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TVE: Results of operations - for the 1st half-year 2012

Spekuliantai.lt | 2012-07-20 | NASDAQ OMX biržų naujienos | perskaitė: 860
Raktiniai žodžiai: Tallinna Vesi, TVE
TVE: Results of operations - for the 1st half-year 2012

Tallinna Vesi Half Year financial report 20.07.2012

Results of operations - for the 1st half-year 2012

MANAGEMENT REPORT

Contractual Highlights

AS Tallinna Vesi tariffs continue to be on the same level based on temporary
injunction granted by the Court for the period of court proceedings to protect
the Company from the unilateral breach of privatization agreement by Estonian
Authorities (more information available at end of the paper from section
Contractual tariff debate).

At end of May the District Court ruled that AS Tallinna Vesi’s Services
Agreement, that was part of the international privatisation, is a public law
contract, overturning the Competition Authority’s claim that the tariff
mechanism specified in the Services Agreement is allegedly a civil law
agreement that the company cannot rely on in an administrative court.

In June the Competition Authority appealed the District Court’s ruling to the
Supreme Court stating that in its opinion AS Tallinna Vesi’s international
privatisation, tariff criteria and the supporting contracts agreed at
privatisation in 2001 were the private business activity of the City of
Tallinn, and therefore do not warrant any protection under Estonian public law.

AS Tallinna Vesi disagrees with this position and will take full legal action
to protect the interests of the company and its shareholders from this further
attempt by the Competition Authority to unilaterally break the international
privatisation contract.

AS Tallinna Vesi was privatised in 2001 with the full support and knowledge of
the Estonian national government, with written confirmations from the Prime
Minister, the Minister of Finance, and the Competition Authority itself
regarding the key terms of the agreements, and utilising the expertise and
guidance of the European Bank for Reconstruction and Development (EBRD). In
addition to approving the framework of the privatisation the State of Estonia
directly benefited as the sovereign guarantee it had been required to provide
to EBRD to secure the then municipal AS Tallinna Vesi’s loans was passed to the
Strategic Investor on privatisation.

Discussion of the complaint submitted to the EU Commission is ongoing.

Average real return on capital invested at privatization still 6.2% since 2001.

The Company has continuously stated its belief in fully transparent regulation
and its willingness to enter into meaningful and evidence-based dialogue that
takes into account the privatization contract signed in 2001.



RESULTS OF OPERATIONS - FOR THE 1st HALF-YEAR 2012

Financial highlights of 2nd quarter 2012

In the 2nd quarter of 2012 the Company’s underlying performance was good and
stable, continuously focused on the improvement of operational performance and
customer service. During the 2nd quarter of 2012 the sales increased by 2.8%
mainly due to even increase from all commercial sectors. Gross profit remained
on the same level and the operating profit from main business activities
decreased by 5.5% in the 2nd quarter of 2012. Total operating profit decreased
by 8.8% during the same period as a result of completion of considerably
smaller proportion of the construction program than in 2nd quarter of 2011. The
profit before taxes decreased by 2.2% in the 2nd quarter of 2012, being further
impacted by increased income tax on dividends. The adverse profit movements
were partly balanced by lower quarterly negative non-cash movement in fair
value of financial instruments.

mln € 2 Q 2 Q 2 Q Change 6 6 6 Change
2010 2011 2012 12/11 months months month 12/11
2010 2011 s 2012
--------------------------------------------------------------------------------
Sales 12,5 12,8 13,1 2,8% 24,7 25,2 26,1 3,8%
Gross profit 7,3 7,8 7,8 -0,4% 14,9 15,4 16,0 4,4%
Gross profit 58,6 61,4 59,4 -3,2% 60,4 61,0 61,4 0,6%
margin %
Operating 7,2 6,9 6,3 -8,8% 13,9 13,8 13,2 -4,2%
profit
Operating 6,1 6,7 6,3 -5,5% 12,6 13,2 13,2 -0,7%
profit -
main
business
Operating 57,5 54,0 47,8 -11,4% 56,2 54,8 50,6 -7,7%
profit
margin %
Profit before 5,8 5,7 5,6 -2,2% 11,1 13,7 11,9 -13,2%
taxes
Net profit -2,7 1,5 1,2 -22,7% 2,6 9,5 7,5 -21,3%
Net profit -21,4 11,7 8,8 -24,9% 10,3 37,6 28,5 -24,2%
margin %
ROA % -1,5 0,8 0,6 -26,2% 1,4 5,3 4,0 -24,8%
Debt to total 66,5 62,9 63,1 0,3% 66,5 62,9 63,1 0,3%
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

Main business – water and wastewater activities, excl. connections profit and
government grants



Profit and Loss Statement

2nd quarter 2012

Sales

In the 2nd quarter of 2012 the Company’s total sales increased, year on year,
by 2.8% to 13.1 mln EUR. 91% of sales comprise of sales of water and treatment
of wastewater to domestic and commercial customers within and outside of the
service area, 7% of sales from fees received from the City of Tallinn for
operating and maintaining the storm water system and 2% from other works and
services.

Sales of water and wastewater services were 11.9 mln EUR, a 1.7% increase
compared to the 2nd quarter of 2011, resulting from the rise in sales volumes
as described below.

Within the service area, sales to residential customers were stable at 5.9 mln
EUR with no change year on year. Sales to commercial customers increased by
3.1% to 4.8 mln EUR, an increase in most commercial sectors signifying recovery
from the recession period. Sales to customers outside of the main service area
increased by 13.6% to 1.0 mln EUR in the 2nd quarter of 2012. Over pollution
fees received were 0.15 mln EUR, a 33.4% decrease compared to the 2nd quarter
of 2011.

As result of same tariffs billable in 2012 compared to 2011 the sales volumes
reflect the same variances in main services area as prescribed above. The
volumes sold to residential customers increased by 0.1% year on year. The
volumes sold to commercial customers increased by 3.1% evenly across all
commercial sectors in the 2nd quarter of 2012.

Outside service area sales volumes were 15.7% higher than in the 2nd quarter of
2011. The main factor in this increase was higher storm water volumes
supplemented by some increase in sewerage service due to connection of small
areas in neighboring municipalities, resulting in sales increase year on year
by 13.6%. Sales increase is lower than volumes increase as storm water tariffs
are lower than sewage tariffs.

The sales from the operation and maintenance of the storm water and
fire-hydrant system increased by 25.4% to 0.97 mln EUR in the 2nd quarter of
2012 compared to the same period in 2011. 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 profit

The cost of goods sold for the main operating activity was 5.3 mln EUR in the
2nd quarter of 2012, an increase of 0.40 mln EUR or 8.0% from the equivalent
period in 2011. The cost increase is mainly the result of higher staff,
electricity and chemicals costs as explained below.



Total variable costs increased by 0.17 mln EUR or 10.9% year on year in
combination of increase in regulated prices and tax rates and movements in
treatment volumes that affected the variable costs together with the following
additional factors:

Cost of tax on special use of water increased only by 0.01 mln EUR or 2.2% to
0.24 mln EUR in the 2nd quarter of 2012, despite of 7.5% increase in tax rates
due to positive impact from reduced leakage ratio.

Total chemical costs increased by 0.07 mln EUR or 22.2% to 0.38 mln EUR.
Chemicals costs increased in extra to the volume impact worth 0.05 mln EUR,
mainly due to the increase in chemicals price worth 0.02 mln EUR (0.01 mln EUR
coming from methanol price increase by 8%).

Electricity costs in total increased by 0.19 mln EUR or 27.5% in the 2nd
quarter of 2012 compared to the 2nd quarter of 2011. Electricity costs were the
most impacted by considerable hit from increase in electricity rates, which on
average have increased 15.2% with an adverse effect of 0.13 mln EUR, in
addition the Company was affected by the adverse impact from the increased
wastewater volumes.

Pollution tax decreased by 0.10 mln EUR or 29.9% in the 2nd quarter of 2012.
Improved nitrogen removal reduced the pollution tax despite of the 14% increase
in tax rates.

The improved nitrogen removal is the result of the environmental project that
was implemented to mitigate the nitrogen treatment and tax risks discussed
throughout the 2010 and 2011. The project was completed by the Company in
second half of 2011 when we finished the construction and implemented the
additional stage in sewage treatment process.

Fixed cost of goods sold in the main operating activity increased by 0.22 mln
EUR or 6.7% year on year mainly due to 0.21 mln EUR or 19.8% increase in salary
costs due to overall increase in headcount by 7 employees. The Company has
increased its headcount to mitigate the external price risk of maintenance
services by switching from outsourcing to insourcing in various areas in the
2nd quarter of 2012. Without the change the total increase in fixed costs would
had been by 0.10 mln EUR higher compared to the actual cost.

As a result of all of the above the Company’s gross profit for the 2nd quarter
of 2012 was 7.8 mln EUR, which is a decrease of 0.03 mln EUR, or 0.4%, compared
to the gross profit of 7.8 mln EUR for the 2nd quarter of 2011.



Other Operating Costs

Marketing expenses increased by 0.01 mln EUR or 5.5% during the 2nd quarter of
2012 compared to the corresponding period in 2011 due to change in salary
costs.

In the 2nd quarter of 2012 the General administration expenses increased by
0.05 mln EUR or 4.1% year on year to 1.3 mln EUR, mainly due to the increase in
legal consultancies acquired in the process of tariff dispute supplemented by
depreciation expense.



Other net income/expenses

Other net expenses increased by 0.52 mln EUR or 115% to a net cost of 0.07 mln
EUR, compared to 0.45 mln EUR net income in the 2nd quarter of 2011. The
considerable variances are not related to the main operating performance of the
Company.

The majority of the income in Other net income/expenses has been related to
constructions and government grants in previous years. As the major programs
were completed by end of 2011, the revenues from this activity have
considerably dropped and will continue to drop throughout the year. There were
almost no profits from constructions and government grants recorded in the 2nd
quarter of 2012 compared to a net income of 0.25 mln EUR in the 2nd quarter of
2011. The minor last stage constructions of the extension program will be
completed by end of 2012.

The rest of the other income/expenses totaled an expense of 0.71 mln EUR in the
2nd quarter of 2012 compared to an income of 0.20 mln EUR in the 2nd quarter of
2011 that was mainly related to a one-off extraordinary debt collection in
2011.



Operating profit

As a result of above factors the Company’s operating profit from main services
for the 2nd quarter of 2012 totaled 6.3 mln EUR compared to 6.7 mln EUR in the
corresponding quarter in 2011. In total the Company’s operating profit for all
activities for the 2nd quarter of 2012 was 6.3 mln EUR, a decrease of 0.61 mln
EUR compared to an operating profit of 6.9 mln EUR achieved in the 2nd quarter
of 2011. Year on year the operating profit for the 2nd quarter has decreased by
8.8%.



Financial expenses

Net Financial expenses were -0.67 mln EUR in the 2nd quarter of 2012, which is
a positive variance of 0.48 mln EUR or 42.0% compared to the net expenses in
the 2nd quarter of 2011. In both years the financial costs were mainly impacted
from the non-cash revaluation of the fair value of swap agreements, in the 2nd
quarter of 2011 the revaluation impact was negative by 0.77 mln EUR and in the
relevant quarter of 2012 the revaluation impact was negative by 0.22 mln EUR.

The standalone swap agreements have been signed to mitigate the majority of the
long term floating interest risk, the interest swap agreements are signed for
75 mln EUR and 20 mln EUR is thereby still with floating interest rate. At this
point in time the estimated fair value of the swap contracts is negative,
totaling 4.9 mln EUR.

Effective interest rate in the 2nd quarter of 2012 was 3.35%, amounting in the
interest costs of 0.80 mln EUR, compared respectively to 3.11% and 0.75 mln EUR
in the 2nd quarter of 2011. This reflects mainly the adverse impact from swap
agreements that became effective only from the 2nd quarter of 2011.



Profit Before and After Tax

The Company’s profit before taxes for the 2nd quarter of 2012 was 5.6 mln EUR,
which is 0.1 mln EUR lower than the profit before taxes of 5.7 mln EUR for the
2nd quarter of 2011. The year on year increase in dividend payment by 0.8 mln
EUR increased also the income tax on dividends by 0.2 mln EUR. The Company’s
profit after taxes for the 2nd quarter of 2012 was 1.2 mln EUR, which is 0.3
mln EUR lower than the profit after taxes of 1.5 mln EUR for the 2nd quarter of
2011.



Results for the six months of 2012

During the six months of 2012 the Company’s total sales increased, year on
year, by 3.8% to 26.1 mln EUR. Sales of water and wastewater treatment were
23.8 mln EUR, a 3.1% increase compared to the six months of 2011.

The operating profit from the Company’s main business activity decreased by
0.7% to 13.2 mln EUR during the six months of 2012 compared to the six months
of 2011.

The Company’s profit before taxes for the six months of 2012 was 11.9 mln EUR,
which is a 13.2% decrease compared to the relevant period in 2011.

The Company’s net profit for the six months of 2012 was 7.5 mln EUR, which is
2.0 mln EUR lower than the net profit of 9.5 mln EUR in the equivalent period
in 2011.

Decrease in net profit is due to the various impacts from activities not
related to the main business performance: reduced construction profits (0.5 mln
EUR year on year), non-repeatable one off debt collection in 2011 (-0.5 mln
EUR), mainly non-cash increase in financial costs in 2012 (-0.5 mln EUR),

income tax on dividends (-0.2 mln EUR year on year).



Balance sheet

During the six months of 2012 the Company invested 4.4 mln EUR into fixed
assets. Non-current assets were 154.1 mln EUR at 30 June 2012.

Current assets decreased by 0.76 mln EUR to 34.2 mln EUR in the six months of
the year. In the six months of 2012 Cash at bank decreased by 1.1 mln EUR.

Current liabilities increased by 4.8 mln EUR to 13.3 mln EUR in the six months
of the year, due to dividend tax liability.

The Company has a Total debt/Total assets level as expected of 63.1%, in range
of 55%-65%, reflecting the pre-tax and post-dividend decrease in Equity of 9.3
mln EUR.

Long-term liabilities stood at 105.4 mln EUR at the end of June 2012,
consisting mainly of the outstanding balance of three long-term bank loans
totaling 95 mln EUR. The first repayment of loans or refinancing should take
place at the end of 2013. The weighted average interest margin for the total
loan facility is 0.82%. The rest of long term liabilities reflect mainly the
accounting record of deferred income from connection fees.

In the 4th quarter of 2011 the Company recorded 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 accounts. Considering that the court proceedings
are continuously ongoing, the Management has not changed the evaluation of the
contingent liability.



Cash flow

During the six months of 2012, the Company generated 14.0 mln EUR of cash flows
from operating activities, a decrease of 1.7 mln EUR compared to the
corresponding period in 2011. 2012 operating cash flows were below 2011 cash
flows mainly due large payments of overdue debt in 1st half of 2011. Underlying
operating profit still continues to be the main contributor to operating cash
flows.

In the six months of 2012 net cash inflows from investing activities were 1.7
mln EUR, an increase of 3.9 mln EUR compared to an outflow of 2.1 mln EUR in
the six months of 2011, mainly due to lower capex spent on network extension.
In the six months of 2012 the cash outflows related to the fixed asset
investments were 4.2 mln EUR compared to 7.8 mln EUR spent in the same period
of 2011. The compensations received for the construction of pipelines were 5.6
mln EUR in the six months of 2012, a decrease of 0.70 mln EUR compared to same
period in 2011. In 2012 the Company also gave the 0.38 mln EUR loan to Maardu
according to the Operating agreement signed in 2008.

In the six months of 2012, cash outflow from financing amounted to 16.8 mln EUR
due to dividends paid to shareholders, which is 0.8 mln EUR more than in the
same period of 2011.

As a result of all of the above factors, the total cash outflow in the six
months of 2012 was 1.1 mln EUR compared to a cash outflow of 2.4 mln EUR in the
six months of 2011. Cash and cash equivalents stood at 13.7 mln EUR as of 30
June 2012, which is 2.8 mln EUR higher than at the corresponding period of
2011.



Employees

At the end of the 2nd quarter of 2012, the total number of employees was 318
compared to 311 at the end of the 2nd quarter of 2011. The full time equivalent
(FTE) was respectively 304 in 2012 compared to the 297 in 2011. The increase in
employee numbers is related to the prescribed switch from outsourcing to
insourcing. 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, 30 June 2012, 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 NASDAQ OMX Main Baltic Market with trading code
TVEAT and ISIN EE3100026436.

As of 30 June 2012 AS Tallinna Vesi shareholders, with a direct holding over
5%, were:

United Utilities (Tallinn) BV 35.3%
------------------------------------
City of Tallinn 34.7%
------------------------------------

Parvus Asset Management owned in total 4.67% of the shares of the Company as
per Company’s best information as of 30 June 2012.

At the end of the quarter, 30 June 2012, the closing price of the AS Tallinna
Vesi share was 7.40 EUR, which is a 0.13% decrease compared to the closing
price of 7.41 EUR at the beginning of the quarter. During the same period the
OMX Tallinn index rose by 3.43%. In the 2nd quarter the Company’s share price
was mainly impacted by the dividend payment and the ongoing contractual debate
and interim court decisions.



Operational highlights in 1st half of 2012

In the 1st half of 2012, the operational and quality indicators of AS Tallinna
Vesi have been on the highest level ever and indicate continuous improvement.
Compared to 1st half of 2011, the most remarkable improvements have been in
removing pollution from the wastewater discharged into the Baltic Sea and in
wastewater, service quality and customer communication indicators. For example:

-- The quality indicators for water quality have so far been on the highest
level ever, from taken samples 99.73% were fully in accordance with the
norms, outperforming considerably the required standard 95% at customers’
taps.
-- Total number of sewage blockages has decreased by 31%.
-- Total time of interruptions has decreased by 15%.
-- The leakage level is below 16.4%, over 3% less than in 2011.
-- Compared to the 1st half of 2011, the biofilter has enabled to reduce the
volume of pollutants discharged to the sea by 27%.



Key contractual events

Contractual tariff debate

Tariffs are still frozen on the 2010 level despite of the fact that on 9
November 2010 the Company submitted its tariff application for a 3.5% tariff
increase from 1 January 2011, which was contractually agreed in the
privatisation contract to the Competition Authority (CA), the new price
checker. 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 2011 the 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 recommendatory and
unverified methodology.

The Company has calculated that the average real return on invested capital
from 2001 till 2012 has been 6.2% and the Company has also had these returns
independently verified by the international economics consulting company,
Oxera. The annual return on capital invested is in accordance with the returns
allowed by Ofwat the UK regulator over this same period[1], 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 and its investors cannot accept such a unilateral breach of the
privatization terms and contract by Estonian Authorities and the Company
submitted an appeal to the court on 2 June 2011.

Regrettably the CA decided not to wait for the court ruling regarding the
legality of the privatization contract and on 10 October 2011 the CA sent a
prescription to the company asking it to reduce its current tariffs by 29%. The
Company lodged another claim against the prescription and asked for the
temporary injunction from the Estonian court. The court granted the temporary
injunction for the period of court proceedings on 6 February 2012 and this
decision was confirmed by next level court on 2nd of March. The ruling cannot
be appealed any further and due legal process must now take its course.

On 6th of February the Court joined both the current (2010) tariffs case and
the case regarding the rejection of AS Tallinna Vesi’s 2011 tariff application.
Thus, the prescription has been halted until both disputes have been resolved.

On 31.05.2012 District Court issued a ruling, deeming the tariffs part of the
Services Agreement signed in 2001 as part of AS Tallinna Vesi’s privatization
package of agreements to be an administrative (public law) agreement. The
District court has thereby ruled in favour of AS Tallinna Vesi, overturning the
Competition Authority’s claim that the tariff mechanism specified in the
Services Agreement is allegedly a civil law agreement that the company cannot
rely on in an administrative court.

On 13.06.2012 the Competition Authority appealed the Tallinn District Court’s
ruling to the Supreme Court. In their appeal, the Competition Authority has
stated that in its opinion AS Tallinna Vesi’s international privatisation,
tariff criteria and the supporting contracts agreed at privatisation in 2001
were the private business activity of the City of Tallinn, and therefore do not
warrant any protection under Estonian public law.

AS Tallinna Vesi disagrees with this position and will take full legal action
to protect the interests of the company and its shareholders from this further
attempt by the Competition Authority to unilaterally break the international
privatisation contract.

AS Tallinna Vesi was privatised in 2001 with the full support and knowledge of
the Estonian national government, with written confirmations from the Prime
Minister, the Minister of Finance, and the Competition Authority itself
regarding the key terms of the agreements, and utilising the expertise and
guidance of the European Bank for Reconstruction and Development (EBRD). In
addition to approving the framework of the privatisation the State of Estonia
directly benefited as the sovereign guarantee it had been required to provide
to EBRD to secure the then municipal AS Tallinna Vesi’s loans was passed to the
Strategic Investor on privatisation.



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). The
process is ongoing.



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.

In opposite to the Company the CA has requested the Court procedures to be
closed. Based on misleading information submitted by the CA the Court approved
the CA’s request. ASTV has reapplied for open proceedings.

Still, at this point in time the Company is unable to say what is going to
happen to the tariffs before Court judgments and what would be the next steps
by the European Commission. The outcome and lengths of the Court proceedings is
outside the control of the Company.



Additional information:

Siiri Lahe

Chief Financial Officer

+372 6262 262

siiri.lahe@tvesi.ee



STATEMENT OF COMPREHENSIVE II II 6 6 12
INCOME quarter quarter months months months
(thousand EUR) 2012 2011 2012 2011 2011

Revenue 13 145 12 781 26 139 25 186 51 240
Costs of goods sold -5 332 -4 937 -10 092 -9 820 -20 927

GROSS PROFIT 7 813 7 844 16 047 15 366 30 313

Marketing expenses -191 -181 -398 -381 -748
General administration -1 264 -1 214 -2 375 -2 088 -4 294
expenses
Other income/ expenses (-) -71 448 -39 912 3 619

OPERATING PROFIT 6 287 6 897 13 235 13 809 28 890

Financial income 352 362 747 1 345 1 947
Financial expenses -1 021 -1 515 -2 058 -1 424 -5 071

PROFIT BEFORE TAXES 5 618 5 744 11 924 13 730 25 766

Income tax on dividends -4 466 -4 253 -4 466 -4 253 -4 253

NET PROFIT FOR THE PERIOD 1 152 1 491 7 458 9 477 21 513
COMPREHENSIVE INCOME FOR THE 1 152 1 491 7 458 9 477 21 513
PERIOD
Attributable to:
Equity holders of A-shares 1 151 1 490 7 457 9 476 21 512
B-share holder 0,60 0,60 0,60 0,60 0,60

Earnings per A share (in 0,06 0,07 0,37 0,47 1,08
euros)
Earnings per B share (in 600 600 600 600 600
euros)





STATEMENT OF FINANCIAL POSITION
(thousand EUR) 30.06.201 30.06.201 31.12.201
2 1 1

ASSETS
CURRENT ASSETS
Cash and equivalents 13 678 10 830 14 770
Customer receivables, accrued income and 20 187 15 183 19 845
prepaid expenses
Inventories 240 327 248
Non-current assets held for sale 75 76 73
TOTAL CURRENT ASSETS 34 180 26 416 34 936

NON-CURRENT ASSETS
Long-term investment assets 5 370 1 362 9 583
Property, plant and equipment 147 395 150 439 145 973
Intangible assets 1 349 1 731 1 577
TOTAL NON-CURRENT ASSETS 154 114 153 532 157 133
TOTAL ASSETS 188 294 179 948 192 069

LIABILITIES

CURRENT LIABILITIES
Current portion of long-term borrowings 45 0 0
Trade and other payables 9 639 9 257 5 789
Derivatives 1 909 791 1 552
Short-term provisions 0 114 0
Prepayments and deferred income 1 727 1 250 1 146
TOTAL CURRENT LIABILITIES 13 320 11 412 8 487

NON-CURRENT LIABILITIES
Deferred income from connection fees 6 990 5 901 6 824
Borrowings 95 424 94 930 94 938
Derivatives 3 019 751 2 936
Other payables 9 115 9
TOTAL NON-CURRENT LIABILITIES 105 442 101 697 104 707
TOTAL LIABILITIES 118 762 113 109 113 194

EQUITY CAPITAL
Share capital 12 000 12 000 12 000
Share premium 24 734 24 734 24 734
Statutory legal reserve 1 278 1 278 1 278
Retained earnings 31 520 28 827 40 863
TOTAL EQUITY CAPITAL 69 532 66 839 78 875
TOTAL LIABILITIES AND EQUITY CAPITAL 188 294 179 948 192 069





CASH FLOW STATEMENT 6 6 12
months months months
(thousand EUR) 2012 2011 2011

CASH FLOWS FROM OPERATING ACTIVITIES
Operating profit 13 235 13 809 28 890
Adjustment for depreciation/amortisation 2 883 2 777 5 729
Adjustment for profit from government grants and -80 -560 -3 484
connection fees
Other finance expenses 5 -1 35
Profit from sale of property, plant and equipment, and -1 -1 55
intangible assets
Expensed property, plant and equipment 8 0 10
Change in current assets involved in operating -510 1 090 720
activities
Change in liabilities involved in operating activities 114 47 1 306
Interest paid -1 658 -1 418 -3 051
Total cash flow from operating activities 13 996 15 743 30 210

CASH FLOWS FROM INVESTING ACTIVITIES
Loans granted -384 -1 362 -3 151
Acquisition of property, plant and equipment, and -4 243 -7 793 -18 506
intangible assets
Compensations received for construction of pipelines 5 581 6 285 11 284
Proceeds from sale of property, plant and equipment, 2 2 13
and intangible assets
Interest received 757 721 1 939
Total cash flow from investing activities 1 713 -2 147 -8 421

CASH FLOWS FROM FINANCING ACTIVITIES
Received loans 0 0 0
Dividends paid -16 -16 -16 001
801 001
Income tax on dividends 0 0 -4 253
Total cash flow from financing activities -16 -16 -20 254
801 001

Change in cash and bank accounts -1 092 -2 405 1 535

CASH AND EQUIVALENTS AT THE BEGINNING OF THE PERIOD 14 770 13 235 13 235

CASH AND EQUIVALENTS AT THE END OF THE PERIOD 13 678 10 830 14 770







Siiri Lahe
Chief Financial Officer
+372 6262 262
siiri.lahe@tvesi.ee


1. ASTV 6 months 2012.pdf
(https://newsclient.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=398847)

Taip pat skaitykite

DPK: Decisions of the regular meeting of shareholders dated 27.05.2013

VLN: NEW MUTUAL FUND TO THE BALTIC FUND CENTER

VLN: The results of the primary placement auction of Lithuanian Government securities

VLN: VVP pirminio platinimo aukciono rezultatai

2013-05-27 | NASDAQ OMX biržų naujienos 2013-05-27 | NASDAQ OMX biržų naujienos 2013-05-27 | NASDAQ OMX biržų naujienos 2013-05-27 | NASDAQ OMX biržų naujienos

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