AS Tallinna Vesi financial results for the 3rd quarter of

AS Tallinna Vesi turnover for the 3rD quarter of 2021 wlike13.61 millions, showing a 2.5% to augment to the same period last year. Income was reflectedited by upper commercial consumption due to the relaxation of restrictions related to COVID-19 and increased construction income.

Sales to individuals in the main service area remained stable at 4.89 million euros.

In the main service area, the turnover of commercial customers increased by 3.0% to 3.83 million euros due to an increase in their consumption of 0.11 million euros. Following a slight easing of restrictions linked to the pandemic, the hospitality sector reopened in June and fewer people were working from home.

The gross profit of the 3rD quarter 2021 was 5.36 million euros, down 7.5% due to higher cost of goods and services sold. Operating profit amounted to € 5.50 million, down € 0.26 compared to the same period last year. The main factor affecting operating profit was also related to the increase in the cost of goods and services sold.

The net profit of the 3rD quarter 2021 was 5.34 million euros, a decrease of 0.30 million euros compared to the same period in 2020. The increase in net profit was mainly impacted by lower operating profit , accompanied by a drop in interest charges.

In the 3rD quarter 2021, Watercom subsidiary construction revenue increased year over year due to pipeline and road construction contracts won in 2020 and the first nine months of 2021 in Tallinn and in the surrounding municipalities. The turnover of construction services for the 3rD quarter was 2.23 million euros, an increase of 30.5% compared to the same period in 2020.

MAIN FINANCIAL INDICATORS

millions of euros,
except key ratios
3rd trimester Change 2021/2020 9 months Change 2021/2020
2021 2020 2019 2021 2020 2019
Sales 13.61 13.28 16.49 2.5% 38.36 38.55 47.30 -0.5%
Gross profit 5.36 5.80 8.92 -7.5% 15.78 16.59 25.97 -4.9%
Gross margin % 39.40 43.69 54.12 -9.8% 41.12 43.04 54.91 -4.5%
Operating profit before depreciation 7.17 7.35 9.01 -2.4% 20.20 20.66 25.47 -2.3%
Operating income before depreciation and amortization allowance% 52.67 55.33 54.63 -4.8% 52.64 53.60 53.85 -1.8%
Operating result 5.50 5.77 7.52 -4.6% 15.36 16.03 21.01 -4.2%
Operating result – main activity 5.15 5.44 7.19 -5.2% 14.61 15.37 20.37 -4.9%
Operating profit margin% 40.42 43.43 45.60 -6.9% 40.04 41.58 44.42 -3.7%
pre-tax profit 5.41 5.64 7.33 -4.1% 09.15 15.70 20.35 -3.9%
Profit margin before tax% 39.72 42.45 44.47 -6.4% 39.32 40.73 43.03 -3.4%
Net profit 5.34 5.64 7.33 -5.3% 12.96 11.34 16.81 14.3%
Net profit margin% 39.21 42.45 44.47 -7.6% 33.78 29.43 35.53 14.8%
% of ROA 2.13 2.24 2.89 -5.0% 5.10 4.40 6.64 16.0%
Debt on total capital employed% 55.54 57.73 59.29 -3.8% 55.54 57.73 59.29 -3.8%
RCP% 4.87 5.42 7.27 -10.0% 11.55 10.20 16.21 13.2%
Current ratio 3.07 3.66 5.14 -16.1% 3.07 3.66 5.14 -16.1%
Quick report 3.01 3.62 5.10 -16.9% 3.01 3.62 5.10 -16.9%
Capital investments 4.32 5.91 4.65 -27.0% 9.95 13.77 10.76 -27.7%
The payout ratio% n / A 77.70 72.05 n / A 77.70 72.05

Gross profit margin – Gross margin / Net sales
Operating profit before depreciation and amortization – Operating profit + depreciation and amortization
Operating profit before depreciation and amortization margin – Operating profit before depreciation and amortization / Revenue
Operating margin – Operating profit / Revenue
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 income / Average Total equity for the period
Current ratio – Current assets / Current liabilities
Quick ratio – (Current assets – Inventories) / Current liabilities
Payout ratio – Total dividends per year / Total net income per year
Main activity – activities related to water services, excl. connections government profits and subsidies, construction services, bad debts

OVERALL STATEMENT OF INCOME 3rd trimester 3rd trimester 9 months 9 months 12 months
thousands of euros 2021 2020 2021 2020 2020
Returned 13,611 13,276 38 363 38 545 51 717
Cost of goods and services sold -8,248 -7476 -22,588 -21 954 -29,491
GROSS PROFIT 5 363 5,800 15,775 16,591 22 226
Marketing costs -108 -94 -332 -320 -433
General administration costs -847 -1 123 -3 631 -4,576
Other income (+) / expenses (-) 1,093 1,182 3 308 3 387 4,567
OPERATING PROFIT 5,501 5 765 15 361 16,027 21 784
Financial income 1 3 8 28 31
Financial expenditure -96 -113 -283 -357 -473
PROFIT BEFORE TAX 5,406 5 635 15 086 15,698 21 342
Income tax on dividends -70 0 -2,126 -4 355 -4 610
NET PROFIT FOR THE PERIOD 5 336 5 635 12,960 11 343 16,732
OVERALL INCOME FOR THE PERIOD 5 336 5 635 12,960 11 343 16,732
Profit attributable to:
Holders of A shares 5 336 5 634 12,960 11 342 16,731
B share holder 0.00 0.60 0.00 0.60 0.60
Earnings per A share (in euros) 0.27 0.28 0.65 0.57 0.84
Earnings per B share (in euros) 0 600 0 600 600
STATEMENT OF FINANCIAL POSITION
thousands of euros 09/30/2021 09/30/2021 12/31/2020
ASSETS
CURRENT ASSETS
Cash and cash equivalents 36,143 45,868 44 514
Trade receivables, receivables and prepaid expenses 6 858 6,827 7,019
Inventories 849 695 701
TOTAL CURRENT ASSETS 43,850 53,390 52 234
NON-CURRENT ASSETS
Tangible fixed assets 208,002 198 839 202 802
Intangible assets 532 598 629
TOTAL NON-CURRENT ASSETS 208,534 199,437 203,431
TOTAL ASSETS 252,384 252,827 255,665
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Current portion of long-term rental debt 386 397 393
Current share of long-term loans 3,630 3,631 3,630
Suppliers and other creditors 7,182 7 757 7 084
Derivatives 0 28 0
Advance payments 3,096 2 757 2,445
TOTAL CURRENT LIABILITIES 14,294 14 570 13 552
NON-CURRENT LIABILITIES
Prepaid income on connection costs 36 226 33,278 34 564
Leases 1,185 1,465 1,400
Loans 82,144 85,791 83,978
Provision for possible third party claims 6,018 10 832 9 628
Deferred tax liability 264 0 255
Other debts 38 25 32
TOTAL NON-CURRENT LIABILITIES 125,875 131,391 129,857
TOTAL RESPONSIBILITIES 140,169 145,961 143,409
EQUITY
Share the capital 12 12 12,000
Sharing bonus 24,734 24,734 24,734
Legal reserve 1,278 1,278 1,279
Retained earnings 74 203 68 854 74,243
EQUITY 112,215 106,866 112,256
TOTAL LIABILITIES AND EQUITY 252,384 252,827 255,665
CASH FLOW 9 months 9 months 12 months
thousands of euros 2021 2020 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Operating result 15 361 16,027 21 784
Adjustment for depreciation / amortization 4 837 4,634 6 283
Adjustment of connection fee income -379 -341 -542
Other non-cash adjustments -3 610 -3 610 -4 814
Profit / loss (+) from the sale and write-off of tangible and intangible assets 0 -14 -14
Change in current assets involved in operating activities 24 221 140
Change in liabilities related to operating activities 537 -249 -215
TOTAL CASH FLOWS FROM OPERATING ACTIVITIES 16,770 16,668 22 622
CASH FLOWS USED IN INVESTING ACTIVITIES
Acquisition of tangible and intangible assets -9491 -10,114 -15,682
Compensation received for the construction of pipelines, including connection costs 1,933 1,618 1,998
Income from sales of tangible and intangible assets 0 32 32
Interest received 11 34 35
TOTAL CASH FLOWS USED IN INVESTING ACTIVITIES -7 547 -8,430 -13 617
CASH FLOWS USED IN FINANCING ACTIVITIES
Interest paid and loan financing costs, including swap interest -353 -519 -719
Rental payments -307 -452 -555
Loans received 0 0 0
Repayment of loans -1 818 -1 818 -3 636
Dividends paid -12,841 -19 888 -19 888
Withholding tax paid on dividends -159 -113 -113
Income tax paid on dividends -2 116 -4 355 -4 355
TOTAL CASH FLOWS USED TO FINANCING ACTIVITIES -17,594 -27,145 -29,266
CHANGE IN CASH AND CASH EQUIVALENTS -8.371 -18,907 -20.261
CASH AND CASH EQUIVALENTS, BEGINNING OF THE PERIOD 44 514 64,775 64,775
CASH AND CASH EQUIVALENTS AT THE END OF PERIOD 36,143 45,868 44 514

Alexander Timofejev

CEO

Member of the Management Board

+372 62 62 200

[email protected]

Kristi Ojakäär

CFO

Member of the Management Board

+372 62 62 200

[email protected]


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