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24.04.2008 08:48:06
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2008. aasta 1. kvartali majandustulemused (EEK)
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TEGEVUSARUANNE 2008. AASTA 1. KVARTALI MAJANDUSTULEMUSED Kokkuvõte 2008. aasta 1. kvartalis kasvas Ettevõtte müügitulu 211,2 miljoni kroonini, mis on 2,9%-line kasv võrreldes 2007. aasta 1. kvartaliga. Vee ja reoveeteenuse kogu müügimahud kasvasid 0,4%. Tulu müügist teeninduspiirkonna eraklientidele kasvas 9,5%, müük teeninduspiirkonna juriidilistele klientidele 10,0% ja müük väljaspool teeninduspiirkonda 43,0%, ulatudes 0,8 milj. m³ või 6,2 miljoni kroonini. Ettevõtte kasum enne tulumaksu oli 89,5 miljonit krooni, mis on 2007. aastaga võrreldes 6,1% vähem. Elimineerides 2007. aasta 1. kvartalis vabastatud lämmastiku provisjoni mõju, kasvas perioodilise tegevuse kasum 9,1% võrra. Ettevõte investeeris 32,4 miljonit krooni, millest 13,4 miljonit krooni investeeriti võrkude laiendamiseks ja arendamiseks. -------------------------------------------------------------------------------- | miljon EEK | 1 kv | 1 kv | Muutus | 1 kv | 1 kv | Muutus | | | 2008 | 2007 | | 2008 | 2007 | | | | | | | | põhi | | -------------------------------------------------------------------------------- | Müügitulu | 211,2 | 205,4 | 2,9% | 211,2 | 205,4 | 2,9% | -------------------------------------------------------------------------------- | Põhitegevuse tulud | 180,9 | 161,1 | 12,3% | 180,9 | 161,1 | 12,3% | -------------------------------------------------------------------------------- | Põhitegevusega seotud | 30,4 | 44,2 | -31,4% | 30,4 | 44,2 | -31,4% | | muud tulud | | | | | | | -------------------------------------------------------------------------------- | Brutokasum | 118,2 | 120,8 | -2,2% | 118,2 | 107,5 | 9,9% | -------------------------------------------------------------------------------- | Brutokasumi marginaal % | 56,0% | 58,8% | -4,9% | 56,0% | 52,4% | 6,9% | -------------------------------------------------------------------------------- | Ärikasum | 100,2 | 105,8 | -5,3% | 100,2 | 92,5 | 8,4% | -------------------------------------------------------------------------------- | Ärikasumi marginaal % | 47,4% | 51,5% | -7,9% | 47,4% | 45,0% | 5,4% | -------------------------------------------------------------------------------- | Kasum enne | 89,5 | 95,3 | -6,1% | 89,5 | 82,0 | 9,1% | | tulumaksustamist | | | | | | | -------------------------------------------------------------------------------- | Maksustamiseelse kasumi | 42,4% | 46,4% | -8,7% | 42,4% | 39,9% | 6,1% | | marginaal % | | | | | | | -------------------------------------------------------------------------------- | Puhaskasum | 89,5 | 95,3 | -6,1% | 89,5 | 82,0 | 9,1% | -------------------------------------------------------------------------------- | Vara puhasrentaablus % | 3,4% | 3,8% | -9,0% | 3,4% | 3,2% | 5,8% | -------------------------------------------------------------------------------- | Kohustuste osatähtsus | 49,3% | 50,7% | -2,7% | 49,3% | 50,7% | -2,7% | | koguvarast | | | | | | | -------------------------------------------------------------------------------- Brutokasumi marginaal - brutokasum / müügitulu Ärikasumi marginaal - ärikasum / müügitulu Maksustamiseelse kasumi marginaal - kasum enne tulumaksustamist / müügitulu Vara puhasrentaablus - puhaskasum / vara kokku Kohustuste osatähtsus koguvarast - kohustused kokku / vara kokku Kasumiaruanne 1. kvartal 2008 Müügitulud 2008. aasta 1. kvartalis kasvas Ettevõtte tulu 211,2 miljoni kroonini, mis on 2,9% suurune kasv võrreldes eelmise aasta sama perioodiga. Ettevõtte tulud põhitegevusest olid 180,9 miljonit krooni. Põhitegevuse tulu koosneb peamiselt era- ja juriidilistele klientidele osutatud veemüügi ning reoveeteenuse tulust nii teeninduspiirkonnas kui väljaspool. Samuti sisaldab see Tallinna linnalt saadavat sademetevee kogumise süsteemide käigushoidmise ja hoolduse tasu. Tulud veemüügist ja reoveeteenustest kasvasid võrreldes eelmise aasta 1. kvartaliga 12,1% võrra 168,5 miljoni kroonini, tulenevalt 11,7% suurusest tariifitõusust alates 1. jaanuarist 2007 kombinatsioonis allkirjeldatud teguritega. Sektori lõikes jagunes kasv järgnevalt: müük eraklientidele kasvas 9,5% võrra 88,8 miljoni kroonini. Müük äriklientidele teeninduspiirkonnas kasvas 10,0% võrra 69,9 miljoni kroonini. Müük äriklientidele väljaspool teeninduspiirkonda (peamiselt ümbritsevatele omavalitsustele pakutav reovee puhastamise teenus) kasvas 43,0% ulatudes 832 tuhande m³ ehk 6,2 miljoni kroonini. Saadud ülereostustasu oli 2,2 miljonit krooni suurem, kui 2007. aasta samal perioodil. 2008. aasta 1. kvartalis vähenesid eraklientide müügimahud 143 tuhande m³ ehk 1,9% võrra võrreldes 2007. aasta 1. kvartaliga. Meie arvates selgitab seda osaliselt soe talv, aga ka olemasolevate tarbijate siirdumine lähivaldadesse. Ettevõte on esitanud 2007. aasta 1. kvartaliga võrreldes arveid suuremale arvule kinnistuomanikele, aga eelpool mainitud asjaolude koosmõjul on selles grupis väike langus. Müük juriidilistele klientidele teeninduspiirkonnas langes võrreldes 2007. aasta 1. kvartaliga mitme teguri tõttu. Osa kaotatud müügimahust tuleneb ettevõtete siirdumisest Tallinna äärelaladele tänu madalamatele kinnisvarahindadele. Lisaks mõjutas 2008. aasta 1. kvartali müüki võrreldes eelmise aasta sama perioodiga see, et 2007. aasta lõpus viis üks Ettevõtte suurimaid juriidilisi kliente oma asutuse teenusepiirkonnast välja, mille tõttu vähenes 2008. aasta 1. kvartalis müügimaht 69 tuhande m3 võrra. 1. kvartali müügis sisaldub ka üks erandlik müügi suurenemine kogumahus 43 tuhande m3 võrra kliendile, kes varem oma puurkaevu kasutanud kliendi tarbimisest. Kinnisvaraturg tundub olevat jõudnud stagnatsiooni faasi. Hoolimata sellest, et uute korterite ning ärihoonete ehitus on jätkuvalt kasvanud, jääb suur osa uutest hoonetest tühjaks kuna nii juriidilised kliendid kui ka elamispinda vajavad eraisikud ostavad kinnisvara pigem Tallinna äärealadele, kus kinnisvarahinnad on taskukohasemad. See trend kajastub ka Ettevõtte müüginumbrites ümbritsevatele aladele, mis on kasvanud 43,0% võrreldes eelmise aasta sama perioodiga. See kajastab Ettevõtte edukat strateegiat saamaks tagasi kliente, kes on otsustanud Tallinnast lahkuda. Ettevõte otsib aktiivselt täiendavaid võimalusi ümbekaudsetesse valdadesse laienemiseks. 2008. aasta 1. kvartalis kasvas sademetevee teenuse ja tuletõrjehüdrantide süsteemide käigushoidmise ja hoolduse tasu 9,8% võrra 9,9 miljoni kroonini võrreldes 2007. aasta sama perioodiga. See on kooskõlas lepingu nõuete ja sätetega, mille kohaselt sademetevee ja tuletõrjehüdrantide kulud arveldatakse tegelike kulude ja töödeldud mahtude alusel. See on lepingujärgselt kokkulepitud aastani 2020. Põhitegevusega seotud muud tulud olid 30,4 miljonit krooni (peamiselt liitumised ning sademetevee torustiku ehitus), mis on 13,8 miljonit krooni vähem võrreldes 2007. aasta 1. kvartaliga. Tulud kajastatakse antud real siis, kui on tõenäoline, et antud tulud tasumisele kuuluvad. Tallinna linnaga 30. novembril 2007. aastal sõlmitud uue lepingu kohaselt on tulude voog aasta vältel palju ühtlasem. Enne 2008. aastat kinnitati märkimisväärne osa töödest ja tuludest 1. kvartalis. Alates 2008. aasta märtsist on antud real oleva tulu arvestamisel peamiselt kasutatud põhitegevuspiirkonna erakliendile müüdud vee mahtu ning fikseeritud arenduskomponenti kuupmeetri kohta. Müüdud toodete ja teenuste kulu ja brutokasumi marginaal Põhitegevusega seotud müüdud toodete ja teenuste kulu oli 2008. aasta 1. kvartalis 66,1 miljonit krooni, so 21,3 miljonit krooni ehk 47,4% enam kui eelmise aasta samal perioodil. Siiski võrreldes 2007. aasta 1. kvartaliga kasvasid perioodilised kulud vaid 7,9 miljoni krooni ehk 13,5% võrra, kuna 2007. aasta 1. kvartali tulemusi mõjutas saastetasu provisjoni vabastamine, mis vähendas kulusid 13,3 miljonit krooni. 2008. aasta 1. kvartalis ei ole Ettevõte viiendat järjestikust kvartalit ületanud ühtegi saastenormi, mistõttu vähenesid keskkonnamaksud 1. kvartalis 2,9 miljoni krooni võrra, osaliselt tasandatud maksumäära tõusuga 20% võrra. Kuna sissetuleva reovee saastatustase varieerub ning ettevõttel puudub täielik kontroll sademevee väljalaskude saastatuse üle, siis ei saa me garanteerida sama tulemuse kordumist ka 2008. aasta järgmistes kvartalites. Kvartali kemikaalikulud olid 4,5 miljonit krooni, mis on 11,7% vähem kui 2007. aasta samal perioodil. See on puhastatud reovee hulga ja doseeritud kemikaalide kombineeritud tulemus, seda vaatamata kõrgetele kemikaalihindadele. Tõusu sellel kulukirjel võib oodata aasta järgmistel kuudel. Elektrikulud kasvasid 2008. aasta 1. kvartalis võrreldes eelmise aasta sama perioodiga 0,3 miljoni krooni ehk 3,7% võrra kõrgema elektrihinna ning puhastatud reovee hulga tõttu. Palgakulud kasvasid 3,7 miljoni krooni ehk 28,5% võrra seoses mitme asjaoluga. Esiteks, suurenenud töötajate arv seoses uute teenuste käivitamisega ettevõttes. Teiseks, konkurentsitingimused tööjõuturul põhjustasid olulise palkade tõusu. Viimasena mõjutas 1. kvartalit ka osakondade ümberstruktureerimine ja ühendamine. Struktuuri mõjusid elimineerides kasvasid palgad 18,6%. See on samal tasemel Eesti keskmise palgatõusuga, mis viimaste andmete põhjal on tõusnud ligikaudu 20% aasta baasil. Muud müüdud toodete ja teenuste kulud kasvasid 2,3 miljoni krooni ehk 23,7% võrra. 2008. aasta 1. kvartalis kasvasid muud kulud mitmete tugiteenuste (nt transport ja turvateenused) kulude suurenemise tõttu, mis tulenes tööjõukulude märkimisväärsest kasvust Tallinnas. Ettevõte kasutas ära langust ehitusturul ning elimineeris osa kulude kasvust allkirjastades ühe raamlepingu kvartali lõpuks oluliselt konkurentsivõimelisemate hindadega. 2008. aasta 1. kvartalis avaldas eelnimetatud kulude kasvule mõju ligi 0,8 miljoni krooni ulatuses, kuid me ei plaani selle kordumist järgnevates kvartalites. Kulude kasvust tingitud surve esitab juhtidele väljakutse otsimaks edasisi võimalusi efektiivsuse suurendamiseks protsesside, hangete jms ülevaatamise kaudu. Ülaltoodud mõjude tulemusena oli 2008. aasta 1. kvartalis ettevõtte brutokasum 118,2 miljonit krooni, mis on 2,6 miljoni krooni või 2,2% võrra vähem, kui 2007. aasta 1. kvartali 120,8 miljoni krooni suurune brutokasum. Võrreldes 2008. aasta 1. kvartali brutokasumit 2007. aasta 1. kvartali brutokasumiga perioodilisest tegevusest, kasvas brutokasum 9,9% ehk 10,7 miljoni krooni võrra. Ärikulud ja ärikasumi marginaal Turustuskulud kasvasid 2008. aasta 1. kvartalis võrrelduna 2007. aasta 1. kvartaliga 0,2 miljoni krooni võrra 3,4 miljoni kroonini. Seda mõjutas peamiselt üldiselt tõusnud palgatase, kuid ka amortisatsiooni kasv, mis on seotud kliendiinfosüsteemiga (KLIF). 2008. aasta 1. kvartalis kasvasid üldhalduskulud 0,2 miljonit krooni 14,5 miljoni kroonini palgakulude suurenemise tulemusena, mis on tingitud üleüldisest palgainflatsioonist, kui ka koondamishüvitiste tasumisest 2008. aasta 1. kvartalis. Tööjõukulud olid 2008. aasta 1. kvartalis 23,6 miljonit krooni, mis on 4,9 miljonit krooni enam, kui 2007. aasta samal perioodil. See on 2008. aasta alguses üle kogu Ettevõtte läbi viidud palkade korrigeerimise ning täiendava 1,2 miljoni krooni suuruse uute tegevuste käivitamisest tuleneva lisapalgakulu ja koondamiskulude tulemus. Ilma nende lisakuludeta oleks tööjõukulude kasv olnud 3,6 miljonit krooni või 19%. Muud äritulud/kulud andsid 2008. aasta 1. kvartalis kokku kulu 0,1 miljonit krooni võrreldes 2,4 miljoni kroonise tuluga 2007. aasta 1. kvartalis, tulenedes põhiliselt 2,4 miljoni krooni ebatõenäoliste võlgade laekumisest 2007. aasta 1. kvartalis. Ülaltoodud mõjude tulemusena oli ettevõtte ärikasum 2008. aasta 1. kvartalis 100,2 miljonit krooni, mis on 5,6 miljonit krooni vähem kui 105,8 miljoni krooni suurune ärikasum 2007. aasta 1. kvartalis. Võrreldes 2008. aasta 1. kvartali ärikasumit 2007. aasta 1. kvartali perioodilise tegevusega, kasvas ärikasum 8,4% ehk 7,7 miljoni krooni võrra. Finantskulud Ettevõtte neto finantskulud olid 2008. aasta 1. kvartalis 10,7 miljonit krooni, mis on 0,3 miljoni krooni ehk 2,4% võrra enam kui 2007. aasta 1. kvartalis. Võrrelduna 2007. aasta 1. kvartaliga on Ettevõtte intressikulud tõusnud 12,2% võrra. See on tingitud asjaolust, et osa Ettevõtte laenudest on seotud 6 kuu EURIBORi määraga, mis on tõusnud 4,686%ni 2008. aasta 1. kvartaliks võrreldes 3,736%ga 2007. aasta 1. kvartalis. Intressikulude tõusu katab osaliselt 2008. aasta 1. kvartalis kasvanud finantstulu, mis on Ettevõtte efektiivsema rahade juhtimise, tugeva rahalise seisu ja suurenenud intressimäärade tulemus. Maksustamiseelne kasum Ettevõtte maksustamiseelne kasum oli 2008. aasta 1. kvartalis 89,5 miljonit krooni, so 5,8 miljonit krooni vähem kui 95,3 miljoni krooni suurune maksustamiseelne kasum 2007. aasta 1. kvartalis. Võrreldes 2008. aasta 1. kvartali maksustamiseelset kasumit 2007. aasta 1. kvartali perioodilise tegevusega, kasvas maksustamiseelne kasum 9,1% ehk 7,5 miljoni krooni võrra. Bilanss 2008. aasta kolme kuu jooksul investeeris ettevõte põhivarasse 32,4 miljonit krooni. Lõpetamata-, materiaalne- ja immateriaalne põhivara oli 2008. aasta 31. märtsi seisuga 2.167 miljonit krooni. Käibevara suurenes aasta kolme kuuga 70,9 miljoni krooni võrra 444,5 miljoni kroonini, sealjuures on 148,7 miljoni krooni võrra kasvanud rahajääk pangas. Lühiajalised kohustused vähenesid kolme kuu jooksul 36,8 miljoni krooni võrra 162,4 miljoni kroonini. See tulenes peamiselt kohustuste vähenemisest seoses 2007. aasta lõpu kapitaliinvesteeringute arvete tasumisega 2008. aasta 1. kvartalis. Ettevõte hoiab jätkuvalt oma finantsvõimendust sihiks võetud 50% tasemel. 2008. aasta 31. märtsi seisuga oli kohustuste osakaal varast 49,3%. Pikaajalised kohustused olid 2008. aasta märtsi lõpu seisuga 1.125,6 miljonit krooni, mis koosnes peaaegu täielikult kahe pikaajalise pangalaenu jäägist. Rahakäive 2008. aasta 1. kvartali jooksul oli Ettevõtte äritegevuse rahakäive 122,8 miljonit krooni, mis on 36,7 miljonit krooni enam kui 2007. aasta samal perioodil. Perioodilise põhitegevuse ärikasum on jätkuvalt peamine tegur ettevõtte äritegevuse rahakäibe kasvus. Lisaks andis oma panuse võlgade tasumine 2008. aasta 1. kvartalis. 2008. aasta 1. kvartali investeerimistegevuse raha sissevool oli 25,8 miljonit krooni, so 61,0 miljonit krooni enam kui 2007. aasta 1. kvartalis. Selle peamiseks põhjuseks olid suured rajamistulu arved, mis kuulusid maksmisele ning maksti 2008. aasta 1. kvartalis, mille tasakaalustasid osaliselt suurenenud investeerimismaksed. 1. kvartalis investeeris ettevõte 32,4 miljonit krooni - 23,7 miljonit krooni võrkude laiendamiseks ja parendamiseks, 4,9 miljonit krooni Paljassaare sade- ja reovee puhastusjaama uuendamiseks, 0,9 miljonit krooni vee kvaliteedi säilitamiseks (Ülemiste veepuhastusjaam ja toorvee kvaliteet) ja 2,9 miljonit krooni muid investeeringuid (IT, investeeringute väärtuse säilimine, veenäidikud jne). Raha väljavoolu finantstegevusest ei olnud võrreldes 2007. aasta 1. kvartali 0,3 miljoni krooni suuruse raha väljavooluga. Eelnevate tegurite mõjul oli raha sissevool 2008. aasta 1. kvartali jooksul 148,7 miljonit krooni võrrelduna 50,7 miljoni krooni suuruse raha sissevooluga 2007. aasta 1. kvartalis. Raha ja raha ekvivalentide saldo oli 2008. aasta 31. märtsi seisuga 327,1 miljonit krooni. Töötajad 2008. aasta 1. kvartali lõpus töötas ettevõttes 317 töötajat, võrreldes 313 töötajaga 2007. aasta 1.kvartali lõpus. Dividendid ja aktsiahinna muutused 2007. aasta majandustulemuste põhjal tegi Ettevõtte juhatus ettepaneku maksta 249 010 000 krooni dividende. Sellest 10 000 krooni makstakse B-aktsia omanikule ja 249 000 000 krooni, so 12,45 krooni aktsia kohta A-aktsia omanikele. Ettevõtte juhatus tegi ettepaneku maksta dividendid välja 2008. aasta 13. juunil vastavalt 30. mail 2008 kell 23.59 fikseeritavale aktsionäride nimekirjale. 2008. aasta 31.märtsi seisuga olid üle 5%-list otseosalust omavad AS Tallinna Vesi aktsionärid: -------------------------------------------------------------------------------- | United Utilities (Tallinn) BV | 35.3% | -------------------------------------------------------------------------------- | City of Tallinn | 34.7% | -------------------------------------------------------------------------------- | Nordea Bank Finland Plc kliendikonto | 8.78% | -------------------------------------------------------------------------------- | Morgan Stanley + Co International Equity client | 6.81% | | account | | -------------------------------------------------------------------------------- Kvartali lõpus, 31. märtsil 2008, oli AS Tallinna Vesi aktsia sulgemishind 195,58 krooni (12.50 EUR), mis on 3,6% madalam võrreldes kvartali alguses olnud 202,78 EEK (12.96 EUR) ületades märkimisväärselt OMX Tallinn indeksit, mis langes kvartalis 14,0%. Põhitegevusega seotud arengud 2008. aastal 2008. aasta 1. kvartalis juurutas Ettevõte Tallinna linnaga sõlmitud Teenuslepingu muudatuse, mis allkirjastati 2007. aasta 30. novembril. Teenuslepingut pikendati 2020. aastani. Samuti fikseeriti K-koefitsient 2020. aastani - 2% aastatel 2009 kuni 2010 ning 0% aastatel 2011 kuni 2020. Lisainvesteeringuid (v.a. lepinguga kinnitatud hooldusinvesteeringud ning võrkude laienduse kava) ei saa Ettevõtte käest nõuda enne 2020. aastat. Vastavalt lepingule peavad võrkude laiendamise ehitused olema lõpetatud märtsiks 2011. Kompenseerimaks Ettevõttele ehitus- ja finantseerimiskulutusi, lisatakse alates 1. märtsist 2008 kuni 2017 aasta lõpuni eraisikute vee tariifile spetsiaalne arenduskomponent ning Tallinna linn kompenseerib sademetevee torustike rajamiskulu igakuiselt 4,4 miljonit krooni kuni 2011. aasta lõpuni. Arenduskomponent kompenseeritakse tarbijatele Tallinna linna poolt otsese maksega Ettevõttele. Arenduskomponent on suurem ehitusperioodil (9,00 krooni m3 kohta kuni 31. detsembrini 2011 ja 6,10 krooni m3 kohta aastatel 2012 kuni 2017). Aasta algusest tõusid vee- ja kanalisatsiooniteenuse tariifid, mis said Tallinna linnavalitsuse heakskiidu 2007. aasta lõpus. Tariifi tõus on 11,7% teeninduspiirkonnas ning sellelähedane väljaspool teeninduspiirkonda, olenevalt individuaalsetest lepingutest ümbritsevate omavalitsustega. 1. kvartalis vastasid kõikidest heitvee- ja sademeteveeväljalaskudest võetud proovid kõikidele seatud nõuetele ning selle tulemusena kohaldusid selles kvartalis 50% võrra vähendatud saastetasumäärad. Tänu suurepärastele puhastustulemustele hoidis Ettevõte 2008. aasta 1. kvartalis keskkonnatasudelt kokku 2,8 miljonit krooni. Internetipõhise iseteeninduse kasutamine on kasvanud 4 kordselt võrreldes 2007. aasta 31. märtsiga, enam kui 10% arvetest esitati interneti kaudu. Meil on heameel kinnitada, et 2008. aasta 1. kvartalis täitsime kõiki teenustasemete nõudeid vastavalt Tallinna Linnaga sõlmitud lepingule. -------------------------------------------------------------------------------- | KASUMIARUANNE | I kvartal | I kvartal | 12 kuud | -------------------------------------------------------------------------------- | (tuhat EEK) | 2008 | 2007 | 2007 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Põhitegevuse tulud | 180 886 | 161 133 | 648 335 | -------------------------------------------------------------------------------- | Põhitegevusega seotud muud tulud | 30 355 | 44 241 | 172 437 | -------------------------------------------------------------------------------- | Müügitulu | 211 241 | 205 374 | 820 772 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Müüdud toodete/teenuste kulud | -66 151 | -44 885 | -216 677 | -------------------------------------------------------------------------------- | Põhitegevusega seotud muud kulud | -26 887 | -39 662 | -158 187 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | BRUTOKASUM | 118 203 | 120 827 | 445 908 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Turustuskulud | -3 374 | -3 162 | -13 547 | -------------------------------------------------------------------------------- | Üldhalduskulud | -14 526 | -14 279 | -56 849 | -------------------------------------------------------------------------------- | Muud äritulud/-kulud (-) | -77 | 2 398 | 1 850 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | ÄRIKASUM | 100 226 | 105 784 | 377 362 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Finantstulud/-kulud (-) | -10 731 | -10 480 | -44 237 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | KASUM ENNE TULUMAKSUSTAMIST | 89 495 | 95 304 | 333 125 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Dividendide tulumaks | 0 | 0 | -55 285 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | PERIOODI PUHASKASUM | 89 495 | 95 304 | 277 840 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Jaotatav: | | | | -------------------------------------------------------------------------------- | A- aktsia omanikele | 89 485 | 95 294 | 277 830 | -------------------------------------------------------------------------------- | B- aktsia omanikule | 10 | 10 | 10 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Kasum aktsia kohta kroonides | 4,47 | 4,76 | 13,89 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | BILANSS | | | | -------------------------------------------------------------------------------- | (tuhat EEK) |31.03.2008 |31.03.2007 | 31.12.2007 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | VARAD | | | | -------------------------------------------------------------------------------- | KÄIBEVARA | | | | -------------------------------------------------------------------------------- | Raha ja pangakontod | 327 136 | 290 256 | 178 420 | -------------------------------------------------------------------------------- | Väärtpaberid | 0 | 9 866 | 0 | -------------------------------------------------------------------------------- | Nõuded ostjate vastu | 107 145 | 115 793 | 185 223 | -------------------------------------------------------------------------------- | Viitlaekumised ja ettemaksed | 5 219 | 4 278 | 5 179 | -------------------------------------------------------------------------------- | Varud | 3 917 | 3 139 | 3 645 | -------------------------------------------------------------------------------- | Varad müügiks | 1 114 | 1 517 | 1 120 | -------------------------------------------------------------------------------- | KOKKU KÄIBEVARA | 444 531 | 424 849 | 373 587 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | PÕHIVARA | | | | -------------------------------------------------------------------------------- | Materiaalne põhivara | 2 014 048 | 1 906 280 | 1 992 978 | -------------------------------------------------------------------------------- | Immateriaalne põhivara | 47 485 | 50 829 | 49 137 | -------------------------------------------------------------------------------- | Lõpetamata varad - v.a. | 27 532 | 63 788 | 48 034 | | liitumis-ehitused | | | | -------------------------------------------------------------------------------- | Lõpetamata torustikud - uued liitumised | 75 104 | 82 200 | 90 057 | -------------------------------------------------------------------------------- | Ettemaksed materiaalse põhivara eest | 3 166 | 3 222 | 5 399 | -------------------------------------------------------------------------------- | KOKKU PÕHIVARA | 2 167 335 | 2 106 319 | 2 185 605 | -------------------------------------------------------------------------------- | VARAD KOKKU | 2 611 866 | 2 531 168 | 2 559 192 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | KOHUSTUSED JA OMAKAPITAL | | | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | LÜHIAJALISED KOHUSTUSED | | | | -------------------------------------------------------------------------------- | Pikaajaliste laenukohustuste | 41 699 | 167 | 41 486 | | lühiajaline osa | | | | -------------------------------------------------------------------------------- | Hankijate ja muud võlad | 54 633 | 63 302 | 86 966 | -------------------------------------------------------------------------------- | Maksuvõlad | 23 672 | 19 853 | 26 486 | -------------------------------------------------------------------------------- | Lühiajalised eraldised | 2 487 | 770 | 2 231 | -------------------------------------------------------------------------------- | Tulevaste perioodide tulud | 39 948 | 32 864 | 42 099 | -------------------------------------------------------------------------------- | LÜHIAJALISED KOHUSTUSED KOKKU | 162 439 | 116 956 | 199 268 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | PIKAAJALISED KOHUSTUSED | | | | -------------------------------------------------------------------------------- | Pangalaenud | 1 125 499 | 1 166 318 | 1 125 491 | -------------------------------------------------------------------------------- | Muud võlad | 113 | 100 | 113 | -------------------------------------------------------------------------------- | PIKAAJALISED KOHUSTUSED KOKKU | 1 125 612 | 1 166 418 | 1 125 604 | -------------------------------------------------------------------------------- | KOKKU KOHUSTUSED | 1 288 051 | 1 283 374 | 1 324 872 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | OMAKAPITAL | | | | -------------------------------------------------------------------------------- | Aktsiakapital | 200 001 | 200 001 | 200 001 | -------------------------------------------------------------------------------- | Ülekurss | 387 000 | 387 000 | 387 000 | -------------------------------------------------------------------------------- | Kohustuslik reservkapital | 20 000 | 20 000 | 20 000 | -------------------------------------------------------------------------------- | Eelmiste perioodide kogunenud kasum | 627 319 | 545 489 | 349 479 | -------------------------------------------------------------------------------- | Perioodi puhaskasum | 89 495 | 95 304 | 277 840 | -------------------------------------------------------------------------------- | KOKKU OMAKAPITAL | 1 323 815 | 1 247 794 | 1 234 320 | -------------------------------------------------------------------------------- | KOHUSTUSED JA OMAKAPITAL KOKKU | 2 611 866 | 2 531 168 | 2 559 192 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | RAHAKÄIBE ARUANNE | I kvartal | I kvartal | 12 kuud | -------------------------------------------------------------------------------- | (tuhat EEK) | 2008 | 2007 | 2007 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | ÄRITEGEVUSE RAHAKÄIVE | | | | -------------------------------------------------------------------------------- | Ärikasum | 100 226 | 105 784 | 377 362 | -------------------------------------------------------------------------------- | Korrigeerimine kulumiga | 22 145 | 19 695 | 79 241 | -------------------------------------------------------------------------------- | Korrigeerimine rajamistulude ja | -3 468 | -4 579 | -14 250 | | -kuludega | | | | -------------------------------------------------------------------------------- | Muud finantstulud ja -kulud | -412 | -229 | -1 585 | -------------------------------------------------------------------------------- | Kasum (-) / kahjum (+) põhivara müügist | -5 | 19 | -2 422 | -------------------------------------------------------------------------------- | Kuluks kantud põhivarad | 0 | 0 | 476 | -------------------------------------------------------------------------------- | Tegevuskuludest kapitaliseeritud | -5 636 | -4 647 | -19 764 | | põhivaraks | | | | -------------------------------------------------------------------------------- | Äritegevusega seotud käibevara muutus | 13 225 | -15 322 | -32 062 | -------------------------------------------------------------------------------- | Äritegevusega seotud kohustuste muutus | -3 223 | -14 531 | -327 | -------------------------------------------------------------------------------- | Makstud intressid | | -9 | -52 986 | -------------------------------------------------------------------------------- | Rahajäägi muutus äritegevusest | 122 852 | 86 181 | 333 683 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | INVESTEERIMISTEGEVUSE RAHAKÄIVE | | | | -------------------------------------------------------------------------------- | Põhivara soetamine, sh liitumisehitised | -72 303 | -52 061 | -265 951 | -------------------------------------------------------------------------------- | Rajamistasudest finantseeritavate | 94 167 | 14 612 | 101 840 | | torustike eest laekumine | | | | -------------------------------------------------------------------------------- | Põhivara müügitulu ja saadud/tagastatud | 6 | 11 | 390 | | ettemaksed | | | | -------------------------------------------------------------------------------- | Müügiootel varade ja | 0 | 0 | 242 | | kinnisvarainvesteeringu müügitulu | | | | -------------------------------------------------------------------------------- | Saadud intressid | 3 994 | 2 272 | 10 571 | -------------------------------------------------------------------------------- | Rahajäägi muutus | 25 864 | -35 166 | -152 908 | | investeerimistegevusest | | | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | FINANTSEERIMISTEGEVUSE RAHAKÄIVE | | | | -------------------------------------------------------------------------------- | Tasutud kapitalirendi maksed | 0 | -306 | -473 | -------------------------------------------------------------------------------- | Tasutud dividendid | 0 | 0 | -196 010 | -------------------------------------------------------------------------------- | Tulumaks dividendidelt | 0 | 0 | -55 285 | -------------------------------------------------------------------------------- | Rahajäägi muutus | 0 | -306 | -251 768 | | finantseerimistegevusest | | | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Rahajäägi kogumuutus | 148 716 | 50 709 | -70 993 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | RAHA JA RAHA EKVIVALENDID PERIOODI | 178 420 | 249 413 | 249 413 | | ALGUSES | | | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | RAHA JA RAHA EKVIVALENDID PERIOODI | 327 136 | 300 122 | 178 420 | | LÕPUS | | | | -------------------------------------------------------------------------------- Lisainformatsioon: Siiri Lahe Finantsdirektor +372 6262 262 siiri.lahe@tvesi.ee
Pealkiri
Results of operations for the 1st quarter 2008 (EEK)
Teade
MANAGEMENT REPORT RESULTS OF OPERATIONS - FOR THE 1st QUARTER 2008 Overview In the 1st quarter of 2008 the Company's total sales increased, year on year, by 2.9% to 211.2 mln EEK. Total water and sewerage services sale volumes increased by 0.4%. Within the service area sales to residential customers increased by 9.5% year on year, sales to commercial customers increased by 10.0% year on year, and sales to customers outside of the service area increased by 43.0% year on year, reaching 0.8 mln m3 or 6.2 mln EEK. The Company's profit before taxes was 89.5 mln EEK, which is a 6.1% decrease compared to 2007. Eliminating the one-off nitrogen provision release in the 1st quarter of 2007, profit before tax increased by 9.1%. The Company invested 32.4 mln EEK, of which 13.4 mln EEK was invested in network extension and developments. -------------------------------------------------------------------------------- | mln EEK | Q 1 | Q 1 | Change | Q 1 | Q 1 2007 | Change | | | 2008 | 2007 | | 2008 | underlying| | -------------------------------------------------------------------------------- | Sales | 211,2 | 205,4 | 2,9% | 211,2 | 205,4 | 2,9% | -------------------------------------------------------------------------------- | Main operating | 180,9 | 161,1 | 12,3% | 180,9 | 161,1 | 12,3% | | activities | | | | | | | -------------------------------------------------------------------------------- | Other operating | 30,4 | 44,2 | -31,4% | 30,4 | 44,2 | -31,4% | | activities | | | | | | | -------------------------------------------------------------------------------- | Gross profit | 118,2 | 120,8 | -2,2% | 118,2 | 107,5 | 9,9% | -------------------------------------------------------------------------------- | Gross profit | 56,0% | 58,8% | -4,9% | 56,0% | 52,4% | 6,9% | | margin % | | | | | | | -------------------------------------------------------------------------------- | Operating profit | 100,2 | 105,8 | -5,3% | 100,2 | 92,5 | 8,4% | -------------------------------------------------------------------------------- | Operating profit | 47,4% | 51,5% | -7,9% | 47,4% | 45,0% | 5,4% | | margin % | | | | | | | -------------------------------------------------------------------------------- | Profit before | 89,5 | 95,3 | -6,1% | 89,5 | 82,0 | 9,1% | | taxes | | | | | | | -------------------------------------------------------------------------------- | Profit before | 42,4% | 46,4% | -8,7% | 42,4% | 39,9% | 6,1% | | taxes margin % | | | | | | | -------------------------------------------------------------------------------- | Net profit | 89,5 | 95,3 | -6,1% | 89,5 | 82,0 | 9,1% | -------------------------------------------------------------------------------- | ROA % | 3,4% | 3,8% | -9,0% | 3,4% | 3,2% | 5,8% | -------------------------------------------------------------------------------- | Debt to total | 49,3% | 50,7% | -2,7% | 49,3% | 50,7% | -2,7% | | capital employed | | | | | | | -------------------------------------------------------------------------------- Gross profit margin - Gross profit / Net sales Operating profit margin - Operating profit / Net sales Profit before taxes margin - Profit before taxes / Net sales ROA - Net profit /Total Assets Debt to Total capital employed - Total Liabilities / Total capital employed Profit and Loss Statement 1st quarter 2008 Sales In the 1st quarter of 2008 the Company's total sales increased, year on year, by 2.9% to 211.2 mln EEK. Sales from the Company's main operating activities were 180.9 mln EEK. Sales in the main operating activity principally comprise of sales of water and treatment of wastewater to domestic and commercial customers within and outside of the service area, and fees received from the City of Tallinn for operating and maintaining the stormwater system. Sales of water and wastewater services were 168.5 mln EEK, a 12.1% increase compared to the 1st quarter of 2007, resulting from the 11.7% increase in tariffs from 1 January 2007 for the Company's residential and commercial customers combined with the factors described below. Included within this amount were the following increases by sector: within the service area sales to residential customers increased by 9.5% to 88.8 mln EEK. Sales to commercial customers increased by 10.0% to 69.9 mln EEK. Sales to customers outside of the service area - primarily bulk volumes of wastewater treatment services provided to the surrounding municipalities - increased by 43.0% reaching 832 thousand m3 or 6.2 mln EEK. Over pollution fees received were 2.2 mln EEK higher than in the 1st quarter of 2007. In the 1st quarter of 2008, the volumes sold to residential customers dropped 1.9% or 143 thousand m3. In our opinion this is partly explainable by the mild winter and people moving to the surrounding areas of Tallinn. The Company has billed more properties than in the 1st quarter of 2007, but a combination of the factors described above has led to the slight reduction in this group. The volumes sold to commercial customers inside the service area decreased compared to the relevant period in 2007 due to several factors combined. Part of the reduction in sales volumes in Tallinn is due to companies moving to the surrounding municipalities, attracted by cheaper real estate prices. In addition the sales in 1st quarter of 2008 compared to the 1st quarter of 2007 were impacted by the fact that one of the Company's biggest industrial customers moved its facilities out of our area at the end of 2007, this resulted in a volume loss of 69 thousand m3 in the 1st quarter of 2008. 1st quarter includes also an exceptional sales totaling 43 thousand m3 for a particular customer who historically has used its own well. The real estate market seems to have reached a point of stagnation. Even though the number of new apartments and business buildings constructed in Tallinn has continued to increase, a large share of new buildings remain vacant as commercial customers as well as people in need of space are moving to surrounding areas due to more affordable real estate prices. This trend is also reflected in the Company's sales to surrounding areas, which has increased by 43.0% compared to the same period last year. This reflects the success of the Company's strategy to re-capture customers leaving Tallinn. The Company is actively looking for the further expansion opportunities into the neighboring municipalities. The sales from the operation and maintenance of the stormwater and firehydrant system increased by 9.8% to 9.9 mln EEK in the 1st quarter of 2008 compared to the same period in 2007. This is in accordance with the terms and conditions of the contract whereby the stormwater and fire hydrant costs are invoiced based on actual costs and volumes treated. This is contractually agreed up to 2020. Sales revenues from other operating activities, mainly connections and stormwater construction, totaled 30.4 mln EEK which is 13.8 mln EEK less than in the 1st quarter of 2007. In this line the revenue is recorded when it is probable that the revenues will flow to the company. According to the new contract concluded with the City of Tallinn on 30th November 2007, the revenue flow will be more even throughout the year. Before 2008 a considerable amount of works and revenues were confirmed in the first quarter. Starting from March 2008 the revenue in this line is mainly calculated using the service area domestic water sales volumes and fixed development rate per cubic meter. Cost of Goods Sold and Gross Margin The cost of goods sold for the main operating activity was 66.1 mln EEK in the 1st quarter of 2008, an increase of 21.3 mln EEK or 47.4% from the equivalent period in 2007. Still the underlying costs increased only by 7.9 mln EEK or 13.5% compared to 1st quarter of 2007, as the 2007 1st quarter results were impacted by release of the pollution tax accrual which reduced the costs by 13.3 mln EEK. In the 1st quarter of 2008 the Company has for the fifth successive quarter recorded zero failures in all pollution measures taken, and as a result the amount of pollution tax payable reduced by 2.9 mln EEK. This is offset by an increase in tax rates year on year of 20%. As the pollution level of the incoming sewerage does vary and the company does not have full control over stormwater outlets regarding the pollution, we cannot guarantee the achievement will be repeated in all following quarters of 2008. The chemical costs were 4.5 mln EEK, this represents an 11.7% decrease compared to the corresponding period in 2007. This result is the combination of volumes treated and chemicals dosed, whilst chemical prices stay high, an increase in this cost line can be expected later in the year. Electricity costs increased by 0.3 mln EEK or 3.7% in the 1st quarter of 2008 compared to the 1st quarter of 2007 due to higher electricity prices combined with volumes treated. Salary expenses increased by 3.7 mln EEK or 28.5% due to number of factors. Firstly, increased headcount from the new services launched. Secondly, a highly competitive labour market has led to significant salary inflation. Finally in the 1st quarter of 2008 the Company restructured and combined departments. Eliminating these structural changes would give us 18.6% increase in salaries. This is in line with the increase in average salaries in the Estonian market, which according to the latest statistics has increased around 20% year on year. Other cost of goods sold in the main operating activity increased by 2.3 mln EEK, or 23.7% year on year. This was due to higher costs on a number of support service contracts, such as transport, security services, maintenance cost, reflecting the significant increase in labour and services costs in Tallinn. The Company has taken advantage of the fall in the construction market and eliminated part of this cost inflation by signing new framework contract at more competitive prices by end of the quarter. The specific impact to costs increase was around 0.8 mln EEK in 1st quarter 2008, but we do not assume to repeat it during the following quarters. The cost pressure sets the challenge to the management to identify the further efficiency opportunities through review of processes, procedures and procurements for example. As a result of all of the above the Company's gross profit for the 1st quarter of 2008 was 118.2 mln EEK, which is a decrease of 2.6 mln EEK, or 2.2%, compared to the gross profit of 120.8 mln EEK for the 1st quarter of 2007. Comparing 1st quarter gross profit for 2008 to underlying gross profit of the 1st quarter of 2007 there was an increase of 9.9% or 10.7 mln EEK. Operating Costs and Operating Margin Marketing expenses increased by 0.2 mln EEK to 3.4 mln EEK during the 1st quarter of 2008 compared to the corresponding period in 2007. This is partly the result of the overall salary increase, supplemented by the increase in depreciation charges due to the Customer Information and Billing system (KLIF). General administration expenses increased by 0.2 mln EEK to 14.5 mln EEK in the 1st quarter of 2008 as a consequence of an increase in salaries due to the overall salaries inflation and redundancy packages accounted to 1st quarter of 2008. Included within all the above cost categories are staff costs. These totaled 23.6 mln EEK in the 1st quarter of 2008, which is a 4.9 mln EEK increase compared to the same period in 2007, as mentioned earlier this was due to the wide revision of salaries at the beginning of 2008, supplemented by extra salary cost due to new activities and redundancy costs totaling 1.2 mln EEK. Without these items the salary increase would have been 3.6 mln EEK or slightly above 19%. Other net income/expenses totaled an expense of 0.1 mln EEK in the 1st quarter of 2008 compared to an income of 2.4 mln EEK in the 1st quarter of 2007 - in 1st quarter of 2007 there was a 2.4 mln EEK recovery of doubtful debt. As a result of all of the above the Company's operating profit for the 1st quarter of 2008 was 100.2 mln EEK, a decrease of 5.6 mln EEK compared to an operating profit of 105.8 mln EEK achieved in the 1st quarter of 2007. Compared to the underlying operating profit in the 1st quarter of 2007, the operating profit has increased 8.4% or 7.7 mln EEK in 1st quarter of 2008. Financial expenses Net Financial expenses were 10.7 mln EEK in the 1st quarter of 2008, which is an increase of 0.3 mln EEK or 2.4% compared to the 1st quarter of 2007. The Company's interest costs have increased by 12.2% compared to the 1st quarter of 2007. This is due to the fact that half of the Company's loans are connected to the 6 month Euribor rate, which was 4.686% in the 1st quarter of 2008 compared to 3.736% in the 1st quarter of 2007. The increase in interest expenses is partially offset by an increase in financial income earned during the 1st quarter of 2008, as a result of a more favourable cash position and increasing interest rates. Profit Before Tax The Company's profit before taxes for the 1st quarter of 2008 was 89.5 mln EEK, which is 5.8 mln EEK lower than the profit before taxes of 95.3 mln EEK for the 1st quarter of 2007. Looking at the underlying profit for the 1st quarter of 2007 compared to same period of 2008 there has been an increase of 9.1% or 7.5 mln EEK. Balance sheet During the three months of 2008 the Company invested 32.4 mln EEK into fixed assets. Non-current assets were 2,167 mln EEK at 31 March 2008. Current assets increased by 70.9 mln EEK to 444.5 mln EEK in the three months of the year, including cash at bank which increased by 148.7 mln EEK. Current liabilities decreased by 36.8 mln EEK to 162.4 mln EEK in the three months of the year. This was mainly due to decrease in Trade and other payables compared to 2007 year end, as a result of payment of 2007 end capital investments invoices in 1st quarter of 2008. The company continues to maintain its leverage level within its target range of around 50% with total liabilities to total capital employed of 49.3% as at 31 March 2008. Long-term liabilities stood at 1,125.6 mln EEK at the end of March 2008, consisting almost entirely of the outstanding balance on the two long-term bank loans. Cash flow During 1st quarter of 2008, the Company generated 122.8 mln EEK of cash flows from operating activities, an increase of 36.7 mln EEK compared to the corresponding period in 2007. Underlying operating profit continues to be the main driver for growth, supplemented by debt collection in 1st quarter of 2008. In the 1st quarter of 2008 net cash inflows from investing activities were 25.8 mln EEK, which is 61.0 mln EEK more than in 2007. This was mainly due to some large construction revenue invoices that were due and paid in the 1st quarter 2008, offset by increased investment payments. In the 1st quarter the company invested 32.4 mln EEK - 23.7 mln EEK networks extension and rehabilitation, 4.9 mln EEK Paljassaare wastewater treatment plant and sludge treatment, 0.9 mln EEK water quality (Ülemiste water treatment plant and raw water) and 2.9 mln EEK other investments (IT, capital maintenance, meters, etc). There were no cash outflows from financing activities during 1st quarter compared to cash outflow of 0.3 mln EEK during the 1st quarter of 2007. As a result of all of the above factors, the total cash inflow in the 1st quarter of 2008 was 148.7 mln EEK compared to a cash inflow of 50.7 mln EEK in the three months of 2007. Cash and cash equivalents stood at 327.1 mln EEK as at 31 March 2008. Employees At the end of the 1st quarter of 2008, the number of employees was 317, compared to 313 at the end of the 1st quarter of 2007. Dividends and share performance Based on the results of the 2007 financial year, the Management Board of the company proposed to pay 249,010,000 EEK of dividends. Of this 10,000 EEK will be paid to the owner of the B-share and 249,000,000 EEK, i.e. 12.45 EEK per share to the owners of the A-shares. Management Board proposed to pay the dividends on 13 June 2008, based on the list of shareholders, which will be fixed at 23.59 on 30 May 2008. As of 31 March 2008 AS Tallinna Vesi shareholders, with a direct holding over 5%, were: -------------------------------------------------------------------------------- | United Utilities (Tallinn) BV | 35.3% | -------------------------------------------------------------------------------- | City of Tallinn | 34.7% | -------------------------------------------------------------------------------- | Nordea Bank Finland Plc clients account trading | 8.78% | -------------------------------------------------------------------------------- | Morgan Stanley + Co International Equity client | 6.81% | | account | | -------------------------------------------------------------------------------- At the end of the quarter, 31 March 2008, the closing price of the AS Tallinna Vesi share was 195.58 EEK (12.50 EUR), which is a 3.6% decrease compared to the closing price of 202.78 EEK (12.96 EUR) at the beginning of quarter, significantly outperforming the market as the OMX Tallinn index dropped by 14.0% during the quarter. Operational highlights in the 1st quarter of 2008 The company implemented the development component in 1st quarter 2008 according to the Services Agreement Amendment which was signed with the City of Tallinn on 30 November 2007. The Services Agreement is extended until 2020 and the k-coefficient is also fixed until 2020 - 2% in years 2009 to 2010 and 0% in years 2011 to 2020. No extra capital expenditures (in addition to maintenance capex and extensions program agreed in the contract) can be imposed on the company until 2020. According to the agreement the network extension constructions must be completed by March 2011. To compensate the Company for the construction and financing costs a specific development component is included into the main services area domestic water tariff starting from 1 March 2008 to the end of 2017 and the City of Tallinn will compensate the stormwater constructions every month 4.4 mln EEK until the end of 2011. The development component shall be compensated to the customers with direct payment to the company by the City of Tallinn. The component is bigger during the construction period (9.00 kroons per m3 until 31 December 2011 and 6.10 kroons per m3 in years 2012 to 2017). From the beginning of the year water and wastewater tariffs increased as approved by the City Council in 2007. The tariff increase was 11.7% in the main service area and was similar outside the main service area, depending on individual contracts within the municipalities. The wastewater treatment performance with all outfall effluent samples at all locations was in the 1st quarter compliant with requirements and as a consequence the environmental charges for the quarter attracted a 50% reduction. As a result of the excellent treatment results the company saved 2.8 mln EEK from environmental taxes in 1st quarter of 2008. The usage of the web based self service has increased by 4 times compared to the 31 March 2007, more than 10% of invoices were issued via web. We are pleased to report the compliance with all requirements of the Levels of Services established by the contract concluded with the City of Tallinn. -------------------------------------------------------------------------------- | INCOME STATEMENT |I Quarter | I Quarter | 12 months | -------------------------------------------------------------------------------- | (thousand EEK) | 2008 | 2007 | 2007 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Sales from main operating activities | 180 886 | 161 133 | 648 335 | -------------------------------------------------------------------------------- | Revenues from other operating activities | 30 355 | 44 241 | 172 437 | -------------------------------------------------------------------------------- | Net sales | 211 241 | 205 374 | 820 772 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Costs of goods sold (main operating | -66 151 | -44 885 | -216 677 | | activities) | | | | -------------------------------------------------------------------------------- | Costs of goods sold (other operating | -26 887 | -39 662 | -158 187 | | activities) | | | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | GROSS PROFIT | 118 203 | 120 827 | 445 908 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Marketing expenses | -3 374 | -3 162 | -13 547 | -------------------------------------------------------------------------------- | General administration expenses | -14 526 | -14 279 | -56 849 | -------------------------------------------------------------------------------- | Other income/ expenses (-) | -77 | 2 398 | 1 850 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | OPERATING PROFIT | 100 226 | 105 784 | 377 362 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Financial income / expenses (-) | -10 731 | -10 480 | -44 237 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | PROFIT BEFORE TAXES | 89 495 | 95 304 | 333 125 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Income tax on dividends | 0 | 0 | -55 285 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | NET PROFIT FOR THE PERIOD | 89 495 | 95 304 | 277 840 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Attributable to: | | | | -------------------------------------------------------------------------------- | Equity holders of A-shares | 89 485 | 95 294 | 277 830 | -------------------------------------------------------------------------------- | B-share holder | 10 | 10 | 10 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Earnings per share in kroons | 4,47 | 4,76 | 13,89 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | BALANCE SHEET | | | | -------------------------------------------------------------------------------- | (thousand EEK) |31.03.2008| 31.03.2007| 31.12.2007| -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | ASSETS | | | | -------------------------------------------------------------------------------- | CURRENT ASSETS | | | | -------------------------------------------------------------------------------- | Cash at bank and in hand | 327 136 | 290 256 | 178 420 | -------------------------------------------------------------------------------- | Commercial paper | 0 | 9 866 | 0 | -------------------------------------------------------------------------------- | Customer receivables | 107 145 | 115 793 | 185 223 | -------------------------------------------------------------------------------- | Accrued income and prepaid expenses | 5 219 | 4 278 | 5 179 | -------------------------------------------------------------------------------- | Inventories | 3 917 | 3 139 | 3 645 | -------------------------------------------------------------------------------- | Assets for sale | 1 114 | 1 517 | 1 120 | -------------------------------------------------------------------------------- | TOTAL CURRENT ASSETS | 444 531 | 424 849 | 373 587 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | NON-CURRENT ASSETS | | | | -------------------------------------------------------------------------------- | Tangible assets |2 014 048 | 1 906 280 | 1 992 978 | -------------------------------------------------------------------------------- | Intangible assets | 47 485 | 50 829 | 49 137 | -------------------------------------------------------------------------------- | Unfinished assets - non connections | 27 532 | 63 788 | 48 034 | -------------------------------------------------------------------------------- | Unfinished pipelines - new connections | 75 104 | 82 200 | 90 057 | -------------------------------------------------------------------------------- | Prepayments for fixed assets | 3 166 | 3 222 | 5 399 | -------------------------------------------------------------------------------- | TOTAL NON-CURRENT ASSETS |2 167 335 | 2 106 319 | 2 185 605 | -------------------------------------------------------------------------------- | TOTAL ASSETS |2 611 866 | 2 531 168 | 2 559 192 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | LIABILITIES | | | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | CURRENT LIABILITIES | | | | -------------------------------------------------------------------------------- | Current portion of long-term borrowings | 41 699 | 167 | 41 486 | -------------------------------------------------------------------------------- | Trade and other payables, incl. dividends | 54 633 | 63 302 | 86 966 | -------------------------------------------------------------------------------- | Taxes payable | 23 672 | 19 853 | 26 486 | -------------------------------------------------------------------------------- | Short-term provisions | 2 487 | 770 | 2 231 | -------------------------------------------------------------------------------- | Deferred income | 39 948 | 32 864 | 42 099 | -------------------------------------------------------------------------------- | TOTAL CURRENT LIABILITIES | 162 439 | 116 956 | 199 268 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | NON-CURRENT LIABILITIES | | | | -------------------------------------------------------------------------------- | Bank loans |1 125 499 | 1 166 318 | 1 125 491 | -------------------------------------------------------------------------------- | Other payables | 113 | 100 | 113 | -------------------------------------------------------------------------------- | TOTAL NON-CURRENT LIABILITIES |1 125 612 | 1 166 418 | 1 125 604 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES |1 288 051 | 1 283 374 | 1 324 872 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | EQUITY CAPITAL | | | | -------------------------------------------------------------------------------- | Share capital | 200 001 | 200 001 | 200 001 | -------------------------------------------------------------------------------- | Share premium | 387 000 | 387 000 | 387 000 | -------------------------------------------------------------------------------- | Statutory legal reserve | 20 000 | 20 000 | 20 000 | -------------------------------------------------------------------------------- | Accumulated profit | 627 319 | 545 489 | 349 479 | -------------------------------------------------------------------------------- | Net profit for the period | 89 495 | 95 304 | 277 840 | -------------------------------------------------------------------------------- | TOTAL EQUITY CAPITAL |1 323 815 | 1 247 794 | 1 234 320 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | TOTAL LIABILITIES AND EQUITY CAPITAL |2 611 866 | 2 531 168 | 2 559 192 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CASH FLOW STATEMENT |I Quarter | I Quarter | 12 months | -------------------------------------------------------------------------------- | (thousand EEK) | 2008 | 2007 | 2007 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | CASH FLOWS FROM OPERATING ACTIVITIES | | | | -------------------------------------------------------------------------------- | Operating profit | 100 226 | 105 784 | 377 362 | -------------------------------------------------------------------------------- | Adjustment for depreciation | 22 145 | 19 695 | 79 241 | -------------------------------------------------------------------------------- | Adjustment for income and expenses from | -3 468 | -4 579 | -14 250 | | constructions | | | | -------------------------------------------------------------------------------- | Other financial income and expenses | -412 | -229 | -1 585 | -------------------------------------------------------------------------------- | Profit from sale of fixed assets | -5 | 19 | -2 422 | -------------------------------------------------------------------------------- | Expensed fixed assets | 0 | 0 | 476 | -------------------------------------------------------------------------------- | Capitalization of operating expenses | -5 636 | -4 647 | -19 764 | -------------------------------------------------------------------------------- | Movement in current assets involved in | 13 225 | -15 322 | -32 062 | | operating activities | | | | -------------------------------------------------------------------------------- | Movement in liabilities involved in | -3 223 | -14 531 | -327 | | operating activities | | | | -------------------------------------------------------------------------------- | Interest paid | 0 | -9 | -52 986 | -------------------------------------------------------------------------------- | Total cash flow from operating activities | 122 852 | 86 181 | 333 683 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | CASH FLOWS FROM INVESTING ACTIVITIES | | | | -------------------------------------------------------------------------------- | Acquisition of fixed assets (incl | -72 303 | -52 061 | -265 951 | | pipelines construction) | | | | -------------------------------------------------------------------------------- | Proceeds from pipelines financed by | 94 167 | 14 612 | 101 840 | | construction income | | | | -------------------------------------------------------------------------------- | Proceeds from sale of and prepayments | 6 | 11 | 390 | | received for fixed assets | | | | -------------------------------------------------------------------------------- | Proceeds from sale of assets and real | 0 | 0 | 242 | | estate investments | | | | -------------------------------------------------------------------------------- | Interest received | 3 994 | 2 272 | 10 571 | -------------------------------------------------------------------------------- | Total cash flow from investing activities | 25 864 | -35 166 | -152 908 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | CASH FLOWS FROM FINANCING ACTIVITIES | | | | -------------------------------------------------------------------------------- | Finance lease payments | 0 | -306 | -473 | -------------------------------------------------------------------------------- | Dividends paid | 0 | 0 | -196 010 | -------------------------------------------------------------------------------- | Income tax on dividends | 0 | 0 | -55 285 | -------------------------------------------------------------------------------- | Total cash flow from financing activities | 0 | -306 | -251 768 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Change in cash and bank accounts | 148 716 | 50 709 | -70 993 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | CASH AND EQUIVALENTS AT THE BEGINNING OF | 178 420 | 249 413 | 249 413 | | THE PERIOD | | | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | CASH AND EQUIVALENTS AT THE END OF THE | 327 136 | 300 122 | 178 420 | | PERIOD | | | | -------------------------------------------------------------------------------- Additional information: Siiri Lahe Chief Financial Officer +372 6262 262 siiri.lahe@tvesi.ee