Börsiteade

Pealkiri

Results of operations for the 1st half-year 2009 (EUR)

Teade

MANAGEMENT REPORT                                                               
RESULTS OF OPERATIONS - FOR THE 1st HALF-YEAR 2009                              


Overview                                                                        

During the first six months of 2009 the Company's total sales increased, year on
year, by 3.6% to 24.4 mln EUR. The Company's profit before taxes was 11.1 mln   
EUR, which is a 4.0% decrease compared to the same six months of 2008. The fall 
in profit was due to the payment of a one off financial cost that was necessary 
to secure the financing for the comprehensive network extension program during  
2008 to 2010. The costs of the program will be compensated to the Company over  
10 years. In 2009 the Company invested 5.5 mln EUR, of which 4.0 mln EUR was    
invested in network extension and rehabilitation.                               


--------------------------------------------------------------------------------
| mln EUR             |  2 Q   |  2 Q  | Change  |    6    |    6    | Change  |
|                     |  2009  | 2008  |         | months  | months  |         |
|                     |        |       |         |  2009   |  2008   |         |
--------------------------------------------------------------------------------
| Sales               |   12,1 |  11,7 |    3,6% |    24,4 |    23,2 |    5,1% |
--------------------------------------------------------------------------------
| Gross profit        |    7,7 |   7,3 |    6,0% |    15,8 |    14,6 |    7,9% |
--------------------------------------------------------------------------------
| Gross profit margin%|   64,0 |  62,6 |    2,3% |    64,7 |    63,0 |    2,7% |
--------------------------------------------------------------------------------
| Operating profit    |    6,8 |   6,5 |    5,2% |    13,9 |    12,9 |    7,9% |
--------------------------------------------------------------------------------
| Operating profit    |   56,6 |  55,8 |    1,6% |    57,1 |    55,6 |    2,7% |
| margin %            |        |       |         |         |         |         |
--------------------------------------------------------------------------------
| Profit before taxes |    4,8 |   5,8 |  -17,7% |    11,1 |    11,5 |   -4,0% |
--------------------------------------------------------------------------------
| Net profit          |    0,9 |   1,6 |  -45,2% |     7,1 |     7,3 |   -1,9% |
--------------------------------------------------------------------------------
| Net profit margin % |    7,1 |  13,4 |  -47,1% |    29,3 |    31,4 |   -6,6% |
--------------------------------------------------------------------------------
| ROA %               |    0,5 |   1,0 |  -45,7% |     4,5 |     4,6 |   -2,7% |
--------------------------------------------------------------------------------
| Debt to total       |   53,6 |  55,7 |   -3,9% |    53,6 |    55,7 |   -3,9% |
| 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                                                       

2nd quarter 2009                                                                

Sales                                                                           

In the 2nd quarter of 2009 the Company's total sales increased, year on year, by
3.6% to 12.1 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 11.1 mln EUR, a 4.5% increase       
compared to the 2nd 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 changes by sectors. Within the   
service area, sales to residential customers increased by 8.7% to 6.1 mln EUR.  
Sales to commercial customers decreased by 1.3% to 4.4 mln EUR. Sales to        
customers outside of the service area - primarily bulk volumes of wastewater    
treatment services provided to the surrounding municipalities - increased by    
10.7% to 0.42 mln EUR. Over pollution fees received were 0.24 mln EUR, a 5.2%   
increase compared to the 2nd quarter of 2008.                                   

In the 2nd quarter of 2009, the volumes sold to residential customers dropped   
3.6%. 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   
12.5% compared to the relevant period in 2008. The majority 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 decreased by 10.0% to 0.72 mln EUR in the 2nd quarter of 2009 compared to
the same period in 2008 as result of low storm water volumes compared to 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 4.3 mln EUR in the   
2nd quarter of 2009, a decrease of 0.01 mln EUR or 0.3% from the equivalent     
period in 2008.                                                                 

In the 2nd quarter of 2009 the Company did not achieve the beneficial 0.5       
coefficient for pollution tax, and the amount of pollution tax payable was 0.36 
mln EUR compared to 0.33 mln EUR in 2nd 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. As the pollution level of  
the incoming sewerage has continued to increase the Company is actively         
analysing a range of alternatives to improve the waste water treatment processes
and to use the optimum level of chemicals to achieve the 0.5 coefficient in the 
forthcoming quarters.                                                           

Chemical costs were 0.35 mln EUR, representing a 17.7% 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 0.10 mln EUR or 24.0% in the 2nd quarter of 2009 
compared to the 2nd quarter of 2008 due to higher electricity prices.           

Salary expenses decreased in the 2nd quarter of 2009, year on year, by 0.04 mln 
EUR or 3.5% due to some reduction in the performance related pay accrual.       

Depreciation charges increased in the 2nd quarter of 2009 by 0.01 mln EUR or    
0.2% year on year.                                                              

Transport costs decreased by 0.05 mln EUR, or 16.6% 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 stayed on the same level
year on year. As a result of the successful negotiation of long term contracts  
the applicable unit rates were reduced for a number of support services and     
maintenance contracts.                                                          

As a result of all of the above the Company's gross profit for the 2nd quarter  
of 2009 was 7.7 mln EUR, which is an increase of 0.44 mln EUR, or 6.0%, compared
to the gross profit of 7.3 mln EUR for the 2nd quarter of 2008.                 

Operating Costs and Operating Margin                                            

Marketing expenses decreased by 0.03 mln EUR to 0.17 mln EUR during the 2nd     
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 0.09 mln EUR to 0.82 mln EUR in the 2nd quarter of 2009   
year on year.                                                                   

Via successful negotiation of a range of outsourced service contracts new,      
beneficial rates have been achieved for the most of the cost items. The         
management's target is to achieve further efficiencies through a thorough review
of processes and work organization.                                             

Other net income/expenses                                                       

Income/expenses from constructions and government grants totaled a net income of
0.33 mln EUR, in the 2nd quarter of 2009 compared to a net income of 0.30 mln   
EUR in the 2nd quarter of 2008. The rest of the other income/expenses totaled an
expense of 0.24 mln EUR in the 2nd quarter of 2009 compared to an income of 0.01
mln EUR in the 2nd quarter of 2008, mainly due to slightly worsened debt        
collection. Still more than 99% of debt is collected in a timely manner.        

As a result of all of the above the Company's operating profit for the 2nd      
quarter of 2009 was 6.8 mln EUR, an increase of 0.34 mln EUR compared to an     
operating profit of 6.5 mln EUR achieved in the 2nd quarter of 2008. Compared to
the operating profit in the 2nd quarter of 2008, the operating profit has       
increased 5.2%.                                                                 

Financial expenses                                                              

Net Financial expenses were 2.1 mln EUR in the 2nd quarter of 2009, which is an 
increase of 1.4 mln EUR or 193.4% compared to the 2nd quarter of 2008. The      
Company's interest costs have decreased by 23.5% compared to the 2nd quarter of 
2008 as result of the reduction in Euribor rates. The financial costs were      
higher than in 2008 due to a one off payment of unwinding costs of 1.7 mln EUR, 
as explained below. The increase in expenses is partially offset by an increase 
in financial income earned during the 2nd quarter of 2009, as a result of a more
favourable cash position and higher deposit rates.                              

The Company finalised the loan negotiations and concluded a 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 comprehensive  
3-year network expansion program, the costs of which will be compensated to the 
Company over a period of ten years. The new capex loan agreement triggered the  
full repayment of the EBRD loan in May 2009. The EBRD loan was hedged with a    
fixed interest rate, therefore we incurred unwinding costs of 1.7 mln EUR       
related to the early repayment of the loan and low Euribor rates.               

All loan agreements are currently based on a floating interest rate. To mitigate
the interest rate risk the Company concluded fixed interest rate swap agreements
worth 45 mln EUR with forward start dates in the 2nd quarter of 2009. For a base
amount of 30 mln EUR the forward start date activates on 29 November 2009 and   
for the balance of 15 mln EUR the forward start date activates on 28 May 2010.  

The current total available loan facility is 95 mln EUR, from which we have     
drawn down 75 mln EUR. The current weighted average interest margin is 0.55%,   
for the total available facility the margin is 0.67%.                           
                                                                                

Profit Before Tax                                                               

The Company's profit before taxes for the 2nd quarter of 2009 was 4.8 mln EUR,  
which is 1.0 mln EUR lower than the profit before taxes of 5.8 mln EUR for the  
2nd quarter of 2008.                                                            

The Company recorded 3.9 mln EUR income tax as the result of 14.7 mln EUR       
dividends distributed in the 2nd quarter of 2009.                               


Results for the 1st six months of 2009                                          

During the first six months of 2009 the Company's total sales increased, year on
year, by 5.1% to 24.4 mln EUR. Sales of water and wastewater treatment were 22.4
mln EUR, a 4.8% increase compared to the six months of 2008.                    

The Company's profit before taxes for the six months of 2009 was 11.1 mln EUR,  
which is 0.46 mln EUR lower than the profit before taxes of 11.5 mln EUR in the 
relevant period in 2008. Lower profit before taxes for the six months of 2009   
compared to 2008 is due to the one-off impact of the financial costs discussed  
above, worth 1.7 mln EUR.                                                       

The Company's net profit for the six months of 2009 was 7.1 mln EUR, which is   
0.13 mln EUR lower than the net profit of 7.3 mln EUR in the equivalent period  
in 2008.                                                                        


Balance sheet                                                                   

During the six months of 2009 the Company invested 5.5 mln EUR into fixed       
assets. Non-current assets were 139.1 mln EUR at 30 June 2009. Current assets   
decreased by 1.2 mln EUR to 21.1 mln EUR in the first six months of the year,   
customer receivables increased by 0.34 mln EUR. During the six months of 2009   
cash at bank decreased by 1.4 mln EUR.                                          

Current liabilities decreased by 1.6 mln EUR to 10.7 mln EUR in the first six   
months of the year. This was mainly due to decreases in the Current portion of  
long-term borrowings by 5.0 mln EUR, as a result of the repayment of the loan,  
an increase in Trade payables by 2.6 mln EUR, and an increase in Customer       
prepayments by 0.08 mln EUR.                                                    

The Company continues to maintain its leverage level within its target range of 
50% with total liabilities to total capital employed of 53.6% as of 30 June     
2009. Long-term liabilities stood at 75.1 mln EUR at the end of June 2009,      
consisting almost entirely of the outstanding balance of three long-term bank   
loans.                                                                          

Cash flow                                                                       

During the six months of 2009, the Company generated 12.4 mln EUR of cash flows 
from operating activities, a decrease of 2.5 mln EUR compared to the            
corresponding period in 2008. The reduction in operating cash flows was         
explained by the payment of the discussed one off financial costs, in addition  
the first quarter of 2008 was positively impacted by proceeds of some big       
services invoices issued at end of 2007. Underlying operating profit still      
continues to be the main driver for growth.                                     

In the first six months of 2009 net cash inflows from investing activities were 
0.85 mln EUR, which is 0.97 mln EUR less than in 2008. This was mainly due to   
the change in constructions compensation mechanism that resulted from the 30    
November 2007 agreement signed with the local municipality. In the 1st quarter  
of 2008 the Company received compensation for 2007 constructions.  In 2009 the  
Company invested 5.5 mln EUR - 4.0 mln EUR on networks (including 2.8 mln EUR on
extension and developments), 0.50 mln EUR at Paljassaare wastewater treatment   
plant and sludge treatment, 0.19 mln EUR on water quality (Ülemiste water       
treatment plant and raw water) and 0.80 mln EUR for other investments (IT,      
capital maintenance, meters, etc).                                              

The cash outflows from financing activities were 14.7 mln EUR during the first  
six months of 2009 compared to a cash outflow of 15.9 mln EUR during the same   
six months of 2008, representing the payouts of the dividend. The Company repaid
and fully refinanced the loan of EBRD due to the need to finance the extensive  
network extension program and related investment outflows until 2011, as        
explained above.                                                                

As a result of all of the above factors, the total cash outflow in the six      
months of 2009 was 1.4 mln EUR compared to a cash inflow of 0.86 mln EUR in the 
six months of 2008. Cash and cash equivalents stood at 13.3 mln EUR as at 30    
June 2009.                                                                      

Employees                                                                       

At the end of the 2nd quarter of 2009, the total number of employees was 332    
compared to 314 at the end of the 2nd quarter of 2008. The full time equivalent 
(FTE) was respectively 315 in 2009 compared to the 303 in 2008. The increase in 
FTE is due to the design, project management and supervision needs of the       
network extension program and partly supplemented by the need for the employees 
to provide the extra services under the trademark “Veemees” launched in 2008.   

Dividends and share performance                                                 

Based on the results of the 2008 financial year, the Company paid 14,700,318 EUR
of dividends. Of this 639 EUR was paid to the owner of the B-share              
and 14,699,679 EUR, i.e. 0.73 EUR per share to the owners of the A-shares. The  
dividends were paid out on 12 June 2009, based on the list of shareholders,     
which was fixed on 01 June 2009.                                                

AS Tallinna Vesi is listed on OMX Main Baltic Market with trading code TVEAT and
ISIN EE3100026436.                                                              

As of 30 June 2009 AS Tallinna Vesi shareholders, with a direct holding over 5%,
were:                                                                           

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| United Utilities (Tallinn) BV                         | 35.3%                |
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| City of Tallinn	                                | 34.7%                |
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| 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, 30 June 2009, the closing price of the AS Tallinna   
Vesi share was 8.40 EUR, which is a 6.7% decrease compared to the closing price 
of 9.00 EUR at the beginning of quarter. During the same period the OMX Tallinn 
index rose by 11.6% during the quarter.                                         



Operational highlights in the six months of 2009                                


The Company secured the long term loan facility in the 2nd quarter of 2009. The 
comprehensive negotiations with commercial banks and investment banks started a 
year ago and were finalised with the securities transfer agreements at the end  
of May 2009. We have increased the available loan facility from 75 mln EUR to 95
mln EUR. 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.                          

By the end of the 2nd quarter the Company signed all needed appendixes to       
implement the 30-years Maardu's operating agreement from 1st July 2009, to      
provide water, wastewater and operations and maintenance. This will provide the 
citizens of Maardu with an access to Tallinna Vesi's EU compliant water and     
wastewater. This contract is the first of its kind and demonstrates the         
willingness of other cities and municipalities to partner with Tallinna Vesi for
the benefit of their communities.                                               

In June the IR Magazine UK and Continental Europe Awards named the Company the  
best listed company in the field of investor relations among the companies      
listed on the Tallinn Stock Exchange.                                           

The Company has shared the 1st and 2nd place within the Corporate Social        
Responsibility ranking of 49 Estonian companies achieving a magnificent 93%     
score. This is a great accolade for the high quality service offered, the       
knowledge sharing and experience of employees and excellent results in          
environmental and work environment performance.                                 

Due to fall in sales volumes it has been a challenging half-year 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          
compensate the fall in revenues.                                                


Additional information:                                                         
Siiri Lahe                                                                      
Chief Financial Officer                                                         
+372 6262 262                                                                   
siiri.lahe@tvesi.ee                                                             



--------------------------------------------------------------------------------
| STATEMENT OF COMPREHENSIVE INCOME         | 6 months | 6 months  | 12 months |
--------------------------------------------------------------------------------
| (thousand EUR)                            |   2009   |   2008    |   2008    |
--------------------------------------------------------------------------------
|                                           |          |           |           |
--------------------------------------------------------------------------------
| Revenue                                   |   24 396 |    23 215 |    46 011 |
--------------------------------------------------------------------------------
| Costs of goods sold                       |   -8 608 |    -8 588 |   -17 432 |
--------------------------------------------------------------------------------
|                                           |          |           |           |
--------------------------------------------------------------------------------
| GROSS PROFIT                              |   15 788 |    14 627 |    28 579 |
--------------------------------------------------------------------------------
|                                           |          |           |           |
--------------------------------------------------------------------------------
| Marketing expenses                        |     -384 |      -411 |      -787 |
--------------------------------------------------------------------------------
| General administration expenses           |   -1 719 |    -1 836 |    -3 486 |
--------------------------------------------------------------------------------
| Other income/ expenses (-)                |      239 |       525 |     1 601 |
--------------------------------------------------------------------------------
|                                           |          |           |           |
--------------------------------------------------------------------------------
| OPERATING PROFIT                          |   13 924 |    12 905 |    25 907 |
--------------------------------------------------------------------------------
|                                           |          |           |           |
--------------------------------------------------------------------------------
| Financial income                          |      762 |       588 |       997 |
--------------------------------------------------------------------------------
| Financial expenses                        |   -3 634 |    -1 982 |    -3 758 |
--------------------------------------------------------------------------------
|                                           |          |           |           |
--------------------------------------------------------------------------------
| PROFIT BEFORE TAXES                       |   11 052 |    11 511 |    23 146 |
--------------------------------------------------------------------------------
|                                           |          |           |           |
--------------------------------------------------------------------------------
| Income tax on dividends                   |   -3 908 |    -4 231 |    -4 231 |
--------------------------------------------------------------------------------
|                                           |          |           |           |
--------------------------------------------------------------------------------
| NET PROFIT FOR THE PERIOD                 |    7 144 |     7 280 |    18 916 |
--------------------------------------------------------------------------------
|                                           |          |           |           |
--------------------------------------------------------------------------------
| Attributable to:                          |          |           |           |
--------------------------------------------------------------------------------
| Equity holders of A-shares                |    7 134 |     7 270 |    18 906 |
--------------------------------------------------------------------------------
| B-share holder                            |     0,64 |      0,64 |      0,64 |
--------------------------------------------------------------------------------
|                                           |          |           |           |
--------------------------------------------------------------------------------
| Earnings per A share (in euros)           |     0,36 |      0,36 |      0,95 |
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| Earnings per B share (in euros)           |      639 |       639 |       639 |
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--------------------------------------------------------------------------------
| STATEMENT OF FINANCIAL POSITION           |          |           |           |
--------------------------------------------------------------------------------
| (thousand EUR)                            |30.06.2009| 30.06.2008| 31.12.2008|
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|                                           |          |           |           |
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| ASSETS                                    |          |           |           |
--------------------------------------------------------------------------------
| CURRENT ASSETS                            |          |           |           |
--------------------------------------------------------------------------------
| Cash and equivalents                      |   13 253 |    12 264 |    14 691 |
--------------------------------------------------------------------------------
| Customer receivables, accrued income and  |    7 535 |     7 799 |     7 199 |
| prepaid expenses                          |          |           |           |
--------------------------------------------------------------------------------
| Inventories                               |      199 |       262 |       240 |
--------------------------------------------------------------------------------
| Non-current assets held for sale          |       68 |        71 |        73 |
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| TOTAL CURRENT ASSETS                      |   21 054 |    20 396 |    22 203 |
--------------------------------------------------------------------------------
|                                           |          |           |           |
--------------------------------------------------------------------------------
| NON-CURRENT ASSETS                        |          |           |           |
--------------------------------------------------------------------------------
| Property, plant and equipment             |  136 169 |   135 425 |   138 575 |
--------------------------------------------------------------------------------
| Intangible assets                         |    2 884 |     2 864 |     2 776 |
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| TOTAL NON-CURRENT ASSETS                  |  139 054 |   138 289 |   141 350 |
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| TOTAL ASSETS                              |  160 108 |   158 685 |   163 553 |
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|                                           |          |           |           |
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| LIABILITIES                               |          |           |           |
--------------------------------------------------------------------------------
|                                           |          |           |           |
--------------------------------------------------------------------------------
| CURRENT LIABILITIES                       |          |           |           |
--------------------------------------------------------------------------------
| Current portion of long-term borrowings   |      252 |     5 301 |     5 295 |
--------------------------------------------------------------------------------
| Trade and other payables                  |    8 157 |    10 595 |     5 578 |
--------------------------------------------------------------------------------
| Short-term provisions                     |      236 |       159 |       159 |
--------------------------------------------------------------------------------
| Prepayments and deferred income           |    2 048 |     3 058 |     1 265 |
--------------------------------------------------------------------------------
| TOTAL CURRENT LIABILITIES                 |   10 693 |    19 113 |    12 296 |
--------------------------------------------------------------------------------
|                                           |          |           |           |
--------------------------------------------------------------------------------
| NON-CURRENT LIABILITIES                   |          |           |           |
--------------------------------------------------------------------------------
| Borrowings                                |   75 036 |    69 311 |    69 321 |
--------------------------------------------------------------------------------
| Other payables                            |       47 |         8 |        47 |
--------------------------------------------------------------------------------
| TOTAL NON-CURRENT LIABILITIES             |   75 083 |    69 318 |    69 368 |
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| TOTAL LIABILITIES                         |   85 775 |    88 432 |    81 665 |
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|                                           |          |           |           |
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| EQUITY CAPITAL                            |          |           |           |
--------------------------------------------------------------------------------
| Share capital                             |   12 782 |    12 782 |    12 782 |
--------------------------------------------------------------------------------
| Share premium                             |   24 734 |    24 734 |    24 734 |
--------------------------------------------------------------------------------
| Statutory legal reserve                   |    1 278 |     1 278 |     1 278 |
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| Retained earnings                         |   35 538 |    31 459 |    43 094 |
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| TOTAL EQUITY CAPITAL                      |   74 332 |    70 253 |    81 889 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES AND EQUITY CAPITAL      |  160 108 |   158 685 |   163 553 |
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| CASH FLOW STATEMENT                       | 6 months | 6 months  | 12 months |
--------------------------------------------------------------------------------
| (thousand EUR)                            |   2009   |   2008    |   2008    |
--------------------------------------------------------------------------------
|                                           |          |           |           |
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| CASH FLOWS FROM OPERATING ACTIVITIES      |          |           |           |
--------------------------------------------------------------------------------
| Operating profit                          |   13 924 |    12 905 |    25 907 |
--------------------------------------------------------------------------------
| Adjustment for depreciation/amortisation  |    2 865 |     2 837 |     5 731 |
--------------------------------------------------------------------------------
| Adjustment for profit from government     |     -555 |      -523 |    -1 784 |
| grants and connection fees                |          |           |           |
--------------------------------------------------------------------------------
| Other finance expenses                    |   -2 148 |       -51 |      -103 |
--------------------------------------------------------------------------------
| Profit from sale of property, plant and   |       -8 |         0 |       -29 |
| equipment, and intangible assets          |          |           |           |
--------------------------------------------------------------------------------
| Expensed property, plant and equipment    |        0 |         0 |        -1 |
--------------------------------------------------------------------------------
| Change in current assets involved in      |     -382 |     1 186 |     1 456 |
| operating activities                      |          |           |           |
--------------------------------------------------------------------------------
| Change in liabilities involved in         |      447 |       419 |        58 |
| operating activities                      |          |           |           |
--------------------------------------------------------------------------------
| Interest paid                             |   -1 706 |    -1 807 |    -3 679 |
--------------------------------------------------------------------------------
| Total cash flow from operating activities |   12 437 |    14 965 |    27 555 |
--------------------------------------------------------------------------------
|                                           |          |           |           |
--------------------------------------------------------------------------------
| CASH FLOWS FROM INVESTING ACTIVITIES      |          |           |           |
--------------------------------------------------------------------------------
| Acquisition of property, plant and        |   -6 068 |    -7 576 |   -21 245 |
| equipment, and intangible assets          |          |           |           |
--------------------------------------------------------------------------------
| Compensations received for construction   |    6 291 |     8 758 |    15 990 |
| of pipelines                              |          |           |           |
--------------------------------------------------------------------------------
| Proceeds from sale of property, plant and |        8 |         1 |        31 |
| equipment, and intangible assets          |          |           |           |
--------------------------------------------------------------------------------
| Interest received                         |      617 |       628 |     1 080 |
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| Total cash flow from investing activities |      847 |     1 811 |    -4 143 |
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|                                           |          |           |           |
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| CASH FLOWS FROM FINANCING ACTIVITIES      |          |           |           |
--------------------------------------------------------------------------------
| Received short-term loans                 |   10 000 |         0 |         0 |
--------------------------------------------------------------------------------
| Repayment of short-term loans             |  -10 000 |         0 |         0 |
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| Received long-term loans                  |   34 800 |         0 |     2 700 |
--------------------------------------------------------------------------------
| Repayment of long-term loans              |  -34 821 |         0 |    -2 679 |
--------------------------------------------------------------------------------
| Dividends paid                            |  -14 700 |   -15 915 |   -15 915 |
--------------------------------------------------------------------------------
| Income tax on dividends                   |        0 |         0 |    -4 231 |
--------------------------------------------------------------------------------
| Total cash flow from financing activities |  -14 722 |   -15 915 |   -20 124 |
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|                                           |          |           |           |
--------------------------------------------------------------------------------
| Change in cash and bank accounts          |   -1 438 |       861 |     3 288 |
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|                                           |          |           |           |
--------------------------------------------------------------------------------
| CASH AND EQUIVALENTS AT THE BEGINNING OF  |   14 691 |    11 403 |    11 403 |
| THE PERIOD                                |          |           |           |
--------------------------------------------------------------------------------
|                                           |          |           |           |
--------------------------------------------------------------------------------
| CASH AND EQUIVALENTS AT THE END OF THE    |   13 253 |    12 264 |    14 691 |
| PERIOD                                    |          |           |           |
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