Börsiteade
AS TALLINNA VESI
LEI kood
5493000M6TVS2X0KWC97
Emitendi suuruskategooria
Suur kontsern
Majandustegevusalad
Veevarustus; kanalisatsioon, jäätme- ja saastekäitlus
Emitendi registreeritud asukoht
Eesti
Üldandmed
Kategooriad
Juhtkonna vaheteadaanne või kvartaalne finantsaruanne
Teate ID
2218
Manused
Esitamise kuupäev ja aeg
30.04.2009 16:01:00
Teate sisu eesti keeles
Pealkiri
2009. aasta 1. kvartali majandustulemused (EEK)
Teade
TEGEVUSARUANNE
2009. AASTA 1. KVARTALI MAJANDUSTULEMUSED
Kokkuvõte
2009. aasta 3 kuuga kasvas Ettevõtte müügitulu 192,8 miljoni kroonini, mis on
6,6%-line kasv võrreldes 2008. aasta 3 kuuga. Vee ja reoveeteenuse kogu
müügimahud langesid 2009. aasta 3 kuuga 5,2%, teenuste müügitulu kasvas 5,1%
võrreldes 2008. aasta 3 kuuga. Põhiteeninduspiirkonna eraklientide müügitulu
kasvas 9,0%, juriidiliste klientide müügitulu kasvas 0,1% ja müük väljaspool
teeninduspiirkonda suurenes 1,4%. Ettevõtte kasum enne tulumaksu oli 98,4
miljonit krooni, mis on 2008. aasta 3 kuuga võrreldes 9,9% rohkem. Ettevõte
investeeris 41,7 miljonit krooni, millest 32,3 miljonit krooni investeeriti
võrkude laiendamiseks ja rekonstrueerimiseks.
--------------------------------------------------------------------------------
| miljon EEK | 1 kv | 1 kv | Muutus | 3 kuud | 3 kuud | Muutus |
| | 2009 | 2008 | | 2009 | 2008 | |
--------------------------------------------------------------------------------
| Müügitulu | 192,8 | 180,9 | 6,6% | 192,8 | 180,9 | 6,6% |
--------------------------------------------------------------------------------
| Brutokasum | 126,1 | 114,7 | 9,9% | 126,1 | 114,7 | 9,9% |
--------------------------------------------------------------------------------
| Brutokasumi marginaal | 65,4 | 63,4 | 3,1% | 65,4 | 63,4 | 3,1% |
| % | | | | | | |
--------------------------------------------------------------------------------
| Ärikasum | 110,8 | 100,2 | 10,6% | 110,8 | 100,2 | 10,6% |
--------------------------------------------------------------------------------
| Ärikasumi marginaal % | 57,5 | 55,4 | 3,8% | 57,5 | 55,4 | 3,8% |
--------------------------------------------------------------------------------
| Kasum enne | 98,4 | 89,5 | 9,9% | 98,4 | 89,5 | 9,9% |
| tulumaksustamist | | | | | | |
--------------------------------------------------------------------------------
| Puhaskasum | 98,4 | 89,5 | 9,9% | 98,4 | 89,5 | 9,9% |
--------------------------------------------------------------------------------
| Puhaskasumi marginaal | 51,0 | 49,5 | 3,2% | 51,0 | 49,5 | 3,2% |
| % | | | | | | |
--------------------------------------------------------------------------------
| Vara puhasrentaablus % | 3,7 | 3,4 | 7,7% | 3,7 | 3,4 | 7,7% |
--------------------------------------------------------------------------------
| Kohustuste osatähtsus | 48,2 | 49,3 | -2,2% | 48,2 | 49,3 | -2,2% |
| 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
1. kvartal 2009
Müügitulud
2009. aasta 1. kvartalis kasvas Ettevõtte tulu 192,8 miljoni kroonini, mis on
6,6% 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 1.
kvartaliga 5,1% võrra 177,0 miljoni kroonini, tulenevalt 12,8% suurusest
tariifitõusust alates 1. jaanuarist 2009 kombinatsioonis allkirjeldatud
teguritega.
Sektori lõikes jagunes kasv järgnevalt: müük eraklientidele kasvas 9,0% võrra
96,8 miljoni kroonini. Müük äriklientidele teeninduspiirkonnas kasvas 0,1% võrra
70,0 miljoni kroonini. Müük äriklientidele väljaspool teeninduspiirkonda
(peamiselt ümbritsevatele omavalitsustele pakutav reovee puhastamise teenus)
kasvas 1,4% ulatudes 0,8 miljoni m³ ehk 6,3 miljoni kroonini. Saadud
ülereostustasu oli 3,8 miljonit krooni, 10,0% kasv võrreldes 2008. aasta sama
perioodiga.
2009. aasta 1. kvartalis vähenesid eraklientide müügimahud 3,4% võrra võrreldes
2008. aasta 1. kvartaliga. Meie arvates selgitab seda majanduslik olukord
koosmõjus seniste tarbijate siirdumisega lähivaldadesse.
Müük juriidilistele klientidele teeninduspiirkonnas langes 11,5% võrreldes 2008.
aasta 1. kvartaliga mitme teguri tõttu. Enamus kaotatud müügimahust tuleneb
ettevõtete poolt rakendatud üleüldistest kokkuhoiumeetmetest või tootmise
vähenemisest ning ettevõtete siirdumisest Tallinna äärealadele.
2009. aasta 1. kvartalis kasvas sademetevee teenuse ja tuletõrjehüdrantide
süsteemide käigushoidmise ja hoolduse tasu 22,8% võrra 12,2 miljoni kroonini
võrreldes 2008. aasta sama perioodiga. See on kooskõlas lepingu nõuete ja
sätetega, mille kohaselt sademetevee ja tuletõrjehüdrantide kulud arveldatakse
tegelike kulude ja töödeldud mahtude alusel.
Müüdud toodete ja teenuste kulu ja brutokasumi marginaal
Põhitegevusega seotud müüdud toodete ja teenuste kulu oli 2009. aasta 1.
kvartalis 66,7 miljonit krooni, so 0,5 miljonit krooni ehk 0,8% enam kui eelmise
aasta samal perioodil.
2009. aasta 1. kvartalis saavutas Ettevõte sooduskoefitsienti 0,5, mistõttu oli
makstavate keskkonnamaksude suurus 1. kvartalis 3,3 miljonit krooni, võrreldes
2,9 miljoni krooniga 2008. aasta samal perioodil. Saastetasu suurenemise
põhjuseks on maksumäärade tõus 20% võrra, mida osaliselt vähendab puhastatud
koguste langus. Hoolimata faktist, et sissetuleva heitvee reostuskoormus on
suurenenud 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 3,7 miljonit krooni, mis on 16,7% vähem kui 2008.
aasta samal perioodil. See on puhastatud reovee hulga ja doseeritud kemikaalide
kombineeritud tulemus, samuti soodsate kemikaalihindade tulemus.
Elektrikulud kasvasid 2009. aasta 1. kvartalis võrreldes eelmise aasta sama
perioodiga 0,7 miljoni krooni ehk 9,1% võrra, kõrgema elektrihinna ning
puhastatud reovee hulga koosmõjul.
Palgakulud kasvasid 0,6 miljoni krooni ehk 3,7% võrra seoses mitme asjaoluga.
Esiteks, suurenenud töötajate arv, tagamaks toimetuleku suurenenud
ehitusjärelvalve vajadusega torustike rajamise programmi perioodil. Väikest mõju
omab ka üleettevõtteline palkade läbivaatus seoses töötajate isiklike eesmärkide
saavutamisega.
Kulum kasvas 2009. aasta 1. kvartalis võrreldes eelmise aasta sama perioodiga
0,2 miljoni krooni ehk 1,1% võrra.
Transpordikulud vähenesid 2009. aasta 1. kvartalis võrreldes eelmise aasta sama
perioodiga 0,3 miljoni krooni ehk 7,0% võrra, kütusehindade ning masinate
rendihindade alanemise koosmõjul.
Muud müüdud toodete ja teenuste kulud vähenesid 0,4 miljoni krooni ehk 5,8%
võrra 2009. aasta 1. kvartalis. Mitmete tugiteenuste ning hooldus ja remondi
lepingute kulud vähenesid õnnestunud läbirääkimiste tulemusel.
Kulude kasvust tingitud surve esitab ettevõttele väljakutse otsimaks edasisi
võimalusi efektiivsuse suurendamiseks protsesside, hangete jms ülevaatamise
kaudu.
Ülaltoodud mõjude tulemusena oli 2009. aasta 1. kvartalis ettevõtte brutokasum
126,1 miljonit krooni, mis on 11,4 miljoni krooni või 9,9% võrra rohkem, kui
2008. aasta 1. kvartali 114,7 miljoni krooni suurune brutokasum.
Ärikulud ja ärikasumi marginaal
Turustuskulud suurenesid 2009. aasta 1. kvartalis võrrelduna 2008. aasta 1.
kvartaliga 0,04 miljoni krooni võrra 3,4 miljoni kroonini. Seda mõjutas
peamiselt kulude kokkuhoid, mida tasandas amortisatsiooni kasv.
2009. aasta 1. kvartalis vähenesid üldhalduskulud 0,4 miljonit krooni 14,1
miljoni kroonini, peamiselt vähenenud teenuste kulude mõjul.
Muud äritulud/kulud
Äritulud/kulud rajamistest ning sihtfinantseerimisest andsid 2009. aasta 1.
kvartalis tulu 3,5 miljonit krooni võrreldes 3,5 miljoni kroonise tuluga 2008.
aasta 1. kvartalis. Muud äritulud/kulud andsid 2009. aasta 1. kvartalis kokku
kulu 1,1 miljonit krooni võrreldes 0,1 miljoni kroonise kuluga 2008. aasta 1.
kvartalis.
Ülaltoodud mõjude tulemusena oli ettevõtte ärikasum 2009. aasta 1. kvartalis
110,8 miljonit krooni, mis on 10,6 miljonit krooni rohkem kui 100,2 miljoni
krooni suurune ärikasum 2008. aasta 1. kvartalis. Võrreldes 2009. aasta 1.
kvartalit 2008. aasta 1. kvartaliga kasvas ärikasum 10,6%.
Finantskulud
Ettevõtte neto finantskulud olid 2009. aasta 1. kvartalis 12,4 miljonit krooni,
mis on 1,7 miljoni krooni ehk 16,0% võrra rohkem kui 2008. aasta 1. kvartalis.
Võrrelduna 2008. aasta 1. kvartaliga on Ettevõtte intressikulud langenud 10,5%
võrra. See on tingitud asjaolust, et osa Ettevõtte laenudest on seotud 6 kuu
Euribor-i määraga. Finantskulud on suurenenud laenukulude tõttu, mis eelnevalt
olid kapitaliseeritud, kuid 2009. aasta 1. kvartalis kanti kuludesse 5,3
miljonit krooni, kuna uue investeeringute laenu võtmine põhjustab EBRD laenu
täieliku tagasimaksmise järgmisel intressimakse päeval. Kuna EBRD laen on
fikseeritud intressimääraga laen siis tõenäoliselt madala Euribor-i
intressimäära tõttu kaasnevad ennetähtaegse tagasimaksega kulud. Tõusu katab
osaliselt 2009. aasta 1. kvartalis kasvanud finantstulu, mis on Ettevõtte
efektiivsema rahade juhtimise, tugeva rahalise seisu ja suurenenud
intressimäärade tulemus.
Maksustamiseelne kasum
Ettevõtte maksustamiseelne kasum oli 2009. aasta 1. kvartalis 98,4 miljonit
krooni, so 8,9 miljonit krooni rohkem kui 89,5 miljoni krooni suurune
maksustamiseelne kasum 2008. aasta 1. kvartalis.
Bilanss
2009. aasta 3 kuu jooksul investeeris Ettevõte põhivarasse 41,7 miljonit krooni.
Lõpetamata-, materiaalne- ja immateriaalne põhivara oli 2009. aasta 31. märtsi
seisuga 2 192,5 miljonit krooni. Käibevara suurenes 3 kuuga 125,9 miljoni krooni
võrra 473,3 miljoni kroonini, nõuded ostjate vastu suurenesid 19,0 miljoni
krooni võrra. 2009. aasta 3 kuuga on rahajääk pangas kasvanud 107,1 miljoni
krooni võrra.
Lühiajalised kohustused suurenesid 3 kuu jooksul 3,6 miljoni krooni võrra 196,0
miljoni kroonini. See tulenes peamiselt 0,8 miljoni krooni võrra suurenenud
Pikaajaliste pangalaenude tagasimaksetest järgmistel perioodidel, 1,1 miljoni
krooni võrra vähenenud Hankijate võlgadest ning 3,6 miljoni krooni võrra
suurenenud Ostjate ettemaksetest.
Ettevõte hoiab jätkuvalt oma finantsvõimendust sihiks võetud 50% tasemel. 2009.
aasta 31. märtsi seisuga oli kohustuste osakaal varast 48,2%. Pikaajalised
kohustused olid 2009. aasta märtsi lõpu seisuga 1 090,2 miljonit krooni, mis
koosnes peaaegu täielikult kolme pikaajalise pangalaenu jäägist.
Rahakäive
2009. aasta 3 kuu jooksul oli Ettevõtte äritegevuse rahakäive 114,1 miljonit
krooni, mis on 8,9 miljonit krooni vähem kui 2008. aasta samal perioodil.
Perioodilise põhitegevuse ärikasum on jätkuvalt peamine tegur ettevõtte
äritegevuse rahakäibe kasvus.
2009. aasta 3 kuu investeerimistegevuse raha väljavool oli 7,0 miljonit krooni,
so 32,8 miljonit krooni rohkem kui 2008. aasta 3 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. 2009. aasta 3 kuu jooksul investeeris Ettevõte
41,7 miljonit krooni - 32,3 miljonit krooni võrkudesse (sh 23,3 miljonit krooni
laiendamiseks ja arendamiseks), 5,0 miljonit krooni Paljassaare sade- ja reovee
puhastusjaama uuendamiseks, 0,6 miljonit krooni vee kvaliteedi säilitamiseks
(Ülemiste veepuhastusjaam ja toorvee kvaliteet) ja 3,8 miljonit krooni muudeks
investeeringuteks (IT, investeeringute väärtuse säilimine, veemõõtjad jne).
2009. ja 2008. aasta 3 kuu jooksul ei toimunud finantstegevuse rahavoogusid
mõjutavaid tegevusi.
Eelnevate tegurite mõjul oli raha sissevool 2009. aasta 3 kuu jooksul 107,1
miljonit krooni võrrelduna 148,7 miljoni krooni suuruse raha sissevooluga 2008.
aasta 3 kuuga. Raha ja raha ekvivalentide saldo oli 2009. aasta 31. märtsi
seisuga 337,0 miljonit krooni.
Töötajad
2009. aasta 1. kvartali lõpus töötas ettevõttes 331 töötajat, võrreldes 315
töötajaga 2008. aasta 1. kvartali lõpus. Keskmised täistöökohaga töötajate arvud
olid vastavalt 316 töötajat 2009. aastal ja 303 töötajat 2008. aastal.
Dividendid ja aktsiahinna muutused
2008. aasta majandustulemuste põhjal kavatseb Ettevõtte maksta 230 010 000
krooni dividende. Sellest 10 000 krooni makstakse B-aktsia omanikule ja 230 000
000 krooni, so 11,50 krooni aktsia kohta A-aktsia omanikele. Korraline
aktsionäride üldkoosolek peaks dividendimakse kinnitama 19. mail 2009.
AS Tallinna Vesi on noteeritud OMX Main Baltic Marketil kauplemiskoodiga TVEAT
ja ISIN EE3100026436.
2009. aasta 31. märtsi 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 Brokerage | 5.76% |
| A/C Prime Brokerage Clients | |
--------------------------------------------------------------------------------
| HSBC Bank Plc Re Parvus European Absolute | 5.46% |
| Opportunities Master Fund | |
--------------------------------------------------------------------------------
Parvus AM on deklareerinud, et nende osalus ületab 10% ning AKO Capital on
deklareerinud enda kaudseks osaluseks üle 5% aktsiakapitalist.
Kvartali lõpus, 31. märtsil 2009, oli AS Tallinna Vesi aktsia sulgemishind
140,82 krooni (9.00 EUR), mis on 0,11% kõrgem võrreldes kvartali alguses olnud
140,66 EEK (8.99 EUR) ületades jätkuvalt OMX Tallinn indeksit, mis langes
kvartalis 2,41%.
Põhitegevusega seotud arengud 2009. aastal
Ettevõte viis lõpule laenukõnelused ning sõlmis 313 miljoni krooni suuruse laenu
(võrdne 20 miljoni euroga). 10 aastane laen sõlmiti Nordic Investment Bank'ga 9.
aprillil 2009. Lisandunud laenuvajaduse tingis ulatuslik kolme aastane torustike
programm, mille kulud kompenseeritakse Ettevõttele kümne aasta jooksul.
Langenud müügi numbrite tõttu on kvartal olnud Ettevõtte jaoks raske. Meil on
siiski heameel teatada, et algatatud kulude kokkuhoiu programm ning edukad
lepingute läbirääkimised on suurendanud kasumit.
Lisainformatsioon:
Siiri Lahe
Finantsdirektor
+372 6262 262
[email protected]
--------------------------------------------------------------------------------
| KASUMIARUANNE | I kvartal | I kvartal | 12 kuud |
--------------------------------------------------------------------------------
| (tuhat EEK) | 2009 | 2008 | 2008 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Müügitulu | 192 759 | 180 886 | 719 923 |
--------------------------------------------------------------------------------
| Müüdud toodete/teenuste kulud | -66 682 | -66 153 | -272 752 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| BRUTOKASUM | 126 077 | 114 733 | 447 171 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Turustuskulud | -3 414 | -3 373 | -12 310 |
--------------------------------------------------------------------------------
| Üldhalduskulud | -14 140 | -14 526 | -54 546 |
--------------------------------------------------------------------------------
| Muud äritulud/-kulud (-) | 2 322 | 3 392 | 25 045 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| ÄRIKASUM | 110 845 | 100 226 | 405 360 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Finantstulud | 5 932 | 3 819 | 15 606 |
--------------------------------------------------------------------------------
| Finantskulud | -18 380 | -14 550 | -58 805 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| KASUM ENNE TULUMAKSUSTAMIST | 98 397 | 89 495 | 362 161 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Dividendide tulumaks | 0 | 0 | -66 193 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| PERIOODI PUHASKASUM | 98 397 | 89 495 | 295 968 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Jaotatav: | | | |
--------------------------------------------------------------------------------
| A- aktsia omanikele | 98 387 | 89 485 | 295 958 |
--------------------------------------------------------------------------------
| B- aktsia omanikule | 10 | 10 | 10 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Kasum A aktsia kohta (kroonides) | 4,92 | 4,47 | 14,80 |
--------------------------------------------------------------------------------
| Kasum B aktsia kohta (kroonides) | 10 000 | 10 000 | 10 000 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| BILANSS | | | |
--------------------------------------------------------------------------------
| (tuhat EEK) | 31.03.2009 | 31.03.2008 | 31.12.2008 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| VARAD | | | |
--------------------------------------------------------------------------------
| KÄIBEVARA | | | |
--------------------------------------------------------------------------------
| Raha ja pangakontod | 336 966 | 327 136 | 229 860 |
--------------------------------------------------------------------------------
| Nõuded ostjate vastu | 131 604 | 112 364 | 112 638 |
--------------------------------------------------------------------------------
| Varud | 3 568 | 3 917 | 3 760 |
--------------------------------------------------------------------------------
| Varad müügiks | 1 134 | 1 114 | 1 140 |
--------------------------------------------------------------------------------
| KOKKU KÄIBEVARA | 473 272 | 444 531 | 347 398 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| PÕHIVARA | | | |
--------------------------------------------------------------------------------
| Materiaalne põhivara | 2 150 994 | 2 118 538 | 2 168 225 |
--------------------------------------------------------------------------------
| Immateriaalne põhivara | 41 516 | 48 797 | 43 428 |
--------------------------------------------------------------------------------
| KOKKU PÕHIVARA | 2 192 510 | 2 167 335 | 2 211 653 |
--------------------------------------------------------------------------------
| VARAD KOKKU | 2 665 782 | 2 611 866 | 2 559 051 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| KOHUSTUSED JA OMAKAPITAL | | | |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| LÜHIAJALISED KOHUSTUSED | | | |
--------------------------------------------------------------------------------
| Pikaajaliste laenukohustuste | 83 673 | 41 699 | 82 843 |
| lühiajaline osa | | | |
--------------------------------------------------------------------------------
| Hankijate ja muud võlad | 86 144 | 78 306 | 87 270 |
--------------------------------------------------------------------------------
| Lühiajalised eraldised | 2 693 | 2 486 | 2 486 |
--------------------------------------------------------------------------------
| Tulevaste perioodide tulud | 23 443 | 39 948 | 19 797 |
--------------------------------------------------------------------------------
| LÜHIAJALISED KOHUSTUSED KOKKU | 195 953 | 162 439 | 192 396 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| PIKAAJALISED KOHUSTUSED | | | |
--------------------------------------------------------------------------------
| Pangalaenud | 1 089 419 | 1 125 499 | 1 084 642 |
--------------------------------------------------------------------------------
| Muud võlad | 735 | 113 | 735 |
--------------------------------------------------------------------------------
| PIKAAJALISED KOHUSTUSED KOKKU | 1 090 154 | 1 125 612 | 1 085 377 |
--------------------------------------------------------------------------------
| KOKKU KOHUSTUSED | 1 286 107 | 1 288 051 | 1 277 773 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| OMAKAPITAL | | | |
--------------------------------------------------------------------------------
| Aktsiakapital | 200 001 | 200 001 | 200 001 |
--------------------------------------------------------------------------------
| Ülekurss | 387 000 | 387 000 | 387 000 |
--------------------------------------------------------------------------------
| Kohustuslik reservkapital | 20 000 | 20 000 | 20 000 |
--------------------------------------------------------------------------------
| Jaotamata kasum | 772 674 | 716 814 | 674 277 |
--------------------------------------------------------------------------------
| KOKKU OMAKAPITAL | 1 379 675 | 1 323 815 | 1 281 278 |
--------------------------------------------------------------------------------
| KOHUSTUSED JA OMAKAPITAL KOKKU | 2 665 782 | 2 611 866 | 2 559 051 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| RAHAKÄIBE ARUANNE | 3 kuud | 3 kuud | 12 kuud |
--------------------------------------------------------------------------------
| (tuhat EEK) | 2009 | 2008 | 2008 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| ÄRITEGEVUSE RAHAKÄIVE | | | |
--------------------------------------------------------------------------------
| Ärikasum | 110 845 | 100 226 | 405 360 |
--------------------------------------------------------------------------------
| Korrigeerimine kulumiga | 22 471 | 22 145 | 89 669 |
--------------------------------------------------------------------------------
| Korrigeerimine kasumiga | -3 462 | -3 469 | -27 921 |
| sihtfinantseerimisest ja | | | |
| rajamistegevusest | | | |
--------------------------------------------------------------------------------
| Muud finantskulud | -5 715 | -412 | -1 614 |
--------------------------------------------------------------------------------
| Kasum põhivara müügist | -116 | -5 | -455 |
--------------------------------------------------------------------------------
| Kuluks kantud põhivarad | 0 | 0 | -19 |
--------------------------------------------------------------------------------
| Äritegevusega seotud käibevara muutus | -11 258 | -5 636 | 22 781 |
--------------------------------------------------------------------------------
| Äritegevusega seotud kohustuste muutus | 1 306 | 13 226 | 906 |
--------------------------------------------------------------------------------
| Makstud intressid | 0 | -3 223 | -57 569 |
--------------------------------------------------------------------------------
| Rahajäägi muutus äritegevusest | 114 071 | 122 852 | 431 138 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| INVESTEERIMISTEGEVUSE RAHAKÄIVE | | | |
--------------------------------------------------------------------------------
| Põhivara soetamine | -50 937 | -72 303 | -332 407 |
--------------------------------------------------------------------------------
| Ehituse eest saadavad kompensatsioonid | 38 252 | 94 167 | 250 190 |
--------------------------------------------------------------------------------
| Põhivara müügitulu | 116 | 6 | 480 |
--------------------------------------------------------------------------------
| Saadud intressid | 5 604 | 3 994 | 16 906 |
--------------------------------------------------------------------------------
| Rahajäägi muutus | -6 965 | 25 864 | -64 831 |
| investeerimistegevusest | | | |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| FINANTSEERIMISTEGEVUSE RAHAKÄIVE | | | |
--------------------------------------------------------------------------------
| Võetud pikaajalised laenud | 0 | 0 | 42 246 |
--------------------------------------------------------------------------------
| Tasutud pikaajalised laenud | 0 | 0 | -41 910 |
--------------------------------------------------------------------------------
| Tasutud dividendid | 0 | 0 | -249 010 |
--------------------------------------------------------------------------------
| Tulumaks dividendidelt | 0 | 0 | -66 193 |
--------------------------------------------------------------------------------
| Rahajäägi muutus | 0 | 0 | -314 867 |
| finantseerimistegevusest | | | |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Rahajäägi kogumuutus | 107 106 | 148 716 | 51 440 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| RAHA JA RAHA EKVIVALENDID PERIOODI | 229 860 | 178 420 | 178 420 |
| ALGUSES | | | |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| RAHA JA RAHA EKVIVALENDID PERIOODI | 336 966 | 327 136 | 229 860 |
| LÕPUS | | | |
--------------------------------------------------------------------------------
Teate sisu inglise keeles
Pealkiri
Results of operations for the 1st quarter 2009 (EEK)
Teade
MANAGEMENT REPORT RESULTS OF OPERATIONS - FOR THE 1st QUARTER 2009 Overview During the first three months of 2009 the Company's total sales increased, year on year, by 6.6% to 192.8 mln EEK. Total water and sewerage services sales volumes decreased in the three months of 2009 by 5.2% compared to the same three months of 2008, respective sales increased by 5.1%. Within the service area sales to residential customers increased by 9.0% year on year, sales to commercial customers increased by 0.1% year on year, and sales to customers outside of the service area increased by 1.4% year on year. The Company's profit before taxes was 98.4 mln EEK, which is a 9.9% increase compared to the same three months of 2008. In 2009 the Company invested 41.7 mln EEK, of which 32.3 mln EEK was invested in network extension and rehabilitation. -------------------------------------------------------------------------------- | mln EEK | 1 Q | 1 Q | Change | 3 | 3 | Change | | | 2009 | 2008 | | months | months | | | | | | | 2009 | 2008 | | -------------------------------------------------------------------------------- | Sales | 192,8 | 180,9 | 6,6% | 192,8 | 180,9 | 6,6% | -------------------------------------------------------------------------------- | Gross profit | 126,1 | 114,7 | 9,9% | 126,1 | 114,7 | 9,9% | -------------------------------------------------------------------------------- | Gross profit margin | 65,4 | 63,4 | 3,1% | 65,4 | 63,4 | 3,1% | | % | | | | | | | -------------------------------------------------------------------------------- | Operating profit | 110,8 | 100,2 | 10,6% | 110,8 | 100,2 | 10,6% | -------------------------------------------------------------------------------- | Operating profit | 57,5 | 55,4 | 3,8% | 57,5 | 55,4 | 3,8% | | margin % | | | | | | | -------------------------------------------------------------------------------- | Profit before taxes | 98,4 | 89,5 | 9,9% | 98,4 | 89,5 | 9,9% | -------------------------------------------------------------------------------- | Net profit | 98,4 | 89,5 | 9,9% | 98,4 | 89,5 | 9,9% | -------------------------------------------------------------------------------- | Net profit margin % | 51,0 | 49,5 | 3,2% | 51,0 | 49,5 | 3,2% | -------------------------------------------------------------------------------- | ROA % | 3,7 | 3,4 | 7,7% | 3,7 | 3,4 | 7,7% | -------------------------------------------------------------------------------- | Debt to total | 48,2 | 49,3 | -2,2% | 48,2 | 49,3 | -2,2% | | 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 1st quarter 2009 Sales In the 1st quarter of 2009 the Company's total sales increased, year on year, by 6.6% to 192.8 mln EEK. Sales in the main operating activity principally comprise of sales of water and treatment of wastewater to domestic and commercial customers within and outside of the service area, and fees received from the City of Tallinn for operating and maintaining the storm water system. Sales of water and wastewater services were 177.0 mln EEK, a 5.1% increase compared to the 1st quarter of 2008, resulting from the 12.8% increase in tariffs from 1 January 2009 for the Company's residential and commercial customers combined with the factors described below. Included within this amount were the following increases by sectors: within the service area, sales to residential customers increased by 9.0% to 96.8 mln EEK. Sales to commercial customers increased by 0.1% to 70.0 mln EEK. Sales to customers outside of the service area - primarily bulk volumes of wastewater treatment services provided to the surrounding municipalities - increased by 1.4% reaching 0.8 mln m3 or 6.3 mln EEK. Over pollution fees received were 3.8 mln EEK, a 10.0% increase compared to the 1st quarter of 2008. In the 1st quarter of 2009, the volumes sold to residential customers dropped 3.4%. We believe that this is due to the combination of the economic recession and the fact that people have continued to move to the surrounding areas of Tallinn. The volumes sold to commercial customers inside the service area decreased by 11.5% compared to the relevant period in 2008 due to several factors combined. Most of the reduction in sales volumes in Tallinn is a result of the macroeconomic impact of companies reducing their production volumes and implementing efficiency measures, supplemented by companies moving to surrounding municipalities. The sales from the operation and maintenance of the storm water and fire-hydrant system increased by 22.8% to 12.2 mln EEK in the 1st quarter of 2009 compared to the same period in 2008. 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. Cost of Goods Sold and Gross Margin The cost of goods sold for the main operating activity was 66.7 mln EEK in the 1st quarter of 2009, an increase of 0.5 mln EEK or 0.8% from the equivalent period in 2008. In the 1st quarter of 2009 the Company achieved the beneficial 0.5 coefficient for pollution tax, and the amount of pollution tax payable was 3.3 mln EEK compared to 2.9 mln EEK in 1st quarter of 2008. This increase in pollution tax was mainly due to the increase in tax rates year on year by 20%, partly offset by the reduction in treatment volumes. Despite the fact that the pollution level of the incoming sewerage has increased and the Company does not have full control over storm water outlets regarding pollution, we are working hard to use the optimum level of chemicals to achieve the 0.5 coefficient in the forthcoming quarters. Chemical costs were 3.7 mln EEK, representing a 16.7% decrease compared to the corresponding period in 2008. This result is the combination of volumes treated, chemicals dosed and the favorable price impact. Electricity costs increased by 0.7 mln EEK or 9.1% in the 1st quarter of 2009 compared to the 1st quarter of 2008 due to higher electricity prices offset by lower volumes treated. Salary expenses increased in the 1st quarter of 2009, year on year, by 0.6 mln EEK or 3.7% due to the increase in headcount required to manage the increased construction supervision need during the networks extension program. There is also some impact from the company's performance management system where individual salaries were revised based on personal achievements. Depreciation charges increased in the 1st quarter of 2009 by 0.2 mln EEK or 1.1% year on year. Transport costs decreased by 0.3 mln EEK, or 7.0% year on year, due to the combination of the reduction in fuel prices and reduced rates for rental machines. Other cost of goods sold in the main operating activity decreased by 0.4 mln EEK, or 5.8% year on year. As result of the successful negotiation of long term contracts the applicable unit rates were reduced for a number of support services and maintenance contracts. The management's target is to achieve further efficiencies through review of processes, work organization and procurements. As a result of all of the above the Company's gross profit for the 1st quarter of 2009 was 126.1 mln EEK, which is an increase of 11.4 mln EEK, or 9.9%, compared to the gross profit of 114.7 mln EEK for the 1st quarter of 2008. Operating Costs and Operating Margin Marketing expenses increased by 0.04 mln EEK to 3.4 mln EEK during the 1st quarter of 2009 compared to the corresponding period in 2008. This is partly the result of the cost savings, balanced by the minor increase in depreciation charges. Mainly as a consequence of lower services costs the General administration expenses decreased by 0.4 mln EEK to 14.1 mln EEK in the 1st quarter of 2009 year on year. Other net income/expenses Income/expenses from constructions and government grants totaled a net income of 3.5 mln EEK, in the 1st quarter of 2009 compared to a net income of 3.5 mln EEK in the 1st quarter of 2008. The rest of the other income/expenses totaled an expense of 1.1 mln EEK in the 1st quarter of 2009 compared to an expense of 0.1 mln EEK in the 1st quarter of 2008 due to slightly worsened debt collection. As a result of all of the above the Company's operating profit for the 1st quarter of 2009 was 110.8 mln EEK, an increase of 10.6 mln EEK compared to an operating profit of 100.2 mln EEK achieved in the 1st quarter of 2008. Compared to the operating profit in the 1st quarter of 2008, the operating profit has increased 10.6%. Financial expenses Net Financial expenses were 12.4 mln EEK in the 1st quarter of 2009, which is an increase of 1.7 mln EEK or 16.0% compared to the 1st quarter of 2008. The Company's interest costs have decreased by 10.5% compared to the 1st quarter of 2008. This is due to the decrease in the 6 month Euribor rate. Financial expenses have increased due to loan costs which were capitalized earlier but were expensed in amount of 5.3 mln EEK in the 1st quarter of 2009. The new capex loan agreement triggers the full repayment of the EBRD loan on next interest payment date in May 2009. The EBRD loan is hedged with a fixed interest rate, therefore we will incur some unwinding costs related to the early repayment as a result of the low Euribor rates. The increase is partially offset by an increase in financial income earned during the 1st quarter of 2009, as a result of a more favourable cash position and higher deposit rates. Profit Before Tax The Company's profit before taxes for the 1st quarter of 2009 was 98.4 mln EEK, which is 8.9 mln EEK higher than the profit before taxes of 89.5 mln EEK for the 1st quarter of 2008. Balance sheet During the three months of 2009 the Company invested 41.7 mln EEK into fixed assets. Non-current assets were 2,192.5 mln EEK at 31 March 2009. Current assets increased by 125.9 mln EEK to 473.3 mln EEK in the three months of the year, customer receivables increased by 19.0 mln EEK. During the three months of 2009 cash at bank increased by 107.1 mln EEK. Current liabilities increased by 3.6 mln EEK to 196.0 mln EEK in the three months of the year. This was mainly due to increases in the Current portion of long-term borrowings by 0.8 mln EEK, as a result of the reclassification of the loan based on the repayment schedule, a decrease in Trade payables by 1.1 mln EEK, and an increase in Customer prepayments by 3.6 mln EEK. The Company continues to maintain its leverage level within its target range of 50% with total liabilities to total capital employed of 48.2% as of 31 March 2009. Long-term liabilities stood at 1,090.2 mln EEK at the end of March 2009, consisting almost entirely of the outstanding balance on the three long-term bank loans. Cash flow During the three months of 2009, the Company generated 114.1 mln EEK of cash flows from operating activities, a decrease of 8.9 mln EEK compared to the corresponding period in 2008. Underlying operating profit continues to be the main driver for growth. In the three months of 2009 net cash outflows from investing activities were 7.0 mln EEK, which is 32.8 mln EEK more than in 2008. 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 of 2008 the Company received the compensation for 2007 constructions. In 2009 the Company invested 41.7 mln EEK - 32.3 mln EEK on networks (including 23.3 mln EEK on extension and developments), 5.0 mln EEK at Paljassaare wastewater treatment plant and sludge treatment, 0.6 mln EEK on water quality (Ülemiste water treatment plant and raw water) and 3.8 mln EEK for other investments (IT, capital maintenance, meters, etc). There were no cash flows related to the financing activities in 1st quarters of 2009 and 2008. As a result of all of the above factors, the total cash inflow in the three months of 2009 was 107.1 mln EEK compared to a cash inflow of 148.7 mln EEK in the three months of 2008. Cash and cash equivalents stood at 337.0 mln EEK as at 31 March 2009. Employees At the end of the 1st quarter of 2009, the total number of employees was 331 compared to 315 at the end of the 1st quarter of 2008. The full time equivalent was respectively 316 in 2009 compared to the 303 in 2008. Dividends and share performance Based on the results of the 2008 financial year, the Company intends to pay 230,010,000 EEK of dividends. Of this 10,000 EEK will be paid to the owner of the B-share and 230,000,000 EEK, i.e. 11.50 EEK per share to the owners of the A-shares. The Annual Meeting of the Shareholders will vote to approve the dividend payment on 19th May 2009. AS Tallinna Vesi is listed on OMX Main Baltic Market with trading code TVEAT and ISIN EE3100026436. As of 31 March 2009 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 March 2009, the closing price of the AS Tallinna Vesi share was 140.82 EEK (9.00 EUR), which is a 0.11% increase compared to the closing price of 140.66 EEK (8.99 EUR) at the beginning of quarter, this is still outperforming the market as the OMX Tallinn index dropped by 2.41% during the quarter. Operational highlights in the three months of 2009 The Company finalised the loan negotiations and concluded a 313 mln EEK (equal to 20 mln EUR), 10-year maturity loan agreement with the Nordic Investment Bank on the 9th of April. The necessity for this additional loan resource was triggered by the extensive 3-year network expansion program, the costs of which will be compensated to the Company over a period of ten years. Due to fall in sales volumes it has been a challenging quarter for the Company. We are still pleased to report that the cost efficiency programs we have initiated and successful contract negotiations have enabled us to deliver the increase in profits. Additional information: Siiri Lahe Chief Financial Officer +372 6262 262 [email protected] -------------------------------------------------------------------------------- | INCOME STATEMENT | I quarter | I quarter | 12 months | -------------------------------------------------------------------------------- | (thousand EEK) | 2009 | 2008 | 2008 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Revenue | 192 759 | 180 886 | 719 923 | -------------------------------------------------------------------------------- | Costs of goods sold | -66 682 | -66 153 | -272 752 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | GROSS PROFIT | 126 077 | 114 733 | 447 171 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Marketing expenses | -3 414 | -3 373 | -12 310 | -------------------------------------------------------------------------------- | General administration expenses | -14 140 | -14 526 | -54 546 | -------------------------------------------------------------------------------- | Other income/ expenses (-) | 2 322 | 3 392 | 25 045 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | OPERATING PROFIT | 110 845 | 100 226 | 405 360 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Financial income | 5 932 | 3 819 | 15 606 | -------------------------------------------------------------------------------- | Financial expenses | -18 380 | -14 550 | -58 805 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | PROFIT BEFORE TAXES | 98 397 | 89 495 | 362 161 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Income tax on dividends | 0 | 0 | -66 193 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | NET PROFIT FOR THE PERIOD | 98 397 | 89 495 | 295 968 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Attributable to: | | | | -------------------------------------------------------------------------------- | Equity holders of A-shares | 98 387 | 89 485 | 295 958 | -------------------------------------------------------------------------------- | B-share holder | 10 | 10 | 10 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Earnings per A share (in kroons) | 4,92 | 4,47 | 14,80 | -------------------------------------------------------------------------------- | Earnings per B share (in kroons) | 10 000 | 10 000 | 10 000 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | BALANCE SHEET | | | | -------------------------------------------------------------------------------- | (thousand EEK) |31.03.2009 | 31.03.2008 | 31.12.2008 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | ASSETS | | | | -------------------------------------------------------------------------------- | CURRENT ASSETS | | | | -------------------------------------------------------------------------------- | Cash at bank and in hand | 336 966 | 327 136 | 229 860 | -------------------------------------------------------------------------------- | Customer receivables | 131 604 | 112 364 | 112 638 | -------------------------------------------------------------------------------- | Inventories | 3 568 | 3 917 | 3 760 | -------------------------------------------------------------------------------- | Assets for sale | 1 134 | 1 114 | 1 140 | -------------------------------------------------------------------------------- | TOTAL CURRENT ASSETS | 473 272 | 444 531 | 347 398 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | NON-CURRENT ASSETS | | | | -------------------------------------------------------------------------------- | Tangible assets | 2 150 994 | 2 118 538 | 2 168 225 | -------------------------------------------------------------------------------- | Intangible assets | 41 516 | 48 797 | 43 428 | -------------------------------------------------------------------------------- | TOTAL NON-CURRENT ASSETS | 2 192 510 | 2 167 335 | 2 211 653 | -------------------------------------------------------------------------------- | TOTAL ASSETS | 2 665 782 | 2 611 866 | 2 559 051 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | LIABILITIES | | | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | CURRENT LIABILITIES | | | | -------------------------------------------------------------------------------- | Current portion of long-term | 83 673 | 41 699 | 82 843 | | borrowings | | | | -------------------------------------------------------------------------------- | Trade and other payables, incl. | 86 144 | 78 306 | 87 270 | | dividends | | | | -------------------------------------------------------------------------------- | Short-term provisions | 2 693 | 2 486 | 2 486 | -------------------------------------------------------------------------------- | Deferred income | 23 443 | 39 948 | 19 797 | -------------------------------------------------------------------------------- | TOTAL CURRENT LIABILITIES | 195 953 | 162 439 | 192 396 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | NON-CURRENT LIABILITIES | | | | -------------------------------------------------------------------------------- | Bank loans | 1 089 419 | 1 125 499 | 1 084 642 | -------------------------------------------------------------------------------- | Other payables | 735 | 113 | 735 | -------------------------------------------------------------------------------- | TOTAL NON-CURRENT LIABILITIES | 1 090 154 | 1 125 612 | 1 085 377 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES | 1 286 107 | 1 288 051 | 1 277 773 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | EQUITY CAPITAL | | | | -------------------------------------------------------------------------------- | Share capital | 200 001 | 200 001 | 200 001 | -------------------------------------------------------------------------------- | Share premium | 387 000 | 387 000 | 387 000 | -------------------------------------------------------------------------------- | Statutory legal reserve | 20 000 | 20 000 | 20 000 | -------------------------------------------------------------------------------- | Retained earnings | 772 674 | 716 814 | 674 277 | -------------------------------------------------------------------------------- | TOTAL EQUITY CAPITAL | 1 379 675 | 1 323 815 | 1 281 278 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES AND EQUITY CAPITAL | 2 665 782 | 2 611 866 | 2 559 051 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CASH FLOW STATEMENT | 3 months | 3 months | 12 months | -------------------------------------------------------------------------------- | (thousand EEK) | 2009 | 2008 | 2008 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | CASH FLOWS FROM OPERATING ACTIVITIES | | | | -------------------------------------------------------------------------------- | Operating profit | 110 845 | 100 226 | 405 360 | -------------------------------------------------------------------------------- | Adjustment for depreciation/amortisation | 22 471 | 22 145 | 89 669 | -------------------------------------------------------------------------------- | Adjustment for profit from government | -3 462 | -3 469 | -27 921 | | grants and connection fees | | | | -------------------------------------------------------------------------------- | Other finance expenses | -5 715 | -412 | -1 614 | -------------------------------------------------------------------------------- | Profit from sale of property, plant and | -116 | -5 | -455 | | equipment, and intangible assets | | | | -------------------------------------------------------------------------------- | Expensed property, plant and equipment | 0 | 0 | -19 | -------------------------------------------------------------------------------- | Change in current assets involved in | -11 258 | -5 636 | 22 781 | | operating activities | | | | -------------------------------------------------------------------------------- | Change in liabilities involved in | 1 306 | 13 226 | 906 | | operating activities | | | | -------------------------------------------------------------------------------- | Interest paid | 0 | -3 223 | -57 569 | -------------------------------------------------------------------------------- | Total cash flow from operating activities | 114 071 | 122 852 | 431 138 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | CASH FLOWS FROM INVESTING ACTIVITIES | | | | -------------------------------------------------------------------------------- | Acquisition of property, plant and | -50 937 | -72 303 | -332 407 | | equipment, and intangible assets | | | | -------------------------------------------------------------------------------- | Compensations received for construction | 38 252 | 94 167 | 250 190 | | of pipelines | | | | -------------------------------------------------------------------------------- | Proceeds from sale of property, plant and | 116 | 6 | 480 | | equipment, and intangible assets | | | | -------------------------------------------------------------------------------- | Interest received | 5 604 | 3 994 | 16 906 | -------------------------------------------------------------------------------- | Total cash flow from investing activities | -6 965 | 25 864 | -64 831 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | CASH FLOWS FROM FINANCING ACTIVITIES | | | | -------------------------------------------------------------------------------- | Received long-term loans | 0 | 0 | 42 246 | -------------------------------------------------------------------------------- | Repayment of long-term loans | 0 | 0 | -41 910 | -------------------------------------------------------------------------------- | Dividends paid | 0 | 0 | -249 010 | -------------------------------------------------------------------------------- | Income tax on dividends | 0 | 0 | -66 193 | -------------------------------------------------------------------------------- | Total cash flow from financing activities | 0 | 0 | -314 867 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Change in cash and bank accounts | 107 106 | 148 716 | 51 440 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | CASH AND EQUIVALENTS AT THE BEGINNING OF | 229 860 | 178 420 | 178 420 | | THE PERIOD | | | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | CASH AND EQUIVALENTS AT THE END OF THE | 336 966 | 327 136 | 229 860 | | PERIOD | | | | --------------------------------------------------------------------------------