(MENAFN- GlobeNewsWire - Nasdaq) AS Tallinna Vesi's sales revenues in the 4th quarter of 2019 were €16.12 million, showing a 0.7% decrease year-on-year . From 1 December 2019 the domestic tariffs in the main services area decreased on average 27% and commercial tariffs 15%.
87.0% of the sales comprise of the sales of water services, which decreased by 2.8% to €14.03. Sales to domestic and commercial customers in the main service area decreased in the total amount of €0.71 million affected by new tariffs from 1/12/2019, whilst sales to outside service areas increased by €0.14 million. The prices of water and wastewater services in the main service area decreased from 1 December 2019 on average by 27% for domestic customers and by 15% for commercial customers.
13.0% of the sales comprise of construction and other services revenues, which increased by 16.2% to €2.09 million.
The gross profit in the 4th quarter of 2019 decreased by 4.7% or €0.40 million to €7.98 million being impacted by lower water and wastewater revenues from main service area and higher electricity costs and were balanced by lower maintenance costs.
The operating profit increased year-on-year by 109.1% or €5.77 million to €11.06 million, being impacted by €4.63 million positive change in the provision for third-party claims in 4th quarter of 2019.
The net profit for the 4th quarter of 2019 increased year-on-year by 118.5% or €5.94 million to €10.95 million, being additionally impacted by €0.17 million lower net financial expenses.
MAIN FINANCIAL INDICATORS
€ million, except key ratios | 4th quarter | Change 2019/ 2018 | 12 months | Change 2019/ 2018 |
2019 | 2018 | 2017 | 2019 | 2018 | 2017 |
Sales | 16.12 | 16.23 | 15.97 | -0.7% | 63.42 | 62.78 | 59.82 | 1.0% |
Gross profit | 7.98 | 8.38 | 8.79 | -4.7% | 33.95 | 34.19 | 34.09 | -0.7% |
Gross profit margin % | 49.49 | 51.61 | 55.04 | -4.1% | 53.53 | 54.45 | 56.99 | -1.7% |
Operating profit before depreciation and amortisation | 12.72 | 6.82 | -8.73 | 86.5% | 38.18 | 32.73 | 17.04 | 16.7% |
Operating profit before depreciation and amortisation margin % | 78.86 | 42.01 | -54.62 | 87.7% | 60.21 | 52.13 | 28.49 | 15.5% |
Operating profit | 11.06 | 5.29 | -10.22 | 109.1% | 32.08 | 26.94 | 10.87 | 19.1% |
Operating profit - main business | 10.82 | 5.07 | -10.40 | 113.6% | 31.19 | 26.22 | 10.25 | 18.9% |
Operating profit margin % | 68.61 | 32.61 | -64.00 | 110.4% | 50.57 | 42.91 | 18.16 | 17.9% |
Profit before taxes | 10.95 | 5.01 | -10.44 | 118.5% | 31.30 | 25.95 | 9.92 | 20.6% |
Profit before taxes margin % | 67.93 | 30.88 | -65.36 | 120.0% | 49.36 | 41.33 | 16.59 | 19.4% |
Net profit | 10.95 | 5.01 | -10.44 | 118.5% | 27.76 | 24.15 | 7.22 | 14.9% |
Net profit margin % | 67.93 | 30.88 | -65.36 | 120.0% | 43.77 | 38.47 | 12.07 | 13.8% |
ROA % | 4.21 | 2.03 | -4.64 | 107.5% | 10.83 | 10.10 | 3.27 | 7.2% |
Debt to total capital employed % | 56.05 | 58.85 | 62.43 | -4.8% | 56.05 | 58.85 | 62.43 | -4.8% |
ROE % | 9.95 | 5.00 | -11.47 | 99.1% | 25.43 | 25.61 | 8.24 | -0.7% |
Current ratio | 5.48 | 5.36 | 5.51 | 2.8% | 5.48 | 5.36 | 5.51 | 2.2% |
Quick ratio | 5.44 | 5.33 | 5.46 | 2.4% | 5.44 | 5.33 | 5.46 | 2.1% |
Investments into fixed assets | 5.33 | 3.04 | 3.58 | 75.2% | 16.09 | 10.40 | 9.47 | 54.8% |
Payout ratio % | na | 62.11 | 99.72 | 0.0% | na | 62.11 | 99.72 | 0.0% |
Gross profit margin – Gross profit / Net sales
Operating profit before depreciation and amortisation – Operating profit + depreciation and amortisation
Operating profit before depreciation and amortisation margin – Operating profit before depreciation and amortisation / Net sales
Operating profit margin – Operating profit / Net sales
Net profit margin – Net profit / Net sales
ROA – Net profit / Average Total assets for the period
Debt to Total capital employed – Total liabilities / Total capital employed
ROE – Net profit / Average Total equity for the period
Current ratio – Current assets / Current liabilities
Quick ratio – (Current assets – Stocks) / Current liabilities
Payout ratio - Total Dividends per annum/ Total Net Income per annum
Main business – water services related activities, excl. connections profit and government grants, construction services, doubtful debt
STATEMENT OF COMPREHENSIVE INCOME | 4th quarter | 4th quarter | | 12 months | 12 months |
(€ thousand) | 2019 | 2018 | | 2019 | 2018 |
| | | | | |
Revenue | 16,122 | 16,229 | | 63,423 | 62,780 |
Costs of goods sold | -8,143 | -7,854 | | -29,470 | -28,594 |
GROSS PROFIT | 7,979 | 8,375 | | 33,953 | 34,186 |
| | | | | |
Marketing expenses | -93 | -93 | | -390 | -386 |
General administration expenses | -1,281 | -1,330 | | -5,689 | -5,025 |
Other income/ expenses (-) | 4,457 | -1,660 | | 4,201 | -1,836 |
OPERATING PROFIT | 11,062 | 5,292 | | 32,075 | 26,939 |
| | | | | |
Interest income | 8 | 7 | | 38 | 21 |
Interest expense | -118 | -287 | | -809 | -1,010 |
PROFIT BEFORE TAXES | 10,952 | 5,012 | | 31,304 | 25,950 |
| | | | | |
Income tax on dividends | 0 | 0 | | -3,544 | -1,800 |
| | | | | |
NET PROFIT FOR THE PERIOD | 10,952 | 5,012 | | 27,760 | 24,150 |
COMPREHENSIVE INCOME FOR THE PERIOD | 10,952 | 5,012 | | 27,760 | 24,150 |
| | | | | |
Attributable profit to: | | | | | |
Equity holders of A-shares | 10,951 | 5,011 | | 27,759 | 24,149 |
B-share holder | 0.60 | 0.60 | | 0.60 | 0.60 |
| | | | | |
Earnings per A share (in euros) | 0.55 | 0.25 | | 1.39 | 1.21 |
Earnings per B share (in euros) | 600 | 600 | | 600 | 600 |
STATEMENT OF FINANCIAL POSITION | | |
(€ thousand) | 31/12/2019 | 31/12/2018 |
| | |
ASSETS | | |
CURRENT ASSETS | | |
Cash and cash equivalents | 64,775 | 61,769 |
Trade receivables, accrued income and prepaid expenses | 7,239 | 7,631 |
Inventories | 504 | 498 |
TOTAL CURRENT ASSETS | 72,518 | 69,898 |
| | |
NON-CURRENT ASSETS | | |
Property, plant and equipment | 189,627 | 179,185 |
Intangible assets | 710 | 665 |
TOTAL NON-CURRENT ASSETS | 190,337 | 179,850 |
TOTAL ASSETS | 262,855 | 249,748 |
| | |
LIABILITIES AND EQUITY | | |
CURRENT LIABILITIES | | |
Current portion of long-term lease liabilities | 352 | 191 |
Current portion of long-term bank loans | 3,631 | 3,632 |
Trade and other payables | 6,718 | 6,047 |
Derivatives | 221 | 207 |
Prepayments | 2,323 | 2,955 |
TOTAL CURRENT LIABILITIES | 13,245 | 13,032 |
| | |
NON-CURRENT LIABILITIES | | |
Deferred income from connection fees | 31,070 | 22,745 |
Leases | 964 | 624 |
Loans | 87,592 | 91,295 |
Derivatives | 0 | 173 |
Provision for possible third party claims | 14,442 | 19,068 |
Other payables | 18 | 46 |
TOTAL NON-CURRENT LIABILITIES | 134,086 | 133,951 |
TOTAL LIABILITIES | 147,331 | 146,983 |
| | |
EQUITY | | |
Share capital | 12,000 | 12,000 |
Share premium | 24,734 | 24,734 |
Statutory legal reserve | 1,278 | 1,278 |
Retained earnings | 77,512 | 64,753 |
TOTAL EQUITY | 115,524 | 102,765 |
TOTAL LIABILITIES AND EQUITY | 262,855 | 249,748 |
| | |
| | |
| | |
| | |
CASH FLOWS STATEMENT | 12 months | 12 months |
(€ thousand) | 2019 | 2018 |
| | |
CASH FLOWS FROM OPERATING ACTIVITIES | | |
Operating profit | 32,075 | 26,939 |
Adjustment for depreciation/amortisation | 6,109 | 5,790 |
Adjustment for revenues from connection fees | -389 | -295 |
Other non-cash adjustments | -4,624 | 1,526 |
Profit/loss(+) from sale and write off of property, plant and equipment, and intangible assets | 138 | -115 |
Change in current assets involved in operating activities | 391 | 54 |
Change in liabilities involved in operating activities | 318 | 393 |
TOTAL CASH FLOWS FROM OPERATING ACTIVITIES | 34,018 | 34,292 |
| | |
CASH FLOWS USED IN INVESTING ACTIVITIES | | |
Acquisition of property, plant and equipment, and intangible assets | -10,441 | -10,736 |
Compensations received for construction of pipelines, incl connection fees | 3,010 | 3,716 |
Proceeds from sales of property, plant and equipment and intangible assets | 24 | 160 |
Interest received | 36 | 17 |
TOTAL CASH FLOWS USED IN INVESTING ACTIVITIES | -7,371 | -6,843 |
| | |
CASH FLOWS USE D IN FINANCING ACTIVITIES | | |
Interest paid and loan financing costs, incl swap interests | -1,056 | -1,394 |
Lease payments | -404 | -258 |
Received loans | 37,500 | 0 |
Repayment of loans | -41,136 | 0 |
Dividends paid | -14,965 | -7,201 |
Withheld income tax paid on dividends | -36 | 0 |
Income tax on dividends | -3,544 | -1,800 |
TOTAL CASH FLOW USED IN FINANCING ACTIVITIES | -23,641 | -10,653 |
| | |
CHANGE IN CASH AND CASH EQUIVALENTS | 3,006 | 16,796 |
| | |
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD | 61,769 | 44,973 |
| | |
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD | 64,775 | 61,769 |
Karl Heino Brookes
Chairman of the Management Board
+372 62 62 200
Attachment
MENAFN3101202000703653ID1099631177
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.