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AS TALLINNA VESI
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Juhtkonna vaheteadaanne või kvartaalne finantsaruanne
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Kuupäev
22.04.2010 09:30:00
Pealkiri
2010. aasta 1. kvartali majandustulemused (EEK)
Teade
TEGEVUSARUANNE
2010. AASTA 1. KVARTALI MAJANDUSTULEMUSED
Kokkuvõte
2010. aasta 3 kuuga kahanes Ettevõtte müügitulu 191,4 miljoni kroonini ehk 0,7%
võrreldes 2009. aasta 3 kuuga. Ettevõtte ärikasum põhiärist, vee ja
kanalisatsiooniga seotud tegevustest, 2010. aasta 3 kuuga kahanes 6,2% võrra
100,7 miljoni kroonini võrreldes 2009. aasta 3 kuuga. Kasum muudest tegevustest
(põhiliselt rajamised ja arendused) kasvas 27,1% võrra 4,4 miljoni kroonini
võrreldes 2009. aasta 3 kuuga. Ettevõtte kasum enne tulumaksu oli 81,9 miljonit
krooni, mis on 2009. aasta 3 kuuga võrreldes 16,8% vähem.
--------------------------------------------------------------------------------
| miljon EEK | 1 kv | 1 kv | Muutus | 3 kuud | 3 kuud | Muutus |
| | 2010 | 2009 | | 2010 | 2009 | |
--------------------------------------------------------------------------------
| Müügitulu | 191,4 | 192,8 | -0,7% | 191,4 | 192,8 | -0,7% |
--------------------------------------------------------------------------------
| Brutokasum | 119,0 | 126,1 | -5,6% | 119,0 | 126,1 | -5,6% |
--------------------------------------------------------------------------------
| Brutokasumi marginaal | 62,2 | 65,4 | -4,9% | 62,2 | 65,4 | -4,9% |
| % | | | | | | |
--------------------------------------------------------------------------------
| Ärikasum | 105,1 | 110,8 | -5,1% | 105,1 | 110,8 | -5,1% |
--------------------------------------------------------------------------------
| Ärikasum - põhiäri | 100,7 | 107,4 | -6,2% | 100,7 | 107,4 | -6,2% |
--------------------------------------------------------------------------------
| Ärikasumi marginaal % | 54,9 | 57,5 | -4,5% | 54,9 | 57,5 | -4,5% |
--------------------------------------------------------------------------------
| Kasum enne | 81,9 | 98,4 | -16,8% | 81,9 | 98,4 | -16,8% |
| tulumaksustamist | | | | | | |
--------------------------------------------------------------------------------
| Puhaskasum | 81,9 | 98,4 | -16,8% | 81,9 | 98,4 | -16,8% |
--------------------------------------------------------------------------------
| Puhaskasumi marginaal | 42,8 | 51,0 | -16,2% | 42,8 | 51,0 | -16,2% |
| % | | | | | | |
--------------------------------------------------------------------------------
| Vara puhasrentaablus | 3,0 | 3,7 | -19,9% | 3,0 | 3,7 | -19,9% |
| % | | | | | | |
--------------------------------------------------------------------------------
| Kohustuste osatähtsus | 46,8 | 48,2 | -2,9% | 46,8 | 48,2 | -2,9% |
| 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
Põhiäri - vee ja kanalisatsiooniga seotud, va. võrkude laiendamine ja
sihtfinantseerimine
Kasumiaruanne
1. kvartal 2010
Müügitulud
2010. aasta 1. kvartalis kahanes Ettevõtte tulu 191,4 miljoni kroonini, mis on
0,7% suurune langus võrreldes eelmise aasta sama perioodiga. Ilma Maardu tuluta,
leping mille järgi opereeritakse alates 2009. aasta 3. kvartalist, kahanes
Ettevõtte tulu 7,3 miljoni krooni ehk 3,8% võrra võrreldes 2009. aasta 1.
kvartaliga. 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 kahanesid võrreldes eelmise aasta 1.
kvartaliga 0,5% võrra 176,1 miljoni kroonini, tulenevalt 0,9% suurusest
tariifilangusest alates 1. jaanuarist 2010 kombinatsioonis allkirjeldatud
teguritega.
Sektorite lõikes jagunesid muutused järgnevalt. Müük eraklientidele kahanes 2,8%
võrra 94,1 miljoni kroonini. Müük äriklientidele teeninduspiirkonnas kahanes
7,0% võrra 65,1 miljoni kroonini. Müük klientidele väljaspool teeninduspiirkonda
kasvas 113,9% võrra 13,5 miljoni kroonini, mis alates 1. juulist 2009 sisaldab
Maardu opereerimislepingu tulusid. Saadud ülereostustasu oli 3,4 miljonit
krooni, kahanedes 11,2% võrreldes 2009. aasta sama perioodiga.
2010. aasta 1. kvartalis vähenesid eraklientide müügimahud 1,9% võrra võrreldes
2009. aasta 1. kvartaliga. Meie arvates selgitab seda majanduslik olukord
koosmõjus seniste tarbijate siirdumisega lähivaldadesse.
Müük juriidilistele klientidele teeninduspiirkonnas langes 6,0% võrreldes 2009.
aasta 1. kvartaliga. Enamus kaotatud müügimahust tuleneb ettevõtete tootmise
vähenemisest. Oluline mõju müügimahtudele tuleneb ühe suurema kliendi,
Coca-Cola, tootmiskoguste vähenemisest, mis on vähenenud 21% võrreldes sama
perioodiga 2009. aastal. Coca-Cola lõpetab tootmise Tallinnas alates 2010. aasta
aprillist, aga sellele eelnenud mahtude vähendamine mõjus 1.kvartali müügile
halvasti.
Maardu müügimahud välja arvates, kasvas müük väljaspool teeninduspiirkonda 34,3%
võrra võrreldes 2009. aasta 1. kvartaliga. Peamine põhjus müügi kasvus oli
sademetevee koguste suurenemine märtsis peale lume sulamise algust ning samuti
suurenesid reoveeteenuse kogused 2010. aasta 1. kvartalis.
2010. aasta 1. kvartalis kasvas sademetevee teenuse ja tuletõrjehüdrantide
süsteemide käigushoidmise ja hoolduse tasu 2,1% võrra 12,5 miljoni kroonini
võrreldes 2009. 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 2010. aasta 1.
kvartalis 72,4 miljonit krooni, so 5,7 miljonit krooni ehk 8,6% võrra rohkem kui
eelmise aasta samal perioodil, millest Maardu kulud moodustavad 4,1 miljonit
krooni.
2010. aasta 1. kvartalis saavutas Ettevõte saastetasu osas sooduskoefitsiendi
0,5, mistõttu oli makstavate keskkonnamaksude suurus 1. kvartalis 3,7 miljonit
krooni, võrreldes 3,3 miljoni krooniga 2009. aasta samal perioodil. 2009. aasta
1. kvartalis saavutas Ettevõte samuti sooduskoefitsiendi 0,5. Makstavat
saastetasu on mõjutanud ka maksumäärade tõus 19% võrra ning puhastatud koguste
tõus. 2009. aasta 3. kvartalis kinnitati otsus investeerida heitveepuhastuse
järgmise etapi ehitusse, mille hankeprotsess lõpetatakse arvatavalt 2010. aasta
mais. Alles siis on teada projekti kogumaksumus, mille ehitus peaks eeldatavasti
algama 2010. aasta juunis.
Kvartali kemikaalikulud olid 5,1 miljonit krooni, mis on 38,4% rohkem kui 2009.
aasta samal perioodil. Saavutasime selle tulemuse puhastatud reovee hulga ja
doseeritud kemikaalide kombinatsioonis, mis oli vajalik saavutamaks 70%
lämmastiku kasutegurit.
Elektrikulud kasvasid 2010. aasta 1. kvartalis võrreldes eelmise aasta sama
perioodiga 1,0 miljoni krooni ehk 11,7% võrra, kõrgema elektrihinna ning
pumbatud ja puhastatud koguste mõjul.
Palgakulud kahanesid 2010. aasta 1. kvartalis võrreldes eelmise aasta sama
perioodiga 1,5 miljoni krooni ehk 8,9% võrra, seoses vähenenud töötajate arvuga.
Kulum vähenes 2010. aasta 1. kvartalis võrreldes eelmise aasta sama perioodiga
0,5 miljoni krooni ehk 2,6% võrra.
Transpordikulud suurenesid 2010. aasta 1. kvartalis võrreldes eelmise aasta sama
perioodiga 0,3 miljoni krooni ehk 7,2% võrra, kütusehindade kallinemise ning
rendimasinate suurenenud kasutamise koosmõjul.
Muud müüdud toodete ja teenuste kulud kasvasid 4,1 miljoni krooni ehk 60,4%
võrra võrreldes eelmise aasta sama perioodiga, üksnes seoses Maardus
opereerimise kuludega, kuna 2009. aasta 1. kvartalis Ettevõte seal ei
opereerinud.
Ülaltoodud mõjude tulemusena oli 2010. aasta 1. kvartalis ettevõtte brutokasum
119,0 miljonit krooni, mis on 7,1 miljoni krooni või 5,6% võrra vähem kui 2009.
aasta 1. kvartali 126,1 miljoni krooni suurune brutokasum.
Ärikulud ja ärikasumi marginaal
Turustuskulud vähenesid 2010. aasta 1. kvartalis võrrelduna 2009. aasta 1.
kvartaliga 0,2 miljoni krooni võrra 3,2 miljoni kroonini. Seda mõjutas peamiselt
kulude kokkuhoid, ning vähenenud töötajate arv võrreldes 2009. aastaga.
2010. aasta 1. kvartalis kahanesid üldhalduskulud 1,4 miljonit krooni 12,8
miljoni kroonini.
Mitmete sisseostetavate teenuste lepingute õnnestunud läbirääkimiste tulemusena
on saavutatud uute, soodsate hindade rakendamine enamikele kuluartiklitele.
Juhtkonna eesmärgiks on efektiivsust veelgi tõsta protsesside ja töö
organiseerituse põhjaliku läbivaatuse tulemusena.
Muud äritulud/kulud
Enamus tuludest Muude äritulude/kulude grupis on seotud rajamiste ning
sihtfinantseerimisega. Selle tulu põhiliseks mõjuriks on torustike rajamine
Tallinnas. Äritulud/kulud võrkude rajamistest ning sihtfinantseerimisest andsid
2010. aasta 1. kvartalis tulu 4,4 miljonit krooni võrreldes 3,5 miljoni kroonise
tuluga 2009. aasta 1. kvartalis. Põhiliselt tuleneb see lõpetatud ühenduste arvu
suurenemisest.
Muud äritulud/kulud andsid 2010. aasta 1. kvartalis kokku kulu 2,3 miljonit
krooni võrreldes 1,1 miljoni kroonise kuluga 2009. aasta 1. kvartalis, peamiselt
halvenenud võlgade kogumise ning vähem saadud viiviste tõttu võrreldes 2009.
aastaga. Siiski peaks arvestama, et üle 99% võlgadest kogutakse õigeaegselt.
Ettevõtte ärikasum põhiärist 2010. aasta 1. kvartalis oli 100,7 miljonit krooni
võrreldes 107,4 miljoni krooniga 2009. aasta samal perioodil. Ülaltoodud mõjude
tulemusena oli ettevõtte ärikasum 2010. aasta 1. kvartalis 105,1 miljonit
krooni, mis on 5,7 miljonit krooni vähem kui 110,8 miljoni krooni suurune
ärikasum 2009. aasta 1. kvartalis. Võrreldes eelmise aasta sama perioodiga
kahanes ärikasum 5,1%.
Finantskulud
Ettevõtte neto finantskulud olid 2010. aasta 1. kvartalis 23,3 miljonit krooni,
mis on 10,8 miljoni krooni ehk 86,8% võrra enam kui 2009. aasta 1. kvartalis.
Sellest suurenemisest, nagu viidatud allpool moodustab 19,4 miljoni krooni
suurune kahjum seoses swapi lepingute õiglase väärtusega, ilma milleta oleks
Ettevõtte neto finantskulud vähenenud 8,6 miljoni krooni võrra võrreldes 2009.
aastaga.
Võrrelduna 2009. aasta 1. kvartaliga on Ettevõtte intressikulud langenud 65,1%
võrra, 13,0 miljonilt kroonilt 4,5 miljonile kroonile, Euribor-i määra languse
tõttu ning kuna vahetasime fikseeritud intressimääraga (4,19% + riskimarginaal)
laenu ujuva intressimääraga laenu vastu. Ettevõte otsustas vähendada ujuva
intressiga laenu riske pikas perioodis ning sõlmis 2009. aasta mais kolm
intressi swapi lepingut, iga leping 15 miljonit eurot. Kõik lepingud hakkavad
kehtima tulevikus, 30 miljoni euro suurusele põhisummale kohaldatavad lepingud
hakkasid kehtima 30. novembril 2009 ja ülejäänud 15 miljoni euro suuruse
põhisumma osas käivitub leping 28. mail 2010. Kuna hetkel on nende lepingute
ennustatav õiglane väärtus negatiivne, ning nendega seotud kulud summas 19,4
miljonit krooni, vähendavad intressikulude vähenemise ning teenitud
finantstulude mõju 2010. aasta 1. kvartalis.
Maksustamiseelne kasum
Ettevõtte maksustamiseelne kasum oli 2010. aasta 1. kvartalis 81,9 miljonit
krooni, so 16,5 miljonit krooni vähem kui 98,4 miljoni krooni suurune
maksustamiseelne kasum 2009. aasta 1. kvartalis.
Bilanss
2010. aasta 3 kuu jooksul investeeris Ettevõte põhivarasse 13,0 miljonit krooni.
Lõpetamata-, materiaalne- ja immateriaalne põhivara oli 2010. aasta 31. märtsi
seisuga 2 178,0 miljonit krooni. Käibevara suurenes 3 kuuga 103,7 miljoni krooni
võrra 592,5 miljoni kroonini, nõuded ostjate vastu suurenesid 11,0 miljoni
krooni võrra. 2010. aasta 3 kuuga on rahajääk pangas suurenenud 92,8 miljoni
krooni võrra.
Lühiajalised kohustused suurenesid 3 kuu jooksul 6,1 miljoni krooni võrra 121,2
miljoni kroonini. See tulenes peamiselt 7,4 miljoni krooni võrra kasvanud
Hankijate võlgadest, mis koosneb suuresti maksmata intressist.
Ettevõte hoiab jätkuvalt oma finantsvõimendust sihiks võetud 50% tasemel. 2010.
aasta 31. märtsi seisuga oli kohustuste osakaal varast 46,8%. Pikaajalised
kohustused olid 2010. aasta märtsi lõpu seisuga 1 176,2 miljonit krooni, mis
koosnes peaaegu täielikult kolme pikaajalise pangalaenu jäägist. Hetke kogu
võimalik laenuressurss on 95 miljonit eurot, millest Ettevõte oli kvartali
lõpuks kasutanud 75 miljonit eurot. Aprillis võttis Ettevõte allesjäänud 20
miljonit eurot laenu. Kvartali lõpu seisuga oli kaalutud keskmine intressimäär
0,55%, kogu võimaliku laenuressursi puhul on intressimäär 0,67%.
Rahakäive
2010. aasta 3 kuu jooksul oli Ettevõtte äritegevuse rahakäive 118,8 miljonit
krooni, mis on 4,7 miljonit krooni enam kui 2009. aasta samal perioodil. Tõus
Ettevõtte äritegevuse rahakäibes tuleneb põhiliselt suurenenud kohustuste
muutusest 2010. aasta 3 kuu jooksul võrreldes 2009. aasta sama perioodiga.
Perioodilise põhitegevuse ärikasum on jätkuvalt tegur ettevõtte äritegevuse
rahakäibes.
2010. aasta 3 kuu investeerimistegevuse raha väljavool oli 26,0 miljonit krooni,
so 19,0 miljonit krooni enam kui 2009. aasta 3 kuu jooksul. Selle peamiseks
põhjuseks oli ehituste eest saadavate kompensatsioonide ajaline nihe. 2010.
aasta 1. kvartalis oli põhivara soetamisega seotud raha väljavool 40,0 miljonit
krooni.
2010. ja 2009. aasta 3 kuu jooksul ei toimunud finantstegevuse rahavoogusid
mõjutavaid tegevusi.
Eelnevate tegurite mõjul oli raha sissevool 2010. aasta 3 kuu jooksul 92,8
miljonit krooni võrrelduna 107,1 miljoni krooni suuruse raha sissevooluga 2009.
aasta 3 kuuga. Raha ja raha ekvivalentide saldo oli 2010. aasta 31. märtsi
seisuga 385,3 miljonit krooni, mis on 48,3 miljoni krooni võrra enam kui 2009.
aasta samal perioodil.
Töötajad
2010. aasta 1. kvartali lõpus töötas ettevõttes 318 töötajat, võrreldes 331
töötajaga 2009. aasta 1. kvartali lõpus. Keskmised täistöökohaga töötajate arvud
olid vastavalt 303 töötajat 2010. aastal ja 316 töötajat 2009. aastal. Keskmiste
täistöökohaga töötajate arv on vähenenud peamiselt 2009. aasta lõpus toimunud
osakondade reorganiseerimise tulemusel.
Dividendid ja aktsiahinna muutused
2009. aasta majandustulemuste põhjal kavatseb Ettevõte maksta 500 010 000 krooni
dividende. Sellest 10 000 krooni makstakse B-aktsia omanikule ja 500 000 000
krooni, so 25,00 krooni aktsia kohta A-aktsia omanikele. Korraline aktsionäride
üldkoosolek hääletab dividendimakse kinnitamise päevakorrapunkti 18. mail 2010.
AS Tallinna Vesi on noteeritud OMX Main Baltic Marketil kauplemiskoodiga TVEAT
ja ISIN EE3100026436.
2010. 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 | 5.63% |
| A/C Prime Brokerage kliendikonto | |
--------------------------------------------------------------------------------
Parvus AM on deklareerinud, et nende osalus ületab 10% ning AKO Capital on
deklareerinud enda kaudseks osaluseks üle 5% aktsiakapitalist.
Kvartali lõpus, 31. märtsil 2010, oli AS Tallinna Vesi aktsia sulgemishind
167,58 krooni (10.80 EUR), mis on 7,10% tõus võrreldes kvartali alguses olnud
156,47 EEK (10.00 EUR). Samal perioodil OMX Tallinn indeks tõusis 41,33%.
Põhitegevusega seotud arengud 2010. aastal
AS Tallinna Vesi üldised tootmistulemused halvenesid 2010. aasta 1. kvartalis
seoses erakordsete ilmastikuoludega, mis olulisel määral mõjutasid
teenusekatkestuste ning kliendikaebuste arvu. Samal ajal on Ettevõttel heameel,
et 100% tarbija kraanist võetud veeproovidest vastasid 1. kvartalis kõikidele
kvaliteedinõuetele.
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| Tootmistulemus | I kv 2009 | I kv 2010 |
--------------------------------------------------------------------------------
| Vesi | | |
--------------------------------------------------------------------------------
| Tarbija kraanist võetud vee kvaliteediproovide | 99,86 | 100,00 |
| vastavus nõuetele % | | |
--------------------------------------------------------------------------------
| Avariiliste veekatkestuste koguarv | 129 | 166 |
--------------------------------------------------------------------------------
| Keskmine avariilise veekatkestuse kestvus kinnistu | 3,20 | 4,35 |
| kohta tundides | | |
--------------------------------------------------------------------------------
| Kliendikontaktide arv veesurve asjus | 1 | 10 |
--------------------------------------------------------------------------------
| Veekadu jaotusvõrgus % | 17,16 | 19,83 |
--------------------------------------------------------------------------------
| Reovesi | | |
--------------------------------------------------------------------------------
| Kanalisatsioonitorustiku ummistuste arv | 302 | 397 |
--------------------------------------------------------------------------------
| Kanalisatsioonitorustiku purunemiste arv | 34 | 27 |
--------------------------------------------------------------------------------
| Reovee puhastamise vastavus keskkonnanõuetele % | 100 | 100 |
--------------------------------------------------------------------------------
| Taaskasutatud jääkmuda osakaal | 100 | 100 |
--------------------------------------------------------------------------------
| Võrkude laiendamise kava | | |
--------------------------------------------------------------------------------
| Võrkude laiendamise kava täitmise vastavus plaanile | 0 | 0 |
| % | | |
--------------------------------------------------------------------------------
| Kanalisatsiooniga liitumisvõimaluse saanud | 0 | 0 |
| kinnistute arv | | |
--------------------------------------------------------------------------------
Veekvaliteet kõigi aegade parimal tasemel
AS Tallinna Vesi tarbijate veekraanidest võetud veeproovidest vastasid 100%
kõikidele nõuetele 2010. aasta 1. kvartalis, paranedes eelmise aasta sama
perioodiga võrreldes 0,14%.
Tallinlastele pakutava joogivee kvaliteeti ei ole 18. märtsil Ülemiste
järvejääle hädamaandunud lennukiga seotud intsident mõjutanud. Vähene
lennukikütuse kogus, mis lennukist välja voolas, piirati koheselt ning koguti
järvejäält kokku. Ettevõte jätkab veekvaliteedi pidevat jälgimist
veepuhastusjaama tuleva vee sissevõtukohas ning garanteerib joogivee vastavuse
kvaliteedinõuetele ka edaspidi.
AS Tallinna Vesi viis esimese kvartali jooksul läbi ka osoonigeneraatorite
puhastuse Ülemiste jaamas - see mahukas projekt võetakse ette iga viie aasta
järel parandamaks joogivee kvaliteeti. Tallinnas kasutusel olevad osonaatorid on
ühed maailma suurimad omataolised.
Katkestuste arv kasvas seoses raskete ilmastikutingimustega
Avariiliste vee- ja kanalisatsiooniteenuse katkestuste arv ning kestvus suurenes
2010. aasta 1. kvartalis seoses äärmuslike ilmaoludega, mis mõjutas laiemalt
kõiki teenustasemeid. Samas rakendas AS Tallinna Vesi meetmeid, et katkestuste
arvu vähendada ning kaasas selleks täiendavaid ressursse, mille tulemusena ei
esinenud 1. kvartalis ühtegi üle 12 tunni kestnud teenusekatkestust.
Suurem osa teenusekatkestustest olid põhjustatud külmunud torude tõttu aasta
alguses ning maapinna sulamisest põhjustatud purunenud torude tõttu märtsis.
Veesurvega seotud päringute arv kasvas 2009. aasta 1. kvartaliga võrreldes 33%
võrra. Peamiste põhjustena häirisid veesurvet veemõõtjate ummistused, külmunud
torudest põhjustatud ummistused ning piirkondliku veesurve langus seoses
remondi- ja hooldustöödega magistraaltorudel. Kõik remondi- ja hooldustööd
lahendati 2 tööpäeva jooksul.
Ülaltoodud asjaolud ja tegevused mõjutasid ka kliendikaebuste arvu. Samal ajal
püsisid Ettevõtte reageerimisajad ning tegevus olukordade lahendamisel
eesmärkide piires. AS Tallinna Vesi hindab kõrgelt oma klientide kannatlikkust
ning mõistvust selle perioodi jooksul ning vabandab põhjustatud ebamugavuste
pärast.
Suurenenud reoveekogustest hoolimata ei esinenud reostusohtu
Märtsis oli kanalisatsiooniummistuste arv märkimisväärselt kõrgem, kui aasta
varem ning seoses sulaveega esines märtsi lõpus lokaalseid üleujutusi Pirita,
Sauel ning Harju järve lähistel. Seoses väga suurte sademeveekogustega oli
keskkonnareostuse võimalus minimaalne ning ei kujutanud keskkonnale ohtu.
AS Tallinna Vesi survepesuveokid tegutsesid topeltvahetustes, et kiirendada
kanalisatsiooniummistuste likvideerimist, seeläbi vähendades täiendavalt ohtu
keskkonnale.
Ettevõte rajas avariiülevoolud Pirital Andrekse ja Lauri tänavatele, et vältida
erakinnistute täiendavat üleujutust, mille olid põhjustanud suurenenud
sademeveekogused koos piirkonnast kogutud reoveega. Avariiülevoolud olid
kasutusel 2-3 päeva ning tugevalt sademeveega lahjendatud reovesi ei kujutanud
endast ohtu keskkonnale, nagu kinnitasid ka Heitveeinspektsiooni poolt võetud
proovid.
Paljassaare reoveepuhastusjaama juhitud reoveekogused ulatusid märtsi teises
pooles seoses sulaperioodiga üle 400 miljoni liitri päeva kohta. Hoolimata
rekordilisest reovee sissevoolust, õnnestus reoveepuhastusjaamal tagada täielik
vastavust reostusparameetritele 1. kvartalis.
Võrkude laiendamise kava valmib plaani kohaselt
Kuigi pikale veninud talv lükkas edasi ehitushooaja algust, usub Ettevõte, et
võrkude laiendamise kava valmib 2010. aasta lõpuks, nagu kokku lepitud Tallinna
linnaga aastal 2007. Möödunud aastal rajati võrkude laiendamise raames rohkem
torustikke, kui algselt ette nähtud, mis on kompenseerinud tänavust
ehitustegevuse alguse edasilükkumist. AS Tallinna Vesi rajab 2010. aastal 5,1
kilomeetrit veetorustikke, 39,4 kilomeetrit kanalisatsioonitorustikke ning 12,5
kilomeetrit sademeveetorustikke.
Lisainformatsioon:
Stephen Howard
Finantsdirektor
+372 6262 262
stephen.howard@tvesi.ee
--------------------------------------------------------------------------------
| KOONDKASUMIARUANNE | I kvartal | I kvartal | 12 kuud |
--------------------------------------------------------------------------------
| (tuhat EEK) | 2010 | 2009 | 2009 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Müügitulu | 191 444 | 192 759 | 772 446 |
--------------------------------------------------------------------------------
| Müüdud toodete/teenuste kulud | -72 420 | -66 682 | -284 064 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| BRUTOKASUM | 119 024 | 126 077 | 488 382 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Turustuskulud | -3 186 | -3 414 | -11 213 |
--------------------------------------------------------------------------------
| Üldhalduskulud | -12 786 | -14 140 | -53 493 |
--------------------------------------------------------------------------------
| Muud äritulud/-kulud (-) | 2 095 | 2 322 | 38 264 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| ÄRIKASUM | 105 147 | 110 845 | 461 940 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Finantstulud | 3 749 | 5 932 | 25 267 |
--------------------------------------------------------------------------------
| Finantskulud | -27 003 | -18 380 | -86 131 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| KASUM ENNE TULUMAKSUSTAMIST | 81 893 | 98 397 | 401 076 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Dividendide tulumaks | 0 | 0 | -61 142 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| PERIOODI PUHASKASUM | 81 893 | 98 397 | 339 934 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Jaotatav: | | | |
--------------------------------------------------------------------------------
| A- aktsia omanikele | 81 883 | 98 387 | 339 924 |
--------------------------------------------------------------------------------
| B- aktsia omanikule | 10 | 10 | 10 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Kasum A aktsia kohta (kroonides) | 4,09 | 4,92 | 17,00 |
--------------------------------------------------------------------------------
| Kasum B aktsia kohta (kroonides) | 10 000 | 10 000 | 10 000 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| FINANTSSEISUNDI ARUANNE | | | |
--------------------------------------------------------------------------------
| (tuhat EEK) | 31.03.2010| 31.03.2009| 31.12.2009 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| VARAD | | | |
--------------------------------------------------------------------------------
| KÄIBEVARA | | | |
--------------------------------------------------------------------------------
| Raha ja raha ekvivalendid | 385 293 | 336 966 | 292 474 |
--------------------------------------------------------------------------------
| Nõuded ostjate vastu, viitlaekumised ja | 202 267 | 131 604 | 191 317 |
| ettemaksed | | | |
--------------------------------------------------------------------------------
| Varud | 3 719 | 3 568 | 3 819 |
--------------------------------------------------------------------------------
| Müügiootel põhivara | 1 205 | 1 134 | 1 209 |
--------------------------------------------------------------------------------
| KOKKU KÄIBEVARA | 592 484 | 473 272 | 488 819 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| PÕHIVARA | | | |
--------------------------------------------------------------------------------
| Materiaalne põhivara | 2 139 910 | 2 150 994 | 2 152 952 |
--------------------------------------------------------------------------------
| Immateriaalne põhivara | 38 083 | 41 516 | 40 319 |
--------------------------------------------------------------------------------
| KOKKU PÕHIVARA | 2 177 993 | 2 192 510 | 2 193 271 |
--------------------------------------------------------------------------------
| VARAD KOKKU | 2 770 477 | 2 665 782 | 2 682 090 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| KOHUSTUSED JA OMAKAPITAL | | | |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| LÜHIAJALISED KOHUSTUSED | | | |
--------------------------------------------------------------------------------
| Pikaajaliste laenukohustuste | 1 658 | 83 673 | 1 936 |
| lühiajaline osa | | | |
--------------------------------------------------------------------------------
| Hankijate ja muud võlad | 105 304 | 86 144 | 97 866 |
--------------------------------------------------------------------------------
| Lühiajalised eraldised | 2 668 | 2 693 | 3 570 |
--------------------------------------------------------------------------------
| Ostjate ettemaksed ja tulevaste | 11 575 | 23 443 | 11 687 |
| perioodide tulud | | | |
--------------------------------------------------------------------------------
| LÜHIAJALISED KOHUSTUSED KOKKU | 121 205 | 195 953 | 115 059 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| PIKAAJALISED KOHUSTUSED | | | |
--------------------------------------------------------------------------------
| Pangalaenud | 1 174 382 | 1 089 419 | 1 174 034 |
--------------------------------------------------------------------------------
| Muud võlad | 1 795 | 735 | 1 795 |
--------------------------------------------------------------------------------
| PIKAAJALISED KOHUSTUSED KOKKU | 1 176 177 | 1 090 154 | 1 175 829 |
--------------------------------------------------------------------------------
| KOKKU KOHUSTUSED | 1 297 382 | 1 286 107 | 1 290 888 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| 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 | 866 094 | 772 674 | 784 201 |
--------------------------------------------------------------------------------
| KOKKU OMAKAPITAL | 1 473 095 | 1 379 675 | 1 391 202 |
--------------------------------------------------------------------------------
| KOHUSTUSED JA OMAKAPITAL KOKKU | 2 770 477 | 2 665 782 | 2 682 090 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| RAHAKÄIBE ARUANNE | 3 kuud | 3 kuud | 12 kuud |
--------------------------------------------------------------------------------
| (tuhat EEK) | 2010 | 2009 | 2009 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| ÄRITEGEVUSE RAHAKÄIVE | | | |
--------------------------------------------------------------------------------
| Ärikasum | 105 147 | 110 845 | 461 940 |
--------------------------------------------------------------------------------
| Korrigeerimine kulumiga | 22 015 | 22 471 | 89 153 |
--------------------------------------------------------------------------------
| Korrigeerimine kasumiga | -4 401 | -3 462 | -47 512 |
| sihtfinantseerimisest ja | | | |
| rajamistegevusest | | | |
--------------------------------------------------------------------------------
| Muud finantskulud | -462 | -5 715 | -29 203 |
--------------------------------------------------------------------------------
| Kasum põhivara müügist | -3 | -116 | -150 |
--------------------------------------------------------------------------------
| Kuluks kantud põhivarad | 85 | 0 | 0 |
--------------------------------------------------------------------------------
| Äritegevusega seotud käibevara muutus | -12 626 | -11 258 | -14 675 |
--------------------------------------------------------------------------------
| Äritegevusega seotud kohustuste muutus | 9 039 | 1 306 | 6 160 |
--------------------------------------------------------------------------------
| Makstud intressid | 0 | 0 | -38 793 |
--------------------------------------------------------------------------------
| Rahajäägi muutus äritegevusest | 118 794 | 114 071 | 426 920 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| INVESTEERIMISTEGEVUSE RAHAKÄIVE | | | |
--------------------------------------------------------------------------------
| Põhivara soetamine | -39 984 | -50 937 | -243 906 |
--------------------------------------------------------------------------------
| Ehituse eest saadavad kompensatsioonid | 12 014 | 38 252 | 155 772 |
--------------------------------------------------------------------------------
| Põhivara müügitulu | 3 | 116 | 238 |
--------------------------------------------------------------------------------
| Saadud intressid | 1 992 | 5 604 | 15 077 |
--------------------------------------------------------------------------------
| Rahajäägi muutus | -25 975 | -6 965 | -72 819 |
| investeerimistegevusest | | | |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| FINANTSEERIMISTEGEVUSE RAHAKÄIVE | | | |
--------------------------------------------------------------------------------
| Võetud laenud | 0 | 0 | 700 968 |
--------------------------------------------------------------------------------
| Tasutud laenud | 0 | 0 | -701 303 |
--------------------------------------------------------------------------------
| Tasutud dividendid | 0 | 0 | -230 010 |
--------------------------------------------------------------------------------
| Tulumaks dividendidelt | 0 | 0 | -61 142 |
--------------------------------------------------------------------------------
| Rahajäägi muutus | 0 | 0 | -291 487 |
| finantseerimistegevusest | | | |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Rahajäägi kogumuutus | 92 819 | 107 106 | 62 614 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| RAHA JA RAHA EKVIVALENDID PERIOODI | 292 474 | 229 860 | 229 860 |
| ALGUSES | | | |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| RAHA JA RAHA EKVIVALENDID PERIOODI | 385 293 | 336 966 | 292 474 |
| LÕPUS | | | |
--------------------------------------------------------------------------------
Pealkiri
Results of operations for the 1st quarter 2010 (EEK)
Teade
MANAGEMENT REPORT
RESULTS OF OPERATIONS - FOR THE 1st QUARTER 2010
Overview
During the three months of 2010 the Company's total sales decreased, year on
year, by 0.7% to 191.4 mln EEK. The Company's underlying operating profit for
three months of 2010, from water and wastewater related activities, decreased by
6.2% to 100.7 mln EEK compared to the three months of 2009. Profits from other
activities (mainly construction and developments) increased by 27.1% to 4.4 mln
EEK compared to the three months of 2009. The Company's profit before taxes was
81.9 mln EEK, which is a 16.8% decrease compared to the same three months of
2009.
--------------------------------------------------------------------------------
| mln EEK | 1 Q | 1 Q | Change | 3 | 3 | Change |
| | 2010 | 2009 | | months | months | |
| | | | | 2010 | 2009 | |
--------------------------------------------------------------------------------
| Sales | 191,4 | 192,8 | -0,7% | 191,4 | 192,8 | -0,7% |
--------------------------------------------------------------------------------
| Gross profit | 119,0 | 126,1 | -5,6% | 119,0 | 126,1 | -5,6% |
--------------------------------------------------------------------------------
| Gross profit margin | 62,2 | 65,4 | -4,9% | 62,2 | 65,4 | -4,9% |
| % | | | | | | |
--------------------------------------------------------------------------------
| Operating profit | 105,1 | 110,8 | -5,1% | 105,1 | 110,8 | -5,1% |
--------------------------------------------------------------------------------
| Operating profit - | 100,7 | 107,4 | -6,2% | 100,7 | 107,4 | -6,2% |
| main business | | | | | | |
--------------------------------------------------------------------------------
| Operating profit | 54,9 | 57,5 | -4,5% | 54,9 | 57,5 | -4,5% |
| margin % | | | | | | |
--------------------------------------------------------------------------------
| Profit before taxes | 81,9 | 98,4 | -16,8% | 81,9 | 98,4 | -16,8% |
--------------------------------------------------------------------------------
| Net profit | 81,9 | 98,4 | -16,8% | 81,9 | 98,4 | -16,8% |
--------------------------------------------------------------------------------
| Net profit margin % | 42,8 | 51,0 | -16,2% | 42,8 | 51,0 | -16,2% |
--------------------------------------------------------------------------------
| ROA % | 3,0 | 3,7 | -19,9% | 3,0 | 3,7 | -19,9% |
--------------------------------------------------------------------------------
| Debt to total | 46,8 | 48,2 | -2,9% | 46,8 | 48,2 | -2,9% |
| 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
Main business - water and wastewater activities, excl. connections profit and
government grants
Profit and Loss Statement
1st quarter 2010
Sales
In the 1st quarter of 2010 the Company's total sales decreased, year on year, by
0.7% to 191.4 mln EEK. Without the sales contribution from Maardu, a contract
which commenced in the 3rd quarter of 2009, then total sales would have been
down by 7.3 mln EEK and 3.8% compared to the 1st quarter of 2009. 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 176.1 mln EEK, a 0.5% decrease
compared to the 1st quarter of 2009, resulting from the 0.9% decrease in tariffs
from 1 January 2010 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 decreased by 2.8% to 94.1 mln EEK.
Sales to commercial customers decreased by 7.0% to 65.1 mln EEK. Sales to
customers outside of the service area increased by 113.9% to 13.5 mln EEK, which
now includes the Maardu operating contract which commenced from 1st July 2009.
Over pollution fees received were 3.4 mln EEK, an 11.2% decrease compared to the
1st quarter of 2009.
In the 1st quarter of 2010, the volumes sold to residential customers dropped
1.9%. 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
6.0% compared to the same period in 2009. The majority of the reduction in sales
volumes in Tallinn is a result of the macroeconomic impact of companies reducing
their production volumes. A significant impact on the volumes is due to one of
the most sizeable clients, Coca-Cola, reducing their production in Tallinn which
has seen a 21% decrease from the same period in 2009. Coca-Cola will cease
production in Tallinn completely from April 2010 but the early reduction in
volumes has had a severe impact on the 1st quarter 2010 volumes.
Excluding Maardu volumes, then outside service area volumes were 34.3% higher
than in the 1st quarter of 2009. The main factor in this increase was higher
storm water volumes in March following the commencement of the thaw following
the winter but additionally sewage volumes were also higher in the current year.
The sales from the operation and maintenance of the storm water and fire-hydrant
system increased by 2.1% to 12.5 mln EEK in the 1st quarter of 2010 compared to
the same period in 2009. 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 72.4 mln EEK in the
1st quarter of 2010, an increase of 5.7 mln EEK or 8.6% from the equivalent
period in 2009 of which Maardu added 4.1 mln EEK.
In the 1st quarter of 2010 the Company achieved the beneficial 0.5 coefficient
for pollution tax, and the amount of pollution tax payable was 3.7 mln EEK
compared to 3.3 mln EEK in 1st quarter of 2009. In the 1st quarter of 2009 we
achieved the 0.5 coefficient also. Pollution tax payable is also impacted by the
increase in tax rates year on year by 19% and by the increase in treatment
volumes. In the 3rd quarter of 2009 an investment into an additional stage of
waste water treatment was approved for which the procurement process is expected
to be finalized in May 2010. Only at this time will the project cost be known
with construction forecasted to start from June 2010.
Chemical costs were 5.1 mln EEK, representing a 38.4% increase compared to the
corresponding period in 2009. This result is the combination of higher volumes
treated and chemicals dosed which was required in order to try to meet the
Nitrogen efficiency target of 70%.
Electricity costs increased by 1.0 mln EEK or 11.7% in the 1st quarter of 2010
compared to the 1st quarter of 2009 due to higher electricity prices and volumes
treated and pumped.
Salary expenses decreased in the 1st quarter of 2010, year on year, by 1.5 mln
EEK or 8.9% mainly due to the lower number of employees.
Depreciation charges decreased in the 1st quarter of 2010 by 0.5 mln EEK or 2.6%
year on year.
Transport costs increased by 0.3 mln EEK, or 7.2% year on year, due to the
combination of the increase in fuel prices and increased usage of rented
machines.
Other cost of goods sold in the main operating activity increased 4.1 mln EEK,
or 60.4% year on year, exclusively due to the costs of operating in Maardu as
this was not operational in the 1st quarter of 2009.
As a result of all of the above the Company's gross profit for the 1st quarter
of 2010 was 119.0 mln EEK, which is a decrease of 7.1 mln EEK, or 5.6%, compared
to the gross profit of 126.1 mln EEK for the 1st quarter of 2009.
Operating Costs and Operating Margin
Marketing expenses decreased by 0.2 mln EEK to 3.2 mln EEK during the 1st
quarter of 2010 compared to the corresponding period in 2009. This is mainly the
result of the efficiency program and fewer employees than in corresponding
period in 2009.
In the 1st quarter of 2010 the General administration expenses decreased by 1.4
mln EEK year on year to 12.8 mln EEK.
Via successful negotiation of a range of outsourced service contracts new,
beneficial rates have been achieved for 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
The majority of the income in Other net income/expenses relates to constructions
and government grants. The driver for this income stream is the connections
activity in Tallinn. Income/expenses from constructions and government grants
totaled a net income of 4.4 mln EEK, in the 1st quarter of 2010 compared to a
net income of 3.5 mln EEK in the 1st quarter of 2009. This was primarily due to
an increase in the number of connections finalized.
The rest of the other income/expenses totaled an expense of 2.3 mln EEK in the
1st quarter of 2010 compared to an expense of 1.1 mln EEK in the 1st quarter of
2009, from a combination of slightly worsened debt collection and less received
late payment penalties compared to 2009. It should be noted however that, more
than 99% of debt is collected in a timely manner.
As a result the Company's underlying operating profit from sales of water and
wastewater for the 1st quarter of 2010 totaled 100.7 mln EEK compared to 107.4
mln EEK in the corresponding quarter in 2009. In total then the Company's
operating profit for main and other activities for the 1st quarter of 2010 was
105.1 mln EEK, a decrease of 5.7 mln EEK compared to an operating profit of
110.8 mln EEK achieved in the 1st quarter of 2009. Year on year the operating
profit has decreased 5.1%.
Financial expenses
Net Financial expenses were 23.3 mln EEK in the 1st quarter of 2010, which is an
increase of 10.8 mln EEK or 86.8% compared to the 1st quarter of 2009. Of this
increase, as set out below, 19.4 mln EEK relates to a loss on the fair value of
swap contracts with underlying business financial expenses reducing by 8.6 mln
EEK in total compared to 2009.
The Company's interest costs have decreased by 65.1% compared to the 1st quarter
of 2009 from 13.0 mln EEK to 4.5 mln EEK as a result of the reduction in Euribor
rates and the replacement of our fixed interest rate loan (4.19% + risk margin),
by loans with floating interest rates. The Company decided to mitigate the long
term floating interest risk and in May 2009 concluded 3 interest swap
agreements, each with a principal value of 15 mln EUR. All contracts have
forward start dates, for a base amount of 30 mln EUR, the forward start date
began on 28 November 2009, and for a base amount of 15 mln EUR the forward start
date begins on 28 May 2010. At this point in time the estimated fair value of
these swap contracts is negative, with a further devaluation in 1st quarter 2010
in the amount of 19.4 mln EEK which more than offsets the interest costs savings
and the financial income earned during the 1st quarter of 2010.
Profit Before Tax
The Company's profit before taxes for the 1st quarter of 2010 was 81.9 mln EEK,
which is 16.5 mln EEK lower than the profit before taxes of 98.4 mln EEK for the
1st quarter of 2009.
Balance sheet
During the three months of 2010 the Company invested 13.0 mln EEK into fixed
assets. Non-current assets were 2,178.0 mln EEK at 31 March 2010. Current assets
increased by 103.7 mln EEK to 592.5 mln EEK in the three months of the year,
with customer receivables increasing by 11.0 mln EEK and cash at bank increasing
by 92.8 mln EEK.
Current liabilities increased by 6.1 mln EEK to 121.2 mln EEK in the three
months of the year. This was mainly due to a 7.4 mln EEK increase in Trade
payables largely due to outstanding interest payable.
The Company continues to maintain its leverage level within its target range of
50% with total liabilities to total capital employed of 46.8% as of 31 March
2010. Long-term liabilities stood at 1,176.2 mln EEK at the end of March 2010,
consisting almost entirely of the outstanding balance of three long-term bank
loans. The current total available loan facility is 95 mln EUR, from which we
had drawn down 75 mln EUR at the end of the 1st quarter of 2010. In April we
have completed the draw down for the final 20 mln EUR. The weighted average
interest margin at 75 mln EUR draw down was 0.55%, for the total available
facility the margin is 0.67%.
Cash flow
During the three months of 2010, the Company generated 118.8 mln EEK of cash
flows from operating activities, an increase of 4.7 mln EEK compared to the
corresponding period in 2009. The increase in operating cash flows is mainly due
to the increased liability balance in the three months of 2010. Underlying
operating profit still continues to be the contributor to operating cash flows.
In the three months of 2010 net cash outflows from investing activities were
26.0 mln EEK, which is 19.0 mln EEK more than in 2009. This is mainly due to
reduced inflow due to timing of compensations received for construction of
pipelines. To date in 2010 the cash outflows in relation to fixed asset
investments are 40.0 mln EEK.
There were no cash flows related to the financing activities in 1st quarters of
2010 and 2009.
As a result of all of the above factors, the total cash inflow in the three
months of 2010 was 92.8 mln EEK compared to a cash inflow of 107.1 mln EEK in
the three months of 2009. Cash and cash equivalents stood at 385.3 mln EEK as at
31 March 2010 which is 48.3 mln EEK higher than for the corresponding period of
2009.
Employees
At the end of the 1st quarter of 2010, the total number of employees was 318
compared to 331 at the end of the 1st quarter of 2009. The full time equivalent
(FTE) was respectively 303 in 2010 compared to the 316 in 2009. The decrease in
FTE is primarily due to reorganization in various departments at the end of
2009.
Dividends and share performance
Based on the results of the 2009 financial year, the Company intends to pay
500,010,000 EEK of dividends. Of this 10,000 EEK will be paid to the owner of
the B-share and 500,000,000 EEK, i.e. 25.00 EEK per share to the owners of the
A-shares. The Annual Meeting of the Shareholders will vote to approve the
dividend payment on 18 May 2010.
AS Tallinna Vesi is listed on OMX Main Baltic Market with trading code TVEAT and
ISIN EE3100026436.
As of 31 March 2010 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 | 5.63% |
| A/C Prime Brokerage Clients | |
--------------------------------------------------------------------------------
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 167.58 EEK (10.80 EUR), which is a 7.10% increase compared to the
closing price of 156.47 EEK (10.00 EUR) at the beginning of quarter. During the
same period the OMX Tallinn index rose by 41.33%.
Operational highlights in the three months of 2010
AS Tallinna Vesi overall operating indicators suffered a decline in the 1st
quarter of 2010 due to extreme weather conditions, which greatly affected the
number of service interruptions and customer complaints. At the same time the
Company is pleased to report that 100% water samples taken at the customers'
taps in the 1st quarter were compliant with quality requirements.
--------------------------------------------------------------------------------
| Operation Performance | 1 Q 2009 | 1 Q 2010 |
--------------------------------------------------------------------------------
| Water | | |
--------------------------------------------------------------------------------
| Water compliance at customer's premises % | 99.86 | 100.00 |
--------------------------------------------------------------------------------
| Total number of customer interruptions (unplanned) | 129 | 166 |
--------------------------------------------------------------------------------
| Average unplanned interruption time per property | 3.20 | 4.35 |
| hrs | | |
--------------------------------------------------------------------------------
| Number of customer contacts regarding water | 1 | 10 |
| pressure | | |
--------------------------------------------------------------------------------
| Loss of water in distribution system % | 17.16 | 19.83 |
--------------------------------------------------------------------------------
| Wastewater | | |
--------------------------------------------------------------------------------
| Number of sewer blockings | 302 | 397 |
--------------------------------------------------------------------------------
| Number of sewer collapses | 34 | 27 |
--------------------------------------------------------------------------------
| Wastewater treatment compliance % | 100 | 100 |
--------------------------------------------------------------------------------
| Share of recycled sludge % | 100 | 100 |
--------------------------------------------------------------------------------
| Network Extension Program | | |
--------------------------------------------------------------------------------
| Network Extension Program completion per annual | 0 | 0 |
| plan % | | |
--------------------------------------------------------------------------------
| Number of properties given access to public | 0 | 0 |
| sewerage network | | |
--------------------------------------------------------------------------------
Water quality is at its all time best
100% of water samples taken from the taps of the customers of AS Tallinna Vesi
were compliant with the requirements in the 1st quarter of 2010, again
demonstrating an increase of 0,14% over 2009.
The quality of drinking water provided to Tallinners has not been affected by
the airplane crash landing incident at Lake Ülemiste on March 18th. The small
amount of aviation fuel spilled from the aircraft was localized immediately and
collected from the lake after the aircraft had been removed. The Company will
continue to monitor the quality of water at the intake to the water treatment
plant and will ensure quality standards are maintained.
AS Tallinna Vesi refurbished the ozone generators at the water treatment plant,
which is a necessary task undertaken every five years to improve the treatment
of water. The ozonators used in Tallinn are the largest in the world.
Number of interruptions on the rise due to severe weather conditions
The number and duration of unplanned interruptions did increase in the 1st
quarter of 2010 as a result of extreme winter conditions. This had an impact on
overall levels of service. However, AS Tallinna Vesi increased its resources and
activities to minimize disruptions and as a result, there were no interruptions
lasting over 12 hours in the 1st quarter of 2010.
The majority of service interruptions were caused either by frozen pipes in the
beginning of the year or pipe bursts in March, as the ground began to thaw out.
The number of water pressure contacts increased by 33% compared to the 1st
quarter of 2009. The main reasons being blockages of water meters, blockages
occurred from frozen pipes and decrease of area water pressure associated with
repair and maintenance works on utility main pipelines. All jobs were resolved
within 2 working days.
Increased activity also influenced the number of customer complaints. However,
response times and performance remained within targets. AS Tallinna Vesi
appreciates the patience and understanding during this period, and apologises
for any inconvenience caused.
No imminent threat to environment despite increase in wastewater volumes
In March the number of wastewater blockages was significantly higher than in
2009 and with the melt waters there were flooding events in Pirita, Saue and
near Harku Lake at the end of March. Because of the large volumes of water,
pollution of the environment was minimal and posed no danger.
AS Tallinna Vesi's air-scouring pressure trucks operated in double shifts to
increase and speed up the liquidation of sewerage blockages, thus reducing any
threats to the environment.
The Company constructed emergency overflow pipes in Pirita, at Andrekse and
Lauri streets to avoid the further flooding of private properties in the area
due to increased storm water volumes combined with wastewater collected from the
district. The emergency overflows were in use for 2-3 days and the much diluted
wastewater and storm water did not pose any danger to the environment, as the
samples analyzed by the Wastewater Inspectorate confirmed.
The flow of wastewater to the Paljassaare wastewater treatment plant reached
over 400 million litres per day in the second half of March due to the thaw
period. Despite the record level inflow of wastewater, the treatment plant was
still able to achieve full compliance of pollution parameters in the 1st quarter
of 2010.
Network extension program will be delivered as planned
Although the prolonged winter has delayed the start of the construction season,
the Company remains confident that it will deliver the network extension plan by
the end of 2010 as agreed with the City of Tallinn in 2007. The extra kilometres
of pipe laid in 2009 have compensated for the delay in starting the program in
2010. AS Tallinna Vesi will be constructing 5.1 kilometres of water pipes, 39.4
kilometres of wastewater pipes and 12.5 kilometres of storm water pipes in 2010.
Additional information:
Stephen Howard
Chief Financial Officer
+372 6262 262
stephen.howard@tvesi.ee
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| STATEMENT OF COMPREHENSIVE INCOME | I | I quarter | 12 months |
| | quarter | | |
--------------------------------------------------------------------------------
| (thousand EEK) | 2010 | 2009 | 2009 |
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| | | | |
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| Revenue | 191 444 | 192 759 | 772 446 |
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| Costs of goods sold | -72 420 | -66 682 | -284 064 |
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| | | | |
--------------------------------------------------------------------------------
| GROSS PROFIT | 119 024 | 126 077 | 488 382 |
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| | | | |
--------------------------------------------------------------------------------
| Marketing expenses | -3 186 | -3 414 | -11 213 |
--------------------------------------------------------------------------------
| General administration expenses | -12 786 | -14 140 | -53 493 |
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| Other income/ expenses (-) | 2 095 | 2 322 | 38 264 |
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| | | | |
--------------------------------------------------------------------------------
| OPERATING PROFIT | 105 147 | 110 845 | 461 940 |
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| | | | |
--------------------------------------------------------------------------------
| Financial income | 3 749 | 5 932 | 25 267 |
--------------------------------------------------------------------------------
| Financial expenses | -27 003 | -18 380 | -86 131 |
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| | | | |
--------------------------------------------------------------------------------
| PROFIT BEFORE TAXES | 81 893 | 98 397 | 401 076 |
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| | | | |
--------------------------------------------------------------------------------
| Income tax on dividends | 0 | 0 | -61 142 |
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| | | | |
--------------------------------------------------------------------------------
| NET PROFIT FOR THE PERIOD | 81 893 | 98 397 | 339 934 |
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| | | | |
--------------------------------------------------------------------------------
| Attributable to: | | | |
--------------------------------------------------------------------------------
| Equity holders of A-shares | 81 883 | 98 387 | 339 924 |
--------------------------------------------------------------------------------
| B-share holder | 10 | 10 | 10 |
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| | | | |
--------------------------------------------------------------------------------
| Earnings per A share (in kroons) | 4,09 | 4,92 | 17,00 |
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| Earnings per B share (in kroons) | 10 000 | 10 000 | 10 000 |
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| STATEMENT OF FINANCIAL POSITION | | | |
--------------------------------------------------------------------------------
| (thousand EEK) |31.03.2010| 31.03.2009| 31.12.2009|
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| | | | |
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| ASSETS | | | |
--------------------------------------------------------------------------------
| CURRENT ASSETS | | | |
--------------------------------------------------------------------------------
| Cash and equivalents | 385 293 | 336 966 | 292 474 |
--------------------------------------------------------------------------------
| Customer receivables, accrued income and | 202 267 | 131 604 | 191 317 |
| prepaid expenses | | | |
--------------------------------------------------------------------------------
| Inventories | 3 719 | 3 568 | 3 819 |
--------------------------------------------------------------------------------
| Non-current assets held for sale | 1 205 | 1 134 | 1 209 |
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| TOTAL CURRENT ASSETS | 592 484 | 473 272 | 488 819 |
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| | | | |
--------------------------------------------------------------------------------
| NON-CURRENT ASSETS | | | |
--------------------------------------------------------------------------------
| Property, plant and equipment | 2 139 910| 2 150 994 | 2 152 952 |
--------------------------------------------------------------------------------
| Intangible assets | 38 083 | 41 516 | 40 319 |
--------------------------------------------------------------------------------
| TOTAL NON-CURRENT ASSETS | 2 177 | 2 192 510 | 2 193 271 |
| | 993 | | |
--------------------------------------------------------------------------------
| TOTAL ASSETS | 2 770 477| 2 665 782 | 2 682 090 |
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| | | | |
--------------------------------------------------------------------------------
| LIABILITIES | | | |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| CURRENT LIABILITIES | | | |
--------------------------------------------------------------------------------
| Current portion of long-term borrowings | 1 658 | 83 673 | 1 936 |
--------------------------------------------------------------------------------
| Trade and other payables | 105 304 | 86 144 | 97 866 |
--------------------------------------------------------------------------------
| Short-term provisions | 2 668 | 2 693 | 3 570 |
--------------------------------------------------------------------------------
| Prepayments and deferred income | 11 575 | 23 443 | 11 687 |
--------------------------------------------------------------------------------
| TOTAL CURRENT LIABILITIES | 121 205 | 195 953 | 115 059 |
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| | | | |
--------------------------------------------------------------------------------
| NON-CURRENT LIABILITIES | | | |
--------------------------------------------------------------------------------
| Borrowings | 1 174 382| 1 089 419 | 1 174 034 |
--------------------------------------------------------------------------------
| Other payables | 1 795 | 735 | 1 795 |
--------------------------------------------------------------------------------
| TOTAL NON-CURRENT LIABILITIES | 1 176 177| 1 090 154 | 1 175 829 |
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| TOTAL LIABILITIES | 1 297 382| 1 286 107 | 1 290 888 |
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| | | | |
--------------------------------------------------------------------------------
| EQUITY CAPITAL | | | |
--------------------------------------------------------------------------------
| Share capital | 200 001 | 200 001 | 200 001 |
--------------------------------------------------------------------------------
| Share premium | 387 000 | 387 000 | 387 000 |
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| Statutory legal reserve | 20 000 | 20 000 | 20 000 |
--------------------------------------------------------------------------------
| Retained earnings | 866 094 | 772 674 | 784 201 |
--------------------------------------------------------------------------------
| TOTAL EQUITY CAPITAL | 1 473 095| 1 379 675 | 1 391 202 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES AND EQUITY CAPITAL | 2 770 477| 2 665 782 | 2 682 090 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CASH FLOW STATEMENT | 3 months | 3 months | 12 months |
--------------------------------------------------------------------------------
| (thousand EEK) | 2010 | 2009 | 2009 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| CASH FLOWS FROM OPERATING ACTIVITIES | | | |
--------------------------------------------------------------------------------
| Operating profit | 105 147 | 110 845 | 461 940 |
--------------------------------------------------------------------------------
| Adjustment for depreciation/amortisation | 22 015 | 22 471 | 89 153 |
--------------------------------------------------------------------------------
| Adjustment for profit from government | -4 401 | -3 462 | -47 512 |
| grants and connection fees | | | |
--------------------------------------------------------------------------------
| Other finance expenses | -462 | -5 715 | -29 203 |
--------------------------------------------------------------------------------
| Profit from sale of property, plant and | -3 | -116 | -150 |
| equipment, and intangible assets | | | |
--------------------------------------------------------------------------------
| Expensed property, plant and equipment | 85 | 0 | 0 |
--------------------------------------------------------------------------------
| Change in current assets involved in | -12 626 | -11 258 | -14 675 |
| operating activities | | | |
--------------------------------------------------------------------------------
| Change in liabilities involved in | 9 039 | 1 306 | 6 160 |
| operating activities | | | |
--------------------------------------------------------------------------------
| Interest paid | 0 | 0 | -38 793 |
--------------------------------------------------------------------------------
| Total cash flow from operating activities | 118 794 | 114 071 | 426 920 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| CASH FLOWS FROM INVESTING ACTIVITIES | | | |
--------------------------------------------------------------------------------
| Acquisition of property, plant and | -39 984 | -50 937 | -243 906 |
| equipment, and intangible assets | | | |
--------------------------------------------------------------------------------
| Compensations received for construction | 12 014 | 38 252 | 155 772 |
| of pipelines | | | |
--------------------------------------------------------------------------------
| Proceeds from sale of property, plant and | 3 | 116 | 238 |
| equipment, and intangible assets | | | |
--------------------------------------------------------------------------------
| Interest received | 1 992 | 5 604 | 15 077 |
--------------------------------------------------------------------------------
| Total cash flow from investing activities | -25 975 | -6 965 | -72 819 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| CASH FLOWS FROM FINANCING ACTIVITIES | | | |
--------------------------------------------------------------------------------
| Received loans | 0 | 0 | 700 968 |
--------------------------------------------------------------------------------
| Repayment of loans | 0 | 0 | -701 303 |
--------------------------------------------------------------------------------
| Dividends paid | 0 | 0 | -230 010 |
--------------------------------------------------------------------------------
| Income tax on dividends | 0 | 0 | -61 142 |
--------------------------------------------------------------------------------
| Total cash flow from financing activities | 0 | 0 | -291 487 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Change in cash and bank accounts | 92 819 | 107 106 | 62 614 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| CASH AND EQUIVALENTS AT THE BEGINNING OF | 292 474 | 229 860 | 229 860 |
| THE PERIOD | | | |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| CASH AND EQUIVALENTS AT THE END OF THE | 385 293 | 336 966 | 292 474 |
| PERIOD | | | |
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