dividendide tulumaks | -66 193 | -55 285 | -55 285 |
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| | | | |
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| PERIOODI PUHASKASUM | 113 912 | 119 168 | 277 840 |
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| | | | |
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| Jaotatav: | | | |
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| A- aktsia omanikele | 113 902 | 119 158 | 277 830 |
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| B- aktsia omanikule | 10 | 10 | 10 |
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| | | | |
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| Kasum aktsia kohta kroonides | 5,70 | 5,96 | 13,89 |
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| BILANSS | | | |
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| (tuhat EEK) |30.06.2008 |30.06.2007 | 31.12.2007 |
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| | | | |
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| VARAD | | | |
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| KÄIBEVARA | | | |
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| Raha ja pangakontod | 191 892 | 200 475 | 178 420 |
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| Väärtpaberid | | 0 | 0 |
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| Nõuded ostjate vastu | 106 011 | 85 559 | 185 223 |
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| Viitlaekumised ja ettemaksed | 16 010 | 3 293 | 5 179 |
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| Varud | 4 107 | 4 055 | 3 645 |
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| Varad müügiks | 1 109 | 783 | 1 120 |
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| KOKKU KÄIBEVARA | 319 129 | 294 165 | 373 587 |
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| | | | |
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| PÕHIVARA | | | |
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| Materiaalne põhivara | 2 007 000 | 1 922 686 | 1 992 978 |
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| Immateriaalne põhivara | 44 813 | 50 181 | 49 137 |
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| Lõpetamata varad - v.a. | 42 441 | 63 994 | 48 034 |
| liitumis-ehitused | | | |
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| Lõpetamata torustikud - uued liitumised | 67 506 | 97 318 | 90 057 |
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| Ettemaksed materiaalse põhivara eest | 1 988 | 3 106 | 5 399 |
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| KOKKU PÕHIVARA | 2 163 748 | 2 137 285 | 2 185 605 |
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| VARAD KOKKU | 2 482 877 | 2 431 450 | 2 559 192 |
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| KOHUSTUSED JA OMAKAPITAL | | | |
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| | | | |
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| LÜHIAJALISED KOHUSTUSED | | | |
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| Pikaajaliste laenukohustuste | 82 942 | 0 | 41 486 |
| lühiajaline osa | | | |
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| Hankijate ja muud võlad | 69 284 | 68 156 | 86 966 |
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| Maksuvõlad | 96 494 | 77 286 | 26 486 |
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| Lühiajalised eraldised | 2 486 | 2 231 | 2 231 |
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| Tulevaste perioodide tulud | 47 854 | 41 491 | 42 099 |
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| LÜHIAJALISED KOHUSTUSED KOKKU | 299 060 | 189 164 | 199 268 |
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| | | | |
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| PIKAAJALISED KOHUSTUSED | | | |
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| Pangalaenud | 1 084 474 | 1 166 538 | 1 125 491 |
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| Muud võlad | 121 | 100 | 113 |
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| PIKAAJALISED KOHUSTUSED KOKKU | 1 084 595 | 1 166 638 | 1 125 604 |
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| KOKKU KOHUSTUSED | 1 383 655 | 1 355 802 | 1 324 872 |
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| | | | |
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| OMAKAPITAL | | | |
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| Aktsiakapital | 200 001 | 200 001 | 200 001 |
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| Ülekurss | 387 000 | 387 000 | 387 000 |
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| Kohustuslik reservkapital | 20 000 | 20 000 | 20 000 |
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| Eelmiste perioodide kogunenud kasum | 378 309 | 349 479 | 349 479 |
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| Perioodi puhaskasum | 113 912 | 119 168 | 277 840 |
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| KOKKU OMAKAPITAL | 1 099 222 | 1 075 648 | 1 234 320 |
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| KOHUSTUSED JA OMAKAPITAL KOKKU | 2 482 877 | 2 431 450 | 2 559 192 |
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| RAHAKÄIBE ARUANNE | 6 kuud | 6 kuud | 12 kuud |
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| (tuhat EEK) | 2008 | 2007 | 2007 |
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| | | | |
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| ÄRITEGEVUSE RAHAKÄIVE | | | |
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| Ärikasum | 201 915 | 195 526 | 377 362 |
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| Korrigeerimine kulumiga | 44 394 | 39 735 | 79 241 |
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| Korrigeerimine rajamistulude ja | -8 188 | -6 099 | -14 250 |
| -kuludega | | | |
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| Muud finantstulud ja -kulud | -803 | -366 | -1 585 |
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| Kasum (-) / kahjum (+) põhivara müügist | -6 | 12 | -2 422 |
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| Kuluks kantud põhivarad | 0 | 0 | 476 |
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| Tegevuskuludest kapitaliseeritud | -11 785 | -9 082 | -19 764 |
| põhivaraks | | | |
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| Äritegevusega seotud käibevara muutus | 18 556 | -9 890 | -32 062 |
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| Äritegevusega seotud kohustuste muutus | 6 556 | -10 788 | -327 |
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| Makstud intressid | -28 275 | -25 849 | -52 986 |
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| Rahajäägi muutus äritegevusest | 222 364 | 173 199 | 333 683 |
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| | | | |
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| INVESTEERIMISTEGEVUSE RAHAKÄIVE | | | |
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| Põhivara soetamine, sh liitumisehitised | -106 754 | -92 104 | -265 951 |
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| Rajamistasudest finantseeritavate | 137 039 | 60 789 | 101 840 |
| torustike eest laekumine | | | |
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| Põhivara müügitulu ja saadud/tagastatud | 8 | 17 | 390 |
| ettemaksed | | | |
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| Müügiootel varade ja | 0 | 233 | 242 |
| kinnisvarainvesteeringu müügitulu | | | |
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| Saadud intressid | 9 825 | 5 411 | 10 571 |
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| Rahajäägi muutus | 40 118 | -25 654 | -152 908 |
| investeerimistegevusest | | | |
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| | | | |
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| FINANTSEERIMISTEGEVUSE RAHAKÄIVE | | | |
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| Tasutud kapitalirendi maksed | 0 | -473 | -473 |
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| Tasutud dividendid | -249 010 | -196 010 | -196 010 |
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| Tulumaks dividendidelt | 0 | 0 | -55 285 |
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| Rahajäägi muutus | -249 010 | -196 483 | -251 768 |
| finantseerimistegevusest | | | |
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| | | | |
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| Rahajäägi kogumuutus | 13 472 | -48 938 | -70 993 |
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| | | | |
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| RAHA JA RAHA EKVIVALENDID PERIOODI | 178 420 | 249 413 | 249 413 |
| ALGUSES | | | |
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| | | | |
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| RAHA JA RAHA EKVIVALENDID PERIOODI | 191 892 | 200 475 | 178 420 |
| LÕPUS | | | |
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Title
Results of operations for the 1st half-year 2008 (EEK)
Message
MANAGEMENT REPORT RESULTS OF OPERATIONS - FOR THE 1st HALF-YEAR 2008 Overview In the 1st six months of 2008 the Company's total sales increased, year on year, by 16.6% to 445.1 mln EEK. Total water and sewerage services sale volumes increased in the 1st six months of 2008 by 0.2% compared to the same six months of 2007, respective sales increased by 10.5%. Within the service area sales to residential customers increased by 9.4% year on year, sales to commercial customers increased by 8.3% year on year, and sales to customers outside of the service area increased by 47.3% year on year, reaching 1.7 mln m3 or 12.2 mln EEK. The Company's profit before taxes was 180.1 mln EEK, which is a 3.2% increase compared to the same six months of 2007. Eliminating the one-off nitrogen provision release in the 1st quarter of 2007, profit before tax in the 1st six months of 2008 increased by 11.8%. The Company invested 98.1 mln EEK, of which 76.9 mln EEK was invested in network extension and rehabilitation. -------------------------------------------------------------------------------- | mln EEK | 6 | 6 | Change | 6 months | Change | | | months | months | | 2007 | | | | 2008 | 2007 | | underlying | | -------------------------------------------------------------------------------- | Sales | 445,1 | 381,8 | 16,6% | 381,8 | 16,6% | -------------------------------------------------------------------------------- | Main operating | 363,2 | 325,5 | 11,6% | 325,5 | 11,6% | | activities | | | | | | -------------------------------------------------------------------------------- | Other operating | 81,9 | 56,3 | 45,6% | 56,3 | 45,6% | | activities | | | | | | -------------------------------------------------------------------------------- | Gross profit | 237,0 | 229,6 | 3,2% | 216,3 | 9,6% | -------------------------------------------------------------------------------- | Gross profit margin % | 53,3 | 60,1 | -11,5% | 56,7 | -6,0% | -------------------------------------------------------------------------------- | Operating profit | 201,9 | 195,5 | 3,3% | 182,2 | 10,8% | -------------------------------------------------------------------------------- | Operating profit | 45,4 | 51,2 | -11,4% | 47,7 | -5,0% | | margin % | | | | | | -------------------------------------------------------------------------------- | Profit before taxes | 180,1 | 174,5 | 3,2% | 161,2 | 11,8% | -------------------------------------------------------------------------------- | Profit before taxes | 40,5 | 45,7 | -11,5% | 42,2 | -4,2% | | margin % | | | | | | -------------------------------------------------------------------------------- | Net profit | 113,9 | 119,2 | -4,4% | 105,9 | 7,6% | -------------------------------------------------------------------------------- | ROA % | 4,6 | 4,9 | -6,4% | 4,4 | 5,4% | -------------------------------------------------------------------------------- | Debt to total capital | 55,7% | 55,8% | -0,1% | 55,8% | -0,1% | | employed | | | | | | -------------------------------------------------------------------------------- Gross profit margin - Gross profit / Net sales Operating profit margin - Operating profit / Net sales Profit before taxes margin - Profit before taxes / Net sales ROA - Net profit /Total Assets Debt to Total capital employed - Total Liabilities / Total capital employed Profit and Loss Statement 2nd quarter 2008 Sales In the 2nd quarter of 2008 the Company's total sales increased, year on year, by 32.6% to 233.9 mln EEK. Sales from the Company's main operating activities were 182.3 mln EEK. Sales in the main operating activity principally comprise of sales of water and treatment of wastewater to domestic and commercial customers within and outside of the service area, and fees received from the City of Tallinn for operating and maintaining the storm water system. Sales of water and wastewater services were 166.6 mln EEK, an 8.9% increase compared to the 2nd quarter of 2007, excluding the over pollution the increase was 9.2%, resulting from the 11.7% increase in tariffs from 1 January 2008 for the Company's residential and commercial customers combined with the factors described below. Included within this amount were the following increases by sector: within the service area sales to residential customers increased by 9.2% to 87.2 mln EEK. Sales to commercial customers increased by 6.6% to 69.9 mln EEK. Sales to customers outside of the service area - primarily bulk volumes of wastewater treatment services provided to the surrounding municipalities - increased by 52.0% reaching 821 thousand m3 or 5.9 mln EEK. Over pollution fees received were 3.6 mln EEK, same level as in the 2nd quarter of 2007. In the 2nd quarter of 2008, the volumes sold to residential customers dropped 2.3% or 171 thousand m3. We believe that this is mainly related to the fact that people are moving to the surrounding areas of Tallinn. The volumes sold to commercial customers inside the service area decreased compared to the relevant period in 2007 due to several factors combined. Part of the reduction in sales volumes in Tallinn is due to companies moving to the surrounding municipalities, supplemented by companies implementing different efficiency measures or reducing their production. Particularly the sales in 2nd quarter of 2008 compared to the 2nd quarter of 2007 were impacted by the fact that one of the Company's biggest industrial customers moved its facilities out of our area in the second half of 2007, this resulted in a water and sewage volumes loss of 56 thousand m3 in the 2nd quarter of 2008 compared to 2007. The real estate market stays relatively unchanged from last year. Although slightly lower than in 2007, the number of new apartments and business buildings being constructed this year in Tallinn remains high. A large share of new buildings still remain vacant as commercial customers as well as people in need of space are moving to surrounding areas due to more affordable real estate prices. This trend is also reflected in the Company's sales to surrounding areas, which has increased by 52.0% in the 2nd quarter of 2008 compared to the same period last year. This reflects the success of the Company's strategy to re-capture customers leaving Tallinn. The Company is actively looking for the further expansion opportunities into the neighboring municipalities. The sales from the operation and maintenance of the storm water and fire-hydrant system increased by 37.5% to 12.5 mln EEK in the 2nd quarter of 2008 compared to the same period in 2007. This is in accordance with the terms and conditions of the contract whereby the storm water and fire hydrant costs are invoiced based on actual costs and volumes treated. This is contractually agreed up to 2020. Sales revenues from other operating activities, mainly connections and storm water construction, totaled 51.5 mln EEK which is 39.5 mln EEK more than in the 2nd quarter of 2007. Before 2008 a considerable amount of works and revenues were confirmed and recorded in the first quarter. According to the new contract concluded with the City of Tallinn on 30th November 2007, the revenue flow is more even throughout the year. Starting from March 2008 the revenue in this line is mainly calculated using the Tallinn domestic water sales volumes and fixed development rate per cubic meter. This revenue line goes in pairs with the Cost of goods sold from other operating activities, where the respective costs of the constructions are recorded. Cost of Goods Sold and Gross Margin The cost of goods sold for the main operating activity was 68.2 mln EEK in the 2nd quarter of 2008, an increase of 11.1 mln EEK or 19.4% from the equivalent period in 2007. In the 2nd quarter of 2008 the Company did not achieve the beneficial 0.5 coefficient for pollution tax, and as a result the amount of pollution tax payable was 5.1 mln EEK compared to 0.9 mln EEK in 2nd quarter of 2007. The 2nd quarter of 2007 included also the reduction of the rates in 1st quarter of 2007 as the environmental body confirmed it only in 2nd quarter of 2007. Without the reduction 2007 2nd quarter cost would have been 1.5 mln EEK. Increase in pollution tax is due to the combination of the coefficient and increase in tax rates year on year by 20%, supplemented by volume and pollution impact. Despite the fact that the pollution level of the incoming sewerage does vary and the company does not have full control over storm water outlets regarding the pollution, we are working hard to use the optimum level of chemicals to achieve the 0.5 coefficient in the following quarters of 2008. The chemical costs were 6.6 mln EEK, this represents an 24.5% increase compared to the corresponding period in 2007. This result is the combination of volumes treated, chemicals dosed and the price inflation. Electricity costs increased by 0.2 mln EEK or 3.5% in the 2nd quarter of 2008 compared to the 2nd quarter of 2007 due to higher electricity prices combined with volumes treated. Salary expenses increased in the 2nd quarter of 2008, year on year, by 3.2 mln EEK or 25.0% due to a number of factors. Firstly, increased headcount from the new services launched. Secondly, a highly competitive labour market has led to significant salary inflation. Finally in the 1st quarter of 2008 the Company restructured and combined departments which resulted in transferring cost from one line to an other. Eliminating these structural changes would give us 17.0% increase in salaries. This is in line with the increase in average salaries in the Estonian market. Depreciation charges increased in the 2nd quarter of 2008 by 1.9 mln EEK or 10.4% year on year due to new sludge treatment building commissioned in the end of 2007. Also in the beginning of 2008 the depreciation rates were revised to correspond with the useful life of assets. Other cost of goods sold in the main operating activity increased by 0.3 mln EEK, or 2.4% year on year. This was due to higher costs on a number of support service contracts, such as transport, security services, maintenance cost, reflecting the significant increase in labour and services costs in Tallinn. But on the other hand it reflects Company's achievements to reduce costs by optimizing operations. The cost pressure sets the challenge to the management to identify the further efficiency opportunities through review of processes, procedures and procurements. As a result of all of the above the Company's gross profit for the 2nd quarter of 2008 was 118.8 mln EEK, which is an increase of 10.0 mln EEK, or 9.3%, compared to the gross profit of 108.8 mln EEK for the 2nd quarter of 2007. Operating Costs and Operating Margin Marketing expenses decreased by 0.3 mln EEK to 3.1 mln EEK during the 2nd quarter of 2008 compared to the corresponding period in 2007. This is partly the result of the structural changes, balanced by the increase in depreciation charges. General administration expenses decreased by 1.1 mln EEK to 14.2 mln EEK in the 2nd quarter of 2008 year on year, mainly as a consequence of structural changes. Included within all the above cost categories are staff costs. These totaled 22.0 mln EEK in the 2nd quarter of 2008, which is a 2.8 mln EEK or 14.9% increase compared to the same period in 2007. As mentioned earlier this was mainly due to the wide revision of salaries at the beginning of 2008. Other net income/expenses totaled an income of 0.1 mln EEK in the 2nd quarter of 2008 compared to an expense of 0.4 mln EEK in the 2nd quarter of 2007. As a result of all of the above the Company's operating profit for the 2nd quarter of 2008 was 101.7 mln EEK, an increase of 12.0 mln EEK compared to an operating profit of 89.7 mln EEK achieved in the 2nd quarter of 2007. Compared to the operating profit in the 2nd quarter of 2007, the operating profit has increased 13.3%. Financial expenses Net Financial expenses were 11.1 mln EEK in the 2nd quarter of 2008, which is an increase of 0.5 mln EEK or 4.6% compared to the 2nd quarter of 2007. The Company's interest costs have increased by 19.5% compared to the 2nd quarter of 2007. This is due to the increase in the 6 month Euribor rate. The increase in interest expenses is partially offset by an increase in financial income earned during the 2nd quarter of 2008, as a result of a more favourable cash position and increasing interest rates. Profit Before Tax The Company's profit before taxes for the 2nd quarter of 2008 was 90.6 mln EEK, which is 11.4 mln EEK higher than the profit before taxes of 79.2 mln EEK for the 2nd quarter of 2007. The Company recorded 66.2 mln EEK income tax as the result of 249.0 mln EEK dividends distributed in the 2nd quarter of 2008. Results for the 1st six months of 2008 During the 1st six months of 2008 the Company's total sales increased, year on year, by 16.6% to 445.1 mln EEK. Sales from the Company's main operating activities were 363.2 mln EEK. Sales of water and wastewater treatment were 335.0 mln EEK, a 10.5% increase compared to the 1st half of 2007. The Company's profit before taxes for the 1st six months of 2008 was 180.1 mln EEK, which is 5.6 mln EEK higher than the profit before taxes of 174.5 mln EEK in the relevant period in 2007. The results for the 1st half of 2007 were impacted by the fact that the Ministry of Environment gave final approval to the success of the nitrogen project, which resulted in the release of a provision worth 13.3 mln EEK for environmental taxes. Looking at the underlying profit before taxes for the 1st six months of 2007, it shows an 18.9 mln EEK or 11.8% increase in 2008 for the same period. Balance sheet During the 1st six months of 2008 the Company invested 98.1 mln EEK into fixed assets. Non-current assets were 2,164 mln EEK at 30 June 2008. Current assets decreased by 54.5 mln EEK to 319.1 mln EEK in the six months of the year, customer receivables decreased by 79.2 mln EEK. During the 1st six months of 2008 cash at bank increased by 13.5 mln EEK. Current liabilities increased by 99.8 mln EEK to 299.1 mln EEK in the six months of the year. This was mainly due to increases in Current portion of long-term borrowings by 41.5 mln EEK, as result of the reclassification of the loan based on repayment schedule and Taxes payable by 70.0 mln EEK. Increase in taxes payable reflects the income tax on dividends. The company continues to maintain its leverage level within its target range above 50% with total liabilities to total capital employed of 55.7% as of 30 June 2008. Long-term liabilities stood at 1,084.6 mln EEK at the end of June 2008, consisting almost entirely of the outstanding balance on the two long-term bank loans. Cash flow During the 1st six months of 2008, the Company generated 222.4 mln EEK of cash flows from operating activities, an increase of 49.2 mln EEK compared to the corresponding period in 2007. Underlying operating profit continues to be the main driver for growth, supplemented by debt collection in six months of 2008. In the six months of 2008 net cash inflows from investing activities were 40.1 mln EEK, which is 65.8 mln EEK more than in 2007. This was mainly due to some large construction revenue invoices that were due and paid in the 1st quarter 2008, offset by increased investment payments. In the 1st six months the company invested 98.1 mln EEK - 76.9 mln EEK on networks (including 52.6 mln EEK on extension and developments), 10.1 mln EEK at Paljassaare wastewater treatment plant and sludge treatment, 3.6 mln EEK on water quality (Ülemiste water treatment plant and raw water) and 7.5 mln EEK for other investments (IT, capital maintenance, meters, etc). The cash outflows from financing activities were 249.0 mln EEK during the 1st six months of 2008 compared to cash outflow of 196.5 mln EEK during the same six months of 2007, representing the dividend payouts of respective years. As a result of all of the above factors, the total cash inflow in the six months of 2008 was 13.5 mln EEK compared to a cash outflow of 48.9 mln EEK in the six months of 2007. Cash and cash equivalents stood at 191.9 mln EEK as at 30 June 2008. Employees At the end of the 2nd quarter of 2008, the number of employees was 316, compared to 319 at the end of the 2nd quarter of 2007. Dividends and share performance Based on the results of the 2007 financial year, the company paid 249,010,000 EEK of dividends. Of this 10,000 EEK was paid to the owner of the B-share and 249,000,000 EEK, i.e. 12.45 EEK per share to the owners of the A-shares. The dividends were paid out on 13 June 2008, based on the list of shareholders, which was fixed on 30 May 2008. As of 30 June 2008 AS Tallinna Vesi shareholders, with a direct holding over 5%, were: -------------------------------------------------------------------------------- | United Utilities (Tallinn) BV | 35.3% | -------------------------------------------------------------------------------- | City of Tallinn | 34.7% | -------------------------------------------------------------------------------- | Nordea Bank Finland Plc clients account trading | 8.72% | -------------------------------------------------------------------------------- | Morgan Stanley + Co International Equity client | 6.81% | | account | | -------------------------------------------------------------------------------- At the end of the quarter, 30 June 2008, the closing price of the AS Tallinna Vesi share was 184.79 EEK (11.81 EUR), which is a 5.5% decrease compared to the closing price of 195.58 EEK (12.50 EUR) at the beginning of quarter, this is still outperforming the market as the OMX Tallinn index dropped by 8.5% during the quarter. Operational highlights in the six months of 2008 The company implemented the development component in the 1st quarter of 2008 according to the Services Agreement Amendment, which was signed with the City of Tallinn on 30 November 2007. The Services Agreement is extended until 2020 and the k-coefficient is also fixed until 2020 - 2% in years 2009 to 2010 and 0% in years 2011 to 2020. No extra capital expenditures (in addition to maintenance capex and extensions program agreed in the contract) can be imposed on the company until 2020. According to the agreement the network extension constructions must be completed by March 2011. To compensate the Company for the construction and financing costs, a specific development component is included into the Tallinn domestic water tariff starting from 1 March 2008 to the end of 2017, and the City of Tallinn will compensate 4.4 mln EEK every month for the storm water constructions until the end of 2011. The development component shall be compensated to the customers with direct payment to the company by the City of Tallinn. The component is bigger during the construction period (9.00 kroons per m3 until 31 December 2011 and 6.10 kroons per m3 in years 2012 to 2017). From the beginning of the year water and wastewater tariffs increased as approved by the City Council in 2007. The tariff increase was 11.7% in the main service area and was similar outside the main service area, depending on individual contracts with the municipalities. The usage of the web based self service has increased by 3 times compared to 2007, around 12% of invoices were issued via web. We are pleased to report the compliance with all requirements of the Levels of Services established by the contract with City of Tallinn. Additional information: Siiri Lahe Chief Financial Officer +372 6262 262 siiri.lahe@tvesi.ee -------------------------------------------------------------------------------- | INCOME STATEMENT | 6 months | 6 months | 12 months | -------------------------------------------------------------------------------- | (thousand EEK) | 2008 | 2007 | 2007 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Sales from main operating activities | 363 230 | 325 496 | 648 335 | -------------------------------------------------------------------------------- | Revenues from other operating activities | 81 900 | 56 257 | 172 437 | -------------------------------------------------------------------------------- | Net sales | 445 130 | 381 753 | 820 772 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Costs of goods sold (main operating | -134 376 | -102 005 | -216 677 | | activities) | | | | -------------------------------------------------------------------------------- | Costs of goods sold (other operating | -73 711 | -50 157 | -158 187 | | activities) | | | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | GROSS PROFIT | 237 043 | 229 591 | 445 908 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Marketing expenses | -6 434 | -6 493 | -13 547 | -------------------------------------------------------------------------------- | General administration expenses | -28 721 | -29 543 | -56 849 | -------------------------------------------------------------------------------- | Other income/ expenses (-) | 27 | 1 971 | 1 850 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | OPERATING PROFIT | 201 915 | 195 526 | 377 362 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Financial income / expenses (-) | -21 810 | -21 073 | -44 237 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | PROFIT BEFORE TAXES | 180 105 | 174 453 | 333 125 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Income tax on dividends | -66 193 | -55 285 | -55 285 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | NET PROFIT FOR THE PERIOD | 113 912 | 119 168 | 277 840 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Attributable to: | | | | -------------------------------------------------------------------------------- | Equity holders of A-shares | 113 902 | 119 158 | 277 830 | -------------------------------------------------------------------------------- | B-share holder | 10 | 10 | 10 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Earnings per share in kroons | 5,70 | 5,96 | 13,89 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | BALANCE SHEET | | | | -------------------------------------------------------------------------------- | (thousand EEK) |30.06.2008| 30.06.2007| 31.12.2007| -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | ASSETS | | | | -------------------------------------------------------------------------------- | CURRENT ASSETS | | | | -------------------------------------------------------------------------------- | Cash at bank and in hand | 191 892 | 200 475 | 178 420 | -------------------------------------------------------------------------------- | Commercial paper | | 0 | 0 | -------------------------------------------------------------------------------- | Customer receivables | 106 011 | 85 559 | 185 223 | -------------------------------------------------------------------------------- | Accrued income and prepaid expenses | 16 010 | 3 293 | 5 179 | -------------------------------------------------------------------------------- | Inventories | 4 107 | 4 055 | 3 645 | -------------------------------------------------------------------------------- | Assets for sale | 1 109 | 783 | 1 120 | -------------------------------------------------------------------------------- | TOTAL CURRENT ASSETS | 319 129 | 294 165 | 373 587 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | NON-CURRENT ASSETS | | | | -------------------------------------------------------------------------------- | Tangible assets |2 007 000 | 1 922 686 | 1 992 978 | -------------------------------------------------------------------------------- | Intangible assets | 44 813 | 50 181 | 49 137 | -------------------------------------------------------------------------------- | Unfinished assets - non connections | 42 441 | 63 994 | 48 034 | -------------------------------------------------------------------------------- | Unfinished pipelines - new connections | 67 506 | 97 318 | 90 057 | -------------------------------------------------------------------------------- | Prepayments for fixed assets | 1 988 | 3 106 | 5 399 | -------------------------------------------------------------------------------- | TOTAL NON-CURRENT ASSETS |2 163 748 | 2 137 285 | 2 185 605 | -------------------------------------------------------------------------------- | TOTAL ASSETS |2 482 877 | 2 431 450 | 2 559 192 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | LIABILITIES | | | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | CURRENT LIABILITIES | | | | -------------------------------------------------------------------------------- | Current portion of long-term borrowings | 82 942 | 0 | 41 486 | -------------------------------------------------------------------------------- | Trade and other payables, incl. dividends | 69 284 | 68 156 | 86 966 | -------------------------------------------------------------------------------- | Taxes payable | 96 494 | 77 286 | 26 486 | -------------------------------------------------------------------------------- | Short-term provisions | 2 486 | 2 231 | 2 231 | -------------------------------------------------------------------------------- | Deferred income | 47 854 | 41 491 | 42 099 | -------------------------------------------------------------------------------- | TOTAL CURRENT LIABILITIES | 299 060 | 189 164 | 199 268 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | NON-CURRENT LIABILITIES | | | | -------------------------------------------------------------------------------- | Bank loans |1 084 474 | 1 166 538 | 1 125 491 | -------------------------------------------------------------------------------- | Other payables | 121 | 100 | 113 | -------------------------------------------------------------------------------- | TOTAL NON-CURRENT LIABILITIES |1 084 595 | 1 166 638 | 1 125 604 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES |1 383 655 | 1 355 802 | 1 324 872 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | EQUITY CAPITAL | | | | -------------------------------------------------------------------------------- | Share capital | 200 001 | 200 001 | 200 001 | -------------------------------------------------------------------------------- | Share premium | 387 000 | 387 000 | 387 000 | -------------------------------------------------------------------------------- | Statutory legal reserve | 20 000 | 20 000 | 20 000 | -------------------------------------------------------------------------------- | Accumulated profit | 378 309 | 349 479 | 349 479 | -------------------------------------------------------------------------------- | Net profit for the period | 113 912 | 119 168 | 277 840 | -------------------------------------------------------------------------------- | TOTAL EQUITY CAPITAL |1 099 222 | 1 075 648 | 1 234 320 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES AND EQUITY CAPITAL |2 482 877 | 2 431 450 | 2 559 192 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CASH FLOW STATEMENT | 6 months | 6 months | 12 months | -------------------------------------------------------------------------------- | (thousand EEK) | 2008 | 2007 | 2007 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | CASH FLOWS FROM OPERATING ACTIVITIES | | | | -------------------------------------------------------------------------------- | Operating profit | 201 915 | 195 526 | 377 362 | -------------------------------------------------------------------------------- | Adjustment for depreciation | 44 394 | 39 735 | 79 241 | -------------------------------------------------------------------------------- | Adjustment for income and expenses from | -8 188 | -6 099 | -14 250 | | constructions | | | | -------------------------------------------------------------------------------- | Other financial income and expenses | -803 | -366 | -1 585 | -------------------------------------------------------------------------------- | Profit from sale of fixed assets | -6 | 12 | -2 422 | -------------------------------------------------------------------------------- | Expensed fixed assets | 0 | 0 | 476 | -------------------------------------------------------------------------------- | Capitalization of operating expenses | -11 785 | -9 082 | -19 764 | -------------------------------------------------------------------------------- | Movement in current assets involved in | 18 556 | -9 890 | -32 062 | | operating activities | | | | -------------------------------------------------------------------------------- | Movement in liabilities involved in | 6 556 | -10 788 | -327 | | operating activities | | | | -------------------------------------------------------------------------------- | Interest paid | -28 275 | -25 849 | -52 986 | -------------------------------------------------------------------------------- | Total cash flow from operating activities | 222 364 | 173 199 | 333 683 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | CASH FLOWS FROM INVESTING ACTIVITIES | | | | -------------------------------------------------------------------------------- | Acquisition of fixed assets (incl | -106 754 | -92 104 | -265 951 | | pipelines construction) | | | | -------------------------------------------------------------------------------- | Proceeds from pipelines financed by | 137 039 | 60 789 | 101 840 | | construction income | | | | -------------------------------------------------------------------------------- | Proceeds from sale of and prepayments | 8 | 17 | 390 | | received for fixed assets | | | | -------------------------------------------------------------------------------- | Proceeds from sale of assets and real | 0 | 233 | 242 | | estate investments | | | | -------------------------------------------------------------------------------- | Interest received | 9 825 | 5 411 | 10 571 | -------------------------------------------------------------------------------- | Total cash flow from investing activities | 40 118 | -25 654 | -152 908 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | CASH FLOWS FROM FINANCING ACTIVITIES | | | | -------------------------------------------------------------------------------- | Finance lease payments | 0 | -473 | -473 | -------------------------------------------------------------------------------- | Dividends paid | -249 010 | -196 010 | -196 010 | -------------------------------------------------------------------------------- | Income tax on dividends | 0 | 0 | -55 285 | -------------------------------------------------------------------------------- | Total cash flow from financing activities | -249 010 | -196 483 | -251 768 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Change in cash and bank accounts | 13 472 | -48 938 | -70 993 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | CASH AND EQUIVALENTS AT THE BEGINNING OF | 178 420 | 249 413 | 249 413 | | THE PERIOD | | | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | CASH AND EQUIVALENTS AT THE END OF THE | 191 892 | 200 475 | 178 420 | | PERIOD | | | | --------------------------------------------------------------------------------