AS Tallinna Vesi´s financial results for the 2nd quarter of 2021

	Tallinna Vesi AS
Adala 10
Phone: +372 6262200p:+372 6262200	TALLINN, 10614 Estonia	Ticker: TVE1TTVE1T

AS TallinnaVesi’s sales revenue for the second quarter of 2021 was €12.97 million, showing a 7.3% increase on the same period last year. The revenuewas reflected byhigher commercial consumptiondue to the easement of COVID-19 restrictions and increase in construction revenues.

Sales to private customers in the main service area decreased by 0.9% to €5.10 million, due to reduced household consumption attributable to the easement of COVID-19 restrictions.

In the main service area, the sales revenue from commercial customers increased by 17.2% to €3.46 million as a result of their consumption being higher by €0.51 million. As a result of relaxation of the pandemic restrictions the hospitality sector reopened in June, and less people were working from home.

The gross profit for the 2^nd quarter of 2021 was €5.23 million, being 10.5% higher due to increased sales revenue. The operating profit was €5.20 million, having increased by €0.61 compared to the same period last year. The main factor impacting the operating profit was higher sales revenue resulting from increased consumption of commercial customers.

The net profit for the 2^nd quarter of 2021 was €3.07 million, showing an increase of €2.92 million compared to the same period in 2020. The increase in the net profit was mainly impacted by lower dividend related tax cost, accompanied by higher operating profit and lower interest costs.

In the second quarter of 2021 the construction revenue of subsidiary Watercom increased year-on-year due to pipe and road construction procurements won during 2020 and the first half of 2021 in Tallinn and surrounding municipalities. The sales revenue from construction services for the 2^nd quarter was €1.57 million, indicating a 33.8% increase compared to the same period in 2020.

MAIN FINANCIAL INDICATORS

€ million, except key ratios	2^nd quarter			Change 2021/ 2020	6 months			Change 2021/ 2020
€ million, except key ratios	2021	2020	2019	Change 2021/ 2020	2021	2020	2019	Change 2021/ 2020
Sales	12.97	12.09	16.15	7.3%	24.75	25.27	30.81	-2.0%
Gross profit	5.23	4.73	8.79	10.5%	10.41	10.79	17.05	-3.5%
Gross profit margin %	40.34	39.16	54.44	3.0%	42.07	42.70	55.34	-1.5%
Operating profit before depreciation and amortisation	6.80	6.14	8.07	10.8%	13.03	13.32	16.46	-2.2%
Operating profit before depreciation and amortisation margin %	52.44	50.76	49.96	3.3%	52.63	52.70	53.43	-0.1%
Operating profit	5.20	4.59	6.60	13.2%	9.86	10.26	13.49	-3.9%
Operating profit - main business	4.96	4.32	6.40	15.0%	9.46	9.94	13.18	-4.8%
Operating profit margin %	40.09	37.99	40.88	5.5%	39.83	40.61	43.79	-1.9%
Profit before taxes	5.11	4.51	6.34	13.4%	9.68	10.06	13.02	-3.8%
Profit before taxes margin %	39.40	37.29	39.23	5.7%	39.10	39.82	42.25	-1.8%
Net profit	3.07	0.15	2.79	1909.2%	7.62	5.71	9.48	33.5%
Net profit margin %	23.70	1.27	17.29	1772.8%	30.80	22.59	30.75	36.3%
ROA %	1.21	0.06	1.09	1950.1%	3.02	2.22	3.78	35.7%
Debt to total capital employed %	57.20	59.63	61.32	-4.1%	57.20	59.63	61.32	-4.1%
ROE %	2.75	0.14	2.70	1896.8%	6.96	5.27	9.48	32.1%
Current ratio	2.75	3.23	3.90	-14.9%	2.75	3.23	3.90	-14.9%
Quick ratio	2.69	3.18	3.87	-15.4%	2.69	3.18	3.87	-15.4%
Investments into fixed assets	3.35	4.27	2.70	-21.5%	5.63	7.85	6.11	-28.3%
Payout ratio %	na	77.70	72.05		na	77.70	72.05

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	2nd quarter	2nd quarter	6 months	6 months	12 months
€ thousand	2021	2020	2021	2020	2020

Revenue	12,968	12,089	24,752	25,269	51,717
Cost of goods and services sold	-7,737	-7,355	-14,340	-14,478	-29,491
GROSS PROFIT	5,231	4,734	10,412	10,791	22,226

Marketing expenses	-104	-109	-224	-226	-433
General administration expenses	-992	-1,213	-2,544	-2,508	-4,576
Other income (+)/ expenses (-)	1,064	1,180	2,215	2,205	4,567
OPERATING PROFIT	5,199	4,592	9,859	10,262	21,784

Financial income	2	12	7	24	31
Financial expenses	-91	-96	-187	-223	-473
PROFIT BEFORE TAXES	5,110	4,508	9,679	10,063	21,342

Income tax on dividends	-2,036	-4,355	-2,056	-4,355	-4,610

NET PROFIT FOR THE PERIOD	3,074	153	7,623	5,708	16,732
COMPREHENSIVE INCOME FOR THE PERIOD	3,074	153	7,623	5,708	16,732

Attributable profit to:
Equity holders of A-shares	3,074	152	7,623	5,707	16,731
B-share holder	0.00	0.60	0.00	0.60	0.60

Earnings per A share (in euros)	0.15	0.01	0.38	0.29	0.84
Earnings per B share (in euros)	0	600	0	600	600

STATEMENT OF FINANCIAL POSITION
€ thousand	30/06/2021	30/06/2021	31/12/2020

ASSETS
CURRENT ASSETS
Cash and cash equivalents	37,011	48,826	44,514
Trade receivables, accrued income and prepaid expenses	5,990	6,081	7,019
Inventories	835	742	701
TOTAL CURRENT ASSETS	43,836	55,649	52,234

NON-CURRENT ASSETS
Property, plant and equipment	205,295	194,467	202,802
Intangible assets	583	629	629
TOTAL NON-CURRENT ASSETS	205,878	195,096	203,431

TOTAL ASSETS	249,714	250,745	255,665

LIABILITIES AND EQUITY

CURRENT LIABILITIES
Current portion of long-term lease liabilities	390	493	393
Current portion of long-term loans	3,630	3,630	3,630
Trade and other payables	9,067	10,828	7,084
Derivatives	0	70	0
Prepayments	2,880	2,233	2,445
TOTAL CURRENT LIABILITIES	15,967	17,254	13,552

NON-CURRENT LIABILITIES
Deferred income from connection fees	35,988	32,865	34,564
Leases	1,277	1,552	1,400
Loans	82,154	85,785	83,978
Provision for possible third party claims	7,221	12,035	9,628
Deferred tax liability	195	0	255
Other payables	34	23	32
TOTAL NON-CURRENT LIABILITIES	126,869	132,260	129,857
TOTAL LIABILITIES	142,836	149,514	143,409

EQUITY
Share capital	12,000	12,000	12,000
Share premium	24,734	24,734	24,734
Statutory legal reserve	1,278	1,278	1,279
Retained earnings	68,866	63,219	74,243
TOTAL EQUITY	106,878	101,231	112,256

TOTAL LIABILITIES AND EQUITY	249,714	250,745	255,665

CASH FLOWS STATEMENT	6 months	6 months	12 months
€ thousand	2021	2020	2020

CASH FLOWS FROM OPERATING ACTIVITIES
Operating profit	9,859	10,262	21,784
Adjustment for depreciation/amortisation	3,168	3,054	6,283
Adjustment for revenues from connection fees	-251	-225	-542
Other non-cash adjustments	-2,407	-2,407	-4,814
Profit/loss(+) from sale and write off of property, plant and equipment, and intangible assets	0	-11	-14
Change in current assets involved in operating activities	892	938	140
Change in liabilities involved in operating activities	126	-481	-215
TOTAL CASH FLOWS FROM OPERATING ACTIVITIES	11,387	11,130	22,622

CASH FLOWS USED IN INVESTING ACTIVITIES
Acquisition of property, plant and equipment, and intangible assets	-5,084	-5,450	-15,682
Compensations received for construction of pipelines, incl connection fees	1,351	718	1,998
Proceeds from sales of property, plant and equipment and intangible assets	0	28	32
Interest received	9	30	35
TOTAL CASH FLOWS USED IN INVESTING ACTIVITIES	-3,724	-4,674	-13,617

CASH FLOWS USE D IN FINANCING ACTIVITIES
Interest paid and loan financing costs, incl swap interests	-204	-367	-719
Lease payments	-205	-259	-555
Received loans	0	0	0
Repayment of loans	-1,818	-1,818	-3,636
Dividends paid	-12,841	-19,888	-19,888
Withheld income tax paid on dividends	0	0	-113
Income tax paid on dividends	-98	-73	-4,355
TOTAL CASH FLOW USED IN FINANCING ACTIVITIES	-15,166	-22,405	-29,266

CHANGE IN CASH AND CASH EQUIVALENTS	-7,503	-15,949	-20,261

CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD	44,514	64,775	64,775

CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD	37,011	48,826	44,514

Aleksandr Timofejev

CEO

Member of the Management Board

+372 62 62 200

aleksandr.timofejev@tvesi.ee

Kristi Ojakäär

CFO

Member of the Management Board

+372 62 62 200

kristi.ojakaar@tvesi.ee

Attachment

Final Q2'2021 EN

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Tallinna Vesi AS

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