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Published: 2012-01-27 08:31:29 CET
Tallinna Vesi
Quarterly report

AS Tallinna Vesi's sales in 4th quarter of 2011 are 4.9% higher due to increased sales volumes

AS Tallinna Vesi’s total sales was 13.1 million euros in the 4th quarter of 2011 an 4.9% increase compared to the same period of 2010 due to increased sales volumes in Tallinn and sales to surrounding municipalities . As result of excellent operational performance and related efficiencies the gross profit increased by 5.1% in the 4th quarter of 2011 and the underlying operating profit increased by 5.9%. “I am delighted to say that in 2011 our operational and customer service performance was the best ever, especially the increase of water quality at customer’s property to 99.66%,” said Ian Plenderleith

Total operating profit increased by 13.4% in 4th quarter of 2011 compared to the same period of 2010 as result of completion of considerable proportion of the construction program and different timing of constructions throughout the quarters. Still the profit before taxes decreased by 3.1% in the 4th quarter of 2011, being impacted by non-cash negative movement in fair value of financial instruments.

The total sales of 12 month of 2011 increased by 3.1% compared to 2010 to 51.2 million euros. Profit before taxes increased by 3.5% to 25.8 million euros. Year on year 5.1 million euros increase in net profit to 21.5 million euros was primarily the result of lower income tax on dividends paid in 2011 compared to 2010. The real return on invested capital is 6.2% over the privatization contract period.

The Company invested 16.5 million euros to the sustainability and improvements of the assets. The most important construction was the additional treatment stage to the waste water treatment plant that contributes considerably to the purer environment. 

“The Company’s financial, operational and environmental performance was excellent in 2011”, said Plenderleith. “The customers have considerably benefitted from the increase in service standards that continued also in 2011.”

The Company was awarded the Best Investor relations on the Tallinn Stock Exchange and second place on all the Baltic Stock Exchanges by Nasdaq OMX. In addition the Company’s investors web-page was highlighted amongst the equal top five and the Annual Accounts were awarded the second place on all the Baltic Stock Exchanges. “It is extremely satisfying that the local and international investors and market participants recognise the open communication and hard work we do to present our company in the most accurate and transparent way possible. We would like to thank all of our partners for their efforts in working with AS Tallinna Vesi that have helped us to win these awards,” said Plenderleith.

With regards the matters of economic and quality regulation the Company has continuously stated its belief in fully transparent regulation and its willingness to enter into meaningful dialogue that takes into account the privatization contract signed in 2001.

         Siiri Lahe
         Chief Financial Officer
         Member of the Management Board
         Tel: 62 62 262