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
8768
Attachments
Submission date and time
30.04.2021 09:00:00
Content of announcement in Estonian
Title
AS-i Tallinna Vesi 2021. aasta esimese kvartali finantstulemused
Message
AS-i Tallinna Vesi 2021. aasta esimese kvartali müügitulu oli 11,78 miljonit eurot, kahanedes 2020. aasta sama perioodiga võrreldes 10,6%. Müügitulu vähenemise põhjustas koroonapiirangute tõttu vähenenud äriklientide tarbimine. Veetarbimise kasv kodudes suurendas mõnevõrra eraklientidele müüdud teenustest saadud tulu. Põhitegevuspiirkonna eraklientidele müüdud teenustest saadud tulu suurenes 1,7% võrra, ulatudes 5,11 miljoni euroni. Muutuse põhjustas koroonapiirangute tõttu vähenenud äriklientide tarbimine ning seeläbi eraklientide kodumajapidamiste tarbimise kasv. Põhitegevuspiirkonna äriklientidele müüdud teenustest saadud tulu vähenes 21,5% võrra 3,26 miljoni euroni, mis tulenes veeteenuste tarbimise vähenemisest 0,89 miljoni euro võrra. Kõige rohkem on pandeemia mõjutanud majutus- ja vabaajaasutuste veetarbimist. Müügitulu vähenemise tulemusena langes ka 2021. aasta esimese kvartali brutokasum, mis oli 5,18 miljonit eurot ehk vähenes 14,5%. Ettevõtte ärikasum oli 4,66 miljonit eurot, mis on 1,01 miljonit eurot vähem kui aasta tagasi. Ärikasumit mõjutas samuti eelkõige äriklientide tarbimismahtude kahanemisest tingitud müügitulu vähenemine. Ettevõtte puhaskasum oli 2021. aasta esimeses kvartalis 4,55 miljonit eurot, mis on 1,01 miljoni võrra vähem kui 2020. aasta samal perioodil. Muutus puhaskasumis tulenes peamiselt ärikasumi vähenemisest. Lisaks vähendas puhaskasumit edasilükkunud tulumaksukulu. Samal ajal avaldasid positiivset mõju madalamad intressikulud. Lumine talv mõjutas ehitusteenuste müüki võrreldes eelmise aastaga: tütarettevõte Watercom jätkas esimeses kvartalis 2020. aastal võidetud projektide ehitust Tallinnas ja teistes Eesti piirkondades. Ehitusteenuste müügitulu oli esimeses kvartalis 0,76 miljonit eurot, mis tähendab eelmise aasta sama perioodiga võrreldes 25,7%-list vähenemist. Tulude kahanemine oli eelkõige seotud torustike ehitusteenuste vähenemisega, mida osaliselt tasakaalustas teede ehitusest saadud tulude suurenemine. PÕHILISED FINANTSNÄITAJAD mln eurot, 1. kvartal v.a suhtarvud 2021 2020 2019 Muutus 2021/ 2020 ------------------------------------------------------------------------------- Müügitulu 11,78 13,18 14,66 -10,6% Brutokasum 5,18 6,06 8,26 -14,5% Brutokasumi marginaal % 43,97 45,96 56,33 -4,3% Amortisatsioonieelne ärikasum 6,23 7,18 8,39 -13,3% Amortisatsioonieelse ärikasumi marginaal % 52,83 54,48 57,24 -3,0% Ärikasum 4,66 5,67 6,89 -17,8% Ärikasum - põhitegevus 4,50 5,62 6,78 -20,0% Ärikasumi marginaal % 39,55 43,02 47,00 -8,1% Kasum enne tulumaksustamist 4,57 5,56 6,68 -17,7% Maksustamiseelse kasumi marginaal % 38,78 42,15 45,58 -8,0% Puhaskasum 4,55 5,56 1,01 -18,1% Puhaskasumi marginaal % 38,59 42,15 45,58 -8,4% Vara puhasrentaablus % 1,77 2,09 2,74 -15,5% Kohustiste osatähtsus koguvarast % 54,83 54,81 57,78 0,0% Omakapitali puhasrentaablus % 3,97 4,70 6,85 -15,4% Lühiajaliste kohustiste kattekordaja 4,48 5,87 6,28 -23,7% Maksevõime kordaja 4,42 5,83 6,24 -24,2% Investeeringud põhivarasse 2,28 3,59 3,41 -36,5% Dividendide väljamaksmise määr % na na 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 I kvartal I kvartal 12 kuud tuhat eurot 2021 2020 2020 Müügitulu 11 784 13 180 51 717 Müüdud toodete/teenuste kulud -6 603 -7 123 -29 491 ------------------------------------------------------------------------- BRUTOKASUM 5 181 6 057 22 226 Turustuskulud -121 -117 -433 Üldhalduskulud -1 551 -1 295 -4 576 Muud äritulud (+)/-kulud (-) 1 151 1 025 4 567 ------------------------------------------------------------------------- ÄRIKASUM 4 660 5 670 21 784 Intressitulud 5 12 31 Intressikulud -95 -127 -473 Muud finantstulud (+)/-kulud (-) ------------------------------------------------------------------------- KASUM ENNE TULUMAKSUSTAMIST 4 570 5 555 21 342 Dividendide tulumaks -21 0 -4 610 PERIOODI PUHASKASUM 4 549 5 555 16 732 ------------------------------------------------------------------------- PERIOODI KOONDKASUM 4 549 5 555 16 732 Jaotatav kasum: ------------------------------------------------------------------------- A-aktsia omanikele 4 548 5 554 16 731 B-aktsia omanikule 0,60 0,60 0,60 0,00 0,00 0,00 Kasum A-aktsia kohta (eurodes) 0,23 0,28 0,84 Kasum B-aktsia kohta (eurodes) 600 600 600 FINANTSSEISUNDI ARUANNE tuhat eurot 31.03.2021 31.03.2020 31.12.2020 VARAD KÄIBEVARA ------------------------------------------------------------------------------- Raha ja raha ekvivalendid 47 122 68 658 44 514 Nõuded ostjate vastu, viitlaekumised ja ettemaksed 6 514 6 277 7 019 Varud 809 602 701 ------------------------------------------------------------------------------- KÄIBEVARA KOKKU 54 445 75 537 52 234 PÕHIVARA ------------------------------------------------------------------------------- Materiaalne põhivara 203 516 191 732 202 802 Immateriaalne põhivara 634 666 629 ------------------------------------------------------------------------------- PÕHIVARA KOKKU 204 150 192 398 203 431 ------------------------------------------------------------------------------- VARAD KOKKU 258 595 267 935 255 665 KOHUSTISED JA OMAKAPITAL LÜHIAJALISED KOHUSTISED ------------------------------------------------------------------------------- Pikaajaliste rendikohustiste lühiajaline osa 393 362 393 Pikaajaliste laenukohustiste lühiajaline osa 3 630 3 631 3 630 Võlad hankijatele ja muud võlad 5 943 6 721 7 084 Tuletisinstrumendid 0 158 0 Ettemaksed 2 182 1 990 2 445 ------------------------------------------------------------------------------- LÜHIAJALISED KOHUSTISED KOKKU 12 148 12 862 13 552 PIKAAJALISED KOHUSTISED ------------------------------------------------------------------------------- Tulevaste perioodide tulu liitumistasudelt 35 611 31 902 34 564 Rendikohustised 1 331 1 231 1 400 Laenukohustised 83 966 87 597 83 978 Eraldis võimalike kolmandate osapoolte nõuete katteks 8 424 13 238 9 628 Edasilükkunud tulumaks 276 0 255 Muud võlad 35 26 32 ------------------------------------------------------------------------------- PIKAAJALISED KOHUSTISED KOKKU 129 643 133 994 129 857 ------------------------------------------------------------------------------- KOHUSTISED KOKKU 141 791 146 856 143 409 OMAKAPITAL ------------------------------------------------------------------------------- Aktsiakapital 12 000 12 000 12 000 Ülekurss 24 734 24 734 24 734 Kohustuslik reservkapital 1 278 1 278 1 279 Jaotamata kasum 78 792 83 067 74 243 ------------------------------------------------------------------------------- OMAKAPITAL KOKKU 116 804 121 079 112 256 ------------------------------------------------------------------------------- KOHUSTISED JA OMAKAPITAL KOKKU 258 595 267 935 255 665 RAHAVOOGUDE ARUANNE 3 kuud 3 kuud 12 kuud tuhat eurot 2021 2020 2020 ÄRITEGEVUSE RAHAVOOD ------------------------------------------------------------------------------- Ärikasum 4 660 5 670 21 784 Korrigeerimine kulumiga 1 567 1 510 6 283 Korrigeerimine rajamistuludega -125 -111 -542 Muud mitterahalised korrigeerimised -1 204 -1 204 -4 814 Kasum (-)/kahjum (+) põhivara müügist ja mahakandmisest 0 -11 -14 Äritegevusega seotud käibevara muutus 402 865 140 Äritegevusega seotud kohustiste muutus -54 162 -215 ------------------------------------------------------------------------------- ÄRITEGEVUSE RAHAVOOD KOKKU 5 246 6 881 22 622 INVESTEERIMISTEGEVUSE RAHAVOOD ------------------------------------------------------------------------------- Põhivara soetamine -2 923 -2 986 -15 682 Torustike ehituse eest saadud kompensatsioonid, sh liitumiste rajamistulud 508 275 1 998 Põhivara müügitulu 0 28 32 Saadud intressid 1 11 35 ------------------------------------------------------------------------------- INVESTEERIMISTEGEVUSE RAHAVOOD KOKKU -2 414 -2 672 -13 617 FINANTSEERIMISTEGEVUSE RAHAVOOD ------------------------------------------------------------------------------- Tasutud intressid ja laenu finantseerimise kulud, sh swap-intressid -121 -173 -719 Tasutud rendimaksed -102 -153 -555 Saadud laenud 0 0 0 Tasutud laenud 0 0 -3 636 Tasutud dividendid 0 0 -19 888 Tasutud kinnipeetud tulumaks dividendidelt 0 0 -113 Tasutud tulumaks dividendidelt 0 0 -4 355 ------------------------------------------------------------------------------- FINANTSEERIMISTEGEVUSE RAHAVOOD KOKKU -223 -326 -29 266 ------------------------------------------------------------------------------- RAHA JA RAHA EKVIVALENTIDE MUUTUS 2 609 3 883 -20 261 ------------------------------------------------------------------------------- RAHA JA RAHA EKVIVALENDID PERIOODI ALGUSES 44 514 64 775 64 775 ------------------------------------------------------------------------------- RAHA JA RAHA EKVIVALENDID PERIOODI LÕPUS 47 123 68 658 44 514 Kristi Ojakäär Juhatuse liige +372 62 62 200 [email protected] (mailto:[email protected]) Aleksandr Timofejev Juhatuse liige +372 62 62 200 [email protected] (mailto:[email protected])
Content of announcement in English
Title
AS Tallinna Vesi´s financial results for the 1st quarter of 2021
Message
AS Tallinna Vesi's sales revenue for the first quarter of 2021 was EUR11.78
million, showing 10.6% reduction on the same period last year. The revenues
reflect lower commercial consumption brought about by the COVID-19 restrictions,
whereas higher domestic consumption gave a slight increase in the sales revenue
from private customers.
Sales to private customers in the main service area increased by 1.7% to EUR5.11
million, due to reduced consumption of businesses and higher household
consumption, both of which were attributable to the COVID-19 restrictions.
In the main service area, the sales revenue from commercial customers dropped by
21.5% to EUR3.26 million as a result of their consumption being lower by EUR0.89
million. The hospitality sector has seen the greatest impact from the pandemic,
affecting the volumes of the water services provided by the Company.
The gross profit for the 1(st) quarter of 2021 was EUR5.18 million, being 14.5%
lower due to reduced sales revenue. The operating profit was EUR4.66 million,
having decreased by EUR1.01 compared to the same period last year. The main factor
impacting the operating profit was lower sales revenue resulting from decreased
consumption.
The net profit for the 1(st) quarter of 2021 was EUR4.55 million, showing a
decrease of EUR1.01 million compared to the same period of 2020. The decline in
the net profit was predominantly a consequence of lower operating profits.
Deferred tax also contributed to the decrease in net profit, whilst lower
interest costs had a positive impact on profitability.
Snowy winter made an impact on the construction revenues in comparison with the
previous year: in the 1(st) quarter, subsidiary OÜ Watercom continued to work on
the projects secured in 2020, both in Tallinn and across Estonia. The sales
revenue from constructions services for the 1(st) quarter was EUR0.76 million,
indicating a 25.7% decline compared to the same period of 2020. The decrease in
revenue was primarily related to a lower revenue from pipe construction
services, which were partly balanced by higher revenues from road construction
services.
MAIN FINANCIAL INDICATORS
1(st) quarter
EUR million,
except key ratios 2021 2020 2019 Change 2021/ 2020
-------------------------------------------------------------------------------
Sales 11.78 13.18 14.66 -10.6%
Gross profit 5.18 6.06 8.26 -14.5%
Gross profit margin % 43.97 45.96 56.33 -4.3%
Operating profit before depreciation and
amortisation 6.23 7.18 8.39 -13.3%
Operating profit before depreciation and
amortisation margin % 52.83 54.48 57.24 -3.0%
Operating profit 4.66 5.67 6.89 -17.8%
Operating profit - main business 4.50 5.62 6.78 -20.0%
Operating profit margin % 39.55 43.02 47.00 -8.1%
Profit before taxes 4.57 5.56 6.68 -17.7%
Profit before taxes margin % 38.78 42.15 45.58 -8.0%
Net profit 4.55 5.56 1.01 -18.1%
Net profit margin % 38.59 42.15 45.58 -8.4%
ROA % 1.77 2.09 2.74 -15.5%
Debt to total capital employed % 54.83 54.81 57.78 0.0%
ROE % 3.97 4.70 6.85 -15.4%
Current ratio 4.48 5.87 6.28 -23.7%
Quick ratio 4.42 5.83 6.24 -24.2%
Investments into fixed assets 2.28 3.59 3.41 -36.5%
Payout ratio % na na 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 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 2021 2020 2020
Revenue 11,784 13,180 51,717
Cost of goods and services sold -6,603 -7,123 -29,491
------------------------------------------------------------------------
GROSS PROFIT 5,181 6,057 22,226
Marketing expenses -121 -117 -433
General administration expenses -1,551 -1,295 -4,576
Other income (+)/ expenses (-) 1,151 1,025 4,567
------------------------------------------------------------------------
OPERATING PROFIT 4,660 5,670 21,784
Financial income 5 12 31
Financial expenses -95 -127 -473
PROFIT BEFORE TAXES 4,570 5,555 21,342
Income tax on dividends -21 0 -4,610
NET PROFIT FOR THE PERIOD 4,549 5,555 16,732
------------------------------------------------------------------------
COMPREHENSIVE INCOME FOR THE PERIOD 4,549 5,555 16,732
Attributable profit to:
------------------------------------------------------------------------
Equity holders of A-shares 4,548 5,554 16,731
B-share holder 0.60 0.60 0.60
Earnings per A share (in euros) 0.23 0.28 0.84
Earnings per B share (in euros) 600 600 600
STATEMENT OF FINANCIAL POSITION
EUR thousand 31/03/2021 31/03/2020 31/12/2020
ASSETS
CURRENT ASSETS
-------------------------------------------------------------------------------
Cash and cash equivalents 47,122 68,658 44,514
Trade receivables. accrued income and
prepaid expenses 6,514 6,277 7,019
Inventories 809 602 701
-------------------------------------------------------------------------------
TOTAL CURRENT ASSETS 54,445 75,537 52,234
NON-CURRENT ASSETS
-------------------------------------------------------------------------------
Property. plant and equipment 203,516 191,732 202,802
Intangible assets 634 666 629
-------------------------------------------------------------------------------
TOTAL NON-CURRENT ASSETS 204,150 192,398 203,431
-------------------------------------------------------------------------------
TOTAL ASSETS 258,595 267,935 255,665
LIABILITIES AND EQUITY
CURRENT LIABILITIES
-------------------------------------------------------------------------------
Current portion of long-term lease
liabilities 393 362 393
Current portion of long-term loans 3,630 3,631 3,630
Trade and other payables 5,943 6,721 7,084
Derivatives 0 158 0
Prepayments 2,182 1,990 2,445
-------------------------------------------------------------------------------
TOTAL CURRENT LIABILITIES 12,148 12,862 13,552
NON-CURRENT LIABILITIES
-------------------------------------------------------------------------------
Deferred income from connection fees 35,611 31,902 34,564
Leases 1,331 1,231 1,400
Loans 83,966 87,597 83,978
Provision for possible third-party claims 8,424 13,238 9,628
Deferred tax liability 276 0 255
Other payables 35 26 32
-------------------------------------------------------------------------------
TOTAL NON-CURRENT LIABILITIES 129,643 133,994 129,857
-------------------------------------------------------------------------------
TOTAL LIABILITIES 141,791 146,856 143,409
EQUITY
-------------------------------------------------------------------------------
Share capital 12,000 12,000 12,000
Share premium 24,734 24,734 24,734
Statutory legal reserve 1,278 1,278 1,279
Retained earnings 78,792 83,067 74,243
-------------------------------------------------------------------------------
TOTAL EQUITY 116,804 121,079 112,256
-------------------------------------------------------------------------------
TOTAL LIABILITIES AND EQUITY 258,595 267,935 255,665
CASH FLOWS STATEMENT 3 months 3 months 12 months
EUR thousand 2021 2020 2020
CASH FLOWS FROM OPERATING ACTIVITIES
-------------------------------------------------------------------------------
Operating profit 4,660 5,670 21,784
Adjustment for depreciation/amortisation 1,567 1,510 6,283
Adjustment for revenues from connection fees -125 -111 -542
Other non-cash adjustments -1,204 -1,204 -4,814
Profit/loss(+) from sale and write off of
property. plant and equipment. and intangible
assets 0 -11 -14
Change in current assets involved in operating
activities 402 865 140
Change in liabilities involved in operating
activities -54 162 -215
-------------------------------------------------------------------------------
TOTAL CASH FLOWS FROM OPERATING ACTIVITIES 5,246 6,881 22,622
CASH FLOWS USED IN INVESTING ACTIVITIES
-------------------------------------------------------------------------------
Acquisition of property. plant and equipment.
and intangible assets -2,923 -2,986 -15,682
Compensations received for construction of
pipelines. incl connection fees 508 275 1,998
Proceeds from sales of property. plant and
equipment and intangible assets 0 28 32
Interest received 1 11 35
-------------------------------------------------------------------------------
TOTAL CASH FLOWS USED IN INVESTING ACTIVITIES -2,414 -2,672 -13,617
CASH FLOWS USE D IN FINANCING ACTIVITIES
-------------------------------------------------------------------------------
Interest paid and loan financing costs. incl
swap interests -121 -173 -719
Lease payments -102 -153 -555
Received loans 0 0 0
Repayment of loans 0 0 -3,636
Dividends paid 0 0 -19,888
Withheld income tax paid on dividends 0 0 -113
Income tax paid on dividends 0 0 -4,355
-------------------------------------------------------------------------------
TOTAL CASH FLOW USED IN FINANCING ACTIVITIES -223 -326 -29,266
-------------------------------------------------------------------------------
CHANGE IN CASH AND CASH EQUIVALENTS 2,609 3,883 -20,261
-------------------------------------------------------------------------------
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF
THE PERIOD 44,514 64,775 64,775
-------------------------------------------------------------------------------
CASH AND CASH EQUIVALENTS AT THE END OF THE
PERIOD 47,123 68,658 44,514
Kristi Ojakäär
Member of the Management Board
+372 62 62 200
[email protected] (mailto:[email protected])
Aleksandr Timofejev
Member of the Management Board
+372 62 62 200
[email protected] (mailto:[email protected])