Komentarai Siųsti draugui Spausdinti Vertinimas Neįvertintas

TVE: Results of operations for the 3rd quarter 2009 (EEK)

Spekuliantai.lt | 2009-10-23 | NASDAQ OMX biržų naujienos | perskaitė: 1324
Raktiniai žodžiai: Tallinna Vesi, TVE
TVE: Results of operations for the 3rd quarter 2009 (EEK)

Tallinna Vesi Quarterly report 23.10.2009

Results of operations for the 3rd quarter 2009 (EEK)

MANAGEMENT REPORT
RESULTS OF OPERATIONS - FOR THE 3rd QUARTER 2009


Overview

During the first nine months of 2009 the Company's total sales increased, year
on year, by 6.2% to 570.7 mln EEK. The Company's profit before taxes was 275.5
mln EEK, which is a 2.3% increase compared to the same nine months of 2008. In
2009 the Company invested 149.9 mln EEK, of which 118.5 mln EEK was invested in
network extension and rehabilitation.


--------------------------------------------------------------------------------
| mln EEK | 3 Q | 3 Q | Change | 9 | 9 months | Change |
| | 2009 | 2008 | | months | 2008 | |
| | | | | 2009 | | |
--------------------------------------------------------------------------------
| Sales | 189,0 | 174,0 | 8,6% | 570,7 | 537,2 | 6,2% |
--------------------------------------------------------------------------------
| Gross profit | 119,2 | 109,6 | 8,7% | 366,0 | 338,4 | 8,1% |
--------------------------------------------------------------------------------
| Gross profit margin | 63,1 | 63,0 | 0,1% | 64,1 | 63,0 | 1,8% |
| % | | | | | | |
--------------------------------------------------------------------------------
| Operating profit | 109,8 | 99,4 | 10,4% | 327,7 | 301,4 | 8,7% |
--------------------------------------------------------------------------------
| Operating profit | 58,1 | 57,2 | 1,7% | 57,4 | 56,1 | 2,4% |
| margin % | | | | | | |
--------------------------------------------------------------------------------
| Profit before taxes | 102,6 | 89,2 | 15,0% | 275,5 | 269,3 | 2,3% |
--------------------------------------------------------------------------------
| Net profit | 102,6 | 89,2 | 15,0% | 214,4 | 203,1 | 5,5% |
--------------------------------------------------------------------------------
| Net profit margin % | 54,3 | 51,3 | 5,9% | 37,6 | 37,8 | -0,6% |
--------------------------------------------------------------------------------
| ROA % | 4,0 | 3,5 | 13,6% | 8,4 | 8,0 | 4,2% |
--------------------------------------------------------------------------------
| Debt to total | 50,7 | 53,1 | -4,6% | 50,7 | 53,1 | -4,6% |
| 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


Profit and Loss Statement

3rd quarter 2009

Sales

In the 3rd quarter of 2009 the Company's total sales increased, year on year, by
8.6% to 189.0 mln EEK. 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. Starting
from 1 July 2009 the sales to the outside service area includes sales from a 30
year O&M contract signed with the city of Maardu.

Sales of water and wastewater services were 174.1 mln EEK, a 9.2% increase
compared to the 3rd quarter of 2008, resulting from the 12.8% increase in
tariffs from 1 January 2009 for the Company's residential and commercial
customers combined with the factors described below.

Included within this amount were the following changes by sectors. Within the
service area, sales to residential customers increased by 9.1% to 91.4 mln EEK.
Sales to commercial customers increased by 1.3% to 65.9 mln EEK. Sales to
customers outside of the service area increased by 72.0% to 12.6 mln EEK, mainly
due to the implementation of the Maardu's operating contract. Over pollution
fees received were 4.2 mln EEK, a 28.7% increase compared to the 3rd quarter of
2008.

In the 3rd quarter of 2009, the volumes sold to residential customers dropped
3.3%. We believe that this is due to the combination of the economic recession
and the fact that people have continued to move to the surrounding areas of
Tallinn.

The volumes sold to commercial customers inside the service area decreased by
10.2% compared to the relevant period in 2008. The majority of the reduction in
sales volumes in Tallinn is a result of the macroeconomic impact of companies
reducing their production volumes and implementing efficiency measures,
supplemented by companies moving to surrounding municipalities.

The sales from the operation and maintenance of the storm water and fire-hydrant
system increased by 0.1% to 11.4 mln EEK in the 3rd quarter of 2009 compared to
the same period in 2008. 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 69.8 mln EEK in the
3rd quarter of 2009, an increase of 5.4 mln EEK or 8.4% from the equivalent
period in 2008.

In the 3rd quarter of 2009 the Company did not achieve the beneficial 0.5
coefficient for pollution tax, and the amount of pollution tax payable was 4.7
mln EEK compared to 2.0 mln EEK in 3rd quarter of 2008. In the 3rd quarter of
2008 we achieved the 0.5 coefficient, but the increase in pollution tax payable
is also impacted by the increase in tax rates year on year by 20%, partly offset
by the reduction in treatment volumes. As the pollution level of the incoming
sewage has continued to increase the Company has analyzed a range of
alternatives to improve the waste water treatment processes and to use the
optimum level of chemicals to achieve the 0.5 coefficient in the forthcoming
quarters. In the 3rd quarter of 2009 an investment into an additional stage of
waste water treatment was approved, which will enable the increasing pollution
load to be treated to the levels required to achieve these standards.

Chemical costs were 5.7 mln EEK, representing a 12.8% decrease compared to the
corresponding period in 2008. This result is the combination of volumes treated,
chemicals dosed and the particularly favorable price impact.

Electricity costs increased by 0.3 mln EEK or 4.1% in the 3rd quarter of 2009
compared to the 3rd quarter of 2008 due to higher electricity prices.

Salary expenses increased in the 3rd quarter of 2009, year on year, by 1.5 mln
EEK or 11.0% mainly due to the take over of 23 employees from Maardu Vesi.

Depreciation charges decreased in the 3rd quarter of 2009 by 0.01 mln EEK or
0.3% year on year.

Transport costs decreased by 0.7 mln EEK, or 13.1% year on year, due to the
combination of the reduction in fuel prices and reduced rates for rented
machines.

Other cost of goods sold in the main operating activity increased 2.2 mln EEK,
or 34.3% year on year, due to the costs of operating in Maardu.

As a result of all of the above the Company's gross profit for the 3rd quarter
of 2009 was 119.2 mln EEK, which is an increase of 9.6 mln EEK, or 8.7%,
compared to the gross profit of 109.6 mln EEK for the 3rd quarter of 2008.

Operating Costs and Operating Margin

Marketing expenses decreased by 0.3 mln EEK to 2.5 mln EEK during the 3rd
quarter of 2009 compared to the corresponding period in 2008. This is mainly the
result of the efficiency program, which via the implementation of a new
structure, reallocated part of the costs to the cost of goods sold and general
administration expenses in 2009.

In the 3rd quarter of 2009 the General administration expenses increased by 0.4
mln EEK to 12.3 mln EEK year on year.

Via successful negotiation of a range of outsourced service contracts new,
beneficial rates have been achieved for most of the cost items. The management's
target is to achieve further efficiencies through a thorough review of processes
and work organization.

Other net income/expenses

Income/expenses from constructions and government grants totaled a net income of
5.6 mln EEK, in the 3rd quarter of 2009 compared to a net income of 5.6 mln EEK
in the 3rd quarter of 2008. The rest of the other income/expenses totaled an
expense of 0.2 mln EEK in the 3rd quarter of 2009 compared to an expense of 1.0
mln EEK in the 3rd quarter of 2008, from a combination of slightly worsened debt
collection balanced by received penalties in 2009. It should be noted however
that, more than 99% of debt is collected in a timely manner.

As a result of all of the above the Company's operating profit for the 3rd
quarter of 2009 was 109.8 mln EEK, an increase of 10.4 mln EEK compared to an
operating profit of 99.4 mln EEK achieved in the 3rd quarter of 2008. Year on
year the operating profit has increased 10.4%.

Financial expenses

Net Financial expenses were 7.2 mln EEK in the 3rd quarter of 2009, which is a
decrease of 3.0 mln EEK or 29.5% compared to the 3rd quarter of 2008. The
Company's interest costs have decreased by 58.9% compared to the 3rd quarter of
2008 as a result of the reduction in Euribor rates and the replacement of the
loan with a fixed interest rate (4.19% + Euribor rate), by loans with floating
interest rates. The Company has still decided to mitigate the floating interest
risk in the long term and in May 2009 we concluded 3 interest swap agreements,
each with a principal value of 15 mln EUR. All contracts have forward start
dates, for a base amount of 30 mln EUR, the forward start date begins on 28
November 2009, and for a base amount of 15 mln EUR the forward start date begins
on 28 May 2010. At this point in time the estimated fair value of these swap
contracts is negative, therefore the provisions related to the Swap fair value
partly offset the interest costs savings and the increase in financial income
earned during the 3rd quarter of 2009.


Profit Before Tax

The Company's profit before taxes for the 3rd quarter of 2009 was 102.6 mln EEK,
which is 13.4 mln EEK higher than the profit before taxes of 89.2 mln EEK for
the 3rd quarter of 2008.


Results for the 1st nine months of 2009

During the first nine months of 2009 the Company's total sales increased, year
on year, by 6.2% to 570.7 mln EEK. Sales of water and wastewater treatment were
525.1 mln EEK, a 6.2% increase compared to the first nine months of 2008.

The Company's profit before taxes for the first nine months of 2009 was 275.5
mln EEK, which is 6.2 mln EEK higher than the profit before taxes of 269.3 mln
EEK in the relevant period in 2008.

The Company's net profit for the first nine months of 2009 was 214.4 mln EEK,
which is 11.3 mln EEK higher than the net profit of 203.1 mln EEK in the
equivalent period in 2008.


Balance sheet

During the first nine months of 2009 the Company invested 149.9 mln EEK into
fixed assets. Non-current assets were 2,199.1 mln EEK at 30 September 2009.
Current assets increased by 19.1 mln EEK to 366.5 mln EEK in the first nine
months of the year, with customer receivables decreasing by 2.3 mln EEK and cash
at bank increasing by 22.0 mln EEK.

Current liabilities decreased by 67.4 mln EEK to 125.0 mln EEK in the first nine
months of the year. This was mainly due to decreases in the Current portion of
long-term borrowings by 81.2 mln EEK, as a result of the repayment of the EBRD
loan in May 2009, a 5.9 mln EEK decrease in Trade payables, and an increase in
Customer prepayments of 16.9 mln EEK.

The Company continues to maintain its leverage level within its target range of
50% with total liabilities to total capital employed of 50.7% as of 30 September
2009. Long-term liabilities stood at 1,175.0 mln EEK at the end of September
2009, consisting almost entirely of the outstanding balance of three long-term
bank loans. The current total available loan facility is 95 mln EUR, from which
we have drawn down 75 mln EUR. The current weighted average interest margin is
0.55%, for the total available facility the margin is 0.67%.

Cash flow

During the first nine months of 2009, the Company generated 301.7 mln EEK of
cash flows from operating activities, a decrease of 39.0 mln EEK compared to the
corresponding period in 2008. The reduction in operating cash flows is due to
the payment of the one off financial costs of 27 mln EEK related to the
repayment of the EBRD loan as discussed in the 2nd quarter report. In addition
the first quarter of 2008 was positively impacted by proceeds of some big
services invoices issued at end of 2007. Underlying operating profit still
continues to be the main driver for growth in operating cash flows.

In the first nine months of 2009 net cash inflows from investing activities were
14.1 mln EEK, which is 6.9 mln EEK more than in 2008. This is mainly due to the
lower construction prices and timing of constructions. In 2009 the Company
invested 149.9 mln EEK - 118.5 mln EEK on networks (including 75.9 mln EEK on
extension and developments), 12.8 mln EEK at Paljassaare wastewater treatment
plant and sludge treatment, 4.4 mln EEK on water quality (Ülemiste water
treatment plant and raw water) and 14.2 mln EEK for other investments (IT,
capital maintenance, meters, etc).

The cash outflows from financing activities were 293.8 mln EEK during the first
nine months of 2009 compared to a cash outflow of 315.2 mln EEK during the same
nine months of 2008, representing the payouts of the dividend and associated
taxes. The Company repaid and fully refinanced the loan of EBRD due to the need
to finance the extensive network extension program and related investment
outflows until 2011.

As a result of all of the above factors, the total cash inflow in the nine
months of 2009 was 22.0 mln EEK compared to a cash inflow of 32.7 mln EEK in the
nine months of 2008. Cash and cash equivalents stood at 251.8 mln EEK as at 30
September 2009.

Employees

At the end of the 3rd quarter of 2009, the total number of employees was 349
compared to 323 at the end of the 3rd quarter of 2008. The full time equivalent
(FTE) was respectively 336 in 2009 compared to the 310 in 2008. The increase in
FTE is primarily due to Maardu.

Dividends and share performance

Based on the results of the 2008 financial year, the Company paid 230,010,000
EEK of dividends. Of this 10,000 EEK was paid to the owner of the B-share
and 230,000,000 EEK, i.e. 11.50 EEK per share to the owners of the A-shares. The
dividends were paid out on 12 June 2009, based on the list of shareholders,
which was fixed on 01 June 2009.

AS Tallinna Vesi is listed on OMX Main Baltic Market with trading code TVEAT and
ISIN EE3100026436.

As of 30 September 2009 AS Tallinna Vesi shareholders, with a direct holding
over 5%, were:

--------------------------------------------------------------------------------
| United Utilities (Tallinn) BV | 35.3% |
--------------------------------------------------------------------------------
| City of Tallinn | 34.7% |
--------------------------------------------------------------------------------
| Credit Suisse Securities (Europe) Ltd Prime Brokerage | 5.76% |
| A/C Prime Brokerage Clients | |
--------------------------------------------------------------------------------
| HSBC Bank Plc Re Parvus European Absolute | 5.46% |
| Opportunities Master Fund | |
--------------------------------------------------------------------------------

Parvus AM has declared that their shareholding in the clients' accounts exceeds
10% and AKO Capital has declared their indirect ownership above 5% of the share
capital.

At the end of the quarter, 30 September 2009, the closing price of the AS
Tallinna Vesi share was 164.29 EEK (10.50 EUR), which is a 25.0% increase
compared to the closing price of 131.43 EEK (8.40 EUR) at the beginning of
quarter. During the same period the OMX Tallinn index rose by 48.8%.



Operational highlights in the nine months of 2009


The Company started operations in Maardu from 1st July 2009, to provide water,
wastewater and operations and maintenance. This will provide the citizens of
Maardu with an access to Tallinna Vesi's EU compliant water and wastewater. This
contract is the first of its kind and demonstrates the willingness of other
cities and municipalities to partner with Tallinna Vesi for the benefit of their
communities.

In the 3rd quarter the company was nominated for the most competitive service
company in Estonia and in September 2009 we won the award issued by the
Enterprise Estonia foundation and Estonian Chamber of Commerce and Industry.

Due to fall in sales volumes it has been a challenging nine months for the
Company. We are still pleased to report that the cost efficiency programs we
have initiated and successful contract negotiations have enabled us to
compensate the fall in revenues.

The Company submitted the application for the tariff change from 1st January
2010 in the 3rd quarter. The City Government approved the -0.9% tariff decrease
for water and wastewater services on 30 September 2009. The tariff change is
applicable from 1st January 2010 and consists of -0.9% of CPI decrease, 0% of
k-coefficient and 0% of change of law. The -0.9% tariff change is applicable in
the main service area and is similar outside the main service area, depending
still on individual contracts with the municipalities.

On 16th September the Company signed an amendment to the Services Agreement with
the City of Tallinn. This amendment reflects the reduction in construction
prices, the current macroeconomic situation and the good cooperation between the
parties. As a result of the reduction in construction prices incurred by the
Company the compensation payable by the City of Tallinn for sewerage extensions
will reduce, the City will now pay a development component of 0.0 EEK per m3 in
November and December 2009 and 8.75 EEK per m3 thereafter instead of current 9.0
EEK per m3. As a consequence of this reduction the parties have agreed to
shorten the compensation period by 3.5 years to June 2014. AS Tallinna Vesi has
also agreed to a change in the payment profile for storm water constructions.
Initially the City paid 53 mln EEK each year based on the construction costs of
the program during 2008-2011, whereas now they will pay based on a four year
payment plan until the end of 2012. Compared to the original contract signed in
November 2007 the impact of all these changes is not material on the financial
results of the Company. None of this will affect the construction of the
sewerage system, which is still planned to be completed by 2011.

In the 3rd quarter the Company approved based on initial design and cost benefit
analysis the investment into Biofilter. Over the next two years AS Tallinna Vesi
intends to invest almost 200 mln EEK at its Paljassaare Wastewater Treatment
Plant. The investments in 2010-2011 include the renewal of the screening
equipment, replacement of electrical substations and major investment in an
additional treatment stage to further improve the effluent quality and remove
more nitrogen from the wastewater. The project is an investment into improved
efficiency and towards a more sustainable environment, as the more effective
removal of nitrogen from the wastewater improves the cleanliness of the Gulf of
Finland and the Baltic Sea. A biofilter has been selected as the additional
treatment stage and the first treatment modules of the biofilter should be ready
in the 1st half of 2011. The biofilter is a block of modules added as an
additional treatment stage, where intensive wastewater treatment is achieved
using microorganisms to clean the wastewater flowing through it. The main
function of the biofilter is to remove nitrogen from the wastewater and the
microorganisms use methanol to achieve this. The design is for 8 of these
modules to be constructed, future increase in loads could be treated by adding
additional modules.




Additional information:
Siiri Lahe
Chief Financial Officer
+372 6262 262
[email protected]



--------------------------------------------------------------------------------
| STATEMENT OF COMPREHENSIVE INCOME | 9 months | 9 months | 12 months |
--------------------------------------------------------------------------------
| (thousand EEK) | 2009 | 2008 | 2008 |
--------------------------------------------------------------------------------
|   |   |   |   |
--------------------------------------------------------------------------------
| Revenue | 570 678 | 537 206 | 719 923 |
--------------------------------------------------------------------------------
| Costs of goods sold | -204 698 | -198 768 | -272 752 |
--------------------------------------------------------------------------------
|   |   |   |   |
--------------------------------------------------------------------------------
| GROSS PROFIT | 365 980 | 338 438 | 447 171 |
--------------------------------------------------------------------------------
|   |   |   |   |
--------------------------------------------------------------------------------
| Marketing expenses | -8 430 | -9 231 | -12 310 |
--------------------------------------------------------------------------------
| General administration expenses | -38 973 | -40 597 | -54 546 |
--------------------------------------------------------------------------------
| Other income/ expenses (-) | 9 118 | 12 741 | 25 045 |
--------------------------------------------------------------------------------
|   |   |   |   |
--------------------------------------------------------------------------------
| OPERATING PROFIT | 327 695 | 301 351 | 405 360 |
--------------------------------------------------------------------------------
|   |   |   |   |
--------------------------------------------------------------------------------
| Financial income | 16 187 | 12 252 | 15 606 |
--------------------------------------------------------------------------------
| Financial expenses | -68 342 | -44 282 | -58 805 |
--------------------------------------------------------------------------------
|   |   |   |   |
--------------------------------------------------------------------------------
| PROFIT BEFORE TAXES | 275 540 | 269 321 | 362 161 |
--------------------------------------------------------------------------------
|   |   |   |   |
--------------------------------------------------------------------------------
| Income tax on dividends | -61 142 | -66 193 | -66 193 |
--------------------------------------------------------------------------------
|   |   |   |   |
--------------------------------------------------------------------------------
| NET PROFIT FOR THE PERIOD | 214 398 | 203 128 | 295 968 |
--------------------------------------------------------------------------------
|   |   |   |   |
--------------------------------------------------------------------------------
| Attributable to: |   |   |   |
--------------------------------------------------------------------------------
| Equity holders of A-shares | 214 388 | 203 118 | 295 958 |
--------------------------------------------------------------------------------
| B-share holder | 10 | 10 | 10 |
--------------------------------------------------------------------------------
|   |   |   |   |
--------------------------------------------------------------------------------
| Earnings per A share (in kroons) | 10,72 | 10,16 | 14,80 |
--------------------------------------------------------------------------------
| Earnings per B share (in kroons) | 10 000 | 10 000 | 10 000 |
--------------------------------------------------------------------------------



--------------------------------------------------------------------------------
| STATEMENT OF FINANCIAL POSITION |   |   |   |
--------------------------------------------------------------------------------
| (thousand EEK) |30.09.2009| 30.09.2008| 31.12.2008|
--------------------------------------------------------------------------------
|   |   |   |   |
--------------------------------------------------------------------------------
| ASSETS |   |   |   |
--------------------------------------------------------------------------------
| CURRENT ASSETS |   |   |   |
--------------------------------------------------------------------------------
| Cash and equivalents | 251 826 | 211 080 | 229 860 |
--------------------------------------------------------------------------------
| Customer receivables, accrued income and | 110 303 | 118 726 | 112 638 |
| prepaid expenses | | | |
--------------------------------------------------------------------------------
| Inventories | 3 331 | 3 800 | 3 760 |
--------------------------------------------------------------------------------
| Non-current assets held for sale | 1 052 | 1 104 | 1 140 |
--------------------------------------------------------------------------------
| TOTAL CURRENT ASSETS | 366 512 | 334 710 | 347 398 |
--------------------------------------------------------------------------------
|   |   |   |   |
--------------------------------------------------------------------------------
| NON-CURRENT ASSETS |   |   |   |
--------------------------------------------------------------------------------
| Property, plant and equipment | 2 156 580| 2 155 722 | 2 168 225 |
--------------------------------------------------------------------------------
| Intangible assets | 42 565 | 43 087 | 43 428 |
--------------------------------------------------------------------------------
| TOTAL NON-CURRENT ASSETS | 2 199 145| 2 198 809 | 2 211 653 |
--------------------------------------------------------------------------------
| TOTAL ASSETS | 2 565 657| 2 533 519 | 2 559 051 |
--------------------------------------------------------------------------------
|   |   |   |   |
--------------------------------------------------------------------------------
| LIABILITIES |   |   |   |
--------------------------------------------------------------------------------
|   |   |   |   |
--------------------------------------------------------------------------------
| CURRENT LIABILITIES |   |   |   |
--------------------------------------------------------------------------------
| Current portion of long-term borrowings | 1 671 | 82 942 | 82 843 |
--------------------------------------------------------------------------------
| Trade and other payables | 81 386 | 119 777 | 87 270 |
--------------------------------------------------------------------------------
| Short-term provisions | 5 298 | 2 487 | 2 486 |
--------------------------------------------------------------------------------
| Prepayments and deferred income | 36 671 | 55 060 | 19 797 |
--------------------------------------------------------------------------------
| TOTAL CURRENT LIABILITIES | 125 026 | 260 266 | 192 396 |
--------------------------------------------------------------------------------
|   |   |   |   |
--------------------------------------------------------------------------------
| NON-CURRENT LIABILITIES |   |   |   |
--------------------------------------------------------------------------------
| Borrowings | 1 174 230| 1 084 694 | 1 084 642 |
--------------------------------------------------------------------------------
| Other payables | 735 | 121 | 735 |
--------------------------------------------------------------------------------
| TOTAL NON-CURRENT LIABILITIES | 1 174 965| 1 084 815 | 1 085 377 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES | 1 299 991| 1 345 081 | 1 277 773 |
--------------------------------------------------------------------------------
|   |   |   |   |
--------------------------------------------------------------------------------
| EQUITY CAPITAL |   |   |   |
--------------------------------------------------------------------------------
| Share capital | 200 001 | 200 001 | 200 001 |
--------------------------------------------------------------------------------
| Share premium | 387 000 | 387 000 | 387 000 |
--------------------------------------------------------------------------------
| Statutory legal reserve | 20 000 | 20 000 | 20 000 |
--------------------------------------------------------------------------------
| Retained earnings | 658 665 | 581 437 | 674 277 |
--------------------------------------------------------------------------------
| TOTAL EQUITY CAPITAL | 1 265 666| 1 188 438 | 1 281 278 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES AND EQUITY CAPITAL | 2 565 657| 2 533 519 | 2 559 051 |
--------------------------------------------------------------------------------



--------------------------------------------------------------------------------
| CASH FLOW STATEMENT | 9 months | 9 months | 12 months |
--------------------------------------------------------------------------------
| (thousand EEK) | 2009 | 2008 | 2008 |
--------------------------------------------------------------------------------
|   |   |   |   |
--------------------------------------------------------------------------------
| CASH FLOWS FROM OPERATING ACTIVITIES |   |   |   |
--------------------------------------------------------------------------------
| Operating profit | 327 695 | 301 351 | 405 360 |
--------------------------------------------------------------------------------
| Adjustment for depreciation/amortisation | 67 208 | 66 571 | 89 669 |
--------------------------------------------------------------------------------
| Adjustment for profit from government | -14 241 | -13 753 | -27 920 |
| grants and connection fees | | | |
--------------------------------------------------------------------------------
| Other finance expenses | -34 338 | -262 | -1 614 |
--------------------------------------------------------------------------------
| Profit from sale of property, plant and | -140 | -132 | -455 |
| equipment, and intangible assets | | | |
--------------------------------------------------------------------------------
| Expensed property, plant and equipment | 0 | 0 | -19 |
--------------------------------------------------------------------------------
| Change in current assets involved in | -18 989 | 15 826 | 22 780 |
| operating activities | | | |
--------------------------------------------------------------------------------
| Change in liabilities involved in | 774 | -665 | 906 |
| operating activities | | | |
--------------------------------------------------------------------------------
| Interest paid | -26 283 | -28 275 | -57 569 |
--------------------------------------------------------------------------------
| Total cash flow from operating activities | 301 686 | 340 661 | 431 138 |
--------------------------------------------------------------------------------
|   |   |   |   |
--------------------------------------------------------------------------------
| CASH FLOWS FROM INVESTING ACTIVITIES |   |   |   |
--------------------------------------------------------------------------------
| Acquisition of property, plant and | -154 448 | -207 775 | -332 407 |
| equipment, and intangible assets | | | |
--------------------------------------------------------------------------------
| Compensations received for construction | 152 151 | 202 361 | 250 190 |
| of pipelines | | | |
--------------------------------------------------------------------------------
| Proceeds from sale of property, plant and | 129 | 145 | 480 |
| equipment, and intangible assets | | | |
--------------------------------------------------------------------------------
| Interest received | 16 220 | 12 471 | 16 906 |
--------------------------------------------------------------------------------
| Total cash flow from investing activities | 14 052 | 7 202 | -64 831 |
--------------------------------------------------------------------------------
|   |   |   |   |
--------------------------------------------------------------------------------
| CASH FLOWS FROM FINANCING ACTIVITIES |   |   |   |
--------------------------------------------------------------------------------
| Received short-term loans | 156 466 | 0 | 0 |
--------------------------------------------------------------------------------
| Repayment of short-term loans | -156 466 | 0 | 0 |
--------------------------------------------------------------------------------
| Received long-term loans | 544 502 | 0 | 42 246 |
--------------------------------------------------------------------------------
| Repayment of long-term loans | -544 837 | 0 | -41 910 |
--------------------------------------------------------------------------------
| Finance lease payments | -2 285 | 0 | 0 |
--------------------------------------------------------------------------------
| Dividends paid | -230 010 | -249 010 | -249 010 |
--------------------------------------------------------------------------------
| Income tax on dividends | -61 142 | -66 193 | -66 193 |
--------------------------------------------------------------------------------
| Total cash flow from financing activities | -293 772 | -315 203 | -314 867 |
--------------------------------------------------------------------------------
|   |   |   |   |
--------------------------------------------------------------------------------
| Change in cash and bank accounts | 21 966 | 32 660 | 51 440 |
--------------------------------------------------------------------------------
|   |   |   |   |
--------------------------------------------------------------------------------
| CASH AND EQUIVALENTS AT THE BEGINNING OF | 229 860 | 178 420 | 178 420 |
| THE PERIOD | | | |
--------------------------------------------------------------------------------
|   |   |   |   |
--------------------------------------------------------------------------------
| CASH AND EQUIVALENTS AT THE END OF THE | 251 826 | 211 080 | 229 860 |
| PERIOD | | | |
--------------------------------------------------------------------------------



1. astv 9 months eek.pdf
(https://newsclient.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=279641)

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

Komentarai



Ekonominis kalendorius

Prekybos statistika realiu laiku

Techninės analizės įrankis

Privatumo politika Reklama Kontaktai Paskolos RSS RSS
© 2006-2024 UAB All Media Digital