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 36.5 mln EUR. The Company's profit before taxes was 17.6 mln
EUR, which is a 2.3% increase compared to the same nine months of 2008. In 2009
the Company invested 9.6 mln EUR, of which 7.6 mln EUR was invested in network
extension and rehabilitation.
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| mln EUR | 3 Q | 3 Q | Change | 9 | 9 | Change |
| | 2009 | 2008 | | months | months | |
| | | | | 2009 | 2008 | |
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| Sales | 12,1 | 11,1 | 8,6% | 36,5 | 34,3 | 6,2% |
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| Gross profit | 7,6 | 7,0 | 8,7% | 23,4 | 21,6 | 8,1% |
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| Gross profit margin | 63,1 | 63,0 | 0,1% | 64,1 | 63,0 | 1,8% |
| % | | | | | | |
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| Operating profit | 7,0 | 6,4 | 10,4% | 20,9 | 19,3 | 8,7% |
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| Operating profit | 58,1 | 57,2 | 1,7% | 57,4 | 56,1 | 2,4% |
| margin % | | | | | | |
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| Profit before taxes | 6,6 | 5,7 | 15,0% | 17,6 | 17,2 | 2,3% |
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| Net profit | 6,6 | 5,7 | 15,0% | 13,7 | 13,0 | 5,5% |
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| Net profit margin % | 54,3 | 51,3 | 5,9% | 37,6 | 37,8 | -0,6% |
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| ROA % | 4,0 | 3,5 | 13,6% | 8,4 | 8,0 | 4,2% |
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| Debt to total | 50,7 | 53,1 | -4,6% | 50,7 | 53,1 | -4,6% |
| capital employed | | | | | | |
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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 12.1 mln EUR. 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 11.1 mln EUR, 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 5.8 mln EUR.
Sales to commercial customers increased by 1.3% to 4.2 mln EUR. Sales to
customers outside of the service area increased by 72.0% to 0.81 mln EUR, mainly
due to the implementation of the Maardu's operating contract. Over pollution
fees received were 0.27 mln EUR, 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 0.73 mln EUR 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 4.5 mln EUR in the
3rd quarter of 2009, an increase of 0.35 mln EUR 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 0.30
mln EUR compared to 0.13 mln EUR 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 0.36 mln EUR, 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 0.02 mln EUR 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 0.10 mln
EUR 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 0.001 mln EUR or
0.3% year on year.
Transport costs decreased by 0.04 mln EUR, 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 0.14 mln EUR,
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 7.6 mln EUR, which is an increase of 0.61 mln EUR, or 8.7%, compared
to the gross profit of 7.0 mln EUR for the 3rd quarter of 2008.
Operating Costs and Operating Margin
Marketing expenses decreased by 0.02 mln EUR to 0.16 mln EUR 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 0.03
mln EUR to 0.79 mln EUR 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
0.36 mln EUR, in the 3rd quarter of 2009 compared to a net income of 0.36 mln
EUR in the 3rd quarter of 2008. The rest of the other income/expenses totaled an
expense of 0.01 mln EUR in the 3rd quarter of 2009 compared to an expense of
0.06 mln EUR 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 7.0 mln EUR, an increase of 0.66 mln EUR compared to an
operating profit of 6.4 mln EUR achieved in the 3rd quarter of 2008. Year on
year the operating profit has increased 10.4%.
Financial expenses
Net Financial expenses were 0.46 mln EUR in the 3rd quarter of 2009, which is a
decrease of 0.19 mln EUR 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 6.6 mln EUR,
which is 0.86 mln EUR higher than the profit before taxes of 5.7 mln EUR 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 36.5 mln EUR. Sales of water and wastewater treatment were
33.6 mln EUR, 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 17.6 mln
EUR, which is 0.40 mln EUR higher than the profit before taxes of 17.2 mln EUR
in the relevant period in 2008.
The Company's net profit for the first nine months of 2009 was 13.7 mln EUR,
which is 0.72 mln EUR higher than the net profit of 13.0 mln EUR in the
equivalent period in 2008.
Balance sheet
During the first nine months of 2009 the Company invested 9.6 mln EUR into fixed
assets. Non-current assets were 140.5 mln EUR at 30 September 2009. Current
assets increased by 1.2 mln EUR to 23.4 mln EUR in the first nine months of the
year, with customer receivables decreasing by 0.15 mln EUR and cash at bank
increasing by 1.4 mln EUR.
Current liabilities decreased by 4.3 mln EUR to 8.0 mln EUR in the first nine
months of the year. This was mainly due to decreases in the Current portion of
long-term borrowings by 5.2 mln EUR, as a result of the repayment of the EBRD
loan in May 2009, a 0.38 mln EUR decrease in Trade payables, and an increase in
Customer prepayments of 1.1 mln EUR.
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 75.1 mln EUR 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 19.3 mln EUR of cash
flows from operating activities, a decrease of 2.5 mln EUR 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 1.7 mln EUR 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
0.90 mln EUR, which is 0.44 mln EUR more than in 2008. This is mainly due to the
lower construction prices and timing of constructions. In 2009 the Company
invested 9.6 mln EUR - 7.6 mln EUR on networks (including 4.9 mln EUR on
extension and developments), 0.82 mln EUR at Paljassaare wastewater treatment
plant and sludge treatment, 0.28 mln EUR on water quality (Ülemiste water
treatment plant and raw water) and 0.91 mln EUR for other investments (IT,
capital maintenance, meters, etc).
The cash outflows from financing activities were 18.8 mln EUR during the first
nine months of 2009 compared to a cash outflow of 20.1 mln EUR 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 1.4 mln EUR compared to a cash inflow of 2.1 mln EUR in the
nine months of 2008. Cash and cash equivalents stood at 16.1 mln EUR 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 14,700,318 EUR
of dividends. Of this 639 EUR was paid to the owner of the B-share
and 14,699,679 EUR, i.e. 0.73 EUR 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:
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| United Utilities (Tallinn) BV | 35.3% |
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| City of Tallinn | 34.7% |
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| Credit Suisse Securities (Europe) Ltd Prime Brokerage | 5.76% |
| A/C Prime Brokerage Clients | |
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| HSBC Bank Plc Re Parvus European Absolute | 5.46% |
| Opportunities Master Fund | |
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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 10.50 EUR, which is a 25.0% increase compared to the
closing price of 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 EUR per m3 in
November and December 2009 and 0.56 EUR per m3 thereafter instead of current
0.58 EUR 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 3.4 mln EUR 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 12.8 mln EUR 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
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| STATEMENT OF COMPREHENSIVE INCOME | 9 months | 9 months | 12 months |
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| (thousand EUR) | 2009 | 2008 | 2008 |
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| | | | |
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| Revenue | 36 473 | 34 334 | 46 011 |
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| Costs of goods sold | -13 083 | -12 704 | -17 432 |
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| | | | |
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| GROSS PROFIT | 23 390 | 21 630 | 28 579 |
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| | | | |
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| Marketing expenses | -539 | -590 | -787 |
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| General administration expenses | -2 491 | -2 595 | -3 486 |
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| Other income/ expenses (-) | 583 | 814 | 1 601 |
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| | | | |
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| OPERATING PROFIT | 20 944 | 19 260 | 25 907 |
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| | | | |
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| Financial income | 1 035 | 783 | 997 |
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| Financial expenses | -4 368 | -2 830 | -3 758 |
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| | | | |
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| PROFIT BEFORE TAXES | 17 610 | 17 213 | 23 146 |
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| | | | |
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| Income tax on dividends | -3 908 | -4 231 | -4 231 |
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| | | | |
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| NET PROFIT FOR THE PERIOD | 13 703 | 12 982 | 18 916 |
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| | | | |
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| Attributable to: | | | |
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| Equity holders of A-shares | 13 693 | 12 972 | 18 906 |
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| B-share holder | 0,64 | 0,64 | 0,64 |
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| | | | |
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| Earnings per A share (in euros) | 0,69 | 0,65 | 0,95 |
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| Earnings per B share (in euros) | 639 | 639 | 639 |
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| STATEMENT OF FINANCIAL POSITION | | | |
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| (thousand EUR) |30.09.2009| 30.09.2008| 31.12.2008|
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| | | | |
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| ASSETS | | | |
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| CURRENT ASSETS | | | |
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| Cash and equivalents | 16 095 | 13 490 | 14 691 |
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| Customer receivables, accrued income and | 7 050 | 7 588 | 7 199 |
| prepaid expenses | | | |
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| Inventories | 213 | 243 | 240 |
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| Non-current assets held for sale | 67 | 71 | 73 |
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| TOTAL CURRENT ASSETS | 23 424 | 21 392 | 22 203 |
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| | | | |
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| NON-CURRENT ASSETS | | | |
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| Property, plant and equipment | 137 831 | 137 776 | 138 575 |
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| Intangible assets | 2 720 | 2 754 | 2 776 |
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| TOTAL NON-CURRENT ASSETS | 140 551 | 140 530 | 141 350 |
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| TOTAL ASSETS | 163 975 | 161 921 | 163 553 |
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| | | | |
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| LIABILITIES | | | |
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| | | | |
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| CURRENT LIABILITIES | | | |
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| Current portion of long-term borrowings | 107 | 5 301 | 5 295 |
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| Trade and other payables | 5 202 | 7 655 | 5 578 |
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| Short-term provisions | 339 | 159 | 159 |
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| Prepayments and deferred income | 2 344 | 3 519 | 1 265 |
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| TOTAL CURRENT LIABILITIES | 7 991 | 16 634 | 12 296 |
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| | | | |
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| NON-CURRENT LIABILITIES | | | |
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| Borrowings | 75 047 | 69 325 | 69 321 |
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| Other payables | 47 | 8 | 47 |
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| TOTAL NON-CURRENT LIABILITIES | 75 094 | 69 332 | 69 368 |
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| TOTAL LIABILITIES | 83 085 | 85 966 | 81 665 |
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| | | | |
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| EQUITY CAPITAL | | | |
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| Share capital | 12 782 | 12 782 | 12 782 |
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| Share premium | 24 734 | 24 734 | 24 734 |
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| Statutory legal reserve | 1 278 | 1 278 | 1 278 |
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| Retained earnings | 42 096 | 37 161 | 43 094 |
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| TOTAL EQUITY CAPITAL | 80 891 | 75 955 | 81 889 |
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| TOTAL LIABILITIES AND EQUITY CAPITAL | 163 975 | 161 921 | 163 553 |
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| CASH FLOW STATEMENT | 9 months | 9 months | 12 months |
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| (thousand EUR) | 2009 | 2008 | 2008 |
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| | | | |
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| CASH FLOWS FROM OPERATING ACTIVITIES | | | |
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| Operating profit | 20 944 | 19 260 | 25 907 |
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| Adjustment for depreciation/amortisation | 4 295 | 4 255 | 5 731 |
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| Adjustment for profit from government | -910 | -879 | -1 784 |
| grants and connection fees | | | |
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| Other finance expenses | -2 195 | -17 | -103 |
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| Profit from sale of property, plant and | -9 | -8 | -29 |
| equipment, and intangible assets | | | |
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| Expensed property, plant and equipment | 0 | 0 | -1 |
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| Change in current assets involved in | -1 214 | 1 011 | 1 456 |
| operating activities | | | |
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| Change in liabilities involved in | 49 | -43 | 58 |
| operating activities | | | |
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| Interest paid | -1 680 | -1 807 | -3 679 |
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| Total cash flow from operating activities | 19 281 | 21 772 | 27 555 |
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| | | | |
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| CASH FLOWS FROM INVESTING ACTIVITIES | | | |
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| Acquisition of property, plant and | -9 871 | -13 279 | -21 245 |
| equipment, and intangible assets | | | |
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| Compensations received for construction | 9 724 | 12 933 | 15 990 |
| of pipelines | | | |
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| Proceeds from sale of property, plant and | 8 | 9 | 31 |
| equipment, and intangible assets | | | |
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| Interest received | 1 037 | 797 | 1 080 |
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| Total cash flow from investing activities | 898 | 460 | -4 143 |
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| | | | |
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| CASH FLOWS FROM FINANCING ACTIVITIES | | | |
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| Received short-term loans | 10 000 | 0 | 0 |
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| Repayment of short-term loans | -10 000 | 0 | 0 |
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| Received long-term loans | 34 800 | 0 | 2 700 |
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| Repayment of long-term loans | -34 821 | 0 | -2 679 |
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| Finance lease payments | -146 | 0 | 0 |
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| Dividends paid | -14 700 | -15 915 | -15 915 |
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| Income tax on dividends | -3 908 | -4 231 | -4 231 |
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| Total cash flow from financing activities | -18 775 | -20 145 | -20 124 |
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| | | | |
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| Change in cash and bank accounts | 1 404 | 2 087 | 3 288 |
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| | | | |
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| CASH AND EQUIVALENTS AT THE BEGINNING OF | 14 691 | 11 403 | 11 403 |
| THE PERIOD | | | |
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| | | | |
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| CASH AND EQUIVALENTS AT THE END OF THE | 16 095 | 13 490 | 14 691 |
| PERIOD | | | |
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