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
8968
Attachments
Submission date and time
30.07.2021 09:00:00
Content of announcement in Estonian
Title
AS-i Tallinna Vesi 2021. aasta teise kvartali finantstulemused
Message
AS-i Tallinna Vesi 2021. aasta teise kvartali müügitulu oli 12,97 miljonit
eurot, suurenedes 2020. aasta sama perioodiga võrreldes 7,3%. Müügitulu kasvu
põhjustas leebematest koroonapiirangutest tingitud äriklientide suurem
veetarbimine ning ehitusteenuste tulu suurenemine.
Põhitegevuspiirkonna eraklientidele müüdud teenustest saadud tulu vähenes 0,9%
võrra, ulatudes 5,10 miljoni euroni. Muutuse põhjustas aprilli lõpust leevenenud
koroonapiirangutest tulenev vähenenud kodumajapidamiste tarbimine.
Põhitegevuspiirkonna äriklientidele müüdud teenustest saadud tulu suurenes
17,2% võrra 3,46 miljoni euroni, mis tulenes veeteenuste tarbimise kasvust 0,51
miljoni euro võrra. Pandeemiaga seotud piirangute leevendamine aprilli lõpust
võimaldas hotellidel ja spaadel ning meelelahutusasutustel avaneda juunis ning
kontorites töötas rohkem inimesi.
Müügitulu suurenemine tulemusena tõusis ka 2021. aasta teise kvartali
brutokasum, mis oli 5,23 miljonit eurot ehk tõusis 10,5%. Ettevõtte ärikasum oli
5,20 miljonit eurot, mis on 0,61 miljonit eurot kõrgem kui aasta tagasi.
Ärikasumit mõjutas samuti eelkõige äriklientide tarbimismahtude kasvust tingitud
müügitulu suurenemine.
Ettevõtte puhaskasum oli 2021. aasta teises kvartalis 3,07 miljonit eurot, mis
on 2,92 miljoni võrra suurem kui 2020. aasta samal perioodil. Muutus
puhaskasumis tulenes peamiselt madalama dividendimaksega seotud maksukulust,
mida täiendasid ärikasumi suurenemine ja madalamad intressikulud.
Tütarettevõte Watercom ehitusteenuste müük kasvas võrreldes eelmise aastaga
teises kvartalis tänu 2020. aasta ja ka 2021. aasta esimese 6 kuu jooksul
toimunud hangete tulemusel võidetud torustike ja tee-ehituse projektidele
Tallinnas ja selle lähiümbruses. Ehitusteenuste müügitulu oli teises kvartalis
1,57 miljonit eurot, mis tähendab eelmise aasta sama perioodiga võrreldes 33,8%-
list kasvu.
PÕHILISED FINANTSNÄITAJAD
miljonites eurodes 2. kvartal 6 kuud
Muutus Muutus
v.a suhtarvud 2021 2020 2019 2021/ 2020 2021 2020 2019 2021/ 2020
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Müügitulu 12,97 12,09 16,15 7,3% 24,75 25,27 30,81 -2,0%
Brutokasum 5,23 4,73 8,79 10,5% 10,41 10,79 17,05 -3,5%
Brutokasumi
marginaal % 40,34 39,16 54,44 3,0% 42,07 42,70 55,34 -1,5%
Amortisatsioonieelne
ärikasum 6,80 6,14 8,07 10,8% 13,03 13,32 16,46 -2,2%
Amortisatsioonieelse
ärikasumi marginaal
% 52,44 50,76 49,96 3,3% 52,63 52,70 53,43 -0,1%
Ärikasum 5,20 4,59 6,60 13,2% 9,86 10,26 13,49 -3,9%
Ärikasum -
põhitegevus 4,96 4,32 6,40 15,0% 9,46 9,94 13,18 -4,8%
Ärikasumi marginaal
% 40,09 37,99 40,88 5,5% 39,83 40,61 43,79 -1,9%
Kasum enne
tulumaksustamist 5,11 4,51 6,34 13,4% 9,68 10,06 13,02 -3,8%
Maksustamiseelse
kasumi marginaal % 39,40 37,29 39,23 5,7% 39,10 39,82 42,25 -1,8%
Puhaskasum 3,07 0,15 2,79 1909,2% 7,62 5,71 9,48 33,5%
Puhaskasumi
marginaal % 23,70 1,27 17,29 1772,8% 30,80 22,59 30,75 36,3%
Vara puhasrentaablus
% 1,21 0,06 1,09 1950,1% 3,02 2,22 3,78 35,7%
Kohustiste
osatähtsus
koguvarast % 57,20 59,63 61,32 -4,1% 57,20 59,63 61,32 -4,1%
Omakapitali
puhasrentaablus % 2,75 0,14 2,70 1896,8% 6,96 5,27 9,48 32,1%
Lühiajaliste
kohustiste
kattekordaja 2,75 3,23 3,90 -14,9% 2,75 3,23 3,90 -14,9%
Maksevõime kordaja 2,69 3,18 3,87 -15,4% 2,69 3,18 3,87 -15,4%
Investeeringud
põhivarasse 3,35 4,27 2,70 -21,5% 5,63 7,85 6,11 -28,3%
Dividendide
väljamaksmise määr % na 77,70 72,05 na 77,70 72,05
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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 - veeteenustega seotud tegevused, v.a võrkude laiendamine ja
sihtfinantseerimine, ehitusteenused, lootusetud nõuded
KOONDKASUMIARUANNE II kvartal II kvartal 6 kuud 6 kuud 12 kuud
tuhandetes eurodes 2021 2020 2021 2020 2020
Müügitulu 12 968 12 089 24 752 25 269 51 717
Müüdud toodete/teenuste kulud -7 737 -7 355 -14 340 -14 478 -29 491
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BRUTOKASUM 5 231 4 734 10 412 10 791 22 226
Turustuskulud -104 -109 -224 -226 -433
Üldhalduskulud -992 -1 213 -2 544 -2 508 -4 576
Muud äritulud(+)/-kulud (-) 1 064 1 180 2 215 2 205 4 567
-------------------------------------------------------------------------------
ÄRIKASUM 5 199 4 592 9 859 10 262 21 784
Intressitulud 2 12 7 24 31
Intressikulud -91 -96 -187 -223 -473
Muud finantstulud (+)/ -kulud (-
)
-------------------------------------------------------------------------------
KASUM ENNE TULUMAKSUSTAMIST 5 110 4 508 9 679 10 063 21 342
Dividendide tulumaks -2 036 -4 355 -2 056 -4 355 -4 610
PERIOODI PUHASKASUM 3 074 153 7 623 5 708 16 732
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PERIOODI KOONDKASUM 3 074 153 7 623 5 708 16 732
Jaotatav kasum:
-------------------------------------------------------------------------------
A- aktsia omanikele 3 074 152 7 623 5 707 16 731
B- aktsia omanikule 0,00 0,60 0,00 0,60 0,60
0,00 0,00 0,00 0,00 0,00
Kasum A aktsia kohta (eurodes) 0,15 0,01 0,38 0,29 0,84
Kasum B aktsia kohta (eurodes) 0 600 0 600 600
FINANTSSEISUNDI ARUANNE
tuhandetes eurodes 30.06.2021 30.06.2020 31.12.2020
VARAD
KÄIBEVARA
-------------------------------------------------------------------------------
Raha ja raha ekvivalendid 37 011 48 826 44 514
Nõuded ostjate vastu, viitlaekumised ja
ettemaksed 5 990 6 081 7 019
Varud 835 742 701
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KÄIBEVARA KOKKU 43 836 55 649 52 234
PÕHIVARA
-------------------------------------------------------------------------------
Materiaalne põhivara 205 295 194 467 202 802
Immateriaalne põhivara 583 629 629
-------------------------------------------------------------------------------
PÕHIVARA KOKKU 205 878 195 096 203 431
-------------------------------------------------------------------------------
VARAD KOKKU 249 714 250 745 255 665
KOHUSTISED JA OMAKAPITAL
LÜHIAJALISED KOHUSTISED
-------------------------------------------------------------------------------
Pikaajaliste rendikohustiste lühiajaline
osa 390 493 393
Pikaajaliste laenukohustiste lühiajaline
osa 3 630 3 630 3 630
Võlad hankijatele ja muud võlad 9 067 10 828 7 084
Tuletisinstrumendid 0 70 0
Ettemaksed 2 880 2 233 2 445
-------------------------------------------------------------------------------
LÜHIAJALISED KOHUSTISED KOKKU 15 967 17 254 13 552
PIKAAJALISED KOHUSTISED
-------------------------------------------------------------------------------
Tulevaste perioodide tulu liitumistasudelt 35 988 32 865 34 564
Rendikohustised 1 277 1 552 1 400
Laenukohustised 82 154 85 785 83 978
Eraldis võimalike kolmandate osapoolte
nõuete katteks 7 221 12 035 9 628
Edasilükkunud tulumaks 195 0 255
Muud võlad 34 23 32
-------------------------------------------------------------------------------
PIKAAJALISED KOHUSTISED KOKKU 126 869 132 260 129 857
-------------------------------------------------------------------------------
KOHUSTISED KOKKU 142 836 149 514 143 409
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 68 866 63 219 74 243
-------------------------------------------------------------------------------
OMAKAPITAL KOKKU 106 878 101 231 112 256
-------------------------------------------------------------------------------
KOHUSTISED JA OMAKAPITAL KOKKU 249 714 250 745 255 665
RAHAVOOGUDE ARUANNE 6 kuud 6 kuud 12 kuud
tuhat eurot 2021 2020 2020
ÄRITEGEVUSE RAHAVOOD
-------------------------------------------------------------------------------
Ärikasum 9 859 10 262 21 784
Korrigeerimine kulumiga 3 168 3 054 6 283
Korrigeerimine rajamistuludega -251 -225 -542
Muud mitterahalised korrigeerimised -2 407 -2 407 -4 814
Kasum (-)/kahjum (+) põhivara müügist ja
mahakandmisest 0 -11 -14
Äritegevusega seotud käibevara muutus 892 938 140
Äritegevusega seotud kohustiste muutus 126 -481 -215
-------------------------------------------------------------------------------
ÄRITEGEVUSE RAHAVOOD KOKKU 11 387 11 130 22 622
INVESTEERIMISTEGEVUSE RAHAVOOD
-------------------------------------------------------------------------------
Põhivara soetamine -5 084 -5 450 -15 682
Torustike ehituse eest saadud kompensatsioonid, sh
liitumiste rajamistulud 1 351 718 1 998
Põhivara müügitulu 0 28 32
Saadud intressid 9 30 35
-------------------------------------------------------------------------------
INVESTEERIMISTEGEVUSE RAHAVOOD KOKKU -3 724 -4 674 -13 617
FINANTSEERIMISTEGEVUSE RAHAVOOD
-------------------------------------------------------------------------------
Tasutud intressid ja laenu finantseerimise kulud, sh
swap-intressid -204 -367 -719
Tasutud rendimaksed -205 -259 -555
Saadud laenud 0 0 0
Tasutud laenud -1 818 -1 818 -3 636
Tasutud dividendid -12 841 -19 888 -19 888
Tasutud kinnipeetud tulumaks dividendidelt 0 0 -113
Tasutud tulumaks dividendidelt -98 -73 -4 355
-------------------------------------------------------------------------------
FINANTSEERIMISTEGEVUSE RAHAVOOD KOKKU -15 166 -22 405 -29 266
-------------------------------------------------------------------------------
RAHA JA RAHA EKVIVALENTIDE MUUTUS -7 503 -15 949 -20 261
-------------------------------------------------------------------------------
RAHA JA RAHA EKVIVALENDID PERIOODI ALGUSES 44 514 64 775 64 775
-------------------------------------------------------------------------------
RAHA JA RAHA EKVIVALENDID PERIOODI LÕPUS 37 011 48 826 44 514
Aleksandr Timofejev
Tegevjuht
Juhatuse liige
+372 62 62 200
[email protected] (mailto:[email protected])
Kristi Ojakäär
Finantsdirektor
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 2nd quarter of 2021
Message
AS Tallinna Vesi's sales revenue for the second quarter of 2021 was EUR12.97 million, showing a 7.3% increase on the same period last year. The revenue was reflected by higher commercial consumption due to the easement of COVID-19 restrictions and increase in construction revenues. Sales to private customers in the main service area decreased by 0.9% to EUR5.10 million, due to reduced household consumption attributable to the easement of COVID-19 restrictions. In the main service area, the sales revenue from commercial customers increased by 17.2% to EUR3.46 million as a result of their consumption being higher by EUR0.51 million. As a result of relaxation of the pandemic restrictions the hospitality sector reopened in June, and less people were working from home. The gross profit for the 2(nd) quarter of 2021 was EUR5.23 million, being 10.5% higher due to increased sales revenue. The operating profit was EUR5.20 million, having increased by EUR0.61 compared to the same period last year. The main factor impacting the operating profit was higher sales revenue resulting from increased consumption of commercial customers. The net profit for the 2(nd) quarter of 2021 was EUR3.07 million, showing an increase of EUR2.92 million compared to the same period in 2020. The increase in the net profit was mainly impacted by lower dividend related tax cost, accompanied by higher operating profit and lower interest costs. In the second quarter of 2021 the construction revenue of subsidiary Watercom increased year-on-year due to pipe and road construction procurements won during 2020 and the first half of 2021 in Tallinn and surrounding municipalities. The sales revenue from construction services for the 2(nd) quarter was EUR1.57 million, indicating a 33.8% increase compared to the same period in 2020. MAIN FINANCIAL INDICATORS EUR million, 2(nd) quarter 6 months except key Change Change ratios 2021 2020 2019 2021/ 2020 2021 2020 2019 2021/ 2020 ------------------------------------------------------------------------------- Sales 12.97 12.09 16.15 7.3% 24.75 25.27 30.81 -2.0% Gross profit 5.23 4.73 8.79 10.5% 10.41 10.79 17.05 -3.5% Gross profit margin % 40.34 39.16 54.44 3.0% 42.07 42.70 55.34 -1.5% Operating profit before depreciation and amortisation 6.80 6.14 8.07 10.8% 13.03 13.32 16.46 -2.2% Operating profit before depreciation and amortisation margin % 52.44 50.76 49.96 3.3% 52.63 52.70 53.43 -0.1% Operating profit 5.20 4.59 6.60 13.2% 9.86 10.26 13.49 -3.9% Operating profit - main business 4.96 4.32 6.40 15.0% 9.46 9.94 13.18 -4.8% Operating profit margin % 40.09 37.99 40.88 5.5% 39.83 40.61 43.79 -1.9% Profit before taxes 5.11 4.51 6.34 13.4% 9.68 10.06 13.02 -3.8% Profit before taxes margin % 39.40 37.29 39.23 5.7% 39.10 39.82 42.25 -1.8% Net profit 3.07 0.15 2.79 1909.2% 7.62 5.71 9.48 33.5% Net profit margin % 23.70 1.27 17.29 1772.8% 30.80 22.59 30.75 36.3% ROA % 1.21 0.06 1.09 1950.1% 3.02 2.22 3.78 35.7% Debt to total capital employed % 57.20 59.63 61.32 -4.1% 57.20 59.63 61.32 -4.1% ROE % 2.75 0.14 2.70 1896.8% 6.96 5.27 9.48 32.1% Current ratio 2.75 3.23 3.90 -14.9% 2.75 3.23 3.90 -14.9% Quick ratio 2.69 3.18 3.87 -15.4% 2.69 3.18 3.87 -15.4% Investments into fixed assets 3.35 4.27 2.70 -21.5% 5.63 7.85 6.11 -28.3% Payout ratio % na 77.70 72.05 na 77.70 72.05 ------------------------------------------------------------------------------- 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 2nd quarter 2nd quarter 6 months 6 months 12 months EUR thousand 2021 2020 2021 2020 2020 Revenue 12,968 12,089 24,752 25,269 51,717 Cost of goods and services sold -7,737 -7,355 -14,340 -14,478 -29,491 ------------------------------------------------------------------------------- GROSS PROFIT 5,231 4,734 10,412 10,791 22,226 Marketing expenses -104 -109 -224 -226 -433 General administration expenses -992 -1,213 -2,544 -2,508 -4,576 Other income (+)/ expenses (-) 1,064 1,180 2,215 2,205 4,567 ------------------------------------------------------------------------------- OPERATING PROFIT 5,199 4,592 9,859 10,262 21,784 Financial income 2 12 7 24 31 Financial expenses -91 -96 -187 -223 -473 PROFIT BEFORE TAXES 5,110 4,508 9,679 10,063 21,342 Income tax on dividends -2,036 -4,355 -2,056 -4,355 -4,610 NET PROFIT FOR THE PERIOD 3,074 153 7,623 5,708 16,732 ------------------------------------------------------------------------------- COMPREHENSIVE INCOME FOR THE PERIOD 3,074 153 7,623 5,708 16,732 Attributable profit to: ------------------------------------------------------------------------------- Equity holders of A-shares 3,074 152 7,623 5,707 16,731 B-share holder 0.00 0.60 0.00 0.60 0.60 Earnings per A share (in euros) 0.15 0.01 0.38 0.29 0.84 Earnings per B share (in euros) 0 600 0 600 600 STATEMENT OF FINANCIAL POSITION EUR thousand 30/06/2021 30/06/2021 31/12/2020 ASSETS CURRENT ASSETS ------------------------------------------------------------------------------- Cash and cash equivalents 37,011 48,826 44,514 Trade receivables, accrued income and prepaid expenses 5,990 6,081 7,019 Inventories 835 742 701 ------------------------------------------------------------------------------- TOTAL CURRENT ASSETS 43,836 55,649 52,234 NON-CURRENT ASSETS ------------------------------------------------------------------------------- Property, plant and equipment 205,295 194,467 202,802 Intangible assets 583 629 629 ------------------------------------------------------------------------------- TOTAL NON-CURRENT ASSETS 205,878 195,096 203,431 ------------------------------------------------------------------------------- TOTAL ASSETS 249,714 250,745 255,665 LIABILITIES AND EQUITY CURRENT LIABILITIES ------------------------------------------------------------------------------- Current portion of long-term lease liabilities 390 493 393 Current portion of long-term loans 3,630 3,630 3,630 Trade and other payables 9,067 10,828 7,084 Derivatives 0 70 0 Prepayments 2,880 2,233 2,445 ------------------------------------------------------------------------------- TOTAL CURRENT LIABILITIES 15,967 17,254 13,552 NON-CURRENT LIABILITIES ------------------------------------------------------------------------------- Deferred income from connection fees 35,988 32,865 34,564 Leases 1,277 1,552 1,400 Loans 82,154 85,785 83,978 Provision for possible third party claims 7,221 12,035 9,628 Deferred tax liability 195 0 255 Other payables 34 23 32 ------------------------------------------------------------------------------- TOTAL NON-CURRENT LIABILITIES 126,869 132,260 129,857 ------------------------------------------------------------------------------- TOTAL LIABILITIES 142,836 149,514 143,409 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 68,866 63,219 74,243 ------------------------------------------------------------------------------- TOTAL EQUITY 106,878 101,231 112,256 ------------------------------------------------------------------------------- TOTAL LIABILITIES AND EQUITY 249,714 250,745 255,665 CASH FLOWS STATEMENT 6 months 6 months 12 months EUR thousand 2021 2020 2020 CASH FLOWS FROM OPERATING ACTIVITIES ------------------------------------------------------------------------------- Operating profit 9,859 10,262 21,784 Adjustment for depreciation/amortisation 3,168 3,054 6,283 Adjustment for revenues from connection fees -251 -225 -542 Other non-cash adjustments -2,407 -2,407 -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 892 938 140 Change in liabilities involved in operating activities 126 -481 -215 ------------------------------------------------------------------------------- TOTAL CASH FLOWS FROM OPERATING ACTIVITIES 11,387 11,130 22,622 CASH FLOWS USED IN INVESTING ACTIVITIES ------------------------------------------------------------------------------- Acquisition of property, plant and equipment, and intangible assets -5,084 -5,450 -15,682 Compensations received for construction of pipelines, incl connection fees 1,351 718 1,998 Proceeds from sales of property, plant and equipment and intangible assets 0 28 32 Interest received 9 30 35 ------------------------------------------------------------------------------- TOTAL CASH FLOWS USED IN INVESTING ACTIVITIES -3,724 -4,674 -13,617 CASH FLOWS USE D IN FINANCING ACTIVITIES ------------------------------------------------------------------------------- Interest paid and loan financing costs, incl swap interests -204 -367 -719 Lease payments -205 -259 -555 Received loans 0 0 0 Repayment of loans -1,818 -1,818 -3,636 Dividends paid -12,841 -19,888 -19,888 Withheld income tax paid on dividends 0 0 -113 Income tax paid on dividends -98 -73 -4,355 ------------------------------------------------------------------------------- TOTAL CASH FLOW USED IN FINANCING ACTIVITIES -15,166 -22,405 -29,266 ------------------------------------------------------------------------------- CHANGE IN CASH AND CASH EQUIVALENTS -7,503 -15,949 -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 37,011 48,826 44,514 Aleksandr Timofejev CEO Member of the Management Board +372 62 62 200 [email protected] (mailto:[email protected]) Kristi Ojakäär CFO Member of the Management Board +372 62 62 200 [email protected] (mailto:[email protected])