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AS TALLINNA VESI
LEI kood
5493000M6TVS2X0KWC97
Emitendi suuruskategooria
Suur kontsern
Majandustegevusalad
Veevarustus; kanalisatsioon, jäätme- ja saastekäitlus
Emitendi registreeritud asukoht
Eesti
Üldandmed
Kategooriad
Juhtkonna vaheteadaanne või kvartaalne finantsaruanne
Teate ID
2217
Manused
Esitamise kuupäev ja aeg
30.04.2009 16:01:00
Teate sisu eesti keeles
Pealkiri
2009. aasta 1. kvartali majandustulemused (EUR)
Teade
TEGEVUSARUANNE
2009. AASTA 1. KVARTALI MAJANDUSTULEMUSED
Kokkuvõte
2009. aasta 3 kuuga kasvas Ettevõtte müügitulu 12,3 miljoni euroni, mis on
6,6%-line kasv võrreldes 2008. aasta 3 kuuga. Vee ja reoveeteenuse kogu
müügimahud langesid 2009. aasta 3 kuuga 5,2%, teenuste müügitulu kasvas 5,1%
võrreldes 2008. aasta 3 kuuga. Põhiteeninduspiirkonna eraklientide müügitulu
kasvas 9,0%, juriidiliste klientide müügitulu kasvas 0,1% ja müük väljaspool
teeninduspiirkonda suurenes 1,4%. Ettevõtte kasum enne tulumaksu oli 6,3
miljonit eurot, mis on 2008. aasta 3 kuuga võrreldes 9,9% rohkem. Ettevõte
investeeris 2,7 miljonit eurot, millest 2,1 miljonit eurot investeeriti võrkude
laiendamiseks ja rekonstrueerimiseks.
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| miljon EUR | 1 kv | 1 kv | Muutus | 3 kuud | 3 kuud | Muutus |
| | 2009 | 2008 | | 2009 | 2008 | |
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| Müügitulu | 12,3 | 11,6 | 6,6% | 12,3 | 11,6 | 6,6% |
--------------------------------------------------------------------------------
| Brutokasum | 8,1 | 7,3 | 9,9% | 8,1 | 7,3 | 9,9% |
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| Brutokasumi marginaal%| 65,4 | 63,4 | 3,1% | 65,4 | 63,4 | 3,1% |
--------------------------------------------------------------------------------
| Ärikasum | 7,1 | 6,4 | 10,6% | 7,1 | 6,4 | 10,6% |
--------------------------------------------------------------------------------
| Ärikasumi marginaal % | 57,5 | 55,4 | 3,8% | 57,5 | 55,4 | 3,8% |
--------------------------------------------------------------------------------
| Kasum enne | 6,3 | 5,7 | 9,9% | 6,3 | 5,7 | 9,9% |
| tulumaksustamist | | | | | | |
--------------------------------------------------------------------------------
| Puhaskasum | 6,3 | 5,7 | 9,9% | 6,3 | 5,7 | 9,9% |
--------------------------------------------------------------------------------
| Puhaskasumi marginaal%| 51,0 | 49,5 | 3,2% | 51,0 | 49,5 | 3,2% |
--------------------------------------------------------------------------------
| Vara puhasrentaablus% | 3,7 | 3,4 | 7,7% | 3,7 | 3,4 | 7,7% |
--------------------------------------------------------------------------------
| Kohustuste osatähtsus | 48,2 | 49,3 | -2,2% | 48,2 | 49,3 | -2,2% |
| koguvarast | | | | | | |
--------------------------------------------------------------------------------
Brutokasumi marginaal - brutokasum / müügitulu
Ärikasumi marginaal - ärikasum / müügitulu
Puhaskasumi marginaal - puhaskasum / müügitulu
Vara puhasrentaablus - puhaskasum / vara kokku
Kohustuste osatähtsus koguvarast - kohustused kokku / vara kokku
Kasumiaruanne
1. kvartal 2009
Müügitulud
2009. aasta 1. kvartalis kasvas Ettevõtte tulu 12,3 miljoni euroni, mis on 6,6%
suurune kasv võrreldes eelmise aasta sama perioodiga. 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 1.
kvartaliga 5,1% võrra 11,3 miljoni euroni, tulenevalt 12,8% suurusest
tariifitõusust alates 1. jaanuarist 2009 kombinatsioonis allkirjeldatud
teguritega.
Sektori lõikes jagunes kasv järgnevalt: müük eraklientidele kasvas 9,0% võrra
6,2 miljoni euroni. Müük äriklientidele teeninduspiirkonnas kasvas 0,1% võrra
4,5 miljoni euroni. Müük äriklientidele väljaspool teeninduspiirkonda (peamiselt
ümbritsevatele omavalitsustele pakutav reovee puhastamise teenus) kasvas 1,4%
ulatudes 0,8 miljoni m³ ehk 0,40 miljoni euroni. Saadud ülereostustasu oli 0,24
miljonit eurot, 10,0% kasv võrreldes 2008. aasta sama perioodiga.
2009. aasta 1. kvartalis vähenesid eraklientide müügimahud 3,4% võrra võrreldes
2008. aasta 1. kvartaliga. Meie arvates selgitab seda majanduslik olukord
koosmõjus seniste tarbijate siirdumisega lähivaldadesse.
Müük juriidilistele klientidele teeninduspiirkonnas langes 11,5% võrreldes 2008.
aasta 1. kvartaliga mitme teguri tõttu. Enamus kaotatud müügimahust tuleneb
ettevõtete poolt rakendatud üleüldistest kokkuhoiumeetmetest või tootmise
vähenemisest ning ettevõtete siirdumisest Tallinna äärealadele.
2009. aasta 1. kvartalis kasvas sademetevee teenuse ja tuletõrjehüdrantide
süsteemide käigushoidmise ja hoolduse tasu 22,8% võrra 0,78 miljoni euroni
võrreldes 2008. aasta sama perioodiga. See on kooskõlas lepingu nõuete ja
sätetega, mille kohaselt sademetevee ja tuletõrjehüdrantide kulud arveldatakse
tegelike kulude ja töödeldud mahtude alusel.
Müüdud toodete ja teenuste kulu ja brutokasumi marginaal
Põhitegevusega seotud müüdud toodete ja teenuste kulu oli 2009. aasta 1.
kvartalis 4,3 miljonit eurot, so 0,03 miljonit eurot ehk 0,8% enam kui eelmise
aasta samal perioodil.
2009. aasta 1. kvartalis saavutas Ettevõte sooduskoefitsienti 0,5, mistõttu oli
makstavate keskkonnamaksude suurus 1. kvartalis 0,21 miljonit eurot, võrreldes
0,19 miljoni euroga 2008. aasta samal perioodil. Saastetasu suurenemise
põhjuseks on maksumäärade tõus 20% võrra, mida osaliselt vähendab puhastatud
koguste langus. Hoolimata faktist, et sissetuleva heitvee reostuskoormus on
suurenenud ning ettevõttel puudub täielik kontroll sademevee väljalaskude
saastatuse üle, töötame me selle nimel, et kasutada optimaalselt kemikaale
saavutamaks 0,5 kordne koefitsient järgmistes kvartalites.
Kvartali kemikaalikulud olid 0,24 miljonit eurot, mis on 16,7% vähem kui 2008.
aasta samal perioodil. See on puhastatud reovee hulga ja doseeritud kemikaalide
kombineeritud tulemus, samuti soodsate kemikaalihindade tulemus.
Elektrikulud kasvasid 2009. aasta 1. kvartalis võrreldes eelmise aasta sama
perioodiga 0,04 miljoni euro ehk 9,1% võrra, kõrgema elektrihinna ning
puhastatud reovee hulga koosmõjul.
Palgakulud kasvasid 0,04 miljoni euro ehk 3,7% võrra seoses mitme asjaoluga.
Esiteks, suurenenud töötajate arv, tagamaks toimetuleku suurenenud
ehitusjärelvalve vajadusega torustike rajamise programmi perioodil. Väikest mõju
omab ka üleettevõtteline palkade läbivaatus seoses töötajate isiklike eesmärkide
saavutamisega.
Kulum kasvas 2009. aasta 1. kvartalis võrreldes eelmise aasta sama perioodiga
0,01 miljoni euro ehk 1,1% võrra.
Transpordikulud vähenesid 2009. aasta 1. kvartalis võrreldes eelmise aasta sama
perioodiga 0,02 miljoni euro ehk 7,0% võrra, kütusehindade ning masinate
rendihindade alanemise koosmõjul.
Muud müüdud toodete ja teenuste kulud vähenesid 0,03 miljoni euro ehk 5,8% võrra
2009. aasta 1. kvartalis. Mitmete tugiteenuste ning hooldus ja remondi lepingute
kulud vähenesid õnnestunud läbirääkimiste tulemusel.
Kulude kasvust tingitud surve esitab ettevõttele väljakutse otsimaks edasisi
võimalusi efektiivsuse suurendamiseks protsesside, hangete jms ülevaatamise
kaudu.
Ülaltoodud mõjude tulemusena oli 2009. aasta 1. kvartalis ettevõtte brutokasum
8,1 miljonit eurot, mis on 0,73 miljoni euro või 9,9% võrra rohkem, kui 2008.
aasta 1. kvartali 7,3 miljoni euro suurune brutokasum.
Ärikulud ja ärikasumi marginaal
Turustuskulud suurenesid 2009. aasta 1. kvartalis võrrelduna 2008. aasta 1.
kvartaliga 0,003 miljoni euro võrra 0,22 miljoni euroni. Seda mõjutas peamiselt
kulude kokkuhoid, mida tasandas amortisatsiooni kasv.
2009. aasta 1. kvartalis vähenesid üldhalduskulud 0,03 miljonit eurot 0,90
miljoni euroni, peamiselt vähenenud teenuste kulude mõjul.
Muud äritulud/kulud
Äritulud/kulud rajamistest ning sihtfinantseerimisest andsid 2009. aasta 1.
kvartalis tulu 0,22 miljonit eurot võrreldes 0,22 miljoni euro suuruse tuluga
2008. aasta 1. kvartalis. Muud äritulud/kulud andsid 2009. aasta 1. kvartalis
kokku kulu 0,07 miljonit eurot võrreldes 0,01 miljoni euro suuruse kuluga 2008.
aasta 1. kvartalis.
Ülaltoodud mõjude tulemusena oli ettevõtte ärikasum 2009. aasta 1. kvartalis 7,1
miljonit eurot, mis on 0,68 miljonit eurot rohkem kui 6,4 miljoni euro suurune
ärikasum 2008. aasta 1. kvartalis. Võrreldes 2009. aasta 1. kvartalit 2008.
aasta 1. kvartaliga kasvas ärikasum 10,6%.
Finantskulud
Ettevõtte neto finantskulud olid 2009. aasta 1. kvartalis 0,79 miljonit eurot,
mis on 0,11 miljoni euro ehk 16,0% võrra rohkem kui 2008. aasta 1. kvartalis.
Võrrelduna 2008. aasta 1. kvartaliga on Ettevõtte intressikulud langenud 10,5%
võrra. See on tingitud asjaolust, et osa Ettevõtte laenudest on seotud 6 kuu
Euribor-i määraga. Finantskulud on suurenenud laenukulude tõttu, mis eelnevalt
olid kapitaliseeritud, kuid 2009. aasta 1. kvartalis kanti kuludesse 0,34
miljonit eurot, kuna uue investeeringute laenu võtmine põhjustab EBRD laenu
täieliku tagasimaksmise järgmisel intressimakse päeval. Kuna EBRD laen on
fikseeritud intressimääraga laen siis tõenäoliselt madala Euribor-i
intressimäära tõttu kaasnevad ennetähtaegse tagasimaksega kulud. Tõusu katab
osaliselt 2009. aasta 1. kvartalis kasvanud finantstulu, mis on Ettevõtte
efektiivsema rahade juhtimise, tugeva rahalise seisu ja suurenenud
intressimäärade tulemus.
Maksustamiseelne kasum
Ettevõtte maksustamiseelne kasum oli 2009. aasta 1. kvartalis 6,3 miljonit
eurot, so 0,57 miljonit eurot rohkem kui 5,7 miljoni euro suurune
maksustamiseelne kasum 2008. aasta 1. kvartalis.
Bilanss
2009. aasta 3 kuu jooksul investeeris Ettevõte põhivarasse 2,7 miljonit eurot.
Lõpetamata-, materiaalne- ja immateriaalne põhivara oli 2009. aasta 31. märtsi
seisuga 140,1 miljonit eurot. Käibevara suurenes 3 kuuga 8,0 miljoni euro võrra
30,2 miljoni euroni, nõuded ostjate vastu suurenesid 1,2 miljoni euro võrra.
2009. aasta 3 kuuga on rahajääk pangas kasvanud 6,8 miljoni euro võrra.
Lühiajalised kohustused suurenesid 3 kuu jooksul 0,23 miljoni euro võrra 12,5
miljoni euroni. See tulenes peamiselt 0,05 miljoni euro võrra suurenenud
Pikaajaliste pangalaenude tagasimaksetest järgmistel perioodidel, 0,07 miljoni
euro võrra vähenenud Hankijate võlgadest ning 0,23 miljoni euro võrra suurenenud
Ostjate ettemaksetest.
Ettevõte hoiab jätkuvalt oma finantsvõimendust sihiks võetud 50% tasemel. 2009.
aasta 31. märtsi seisuga oli kohustuste osakaal varast 48,2%. Pikaajalised
kohustused olid 2009. aasta märtsi lõpu seisuga 69,7 miljonit eurot, mis koosnes
peaaegu täielikult kolme pikaajalise pangalaenu jäägist.
Rahakäive
2009. aasta 3 kuu jooksul oli Ettevõtte äritegevuse rahakäive 7,3 miljonit
eurot, mis on 0,57 miljonit eurot vähem kui 2008. aasta samal perioodil.
Perioodilise põhitegevuse ärikasum on jätkuvalt peamine tegur ettevõtte
äritegevuse rahakäibe kasvus.
2009. aasta 3 kuu investeerimistegevuse raha väljavool oli 0,45 miljonit eurot,
so 2,1 miljonit eurot rohkem kui 2008. aasta 3 kuu jooksul. Selle peamiseks
põhjuseks oli muutus rajamistulu kompenseerimise mehhanismis, tulenedes 30.
novembril 2007 Linnaga sõlmitud lepingust. 2008. aasta 1. kvartalis laekus 2007
aasta rajamiste kompensatsioon. 2009. aasta 3 kuu jooksul investeeris Ettevõte
2,7 miljonit eurot - 2,1 miljonit eurot võrkudesse (sh 1,5 miljonit eurot
laiendamiseks ja arendamiseks), 0,32 miljonit eurot Paljassaare sade- ja reovee
puhastusjaama uuendamiseks, 0,04 miljonit eurot vee kvaliteedi säilitamiseks
(Ülemiste veepuhastusjaam ja toorvee kvaliteet) ja 0,24 miljonit eurot muudeks
investeeringuteks (IT, investeeringute väärtuse säilimine, veemõõtjad jne).
2009. ja 2008. aasta 3 kuu jooksul ei toimunud finantstegevuse rahavoogusid
mõjutavaid tegevusi.
Eelnevate tegurite mõjul oli raha sissevool 2009. aasta 3 kuu jooksul 6,8
miljonit eurot võrrelduna 9,5 miljoni euro suuruse raha sissevooluga 2008. aasta
3 kuuga. Raha ja raha ekvivalentide saldo oli 2009. aasta 31. märtsi seisuga
21,5 miljonit eurot.
Töötajad
2009. aasta 1. kvartali lõpus töötas ettevõttes 331 töötajat, võrreldes 315
töötajaga 2008. aasta 1. kvartali lõpus. Keskmised täistöökohaga töötajate arvud
olid vastavalt 316 töötajat 2009. aastal ja 303 töötajat 2008. aastal.
Dividendid ja aktsiahinna muutused
2008. aasta majandustulemuste põhjal kavatseb Ettevõtte maksta 14 700 318 eurot
dividende. Sellest 639 eurot makstakse B-aktsia omanikule ja 14 699 679 eurot,
so 0,73 eurot aktsia kohta A-aktsia omanikele. Korraline aktsionäride
üldkoosolek peaks dividendimakse kinnitama 19. mail 2009.
AS Tallinna Vesi on noteeritud OMX Main Baltic Marketil kauplemiskoodiga TVEAT
ja ISIN EE3100026436.
2009. aasta 31. märtsi 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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| Credit Suisse Securities (Europe) Ltd Prime Brokerage | 5.76% |
| A/C Prime Brokerage Clients | |
--------------------------------------------------------------------------------
| HSBC Bank Plc Re Parvus European Absolute | 5.46% |
| Opportunities Master Fund | |
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Parvus AM on deklareerinud, et nende osalus ületab 10% ning AKO Capital on
deklareerinud enda kaudseks osaluseks üle 5% aktsiakapitalist.
Kvartali lõpus, 31. märtsil 2009, oli AS Tallinna Vesi aktsia sulgemishind 9.00
eurot (140,82 krooni), mis on 0,11% kõrgem võrreldes kvartali alguses olnud 8.99
eurot (140,66 EEK), ületades jätkuvalt OMX Tallinn indeksit, mis langes
kvartalis 2,41%.
Põhitegevusega seotud arengud 2009. aastal
Ettevõte viis lõpule laenukõnelused ning sõlmis 20 miljoni euro suuruse laenu
(võrdne 313 miljoni krooniga). 10 aastane laen sõlmiti Nordic Investment Bank'ga
9. aprillil 2009. Lisandunud laenuvajaduse tingis ulatuslik kolme aastane
torustike programm, mille kulud kompenseeritakse Ettevõttele kümne aasta
jooksul.
Langenud müügi numbrite tõttu on kvartal olnud Ettevõtte jaoks raske. Meil on
siiski heameel teatada, et algatatud kulude kokkuhoiu programm ning edukad
lepingute läbirääkimised on suurendanud kasumit.
Lisainformatsioon:
Siiri Lahe
Finantsdirektor
+372 6262 262
[email protected]
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| KASUMIARUANNE | I kvartal | I kvartal | 12 kuud |
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| (tuhat EUR) | 2009 | 2008 | 2008 |
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| | | | |
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| Müügitulu | 12 320 | 11 561 | 46 011 |
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| Müüdud toodete/teenuste kulud | -4 262 | -4 228 | -17 432 |
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| | | | |
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| BRUTOKASUM | 8 058 | 7 333 | 28 579 |
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| | | | |
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| Turustuskulud | -218 | -216 | -787 |
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| Üldhalduskulud | -904 | -928 | -3 486 |
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| Muud äritulud/-kulud (-) | 148 | 217 | 1 601 |
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| | | | |
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| ÄRIKASUM | 7 084 | 6 406 | 25 907 |
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| | | | |
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| Finantstulud | 379 | 244 | 997 |
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| Finantskulud | -1 175 | -930 | -3 758 |
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| | | | |
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| KASUM ENNE TULUMAKSUSTAMIST | 6 289 | 5 720 | 23 146 |
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| | | | |
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| Dividendide tulumaks | 0 | 0 | -4 231 |
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| | | | |
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| PERIOODI PUHASKASUM | 6 289 | 5 720 | 18 916 |
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| | | | |
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| Jaotatav: | | | |
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| A- aktsia omanikele | 6 279 | 5 710 | 18 906 |
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| B- aktsia omanikule | 0,64 | 0,64 | 0,64 |
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| | | | |
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| Kasum A aktsia kohta (eurodes) | 0,31 | 0,29 | 0,95 |
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| Kasum B aktsia kohta (eurodes) | 639 | 639 | 639 |
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| BILANSS | | | |
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| (tuhat EUR) | 31.03.2009 | 31.03.2008 | 31.12.2008 |
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| | | | |
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| VARAD | | | |
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| KÄIBEVARA | | | |
--------------------------------------------------------------------------------
| Raha ja pangakontod | 21 536 | 20 908 | 14 691 |
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| Nõuded ostjate vastu | 8 411 | 7 181 | 7 199 |
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| Varud | 228 | 250 | 240 |
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| Varad müügiks | 72 | 71 | 73 |
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| KOKKU KÄIBEVARA | 30 248 | 28 411 | 22 203 |
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| | | | |
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| PÕHIVARA | | | |
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| Materiaalne põhivara | 137 474 | 135 399 | 138 575 |
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| Immateriaalne põhivara | 2 653 | 3 119 | 2 776 |
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| KOKKU PÕHIVARA | 140 127 | 138 518 | 141 350 |
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| VARAD KOKKU | 170 375 | 166 929 | 163 553 |
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| | | | |
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| KOHUSTUSED JA OMAKAPITAL | | | |
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| | | | |
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| LÜHIAJALISED KOHUSTUSED | | | |
--------------------------------------------------------------------------------
| Pikaajaliste laenukohustuste | 5 348 | 2 665 | 5 295 |
| lühiajaline osa | | | |
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| Hankijate ja muud võlad | 5 506 | 5 005 | 5 578 |
--------------------------------------------------------------------------------
| Lühiajalised eraldised | 172 | 159 | 159 |
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| Tulevaste perioodide tulud | 1 498 | 2 553 | 1 265 |
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| LÜHIAJALISED KOHUSTUSED KOKKU | 12 524 | 10 382 | 12 296 |
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| | | | |
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| PIKAAJALISED KOHUSTUSED | | | |
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| Pangalaenud | 69 627 | 71 932 | 69 321 |
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| Muud võlad | 47 | 7 | 47 |
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| PIKAAJALISED KOHUSTUSED KOKKU | 69 674 | 71 940 | 69 368 |
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| KOKKU KOHUSTUSED | 82 197 | 82 321 | 81 665 |
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| | | | |
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| OMAKAPITAL | | | |
--------------------------------------------------------------------------------
| Aktsiakapital | 12 782 | 12 782 | 12 782 |
--------------------------------------------------------------------------------
| Ülekurss | 24 734 | 24 734 | 24 734 |
--------------------------------------------------------------------------------
| Kohustuslik reservkapital | 1 278 | 1 278 | 1 278 |
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| Jaotamata kasum | 49 383 | 45 813 | 43 094 |
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| KOKKU OMAKAPITAL | 88 177 | 84 607 | 81 889 |
--------------------------------------------------------------------------------
| KOHUSTUSED JA OMAKAPITAL KOKKU | 170 375 | 166 929 | 163 553 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| RAHAKÄIBE ARUANNE | 3 kuud | 3 kuud | 12 kuud |
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| (tuhat EUR) | 2009 | 2008 | 2008 |
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| | | | |
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| ÄRITEGEVUSE RAHAKÄIVE | | | |
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| Ärikasum | 7 084 | 6 406 | 25 907 |
--------------------------------------------------------------------------------
| Korrigeerimine kulumiga | 1 436 | 1 415 | 5 731 |
--------------------------------------------------------------------------------
| Korrigeerimine kasumiga | -221 | -222 | -1 784 |
| sihtfinantseerimisest ja | | | |
| rajamistegevusest | | | |
--------------------------------------------------------------------------------
| Muud finantskulud | -365 | -26 | -103 |
--------------------------------------------------------------------------------
| Kasum põhivara müügist | -7 | 0 | -29 |
--------------------------------------------------------------------------------
| Kuluks kantud põhivarad | 0 | 0 | -1 |
--------------------------------------------------------------------------------
| Äritegevusega seotud käibevara muutus | -720 | -360 | 1 456 |
--------------------------------------------------------------------------------
| Äritegevusega seotud kohustuste muutus | 83 | 845 | 58 |
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| Makstud intressid | 0 | -206 | -3 679 |
--------------------------------------------------------------------------------
| Rahajäägi muutus äritegevusest | 7 290 | 7 852 | 27 555 |
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| | | | |
--------------------------------------------------------------------------------
| INVESTEERIMISTEGEVUSE RAHAKÄIVE | | | |
--------------------------------------------------------------------------------
| Põhivara soetamine | -3 255 | -4 621 | -21 245 |
--------------------------------------------------------------------------------
| Ehituse eest saadavad kompensatsioonid | 2 445 | 6 018 | 15 990 |
--------------------------------------------------------------------------------
| Põhivara müügitulu | 7 | 0 | 31 |
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| Saadud intressid | 358 | 255 | 1 080 |
--------------------------------------------------------------------------------
| Rahajäägi muutus | -445 | 1 653 | -4 143 |
| investeerimistegevusest | | | |
--------------------------------------------------------------------------------
| | | | |
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| FINANTSEERIMISTEGEVUSE RAHAKÄIVE | | | |
--------------------------------------------------------------------------------
| Võetud pikaajalised laenud | 0 | 0 | 2 700 |
--------------------------------------------------------------------------------
| Tasutud pikaajalised laenud | 0 | 0 | -2 679 |
--------------------------------------------------------------------------------
| Tasutud dividendid | 0 | 0 | -15 915 |
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| Tulumaks dividendidelt | 0 | 0 | -4 231 |
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| Rahajäägi muutus | 0 | 0 | -20 124 |
| finantseerimistegevusest | | | |
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| | | | |
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| Rahajäägi kogumuutus | 6 845 | 9 505 | 3 288 |
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| | | | |
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| RAHA JA RAHA EKVIVALENDID PERIOODI | 14 691 | 11 403 | 11 403 |
| ALGUSES | | | |
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| | | | |
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| RAHA JA RAHA EKVIVALENDID PERIOODI | 21 536 | 20 908 | 14 691 |
| LÕPUS | | | |
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Teate sisu inglise keeles
Pealkiri
Results of operations for the 1st quarter 2009 (EUR)
Teade
MANAGEMENT REPORT RESULTS OF OPERATIONS - FOR THE 1st QUARTER 2009 Overview During the first three months of 2009 the Company's total sales increased, year on year, by 6.6% to 12.3 mln EUR. Total water and sewerage services sales volumes decreased in the three months of 2009 by 5.2% compared to the same three months of 2008, respective sales increased by 5.1%. Within the service area sales to residential customers increased by 9.0% year on year, sales to commercial customers increased by 0.1% year on year, and sales to customers outside of the service area increased by 1.4% year on year. The Company's profit before taxes was 6.3 mln EUR, which is a 9.9% increase compared to the same three months of 2008. In 2009 the Company invested 2.7 mln EUR, of which 2.1 mln EUR was invested in network extension and rehabilitation. -------------------------------------------------------------------------------- | mln EUR | 1 Q | 1 Q | Change | 3 | 3 | Change | | | 2009 | 2008 | | months | months | | | | | | | 2009 | 2008 | | -------------------------------------------------------------------------------- | Sales | 12,3 | 11,6 | 6,6% | 12,3 | 11,6 | 6,6% | -------------------------------------------------------------------------------- | Gross profit | 8,1 | 7,3 | 9,9% | 8,1 | 7,3 | 9,9% | -------------------------------------------------------------------------------- | Gross profit margin | 65,4 | 63,4 | 3,1% | 65,4 | 63,4 | 3,1% | | % | | | | | | | -------------------------------------------------------------------------------- | Operating profit | 7,1 | 6,4 | 10,6% | 7,1 | 6,4 | 10,6% | -------------------------------------------------------------------------------- | Operating profit | 57,5 | 55,4 | 3,8% | 57,5 | 55,4 | 3,8% | | margin % | | | | | | | -------------------------------------------------------------------------------- | Profit before taxes | 6,3 | 5,7 | 9,9% | 6,3 | 5,7 | 9,9% | -------------------------------------------------------------------------------- | Net profit | 6,3 | 5,7 | 9,9% | 6,3 | 5,7 | 9,9% | -------------------------------------------------------------------------------- | Net profit margin % | 51,0 | 49,5 | 3,2% | 51,0 | 49,5 | 3,2% | -------------------------------------------------------------------------------- | ROA % | 3,7 | 3,4 | 7,7% | 3,7 | 3,4 | 7,7% | -------------------------------------------------------------------------------- | Debt to total | 48,2 | 49,3 | -2,2% | 48,2 | 49,3 | -2,2% | | capital employed | | | | | | | -------------------------------------------------------------------------------- Gross profit margin - Gross profit / Net sales Operating profit margin - Operating profit / Net sales Net Profit margin - Net Profit / Net sales ROA - Net profit /Total Assets Debt to Total capital employed - Total Liabilities / Total capital employed Profit and Loss Statement 1st quarter 2009 Sales In the 1st quarter of 2009 the Company's total sales increased, year on year, by 6.6% to 12.3 mln EUR. Sales in the main operating activity principally comprise of sales of water and treatment of wastewater to domestic and commercial customers within and outside of the service area, and fees received from the City of Tallinn for operating and maintaining the storm water system. Sales of water and wastewater services were 11.3 mln EUR, a 5.1% increase compared to the 1st quarter of 2008, resulting from the 12.8% increase in tariffs from 1 January 2009 for the Company's residential and commercial customers combined with the factors described below. Included within this amount were the following increases by sectors: within the service area, sales to residential customers increased by 9.0% to 6.2 mln EUR. Sales to commercial customers increased by 0.1% to 4.5 mln EUR. Sales to customers outside of the service area - primarily bulk volumes of wastewater treatment services provided to the surrounding municipalities - increased by 1.4% reaching 0.8 mln m3 or 0.40 mln EUR. Over pollution fees received were 0.24 mln EUR, a 10.0% increase compared to the 1st quarter of 2008. In the 1st quarter of 2009, the volumes sold to residential customers dropped 3.4%. We believe that this is due to the combination of the economic recession and the fact that people have continued to move to the surrounding areas of Tallinn. The volumes sold to commercial customers inside the service area decreased by 11.5% compared to the relevant period in 2008 due to several factors combined. Most of the reduction in sales volumes in Tallinn is a result of the macroeconomic impact of companies reducing their production volumes and implementing efficiency measures, supplemented by companies moving to surrounding municipalities. The sales from the operation and maintenance of the storm water and fire-hydrant system increased by 22.8% to 0.78 mln EUR in the 1st quarter of 2009 compared to the same period in 2008. This is in accordance with the terms and conditions of the contract whereby the storm water and fire hydrant costs are invoiced based on actual costs and volumes treated. Cost of Goods Sold and Gross Margin The cost of goods sold for the main operating activity was 4.3 mln EUR in the 1st quarter of 2009, an increase of 0.03 mln EUR or 0.8% from the equivalent period in 2008. In the 1st quarter of 2009 the Company achieved the beneficial 0.5 coefficient for pollution tax, and the amount of pollution tax payable was 0.21 mln EUR compared to 0.19 mln EUR in 1st quarter of 2008. This increase in pollution tax was mainly due to the increase in tax rates year on year by 20%, partly offset by the reduction in treatment volumes. Despite the fact that the pollution level of the incoming sewerage has increased and the Company does not have full control over storm water outlets regarding pollution, we are working hard to use the optimum level of chemicals to achieve the 0.5 coefficient in the forthcoming quarters. Chemical costs were 0.24 mln EUR, representing a 16.7% decrease compared to the corresponding period in 2008. This result is the combination of volumes treated, chemicals dosed and the favorable price impact. Electricity costs increased by 0.04 mln EUR or 9.1% in the 1st quarter of 2009 compared to the 1st quarter of 2008 due to higher electricity prices offset by lower volumes treated. Salary expenses increased in the 1st quarter of 2009, year on year, by 0.04 mln EUR or 3.7% due to the increase in headcount required to manage the increased construction supervision need during the networks extension program. There is also some impact from the company's performance management system where individual salaries were revised based on personal achievements. Depreciation charges increased in the 1st quarter of 2009 by 0.01 mln EUR or 1.1% year on year. Transport costs decreased by 0.02 mln EUR, or 7.0% year on year, due to the combination of the reduction in fuel prices and reduced rates for rental machines. Other cost of goods sold in the main operating activity decreased by 0.03 mln EUR, or 5.8% year on year. As result of the successful negotiation of long term contracts the applicable unit rates were reduced for a number of support services and maintenance contracts. The management's target is to achieve further efficiencies through review of processes, work organization and procurements. As a result of all of the above the Company's gross profit for the 1st quarter of 2009 was 8.1 mln EUR, which is an increase of 0.73 mln EUR, or 9.9%, compared to the gross profit of 7.3 mln EUR for the 1st quarter of 2008. Operating Costs and Operating Margin Marketing expenses increased by 0.003 mln EUR to 0.22 mln EUR during the 1st quarter of 2009 compared to the corresponding period in 2008. This is partly the result of the cost savings, balanced by the minor increase in depreciation charges. Mainly as a consequence of lower services costs the General administration expenses decreased by 0.03 mln EUR to 0.90 mln EUR in the 1st quarter of 2009 year on year. Other net income/expenses Income/expenses from constructions and government grants totaled a net income of 0.22 mln EUR, in the 1st quarter of 2009 compared to a net income of 0.22 mln EUR in the 1st quarter of 2008. The rest of the other income/expenses totaled an expense of 0.07 mln EUR in the 1st quarter of 2009 compared to an expense of 0.01 mln EUR in the 1st quarter of 2008 due to slightly worsened debt collection. As a result of all of the above the Company's operating profit for the 1st quarter of 2009 was 7.1 mln EUR, an increase of 0.68 mln EUR compared to an operating profit of 6.4 mln EUR achieved in the 1st quarter of 2008. Compared to the operating profit in the 1st quarter of 2008, the operating profit has increased 10.6%. Financial expenses Net Financial expenses were 0.79 mln EUR in the 1st quarter of 2009, which is an increase of 0.11 mln EUR or 16.0% compared to the 1st quarter of 2008. The Company's interest costs have decreased by 10.5% compared to the 1st quarter of 2008. This is due to the decrease in the 6 month Euribor rate. Financial expenses have increased due to loan costs which were capitalized earlier but were expensed in amount of 0.34 mln EUR in the 1st quarter of 2009. The new capex loan agreement triggers the full repayment of the EBRD loan on next interest payment date in May 2009. The EBRD loan is hedged with a fixed interest rate, therefore we will incur some unwinding costs related to the early repayment as a result of the low Euribor rates. The increase is partially offset by an increase in financial income earned during the 1st quarter of 2009, as a result of a more favourable cash position and higher deposit rates. Profit Before Tax The Company's profit before taxes for the 1st quarter of 2009 was 6.3 mln EUR, which is 0.57 mln EUR higher than the profit before taxes of 5.7 mln EUR for the 1st quarter of 2008. Balance sheet During the three months of 2009 the Company invested 2.7 mln EUR into fixed assets. Non-current assets were 140.1 mln EUR at 31 March 2009. Current assets increased by 8.0 mln EUR to 30.2 mln EUR in the three months of the year, customer receivables increased by 1.2 mln EUR. During the three months of 2009 cash at bank increased by 6.8 mln EUR. Current liabilities increased by 0.23 mln EUR to 12.5 mln EUR in the three months of the year. This was mainly due to increases in the Current portion of long-term borrowings by 0.05 mln EUR, as a result of the reclassification of the loan based on the repayment schedule, a decrease in Trade payables by 0.07 mln EUR, and an increase in Customer prepayments by 0.23 mln EUR. The Company continues to maintain its leverage level within its target range of 50% with total liabilities to total capital employed of 48.2% as of 31 March 2009. Long-term liabilities stood at 69.7 mln EUR at the end of March 2009, consisting almost entirely of the outstanding balance on the three long-term bank loans. Cash flow During the three months of 2009, the Company generated 7.3 mln EUR of cash flows from operating activities, a decrease of 0.57 mln EUR compared to the corresponding period in 2008. Underlying operating profit continues to be the main driver for growth. In the three months of 2009 net cash outflows from investing activities were 0.45 mln EUR, which is 2.1 mln EUR more than in 2008. This was mainly due to the change in constructions compensation mechanism as result of the 30 November 2007 agreement with the local municipality. In the 1st quarter of 2008 the Company received the compensation for 2007 constructions. In 2009 the Company invested 2.7 mln EUR - 2.1 mln EUR on networks (including 1.5 mln EUR on extension and developments), 0.32 mln EUR at Paljassaare wastewater treatment plant and sludge treatment, 0.04 mln EUR on water quality (Ülemiste water treatment plant and raw water) and 0.24 mln EUR for other investments (IT, capital maintenance, meters, etc). There were no cash flows related to the financing activities in 1st quarters of 2009 and 2008. As a result of all of the above factors, the total cash inflow in the three months of 2009 was 6.8 mln EUR compared to a cash inflow of 9.5 mln EUR in the three months of 2008. Cash and cash equivalents stood at 21.5 mln EUR as at 31 March 2009. Employees At the end of the 1st quarter of 2009, the total number of employees was 331 compared to 315 at the end of the 1st quarter of 2008. The full time equivalent was respectively 316 in 2009 compared to the 303 in 2008. Dividends and share performance Based on the results of the 2008 financial year, the Company intends to pay 14,700,318 EUR of dividends. Of this 639 EUR will be paid to the owner of the B-share and 14,699,679 EUR, i.e. 0.73 EUR per share to the owners of the A-shares. The Annual Meeting of the Shareholders will vote to approve the dividend payment on 19th May 2009. AS Tallinna Vesi is listed on OMX Main Baltic Market with trading code TVEAT and ISIN EE3100026436. As of 31 March 2009 AS Tallinna Vesi shareholders, with a direct holding over 5%, were: -------------------------------------------------------------------------------- | United Utilities (Tallinn) BV | 35.3% | -------------------------------------------------------------------------------- | City of Tallinn | 34.7% | -------------------------------------------------------------------------------- | Credit Suisse Securities (Europe) Ltd Prime Brokerage | 5.76% | | A/C Prime Brokerage Clients | | -------------------------------------------------------------------------------- | HSBC Bank Plc Re Parvus European Absolute | 5.46% | | Opportunities Master Fund | | -------------------------------------------------------------------------------- Parvus AM has declared that their shareholding in the clients' accounts exceeds 10% and AKO Capital has declared their indirect ownership above 5% of the share capital. At the end of the quarter, 31 March 2009, the closing price of the AS Tallinna Vesi share was 9.00 EUR (140.82 EEK), which is a 0.11% increase compared to the closing price of 8.99 EUR (140.66 EEK) at the beginning of quarter, this is still outperforming the market as the OMX Tallinn index dropped by 2.41% during the quarter. Operational highlights in the three months of 2009 The Company finalised the loan negotiations and concluded a 20 mln EUR (equal to 313 mln EEK), 10-year maturity loan agreement with the Nordic Investment Bank on the 9th of April. The necessity for this additional loan resource was triggered by the extensive 3-year network expansion program, the costs of which will be compensated to the Company over a period of ten years. Due to fall in sales volumes it has been a challenging quarter for the Company. We are still pleased to report that the cost efficiency programs we have initiated and successful contract negotiations have enabled us to deliver the increase in profits. Additional information: Siiri Lahe Chief Financial Officer +372 6262 262 [email protected] -------------------------------------------------------------------------------- | INCOME STATEMENT | I quarter | I quarter | 12 months | -------------------------------------------------------------------------------- | (thousand EUR) | 2009 | 2008 | 2008 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Revenue | 12 320 | 11 561 | 46 011 | -------------------------------------------------------------------------------- | Costs of goods sold | -4 262 | -4 228 | -17 432 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | GROSS PROFIT | 8 058 | 7 333 | 28 579 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Marketing expenses | -218 | -216 | -787 | -------------------------------------------------------------------------------- | General administration expenses | -904 | -928 | -3 486 | -------------------------------------------------------------------------------- | Other income/ expenses (-) | 148 | 217 | 1 601 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | OPERATING PROFIT | 7 084 | 6 406 | 25 907 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Financial income | 379 | 244 | 997 | -------------------------------------------------------------------------------- | Financial expenses | -1 175 | -930 | -3 758 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | PROFIT BEFORE TAXES | 6 289 | 5 720 | 23 146 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Income tax on dividends | 0 | 0 | -4 231 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | NET PROFIT FOR THE PERIOD | 6 289 | 5 720 | 18 916 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Attributable to: | | | | -------------------------------------------------------------------------------- | Equity holders of A-shares | 6 279 | 5 710 | 18 906 | -------------------------------------------------------------------------------- | B-share holder | 0,64 | 0,64 | 0,64 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Earnings per A share (in euros) | 0,31 | 0,29 | 0,95 | -------------------------------------------------------------------------------- | Earnings per B share (in euros) | 639 | 639 | 639 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | BALANCE SHEET | | | | -------------------------------------------------------------------------------- | (thousand EUR) |31.03.2009 | 31.03.2008 | 31.12.2008 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | ASSETS | | | | -------------------------------------------------------------------------------- | CURRENT ASSETS | | | | -------------------------------------------------------------------------------- | Cash at bank and in hand | 21 536 | 20 908 | 14 691 | -------------------------------------------------------------------------------- | Customer receivables | 8 411 | 7 181 | 7 199 | -------------------------------------------------------------------------------- | Inventories | 228 | 250 | 240 | -------------------------------------------------------------------------------- | Assets for sale | 72 | 71 | 73 | -------------------------------------------------------------------------------- | TOTAL CURRENT ASSETS | 30 248 | 28 411 | 22 203 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | NON-CURRENT ASSETS | | | | -------------------------------------------------------------------------------- | Tangible assets | 137 474 | 135 399 | 138 575 | -------------------------------------------------------------------------------- | Intangible assets | 2 653 | 3 119 | 2 776 | -------------------------------------------------------------------------------- | TOTAL NON-CURRENT ASSETS | 140 127 | 138 518 | 141 350 | -------------------------------------------------------------------------------- | TOTAL ASSETS | 170 375 | 166 929 | 163 553 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | LIABILITIES | | | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | CURRENT LIABILITIES | | | | -------------------------------------------------------------------------------- | Current portion of long-term | 5 348 | 2 665 | 5 295 | | borrowings | | | | -------------------------------------------------------------------------------- | Trade and other payables, incl. | 5 506 | 5 005 | 5 578 | | dividends | | | | -------------------------------------------------------------------------------- | Short-term provisions | 172 | 159 | 159 | -------------------------------------------------------------------------------- | Deferred income | 1 498 | 2 553 | 1 265 | -------------------------------------------------------------------------------- | TOTAL CURRENT LIABILITIES | 12 524 | 10 382 | 12 296 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | NON-CURRENT LIABILITIES | | | | -------------------------------------------------------------------------------- | Bank loans | 69 627 | 71 932 | 69 321 | -------------------------------------------------------------------------------- | Other payables | 47 | 7 | 47 | -------------------------------------------------------------------------------- | TOTAL NON-CURRENT LIABILITIES | 69 674 | 71 940 | 69 368 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES | 82 197 | 82 321 | 81 665 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | EQUITY CAPITAL | | | | -------------------------------------------------------------------------------- | Share capital | 12 782 | 12 782 | 12 782 | -------------------------------------------------------------------------------- | Share premium | 24 734 | 24 734 | 24 734 | -------------------------------------------------------------------------------- | Statutory legal reserve | 1 278 | 1 278 | 1 278 | -------------------------------------------------------------------------------- | Retained earnings | 49 383 | 45 813 | 43 094 | -------------------------------------------------------------------------------- | TOTAL EQUITY CAPITAL | 88 177 | 84 607 | 81 889 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES AND EQUITY CAPITAL | 170 375 | 166 929 | 163 553 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CASH FLOW STATEMENT | 3 months | 3 months | 12 months | -------------------------------------------------------------------------------- | (thousand EUR) | 2009 | 2008 | 2008 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | CASH FLOWS FROM OPERATING ACTIVITIES | | | | -------------------------------------------------------------------------------- | Operating profit | 7 084 | 6 406 | 25 907 | -------------------------------------------------------------------------------- | Adjustment for depreciation/amortisation | 1 436 | 1 415 | 5 731 | -------------------------------------------------------------------------------- | Adjustment for profit from government | -221 | -222 | -1 784 | | grants and connection fees | | | | -------------------------------------------------------------------------------- | Other finance expenses | -365 | -26 | -103 | -------------------------------------------------------------------------------- | Profit from sale of property, plant and | -7 | 0 | -29 | | equipment, and intangible assets | | | | -------------------------------------------------------------------------------- | Expensed property, plant and equipment | 0 | 0 | -1 | -------------------------------------------------------------------------------- | Change in current assets involved in | -720 | -360 | 1 456 | | operating activities | | | | -------------------------------------------------------------------------------- | Change in liabilities involved in | 83 | 845 | 58 | | operating activities | | | | -------------------------------------------------------------------------------- | Interest paid | 0 | -206 | -3 679 | -------------------------------------------------------------------------------- | Total cash flow from operating activities | 7 290 | 7 852 | 27 555 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | CASH FLOWS FROM INVESTING ACTIVITIES | | | | -------------------------------------------------------------------------------- | Acquisition of property, plant and | -3 255 | -4 621 | -21 245 | | equipment, and intangible assets | | | | -------------------------------------------------------------------------------- | Compensations received for construction | 2 445 | 6 018 | 15 990 | | of pipelines | | | | -------------------------------------------------------------------------------- | Proceeds from sale of property, plant and | 7 | 0 | 31 | | equipment, and intangible assets | | | | -------------------------------------------------------------------------------- | Interest received | 358 | 255 | 1 080 | -------------------------------------------------------------------------------- | Total cash flow from investing activities | -445 | 1 653 | -4 143 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | CASH FLOWS FROM FINANCING ACTIVITIES | | | | -------------------------------------------------------------------------------- | Received long-term loans | 0 | 0 | 2 700 | -------------------------------------------------------------------------------- | Repayment of long-term loans | 0 | 0 | -2 679 | -------------------------------------------------------------------------------- | Dividends paid | 0 | 0 | -15 915 | -------------------------------------------------------------------------------- | Income tax on dividends | 0 | 0 | -4 231 | -------------------------------------------------------------------------------- | Total cash flow from financing activities | 0 | 0 | -20 124 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Change in cash and bank accounts | 6 845 | 9 505 | 3 288 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | CASH AND EQUIVALENTS AT THE BEGINNING OF | 14 691 | 11 403 | 11 403 | | THE PERIOD | | | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | CASH AND EQUIVALENTS AT THE END OF THE | 21 536 | 20 908 | 14 691 | | PERIOD | | | | --------------------------------------------------------------------------------