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AS Tallinna Vesi´s financial results for the 2nd quarter of 2021

·8-min read

AS Tallinna Vesi’s sales revenue for the second quarter of 2021 was12.97 million, showing a 7.3% increase on the same period last year. The revenue was reflected by higher commercial consumption due to the easement of COVID-19 restrictions and increase in construction revenues.

Sales to private customers in the main service area decreased by 0.9% to €5.10 million, due to reduced household consumption attributable to the easement of COVID-19 restrictions.

In the main service area, the sales revenue from commercial customers increased by 17.2% to €3.46 million as a result of their consumption being higher by €0.51 million. As a result of relaxation of the pandemic restrictions the hospitality sector reopened in June, and less people were working from home.

The gross profit for the 2nd quarter of 2021 was €5.23 million, being 10.5% higher due to increased sales revenue. The operating profit was €5.20 million, having increased by €0.61 compared to the same period last year. The main factor impacting the operating profit was higher sales revenue resulting from increased consumption of commercial customers.

The net profit for the 2nd quarter of 2021 was €3.07 million, showing an increase of €2.92 million compared to the same period in 2020. The increase in the net profit was mainly impacted by lower dividend related tax cost, accompanied by higher operating profit and lower interest costs.

In the second quarter of 2021 the construction revenue of subsidiary Watercom increased year-on-year due to pipe and road construction procurements won during 2020 and the first half of 2021 in Tallinn and surrounding municipalities. The sales revenue from construction services for the 2nd quarter was €1.57 million, indicating a 33.8% increase compared to the same period in 2020.

MAIN FINANCIAL INDICATORS

€ million,
except key ratios

2nd quarter

Change 2021/ 2020

6 months

Change 2021/ 2020

2021

2020

2019

2021

2020

2019

Sales

12.97

12.09

16.15

7.3%

24.75

25.27

30.81

-2.0%

Gross profit

5.23

4.73

8.79

10.5%

10.41

10.79

17.05

-3.5%

Gross profit margin %

40.34

39.16

54.44

3.0%

42.07

42.70

55.34

-1.5%

Operating profit before depreciation and amortisation

6.80

6.14

8.07

10.8%

13.03

13.32

16.46

-2.2%

Operating profit before depreciation and amortisation margin %

52.44

50.76

49.96

3.3%

52.63

52.70

53.43

-0.1%

Operating profit

5.20

4.59

6.60

13.2%

9.86

10.26

13.49

-3.9%

Operating profit - main business

4.96

4.32

6.40

15.0%

9.46

9.94

13.18

-4.8%

Operating profit margin %

40.09

37.99

40.88

5.5%

39.83

40.61

43.79

-1.9%

Profit before taxes

5.11

4.51

6.34

13.4%

9.68

10.06

13.02

-3.8%

Profit before taxes margin %

39.40

37.29

39.23

5.7%

39.10

39.82

42.25

-1.8%

Net profit

3.07

0.15

2.79

1909.2%

7.62

5.71

9.48

33.5%

Net profit margin %

23.70

1.27

17.29

1772.8%

30.80

22.59

30.75

36.3%

ROA %

1.21

0.06

1.09

1950.1%

3.02

2.22

3.78

35.7%

Debt to total capital employed %

57.20

59.63

61.32

-4.1%

57.20

59.63

61.32

-4.1%

ROE %

2.75

0.14

2.70

1896.8%

6.96

5.27

9.48

32.1%

Current ratio

2.75

3.23

3.90

-14.9%

2.75

3.23

3.90

-14.9%

Quick ratio

2.69

3.18

3.87

-15.4%

2.69

3.18

3.87

-15.4%

Investments into fixed assets

3.35

4.27

2.70

-21.5%

5.63

7.85

6.11

-28.3%

Payout ratio %

na

77.70

72.05

na

77.70

72.05

Gross profit margin – Gross profit / Net sales
Operating profit before depreciation and amortisation – Operating profit + depreciation and amortisation
Operating profit before depreciation and amortisation margin – Operating profit before depreciation and amortisation / Net sales
Operating profit margin – Operating profit / Net sales
Net profit margin – Net profit / Net sales
ROA – Net profit / Average Total assets for the period
Debt to Total capital employed – Total liabilities / Total capital employed
ROE – Net profit / Average Total equity for the period
Current ratio – Current assets / Current liabilities
Quick ratio – (Current assets – Stocks) / Current liabilities
Payout ratio - Total Dividends per annum/ Total Net Income per annum
Main business – water services related activities, excl. connections profit and government grants, construction services, doubtful debt


STATEMENT OF COMPREHENSIVE INCOME

2nd quarter

2nd quarter

6 months

6 months

12 months

€ thousand

2021

2020

2021

2020

2020

Revenue

12,968

12,089

24,752

25,269

51,717

Cost of goods and services sold

-7,737

-7,355

-14,340

-14,478

-29,491

GROSS PROFIT

5,231

4,734

10,412

10,791

22,226

Marketing expenses

-104

-109

-224

-226

-433

General administration expenses

-992

-1,213

-2,544

-2,508

-4,576

Other income (+)/ expenses (-)

1,064

1,180

2,215

2,205

4,567

OPERATING PROFIT

5,199

4,592

9,859

10,262

21,784

Financial income

2

12

7

24

31

Financial expenses

-91

-96

-187

-223

-473

PROFIT BEFORE TAXES

5,110

4,508

9,679

10,063

21,342

Income tax on dividends

-2,036

-4,355

-2,056

-4,355

-4,610

NET PROFIT FOR THE PERIOD

3,074

153

7,623

5,708

16,732

COMPREHENSIVE INCOME FOR THE PERIOD

3,074

153

7,623

5,708

16,732

Attributable profit to:

Equity holders of A-shares

3,074

152

7,623

5,707

16,731

B-share holder

0.00

0.60

0.00

0.60

0.60

Earnings per A share (in euros)

0.15

0.01

0.38

0.29

0.84

Earnings per B share (in euros)

0

600

0

600

600


STATEMENT OF FINANCIAL POSITION

€ thousand

30/06/2021

30/06/2021

31/12/2020

ASSETS

CURRENT ASSETS

Cash and cash equivalents

37,011

48,826

44,514

Trade receivables, accrued income and prepaid expenses

5,990

6,081

7,019

Inventories

835

742

701

TOTAL CURRENT ASSETS

43,836

55,649

52,234

NON-CURRENT ASSETS

Property, plant and equipment

205,295

194,467

202,802

Intangible assets

583

629

629

TOTAL NON-CURRENT ASSETS

205,878

195,096

203,431

TOTAL ASSETS

249,714

250,745

255,665

LIABILITIES AND EQUITY

CURRENT LIABILITIES

Current portion of long-term lease liabilities

390

493

393

Current portion of long-term loans

3,630

3,630

3,630

Trade and other payables

9,067

10,828

7,084

Derivatives

0

70

0

Prepayments

2,880

2,233

2,445

TOTAL CURRENT LIABILITIES

15,967

17,254

13,552

NON-CURRENT LIABILITIES

Deferred income from connection fees

35,988

32,865

34,564

Leases

1,277

1,552

1,400

Loans

82,154

85,785

83,978

Provision for possible third party claims

7,221

12,035

9,628

Deferred tax liability

195

0

255

Other payables

34

23

32

TOTAL NON-CURRENT LIABILITIES

126,869

132,260

129,857

TOTAL LIABILITIES

142,836

149,514

143,409

EQUITY

Share capital

12,000

12,000

12,000

Share premium

24,734

24,734

24,734

Statutory legal reserve

1,278

1,278

1,279

Retained earnings

68,866

63,219

74,243

TOTAL EQUITY

106,878

101,231

112,256

TOTAL LIABILITIES AND EQUITY

249,714

250,745

255,665


CASH FLOWS STATEMENT

6 months

6 months

12 months

€ thousand

2021

2020

2020

CASH FLOWS FROM OPERATING ACTIVITIES

Operating profit

9,859

10,262

21,784

Adjustment for depreciation/amortisation

3,168

3,054

6,283

Adjustment for revenues from connection fees

-251

-225

-542

Other non-cash adjustments

-2,407

-2,407

-4,814

Profit/loss(+) from sale and write off of property, plant and equipment, and intangible assets

0

-11

-14

Change in current assets involved in operating activities

892

938

140

Change in liabilities involved in operating activities

126

-481

-215

TOTAL CASH FLOWS FROM OPERATING ACTIVITIES

11,387

11,130

22,622

CASH FLOWS USED IN INVESTING ACTIVITIES

Acquisition of property, plant and equipment, and intangible assets

-5,084

-5,450

-15,682

Compensations received for construction of pipelines, incl connection fees

1,351

718

1,998

Proceeds from sales of property, plant and equipment and intangible assets

0

28

32

Interest received

9

30

35

TOTAL CASH FLOWS USED IN INVESTING ACTIVITIES

-3,724

-4,674

-13,617

CASH FLOWS USE D IN FINANCING ACTIVITIES

Interest paid and loan financing costs, incl swap interests

-204

-367

-719

Lease payments

-205

-259

-555

Received loans

0

0

0

Repayment of loans

-1,818

-1,818

-3,636

Dividends paid

-12,841

-19,888

-19,888

Withheld income tax paid on dividends

0

0

-113

Income tax paid on dividends

-98

-73

-4,355

TOTAL CASH FLOW USED IN FINANCING ACTIVITIES

-15,166

-22,405

-29,266

CHANGE IN CASH AND CASH EQUIVALENTS

-7,503

-15,949

-20,261

CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD

44,514

64,775

64,775

CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD

37,011

48,826

44,514


Aleksandr Timofejev

CEO

Member of the Management Board

+372 62 62 200

aleksandr.timofejev@tvesi.ee


Kristi Ojakäär

CFO

Member of the Management Board

+372 62 62 200

kristi.ojakaar@tvesi.ee

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