In the first half of 2017, the sales revenues of Tallinna Vesi were EUR 28.51
million - 1.2% decrease compared to the previous year. The lower sales revenues
were mainly attributable to lower revenues from subsidiary Watercom and reduced
storm water revenues.
At the same time, the revenues from water and wastewater services increased in the first half of 2017, bringing the net profit of the company to EUR 10.62 million and showing a 65.7% increase compared to the first half of 2016. Tallinna Vesi's EBIT was EUR 13.67 million for the first half of 2017.
Sales revenues from water and wastewater services increased by EUR 0.49 million in the first half of 2017 and reached EUR 25.59 million. Revenues from stormwater, on the other hand, decreased by 15.5%, compared to previous year.
In addition to higher revenues from water and wastewater, the net profit of the company was also impacted by lower legal costs and changes in the fair value of SWAP contracts. The dividend related tax cost was also lower year-on-year, as AS Tallinna Vesi decided to pay out 60% of the usual dividend and defer the decision as regards to the remaining 40%, until after decisions have been received related to the ongoing tariff dispute.
AS Tallinna Vesi is involved in two proceedings in connection with the Services Agreement and the tariffs, both in the local courts and internationally. In June, the Supreme Court decided to open proceedings on AS Tallinna Vesi's appeal in cassation regarding the tariff dispute between AS Tallinna Vesi and the Estonian Competition Authority.
Eliis Vennik Head of Communications Tallinna Vesi (+372) 626 2275 Eliis.vennik@tvesi.ee
At the same time, the revenues from water and wastewater services increased in the first half of 2017, bringing the net profit of the company to EUR 10.62 million and showing a 65.7% increase compared to the first half of 2016. Tallinna Vesi's EBIT was EUR 13.67 million for the first half of 2017.
Sales revenues from water and wastewater services increased by EUR 0.49 million in the first half of 2017 and reached EUR 25.59 million. Revenues from stormwater, on the other hand, decreased by 15.5%, compared to previous year.
In addition to higher revenues from water and wastewater, the net profit of the company was also impacted by lower legal costs and changes in the fair value of SWAP contracts. The dividend related tax cost was also lower year-on-year, as AS Tallinna Vesi decided to pay out 60% of the usual dividend and defer the decision as regards to the remaining 40%, until after decisions have been received related to the ongoing tariff dispute.
AS Tallinna Vesi is involved in two proceedings in connection with the Services Agreement and the tariffs, both in the local courts and internationally. In June, the Supreme Court decided to open proceedings on AS Tallinna Vesi's appeal in cassation regarding the tariff dispute between AS Tallinna Vesi and the Estonian Competition Authority.
Eliis Vennik Head of Communications Tallinna Vesi (+372) 626 2275 Eliis.vennik@tvesi.ee