AS Tallinna Vesi Announces Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017
January 25, 2018
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AS Tallinna Vesi announced earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company announced revenue was EUR 15.974 million compared to EUR 14.519 million for the same period a year ago. Operating loss was EUR 10.224 million compared to operating profit of EUR 5.363 million for the same period a year ago. Loss before taxes was EUR 10.440 million compared to profit before taxes of EUR 5.453 million for the same period a year ago. Net loss for the period attributable to equity holders of A-shares was EUR 10.441 million or EUR 0.52 per share compared to net profit for the period attributable to equity holders of A-shares of EUR 5.452 million or EUR 0.27 per share for the same period a year ago.
For the full year, the company announced revenue was EUR 59.815 million compared to EUR 58.982 million for the same period a year ago. Operating profit was EUR 10.865 million compared to EUR 24.627 million for the same period a year ago. Profit before taxes was EUR 9.921 million compared to EUR 22.890 million for the same period a year ago. Net profit for the period attributable to equity holders of A-shares was EUR 7.220 million or EUR 0.36 per share compared to EUR 18.389 million or EUR 0.92 per share for the same period a year ago. Total cash flow from operating activities was EUR 33.245 million compared to EUR 31.872 million for the same period a year ago. Acquisition of property, plant and equipment, and intangible assets was EUR 9.761 million compared to EUR 14.526 million for the same period a year ago. The net profit of the company decreased by compared to the same period in 2016 mainly impacted by the provision for possible third-party claims, that might follow 12 December 2017 decision from the Supreme Court, if such claims are to be recognised by the courts. Change in net profit was also impacted by the decrease in income tax on dividends.
Tallinna Vesi AS is an Estonia-based company engaged in the supply of water and treatment of wastewater services in the city of Tallinn and in its surrounding areas. The Company operates two main facilities: Ulemiste Water Treatment Plant that collects and purifies raw water and releases it into the network as drinking water, and Paljassaare Wastewater Treatment Plant, which conducts sewage and storm water from the city for treatment and releases it three kilometers from the coast to the Baltic Sea. The Company also provides such services as drinking water and wastewater analysis, water and sewerage pipeline works, design pipelines and pipeline construction, among others.Tthe Company operates through one wholly owned subsidiary, namely Watercom OU, which provides non-core services related to water business. As of December 31, 2011, the Companyâs major shareholder was United Utilities (Tallinn) BV with a stake of 35.3%.