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Juhtkonna vaheteadaanne või kvartaalne finantsaruanne
Manused
Kuupäev
22.10.2008 08:30:00
Pealkiri
2008. aasta 3. kvartali majandustulemused (EUR)
Teade
TEGEVUSARUANNE
2008. AASTA 3. KVARTALI MAJANDUSTULEMUSED
Kokkuvõte
2008. aasta 9 kuuga kasvas Ettevõtte müügitulu 42,8 miljoni euroni, mis on
21,8%-line kasv võrreldes 2007. aasta 9 kuuga. Vee ja reoveeteenuse kogu
müügimahud kasvasid 2008. aasta 9 kuuga 0,5%, teenuste müügitulu kasvas 10,4%
võrreldes 2007. aasta 9 kuuga. Põhiteeninduspiirkonna eraklientide müügitulu
kasvas 9,0%, juriidiliste klientide müügitulu kasvas 8,3% ja müük väljaspool
teeninduspiirkonda suurenes 52,6%, ulatudes 2,7 milj. m³ või 1,2 miljoni euroni.
Ettevõtte kasum enne tulumaksu oli 17,2 miljonit eurot, mis on 2007. aasta 9
kuuga võrreldes 7,2% rohkem. Elimineerides 2007. aasta 1. kvartalis vabastatud
lämmastiku provisjoni mõju, kasvas perioodilise tegevuse kasum 13,2% võrra.
Ettevõte investeeris 12,8 miljonit eurot, millest 11,1 miljonit eurot
investeeriti võrkude laiendamiseks ja rekonstrueerimiseks.
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| miljon EUR | 3 kv | 3 kv | Muutus | 9 kuud | 9 kuud | Muutus |
| | 2008 | 2007 | | 2008 | 2007 | |
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| Müügitulu | 14,4 | 10,8 | 33,6% | 42,8 | 35,2 | 21,8% |
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| Põhitegevuse tulud | 11,1 | 10,0 | 10,7% | 34,3 | 30,8 | 11,3% |
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| Põhitegevusega seotud | 3,3 | 0,7 | 344,5% | 8,5 | 4,3 | 96,5% |
| muud tulud | | | | | | |
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| Brutokasum | 7,4 | 6,7 | 9,9% | 22,5 | 21,4 | 5,3% |
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| Brutokasumi marginaal % | 51,1 | 62,1 | -17,7% | 52,5 | 60,7 | -13,5% |
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| Ärikasum | 6,4 | 5,7 | 12,4% | 19,3 | 18,1 | 6,1% |
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| Ärikasumi marginaal % | 44,1 | 52,4 | -15,8% | 45,0 | 51,6 | -12,9% |
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| Kasum enne | 5,7 | 4,9 | 16,3% | 17,2 | 16,1 | 7,2% |
| tulumaksustamist | | | | | | |
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| Maksustamiseelse kasumi | 39,6 | 45,5 | -12,9% | 40,2 | 45,6 | -12,0% |
| marginaal % | | | | | | |
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| Puhaskasum | 5,7 | 4,9 | 15,3% | 13,0 | 12,5 | 3,7% |
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| Vara puhasrentaablus % | 3,6 | 3,1 | 15,3% | 8,3 | 8,0 | 3,7% |
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| Kohustuste osatähtsus | 53,1% | 52,9% | 0,3% | 53,1% | 52,9% | 0,3% |
| koguvarast | | | | | | |
--------------------------------------------------------------------------------
Brutokasumi marginaal - brutokasum / müügitulu
Ärikasumi marginaal - ärikasum / müügitulu
Maksustamiseelse kasumi marginaal - kasum enne tulumaksustamist / müügitulu
Vara puhasrentaablus - puhaskasum / vara kokku
Kohustuste osatähtsus koguvarast - kohustused kokku / vara kokku
Kasumiaruanne
3. kvartal 2008
Müügitulud
2008. aasta 3. kvartalis kasvas Ettevõtte tulu 14,4 miljoni euroni, mis on 33,6%
suurune kasv võrreldes eelmise aasta sama perioodiga. Ettevõtte tulud
põhitegevusest olid 11,1 miljonit eurot. Põhitegevuse tulu koosneb peamiselt
era- ja juriidilistele klientidele osutatud veemüügi ning reoveeteenuse tulust
nii teeninduspiirkonnas kui väljaspool. Samuti sisaldab see Tallinna linnalt
saadavat sademetevee kogumise süsteemide käigushoidmise ja hoolduse tasu.
Tulud veemüügist ja reoveeteenustest kasvasid võrreldes eelmise aasta 3.
kvartaliga 10,2% võrra 10,2 miljoni euroni, tulenevalt 11,7% suurusest
tariifitõusust alates 1. jaanuarist 2008 kombinatsioonis allkirjeldatud
teguritega.
Sektori lõikes jagunes kasv järgnevalt: müük eraklientidele kasvas 8,2% võrra
5,4 miljoni euroni. Müük äriklientidele teeninduspiirkonnas kasvas 8,5% võrra
4,2 miljoni euroni. Müük äriklientidele väljaspool teeninduspiirkonda (peamiselt
ümbritsevatele omavalitsustele pakutav reovee puhastamise teenus) kasvas 62,3%
ulatudes 1,04 miljoni m³ ehk 0,47 miljoni euroni. Saadud ülereostustasu oli 0,20
miljonit eurot, 20,5% kasv võrreldes 2007. aasta sama perioodiga.
2008. aasta 3. kvartalis vähenesid eraklientide müügimahud 224 tuhande m³ ehk
3,1% võrra võrreldes 2007. aasta 3. kvartaliga. Meie arvates selgitab seda
põhiliselt seniste tarbijate siirdumine lähivaldadesse.
Müük juriidilistele klientidele teeninduspiirkonnas langes 2,9% võrreldes 2007.
aasta 3. kvartaliga mitme teguri tõttu. Osa kaotatud müügimahust tuleneb
ettevõtete siirdumisest Tallinna äärealadele ning ettevõtete üleüldisest
kokkuhoiust või tootmise vähenemisest.
Kinnisvaraturg on püsinud alates eelmisest aastast suhteliselt muutumatuna.
Kuigi ehitusi on vähem kui 2007. aastal, on Tallinnas ehitatavate uute korterite
ning ärihoonete arv püsinud kõrge. Suur osa uutest hoonetest jääb tühjaks kuna
nii juriidilised kliendid kui ka elamispinda vajavad eraisikud ostavad
kinnisvara pigem Tallinna äärealadele, kus kinnisvarahinnad on taskukohasemad.
See trend kajastub ka Ettevõtte müüginumbrites ümbritsevatele aladele, mis on
kasvanud 62,3% võrreldes eelmise aasta sama perioodiga. See kajastab Ettevõtte
edukat strateegiat saamaks tagasi kliente, kes on otsustanud Tallinnast lahkuda.
Ettevõte otsib aktiivselt täiendavaid võimalusi ümberkaudsetesse valdadesse
laienemiseks.
2008. aasta 3. kvartalis kasvas sademetevee teenuse ja tuletõrjehüdrantide
süsteemide käigushoidmise ja hoolduse tasu 10,7% võrra 0,73 miljoni euroni
võrreldes 2007. aasta sama perioodiga. See on kooskõlas lepingu nõuete ja
sätetega, mille kohaselt sademetevee ja tuletõrjehüdrantide kulud arveldatakse
tegelike kulude ja töödeldud mahtude alusel. See on lepingujärgselt kokkulepitud
aastani 2020.
Põhitegevusega seotud muud tulud olid 3,3 miljonit eurot (peamiselt liitumised
ning sademetevee torustiku ehitus), mis on 2,5 miljonit eurot rohkem võrreldes
2007. aasta 3. kvartaliga. Enne 2008. aastat kinnitati märkimisväärne osa
töödest ja tuludest 1. kvartalis. Tallinna linnaga 30. novembril 2007. aastal
sõlmitud uue lepingu kohaselt on tulude voog aasta vältel palju ühtlasem. Alates
2008. aasta märtsist kasutatakse antud real oleva tulu arvestamisel peamiselt
Tallinna erakliendile müüdud vee mahtu ning fikseeritud arenduskomponenti
kuupmeetri kohta, millele lisandub sadevee rajamiste tasu. Vastava tuluga
sarnaselt muutub rida Põhitegevusega seotud muud kulud, kus kajastatakse
vastavad ehituskulud.
Müüdud toodete ja teenuste kulu ja brutokasumi marginaal
Põhitegevusega seotud müüdud toodete ja teenuste kulu oli 2008. aasta 3.
kvartalis 4,1 miljonit eurot, so 0,59 miljonit eurot ehk 16,6% enam kui eelmise
aasta samal perioodil.
2008. aasta 3. kvartalis ei ületanud Ettevõte ühtegi saastenormi, mille
tulemusena vähenesid keskkonnamaksud 0,5 korda, mistõttu oli makstavate
keskkonnamaksude suurus 3. kvartalis 0,13 miljonit eurot, võrreldes 0,11 miljoni
euroga 2007. aasta samal perioodil. Saastetasu suurenemise põhjuseks on soodne
koefitsient ning maksumäärade tõus 20% võrra, samuti ka kogused ja
reostuskoormus. Hoolimata faktist, et sissetuleva heitvee reostuskoormus
varieerub ning ettevõttel puudub täielik kontroll sademevee väljalaskude
saastatuse üle, töötame me selle nimel, et kasutada optimaalselt kemikaale
saavutamaks 0,5 kordne koefitsient 2008. aasta 4. kvartalis.
Kvartali kemikaalikulud olid 0,42 miljonit eurot, mis on 19,9% rohkem kui 2007.
aasta samal perioodil. See on puhastatud reovee hulga ja doseeritud kemikaalide
kombineeritud tulemus, samuti kemikaalihindade inflatsiooni tulemus.
Elektrikulud kasvasid 2008. aasta 3. kvartalis võrreldes eelmise aasta sama
perioodiga 0,08 miljoni eurot ehk 18,0% võrra kõrgema elektrihinna ning
puhastatud reovee hulga koosmõjul.
Palgakulud kasvasid 0,19 miljoni eurot ehk 27,3% võrra seoses mitme asjaoluga.
Esiteks, suurenenud töötajate arv seoses uute teenuste käivitamisega ettevõttes.
Teiseks, konkurentsitingimused tööjõuturul põhjustasid olulise palkade tõusu.
Viimasena mõjutas ka osakondade ümberstruktureerimine ja ühendamine 2008. aasta
1. kvartalis, mille tulemusena liikus kulu ühelt realt teisele. Struktuuri
mõjusid elimineerides kasvasid palgad 19,0%. See on samal tasemel Eesti keskmise
palgatõusuga.
Kulum kasvas 2008. aasta 3. kvartalis võrreldes eelmise aasta sama perioodiga
0,15 miljoni euro ehk 13,1% võrra. Selle põhjuseks on uue mudatöötlushoone
käikuvõtmine 2007. aasta lõpus. Samuti muudeti 2008. aasta alguses kuluminorme
vastavalt varade kasulikule eale.
Muud müüdud toodete ja teenuste kulud kasvasid 0,08 miljoni euro ehk 11,6%
võrra. 2008. aasta 3. kvartalis kasvasid muud kulud mitmete tugiteenuste (nt
transport ja turvateenused) kulude suurenemise tõttu, mis tulenes tööjõukulude
märkimisväärsest kasvust Tallinnas. Teisalt peegeldab see Ettevõtte edukust
kulude kokkuhoiul protsesside optimeerimise näol.
Kulude kasvust tingitud surve esitab ettevõttele väljakutse otsimaks edasisi
võimalusi efektiivsuse suurendamiseks protsesside, hangete jms ülevaatamise
kaudu.
Ülaltoodud mõjude tulemusena oli 2008. aasta 3. kvartalis ettevõtte brutokasum
7,4 miljonit eurot, mis on 0,66 miljoni euro või 9,9% võrra rohkem, kui 2007.
aasta 3. kvartali 6,7 miljoni euro suurune brutokasum.
Ärikulud ja ärikasumi marginaal
Turustuskulud vähenesid 2008. aasta 3. kvartalis võrrelduna 2007. aasta 3.
kvartaliga 0,03 miljoni euro võrra 0,18 miljoni euroni. Seda mõjutas peamiselt
eelviidatud struktuurimuutus, mida tasandas amortisatsiooni kasv.
2008. aasta 3. kvartalis vähenesid üldhalduskulud 0,01 miljonit eurot 0,76
miljoni euroni, peamiselt struktuurimuudatuste mõjul.
Tööjõukulud olid 2008. aasta 3. kvartalis 1,2 miljonit eurot, mis on 0,20
miljonit eurot või 19,6% enam, kui 2007. aasta samal perioodil. Nagu mainitud on
selle põhjuseks 2008. aasta alguses üle kogu Ettevõtte läbi viidud palkade
korrigeerimine.
Muud äritulud/kulud andsid 2008. aasta 3. kvartalis kokku tulu 0,06 miljonit
eurot võrreldes 0,07 miljoni eurose kuluga 2007. aasta 3. kvartalis.
Ülaltoodud mõjude tulemusena oli ettevõtte ärikasum 2008. aasta 3. kvartalis 6,4
miljonit eurot, mis on 0,7 miljonit eurot rohkem kui 5,7 miljoni euro suurune
ärikasum 2007. aasta 3. kvartalis. Võrreldes 2008. aasta 3. kvartalit 2007.
aasta 3. kvartaliga kasvas ärikasum 12,4%.
Finantskulud
Ettevõtte neto finantskulud olid 2008. aasta 3. kvartalis 0,65 miljonit eurot,
mis on 0,10 miljoni euro ehk 12,9% võrra vähem kui 2007. aasta 3. kvartalis.
Võrrelduna 2007. aasta 3. kvartaliga on Ettevõtte intressikulud tõusnud 7,6%
võrra. See on tingitud asjaolust, et osa Ettevõtte laenudest on seotud 6 kuu
EURIBORi määraga. Intressikulude tõusu katab osaliselt 2008. aasta 3. kvartalis
kasvanud finantstulu, mis on Ettevõtte efektiivsema rahade juhtimise, tugeva
rahalise seisu ja suurenenud intressimäärade tulemus. Samuti avaldas 2008 aasta
3. kvartalis 0,10 miljoni euro suurust positiivset mõju intresside SWAP.
Maksustamiseelne kasum
Ettevõtte maksustamiseelne kasum oli 2008. aasta 3. kvartalis 5,7 miljonit
eurot, so 0,80 miljonit eurot rohkem kui 4,9 miljoni euro suurune
maksustamiseelne kasum 2007. aasta 3. kvartalis.
2008. aasta esimese 9 kuu tulemused
2008. aasta 9 kuuga kasvas Ettevõtte tulu 42,8 miljoni euroni, mis on 21,8%-line
kasv võrreldes eelmise aasta sama perioodiga. Ettevõtte tulud põhitegevusest
olid 34,3 miljonit eurot. Veemüügi ja reoveeteenuse tulu oli 31,6 miljonit
eurot, mis on 10,4% võrra enam, kui 2007. aasta esimese 9 kuu jooksul.
Ettevõtte maksustamiseelne kasum oli 2008. aasta 9 kuuga 17,2 miljonit eurot, so
1,2 miljonit eurot enam kui 16,1 miljoni euro suurune maksustamiseelne kasum
2007. aasta esimese 9 kuu jooksul. 2008. aasta 9 kuu tulemustele avaldas mõju
Keskkonnaministeeriumi lõplik heakskiit lämmastikuprojekti edukusest, mille
tulemusena vabastati 0,85 miljoni euro suurune saastetasu provisjon. Nende
ühekordsete kulude elimineerimisel kasvas Ettevõtte 2008. aasta 9 kuu
maksustamiseelne kasum võrreldes eelmise aasta sama perioodiga 2,0 miljoni euro
ehk 13,2% võrra.
Bilanss
2008. aasta 9 kuu jooksul investeeris ettevõte põhivarasse 12,8 miljonit eurot.
Lõpetamata-, materiaalne- ja immateriaalne põhivara oli 2008. aasta 30.
septembri seisuga 140,5 miljonit eurot. Käibevara vähenes aasta 9 kuuga 2,5
miljoni euro võrra 21,4 miljoni euroni, nõuded ostjate vastu vähenesid 4,6
miljoni euro võrra. 2008. aasta 9 kuuga on rahajääk pangas kasvanud 2,1 miljoni
euro võrra.
Lühiajalised kohustused kasvasid 9 kuu jooksul 3,9 miljoni euro võrra 16,6
miljoni euroni. See tulenes peamiselt 2,7 miljoni euro võrra suurenenud
Pikaajaliste pangalaenude tagasimaksetest järgmistel perioodidel.
Ettevõte hoiab jätkuvalt oma finantsvõimendust sihiks võetud üle 50% tasemel.
2008. aasta 30. septembri seisuga oli kohustuste osakaal varast 53,1%.
Pikaajalised kohustused olid 2008. aasta septembri lõpu seisuga 69,3 miljonit
eurot, mis koosnes peaaegu täielikult kahe pikaajalise pangalaenu jäägist.
Rahakäive
2008. aasta esimese 9 kuu jooksul oli Ettevõtte äritegevuse rahakäive 20,6
miljonit eurot, mis on 3,4 miljonit eurot enam kui 2007. aasta samal perioodil.
Perioodilise põhitegevuse ärikasum on jätkuvalt peamine tegur ettevõtte
äritegevuse rahakäibe kasvus. Lisaks andis oma panuse ostjate võlgade tasumine
2008. aasta 9 kuu jooksul.
2008. aasta esimese 9 kuu investeerimistegevuse raha sissevool oli 1,6 miljonit
eurot, so 7,9 miljonit eurot enam kui 2007. aasta esimese 9 kuu jooksul. Selle
peamiseks põhjuseks olid suured rajamistulu arved, mis kuulusid maksmisele ning
maksti 2008. aasta 1. kvartalis, mille tasakaalustasid osaliselt suurenenud
investeerimismaksed. Esimese 9 kuu jooksul investeeris ettevõte 12,8 miljonit
eurot - 11,1 miljonit eurot võrkudesse (sh 7,6 miljonit eurot laiendamiseks ja
arendamiseks), 0,76 miljonit eurot Paljassaare sade- ja reovee puhastusjaama
uuendamiseks, 0,38 miljonit eurot vee kvaliteedi säilitamiseks (Ülemiste
veepuhastusjaam ja toorvee kvaliteet) ja 0,57 miljonit eurot muudeks
investeeringuteks (IT, investeeringute väärtuse säilimine, veemõõtjad jne).
Raha väljavool finantstegevusest oli 2008. aasta 9 kuuga 20,1 miljonit eurot
võrreldes 2007. aasta 9 kuu 16,1 miljoni euro suuruse raha väljavooluga. Antud
summad näitavad vastavate aastate dividendimaksete suurust ning antud aastate
dividendide tulumaksu.
Eelnevate tegurite mõjul oli raha sissevool 2008. aasta esimese 9 kuu jooksul
2,1 miljonit eurot võrrelduna 5,1 miljoni euro suuruse raha väljavooluga 2007.
aasta 9 kuuga. Raha ja raha ekvivalentide saldo oli 2008. aasta 30. septembri
seisuga 13,5 miljonit eurot.
Töötajad
2008. aasta 3. kvartali lõpus töötas ettevõttes 323 töötajat, võrreldes 316
töötajaga 2007. aasta 3.kvartali lõpus.
Dividendid ja aktsiahinna muutused
2007. aasta majandustulemuste põhjal maksis Ettevõtte 15 914 640 eurot
dividende. Sellest 639 eurot maksti B-aktsia omanikule ja 15 914 000 eurot, so
0,80 eurot aktsia kohta A-aktsia omanikele. Dividendid maksti välja 2008. aasta
13. juunil vastavalt 30. mail 2008 fikseeritud aktsionäride nimekirjale.
2008. aasta 30. septembri seisuga olid üle 5%-list otseosalust omavad AS
Tallinna Vesi aktsionärid:
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| United Utilities (Tallinn) BV | 35.3% |
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| Tallinna Linn | 34.7% |
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| Nordea Bank Finland Plc kliendikonto | 12.24% |
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| Credit Suisse Securities (Europe) Ltd Prime | 5.76% |
| Brokerage A/C Prime Brokerage kliendikonto | |
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Kvartali lõpus, 30. septembril 2008, oli AS Tallinna Vesi aktsia sulgemishind
10.31 eurot, mis on 12,7% madalam võrreldes kvartali alguses olnud 11.81 eurot,
ületades jätkuvalt OMX Tallinn indeksit, mis langes kvartalis 19,3%.
Põhitegevusega seotud arengud 2008. aastal
2008. aasta 1. kvartalis juurutas Ettevõte Tallinna linnaga sõlmitud
Teenuslepingu muudatuse, mis allkirjastati 2007. aasta 30. novembril.
Teenuslepingut pikendati 2020. aastani. Samuti fikseeriti K-koefitsient 2020.
aastani - 2% aastatel 2009 kuni 2010 ning 0% aastatel 2011 kuni 2020.
Lisainvesteeringuid (v.a. lepinguga kinnitatud hooldusinvesteeringud ning
võrkude laienduse kava) ei saa Ettevõtte käest nõuda enne 2020. aastat.
Vastavalt lepingule peavad võrkude laiendamise ehitused olema lõpetatud märtsiks
2011. Kompenseerimaks Ettevõttele ehitus- ja finantseerimiskulutusi, lisatakse
alates 1. märtsist 2008 kuni 2017 aasta lõpuni eraisikute vee tariifile
spetsiaalne arenduskomponent ning Tallinna linn kompenseerib sademetevee
torustike rajamiskulu igakuiselt 0,28 miljonit eurot kuni 2011. aasta lõpuni.
Arenduskomponent kompenseeritakse tarbijatele Tallinna linna poolt otsese
maksega Ettevõttele. Arenduskomponent on suurem ehitusperioodil (0,58 eurot m3
kohta kuni 31. detsembrini 2011 ja 0,39 eurot m3 kohta aastatel 2012 kuni 2017).
3. kvartalis esitas Ettevõte taotluse vee- ja kanalisatsiooniteenuse tariifide
tõstmiseks 1. jaanuarist 2009. Tallinna linnavalitsus kiitis 12,8% hinnatõusu
heaks 1. oktoobril 2008. Tariifitõus hakkab kehtima 1. jaanuarist 2009 ning
koosneb 11,4% THI tõusust, 2% K-koefitsiendist ning -0,6% seadusemuudatusest.
Tariifi tõus on 12,8% teeninduspiirkonnas ning sellelähedane väljaspool
teeninduspiirkonda, olenevalt individuaalsetest lepingutest ümbritsevate
omavalitsustega.
Internetipõhise iseteeninduse kasutamine on kasvanud enam kui 2 kordselt
võrreldes 2007. aastaga, 9% arvetest esitati interneti kaudu.
Meil on heameel kinnitada, et täidame kõiki teenustasemete nõudeid vastavalt
Tallinna Linnaga sõlmitud lepingule.
3. kvartalis ei ületanud Ettevõte ühtegi heitvee saastenormi ning tulenevalt
sellest vähenes makstav saastetasu 50%, mõjutades positiivselt Ettevõtte
kasumiaruannet ja rahavoogusid 0,12 miljoni euro võrra.
Meil on heameel teatada, et 5. augustil 2008 sõlmis Ettevõte opereerimislepingu
Maardu Linna ja Maardu Veega. Lepingu jõustudes 1. jaanuarist 2009 aitab
Ettevõte AS-l Maardu Vesi finantseerida Euroopa Liidu abiprojekti raames
nõutavat omafinantseeringut, seda aastatel 2009-2012 umbes 1,3 miljoni euroga
aastas. Ettevõtte finantskohustus on kuni 5,1 miljonit eurot antud perioodi
vältel. Ettevõte saab oma investeeringu tagasi 20 aasta jooksul tariifi osaks
oleva kapitalikomponendi kaudu. Tulevate aastate jooksul lahendatakse Maardu
joogivee kvaliteedi probleemid Ettevõtete koostöö ja Euroopa Liidu abirahade
toel ning pikemas perspektiivis hakatakse Maardut varustama joogiveega Ülemiste
veepuhastusjaamast. AS Maardu Vesi infrastruktuuri opereerimine võimaldab
Ettevõttel suurendada kliendibaasi ning käivet. Lisaks omafinantseeringule pakub
Ettevõte AS Maardu Vesi klientidele tänapäevast varade opereerimise teenust ning
heatasemelist klienditeenindust. AS Maardu Vesi tegevusalas elab umbes 20 000
inimest. Opereerimislepingu kestvuseks on planeeritud 30 aastat. Ettevõte
alustab varade opereerimisega hiljemalt 1. jaanuaril 2009, peale
üleminekuperioodi, kui varad on üle võetud. AS Maardu Vesi jääb endiselt varade
omanikuks.
Lisainformatsioon:
Siiri Lahe
Finantsdirektor
+372 6262 262
siiri.lahe@tvesi.ee
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| KASUMIARUANNE | 9 kuud | 9 kuud | 12 kuud |
--------------------------------------------------------------------------------
| (tuhat EUR) | 2008 | 2007 | 2007 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Põhitegevuse tulud | 34 334 | 30 845 | 41 436 |
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| Põhitegevusega seotud muud tulud | 8 513 | 4 333 | 11 021 |
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| Müügitulu | 42 846 | 35 178 | 52 457 |
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| | | | |
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| Müüdud toodete/teenuste kulud | -12 704 | -10 047 | -13 848 |
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| Põhitegevusega seotud muud kulud | -7 634 | -3 762 | -10 110 |
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| | | | |
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| BRUTOKASUM | 22 509 | 21 369 | 28 499 |
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| | | | |
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| Turustuskulud | -590 | -621 | -866 |
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| Üldhalduskulud | -2 595 | -2 657 | -3 633 |
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| Muud äritulud/-kulud (-) | -65 | 58 | 118 |
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| | | | |
--------------------------------------------------------------------------------
| ÄRIKASUM | 19 260 | 18 149 | 24 118 |
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| | | | |
--------------------------------------------------------------------------------
| Finantstulud/-kulud (-) | -2 047 | -2 097 | -2 827 |
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| | | | |
--------------------------------------------------------------------------------
| KASUM ENNE TULUMAKSUSTAMIST | 17 213 | 16 052 | 21 291 |
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| | | | |
--------------------------------------------------------------------------------
| Dividendide tulumaks | -4 231 | -3 533 | -3 533 |
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| | | | |
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| PERIOODI PUHASKASUM | 12 982 | 12 519 | 17 757 |
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| | | | |
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| Jaotatav: | | | |
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| A- aktsia omanikele | 12 982 | 12 518 | 17 757 |
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| B- aktsia omanikule | 0,64 | 0,64 | 0,64 |
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| | | | |
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| Kasum aktsia kohta eurodes | 0,65 | 0,63 | 0,89 |
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| BILANSS | | | |
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| (tuhat EUR) | 30.09.2008 | 30.09.2007 | 31.12.2007 |
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| | | | |
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| VARAD | | | |
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| KÄIBEVARA | | | |
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| Raha ja pangakontod | 13 490 | 10 817 | 11 403 |
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| Väärtpaberid | 0 | 0 | 0 |
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| Nõuded ostjate vastu | 7 234 | 5 216 | 11 838 |
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| Viitlaekumised ja ettemaksed | 354 | 357 | 331 |
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| Varud | 243 | 193 | 233 |
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| Varad müügiks | 71 | 107 | 72 |
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| KOKKU KÄIBEVARA | 21 392 | 16 690 | 23 877 |
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| | | | |
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| PÕHIVARA | | | |
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| Materiaalne põhivara | 128 123 | 122 664 | 127 375 |
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| Immateriaalne põhivara | 2 694 | 3 085 | 3 140 |
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| Lõpetamata varad - v.a. | 3 935 | 5 784 | 3 070 |
| liitumis-ehitused | | | |
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| Lõpetamata torustikud - uued | 5 660 | 7 981 | 5 756 |
| liitumised | | | |
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| Ettemaksed materiaalse põhivara | 118 | 198 | 345 |
| eest | | | |
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| KOKKU PÕHIVARA | 140 530 | 139 711 | 139 686 |
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| VARAD KOKKU | 161 921 | 156 402 | 163 562 |
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| | | | |
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| KOHUSTUSED JA OMAKAPITAL | | | |
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| LÜHIAJALISED KOHUSTUSED | | | |
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| Pikaajaliste laenukohustuste | 5 301 | 0 | 2 651 |
| lühiajaline osa | | | |
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| Hankijate ja muud võlad | 6 506 | 4 185 | 5 558 |
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| Maksuvõlad | 1 149 | 904 | 1 693 |
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| Lühiajalised eraldised | 159 | 143 | 143 |
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| Tulevaste perioodide tulud | 3 519 | 2 944 | 2 691 |
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| LÜHIAJALISED KOHUSTUSED KOKKU | 16 634 | 8 176 | 12 736 |
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| | | | |
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| PIKAAJALISED KOHUSTUSED | | | |
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| Pangalaenud | 69 325 | 74 569 | 71 932 |
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| Muud võlad | 8 | 7 | 7 |
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| PIKAAJALISED KOHUSTUSED KOKKU | 69 332 | 74 577 | 71 939 |
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| KOKKU KOHUSTUSED | 85 966 | 82 752 | 84 675 |
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| | | | |
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| OMAKAPITAL | | | |
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| Aktsiakapital | 12 782 | 12 782 | 12 782 |
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| Ülekurss | 24 734 | 24 734 | 24 734 |
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| Kohustuslik reservkapital | 1 278 | 1 278 | 1 278 |
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| Eelmiste perioodide kogunenud kasum | 24 178 | 22 336 | 22 336 |
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| Perioodi puhaskasum | 12 982 | 12 519 | 17 757 |
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| KOKKU OMAKAPITAL | 75 955 | 73 649 | 78 887 |
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| KOHUSTUSED JA OMAKAPITAL KOKKU | 161 921 | 156 402 | 163 562 |
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| RAHAKÄIBE ARUANNE | 9 kuud | 9 kuud | 12 kuud |
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| (tuhat EUR) | 2008 | 2007 | 2007 |
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| | | | |
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| ÄRITEGEVUSE RAHAKÄIVE | | | |
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| Ärikasum | 19 260 | 18 149 | 24 118 |
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| Korrigeerimine kulumiga | 4 255 | 3 789 | 5 064 |
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| Korrigeerimine rajamistulude ja | -879 | -571 | -911 |
| -kuludega | | | |
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| Muud finantstulud ja -kulud | -17 | -16 | -101 |
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| Kasum (-) / kahjum (+) põhivara müügist | -8 | 1 | -155 |
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| Kuluks kantud põhivarad | 0 | 0 | 30 |
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| Tegevuskuludest kapitaliseeritud | -1 127 | -921 | -1 263 |
| põhivaraks | | | |
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| Äritegevusega seotud käibevara muutus | 1 011 | -359 | -2 049 |
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| Äritegevusega seotud kohustuste muutus | -43 | -1 150 | -21 |
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| Makstud intressid | -1 807 | -1 652 | -3 386 |
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| Rahajäägi muutus äritegevusest | 20 645 | 17 270 | 21 326 |
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| | | | |
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| INVESTEERIMISTEGEVUSE RAHAKÄIVE | | | |
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| Põhivara soetamine, sh liitumisehitised | -12 152 | -11 540 | -16 997 |
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| Rajamistasudest finantseeritavate | 12 933 | 4 772 | 6 509 |
| torustike eest laekumine | | | |
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| Põhivara müügitulu ja saadud/tagastatud | 9 | 1 | 25 |
| ettemaksed | | | |
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| Müügiootel varade ja | 0 | 15 | 15 |
| kinnisvarainvesteeringu müügitulu | | | |
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| Saadud intressid | 797 | 449 | 676 |
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| Rahajäägi muutus | 1 587 | -6 303 | -9 773 |
| investeerimistegevusest | | | |
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| | | | |
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| FINANTSEERIMISTEGEVUSE RAHAKÄIVE | | | |
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| Tasutud kapitalirendi maksed | 0 | -30 | -30 |
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| Tasutud dividendid | -15 915 | -12 527 | -12 527 |
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| Tulumaks dividendidelt | -4 231 | -3 533 | -3 533 |
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| Rahajäägi muutus | -20 145 | -16 091 | -16 091 |
| finantseerimistegevusest | | | |
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| | | | |
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| Rahajäägi kogumuutus | 2 087 | -5 123 | -4 537 |
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| | | | |
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| RAHA JA RAHA EKVIVALENDID PERIOODI | 11 403 | 15 940 | 15 940 |
| ALGUSES | | | |
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| | | | |
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| RAHA JA RAHA EKVIVALENDID PERIOODI | 13 490 | 10 817 | 11 403 |
| LÕPUS | | | |
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Pealkiri
Results of operations for the 3rd quarter 2008 (EUR)
Teade
MANAGEMENT REPORT
RESULTS OF OPERATIONS - FOR THE 3rd QUARTER 2008
Overview
In the 1st nine months of 2008 the Company's total sales increased, year on
year, by 21.8% to 42.8 mln EUR. Total water and sewerage services sale volumes
increased in the 1st nine months of 2008 by 0.5% compared to the same nine
months of 2007, respective sales increased by 10.4%. Within the service area
sales to residential customers increased by 9.0% year on year, sales to
commercial customers increased by 8.3% year on year, and sales to customers
outside of the service area increased by 52.6% year on year, reaching 2.7 mln m3
or 1.2 mln EUR. The Company's profit before taxes was 17.2 mln EUR, which is a
7.2% increase compared to the same nine months of 2007. Eliminating the one-off
nitrogen provision release in the 1st quarter of 2007, profit before tax in the
1st nine months of 2008 increased by 13.2%. The Company invested 12.8 mln EUR,
of which 11.1 mln EUR was invested in network extension and rehabilitation.
--------------------------------------------------------------------------------
| mln EUR | 3 Q | 3 Q | Change |9 months | 9 months | Change |
| | 2008 | 2007 | | 2008 | 2007 | |
--------------------------------------------------------------------------------
| Sales | 14,4 | 10,8 | 33,6% | 42,8 | 35,2 | 21,8% |
--------------------------------------------------------------------------------
| Main operating | 11,1 | 10,0 | 10,7% | 34,3 | 30,8 | 11,3% |
| activities | | | | | | |
--------------------------------------------------------------------------------
| Other operating | 3,3 | 0,7 | 344,5% | 8,5 | 4,3 | 96,5% |
| activities | | | | | | |
--------------------------------------------------------------------------------
| Gross profit | 7,4 | 6,7 | 9,9% | 22,5 | 21,4 | 5,3% |
--------------------------------------------------------------------------------
| Gross profit margin | 51,1 | 62,1 | -17,7% | 52,5 | 60,7 | -13,5% |
| % | | | | | | |
--------------------------------------------------------------------------------
| Operating profit | 6,4 | 5,7 | 12,4% | 19,3 | 18,1 | 6,1% |
--------------------------------------------------------------------------------
| Operating profit | 44,1 | 52,4 | -15,8% | 45,0 | 51,6 | -12,9% |
| margin % | | | | | | |
--------------------------------------------------------------------------------
| Profit before taxes | 5,7 | 4,9 | 16,3% | 17,2 | 16,1 | 7,2% |
--------------------------------------------------------------------------------
| Profit before taxes | 39,6 | 45,5 | -12,9% | 40,2 | 45,6 | -12,0% |
| margin | | | | | | |
--------------------------------------------------------------------------------
| Net profit | 5,7 | 4,9 | 15,3% | 13,0 | 12,5 | 3,7% |
--------------------------------------------------------------------------------
| ROA % | 3,6 | 3,1 | 15,3% | 8,3 | 8,0 | 3,7% |
--------------------------------------------------------------------------------
| Debt to total | 53,1 | 52,9% | 0,3% | 53,1% | 52,9% | 0,3% |
| capital employed | % | | | | | |
--------------------------------------------------------------------------------
Gross profit margin - Gross profit / Net sales
Operating profit margin - Operating profit / Net sales
Profit before taxes margin - Profit before taxes / Net sales
ROA - Net profit /Total Assets
Debt to Total capital employed - Total Liabilities / Total capital employed
Profit and Loss Statement
3rd quarter 2008
Sales
In the 3rd quarter of 2008 the Company's total sales increased, year on year, by
33.6% to 14.4 mln EUR. Sales from the Company's main operating activities were
11.1 mln EUR. Sales in the main operating activity principally comprise of sales
of water and treatment of wastewater to domestic and commercial customers within
and outside of the service area, and fees received from the City of Tallinn for
operating and maintaining the storm water system.
Sales of water and wastewater services were 10.2 mln EUR, a 10.2% increase
compared to the 3rd quarter of 2007, resulting from the 11.7% increase in
tariffs from 1 January 2008 for the Company's residential and commercial
customers combined with the factors described below.
Included within this amount were the following increases by sector: within the
service area sales to residential customers increased by 8.2% to 5.4 mln EUR.
Sales to commercial customers increased by 8.5% to 4.2 mln EUR. Sales to
customers outside of the service area - primarily bulk volumes of wastewater
treatment services provided to the surrounding municipalities - increased by
62.3% reaching 1.04 mln m3 or 0.47 mln EUR. Over pollution fees received were
0.20 mln EUR, 20.5% increase compared to the 3rd quarter of 2007.
In the 3rd quarter of 2008, the volumes sold to residential customers dropped
3.1% or 224 thousand m3. We believe that this is mainly related to the fact that
people are moving to the surrounding areas of Tallinn.
The volumes sold to commercial customers inside the service area decreased by
2.9% compared to the relevant period in 2007 due to several factors combined.
Part of the reduction in sales volumes in Tallinn is due to companies moving to
the surrounding municipalities, supplemented by companies implementing different
efficiency measures or reducing their production.
The real estate market stays relatively unchanged from last year. Although
slightly lower than in 2007, the number of new apartments and business buildings
being constructed this year in Tallinn remains high. A large share of new
buildings still remain vacant as commercial customers as well as people in need
of space are moving to surrounding areas due to more affordable real estate
prices.
This trend is also reflected in the Company's sales to surrounding areas, which
has increased by 62.3% in the 3rd quarter of 2008 compared to the same period
last year. This reflects the success of the Company's strategy to re-capture
customers leaving Tallinn. The Company is actively looking for the further
expansion opportunities into the neighboring municipalities.
The sales from the operation and maintenance of the storm water and fire-hydrant
system increased by 10.7% to 0.73 mln EUR in the 3rd quarter of 2008 compared to
the same period in 2007. 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. This is contractually agreed up to 2020.
Sales revenues from other operating activities, mainly connections and storm
water construction, totaled 3.3 mln EUR which is 2.5 mln EUR more than in the
3rd quarter of 2007. Before 2008 a considerable amount of works and revenues
were confirmed and recorded in the first quarter. According to the new contract
concluded with the City of Tallinn on 30th November 2007, the revenue flow is
more even throughout the year. Starting from March 2008 the revenue in this line
is mainly calculated using the Tallinn domestic water sales volumes and fixed
development rate per cubic meter, supplemented by the fee payable for the storm
water constructions. This revenue line goes in pairs with the Cost of goods sold
from other operating activities, where the respective costs of the constructions
are recorded.
Cost of Goods Sold and Gross Margin
The cost of goods sold for the main operating activity was 4.1 mln EUR in the
3rd quarter of 2008, an increase of 0.59 mln EUR or 16.6% from the equivalent
period in 2007.
In the 3rd quarter of 2008 the Company did not record any non-compliant
wastewater samples and as a result of this achieved the beneficial 0.5
coefficient for pollution tax. The pollution tax payable for the 3rd quarter of
2008 was 0.13 mln EUR compared to 0.11 mln EUR in 3rd quarter of 2007. This
increase in pollution tax is due to the combination of the beneficial
coefficient and increase in tax rates year on year by 20%, supplemented by
volume and pollution impact. Despite the fact that the pollution level of the
incoming sewerage does vary and the company does not have full control over
storm water outlets regarding the pollution, we are working hard to use the
optimum level of chemicals to achieve the 0.5 coefficient in the fourth quarter
of 2008.
The chemical costs were 0.42 mln EUR, this represents an 19.9% increase compared
to the corresponding period in 2007. This result is the combination of volumes
treated, chemicals dosed and the price inflation.
Electricity costs increased by 0.08 mln EUR or 18.0% in the 3rd quarter of 2008
compared to the 3rd quarter of 2007 due to higher electricity prices combined
with volumes treated.
Salary expenses increased in the 3rd quarter of 2008, year on year, by 0.19 mln
EUR or 27.3% due to a number of factors. Firstly, increased headcount from the
new services launched. Secondly, a highly competitive labour market has led to
significant salary inflation. Finally in the 1st quarter of 2008 the Company
restructured and combined departments which resulted in transferring cost from
one line to an other. Eliminating these structural changes would give us 19.0%
increase in salaries. This is in line with the increase in average salaries in
the Estonian market.
Depreciation charges increased in the 3rd quarter of 2008 by 0.15 mln EUR or
13.1% year on year due to new sludge treatment building commissioned in the end
of 2007. Also in the beginning of 2008 the depreciation rates were revised to
correspond with the useful life of assets.
Other cost of goods sold in the main operating activity increased by 0.08 mln
EUR, or 11.6% year on year. This was due to higher costs on a number of support
service contracts, such as transport, security services, maintenance cost,
reflecting the significant increase in labour and services costs in Tallinn. But
on the other hand it reflects Company's achievements to reduce costs by
optimizing operations.
The cost pressure sets the challenge to the management to identify the further
efficiency opportunities through review of processes, procedures and
procurements.
As a result of all of the above the Company's gross profit for the 3rd quarter
of 2008 was 7.4 mln EUR, which is an increase of 0.66 mln EUR, or 9.9%, compared
to the gross profit of 6.7 mln EUR for the 3rd quarter of 2007.
Operating Costs and Operating Margin
Marketing expenses decreased by 0.03 mln EUR to 0.18 mln EUR during the 3rd
quarter of 2008 compared to the corresponding period in 2007. This is partly the
result of the structural changes, balanced by the increase in depreciation
charges.
General administration expenses decreased by 0.01 mln EUR to 0.76 mln EUR in the
3rd quarter of 2008 year on year, mainly as a consequence of structural changes.
Included within all the above cost categories are staff costs. These totaled 1.2
mln EUR in the 3rd quarter of 2008, which is a 0.20 mln EUR or 19.6% increase
compared to the same period in 2007. As mentioned earlier this was mainly due to
the wide revision of salaries at the beginning of 2008.
Other net income/expenses totaled an expense of 0.06 mln EUR in the 3rd quarter
of 2008 compared to an expense of 0.07 mln EUR in the 3rd quarter of 2007.
As a result of all of the above the Company's operating profit for the 3rd
quarter of 2008 was 6.4 mln EUR, an increase of 0.70 mln EUR compared to an
operating profit of 5.7 mln EUR achieved in the 3rd quarter of 2007. Compared to
the operating profit in the 3rd quarter of 2007, the operating profit has
increased 12.4%.
Financial expenses
Net Financial expenses were 0.65 mln EUR in the 3rd quarter of 2008, which is a
decrease of 0.10 mln EUR or 12.9% compared to the 3rd quarter of 2007. The
Company's interest costs have increased by 7.6% compared to the 3rd quarter of
2007. This is due to the increase in the 6 month Euribor rate. The increase in
interest expenses is partially offset by an increase in financial income earned
during the 3rd quarter of 2008, as a result of a more favourable cash position
and increasing interest rates. Also favorable interest SWAP position had a
positive effect of 0.10 mln EUR in the 3rd quarter of 2008.
Profit Before Tax
The Company's profit before taxes for the 3rd quarter of 2008 was 5.7 mln EUR,
which is 0.80 mln EUR higher than the profit before taxes of 4.9 mln EUR for the
3rd quarter of 2007.
Results for the 1st nine months of 2008
During the 1st nine months of 2008 the Company's total sales increased, year on
year, by 21.8% to 42.8 mln EUR. Sales from the Company's main operating
activities were 34.3 mln EUR. Sales of water and wastewater treatment were 31.6
mln EUR, a 10.4% increase compared to the 1st nine months of 2007.
The Company's profit before taxes for the 1st nine months of 2008 was 17.2 mln
EUR, which is 1.2 mln EUR higher than the profit before taxes of 16.1 mln EUR in
the relevant period in 2007. The results for the 1st nine months of 2007 were
impacted by the fact that the Ministry of Environment gave final approval to the
success of the nitrogen project, which resulted in the release of a provision
worth 0.85 mln EUR for environmental taxes. Looking at the underlying profit
before taxes for the 1st nine months of 2007, it shows a 2.0 mln EUR or 13.2%
increase in 2008 for the same period.
Balance sheet
During the 1st nine months of 2008 the Company invested 12.8 mln EUR into fixed
assets. Non-current assets were 140.5 mln EUR at 30 September 2008. Current
assets decreased by 2.5 mln EUR to 21.4 mln EUR in the nine months of the year,
customer receivables decreased by 4.6 mln EUR. During the 1st nine months of
2008 cash at bank increased by 2.1 mln EUR.
Current liabilities increased by 3.9 mln EUR to 16.6 mln EUR in the nine months
of the year. This was mainly due to increases in Current portion of long-term
borrowings by 2.7 mln EUR, as result of the reclassification of the loan based
on repayment schedule.
The company continues to maintain its leverage level within its target range
above 50% with total liabilities to total capital employed of 53.1% as of 30
September 2008. Long-term liabilities stood at 69.3 mln EUR at the end of
September 2008, consisting almost entirely of the outstanding balance on the two
long-term bank loans.
Cash flow
During the 1st nine months of 2008, the Company generated 20.6 mln EUR of cash
flows from operating activities, an increase of 3.4 mln EUR compared to the
corresponding period in 2007. Underlying operating profit continues to be the
main driver for growth, supplemented by debt collection in nine months of 2008.
In the nine months of 2008 net cash inflows from investing activities were 1.6
mln EUR, which is 7.9 mln EUR more than in 2007. This was mainly due to some
large construction revenue invoices that were due and paid in the 1st quarter
2008, offset by increased investment payments. In the 1st nine months the
company invested 12.8 mln EUR - 11.1 mln EUR on networks (including 7.6 mln EUR
on extension and developments), 0.76 mln EUR at Paljassaare wastewater treatment
plant and sludge treatment, 0.38 mln EUR on water quality (Ülemiste water
treatment plant and raw water) and 0.57 mln EUR for other investments (IT,
capital maintenance, meters, etc).
The cash outflows from financing activities were 20.1 mln EUR during the 1st
nine months of 2008 compared to cash outflow of 16.1 mln EUR during the same
nine months of 2007, representing the payouts of the dividend and the income tax
on dividends of respective years.
As a result of all of the above factors, the total cash inflow in the nine
months of 2008 was 2.1 mln EUR compared to a cash outflow of 5.1 mln EUR in the
nine months of 2007. Cash and cash equivalents stood at 13.5 mln EUR as at 30
September 2008.
Employees
At the end of the 3rd quarter of 2008, the number of employees was 323, compared
to 316 at the end of the 3rd quarter of 2007.
Dividends and share performance
Based on the results of the 2007 financial year, the company paid 15,914,640 EUR
of dividends. Of this 639 EUR was paid to the owner of the B-share
and 15,914,000 EUR, i.e. 0.80 EUR per share to the owners of the A-shares. The
dividends were paid out on 13 June 2008, based on the list of shareholders,
which was fixed on 30 May 2008.
As of 30 September 2008 AS Tallinna Vesi shareholders, with a direct holding
over 5%, were:
--------------------------------------------------------------------------------
| United Utilities (Tallinn) BV | 35.3% |
--------------------------------------------------------------------------------
| City of Tallinn | 34.7% |
--------------------------------------------------------------------------------
| Nordea Bank Finland Plc clients account trading | 12.24% |
--------------------------------------------------------------------------------
| Credit Suisse Securities (Europe) Ltd Prime Brokerage | 5.76% |
| A/C Prime Brokerage Clients | |
--------------------------------------------------------------------------------
At the end of the quarter, 30 September 2008, the closing price of the AS
Tallinna Vesi share was 10.31 EUR, which is a 12.7% decrease compared to the
closing price of 11.81 EUR at the beginning of quarter, this is still
outperforming the market as the OMX Tallinn index dropped by 19.3% during the
quarter.
Operational highlights in the nine months of 2008
The company implemented the development component in the 1st quarter of 2008
according to the Services Agreement Amendment, which was signed with the City of
Tallinn on 30 November 2007. The Services Agreement is extended until 2020 and
the k-coefficient is also fixed until 2020 - 2% in years 2009 to 2010 and 0% in
years 2011 to 2020. No extra capital expenditures (in addition to maintenance
capex and extensions program agreed in the contract) can be imposed on the
company until 2020. According to the agreement the network extension
constructions must be completed by March 2011. To compensate the Company for the
construction and financing costs, a specific development component is included
into the Tallinn domestic water tariff starting from 1 March 2008 to the end of
2017, and the City of Tallinn will compensate 0.28 mln EUR every month for the
storm water constructions until the end of 2011. The development component shall
be compensated to the customers with direct payment to the company by the City
of Tallinn. The component is bigger during the construction period (0.58 euros
per m3 until 31 December 2011 and 0.39 euros per m3 in years 2012 to 2017).
The Company submitted the application for the tariff increase from 1st January
2009 in the 3rd quarter. The City Government approved the 12.8% tariff increase
for water and wastewater services on 1 October 2008. The tariff increase is
applicable from 1st January 2009 and consists of 11.4% of CPI increase, 2% of
k-coefficient and -0.6% of change of law. The 12.8% tariff increase is
applicable in the main service area and is similar outside the main service
area, depending still on individual contracts with the municipalities.
The usage of the web based self service has increased by more than 2 times
compared to 2007, around 9% of invoices were issued via web.
We are pleased to report the compliance with all requirements of the Levels of
Services established by the contract with City of Tallinn.
In the 3rd quarter we met again all the norms for the pollutants in the waste
water and as result of this the payable pollution tax decreased by 50% compared
to the regular rate, giving 0.12 mln EUR positive impact to the P&L and cash
flows of the company.
We are pleased to report that on 5th August the company concluded an operating
agreement with Maardu City and Maardu Vesi. When the operating contract comes
into force from 1st January 2009, AS Tallinna Vesi shall help AS Maardu Vesi to
finance the self-financing part required within the European Union Assistance
Project during the period 2009-2012 with approximately 1.3 mln EUR annually. The
financing commitment of AS Tallinna Vesi is up to a total of 5.1 mln EUR over
the period. The company shall get the investment back through the capital
component to be included in the tariff within 20 years. On the basis of the
cooperation of the companies and the subsidies of the European Union the
problems regarding the water quality in Maardu shall be solved in the
forthcoming years and in a longer perspective Maardu shall be supplied with
drinking water from Ülemiste Water Treatment Plant. Administrating the
infrastructure of AS Maardu Vesi enables AS Tallinna Vesi to increase its
customer portfolio and to grow turnover. In addition to the required
self-financing AS Tallinna Vesi shall provide the customers of AS Maardu Vesi
with a modern service of operating the assets with a good-quality customer
service. There area about 20 000 residents living in the operating area of AS
Maardu Vesi. The operating contract has been planned for the duration of 30
years. Tallinna Vesi shall start to operate the assets and provide full service
at the latest from 1 January 2009 after the preparation period during which the
assets are taken over. AS Maardu Vesi shall still remain the owner of all
assets.
Additional information:
Siiri Lahe
Chief Financial Officer
+372 6262 262
siiri.lahe@tvesi.ee
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| INCOME STATEMENT | 9 months | 9 months | 12 months |
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| (thousand EUR) | 2008 | 2007 | 2007 |
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| | | | |
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| Sales from main operating activities | 34 334 | 30 845 | 41 436 |
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| Revenues from other operating activities | 8 513 | 4 333 | 11 021 |
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| Net sales | 42 846 | 35 178 | 52 457 |
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| | | | |
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| Costs of goods sold (main operating | -12 704 | -10 047 | -13 848 |
| activities) | | | |
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| Costs of goods sold (other operating | -7 634 | -3 762 | -10 110 |
| activities) | | | |
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| | | | |
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| GROSS PROFIT | 22 509 | 21 369 | 28 499 |
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| | | | |
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| Marketing expenses | -590 | -621 | -866 |
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| General administration expenses | -2 595 | -2 657 | -3 633 |
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| Other income/ expenses (-) | -65 | 58 | 118 |
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| | | | |
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| OPERATING PROFIT | 19 260 | 18 149 | 24 118 |
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| | | | |
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| Financial income / expenses (-) | -2 047 | -2 097 | -2 827 |
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| | | | |
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| PROFIT BEFORE TAXES | 17 213 | 16 052 | 21 291 |
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| | | | |
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| Income tax on dividends | -4 231 | -3 533 | -3 533 |
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| | | | |
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| NET PROFIT FOR THE PERIOD | 12 982 | 12 519 | 17 757 |
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| | | | |
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| Attributable to: | | | |
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| Equity holders of A-shares | 12 982 | 12 518 | 17 757 |
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| B-share holder | 0,64 | 0,64 | 0,64 |
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| | | | |
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| Earnings per share in euros | 0,65 | 0,63 | 0,89 |
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| BALANCE SHEET | | | |
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| (thousand EUR) | 30.09.2008 | 30.09.2007 | 31.12.2007 |
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| | | | |
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| ASSETS | | | |
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| CURRENT ASSETS | | | |
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| Cash at bank and in hand | 13 490 | 10 817 | 11 403 |
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| Commercial paper | 0 | 0 | 0 |
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| Customer receivables | 7 234 | 5 216 | 11 838 |
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| Accrued income and prepaid expenses | 354 | 357 | 331 |
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| Inventories | 243 | 193 | 233 |
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| Assets for sale | 71 | 107 | 72 |
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| TOTAL CURRENT ASSETS | 21 392 | 16 690 | 23 877 |
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| | | | |
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| NON-CURRENT ASSETS | | | |
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| Tangible assets | 128 123 | 122 664 | 127 375 |
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| Intangible assets | 2 694 | 3 085 | 3 140 |
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| Unfinished assets - non connections | 3 935 | 5 784 | 3 070 |
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| Unfinished pipelines - new | 5 660 | 7 981 | 5 756 |
| connections | | | |
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| Prepayments for fixed assets | 118 | 198 | 345 |
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| TOTAL NON-CURRENT ASSETS | 140 530 | 139 711 | 139 686 |
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| TOTAL ASSETS | 161 921 | 156 402 | 163 562 |
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| | | | |
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| LIABILITIES | | | |
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| | | | |
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| CURRENT LIABILITIES | | | |
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| Current portion of long-term | 5 301 | 0 | 2 651 |
| borrowings | | | |
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| Trade and other payables, incl. | 6 506 | 4 185 | 5 558 |
| dividends | | | |
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| Taxes payable | 1 149 | 904 | 1 693 |
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| Short-term provisions | 159 | 143 | 143 |
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| Deferred income | 3 519 | 2 944 | 2 691 |
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| TOTAL CURRENT LIABILITIES | 16 634 | 8 176 | 12 736 |
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| | | | |
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| NON-CURRENT LIABILITIES | | | |
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| Bank loans | 69 325 | 74 569 | 71 932 |
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| Other payables | 8 | 7 | 7 |
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| TOTAL NON-CURRENT LIABILITIES | 69 332 | 74 577 | 71 939 |
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| TOTAL LIABILITIES | 85 966 | 82 752 | 84 675 |
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| | | | |
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| EQUITY CAPITAL | | | |
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| Share capital | 12 782 | 12 782 | 12 782 |
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| Share premium | 24 734 | 24 734 | 24 734 |
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| Statutory legal reserve | 1 278 | 1 278 | 1 278 |
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| Accumulated profit | 24 178 | 22 336 | 22 336 |
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| Net profit for the period | 12 982 | 12 519 | 17 757 |
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| TOTAL EQUITY CAPITAL | 75 955 | 73 649 | 78 887 |
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| TOTAL LIABILITIES AND EQUITY CAPITAL | 161 921 | 156 402 | 163 562 |
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| CASH FLOW STATEMENT | 9 months | 9 months | 12 months |
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| (thousand EUR) | 2008 | 2007 | 2007 |
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| | | | |
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| CASH FLOWS FROM OPERATING ACTIVITIES | | | |
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| Operating profit | 19 260 | 18 149 | 24 118 |
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| Adjustment for depreciation | 4 255 | 3 789 | 5 064 |
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| Adjustment for income and expenses from | -879 | -571 | -911 |
| constructions | | | |
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| Other financial income and expenses | -17 | -16 | -101 |
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| Profit from sale of fixed assets | -8 | 1 | -155 |
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| Expensed fixed assets | 0 | 0 | 30 |
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| Capitalization of operating expenses | -1 127 | -921 | -1 263 |
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| Movement in current assets involved in | 1 011 | -359 | -2 049 |
| operating activities | | | |
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| Movement in liabilities involved in | -43 | -1 150 | -21 |
| operating activities | | | |
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| Interest paid | -1 807 | -1 652 | -3 386 |
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| Total cash flow from operating activities | 20 645 | 17 270 | 21 326 |
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| | | | |
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| CASH FLOWS FROM INVESTING ACTIVITIES | | | |
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| Acquisition of fixed assets (incl | -12 152 | -11 540 | -16 997 |
| pipelines construction) | | | |
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| Proceeds from pipelines financed by | 12 933 | 4 772 | 6 509 |
| construction income | | | |
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| Proceeds from sale of and prepayments | 9 | 1 | 25 |
| received for fixed assets | | | |
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| Proceeds from sale of assets and real | 0 | 15 | 15 |
| estate investments | | | |
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| Interest received | 797 | 449 | 676 |
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| Total cash flow from investing activities | 1 587 | -6 303 | -9 773 |
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| | | | |
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| CASH FLOWS FROM FINANCING ACTIVITIES | | | |
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| Finance lease payments | 0 | -30 | -30 |
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| Dividends paid | -15 915 | -12 527 | -12 527 |
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| Income tax on dividends | -4 231 | -3 533 | -3 533 |
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| Total cash flow from financing activities | -20 145 | -16 091 | -16 091 |
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| | | | |
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| Change in cash and bank accounts | 2 087 | -5 123 | -4 537 |
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| | | | |
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| CASH AND EQUIVALENTS AT THE BEGINNING OF | 11 403 | 15 940 | 15 940 |
| THE PERIOD | | | |
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| | | | |
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| CASH AND EQUIVALENTS AT THE END OF THE | 13 490 | 10 817 | 11 403 |
| PERIOD | | | |
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