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
9133
Attachments
Submission date and time
29.10.2021 09:00:00
Content of announcement in Estonian
Title
AS-i Tallinna Vesi 2021. aasta kolmanda kvartali finantstulemused
Message
AS-i Tallinna Vesi 2021. aasta kolmanda kvartali müügitulu oli 13,61 miljonit
eurot, suurenedes 2020. aasta sama perioodiga võrreldes 2,5%. Müügitulu kasvu
põhjustas leebematest koroonapiirangutest tingitud äriklientide suurem
veetarbimine ning ehitusteenuste tulu suurenemine.
Põhitegevuspiirkonna eraklientidele müüdud teenustest saadud tulu jäi samale
tasemele, ulatudes 5,10 miljoni euroni.
Põhitegevuspiirkonna äriklientidele müüdud teenustest saadud tulu suurenes 3,0%
võrra 3,83 miljoni euroni, mis tulenes veeteenuste tarbimise kasvust 0,11
miljoni euro võrra. Pandeemiaga seotud piirangute mõningane leevendamine
võimaldas hotellidel ja spaadel ning meelelahutusasutustel avaneda juunis ning
kontorites töötas rohkem inimesi.
Ettevõtte 2021. aasta kolmanda kvartali brutokasum oli 5,36 miljonit eurot, mis
on 0,44 miljoni euro võrra väiksem tänu suurematele müüdud toodete ja teenuste
kulule. Ettevõtte ärikasum oli 5,50 miljonit eurot, mis on 0,26 miljonit eurot
madalam kui aasta tagasi. Ärikasumit mõjutas samuti eelkõige müüdud toodete ja
teenuste kulu tõus.
Ettevõtte puhaskasum oli 2021. aasta kolmandas kvartalis 5,34 miljonit eurot,
mis on 0,30 miljoni võrra väiksem kui 2020. aasta samal perioodil. Muutus
puhaskasumis tulenes peamiselt ärikasumi langusest, mida täiendasid madalamad
intressikulud.
Tütarettevõte Watercom ehitusteenuste müük kasvas võrreldes eelmise aastaga
kolmandas kvartalis tänu 2020. aasta ja ka 2021. aasta esimese üheksa kuu
jooksul toimunud hangete tulemusel võidetud torustike ja tee-ehituse
projektidele Tallinnas ja selle lähiümbruses. Ehitusteenuste müügitulu oli
kolmandas kvartalis 2,23 miljonit eurot, mis tähendab eelmise aasta sama
perioodiga võrreldes 30,5%-list kasvu.
PÕHILISED FINANTSNÄITAJAD
miljonites eurodes 3. kvartal 9 kuud
Muutus Muutus
v.a suhtarvud 2021 2020 2019 2021/ 2020 2021 2020 2019 2021/ 2020
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Müügitulu 13,61 13,28 16,49 2,5% 38,36 38,55 47,30 -0,5%
Brutokasum 5,36 5,80 8,92 -7,5% 15,78 16,59 25,97 -4,9%
Brutokasumi
marginaal % 39,40 43,69 54,12 -9,8% 41,12 43,04 54,91 -4,5%
Amortisatsioonieelne
ärikasum 7,17 7,35 9,01 -2,4% 20,20 20,66 25,47 -2,3%
Amortisatsioonieelse
ärikasumi marginaal
% 52,67 55,33 54,63 -4,8% 52,64 53,60 53,85 -1,8%
Ärikasum 5,50 5,77 7,52 -4,6% 15,36 16,03 21,01 -4,2%
Ärikasum -
põhitegevus 5,15 5,44 7,19 -5,2% 14,61 15,37 20,37 -4,9%
Ärikasumi marginaal
% 40,42 43,43 45,60 -6,9% 40,04 41,58 44,42 -3,7%
Kasum enne
tulumaksustamist 5,41 5,64 7,33 -4,1% 15,09 15,70 20,35 -3,9%
Maksustamiseelse
kasumi marginaal % 39,72 42,45 44,47 -6,4% 39,32 40,73 43,03 -3,4%
Puhaskasum 5,34 5,64 7,33 -5,3% 12,96 11,34 16,81 14,3%
Puhaskasumi
marginaal % 39,21 42,45 44,47 -7,6% 33,78 29,43 35,53 14,8%
Vara puhasrentaablus
% 2,13 2,24 2,89 -5,0% 5,10 4,40 6,64 16,0%
Kohustiste
osatähtsus
koguvarast % 55,54 57,73 59,29 -3,8% 55,54 57,73 59,29 -3,8%
Omakapitali
puhasrentaablus % 4,87 5,42 7,27 -10,0% 11,55 10,20 16,21 13,2%
Lühiajaliste
kohustiste
kattekordaja 3,07 3,66 5,14 -16,1% 3,07 3,66 5,14 -16,1%
Maksevõime kordaja 3,01 3,62 5,10 -16,9% 3,01 3,62 5,10 -16,9%
Investeeringud
põhivarasse 4,32 5,91 4,65 -27,0% 9,95 13,77 10,76 -27,7%
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 III kvartal III kvartal 9 kuud 9 kuud 12 kuud
tuhandetes eurodes 2021 2020 2021 2020 2020
Müügitulu 13 611 13 276 38 363 38 545 51 717
Müüdud toodete/teenuste
kulud -8 248 -7 476 -22 588 -21 954 -29 491
-------------------------------------------------------------------------------
BRUTOKASUM 5 363 5 800 15 775 16 591 22 226
Turustuskulud -108 -94 -332 -320 -433
Üldhalduskulud -847 -1 123 0 -3 631 -4 576
Muud äritulud(+)/-kulud (-
) 1 093 1 182 3 308 3 387 4 567
-------------------------------------------------------------------------------
ÄRIKASUM 5 501 5 765 15 361 16 027 21 784
Intressitulud 1 3 8 28 31
Intressikulud -96 -113 -283 -357 -473
Muud finantstulud (+)/
-kulud (-)
-------------------------------------------------------------------------------
KASUM ENNE
TULUMAKSUSTAMIST 5 406 5 635 15 086 15 698 21 342
Dividendide tulumaks -70 0 -2 126 -4 355 -4 610
PERIOODI PUHASKASUM 5 336 5 635 12 960 11 343 16 732
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PERIOODI KOONDKASUM 5 336 5 635 12 960 11 343 16 732
Jaotatav kasum:
-------------------------------------------------------------------------------
A- aktsia omanikele 5 336 5 634 12 960 11 342 16 731
B- aktsia omanikule 0,00 0,60 0,00 0,60 0,60
Kasum A aktsia kohta
(eurodes) 0,27 0,28 0,65 0,57 0,84
Kasum B aktsia kohta
(eurodes) 0 600 0 600 600
FINANTSSEISUNDI ARUANNE
tuhandetes eurodes 30.09.2021 30.09.2020 31.12.2020
VARAD
KÄIBEVARA
-------------------------------------------------------------------------------
Raha ja raha ekvivalendid 36 143 45 868 44 514
Nõuded ostjate vastu, viitlaekumised ja
ettemaksed 6 858 6 827 7 019
Varud 849 695 701
-------------------------------------------------------------------------------
KÄIBEVARA KOKKU 43 850 53 390 52 234
PÕHIVARA
-------------------------------------------------------------------------------
Materiaalne põhivara 208 002 198 839 202 802
Immateriaalne põhivara 532 598 629
-------------------------------------------------------------------------------
PÕHIVARA KOKKU 208 534 199 437 203 431
-------------------------------------------------------------------------------
VARAD KOKKU 252 384 252 827 255 665
KOHUSTISED JA OMAKAPITAL
LÜHIAJALISED KOHUSTISED
-------------------------------------------------------------------------------
Pikaajaliste rendikohustiste lühiajaline
osa 386 397 393
Pikaajaliste laenukohustiste lühiajaline
osa 3 630 3 631 3 630
Võlad hankijatele ja muud võlad 7 182 7 757 7 084
Tuletisinstrumendid 0 28 0
Ettemaksed 3 096 2 757 2 445
-------------------------------------------------------------------------------
LÜHIAJALISED KOHUSTISED KOKKU 14 294 14 570 13 552
PIKAAJALISED KOHUSTISED
-------------------------------------------------------------------------------
Tulevaste perioodide tulu liitumistasudelt 36 226 33 278 34 564
Rendikohustised 1 185 1 465 1 400
Laenukohustised 82 144 85 791 83 978
Eraldis võimalike kolmandate osapoolte
nõuete katteks 6 018 10 832 9 628
Edasilükkunud tulumaks 264 0 255
Muud võlad 38 25 32
-------------------------------------------------------------------------------
PIKAAJALISED KOHUSTISED KOKKU 125 875 131 391 129 857
-------------------------------------------------------------------------------
KOHUSTISED KOKKU 140 169 145 961 143 409
OMAKAPITAL
-------------------------------------------------------------------------------
Aktsiakapital 12 12 12 000
Ülekurss 24 734 24 734 24 734
Kohustuslik reservkapital 1 278 1 278 1 279
Jaotamata kasum 74 203 68 854 74 243
-------------------------------------------------------------------------------
OMAKAPITAL KOKKU 112 215 106 866 112 256
-------------------------------------------------------------------------------
KOHUSTISED JA OMAKAPITAL KOKKU 252 384 252 827 255 665
RAHAVOOGUDE ARUANNE 9 kuud 9 kuud 12 kuud
tuhat eurot 2021 2020 2020
ÄRITEGEVUSE RAHAVOOD
-------------------------------------------------------------------------------
Ärikasum 15 361 16 027 21 784
Korrigeerimine kulumiga 4 837 4 634 6 283
Korrigeerimine rajamistuludega -379 -341 -542
Muud mitterahalised korrigeerimised -3 610 -3 610 -4 814
Kasum (-)/kahjum (+) põhivara müügist ja
mahakandmisest 0 -14 -14
Äritegevusega seotud käibevara muutus 24 221 140
Äritegevusega seotud kohustiste muutus 537 -249 -215
-------------------------------------------------------------------------------
ÄRITEGEVUSE RAHAVOOD KOKKU 16 770 16 668 22 622
INVESTEERIMISTEGEVUSE RAHAVOOD
-------------------------------------------------------------------------------
Põhivara soetamine -9 491 -10 114 -15 682
Torustike ehituse eest saadud kompensatsioonid, sh
liitumiste rajamistulud 1 933 1 618 1 998
Põhivara müügitulu 0 32 32
Saadud intressid 11 34 35
-------------------------------------------------------------------------------
INVESTEERIMISTEGEVUSE RAHAVOOD KOKKU -7 547 -8 430 -13 617
FINANTSEERIMISTEGEVUSE RAHAVOOD
-------------------------------------------------------------------------------
Tasutud intressid ja laenu finantseerimise kulud, sh
swap-intressid -353 -519 -719
Tasutud rendimaksed -307 -452 -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 -159 -113 -113
Tasutud tulumaks dividendidelt -2 116 -4 355 -4 355
-------------------------------------------------------------------------------
FINANTSEERIMISTEGEVUSE RAHAVOOD KOKKU -17 594 -27 145 -29 266
-------------------------------------------------------------------------------
RAHA JA RAHA EKVIVALENTIDE MUUTUS -8 371 -18 907 -20 261
-------------------------------------------------------------------------------
RAHA JA RAHA EKVIVALENDID PERIOODI ALGUSES 44 514 64 775 64 775
-------------------------------------------------------------------------------
RAHA JA RAHA EKVIVALENDID PERIOODI LÕPUS 36 143 45 868 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 3rd quarter of 2021
Message
AS Tallinna Vesi's sales revenue for the 3(r)(d )quarter of 2021 was EUR13.61 million, showing a 2.5% 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 remained at the same level amounting to EUR4.89 million. In the main service area, the sales revenue from commercial customers increased by 3.0% to EUR3.83 million as a result of their consumption being higher by EUR0.11 million. As a result of slight easement of the pandemic restrictions the hospitality sector reopened in June, and less people were working at home. The gross profit for the 3(r)(d) quarter of 2021 was EUR5.36 million, being 7.5% lower due to higher cost of goods and services sold. The operating profit was EUR5.50 million, having decreased by EUR0.26 compared to the same period last year. The main factor impacting the operating profit was also related to higher cost of goods and services sold. The net profit for the 3(r)(d) quarter of 2021 was EUR5.34 million, showing a decrease of EUR0.30 million compared to the same period in 2020. The increase in the net profit was mainly impacted by lower operating profit, accompanied by lower interest costs. In the 3(r)(d) 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 nine months of 2021 in Tallinn and surrounding municipalities. The sales revenue from construction services for the 3(r)(d) quarter was EUR2.23 million, indicating a 30.5% increase compared to the same period in 2020. MAIN FINANCIAL INDICATORS EUR million, 3(rd) quarter 9 months except key Change Change ratios 2021 2020 2019 2021/ 2020 2021 2020 2019 2021/ 2020 ------------------------------------------------------------------------------- Sales 13.61 13.28 16.49 2.5% 38.36 38.55 47.30 -0.5% Gross profit 5.36 5.80 8.92 -7.5% 15.78 16.59 25.97 -4.9% Gross profit margin % 39.40 43.69 54.12 -9.8% 41.12 43.04 54.91 -4.5% Operating profit before depreciation and amortisation 7.17 7.35 9.01 -2.4% 20.20 20.66 25.47 -2.3% Operating profit before depreciation and amortisation margin % 52.67 55.33 54.63 -4.8% 52.64 53.60 53.85 -1.8% Operating profit 5.50 5.77 7.52 -4.6% 15.36 16.03 21.01 -4.2% Operating profit - main business 5.15 5.44 7.19 -5.2% 14.61 15.37 20.37 -4.9% Operating profit margin % 40.42 43.43 45.60 -6.9% 40.04 41.58 44.42 -3.7% Profit before taxes 5.41 5.64 7.33 -4.1% 15.09 15.70 20.35 -3.9% Profit before taxes margin % 39.72 42.45 44.47 -6.4% 39.32 40.73 43.03 -3.4% Net profit 5.34 5.64 7.33 -5.3% 12.96 11.34 16.81 14.3% Net profit margin % 39.21 42.45 44.47 -7.6% 33.78 29.43 35.53 14.8% ROA % 2.13 2.24 2.89 -5.0% 5.10 4.40 6.64 16.0% Debt to total capital employed % 55.54 57.73 59.29 -3.8% 55.54 57.73 59.29 -3.8% ROE % 4.87 5.42 7.27 -10.0% 11.55 10.20 16.21 13.2% Current ratio 3.07 3.66 5.14 -16.1% 3.07 3.66 5.14 -16.1% Quick ratio 3.01 3.62 5.10 -16.9% 3.01 3.62 5.10 -16.9% Investments into fixed assets 4.32 5.91 4.65 -27.0% 9.95 13.77 10.76 -27.7% 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 receivables STATEMENT OF 3(rd) 3(rd) COMPREHENSIVE INCOME quarter quarter 9 months 9 months 12 months EUR thousand 2021 2020 2021 2020 2020 Revenue 13,611 13,276 38,363 38,545 51,717 Cost of goods and services sold -8,248 -7,476 -22,588 -21,954 -29,491 ------------------------------------------------------------------------------- GROSS PROFIT 5,363 5,800 15,775 16,591 22,226 Marketing expenses -108 -94 -332 -320 -433 General administration expenses -847 -1,123 -3,631 -4,576 Other income (+)/ expenses (-) 1,093 1,182 3,308 3,387 4,567 ------------------------------------------------------------------------------- OPERATING PROFIT 5,501 5,765 15,361 16,027 21,784 Financial income 1 3 8 28 31 Financial expenses -96 -113 -283 -357 -473 PROFIT BEFORE TAXES 5,406 5,635 15,086 15,698 21,342 Income tax on dividends -70 0 -2,126 -4,355 -4,610 NET PROFIT FOR THE PERIOD 5,336 5,635 12,960 11,343 16,732 ------------------------------------------------------------------------------- COMPREHENSIVE INCOME FOR THE PERIOD 5,336 5,635 12,960 11,343 16,732 Attributable profit to: ------------------------------------------------------------------------------- Equity holders of A- shares 5,336 5,634 12,960 11,342 16,731 B-share holder 0.00 0.60 0.00 0.60 0.60 Earnings per A share (in euros) 0.27 0.28 0.65 0.57 0.84 Earnings per B share (in euros) 0 600 0 600 600 STATEMENT OF FINANCIAL POSITION EUR thousand 30/09/2021 30/09/2021 31/12/2020 ASSETS CURRENT ASSETS ------------------------------------------------------------------------------- Cash and cash equivalents 36,143 45,868 44,514 Trade receivables, accrued income and prepaid expenses 6,858 6,827 7,019 Inventories 849 695 701 ------------------------------------------------------------------------------- TOTAL CURRENT ASSETS 43,850 53,390 52,234 NON-CURRENT ASSETS ------------------------------------------------------------------------------- Property, plant and equipment 208,002 198,839 202,802 Intangible assets 532 598 629 ------------------------------------------------------------------------------- TOTAL NON-CURRENT ASSETS 208,534 199,437 203,431 ------------------------------------------------------------------------------- TOTAL ASSETS 252,384 252,827 255,665 LIABILITIES AND EQUITY CURRENT LIABILITIES ------------------------------------------------------------------------------- Current portion of long-term lease liabilities 386 397 393 Current portion of long-term loans 3,630 3,631 3,630 Trade and other payables 7,182 7,757 7,084 Derivatives 0 28 0 Prepayments 3,096 2,757 2,445 ------------------------------------------------------------------------------- TOTAL CURRENT LIABILITIES 14,294 14,570 13,552 NON-CURRENT LIABILITIES ------------------------------------------------------------------------------- Deferred income from connection fees 36,226 33,278 34,564 Leases 1,185 1,465 1,400 Loans 82,144 85,791 83,978 Provision for possible third party claims 6,018 10,832 9,628 Deferred tax liability 264 0 255 Other payables 38 25 32 ------------------------------------------------------------------------------- TOTAL NON-CURRENT LIABILITIES 125,875 131,391 129,857 ------------------------------------------------------------------------------- TOTAL LIABILITIES 140,169 145,961 143,409 EQUITY ------------------------------------------------------------------------------- Share capital 12 12 12,000 Share premium 24,734 24,734 24,734 Statutory legal reserve 1,278 1,278 1,279 Retained earnings 74,203 68,854 74,243 ------------------------------------------------------------------------------- TOTAL EQUITY 112,215 106,866 112,256 ------------------------------------------------------------------------------- TOTAL LIABILITIES AND EQUITY 252,384 252,827 255,665 CASH FLOWS STATEMENT 9 months 9 months 12 months EUR thousand 2021 2020 2020 CASH FLOWS FROM OPERATING ACTIVITIES ------------------------------------------------------------------------------- Operating profit 15,361 16,027 21,784 Adjustment for depreciation/amortisation 4,837 4,634 6,283 Adjustment for revenues from connection fees -379 -341 -542 Other non-cash adjustments -3,610 -3,610 -4,814 Profit/loss(+) from sale and write off of property, plant and equipment, and intangible assets 0 -14 -14 Change in current assets involved in operating activities 24 221 140 Change in liabilities involved in operating activities 537 -249 -215 ------------------------------------------------------------------------------- TOTAL CASH FLOWS FROM OPERATING ACTIVITIES 16,770 16,668 22,622 CASH FLOWS USED IN INVESTING ACTIVITIES ------------------------------------------------------------------------------- Acquisition of property, plant and equipment, and intangible assets -9,491 -10,114 -15,682 Compensations received for construction of pipelines, incl connection fees 1,933 1,618 1,998 Proceeds from sales of property, plant and equipment and intangible assets 0 32 32 Interest received 11 34 35 ------------------------------------------------------------------------------- TOTAL CASH FLOWS USED IN INVESTING ACTIVITIES -7,547 -8,430 -13,617 CASH FLOWS USE D IN FINANCING ACTIVITIES ------------------------------------------------------------------------------- Interest paid and loan financing costs, incl swap interests -353 -519 -719 Lease payments -307 -452 -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 -159 -113 -113 Income tax paid on dividends -2,116 -4,355 -4,355 ------------------------------------------------------------------------------- TOTAL CASH FLOW USED IN FINANCING ACTIVITIES -17,594 -27,145 -29,266 ------------------------------------------------------------------------------- CHANGE IN CASH AND CASH EQUIVALENTS -8,371 -18,907 -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 36,143 45,868 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])