TVEAT AS Tallinna Vesi

AS Tallinna Vesi´s financial results for the 3rd quarter of 2019

AS Tallinna Vesi´s financial results for the 3rd quarter of 2019

AS Tallinna Vesi’s sales revenues in the 3rd quarter of 2019 were €16.49 million, remaining stable year-on-year.

80.8% of the sales comprise of the sales of water and wastewater services, which increased by 2.5% to €13.32. Sales to domestic customers and sales to outside service areas increased in the total amount of €0.21 million, whilst sales to commercial clients remained stable.

Higher revenues from main services were balanced by lower construction services revenues due to delay in starting of construction of some big projects won from the market.

The gross profit in the 3rd quarter of 2019 increased by 3.8% to €8.92 million being impacted by lower maintenance costs and costs related to construction services.

The operating profit increased by 2.9% to €7.52 million year-on-year, being additionally impacted by the loss of disposing assets.

The net profit for the 3rd quarter of 2019 increased by 2.7% to €7.33 million year-on-year, being additionally impacted by slightly higher net financial expenses. 

The new approved tariffs will become effective on 1 December 2019, i.e. the company will apply the new tariffs to the services to be provided from that date onwards. The prices of water and wastewater services in the main service area will decrease on average by 27% for domestic customers and by 15% for commercial customers.

 

 

MAIN FINANCIAL INDICATORS

€ million,

except key ratios		3rd quarterChange 2019/ 20189 monthsChange 2019/ 2018
201920182017201920182017
Sales16.4916.4915.330.00%47.3046.5543.841.6%
Gross profit8.928.598.573.8%25.9725.8125.300.6%
Gross profit margin %54.1252.1055.863.9%54.9155.4557.71-1.0%
Operating profit before depreciation and amortisation9.018.739.083.1%25.4725.9125.76-1.7%
Operating profit before depreciation and amortisation margin %54.6352.9559.243.2%53.8555.6658.76-3.3%
Operating profit7.527.317.422.9%21.0121.6521.09-2.9%
Operating profit - main business7.197.077.111.6%20.3621.1520.64-3.7%
Operating profit margin %45.6044.3148.392.9%44.4246.5048.10-4.5%
Profit before taxes7.337.147.042.7%20.3520.9420.36-2.8%
Profit before taxes margin %44.4743.2845.932.7%43.0344.9846.44-4.3%
Net profit7.337.147.042.7%16.8119.1417.66-12.2%
Net profit margin %44.4743.2845.932.7%35.5341.1140.28-13.6%
ROA %2.892.973.23-3.0%6.648.118.13-18.1%
Debt to total capital employed %59.2959.8956.47-1.0%59.2959.8956.47-1.0%
ROE %7.277.587.59-4.1%16.2120.8519.03-22.2%
Current ratio5.144.994.743.0%5.144.994.743.0%
Quick ratio5.104.964.692.8%5.104.964.692.8%
Investments into fixed assets4.664.292.398.5%10.767.365.9046.3%
Payout ratio %na62.1199.72nana62.1199.72na

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 and wastewater activities, excl. connections profit and government grants, construction, design and asphalting services, doubtful debt

 

STATEMENT OF COMPREHENSIVE INCOME3rd quarter3rd quarter 9 months9 months 12 months
(€ thousand)20192018 20192018 2018
        
Revenue16,48716,494 47,30146,550 62,780
Costs of goods sold -7,565-7,900 -21,327-20,739 -28,594
GROSS PROFIT8,9228,594 25,97425,811 34,186
        
Marketing expenses-89-87 -297-293 -386
General administration expenses-1,120-1,100 -4,408-3,695 -5,025
Other income/ expenses (-)-195-97 -256-176 -1,836
OPERATING PROFIT (+)/LOSS (-)7,5187,310 21,01321,647 26,939
        
Interest income125 3014 21
Interest expense-199-176 -691-723 -1,010
PROFIT (+)/LOSS (-) BEFORE TAXES7,3317,139 20,35220,938 25,950
        
Income tax on dividends00 -3,544-1,800 -1,800
        
NET PROFIT (+)/LOSS (-) FOR THE PERIOD7,3317,139 16,80819,138 24,150
COMPREHENSIVE INCOME (+)/LOSS (-) FOR THE PERIOD7,3317,139 16,80819,138 24,150
        
Attributable profit (+)/loss(-) to:       
Equity holders of A-shares7,3307,138 16,80719,137 24,149
B-share holder0.600.60 0.600.60 0.60
        
Earnings per A share (in euros)0.370.36 0.840.96 1.21
Earnings per B share (in euros)600600 600600 600

 

STATEMENT OF FINANCIAL POSITION    
(€ thousand)30/09/201930/09/2018 31/12/2018
     
ASSETS    
CURRENT ASSETS    
Cash and cash equivalents61,12556,756 61,769
Trade receivables, accrued income and prepaid expenses8,4398,181 7,631
Inventories539441 498
TOTAL CURRENT ASSETS70,10365,378 69,898
     
NON-CURRENT ASSETS    
Property, plant and equipment185,550177,639 179,185
Intangible assets594709 665
Right-of-use assets6020 0
TOTAL NON-CURRENT ASSETS186,746178,348 179,850
TOTAL ASSETS256,849243,726 249,748
     
LIABILITIES AND EQUITY    
CURRENT LIABILITIES    
Current portion of long-term borrowings4,0102,032 3,823
Trade and other payables6,7197,531 6,047
Derivatives271301 207
Prepayments2,6393,239 2,955
TOTAL CURRENT LIABILITIES13,63913,103 13,032
     
NON-CURRENT LIABILITIES    
Deferred income from connection fees28,98121,562 22,745
Borrowings90,50393,626 91,919
Derivatives50112 173
Provision for possible third party claims19,06817,522 19,068
Other payables3648 46
TOTAL NON-CURRENT LIABILITIES138,638132,870 133,951
TOTAL LIABILITIES152,277145,973 146,983
     
EQUITY    
Share capital 12,00012,000 12,000
Share premium24,73424,734 24,734
Statutory legal reserve1,2781,278 1,278
Retained earnings66,56059,741 64,753
TOTAL EQUITY104,57297,753 102,765
TOTAL LIABILITIES AND EQUITY256,849243,726 249,748
     
     
     
     
CASH FLOWS STATEMENT9 months9 months 12 months
(€ thousand)20192018 2018
     
CASH FLOWS FROM OPERATING ACTIVITIES    
Operating profit21,01321,647 26,939
Adjustment for depreciation/amortisation4,4574,263 5,790
Adjustment for revenues from connection fees-277-216 -295
Other non-cash adjustments0-11 -20
Profit/loss(+) from sale and write off of property, plant and equipment, and intangible assets154-48 -115
Change in current assets involved in operating activities-843-458 54
Change in liabilities involved in operating activities195946 1,939
TOTAL CASH FLOW FROM OPERATING ACTIVITIES24,69926,123 34,292
     
CASH FLOWS FROM INVESTING ACTIVITIES    
Acquisition of property, plant and equipment, and intangible assets-6,147-6,922 -10,736
Compensations received for construction of pipelines, incl connection fees2,2052,752 3,716
Proceeds from sales of property, plant and equipment and intangible assets779 160
Interest received2511 17
TOTAL CASH FLOW FROM INVESTING ACTIVITIES-3,910-4,080 -6,843
     
CASH FLOWS FROM FINANCING ACTIVITIES    
Interest paid and loan financing costs, incl swap interests-764-1,075 -1,394
Lease payments-306-184 -258
Repayment of loans-1,8180 0
Dividends paid-14,965-7,201 -7,201
Withheld income tax paid on dividends -360 0
Income tax on dividends -3,544-1,800 -1,800
TOTAL CASH FLOW FROM FINANCING ACTIVITIES-21,433-10,260 -10,653
     
CHANGE IN CASH AND CASH EQUIVALENTS-64411,783 16,796
     
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD61,76944,973 44,973
     
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD61,12556,756 61,769

 

 

Karl Heino Brookes

Chairman of the Management Board

  

 

 

 

Attachment

EN
25/10/2019

Underlying

TVEATAS Tallinna Vesi

To request access to management, click here to engage with our
partner Phoenix-IR's CorporateAccessNetwork.com

Reports on AS Tallinna Vesi

 PRESS RELEASE
Free
TVEAT AS Tallinna Ves...

AS Tallinna Vesi held an investor conference webinar to introduce the ...

AS Tallinna Vesi held an investor conference webinar to introduce the results of the fourth quarter of 2025 Today, on 6 February 2026, AS Tallinna Vesi held an investor conference webinar where Chairman of the Management Board, Chief Executive Officer Aleksandr Timofejev, and Member of the Management Board, Chief Financial Officer Taavi Gröön, introduced the performance of the 4th quarter of 2025. We thank all the participants! Webinar recording is available and the presentation is available . AS Tallinna Vesi´s financial and operational results for the 4th quarter of 2025 are available ...

February 6, 2026 1 EN
 PRESS RELEASE
Free
TVEAT AS Tallinna Ves...

AS Tallinna Vesi korraldas 2025. aasta neljanda kvartali tulemuste tut...

AS Tallinna Vesi korraldas 2025. aasta neljanda kvartali tulemuste tutvustamiseks veebiseminari Täna, 6. veebruaril 2026 toimus veebiseminar, kus ettevõtte juhatuse esimees ja tegevjuht Aleksandr Timofejev ning juhatuse liige ja finantsjuht Taavi Gröön tutvustasid ettevõtte 2025. aasta neljanda kvartali tulemusi. Täname kõiki osalejaid! Huvilistele on veebiseminari salvestus kättesaadav ja seminari presentatsiooni leiab . AS-i Tallinna Vesi 2025. aasta neljanda kvartali finants- ja tootmistulemustega saab tutvuda . Lisainfo:  Taavi GröönFinantsdirektorAS Tallinna Vesi(+372) 626 2200 ...

February 6, 2026 1 EN
 PRESS RELEASE
Free
TVEAT AS Tallinna Ves...

Tallinna Vesi’s fourth-quarter sales reached €18.9 million

Tallinna Vesi’s fourth-quarter sales reached €18.9 million The sales of AS Tallinna Vesi in the fourth quarter of 2025 were €18.9 million, up by 5.9% compared to the same period last year. Growth in revenue was mainly affected by price changes related to investments.  In the fourth quarter, investments amounted to €18.6 million, which is 15.6% more than in the same period of 2024. Aleksandr Timofejev, the CEO of Tallinna Vesi, said that in the fourth quarter the company moved ahead with planned investments and was reassured that its earlier environmental investments had put it on the right...

February 6, 2026 1 EN
 PRESS RELEASE
Free
TVEAT AS Tallinna Ves...

Tallinna Vee müügitulu ulatus neljandas kvartalis 18,9 miljoni euroni

Tallinna Vee müügitulu ulatus neljandas kvartalis 18,9 miljoni euroni AS-i Tallinna Vesi müügitulu oli 2025. aasta neljandas kvartalis 18,9 miljonit eurot, suurenedes võrreldes möödunud aasta sama perioodiga 5,9% võrra. Tulude kasvu mõjutas enim investeeringutega kaasnenud hinnamuutus.  Neljandas kvartalis tehti investeeringuid 18,6 miljoni euro ulatuses, mis on 15,6% võrra rohkem kui 2024. aasta samal perioodil. Tallinna Vee tegevjuht Aleksandr Timofejev ütles, et neljandas kvartalis liikus ettevõte edasi planeeritud investeeringutega ning sai kinnitust, et varasemalt tehtud keskkonnainve...

February 6, 2026 1 EN
 PRESS RELEASE
Free
TVEAT AS Tallinna Ves...

AS Tallinna Vesi will hold an Investor Conference Webinar to introduce...

AS Tallinna Vesi will hold an Investor Conference Webinar to introduce the results for the 4th quarter of 2025 AS Tallinna Vesi invites its shareholders, investors, analysts, and other stakeholders to join its investor conference webinar, introducing the results for the 4th quarter and 12 months of 2025. The webinar is scheduled for 6 February at 11:00 am (EET) and will be held in English. The webinar will be hosted by Aleksandr Timofejev, Chief Executive Officer, and Taavi Gröön, Chief Financial Officer. The questions will be answered by Aleksandr Timofejev and Taavi Gröön after the pres...

January 30, 2026 1 EN

ResearchPool Subscriptions

Get the most out of your insights

Get in touch