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AS TALLINNA VESI
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Poolaastaaruanne
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17.07.2009 08:00:00
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2009. aasta 1. poolaasta majandustulemused (EEK)
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TEGEVUSARUANNE 2009. AASTA 1. POOLAASTA MAJANDUSTULEMUSED Kokkuvõte 2009. aasta 6 kuuga kasvas Ettevõtte müügitulu 381,7 miljoni kroonini ehk 3,6% võrreldes 2008. aasta 6 kuuga. Ettevõtte kasum enne tulumaksu oli 172,9 miljonit krooni, mis on 2008. aasta 6 kuuga võrreldes 4,0% vähem. Langus kasumis oli tingitud ühekordsest finantskulu maksest seoses suuremahulise torustike rajamise projekti finantseerimisega aastatel 2008 kuni 2010. Projekti kulutused kompenseeritakse Ettevõttele kümne aasta jooksul. 2009. aasta 6 kuuga investeeris Ettevõte 85,5 miljonit krooni, millest 62,2 miljonit krooni investeeriti võrkude laiendamiseks ja rekonstrueerimiseks. -------------------------------------------------------------------------------- | miljon EEK | 2 kv | 2 kv | Muutus | 6 kuud | 6 kuud | Muutus | | | 2009 | 2008 | | 2009 | 2008 | | -------------------------------------------------------------------------------- | Müügitulu | 189,0 | 182,3 | 3,6% | 381,7 | 363,2 | 5,1% | -------------------------------------------------------------------------------- | Brutokasum | 121,0 | 114,1 | 6,0% | 247,0 | 228,9 | 7,9% | -------------------------------------------------------------------------------- | Brutokasumi marginaal%| 64,0 | 62,6 | 2,3% | 64,7 | 63,0 | 2,7% | -------------------------------------------------------------------------------- | Ärikasum | 107,0 | 101,7 | 5,2% | 217,9 | 201,9 | 7,9% | -------------------------------------------------------------------------------- | Ärikasumi marginaal % | 56,6 | 55,8 | 1,6% | 57,1 | 55,6 | 2,7% | -------------------------------------------------------------------------------- | Kasum enne | 74,5 | 90,6 | -17,7% | 172,9 | 180,1 | -4,0% | | tulumaksustamist | | | | | | | -------------------------------------------------------------------------------- | Puhaskasum | 13,4 | 24,4 | -45,2% | 111,8 | 113,9 | -1,9% | -------------------------------------------------------------------------------- | Puhaskasumi marginaal%| 7,1 | 13,4 | -47,1% | 29,3 | 31,4 | -6,6% | -------------------------------------------------------------------------------- | Vara puhasrentaablus% | 0,5 | 1,0 | -45,7% | 4,5 | 4,6 | -2,7% | -------------------------------------------------------------------------------- | Kohustuste osatähtsus | 53,6 | 55,7 | -3,9% | 53,6 | 55,7 | -3,9% | | koguvarast | | | | | | | -------------------------------------------------------------------------------- Brutokasumi marginaal - brutokasum / müügitulu Ärikasumi marginaal - ärikasum / müügitulu Puhaskasumi marginaal - puhaskasum / müügitulu Vara puhasrentaablus - puhaskasum / vara kokku Kohustuste osatähtsus koguvarast - kohustused kokku / vara kokku Kasumiaruanne 2. kvartal 2009 Müügitulud 2009. aasta 2. kvartalis kasvas Ettevõtte tulu 189,0 miljoni kroonini, mis on 3,6% 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 2. kvartaliga 4,5% võrra 174,0 miljoni kroonini, tulenevalt 12,8% suurusest tariifitõusust alates 1. jaanuarist 2009 kombinatsioonis allkirjeldatud teguritega. Sektorite lõikes jagunesid muutused järgnevalt. Müük eraklientidele kasvas 8,7% võrra 94,8 miljoni kroonini. Müük äriklientidele teeninduspiirkonnas langes 1,3% võrra 68,9 miljoni kroonini. Müük klientidele väljaspool teeninduspiirkonda (peamiselt ümbritsevatele omavalitsustele pakutav reovee puhastamise teenus) kasvas 10,7% võrra 6,6 miljoni kroonini. Saadud ülereostustasu oli 3,8 miljonit krooni, kasvades 5,2% võrreldes 2008. aasta sama perioodiga. 2009. aasta 2. kvartalis vähenesid eraklientide müügimahud 3,6% võrra võrreldes 2008. aasta 2. kvartaliga. Meie arvates selgitab seda majanduslik olukord koosmõjus seniste tarbijate siirdumisega lähivaldadesse. Müük juriidilistele klientidele teeninduspiirkonnas langes 12,5% võrreldes 2008. aasta 2. kvartaliga. Enamus kaotatud müügimahust tuleneb ettevõtete poolt rakendatud üleüldistest kokkuhoiumeetmetest või tootmise vähenemisest ning ettevõtete siirdumisest Tallinna äärealadele. 2009. aasta 2. kvartalis langes sademetevee teenuse ja tuletõrjehüdrantide süsteemide käigushoidmise ja hoolduse tasu 10,0% võrra 11,2 miljoni kroonini võrreldes 2008. aasta sama perioodiga sademetevee vähese hulga tõttu. 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 2. kvartalis 68,0 miljonit krooni, so 0,2 miljonit krooni ehk 0,3% võrra vähem kui eelmise aasta samal perioodil. 2009. aasta 2. kvartalis ei saavutanud Ettevõte saastetasu osas sooduskoefitsienti 0,5, mistõttu oli makstavate keskkonnamaksude suurus 2. kvartalis 5,7 miljonit krooni, võrreldes 5,1 miljoni krooniga 2008. aasta samal perioodil. Saastetasu suurenemise põhjuseks on maksumäärade tõus 20% võrra, mida osaliselt tasakaalustab puhastatud koguste langus. Kuna sissetuleva heitvee reostuskoormus on jätkuvalt suurenenud, analüüsib Ettevõte aktiivselt alternatiive heitvee puhastamisprotsessi tõhustamiseks ning töötame selle nimel, et kasutada optimaalselt kemikaale saavutamaks 0,5 kordne koefitsient järgmistes kvartalites. Kvartali kemikaalikulud olid 5,4 miljonit krooni, mis on 17,7% vähem kui 2008. aasta samal perioodil. Saavutasime selle tulemuse puhastatud reovee hulga, doseeritud kemikaalide ja soodsate kemikaalihindade kombinatsioonis. Elektrikulud kasvasid 2009. aasta 2. kvartalis võrreldes eelmise aasta sama perioodiga 1,5 miljoni krooni ehk 24,0% võrra, kõrgema elektrihinna mõjul. Palgakulud langesid 2009. aasta 2. kvartalis võrreldes eelmise aasta sama perioodiga 0,6 miljoni krooni ehk 3,5% võrra, seoses tulemustasu provisjoni mõningase vähendamisega. Kulum kasvas 2009. aasta 2. kvartalis võrreldes eelmise aasta sama perioodiga 0,1 miljoni krooni ehk 0,2% võrra. Transpordikulud vähenesid 2009. aasta 2. kvartalis võrreldes eelmise aasta sama perioodiga 0,8 miljoni krooni ehk 16,6% võrra, kütusehindade alanemise ning masinate rendihindade vähendamise koosmõjul. Muud müüdud toodete ja teenuste kulud püsisid samal tasemel võrreldes eelmise aasta sama perioodiga. Mitmete tugiteenuste ning hooldus ja remondi lepingute kulud vähenesid õnnestunud läbirääkimiste tulemusel. Ülaltoodud mõjude tulemusena oli 2009. aasta 2. kvartalis ettevõtte brutokasum 121,0 miljonit krooni, mis on 6,9 miljoni krooni või 6,0% võrra rohkem kui 2008. aasta 2. kvartali 114,1 miljoni krooni suurune brutokasum. Ärikulud ja ärikasumi marginaal Turustuskulud vähenesid 2009. aasta 2. kvartalis võrrelduna 2008. aasta 2. kvartaliga 0,5 miljoni krooni võrra 2,6 miljoni kroonini. Seda mõjutas peamiselt kulude kokkuhoid, mida tasandas amortisatsiooni kasv. 2009. aasta 2. kvartalis vähenesid üldhalduskulud 1,4 miljonit krooni 12,8 miljoni kroonini, peamiselt vähenenud teenuste kulude mõjul. Mitmete sisseostetavate teenuste lepingute õnnestunud läbirääkimiste tulemusena on saavutatud uute, soodsate hindade rakendamine enamikele kuluartiklitele. Juhtkonna eesmärgiks on efektiivsust veelgi tõsta protsesside ja töö organiseerituse põhjaliku läbivaatuse tulemusena. Muud äritulud/kulud Äritulud/kulud võrkude rajamistest ning sihtfinantseerimisest andsid 2009. aasta 2. kvartalis tulu 5,2 miljonit krooni võrreldes 4,7 miljoni kroonise tuluga 2008. aasta 2. kvartalis. Muud äritulud/kulud andsid 2009. aasta 2. kvartalis kokku kulu 3,8 miljonit krooni võrreldes 0,1 miljoni kroonise tuluga 2008. aasta 2. kvartalis, peamiselt halvenenud võlgade kogumise tõttu. Siiski kogutakse üle 99% võlgadest õigeaegselt. Ülaltoodud mõjude tulemusena oli ettevõtte ärikasum 2009. aasta 2. kvartalis 107,0 miljonit krooni, mis on 5,3 miljonit krooni rohkem kui 101,7 miljoni krooni suurune ärikasum 2008. aasta 2. kvartalis. Võrreldes 2009. aasta 2. kvartalit 2008. aasta 2. kvartaliga kasvas ärikasum 5,2%. Finantskulud Ettevõtte neto finantskulud olid 2009. aasta 2. kvartalis 32,5 miljonit krooni, mis on 21,4 miljoni krooni ehk 193,4% võrra rohkem kui 2008. aasta 2. kvartalis. Võrrelduna 2008. aasta 2. kvartaliga on Ettevõtte intressikulud langenud 23,5% võrra, Euribor-i määra languse tõttu. Finantskulud suurenesid võrreldes 2008. aasta 2. kvartaliga 27 miljoni krooni võrra seoses ühekordse mõjuga laenu ennetähtaegse tagasimaksega seotud kulude tõttu, mida kirjeldatakse allpool. Finantskulude tõusu korvab osaliselt 2009. aasta 2. kvartalis kasvanud finantstulu, mis on Ettevõtte tugeva rahalise seisu ja suurenenud hoiuste intressimäärade tulemus. Ettevõte jõudis 9. aprillil lõpule ning allkirjastas 313 miljoni krooni (võrdub 20 miljoni euroga) suuruse 10-aastase laenulepingu Nordic Investment Bank-iga. Laenuvajaduse ajendiks on 3-aastane ulatuslik torustike rajamise programm, mille kulud kompenseeritakse Ettevõttele kümne aasta jooksul. Uus investeeringute laen käivitas EBRD laenu täismahus tagasimakse 2009. aasta mai kuus. EBRD laen oli maandatud fikseeritud intressimääraga ja seetõttu kandis Ettevõte Euribor-i madala määra tõttu laenu ennetähtaegselt tagastades 27 miljoni krooni ulatuses kulusid. Hetkel põhinevad kõik laenulepingud ujuvatel intressimääradel. Vähendamaks intressimääradest tulenevat riski sõlmis Ettevõte 2009. aasta 2. kvartalis tulevikus kehtima hakkava fikseeritud intressimäära SWAP lepingud kokku summale 45 miljonit eurot. 30 miljoni euro suurusele põhisummale kohaldatavad lepingud hakkavad kehtima 30. novembril 2009 ja ülejäänud 15 miljoni euro suuruse põhisumma osas käivitub leping 28. mail 2010. Kogu võimalik kasutada olev laenuressurss on 95 miljonit eurot, millest Ettevõte on hetkel välja võtnud 75 miljonit eurot. Hetke kaalutud keskmine intressimarginaal on 0,55%, kogu võimaliku laenuressursi vastav marginaal on 0,67%. Maksustamiseelne kasum Ettevõtte maksustamiseelne kasum oli 2009. aasta 2. kvartalis 74,5 miljonit krooni, so 16,1 miljonit krooni vähem kui 90,6 miljoni krooni suurune maksustamiseelne kasum 2008. aasta 2. kvartalis. Tulenevalt otsusest jaotada 230,0 miljonit krooni dividendideks kajastati 2009. aasta 2. kvartalis dividendide tulumaks 61,1 miljonit krooni. 2009. aasta 1. poolaasta tulemused 2009. aasta 6 kuuga kasvas Ettevõtte tulu 381,7 miljoni kroonini, mis on 5,1%-line kasv võrreldes eelmise aasta sama perioodiga. Veemüügi ja reoveeteenuse tulu oli 351,0 miljonit krooni, mis on 4,8% võrra enam kui 2008. aasta 1. poolaastal. Ettevõtte maksustamiseelne kasum oli 2009. aasta 6 kuuga 172,9 miljonit krooni, so 7,2 miljonit krooni vähem kui 180,1 miljoni kroonine maksustamiseelne kasum 2008. aasta 1. poolaastal. Ettevõtte 2009. aasta 6 kuu maksustamiseelne kasum võrreldes eelmise aasta sama perioodiga vähenes eelkirjeldatud ühekordse mõjuga 27 miljoni krooni suuruste finantskulude tõttu. Ettevõtte 2009. aasta 6 kuu puhaskasum oli 111,8 miljonit krooni, mis on 2,1 miljonit krooni vähem kui 2008. aasta sama perioodi puhaskasum suuruses 113,9 miljonit krooni. Bilanss 2009. aasta 6 kuu jooksul investeeris Ettevõte põhivarasse 85,5 miljonit krooni. Lõpetamata-, materiaalne- ja immateriaalne põhivara oli 2009. aasta 30. juuni seisuga 2 175,7 miljonit krooni. Käibevara vähenes 6 kuuga 18,0 miljoni krooni võrra 329,4 miljoni kroonini, nõuded ostjate vastu suurenesid 5,3 miljoni krooni võrra. 2009. aasta 6 kuuga on rahajääk pangas vähenenud 22,5 miljoni krooni võrra. Lühiajalised kohustused vähenesid 6 kuu jooksul 25,1 miljoni krooni võrra 167,3 miljoni kroonini. See tulenes peamiselt laenu tagasimakse tõttu 78,9 miljoni krooni võrra vähenenud Pikaajaliste pangalaenude tagasimaksetest järgmistel perioodidel, 40,4 miljoni krooni võrra suurenenud Hankijate võlgadest ning 1,2 miljoni krooni võrra suurenenud Ostjate ettemaksetest. Ettevõte hoiab jätkuvalt oma finantsvõimendust sihiks võetud 50% tasemel. 2009. aasta 30. juuni seisuga oli kohustuste osakaal varast 53,6%. Pikaajalised kohustused olid 2009. aasta juuni lõpu seisuga 1 174,8 miljonit krooni, mis koosnes peaaegu täielikult kolme pikaajalise pangalaenu jäägist. Rahakäive 2009. aasta 6 kuu jooksul oli Ettevõtte äritegevuse rahakäive 194,6 miljonit krooni, mis on 39,6 miljonit krooni vähem kui 2008. aasta samal perioodil. Langus Ettevõtte äritegevuse rahakäibes tuleneb kajastatud ühekordsest finantskulu maksest, lisaks sellele mõjutas 2008. aasta 1. kvartalit positiivselt 2007. aasta lõpus väljastatud suurte teenusarvete laekumine. Perioodilise põhitegevuse ärikasum on jätkuvalt peamine tegur ettevõtte äritegevuse rahakäibe kasvus. 2009. aasta 6 kuu investeerimistegevuse raha sissevool oli 13,3 miljonit krooni, so 15,1 miljonit krooni vähem kui 2008. aasta 6 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 6 kuu jooksul investeeris Ettevõte 85,5 miljonit krooni - 62,2 miljonit krooni võrkudesse (sh 43,9 miljonit krooni laiendamiseks ja arendamiseks), 7,8 miljonit krooni Paljassaare sade- ja reovee puhastusjaama uuendamiseks, 3,0 miljonit krooni vee kvaliteedi säilitamiseks (Ülemiste veepuhastusjaam ja toorvee kvaliteet) ja 12,5 miljonit krooni muudeks investeeringuteks (IT, investeeringute väärtuse säilimine, veemõõtjad jne). Raha väljavool finantstegevusest oli 2009. aasta 6 kuuga 230,3 miljonit krooni võrreldes 2008. aasta 6 kuu 249,0 miljoni krooni suuruse raha väljavooluga. Antud summad peegeldavad vastavate aastate dividendimaksete suurust. Ettevõte maksis tagasi ja refinantseeris täielikult EBRD laenu, tulenevalt vajadusest finantseerida ulatuslike torustike rajamise programmiga seotud investeeringute väljaminekuid kuni 2011. aastani, nagu eelpool kirjeldatud. Eelnevate tegurite mõjul oli raha väljavool 2009. aasta 6 kuu jooksul 22,5 miljonit krooni võrrelduna 13,5 miljoni krooni suuruse raha sissevooluga 2008. aasta 6 kuuga. Raha ja raha ekvivalentide saldo oli 2009. aasta 30. juuni seisuga 207,4 miljonit krooni. Töötajad 2009. aasta 2. kvartali lõpus töötas ettevõttes 332 töötajat, võrreldes 314 töötajaga 2008. aasta 2. kvartali lõpus. Keskmised täistöökohaga töötajate arvud olid vastavalt 315 töötajat 2009. aastal ja 303 töötajat 2008. aastal. Keskmiste täistöökohaga töötajate arv on tõusnud torustike rajamise projektist tuleneva projekteerimise, projektijuhtimise ja järelvalve vajaduste suurenemisega ning osaliselt suurendas töötajate arvu teenuste osutamine 2008. aastal tutvustatud „Veemehe“ kaubamärgi all. Dividendid ja aktsiahinna muutused 2008. aasta majandustulemuste põhjal maksis Ettevõtte 230 010 000 krooni dividende. Sellest 10 000 krooni maksti B-aktsia omanikule ja 230 000 000 krooni, so 11,50 krooni aktsia kohta A-aktsia omanikele. Dividendid maksti välja 2009. aasta 12. juunil vastavalt 01. juunil 2009 fikseeritud aktsionäride nimekirjale. AS Tallinna Vesi on noteeritud OMX Main Baltic Marketil kauplemiskoodiga TVEAT ja ISIN EE3100026436. 2009. aasta 30. juuni seisuga olid üle 5%-list otseosalust omavad AS Tallinna Vesi aktsionärid: -------------------------------------------------------------------------------- | United Utilities (Tallinn) BV | 35.3% | -------------------------------------------------------------------------------- | Tallinna Linn | 34.7% | -------------------------------------------------------------------------------- | Credit Suisse Securities (Europe) Ltd Prime Brokerage | 5.76% | | A/C Prime Brokerage kliendikonto | | -------------------------------------------------------------------------------- | HSBC Bank Plc Re Parvus European Absolute | 5.46% | | Opportunities Master Fund kliendikonto | | -------------------------------------------------------------------------------- Parvus AM on deklareerinud, et nende osalus ületab 10% ning AKO Capital on deklareerinud enda kaudseks osaluseks üle 5% aktsiakapitalist. Kvartali lõpus, 30. juunil 2009, oli AS Tallinna Vesi aktsia sulgemishind 131,43 krooni (8.40 EUR), mis on 6,7% madalam võrreldes kvartali alguses olnud 140,82 EEK (9.00 EUR). Samal perioodil OMX Tallinn indeks tõusis 11,6%. Põhitegevusega seotud arengud 2009. aastal 2009. aasta 2. kvartalis viis Ettevõte lõpule laenuläbirääkimised ning kindlustas pikaajalise laenuressursi. Keerukad läbirääkimised kommerts- ja investeerimispankadega algasid aasta tagasi ja jõudsid tagatiste üleandmise lepingute sõlmimisega lõpule 2009. aasta mais. Ettevõte suurendas võimaliku laenuressursi 1 173 miljonilt kroonilt (võrdne 75 miljoni euroga) 1 486 miljoni kroonini (võrdne 95 miljoni euroga). Lisandunud laenuvajaduse tingis ulatuslik kolmeaastane torustike ehituse programm, mille kulud kompenseeritakse Ettevõttele kümne aasta jooksul. 2009. aasta 2. kvartali lõpuks allkirjastas Ettevõte kõik vajalikud lisad, et 1. juulist 2009 rakendada 30-aastast Maardu opereerimislepingut. Leping tagab Maardu elanikele ligipääsu Ettevõtte poolt pakutavale Euroopa Liidu nõuetele vastavale joogiveele ja heitvee puhastusele. Antud leping on esimene sellelaadne ja näitab teiste linnade ja omavalitsuste valmidust teha koostööd AS-iga Tallinna Vesi enda kogukonna nimel. Juunis nimetasid IR Magazine UK ja Continental Europe Awards Ettevõtte parimaks Tallinna Börsil noteeritud ettevõtteks investorsuhete alal. Ettevõte jagas esimest ja teist kohta vastutustundliku ettevõtluse indeksi pingereas, 49 Eesti ettevõtte hulgas, saavutades suurepärase 93% koondtulemuse. See on heaks tunnistuseks Ettevõtte poolt pakutavale kvaliteetsele teenusele, teadmiste jagamisele ja töötajate kogemustele ning suurepärastele tulemustele keskkonna ja töökeskkonna valdkonnas. Langenud müügi numbrite tõttu on 1. poolaasta olnud Ettevõtte jaoks raske. Meil on siiski heameel teatada, et algatatud kulude kokkuhoiu programm ning edukad lepingute läbirääkimised on suutnud kompenseerida langust tuludes. Lisainformatsioon: Siiri Lahe Finantsdirektor +372 6262 262 siiri.lahe@tvesi.ee -------------------------------------------------------------------------------- | KOONDKASUMIARUANNE | 6 kuud | 6 kuud | 12 kuud | -------------------------------------------------------------------------------- | (tuhat EEK) | 2009 | 2008 | 2008 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Müügitulu | 381 717 | 363 231 | 719 923 | -------------------------------------------------------------------------------- | Müüdud toodete/teenuste kulud | -134 686 | -134 376 | -272 752 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | BRUTOKASUM | 247 031 | 228 855 | 447 171 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Turustuskulud | -6 010 | -6 434 | -12 310 | -------------------------------------------------------------------------------- | Üldhalduskulud | -26 898 | -28 721 | -54 546 | -------------------------------------------------------------------------------- | Muud äritulud/-kulud (-) | 3 746 | 8 215 | 25 045 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | ÄRIKASUM | 217 869 | 201 915 | 405 360 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Finantstulud | 11 917 | 9 201 | 15 606 | -------------------------------------------------------------------------------- | Finantskulud | -56 863 | -31 011 | -58 805 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | KASUM ENNE TULUMAKSUSTAMIST | 172 923 | 180 105 | 362 161 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Dividendide tulumaks | -61 142 | -66 193 | -66 193 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | PERIOODI PUHASKASUM | 111 781 | 113 912 | 295 968 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Jaotatav: | | | | -------------------------------------------------------------------------------- | A- aktsia omanikele | 111 771 | 113 902 | 295 958 | -------------------------------------------------------------------------------- | B- aktsia omanikule | 10 | 10 | 10 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Kasum A aktsia kohta (kroonides) | 5,59 | 5,70 | 14,80 | -------------------------------------------------------------------------------- | Kasum B aktsia kohta (kroonides) | 10 000 | 10 000 | 10 000 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | FINANTSSEISUNDI ARUANNE | | | | -------------------------------------------------------------------------------- | (tuhat EEK) | 30.06.2009| 30.06.2008| 31.12.2008 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | VARAD | | | | -------------------------------------------------------------------------------- | KÄIBEVARA | | | | -------------------------------------------------------------------------------- | Raha ja raha ekvivalendid | 207 364 | 191 892 | 229 860 | -------------------------------------------------------------------------------- | Nõuded ostjate vastu, viitlaekumised ja | 117 894 | 122 021 | 112 638 | | ettemaksed | | | | -------------------------------------------------------------------------------- | Varud | 3 111 | 4 107 | 3 760 | -------------------------------------------------------------------------------- | Müügiootel põhivara | 1 057 | 1 109 | 1 140 | -------------------------------------------------------------------------------- | KOKKU KÄIBEVARA | 329 426 | 319 129 | 347 398 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | PÕHIVARA | | | | -------------------------------------------------------------------------------- | Materiaalne põhivara | 2 130 584 | 2 118 935 | 2 168 225 | -------------------------------------------------------------------------------- | Immateriaalne põhivara | 45 131 | 44 813 | 43 428 | -------------------------------------------------------------------------------- | KOKKU PÕHIVARA | 2 175 715 | 2 163 748 | 2 211 653 | -------------------------------------------------------------------------------- | VARAD KOKKU | 2 505 141 | 2 482 877 | 2 559 051 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | KOHUSTUSED JA OMAKAPITAL | | | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | LÜHIAJALISED KOHUSTUSED | | | | -------------------------------------------------------------------------------- | Pikaajaliste laenukohustuste | 3 937 | 82 942 | 82 843 | | lühiajaline osa | | | | -------------------------------------------------------------------------------- | Hankijate ja muud võlad | 127 627 | 165 778 | 87 270 | -------------------------------------------------------------------------------- | Lühiajalised eraldised | 3 693 | 2 486 | 2 486 | -------------------------------------------------------------------------------- | Ostjate ettemaksed ja tulevaste | 32 045 | 47 854 | 19 797 | | perioodide tulud | | | | -------------------------------------------------------------------------------- | LÜHIAJALISED KOHUSTUSED KOKKU | 167 302 | 299 060 | 192 396 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | PIKAAJALISED KOHUSTUSED | | | | -------------------------------------------------------------------------------- | Pangalaenud | 1 174 055 | 1 084 474 | 1 084 642 | -------------------------------------------------------------------------------- | Muud võlad | 735 | 121 | 735 | -------------------------------------------------------------------------------- | PIKAAJALISED KOHUSTUSED KOKKU | 1 174 790 | 1 084 595 | 1 085 377 | -------------------------------------------------------------------------------- | KOKKU KOHUSTUSED | 1 342 092 | 1 383 655 | 1 277 773 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | OMAKAPITAL | | | | -------------------------------------------------------------------------------- | Aktsiakapital | 200 001 | 200 001 | 200 001 | -------------------------------------------------------------------------------- | Ülekurss | 387 000 | 387 000 | 387 000 | -------------------------------------------------------------------------------- | Kohustuslik reservkapital | 20 000 | 20 000 | 20 000 | -------------------------------------------------------------------------------- | Jaotamata kasum | 556 048 | 492 221 | 674 277 | -------------------------------------------------------------------------------- | KOKKU OMAKAPITAL | 1 163 049 | 1 099 222 | 1 281 278 | -------------------------------------------------------------------------------- | KOHUSTUSED JA OMAKAPITAL KOKKU | 2 505 141 | 2 482 877 | 2 559 051 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | RAHAKÄIBE ARUANNE | 6 kuud | 6 kuud | 12 kuud | -------------------------------------------------------------------------------- | (tuhat EEK) | 2009 | 2008 | 2008 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | ÄRITEGEVUSE RAHAKÄIVE | | | | -------------------------------------------------------------------------------- | Ärikasum | 217 869 | 201 915 | 405 360 | -------------------------------------------------------------------------------- | Korrigeerimine kulumiga | 44 833 | 44 394 | 89 669 | -------------------------------------------------------------------------------- | Korrigeerimine kasumiga | -8 680 | -8 188 | -27 920 | | sihtfinantseerimisest ja | | | | | rajamistegevusest | | | | -------------------------------------------------------------------------------- | Muud finantskulud | -33 616 | -803 | -1 614 | -------------------------------------------------------------------------------- | Kasum põhivara müügist | -132 | -6 | -455 | -------------------------------------------------------------------------------- | Kuluks kantud põhivarad | 0 | 0 | -19 | -------------------------------------------------------------------------------- | Äritegevusega seotud käibevara muutus | -5 983 | 18 556 | 22 780 | -------------------------------------------------------------------------------- | Äritegevusega seotud kohustuste muutus | 6 999 | 6 556 | 906 | -------------------------------------------------------------------------------- | Makstud intressid | -26 698 | -28 275 | -57 569 | -------------------------------------------------------------------------------- | Rahajäägi muutus äritegevusest | 194 592 | 234 149 | 431 138 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | INVESTEERIMISTEGEVUSE RAHAKÄIVE | | | | -------------------------------------------------------------------------------- | Põhivara soetamine | -94 937 | -118 539 | -332 407 | -------------------------------------------------------------------------------- | Ehituse eest saadavad kompensatsioonid | 98 426 | 137 039 | 250 190 | -------------------------------------------------------------------------------- | Põhivara müügitulu | 121 | 8 | 480 | -------------------------------------------------------------------------------- | Saadud intressid | 9 648 | 9 825 | 16 906 | -------------------------------------------------------------------------------- | Rahajäägi muutus | 13 258 | 28 333 | -64 831 | | investeerimistegevusest | | | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | FINANTSEERIMISTEGEVUSE RAHAKÄIVE | | | | -------------------------------------------------------------------------------- | Võetud lühiajalised laenud | 156 466 | 0 | 0 | -------------------------------------------------------------------------------- | Tasutud lühiajalised laenud | -156 466 | 0 | 0 | -------------------------------------------------------------------------------- | Võetud pikaajalised laenud | 544 501 | 0 | 42 246 | -------------------------------------------------------------------------------- | Tasutud pikaajalised laenud | -544 837 | 0 | -41 910 | -------------------------------------------------------------------------------- | Tasutud dividendid | -230 010 | -249 010 | -249 010 | -------------------------------------------------------------------------------- | Tulumaks dividendidelt | 0 | 0 | -66 193 | -------------------------------------------------------------------------------- | Rahajäägi muutus | -230 346 | -249 010 | -314 867 | | finantseerimistegevusest | | | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Rahajäägi kogumuutus | -22 496 | 13 472 | 51 440 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | RAHA JA RAHA EKVIVALENDID PERIOODI | 229 860 | 178 420 | 178 420 | | ALGUSES | | | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | RAHA JA RAHA EKVIVALENDID PERIOODI | 207 364 | 191 892 | 229 860 | | LÕPUS | | | | --------------------------------------------------------------------------------
Pealkiri
Results of operations for the 1st half-year 2009 (EEK)
Teade
MANAGEMENT REPORT RESULTS OF OPERATIONS - FOR THE 1st HALF-YEAR 2009 Overview During the first six months of 2009 the Company's total sales increased, year on year, by 3.6% to 381.7 mln EEK. The Company's profit before taxes was 172.9 mln EEK, which is a 4.0% decrease compared to the same six months of 2008. The fall in profit was due to the payment of a one off financial cost that was necessary to secure the financing for the comprehensive network extension program during 2008 to 2010. The costs of the program will be compensated to the Company over 10 years. In 2009 the Company invested 85.5 mln EEK, of which 62.2 mln EEK was invested in network extension and rehabilitation. -------------------------------------------------------------------------------- | mln EEK | 2 Q | 2 Q | Change | 6 months | 6 months | Change | | | 2009 | 2008 | | 2009 | 2008 | | -------------------------------------------------------------------------------- | Sales | 189,0 | 182,3 | 3,6% | 381,7 | 363,2 | 5,1% | -------------------------------------------------------------------------------- | Gross profit | 121,0 | 114,1 | 6,0% | 247,0 | 228,9 | 7,9% | -------------------------------------------------------------------------------- | Gross profit margin%| 64,0 | 62,6 | 2,3% | 64,7 | 63,0 | 2,7% | -------------------------------------------------------------------------------- | Operating profit | 107,0 | 101,7 | 5,2% | 217,9 | 201,9 | 7,9% | -------------------------------------------------------------------------------- | Operating profit | 56,6 | 55,8 | 1,6% | 57,1 | 55,6 | 2,7% | | margin % | | | | | | | -------------------------------------------------------------------------------- | Profit before taxes | 74,5 | 90,6 | -17,7% | 172,9 | 180,1 | -4,0% | -------------------------------------------------------------------------------- | Net profit | 13,4 | 24,4 | -45,2% | 111,8 | 113,9 | -1,9% | -------------------------------------------------------------------------------- | Net profit margin % | 7,1 | 13,4 | -47,1% | 29,3 | 31,4 | -6,6% | -------------------------------------------------------------------------------- | ROA % | 0,5 | 1,0 | -45,7% | 4,5 | 4,6 | -2,7% | -------------------------------------------------------------------------------- | Debt to total | 53,6 | 55,7 | -3,9% | 53,6 | 55,7 | -3,9% | | capital employed | | | | | | | -------------------------------------------------------------------------------- Gross profit margin - Gross profit / Net sales Operating profit margin - Operating profit / Net sales Net Profit margin - Net Profit / Net sales ROA - Net profit /Total Assets Debt to Total capital employed - Total Liabilities / Total capital employed Profit and Loss Statement 2nd quarter 2009 Sales In the 2nd quarter of 2009 the Company's total sales increased, year on year, by 3.6% to 189.0 mln EEK. 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 174.0 mln EEK, a 4.5% increase compared to the 2nd 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 changes by sectors. Within the service area, sales to residential customers increased by 8.7% to 94.8 mln EEK. Sales to commercial customers decreased by 1.3% to 68.9 mln EEK. Sales to customers outside of the service area - primarily bulk volumes of wastewater treatment services provided to the surrounding municipalities - increased by 10.7% to 6.6 mln EEK. Over pollution fees received were 3.8 mln EEK, a 5.2% increase compared to the 2nd quarter of 2008. In the 2nd quarter of 2009, the volumes sold to residential customers dropped 3.6%. 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 12.5% compared to the relevant period in 2008. The majority 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 decreased by 10.0% to 11.2 mln EEK in the 2nd quarter of 2009 compared to the same period in 2008 as result of low storm water volumes compared to 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 68.0 mln EEK in the 2nd quarter of 2009, a decrease of 0.2 mln EEK or 0.3% from the equivalent period in 2008. In the 2nd quarter of 2009 the Company did not achieve the beneficial 0.5 coefficient for pollution tax, and the amount of pollution tax payable was 5.7 mln EEK compared to 5.1 mln EEK in 2nd 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. As the pollution level of the incoming sewerage has continued to increase the Company is actively analysing a range of alternatives to improve the waste water treatment processes and to use the optimum level of chemicals to achieve the 0.5 coefficient in the forthcoming quarters. Chemical costs were 5.4 mln EEK, representing a 17.7% 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 1.5 mln EEK or 24.0% in the 2nd quarter of 2009 compared to the 2nd quarter of 2008 due to higher electricity prices. Salary expenses decreased in the 2nd quarter of 2009, year on year, by 0.6 mln EEK or 3.5% due to some reduction in the performance related pay accrual. Depreciation charges increased in the 2nd quarter of 2009 by 0.1 mln EEK or 0.2% year on year. Transport costs decreased by 0.8 mln EEK, or 16.6% 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 stayed on the same level year on year. As a result of the successful negotiation of long term contracts the applicable unit rates were reduced for a number of support services and maintenance contracts. As a result of all of the above the Company's gross profit for the 2nd quarter of 2009 was 121.0 mln EEK, which is an increase of 6.9 mln EEK, or 6.0%, compared to the gross profit of 114.1 mln EEK for the 2nd quarter of 2008. Operating Costs and Operating Margin Marketing expenses decreased by 0.5 mln EEK to 2.6 mln EEK during the 2nd 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 1.4 mln EEK to 12.8 mln EEK in the 2nd quarter of 2009 year on year. Via successful negotiation of a range of outsourced service contracts new, beneficial rates have been achieved for the most of the cost items. The management's target is to achieve further efficiencies through a thorough review of processes and work organization. Other net income/expenses Income/expenses from constructions and government grants totaled a net income of 5.2 mln EEK, in the 2nd quarter of 2009 compared to a net income of 4.7 mln EEK in the 2nd quarter of 2008. The rest of the other income/expenses totaled an expense of 3.8 mln EEK in the 2nd quarter of 2009 compared to an income of 0.1 mln EEK in the 2nd quarter of 2008, mainly due to slightly worsened debt collection. Still more than 99% of debt is collected in a timely manner. As a result of all of the above the Company's operating profit for the 2nd quarter of 2009 was 107.0 mln EEK, an increase of 5.3 mln EEK compared to an operating profit of 101.7 mln EEK achieved in the 2nd quarter of 2008. Compared to the operating profit in the 2nd quarter of 2008, the operating profit has increased 5.2%. Financial expenses Net Financial expenses were 32.5 mln EEK in the 2nd quarter of 2009, which is an increase of 21.4 mln EEK or 193.4% compared to the 2nd quarter of 2008. The Company's interest costs have decreased by 23.5% compared to the 2nd quarter of 2008 as result of the reduction in Euribor rates. The financial costs were higher than in 2008 due to a one off payment of unwinding costs of 27 mln EEK, as explained below. The increase in expenses is partially offset by an increase in financial income earned during the 2nd quarter of 2009, as a result of a more favourable cash position and higher deposit rates. The Company finalised the loan negotiations and concluded a 313 mln EEK (equal to 20 mln EUR), 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 comprehensive 3-year network expansion program, the costs of which will be compensated to the Company over a period of ten years. The new capex loan agreement triggered the full repayment of the EBRD loan in May 2009. The EBRD loan was hedged with a fixed interest rate, therefore we incurred unwinding costs of 27 mln EEK related to the early repayment of the loan and low Euribor rates. All loan agreements are currently based on a floating interest rate. To mitigate the interest rate risk the Company concluded fixed interest rate swap agreements worth 45 mln EUR with forward start dates in the 2nd quarter of 2009. For a base amount of 30 mln EUR the forward start date activates on 29 November 2009 and for the balance of 15 mln EUR the forward start date activates on 28 May 2010. The current total available loan facility is 95 mln EUR, from which we have drawn down 75 mln EUR. The current weighted average interest margin is 0.55%, for the total available facility the margin is 0.67%. Profit Before Tax The Company's profit before taxes for the 2nd quarter of 2009 was 74.5 mln EEK, which is 16.1 mln EEK lower than the profit before taxes of 90.6 mln EEK for the 2nd quarter of 2008. The Company recorded 61.1 mln EEK income tax as the result of 230.0 mln EEK dividends distributed in the 2nd quarter of 2009. Results for the 1st six months of 2009 During the first six months of 2009 the Company's total sales increased, year on year, by 5.1% to 381.7 mln EEK. Sales of water and wastewater treatment were 351.0 mln EEK, a 4.8% increase compared to the six months of 2008. The Company's profit before taxes for the six months of 2009 was 172.9 mln EEK, which is 7.2 mln EEK lower than the profit before taxes of 180.1 mln EEK in the relevant period in 2008. Lower profit before taxes for the six months of 2009 compared to 2008 is due to the one-off impact of the financial costs discussed above, worth 27 mln EEK. The Company's net profit for the six months of 2009 was 111.8 mln EEK, which is 2.1 mln EEK lower than the net profit of 113.9 mln EEK in the equivalent period in 2008. Balance sheet During the six months of 2009 the Company invested 85.5 mln EEK into fixed assets. Non-current assets were 2,175.7 mln EEK at 30 June 2009. Current assets decreased by 18.0 mln EEK to 329.4 mln EEK in the first six months of the year, customer receivables increased by 5.3 mln EEK. During the six months of 2009 cash at bank decreased by 22.5 mln EEK. Current liabilities decreased by 25.1 mln EEK to 167.3 mln EEK in the first six months of the year. This was mainly due to decreases in the Current portion of long-term borrowings by 78.9 mln EEK, as a result of the repayment of the loan, an increase in Trade payables by 40.4 mln EEK, and an increase in Customer prepayments by 1.2 mln EEK. The Company continues to maintain its leverage level within its target range of 50% with total liabilities to total capital employed of 53.6% as of 30 June 2009. Long-term liabilities stood at 1,174.8 mln EEK at the end of June 2009, consisting almost entirely of the outstanding balance of three long-term bank loans. Cash flow During the six months of 2009, the Company generated 194.6 mln EEK of cash flows from operating activities, a decrease of 39.6 mln EEK compared to the corresponding period in 2008. The reduction in operating cash flows was explained by the payment of the discussed one off financial costs, in addition the first quarter of 2008 was positively impacted by proceeds of some big services invoices issued at end of 2007. Underlying operating profit still continues to be the main driver for growth. In the first six months of 2009 net cash inflows from investing activities were 13.3 mln EEK, which is 15.1 mln EEK less than in 2008. This was mainly due to the change in constructions compensation mechanism that resulted from the 30 November 2007 agreement signed with the local municipality. In the 1st quarter of 2008 the Company received compensation for 2007 constructions. In 2009 the Company invested 85.5 mln EEK - 62.2 mln EEK on networks (including 43.9 mln EEK on extension and developments), 7.8 mln EEK at Paljassaare wastewater treatment plant and sludge treatment, 3.0 mln EEK on water quality (Ülemiste water treatment plant and raw water) and 12.5 mln EEK for other investments (IT, capital maintenance, meters, etc). The cash outflows from financing activities were 230.3 mln EEK during the first six months of 2009 compared to a cash outflow of 249.0 mln EEK during the same six months of 2008, representing the payouts of the dividend. The Company repaid and fully refinanced the loan of EBRD due to the need to finance the extensive network extension program and related investment outflows until 2011, as explained above. As a result of all of the above factors, the total cash outflow in the six months of 2009 was 22.5 mln EEK compared to a cash inflow of 13.5 mln EEK in the six months of 2008. Cash and cash equivalents stood at 207.4 mln EEK as at 30 June 2009. Employees At the end of the 2nd quarter of 2009, the total number of employees was 332 compared to 314 at the end of the 2nd quarter of 2008. The full time equivalent (FTE) was respectively 315 in 2009 compared to the 303 in 2008. The increase in FTE is due to the design, project management and supervision needs of the network extension program and partly supplemented by the need for the employees to provide the extra services under the trademark “Veemees” launched in 2008. Dividends and share performance Based on the results of the 2008 financial year, the Company paid 230,010,000 EEK of dividends. Of this 10,000 EEK was paid to the owner of the B-share and 230,000,000 EEK, i.e. 11.50 EEK per share to the owners of the A-shares. The dividends were paid out on 12 June 2009, based on the list of shareholders, which was fixed on 01 June 2009. AS Tallinna Vesi is listed on OMX Main Baltic Market with trading code TVEAT and ISIN EE3100026436. As of 30 June 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, 30 June 2009, the closing price of the AS Tallinna Vesi share was 131.43 EEK (8.40 EUR), which is a 6.7% decrease compared to the closing price of 140.82 EEK (9.00 EUR) at the beginning of quarter. During the same period the OMX Tallinn index rose by 11.6% during the quarter. Operational highlights in the six months of 2009 The Company secured the long term loan facility in the 2nd quarter of 2009. The comprehensive negotiations with commercial banks and investment banks started a year ago and were finalised with the securities transfer agreements at the end of May 2009. We have increased the available loan facility from 1,173 mln EEK (equal to 75 mln EUR) to 1,486 mln EEK (equal to 95 mln EUR). 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. By the end of the 2nd quarter the Company signed all needed appendixes to implement the 30-years Maardu's operating agreement from 1st July 2009, to provide water, wastewater and operations and maintenance. This will provide the citizens of Maardu with an access to Tallinna Vesi's EU compliant water and wastewater. This contract is the first of its kind and demonstrates the willingness of other cities and municipalities to partner with Tallinna Vesi for the benefit of their communities. In June the IR Magazine UK and Continental Europe Awards named the Company the best listed company in the field of investor relations among the companies listed on the Tallinn Stock Exchange. The Company has shared the 1st and 2nd place within the Corporate Social Responsibility ranking of 49 Estonian companies achieving a magnificent 93% score. This is a great accolade for the high quality service offered, the knowledge sharing and experience of employees and excellent results in environmental and work environment performance. Due to fall in sales volumes it has been a challenging half-year 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 compensate the fall in revenues. Additional information: Siiri Lahe Chief Financial Officer +372 6262 262 siiri.lahe@tvesi.ee -------------------------------------------------------------------------------- | STATEMENT OF COMPREHENSIVE INCOME | 6 months | 6 months | 12 months | -------------------------------------------------------------------------------- | (thousand EEK) | 2009 | 2008 | 2008 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Revenue | 381 717 | 363 231 | 719 923 | -------------------------------------------------------------------------------- | Costs of goods sold | -134 686 | -134 376 | -272 752 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | GROSS PROFIT | 247 031 | 228 855 | 447 171 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Marketing expenses | -6 010 | -6 434 | -12 310 | -------------------------------------------------------------------------------- | General administration expenses | -26 898 | -28 721 | -54 546 | -------------------------------------------------------------------------------- | Other income/ expenses (-) | 3 746 | 8 215 | 25 045 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | OPERATING PROFIT | 217 869 | 201 915 | 405 360 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Financial income | 11 917 | 9 201 | 15 606 | -------------------------------------------------------------------------------- | Financial expenses | -56 863 | -31 011 | -58 805 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | PROFIT BEFORE TAXES | 172 923 | 180 105 | 362 161 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Income tax on dividends | -61 142 | -66 193 | -66 193 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | NET PROFIT FOR THE PERIOD | 111 781 | 113 912 | 295 968 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Attributable to: | | | | -------------------------------------------------------------------------------- | Equity holders of A-shares | 111 771 | 113 902 | 295 958 | -------------------------------------------------------------------------------- | B-share holder | 10 | 10 | 10 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Earnings per A share (in kroons) | 5,59 | 5,70 | 14,80 | -------------------------------------------------------------------------------- | Earnings per B share (in kroons) | 10 000 | 10 000 | 10 000 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | STATEMENT OF FINANCIAL POSITION | | | | -------------------------------------------------------------------------------- | (thousand EEK) |30.06.2009| 30.06.2008| 31.12.2008| -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | ASSETS | | | | -------------------------------------------------------------------------------- | CURRENT ASSETS | | | | -------------------------------------------------------------------------------- | Cash and equivalents | 207 364 | 191 892 | 229 860 | -------------------------------------------------------------------------------- | Customer receivables, accrued income and | 117 894 | 122 021 | 112 638 | | prepaid expenses | | | | -------------------------------------------------------------------------------- | Inventories | 3 111 | 4 107 | 3 760 | -------------------------------------------------------------------------------- | Non-current assets held for sale | 1 057 | 1 109 | 1 140 | -------------------------------------------------------------------------------- | TOTAL CURRENT ASSETS | 329 426 | 319 129 | 347 398 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | NON-CURRENT ASSETS | | | | -------------------------------------------------------------------------------- | Property, plant and equipment | 2 130 | 2 118 935 | 2 168 225 | | | 584 | | | -------------------------------------------------------------------------------- | Intangible assets | 45 131 | 44 813 | 43 428 | -------------------------------------------------------------------------------- | TOTAL NON-CURRENT ASSETS |2 175 715 | 2 163 748 | 2 211 653 | -------------------------------------------------------------------------------- | TOTAL ASSETS |2 505 141 | 2 482 877 | 2 559 051 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | LIABILITIES | | | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | CURRENT LIABILITIES | | | | -------------------------------------------------------------------------------- | Current portion of long-term borrowings | 3 937 | 82 942 | 82 843 | -------------------------------------------------------------------------------- | Trade and other payables | 127 627 | 165 778 | 87 270 | -------------------------------------------------------------------------------- | Short-term provisions | 3 693 | 2 486 | 2 486 | -------------------------------------------------------------------------------- | Prepayments and deferred income | 32 045 | 47 854 | 19 797 | -------------------------------------------------------------------------------- | TOTAL CURRENT LIABILITIES | 167 302 | 299 060 | 192 396 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | NON-CURRENT LIABILITIES | | | | -------------------------------------------------------------------------------- | Borrowings |1 174 055 | 1 084 474 | 1 084 642 | -------------------------------------------------------------------------------- | Other payables | 735 | 121 | 735 | -------------------------------------------------------------------------------- | TOTAL NON-CURRENT LIABILITIES |1 174 790 | 1 084 595 | 1 085 377 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES |1 342 092 | 1 383 655 | 1 277 773 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | EQUITY CAPITAL | | | | -------------------------------------------------------------------------------- | Share capital | 200 001 | 200 001 | 200 001 | -------------------------------------------------------------------------------- | Share premium | 387 000 | 387 000 | 387 000 | -------------------------------------------------------------------------------- | Statutory legal reserve | 20 000 | 20 000 | 20 000 | -------------------------------------------------------------------------------- | Retained earnings | 556 048 | 492 221 | 674 277 | -------------------------------------------------------------------------------- | TOTAL EQUITY CAPITAL |1 163 049 | 1 099 222 | 1 281 278 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES AND EQUITY CAPITAL |2 505 141 | 2 482 877 | 2 559 051 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CASH FLOW STATEMENT | 6 months | 6 months | 12 months | -------------------------------------------------------------------------------- | (thousand EEK) | 2009 | 2008 | 2008 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | CASH FLOWS FROM OPERATING ACTIVITIES | | | | -------------------------------------------------------------------------------- | Operating profit | 217 869 | 201 915 | 405 360 | -------------------------------------------------------------------------------- | Adjustment for depreciation/amortisation | 44 833 | 44 394 | 89 669 | -------------------------------------------------------------------------------- | Adjustment for profit from government | -8 680 | -8 188 | -27 920 | | grants and connection fees | | | | -------------------------------------------------------------------------------- | Other finance expenses | -33 616 | -803 | -1 614 | -------------------------------------------------------------------------------- | Profit from sale of property, plant and | -132 | -6 | -455 | | equipment, and intangible assets | | | | -------------------------------------------------------------------------------- | Expensed property, plant and equipment | 0 | 0 | -19 | -------------------------------------------------------------------------------- | Change in current assets involved in | -5 983 | 18 556 | 22 780 | | operating activities | | | | -------------------------------------------------------------------------------- | Change in liabilities involved in | 6 999 | 6 556 | 906 | | operating activities | | | | -------------------------------------------------------------------------------- | Interest paid | -26 698 | -28 275 | -57 569 | -------------------------------------------------------------------------------- | Total cash flow from operating activities | 194 592 | 234 149 | 431 138 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | CASH FLOWS FROM INVESTING ACTIVITIES | | | | -------------------------------------------------------------------------------- | Acquisition of property, plant and | -94 937 | -118 539 | -332 407 | | equipment, and intangible assets | | | | -------------------------------------------------------------------------------- | Compensations received for construction | 98 426 | 137 039 | 250 190 | | of pipelines | | | | -------------------------------------------------------------------------------- | Proceeds from sale of property, plant and | 121 | 8 | 480 | | equipment, and intangible assets | | | | -------------------------------------------------------------------------------- | Interest received | 9 648 | 9 825 | 16 906 | -------------------------------------------------------------------------------- | Total cash flow from investing activities | 13 258 | 28 333 | -64 831 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | CASH FLOWS FROM FINANCING ACTIVITIES | | | | -------------------------------------------------------------------------------- | Received short-term loans | 156 466 | 0 | 0 | -------------------------------------------------------------------------------- | Repayment of short-term loans | -156 466 | 0 | 0 | -------------------------------------------------------------------------------- | Received long-term loans | 544 501 | 0 | 42 246 | -------------------------------------------------------------------------------- | Repayment of long-term loans | -544 837 | 0 | -41 910 | -------------------------------------------------------------------------------- | Dividends paid | -230 010 | -249 010 | -249 010 | -------------------------------------------------------------------------------- | Income tax on dividends | 0 | 0 | -66 193 | -------------------------------------------------------------------------------- | Total cash flow from financing activities | -230 346 | -249 010 | -314 867 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Change in cash and bank accounts | -22 496 | 13 472 | 51 440 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | CASH AND EQUIVALENTS AT THE BEGINNING OF | 229 860 | 178 420 | 178 420 | | THE PERIOD | | | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | CASH AND EQUIVALENTS AT THE END OF THE | 207 364 | 191 892 | 229 860 | | PERIOD | | | | 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