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AS TALLINNA VESI
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Juhtkonna vaheteadaanne või kvartaalne finantsaruanne
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30.01.2009 09:30:00
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2008. aasta 4. kvartali ja 12 kuu majandustulemused (EUR)
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TEGEVUSARUANNE 2008. AASTA 4. KVARTALI MAJANDUSTULEMUSED Kokkuvõte 2008. aasta 12 kuuga kasvas Ettevõtte müügitulu 46,0 miljoni euroni, mis on 11,0%-line kasv võrreldes 2007. aasta 12 kuuga. Vee ja reoveeteenuse kogu müügimahud kasvasid 2008. aasta 12 kuuga 0,3%, teenuste müügitulu kasvas 9,8% võrreldes 2007. aasta 12 kuuga. Põhiteeninduspiirkonna eraklientide müügitulu kasvas 8,7%, juriidiliste klientide müügitulu kasvas 7,4% ja müük väljaspool teeninduspiirkonda suurenes 49,4%, ulatudes 3,8 milj. m³ või 1,7 miljoni euroni. Ettevõtte kasum enne tulumaksu oli 23,1 miljonit eurot, mis on 2007. aasta 12 kuuga võrreldes 8,7% rohkem. Elimineerides 2007. aasta 1. kvartalis vabastatud lämmastiku provisjoni mõju, kasvas perioodilise tegevuse kasum 13,2% võrra. Ettevõte investeeris 19,6 miljonit eurot, millest 16,9 miljonit eurot investeeriti võrkude laiendamiseks ja rekonstrueerimiseks. -------------------------------------------------------------------------------- | miljon EUR | 4 kv | 4 kv | Muutus | 12 kuud | 12 kuud | Muutus | | | 2008 | 2007 | | 2008 | 2007 | | -------------------------------------------------------------------------------- | Müügitulu | 11,7 | 10,6 | 10,3% | 46,0 | 41,4 | 11,0% | -------------------------------------------------------------------------------- | Brutokasum | 6,9 | 6,8 | 2,3% | 28,6 | 27,6 | 3,6% | -------------------------------------------------------------------------------- | Brutokasumi | 59,5 | 64,1 | -7,2% | 62,1 | 66,6 | -6,7% | | marginaal % | | | | | | | -------------------------------------------------------------------------------- | Ärikasum | 6,6 | 6,0 | 11,4% | 25,9 | 24,1 | 7,4% | -------------------------------------------------------------------------------- | Ärikasumi marginaal | 56,9 | 56,4 | 1,0% | 56,3 | 58,2 | -3,3% | | % | | | | | | | -------------------------------------------------------------------------------- | Kasum enne | 5,9 | 5,2 | 13,3% | 23,1 | 21,3 | 8,7% | | tulumaksustamist | | | | | | | -------------------------------------------------------------------------------- | Puhaskasum | 5,9 | 5,2 | 13,3% | 18,9 | 17,8 | 6,5% | -------------------------------------------------------------------------------- | Puhaskasumi | 50,8 | 49,5 | 2,7% | 41,1 | 42,9 | -4,1% | | marginaal % | | | | | | | -------------------------------------------------------------------------------- | Vara puhasrentaablus | 3,6 | 3,2 | 13,3% | 11,6 | 10,9 | 6,5% | | % | | | | | | | -------------------------------------------------------------------------------- | Kohustuste | 49,9 | 51,8 | -3,5% | 49,9 | 51,8 | -3,5% | | osatähtsus | | | | | | | | koguvarast | | | | | | | -------------------------------------------------------------------------------- Brutokasumi marginaal - brutokasum / müügitulu Ärikasumi marginaal - ärikasum / müügitulu Puhaskasumi marginaal - puhaskasum / müügitulu Vara puhasrentaablus - puhaskasum / vara kokku Kohustuste osatähtsus koguvarast - kohustused kokku / vara kokku Kasumiaruanne 4. kvartal 2008 Müügitulud 2008. aasta 4. kvartalis kasvas Ettevõtte tulu 11,7 miljoni euroni, mis on 10,3% suurune kasv võrreldes eelmise aasta sama perioodiga. 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 4. kvartaliga 8,0% võrra 10,5 miljoni euroni, tulenevalt 11,7% suurusest tariifitõusust alates 1. jaanuarist 2008 kombinatsioonis allkirjeldatud teguritega. Sektori lõikes jagunes kasv järgnevalt: müük eraklientidele kasvas 8,0% võrra 5,6 miljoni euroni. Müük äriklientidele teeninduspiirkonnas kasvas 4,4% võrra 4,2 miljoni euroni. Müük äriklientidele väljaspool teeninduspiirkonda (peamiselt ümbritsevatele omavalitsustele pakutav reovee puhastamise teenus) kasvas 40,9% ulatudes 1,1 miljoni m³ ehk 0,44 miljoni euroni. Saadud ülereostustasu oli 0,22 miljonit eurot, 31,3% kasv võrreldes 2007. aasta sama perioodiga. 2008. aasta 4. kvartalis vähenesid eraklientide müügimahud 3,3% võrra võrreldes 2007. aasta 4. kvartaliga. Meie arvates selgitab seda põhiliselt seniste tarbijate siirdumine lähivaldadesse. Müük juriidilistele klientidele teeninduspiirkonnas langes 6,4% võrreldes 2007. aasta 4. kvartaliga mitme teguri tõttu. Osa kaotatud müügimahust tuleneb ettevõtete siirdumisest Tallinna äärealadele ning ettevõtete üleüldisest kokkuhoiust või tootmise vähenemisest. Kinnisvaraturg on muutunud oluliselt võrreldes eelmise aastaga. Kuigi 2008. aastal Tallinnas ehitatavate uute korterite ning ärihoonete arv püsis kõrgel, on suur osa uutest hoonetest endiselt tühjad 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 40,9% võrreldes eelmise aasta sama perioodiga. See kajastab Ettevõtte edukat strateegiat saamaks tagasi kliente, kes on otsustanud Tallinnast lahkuda. Ettevõte otsib aktiivselt täiendavaid võimalusi ümberkaudsetesse valdadesse laienemiseks. 2008. aasta 4. kvartalis kasvas sademetevee teenuse ja tuletõrjehüdrantide süsteemide käigushoidmise ja hoolduse tasu 32,2% võrra 1,0 miljoni euroni 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. Müüdud toodete ja teenuste kulu ja brutokasumi marginaal Põhitegevusega seotud müüdud toodete ja teenuste kulu oli 2008. aasta 4. kvartalis 4,7 miljonit eurot, so 0,93 miljonit eurot ehk 24,4% enam kui eelmise aasta samal perioodil. 2008. aasta 4. kvartalis ei saavutanud Ettevõte sooduskoefitsienti 0,5, mistõttu oli makstavate keskkonnamaksude suurus 4. kvartalis 0,45 miljonit eurot, võrreldes 0,11 miljoni euroga 2007. aasta samal perioodil. Saastetasu suurenemise põhjuseks on koefitsiendi muutus ning maksumäärade tõus 20% võrra, samuti ka suurenenud kogused ja reostuskoormus. Hoolimata faktist, et sissetuleva heitvee reostuskoormus varieerub ning ettevõttel puudub täielik kontroll sademevee väljalaskude saastatuse üle, töötame me selle nimel, et kasutada optimaalselt kemikaale saavutamaks 0,5 kordne koefitsient järgmistes kvartalites. Kvartali kemikaalikulud olid 0,33 miljonit eurot, mis on 1,3% rohkem kui 2007. aasta samal perioodil. See on puhastatud reovee hulga ja doseeritud kemikaalide kombineeritud tulemus, samuti kemikaalihindade inflatsiooni tulemus. Elektrikulud kasvasid 2008. aasta 4. kvartalis võrreldes eelmise aasta sama perioodiga 0,10 miljoni euro ehk 24,6% võrra kõrgema elektrihinna ning puhastatud reovee hulga koosmõjul. Palgakulud kasvasid 0,13 miljoni euro ehk 13,9% võrra seoses mitme asjaoluga. Esiteks, suurenenud töötajate arv seoses uute teenuste käivitamisega ettevõttes. Teiseks, konkurentsitingimused tööjõuturul põhjustasid olulise palkade tõusu. Viimasena mõjutas ka osakondade ümberstruktureerimine ja ühendamine 2008. aasta 1. kvartalis, mille tulemusena liikus kulu ühelt realt teisele. Kulum kasvas 2008. aasta 4. kvartalis võrreldes eelmise aasta sama perioodiga 0,18 miljoni euro ehk 15,5% võrra. Selle põhjuseks on uue mudatöötlushoone käikuvõtmine 2007. aasta lõpus. Samuti muudeti 2008. aasta alguses kuluminorme vastavalt varade kasulikule eale. Muud müüdud toodete ja teenuste kulud kasvasid 0,16 miljoni euro ehk 25,4% võrra. 2008. aasta 4. kvartalis kasvasid muud kulud mitmete tugiteenuste ning hooldus ja remondi lepingute kulude suurenemise tõttu, mis tulenes teenuste ja tööjõukulude märkimisväärsest kasvust. Teisalt peegeldades garantiitingimuste karmistumist avariitööde teostamisel Tallinnas. Kulude kasvust tingitud surve esitab ettevõttele väljakutse otsimaks edasisi võimalusi efektiivsuse suurendamiseks protsesside, hangete jms ülevaatamise kaudu. Ülaltoodud mõjude tulemusena oli 2008. aasta 4. kvartalis ettevõtte brutokasum 6,9 miljonit eurot, mis on 0,16 miljoni euro või 2,3% võrra rohkem, kui 2007. aasta 4. kvartali 6,8 miljoni euro suurune brutokasum. Ärikulud ja ärikasumi marginaal Turustuskulud vähenesid 2008. aasta 4. kvartalis võrrelduna 2007. aasta 4. kvartaliga 0,05 miljoni euro võrra 0,20 miljoni euroni. Seda mõjutas peamiselt eelviidatud struktuurimuutus, mida tasandas amortisatsiooni kasv. 2008. aasta 4. kvartalis vähenesid üldhalduskulud 0,08 miljonit eurot 0,89 miljoni euroni, peamiselt struktuurimuudatuste mõjul. Muud äritulud/kulud Selleks, et täpsemalt kajastada erinevate saadud kompensatsioonide olemust muudeti 2008. aastal arvestuspõhimõtteid. Kooskõlas uute põhimõtetega käsitletakse kohalikelt omavalitsustelt saadud kompensatsioone vastavuses IAS-iga 20 sihtfinantseerimisena ja need on kajastatud ärituluna perioodide jooksul, mil on tagatud vastavus seotud kuludega, milliseid vastavad tulud kompenseerivad. Sellised kompensatsioonid on ehitatud trasside bilansilisest väärtusest maha arvestatud. Kõik kompenseeritavate ehitustööde ehitusmaksumusest enam saadud hüvitised kajastatakse muude äritulude all peale ehitustööde lõpetamist. Arvestuspõhimõtete muudatus on kajastatud tagasiulatuvalt ja nende netomõju võib näha Muude äritulude/kulude real. Kuni aastani 2007 ning 2008 aasta kolme esimese kvartali jooksul kajastas ASTV klientidelt ja kohalikelt omavalitsustelt uute trasside (ka liitumistasud) ehituse eest saadud kompensatsioone tuludena kohe kui ehitustööd olid lõpetatud ja tasu saamine nende eest võimalik. Need kompensatsioonid olid kasumiaruandes kajastatud “Põhitegevusega seotud muud tulud” all ja nendega seotud ehituskulud “Põhitegevusega seotud muud kulud” all. Äritulud/kulud rajamistest andsid 2008. aasta 4. kvartalis tulu 0,91 miljonit eurot võrreldes 0,34 miljoni euro suuruse tuluga 2007. aasta 4. kvartalis. Muud äritulud/kulud andsid 2008. aasta 4. kvartalis kokku kulu 0,12 miljonit eurot võrreldes 0,06 miljoni euro suuruse tuluga 2007. aasta 4. kvartalis. Ülaltoodud mõjude tulemusena oli ettevõtte ärikasum 2008. aasta 4. kvartalis 6,6 miljonit eurot, mis on 0,68 miljonit eurot rohkem kui 6,0 miljoni euro suurune ärikasum 2007. aasta 4. kvartalis. Võrreldes 2008. aasta 4. kvartalit 2007. aasta 4. kvartaliga kasvas ärikasum 11,4%. Finantskulud Ettevõtte neto finantskulud olid 2008. aasta 4. kvartalis 0,72 miljonit eurot, mis on 0,02 miljoni euro ehk 2,2% võrra vähem kui 2007. aasta 4. kvartalis. Võrrelduna 2007. aasta 4. kvartaliga on Ettevõtte intressikulud tõusnud 2,0% võrra. See on tingitud asjaolust, et osa Ettevõtte laenudest on seotud 6 kuu Euribor-i määraga. Intressikulude tõusu katab osaliselt 2008. aasta 4. kvartalis kasvanud finantstulu, mis on Ettevõtte efektiivsema rahade juhtimise, tugeva rahalise seisu ja suurenenud intressimäärade tulemus. Maksustamiseelne kasum Ettevõtte maksustamiseelne kasum oli 2008. aasta 4. kvartalis 5,9 miljonit eurot, so 0,69 miljonit eurot rohkem kui 5,2 miljoni euro suurune maksustamiseelne kasum 2007. aasta 4. kvartalis. 2008. aasta 12 kuu tulemused 2008. aasta 12 kuuga kasvas Ettevõtte tulu 46,0 miljoni euroni, mis on 11,0%-line kasv võrreldes eelmise aasta sama perioodiga. Ettevõtte tulud põhitegevusest olid 46,0 miljonit eurot. Veemüügi ja reoveeteenuse tulu oli 42,1 miljonit eurot, mis on 9,8% võrra enam, kui 2007. aasta 12 kuu jooksul. Ettevõtte maksustamiseelne kasum oli 2008. aasta 12 kuuga 23,1 miljonit eurot, so 1,9 miljonit eurot enam kui 21,3 miljoni euro suurune maksustamiseelne kasum 2007. aasta 12 kuu jooksul. 2007. aasta 12 kuu tulemustele avaldas mõju Keskkonnaministeeriumi lõplik heakskiit lämmastikuprojekti edukusest, mille tulemusena vabastati 0,85 miljoni euro suurune saastetasu provisjon. Nende ühekordsete kulude elimineerimisel kasvas Ettevõtte 2008. aasta 12 kuu maksustamiseelne kasum võrreldes eelmise aasta sama perioodiga 2,7 miljoni euro ehk 13,2% võrra. Bilanss 2008. aasta 12 kuu jooksul investeeris Ettevõte põhivarasse 19,6 miljonit eurot. Lõpetamata-, materiaalne- ja immateriaalne põhivara oli 2008. aasta 31. detsembri seisuga 141,4 miljonit eurot. Käibevara vähenes 12 kuuga 1,7 miljoni euro võrra 22,2 miljoni euroni, nõuded ostjate vastu suurenesid 0,24 miljoni euro võrra. 2008. aasta 12 kuuga on rahajääk pangas kasvanud 3,3 miljoni euro võrra. Lühiajalised kohustused kahanesid 12 kuu jooksul 0,45 miljoni euro võrra 12,3 miljoni euroni. See tulenes peamiselt 2,7 miljoni euro võrra suurenenud Pikaajaliste pangalaenude tagasimaksetest järgmistel perioodidel. Ettevõte hoiab jätkuvalt oma finantsvõimendust sihiks võetud 50% tasemel. 2008. aasta 31. detsembri seisuga oli kohustuste osakaal varast 49,9%. Pikaajalised kohustused olid 2008. aasta detsembri lõpu seisuga 69,4 miljonit eurot, mis koosnes peaaegu täielikult kahe pikaajalise pangalaenu jäägist. Rahakäive 2008. aasta 12 kuu jooksul oli Ettevõtte äritegevuse rahakäive 25,1 miljonit eurot, mis on 3,8 miljonit eurot enam kui 2007. aasta samal perioodil. Perioodilise põhitegevuse ärikasum on jätkuvalt peamine tegur ettevõtte äritegevuse rahakäibe kasvus. Lisaks andis oma panuse ostjate võlgade tasumine 2008. aasta 12 kuu jooksul. 2008. aasta 12 kuu investeerimistegevuse raha väljavool oli 1,7 miljonit eurot, so 8,1 miljonit eurot vähem kui 2007. aasta 12 kuu jooksul. Selle peamiseks põhjuseks oli muutus rajamistulu kompenseerimise mehhanismis, tulenedes 30 novembril 2007 Linnaga sõlmitud lepingust. 2008. aasta 1. kvartalis laekus 2007 aasta rajamiste kompensatsioon. 2008. aasta 12 kuu jooksul investeeris Ettevõte 19,6 miljonit eurot - 16,9 miljonit eurot võrkudesse (sh 12,1 miljonit eurot laiendamiseks ja arendamiseks), 1,1 miljonit eurot Paljassaare sade- ja reovee puhastusjaama uuendamiseks, 0,63 miljonit eurot vee kvaliteedi säilitamiseks (Ülemiste veepuhastusjaam ja toorvee kvaliteet) ja 0,88 miljonit eurot muudeks investeeringuteks (IT, investeeringute väärtuse säilimine, veemõõtjad jne). Raha väljavool finantstegevusest oli 2008. aasta 12 kuuga 20,1 miljonit eurot võrreldes 2007. aasta 12 kuu 16,1 miljoni euro suuruse raha väljavooluga. Antud summad näitavad vastavate aastate dividendimaksete suurust ning antud aastate dividendide tulumaksu. Ettevõtte tegi ka esimese laenu põhiosa tagasimakse EBRD-le. Arvestades ulatuslikku võrkude ehituse programmi ning seotud investeeringute mahtusid kuni 2011. aastani, ei kavatse Ettevõte vähendada laenukapitali. Sellega seoses asendati tehtud laenu tagasimakse osa uue laenuga Nordea pangast. Uus laenuleping Nordeaga sõlmiti novembris 2008. Laenu suuruseks on 37,5 miljonit eurot, ning 6 kuu Euribor-le lisanduv riskimarginaal on 1,15%. Eelnevate tegurite mõjul oli raha sissevool 2008. aasta 12 kuu jooksul 3,3 miljonit eurot võrrelduna 4,5 miljoni euro suuruse raha väljavooluga 2007. aasta 12 kuuga. Raha ja raha ekvivalentide saldo oli 2008. aasta 31. detsembri seisuga 14,7 miljonit eurot. Töötajad 2008. aasta 4. kvartali lõpus töötas ettevõttes 327 töötajat, võrreldes 312 töötajaga 2007. aasta 4. kvartali lõpus. Dividendid ja aktsiahinna muutused 2007. aasta majandustulemuste põhjal maksis Ettevõtte 15 914 640 eurot dividende. Sellest 639 eurot maksti B-aktsia omanikule ja 15 914 000 eurot, so 0,80 eurot aktsia kohta A-aktsia omanikele. Dividendid maksti välja 2008. aasta 13. juunil vastavalt 30. mail 2008 fikseeritud aktsionäride nimekirjale. 2008. aasta 31. detsembri seisuga olid üle 5%-list otseosalust omavad AS Tallinna Vesi aktsionärid: -------------------------------------------------------------------------------- | United Utilities (Tallinn) BV | 35.3% | -------------------------------------------------------------------------------- | Tallinna Linn | 34.7% | -------------------------------------------------------------------------------- | Credit Suisse Securities (Europe) Ltd Prime | 5.76% | | Brokerage A/C Prime Brokerage kliendikonto | | -------------------------------------------------------------------------------- | HSBC Bank Plc Re Parvus European Absolute | 5.46% | | Opportunities Master Fund kliendikonto | | -------------------------------------------------------------------------------- Parvus AM on deklareerinud, et nende osalus ületab 10% ning AKO Capital on deklareerinud enda kaudseks osaluseks üle 5% aktsiakapitalist. Kvartali lõpus, 31. detsembril 2008, oli AS Tallinna Vesi aktsia sulgemishind 8.99 eurot, mis on 12,8% madalam võrreldes kvartali alguses olnud hinnaga 10.31 eurot, ületades jätkuvalt OMX Tallinn indeksit, mis langes kvartalis 41,7%. Põhitegevusega seotud arengud 2008. aastal 2008. aastal paranes järjekordselt klientide torustikust võetud veeproovide kvaliteet. Nõutud 95% asemel oli 98% võetud proovidest täielikult Euroopa standarditele vastavad. Meil on heameel kinnitada, et täidame kõiki teenustasemete nõudeid vastavalt Tallinna linnaga sõlmitud lepingule. Heitveepuhastusjaamas saavutati samuti aastane saastetaseme norm. 2008. aasta oli esimene aasta 3 aastasest torustike rajamise programmist ning Ettevõte saavutas plaanitud eesmärgid. Kokku rajati üle 34 km kanalisatsiooni torustikke, 14,4 km sadevee torustikke ning 2,9 km joogivee torustikke, luues sellega üle 1300 kliendile võimaluse liitumiseks kanalisatsioonivõrguga. Programm jätkub 2009. aastal ja suur osa projekteerimistest on juba valmis ning ehituslepingud sõlmitud. 2008. aasta programmi raames kasutas Ettevõte võimalust ja vahetas üle 16 km joogivee torustikke, parandamaks vee kvaliteeti ja vee survet teatud rajoonides. Lisanduvate ventiilide paigaldamise, torustike väljavahetamise ja leketele kiiremini reageerimise tulemusena langes lekete tase 17,25%-ni 2008. aastal, võrreldes 2007. aasta 19,2%-ga. 2008. aasta oli väga märg aasta ja Ettevõte oli eriti hoolikas, tagamaks rentslite ja sadevee kraavide puhastamise ja korraliku toimimise, mille tagajärjel oli linnas ka vähem uputusi. Ettevõte puhastas samuti survepesuga üle 165 km kanalisatsiooni torustikku, mis on 65 km rohkem kui 2007. aastal. Selle tulemusel vähenes 2008. aastal ummistuste arv üle 6%. 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 0,28 miljonit eurot kuni 2011. aasta lõpuni. Arenduskomponent kompenseeritakse tarbijatele Tallinna linna poolt otsese maksega Ettevõttele. Arenduskomponent on suurem ehitusperioodil (0,58 eurot m3 kohta kuni 31. detsembrini 2011 ja 0,39 eurot m3 kohta aastatel 2012 kuni 2017). Meil on heameel teatada, et 5. augustil 2008 sõlmis Ettevõte opereerimislepingu Maardu Linna ja Maardu Veega. Lepingu jõustudes aitab Ettevõte AS-l Maardu Vesi finantseerida Euroopa Liidu abiprojekti raames nõutavat omafinantseeringut, seda aastatel 2009-2012. Ettevõtte finantskohustus on kuni 5,1 miljonit eurot antud perioodi vältel. Ettevõte saab oma investeeringu tagasi 20 aasta jooksul tariifi osaks oleva kapitalikomponendi kaudu. Tulevate aastate jooksul lahendatakse Maardu joogivee kvaliteedi probleemid Ettevõtete koostöö ja Euroopa Liidu abirahade toel ning pikemas perspektiivis hakatakse Maardut varustama joogiveega Ülemiste veepuhastusjaamast. AS Maardu Vesi infrastruktuuri opereerimine võimaldab Ettevõttel suurendada kliendibaasi ning käivet. Lisaks omafinantseeringule pakub Ettevõte AS Maardu Vesi klientidele tänapäevast varade opereerimise teenust ning heatasemelist klienditeenindust. AS Maardu Vesi tegevusalas elab umbes 20 000 inimest. Opereerimislepingu kestvuseks on planeeritud 30 aastat. Algselt oli planeeritud alustada varade opereerimisega hiljemalt 1. jaanuaril 2009, kui tuleb kinnitus EU finantseerimise kohta 2008. aastal. Jaanuaris 2009 sai Maardu Vesi positiivse kinnituse EU poolse finantseerimise kohta. Tallinna Vesi alustab varade opereerimist ning osutama täisteenust hiljemalt 1 aprillil 2009, peale üleminekuperioodi, kui varad on üle võetud. AS Maardu Vesi jääb endiselt varade omanikuks. 4. kvartalis esitas Ettevõte taotluse vee- ja kanalisatsiooniteenuse tariifide tõstmiseks 1. jaanuarist 2009. Tallinna linnavalitsus kiitis 12,8% hinnatõusu heaks 1. oktoobril 2008. Tariifitõus hakkab kehtima 1. jaanuarist 2009 ning koosneb 11,4% THI tõusust, 2% K-koefitsiendist ning -0,6% seadusemuudatusest. Tariifi tõus on 12,8% teeninduspiirkonnas ning sellelähedane väljaspool teeninduspiirkonda, olenevalt individuaalsetest lepingutest ümbritsevate omavalitsustega. Internetipõhise iseteeninduse kasutamine on kasvanud enam kui 2 kordselt võrreldes 2007. aastaga, 9,7% arvetest esitati interneti kaudu. Lisainformatsioon: Siiri Lahe Finantsdirektor +372 6262 262 siiri.lahe@tvesi.ee -------------------------------------------------------------------------------- | KASUMIARUANNE | IV | IV | 12 kuud | 12 kuud | | | kvartal | kvartal | | | -------------------------------------------------------------------------------- | (tuhat EUR) | 2008 | 2007 | 2008 | 2007 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Põhitegevuse tulud | 11 678 | 10 591 | 46 011 | 41 436 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Müüdud toodete/teenuste kulud | -4 728 | -3 801 | -17 432 | -13 848 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | BRUTOKASUM | 6 949 | 6 790 | 28 579 | 27 588 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Turustuskulud | -197 | -245 | -787 | -866 | -------------------------------------------------------------------------------- | Üldhalduskulud | -892 | -976 | -3 486 | -3 633 | -------------------------------------------------------------------------------- | Muud äritulud/-kulud (-) | 786 | 400 | 1 601 | 1 029 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | ÄRIKASUM | 6 647 | 5 968 | 25 907 | 24 118 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Finantstulud/-kulud (-) | -714 | -730 | -2 761 | -2 827 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | KASUM ENNE TULUMAKSUSTAMIST | 5 933 | 5 238 | 23 146 | 21 291 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Dividendide tulumaks | 0 | 0 | -4 231 | -3 533 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | PERIOODI PUHASKASUM | 5 933 | 5 238 | 18 916 | 17 757 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Jaotatav: | | | | | -------------------------------------------------------------------------------- | A- aktsia omanikele | 5 933 | 5 238 | 18 915 | 17 757 | -------------------------------------------------------------------------------- | B- aktsia omanikule | 0,64 | 0,64 | 0,64 | 0,64 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Kasum aktsia kohta eurodes | 0,30 | 0,26 | 0,95 | 0,89 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | BILANSS | | | -------------------------------------------------------------------------------- | (tuhat EUR) | 31.12.2008 | 31.12.2007 | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | VARAD | | | -------------------------------------------------------------------------------- | KÄIBEVARA | | | -------------------------------------------------------------------------------- | Raha ja pangakontod | 14 691 | 11 403 | -------------------------------------------------------------------------------- | Nõuded ostjate vastu | 6 915 | 6 679 | -------------------------------------------------------------------------------- | Viitlaekumised ja ettemaksed | 283 | 5 490 | -------------------------------------------------------------------------------- | Varud | 240 | 233 | -------------------------------------------------------------------------------- | Varad müügiks | 73 | 72 | -------------------------------------------------------------------------------- | KOKKU KÄIBEVARA | 22 203 | 23 877 | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | PÕHIVARA | | | -------------------------------------------------------------------------------- | Materiaalne põhivara | 131 167 | 127 375 | -------------------------------------------------------------------------------- | Immateriaalne põhivara | 2 601 | 3 140 | -------------------------------------------------------------------------------- | Lõpetamata varad - v.a. liitumis-ehitused | 1 586 | 3 070 | -------------------------------------------------------------------------------- | Lõpetamata torustikud - uued liitumised | 5 878 | 5 756 | -------------------------------------------------------------------------------- | Ettemaksed materiaalse põhivara eest | 118 | 345 | -------------------------------------------------------------------------------- | KOKKU PÕHIVARA | 141 350 | 139 686 | -------------------------------------------------------------------------------- | VARAD KOKKU | 163 553 | 163 562 | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | KOHUSTUSED JA OMAKAPITAL | | | -------------------------------------------------------------------------------- | LÜHIAJALISED KOHUSTUSED | | | -------------------------------------------------------------------------------- | Pikaajaliste laenukohustuste lühiajaline osa | 5 285 | 2 651 | -------------------------------------------------------------------------------- | Hankijate ja muud võlad | 4 067 | 5 558 | -------------------------------------------------------------------------------- | Maksuvõlad | 1 510 | 1 693 | -------------------------------------------------------------------------------- | Lühiajalised eraldised | 159 | 143 | -------------------------------------------------------------------------------- | Tulevaste perioodide tulud | 1 265 | 2 691 | -------------------------------------------------------------------------------- | LÜHIAJALISED KOHUSTUSED KOKKU | 12 287 | 12 736 | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | PIKAAJALISED KOHUSTUSED | | | -------------------------------------------------------------------------------- | Pangalaenud | 69 331 | 71 932 | -------------------------------------------------------------------------------- | Muud võlad | 47 | 7 | -------------------------------------------------------------------------------- | PIKAAJALISED KOHUSTUSED KOKKU | 69 378 | 71 939 | -------------------------------------------------------------------------------- | KOKKU KOHUSTUSED | 81 665 | 84 675 | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | OMAKAPITAL | | | -------------------------------------------------------------------------------- | Aktsiakapital | 12 782 | 12 782 | -------------------------------------------------------------------------------- | Ülekurss | 24 734 | 24 734 | -------------------------------------------------------------------------------- | Kohustuslik reservkapital | 1 278 | 1 278 | -------------------------------------------------------------------------------- | Eelmiste perioodide kogunenud kasum | 24 178 | 22 336 | -------------------------------------------------------------------------------- | Perioodi puhaskasum | 18 916 | 17 757 | -------------------------------------------------------------------------------- | KOKKU OMAKAPITAL | 81 889 | 78 887 | -------------------------------------------------------------------------------- | KOHUSTUSED JA OMAKAPITAL KOKKU | 163 553 | 163 562 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | RAHAKÄIBE ARUANNE | 12 kuud | 12 kuud | -------------------------------------------------------------------------------- | (tuhat EUR) | 2008 | 2007 | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | ÄRITEGEVUSE RAHAKÄIVE | | | -------------------------------------------------------------------------------- | Ärikasum | 25 907 | 24 118 | -------------------------------------------------------------------------------- | Korrigeerimine kulumiga | 5 731 | 5 064 | -------------------------------------------------------------------------------- | Korrigeerimine rajamistulude ja -kuludega | -1 784 | -911 | -------------------------------------------------------------------------------- | Muud finantstulud ja -kulud | -57 | -101 | -------------------------------------------------------------------------------- | Kasum (-) / kahjum (+) põhivara müügist | -29 | -155 | -------------------------------------------------------------------------------- | Kuluks kantud põhivarad | -1 | 30 | -------------------------------------------------------------------------------- | Tegevuskuludest kapitaliseeritud põhivaraks | -1 611 | -1 263 | -------------------------------------------------------------------------------- | Äritegevusega seotud käibevara muutus | 601 | -2 049 | -------------------------------------------------------------------------------- | Äritegevusega seotud kohustuste muutus | 48 | -21 | -------------------------------------------------------------------------------- | Makstud intressid | -3 679 | -3 386 | -------------------------------------------------------------------------------- | Rahajäägi muutus äritegevusest | 25 126 | 21 326 | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | INVESTEERIMISTEGEVUSE RAHAKÄIVE | | | -------------------------------------------------------------------------------- | Põhivara soetamine, sh liitumisehitised | -19 633 | -16 997 | -------------------------------------------------------------------------------- | Rajamistasudest finantseeritavate torustike | 16 808 | 6 509 | | eest laekumine | | | -------------------------------------------------------------------------------- | Põhivara müügitulu ja saadud/tagastatud | 31 | 25 | | ettemaksed | | | -------------------------------------------------------------------------------- | Müügiootel varade ja kinnisvarainvesteeringu | 0 | 15 | | müügitulu | | | -------------------------------------------------------------------------------- | Saadud intressid | 1 080 | 676 | -------------------------------------------------------------------------------- | Rahajäägi muutus investeerimistegevusest | -1 714 | -9 773 | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | FINANTSEERIMISTEGEVUSE RAHAKÄIVE | | | -------------------------------------------------------------------------------- | Võetud pikaajalised laenud | 2 700 | 0 | -------------------------------------------------------------------------------- | Tasutud pikaajalised laenud | -2 679 | 0 | -------------------------------------------------------------------------------- | Tasutud kapitalirendi maksed | 0 | -30 | -------------------------------------------------------------------------------- | Tasutud dividendid | -15 915 | -12 527 | -------------------------------------------------------------------------------- | Tulumaks dividendidelt | -4 231 | -3 533 | -------------------------------------------------------------------------------- | Rahajäägi muutus finantseerimistegevusest | -20 124 | -16 091 | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | Rahajäägi kogumuutus | 3 288 | -4 537 | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | RAHA JA RAHA EKVIVALENDID PERIOODI ALGUSES | 11 403 | 15 940 | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | RAHA JA RAHA EKVIVALENDID PERIOODI LÕPUS | 14 691 | 11 403 | --------------------------------------------------------------------------------
Pealkiri
Results of operations for the 4th quarter and 2008 financial year (EUR)
Teade
MANAGEMENT REPORT RESULTS OF OPERATIONS - FOR THE 4th QUARTER 2008 Overview During the twelve months of 2008 the Company's total sales increased, year on year, by 11.0% to 46.0 mln EUR. Total water and sewerage services sale volumes increased in the twelve months of 2008 by 0.3% compared to the same twelve months of 2007, respective sales increased by 9.8%. Within the service area sales to residential customers increased by 8.7% year on year, sales to commercial customers increased by 7.4% year on year, and sales to customers outside of the service area increased by 49.4% year on year, reaching 3.8 mln m3 or 1.7 mln EUR. The Company's profit before taxes was 23.1 mln EUR, which is an 8.7% increase compared to the same twelve months of 2007. Eliminating the one-off nitrogen provision release in the 1st quarter of 2007, profit before tax in the twelve months of 2008 increased by 13.2%. In 2008 the Company invested 19.6 mln EUR, of which 16.9 mln EUR was invested in network extension and rehabilitation. -------------------------------------------------------------------------------- | mln EUR | 4 Q | 4 Q | Change | 12 | 12 | Change | | | 2008 | 2007 | | months | months | | | | | | | 2008 | 2007 | | -------------------------------------------------------------------------------- | Sales | 11,7 | 10,6 | 10,3% | 46,0 | 41,4 | 11,0% | -------------------------------------------------------------------------------- | Gross profit | 6,9 | 6,8 | 2,3% | 28,6 | 27,6 | 3,6% | -------------------------------------------------------------------------------- | Gross profit margin | 59,5 | 64,1 | -7,2% | 62,1 | 66,6 | -6,7% | | % | | | | | | | -------------------------------------------------------------------------------- | Operating profit | 6,6 | 6,0 | 11,4% | 25,9 | 24,1 | 7,4% | -------------------------------------------------------------------------------- | Operating profit | 56,9 | 56,4 | 1,0% | 56,3 | 58,2 | -3,3% | | margin % | | | | | | | -------------------------------------------------------------------------------- | Profit before taxes | 5,9 | 5,2 | 13,3% | 23,1 | 21,3 | 8,7% | -------------------------------------------------------------------------------- | Net profit | 5,9 | 5,2 | 13,3% | 18,9 | 17,8 | 6,5% | -------------------------------------------------------------------------------- | Net profit margin % | 50,8 | 49,5 | 2,7% | 41,1 | 42,9 | -4,1% | -------------------------------------------------------------------------------- | ROA % | 3,6 | 3,2 | 13,3% | 11,6 | 10,9 | 6,5% | -------------------------------------------------------------------------------- | Debt to total | 49,9 | 51,8 | -3,5% | 49,9 | 51,8 | -3,5% | | capital employed | | | | | | | -------------------------------------------------------------------------------- Gross profit margin - Gross profit / Net sales Operating profit margin - Operating profit / Net sales Net Profit margin - Net Profit / Net sales ROA - Net profit /Total Assets Debt to Total capital employed - Total Liabilities / Total capital employed Profit and Loss Statement 4th quarter 2008 Sales In the 4th quarter of 2008 the Company's total sales increased, year on year, by 10.3% to 11.7 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 service area, and fees received from the City of Tallinn for operating and maintaining the storm water system. Sales of water and wastewater services were 10.5 mln EUR, an 8.0% increase compared to the 4th quarter of 2007, resulting from the 11.7% increase in tariffs from 1 January 2008 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 8.0% to 5.6 mln EUR. Sales to commercial customers increased by 4.4% to 4.2 mln EUR. Sales to customers outside of the service area - primarily bulk volumes of wastewater treatment services provided to the surrounding municipalities - increased by 40.9% reaching 1.1 mln m3 or 0.44 mln EUR. Over pollution fees received were 0.22 mln EUR, 31.3% increase compared to the 4th quarter of 2007. In the 4th quarter of 2008, the volumes sold to residential customers dropped 3.3%. We believe that this is mainly related to the fact that people have moved to the surrounding areas of Tallinn. The volumes sold to commercial customers inside the service area decreased by 6.4% 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, supplemented by companies implementing different efficiency measures or reducing their production. The real estate market has changed considerably compared to last year. Although the number of new apartments and business buildings being constructed in Tallinn in 2008 remained high, a large share of new buildings still 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 40.9% in the 4th quarter of 2008 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 storm water and fire-hydrant system increased by 32.2% to 1.0 mln EUR in the 4th quarter of 2008 compared to the same period in 2007. This is in accordance with the terms and conditions of the contract whereby the storm water and fire hydrant costs are invoiced based on actual costs and volumes treated. This is contractually agreed up to 2020. Cost of Goods Sold and Gross Margin The cost of goods sold for the main operating activity was 4.7 mln EUR in the 4th quarter of 2008, an increase of 0.93 mln EUR or 24.4% from the equivalent period in 2007. In the 4th quarter of 2008 the Company did not achieve the beneficial 0.5 coefficient for pollution tax, and as a result the amount of pollution tax payable was 0.45 mln EUR compared to 0.11 mln EUR in 4th quarter of 2007. This increase in pollution tax is due to the combination of the coefficient and increase in tax rates year on year by 20%, supplemented by increased volume and pollution impact. Despite the fact that the pollution level of the incoming sewerage does vary and the Company does not have full control over storm water outlets regarding the pollution, we are working hard to use the optimum level of chemicals to achieve the 0.5 coefficient in the following quarters. The chemical costs were 0.33 mln EUR, representing a 1.3% increase compared to the corresponding period in 2007. This result is the combination of volumes treated, chemicals dosed and the price inflation. Electricity costs increased by 0.10 mln EUR or 24.6% in the 4th quarter of 2008 compared to the 4th quarter of 2007 due to higher electricity prices combined with volumes treated. Salary expenses increased in the 4th quarter of 2008, year on year, by 0.13 mln EUR or 13.9% due to a 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 which resulted in transferring cost from one line to another. Depreciation charges increased in the 4th quarter of 2008 by 0.18 mln EUR or 15.5% year on year due to new sludge treatment building commissioned in the end of 2007. Also in the beginning of 2008 the depreciation rates were revised to correspond with the useful life of assets. Other cost of goods sold in the main operating activity increased by 0.16 mln EUR, or 25.4% year on year. This was due to higher costs on a number of support services and maintenance and repair contracts, reflecting the increase in labour and services costs, but also the tightening of warranty requirements regarding the emergency repair works in Tallinn. The cost pressure sets the challenge to the management to identify the further efficiency opportunities through review of processes, procedures and procurements. As a result of all of the above the Company's gross profit for the 4th quarter of 2008 was 6.9 mln EUR, which is an increase of 0.16 mln EUR, or 2.3%, compared to the gross profit of 6.8 mln EUR for the 4th quarter of 2007. Operating Costs and Operating Margin Marketing expenses decreased by 0.05 mln EUR to 0.20 mln EUR during the 4th quarter of 2008 compared to the corresponding period in 2007. This is partly the result of the structural changes, balanced by the increase in depreciation charges. Mainly as a consequence of structural changes the General administration expenses decreased by 0.08 mln EUR to 0.89 mln EUR in the 4th quarter of 2008 year on year. Other net income/expenses In order to more appropriately reflect the substance of different types of compensations received, the accounting policy for constructions was changed in 2008. In accordance with the new policy, any compensation received from the local governments are treated as government grants in accordance with IAS 20 and are recognized as income over the periods necessary to match them with the related costs which they are intended to compensate. Accordingly, such compensations are deducted from the carrying amount of the pipeline assets constructed; any excess of the compensation receivable compared to the related construction cost that the compensation is intended to compensate is recognized in income once the construction is completed. The net effect of these transactions can be seen from other income/expenses and the change in the accounting policy is accounted retrospectively. Until 2007 and also during the first 3 quarters of 2008, the Company accounted for any compensations received from customers and local governments for constructing new pipelines as income once the construction was completed and receipt of the compensation was probable. Compensations were presented in the income statement as “Revenues from other operating activities” and the related construction costs were presented as “Costs of goods sold (other operating activities)”. Income/expenses from constructions totaled a net income of 0.91 mln EUR in the 4th quarter of 2008 compared to a net income of 0.34 mln EUR in the 4th quarter of 2007. The rest of the other income/expenses totaled an expense of 0.12 mln EUR in the 4th quarter of 2008 compared to an income of 0.06 mln EUR in the 4th quarter of 2007. As a result of all of the above the Company's operating profit for the 4th quarter of 2008 was 6.6 mln EUR, an increase of 0.68 mln EUR compared to an operating profit of 6.0 mln EUR achieved in the 4th quarter of 2007. Compared to the operating profit in the 4th quarter of 2007, the operating profit has increased 11.4%. Financial expenses Net Financial expenses were 0.72 mln EUR in the 4th quarter of 2008, which is a decrease of 0.02 mln EUR or 2.2% compared to the 4th quarter of 2007. The Company's interest costs have increased by 2.0% compared to the 4th quarter of 2007. This is due to the increase in the 6 month Euribor rate. The increase in interest expenses is partially offset by an increase in financial income earned during the 4th 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 4th quarter of 2008 was 5.9 mln EUR, which is 0.69 mln EUR higher than the profit before taxes of 5.2 mln EUR for the 4th quarter of 2007. Results for the twelve months of 2008 During the twelve months of 2008 the Company's total sales increased, year on year, by 11.0% to 46.0 mln EUR. Sales from the Company's main operating activities were 46.0 mln EUR. Sales of water and wastewater treatment were 42.1 mln EUR, a 9.8% increase compared to the twelve months of 2007. The Company's profit before taxes for the twelve months of 2008 was 23.1 mln EUR, which is 1.9 mln EUR higher than the profit before taxes of 21.3 mln EUR in the relevant period in 2007. The results for the twelve 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 0.85 mln EUR for environmental taxes. Looking at the underlying profit before taxes for the twelve months of 2007, it shows a 2.7 mln EUR or 13.2% increase in 2008 for the same period. Balance sheet During the twelve months of 2008 the Company invested 19.6 mln EUR into fixed assets. Non-current assets were 141.4 mln EUR at 31 December 2008. Current assets decreased by 1.7 mln EUR to 22.2 mln EUR in the twelve months of the year, customer receivables increased by 0.24 mln EUR. During the twelve months of 2008 cash at bank increased by 3.3 mln EUR. Current liabilities decreased by 0.45 mln EUR to 12.3 mln EUR in the twelve months of the year. This was mainly due to increases in Current portion of long-term borrowings by 2.7 mln EUR, as result of the reclassification of the loan based on repayment schedule and decrease in Trade payables. The Company continues to maintain its leverage level within its target range of 50% with total liabilities to total capital employed of 49.9% as of 31 December 2008. Long-term liabilities stood at 69.4 mln EUR at the end of December 2008, consisting almost entirely of the outstanding balance on the two long-term bank loans. Cash flow During the twelve months of 2008, the Company generated 25.1 mln EUR of cash flows from operating activities, an increase of 3.8 mln EUR compared to the corresponding period in 2007. Underlying operating profit continues to be the main driver for growth, supplemented by debt collection in twelve months of 2008. In the twelve months of 2008 net cash outflows from investing activities were 1.7 mln EUR, which is 8.1 mln EUR less than in 2007. This was mainly due to the change in constructions compensation mechanism as result of the 30 November 2007 agreement with the local municipality. In the 1st quarter 2008 the Company received the compensation for 2007 constructions. In 2008 the Company invested 19.6 mln EUR - 16.9 mln EUR on networks (including 12.1 mln EUR on extension and developments), 1.1 mln EUR at Paljassaare wastewater treatment plant and sludge treatment, 0.63 mln EUR on water quality (Ülemiste water treatment plant and raw water) and 0.88 mln EUR for other investments (IT, capital maintenance, meters, etc). The cash outflows from financing activities were 20.1 mln EUR during the twelve months of 2008 compared to cash outflow of 16.1 mln EUR during the same twelve months of 2007, representing the payouts of the dividend and the income tax on dividends of respective years. The Company made its first scheduled repayment to EBRD. Considering the extensive network extension program and related investment outflows until 2011, the Company does not intend to reduce the loan capital and therefore the repayment amount was replaced with a new loan drawdown from Nordea. The Company signed the new loan agreement with Nordea in November 2008. The total loan facility is 37.5 mln EUR and the interest margin applicable to the 6 month Euribor is 115 bps. As a result of all of the above factors, the total cash inflow in the twelve months of 2008 was 3.3 mln EUR compared to a cash outflow of 4.5 mln EUR in the twelve months of 2007. Cash and cash equivalents stood at 14.7 mln EUR as at 31 December 2008. Employees At the end of the 4th quarter of 2008, the number of employees was 327, compared to 312 at the end of the 4th quarter of 2007. Dividends and share performance Based on the results of the 2007 financial year, the Company paid 15,914,640 EUR of dividends. Of this 639 EUR was paid to the owner of the B-share and 15,914,000 EUR, i.e. 0.80 EUR per share to the owners of the A-shares. The dividends were paid out on 13 June 2008, based on the list of shareholders, which was fixed on 30 May 2008. As of 31 December 2008 AS Tallinna Vesi shareholders, with a direct holding over 5%, were: -------------------------------------------------------------------------------- | United Utilities (Tallinn) BV | 35.3% | -------------------------------------------------------------------------------- | City of Tallinn | 34.7% | -------------------------------------------------------------------------------- | Credit Suisse Securities (Europe) Ltd Prime Brokerage | 5.76% | | A/C Prime Brokerage Clients | | -------------------------------------------------------------------------------- | HSBC Bank Plc Re Parvus European Absolute | 5.46% | | Opportunities Master Fund | | -------------------------------------------------------------------------------- Parvus AM has declared that their shareholding in the clients' accounts exceeds 10% and AKO Capital has declared their indirect ownership above 5% of the share capital. At the end of the quarter, 31 December 2008, the closing price of the AS Tallinna Vesi share was 8.99 EUR, which is a 12.8% decrease compared to the closing price of 10.31 EUR at the beginning of quarter, this is still outperforming the market as the OMX Tallinn index dropped by 41.7% during the quarter. Operational highlights in the twelve months of 2008 In 2008 the water quality as measured at the customer's taps again showed improvement with over 98% of the samples taken fully compliant with European standards against a requirement of 95%. We are pleased to report for 2008 the compliance with all requirements of the Levels of Services established by the contract with City of Tallinn. Annual compliance at the waste water treatment plant was also achieved. 2008 was the first year of the three year network extension programme and the Company delivered the planned lengths in 2008. In total over 34 km of wastewater pipe, 14.4 km of storm water pipe and 2.9 km of water pipe were constructed, thus providing the opportunity for over 1300 customers to connect to the wastewater network. The programme continues in 2009 with many of the designs already complete and construction contracts being awarded. During the 2008 network extension programme the Company also took the opportunity to replace over 16 km of water pipe to further improve the water quality and pressure regimes in the targeted areas. Installation of more valves on the water network, replacing connection pipes and also responding to leakages faster, saw the leakage level reduced to 17.25%, a further improvement on the 19.2% achieved in 2007. 2008 was a wet year and the Company was very diligent ensuring the cleaning and proper function of the street gullies and storm water system and this resulted in less flooding issues in the City. The Company also pressure washed over 165 km of wastewater pipe, 65 km more than in 2007, and as a consequence the number of blockages was reduced by more than 6%. The Company implemented the development component in the 1st quarter of 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 Tallinn domestic water tariff starting from 1 March 2008 to the end of 2017, and the City of Tallinn will compensate 0.28 mln EUR every month for the storm water constructions 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 (0.58 kroons per m3 until 31 December 2011 and 0.39 kroons per m3 in years 2012 to 2017). On the 5th of August the Company concluded an operating agreement with Maardu City and Maardu Vesi. When the operating contract comes into force, AS Tallinna Vesi shall help AS Maardu Vesi to finance the self-financing part required within the European Union Assistance Project during the period 2009-2012 with up to a total of 5.1 mln EUR over the period. The Company shall get the investment back through the capital component to be included in the tariff within 20 years. On the basis of the cooperation of the companies and the subsidies of the European Union the problems regarding the water quality in Maardu shall be solved in the forthcoming years and in a longer perspective Maardu shall be supplied with drinking water from Ülemiste Water Treatment Plant. Administrating the infrastructure of AS Maardu Vesi enables AS Tallinna Vesi to increase its customer portfolio and to grow turnover. In addition to the required self-financing AS Tallinna Vesi shall provide the customers of AS Maardu Vesi with a modern service of operating the assets with a good-quality customer service. There are about 20 000 residents living in the operating area of AS Maardu Vesi. The operating contract has been planned for the duration of 30 years. Initially the contract was planned to commence from 1 January 2009, assuming the EU funding confirmation in 2008. In January 2009 Maardu Vesi received the positive confirmation for their application to use the EU funding. Tallinna Vesi shall start to operate the assets and provide full service at the latest from 1 April 2009 after the preparation period during which the assets are taken over. AS Maardu Vesi shall still remain the owner of all assets. The Company submitted the application for the tariff increase from 1st January 2009 in the 3rd quarter. The City Government approved the 12.8% tariff increase for water and wastewater services on 1 October 2008. The tariff increase is applicable from 1st January 2009 and consists of 11.4% of CPI increase, 2% of k-coefficient and -0.6% of change of law. The 12.8% tariff increase is applicable in the main service area and is similar outside the main service area, depending still on individual contracts with the municipalities. The usage of the web based self service has increased by more than 2 times compared to 2007, 9.7% of invoices were issued via web. Additional information: Siiri Lahe Chief Financial Officer +372 6262 262 siiri.lahe@tvesi.ee -------------------------------------------------------------------------------- | INCOME STATEMENT | IV | IV | 12 months | 12 months | | | quarter | quarter | | | -------------------------------------------------------------------------------- | (thousand EUR) | 2008 | 2007 | 2008 | 2007 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Sales from main operating | 11 678 | 10 591 | 46 011 | 41 436 | | activities | | | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Costs of goods sold (main | -4 728 | -3 801 | -17 432 | -13 848 | | operating activities) | | | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | GROSS PROFIT | 6 949 | 6 790 | 28 579 | 27 588 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Marketing expenses | -197 | -245 | -787 | -866 | -------------------------------------------------------------------------------- | General administration | -892 | -976 | -3 486 | -3 633 | | expenses | | | | | -------------------------------------------------------------------------------- | Other income/ expenses (-) | 786 | 400 | 1 601 | 1 029 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | OPERATING PROFIT | 6 647 | 5 968 | 25 907 | 24 118 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Financial income / expenses | -714 | -730 | -2 761 | -2 827 | | (-) | | | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | PROFIT BEFORE TAXES | 5 933 | 5 238 | 23 146 | 21 291 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Income tax on dividends | 0 | 0 | -4 231 | -3 533 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | NET PROFIT FOR THE PERIOD | 5 933 | 5 238 | 18 916 | 17 757 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Attributable to: | | | | | -------------------------------------------------------------------------------- | Equity holders of A-shares | 5 933 | 5 238 | 18 915 | 17 757 | -------------------------------------------------------------------------------- | B-share holder | 0,64 | 0,64 | 0,64 | 0,64 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Earnings per share in euros | 0,30 | 0,26 | 0,95 | 0,89 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | BALANCE SHEET | | | -------------------------------------------------------------------------------- | (thousand EUR) | 31.12.2008 | 31.12.2007 | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | ASSETS | | | -------------------------------------------------------------------------------- | CURRENT ASSETS | | | -------------------------------------------------------------------------------- | Cash at bank and in hand | 14 691 | 11 403 | -------------------------------------------------------------------------------- | Customer receivables | 6 915 | 6 679 | -------------------------------------------------------------------------------- | Accrued income and prepaid expenses | 283 | 5 490 | -------------------------------------------------------------------------------- | Inventories | 240 | 233 | -------------------------------------------------------------------------------- | Assets for sale | 73 | 72 | -------------------------------------------------------------------------------- | TOTAL CURRENT ASSETS | 22 203 | 23 877 | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | NON-CURRENT ASSETS | | | -------------------------------------------------------------------------------- | Tangible assets | 131 167 | 127 375 | -------------------------------------------------------------------------------- | Intangible assets | 2 601 | 3 140 | -------------------------------------------------------------------------------- | Unfinished assets - non connections | 1 586 | 3 070 | -------------------------------------------------------------------------------- | Unfinished pipelines - new connections | 5 878 | 5 756 | -------------------------------------------------------------------------------- | Prepayments for fixed assets | 118 | 345 | -------------------------------------------------------------------------------- | TOTAL NON-CURRENT ASSETS | 141 350 | 139 686 | -------------------------------------------------------------------------------- | TOTAL ASSETS | 163 553 | 163 562 | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | LIABILITIES | | | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | CURRENT LIABILITIES | | | -------------------------------------------------------------------------------- | Current portion of long-term borrowings | 5 285 | 2 651 | -------------------------------------------------------------------------------- | Trade and other payables, incl. dividends | 4 067 | 5 558 | -------------------------------------------------------------------------------- | Taxes payable | 1 510 | 1 693 | -------------------------------------------------------------------------------- | Short-term provisions | 159 | 143 | -------------------------------------------------------------------------------- | Deferred income | 1 265 | 2 691 | -------------------------------------------------------------------------------- | TOTAL CURRENT LIABILITIES | 12 287 | 12 736 | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | NON-CURRENT LIABILITIES | | | -------------------------------------------------------------------------------- | Bank loans | 69 331 | 71 932 | -------------------------------------------------------------------------------- | Other payables | 47 | 7 | -------------------------------------------------------------------------------- | TOTAL NON-CURRENT LIABILITIES | 69 378 | 71 939 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES | 81 665 | 84 675 | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | EQUITY CAPITAL | | | -------------------------------------------------------------------------------- | Share capital | 12 782 | 12 782 | -------------------------------------------------------------------------------- | Share premium | 24 734 | 24 734 | -------------------------------------------------------------------------------- | Statutory legal reserve | 1 278 | 1 278 | -------------------------------------------------------------------------------- | Accumulated profit | 24 178 | 22 336 | -------------------------------------------------------------------------------- | Net profit for the period | 18 916 | 17 757 | -------------------------------------------------------------------------------- | TOTAL EQUITY CAPITAL | 81 889 | 78 887 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES AND EQUITY CAPITAL | 163 553 | 163 562 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CASH FLOW STATEMENT | 12 months | 12 months | -------------------------------------------------------------------------------- | (thousand EUR) | 2008 | 2007 | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | CASH FLOWS FROM OPERATING ACTIVITIES | | | -------------------------------------------------------------------------------- | Operating profit | 25 907 | 24 118 | -------------------------------------------------------------------------------- | Adjustment for depreciation | 5 731 | 5 064 | -------------------------------------------------------------------------------- | Adjustment for income and expenses from | -1 784 | -911 | | constructions | | | -------------------------------------------------------------------------------- | Other financial income and expenses | -57 | -101 | -------------------------------------------------------------------------------- | Profit from sale of fixed assets | -29 | -155 | -------------------------------------------------------------------------------- | Expensed fixed assets | -1 | 30 | -------------------------------------------------------------------------------- | Capitalization of operating expenses | -1 611 | -1 263 | -------------------------------------------------------------------------------- | Movement in current assets involved in operating | 601 | -2 049 | | activities | | | -------------------------------------------------------------------------------- | Movement in liabilities involved in operating | 48 | -21 | | activities | | | -------------------------------------------------------------------------------- | Interest paid | -3 679 | -3 386 | -------------------------------------------------------------------------------- | Total cash flow from operating activities | 25 126 | 21 326 | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | CASH FLOWS FROM INVESTING ACTIVITIES | | | -------------------------------------------------------------------------------- | Acquisition of fixed assets (incl pipelines | -19 633 | -16 997 | | construction) | | | -------------------------------------------------------------------------------- | Proceeds from pipelines financed by construction | 16 808 | 6 509 | | income | | | -------------------------------------------------------------------------------- | Proceeds from sale of and prepayments received | 31 | 25 | | for fixed assets | | | -------------------------------------------------------------------------------- | Proceeds from sale of assets and real estate | 0 | 15 | | investments | | | -------------------------------------------------------------------------------- | Interest received | 1 080 | 676 | -------------------------------------------------------------------------------- | Total cash flow from investing activities | -1 714 | -9 773 | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | CASH FLOWS FROM FINANCING ACTIVITIES | | | -------------------------------------------------------------------------------- | Received long-term loans | 2 700 | 0 | -------------------------------------------------------------------------------- | Repayment of long-term loans | -2 679 | 0 | -------------------------------------------------------------------------------- | Finance lease payments | 0 | -30 | -------------------------------------------------------------------------------- | Dividends paid | -15 915 | -12 527 | -------------------------------------------------------------------------------- | Income tax on dividends | -4 231 | -3 533 | -------------------------------------------------------------------------------- | Total cash flow from financing activities | -20 124 | -16 091 | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | Change in cash and bank accounts | 3 288 | -4 537 | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | CASH AND EQUIVALENTS AT THE BEGINNING OF THE | 11 403 | 15 940 | | PERIOD | | | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | CASH AND EQUIVALENTS AT THE END OF THE PERIOD | 14 691 | 11 403 | --------------------------------------------------------------------------------