Börsiteade

Pealkiri

Results of operations for the 1st quarter of 2012

Teade

MANAGEMENT REPORT

Contractual Highlights

  -- The court granted temporary injunction for the period of court proceedings
     to protect the Company from the unilateral breach of privatization
     agreement by Estonian Authorities (more information available at end of the
     paper from section Contractual tariff debate)
  -- Due to the fact that the 2011 tariff application and current tariff
     disputes are almost identical the court has now combined both cases
     together.
  -- No court date has yet been established to hear the court case regarding the
     legality of the tariffs established by the privatisation contract.
  -- Discussion of the complaint submitted to the EU Commission is ongoing
  -- Average real return on capital invested at privatization still 6.2% since
     2001

The Company has continuously stated its belief in fully transparent regulation
and its willingness to enter into meaningful and evidence-based dialogue that
takes into account the privatization contract signed in 2001. 



Year on Year Financial Highlights – 1st Quarter of 2012

  -- Sales from water & waste water services in main service area increased by
     2.7 %
  -- Reported total operating profit from main services has increased by 0.5%
     impacted by lower profits from construction activities
  -- Operating profit from main services increased by 4.2 %
  -- Net profit for the period is 21% lower compared to 2011 due to adverse
     variance from non-cash evaluation of fair value of swap agreements
  -- The Supervisory Council submitted the proposal to AGM to pay 0.84 EUR
     dividends per share in 2012, total dividend payment would be 16.8 mln EUR.
     AGM will decide on dividend payment on 22 May 2012 and the proposed
     dividend payment date is 15 June 2012, the list of shareholders entitled to
     receive dividends is proposed to be fixed on 5 June at 23.59.



RESULTS OF OPERATIONS - FOR THE 1st QUARTER 2012

Overview of the financial statements

In the 1st quarter of 2012 the Company’s underlying performance was good and
stable, continuously focused on the improvement of operational performance and
customer service. During the 1st quarter of 2012 the sales increased by 4.7%
mainly due to even increase from all commercial sectors supported by slight
increase from domestic sector. As result of excellent operational performance
and related efficiencies the gross profit increased by 8.8% in the 1st quarter
of 2012 and the operating profit from main business activities increased by
4.2%. Total operating profit increased by 0.5% during the same period as a
result of completion of considerably smaller proportion of the construction
program than in 1st quarter of 2011. The profit before taxes decreased by 21.0%
in the 1st quarter of 2012, being impacted by non-cash negative movement in
fair value of financial instruments opposed to positive movement in 1st quarter
of 2011. 

mln €                             1 Q 2012  1 Q 2011  Change
------------------------------------------------------------
Sales                                 13,0      12,4    4,7%
Gross profit                           8,2       7,5    8,8%
Gross profit margin %                 63,0      60,6    3,9%
Operating profit                       6,9       6,9    0,5%
Operating profit - main business       6,9       6,6    4,2%
Operating profit margin %             53,5      55,7   -4,0%
Profit before taxes                    6,3       8,0  -21,0%
Net profit                             6,3       8,0  -21,0%
Net profit margin %                   48,5      64,4  -24,6%
ROA %                                  3,2       4,2  -24,4%
Debt to total capital employed        57,0      57,1   -0,2%
------------------------------------------------------------



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 2012

Sales

In the 1st quarter of 2012 the Company’s total sales increased, year on year,
by 4.7% to 13.0 mln EUR. 92% of sales comprise of sales of water and treatment
of wastewater to domestic and commercial customers within and outside of the
service area, 6% of sales from fees received from the City of Tallinn for
operating and maintaining the storm water system and 2% from other works and
services. 

Sales of water and wastewater services were 11.9 mln EUR, a 4.6% increase
compared to the 1st quarter of 2011, resulting from the rise in sales volumes
as described below. 

Within the service area, sales to residential customers increased by 1.4% to
6.1 mln EUR. Sales to commercial customers increased by 4.5% to 4.6 mln EUR, an
increase in all commercial sectors signifying recovery from the recession
period. Sales to customers outside of the service area increased by 33.1% to
1.1 mln EUR in the 1st quarter of 2012. Over pollution fees received were 0.18
mln EUR, a 14.0% decrease compared to the 1st quarter of 2011. 

In the 1st quarter of 2012, the volumes sold to residential customers increased
by 1.4% year on year. 

The volumes sold to commercial customers inside the service area have risen,
reflecting a 4.3% increase compared to the same period in 2011. The sales
volumes increased evenly across all commercial sectors in the 1st quarter of
2012. 

Outside service area sales volumes were 49.0% higher than in the 1st quarter of
2011. The main factor in this increase was higher storm water volumes in the
1st quarter of 2012 compared to 2011, resulting in sales increase year on year
by 33.1%. Sales increase is lower than volumes increase as storm water tariffs
are considerably lower than sewage tariffs. 

The sales from the operation and maintenance of the storm water and
fire-hydrant system increased by 3.4% to 0.88 mln EUR in the 1st quarter of
2012 compared to the same period in 2011. 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 4.8 mln EUR in the
1st quarter of 2012, a decrease of 0.07 mln EUR or 1.5% from the equivalent
period in 2011. The cost decrease was mainly the result of the release of a
one-off provision worth 0.44 mln EUR described at the pollution tax variance
analysis below. Total underlying cost of goods sold increased by 0.36 mln EUR
or by 7.4%, mainly due to the increase in variable costs. 

Although total variable costs decreased by 0.11 mln EUR, primarily for the
reason described above, underlying variable costs increased by 0.33 mln EUR or
23.1% year on year. This was mainly due to high storm water volume in the
combined sewerage and storm water system  that led to increased wastewater
treatment volumes by 19.1% (worth 0.22 mln EUR), that mainly affected the
variable costs together with the following additional factors: 

  -- Tax rate on special use of water increased by 7.5% on average, total cost
     increase by 6.2% or 0.01 mln EUR to 0.24 mln EUR in the 1st quarter of
     2012, in combination of increased rates and sales volumes, partly balanced
     by reduced leaking ratio.
  -- Chemicals costs increased in extra to the volume impact mainly due to 20.5%
     higher methanol price worth 0.03 mln EUR. Total chemical costs were 0.37
     mln EUR, a 0.12 mln EUR or 47.2% increase compared to the corresponding
     period in 2011.
  -- Electricity costs were the most impacted by storm water volumes, but had
     also considerable hit from increase in electricity rates, which on average
     have increased 20.3% with an adverse effect of 0.16 mln EUR in extra to the
     adverse impact from the increased volumes. Electricity costs in total
     increased by 0.26 mln EUR or 37.9% in the 1st quarter of 2012 compared to
     the 1st quarter of 2011.
  -- The pollution tax cost was the most impacted by the fact that the Company
     released a one-off provision that was established for pollution incident in
     Maardu and was related to storm water outlet not fully in control of the
     Company.

Eliminating the 0.44 mln EUR provision the pollution tax would have been 20.9%
lower than in the 1st quarter of 2011. Improved nitrogen removal reduced the
pollution tax by 0.11 mln EUR, but the effect was partly balanced by the
increased volumes and 14% increase in tax rates. Underlying pollution tax
payable was 0.22 mln EUR compared to 0.28 mln EUR in the 1st quarter of 2011. 

The excellent nitrogen removal is the result of the environmental project that
was implemented to mitigate the nitrogen treatment and tax risks discussed
throughout the 2010 and 2011. The project was completed by the Company in the
beginning of the 3rd quarter of 2011 when we finished the construction and
implemented the additional stage in sewage treatment process. 

Fixed cost of goods sold in the main operating activity were well controlled by
the Company, cost increase 0.03 mln EUR or 1.0% year on year being well below
the CPI increase as result of implemented efficiency measures. 

As a result of all of the above the Company’s gross profit for the 1st quarter
of 2012 was 8.2 mln EUR, which is an increase of 0.66 mln EUR, or 8.8%,
compared to the gross profit of 7.5 mln EUR for the 1st quarter of 2011. 



Other Operating Costs

All cost groups were affected by various level increases in salary cost, being
impacted by the transfer of costs between the groups due to minor
rearrangements in the organization, but also by redundancy compensations. Total
salary bill has increased by 3.1% in the 1st quarter of 2012 compared to the
same period of 2011, which is below the 2011 CPI of 5.0%. 

Marketing expenses increased by 0.02 mln EUR to 0.22 mln EUR during the 1st
quarter of 2012 compared to the corresponding period in 2011 only due to
discussed change in salary costs. 

In the 1st quarter of 2012 the General administration expenses increased by
0.18 mln EUR year on year to 1.1 mln EUR. In extra to the discussed increase in
salary cost the General administration expenses increased mainly due to the
increase in legal consultancies acquired in the process of tariff dispute. 



Other net income/expenses

In the 1st quarter of 2012 Other net income was 0.03 mln EUR, a 0.43 mln EUR
negative variance in the 1st quarter of 2012 compared to the 1st quarter of
2011. 

The majority of the income in Other net income/expenses has been related to
constructions and government grants in previous years. The drivers for this
income stream were the networks extension program and the connections activity
in Tallinn. As the major programs are close to completion in the 1st half of
2012, the revenues from this activity have already dropped and will continue to
drop throughout the year. Income and expenses from constructions and government
grants totaled a net income of 0.08 mln EUR in the 1st quarter of 2012 compared
to a net income of 0.32 mln EUR in the 1st quarter of 2011. 

The rest of the other income/expenses totaled an expense of 0.05 mln EUR in the
1st quarter of 2012 compared to an income of 0.15 mln EUR in the 1st quarter of
2011 that was mainly related to a one-off extraordinary debt collection. 

As a result of all these factors the Company’s operating profit from main
services for the 1st quarter of 2012 totaled 6.9 mln EUR compared to 6.6 mln
EUR in the corresponding quarter in 2011. In total the Company’s operating
profit for all activities for the 1st quarter of 2012 was 6.9 mln EUR, an
increase of 0.04 mln EUR compared to an operating profit of 6.9 mln EUR
achieved in the 1st quarter of 2011. Year on year the operating profit for the
1st quarter has increased by 0.5%. 



Financial expenses

Net Financial revenues/expenses were 0.64 mln EUR in the 1st quarter of 2012,
which is a negative variance of 1.7 mln EUR or 159.9% compared to the net
revenues in the 1st quarter of 2011. In both years the financial costs were
mainly impacted from the non-cash revaluation of the fair value of swap
agreements, in the 1st quarter of 2011 the revaluation impact was positive by
1.5 mln EUR and in the relevant quarter of 2012 the revaluation impact was
negative by 0.22 mln EUR. 

The swap agreements have been signed to mitigate the majority of the long term
floating interest risk, the interest swap agreements are signed for 75 mln EUR
and 20 mln EUR is thereby still with floating interest rate. At this point in
time the estimated fair value of the swap contracts is negative, totaling 4.7
mln EUR. 

Effective interest rate in the 1st quarter of 2012 was 3.39%, amounting in the
interest costs of 0.82 mln EUR, compared to 2.84% and in the amount of 0.68 mln
EUR in the 1st quarter of 2011. This reflects the euribor increase and adverse
impact from swap agreements that became effective in the 2nd quarter of 2011. 



Profit Before Tax

The Company’s profit before taxes for the 1st quarter of 2012 was 6.3 mln EUR,
which is 1.7 mln EUR lower than the profit before taxes of 8.0 mln EUR for the
1st quarter of 2011. The profit before tax has mainly been suppressed by the
described revaluation of interest swap agreements. 



Balance sheet

In the 1st quarter the total assets have increased by 6.2 mln EUR that is
characteristic for the Company’s traditional cash generation and capex spend
profile throughout the year. 

Current assets increased by 9.5 mln EUR to 44.4 mln EUR in the three months of
the year. Cash at bank increased by 7.9 mln EUR and the customer receivables
increased by 1.7 mln EUR as result of the reclassification of accrued income
related to financing of long term construction projects from non-current assets
to current assets. 

During the three months of 2012 the Company invested 1.5 mln EUR into fixed
assets. Non-current assets were 153.8 mln EUR at 31 March 2012. 

Current liabilities decreased by 0.44 mln EUR to 8.0 mln EUR in the three
months of the year, due to decrease in Trade payables, reflecting capex
payables profile throughout the year. 

The Company has a Total debt/Total assets level as expected of 57.0%, in the
target range of 50%-60%, reflecting the pre-dividend increase in Equity of 6.3
mln EUR. 

Long-term liabilities stood at 105.0 mln EUR at the end of March 2012,
consisting mainly of the outstanding balance of three long-term bank loans and
supplemented by deferred income from connection fees. The total 95 mln EUR loan
capital is recorded within long term liabilities in accordance with the signed
loan agreements. The first repayment of loans or refinancing should take place
at the end of 2013. The weighted average interest margin for the total loan
facility is 0.82%. 

Considering that the court proceedings are continuously ongoing, the Management
has not changed the evaluation of the contingent liability.  In the 4th quarter
of 2011 the Company recorded an exceptional contingent liability, which could
cause an outflow of economic benefits of up to 36.0 mln euros, as per note 3 to
the annual accounts. 



Cash flow

During the three months of 2012, the Company generated 6.6 mln EUR of cash
flows from operating activities, a decrease of 2.5 mln EUR compared to the
corresponding period in 2011. 2012 operating cash flows were below 2011 cash
flows mainly due extraordinary payments of overdue debt in 1st quarter of 2011.
Underlying operating profit still continues to be the main contributor to
operating cash flows. 

In the three months of 2012 net cash inflows from investing activities were 1.2
mln EUR, an increase of 3.2 mln EUR compared to an outflow of 2.0 mln EUR in
the 1st quarter of 2011, mainly due to lower capex spent on network extension.
At the end of 1st quarter of 2012 the cash outflows related to the fixed asset
investments were 1.7 mln EUR compared to 3.8 mln EUR spent in the same period
of 2011. The compensations received for the construction of pipelines were 2.7
mln EUR in the 1st quarter of 2012, an increase of 0.77 mln EUR compared to
same period in 2011. In 2012 the Company also gave the 0.23 mln EUR loan to
Maardu according to the Operating agreement signed in 2008. 

As a result of all of the above factors, the total cash inflow in the three
months of 2012 was 7.9 mln EUR compared to a cash inflow of 7.2 mln EUR in the
three months of 2011. Cash and cash equivalents stood at 22.6 mln EUR as at 31
March 2012 which is 2.2 mln EUR higher than at the corresponding period of
2011. 



Employees

At the end of the 1st quarter of 2012, the total number of employees was 310
compared to 315 at the end of the 1st quarter of 2011. The full time equivalent
(FTE) was respectively 298 in 2012 compared to the 301 in 2011. The management
continues to work actively for the efficiencies in processes to balance the
increase in individual salaries and cost pressure from the market with more
productive company structure. 



Corporate structure

At the end of the quarter, 31 March 2012, the Group consisted of 2 companies.
The subsidiary Watercom OÜ is wholly owned by AS Tallinna Vesi and consolidated
to the results of the Company. 



Share performance

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

As of 31 March 2012 AS Tallinna Vesi shareholders, with a direct holding over
5%, were: 

United Utilities (Tallinn) BV  35.3%
------------------------------------
City of Tallinn                34.7%
------------------------------------



Parvus Asset Management owned in total 6.09% of the shares of the Company as
per Company’s best information as of 31 March 2012. 

At the end of the quarter, 31 March 2012, the closing price of the AS Tallinna
Vesi share was 7.41 EUR, which is a 17.81% increase compared to the closing
price of 6.29 EUR at the beginning of the quarter. During the same period the
OMX Tallinn index rose by 13.45%. In the 1st quarter the Company’s share price
was mainly impacted by the ongoing contractual debate and interim court
decisions. 



Operational highlights in 1st quarter of 2012

  -- In the 1st quarter of 2012, the operational and quality indicators of AS
     Tallinna Vesi have been on the highest level ever and indicate continuous
     improvement. Compared to 1st quarter 2011, the most remarkable improvements
     have been in removing pollution from the wastewater discharged into the
     Baltic Sea and in wastewater, service quality and customer communication
     indicators.
For example:
     -- The quality indicators for water quality have so far been on the highest
        level ever, from taken samples 100% were fully in accordance with the
        norms, outperforming considerably the required standard 95% at
        customers’ taps.
     -- Total number of sewage blockages has decreased by 33%.
     -- Total time of interruptions has decreased by 8%. 
     -- The leakage level is below 17%, over 4% less than in 2011.
     -- Compared to the 1st quarter of 2011, the biofilter has enabled to reduce
        the volume of discharge of nitrogen by 51.2%.
     -- More details on operating performance can be found from /
LINK to TSE
/



Key contractual events

Contractual tariff debate

Tariffs are still frozen on the 2010 level despite of the fact that on 9
November 2010 the Company submitted its tariff application for a 3.5% tariff
increase from 1 January 2011, which was contractually agreed in the
privatisation contract to the Competition Authority (CA), the new price
checker. The tariff application is fully in accordance with the law and the
best practice regulation for privatized utilities, such as that favoured by
Ofwat in the UK and recommended by the World Bank for privatized utilities. 

On 2nd May the CA informed the Company about the rejection of the tariff
application. The CA completely ignored the privatization contract and did not
perform any analysis of the contractual and financial performance of the
Company during the period after privatization.  The CA is arguing that the
Company’s profitability is too high using their own recommendatory and
unverified methodology. 

The Company has calculated that the average real return on invested capital
from 2001 till 2012 has been 6.2% and the Company has also had these returns
independently verified by the international economics consulting company,
Oxera. The annual return on capital invested is in accordance with the returns
allowed by Ofwat the UK regulator over this same period[1], and the return
permitted by the Dutch Energy regulator Energiekamer, which allowed a real rate
of return of 6% in its regulatory determination of September 2010. 

The Company and its investors cannot accept such a unilateral breach of the
privatization terms and contract by Estonian Authorities and the Company
submitted an appeal to the court on 2 June 2011. 

Regrettably the CA decided not to wait for the court ruling regarding the
legality of the privatization contract and on 10 October 2011 the CA sent a
prescription to the company asking it to reduce its current tariffs by 29%. The
Company lodged another claim against the prescription and asked for the
temporary injunction from the Estonian court. The court granted the temporary
injunction for the period of court proceedings on 6 February 2012 and this
decision was confirmed by next level court on 2nd of March. The ruling cannot
be appealed any further and due legal process must now take its course. 

On 6th of February The outcome and lengths of the Court proceedings is outside
the control of the Company. 



Complaint to European Commission

In parallel, on 10th December 2010 AS Tallinna Vesi lodged a complaint to the
European Commission regarding certain measures adopted by the Estonian
authorities. The company believes these measures unilaterally alter the terms
of AS Tallinna Vesi's privatization regime, and without any objective
justification, any form of meaningful prior discussion, or willingness to
engage in dialogue. Therefore they violate EU rules on the freedom of
establishment and the free movement of capital (articles 49 and 63 TFEU). The
process is ongoing. 



Disclosure of relevant papers and perspectives

The Company has published its tariff application and all relevant
correspondence with the CA on its website
(http://www.tallinnavesi.ee/?op=body&id=728) and to the Tallinn Stock Exchange
and will keep its investors informed of all future developments regarding the
further key developments regarding the processing of the tariff application.
Still, at this point in time the Company is unable to say what is going to
happen to the tariffs as it is unclear at the moment how the CA intends to
respond to the Court and what would be the next steps by the European
Commission. 



Additional information:

Siiri Lahe

Chief Financial Officer

+372 6262 262

[email protected]





STATEMENT OF COMPREHENSIVE INCOME    I quarter  I quarter  12 months
(thousand EUR)                          2012       2011       2011  
                                                                    
Revenue                                 12 993     12 404     51 240
Costs of goods sold                     -4 809     -4 882    -20 927
                                                                    
GROSS PROFIT                             8 184      7 522     30 313
                                                                    
Marketing expenses                        -216       -200       -748
General administration expenses         -1 051       -874     -4 294
Other income/ expenses (-)                  32        464      3 619
                                                                    
OPERATING PROFIT                         6 949      6 912     28 890
                                                                    
Financial income                           391      1 752      1 947
Financial expenses                      -1 034       -678     -5 071
                                                                    
PROFIT BEFORE TAXES                      6 306      7 986     25 766
                                                                    
Income tax on dividends                      0          0     -4 253
                                                                    
NET PROFIT FOR THE PERIOD                6 306      7 986     21 513
COMPREHENSIVE INCOME FOR THE PERIOD      6 306      7 986     21 513
Attributable to:                                                    
Equity holders of A-shares               6 305      7 985     21 512
B-share holder                            0,60       0,64       0,60
                                                                    
Earnings per A share (in euros)           0,32       0,40       1,08
Earnings per B share (in euros)            600        639        600





STATEMENT OF FINANCIAL POSITION                                                 
(thousand EUR)                                   31.03.201  31.03.201  31.12.201
                                                         2          1          1
                                                                                
ASSETS                                                                          
CURRENT ASSETS                                                                  
Cash and equivalents                                22 636     20 439     14 770
Customer receivables, accrued income and            21 531     18 560     19 845
 prepaid expenses                                                               
Inventories                                            193        287        248
Non-current assets held for sale                        78         76         73
TOTAL CURRENT ASSETS                                44 438     39 362     34 936
                                                                                
NON-CURRENT ASSETS                                                              
Long-term investment assets                          6 380        429      9 583
Property, plant and equipment                      145 915    147 926    145 973
Intangible assets                                    1 502      1 982      1 577
TOTAL NON-CURRENT ASSETS                           153 797    150 337    157 133
TOTAL ASSETS                                       198 235    189 699    192 069
                                                                                
LIABILITIES                                                                     
                                                                                
CURRENT LIABILITIES                                                             
Current portion of long-term borrowings                 29      7 607          0
Trade and other payables                             4 855      5 431      5 789
Derivatives                                          1 780        906      1 552
Short-term provisions                                    0         27          0
Prepayments and deferred income                      1 378      1 005      1 146
TOTAL CURRENT LIABILITIES                            8 042     14 976      8 487
                                                                                
NON-CURRENT LIABILITIES                                                         
Deferred income from connection fees                 6 922      5 810      6 824
Borrowings                                          95 150     87 449     94 938
Derivatives                                          2 931          0      2 936
Other payables                                           9        115          9
TOTAL NON-CURRENT LIABILITIES                      105 012     93 374    104 707
TOTAL LIABILITIES                                  113 054    108 350    113 194
                                                                                
EQUITY CAPITAL                                                                  
Share capital                                       12 000     12 782     12 000
Share premium                                       24 734     24 734     24 734
Statutory legal reserve                              1 278      1 278      1 278
Retained earnings                                   47 169     42 555     40 863
TOTAL EQUITY CAPITAL                                85 181     81 349     78 875
TOTAL LIABILITIES AND EQUITY CAPITAL               198 235    189 699    192 069





CASH FLOW STATEMENT                                         3       3       12  
                                                         months  months   months
(thousand EUR)                                            2012    2011    2011  
                                                                                
CASH FLOWS FROM OPERATING ACTIVITIES                                            
Operating profit                                          6 949   6 912   28 890
Adjustment for depreciation/amortisation                  1 434   1 394    5 729
Adjustment for profit from government grants and            -78    -315   -3 484
 connection fees                                                                
Other finance expenses                                        4      -2       35
Profit from sale of property, plant and equipment, and       -1       0       55
 intangible assets                                                              
Expensed property, plant and equipment                        3       0       10
Change in current assets involved in operating             -631   1 616      720
 activities                                                                     
Change in liabilities involved in operating activities     -324    -128    1 306
Interest paid                                              -717    -290   -3 051
Total cash flow from operating activities                 6 639   9 187   30 210
                                                                                
CASH FLOWS FROM INVESTING ACTIVITIES                                            
Loans granted                                              -227    -429   -3 151
Acquisition of property, plant and equipment, and        -1 717  -3 812  -18 506
 intangible assets                                                              
Compensations received for construction of pipelines      2 769   2 004   11 284
Proceeds from sale of property, plant and equipment,          1       0       13
 and intangible assets                                                          
Interest received                                           401     254    1 939
Total cash flow from investing activities                 1 227  -1 983   -8 421
                                                                                
CASH FLOWS FROM FINANCING ACTIVITIES                                            
Received loans                                                0       0        0
Dividends paid                                                0       0  -16 001
Income tax on dividends                                       0       0   -4 253
Total cash flow from financing activities                     0       0  -20 254
                                                                                
Change in cash and bank accounts                          7 866   7 204    1 535
                                                                                
CASH AND EQUIVALENTS AT THE BEGINNING OF THE PERIOD      14 770  13 235   13 235
                                                                                
CASH AND EQUIVALENTS AT THE END OF THE PERIOD            22 636  20 439   14 770






         Siiri Lahe
         Chief Financial Officer
         +372 6262 262
         [email protected]