Quarterly report Results of operations for the 4th quarter of 2011
MANAGEMENT REPORT
Privatization Contract and Regulation Overview
During the 4th quarter the Company's share price has been
further impacted by the Competition Authority's (CA)
prescription to reduce the tariffs by 29% and by the claims
that the privatization contract did not comply with the
Public Water and Sewerage Act (PWSSA) at the time of
privatization.
Our shareholders will be aware that in June 2011 the company
lodged an official complaint to the Estonian Administrative
court due to the CA's refusal to consider the privatization
contract and approve the contractually agreed tariffs. On 29
August the CA responded to the courts disputing all points
made in our claims. Regrettably the CA has decided not to
wait for the court ruling regarding the legality of the
privatization contract and on 10 October the CA sent a
prescription to the company asking it to reduce its current
tariffs by 29%. The Company has lodged another claim against
the prescription and has asked for the temporary injunction
from the Estonian Administrative Court. The court has
postponed the decision until 6 February 2012.
AS Tallinna Vesi does not believe that the prescription or
the non approval of the 2011 tariffs have ever been
economically or legally justified and as such will contest
both these decisions in court.
The Company would like to highlight that it has fulfilled all
aspects of the privatization contract, including a
significant improvement in the quality requirements, as
determined by the Tallinn City Government in 2001 (see the
report about the Operational Performance ).
Furthermore, in the interests of an open and professional
dialogue to demonstrate that its return on invested capital
has not been excessive the international economic consulting
group Oxera has independently verified that the average real
return on capital invested at the time of privatization is
6.2%, that is slightly lower than the expected 6.5% return in
2011 as the privatization contract designed the returns to be
lower in early years of contract. Both, the average and the
annual return on capital invested are in accordance with the
returns allowed by Ofwat the UK regulator over this same
period , and the return permitted by the Dutch Energy
regulator Energiekamer, which allowed a real rate of return
of 6% in its regulatory determination of September 2010.
The Company has continuously stated its belief in fully
transparent regulation and its willingness to enter into
meaningful dialogue that takes into account the privatization
contract signed in 2001.
RESULTS OF OPERATIONS - FOR THE 4th QUARTER 2011
Overview of the financial statements
In the 4th quarter of 2011 the Company's underlying
performance was good and stable, continuously focused on
improvement of operational performance and customer service.
During the 4th quarter of 2011 the sales increased by 4.9% as
result of the slight increase in sales volumes mainly due to
increase in tourism and related sectors. As result of
excellent operational performance and related efficiencies
the gross profit increased by 5.1% in the 4th quarter of 2011
and the underlying operating profit increased by 5.9%. Total
operating profit increased by 13.4% during the same period as
result of completion of considerable proportion of the
construction program. Still the profit before taxes decreased
by 3.1% in the 4th quarter of 2011, being impacted by
non-cash negative movement in fair value of financial
instruments.
mln € | 4 Q 2011 | 4 Q 2010 | Change | 12 months 2011 | 12 months 2010 | Change |
Sales | 13,1 | 12,5 | 4,9% | 51,2 | 49,7 | 3,1% |
Gross profit | 7,2 | 6,8 | 5,1% | 30,3 | 29,0 | 4,5% |
Gross profit margin % | 54,9 | 54,8 | 0,2% | 59,2 | 58,4 | 1,4% |
Operating profit | 8,0 | 7,1 | 13,4% | 28,9 | 27,5 | 5,2% |
Operating profit - main business | 5,7 | 5,4 | 5,9% | 25,4 | 24,2 | 5,2% |
Operating profit margin % | 61,5 | 56,9 | 8,1% | 56,4 | 55,3 | 2,0% |
Profit before taxes | 7,7 | 7,9 | -3,1% | 25,8 | 24,9 | 3,5% |
Net profit | 7,7 | 7,9 | -3,1% | 21,5 | 16,4 | 31,1% |
Net profit margin % | 58,7 | 63,6 | -7,7% | 42,0 | 33,0 | 27,1% |
ROA % | 4,0 | 4,3 | -7,3% | 11,2 | 8,9 | 25,5% |
Debt to total capital employed | 58,9 | 60,1 | -1,9% | 58,9 | 60,1 | -1,9% |
Gross profit margin - Gross profit / Net
sales
Operating profit margin - Operating profit / Net sales
Net Profit margin - Net Profit / Net sales
ROA - Net profit /Total Assets
Debt to Total capital employed - Total Liabilities / Total
capital employed
Main business - water and wastewater activities, excl.
connections profit and government grants
Profit and Loss Statement
4th quarter 2011
Sales
In the 4th quarter of 2011 the Company's total sales
increased, year on year, by 4.9% to 13.1 mln EUR. Sales in
the main operating activity principally comprise of sales of
water and treatment of wastewater to domestic and commercial
customers within and outside of the service area, and fees
received from the City of Tallinn for operating and
maintaining the storm water system.
Sales of water and wastewater services were 11.9 mln EUR, a
4.3% increase compared to the 4th quarter of 2010, resulting
from the slight rise in sales volumes as described below.
Within the service area, sales to residential customers
remained on the same level, with minor 0.1% decrease to 6.0
mln EUR. Sales to commercial customers increased by 5.5% to
4.6 mln EUR. Sales to customers outside of the service area
increased by 32.7% to 1.1 mln EUR in the 4th quarter of 2011.
Over pollution fees received were 0.16 mln EUR, an 8.1%
decrease compared to the 4th quarter of 2010.
In the 4th quarter of 2011, the volumes sold to residential
customers increased by 0.2% year on year, the cumulative
variance after twelve months being still negative by -0.1%
after negative 3rd quarter of 2011. Eliminating the minor
impact of revenues reclassification from inside area to the
outside area the domestic consumption is flat.
The volumes sold to commercial customers inside the service
area have risen, reflecting a 6.2% increase compared to the
same period in 2010. The sales volumes increased mainly due
to improvement in leisure sector and related industrial and
transportation services as result of pick up in tourism
sector. The volume increase exceeds the sales increase due to
the proportionally higher increase in waste water services
which tariffs are a bit lower compared to the water
tariffs.
Outside service area sales volumes were 46.5% higher than in
the 4th quarter of 2010. The main factor in this increase was
higher storm water volumes in the 4th quarter of 2011
compared to 2010, resulting in sales increase year on year by
32.7%, as storm water tariffs are considerably lower than
sewage tariffs.
The sales from the operation and maintenance of the storm
water and fire-hydrant system increased by 14.5% to 0.92 mln
EUR in the 4th quarter of 2011 compared to the same period in
2010. 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
5.9 mln EUR in the 4th quarter of 2011, an increase of 0.26
mln EUR or 4.7% from the equivalent period in 2010. The cost
increase was mainly the result of increased treatment volumes
by 6.3% that affected all variable costs.
To mitigate the nitrogen treatment and tax risks discussed
throughout the 2010, we finished the construction and
implemented the additional stage in sewage treatment process
in the beginning of the 3rd quarter of 2011. In spite the
increase in volumes treated in 4th quarter of 2011 and the
increase in tax rates year on year by 14.8%, the treatment
results were excellent and resulted in reduced pollution tax
payment. The pollution tax calculation depends on waste water
treatment results and concentration of different waste
components in treated waste water. In the 4th quarter of 2011
the Company was successful to remove all pollutants below the
level required for the application of the beneficial
coefficient. Thereby the Company achieved in the 4th quarter
of 2011 the beneficial 0.5 tax coefficient in contrary to the
4th quarter of 2010 with coefficient 1.0, and thereby the
amount of pollution tax payable was 0.67 mln EUR compared to
0.74 mln EUR in the 4th quarter of 2010. We still have to
note that the Company accounted for a one-off negative
provision for pollution tax in Maardu related to storm water
outlet not fully in control of the Company. Eliminating the
0.44 mln EUR provision the pollution tax would have been
69.1% lower than in the 4th quarter of 2010.
Chemical costs were 0.43 mln EUR, a 15.5% increase compared
to the corresponding period in 2010 reflecting the increase
in rates, mainly in methanol price.
Electricity costs increased by 0.09 mln EUR or 12.2% in the
4th quarter of 2011 compared to the 4th quarter of 2010
having adverse impact from higher electricity prices as
result of the purchase from the open market, but also from
regulated networks fees.
Salary expenses within costs of goods sold decreased in the
4th quarter of 2011, year on year, by 0.05 mln EUR or 4.3% as
result of different timing in annual bonus accrual throughout
the year. Underlying individual salaries have increased by
CPI only and the cost impact is broadly balanced by reduction
in headcount.
Other cost of goods sold in the main operating activity
increased 0.15 mln EUR, or 13.1% year on year, mainly due to
the increase in asphalting cost related to the networks
emergency works reflecting increase in rates of raw materials
but also increased volumes. Other increases in rates
were broadly balanced by internal efficiencies.
As a result of all of the above the Company's gross profit
for the 4th quarter of 2011 was 7.2 mln EUR, which is an
increase of 0.35 mln EUR, or 5.1%, compared to the gross
profit of 6.8 mln EUR for the 4th quarter of 2010.
Operating Costs and Operating Margin
Marketing expenses decreased by 0.02 mln EUR to 0.19 mln EUR
during the 4th quarter of 2011 compared to the corresponding
period in 2010. This is mainly the result of a savings
targeted efficiencies in number of other items.
In the 4th quarter of 2011 the General administration
expenses increased by 0.19 mln EUR year on year to 1.2 mln
EUR. Still the increase in legal consultancies acquired in
the process of tariff dispute exceeded the prescribed
transfer of cost and caused increase in other costs. Within
this group the salary costs increase was partly related to
the transfer of management services to the salary line.
Other net income/expenses
The majority of the income in Other net income/expenses
relates to constructions and government grants. The drivers
for this income stream are the networks extension program and
the connections activity in Tallinn. Income and expenses from
constructions and government grants totaled a net income of
2.4 mln EUR in the 4th quarter of 2011 compared to a net
income of 1.7 mln EUR in the 4th quarter of 2010, this line
varied throughout the year and is dependent on construction
volumes and estimates to the profit margins on projects
completed. 2011 4th quarter profits from government grants
profits were influenced mainly by delays in construction in
previous quarters which were completed and compensated in 4th
quarter. The extensive construction program is expected to be
completed in 1st half of 2012.
The rest of the other income/expenses totaled an expense of
0.10 mln EUR in the 4th quarter of 2011 compared to an
expense of 0.23 mln EUR in the 4th quarter of 2010,
reflecting mainly the impact from the different timing of
profits from construction of individual connection
points.
As a result the Company's operating profit from main services
for the 4th quarter of 2011 totaled 5.7 mln EUR compared to
5.4 mln EUR in the corresponding quarter in 2010. In total
the Company's operating profit for all activities for the 4th
quarter of 2011 was 8.0 mln EUR, an increase of 0.9 mln EUR
compared to an operating profit of 7.1 mln EUR achieved in
the 4th quarter of 2010. Year on year the operating profit
for the 4th quarter has increased by 13.4%.
Financial expenses
Net Financial revenues/expenses were 0.36 mln EUR in the 4th
quarter of 2011, which is a negative variance of 1.2 mln EUR
or 143.2% compared to the net expenses in the 4th quarter of
2010. In both years the financial costs were impacted from
the non-cash revaluation of the fair value of swap
agreements, in the 4th quarter of 2010 the impact was
positive by 1.1 mln EUR and in the relevant quarter of 2011
the impact was negative by 0.67 mln EUR.
The Company has mitigated majority of the long term floating
interest risk with 5 interest swap agreements, each with a
principal value of 15 mln EUR. At this point in time the
estimated fair value of these swap contracts is still
negative, totaling 4.5 mln EUR, with a negative revaluation
in the 4th quarter 2011 in the amount of 0.67 mln EUR.
Profit Before Tax
The Company's profit before taxes for the 4th quarter of 2011
was 7.7 mln EUR, which is 0.25 mln EUR lower than the profit
before taxes of 7.9 mln EUR for the 4th quarter of 2010.
Results for the twelve months of 2011
During the twelve months of 2011 the Company's total sales
increased, year on year, by 3.1% to 51.2 mln EUR. Sales of
water and wastewater treatment were 46.5 mln EUR, a 3.0%
increase compared to the twelve months of 2010.
The operating profit from the Company's main business
activity increased by 5.2% to 25.4 mln EUR during the twelve
months of 2011 compared to the twelve months of 2010.
The Company's profit before taxes for the twelve months of
2011 was 25.8 mln EUR, which is a 3.5% increase compared to
the relevant period in 2010.
The Company's net profit for the twelve months of 2011 was
21.5 mln EUR, which is 5.1 mln EUR higher than the net profit
of 16.4 mln EUR in the equivalent period in 2010. Increase in
net profit is mainly due to the decreased income tax from 8.5
mln EUR to 4.3 mln EUR as result of lower dividends paid to
the shareholders in 2011 compared to 2010.
Balance sheet
During the twelve months of 2011 the Company invested 16.5
mln EUR into fixed assets. Non-current assets were 150.7 mln
EUR at 31 December 2011.
Current assets increased by 7.7 mln EUR to 41.4 mln EUR in
the twelve months of the year. Customer receivables increased
by 6.2 mln EUR as result of the increase in accrued income
related to long term construction projects and payment
schedules, and the cash at bank increased by 1.5 mln EUR.
Current liabilities decreased by 7.4 mln EUR to 8.5 mln EUR
in the twelve months of the year. This was mainly due to a
7.6 mln EUR reclassification of Current portion of long-term
borrowings to Non-current liabilities after renewal of the
loan agreement.
The Company has a leverage level as expected of 58.9%, in the
target range of 60%, reflecting the increase in Equity of 5.5
mln EUR as a result of the higher profit generation compared
to the dividend payment in 2011.
Long-term liabilities stood at 113.2 mln EUR at the end of
December 2011, consisting almost entirely of the outstanding
balance of three long-term bank loans. As of 30 April 2011
the total 95 mln EUR loan capital was recorded within long
term liabilities in accordance with the signed loan
agreements. In April 2011 the Company renewed its loan
agreement and according to the loan agreements the first
repayment of loans or refinancing should take place in 2013.
The weighted average interest margin for the total available
facility is 0.82%.
It has to be noted that in the 4th quarter of 2011 the
Company disclosed an exceptional contingent liability, which
could cause an outflow of economic benefits of up to 36.0 mln
euros, as per note 13 to the interim accounts.
Cash flow
During the twelve months of 2011, the Company generated 30.2
mln EUR of cash flows from operating activities, an increase
of 5.4 mln EUR compared to the corresponding period in 2010.
2011 operating cash flows were above 2010 cash flows mainly
due to the working capital movement and particularly related
to the payments of overdue debts in 2011. Underlying
operating profit still continues to be the main contributor
to operating cash flows.
In the twelve months of 2011 net cash outflows from investing
activities were 8.4 mln EUR, which is 1.4 mln EUR less than
in 2010. At the end of 4th quarter of 2011 the cash outflows
related to the fixed asset investments were 18.5 mln EUR.
Within the group the increased compensations received for the
construction of pipelines is balancing the increase in
capital expenditures. In 2011 the Company has also given the
3.2 mln EUR loan to Maardu according to the Operating
agreement signed in 2008.
The cash outflows from financing activities were 20.3 mln EUR
during the twelve months of 2011 compared to cash outflows of
20.5 mln EUR during the same twelve months of 2010,
representing the payouts of the dividends and income tax in
both years and loans received in 2010.
As a result of all of the above factors, the total cash
inflow in the twelve months of 2011 was 1.5 mln EUR compared
to a cash outflow of 5.5 mln EUR in the twelve months of
2010. Cash and cash equivalents stood at 14.8 mln EUR as at
31 December 2011 which is 1.5 mln EUR higher than at the
corresponding period of 2010.
Employees
At the end of the 4th quarter of 2011, the total number of
employees was 311 compared to 319 at the end of the 4th
quarter of 2010. The full time equivalent (FTE) was
respectively 299 in 2011 compared to the 305 in 2010. The
management continues to work actively for the efficiencies in
processes to balance the increase in individual salaries and
cost pressure from the market with more productive company
structure.
Corporate structure
At the end of the quarter, 31 December 2011, the Group
consisted of 2 companies. The subsidiary Watercom OÜ is
wholly owned by AS Tallinna Vesi and consolidated to the
results of the Company.
Share performance
AS Tallinna Vesi is listed on OMX Main Baltic Market with
trading code TVEAT and ISIN EE3100026436.
United Utilities (Tallinn) BV | 35.3% |
City of Tallinn | 34.7% |
Parvus Asset Management owned in total 7.79% of the
shares of the Company as per Company's best information as of
31 December 2011.
At the end of the quarter, 31 December 2011, the closing
price of the AS Tallinna Vesi share was 6.29 EUR, which is a
12.64% decrease compared to the closing price of 7.20 EUR at
the beginning of the quarter. During the same period the OMX
Tallinn index dropped by 1.01%.
Operational highlights in 2011
• Company's overall operating performance
is continuously good, most of the quality aspects exceeding
the levels of 2010, increasing the customer service standards
and operational efficiency. For example:
o The quality indicators for water quality
have so far been on the highest level ever, from taken
samples 99.66% were fully in accordance with the norms,
outperforming considerably the required standard 95% at
customers' taps.
o Total number of sewage blockages has
decreased by 18.1%.
o Total time of interruptions has decreased
by 37.9%.
o The leakage level is below 18%, over 3%
less than in 2010.
o As a result of excellent nitrogen removal
from the waste water we received the beneficial coefficient
and reduction in the amount of pollution tax.
• The Company connected Maardu to the
Tallinn water and sewerage network. It resolved the water
quality and environmental risk issues for the City of Maardu,
providing the most cost efficient and sustainable solution
for provision of high quality water services.
Key contractual events
Contractual tariff application
Tariffs are still frozen on the 2010 level despite of the
fact that on 9 November 2010 the Company submitted its
contract based tariff application to the new regulator. The
tariff application is fully in accordance with the law and
the best practice regulation for privatized utilities, such
as that favoured by Ofwat in the UK and recommended by the
World Bank for privatized utilities.
On 2nd May the Competition Authority (CA) informed the
Company about the rejection of the tariff application. The CA
completely ignored the privatization contract and did not
perform any analysis of the contractual and financial
performance of the Company during the period after
privatization. The CA is arguing that the Company's
profitability is too high using their own unverified
methodology that is not in accordance with the World Bank
guidelines for privatized utilities. The Company has
calculated that the average real return on invested capital
from 2001 till 2011 has been 6.2% and the Company has also
had these returns independently verified by the international
economics consulting company, Oxera.
The Company and its investors cannot accept such unilateral
breach of the privatization terms and contract by Estonian
Authorities and the Company submitted an appeal to the court
on 2 June 2011. The outcome and lengths of the Court
proceedings is outside the control of the Company.
Complaint to European Commission
In parallel, on 10th December 2010 AS Tallinna Vesi lodged a
complaint to the European Commission regarding certain
measures adopted by the Estonian authorities. The company
believes these measures unilaterally alter the terms of AS
Tallinna Vesi's privatization regime, and without any
objective justification, any form of meaningful prior
discussion, or willingness to engage in dialogue. Therefore
they violate EU rules on the freedom of establishment and the
free movement of capital (articles 49 and 63 TFEU).
As a consequence of this complaint, on 22 February 2011 the
European Commission sent a Request For Information to the
Estonian authorities regarding the points raised by AS
Tallinna Vesi in its complaint. The Estonian authorities were
due to respond in early May, however requested and were
granted a 30 day extension. The Estonian authorities
responded to the Commission by the end of June. In October
the Commission sent further questions to the Company for the
commentaries. The process is ongoing.
Prescription to reduce the tariffs
On 10th October 2011 the Company received the
prescription from the Competition Authority to lower the
current tariffs by 29%. In addition and in support of its
decision the Competition Authority has taken the extreme
action of declaring the privatisation contract signed in 2001
to be illegal. To quote "the CA, having familiarised itself
with ASTV's claim regarding privatisation, is of the opinion
that in the part concerning the price of water services,
conducting the privatisation with the alleged aim of
achieving the lowest possible tariff increase was not in
accordance with the law."
The Company wishes to make it absolutely clear to all
its shareholders that it completely disagrees with the
position taken by the CA, and will seek an interim injunction
from the Estonian Courts to block this action within 30 days
after receipt of the prescription. The Company believes that
by declaring the privatisation illegal and using a
Ministerial decree to attempt to force down ASTV's tariffs
the CA as an agency representing the Estonian state and
national government has shown an absolute disregard for legal
due process. Furthermore for the Company to have to defend
itself in court for honouring all the terms and conditions of
its contract, including most importantly the improved service
obligations that were contractually required by the
Government of the City of Tallinn in 2001, goes against all
the internationally acceptable norms of business conduct and
public governance in long term privatisation contracts.
Therefore the Company has lodged another claim against the CA
regarding the prescription and has asked for the temporary
injunction from the Estonian Administrative Court. The Court
has postponed the decision regarding the temporary injunction
until 6 February 2012. The outcome and lengths of the Court
proceedings is outside the control of the Company.
Disclosure of relevant papers and perspectives
The Company has published its tariff application and
all relevant correspondence with the CA on its website
(http://www.tallinnavesi.ee/?op=body&id=728) and to the
Tallinn Stock Exchange and will keep its investors informed
of all future developments regarding the further key
developments regarding the processing of the tariff
application. Still, at this point in time the Company is
unable to say what is going to happen to the tariffs as it is
unclear at the moment how the CA intends to respond to the
Court and what would be the next steps by the European
Commission.
Additional information:
Siiri Lahe
Chief Financial Officer
+372 6262 262
siiri.lahe@tvesi.ee
STATEMENT OF COMPREHENSIVE INCOME | IV quarter | IV quarter | 12 months | 12 months |
(thousand EUR) | 2011 | 2010 | 2011 | 2010 |
Revenue | 13 079 | 12 465 | 51 240 | 49 680 |
Costs of goods sold | -5 895 | -5 631 | -20 927 | -20 684 |
GROSS PROFIT | 7 184 | 6 834 | 30 313 | 28 996 |
Marketing expenses | -190 | -214 | -748 | -787 |
General administration expenses | -1 204 | -1 017 | -4 294 | -3 651 |
Other income/ expenses (-) | 2 254 | 1 490 | 3 619 | 2 906 |
OPERATING PROFIT | 8 044 | 7 093 | 28 890 | 27 464 |
Financial income | 910 | 387 | 1 947 | 1 060 |
Financial expenses | -1 272 | 450 | -5 071 | -3 624 |
PROFIT BEFORE TAXES | 7 682 | 7 930 | 25 766 | 24 900 |
Income tax on dividends | 0 | 0 | -4 253 | -8 495 |
NET PROFIT FOR THE PERIOD | 7 682 | 7 930 | 21 513 | 16 405 |
COMPREHENSIVE INCOME FOR THE PERIOD | 7 682 | 7 930 | 21 513 | 16 405 |
Attributable to: | ||||
Equity holders of A-shares | 7 681 | 7 929 | 21 512 | 16 404 |
B-share holder | 0,64 | 0,64 | 0,64 | 0,64 |
Earnings per A share (in euros) | 0,38 | 0,40 | 1,08 | 0,82 |
Earnings per B share (in euros) | 639 | 639 | 639 | 639 |
STATEMENT OF FINANCIAL POSITION | ||
(thousand EUR) | 31.12.2011 | 31.12.2010 |
ASSETS | ||
CURRENT ASSETS | ||
Cash and equivalents | 14 770 | 13 235 |
Customer receivables, accrued income and prepaid expenses | 26 277 | 20 088 |
Inventories | 248 | 306 |
Non-current assets held for sale | 73 | 76 |
TOTAL CURRENT ASSETS | 41 368 | 33 705 |
NON-CURRENT ASSETS | ||
Long-term investment assets | 3 151 | 0 |
Property, plant and equipment | 145 973 | 148 179 |
Intangible assets | 1 577 | 1 972 |
TOTAL NON-CURRENT ASSETS | 150 701 | 150 151 |
TOTAL ASSETS | 192 069 | 183 856 |
LIABILITIES | ||
CURRENT LIABILITIES | ||
Current portion of long-term borrowings | 0 | 7 624 |
Trade and other payables | 5 789 | 6 367 |
Derivatives | 1 552 | 963 |
Short-term provisions | 0 | 117 |
Prepayments and deferred income | 1 146 | 810 |
TOTAL CURRENT LIABILITIES | 8 487 | 15 881 |
NON-CURRENT LIABILITIES | ||
Deferred income from connection fees | 6 824 | 5 765 |
Borrowings | 94 938 | 87 428 |
Derivatives | 2 936 | 1 304 |
Other payables | 9 | 115 |
TOTAL NON-CURRENT LIABILITIES | 104 707 | 94 612 |
TOTAL LIABILITIES | 113 194 | 110 493 |
EQUITY CAPITAL | ||
Share capital | 12 000 | 12 782 |
Share premium | 24 734 | 24 734 |
Statutory legal reserve | 1 278 | 1 278 |
Retained earnings | 40 863 | 34 569 |
TOTAL EQUITY CAPITAL | 78 875 | 73 363 |
TOTAL LIABILITIES AND EQUITY CAPITAL | 192 069 | 183 856 |
CASH FLOW STATEMENT | 12 months | 12 months |
(thousand EUR) | 2011 | 2010 |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Operating profit | 28 890 | 27 464 |
Adjustment for depreciation/amortisation | 5 729 | 5 620 |
Adjustment for profit from government grants and connection fees | -3 484 | -3 312 |
Other finance expenses | 35 | -14 |
Profit from sale of property, plant and equipment, and intangible assets | 55 | -3 |
Expensed property, plant and equipment | 10 | 70 |
Change in current assets involved in operating activities | 720 | -8 894 |
Change in liabilities involved in operating activities | 1 306 | 6 297 |
Interest paid | -3 051 | -2 443 |
Total cash flow from operating activities | 30 210 | 24 785 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Loans granted | -3 151 | 0 |
Acquisition of property, plant and equipment, and intangible assets | -18 506 | -17 055 |
Compensations received for construction of pipelines | 11 284 | 6 139 |
Proceeds from sale of property, plant and equipment, and intangible assets | 13 | 16 |
Interest received | 1 939 | 1 109 |
Total cash flow from investing activities | -8 421 | -9 791 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Received loans | 0 | 20 000 |
Dividends paid | -16 001 | -31 956 |
Income tax on dividends | -4 253 | -8 495 |
Total cash flow from financing activities | -20 254 | -20 451 |
Change in cash and bank accounts | 1 535 | -5 457 |
CASH AND EQUIVALENTS AT THE BEGINNING OF THE PERIOD | 13 235 | 18 692 |
CASH AND EQUIVALENTS AT THE END OF THE PERIOD | 14 770 | 13 235 |
Siiri
Lahe
Chief
Financial Officer
+372
6262 262
siiri.lahe@tvesi.ee
distribué par | Ce noodl a été diffusé par Tallinna Vesi AS et initialement mise en ligne sur le site http://www.tallinnavesi.ee. La version originale est disponible ici. Ce noodl a été distribué par noodls dans son format d'origine et sans modification sur 2012-01-27 08:44:06 AM et restera accessible depuis ce lien permanent. Cette annonce est protégée par les règles du droit d'auteur et toute autre loi applicable, et son propriétaire est seul responsable de sa véracité et de son originalité. |