Komentarai Siųsti draugui Spausdinti Vertinimas Neįvertintas

TVE: Results of operations for the 1st half-year 2010 (EUR)

Spekuliantai.lt | 2010-07-23 | NASDAQ OMX biržų naujienos | perskaitė: 1185
Raktiniai žodžiai: Tallinna Vesi, TVE
TVE: Results of operations for the 1st half-year 2010 (EUR)

Tallinna Vesi Half Year financial report 23.07.2010

Results of operations for the 1st half-year 2010 (EUR)

MANAGEMENT REPORT
RESULTS OF OPERATIONS - FOR THE 1st HALF-YEAR 2010


Overview

During the first six months of 2010 the Company's total sales increased, year on
year, by 1.4% to 24.7 mln EUR. The Company's underlying operating profit for the
first six months of 2010, from water and wastewater related activities,
decreased by 6.0% to 12.6 mln EUR compared to the six months of 2009. Profits
from other activities (mainly construction and developments) increased by 140.6%
to 1.3 mln EUR compared to the same six months of 2009. The Company's profit
before taxes was 11.1 mln EUR, which is on the same level compared to the same
six months of 2009.


--------------------------------------------------------------------------------
| mln EUR | 2 Q | 2 Q | Change | 6 months| 6 months| Change |
| | 2010 | 2009 | | 2010 | 2009 | |
--------------------------------------------------------------------------------
| Sales | 12,5 | 12,1 | 3,5% | 24,7 | 24,4 | 1,4% |
--------------------------------------------------------------------------------
| Gross profit | 7,3 | 7,7 | -5,2% | 14,9 | 15,8 | -5,4% |
--------------------------------------------------------------------------------
| Gross profit margin | 58,6 | 64,0 | -8,4% | 60,4 | 64,7 | -6,7% |
| % | | | | | | |
--------------------------------------------------------------------------------
| Operating profit | 7,2 | 6,8 | 5,0% | 13,9 | 13,9 | -0,2% |
--------------------------------------------------------------------------------
| Operating profit - | 6,1 | 6,5 | -5,8% | 12,6 | 13,4 | -6,0% |
| main business | | | | | | |
--------------------------------------------------------------------------------
| Operating profit | 57,5 | 56,6 | 1,4% | 56,2 | 57,1 | -1,5% |
| margin % | | | | | | |
--------------------------------------------------------------------------------
| Profit before taxes | 5,8 | 4,8 | 22,1% | 11,1 | 11,1 | 0,0% |
--------------------------------------------------------------------------------
| Net profit | -2,7 | 0,9 | -413,1% | 2,6 | 7,1 | -64,2% |
--------------------------------------------------------------------------------
| Net profit margin % | -21,4| 7,1 | -402,5% | 10,3 | 29,3 | -64,7% |
--------------------------------------------------------------------------------
| ROA % | -1,6 | 0,5 | -391,0% | 1,5 | 4,5 | -66,7% |
--------------------------------------------------------------------------------
| Debt to total | 65,5 | 53,6 | 22,2% | 65,5 | 53,6 | 22,2% |
| 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 2010

Sales

In the 2nd quarter of 2010 the Company's total sales increased, year on year, by
3.5% to 12.5 mln EUR. Included within this is a contribution of 0.4 mln EUR from
Maardu, a contract which commenced in the 3rd quarter of 2009. Without Maardu,
total sales would have been down by 3.2% compared to the 2nd 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 11.4 mln EUR, a 2.7% increase
compared to the 2nd quarter of 2009, resulting from the factors described below
which were partially offset by the 0.9% decrease in tariffs from 1 January 2010
for the Company's residential and commercial customers.

Within the service area, sales to residential customers decreased by 2.2% to 5.9
mln EUR. Sales to commercial customers decreased by 1.4% to 4.3 mln EUR. Sales
to customers outside of the service area increased by 117.3% to 0.91 mln EUR,
which now includes the Maardu operating contract which commenced from 1st July
2009. Over pollution fees received were 0.24 mln EUR, a 0.01% increase compared
to the 2nd quarter of 2009.

In the 2nd quarter of 2010, the volumes sold to residential customers dropped
1.3%. We believe that this is due to the combination of the ongoing effect of
the difficult economic conditions experienced during the last year 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
0.4% compared to the same period in 2009. The majority of the reduction in
commercial sales volumes in Tallinn is a result of one of the most sizeable
clients within the industrial sector, Coca-Cola, reducing their production in
Tallinn from the beginning of the year, with this contributing an 83.4% decrease
from the same period in 2009 for the client. Coca-Cola ceased production in
Tallinn completely from April 2010. This decrease in industrial sector is mostly
offset by sales picking up in other commercial sectors, such as leisure and
tourism.

Excluding Maardu volumes, then outside service area volumes were 60.3% higher
than in the 2nd quarter of 2009. The main factor in this increase was higher
storm water volumes in April and May following the commencement of the thaw and
wet weather 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 0.80 mln EUR in the 2nd 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 5.2 mln EUR in the
2nd quarter of 2010, an increase of 0.82 mln EUR or 19.0% from the equivalent
period in 2009 of which Maardu added 0.27 mln EUR.

In the 2nd quarter of 2010 the Company did not achieve the beneficial 0.5
coefficient for pollution tax, and the amount of pollution tax payable was 0.70
mln EUR compared to 0.36 mln EUR in the 2nd quarter of 2009. In the 2nd quarter
of 2009 we did not achieve the 0.5 coefficient also, so the higher pollution tax
payable in 2010 is generated 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 was finalized in the 2nd quarter of 2010.

Chemical costs were 0.33 mln EUR, representing a 3.9% decrease compared to the
corresponding period in 2009. Although higher volumes were treated and chemicals
dosed the lower price of the chemicals led to the decrease in chemicals costs.

Electricity costs increased by 0.19 mln EUR or 36.2% in the 2nd quarter of 2010
compared to the 2nd quarter of 2009 due to higher electricity prices as a result
of three sites buying electricity from the open market and also because of
higher volumes treated and pumped.

Salary expenses increased in the 2nd quarter of 2010, year on year, by 0.003 mln
EUR or 0.3%.

Depreciation charges decreased in the 2nd quarter of 2010 by 0.03 mln EUR or
1.8% year on year.

Transport costs increased by 0.01 mln EUR, or 5.7% 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 0.29 mln EUR,
or 72.6% year on year, mainly due to the costs of operating in Maardu as this
was not operational in the 2nd quarter of 2009.

As a result of all of the above the Company's gross profit for the 2nd quarter
of 2010 was 7.3 mln EUR, which is a decrease of 0.40 mln EUR, or 5.2%, compared
to the gross profit of 7.7 mln EUR for the 2nd quarter of 2009.

Operating Costs and Operating Margin

Marketing expenses increased by 0.01 mln EUR to 0.18 mln EUR during the 2nd
quarter of 2010 compared to the corresponding period in 2009. This is mainly the
result of a slight increase in salary expenses compared to corresponding period
in 2009.

In the 2nd quarter of 2010 the General administration expenses increased by 0.08
mln EUR year on year to 0.89 mln EUR.

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 and expenses from constructions and government
grants totaled a net income of 1.1 mln EUR in the 2nd quarter of 2010 compared
to a net income of 0.33 mln EUR in the 2nd quarter of 2009. This was primarily
due to a revision on the accounting for the contract.

The rest of the other income/expenses totaled an expense of 0.13 mln EUR in the
2nd quarter of 2010 compared to an expense of 0.24 mln EUR in the 2nd quarter of
2009, mainly from lower provisioning of doubtful debt compared to 2009. In
addition it should be noted 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 2nd quarter of 2010 totaled 6.1 mln EUR compared to 6.5 mln
EUR in the corresponding quarter in 2009. In total then the Company's operating
profit for main and other activities for the 2nd quarter of 2010 was 7.2 mln
EUR, an increase of 0.34 mln EUR compared to an operating profit of 6.8 mln EUR
achieved in the 2nd quarter of 2009. Year on year the operating profit for the
2nd quarter has increased 5.0%.

Financial expenses

Net Financial expenses were 1.4 mln EUR in the 2nd quarter of 2010, which is a
decrease of 0.71 mln EUR or 34.3% compared to the 2nd quarter of 2009. Of this
variance 1.0 mln EUR relates to a loss on the fair value of swap contracts in
the 2nd quarter of 2010. However we experienced a 1.8 mln EUR loss in the 2nd
quarter of 2009 in relation to loan transaction losses which increased the prior
year financial expense. Taking into account these expenses the underlying
business financial expenses increased by 0.05 mln EUR in total compared to 2009.

The Company's interest costs have decreased by 100.9% compared to the 2nd
quarter of 2009 from 0.76 mln EUR to 0.36 mln EUR 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 in 2009. 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 began on 28 May 2010. At this point in time the estimated
fair value of these swap contracts is negative, totaling 3.3 mln EUR, with a
further devaluation in 2nd quarter 2010 in the amount of 1.0 mln EUR which more
than offsets the interest costs savings and the financial income earned during
the 2nd quarter of 2010 thus contributing to a net financial expense.


Profit Before Tax

The Company's profit before taxes for the 2nd quarter of 2010 was 5.8 mln EUR,
which is 1.1 mln EUR higher than the profit before taxes of 4.8 mln EUR for the
2nd quarter of 2009.


Results for the six months of 2010

During the six months of 2010 the Company's total sales increased, year on year,
by 1.4% to 24.7 mln EUR. Sales of water and wastewater treatment were 22.7 mln
EUR, a 1.1% increase compared to the six months of 2009.

The underlying operating profit from the Company's main business activity, sales
of water and wastewater, for the six months of 2010 decreased by 6.0% to 12.6
mln EUR compared to the six months of 2009.

The Company's profit before taxes for the six months of 2010 was 11.1 mln EUR,
which is at the same level as the profit before taxes in the relevant period in
2009.

The Company's net profit for the six months of 2010 was 2.6 mln EUR, which is
4.6 mln EUR lower than the net profit of 7.1 mln EUR in the equivalent period in
2009.


Balance sheet

During the six months of 2010 the Company invested 2.7 mln EUR into fixed
assets. Non-current assets were 139.7 mln EUR at 30 June 2010. Current assets
increased by 1.2 mln EUR to 32.5 mln EUR in the six months of the year, with
customer receivables decreasing by 0.79 mln EUR and cash at bank increasing by
2.0 mln EUR.

Current liabilities increased by 14.1 mln EUR to 21.4 mln EUR in the six months
of the year. This was mainly due to a 10.3 mln EUR increase in Trade payables
largely due to outstanding interest payable and outstanding income tax payable
on dividends and also due to 3.6 mln EUR increase in Current portion of
long-term borrowings.

The Company has a leverage level as expected of approximately 65% with the
future target range within 60%. Long-term liabilities stood at 91.3 mln EUR at
the end of June 2010, consisting almost entirely of the outstanding balance of
three long-term bank loans. During 2nd quarter of 2010 we have drawn down an
additional 20 mln EUR, and at the end of the 2nd quarter of 2010 the total loan
balance is 95 mln EUR, which is the total available loan facility. The weighted
average interest margin for the total available facility is 0.67%.

Cash flow

During the six months of 2010, the Company generated 14.5 mln EUR of cash flows
from operating activities, an increase of 2.0 mln EUR compared to the
corresponding period in 2009. The increase in operating cash flows is mainly due
to the increased liability balance in the six months of 2010. Underlying
operating profit still continues to be the main contributor to operating cash
flows.

In the six months of 2010 net cash outflows from investing activities were 0.50
mln EUR, which is 1.3 mln EUR 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 4.1
mln EUR.

The cash outflows from financing activities were 12.0 mln EUR during the six
months of 2010 compared to a cash outflow of 14.7 mln EUR during the same six
months of 2009, representing the payouts of the dividends and received loans
following the loan drawdown.

As a result of all of the above factors, the total cash inflow in the six months
of 2010 was 2.0 mln EUR compared to a cash outflow of 1.4 mln EUR in the six
months of 2009. Cash and cash equivalents stood at 20.7 mln EUR as at 30 June
2010 which is 7.4 mln EUR higher than at the corresponding period of 2009.

Employees

At the end of the 2nd quarter of 2010, the total number of employees was 319
compared to 332 at the end of the 2nd 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.


Corporate structure

At the end of the quarter, 30 June 2010, the Group consisted of 2 companies. The
subsidiary Watercom OÜ is wholly owned by ASTV.


Dividends and share performance

Based on the results of the 2009 financial year, the Company paid 31,956,463 EUR
of dividends. Of this 639 EUR was paid to the owner of the B-share
and 31,955,824 EUR, i.e. 1.60 EUR per share to the owners of the A-shares. The
dividends were paid out on 11 June 2010, based on the list of shareholders,
which was fixed on 01 June 2010.

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


As of 30 June 2010 AS Tallinna Vesi shareholders, with a direct holding over 5%,
were:

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

We have seen the next two biggest shareholders Parvus AM and AKO Capital
reducing their holdings in the Company in the quarter. Parvus AM has declared
that their shareholding in the clients' accounts is below 10% and AKO Capital
has declared their indirect ownership below 5% of the share capital.

At the end of the quarter, 30 June 2010, the closing price of the AS Tallinna
Vesi share was 8.07 EUR, which is a 24.65% decrease compared to the closing
price of 10.80 EUR at the beginning of the quarter. During the same period the
OMX Tallinn index dropped by 9.07%.



Operational highlights in the first six months of 2010

AS Tallinna Vesi's overall operating performance in the first half of 2010 was
good. The Company is pleased to report that the key indicator of water quality
is at its highest ever level. Other indicators in the first half of 2010 were
impacted by the extreme weather conditions, which greatly affected leakage
levels and the number of service interruptions. The Company is however pleased
to report that the action plans it put in place during April have delivered
significant benefits and the performance in the 2nd quarter of 2010 showed a
significant improvement from the 1st quarter. AS Tallinna Vesi is on target to
achieve its required levels of service and quality standards agreed with the
City of Tallinn in the Services Agreement by the end of 2010.

--------------------------------------------------------------------------------
| Operation Performance | 6 months | 6 months |
| | 2009 | 2010 |
--------------------------------------------------------------------------------
| Water | | |
--------------------------------------------------------------------------------
| Water compliance at customer's premises % | 99,72 | 99,86 |
--------------------------------------------------------------------------------
| Total number of customer interruptions | 281 | 269 |
| (unplanned) | | |
--------------------------------------------------------------------------------
| Average unplanned interruption time per | 3.38 | 4.11 |
| property hrs | | |
--------------------------------------------------------------------------------
| Number of customer contacts regarding water | 4 | 7 |
| pressure | | |
--------------------------------------------------------------------------------
| Loss of water in distribution system % | 17.18 | 21,10 |
--------------------------------------------------------------------------------
| Wastewater | | |
--------------------------------------------------------------------------------
| Number of sewer blockings | 571 | 725 |
--------------------------------------------------------------------------------
| Number of sewer collapses | 57 | 55 |
--------------------------------------------------------------------------------
| Wastewater treatment compliance % | 100 | 100 |
--------------------------------------------------------------------------------
| Sludge used in reclamation projects % | 100 | 100 |
--------------------------------------------------------------------------------
| Network Extension Program | | |
--------------------------------------------------------------------------------
| Network Extension Program completion per | | |
| annual plan % | | |
--------------------------------------------------------------------------------
| Number of properties given access to public | 76 | 29 |
| sewerage network | | |
--------------------------------------------------------------------------------

Water
99.86% of water samples taken from the taps of the customers of AS Tallinna Vesi
were compliant with the requirements in the first half of 2010, making this the
best water quality result ever. This was achieved through the refurbishing of
the company's ozone generators, which are among the largest in the world and
have greatly improved the quality of drinking in water in Tallinn.

Water quality remains on a very similar level to last year and there have not
been any signs of residue from the accident that occurred on March 18th.

Water quality in Lake Ülemiste is affected by rising water temperatures, but
remains on a similar level as in last year. The Company monitors the situation
in the lake closely in order to be able to take prompt actions to ensure the
best water quality.

Network
The Company's objective has always been to repair the leakages as quickly as
possible, but this year special attention was paid to notifying the customers of
repair works prior to commencing, thus greatly reducing the number of unplanned
interruptions to 269, despite the increased number of pipe bursts.

The level of leakages has increased in the water and wastewater network due to
pipe bursts in the winter, but an action plan has been devised and implemented
to reduce leakages even further. The quality regulation in Tallinn requires AS
Tallinna Vesi to reduce water loss in the network to 26%, but despite the severe
winter the Company's level of leakages in the first half of the year was 21.1%.

Wastewater Treatment Plant
Excessive snowmelt in the beginning of the 2nd quarter had minimal impact on the
environment, as the wastewater treatment plant in Paljassaare treated more load
than ever before. The quality of effluent after treatment in Paljassaare is of
high standard and complies with stringent environmental requirements. However,
due to risk of failing to meet the parameters for nitrogen removal in the
future, the Company will be building an additional treatment stage at the
wastewater treatment plant. The construction of the biofilter will commence in
July this year and will be completed by July 2011.

Network Extension Program
The Company is committed to delivering the network extension program by the year
2011 as agreed with the City of Tallinn and as required by the European Union
directive for wastewater collection. The start of the construction season was
delayed by the winter lasting well into April, but nearly a half of the planned
network for 2010 has been built already. 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. This construction programme will give
over 1,100 homes the opportunity to connect to the wastewater network.

Maardu
July 1st marked the anniversary of the beginning of cooperation between the City
of Maardu and AS Tallinna Vesi, whereby AS Tallinna Vesi is now operating the
assets of AS Maardu Vesi.

AS Maardu Vesi has now received the designs for connection pipes between Maardu
and Tallinn for the delivery of quality surface water from Lake Ülemiste to
Maardu and to remove Maardu's wastewater for treatment at the Paljassaare
wastewater treatment plant. Designs have also been completed for giving more
than 3,000 properties in Muuga access to the public water and wastewater system,
for reconstructing sewerage pipes in Vana-Narva road area and for rebuilding the
pipes network in Kallavere. The connection pipes between Maardu and Tallinn will
be built by the second half of 2011 and the Muuga network will be completed by
the end of 2012.

Customers and Community
The Company held its annual open door day at the Paljassaare wastewater
treatment plant in May, attracting over 240 people and more than 30 children.
The visitors were treated to a tour of the facilities.

The Company has sold over 10,000 tons of soil reconditioner, which is a
by-product created in the wastewater treatment process and is used for
reforestation and landscaping. The Company also distributed nearly 1,200 tons of
soil reconditioner as part of a community project in the districts of Mustamäe
and Northern Tallinn in cooperation with local municipalities to restore the
regions' greenness after the winter.

A major contributing factor to sewer blockages is the low awareness of consumers
about what is disposable in the sewerage system and what isn't. For this purpose
the Company launched an awareness campaign in June, informing the public of the
correct maintenance of the sewerage system.

AS Tallinna Vesi will be holding its annual open door days at the Ülemiste water
treatment plant on August 28th, inviting everyone to see the process of water
treatment and enjoy a fun family day that coincides with the running competition
around Lake Ülemiste. Last year more than 700 people participated in the tours
and over 2,000 runners took part in the race.


Additional information:
Stephen Howard
Chief Financial Officer
+372 6262 262
[email protected]



--------------------------------------------------------------------------------
| STATEMENT OF | II | II | 6 | 6 months | 12 |
| COMPREHENSIVE INCOME | quarter | quarter | months | | months |
--------------------------------------------------------------------------------
| (thousand EUR) | 2010 | 2009 | 2010 | 2009 | 2009 |
--------------------------------------------------------------------------------
|   |   |   |   |   |   |
--------------------------------------------------------------------------------
| Revenue | 12 499 | 12 077 | 24 734 | 24 396 | 49 368 |
--------------------------------------------------------------------------------
| Costs of goods sold | -5 172 | -4 346 | -9 801 | -8 608 | -18 155 |
--------------------------------------------------------------------------------
|   |   |   |   |   |   |
--------------------------------------------------------------------------------
| GROSS PROFIT | 7 326 | 7 730 | 14 933 | 15 788 | 31 213 |
--------------------------------------------------------------------------------
|   |   |   |   |   |   |
--------------------------------------------------------------------------------
| Marketing expenses | -179 | -166 | -383 | -384 | -717 |
--------------------------------------------------------------------------------
| General administration | -894 | -815 | -1 711 | -1 719 | -3 419 |
| expenses | | | | | |
--------------------------------------------------------------------------------
| Other income/ expenses | 928 | 91 | 1 062 | 239 | 2 446 |
| (-) | | | | | |
--------------------------------------------------------------------------------
|   |   |   |   |   |   |
--------------------------------------------------------------------------------
| OPERATING PROFIT | 7 181 | 6 840 | 13 901 | 13 924 | 29 523 |
--------------------------------------------------------------------------------
|   |   |   |   |   |   |
--------------------------------------------------------------------------------
| Financial income | 224 | 383 | 463 | 762 | 1 615 |
--------------------------------------------------------------------------------
| Financial expenses | -1 588 | -2 460 | -3 314 | -3 634 | -5 505 |
--------------------------------------------------------------------------------
|   |   |   |   |   |   |
--------------------------------------------------------------------------------
| PROFIT BEFORE TAXES | 5 817 | 4 763 | 11 050 | 11 052 | 25 633 |
--------------------------------------------------------------------------------
|   |   |   |   |   |   |
--------------------------------------------------------------------------------
| Income tax on dividends | -8 495 | -3 908 | -8 495 | -3 908 | -3 908 |
--------------------------------------------------------------------------------
|   |   |   |   |   |   |
--------------------------------------------------------------------------------
| NET PROFIT FOR THE | -2 678 | 855 | 2 556 | 7 144 | 21 726 |
| PERIOD | | | | | |
--------------------------------------------------------------------------------
|   |   |   |   |   |   |
--------------------------------------------------------------------------------
| Attributable to: |   |   |   |   |   |
--------------------------------------------------------------------------------
| Equity holders of | 0 | 855 | 2 555 | 7 143 | 21 725 |
| A-shares | | | | | |
--------------------------------------------------------------------------------
| B-share holder | 0,00 | 0,64 | 0,64 | 0,64 | 0,64 |
--------------------------------------------------------------------------------
|   |   |   |   |   |   |
--------------------------------------------------------------------------------
| Earnings per A share (in | 0,00 | 0,04 | 0,13 | 0,36 | 1,09 |
| euros) | | | | | |
--------------------------------------------------------------------------------
| Earnings per B share (in | 0 | 639 | 639 | 639 | 639 |
| euros) | | | | | |
--------------------------------------------------------------------------------



--------------------------------------------------------------------------------
| STATEMENT OF FINANCIAL POSITION |   |   |   |
--------------------------------------------------------------------------------
| (thousand EUR) |30.06.2010| 30.06.2009| 31.12.2009|
--------------------------------------------------------------------------------
|   |   |   |   |
--------------------------------------------------------------------------------
| ASSETS |   |   |   |
--------------------------------------------------------------------------------
| CURRENT ASSETS |   |   |   |
--------------------------------------------------------------------------------
| Cash and equivalents | 20 687 | 13 253 | 18 692 |
--------------------------------------------------------------------------------
| Customer receivables, accrued income and | 11 439 | 7 535 | 12 227 |
| prepaid expenses | | | |
--------------------------------------------------------------------------------
| Inventories | 262 | 199 | 244 |
--------------------------------------------------------------------------------
| Non-current assets held for sale | 77 | 68 | 77 |
--------------------------------------------------------------------------------
| TOTAL CURRENT ASSETS | 32 465 | 21 054 | 31 241 |
--------------------------------------------------------------------------------
|   |   |   |   |
--------------------------------------------------------------------------------
| NON-CURRENT ASSETS |   |   |   |
--------------------------------------------------------------------------------
| Property, plant and equipment | 137 476 | 136 169 | 137 599 |
--------------------------------------------------------------------------------
| Intangible assets | 2 275 | 2 884 | 2 577 |
--------------------------------------------------------------------------------
| TOTAL NON-CURRENT ASSETS | 139 751 | 139 054 | 140 176 |
--------------------------------------------------------------------------------
| TOTAL ASSETS | 172 216 | 160 108 | 171 417 |
--------------------------------------------------------------------------------
|   |   |   |   |
--------------------------------------------------------------------------------
| LIABILITIES |   |   |   |
--------------------------------------------------------------------------------
|   |   |   |   |
--------------------------------------------------------------------------------
| CURRENT LIABILITIES |   |   |   |
--------------------------------------------------------------------------------
| Current portion of long-term borrowings | 3 860 | 252 | 124 |
--------------------------------------------------------------------------------
| Trade and other payables | 16 531 | 8 157 | 6 255 |
--------------------------------------------------------------------------------
| Short-term provisions | 171 | 236 | 228 |
--------------------------------------------------------------------------------
| Prepayments and deferred income | 843 | 2 048 | 747 |
--------------------------------------------------------------------------------
| TOTAL CURRENT LIABILITIES | 21 405 | 10 693 | 7 354 |
--------------------------------------------------------------------------------
|   |   |   |   |
--------------------------------------------------------------------------------
| NON-CURRENT LIABILITIES |   |   |   |
--------------------------------------------------------------------------------
| Borrowings | 91 183 | 75 036 | 75 034 |
--------------------------------------------------------------------------------
| Other payables | 115 | 47 | 115 |
--------------------------------------------------------------------------------
| TOTAL NON-CURRENT LIABILITIES | 91 298 | 75 083 | 75 149 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES | 112 703 | 85 775 | 82 503 |
--------------------------------------------------------------------------------
|   |   |   |   |
--------------------------------------------------------------------------------
| EQUITY CAPITAL |   |   |   |
--------------------------------------------------------------------------------
| Share capital | 12 782 | 12 782 | 12 782 |
--------------------------------------------------------------------------------
| Share premium | 24 734 | 24 734 | 24 734 |
--------------------------------------------------------------------------------
| Statutory legal reserve | 1 278 | 1 278 | 1 278 |
--------------------------------------------------------------------------------
| Retained earnings | 20 719 | 35 538 | 50 120 |
--------------------------------------------------------------------------------
| TOTAL EQUITY CAPITAL | 59 513 | 74 332 | 88 914 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES AND EQUITY CAPITAL | 172 216 | 160 108 | 171 417 |
--------------------------------------------------------------------------------



--------------------------------------------------------------------------------
| CASH FLOW STATEMENT | 6 months | 6 months | 12 months |
--------------------------------------------------------------------------------
| (thousand EUR) | 2010 | 2009 | 2009 |
--------------------------------------------------------------------------------
|   |   |   |   |
--------------------------------------------------------------------------------
| CASH FLOWS FROM OPERATING ACTIVITIES |   |   |   |
--------------------------------------------------------------------------------
| Operating profit | 13 901 | 13 924 | 29 523 |
--------------------------------------------------------------------------------
| Adjustment for depreciation/amortisation | 2 817 | 2 865 | 5 698 |
--------------------------------------------------------------------------------
| Adjustment for profit from government | -1 335 | -555 | -3 037 |
| grants and connection fees | | | |
--------------------------------------------------------------------------------
| Other finance expenses | -2 284 | -2 148 | -1 866 |
--------------------------------------------------------------------------------
| Profit from sale of property, plant and | 0 | -8 | -10 |
| equipment, and intangible assets | | | |
--------------------------------------------------------------------------------
| Expensed property, plant and equipment | 5 | 0 | 0 |
--------------------------------------------------------------------------------
| Change in current assets involved in | -680 | -382 | -938 |
| operating activities | | | |
--------------------------------------------------------------------------------
| Change in liabilities involved in | 3 114 | 447 | 394 |
| operating activities | | | |
--------------------------------------------------------------------------------
| Interest paid | -1 090 | -1 706 | -2 479 |
--------------------------------------------------------------------------------
| Total cash flow from operating activities | 14 448 | 12 437 | 27 285 |
--------------------------------------------------------------------------------
|   |   |   |   |
--------------------------------------------------------------------------------
| CASH FLOWS FROM INVESTING ACTIVITIES |   |   |   |
--------------------------------------------------------------------------------
| Acquisition of property, plant and | -4 100 | -6 068 | -15 588 |
| equipment, and intangible assets | | | |
--------------------------------------------------------------------------------
| Compensations received for construction | 3 327 | 6 291 | 9 956 |
| of pipelines | | | |
--------------------------------------------------------------------------------
| Proceeds from sale of property, plant and | 1 | 8 | 15 |
| equipment, and intangible assets | | | |
--------------------------------------------------------------------------------
| Interest received | 275 | 617 | 964 |
--------------------------------------------------------------------------------
| Total cash flow from investing activities | -497 | 847 | -4 654 |
--------------------------------------------------------------------------------
|   |   |   |   |
--------------------------------------------------------------------------------
| CASH FLOWS FROM FINANCING ACTIVITIES |   |   |   |
--------------------------------------------------------------------------------
| Received loans | 20 000 | 44 800 | 44 800 |
--------------------------------------------------------------------------------
| Repayment of loans | 0 | -44 821 | -44 821 |
--------------------------------------------------------------------------------
| Dividends paid | -31 956 | -14 700 | -14 700 |
--------------------------------------------------------------------------------
| Income tax on dividends | 0 | 0 | -3 908 |
--------------------------------------------------------------------------------
| Total cash flow from financing activities | -11 956 | -14 722 | -18 629 |
--------------------------------------------------------------------------------
|   |   |   |   |
--------------------------------------------------------------------------------
| Change in cash and bank accounts | 1 995 | -1 438 | 4 002 |
--------------------------------------------------------------------------------
|   |   |   |   |
--------------------------------------------------------------------------------
| CASH AND EQUIVALENTS AT THE BEGINNING OF | 18 692 | 14 691 | 14 691 |
| THE PERIOD | | | |
--------------------------------------------------------------------------------
|   |   |   |   |
--------------------------------------------------------------------------------
| CASH AND EQUIVALENTS AT THE END OF THE | 20 687 | 13 253 | 18 692 |
| PERIOD | | | |
--------------------------------------------------------------------------------



1. astv 6 months eur.pdf
(https://newsclient.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=313704)

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

DIENORAŠČIAI

Privatumo politika Reklama Kontaktai Paskolos RSS RSS
© 2006-2023 UAB All Media Digital