AS Tallinna Vesi Supervisory Council confirmed 2017 financial results

The Supervisory Council of AS Tallinna Vesi approved the audited financial results for the year 2017. The financial results remained unchanged compared to the preliminary disclosure on 26^th of January 2018.

The Company’s total sales revenue for 2017 was EUR 59.82 million (2016: 58.98), showing an increase of 1.4% year-on-year. At the same time AS Tallinna Vesi’s net profit for 2017 was EUR 7.22 million.

During the twelve months of 2017 there has been an increase in sales to private customers by 1.1% to EUR 25.23 million and 1.7% increase to EUR 20.41 million in sales to corporate customers within the service area. Sales to customers outside the main service area have increased by 6.3% to EUR 4.68 million, mainly due to higher storm and waste water disposal services, accompanied by slightly increased water supply volumes in 2017.

The net profit of the company decreased by 60.7% or EUR 11.17 million compared to the same period in 2016. The change was 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. Eliminating the effects of the derivatives fair value and the effect of possible third-party claims, the net profit for the twelve months of 2017 would have been EUR 24.17 million, showing an increase by 29.2% or EUR 5.47 million compared to the relevant period in 2016.

Audited financial results for the year 2017 have been included as an attachment to current announcement.

Eliis Vennik
Head of Communications
Tallinna Vesi
 (+372) 626 2275
 Eliis.vennik@tvesi.ee