Market announcement
AS TALLINNA VESI
LEI code
5493000M6TVS2X0KWC97
Size of the entity
Large group
Economic activities
Water Supply; Sewerage, Waste Management and Remediation Activities
Country of registered office
Estonia
General information
Categories
Management interim statement or quarterly financial report
Unique data record identifier
7542
Attachments
Submission date and time
25.10.2019 08:45:00
Content of announcement in Estonian
Title
ASi Tallinna Vesi 2019. aasta kolmanda kvartali finantstulemused
Message
ASi Tallinna Vesi 2019. aasta kolmanda kvartali müügitulud jäid 16,49 miljoni
euro tasemele.
80,8% müügituludest moodustas vee- ja reoveeteenuse müük, mis kasvas võrreldes
2018. aasta sama perioodiga 2,5% ehk 13,32 miljoni euroni. Müügitulu
põhitegevuspiirkonna eraklientidelt ja ümberkaudsetest piirkondadest kasvasid
kokku 0,21 miljonit eurot, samal ajal kui müügitulu äriklientidelt jäi samale
tasemele.
Põhitegevuse teenuste müügitulu kasvu tasakaalustas ehitusteenuste müügitulu
langus, mis oli seotud mõningate suuremate ehitusprojektide ehitustööde alguse
viibimisega.
Ettevõtte brutokasum suurenes kolmandas kvartalis 3,8% ehk 8,92 miljoni euroni.
Brutokasumi muutust mõjutasid madalamad hoolduse- ja remonditööde ning
ehitustegevusega seotud kulud.
Ärikasum tõusis võrreldes eelmise aasta sama perioodiga 2,9% ehk 7,52 miljoni
euroni. Ärikasumi kasvu mõjutas täiendavalt põhivara võõrandamisel saadud
kahjum.
Ettevõtte puhaskasum oli 2019. aasta kolmandas kvartalis 7,33 miljonit eurot ehk
2,7% suurem kui 2018. aasta samal perioodil. Puhaskasumit mõjutasid täiendavalt
veidi suurenenud neto finantskulud.
Uued kooskõlastatud veeteenuste hinnad hakkavad kehtima alates 1. detsembrist
2019, st ettevõte rakendab uusi hindu teenustele, mida osutab alates detsembrist
2019. Põhitegevuspiirkonna eraisikute tariifid langevad keskmiselt 27% ning
äriklientide tariifid 15%.
PÕHILISED FINANTSNÄITAJAD
3. kvartal 9 kuud
miljon EUR, Muutus Muutus
v.a suhtarvud 2019 2018 2017 2019/ 2018 2019 2018 2017 2019/ 2018
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Müügitulu 16,49 16,49 15,33 0,00% 47,30 46,55 43,84 1,6%
Brutokasum 8,92 8,59 8,57 3,8% 25,97 25,81 25,30 0,6%
Brutokasumi
marginaal % 54,12 52,10 55,86 3,9% 54,91 55,45 57,71 -1,0%
Amortisatsioonieelne
ärikasum 9,01 8,73 9,08 3,1% 25,47 25,91 25,76 -1,7%
Amortisatsioonieelse
ärikasumi marginaal
% 54,63 52,95 59,24 3,2% 53,85 55,66 58,76 -3,3%
Ärikasum 7,52 7,31 7,42 2,9% 21,01 21,65 21,09 -2,9%
Ärikasum -
põhitegevus 7,19 7,07 7,11 1,6% 20,36 21,15 20,64 -3,7%
Ärikasumi marginaal
% 45,60 44,31 48,39 2,9% 44,42 46,50 48,10 -4,5%
Kasum enne
tulumaksustamist 7,33 7,14 7,04 2,7% 20,35 20,94 20,36 -2,8%
Maksustamiseelse
kasumi marginaal % 44,47 43,28 45,93 2,7% 43,03 44,98 46,44 -4,3%
Puhaskasum 7,33 7,14 7,04 2,7% 16,81 19,14 17,66 -12,2%
Puhaskasumi
marginaal % 44,47 43,28 45,93 2,7% 35,53 41,11 40,28 -13,6%
Vara puhasrentaablus
% 2,89 2,97 3,23 -3,0% 6,64 8,11 8,13 -18,1%
Kohustiste
osatähtsus
koguvarast % 59,29 59,89 56,47 -1,0% 59,29 59,89 56,47 -1,0%
Omakapitali
puhasrentaablus % 7,27 7,58 7,59 -4,1% 16,21 20,85 19,03 -22,2%
Lühiajaliste
kohustiste
kattekordaja 5,14 4,99 4,74 3,0% 5,14 4,99 4,74 3,0%
Maksevõime kordaja 5,10 4,96 4,69 2,8% 5,10 4,96 4,69 2,8%
Investeeringud
põhivarasse 4,66 4,29 2,39 8,5% 10,76 7,36 5,90 46,3%
Dividendide
väljamaksmise määr % na 62,11 99,72 na na 62,11 99,72 na
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Brutokasumi marginaal - brutokasum / müügitulu
Ärikasumi marginaal - ärikasum / müügitulu
Amortisatsioonieelne kasum - ärikasum + kulum
Amortisatsioonieelse kasumi marginaal - amortisatsioonieelne kasum / müügitulu
Puhaskasumi marginaal - puhaskasum / müügitulu
Vara puhasrentaablus - puhaskasum / perioodi keskmine vara kokku
Kohustiste osatähtsus koguvarast - kohustised kokku / vara kokku
Omakapitali puhasrentaablus - puhaskasum / perioodi keskmine omakapital kokku
Lühiajaliste kohustiste kattekordaja - käibevara / lühiajalised kohustised
Maksevõime kordaja - (käibevara - varud) / lühiajalised kohustised
Dividendide väljamaksmise määr - dividendid aastas kokku / aasta puhaskasum
kokku
Põhitegevus - vee ja kanalisatsiooniga seotud, v.a võrkude laiendamine ja
sihtfinantseerimine, ehitus- ja asfalteerimisteenused, lootusetud nõuded
KOONDKASUMIARUANNE III kvartal III kvartal 9 kuud 9 kuud 12 kuud
(tuhat EUR) 2019 2018 2019 2018 2018
Müügitulu 16 487 16 494 47 301 46 550 62 780
Müüdud toodete/teenuste
kulud -7 565 -7 900 -21 327 -20 739 -28 594
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BRUTOKASUM 8 922 8 594 25 974 25 811 34 186
Turustuskulud -89 -87 -297 -293 -386
Üldhalduskulud -1 120 -1 100 -4 408 -3 695 -5 025
Muud äritulud/-kulud (-) -195 -97 -256 -176 -1 836
-------------------------------------------------------------------------------
ÄRIKASUM (+)/-KAHJUM (-) 7 518 7 310 21 013 21 647 26 939
Intressitulud 12 5 30 14 21
Intressikulud -199 -176 -691 -723 -1 010
KASUM (+)/KAHJUM (-) ENNE
TULUMAKSUSTAMIST 7 331 7 139 20 352 20 938 25 950
Dividendide tulumaks 0 0 -3 544 -1 800 -1 800
PERIOODI PUHASKASUM (+)/-
KAHJUM (-) 7 331 7 139 16 808 19 138 24 150
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PERIOODI KOONDKASUM (+)/-
KAHJUM (-) 7 331 7 139 16 808 19 138 24 150
Jaotatav kasum (+)/kahjum
(-):
-------------------------------------------------------------------------------
A- aktsia omanikele 7 330 7 138 16 807 19 137 24 149
B- aktsia omanikule 0,60 0,60 0,60 0,60 0,60
Kasum (+)/kahjum (-) A
aktsia kohta (eurodes) 0,37 0,36 0,84 0,96 1,21
Kasum (+)/kahjum (-) B
aktsia kohta (eurodes) 600 600 600 600 600
FINANTSSEISUNDI ARUANNE
(tuhat EUR) 30.09.2019 30.09.2018 31.12.2018
VARAD
KÄIBEVARA
-------------------------------------------------------------------------------
Raha ja raha ekvivalendid 61 125 56 756 61 769
Nõuded ostjate vastu, viitlaekumised ja
ettemaksed 8 439 8 181 7 631
Varud 539 441 498
-------------------------------------------------------------------------------
KÄIBEVARA KOKKU 70 103 65 378 69 898
PÕHIVARA
-------------------------------------------------------------------------------
Materiaalne põhivara 185 550 177 639 179 185
Immateriaalne põhivara 594 709 665
Kasutusõiguse vara 602 0 0
-------------------------------------------------------------------------------
PÕHIVARA KOKKU 186 746 178 348 179 850
-------------------------------------------------------------------------------
VARAD KOKKU 256 849 243 726 249 748
KOHUSTISED JA OMAKAPITAL
LÜHIAJALISED KOHUSTISED
-------------------------------------------------------------------------------
Pikaajaliste laenukohustiste lühiajaline
osa 4 010 2 032 3 823
Võlad hankijatele ja muud võlad 6 719 7 531 6 047
Tuletisinstrumendid 271 301 207
Ettemaksed 2 639 3 239 2 955
-------------------------------------------------------------------------------
LÜHIAJALISED KOHUSTISED KOKKU 13 639 13 103 13 032
PIKAAJALISED KOHUSTISED
-------------------------------------------------------------------------------
Tulevaste perioodide tulu liitumistasudelt 28 981 21 562 22 745
Laenukohustised 90 503 93 626 91 919
Tuletisinstrumendid 50 112 173
Eraldis võimalike kolmandate osapoolte
nõuete katteks 19 068 17 522 19 068
Muud võlad 36 48 46
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PIKAAJALISED KOHUSTISED KOKKU 138 638 132 870 133 951
-------------------------------------------------------------------------------
KOHUSTISED KOKKU 152 277 145 973 146 983
OMAKAPITAL
-------------------------------------------------------------------------------
Aktsiakapital 12 000 12 000 12 000
Ülekurss 24 734 24 734 24 734
Kohustuslik reservkapital 1 278 1 278 1 278
Jaotamata kasum 66 560 59 741 64 753
-------------------------------------------------------------------------------
OMAKAPITAL KOKKU 104 572 97 753 102 765
-------------------------------------------------------------------------------
KOHUSTISED JA OMAKAPITAL KOKKU 256 849 243 726 249 748
RAHAKÄIBE ARUANNE 9 kuud 9 kuud 12 kuud
(tuhat EUR) 2019 2018 2018
ÄRITEGEVUSE RAHAVOOD
-------------------------------------------------------------------------------
Ärikasum 21 013 21 647 26 939
Korrigeerimine kulumiga 4 457 4 263 5 790
Korrigeerimine rajamistuludega -277 -216 -295
Muud mitterahalised korrigeerimised 0 -11 -20
Kasum (-)/kahjum (+) põhivara müügist ja
mahakandmisest 154 -48 -115
Äritegevusega seotud käibevara muutus -843 -458 54
Äritegevusega seotud kohustiste muutus 195 946 1 939
-------------------------------------------------------------------------------
RAHAVOOG ÄRITEGEVUSEST 24 699 26 123 34 292
INVESTEERIMISTEGEVUSE RAHAVOOD
-------------------------------------------------------------------------------
Põhivara soetamine -6 147 -6 922 -10 736
Torustike ehituse eest saadud
kompensatsioonid, sh liitumiste
rajamistulud 2 205 2 752 3 716
Põhivara müügitulu 7 79 160
Saadud intressid 25 11 17
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RAHAVOOG INVESTEERIMISTEGEVUSEST -3 910 -4 080 -6 843
FINANTSEERIMISTEGEVUSE RAHAVOOD
-------------------------------------------------------------------------------
Makstud intressid ja laenu finantseerimise
kulud, sh swapi intressid -764 -1 075 -1 394
Tasutud rendimaksed -306 -184 -258
Tasutud laenud -1 818 0 0
Tasutud kinnipeetud tulumaks dividendidelt -14 965 -7 201 -7 201
Tasutud dividendid -36 0 0
Tulumaks dividendidelt -3 544 -1 800 -1 800
-------------------------------------------------------------------------------
RAHAVOOG FINANTSEERIMISTEGEVUSEST -21 433 -10 260 -10 653
-------------------------------------------------------------------------------
RAHA JA RAHA EKVIVALENTIDE MUUTUS -644 11 783 16 796
-------------------------------------------------------------------------------
RAHA JA RAHA EKVIVALENDID PERIOODI ALGUSES 61 769 44 973 44 973
-------------------------------------------------------------------------------
RAHA JA RAHA EKVIVALENDID PERIOODI LÕPUS 61 125 56 756 61 769
Karl Heino Brookes
Juhatuse esimees
+372 62 62 200
[email protected] (mailto:[email protected])
Content of announcement in English
Title
AS Tallinna Vesi´s financial results for the 3rd quarter of 2019
Message
AS Tallinna Vesi's sales revenues in the 3(rd) quarter of 2019 were EUR16.49 million, remaining stable year-on-year. 80.8% of the sales comprise of the sales of water and wastewater services, which increased by 2.5% to EUR13.32. Sales to domestic customers and sales to outside service areas increased in the total amount of EUR0.21 million, whilst sales to commercial clients remained stable. Higher revenues from main services were balanced by lower construction services revenues due to delay in starting of construction of some big projects won from the market. The gross profit in the 3(rd) quarter of 2019 increased by 3.8% to EUR8.92 million being impacted by lower maintenance costs and costs related to construction services. The operating profit increased by 2.9% to EUR7.52 million year-on-year, being additionally impacted by the loss of disposing assets. The net profit for the 3(rd) quarter of 2019 increased by 2.7% to EUR7.33 million year-on-year, being additionally impacted by slightly higher net financial expenses. The new approved tariffs will become effective on 1 December 2019, i.e. the company will apply the new tariffs to the services to be provided from that date onwards. The prices of water and wastewater services in the main service area will decrease on average by 27% for domestic customers and by 15% for commercial customers. MAIN FINANCIAL INDICATORS EUR million, 3(rd) quarter 9 months except key Change Change ratios 2019 2018 2017 2019/ 2018 2019 2018 2017 2019/ 2018 ------------------------------------------------------------------------------- Sales 16.49 16.49 15.33 0.00% 47.30 46.55 43.84 1.6% Gross profit 8.92 8.59 8.57 3.8% 25.97 25.81 25.30 0.6% Gross profit margin % 54.12 52.10 55.86 3.9% 54.91 55.45 57.71 -1.0% Operating profit before depreciation and amortisation 9.01 8.73 9.08 3.1% 25.47 25.91 25.76 -1.7% Operating profit before depreciation and amortisation margin % 54.63 52.95 59.24 3.2% 53.85 55.66 58.76 -3.3% Operating profit 7.52 7.31 7.42 2.9% 21.01 21.65 21.09 -2.9% Operating profit - main business 7.19 7.07 7.11 1.6% 20.36 21.15 20.64 -3.7% Operating profit margin % 45.60 44.31 48.39 2.9% 44.42 46.50 48.10 -4.5% Profit before taxes 7.33 7.14 7.04 2.7% 20.35 20.94 20.36 -2.8% Profit before taxes margin % 44.47 43.28 45.93 2.7% 43.03 44.98 46.44 -4.3% Net profit 7.33 7.14 7.04 2.7% 16.81 19.14 17.66 -12.2% Net profit margin % 44.47 43.28 45.93 2.7% 35.53 41.11 40.28 -13.6% ROA % 2.89 2.97 3.23 -3.0% 6.64 8.11 8.13 -18.1% Debt to total capital employed % 59.29 59.89 56.47 -1.0% 59.29 59.89 56.47 -1.0% ROE % 7.27 7.58 7.59 -4.1% 16.21 20.85 19.03 -22.2% Current ratio 5.14 4.99 4.74 3.0% 5.14 4.99 4.74 3.0% Quick ratio 5.10 4.96 4.69 2.8% 5.10 4.96 4.69 2.8% Investments into fixed assets 4.66 4.29 2.39 8.5% 10.76 7.36 5.90 46.3% Payout ratio % na 62.11 99.72 na na 62.11 99.72 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 STATEMENT OF 3rd quarter 3rd quarter 9 months 9 months 12 months COMPREHENSIVE INCOME (EUR thousand) 2019 2018 2019 2018 2018 Revenue 16,487 16,494 47,301 46,550 62,780 Costs of goods sold -7,565 -7,900 -21,327 -20,739 -28,594 ------------------------------------------------------------------------------- GROSS PROFIT 8,922 8,594 25,974 25,811 34,186 Marketing expenses -89 -87 -297 -293 -386 General administration expenses -1,120 -1,100 -4,408 -3,695 -5,025 Other income/ expenses (-) -195 -97 -256 -176 -1,836 ------------------------------------------------------------------------------- OPERATING PROFIT (+)/LOSS (-) 7,518 7,310 21,013 21,647 26,939 Interest income 12 5 30 14 21 Interest expense -199 -176 -691 -723 -1,010 PROFIT (+)/LOSS (-) BEFORE TAXES 7,331 7,139 20,352 20,938 25,950 Income tax on dividends 0 0 -3,544 -1,800 -1,800 NET PROFIT (+)/LOSS (- ) FOR THE PERIOD 7,331 7,139 16,808 19,138 24,150 ------------------------------------------------------------------------------- COMPREHENSIVE INCOME (+)/LOSS (-) FOR THE PERIOD 7,331 7,139 16,808 19,138 24,150 Attributable profit (+)/loss(-) to: ------------------------------------------------------------------------------- Equity holders of A- shares 7,330 7,138 16,807 19,137 24,149 B-share holder 0.60 0.60 0.60 0.60 0.60 Earnings per A share (in euros) 0.37 0.36 0.84 0.96 1.21 Earnings per B share (in euros) 600 600 600 600 600 STATEMENT OF FINANCIAL POSITION (EUR thousand) 30/09/2019 30/09/2018 31/12/2018 ASSETS CURRENT ASSETS ------------------------------------------------------------------------------- Cash and cash equivalents 61,125 56,756 61,769 Trade receivables, accrued income and prepaid expenses 8,439 8,181 7,631 Inventories 539 441 498 ------------------------------------------------------------------------------- TOTAL CURRENT ASSETS 70,103 65,378 69,898 NON-CURRENT ASSETS ------------------------------------------------------------------------------- Property, plant and equipment 185,550 177,639 179,185 Intangible assets 594 709 665 Right-of-use assets 602 0 0 ------------------------------------------------------------------------------- TOTAL NON-CURRENT ASSETS 186,746 178,348 179,850 ------------------------------------------------------------------------------- TOTAL ASSETS 256,849 243,726 249,748 LIABILITIES AND EQUITY CURRENT LIABILITIES ------------------------------------------------------------------------------- Current portion of long-term borrowings 4,010 2,032 3,823 Trade and other payables 6,719 7,531 6,047 Derivatives 271 301 207 Prepayments 2,639 3,239 2,955 ------------------------------------------------------------------------------- TOTAL CURRENT LIABILITIES 13,639 13,103 13,032 NON-CURRENT LIABILITIES ------------------------------------------------------------------------------- Deferred income from connection fees 28,981 21,562 22,745 Borrowings 90,503 93,626 91,919 Derivatives 50 112 173 Provision for possible third party claims 19,068 17,522 19,068 Other payables 36 48 46 ------------------------------------------------------------------------------- TOTAL NON-CURRENT LIABILITIES 138,638 132,870 133,951 ------------------------------------------------------------------------------- TOTAL LIABILITIES 152,277 145,973 146,983 EQUITY ------------------------------------------------------------------------------- Share capital 12,000 12,000 12,000 Share premium 24,734 24,734 24,734 Statutory legal reserve 1,278 1,278 1,278 Retained earnings 66,560 59,741 64,753 ------------------------------------------------------------------------------- TOTAL EQUITY 104,572 97,753 102,765 ------------------------------------------------------------------------------- TOTAL LIABILITIES AND EQUITY 256,849 243,726 249,748 CASH FLOWS STATEMENT 9 months 9 months 12 months (EUR thousand) 2019 2018 2018 CASH FLOWS FROM OPERATING ACTIVITIES ------------------------------------------------------------------------------- Operating profit 21,013 21,647 26,939 Adjustment for depreciation/amortisation 4,457 4,263 5,790 Adjustment for revenues from connection fees -277 -216 -295 Other non-cash adjustments 0 -11 -20 Profit/loss(+) from sale and write off of property, plant and equipment, and intangible assets 154 -48 -115 Change in current assets involved in operating activities -843 -458 54 Change in liabilities involved in operating activities 195 946 1,939 ------------------------------------------------------------------------------- TOTAL CASH FLOW FROM OPERATING ACTIVITIES 24,699 26,123 34,292 CASH FLOWS FROM INVESTING ACTIVITIES ------------------------------------------------------------------------------- Acquisition of property, plant and equipment, and intangible assets -6,147 -6,922 -10,736 Compensations received for construction of pipelines, incl connection fees 2,205 2,752 3,716 Proceeds from sales of property, plant and equipment and intangible assets 7 79 160 Interest received 25 11 17 ------------------------------------------------------------------------------- TOTAL CASH FLOW FROM INVESTING ACTIVITIES -3,910 -4,080 -6,843 CASH FLOWS FROM FINANCING ACTIVITIES ------------------------------------------------------------------------------- Interest paid and loan financing costs, incl swap interests -764 -1,075 -1,394 Lease payments -306 -184 -258 Repayment of loans -1,818 0 0 Dividends paid -14,965 -7,201 -7,201 Withheld income tax paid on dividends -36 0 0 Income tax on dividends -3,544 -1,800 -1,800 ------------------------------------------------------------------------------- TOTAL CASH FLOW FROM FINANCING ACTIVITIES -21,433 -10,260 -10,653 ------------------------------------------------------------------------------- CHANGE IN CASH AND CASH EQUIVALENTS -644 11,783 16,796 ------------------------------------------------------------------------------- CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD 61,769 44,973 44,973 ------------------------------------------------------------------------------- CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 61,125 56,756 61,769 Karl Heino Brookes Chairman of the Management Board +372 62 62 200 [email protected] (mailto:[email protected])