MANAGEMENT REPORT RESULTS OF OPERATIONS - FOR THE 3rd QUARTER 2009 Overview During the first nine months of 2009 the Company's total sales increased, year on year, by 6.2% to 570.7 mln EEK. The Company's profit before taxes was 275.5 mln EEK, which is a 2.3% increase compared to the same nine months of 2008. In 2009 the Company invested 149.9 mln EEK, of which 118.5 mln EEK was invested in network extension and rehabilitation. -------------------------------------------------------------------------------- | mln EEK | 3 Q | 3 Q | Change | 9 | 9 months | Change | | | 2009 | 2008 | | months | 2008 | | | | | | | 2009 | | | -------------------------------------------------------------------------------- | Sales | 189,0 | 174,0 | 8,6% | 570,7 | 537,2 | 6,2% | -------------------------------------------------------------------------------- | Gross profit | 119,2 | 109,6 | 8,7% | 366,0 | 338,4 | 8,1% | -------------------------------------------------------------------------------- | Gross profit margin | 63,1 | 63,0 | 0,1% | 64,1 | 63,0 | 1,8% | | % | | | | | | | -------------------------------------------------------------------------------- | Operating profit | 109,8 | 99,4 | 10,4% | 327,7 | 301,4 | 8,7% | -------------------------------------------------------------------------------- | Operating profit | 58,1 | 57,2 | 1,7% | 57,4 | 56,1 | 2,4% | | margin % | | | | | | | -------------------------------------------------------------------------------- | Profit before taxes | 102,6 | 89,2 | 15,0% | 275,5 | 269,3 | 2,3% | -------------------------------------------------------------------------------- | Net profit | 102,6 | 89,2 | 15,0% | 214,4 | 203,1 | 5,5% | -------------------------------------------------------------------------------- | Net profit margin % | 54,3 | 51,3 | 5,9% | 37,6 | 37,8 | -0,6% | -------------------------------------------------------------------------------- | ROA % | 4,0 | 3,5 | 13,6% | 8,4 | 8,0 | 4,2% | -------------------------------------------------------------------------------- | Debt to total | 50,7 | 53,1 | -4,6% | 50,7 | 53,1 | -4,6% | | 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 Profit and Loss Statement 3rd quarter 2009 Sales In the 3rd quarter of 2009 the Company's total sales increased, year on year, by 8.6% to 189.0 mln EEK. 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. Starting from 1 July 2009 the sales to the outside service area includes sales from a 30 year O&M contract signed with the city of Maardu. Sales of water and wastewater services were 174.1 mln EEK, a 9.2% increase compared to the 3rd quarter of 2008, resulting from the 12.8% increase in tariffs from 1 January 2009 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 increased by 9.1% to 91.4 mln EEK. Sales to commercial customers increased by 1.3% to 65.9 mln EEK. Sales to customers outside of the service area increased by 72.0% to 12.6 mln EEK, mainly due to the implementation of the Maardu's operating contract. Over pollution fees received were 4.2 mln EEK, a 28.7% increase compared to the 3rd quarter of 2008. In the 3rd quarter of 2009, the volumes sold to residential customers dropped 3.3%. 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 10.2% compared to the relevant period in 2008. The majority of the reduction in sales volumes in Tallinn is a result of the macroeconomic impact of companies reducing their production volumes and implementing efficiency measures, supplemented by companies moving to surrounding municipalities. The sales from the operation and maintenance of the storm water and fire-hydrant system increased by 0.1% to 11.4 mln EEK in the 3rd quarter of 2009 compared to the same period in 2008. 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 69.8 mln EEK in the 3rd quarter of 2009, an increase of 5.4 mln EEK or 8.4% from the equivalent period in 2008. In the 3rd quarter of 2009 the Company did not achieve the beneficial 0.5 coefficient for pollution tax, and the amount of pollution tax payable was 4.7 mln EEK compared to 2.0 mln EEK in 3rd quarter of 2008. In the 3rd quarter of 2008 we achieved the 0.5 coefficient, but the increase in pollution tax payable is also impacted by the increase in tax rates year on year by 20%, partly offset by the reduction in treatment volumes. As the pollution level of the incoming sewage has continued to increase the Company has analyzed a range of alternatives to improve the waste water treatment processes and to use the optimum level of chemicals to achieve the 0.5 coefficient in the forthcoming quarters. In the 3rd quarter of 2009 an investment into an additional stage of waste water treatment was approved, which will enable the increasing pollution load to be treated to the levels required to achieve these standards. Chemical costs were 5.7 mln EEK, representing a 12.8% decrease compared to the corresponding period in 2008. This result is the combination of volumes treated, chemicals dosed and the particularly favorable price impact. Electricity costs increased by 0.3 mln EEK or 4.1% in the 3rd quarter of 2009 compared to the 3rd quarter of 2008 due to higher electricity prices. Salary expenses increased in the 3rd quarter of 2009, year on year, by 1.5 mln EEK or 11.0% mainly due to the take over of 23 employees from Maardu Vesi. Depreciation charges decreased in the 3rd quarter of 2009 by 0.01 mln EEK or 0.3% year on year. Transport costs decreased by 0.7 mln EEK, or 13.1% year on year, due to the combination of the reduction in fuel prices and reduced rates for rented machines. Other cost of goods sold in the main operating activity increased 2.2 mln EEK, or 34.3% year on year, due to the costs of operating in Maardu. As a result of all of the above the Company's gross profit for the 3rd quarter of 2009 was 119.2 mln EEK, which is an increase of 9.6 mln EEK, or 8.7%, compared to the gross profit of 109.6 mln EEK for the 3rd quarter of 2008. Operating Costs and Operating Margin Marketing expenses decreased by 0.3 mln EEK to 2.5 mln EEK during the 3rd quarter of 2009 compared to the corresponding period in 2008. This is mainly the result of the efficiency program, which via the implementation of a new structure, reallocated part of the costs to the cost of goods sold and general administration expenses in 2009. In the 3rd quarter of 2009 the General administration expenses increased by 0.4 mln EEK to 12.3 mln EEK year on year. 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 Income/expenses from constructions and government grants totaled a net income of 5.6 mln EEK, in the 3rd quarter of 2009 compared to a net income of 5.6 mln EEK in the 3rd quarter of 2008. The rest of the other income/expenses totaled an expense of 0.2 mln EEK in the 3rd quarter of 2009 compared to an expense of 1.0 mln EEK in the 3rd quarter of 2008, from a combination of slightly worsened debt collection balanced by received penalties in 2009. It should be noted however that, more than 99% of debt is collected in a timely manner. As a result of all of the above the Company's operating profit for the 3rd quarter of 2009 was 109.8 mln EEK, an increase of 10.4 mln EEK compared to an operating profit of 99.4 mln EEK achieved in the 3rd quarter of 2008. Year on year the operating profit has increased 10.4%. Financial expenses Net Financial expenses were 7.2 mln EEK in the 3rd quarter of 2009, which is a decrease of 3.0 mln EEK or 29.5% compared to the 3rd quarter of 2008. The Company's interest costs have decreased by 58.9% compared to the 3rd quarter of 2008 as a result of the reduction in Euribor rates and the replacement of the loan with a fixed interest rate (4.19% + Euribor rate), by loans with floating interest rates. The Company has still decided to mitigate the floating interest risk in the long term and in May 2009 we 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 begins 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, therefore the provisions related to the Swap fair value partly offset the interest costs savings and the increase in financial income earned during the 3rd quarter of 2009. Profit Before Tax The Company's profit before taxes for the 3rd quarter of 2009 was 102.6 mln EEK, which is 13.4 mln EEK higher than the profit before taxes of 89.2 mln EEK for the 3rd quarter of 2008. Results for the 1st nine months of 2009 During the first nine months of 2009 the Company's total sales increased, year on year, by 6.2% to 570.7 mln EEK. Sales of water and wastewater treatment were 525.1 mln EEK, a 6.2% increase compared to the first nine months of 2008. The Company's profit before taxes for the first nine months of 2009 was 275.5 mln EEK, which is 6.2 mln EEK higher than the profit before taxes of 269.3 mln EEK in the relevant period in 2008. The Company's net profit for the first nine months of 2009 was 214.4 mln EEK, which is 11.3 mln EEK higher than the net profit of 203.1 mln EEK in the equivalent period in 2008. Balance sheet During the first nine months of 2009 the Company invested 149.9 mln EEK into fixed assets. Non-current assets were 2,199.1 mln EEK at 30 September 2009. Current assets increased by 19.1 mln EEK to 366.5 mln EEK in the first nine months of the year, with customer receivables decreasing by 2.3 mln EEK and cash at bank increasing by 22.0 mln EEK. Current liabilities decreased by 67.4 mln EEK to 125.0 mln EEK in the first nine months of the year. This was mainly due to decreases in the Current portion of long-term borrowings by 81.2 mln EEK, as a result of the repayment of the EBRD loan in May 2009, a 5.9 mln EEK decrease in Trade payables, and an increase in Customer prepayments of 16.9 mln EEK. The Company continues to maintain its leverage level within its target range of 50% with total liabilities to total capital employed of 50.7% as of 30 September 2009. Long-term liabilities stood at 1,175.0 mln EEK at the end of September 2009, 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 have drawn down 75 mln EUR. The current weighted average interest margin is 0.55%, for the total available facility the margin is 0.67%. Cash flow During the first nine months of 2009, the Company generated 301.7 mln EEK of cash flows from operating activities, a decrease of 39.0 mln EEK compared to the corresponding period in 2008. The reduction in operating cash flows is due to the payment of the one off financial costs of 27 mln EEK related to the repayment of the EBRD loan as discussed in the 2nd quarter report. In addition the first quarter of 2008 was positively impacted by proceeds of some big services invoices issued at end of 2007. Underlying operating profit still continues to be the main driver for growth in operating cash flows. In the first nine months of 2009 net cash inflows from investing activities were 14.1 mln EEK, which is 6.9 mln EEK more than in 2008. This is mainly due to the lower construction prices and timing of constructions. In 2009 the Company invested 149.9 mln EEK - 118.5 mln EEK on networks (including 75.9 mln EEK on extension and developments), 12.8 mln EEK at Paljassaare wastewater treatment plant and sludge treatment, 4.4 mln EEK on water quality (Ülemiste water treatment plant and raw water) and 14.2 mln EEK for other investments (IT, capital maintenance, meters, etc). The cash outflows from financing activities were 293.8 mln EEK during the first nine months of 2009 compared to a cash outflow of 315.2 mln EEK during the same nine months of 2008, representing the payouts of the dividend and associated taxes. The Company repaid and fully refinanced the loan of EBRD due to the need to finance the extensive network extension program and related investment outflows until 2011. As a result of all of the above factors, the total cash inflow in the nine months of 2009 was 22.0 mln EEK compared to a cash inflow of 32.7 mln EEK in the nine months of 2008. Cash and cash equivalents stood at 251.8 mln EEK as at 30 September 2009. Employees At the end of the 3rd quarter of 2009, the total number of employees was 349 compared to 323 at the end of the 3rd quarter of 2008. The full time equivalent (FTE) was respectively 336 in 2009 compared to the 310 in 2008. The increase in FTE is primarily due to Maardu. Dividends and share performance Based on the results of the 2008 financial year, the Company paid 230,010,000 EEK of dividends. Of this 10,000 EEK was paid to the owner of the B-share and 230,000,000 EEK, i.e. 11.50 EEK per share to the owners of the A-shares. The dividends were paid out on 12 June 2009, based on the list of shareholders, which was fixed on 01 June 2009. AS Tallinna Vesi is listed on OMX Main Baltic Market with trading code TVEAT and ISIN EE3100026436. As of 30 September 2009 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 | 5.76% | | A/C Prime Brokerage Clients | | -------------------------------------------------------------------------------- | HSBC Bank Plc Re Parvus European Absolute | 5.46% | | Opportunities Master Fund | | -------------------------------------------------------------------------------- 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, 30 September 2009, the closing price of the AS Tallinna Vesi share was 164.29 EEK (10.50 EUR), which is a 25.0% increase compared to the closing price of 131.43 EEK (8.40 EUR) at the beginning of quarter. During the same period the OMX Tallinn index rose by 48.8%. Operational highlights in the nine months of 2009 The Company started operations in Maardu from 1st July 2009, to provide water, wastewater and operations and maintenance. This will provide the citizens of Maardu with an access to Tallinna Vesi's EU compliant water and wastewater. This contract is the first of its kind and demonstrates the willingness of other cities and municipalities to partner with Tallinna Vesi for the benefit of their communities. In the 3rd quarter the company was nominated for the most competitive service company in Estonia and in September 2009 we won the award issued by the Enterprise Estonia foundation and Estonian Chamber of Commerce and Industry. Due to fall in sales volumes it has been a challenging nine months for the Company. We are still pleased to report that the cost efficiency programs we have initiated and successful contract negotiations have enabled us to compensate the fall in revenues. The Company submitted the application for the tariff change from 1st January 2010 in the 3rd quarter. The City Government approved the -0.9% tariff decrease for water and wastewater services on 30 September 2009. The tariff change is applicable from 1st January 2010 and consists of -0.9% of CPI decrease, 0% of k-coefficient and 0% of change of law. The -0.9% tariff change is applicable in the main service area and is similar outside the main service area, depending still on individual contracts with the municipalities. On 16th September the Company signed an amendment to the Services Agreement with the City of Tallinn. This amendment reflects the reduction in construction prices, the current macroeconomic situation and the good cooperation between the parties. As a result of the reduction in construction prices incurred by the Company the compensation payable by the City of Tallinn for sewerage extensions will reduce, the City will now pay a development component of 0.0 EEK per m3 in November and December 2009 and 8.75 EEK per m3 thereafter instead of current 9.0 EEK per m3. As a consequence of this reduction the parties have agreed to shorten the compensation period by 3.5 years to June 2014. AS Tallinna Vesi has also agreed to a change in the payment profile for storm water constructions. Initially the City paid 53 mln EEK each year based on the construction costs of the program during 2008-2011, whereas now they will pay based on a four year payment plan until the end of 2012. Compared to the original contract signed in November 2007 the impact of all these changes is not material on the financial results of the Company. None of this will affect the construction of the sewerage system, which is still planned to be completed by 2011. In the 3rd quarter the Company approved based on initial design and cost benefit analysis the investment into Biofilter. Over the next two years AS Tallinna Vesi intends to invest almost 200 mln EEK at its Paljassaare Wastewater Treatment Plant. The investments in 2010-2011 include the renewal of the screening equipment, replacement of electrical substations and major investment in an additional treatment stage to further improve the effluent quality and remove more nitrogen from the wastewater. The project is an investment into improved efficiency and towards a more sustainable environment, as the more effective removal of nitrogen from the wastewater improves the cleanliness of the Gulf of Finland and the Baltic Sea. A biofilter has been selected as the additional treatment stage and the first treatment modules of the biofilter should be ready in the 1st half of 2011. The biofilter is a block of modules added as an additional treatment stage, where intensive wastewater treatment is achieved using microorganisms to clean the wastewater flowing through it. The main function of the biofilter is to remove nitrogen from the wastewater and the microorganisms use methanol to achieve this. The design is for 8 of these modules to be constructed, future increase in loads could be treated by adding additional modules. Additional information: Siiri Lahe Chief Financial Officer +372 6262 262 siiri.lahe@tvesi.ee -------------------------------------------------------------------------------- | STATEMENT OF COMPREHENSIVE INCOME | 9 months | 9 months | 12 months | -------------------------------------------------------------------------------- | (thousand EEK) | 2009 | 2008 | 2008 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Revenue | 570 678 | 537 206 | 719 923 | -------------------------------------------------------------------------------- | Costs of goods sold | -204 698 | -198 768 | -272 752 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | GROSS PROFIT | 365 980 | 338 438 | 447 171 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Marketing expenses | -8 430 | -9 231 | -12 310 | -------------------------------------------------------------------------------- | General administration expenses | -38 973 | -40 597 | -54 546 | -------------------------------------------------------------------------------- | Other income/ expenses (-) | 9 118 | 12 741 | 25 045 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | OPERATING PROFIT | 327 695 | 301 351 | 405 360 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Financial income | 16 187 | 12 252 | 15 606 | -------------------------------------------------------------------------------- | Financial expenses | -68 342 | -44 282 | -58 805 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | PROFIT BEFORE TAXES | 275 540 | 269 321 | 362 161 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Income tax on dividends | -61 142 | -66 193 | -66 193 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | NET PROFIT FOR THE PERIOD | 214 398 | 203 128 | 295 968 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Attributable to: | | | | -------------------------------------------------------------------------------- | Equity holders of A-shares | 214 388 | 203 118 | 295 958 | -------------------------------------------------------------------------------- | B-share holder | 10 | 10 | 10 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Earnings per A share (in kroons) | 10,72 | 10,16 | 14,80 | -------------------------------------------------------------------------------- | Earnings per B share (in kroons) | 10 000 | 10 000 | 10 000 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | STATEMENT OF FINANCIAL POSITION | | | | -------------------------------------------------------------------------------- | (thousand EEK) |30.09.2009| 30.09.2008| 31.12.2008| -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | ASSETS | | | | -------------------------------------------------------------------------------- | CURRENT ASSETS | | | | -------------------------------------------------------------------------------- | Cash and equivalents | 251 826 | 211 080 | 229 860 | -------------------------------------------------------------------------------- | Customer receivables, accrued income and | 110 303 | 118 726 | 112 638 | | prepaid expenses | | | | -------------------------------------------------------------------------------- | Inventories | 3 331 | 3 800 | 3 760 | -------------------------------------------------------------------------------- | Non-current assets held for sale | 1 052 | 1 104 | 1 140 | -------------------------------------------------------------------------------- | TOTAL CURRENT ASSETS | 366 512 | 334 710 | 347 398 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | NON-CURRENT ASSETS | | | | -------------------------------------------------------------------------------- | Property, plant and equipment | 2 156 580| 2 155 722 | 2 168 225 | -------------------------------------------------------------------------------- | Intangible assets | 42 565 | 43 087 | 43 428 | -------------------------------------------------------------------------------- | TOTAL NON-CURRENT ASSETS | 2 199 145| 2 198 809 | 2 211 653 | -------------------------------------------------------------------------------- | TOTAL ASSETS | 2 565 657| 2 533 519 | 2 559 051 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | LIABILITIES | | | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | CURRENT LIABILITIES | | | | -------------------------------------------------------------------------------- | Current portion of long-term borrowings | 1 671 | 82 942 | 82 843 | -------------------------------------------------------------------------------- | Trade and other payables | 81 386 | 119 777 | 87 270 | -------------------------------------------------------------------------------- | Short-term provisions | 5 298 | 2 487 | 2 486 | -------------------------------------------------------------------------------- | Prepayments and deferred income | 36 671 | 55 060 | 19 797 | -------------------------------------------------------------------------------- | TOTAL CURRENT LIABILITIES | 125 026 | 260 266 | 192 396 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | NON-CURRENT LIABILITIES | | | | -------------------------------------------------------------------------------- | Borrowings | 1 174 230| 1 084 694 | 1 084 642 | -------------------------------------------------------------------------------- | Other payables | 735 | 121 | 735 | -------------------------------------------------------------------------------- | TOTAL NON-CURRENT LIABILITIES | 1 174 965| 1 084 815 | 1 085 377 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES | 1 299 991| 1 345 081 | 1 277 773 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | 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 | 658 665 | 581 437 | 674 277 | -------------------------------------------------------------------------------- | TOTAL EQUITY CAPITAL | 1 265 666| 1 188 438 | 1 281 278 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES AND EQUITY CAPITAL | 2 565 657| 2 533 519 | 2 559 051 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CASH FLOW STATEMENT | 9 months | 9 months | 12 months | -------------------------------------------------------------------------------- | (thousand EEK) | 2009 | 2008 | 2008 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | CASH FLOWS FROM OPERATING ACTIVITIES | | | | -------------------------------------------------------------------------------- | Operating profit | 327 695 | 301 351 | 405 360 | -------------------------------------------------------------------------------- | Adjustment for depreciation/amortisation | 67 208 | 66 571 | 89 669 | -------------------------------------------------------------------------------- | Adjustment for profit from government | -14 241 | -13 753 | -27 920 | | grants and connection fees | | | | -------------------------------------------------------------------------------- | Other finance expenses | -34 338 | -262 | -1 614 | -------------------------------------------------------------------------------- | Profit from sale of property, plant and | -140 | -132 | -455 | | equipment, and intangible assets | | | | -------------------------------------------------------------------------------- | Expensed property, plant and equipment | 0 | 0 | -19 | -------------------------------------------------------------------------------- | Change in current assets involved in | -18 989 | 15 826 | 22 780 | | operating activities | | | | -------------------------------------------------------------------------------- | Change in liabilities involved in | 774 | -665 | 906 | | operating activities | | | | -------------------------------------------------------------------------------- | Interest paid | -26 283 | -28 275 | -57 569 | -------------------------------------------------------------------------------- | Total cash flow from operating activities | 301 686 | 340 661 | 431 138 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | CASH FLOWS FROM INVESTING ACTIVITIES | | | | -------------------------------------------------------------------------------- | Acquisition of property, plant and | -154 448 | -207 775 | -332 407 | | equipment, and intangible assets | | | | -------------------------------------------------------------------------------- | Compensations received for construction | 152 151 | 202 361 | 250 190 | | of pipelines | | | | -------------------------------------------------------------------------------- | Proceeds from sale of property, plant and | 129 | 145 | 480 | | equipment, and intangible assets | | | | -------------------------------------------------------------------------------- | Interest received | 16 220 | 12 471 | 16 906 | -------------------------------------------------------------------------------- | Total cash flow from investing activities | 14 052 | 7 202 | -64 831 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | CASH FLOWS FROM FINANCING ACTIVITIES | | | | -------------------------------------------------------------------------------- | Received short-term loans | 156 466 | 0 | 0 | -------------------------------------------------------------------------------- | Repayment of short-term loans | -156 466 | 0 | 0 | -------------------------------------------------------------------------------- | Received long-term loans | 544 502 | 0 | 42 246 | -------------------------------------------------------------------------------- | Repayment of long-term loans | -544 837 | 0 | -41 910 | -------------------------------------------------------------------------------- | Finance lease payments | -2 285 | 0 | 0 | -------------------------------------------------------------------------------- | Dividends paid | -230 010 | -249 010 | -249 010 | -------------------------------------------------------------------------------- | Income tax on dividends | -61 142 | -66 193 | -66 193 | -------------------------------------------------------------------------------- | Total cash flow from financing activities | -293 772 | -315 203 | -314 867 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Change in cash and bank accounts | 21 966 | 32 660 | 51 440 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | CASH AND EQUIVALENTS AT THE BEGINNING OF | 229 860 | 178 420 | 178 420 | | THE PERIOD | | | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | CASH AND EQUIVALENTS AT THE END OF THE | 251 826 | 211 080 | 229 860 | | PERIOD | | | | --------------------------------------------------------------------------------