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
7954
Attachments
Submission date and time
24.04.2020 08:45:00
Content of announcement in Estonian
Title
ASi Tallinna Vesi 2020. aasta esimese kvartali finantstulemused
Message
ASi Tallinna Vesi 2020. aasta esimese kvartali müügitulud kahanesid võrreldes
2019. aasta sama perioodiga 10,1% ja ulatusid 13,18 miljoni euro tasemele.
Alates 01. detsembrist 2019. aastal langesid põhitegevuspiirkonna eraklientide
joogivee ja reovee ärajuhtimise teenuste tariifid keskmiselt 27% ning
äriklientide tariifid 15%.
Võrreldes möödunud aastaga suurenes 2020. aasta esimeses kvartalis kogu
veetarbimine, ent alates märtsi teisest poolest on koroonaviiruse mõju olnud
tarbimismahtudele vastupidine. Eraklientide müügitulud vähenesid 2020. aasta
esimeses kvartalis peamiselt tulenevalt 27% madalamast tariifist 22,6%. Samal
ajal kasvasid eraklientide tarbimismahud. Äriklientide müügitulud vähenesid
võrreldes möödunud aasta esimese kvartaliga 17,1%. Äriklientide tariifid
langesid 2019. aasta detsembrist 15% võrra ning alates märtsi teisest poolest on
seoses eriolukorraga äriklientide tarbimine vähenenud.
9,0% müügituludest moodustas ehitus- ja muude teenuste müük, mis kasvas
võrreldes 2019. aasta sama perioodiga 83,0% ehk 1,19 miljoni euroni.
Ettevõtte brutokasum vähenes esimeses kvartalis 26,7% ehk 2,20 miljonit eurot,
ulatudes 6,06 miljoni euroni. Brutokasumi muutust mõjutasid põhitegevuspiirkonna
vähenenud müügitulud era- ja äriklientidelt ja suurenenud tööjõukulud ning muud
müüdud toodete ja teenuse kulud.
Ärikasum vähenes eelmise aasta sama perioodiga 17,7% ehk 1,22 miljonit eurot,
ulatudes 5,67 miljoni euroni. Ärikasumi kasvu mõjutas positiivne muutus
võimalike kolmandate osapoolte kahjunõuetega seonduva eraldise kulus 1,20
miljoni euro ulatuses ?2020. aasta esimeses kvartalis.
Ettevõtte puhaskasum oli 2020. aasta esimeses kvartalis 5,56 miljonit eurot, mis
on 16,9% või 1,13 miljonit eurot vähem kui eelmise aasta samal perioodil.
Puhaskasumit mõjutasid täiendavalt madalamad neto finantskulud.
Dividendiettepanek
AS Tallinna Vesi nõukogu kinnitas dividendiettepaneku maksta 2019. aasta eest A-
aktsia omanikele dividend 1,00 eurot ja B-aktsia omanikule 600 eurot aktsia
kohta. Ettepaneku peab kinnitama ettevõtte üldkoosolek, mis peetakse 28. mail
2020. Tallinna Vee aktsiakapital koosneb 20 miljonist A-aktsiast ja ühest
eelisaktsiast ehk B-aktsiast.
Ettevõtte jaotamata kasum 31.12.2019 seisuga on 77 512 000 eurot, millest 2019.
aasta puhaskasum moodustab 27 760 000 eurot. Dividendi ettepaneku kogusumma
moodustab 20 000 600 eurot.
Aktsionäride üldkoosolekule esitatakse ettepanek maksta dividend aktsionäridele
välja 28. juunil 2020. Dividendiõiguslike väärtpaberiomanike nimekiri
fikseeritakse 12. juunil 2020 kell 23.59.
PÕHILISED FINANTSNÄITAJAD
1. kvartal
miljonites eurodes
v.a suhtarvud 2020 2019 2018 Muutus 2020/ 2019
-------------------------------------------------------------------------------
Müügitulu 13,18 14,66 14,08 -10,1%
Brutokasum 6,06 8,26 8,32 -26,7%
Brutokasumi marginaal % 45,96 56,33 59,10 -18,4%
Amortisatsioonieelne ärikasum 7,18 8,39 8,22 -14,5%
Amortisatsioonieelse ärikasumi marginaal
% 54,48 57,24 58,40 -4,8%
Ärikasum 5,67 6,89 6,80 -17,7%
Ärikasum - põhitegevus 5,62 6,78 6,74 -17,0%
Ärikasumi marginaal % 43,02 47,01 48,29 -8,5%
Kasum enne tulumaksustamist 5,56 6,69 6,53 -16,9%
Maksustamiseelse kasumi marginaal % 42,15 45,59 46,42 -7,5%
Puhaskasum 5,56 6,68 6,53 -16,9%
Puhaskasumi marginaal % 42,15 45,58 46,42 -7,5%
Vara puhasrentaablus % 2,09 2,63 2,83 -20,3%
Kohustiste osatähtsus koguvarast % 54,81 57,78 60,56 -5,1%
Omakapitali puhasrentaablus % 4,70 6,30 7,33 -25,5%
Lühiajaliste kohustiste kattekordaja 5,87 6,28 6,98 -6,5%
Maksevõime kordaja 5,83 6,24 6,93 -6,6%
Investeeringud põhivarasse 3,59 3,41 0,85 5,2%
Dividendide väljamaksmise määr % na na na 0,0%
-------------------------------------------------------------------------------
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 I kvartal I kvartal 12 kuud
tuhandetes eurodes 2020 2019 2019
Müügitulu 13 180 14 664 63 423
Müüdud toodete/teenuste kulud -7 123 -6 404 -29 470
------------------------------------------------------------------------
BRUTOKASUM 6 057 8 260 33 953
Turustuskulud -117 -112 -390
Üldhalduskulud -1 295 -1 261 -5 689
Muud äritulud/-kulud (-) 1 025 6 4 201
------------------------------------------------------------------------
ÄRIKASUM 5 670 6 893 32 075
Intressitulud 12 8 38
Intressikulud -127 -216 -809
KASUM ENNE TULUMAKSUSTAMIST 5 555 6 685 31 304
Dividendide tulumaks 0 0 -3 544
PERIOODI PUHASKASUM 5 555 6 685 27 760
------------------------------------------------------------------------
PERIOODI KOONDKASUM 5 555 6 685 27 760
Jaotatav kasum:
------------------------------------------------------------------------
A- aktsia omanikele 5 554 6 684 27 759
B- aktsia omanikule 0,60 0,60 0,60
Kasum A aktsia kohta (eurodes) 0,28 0,33 1,39
Kasum B aktsia kohta (eurodes) 600 600 600
FINANTSSEISUNDI ARUANNE
tuhandetes eurodes 31.03.20 31.03.19 31.12.2019
VARAD
KÄIBEVARA
-------------------------------------------------------------------------------
Raha ja raha ekvivalendid 68 658 68 828 64 775
Nõuded ostjate vastu, viitlaekumised ja
ettemaksed 6 277 7 390 7 239
Varud 602 537 504
-------------------------------------------------------------------------------
KÄIBEVARA KOKKU 75 537 76 755 72 518
PÕHIVARA
-------------------------------------------------------------------------------
Materiaalne põhivara 191 732 181 835 189 627
Immateriaalne põhivara 666 623 710
-------------------------------------------------------------------------------
PÕHIVARA KOKKU 192 398 182 458 190 337
-------------------------------------------------------------------------------
VARAD KOKKU 267 935 259 213 262 855
KOHUSTISED JA OMAKAPITAL
LÜHIAJALISED KOHUSTISED
-------------------------------------------------------------------------------
Pikaajaliste rendikohustiste lühiajaline osa 362 421 352
Pikaajaliste laenukohustiste lühiajaline osa 3 631 3 631 3 631
Võlad hankijatele ja muud võlad 6 721 5 694 6 718
Tuletisinstrumendid 158 139 221
Ettemaksed 1 990 2 334 2 323
-------------------------------------------------------------------------------
LÜHIAJALISED KOHUSTISED KOKKU 12 862 12 219 13 245
PIKAAJALISED KOHUSTISED
-------------------------------------------------------------------------------
Tulevaste perioodide tulu liitumistasudelt 31 902 25 792 31 070
Rendikohustised 1 231 1 138 964
Laenukohustised 87 597 91 299 87 592
Tuletisinstrumendid 0 201 0
Eraldis võimalike kolmandate osapoolte nõuete
katteks 13 238 19 068 14 442
Muud võlad 26 46 18
-------------------------------------------------------------------------------
PIKAAJALISED KOHUSTISED KOKKU 133 994 137 544 134 086
-------------------------------------------------------------------------------
KOHUSTISED KOKKU 146 856 149 763 147 331
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 83 067 71 438 77 512
-------------------------------------------------------------------------------
OMAKAPITAL KOKKU 121 079 109 450 115 524
-------------------------------------------------------------------------------
KOHUSTISED JA OMAKAPITAL KOKKU 267 935 259 213 262 855
RAHAVOOGUDE ARUANNE 3 kuud 3 kuud 12 kuud
tuhandetes eurodes 2020 2019 2019
ÄRITEGEVUSE RAHAVOOD
-------------------------------------------------------------------------------
Ärikasum 5 670 6 893 32 075
Korrigeerimine kulumiga 1 510 1 502 6 109
Korrigeerimine rajamistuludega -111 -86 -389
Muud mitterahalised korrigeerimised -1 204 0 -4 624
Kasum (-)/kahjum (+) põhivara müügist ja
mahakandmisest -11 -5 138
Äritegevusega seotud käibevara muutus 865 208 391
Äritegevusega seotud kohustiste muutus 162 -224 318
-------------------------------------------------------------------------------
ÄRITEGEVUSE RAHAVOOD KOKKU 6 881 8 288 34 018
INVESTEERIMISTEGEVUSE RAHAVOOD
-------------------------------------------------------------------------------
Põhivara soetamine -2 986 -1 670 -10 441
Torustike ehituse eest saadud kompensatsioonid, sh
liitumiste rajamistulud 275 787 3 010
Põhivara müügitulu 28 7 24
Saadud intressid 11 7 36
-------------------------------------------------------------------------------
INVESTEERIMISTEGEVUSE RAHAVOOD KOKKU -2 672 -869 -7 371
FINANTSEERIMISTEGEVUSE RAHAVOOD
-------------------------------------------------------------------------------
Makstud intressid ja laenu finantseerimise kulud, sh
swapi intressid -173 -258 -1 056
Tasutud rendimaksed -153 -102 -404
Võetud laenud 0 0 37 500
Tasutud laenud 0 0 -41 136
Tasutud dividendid 0 0 -14 965
Tasutud kinnipeetud tulumaks dividendidelt 0 0 -36
Tasutud tulumaks dividendidelt 0 0 -3 544
-------------------------------------------------------------------------------
FINANTSEERIMISTEGEVUSE RAHAVOOD KOKKU -326 -360 -23 641
-------------------------------------------------------------------------------
RAHA JA RAHA EKVIVALENTIDE MUUTUS 3 883 7 059 3 006
-------------------------------------------------------------------------------
RAHA JA RAHA EKVIVALENDID PERIOODI ALGUSES 64 775 61 769 61 769
-------------------------------------------------------------------------------
RAHA JA RAHA EKVIVALENDID PERIOODI LÕPUS 68 658 68 828 64 775
Karl Heino Brookes
Juhatuse esimees
+372 62 62 200
[email protected] (https://www.globenewswire.com/Tracker?data=ylcNe-
3F3FLka4eLvHeGMcRuXyAA2xSI9Gq80foEdoKuI79SQ0EvoV5ycfpP4_5vynG5KKdwi9U4XaRB6YWWsb
bMaNNvI-4YHIKk5uR0t4E=)
Content of announcement in English
Title
AS Tallinna Vesi´s financial results for the 1st quarter of 2020
Message
AS Tallinna Vesi's sales revenues in the 1(st) quarter of 2020 were EUR13.18
million, showing a 10.1% decrease year-on-year. From 1 December 2019 the
domestic tariffs in the main services area decreased on average 27% and
commercial tariffs 15%.
In comparison with the last year, the total water services consumption was
higher in the 1(st) quarter of 2020, however, since the middle of March, the
coronavirus has been having an adverse impact on consumption. The 22.6% lower
sales revenue from private customers in the 1(st) quarter of 2020 was mainly
attributable to the 27% reduction in the tariffs, whereas, the consumption of
private customers increased. The sales revenue from commercial customers dropped
by 17.1% year-on-year. The tariffs for commercial customers fell by 15% starting
from December 2019 and the consumption of commercial customers has decreased
since the middle of March.
9% of the sales comprise of construction and other services revenues, which
increased by 83.0% to EUR1.19 million.
The gross profit in the 1(st) quarter of 2020 decreased by 26.7% or EUR2.20
million to EUR6.06 million being impacted by lower water and wastewater revenues
from private and commercial customers within the service area, mostly affected
by new tariffs from 1 December 2019 accompanied by higher staff costs and other
costs of goods sold.
The operating profit decreased year-on-year by 17.7% or EUR1.22 million to EUR5.67
million. Besides above-mentioned changes in gross profit, the operating profit
was impacted by EUR1.20 million positive change in the provision for third-party
claims in ?the 1(st) quarter of 2020.
The net profit for the 1(st) quarter of 2020 was EUR5.56 million, showing a
decrease by 16.9% or EUR1.13 million, being additionally impacted by lower net
financial expenses.
Dividend proposal
Supervisory Board of AS Tallinna Vesi has also approved the dividend proposal to
pay the shareholders a dividend of EUR1.00 per A-share and EUR600 per B-share for
the financial year of 2019. The proposal will be submitted for approval to the
Annual General Meeting of Shareholders on 28 May 2020. The share capital of the
Company consists of 20 million A-shares and 1 preference share i.e. B-share.
Company´s retained profits as of 31 December 2019 were EUR77,512,000, including
the net profit for 2019 in the amount of EUR27,760,000. The proposed dividend
payment amounts to EUR20,000,600.
Subject to approval at the Annual General Meeting, the dividend payment will be
made on 28 June 2020 and the list of shareholders entitled to receive dividends
is fixed based on the share ledger as at 23.59 on 12 June 2020.
MAIN FINANCIAL INDICATORS
1(st) quarter
EUR million,
except key ratios 2020 2019 2018 Change 2020/ 2019
-------------------------------------------------------------------------------
Sales 13.18 14.66 14.08 -10.1%
Gross profit 6.06 8.26 8.32 -26.7%
Gross profit margin % 45.96 56.33 59.10 -18.4%
Operating profit before depreciation and
amortisation 7.18 8.39 8.22 -14.5%
Operating profit before depreciation and
amortisation margin % 54.48 57.24 58.40 -4.8%
Operating profit 5.67 6.89 6.80 -17.7%
Operating profit - main business 5.62 6.78 6.74 -17.0%
Operating profit margin % 43.02 47.01 48.29 -8.5%
Profit before taxes 5.56 6.69 6.53 -16.9%
Profit before taxes margin % 42.15 45.59 46.42 -7.5%
Net profit 5.56 6.68 6.53 -16.9%
Net profit margin % 42.15 45.58 46.42 -7.5%
ROA % 2.09 2.63 2.83 -20.3%
Debt to total capital employed % 54.81 57.78 60.56 -5.1%
ROE % 4.70 6.30 7.33 -25.5%
Current ratio 5.87 6.28 6.98 -6.5%
Quick ratio 5.83 6.24 6.93 -6.6%
Investments into fixed assets 3.59 3.41 0.85 5.2%
Payout ratio % na na na 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 INCOME 1st quarter 1st quarter 12 months
EUR thousand 2020 2019 2019
Revenue 13 180 14 664 63 423
Cost of goods and services sold -7 123 -6 404 -29 470
-------------------------------------------------------------------------
GROSS PROFIT 6 057 8 260 33 953
Marketing expenses -117 -112 -390
General administration expenses -1 295 -1 261 -5 689
Other income/ expenses (-) 1 025 6 4 201
-------------------------------------------------------------------------
OPERATING PROFIT 5 670 6 893 32 075
Financial income 12 8 38
Financial expenses -127 -216 -809
PROFIT BEFORE TAXES 5 555 6 685 31 304
Income tax on dividends 0 0 -3 544
NET PROFIT FOR THE PERIOD 5 555 6 685 27 760
-------------------------------------------------------------------------
COMPREHENSIVE INCOME FOR THE PERIOD 5 555 6 685 27 760
Attributable profit to:
-------------------------------------------------------------------------
Equity holders of A-shares 5 554 6 684 27 759
B-share holder 0,60 0,60 0,60
Earnings per A share (in euros) 0,28 0,33 1,39
Earnings per B share (in euros) 600 600 600
STATEMENT OF FINANCIAL POSITION
EUR thousand 31/03/2020 31/03/2019 31/12/2019
ASSETS
CURRENT ASSETS
-------------------------------------------------------------------------------
Cash and cash equivalents 68 658 68 828 64 775
Trade receivables, accrued income and
prepaid expenses 6 277 7 390 7 239
Inventories 602 537 504
-------------------------------------------------------------------------------
TOTAL CURRENT ASSETS 75 537 76 755 72 518
NON-CURRENT ASSETS
-------------------------------------------------------------------------------
Property, plant and equipment 191 732 181 835 189 627
Intangible assets 666 623 710
-------------------------------------------------------------------------------
TOTAL NON-CURRENT ASSETS 192 398 182 458 190 337
-------------------------------------------------------------------------------
TOTAL ASSETS 267 935 259 213 262 855
LIABILITIES AND EQUITY
CURRENT LIABILITIES
-------------------------------------------------------------------------------
Current portion of long-term lease
liabilities 362 421 352
Current portion of long-term bank loans 3 631 3 631 3 631
Trade and other payables 6 721 5 694 6 718
Derivatives 158 139 221
Prepayments 1 990 2 334 2 323
-------------------------------------------------------------------------------
TOTAL CURRENT LIABILITIES 12 862 12 219 13 245
NON-CURRENT LIABILITIES
-------------------------------------------------------------------------------
Deferred income from connection fees 31 902 25 792 31 070
Leases 1 231 1 138 964
Loans 87 597 91 299 87 592
Derivatives 0 201 0
Provision for possible third party claims 13 238 19 068 14 442
Other payables 26 46 18
-------------------------------------------------------------------------------
TOTAL NON-CURRENT LIABILITIES 133 994 137 544 134 086
-------------------------------------------------------------------------------
TOTAL LIABILITIES 146 856 149 763 147 331
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 83 067 71 438 77 512
-------------------------------------------------------------------------------
TOTAL EQUITY 121 079 109 450 115 524
-------------------------------------------------------------------------------
TOTAL LIABILITIES AND EQUITY 267 935 259 213 262 855
CASH FLOWS STATEMENT 3 months 3 months 12 months
EUR thousand 2020 2019 2019
CASH FLOWS FROM OPERATING ACTIVITIES
-------------------------------------------------------------------------------
Operating profit 5 670 6 893 32 075
Adjustment for depreciation/amortisation 1 510 1 502 6 109
Adjustment for revenues from connection fees -111 -86 -389
Other non-cash adjustments -1 204 0 -4 624
Profit/loss(+) from sale and write off of
property, plant and equipment, and intangible
assets -11 -5 138
Change in current assets involved in operating
activities 865 208 391
Change in liabilities involved in operating
activities 162 -224 318
-------------------------------------------------------------------------------
TOTAL CASH FLOWS FROM OPERATING ACTIVITIES 6 881 8 288 34 018
CASH FLOWS USED IN INVESTING ACTIVITIES
-------------------------------------------------------------------------------
Acquisition of property, plant and equipment,
and intangible assets -2 986 -1 670 -10 441
Compensations received for construction of
pipelines, incl connection fees 275 787 3 010
Proceeds from sales of property, plant and
equipment and intangible assets 28 7 24
Interest received 11 7 36
-------------------------------------------------------------------------------
TOTAL CASH FLOWS USED IN INVESTING ACTIVITIES -2 672 -869 -7 371
CASH FLOWS USE D IN FINANCING ACTIVITIES
-------------------------------------------------------------------------------
Interest paid and loan financing costs, incl
swap interests -173 -258 -1 056
Lease payments -153 -102 -404
Received loans 0 0 37 500
Repayment of loans 0 0 -41 136
Dividends paid 0 0 -14 965
Withheld income tax paid on dividends 0 0 -36
Income tax paid on dividends 0 0 -3 544
-------------------------------------------------------------------------------
TOTAL CASH FLOW USED IN FINANCING ACTIVITIES -326 -360 -23 641
-------------------------------------------------------------------------------
CHANGE IN CASH AND CASH EQUIVALENTS 3 883 7 059 3 006
-------------------------------------------------------------------------------
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF
THE PERIOD 64 775 61 769 61 769
-------------------------------------------------------------------------------
CASH AND CASH EQUIVALENTS AT THE END OF THE
PERIOD 68 658 68 828 64 775
Karl Heino Brookes
Chairman of the Management Board
+372 62 62 200
[email protected] (https://www.globenewswire.com/Tracker?data=ylcNe-
3F3FLka4eLvHeGMcRuXyAA2xSI9Gq80foEdoKuI79SQ0EvoV5ycfpP4_5vynG5KKdwi9U4XaRB6YWWsb
bMaNNvI-4YHIKk5uR0t4E=)