Börsiteade
AS TALLINNA VESI
Kategooria
Majandusaasta aruanne
Manused
Kuupäev
12.03.2008 08:00:00
Pealkiri
2007.A. MAJANDUSTULEMUSED, AUDITEERITUD (EUR)
Teade
JUHATUSE ESIMEHE PÖÖRDUMINE
2007. aasta tulemused olid AS-i Tallinna Vesi (edaspidi Ettevõte) jaoks head,
Ettevõte liikus stabiilselt strateegiliste eesmärkide täitmise suunas. Paranenud
on klienditeeninduse tase - seda näitavad sõltumatu rahulolu-uuringu tulemused;
tõusnud on Ettevõtte tootmisefektiivsus - oleme saavutanud läbi aegade parima
joogivee ja puhastatud heitvee kvaliteedi; alustatud on uute ettevõtmistega -
soovime jätkuvalt kasvada; suutsime tagada tugevad majandustulemused -
saavutasime kasvu nii käibes kui kasumis.
Klienditeeninduse kõrge tase
Kõrgel tasemel klienditeeninduse pakkumine on Ettevõtte peamine eesmärk. Meil on
hea meel, et 2007. aasta lõpus sõltumatu uuringufirma TNS Emori poolt läbiviidud
kliendirahulolu-uuring näitas märkimisväärseid edusamme kliendisuhetes.
Kliendirahulolu tähistav indeks oli 100-pallisel skaalal tõusnud 73-lt 79-le,
mis asetab Ettevõtte teiste maailma kommunaalteenuste pakkujatega võrreldes
esimese 10% hulka.
Sellele on eelnenud palju tööd. Lisaks kliendikesksuse vajalikkuse rõhutamisele,
oleme Ettevõttes välja töötanud ja rakendanud täiendavaid vahendeid ning teinud
ümberkorraldusi kogu organisatsioonis. Pärast uue kliendihaldussüsteemi
kasutuselevõtmist 2006. aastal töötasime 2007. aasta alguses välja veebipõhise
iseteeninduse, võimaldades klientidel lihtsamini oma kontot hallata. Uute
arvelduse funktsionaalsustega (otsekorraldus, e-arve) iseteenindus on osutunud
väga edukaks.
Samuti oleme üle vaadanud ettevõttesisese töökorralduse. Hinnates meie tegevust
klientide seisukohast, oleme analüüsinud klienditeenindusega seotud protsesse
ning täiustanud kliendi- ja süsteemihaldusega seotud tegevusi. Seeläbi suudame
igakülgselt toetada sisemisi tegevusi, mis on aluseks kvaliteetsele
klienditeenindusele.
Ettevõttena, kelle toode mõjutab ühe kolmandiku Eesti elanikkonna igapäevaelu,
on meil väga eriline vastutus klientide, ühiskonna ja keskkonna ees.
Kvaliteetsete toodete ja teenuste osutamise kõrval jätkame panustamist
ühiskonda, toetades sotsiaal- ja haridusprojekte. Sel aastal valmis
veeringlusest jutustav, hariv arvutimäng ‘Rändur Tilk', mida jagatakse kõikidele
koolidele üle Eesti, eesmärgiga tõsta noorte keskkonnateadlikkust.
Tootmistulemuste kõrge kvaliteet
Ettevõtte meeskonda tuleb 2007. aastal tunnustada mitmete kordaminekute eest,
mis tõstsid oluliselt tootmistegevuse kvaliteeti ja efektiivsust.
Klientideni jõudva joogivee kvaliteet oli läbi aegade parim ning see näitaja on
üks olulisimaid kliendirahulolu mõjutajaid. Ettevõte jätkuvaks eesmärgiks on
tõsta joogivee kvaliteeti kogu puhastusprotsessi ulatuses: alates valgalast ja
veepuhastusjaamast kuni veevõrgu opereerimiseni otsivad meie meeskonnad
kõikvõimalikke viise joogivee kvaliteedi jätkuvaks parandamiseks.
Ka puhastatud heitvee kvaliteet oli 2007. aastal kõrgem kui eales varem. Tänu
viimaste aastate ulatuslikele investeeringutele reoveepuhastusjaamas (eriti
lämmastikueralduse tõhustamiseks ja reoveesette töötlemise täiustamiseks) ja
meeskonna professionaalsetele oskustele suudab Ettevõte puhastada pealinna ja
ümberkaudsete valdade reovett tasemel, mis vastab täielikult Euroopa Liidu
standarditele.
Töötajate töötervishoid ja -ohutus on meie jaoks esmane. Pärast edukat auditit
2007. aasta maikuus pälvis Ettevõte rahvusvahelise töötervishoiu ja -ohutuse
juhtimissüsteemi (OHSAS) sertifikaadi. See on
suurepärane tunnustus töötingimuste parendamise suunal tehtud tööle, kuid enamgi
veel annab rõõmustamiseks põhjust asjaolu, et 2007. aastal ei toimunud
Ettevõttes ühtegi tööõnnetust.
Oleme saavutanud efektiivsuse tõusu tootmises peamiselt kahe teguri koosmõjul:
meie töötajate pühendumine ning 2007. ja eelnevatel aastatel täidetud
investeeringute kava. Eelmisel aastal jätkasime suuremahuliste investeeringute
(18,2 miljonit eurot) suunamisega joogivee kvaliteeti. Need investeeringud
hõlmasid valgalal ja veepuhastusjaamas tehtud parendusi ning veevõrgu pidevat
uuendamist. Samuti investeerisime reovee puhastamisesse, viies lõpule
lämmastikuprojekti, mis pälvis ka Keskkonnaministeeriumi heakskiidu. Edukalt
lõpetatud lämmastikuprojekt ja valminud reoveesettekäitluse hoone võimaldavad
meil hoida puhastatud reovee kvaliteeti kontrolli all.
Eelpoolmainitud investeeringute abil tõstsime tootmisefektiivsust ja meie toote
kvaliteeti, mis toob kaasa keskkonnamõjude vähenemise. See väljendub Tallinna
lahte juhitava puhastatud heitvee kõrges kvaliteedis ja täielikus nõuetega
vastavuses, kogu reoveesette ümbertöötlemises reoveesetteseguks, veeressursside
paremas kasutamises ning kontrollis leketest tuleneva veekao hulga üle.
Keskkonnast hoolimine on oluliseks osaks meie igapäevasest tegevusest nii praegu
kui ka tulevikus.
Ettevõtte tegevuse laiendamine
Meie sooviks on laiendada Ettevõtte tegevust, kasutades seejuures ära meie
peamisi kompetentse vee- ja kanalisatsioonirajatiste haldamisel.
2007. aastal tõi Ettevõte turule kaubamärgi ‘Veemees', mille teenused on
tihedalt seotud meie põhitegevusega. ‘Veemees' tegutseb klientide torustikel,
andes majaomanikele nõu torustike hooldamiseks ning teostades väikesemahulisi
kinnistu- ja majasiseseid torustike ehitustöid. 2007. aastal jäi tegevusmaht
tagasihoidlikuks, kuid eeldame selle kasvamist lähtuvalt klientide nõudlusest.
2007. aastal jätkasime Tallinna vee- ja kanalisatsioonitorustike laiendamist,
kokku rajasime 14,9 km uut torustikku. Samuti jätkasime sademeveevõrgu
laiendamisega, rajades lisaks 10,4 km torustikku. Selline ehitustegevus parandab
klientidele pakutavat teenust, laiendab meie tegevusala ja aitab kaitsta
keskkonda.
Ettevõtte arendustegevus hõlmab koostööd Tallinna ümberkaudsete valdadega. Meie
vee- ja reoveepuhastusjaamadel on kasutamata võimsust, mistõttu saame
lähivaldadele pakkuda suurel hulgal Euroopa Liidu standarditele vastavaid
kvaliteetseid joogiveega varustamise ning reovee ärajuhtimise ja puhastamise
teenuseid. Seni oleme neid teenuseid osutanud Ettevõtte vee- ja
kanalisatsioonivõrgu ning valdade territooriumite vahele rajatud
liitumispunktide kaudu. Järgnevatel aastatel oleme valmis laiendama senist
koostööd, et aidata Tallinna lähivaldadel oma arenguplaane ellu viia.
Ettevõtte väärtuse suurendamine
2007. aastal tehti muudatused Ettevõtte ja Tallinna linna õigusi ja kohustusi
sätestavas Teenuslepingus. Need muudatused kiirendavad oluliselt veevarustuse ja
kanalisatsiooni väljaehitamist ning tagavad Tallinna kanaliseerimise 2011. aasta
märtsiks (hetkel on kanaliseeritud 97% linnast). Lepingumuudatused seavad
vastutuse kava täitmise eest Ettevõttele. Ühtlasi on kuni lepingu kehtivuse
pikendatud tähtaja, 2020. aastani, fikseeritud K-koefitsient, mille kaudu on
tagatud Ettevõtte kasumlikkuse taseme järjepidevus ja tulude ennustatavus.
2007. aasta majandustulemused olid head ja püsivas arengus, võrreldes 2006.
aastaga kasvas Ettevõtte käive 18,4% võrra ja maksustamiseelne kasum suurenes
12,9%.
Kuigi Ettevõtte müügimahud eraklientidele ei muutunud ja seoses tootmiskliendi
ümberasumisega Tallinnast väljapoole toimus väike langus äriklientide suunal,
liikusid Tallinna lähivaldade müügimahud tõusvas suunas, peegeldades nendes
valdades toimuvat aktiivset arendustegevust.
Liitumistegevus on samuti olnud väga dünaamiline - vastav käive kasvas 2007.
aastal 65,7%. Kokku kasvas Ettevõtte müügitulu 52,5 miljoni euroni.
Ettevõte hoidis vaatamata kõrgele inflatsioonile edukalt kulusid kontrolli all
ning müüdud toodete ja teenuste kulu vähenes 1,75% võrra. Arvestamata
mitteperioodilisi tulusid ja kulusid, oleks põhitegevusega seotud müüdud toodete
ja teenuste kulud kasvanud 4,5%. See on märkimisväärselt hea tulemus, arvestades
mõnede kulukirjetega, nagu näiteks palgad, seotud kõrget inflatsiooni taset
Eestis. Selline tulemus saavutati tänu tõhusale kulukontrollile ning pidevale
efektiivsuse suurendamisele.
Ettevõtte poolt aktsionäridele väljamakstavad dividendid kasvasid 2007. aastal
25%.
Samuti on hea meel tõdeda, et Ettevõtet tegevus pälvis asjatundjate tunnustuse.
Eesti Kaubandus- ja Tööstuskoda ning Eesti Tööandjate Keskliit valisid Ettevõtte
‘Konkurentsivõimelisimaks teenindusettevõtteks' Eestis.
Pühendume jätkuvalt kõrgete juhtimisstandardite saavutamisele. Meie eesmärk on
olla läbipaistev oma tegevuses, juhtimises, tulemuste avaldamises ning suhetes
aktsionäridega ja huvigruppidega. Sarnaselt varasematele aastatele, pälvisime ka
2007. aastal rahandusringkondade tunnustuse - OMX Balti Börsid tõstsid Ettevõtte
esile meie investorsuhete kvaliteedi poolest.
Meeskondlik panus
Kõik eelpoolmainitu on saanud võimalikuks ainult tänu Ettevõtte meeskonna
suurepärasele panusele. Siinkohal soovin avaldada tunnustust meie töötajatele
nende pühendumuse eest. 2007. aastal läbiviidud uuring näitas, et töötajate
pühendumine on kasvanud 10%. See on väga positiivne tulemus, mis innustab meid
tegelema edasi personalistrateegiaga, et tulemuste paranemise trend ka
järgmistel aastatel jätkuks.
2007. aastal investeerisime olulisel määral aega ja energiat
personalistrateegiasse ja -poliitikasse ning sõnastasime uued Ettevõtte
väärtused, milleks on:
Pühendumine
Kliendikesksus
Meeskonnatöö
Loovus
Usume, et uute väärtustega kooskõlas oleva käitumisega suudame saavutada
Ettevõtte strateegilised eesmärgid. 2008. aasta algusest rakendub uus sooritusel
põhinev tasustamissüsteem, mis võtab arvesse ka seda, kuidas töötajad väärtusi
järgivad.
Meil on selge visioon Ettevõtte tulevikust. Selle visiooni saavutamiseks oleme
pannud paika pikaajalised strateegilised eesmärgid. Nendest tulenevad aasta
eesmärgid, mis omakorda jaotatakse töötajate individuaalseteks eesmärkideks.
Ettevõtte töösoorituse hindamise süsteem hõlmab kõiki eelnimetatud etappe. Kuna
see lähenemine on heade tulemuste saavutamisel osutunud vägagi edukaks, jätkame
selle rakendamist ka 2008. aastal.
Kokkuvõttes oli 2007. aastal Ettevõtte jaoks hea, millele viitavad ka tugevad
majandustulemused. Tänu sellele on meil kindel stardipositsioon uueks aastaks ja
tugevam vundament kaugemaks tulevikuks. Ka 2008. aastal keskendume Ettevõtte
strateegilistele eesmärkidele ja meie sihiks on saavutada suurepärased tulemused
kõikidel tegevussuundadel.
--------------------------------------------------------------------------------
| KASUMIARUANNE (tuhat EUR) | 2007 | 2006 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Põhitegevuse tulud | 41 436 | 37 655 |
--------------------------------------------------------------------------------
| Põhitegevusega seotud muud tulud | 11 021 | 6 650 |
--------------------------------------------------------------------------------
| Müügitulu | 52 457 | 44 305 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Müüdud toodete/teenuste kulud | -13 848 | -14 095 |
--------------------------------------------------------------------------------
| Põhitegevusega seotud muud kulud | -10 110 | -6 206 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| BRUTOKASUM | 28 499 | 24 005 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Turustuskulud | -866 | -612 |
--------------------------------------------------------------------------------
| Üldhalduskulud | -3 633 | -3 280 |
--------------------------------------------------------------------------------
| Muud äritulud/-kulud (-) | 118 | 1 485 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| ÄRIKASUM | 24 118 | 21 597 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Finantstulud/-kulud (-) | -2 827 | -2 747 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| KASUM ENNE TULUMAKSUSTAMIST | 21 291 | 18 850 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Dividendide tulumaks | -3 533 | -2 997 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| PERIOODI PUHASKASUM | 17 757 | 15 853 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Jaotatav: | | |
--------------------------------------------------------------------------------
| A- aktsia omanikele | 17 757 | 15 852 |
--------------------------------------------------------------------------------
| B- aktsia omanikule | 0,64 | 0,64 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Kasum aktsia kohta eurodes | 0,89 | 0,79 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| BILANSS (tuhat EUR) | 2007 | 2006 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| VARAD | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| KÄIBEVARA | | |
--------------------------------------------------------------------------------
| Raha ja raha ekvivalendid | 11 403 | 15 940 |
--------------------------------------------------------------------------------
| Nõuded ostjate vastu | 11 838 | 4 569 |
--------------------------------------------------------------------------------
| Viitlaekumised ja ettemaksed | 331 | 304 |
--------------------------------------------------------------------------------
| Varud | 233 | 201 |
--------------------------------------------------------------------------------
| Varad müügiks | 72 | 105 |
--------------------------------------------------------------------------------
| KOKKU KÄIBEVARA | 23 877 | 21 120 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| PÕHIVARA | | |
--------------------------------------------------------------------------------
| Materiaalne põhivara | 127 375 | 119 969 |
--------------------------------------------------------------------------------
| Immateriaalne põhivara | 3 140 | 3 361 |
--------------------------------------------------------------------------------
| Lõpetamata varad - v.a. liitumis-ehitused | 3 070 | 5 859 |
--------------------------------------------------------------------------------
| Lõpetamata torustikud - uued liitumised | 5 756 | 7 488 |
--------------------------------------------------------------------------------
| Ettemaksed materiaalse põhivara eest | 345 | 179 |
--------------------------------------------------------------------------------
| KOKKU PÕHIVARA | 139 686 | 136 856 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| VARAD KOKKU | 163 562 | 157 976 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| KOHUSTUSED JA OMAKAPITAL | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| LÜHIAJALISED KOHUSTUSED | | |
--------------------------------------------------------------------------------
| Pikaajaliste laenukohustuste lühiajaline osa | 2 651 | 30 |
--------------------------------------------------------------------------------
| Hankijate ja muud võlad | 5 558 | 5 448 |
--------------------------------------------------------------------------------
| Maksuvõlad | 1 693 | 1 950 |
--------------------------------------------------------------------------------
| Lühiajalised eraldised | 143 | 34 |
--------------------------------------------------------------------------------
| Tulevaste perioodide tulud | 2 691 | 2 322 |
--------------------------------------------------------------------------------
| LÜHIAJALISED KOHUSTUSED KOKKU | 12 736 | 9 784 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| PIKAAJALISED KOHUSTUSED | | |
--------------------------------------------------------------------------------
| Laenukohustused | 71 932 | 74 527 |
--------------------------------------------------------------------------------
| Muud võlad | 7 | 6 |
--------------------------------------------------------------------------------
| PIKAAJALISED KOHUSTUSED KOKKU | 71 939 | 74 534 |
--------------------------------------------------------------------------------
| KOKKU KOHUSTUSED | 84 675 | 84 318 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| OMAKAPITAL | | |
--------------------------------------------------------------------------------
| Aktsiakapital | 12 782 | 12 782 |
--------------------------------------------------------------------------------
| Ülekurss | 24 734 | 24 734 |
--------------------------------------------------------------------------------
| Kohustuslik reservkapital | 1 278 | 1 278 |
--------------------------------------------------------------------------------
| Eelmiste perioodide kogunenud kasum | 22 336 | 19 010 |
--------------------------------------------------------------------------------
| Perioodi puhaskasum | 17 757 | 15 853 |
--------------------------------------------------------------------------------
| KOKKU OMAKAPITAL | 78 887 | 73 658 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| KOHUSTUSED JA OMAKAPITAL KOKKU | 163 562 | 157 976 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| RAHAKÄIBE ARUANNE (tuhat EUR) | 2007 | 2006 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| ÄRITEGEVUSE RAHAKÄIVE | | |
--------------------------------------------------------------------------------
| Ärikasum | 24 118 | 21 597 |
--------------------------------------------------------------------------------
| Korrigeerimine kulumiga | 5 064 | 5 180 |
--------------------------------------------------------------------------------
| Korrigeerimine rajamistulude ja -kuludega | -911 | -444 |
--------------------------------------------------------------------------------
| Muud finantstulud ja -kulud | -101 | -34 |
--------------------------------------------------------------------------------
| Kasum põhivara müügist | -155 | -1 592 |
--------------------------------------------------------------------------------
| Kuluks kantud põhivarad | 30 | 71 |
--------------------------------------------------------------------------------
| Tegevuskuludest kapitaliseeritud põhivaraks | -1 263 | -1 337 |
--------------------------------------------------------------------------------
| Äritegevusega seotud käibevara muutus | -2 049 | -265 |
--------------------------------------------------------------------------------
| Äritegevusega seotud kohustuste muutus | -21 | 383 |
--------------------------------------------------------------------------------
| Makstud intressid | -3 386 | -3 071 |
--------------------------------------------------------------------------------
| Rahajäägi muutus äritegevusest | 21 326 | 20 487 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| INVESTEERIMISTEGEVUSE RAHAKÄIVE | | |
--------------------------------------------------------------------------------
| Põhivara soetamine, sh liitumisehitised | -16 997 | -12 274 |
--------------------------------------------------------------------------------
| Rajamistasudest finantseeritavate torustike eest | 6 509 | 7 200 |
| laekumine | | |
--------------------------------------------------------------------------------
| Põhivara müügitulu ja saadud/tagastatud(-) | 25 | -83 |
| ettemaksed | | |
--------------------------------------------------------------------------------
| Müügiootel vara ja kinnisvarainvesteeringu | 15 | 71 |
| müügitulu | | |
--------------------------------------------------------------------------------
| Saadud intressid | 676 | 418 |
--------------------------------------------------------------------------------
| Rahajäägi muutus investeerimistegevusest | -9 773 | -4 667 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| FINANTSEERIMISTEGEVUSE RAHAKÄIVE | | |
--------------------------------------------------------------------------------
| Tasutud kapitalirendi maksed | -30 | -82 |
--------------------------------------------------------------------------------
| Tasutud dividendid | -12 527 | -10 034 |
--------------------------------------------------------------------------------
| Tulumaks dividendidelt | -3 533 | -2 997 |
--------------------------------------------------------------------------------
| Rahajäägi muutus finantseerimistegevusest | -16 091 | -13 113 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Rahajäägi kogumuutus | -4 537 | 2 706 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| RAHA JA RAHA EKVIVALENDID PERIOODI ALGUSES | 15 940 | 13 234 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| RAHA JA RAHA EKVIVALENDID PERIOODI LÕPUS | 11 403 | 15 940 |
--------------------------------------------------------------------------------
Lisainformatsioon:
Siiri Lahe
Finantsdirektor
+372 6262 262
siiri.lahe@tvesi.ee
Pealkiri
AUDITED RESULTS OF OPERATIONS - 2007 (EUR)
Teade
CHAIRMAN'S STATEMENT
In 2007, Tallinna Vesi made steady progress on its route towards its strategic
objectives and delivered good results. Customer service has improved as clearly
demonstrated by the results of the independent satisfaction survey, operational
efficiency has improved with the achievement of our best ever water and treated
effluent quality, the Company has launched a new activity demonstrating its will
to grow, and finally a solid set of financial results, with growth in turnover
and profit.
Customer Service Excellence
Providing our Customers with excellent service is a prime objective for the
Company. We are pleased that the customer satisfaction survey independently
carried out by TNS Emor at the end of 2007 demonstrated a significant
improvement regarding customer relationships. The index indicating customer
satisfaction has increased from 73 to 79 on a scale of 100, this places the
company in the top 10% of world utility companies.
A lot has been done to achieve this improvement. Beside the educational message
continuously circulated across the Company about the need for customer focus, we
have developed and implemented some additional tools and restructured our
organization. Following the new Customer Management System that went live in
2006, we developed in early 2007 a web based interface, giving our clients more
possibilities to easily manage their accounts. This interface, along with new
billing functionalities (direct debit, e-invoice) has had tremendous success.
The internal organization has also been reviewed. Looking at our activities from
a customer point of view, client related processes have been analysed and the
customer and network management activities have been reorganized to better
support these processes and deliver better customer service.
Being an environmental company and dealing with a product that impacts the life
of one third of the Estonian population every day, we have a very special
responsibility towards our clients, the Community and the Environment. Besides
focusing on the quality of product and the quality of service, we have further
engaged with the Community, supporting social and educational projects. We have
this year completed ‘Randur Tilk' a computer based educational game about water.
This game will be distributed to all schools in Estonia with the aim to raise
the environmental awareness of the younger generation.
Operational Excellence
The team greatly improved the quality and efficiency of operation and can be
credited with several real successes.
The water quality delivered to our customers was the highest ever achieved. We
know that this is one of the most important factors for the satisfaction of our
clients. Each day, throughout the process: from catchment area to water network
operation via water treatment plant in a joint effort the teams are looking for
every possible way to improve the water quality even further.
The quality of the treated effluent was also the highest ever achieved. The
large investments carried out during the last years in the wastewater treatment
plant (particularly to treat nitrogen pollution and to improve sludge
processing) coupled with the highly professional skills of the team enable us to
treat the pollution of the Capital city and its surrounding municipalities to a
level that is fully compliant with EU standards.
Health and Safety of our people is of paramount importance for us. In 2007,
international occupational health and safety management system (OHSAS)
certificate was awarded to the Company after a successful audit in May. This is
great recognition for the work that has been done to improve the working
conditions of our staff, but we are even more proud of the fact that in 2007
there were simply no work accidents.
Being able to improve our operation efficiency results from a combination of two
factors: the commitment of our people and the large investment programme that we
have carried out in 2007 and during the previous years. In 2007 we have
continued to invest heavily (18.2 mln euros) on water quality, with improvements
made in the catchment area, the water treatment plant and continuous renewal of
our distribution network. We have also invested in wastewater treatment with the
completion of the nitrogen treatment project. This project received the final
approval of the Ministry of Environment and together with the completion of the
sludge treatment plant we are able to keep under control the quality of the
treated effluent.
These investments give us the possibility to improve our operational efficiency
and the quality of our product, and in addition they also help us to reduce our
environmental impact. This is apparent in the high quality and fully compliant
treated effluent discharged to Tallinn Bay, full reuse of sludge as soil
conditioner and better use of the water resource with control of the amount of
water lost in leakages. Taking care of the environment is something that we have
included in our actions and will continue to do in the future.
Growing the activity of the Company
One of our ambitions is to grow the activity of the Company by focussing on our
core competences and developing our core business: management of water and
wastewater assets. In 2007 we have launched the trademark ‘Veemees' (Waterman).
This activity is very closely linked to our core activity. Veemees is operating
on the private side of the connection and proposes to our clients to take care
of their plumbing problems, small pipe construction works inside their plots and
houses. The volume of activity remained modest in 2007 but we expect it to grow
because it corresponds to a real demand from clients.
Our work to bring public water and sewerage network to the citizens of Tallinn
has continued in 2007, and we have laid down another 14.9 km of pipe. We have
also continued to extend the stormwater network by an additional 10.4 km. This
construction activity will improve the service to customers, enlarge our area of
activity but also improve the protection of the environment.
Our cooperation with the municipalities surrounding Tallinn is an important
component of our development activity. With spare capacity at our plants, we can
provide the surrounding municipalities with a large quantity of good quality, EU
compliant water and we can collect their effluent and treat it to EU standards.
Physical connections have been built between our network and the territories of
the municipalities, we are already providing water and receiving wastewater and
we are ready to accompany the surrounding municipalities in their development
during the following years.
Delivering Shareholder Value
An important milestone was delivered in 2007 with the signing of the amendment
to the Services Agreement which sets the rights and obligation of the Company
and the City of Tallinn. The amendments shall significantly accelerate the
construction of the sewerage network and ensure its provision for the City by
March 2011 (currently 97% of the City is covered with sewerage network). The
amendment to the Agreement places the responsibility for the delivery of the
programme on the Company. This amendment ensures an excellent visibility for the
revenue of the company until 2020, extended term of the agreement, and
sustainability of the profitability level as the K-coefficient is fixed until
the end of the contract period.
The financial results of 2007 have been good, in steady progress compared to
2006, with turnover increased by 18.4% and profit before tax increased by 12.9%.
In terms of revenue, the volumes sold to domestic customers were almost constant
and a small decrease was registered from the commercial customers mainly due to
one industrial consumer leaving Tallinn. The volumes from the surrounding
municipalities have shown a good increase reflecting the intense development of
these areas. The connection activity was also very dynamic generating a 65.7%
increase in turnover. Overall the total revenue increased to 52.5 mln euros.
The Company has been successful in managing its cost despite an inflationary
environment. Cost of goods sold has decreased by 1.75%. When taking out the
exceptional items, the underlying increase of cost of goods sold would have been
4.5%, which is a remarkable performance considering the inflationary situation
of some items (especially wages) in Estonia. This was achieved by a strong cost
control culture and a constant focus on efficient improvement.
In 2007, the Company increased its dividend payment to shareholder by 25%.
It was great that the Company was recognized by its peers and awarded the title
of ‘Most Competitive Service Company' in Estonia by the Estonian Chamber of
Commerce and Industry and the Estonian Employer's Confederation.
The Company stays committed to achieve high standards of corporate governance.
Our aim is to be transparent in our ways of working, corporate disclosures and
relation with shareholders and stakeholders. Once again in 2007 this was
recognized by the financial community as the Company was nominated by the OMX
Baltic Stock Exchange for the quality of its investor relations.
A Team effort
All this has only been possible because of the fantastic effort the team has put
into the Company and I want to pay tribute to them for their commitment. The
employee opinion survey carried out in 2007 has seen the index increasing by
10%. This is a very positive result, and we will continue to work on our human
resource strategy to improve further this result.
In 2007, we invested significant time and energy on our human resource strategy
and policy and have developed a set of values:
Commitment
Customer Focus
Teamwork
Creativity
We do believe that behaving according to these values will strongly support the
achievement of our strategic objectives. A new remuneration system, based on
performance achievement, will be implemented from the beginning of 2008. It
includes an assessment on behaviour and how we live our values.
We have a clear vision for the future of the Company. To achieve this vision we
have set clear long term strategic objectives. We set every year Company's
annual objectives derived from the strategic objectives, and finally we cascade
down these company's objectives into individual objectives. This is the heart of
our performance management system and it has proven to be an efficient way to
drive the Company towards success. We will continue to use this methodology in
2008.
All in all, in 2007, the Company performed well and delivered good results. This
is another step in building a strong foundation for the future. In 2008, with
our strategic objectives as a target, we will continue to stay focussed on
delivering a high level of performance.
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| INCOME STATEMENT (thousand EUR) | 2007 | 2006 |
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| Sales from main operating activities | 41 436 | 37 655 |
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| Revenues from other operating activities | 11 021 | 6 650 |
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| Net sales | 52 457 | 44 305 |
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| Costs of goods sold (main operating activities) | -13 848 | -14 095 |
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| Costs of goods sold (other operating activities) | -10 110 | -6 206 |
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| GROSS PROFIT | 28 499 | 24 005 |
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| Marketing expenses | -866 | -612 |
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| General administration expenses | -3 633 | -3 280 |
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| Other income/ expenses (-) | 118 | 1 485 |
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| OPERATING PROFIT | 24 118 | 21 597 |
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| Financial income / expenses (-) | -2 827 | -2 747 |
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| PROFIT BEFORE TAXES | 21 291 | 18 850 |
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| Income tax on dividends | -3 533 | -2 997 |
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| NET PROFIT FOR THE PERIOD | 17 757 | 15 853 |
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| Attributable to: | | |
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| Equity holders of A-shares | 17 757 | 15 852 |
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| B-share holder | 0,64 | 0,64 |
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| Earnings per share in euros | 0,89 | 0,79 |
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| BALANCE SHEET (thousand EUR) | 2007 | 2006 |
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| ASSETS | | |
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| CURRENT ASSETS | | |
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| Cash and equivalents | 11 403 | 15 940 |
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| Customer receivables | 11 838 | 4 569 |
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| Accrued income and prepaid expenses | 331 | 304 |
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| Inventories | 233 | 201 |
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| Assets for sale | 72 | 105 |
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| TOTAL CURRENT ASSETS | 23 877 | 21 120 |
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| NON-CURRENT ASSETS | | |
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| Tangible assets | 127 375 | 119 969 |
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| Intangible assets | 3 140 | 3 361 |
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| Unfinished assets - non connections | 3 070 | 5 859 |
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| Unfinished pipelines - new connections | 5 756 | 7 488 |
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| Prepayments for fixed assets | 345 | 179 |
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| TOTAL NON-CURRENT ASSETS | 139 686 | 136 856 |
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| TOTAL ASSETS | 163 562 | 157 976 |
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| LIABILITIES AND EQUITY | | |
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| CURRENT LIABILITIES | | |
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| Current portion of long-term borrowings | 2 651 | 30 |
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| Trade and other payables | 5 558 | 5 448 |
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| Taxes payable | 1 693 | 1 950 |
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| Short-term provisions | 143 | 34 |
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| Deferred income | 2 691 | 2 322 |
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| TOTAL CURRENT LIABILITIES | 12 736 | 9 784 |
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| NON-CURRENT LIABILITIES | | |
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| Borrowings | 71 932 | 74 527 |
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| Other payables | 7 | 6 |
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| TOTAL NON-CURRENT LIABILITIES | 71 939 | 74 534 |
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| TOTAL LIABILITIES | 84 675 | 84 318 |
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| EQUITY | | |
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| Share capital | 12 782 | 12 782 |
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| Share premium | 24 734 | 24 734 |
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| Statutory legal reserve | 1 278 | 1 278 |
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| Accumulated profit | 22 336 | 19 010 |
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| Net profit for the period | 17 757 | 15 853 |
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| TOTAL EQUITY | 78 887 | 73 658 |
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| TOTAL LIABILITIES AND EQUITY | 163 562 | 157 976 |
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| CASH FLOW STATEMENT (thousand EUR) | 2007 | 2006 |
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| CASH FLOWS FROM OPERATING ACTIVITIES | | |
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| Operating profit | 24 118 | 21 597 |
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| Adjustment for depreciation | 5 064 | 5 180 |
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| Adjustment for income and expenses from | -911 | -444 |
| constructions | | |
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| Other financial income and expenses | -101 | -34 |
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| Profit from sale of fixed assets | -155 | -1 592 |
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| Expensed fixed assets | 30 | 71 |
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| Capitalization of operating expenses | -1 263 | -1 337 |
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| Change in current assets involved in operating | -2 049 | -265 |
| activities | | |
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| Change in liabilities involved in operating | -21 | 383 |
| activities | | |
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| Interest paid | -3 386 | -3 071 |
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| Total cash flow from operating activities | 21 326 | 20 487 |
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| CASH FLOWS FROM INVESTING ACTIVITIES | | |
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| Acquisition of fixed assets (incl pipelines | -16 997 | -12 274 |
| construction) | | |
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| Proceeds from pipelines financed by construction | 6 509 | 7 200 |
| income | | |
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| Proceeds from sale of and prepayments received/ | 25 | -83 |
| repaid(-) for fixed assets | | |
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| Proceeds from sale of assets for sale and of real | 15 | 71 |
| estate investments | | |
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| Interest received | 676 | 418 |
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| Total cash flow used in investing activities | -9 773 | -4 667 |
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| CASH FLOWS FROM FINANCING ACTIVITIES | | |
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| Finance lease payments | -30 | -82 |
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| Dividends paid | -12 527 | -10 034 |
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| Income tax on dividends | -3 533 | -2 997 |
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| Total cash flow used in financing activities | -16 091 | -13 113 |
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| Change in cash and bank accounts | -4 537 | 2 706 |
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| CASH AND EQUIVALENTS AT THE BEGINNING OF THE | 15 940 | 13 234 |
| PERIOD | | |
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| CASH AND EQUIVALENTS AT THE END OF THE PERIOD | 11 403 | 15 940 |
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Additional information:
Siiri Lahe
Chief Financial Officer
+372 6262 262
siiri.lahe@tvesi.ee