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
7745
Attachments
Submission date and time
31.01.2020 08:45:00
Content of announcement in Estonian
Title
ASi Tallinna Vesi 2019. aasta neljanda kvartali finantstulemused
Message
ASi Tallinna Vesi 2019. aasta neljanda kvartali müügitulu kahanes võrreldes
2018. aasta sama perioodiga 0,7% ja ulatus 16,12 miljoni euro tasemele. Alates
01. detsembrist 2019. aastal langesid põhitegevuspiirkonna eraisikute joogivee
ja reovee ärajuhtimise teenuste tariifid keskmiselt 27% ning äriklientide
tariifid 15%.
87,0% müügituludest moodustas veeteenuste müük, mis kahanes võrreldes 2018.
aasta sama perioodiga 2,8% ehk 14.03 miljoni euroni. Põhitegevuspiirkonna era-
ja äriklientide müügitulu langes seoses 1. detsembrist 2019. aastal kehtima
hakanud uute tariifidega kokku 0,71 miljonit eurot, samal ajal kui ümberkaudsete
piirkondade müügitulu kasvas 0,14 miljonit eurot. Põhitegevuspiirkonna
eraisikute joogivee ja reovee ärajuhtimise teenuste tariifid langesid keskmiselt
27% ning äriklientide tariifid 15%.
13,0% müügituludest moodustas ehitus- ja muude teenuste müük, mis kasvas
võrreldes 2018. aasta sama perioodiga 16,2% ehk 2,09 miljoni euroni.
Ettevõtte brutokasum suurenes neljandas kvartalis 4,7% ehk 0,40 miljonit eurot,
ulatudes 7,98 miljoni euroni. Brutokasumi muutust mõjutasid põhitegevuspiirkonna
madalamad joogivee ja reovee ärajuhtimise teenuste hinnad ja suurenenud
elektrikulud ning madalamad hoolduse- ja remonditööde kulud.
Ärikasum tõusis võrreldes eelmise aasta sama perioodiga 109,1% ehk 5,77 miljonit
eurot, ulatudes 11,06 miljoni euroni. Ärikasumi kasvu mõjutas 4,63 miljoni euro
suurune positiivne muutus võimalike kolmandate osapoolte kahjunõuetega seonduva
eraldise kulus ?2019. aasta neljandas kvartalis.
Ettevõtte puhaskasum oli 2019. aasta neljandas kvartalis suurem kui 2018. aasta
samal perioodil 118,5% ehk 5,94 miljonit eurot, ulatudes 10,95 miljoni eurot.
Puhaskasumit mõjutasid täiendavalt 0,17 miljoni euro võrra madalamad neto
finantskulud.
PÕHILISED FINANTSNÄITAJAD
4. kvartal 12 kuud
miljon EUR, Muutus Muutus
v.a suhtarvud 2019 2018 2017 2019/ 2018 2019 2018 2017 2019/ 2018
-------------------------------------------------------------------------------------
Müügitulu 16,12 16,23 15,97 -0,7% 63,42 62,78 59,82 1,0%
Brutokasum 7,98 8,38 8,79 -4,7% 33,95 34,19 34,09 -0,7%
Brutokasumi
marginaal % 49,49 51,61 55,04 -4,1% 53,53 54,45 56,99 -1,7%
Amortisatsioonieelne
ärikasum 12,72 6,82 -8,73 86,5% 38,18 32,73 17,04 16,7%
Amortisatsioonieelse
ärikasumi marginaal
% 78,86 42,01 -54,62 87,7% 60,21 52,13 28,49 15,5%
Ärikasum 11,06 5,29 -10,22 109,1% 32,08 26,94 10,87 19,1%
Ärikasum -
põhitegevus 10,82 5,07 -10,40 113,6% 31,19 26,22 10,25 18,9%
Ärikasumi marginaal
% 68,61 32,61 -64,00 110,4% 50,57 42,91 18,16 17,9%
Kasum enne
tulumaksustamist 10,95 5,01 -10,44 118,5% 31,30 25,95 9,92 20,6%
Maksustamiseelse
kasumi marginaal % 67,93 30,88 -65,36 120,0% 49,36 41,33 16,59 19,4%
Puhaskasum 10,95 5,01 -10,44 118,5% 27,76 24,15 7,22 14,9%
Puhaskasumi
marginaal % 67,93 30,88 -65,36 120,0% 43,77 38,47 12,07 13,8%
Vara puhasrentaablus
% 4,21 2,03 -4,64 107,5% 10,83 10,10 3,27 7,2%
Kohustiste
osatähtsus
koguvarast % 56,05 58,85 62,43 -4,8% 56,05 58,85 62,43 -4,8%
Omakapitali
puhasrentaablus % 9,95 5,00 -11,47 99,1% 25,43 25,61 8,24 -0,7%
Lühiajaliste
kohustiste
kattekordaja 5,48 5,36 5,51 2,8% 5,48 5,36 5,51 2,2%
Maksevõime kordaja 5,44 5,33 5,46 2,4% 5,44 5,33 5,46 2,1%
Investeeringud
põhivarasse 5,33 3,04 3,58 75,2% 16,09 10,40 9,47 54,8%
Dividendide
väljamaksmise määr % na 62,11 99,72 na na 62,11 99,72 na
-------------------------------------------------------------------------------------
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 - veeteenustega seotud tegevused, v.a võrkude laiendamine ja
sihtfinantseerimine, ehitusteenused, lootusetud nõuded
KOONDKASUMIARUANNE IV kvartal IV kvartal 12 kuud 12 kuud
(tuhat EUR) 2019 2018 2019 2018
Müügitulu 16 122 16 229 63 423 62 780
Müüdud toodete/teenuste kulud -8 143 -7 854 -29 470 -28 594
------------------------------------------------------------------------
BRUTOKASUM 7 979 8 375 33 953 34 186
Turustuskulud -93 -93 -390 -386
Üldhalduskulud -1 281 -1 330 -5 689 -5 025
Muud äritulud/-kulud (-) 4 457 -1 660 4 201 -1 836
------------------------------------------------------------------------
ÄRIKASUM 11 062 5 292 32 075 26 939
Intressitulud 8 7 38 21
Intressikulud -118 -287 -809 -1 010
KASUM ENNE TULUMAKSUSTAMIST 10 952 5 012 31 304 25 950
Dividendide tulumaks 0 0 -3 544 -1 800
PERIOODI PUHASKASUM 10 952 5 012 27 760 24 150
------------------------------------------------------------------------
PERIOODI KOONDKASUM 10 952 5 012 27 760 24 150
Jaotatav kasum:
------------------------------------------------------------------------
A- aktsia omanikele 10 951 5 011 27 759 24 149
B- aktsia omanikule 0,60 0,60 0,60 0,60
Kasum A aktsia kohta (eurodes) 0,55 0,25 1,39 1,21
Kasum B aktsia kohta (eurodes) 600 600 600 600
FINANTSSEISUNDI ARUANNE
(tuhat EUR) 31.12.19 31.12.18
VARAD
KÄIBEVARA
-------------------------------------------------------------------------------
Raha ja raha ekvivalendid 64 775 61 769
Nõuded ostjate vastu, viitlaekumised ja ettemaksed 7 239 7 631
Varud 504 498
-------------------------------------------------------------------------------
KÄIBEVARA KOKKU 72 518 69 898
PÕHIVARA
-------------------------------------------------------------------------------
Materiaalne põhivara 189 627 179 185
Immateriaalne põhivara 710 665
-------------------------------------------------------------------------------
PÕHIVARA KOKKU 190 337 179 850
-------------------------------------------------------------------------------
VARAD KOKKU 262 855 249 748
KOHUSTISED JA OMAKAPITAL
LÜHIAJALISED KOHUSTISED
-------------------------------------------------------------------------------
Pikaajaliste rendikohustiste lühiajaline osa 352 191
Pikaajaliste laenukohustiste lühiajaline osa 3 631 3 632
Võlad hankijatele ja muud võlad 6 718 6 047
Tuletisinstrumendid 221 207
Ettemaksed 2 323 2 955
-------------------------------------------------------------------------------
LÜHIAJALISED KOHUSTISED KOKKU 13 245 13 032
PIKAAJALISED KOHUSTISED
-------------------------------------------------------------------------------
Tulevaste perioodide tulu liitumistasudelt 31 070 22 745
Rendikohustised 964 624
Laenukohustised 87 592 91 295
Tuletisinstrumendid 0 173
Eraldis võimalike kolmandate osapoolte nõuete katteks 14 442 19 068
Muud võlad 18 46
-------------------------------------------------------------------------------
PIKAAJALISED KOHUSTISED KOKKU 134 086 133 951
-------------------------------------------------------------------------------
KOHUSTISED KOKKU 147 331 146 983
OMAKAPITAL
-------------------------------------------------------------------------------
Aktsiakapital 12 000 12 000
Ülekurss 24 734 24 734
Kohustuslik reservkapital 1 278 1 278
Jaotamata kasum 77 512 64 753
-------------------------------------------------------------------------------
OMAKAPITAL KOKKU 115 524 102 765
-------------------------------------------------------------------------------
KOHUSTISED JA OMAKAPITAL KOKKU 262 855 249 748
RAHAVOOGUDE ARUANNE 12 kuud 12 kuud
(tuhat EUR) 2019 2018
ÄRITEGEVUSE RAHAVOOD
-------------------------------------------------------------------------------
Ärikasum 32 075 26 939
Korrigeerimine kulumiga 6 109 5 790
Korrigeerimine rajamistuludega -389 -295
Muud mitterahalised korrigeerimised -4 624 1 526
Kasum (-)/kahjum (+) põhivara müügist ja mahakandmisest 138 -115
Äritegevusega seotud käibevara muutus 391 54
Äritegevusega seotud kohustiste muutus 318 393
-------------------------------------------------------------------------------
ÄRITEGEVUSE RAHAVOOD KOKKU 34 018 34 292
INVESTEERIMISTEGEVUSE RAHAVOOD
-------------------------------------------------------------------------------
Põhivara soetamine -10 441 -10 736
Torustike ehituse eest saadud kompensatsioonid, sh
liitumiste rajamistulud 3 010 3 716
Põhivara müügitulu 24 160
Saadud intressid 36 17
-------------------------------------------------------------------------------
INVESTEERIMISTEGEVUSE RAHAVOOD KOKKU -7 371 -6 843
FINANTSEERIMISTEGEVUSE RAHAVOOD
-------------------------------------------------------------------------------
Makstud intressid ja laenu finantseerimise kulud, sh swapi
intressid -1 056 -1 394
Tasutud rendimaksed -404 -258
Võetud laenud 37 500 0
Tasutud laenud -41 136 0
Tasutud kinnipeetud tulumaks dividendidelt -14 965 -7 201
Tasutud dividendid -36 0
Tulumaks dividendidelt -3 544 -1 800
-------------------------------------------------------------------------------
FINANTSEERIMISTEGEVUSE RAHAVOOD KOKKU -23 641 -10 653
-------------------------------------------------------------------------------
RAHA JA RAHA EKVIVALENTIDE MUUTUS 3 006 16 796
-------------------------------------------------------------------------------
RAHA JA RAHA EKVIVALENDID PERIOODI ALGUSES 61 769 44 973
-------------------------------------------------------------------------------
RAHA JA RAHA EKVIVALENDID PERIOODI LÕPUS 64 775 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 4th quarter of 2019
Message
AS Tallinna Vesi's sales revenues in the 4(th) quarter of 2019 were EUR16.12 million, showing a 0.7% decrease year-on-year. From 1 December 2019 the domestic tariffs in the main services area decreased on average 27% and commercial tariffs 15%. 87.0% of the sales comprise of the sales of water services, which decreased by 2.8% to EUR14.03. Sales to domestic and commercial customers in the main service area decreased in the total amount of EUR0.71 million affected by new tariffs from 1/12/2019, whilst sales to outside service areas increased by EUR0.14 million. The prices of water and wastewater services in the main service area decreased from 1 December 2019 on average by 27% for domestic customers and by 15% for commercial customers. 13.0% of the sales comprise of construction and other services revenues, which increased by 16.2% to EUR2.09 million. The gross profit in the 4(th) quarter of 2019 decreased by 4.7% or EUR0.40 million to EUR7.98 million being impacted by lower water and wastewater revenues from main service area and higher electricity costs and were balanced by lower maintenance costs. The operating profit increased year-on-year by 109.1% or EUR5.77 million to EUR11.06 million, being impacted by EUR4.63 million positive change in the provision for third-party claims in ?4(th) quarter of 2019. The net profit for the 4(th) quarter of 2019 increased year-on-year by 118.5% or EUR5.94 million to EUR10.95 million, being additionally impacted by EUR0.17 million lower net financial expenses. MAIN FINANCIAL INDICATORS EUR million, 4(th) quarter 12 months except key Change Change ratios 2019 2018 2017 2019/ 2018 2019 2018 2017 2019/ 2018 ------------------------------------------------------------------------------- Sales 16.12 16.23 15.97 -0.7% 63.42 62.78 59.82 1.0% Gross profit 7.98 8.38 8.79 -4.7% 33.95 34.19 34.09 -0.7% Gross profit margin % 49.49 51.61 55.04 -4.1% 53.53 54.45 56.99 -1.7% Operating profit before depreciation and amortisation 12.72 6.82 -8.73 86.5% 38.18 32.73 17.04 16.7% Operating profit before depreciation and amortisation margin % 78.86 42.01 -54.62 87.7% 60.21 52.13 28.49 15.5% Operating profit 11.06 5.29 -10.22 109.1% 32.08 26.94 10.87 19.1% Operating profit - main business 10.82 5.07 -10.40 113.6% 31.19 26.22 10.25 18.9% Operating profit margin % 68.61 32.61 -64.00 110.4% 50.57 42.91 18.16 17.9% Profit before taxes 10.95 5.01 -10.44 118.5% 31.30 25.95 9.92 20.6% Profit before taxes margin % 67.93 30.88 -65.36 120.0% 49.36 41.33 16.59 19.4% Net profit 10.95 5.01 -10.44 118.5% 27.76 24.15 7.22 14.9% Net profit margin % 67.93 30.88 -65.36 120.0% 43.77 38.47 12.07 13.8% ROA % 4.21 2.03 -4.64 107.5% 10.83 10.10 3.27 7.2% Debt to total capital employed % 56.05 58.85 62.43 -4.8% 56.05 58.85 62.43 -4.8% ROE % 9.95 5.00 -11.47 99.1% 25.43 25.61 8.24 -0.7% Current ratio 5.48 5.36 5.51 2.8% 5.48 5.36 5.51 2.2% Quick ratio 5.44 5.33 5.46 2.4% 5.44 5.33 5.46 2.1% Investments into fixed assets 5.33 3.04 3.58 75.2% 16.09 10.40 9.47 54.8% Payout ratio % na 62.11 99.72 0.0% na 62.11 99.72 0.0% ------------------------------------------------------------------------------- Gross profit margin - Gross profit / Net sales Operating profit before depreciation and amortisation - Operating profit + depreciation and amortisation Operating profit before depreciation and amortisation margin - Operating profit before depreciation and amortisation / Net sales Operating profit margin - Operating profit / Net sales Net profit margin - Net profit / Net sales ROA - Net profit / Average Total assets for the period Debt to Total capital employed - Total liabilities / Total capital employed ROE - Net profit / Average Total equity for the period Current ratio - Current assets / Current liabilities Quick ratio - (Current assets - Stocks) / Current liabilities Payout ratio - Total Dividends per annum/ Total Net Income per annum Main business - water services related activities, excl. connections profit and government grants, construction services, doubtful debt STATEMENT OF COMPREHENSIVE 4th quarter 4th quarter 12 months 12 months INCOME (EUR thousand) 2019 2018 2019 2018 Revenue 16,122 16,229 63,423 62,780 Costs of goods sold -8,143 -7,854 -29,470 -28,594 ------------------------------------------------------------------------------- GROSS PROFIT 7,979 8,375 33,953 34,186 Marketing expenses -93 -93 -390 -386 General administration expenses -1,281 -1,330 -5,689 -5,025 Other income/ expenses (-) 4,457 -1,660 4,201 -1,836 ------------------------------------------------------------------------------- OPERATING PROFIT 11,062 5,292 32,075 26,939 Interest income 8 7 38 21 Interest expense -118 -287 -809 -1,010 PROFIT BEFORE TAXES 10,952 5,012 31,304 25,950 Income tax on dividends 0 0 -3,544 -1,800 NET PROFIT FOR THE PERIOD 10,952 5,012 27,760 24,150 ------------------------------------------------------------------------------- COMPREHENSIVE INCOME FOR THE PERIOD 10,952 5,012 27,760 24,150 Attributable profit to: ------------------------------------------------------------------------------- Equity holders of A-shares 10,951 5,011 27,759 24,149 B-share holder 0.60 0.60 0.60 0.60 Earnings per A share (in euros) 0.55 0.25 1.39 1.21 Earnings per B share (in euros) 600 600 600 600 STATEMENT OF FINANCIAL POSITION (EUR thousand) 31/12/2019 31/12/2018 ASSETS CURRENT ASSETS ------------------------------------------------------------------------------- Cash and cash equivalents 64,775 61,769 Trade receivables, accrued income and prepaid expenses 7,239 7,631 Inventories 504 498 ------------------------------------------------------------------------------- TOTAL CURRENT ASSETS 72,518 69,898 NON-CURRENT ASSETS ------------------------------------------------------------------------------- Property, plant and equipment 189,627 179,185 Intangible assets 710 665 ------------------------------------------------------------------------------- TOTAL NON-CURRENT ASSETS 190,337 179,850 ------------------------------------------------------------------------------- TOTAL ASSETS 262,855 249,748 LIABILITIES AND EQUITY CURRENT LIABILITIES ------------------------------------------------------------------------------- Current portion of long-term lease liabilities 352 191 Current portion of long-term bank loans 3,631 3,632 Trade and other payables 6,718 6,047 Derivatives 221 207 Prepayments 2,323 2,955 ------------------------------------------------------------------------------- TOTAL CURRENT LIABILITIES 13,245 13,032 NON-CURRENT LIABILITIES ------------------------------------------------------------------------------- Deferred income from connection fees 31,070 22,745 Leases 964 624 Loans 87,592 91,295 Derivatives 0 173 Provision for possible third party claims 14,442 19,068 Other payables 18 46 ------------------------------------------------------------------------------- TOTAL NON-CURRENT LIABILITIES 134,086 133,951 ------------------------------------------------------------------------------- TOTAL LIABILITIES 147,331 146,983 EQUITY ------------------------------------------------------------------------------- Share capital 12,000 12,000 Share premium 24,734 24,734 Statutory legal reserve 1,278 1,278 Retained earnings 77,512 64,753 ------------------------------------------------------------------------------- TOTAL EQUITY 115,524 102,765 ------------------------------------------------------------------------------- TOTAL LIABILITIES AND EQUITY 262,855 249,748 CASH FLOWS STATEMENT 12 months 12 months (EUR thousand) 2019 2018 CASH FLOWS FROM OPERATING ACTIVITIES ------------------------------------------------------------------------------- Operating profit 32,075 26,939 Adjustment for depreciation/amortisation 6,109 5,790 Adjustment for revenues from connection fees -389 -295 Other non-cash adjustments -4,624 1,526 Profit/loss(+) from sale and write off of property, plant and equipment, and intangible assets 138 -115 Change in current assets involved in operating activities 391 54 Change in liabilities involved in operating activities 318 393 ------------------------------------------------------------------------------- TOTAL CASH FLOWS FROM OPERATING ACTIVITIES 34,018 34,292 CASH FLOWS USED IN INVESTING ACTIVITIES ------------------------------------------------------------------------------- Acquisition of property, plant and equipment, and intangible assets -10,441 -10,736 Compensations received for construction of pipelines, incl connection fees 3,010 3,716 Proceeds from sales of property, plant and equipment and intangible assets 24 160 Interest received 36 17 ------------------------------------------------------------------------------- TOTAL CASH FLOWS USED IN INVESTING ACTIVITIES -7,371 -6,843 CASH FLOWS USE D IN FINANCING ACTIVITIES ------------------------------------------------------------------------------- Interest paid and loan financing costs, incl swap interests -1,056 -1,394 Lease payments -404 -258 Received loans 37,500 0 Repayment of loans -41,136 0 Dividends paid -14,965 -7,201 Withheld income tax paid on dividends -36 0 Income tax on dividends -3,544 -1,800 ------------------------------------------------------------------------------- TOTAL CASH FLOW USED IN FINANCING ACTIVITIES -23,641 -10,653 ------------------------------------------------------------------------------- CHANGE IN CASH AND CASH EQUIVALENTS 3,006 16,796 ------------------------------------------------------------------------------- CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD 61,769 44,973 ------------------------------------------------------------------------------- CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 64,775 61,769 Karl Heino Brookes Chairman of the Management Board +372 62 62 200 [email protected] (mailto:[email protected])