Börsiteade

Pealkiri

RESULTS OF OPERATIONS - FOR THE 3rd QUARTER 2007, EUR

Teade

MANAGEMENT REPORT                                                               
                               

Overview                                                                        

During the 3rd quarter of 2007 the Company's total sales increased, year on     
year, by 13.1% to 10.8 mln EUR. Total water and sewerage services sales volumes 
increased by 0.5%. Sales to residential customers increased by 9.9% year on     
year, sales to commercial customers within the service area increased by 4.3%   
year on year, and sales to commercial customers outside of the service area     
increased by 43.6% reaching 637 000 m3 or 0.3 mln EUR year on year. The         
Company's quarterly operating profit was 5.7 mln EUR, which is a 0.65 mln EUR   
increase compared to the 3rd quarter of 2006. The Company invested 10.6 mln EUR,
from which 6.8 mln EUR was invested in networks extension and rehabilitation.   

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| Mln EUR            |  3 Q   |  3 Q   | Change  |    9    |    9    | Change  |
|                    |  2007  |  2006  |         | months  | months  |         |
|                    |        |        |         |  2007   |  2006   |         |
--------------------------------------------------------------------------------
| Sales              |   10,8 |    9,5 |   13,1% |    35,2 |    31,0 |   13,3% |
--------------------------------------------------------------------------------
| Main operating     |   10,0 |    9,2 |    8,7% |    30,8 |    28,1 |    9,6% |
| activities         |        |        |         |         |         |         |
--------------------------------------------------------------------------------
| Other operating    |    0,7 |    0,3 |  151,9% |     4,3 |     2,9 |   49,2% |
| activities         |        |        |         |         |         |         |
--------------------------------------------------------------------------------
| Gross profit       |    6,7 |    5,9 |   13,4% |    21,4 |    18,0 |   18,5% |
--------------------------------------------------------------------------------
| Gross profit       |  62,1% |  61,9% |    0,3% |   60,7% |   58,1% |    4,5% |
| margin %           |        |        |         |         |         |         |
--------------------------------------------------------------------------------
| Operating profit   |    5,7 |    5,0 |   12,8% |    18,1 |    16,8 |    7,8% |
--------------------------------------------------------------------------------
| Operating profit   |  52,4% |  52,5% |   -0,2% |   51,6% |   54,2% |   -4,9% |
| margin %           |        |        |         |         |         |         |
--------------------------------------------------------------------------------
| Profit before      |    4,9 |    4,3 |   13,7% |    16,1 |    14,8 |    8,3% |
| taxes              |        |        |         |         |         |         |
--------------------------------------------------------------------------------
| Profit before      |  45,5% |  45,2% |    0,6% |   45,6% |   47,7% |   -4,4% |
| taxes margin       |        |        |         |         |         |         |
--------------------------------------------------------------------------------
| Net profit         |    4,9 |    4,3 |   13,7% |    12,5 |    11,8 |    5,9% |
--------------------------------------------------------------------------------
| ROA %              |   3,1% |   2,8% |   12,3% |    8,0% |    7,7% |    4,6% |
--------------------------------------------------------------------------------
| Debt to total      |  52,9% |  54,9% |   -3,7% |   52,9% |   54,9% |   -3,7% |
| 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                                                       

3rd quarter 2007                                                                

Sales                                                                           

In the 3rd quarter of 2007 the Company's total sales increased, year on year, by
13.1% to 10.8 mln EUR.  Sales from the Company's main operating activities were 
10 mln EUR. 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 services area, and fees received from the City of Tallinn for
operating and maintaining the stormwater system.                                

Sales of water and wastewater treatment were 9.2 mln EUR, a 7.6% increase       
compared to the third quarter of 2006, resulting from the 10.8% increase in     
tariffs from 1 January 2007 for the Company's residential and commercial        
customers.                                                                      

Included within this amount were the following increases by sector: Sales to    
residential customers increased by 9.9% to 4.95 mln EUR. Sales to commercial    
customers within the service area increased by 4.3% to 3.8 mln EUR. Sales to    
commercial customers outside of the service area - primarily bulk volumes of    
wastewater treatment services provided to the surrounding municipalities -      
increased by 43.6% reaching 637 000 m3 or 0.3 mln EUR. Overpollution fees       
received were 0.04 mln EUR lower than in the 3rd quarter of 2006.               

In the third quarter of 2007, the volumes sold to residential customers were    
influenced by the seasonality factor. As the third quarter of 2007 was          
extraordinary rainy compared to same period in 2006, the usage of gardening     
water was relatively lower, reflecting in lower sales. This loss of sales is to 
some extent (+0.13 mln EUR extra sales as specified below) recovered in the     
stormwater disposal and firehydrant services line, as due to the rainy season,  
the treatment volumes of stormwater increased.                                  

The volumes sold to commercial customers inside the service area decreased      
compared to the relevant period in 2006 due to several factors combined. Most of
the volumes lost in Tallinn are due to companies moving to the surrounding      
municipalities, attracted by cheaper real estate prices. Most of these customers
are re-captured through the bulk-supply contracts signed with the surrounding   
municipalities. In the 2nd quarter of 2007, one of the Company's biggest        
industrial customers moved its facilities out of our area, resulting in a volume
loss of 56 000 m3 in the 3rd quarter only. We have recognised that the external 
factors such as the “bronze night” event and a heat on the real estate market   
have had their negative effect on the overall economy and also to the Company's 
commercial sales.                                                               

The statistics show, that following the “bronze night” event in April, the      
tourist flow to Tallinn has slowed down. Tourists are an important consumer     
group for the Company, who use the water and wastewater services through the    
commercial customers (hotels, restaurants, SPAs etc). Also 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 43.6% compared to the same   
period last year.                                                               

The sales from the operation and maintenance of the stormwater and firehydrant  
system increased by 24.5% to 0.7 mln EUR in the 3rd quarter of 2007 compared to 
the same period in 2006. This is in accordance with the terms and conditions of 
the contract whereby the stormwater and firehydrant costs are invoiced based on 
actual volumes treated. This is contractually agreed up to 2015.                

Sales revenues from other operating activities, at 0.7 mln EUR (mainly          
connections and stormwater construction) were 0.45 mln EUR higher than in the   
3rd quarter of 2006.                                                            

Cost of Goods Sold and Gross Margin                                             

The cost of goods sold for the main operating activity was 3.5 mln EUR in the   
3rd quarter of 2007, an increase of 0.15 mln EUR or 4.4% from the equivalent    
period in 2006.                                                                 
In the 3rd quarter of 2007 the Company has for the third successive quarter     
recorded zero failures in all pollution measures taken, and as a result the     
amount of pollution tax payable reduced by 0.1 mln EUR.                         

The increase in chemical costs was due to larger amount of wastewater treated in
the 3rd quarter of 2007 compared to the 3rd quarter of 2006, which was partly   
balanced by relatively low methanol prices in the 3rd quarter. The chemical     
costs were 0.35 mln EUR, which represents an 11.6% increase compared to the     
corresponding period in 2006.                                                   

Electricity costs increased by 0.06 mln EUR or 16.1% due to higher electricity  
prices and increased volume of wastewater treated in the 3rd quarter of 2007    
compared to the 3rd quarter of 2006.                                            

Salaries expenses increased by 0.02 mln EUR or 3.3%. As a consequence of the    
highly competitive labour market and rapidly growing salaries. The salaries     
increase is still in all categories below the overall increase in average       
salaries in Estonian market, which according to the latest statistics has       
increased by more than 20% year on year. In late 2006 all the Company's salaries
were reviewed and increased to ensure competitiveness in the market and retain  
key personnel.  However, the figure also reflects the efficiencies made from    
improvements in working practices that have led to a decrease in the headcount. 
In the 3rd quarter of 2007, the average number of people working for the Company
was 313 people, compared to 319 people in the 3rd quarter of 2006.              

Other cost of goods sold in the main operating activity increased by 0.15 mln   
EUR, or 30% year on year. In the 3rd quarter other costs increased due to       
increased costs on a number of support services contracts, such as transport,   
security services reflecting the significant increase in labour costs in        
Tallinn.                                                                        

As a result of all of the above the Company's gross profit for the 3rd quarter  
of 2007 was 6.7 mln EUR, which represents an increase of 0.8 mln EUR, or 13,4%, 
compared to the gross profit of 5.9 mln EUR for the 3rd quarter of 2006.        

Operating Costs and Operating Margin                                            

Marketing expenses increased by 0.06 mln EUR to 0.2 mln EUR during the 3rd      
quarter of 2007 compared to the corresponding period in 2006.  At the beginning 
of July 2007, the company formed a new business unit focusing on new business   
development. The increase in depreciation charges accounted within marketing    
expenses is due to the inclusion of the depreciation related to the completion  
of the last stage of implementation of the Customer Information and Billing     
system (KLIF).                                                                  

General administration expenses increased by 0.06 mln EUR to 0.8 mln EUR in the 
3rd quarter of 2007 as a consequence of an increase in salaries and other       
general administration expenses. Approximately 0.03 mln EUR accounted for       
switching from owning the computers into the lease contracts as well as         
outsourcing the maintenance of software development - a corresponding reduction 
can be found in the depreciation charge.  In addition to these changes there    
were higher technical services agreement and legal services costs.              

Included within the above cost categories are staff costs. These totaled 1 mln  
EUR in the 3rd quarter of 2007, which is a 0.04 mln EUR or 4.2% increase        
compared to the same period in 2006, which as mentioned earlier was due to of   
the company wide revision of salaries.                                          

Other net income/expenses totalled a cost of 0.07 mln EUR in the 3rd quarter of 
2007 compared to a cost of 0.04 mln EUR in the 3rd quarter of 2006.             

As a result of all of the above the Company's operating profit for the 3rd      
quarter of 2007 was 5.7 mln EUR, an increase of 0.65 mln EUR compared to an     
operating profit of 5 mln EUR achieved in the 3rd quarter of 2006.              

Financial expenses                                                              

Net Financial expenses were 0.75 mln EUR in the 3rd quarter of 2007, which is an
increase of 0.05 mln EUR or 7.6% compared to the 3rd quarter of 2006. The       
Company's interest costs have increased by 14,6% compared to the 3rd quarter of 
2006. This is due to the fact that half of the Company's loans are connected to 
the 6 month Euribor rate, which was 4.228% in 3rd quarter of 2007 compared to   
3.298% in the 3rd quarter of 2006. The increase in interest expenses is         
partially offset by an increase in financial income earned during the 3rd       
quarter of 2007, as a result of a more favourable cash position, and increasing 
interest rates.                                                                 

Profit Before Tax                                                               

The Company's profit before taxes for the 3rd quarter of 2007 was 4.9 mln EUR,  
which is 0.6 mln EUR higher than the profit before taxes of 4.3 mln EUR for the 
3rd quarter of 2006.                                                            

Results for the first nine months of 2007                                       

During the first nine months of 2007 the Company's total sales increased, year  
on year, by 13.3% to 35.2 mln EUR.  Sales from the Company's main operating     
activities were 30.8 mln EUR. Sales of water and wastewater treatment were 28.6 
mln EUR, a 9.1% increase compared to the first nine months of 2006.             

The Company's profit before taxes for the first nine months of 2007 was 16.1 mln
EUR, which is 1.2 mln EUR higher than the profit before taxes of 14.8 mln EUR in
the relevant period in 2006. The results for the first nine months of 2007 were 
impacted by the fact that the Ministry of Environment gave final approval to the
success of the nitrogen project, which resulted in the release of a provision   
worth 0.9 mln EUR for environmental taxes. The results for the first nine months
of 2006 were impacted by the sale of excess land in Paljassaare worth 1.5 mln   
EUR. When eliminating these one-offs, the underlying profit before tax has      
increased by 1.9 mln EUR to 15.2 mln EUR i.e. 14.6% year-on-year.               


Balance sheet                                                                   

During the nine months of 2007 the Company invested 10.6 mln EUR into fixed     
assets. Non-current assets were 139.7 mln EUR at 30 September 2007. Current     
assets decreased by 4.4 mln EUR to 16.7 mln EUR in the first nine months of the 
year, which was largely attributable to a decrease in cash reflecting the       
dividend payout.                                                                

Current liabilities decreased by 1.6 mln EUR to 8.2 mln EUR in the first nine   
months of the year. This was mainly due to decreased trade and other payables   
and taxes payable.                                                              

The company continues to maintain its leverage level within its target range of 
50-60% with total liabilities to total capital employed of 52.9% as at 30       
September 2007. Long-term liabilities stood at 74.6 mln EUR at the end of       
September 2007, consisting almost entirely of the outstanding balance on the two
long-term bank loans.                                                           


Cash flow                                                                       

During the first nine months of 2007, the Company generated 17.3 mln EUR of cash
flows from operating activities, an increase of 1.75 mln EUR compared to the    
corresponding period in 2006. Operating profit continues to be main driver for  
growth.                                                                         

In the first nine months of 2007 net cash outflows from investing activities    
were 6.3 mln EUR, which is 4.9 mln EUR more than in 2006. This was mainly due to
increased investment levels. In the first nine months of the year, the company  
invested 10.6 mln EUR - 6.8 mln EUR networks extension and rehabilitation, 2.7  
mln EUR Paljassaare wastewater treatment plant and wastewater treatment, 0.5 mln
EUR water quality (Ülemiste water treatment plant and raw water) and 0.5 mln EUR
other investments (IT, capital maintenance, meters, etc).                       

Cash outflows from financing activities were 16.1 mln EUR during the first nine 
months of the year compared to cash outflow of 13.1 mln EUR during the first    
nine months of 2006, reflecting increased dividend payments and related taxes.  

As a result of all of the above factors, the total cash outflow in the first    
nine months of 2007 was 5.1 mln EUR compared to a cash inflow of 1.1mln EUR in  
the first nine months of 2006. Cash and cash equivalents stood at 10.8 mln EUR  
as at 30 September 2007.                                                        


Employees                                                                       

In the third quarter of 2007 the average number of employees was 313 people.    


Dividends and share performance                                                 

Based on the results of the 2006 financial year, the Annual General Meeting of  
shareholders of AS Tallinna Vesi voted to pay 12,527,322 EUR of dividends. Of   
this 639 EUR was paid to the owner of the B-share and 12,526,683 EUR, i.e. 0.6  
EUR per share to the owners of the A-shares.  Dividends were paid on 15 June    
2007.                                                                           

As of 30 September 2007 AS Tallinna Vesi shareholders, with a holding over 5%,  
were:                                                                           

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| United Utilities (Tallinn) BV                     |                    35.3% |
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| City of Tallinn	                                  |                    34.7% |
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| Morgan Stanley + Co International Equity client   |                    7.43% |
| account                                           |                          |
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| Nordea Bank Finland Plc clients account trading   |                    5.55% |
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At the end of the reporting period, 30 September 2007, the closing price of the 
AS Tallinna Vesi share was 14.50 EUR, which is a 9.5% increase compared to the  
closing price of 13.25 EUR at the beginning of the period, outperforming the    
market as the OMX Tallinn index dropped by 6.4% during the relevant period.     


Operational achievements in 2007                                                

The work on the new Paljassaare sludge processing building nears completion and 
commissioning activities have begun with full hand over programmed for October  
2007. The project provides for the more effective and efficient operation and   
maintenance of this equipment and will realise further benefits in the operation
of the wastewater and sludge treatment processes. The sludge composting         
fields were completed in the 3rd quarter and these have been taken into full    
operation. These projects enable the Company to continue with its               
environmentally friendly and cost effective policy of disposing zero sludge to  
landfill. The total cost of the project is over 2.6 mln EUR.                    
-        In the 3rd quarter, the excellent wastewater treatment performance     
continued with  all outfall effluent samples at all locations compliant with    
requirements and as a consequence the environmental charges for the quarter     
attracted a 50% reduction.                                                      
-        In quarter 3 OHSAS accreditation was awarded to the company and the    
certification will be formally presented to the company on 26th October.        
On 26 September the City Council approved the tariffs for water and wastewater  
services for 2008. The tariff increase is going to be at expected level, i.e.   
11.7%. The tariff increase consists of +6.5% increase of the K-coefficient,     
+5.8% increase of CPI and -0.6% increase due to change of law.                  

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| INCOME STATEMENT                          |          |           |           |
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| (thousand EUR)                            |  9M 2007 |   9M 2006 |  12M 2006 |
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--------------------------------------------------------------------------------
| Sales from main operating activities      |   30 845 |    28 138 |    37 655 |
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| Revenues from other operating activities  |    4 333 |     2 904 |     6 650 |
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| Net sales                                 |   35 178 |    31 042 |    44 305 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Costs of goods sold (main operating       |  -10 047 |   -10 361 |   -14 095 |
| activities)                               |          |           |           |
--------------------------------------------------------------------------------
| Costs of goods sold (other operating      |   -3 762 |    -2 642 |    -6 206 |
| activities)                               |          |           |           |
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| GROSS PROFIT                              |   21 369 |    18 039 |    24 005 |
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--------------------------------------------------------------------------------
| Marketing expenses                        |     -621 |      -454 |      -612 |
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| General administration expenses           |   -2 657 |    -2 312 |    -3 280 |
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| Other income/ expenses (-)                |       58 |     1 567 |     1 485 |
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| OPERATING PROFIT                          |   18 149 |    16 839 |    21 597 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Financial income / expenses (-)           |   -2 097 |    -2 022 |    -2 747 |
--------------------------------------------------------------------------------
| PROFIT BEFORE TAXES                       |   16 052 |    14 817 |    18 850 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Income tax on dividends                   |   -3 533 |    -2 997 |    -2 997 |
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| NET PROFIT FOR THE PERIOD                 |   12 519 |    11 820 |    15 853 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Attributable to:                          |          |           |           |
--------------------------------------------------------------------------------
| Equity holders of A-shares                |   12 518 |    11 819 |    15 852 |
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| B-share holder                            |     0,64 |      0,64 |      0,64 |
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--------------------------------------------------------------------------------
| Earnings per share in euros               |     0,63 |      0,59 |      0,79 |
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| BALANCE SHEET                             |          |           |           |
--------------------------------------------------------------------------------
| (thousand EUR)                            | 30.09.20 | 30.09.200 | 31.12.200 |
|                                           |       07 |         6 |         6 |
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| ASSETS                                    |          |           |           |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CURRENT ASSETS                            |          |           |           |
--------------------------------------------------------------------------------
| Cash at bank and in hand                  |   10 817 |    14 290 |    15 940 |
--------------------------------------------------------------------------------
| Customer receivables                      |    5 216 |     4 671 |     4 569 |
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| Accrued income and prepaid expenses       |      357 |       378 |       304 |
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| Inventories                               |      193 |       209 |       201 |
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| Assets for sale                           |      107 |        98 |       105 |
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| TOTAL CURRENT ASSETS                      |   16 690 |    19 646 |    21 120 |
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| NON-CURRENT ASSETS                        |          |           |           |
--------------------------------------------------------------------------------
| Tangible assets                           |  122 664 |   118 027 |   119 969 |
--------------------------------------------------------------------------------
| Intangible assets                         |    3 085 |     2 531 |     3 361 |
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| Unfinished assets - non connections       |    5 784 |     7 148 |     5 859 |
--------------------------------------------------------------------------------
| Unfinished pipelines - new connections    |    7 981 |     6 930 |     7 488 |
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| Prepayments for fixed assets              |      198 |       192 |       179 |
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| TOTAL NON-CURRENT ASSETS                  |  139 711 |   134 828 |   136 856 |
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|                                           |          |           |           |
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| TOTAL ASSETS                              |  156 402 |   154 474 |   157 976 |
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| LIABILITIES                               |          |           |           |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CURRENT LIABILITIES                       |          |           |           |
--------------------------------------------------------------------------------
| Current portion of long-term borrowings   |        0 |        47 |        30 |
--------------------------------------------------------------------------------
| Trade and other payables, incl. dividends |    4 185 |     5 318 |     5 448 |
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| Taxes payable                             |      904 |     1 623 |     1 950 |
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| Short-term provisions                     |      143 |        30 |        34 |
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| Deferred income                           |    2 944 |     3 311 |     2 322 |
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| TOTAL CURRENT LIABILITIES                 |    8 176 |    10 330 |     9 784 |
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| NON-CURRENT LIABILITIES                   |          |           |           |
--------------------------------------------------------------------------------
| Bank loans                                |   74 569 |    74 513 |    74 527 |
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| Other payables                            |        7 |         6 |         6 |
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| TOTAL NON-CURRENT LIABILITIES             |   74 577 |    74 520 |    74 534 |
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| TOTAL LIABILITIES                         |   82 752 |    84 850 |    84 318 |
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| EQUITY CAPITAL                            |          |           |           |
--------------------------------------------------------------------------------
| Share capital                             |   12 782 |    12 782 |    12 782 |
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| Share premium                             |   24 734 |    24 734 |    24 734 |
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| Statutory legal reserve                   |    1 278 |     1 278 |     1 278 |
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| Accumulated profit                        |   22 336 |    19 010 |    19 010 |
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| Net profit for the period                 |   12 519 |    11 820 |    15 853 |
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| TOTAL EQUITY CAPITAL                      |   73 649 |    69 624 |    73 658 |
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--------------------------------------------------------------------------------
| TOTAL LIABILITIES AND EQUITY CAPITAL      |  156 402 |   154 474 |   157 976 |
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| CASH FLOW STATEMENT                       |          |           |           |
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| (thousand EUR)                            |  9M 2007 |   9M 2006 |  12M 2006 |
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| CASH FLOWS FROM OPERATING ACTIVITIES      |          |           |           |
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| Operating profit                          |   18 149 |    16 839 |    21 597 |
--------------------------------------------------------------------------------
| Adjustment for depreciation               |    3 789 |     3 813 |     5 180 |
--------------------------------------------------------------------------------
| Adjustment for income and expenses from   |     -571 |      -261 |      -444 |
| constructions                             |          |           |           |
--------------------------------------------------------------------------------
| Other financial income and expenses       |      -16 |       -76 |       -34 |
--------------------------------------------------------------------------------
| Profit from sale of fixed assets          |        1 |    -1 592 |    -1 592 |
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| Expensed fixed assets                     |        0 |        42 |        71 |
--------------------------------------------------------------------------------
| Capitalization of operating expenses      |     -921 |    -1 015 |    -1 337 |
--------------------------------------------------------------------------------
| Movement in current assets involved in    |     -359 |      -552 |      -265 |
| operating activities                      |          |           |           |
--------------------------------------------------------------------------------
| Movement in liabilities involved in       |   -1 150 |      -194 |       383 |
| operating activities                      |          |           |           |
--------------------------------------------------------------------------------
| Interest paid                             |   -1 652 |    -1 481 |    -3 071 |
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| Total cash flow from operating activities |   17 270 |    15 522 |    20 487 |
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| CASH FLOWS FROM INVESTING ACTIVITIES      |          |           |           |
--------------------------------------------------------------------------------
| Acquisition of fixed assets (incl         |  -11 540 |    -6 082 |   -12 274 |
| pipelines construction)                   |          |           |           |
--------------------------------------------------------------------------------
| Proceeds from pipelines financed by       |    4 772 |     4 522 |     7 200 |
| construction income                       |          |           |           |
--------------------------------------------------------------------------------
| Proceeds from sale of and prepayments     |        1 |      -178 |       -83 |
| received/returned(-) for fixed assets     |          |           |           |
--------------------------------------------------------------------------------
| Proceeds from sale of assets and real     |       15 |        71 |        71 |
| estate investments                        |          |           |           |
--------------------------------------------------------------------------------
| Interest received                         |      449 |       297 |       418 |
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| Total cash flow from investing activities |   -6 303 |    -1 370 |    -4 667 |
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| CASH FLOWS FROM FINANCING ACTIVITIES      |          |           |           |
--------------------------------------------------------------------------------
| Finance lease payments                    |      -30 |       -65 |       -82 |
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| Dividends paid                            |  -12 527 |   -10 034 |   -10 034 |
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| Income tax on dividends                   |   -3 533 |    -2 997 |    -2 997 |
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| Total cash flow from financing activities |  -16 091 |   -13 096 |   -13 113 |
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| Change in cash and bank accounts          |   -5 123 |     1 056 |     2 706 |
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| CASH AND EQUIVALENTS AT THE BEGINNING OF  |   15 940 |    13 234 |    13 234 |
| THE PERIOD                                |          |           |           |
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| CASH AND EQUIVALENTS AT THE END OF THE    |   10 817 |    14 290 |    15 940 |
| PERIOD                                    |          |           |           |
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Additional information:                                                         
Eteri Harring                                                                   
Head of Treasury and Investor Relations                                         
+372 6262 225                                                                   
[email protected]