Last update: 26.11.2024 00:37 (GMT+2)
AS TALLINNA VESI FINANCIAL RESULTS 01.06.2005
RESULTS OF OPERATIONS FOR 1. QUARTER 2005
As a result of the listing all class A shares on the TSE as
of 1 June 2005 AS Tallinna Vesi reports its results for the
three months ended 31 March 2005.
Main operating activity revenues at EEK139.4 were EEK 19.7m
(16.4%) above those recorded in the first quarter of 2004,
offset by a slight increase in operating costs in the first
quarter of EEK0.2m, and a reduction in gross margin from
other operating activities in the first quarter of EEK1.6m,
all of which led to a gross profit of EEK91.9m, an increase
of EEK17.9m (24.2%) from the first quarter in 2004.
Other operating costs and financial expenses were EEK1.0m and
EEK0.6m below their 2004 levels respectively.
Profit before tax for the first the first three months of
2005, at EEK78.1m, was EEK19.5m (33.3%) above 2004.
Income tax on dividends was EEK35.4m in the first quarter of
2005 compared to zero in the first quarter of 2004 - in 2004
dividends were not declared in the first quarter and as such
no tax charge was recorded in this period.
As a result of all of the above net profit for the period, at
EEK42.8m, was EEK15.8m (27.0%) below that recorded in the
corresponding period in 2004.
Dividends of EEK112m were declared during the period, an
increase of 49% from dividends paid in 2004.
INCOME STATEMENT (thousand EEK)
1st quarter ended
2005 2004
Sales from main operating activities 139 350 119 674
Revenues from other operating 17 277 30 122
activities
Net sales 156 627 149 796
Cost of goods sold main operating -49 250 -49 081
activities
Cost of goods sold other operating -15 449 -26 700
activities
GROSS PROFIT 91 928 74 015
Marketing expenses -1 666 -1 631
General administration expenses -11 335 -10 640
Other income/ expenses (-) 12 184 10 430
OPERATING PROFIT 91 111 72 174
Financial income / expenses (-) -12 985 -13 589
PROFIT BEFORE TAXES 78 126 58 585
Income tax on dividends -35 368 0
NET PROFIT FOR THE PERIOD 42 758 58 585
Attributable to:
Equity holders of A-shares 42 748 58 575
B-share holder 10 10
Earnings per share in kroons 2,14 2,93
BALANCE SHEET (thousand EEK)
31 March
2005 2004
ASSETS
Cash at bank and in hand 148 196 125 130
Customer receivables 70 446 50 550
Other receivables 4 525 909
Accrued income and prepaid expenses 10 105 3 422
Inventories 3 594 5 620
Assets for sale 1 620 2 043
238 486 187 674
Shares of associated companies 0 6 126
Long-term deposit 77 796 31 595
Other long-term investment assets 0 2 564
Tangible assets 1 774 234 1 777 915
Intangible assets 21 196 20 623
Construction in progress 110 061 72 483
Unfinished pipelines - new 71 668 71 755
connections
Prepayments for fixed assets 23 452 3 889
2 078 407 1 986 950
2 316 893 2 174 624
Current portion of long-term finance 1 655 2 246
lease
Current portion of long-term bank 87 086 0
loans
Trade and other payables, incl. 136 577 68 864
dividends
Taxes payable 60 256 19 962
Short-term provisions 130 6 008
Deferred income 60 355 20 872
346 059 117 952
Finance lease 1 313 3 016
Bank loans 1 039 573 1 093 842
Other payables 100 100
1 040 986 1 096 958
1 387 045 1 214 910
Share capital 200 001 200 001
Share premium 387 000 387 000
Statutory legal reserve 20 000 93 394
Accumulated profit 280 089 220 734
Net profit for the period 42 758 58 585
Equity attributable to the parent
company
Minority interest
929 848 959 714
2 316 893 2 174 624
Eteri Harring
Treasury and Investor Relations Manager
62 62 209
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