Market announcement

Title

Financial results for the 4th Quarter 2018

Message

Management report

Chairman´s summary

The  4(th) quarter of 2018 was successful for  AS Tallinna Vesi, with respect to
both operational and financial performance. Tallinna Vesi´s sales have increased
year-on-year,  as well as operating and  net profit. The operational performance
once  again reflects the high standards achieved  in the supply of pure drinking
water  to the  inhabitants, treatment  of wastewater  and the maintenance of the
water and sewerage networks and customer service.

Solid financial performance

In  the  4(th) quarter  of  2018, the  Company's sales revenues were 1.6% higher
year-on-year. Sales  to  domestic  customers  increased  by  2.6% in  the 4(th)
quarter,  also,  the  sales  related  to  construction  and  asphalting services
increased  considerably by 8.8%. However, the sales  of storm water disposal and
treatment  services dropped both within the main service area and in surrounding
municipalities due to lower level of precipitation.

The  gross profit of  the 4(th) quarter of  2018 was EUR 8.38 million, showing a
decrease  of  4.7%, which  was  mainly  due  to  increased  sales from water and
wastewater  services,  accompanied  by  higher  chemicals  and asset maintenance
costs.   The  operating  profit  of  Tallinna  Vesi was EUR 5.29 million and net
profit EUR 5.01 million.

Reliable water supply and wastewater service

The  quality of drinking water  remained at a very  good level throughout 2018.
This  performance  was  verified  with  100% compliance,  of  water samples from
customer  taps during  the 4(th) quarter  of 2018. At  the end  of last year, we
completed  a further  campaign to  promote environmental  awareness in the wider
community, and encourage people to drink tap water as opposed to bottled water.

In  order to ensure the reliability of service to our consumers, we made several
significant  investments in the  water and wastewater  networks during 2018. The
largest  examples of  which include  the reconstruction  of network in Gonsiori,
Tammsaare  and Tondi  streets as  well as  the junction  of Põhja and Kalasadama
streets.

Adding to the high quality of drinking water, the percentage of leakage was even
lower than in previous years. In the 4(th) quarter of 2018, water losses dropped
to  13.07% in comparison  with 14.69% during  2017. Maintaining a  low levels of
leakage  is  important  in  preserving  raw  water,  and  is  a testament to our
effectiveness  in  managing  and  investing  in  the  wider  water  network  and
infrastructure.

Compliance of wastewater treatment with the environmental requirements, is a key
indicator reflecting our efforts to minimise the environmental impact, resulting
from wastewater incidents. Throughout 2018, our final treated effluent was 100%
compliant with the parameters in our current water permit.

Raising environmental awareness and supporting the community

As  per  previous  years,  close  cooperation  with  the community has continued
throughout 2018, when we contributed to the environmental education of children,
youngsters and adults. We held numerous water seminars in nurseries and schools,
and  hosted  several  tours  of  our  water  and wastewater treatment plants. In
cooperation  with Tallinn City Museum, an exhibition on water was opened at Kiek
in de Kök, and many lectures and seminars were subsequently organised.

In 2018 we opened new public water taps in Kadriorg, Energy Discovery Centre and
concluded  agreement  for  the  installation  of  a  drinking  water fountain in
SuperSkypark,  at  the  newly  opened  T1  Mall  of Tallinn. We will continue to
improve the availability of tap water in public spaces during 2019.

Tariff update

AS  Tallinna  Vesi  is  still  in  the  process  of  setting  the new water- and
wastewater services tariffs.

In  December,  Competition  Authority  issued  a  decision  on  Tallinna  Vesi's
application  for the approval of the prices  of water services and related extra
services  in Tallinn  and Saue  service area.  Competition Authority  decided to
approve  the prices of extra services, however, refused to approve the prices of
water services. In the beginning of 2019 AS Tallinna Vesi challenged Competition
Authority´s decision and is now waiting for the next steps.

AS  Tallinna  Vesi  is  still  waiting  for  the  decision  in  the  arbitration
proceedings regarding the possible damages claim.

OPERATIONAL INDICATORS FOR 2018

 Indicator                                               Unit 2018  2017  2016
-------------------------------------------------------------------------------
 Compliance of water quality at the customers' tap       %    99.9  99.9  99.9

 Losses in the water distribution network                %    13.7  13.8  15.1

 Average duration of water interruptions per property    h    3.27  3.14  3.44

 Sewer blockages                                         No   603   654   670

 Sewer bursts                                            No   88    135   107

 Wastewater   treatment  compliance  with  environmental
 standards                                               %    100.0 100.0 100.0

 Number of complaints*                                   No   158   36    45

 Customer contacts regarding water quality               No   258   219   166

 Customer contacts regarding water pressure              No   439   298   339

 Customer  contacts regarding blockages and discharge of
 storm water                                             No   1,043 1,111 1,190

 Responding written customer contacts within at least 2
 work days                                               %    100.0 99.9  99.5

 Failed promises                                         No   33    5     4

 Notification  of unplanned water interruptions at least
 1 h before the interruption                             %    95.2  98.2  98.8

*Until  2018, this  figure  included  only  the  customer complaints received in
writing.  The number for  2018 includes the complaints  received both in writing
and by phone.



FINANCIAL HIGHLIGHTS FOR THE 4(th) QUARTER 2018

The  Group's sales  revenues during  the 4(th) quarter  of 2018 were  EUR 16.23
million,  being up by  1.6% or EUR 0.26 million  compared to the  same period in
2017.

The  gross profit in  the 4(th) quarter of  2018 was EUR 8.38 million, showing a
decrease  of 4.7% or EUR  0.41 million. Decrease in  gross profit was related to
lower  storm  water  treatment  and  disposal  service and fire hydrants service
revenues  accompanied by higher chemicals and  asset maintenance costs and other
costs  of goods/services  sold. It  was balanced  by higher water and wastewater
revenues  accompanied by higher  construction services related  profit and lower
electricity costs and pollution tax expenses.

The  operating profit was EUR 5.29 million, showing an increase of 151.8% or EUR
15.52 million.  In  addition  to  above-mentioned  changes  in gross profit, the
operating profit was also impacted by lower expense for provision formed for the
possible  third-party claims accompanied by  higher administrative and marketing
expenses  and  lower  net  other  expenses.  The operating profit for the 4(th)
quarter  of  2018 and  2017 without  the  impact  resulted  from  the  change of
provision for the possible third-party claims was EUR 6.84 million and EUR 7.30
million, being lower by 6.3% or EUR 0.46 million year-on-year.

The  net profit for  the 4(th) quarter of  2018 was EUR 5.01 million, showing an
increase  by 148.0% or EUR 15.45 million. The  net profit was mainly impacted by
above mentioned changes in the operating profit, accompanied by higher financial
expenses.  The changes in  the financial expenses  were mostly influenced by the
lower  positive change in the fair value  of swap contracts in the 4(th) quarter
of  2018 compared to the  positive change in  the same quarter  of 2017. The net
profit  for the 4(th) quarter of 2018 and  2017 without the impact resulted from
the  change of the fair value of swap  contracts and the change of provision for
the  possible  third-party  claims  was  EUR  6.53 million  and EUR 6.95 million
respectively, being lower by 6.0% or EUR 0.42 million year-on-year.

MAIN FINANCIAL INDICATORS

 EUR million,      4(th) quarter                     12 months
 except key                               Change                         Change
 ratios           2018   2017  2016   2018/ 2017  2018  2017  2016   2018/ 2017
-------------------------------------------------------------------------------
 Sales           16.23  15.97 14.52   1.6 %      62.78 59.82 58.98   5.0 %

 Gross profit     8.38   8.79  8.24  -4.7 %      34.19 34.09 33.26   0.3 %

 Gross    profit
 margin %        51.61  55.04 56.75  -6.2 %      54.45 56.99 56.39  -4.5 %

 Operating
 profit   before
 depreciation
 and
 amortisation     6.75  -8.79  6.87 176.8 %      32.46 16.80 30.83  93.2 %

 Operating
 profit   before
 depreciation
 and
 amortisation
 margin %        41.57 -55.00 47.34 175.6 %      51.70 28.08 52.28  84.1 %

 Operating
 profit           5.29 -10.22  5.36 151.8 %      26.94 10.87 24.63 147.9 %

 Operating
 profit - main
 business         5.06 -10.40  5.52 148.6 %      26.21 10.24 24.44 156.0 %

 Operating
 profit margin % 32.61 -64.00 36.94 150.9 %      42.91 18.16 41.75 136.2 %

 Profit   before
 taxes            5.01 -10.44  5.45 148.0 %      25.95  9.92 22.89 161.6 %

 Profit   before
 taxes margin %  30.88 -65.36 37.56 147.3 %      41.33 16.59 38.81 149.2 %

 Net profit       5.01 -10.44  5.45 148.0 %      24.15  7.22 18.39 234.4 %

 Net      profit
 margin %        30.88 -65.36 37.56 147.3 %      38.47 12.07 31.18 218.6 %

 ROA %            2.03  -4.64  2.59 143.7 %      10.10  3.27  8.70 209.2 %

 Debt  to  total
 capital
 employed %      58.85  62.43 58.15  -5.7 %      58.85 62.43 58.15  -5.7 %

 ROE %            5.18 -11.47  6.29 145.2 %      25.61  8.24 20.62 210.7 %

 Current ratio    5.36   5.51  3.91  -2.7 %       5.36  5.51  3.91  -2.7 %

 Quick ratio      5.33   5.46  3.87  -3.3 %       5.33  5.46  3.87  -3.3 %

 Investments
 into      fixed
 assets           3.04   3.58  4.78 -15.0 %      10.40  9.47 14.95   9.7 %

 Payout ratio %     na  99.72 58.73           na    na 99.72 58.73           na
-------------------------------------------------------------------------------

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  and wastewater activities,  excl. connections profit and
government grants, construction, design and asphalting services, doubtful debt



FINANCIAL RESULTS FOR THE 4(th) QUARTER 2018

Statement of comprehensive income

SALES

As  in the 4(th) quarter of 2018 the Company's  tariffs were frozen at the 2010
tariff  level, the changes in  the main activities revenues,  i.e. from sales of
water  and  wastewater  services,  are  fully  driven  by  consumption  with  no
considerable  seasonality in the main business.  In the future, the Company does
not  expect significant changes  in the consumption.  There has been incremental
increase in consumption in the past and that is expected to continue.

At the end of 2017, the Supreme Court made a negative decision as regards to the
Company's  cassation,  as  a  result  of  which,  the  Company's tariffs will be
regulated under the Competition Authority's (CA) methodology. On 28(th) February
2018 Company  submitted its tariff application for  Tallinn and Saue area to the
CA.  The tariffs applied  for were similar  to the water  and wastewater tariffs
currently  charged in the area. The  amended tariff application was submitted on
2(nd) of  May  2018. From  4(th) of  May  the  CA started the tariff application
review.  With its  decision from  4(th) of December  2018 CA did not approve the
prices  of water and wastewater services in  Tallinn and Saue service area. With
the  same decision CA approved prices for services directly related to water and
wastewater  services. On 6(th) of  December 2018 CA notified  the company of the
initiation  of a supervisory review procedure,  to which the Company is expected
to  file its  response by  30(th) of January  2019. On 3(rd) of January 2019 the
Company  challenged CA's decision  dated 4(th) of December  2018 for refusing to
approve  the  prices  of  water  and  wastewater services, that AS Tallinna Vesi
applied  for in Tallinn  and Saue service  area. On 13(th) of September 2018 the
Company  submitted supplemented  tariff application  additionally to Tallinn and
Saue  area also to Harku and surrounding  areas water companies. CA has informed
the  Company that the  supplemented application meets  also all the requirements
and  that they have extended the review  from 30 days to 90 days starting as the
application is complicated. The new tariffs that will be approved and applied in
the  area will  be known  after the  full process  is completed  and Competition
Authority  has approved  the tariffs.  The tariffs  could also  change if the CA
establishes  temporary water tariffs in  accordance with the procedure specified
in applicable law.

In  the 4(th) quarter  of 2018 the  Group's total  sales were EUR 16.23 million,
showing  an increase  by 1.6% or  EUR 0.26 million  year-on-year. 82.1% of sales
comprise  of sales of  water and wastewater  services to domestic and commercial
customers  within and outside  of the service  area. 6.6% of sales  are the fees
received  from the City of Tallinn for operating and maintaining the storm water
system  and fire hydrants,  10.1% from construction and  asphalting services and
1.1% from  other works  and services.  The construction  and asphalting services
sales  are more seasonal and the Company continues to seek possibilities to keep
and to grow these services revenues.

                                                                    Variance
                                               4(th) quarter       2018/2017

 EUR thousand                                 2018   2017   2016  EUR         %
-------------------------------------------------------------------------------
 Private clients, incl:                      6,587  6,417  6,352  170   2.6 %
-------------------------------------------------------------------------------
 Water supply service                        3,600  3,532  3,495   68   1.9 %

 Wastewater disposal service                 2,987  2,885  2,857  102   3.5 %

 Corporate clients, incl:                    5,299  5,150  5,128  149   2.9 %
-------------------------------------------------------------------------------
 Water supply service                        2,898  2,787  2,813  111   4.0 %

 Wastewater disposal service                 2,401  2,363  2,315   38   1.6 %

 Outside service area clients, incl:         1,240  1,326  1,102  -86  -6.5 %
-------------------------------------------------------------------------------
 Water supply service                          380    342    329   38  11.1 %

 Wastewater disposal service                   749    752    689   -3  -0.4 %

 Storm water disposal service                  111    232     84 -121 -52.2 %

 Over pollution fee                            202    205    181   -3  -1.5 %
-------------------------------------------------------------------------------
 Total water supply and wastewater disposal
 service                                    13,328 13,098 12,763  230   1.8 %

 Storm  water  treatment  and  disposal and
 fire hydrants service                       1,078  1,200    830 -122 -10.2 %

 Construction     service,    design    and
 asphalting                                  1,640  1,507    773  133   8.8 %

 Other works and services                      183    169    153   14   8.3 %
-------------------------------------------------------------------------------
 SALES REVENUES TOTAL                       16,229 15,974 14,519  255   1.6 %

Sales from water and wastewater services were EUR 13.33 million, showing a 1.8%
or  EUR 0.23 million increase  compared to the  4(th) quarter of 2017, resulting
from the changes in sales volumes as described below:

  * There has been an increase in private customers' revenues of 2.6% to EUR
    6.59 million. The increase in domestic customer consumption volumes came
    mainly from apartment blocks, which is also our biggest private customer
    group, accompanied by an increase in an individual houses' consumption.
  * Sales to corporate customers within the service area increased by 2.9% to
    EUR 5.30 million. Increase was related to higher consumption in the sales of
    all commercial customer segments caused by slightly higher average
    consumption of different customers.
  * Sales to customers outside the main service area decreased by 6.5% to EUR
    1.24 million. It was mainly impacted by a decrease of storm water disposal
    service, balanced partly by an increase in the sales of water supply service
    to Rae area.
  * Over pollution fees received have decreased by 1.5% to EUR 0.20 million.

Sales  from the operation and  maintenance of the main  service area storm water
and  fire hydrant system  were EUR 1.08 million,  showing a decrease of 10.2% or
EUR  0.12 million in  the 4(th) quarter of  2018 compared to  the same period in
2017, driven  mainly by 53.8% lower storm water volumes, balanced by higher cost
per m(3).

Sales  of construction,  design and  asphalting services  were EUR 1.64 million,
increasing  by 8.8% or  EUR 0.13 million  year-on-year. The  increase was mainly
related  to higher pipe construction and asphalting services revenues during the
4(th) quarter of 2018.

COST OF GOODS AND SERVICES SOLD AND GROSS PROFIT

The  cost of goods and services sold  amounted to EUR 7.85 million in the 4(th)
quarter  of  2018, increasing  by  9.4% or  EUR  0.67 million  compared  to  the
equivalent  period in 2017. The increase was mainly influenced by an increase in
other  costs  of  goods/services  sold,  accompanied  by higher construction and
asphalting  services related expenses and chemicals and asset maintenance costs.
Higher costs were partly balanced by a decrease in pollution tax and electricity
expenses.

                                                                    Variance
                                               4(th) quarter       2018/2017

 EUR thousand                                 2018   2017   2016  EUR         %
-------------------------------------------------------------------------------
 Water abstraction charges                    -294   -295   -318    1   0.3 %

 Chemicals                                    -495   -401   -336  -94 -23.4 %

 Electricity                                  -767   -839   -809   72   8.6 %

 Pollution tax                                -248   -374   -239  126  33.7 %
-------------------------------------------------------------------------------
 Total direct production costs              -1,804 -1,909 -1,702  105   5.5 %

 Staff costs                                -1,606 -1,596 -1,569  -10  -0.6 %

 Depreciation and amortis
 ation                                      -1,366 -1,351 -1,412  -15  -1.1 %

 Construction     service,    design    and
 asphalting                                 -1,388 -1,328   -617  -60  -4.5 %

 Other costs of goods/services sold         -1,690   -998   -919 -692 -69.3 %
-------------------------------------------------------------------------------
 Other costs of goods/services sold total   -6,050 -5,273 -4,577 -777 -14.7 %
-------------------------------------------------------------------------------
 Total cost of goods/services sold          -7,854 -7,182 -6,279 -672  -9.4 %

Total direct production costs (water abstraction charges, chemicals, electricity
and  pollution tax expenses) amounted to EUR 1.80 million, showing a 5.5% or EUR
0.11 million  decrease  compared  to  the  equivalent period in 2017. Changes in
direct  production costs  came from  a combination  of changes  in prices and in
treated volumes that affected the cost of goods sold together with the following
additional factors:

  * Chemicals costs increased by 23.4% to EUR 0.50 million, driven mainly by on
    average 33.6% higher price of methanol and by higher usage of methanol to
    remove Nitrogen, worth respectively EUR 0.05 million and EUR 0.03 million.
    Higher chemicals costs in wastewater treatment process were accompanied by
    higher prices of chlorine and coagulant, worth in total EUR 0.01 million.
  * Electricity costs decreased by 8.6% to EUR 0.78 million, driven mainly by
    32.5% lower wastewater volumes, worth EUR 0.11 million.  Lower costs were
    partly balanced by increase in treated volumes in water treatment process
    and refilling of Paunküla reservoir, worth respectively EUR 0.02 million and
    EUR 0.03 million.
  * Pollution tax expense decreased by 33.7% to EUR 0.25 million, mainly due to
    32.5% lower treated wastewater volumes, worth EUR 0.12 million in total.

Other   costs  of  goods  sold  (staff  costs,  depreciation,  construction  and
asphalting  services costs and other costs of  goods sold) amounted to EUR 6.05
million, having increased by 14.7% or EUR 0.78 million. The increase came mostly
from  other costs of  goods/services sold and  costs related to construction and
asphalting services by following reasons:

  * Construction and asphalting services costs increased by 4.5% to EUR 1.39
    million, mainly due to higher construction and asphalting services revenues
    mentioned earlier and project specific changes.
  * Other costs of goods/services sold increased by 69.3% to EUR 1.69 million,
    mainly because of higher asset maintenance costs and costs for sludge
    disposal. Asset maintenance costs increased by 49.6% or EUR 0.45 million,
    driven mainly by higher different maintenance and repair works related costs
    in water and wastewater treatment processes and higher repairs costs on
    stormwater network.

As a result of all above the Group's gross profit for the 4(th) quarter of 2018
was  EUR 8.38 million, showing a decrease  of 4.7% or EUR 0.41 million, compared
to the gross profit of EUR 8.79 million for the comparative period of 2017.

ADMINISTRATIVE AND MARKETING EXPENSES, OTHER INCOME AND EXPENSES

Administrative  and  marketing  expenses  amounted  to  EUR 1.42 million, having
increased by 8.0% or EUR 0.11 million. The increase was mainly related to higher
IT services and tariff dispute related costs.

Other  income and expenses amounted to  net expenses of EUR 1.66 million, having
decreased by 90.6% or EUR 16.04 million. The decrease was mostly impacted by EUR
15.98 million  lower provision for third party claims accompanied by profit from
sale  of some  cars. The  provision takes  into account  three years of possible
difference  in the prices between the tariffs approved by the City of Tallinn in
2010 and  the best knowledge of application of CA methodology. The estimation of
40% of  the full amount has not been  changed since 2017. Still the Company does
not  consider itself liable to  customers for any claims  related to the tariffs
applied  until the  new tariffs  approved by  the Competition Authority are duly
implemented. Additional information in Note 5 to the abbreviated accounts.

OPERATING PROFIT

As  a result of  the factors listed  above the Group's  operating profit for the
4(th) quarter  of 2018 amounted to EUR  5.29 million, being 151.8% or EUR 15.52
million  higher than in the corresponding  period of 2017. The Group's operating
profit  from  main  business  was  EUR  5.06 million, being 148.6% or EUR 15.46
million  higher  compared  to  2017. Eliminating  the  effect  of  the change of
provision  for  the  possible  third-party  claims  the operating profit for the
4(th) quarter  of 2018 and 2017 would  have been EUR  6.84 million and EUR 7.30
million, being lower by 6.3% or EUR 0.46 million year-on-year.

FINANCIAL EXPENSES

The Group's net financial income and expenses have resulted a net expense of EUR
0.28 million,  compared to net expense of  EUR 0.22 million in the 4(th) quarter
of  2017. The increase was mainly impacted by  lower positive change in the fair
value  of  the  swap  contracts  year-on-year  and  lower  interest costs, worth
respectively EUR -0.10 million and EUR +0.04 million.

The  standalone  swap  agreements  have  been  signed  to mitigate the long-term
floating  interest risk.  The interest  swap agreements  are signed  for EUR 45
million,  EUR 50 million are with floating interest  rate. At this point in time
the  estimated fair value  of the swap  contracts is negative,  amounting to EUR
0.38 million.  Effective interest  rate of  loans (incl.  swap interests) in the
4(th) quarter  of  2018 was  1.31%, amounting  to  interest  costs  of EUR 0.32
million, compared to the effective interest rate of 1.46% and the interest costs
of EUR 0.35 million in the 4(th) quarter of 2017.

PROFIT BEFORE TAXES AND NET PROFIT

The Group's profit before taxes and net profit for the 4(th) quarter of 2018 was
EUR  5.01 million,  being  148.0% or  EUR  15.45 million  higher  than  for  the
comparative  period of 2017. Eliminating  the effects of  the change of the fair
value of swap contracts and the change of provision for the possible third-party
claims  the Group's net profit for the 4(th) quarter of 2018 and 2017 would have
been  EUR 6.53 million and EUR 6.95 million  respectively, showing a decrease of
6.0% or EUR 0.42 million year-on-year.

FINANCIAL RESULTS FOR THE TWELVE MONTHS OF 2018

Statement of comprehensive income

SALES

During the twelve months of 2018 the Group's total sales were EUR 62.78 million,
showing  an increase by 5.0% or EUR  2.97 million year-on-year. Sales from water
and wastewater services for twelve months of 2018 were 52.53 million, increasing
2.5% or EUR 1.29 million year-on-year. 83.7% of sales comprise of sales of water
and  wastewater services to domestic and commercial customers within and outside
of  the  service  area.  5.7% of  sales  are  the fees received from the City of
Tallinn  for operating and maintaining the storm water system and fire hydrants,
9.6% from  construction and  asphalting services  and 1.1% from  other works and
services.

                                                                    Variance
                                                 12 months         2018/2017

 EUR thousand                                 2018   2017   2016   EUR        %
-------------------------------------------------------------------------------
 Private clients, incl:                     25,765 25,225 24,949   540   2.1 %
-------------------------------------------------------------------------------
 Water supply service                       14,179 13,872 13,720   307   2.2 %

 Wastewater disposal service                11,586 11,353 11,229   233   2.1 %

 Corporate clients, incl:                   21,246 20,407 20,069   839   4.1 %
-------------------------------------------------------------------------------
 Water supply service                       11,733 11,210 11,075   523   4.7 %

 Wastewater disposal service                 9,513  9,197  8,994   316   3.4 %

 Outside service area clients, incl:         4,680  4,678  4,400     2   0.0 %
-------------------------------------------------------------------------------
 Water supply service                        1,465  1,346  1,306   119   8.8 %

 Wastewater disposal service                 2,893  2,833  2,709    60   2.1 %

 Storm water disposal service                  322    499    385  -177 -35.5 %

 Over pollution fee                            837    927    778   -90  -9.7 %
-------------------------------------------------------------------------------
 Total water supply and wastewater disposal
 service                                    52,528 51,237 50,196 1,291   2.5 %

 Storm water treatment and disposal service
 and fire hydrants service                   3,562  3,668  3,671  -106  -2.9 %

 Construction     service,    design    and
 asphalting                                  6,000  4,287  4,511 1,713  40.0 %

 Other works and services                      690    623    604    67  10.8 %
-------------------------------------------------------------------------------
 SALES REVENUES TOTAL                       62,780 59,815 58,982 2,965   5.0 %

During  the twelve months of 2018 there has been an increase in sales to private
customers  by 2.1% to  EUR 25.76 million  and to  corporate customers within the
service  area by  4.1% to EUR  21.25 million. The  increase in domestic customer
consumption volumes came mainly from apartment blocks, which is also our biggest
private  customer group, accompanied by increase  in an individual houses as the
spring and summer were very dry. Higher sales in corporate clients is related to
an increase in the sales of industrial and other commercial customer segments by
reasons  mentioned in 4(th) quarter results. Sales to customers outside the main
service  area  stayed  at  the  same  level amounting to EUR 4.68 million, being
impacted  by an increase  in the sales  of water supply  and wastewater disposal
services,  balanced almost fully  by lower storm  water disposal services sales.
Over pollution fees received have decreased by 9.7% to EUR 0.84 million.

Sales  from the operation and  maintenance of the main  service area storm water
and  fire hydrant  system in  the twelve  months of  2018 amounted to  EUR 3.56
million,  showing a  decrease of  2.9% or EUR  0.11 million year-on-year, driven
mainly  by 30.8% lower storm  water volumes, balanced  partly by higher cost per
m(3).

Sales  of construction,  design and  asphalting services  were EUR 6.00 million,
increasing  by 40.0% or EUR  1.71 million year-on-year. The  increase was mainly
related  to higher pipe  construction services revenues  as the Company won some
big procurements in Tallinn and other parts of Estonia.

COST OF GOODS AND SERVICES SOLD AND GROSS AND OPERATING PROFITS

                                                                    Variance
                                                12 months          2018/2017

 EUR thousand                               2018    2017    2016    EUR       %
-------------------------------------------------------------------------------
 Water abstraction charges                -1,187  -1,168  -1,169    -19  -1.6 %

 Chemicals                                -1,744  -1,501  -1,308   -243 -16.2 %

 Electricity                              -2,849  -3,193  -3,107    344  10.8 %

 Pollution tax                              -963  -1,100  -1,091    137  12.5 %
-------------------------------------------------------------------------------
 Total direct production costs            -6,743  -6,962  -6,675    219   3.1 %

 Staff costs                              -6,283  -5,784  -5,729   -499  -8.6 %

 Depreciation and amortisation            -5,177  -5,577  -5,862    400   7.2 %

 Construction    service,   design   and
 asphalting                               -5,240  -3,638  -4,006 -1,602 -44.0 %

 Other costs of goods/services sold       -5,151  -3,764  -3,449 -1,387 -36.8 %
-------------------------------------------------------------------------------
 Other   costs  of  goods/services  sold
 total                                   -21,851 -18,763 -19,046 -3,088 -16.5 %
-------------------------------------------------------------------------------
 Total cost of goods/services sold       -28,594 -25,725 -25,721 -2,869 -11.2 %

During  the twelve months of 2018 the cost  of goods sold amounted to EUR 28.59
million,  increasing  by  11.2% or  EUR  2.87 million compared to the equivalent
period  in  2017. Total  direct  production  costs  (water  abstraction charges,
chemicals, electricity and pollution tax expenses) amounted to EUR 6.74 million,
showing a 3.1% or EUR 0.22 million decrease compared to the equivalent period in
2017. Changes  in direct production costs came  from a combination of changes in
prices and in treated volumes that affected the cost of goods sold together with
the following additional factors:

  * Water abstraction charges increased by 1.6% to EUR 1.19 million, driven
    mainly by overall 2.5% increase in abstracted water volumes.
  * Chemicals costs increased by 16.2% to EUR 1.74 million, driven by on average
    17.9% higher methanol price, accompanied by higher usage of methanol and
    polymers to remove Nitrogen and sludge from influent in the wastewater
    treatment process, worth respectively EUR 0.10 million, EUR 0.06 million and
    EUR 0.03 million. It was additionally accompanied by higher dosage of
    coagulant due to poor raw water quality, higher coagulant and chlorine
    prices and by 2.5% higher treated water volumes in water treatment process,
    worth respectively EUR 0.02 million, prices impact in total EUR 0.03 million
    and EUR 0.01 million.
  * Electricity costs decreased by 10.8% to EUR 2.85 million, driven by on
    average 9.4% lower electricity prices (including networks fees), worth EUR
    0.30 million. Lower costs from prices were accompanied by 14.6% lower
    wastewater volumes and were partly balanced by 2.5% increase in treated
    water volumes and by 6.9% higher consumption of electricity per m(3) in
    water treatment process, worth respectively EUR +0.12 million, EUR -0.02
    million and EUR -0.05 million.
  * Pollution tax expense decreased by 12.5% to EUR 0.96 million, mainly due to
    14.6% lower treated wastewater volumes, balanced partly by higher
    concentration of BOD7, worth respectively EUR +0.16 million and EUR -0.03
    million.

Other   costs  of  goods  sold  (staff  costs,  depreciation,  construction  and
asphalting  services costs and other costs of goods sold) amounted to EUR 21.85
million,  having increased by 16.5% or EUR  3.09 million. Changes in other costs
of  goods sold were mainly driven by the same reasons as mentioned in the 4(th)
quarter  results.  It  was  additionally  accompanied by 8.6% higher staff costs
amounting  to EUR 6.28 million, driven by  change of salaries from the beginning
of  the year  for all  employees based  on CPI  and change  in salary  system of
skilled  workers in 2017 and individual changes in 2018, accompanied by reviewed
bonus  reserve at the end of 4(th) quarter of 2018. The higher costs were partly
balanced  by 7.2% lower  depreciation and  amortisation costs,  which was mainly
impacted  by lower accelerated depreciation and  cost of machinery and equipment
depreciation year-on-year.

The  Group's gross profit  for the twelve  months of 2018 was EUR 34.19 million,
showing   a  slight  increase  of  0.3% or  EUR  0.10 million  compared  to  the
comparative  period of 2017. The Group's operating  profit for the twelve months
of  2018 amounted to EUR 26.94 million, being 147.9% or EUR 16.07 million higher
than  in the corresponding period of  2017. Eliminating the effect of the change
of  provision  for  the  possible  third-party claims mentioned in 4(th) quarter
results the operating profit for 2018 and 2017 would have been EUR 28.49 million
and EUR 28.39 million, being at the same level year-on-year.

FINANCIAL EXPENSES

The Group's net financial income and expenses have resulted a net expense of EUR
0.99 million,  compared to net expense of  EUR 0.94 million in the twelve months
of  2017. The increase was mainly impacted by  lower positive change in the fair
value  of the  swap contracts  year-on-year, balanced  by lower  interest costs,
worth respectively EUR -0.19 million and EUR +0.14 million.

PROFIT BEFORE TAXES AND NET PROFIT

The  Group's profit before taxes  for the twelve months  of 2018 were EUR 25.95
million,  being 161.6% or EUR 16.03 million higher  than for the relevant period
of  2017. The Group's net profit  for the twelve months  of 2018 were EUR 24.15
million, being 234.4% or EUR 16.93 million higher than for the equivalent period
of 2017. Eliminating the effects of the change of the derivatives fair value and
the  change of  provision for  the possible  third-party claims  the Group's net
profit  for the twelve months of 2018 would have been EUR 24.59 million, showing
an increase by 4.4% or EUR 1.05 million year-on-year.

Statement of financial position

In  the twelve months  of 2018 the Group  invested into fixed  assets EUR 10.40
million.  As of 31.12.2018, non-current tangible  assets amounted to EUR 179.19
million and total non-current assets amounted to EUR 179.85 million (31.12.2017:
EUR 174.45 million and EUR 175.26 million respectively).

Compared  to  the  year  end  of  2017 the trade receivables, accrued income and
prepaid  expenses have been relatively stable  showing only a slight decrease of
EUR  0.09 million to EUR  7.63 million. The collectability  rate continues to be
high at 99.7% level, compared to 99.8% at the end of December 2017.

Current  liabilities  have  increased  by  EUR 3.38 million to EUR 13.03 million
compared  to the year end of  2017, mainly deriving from reclassification of two
installments of NIB loan from long-term to short-term liability.

Deferred  income from connection fees  has grown compared to  the end of 2017 by
EUR 3.11 million to EUR 22.75 million.

Provision for possible third party claims has grown compared to the end of 2017
by  EUR 1.55 million to EUR 19.07 million  by changes mentioned in 4(th) quarter
Other income and expenses results. Additionally, more detailed information about
the provision is in Note 5 to the financial statements.

The  Group's loan  balance has  remained stable  at EUR 95 million. The weighted
average interest risk margin for the total loan facility is 0.79%.

The  Group has  a Total  debt to  assets level  of 59.9%, in  range of 55%-65%,
reflecting  the Group's equity profile. In  comparative period of 2017 the total
debt to assets ratio was 62.4%.

CASH FLOW

As  of  31.12.2018, the  cash  position  of  the  Group is strong. At the end of
December  2018, the cash balance of the  Group stood at EUR 61.77 million, which
is  24.7% of the total  assets (31.12.2017: EUR  44.97 million, forming 19.7% of
the total assets).

The  biggest contribution to  the cash flows  comes from main operations. During
the  twelve months of 2018, the Group  generated EUR 34.29 million of cash flows
from  operating  activities,  an  increase  of  EUR 1.05 million compared to the
corresponding  period in 2017. Underlying  operating profit continues  to be the
main contributor to operating cash flows.

In  the  twelve  months  of  2018 the  result  of  net cash flows from investing
activities  was a  cash outflow  of EUR  6.84 million, a  slight decrease of EUR
0.14 million  compared to  the cash  outflow of  EUR 6.99 million  in the twelve
months of 2017. This is made up as follows:

  * The cash outflows from investments in fixed assets has increased by EUR
    0.98 million compared to 2017 amounting to EUR 10.74 million.
  * The compensations received for the construction of pipelines were EUR 3.72
    million, showing an increase of EUR 1.02 million compared to the same period
    of 2017.

In  the twelve months of 2018 cash outflow from financing activities amounted to
EUR 10.65 million, decreasing by EUR 4.62 million compared to the same period in
2017. The  change was mainly  related to lower  dividend payment and related tax
payment by EUR 4.50 million.

EMPLOYEES

We  believe it is important to treat  our employees equally, involve them in the
decision-making   process   and  to  inform  them  regularly.  We  consider  the
involvement of our staff in the decision-making process instrumental for them to
understand  and be able  to support the  Company in its  pursuits. Our staff can
vary  to a large  degree in age,  nationality, nature of  work and in many other
aspects.  This requires us  to be resourceful  and flexible in our communication
with  the staff  in order  to involve,  engage and  listen to them. This is done
using several opportunities and channels of communication, such as regular staff
meetings with the management, information boards, intranet, informative letters,
team events and a quarterly internal newsletter. Estonian is not a communication
language  for  quite  a  number  of  our  staff. Therefore, we organize Estonian
classes  at the Company's expense to make  the staff, whose mother tongue is not
Estonian,  also feel as part  of our unified team.  At the same time, we provide
the majority of important information also in Russian.

We  have described our human resource policies. We follow equality principles in
selecting  and managing people, which  translates into providing, when feasible,
equal opportunities to everyone. Understanding and appreciating the diversity of
our  staff, we ensure, that everyone is treated fairly and equally and they have
access  to the same  opportunities as is  reasonable and practicable.  We aim to
ensure, that no employees are discriminated against due to, but not exclusive to
age, gender, religion, cultural or ethnic origin, disability, sexual orientation
or marital status.

At  the end of the 4(th) quarter of 2018, the total number of employees was 310
compared  to 312 at the end of the same period in 2017. The full time equivalent
(FTE)  was respectively 296 in 2018 compared  to the 300 in 2017. Average number
of employees during the twelve months was 316 in both years of 2018 and in 2017.

 By gender, employee allocation was as follows:

                      As of 31.12.2018    | As of 31.12.2017
                                          |
                      Women   Men   Total | Women   Men   Total
------------------------------------------+---------------------
  Group                  92   218     310 |    94   218     312
------------------------------------------+---------------------
  Management Team        14    15      29 |    14    12      26
                                          |
  Executive Team          4     4       8 |     4     4       8
                                          |
  Management Board        1     2       3 |     1     2       3
                                          |
  Supervisory Board       1     8       9 |     0     9       9

The  total salary  costs were  EUR 2.19 million  for the 4(th) quarter of 2018,
including  EUR 0.05 million paid  to Management and  Supervisory Council members
(excluding social taxes). The off-balance sheet potential salary liability could
be  up  to  EUR  0.09 million  should  the  Council  want to replace the current
Management Board members.

DIVIDENDS

Dividend  allocation  to  the  shareholders  is  recorded  as a liability in the
financial  statement of the Company  at the time when  the profit allocation and
dividend payment is confirmed by the annual general meeting of shareholders.

The Company's dividend policy up to 2017 was related to keeping the dividends in
real  term i.e.  dividends amounts  have been  increased in line with inflation.
Every year the Supervisory Council evaluates the proposal of the dividends to be
paid  out to the shareholders  and approves it to  be presented to the voting to
the  Annual General Meeting  of shareholders, considering  all circumstances. In
the  Annual  General  Meeting  held  on  31(st) May  2018, the Supervisory Board
proposed to pay out EUR 0.36 per A share and 600 EUR per B share, which is equal
to  earnings  per  share  in  2017. The  proposal was approved by Annual General
Meeting and the dividend pay-out was made on 26(th) of June 2018.

SHARE PERFORMANCE

AS  Tallinna Vesi is listed  on Nasdaq Baltic Main  List with trading code TVEAT
and ISIN EE3100026436.

As of 31.12.2018, AS Tallinna Vesi shareholders, with a direct holding over 5%,
were:

  * United Utilities (Tallinn) BV (35.3%)
  * City of Tallinn (34.7%)

During  the twelve months of 2018 the  shareholder structure has been relatively
stable  compared to the end of 2017. At the end of the 4(th) quarter of 2018 the
pension  funds  shareholding  has  decreased,  being  1.33% of  the total shares
compared to 1.43% at the end of 2017.

As  of 31.12.2018, the closing  price of AS  Tallinna Vesi share  was EUR 9.60,
which is 5.9% (2017: -17.7%) lower compared to the closing price of EUR 10.20 at
the  beginning of  the quarter.  During the  4(th) quarter the OMX Tallinn index
decreased by 4.4% (2017: +1.3%).

In  the  twelve  months  of  2018, 3,983 deals  with  the  Company's shares were
concluded  (2017: 8,476 deals) during which 765 thousand shares or 3.8% of total
shares exchanged their owners (2017: 1,345 thousand shares or 6.7%).

The  turnover  of  the  transactions  was  EUR  8.54 million lower than in 2017
comparative period, amounting to EUR 7.95 million.

CORPORATE STRUCTURE

As of 31.12.2018, the Group consisted of 2 companies. The subsidiary Watercom OÜ
is  wholly owned  by AS  Tallinna Vesi  and consolidated  to the  results of the
Company.

CORPORATE GOVERNANCE

SUPERVISORY COUNCIL

Supervisory  Council  plans  and  organises  the  management  of the Company and
supervises the activities of the Management Board. According to AS Tallinna Vesi
articles  of  association  Supervisory  Council  consists  of 9 members, who are
appointed  for two years. There were no  changes made in the Supervisory Council
members in the 4(th) quarter of 2018.

Supervisory Council has formed three committees to advise Supervisory Council on
audit, remuneration and corporate governance matters.

More  information about the  Supervisory Council and  committees can be found in
the note 14 to the financial statements as well as from the Company's webpage:

About      us      >      Management     board     >     Supervisory     council
(https://tallinnavesi.ee/en/ettevote/management-board/supervisory-council/)

About us > Audit committee (https://tallinnavesi.ee/en/ettevote/auditcommittee/)

About   us   >   Principles   of   governance   >  Corporate  governance  report
(https://tallinnavesi.ee/en/ettevote/strategic-objectives/corporate-governance-
report/)

MANAGEMENT BOARD

Management  Board is a governing body,  which represents and manages AS Tallinna
Vesi  in its daily operations in accordance  with the legal requirements as well
as  the Articles of  Association. The Management  Board must act economically in
the most efficient way taking into consideration the interest of the Company and
its  shareholders  and  ensure  the  sustainable  development  of the Company in
accordance with the set objectives and strategy.

To  ensure that the  Company's interests are  met in the  best way possible, the
Management  and Supervisory  Boards shall  extensively collaborate.  Meetings of
Management  Board  and  Supervisory  Council  members  are  held at least once a
quarter.  In those meetings the Management Board informs the Supervisory Council
about all significant issues in Company's business operations, the fulfilment of
the  Company's  short  and  long-term  goals  are  being discussed and the risks
impacting  them. For every  meeting of the  Management Board prepares report and
submits  the  report  in  advance  with  the sufficient time for the Supervisory
Council to study it.

According  to the Articles of Association  the Management Board consists of 2-5
members, who are elected for 3 years.

Starting  from 2(nd) of June 2014 there are 3 members of the Management Board of
AS  Tallinna Vesi: Karl Heino Brookes (Chairman of the Board, with the powers of
the  Management Board Member until 21(st) March 2020), Aleksandr Timofejev (with
the  powers of the Management Board  Member until 29(th) October 2021) and Riina
Käi (with the powers of the Management Board Member until 29(th) October 2021).

Additional  information on the members of the Management Board can be found from
the Company's website:

About  us  >  Management  board (https://tallinnavesi.ee/en/ettevote/management-
board/)

LEGAL CLAIM FOR BREACH OF INTERNATIONAL TREATY

In  May 2014, the  Supervisory Council  of the  Company gave notice of potential
international  arbitration  proceedings  against  the  Republic  of  Estonia for
breaching  the  undertakings  it  is  required  to  abide  by  in  the bilateral
investment treaty.

In  October 2014 AS Tallinna Vesi and its shareholder United Utilities (Tallinn)
B.V have commenced international arbitration proceedings against the Republic of
Estonia  for  breach  of  the  Agreement  on  the  Encouragement  and Reciprocal
Protection  of  Investments  between  the  Kingdom  of  The  Netherlands and the
Republic of Estonia.

The  claim was filed as three years of intensive negotiation to try and reach an
amicable settlement that has not happened.

The  hearings of international arbitration took place in Paris in November 2016
and the decision is expected in 1(st) half of 2019.

Additional details related with the claim can be found via the following links:

https://newsclient.omxgroup.com/cdsPublic/viewDisclosure.action?disclosureId=609
264&messageId=754811

https://newsclient.omxgroup.com/cdsPublic/viewDisclosure.action?disclosureId=627
851&messageId=779161

DISCLOSURE OF RELEVANT PAPERS AND PERSPECTIVES

The  Company  will  keep  the  investment  community  informed  of  all relevant
developments  of the tariff dispute. AS Tallinna Vesi has published all relevant
materials    on    its    website    (https://tallinnavesi.ee/en/investor/stock-
announcements/) and to the Tallinn Stock Exchange.



 STATEMENT OF COMPREHENSIVE
 INCOME                           4th quarter 4th quarter   12 months 12 months

 (EUR thousand)                   2018        2017          2018      2017



 Revenue                               16,229      15,974      62,780    59,815

 Costs of goods sold                   -7,854      -7,182     -28,594   -25,725
-------------------------------------------------------------------------------
 GROSS PROFIT                           8,375       8,792      34,186    34,090



 Marketing expenses                       -93        -101        -386      -356

 General administration expenses       -1,330      -1,217      -5,025    -5,028

 Other income/ expenses (-)            -1,660     -17,698      -1,836   -17,841
-------------------------------------------------------------------------------
 OPERATING PROFIT                       5,292     -10,224      26,939    10,865



 Interest income                            7           3          21        15

 Interest expense                        -287        -219      -1,010      -959

 Other financial income (+)/
 expenses (-)                               0           0           0         0
-------------------------------------------------------------------------------
 PROFIT BEFORE TAXES                    5,012     -10,440      25,950     9,921



 Income tax on dividends                    0           0      -1,800    -2,700



 NET PROFIT FOR THE PERIOD              5,012     -10,440      24,150     7,221
-------------------------------------------------------------------------------
 COMPREHENSIVE INCOME FOR THE
 PERIOD                                 5,012     -10,440      24,150     7,221



 Attributable to:
-------------------------------------------------------------------------------
 Equity holders of A-shares             5,011     -10,441      24,149     7,220

 B-share holder                          0.60        0.60        0.60      0.60



 Earnings per A share (in euros)         0.25       -0.52        1.21      0.36

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


 STATEMENT OF FINANCIAL POSITION

 (EUR thousand)                                             31.12.18  31.12.17



 ASSETS

 CURRENT ASSETS
-------------------------------------------------------------------------------
 Cash and equivalents                                          61,769    44,973

 Trade receivables, accrued income and prepaid expenses         7,631     7,716

 Inventories                                                      498       457
-------------------------------------------------------------------------------
 TOTAL CURRENT ASSETS                                          69,898    53,146



 NON-CURRENT ASSETS
-------------------------------------------------------------------------------
 Property, plant and equipment                                179,185   174,451

 Intangible assets                                                665       811
-------------------------------------------------------------------------------
 TOTAL NON-CURRENT ASSETS                                     179,850   175,262
-------------------------------------------------------------------------------
 TOTAL ASSETS                                                 249,748   228,408



 LIABILITIES AND EQUITY

 CURRENT LIABILITIES
-------------------------------------------------------------------------------
 Current portion of long-term borrowings                        3,823       264

 Trade and other payables                                       6,047     6,200

 Derivatives                                                      207       578

 Prepayments                                                    2,955     2,609
-------------------------------------------------------------------------------
 TOTAL CURRENT LIABILITIES                                     13,032     9,651



 NON-CURRENT LIABILITIES
-------------------------------------------------------------------------------
 Deferred income from connection fees                          22,745    19,632

 Borrowings                                                    91,919    95,565

 Derivatives                                                      173       178

 Provision for possible third party claims                     19,068    17,522

 Other payables                                                    46        44
-------------------------------------------------------------------------------
 TOTAL NON-CURRENT LIABILITIES                                133,951   132,941
-------------------------------------------------------------------------------
 TOTAL LIABILITIES                                            146,983   142,592



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

 Share premium                                                 24,734    24,734

 Statutory legal reserve                                        1,278     1,278

 Retained earnings                                             64,753    47,804
-------------------------------------------------------------------------------
 TOTAL EQUITY                                                 102,765    85,816
-------------------------------------------------------------------------------
 TOTAL LIABILITIES AND EQUITY                                 249,748   228,408









 CASH FLOW STATEMENT                                        12 months 12 months

 (EUR thousand)                                             2018      2017



 CASH FLOWS FROM OPERATING ACTIVITIES
-------------------------------------------------------------------------------
 Operating profit                                              26,939    10,865

 Adjustment for depreciation/amortisation                       5,790     6,170

 Adjustment for revenues from connection fees                    -295      -258

 Other non-cash adjustments                                       -20       -26

 Profit/loss(+) from sale and write off of property, plant
 and equipment, and intangible assets                            -115       -12

 Change in current assets involved in operating activities         54      -558

 Change in liabilities involved in operating activities         1,939    17,064
-------------------------------------------------------------------------------
 TOTAL CASH FLOW FROM OPERATING ACTIVITIES                     34,292    33,245



 CASH FLOWS FROM INVESTING ACTIVITIES
-------------------------------------------------------------------------------
 Acquisition of property, plant and equipment, and
 intangible assets                                            -10,736    -9,761

 Compensations received for construction of pipelines           3,716     2,698

 Proceeds from sales of property, plant and equipment and
 intangible assets                                                160        62

 Interest received                                                 17        15
-------------------------------------------------------------------------------
 TOTAL CASH FLOW FROM INVESTING ACTIVITIES                     -6,843    -6,986



 CASH FLOWS FROM FINANCING ACTIVITIES
-------------------------------------------------------------------------------
 Interest paid and loan financing costs, incl swap
 interests                                                     -1,394    -1,512

 Repayment of finance lease                                      -258      -260

 Dividends paid                                                -7,201   -10,801

 Income tax on dividends                                       -1,800    -2,700
-------------------------------------------------------------------------------
 TOTAL CASH FLOW FROM FINANCING ACTIVITIES                    -10,653   -15,273


-------------------------------------------------------------------------------
 CHANGE IN CASH AND CASH EQUIVALENTS                           16,796    10,986


-------------------------------------------------------------------------------
 CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD      44,973    33,987


-------------------------------------------------------------------------------
 CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD            61,769    44,973


Karl Heino Brookes

Chairman of the Management Board

+372 62 62 200

[email protected] (mailto:[email protected])

Attachment

  * 2018 Q4 final report ENG1 (https://ml-
    eu.globenewswire.com/Resource/Download/a86e3ab3-b268-4aea-9ac7-44c2b3a31366)