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Tallinna Vesi´s Supervisory Council approved the financial results for 2023 and the dividend proposal

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The Supervisory Council of AS Tallinna Vesi approved the audited financial
results for 2023. The financial results have not changed from the unaudited
results published on 2 February 2024.

The company's sales revenue in 2023 was EUR61.14 million, compared to 2022, the
sales revenue increased by 12.1%, or EUR6.58 million. The change in sales revenue
was due to the tariff, adjusted by the increase in energy costs, which took
effect on 01/10/2022. Revenue from the sale of water services increased by
13.8% to EUR55.62 million. The revenue from the sale of construction services was
EUR4.77 million, which is 0.7% less than a year before.

Last year's operating profit amounted to EUR17.35 million, almost recovering to
2021 levels and increasing by 53.3%, or EUR6.03 million, compared to the
significantly lower base in 2022. The growth in operating profit was mainly
influenced by the stabilization of electricity prices and the tariff change in
October 2022. The net profit for 2023 amounted to EUR12.84 million, increasing by
52.8% or EUR4.44 million compared to 2022, which in the amount of EUR0.92 million
was affected by income tax expenses arising from a smaller dividend payment.

In 2023, the company signed loan agreements for EUR131 million. Of this amount,
EUR37.5 million were used to refinance a previous loan and EUR20 million were
mobilised for additional investment needs.

The audited annual report for 2023 is attached to the announcement and can also
be found on the company's website
(https://www.globenewswire.com/Tracker?data=_YpTWxQk4B_Y4gR84iuBTTANMjJeFcuxv58V
aU57DU-07JqKB-O2Wcbslr-eQdewAaXJSO4-ReqqgMDNyr6BxLpto6Fq-XI79s-
a6spGwEGtcPsMkfi_GkmZl9AGxIQN).

Dividend proposal

AS Tallinna Vesi has formulated its dividend policy based on regulatory pricing
principles for water services, which aims to give investors greater clarity
about the future. According to the dividend policy, the company aims to
distribute 50-80% of the its annual profit as dividends to shareholders. The
dividend payouts are assessed annually considering the company's earnings,
investment needs, liquidity position and long-term financial objectives.

The Management Board of AS Tallinna Vesi proposes to the annual general meeting
of shareholders that the profits for 2023 be distributed as follows:

  * to distribute EUR10,200 thousand of the company's consolidated retained
    earnings of EUR79,059 thousand accumulated as of 31/12/2023 (incl.
    consolidated net profit of EUR12,844 thousand for 2023) as dividends; the
    shareholders shall be paid EUR 0.51 per share as dividends;
  * the rest of retained earnings shall remain undistributed;
  * no allocations shall be made from the net profit to the reserve capital.

The list of shareholders entitled to receive dividends will be established as at
the end of the business day of the Nasdaq CSD settlement system on 19 June
2024. Consequently, the day of change of the rights related to the shares (ex-
dividend date) is set to 18 June 2024. A person acquiring the shares from that
day onwards shall not be entitled to receive dividends for 2023. Dividends will
be paid to the shareholders on 27 June 2024.

The 2024 proposal to distribute EUR0.51 per share as dividends amounts to 79
percent of the net profit for 2023.

Kristiina Tamberg
AS Tallinna Vesi
Head of Communication and Marketing

+372 52 855 21
kristiina.tamberg@tvesi.ee  (mailto:kristiina.tamberg@tvesi.ee%20%0b)
 (mailto:kristiina.tamberg@tvesi.ee%20%0b)Ädala 10, Tallinn 10614
www.tallinnavesi.ee (http://www.tallinnavesi.ee/)