Komentarai Siųsti draugui Spausdinti Vertinimas Neįvertintas

TVE: Results of operations for the 1st quarter 2010 (EEK)

Spekuliantai.lt | 2010-04-22 | NASDAQ OMX biržų naujienos | perskaitė: 1045
Raktiniai žodžiai: Tallinna Vesi, TVE
TVE: Results of operations for the 1st quarter 2010 (EEK)

Tallinna Vesi Quarterly report 22.04.2010

Results of operations for the 1st quarter 2010 (EEK)

MANAGEMENT REPORT
RESULTS OF OPERATIONS - FOR THE 1st QUARTER 2010


Overview

During the three months of 2010 the Company's total sales decreased, year on
year, by 0.7% to 191.4 mln EEK. The Company's underlying operating profit for
three months of 2010, from water and wastewater related activities, decreased by
6.2% to 100.7 mln EEK compared to the three months of 2009. Profits from other
activities (mainly construction and developments) increased by 27.1% to 4.4 mln
EEK compared to the three months of 2009. The Company's profit before taxes was
81.9 mln EEK, which is a 16.8% decrease compared to the same three months of
2009.


--------------------------------------------------------------------------------
| mln EEK | 1 Q | 1 Q | Change | 3 | 3 | Change |
| | 2010 | 2009 | | months | months | |
| | | | | 2010 | 2009 | |
--------------------------------------------------------------------------------
| Sales | 191,4 | 192,8 | -0,7% | 191,4 | 192,8 | -0,7% |
--------------------------------------------------------------------------------
| Gross profit | 119,0 | 126,1 | -5,6% | 119,0 | 126,1 | -5,6% |
--------------------------------------------------------------------------------
| Gross profit margin | 62,2 | 65,4 | -4,9% | 62,2 | 65,4 | -4,9% |
| % | | | | | | |
--------------------------------------------------------------------------------
| Operating profit | 105,1 | 110,8 | -5,1% | 105,1 | 110,8 | -5,1% |
--------------------------------------------------------------------------------
| Operating profit - | 100,7 | 107,4 | -6,2% | 100,7 | 107,4 | -6,2% |
| main business | | | | | | |
--------------------------------------------------------------------------------
| Operating profit | 54,9 | 57,5 | -4,5% | 54,9 | 57,5 | -4,5% |
| margin % | | | | | | |
--------------------------------------------------------------------------------
| Profit before taxes | 81,9 | 98,4 | -16,8% | 81,9 | 98,4 | -16,8% |
--------------------------------------------------------------------------------
| Net profit | 81,9 | 98,4 | -16,8% | 81,9 | 98,4 | -16,8% |
--------------------------------------------------------------------------------
| Net profit margin % | 42,8 | 51,0 | -16,2% | 42,8 | 51,0 | -16,2% |
--------------------------------------------------------------------------------
| ROA % | 3,0 | 3,7 | -19,9% | 3,0 | 3,7 | -19,9% |
--------------------------------------------------------------------------------
| Debt to total | 46,8 | 48,2 | -2,9% | 46,8 | 48,2 | -2,9% |
| 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

1st quarter 2010

Sales

In the 1st quarter of 2010 the Company's total sales decreased, year on year, by
0.7% to 191.4 mln EEK. Without the sales contribution from Maardu, a contract
which commenced in the 3rd quarter of 2009, then total sales would have been
down by 7.3 mln EEK and 3.8% compared to the 1st quarter of 2009. 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.

Sales of water and wastewater services were 176.1 mln EEK, a 0.5% decrease
compared to the 1st quarter of 2009, resulting from the 0.9% decrease in tariffs
from 1 January 2010 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 decreased by 2.8% to 94.1 mln EEK.
Sales to commercial customers decreased by 7.0% to 65.1 mln EEK. Sales to
customers outside of the service area increased by 113.9% to 13.5 mln EEK, which
now includes the Maardu operating contract which commenced from 1st July 2009.
Over pollution fees received were 3.4 mln EEK, an 11.2% decrease compared to the
1st quarter of 2009.

In the 1st quarter of 2010, the volumes sold to residential customers dropped
1.9%. 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
6.0% compared to the same period in 2009. The majority of the reduction in sales
volumes in Tallinn is a result of the macroeconomic impact of companies reducing
their production volumes. A significant impact on the volumes is due to one of
the most sizeable clients, Coca-Cola, reducing their production in Tallinn which
has seen a 21% decrease from the same period in 2009. Coca-Cola will cease
production in Tallinn completely from April 2010 but the early reduction in
volumes has had a severe impact on the 1st quarter 2010 volumes.

Excluding Maardu volumes, then outside service area volumes were 34.3% higher
than in the 1st quarter of 2009. The main factor in this increase was higher
storm water volumes in March following the commencement of the thaw following
the winter but additionally sewage volumes were also higher in the current year.

The sales from the operation and maintenance of the storm water and fire-hydrant
system increased by 2.1% to 12.5 mln EEK in the 1st quarter of 2010 compared to
the same period in 2009. 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 72.4 mln EEK in the
1st quarter of 2010, an increase of 5.7 mln EEK or 8.6% from the equivalent
period in 2009 of which Maardu added 4.1 mln EEK.

In the 1st quarter of 2010 the Company achieved the beneficial 0.5 coefficient
for pollution tax, and the amount of pollution tax payable was 3.7 mln EEK
compared to 3.3 mln EEK in 1st quarter of 2009. In the 1st quarter of 2009 we
achieved the 0.5 coefficient also. Pollution tax payable is also impacted by the
increase in tax rates year on year by 19% and by the increase in treatment
volumes. In the 3rd quarter of 2009 an investment into an additional stage of
waste water treatment was approved for which the procurement process is expected
to be finalized in May 2010. Only at this time will the project cost be known
with construction forecasted to start from June 2010.

Chemical costs were 5.1 mln EEK, representing a 38.4% increase compared to the
corresponding period in 2009. This result is the combination of higher volumes
treated and chemicals dosed which was required in order to try to meet the
Nitrogen efficiency target of 70%.

Electricity costs increased by 1.0 mln EEK or 11.7% in the 1st quarter of 2010
compared to the 1st quarter of 2009 due to higher electricity prices and volumes
treated and pumped.

Salary expenses decreased in the 1st quarter of 2010, year on year, by 1.5 mln
EEK or 8.9% mainly due to the lower number of employees.

Depreciation charges decreased in the 1st quarter of 2010 by 0.5 mln EEK or 2.6%
year on year.

Transport costs increased by 0.3 mln EEK, or 7.2% year on year, due to the
combination of the increase in fuel prices and increased usage of rented
machines.

Other cost of goods sold in the main operating activity increased 4.1 mln EEK,
or 60.4% year on year, exclusively due to the costs of operating in Maardu as
this was not operational in the 1st quarter of 2009.

As a result of all of the above the Company's gross profit for the 1st quarter
of 2010 was 119.0 mln EEK, which is a decrease of 7.1 mln EEK, or 5.6%, compared
to the gross profit of 126.1 mln EEK for the 1st quarter of 2009.

Operating Costs and Operating Margin

Marketing expenses decreased by 0.2 mln EEK to 3.2 mln EEK during the 1st
quarter of 2010 compared to the corresponding period in 2009. This is mainly the
result of the efficiency program and fewer employees than in corresponding
period in 2009.

In the 1st quarter of 2010 the General administration expenses decreased by 1.4
mln EEK year on year to 12.8 mln EEK.

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

The majority of the income in Other net income/expenses relates to constructions
and government grants. The driver for this income stream is the connections
activity in Tallinn. Income/expenses from constructions and government grants
totaled a net income of 4.4 mln EEK, in the 1st quarter of 2010 compared to a
net income of 3.5 mln EEK in the 1st quarter of 2009. This was primarily due to
an increase in the number of connections finalized.

The rest of the other income/expenses totaled an expense of 2.3 mln EEK in the
1st quarter of 2010 compared to an expense of 1.1 mln EEK in the 1st quarter of
2009, from a combination of slightly worsened debt collection and less received
late payment penalties compared to 2009. It should be noted however that, more
than 99% of debt is collected in a timely manner.

As a result the Company's underlying operating profit from sales of water and
wastewater for the 1st quarter of 2010 totaled 100.7 mln EEK compared to 107.4
mln EEK in the corresponding quarter in 2009. In total then the Company's
operating profit for main and other activities for the 1st quarter of 2010 was
105.1 mln EEK, a decrease of 5.7 mln EEK compared to an operating profit of
110.8 mln EEK achieved in the 1st quarter of 2009. Year on year the operating
profit has decreased 5.1%.

Financial expenses

Net Financial expenses were 23.3 mln EEK in the 1st quarter of 2010, which is an
increase of 10.8 mln EEK or 86.8% compared to the 1st quarter of 2009. Of this
increase, as set out below, 19.4 mln EEK relates to a loss on the fair value of
swap contracts with underlying business financial expenses reducing by 8.6 mln
EEK in total compared to 2009.

The Company's interest costs have decreased by 65.1% compared to the 1st quarter
of 2009 from 13.0 mln EEK to 4.5 mln EEK as a result of the reduction in Euribor
rates and the replacement of our fixed interest rate loan (4.19% + risk margin),
by loans with floating interest rates. The Company decided to mitigate the long
term floating interest risk and in May 2009 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
began 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, with a further devaluation in 1st quarter 2010
in the amount of 19.4 mln EEK which more than offsets the interest costs savings
and the financial income earned during the 1st quarter of 2010.


Profit Before Tax

The Company's profit before taxes for the 1st quarter of 2010 was 81.9 mln EEK,
which is 16.5 mln EEK lower than the profit before taxes of 98.4 mln EEK for the
1st quarter of 2009.


Balance sheet

During the three months of 2010 the Company invested 13.0 mln EEK into fixed
assets. Non-current assets were 2,178.0 mln EEK at 31 March 2010. Current assets
increased by 103.7 mln EEK to 592.5 mln EEK in the three months of the year,
with customer receivables increasing by 11.0 mln EEK and cash at bank increasing
by 92.8 mln EEK.

Current liabilities increased by 6.1 mln EEK to 121.2 mln EEK in the three
months of the year. This was mainly due to a 7.4 mln EEK increase in Trade
payables largely due to outstanding interest payable.

The Company continues to maintain its leverage level within its target range of
50% with total liabilities to total capital employed of 46.8% as of 31 March
2010. Long-term liabilities stood at 1,176.2 mln EEK at the end of March 2010,
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
had drawn down 75 mln EUR at the end of the 1st quarter of 2010. In April we
have completed the draw down for the final 20 mln EUR. The weighted average
interest margin at 75 mln EUR draw down was 0.55%, for the total available
facility the margin is 0.67%.

Cash flow

During the three months of 2010, the Company generated 118.8 mln EEK of cash
flows from operating activities, an increase of 4.7 mln EEK compared to the
corresponding period in 2009. The increase in operating cash flows is mainly due
to the increased liability balance in the three months of 2010. Underlying
operating profit still continues to be the contributor to operating cash flows.

In the three months of 2010 net cash outflows from investing activities were
26.0 mln EEK, which is 19.0 mln EEK more than in 2009. This is mainly due to
reduced inflow due to timing of compensations received for construction of
pipelines. To date in 2010 the cash outflows in relation to fixed asset
investments are 40.0 mln EEK.

There were no cash flows related to the financing activities in 1st quarters of
2010 and 2009.

As a result of all of the above factors, the total cash inflow in the three
months of 2010 was 92.8 mln EEK compared to a cash inflow of 107.1 mln EEK in
the three months of 2009. Cash and cash equivalents stood at 385.3 mln EEK as at
31 March 2010 which is 48.3 mln EEK higher than for the corresponding period of
2009.

Employees

At the end of the 1st quarter of 2010, the total number of employees was 318
compared to 331 at the end of the 1st quarter of 2009. The full time equivalent
(FTE) was respectively 303 in 2010 compared to the 316 in 2009. The decrease in
FTE is primarily due to reorganization in various departments at the end of
2009.


Dividends and share performance

Based on the results of the 2009 financial year, the Company intends to pay
500,010,000 EEK of dividends. Of this 10,000 EEK will be paid to the owner of
the B-share and 500,000,000 EEK, i.e. 25.00 EEK per share to the owners of the
A-shares. The Annual Meeting of the Shareholders will vote to approve the
dividend payment on 18 May 2010.

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


As of 31 March 2010 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 | 5.63% |
| A/C Prime Brokerage Clients | |
--------------------------------------------------------------------------------

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, 31 March 2009, the closing price of the AS Tallinna
Vesi share was 167.58 EEK (10.80 EUR), which is a 7.10% increase compared to the
closing price of 156.47 EEK (10.00 EUR) at the beginning of quarter. During the
same period the OMX Tallinn index rose by 41.33%.




Operational highlights in the three months of 2010

AS Tallinna Vesi overall operating indicators suffered a decline in the 1st
quarter of 2010 due to extreme weather conditions, which greatly affected the
number of service interruptions and customer complaints. At the same time the
Company is pleased to report that 100% water samples taken at the customers'
taps in the 1st quarter were compliant with quality requirements.

--------------------------------------------------------------------------------
| Operation Performance | 1 Q 2009 | 1 Q 2010 |
--------------------------------------------------------------------------------
| Water | | |
--------------------------------------------------------------------------------
| Water compliance at customer's premises % | 99.86 | 100.00 |
--------------------------------------------------------------------------------
| Total number of customer interruptions (unplanned) | 129 | 166 |
--------------------------------------------------------------------------------
| Average unplanned interruption time per property | 3.20 | 4.35 |
| hrs | | |
--------------------------------------------------------------------------------
| Number of customer contacts regarding water | 1 | 10 |
| pressure | | |
--------------------------------------------------------------------------------
| Loss of water in distribution system % | 17.16 | 19.83 |
--------------------------------------------------------------------------------
| Wastewater | | |
--------------------------------------------------------------------------------
| Number of sewer blockings | 302 | 397 |
--------------------------------------------------------------------------------
| Number of sewer collapses | 34 | 27 |
--------------------------------------------------------------------------------
| Wastewater treatment compliance % | 100 | 100 |
--------------------------------------------------------------------------------
| Share of recycled sludge % | 100 | 100 |
--------------------------------------------------------------------------------
| Network Extension Program | | |
--------------------------------------------------------------------------------
| Network Extension Program completion per annual | 0 | 0 |
| plan % | | |
--------------------------------------------------------------------------------
| Number of properties given access to public | 0 | 0 |
| sewerage network | | |
--------------------------------------------------------------------------------

Water quality is at its all time best
100% of water samples taken from the taps of the customers of AS Tallinna Vesi
were compliant with the requirements in the 1st quarter of 2010, again
demonstrating an increase of 0,14% over 2009.

The quality of drinking water provided to Tallinners has not been affected by
the airplane crash landing incident at Lake Ülemiste on March 18th. The small
amount of aviation fuel spilled from the aircraft was localized immediately and
collected from the lake after the aircraft had been removed. The Company will
continue to monitor the quality of water at the intake to the water treatment
plant and will ensure quality standards are maintained.

AS Tallinna Vesi refurbished the ozone generators at the water treatment plant,
which is a necessary task undertaken every five years to improve the treatment
of water. The ozonators used in Tallinn are the largest in the world.

Number of interruptions on the rise due to severe weather conditions
The number and duration of unplanned interruptions did increase in the 1st
quarter of 2010 as a result of extreme winter conditions. This had an impact on
overall levels of service. However, AS Tallinna Vesi increased its resources and
activities to minimize disruptions and as a result, there were no interruptions
lasting over 12 hours in the 1st quarter of 2010.

The majority of service interruptions were caused either by frozen pipes in the
beginning of the year or pipe bursts in March, as the ground began to thaw out.
The number of water pressure contacts increased by 33% compared to the 1st
quarter of 2009. The main reasons being blockages of water meters, blockages
occurred from frozen pipes and decrease of area water pressure associated with
repair and maintenance works on utility main pipelines. All jobs were resolved
within 2 working days.

Increased activity also influenced the number of customer complaints. However,
response times and performance remained within targets. AS Tallinna Vesi
appreciates the patience and understanding during this period, and apologises
for any inconvenience caused.

No imminent threat to environment despite increase in wastewater volumes
In March the number of wastewater blockages was significantly higher than in
2009 and with the melt waters there were flooding events in Pirita, Saue and
near Harku Lake at the end of March. Because of the large volumes of water,
pollution of the environment was minimal and posed no danger.

AS Tallinna Vesi's air-scouring pressure trucks operated in double shifts to
increase and speed up the liquidation of sewerage blockages, thus reducing any
threats to the environment.
The Company constructed emergency overflow pipes in Pirita, at Andrekse and
Lauri streets to avoid the further flooding of private properties in the area
due to increased storm water volumes combined with wastewater collected from the
district. The emergency overflows were in use for 2-3 days and the much diluted
wastewater and storm water did not pose any danger to the environment, as the
samples analyzed by the Wastewater Inspectorate confirmed.

The flow of wastewater to the Paljassaare wastewater treatment plant reached
over 400 million litres per day in the second half of March due to the thaw
period. Despite the record level inflow of wastewater, the treatment plant was
still able to achieve full compliance of pollution parameters in the 1st quarter
of 2010.

Network extension program will be delivered as planned
Although the prolonged winter has delayed the start of the construction season,
the Company remains confident that it will deliver the network extension plan by
the end of 2010 as agreed with the City of Tallinn in 2007. The extra kilometres
of pipe laid in 2009 have compensated for the delay in starting the program in
2010. AS Tallinna Vesi will be constructing 5.1 kilometres of water pipes, 39.4
kilometres of wastewater pipes and 12.5 kilometres of storm water pipes in 2010.


Additional information:
Stephen Howard
Chief Financial Officer
+372 6262 262
stephen.howard@tvesi.ee



--------------------------------------------------------------------------------
| STATEMENT OF COMPREHENSIVE INCOME | I | I quarter | 12 months |
| | quarter | | |
--------------------------------------------------------------------------------
| (thousand EEK) | 2010 | 2009 | 2009 |
--------------------------------------------------------------------------------
|   |   |   |   |
--------------------------------------------------------------------------------
| Revenue | 191 444 | 192 759 | 772 446 |
--------------------------------------------------------------------------------
| Costs of goods sold | -72 420 | -66 682 | -284 064 |
--------------------------------------------------------------------------------
|   |   |   |   |
--------------------------------------------------------------------------------
| GROSS PROFIT | 119 024 | 126 077 | 488 382 |
--------------------------------------------------------------------------------
|   |   |   |   |
--------------------------------------------------------------------------------
| Marketing expenses | -3 186 | -3 414 | -11 213 |
--------------------------------------------------------------------------------
| General administration expenses | -12 786 | -14 140 | -53 493 |
--------------------------------------------------------------------------------
| Other income/ expenses (-) | 2 095 | 2 322 | 38 264 |
--------------------------------------------------------------------------------
|   |   |   |   |
--------------------------------------------------------------------------------
| OPERATING PROFIT | 105 147 | 110 845 | 461 940 |
--------------------------------------------------------------------------------
|   |   |   |   |
--------------------------------------------------------------------------------
| Financial income | 3 749 | 5 932 | 25 267 |
--------------------------------------------------------------------------------
| Financial expenses | -27 003 | -18 380 | -86 131 |
--------------------------------------------------------------------------------
|   |   |   |   |
--------------------------------------------------------------------------------
| PROFIT BEFORE TAXES | 81 893 | 98 397 | 401 076 |
--------------------------------------------------------------------------------
|   |   |   |   |
--------------------------------------------------------------------------------
| Income tax on dividends | 0 | 0 | -61 142 |
--------------------------------------------------------------------------------
|   |   |   |   |
--------------------------------------------------------------------------------
| NET PROFIT FOR THE PERIOD | 81 893 | 98 397 | 339 934 |
--------------------------------------------------------------------------------
|   |   |   |   |
--------------------------------------------------------------------------------
| Attributable to: |   |   |   |
--------------------------------------------------------------------------------
| Equity holders of A-shares | 81 883 | 98 387 | 339 924 |
--------------------------------------------------------------------------------
| B-share holder | 10 | 10 | 10 |
--------------------------------------------------------------------------------
|   |   |   |   |
--------------------------------------------------------------------------------
| Earnings per A share (in kroons) | 4,09 | 4,92 | 17,00 |
--------------------------------------------------------------------------------
| Earnings per B share (in kroons) | 10 000 | 10 000 | 10 000 |
--------------------------------------------------------------------------------



--------------------------------------------------------------------------------
| STATEMENT OF FINANCIAL POSITION |   |   |   |
--------------------------------------------------------------------------------
| (thousand EEK) |31.03.2010| 31.03.2009| 31.12.2009|
--------------------------------------------------------------------------------
|   |   |   |   |
--------------------------------------------------------------------------------
| ASSETS |   |   |   |
--------------------------------------------------------------------------------
| CURRENT ASSETS |   |   |   |
--------------------------------------------------------------------------------
| Cash and equivalents | 385 293 | 336 966 | 292 474 |
--------------------------------------------------------------------------------
| Customer receivables, accrued income and | 202 267 | 131 604 | 191 317 |
| prepaid expenses | | | |
--------------------------------------------------------------------------------
| Inventories | 3 719 | 3 568 | 3 819 |
--------------------------------------------------------------------------------
| Non-current assets held for sale | 1 205 | 1 134 | 1 209 |
--------------------------------------------------------------------------------
| TOTAL CURRENT ASSETS | 592 484 | 473 272 | 488 819 |
--------------------------------------------------------------------------------
|   |   |   |   |
--------------------------------------------------------------------------------
| NON-CURRENT ASSETS |   |   |   |
--------------------------------------------------------------------------------
| Property, plant and equipment | 2 139 910| 2 150 994 | 2 152 952 |
--------------------------------------------------------------------------------
| Intangible assets | 38 083 | 41 516 | 40 319 |
--------------------------------------------------------------------------------
| TOTAL NON-CURRENT ASSETS | 2 177 | 2 192 510 | 2 193 271 |
| | 993 | | |
--------------------------------------------------------------------------------
| TOTAL ASSETS | 2 770 477| 2 665 782 | 2 682 090 |
--------------------------------------------------------------------------------
|   |   |   |   |
--------------------------------------------------------------------------------
| LIABILITIES |   |   |   |
--------------------------------------------------------------------------------
|   |   |   |   |
--------------------------------------------------------------------------------
| CURRENT LIABILITIES |   |   |   |
--------------------------------------------------------------------------------
| Current portion of long-term borrowings | 1 658 | 83 673 | 1 936 |
--------------------------------------------------------------------------------
| Trade and other payables | 105 304 | 86 144 | 97 866 |
--------------------------------------------------------------------------------
| Short-term provisions | 2 668 | 2 693 | 3 570 |
--------------------------------------------------------------------------------
| Prepayments and deferred income | 11 575 | 23 443 | 11 687 |
--------------------------------------------------------------------------------
| TOTAL CURRENT LIABILITIES | 121 205 | 195 953 | 115 059 |
--------------------------------------------------------------------------------
|   |   |   |   |
--------------------------------------------------------------------------------
| NON-CURRENT LIABILITIES |   |   |   |
--------------------------------------------------------------------------------
| Borrowings | 1 174 382| 1 089 419 | 1 174 034 |
--------------------------------------------------------------------------------
| Other payables | 1 795 | 735 | 1 795 |
--------------------------------------------------------------------------------
| TOTAL NON-CURRENT LIABILITIES | 1 176 177| 1 090 154 | 1 175 829 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES | 1 297 382| 1 286 107 | 1 290 888 |
--------------------------------------------------------------------------------
|   |   |   |   |
--------------------------------------------------------------------------------
| 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 | 866 094 | 772 674 | 784 201 |
--------------------------------------------------------------------------------
| TOTAL EQUITY CAPITAL | 1 473 095| 1 379 675 | 1 391 202 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES AND EQUITY CAPITAL | 2 770 477| 2 665 782 | 2 682 090 |
--------------------------------------------------------------------------------



--------------------------------------------------------------------------------
| CASH FLOW STATEMENT | 3 months | 3 months | 12 months |
--------------------------------------------------------------------------------
| (thousand EEK) | 2010 | 2009 | 2009 |
--------------------------------------------------------------------------------
|   |   |   |   |
--------------------------------------------------------------------------------
| CASH FLOWS FROM OPERATING ACTIVITIES |   |   |   |
--------------------------------------------------------------------------------
| Operating profit | 105 147 | 110 845 | 461 940 |
--------------------------------------------------------------------------------
| Adjustment for depreciation/amortisation | 22 015 | 22 471 | 89 153 |
--------------------------------------------------------------------------------
| Adjustment for profit from government | -4 401 | -3 462 | -47 512 |
| grants and connection fees | | | |
--------------------------------------------------------------------------------
| Other finance expenses | -462 | -5 715 | -29 203 |
--------------------------------------------------------------------------------
| Profit from sale of property, plant and | -3 | -116 | -150 |
| equipment, and intangible assets | | | |
--------------------------------------------------------------------------------
| Expensed property, plant and equipment | 85 | 0 | 0 |
--------------------------------------------------------------------------------
| Change in current assets involved in | -12 626 | -11 258 | -14 675 |
| operating activities | | | |
--------------------------------------------------------------------------------
| Change in liabilities involved in | 9 039 | 1 306 | 6 160 |
| operating activities | | | |
--------------------------------------------------------------------------------
| Interest paid | 0 | 0 | -38 793 |
--------------------------------------------------------------------------------
| Total cash flow from operating activities | 118 794 | 114 071 | 426 920 |
--------------------------------------------------------------------------------
|   |   |   |   |
--------------------------------------------------------------------------------
| CASH FLOWS FROM INVESTING ACTIVITIES |   |   |   |
--------------------------------------------------------------------------------
| Acquisition of property, plant and | -39 984 | -50 937 | -243 906 |
| equipment, and intangible assets | | | |
--------------------------------------------------------------------------------
| Compensations received for construction | 12 014 | 38 252 | 155 772 |
| of pipelines | | | |
--------------------------------------------------------------------------------
| Proceeds from sale of property, plant and | 3 | 116 | 238 |
| equipment, and intangible assets | | | |
--------------------------------------------------------------------------------
| Interest received | 1 992 | 5 604 | 15 077 |
--------------------------------------------------------------------------------
| Total cash flow from investing activities | -25 975 | -6 965 | -72 819 |
--------------------------------------------------------------------------------
|   |   |   |   |
--------------------------------------------------------------------------------
| CASH FLOWS FROM FINANCING ACTIVITIES |   |   |   |
--------------------------------------------------------------------------------
| Received loans | 0 | 0 | 700 968 |
--------------------------------------------------------------------------------
| Repayment of loans | 0 | 0 | -701 303 |
--------------------------------------------------------------------------------
| Dividends paid | 0 | 0 | -230 010 |
--------------------------------------------------------------------------------
| Income tax on dividends | 0 | 0 | -61 142 |
--------------------------------------------------------------------------------
| Total cash flow from financing activities | 0 | 0 | -291 487 |
--------------------------------------------------------------------------------
|   |   |   |   |
--------------------------------------------------------------------------------
| Change in cash and bank accounts | 92 819 | 107 106 | 62 614 |
--------------------------------------------------------------------------------
|   |   |   |   |
--------------------------------------------------------------------------------
| CASH AND EQUIVALENTS AT THE BEGINNING OF | 292 474 | 229 860 | 229 860 |
| THE PERIOD | | | |
--------------------------------------------------------------------------------
|   |   |   |   |
--------------------------------------------------------------------------------
| CASH AND EQUIVALENTS AT THE END OF THE | 385 293 | 336 966 | 292 474 |
| PERIOD | | | |
--------------------------------------------------------------------------------



1. astv 3 months eek.pdf
(https://newsclient.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=303119)

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