AS Tallinna Vesi's Q1 sales increased by 6.6 per cent


AS Tallinna Vesi total sales increased by 6.6 per cent to 192.8 million kroons
in the first quarter of 2009, the company's net profit increased by 9.9 per
cent to 98.4 million kroons and the volume of investments reached 41.7 million
kroons. 

AS Tallinna Vesi's Chairman of the Management Board Ian Plenderleith said that
the strong financial results reflect the company's drive for efficiency and
quality. 
„As the result of extremely high cost inflation we once again rechallenged our
cost efficiency in 2008 and are glad to witness the results in the first
quarter of 2009. We have been working hard on all the quality and efficiency
aspects since 2001 and that has enabled us to deliver the expected return,”
said Ian Plenderleith, adding that AS Tallinna Vesi's water quality indicators
remain at 98 per cent of EU requirements, thus well exceeding the level
required by the Levels of Services agreement between the Company and the City
of Tallinn. “We are pleased to report that we have been capable to balance the
interest of various stakeholders. We continue the delivery of high quality
water for the customers with affordable tariffs. Our efforts in the community
and environment were recognised as the Company shared first place in the annual
CSR awards in 2008. 

During the three months of 2009 the Company invested 41.7 million kroons, of
which 32.3 million kroons were invested into the networks extension and
development program, 5 million kroons into the Paljassaare wastewater treatment
plant , 0.6 million kroons into improving water quality and 3.8 million kroons
into other investment areas. „The  total volume of investments made in the
first quarter of the year has historically reflected the slower pace of
construction works during the winter months, however the Company intends to
invest approximately 350 million kroons in 2009,“ explained Plenderleith. 

In the first quarter of 2009 we concluded a new loan facility with NIB for the
networks extensions programme. AS Tallinna Vesi continues to maintain its debt
levels close to its recommended range of 50 per cent with total liabilities to
total capital employed of 48.2 per cent as of March 31st 2009. The debt to
total capital has decreased by 2.2 per cent in comparison with Q1 2008. The
Company's return-on-assets was 3.7 per cent in Q1. 

Priit Koff
Head of Communications
AS Tallinna Vesi
+372 6262 209
priit.koff@tvesi.ee