MANAGEMENT REPORT RESULTS OF OPERATIONS - FOR THE 2nd QUARTER 2007, EUR Overview During the 2nd quarter of 2007 sales to residential customers increased by 11.7% year on year, sales to commercial customers within the service area increased by 9.2% year on year, and sales to commercial customers outside of the service area reached 524 000 m3 or 0.25 mln EUR. The Company's quarterly operating profit was 5.7 mln EUR, which is a 0.6 mln EUR increase compared to the 2nd quarter of 2006. The Company launched to the market a new trademark Veemees, under which maintenance, emergency and construction services related to water supply and sewerage services will be offered to owners of private houses, housing associations, apartment owners, real estate developers and construction companies. -------------------------------------------------------------------------------- | EUR | II Q | II Q | Change | 1H | 1H | Change | | | 2007 | 2006 | | 2007 | 2006 | | -------------------------------------------------------------------------------- | Sales | 11,3 | 10,3 | 9,9% | 24,4 | 21,5 | 13,4% | -------------------------------------------------------------------------------- | Main operating | 10,5 | 9,5 | 10,7% | 20,8 | 18,9 | 10,1% | | activities | | | | | | | -------------------------------------------------------------------------------- | Other operating | 0,8 | 0,8 | -0,5% | 3,6 | 2,6 | 37,7% | | activities | | | | | | | -------------------------------------------------------------------------------- | Gross profit | 7,0 | 6,1 | 14,5% | 14,7 | 12,1 | 20,9% | -------------------------------------------------------------------------------- | Gross profit margin | 61,7% | 59,1% | 4,3% | 60,1% | 56,4% | 6,6% | | % | | | | | | | -------------------------------------------------------------------------------- | Operating profit | 5,7 | 5,1 | 12,0% | 12,5 | 11,8 | 5,6% | -------------------------------------------------------------------------------- | Operating profit | 50,9% | 49,9% | 2,0% | 51,2% | 55,0% | -6,9% | | margin % | | | | | | | -------------------------------------------------------------------------------- | Profit before taxes | 5,1 | 4,4 | 14,2% | 11,1 | 10,5 | 6,1% | -------------------------------------------------------------------------------- | Profit before taxes | 44,9% | 43,2% | 3,9% | 45,7% | 48,8% | -6,4% | | margin | | | | | | | -------------------------------------------------------------------------------- | Net profit | 1,5 | 1,4 | 6,5% | 7,6 | 7,5 | 1,5% | -------------------------------------------------------------------------------- | ROA % | 1,0% | 0,9% | 6,5% | 4,9% | 5,0% | -1,7% | -------------------------------------------------------------------------------- | Debt to total | 55,8% | 56,6% | -1,5% | 55,8% | 56,6% | -1,5% | | capital employed | | | | | | | -------------------------------------------------------------------------------- Gross profit margin - Gross profit / Net sales Operating profit margin - Operating profit / Net sales Profit before taxes margin - Profit before taxes / Net sales ROA - Net profit /Total Assets Debt to Total capital employed - Total Liabilities / Total capital employed Profit and Loss Statement 2nd quarter 2007 Sales In the 2nd quarter of 2007 the Company's total sales increased, year on year, by 9.9% to 11.3 mln EUR. Sales from the Company's main operating activities were 10.5 mln EUR. Sales in the main operating activity principally comprise of sales of water and treatment of wastewater to domestic and commercial customers within and outside of the services area, and fees received from the City of Tallinn for operating and maintaining the stormwater system. Sales of water and wastewater treatment were 9.8 mln EUR, a 10.7% increase compared to the second quarter of 2006, resulting from the 10.8% increase in tariffs from 1 January 2007 for the Company's residential and commercial customers. Included within this amount were the following increases by sector: Sales to residential customers increased by 11.7% to 5.1 mln EUR. Sales to commercial customers within the service area increased by 9.2% to 4.2 mln EUR. Sales to commercial customers outside of the service area - primarily bulk volumes of wastewater treatment services provided to the surrounding municipalities - reached 524 000 m3 or 0.25 mln EUR. Overpollution fees received were 0.04 mln EUR higher than in the 2nd quarter of 2006. In the 2nd quarter of 2007 sales from the operation and maintenance of the stormwater and firehydrant system increased by 10.4% to 0.6 mln EUR compared to the same period in 2006. This is in accordance with the terms and conditions of the contract whereby the stormwater and firehydrant costs are invoiced based on actual volumes treated. This is contractually agreed up to 2015. Sales revenues from other operating activities, at 0.8 mln EUR (mainly connections and stormwater construction) remained at a similar level to the 2nd quarter of 2006. Cost of Goods Sold and Gross Margin The cost of goods sold for the main operating activity was 3.7 mln EUR in the 2nd quarter of 2007, an increase of 0.2 mln EUR or 5% from the equivalent period in 2006. In the 2nd quarter of 2007 the Company has for the second successive quarter recorded zero failures in all pollution measures taken, and as a result the amount of pollution tax payable reduced by 0.14 mln EUR. The Company continues to face increasing pressure on chemical prices especially coagulant. However these price increases have been partially offset by lower polymer dosages used, which resulted in a total quarterly charge of 0.3 mln EUR for chemical costs, which represents an 8.8% increase compared to the corresponding period in 2006. Salaries increased by 0.06 mln EUR or 7.7%. As a consequence of the highly competitive labour market and rapidly growing salaries. In late 2006 all salaries were reviewed and increased to ensure competitiveness in the market and retain key personnel. However, the figure also reflects the efficiencies made from improvements in working practices that have led to a decrease in the headcount. In the 2nd quarter of 2007, the average number of people working for the Company was 305 people, compared to 326 people in the 2nd quarter of 2006. Other cost of goods sold in the main operating activity increased by 0.2 mln EUR, or 37% year on year. In the 2nd quarter of 2007 the company made a provision of 0.08 mln EUR for the possible payment of servitude fees for the tolerance of technological structure on the private land. According to the new law that came in force in March 2007, the owners of the land can apply for the payment of a tolerance fee, if technological structures are established on their land. In addition, other costs increased due to a one-off increase in gas expenditures and increased costs on a number of support services contracts, such as transport, and security services reflecting the significant increase in labour costs in Tallinn. As a result of all of the above the Company's gross profit for the 2nd quarter of 2007 was 7 mln EUR, which represents an increase of 0.9 mln EUR, or 14.5%, compared to the gross profit of 6.1 mln EUR for the 2nd quarter of 2007. Operating Costs and Operating Margin Marketing expenses increased by 0.07 mln EUR to 0.21 mln EUR during the 2nd quarter of 2007 compared to the corresponding period in 2006. At the beginning of the 2nd quarter, the company formed a new business unit focusing on new business development. The related costs, including the preparation works for launching the new Veemees trademark (Waterman), have been accounted under marketing costs. The increase in depreciation charges accounted within marketing expenses is due to the inclusion of the depreciation related to the completion of the last stage of implementation of the Customer Information and Billing system (KLIF). General administration expenses increased by 0.2 mln EUR to 1 mln EUR in the 2nd quarter of 2007 as a consequence of an increase in salaries and other general administration expenses. Approximately 0.05 mln EUR accounted for switching from owning the computers into the lease contracts as well as outsource the maintenance of software development - a corresponding reduction can be found in the depreciation charge. In addition a lower proportion of administrative salaries were capitalised due to the completion of the final stage of the Customer Information and Billing system (KLIF). Included within the above cost categories are staff costs. These totaled 1.2 mln EUR in the 2nd quarter of 2007, which is a 0.14 mln EUR or 12.7% increase compared to the same period in 2006, which as mentioned earlier was due to of the company wide revision of salaries. Other net income/expenses totaled a cost of 0.03 mln EUR in the 2nd quarter of 2007 compared to a cost of 0.01 mln EUR in the 2nd quarter of 2006. As a result of all of the above the Company's operating profit for the 2nd quarter of 2007 was 5.7 mln EUR, an increase of 0.6 mln EUR compared to an operating profit of 5.1 mln EUR achieved in the 2nd quarter of 2006. Financial expenses Net Financial expenses were 0.7 mln EUR in the 2nd quarter of 2007, which is a decrease of 0.01 mln EUR or 1.8% compared to the 2nd quarter of 2006. The Company`s interest costs have increased by 18% compared to the 2nd quarter of 2006. This is due to the fact that half of the Company`s loans are connected to the 6 month Euribor rate, which has increased from 2.643% at the beginning of 2006 up to 4.315% at the end of the 2nd quarter of 2007. The increase in interest expenses is offset by an increase in financial income earned during the 2nd quarter of 2007, as a result of improved cash management which led to more a favourable cash position, and increasing interest rates. With current rising interest rates the Company's loans have quite favourable terms, with 37.5 mln EUR fixed at 4.19% plus risk margin (48 bps), 37.5 mln EUR has a floating rate at six months Euribor plus risk margin (24 bps), from which 20.4 mln EUR is hedged with a collar interest rate swap, where the Company pays 4% if the six months Euribor rate is between 4-5%. Profit Before Tax The Company's profit before taxes for the 2nd quarter of 2007 was 5.1 mln EUR, which is 0.6 mln EUR higher than the profit before taxes of 4.4 mln EUR for the 2nd quarter of 2006. Results for the first six months of 2007 During the first six months of 2007 the Company's total sales increased, year on year, by 13.4% to 24.4 mln EUR. Sales from the Company's main operating activities were 20.8 mln EUR. Sales of water and wastewater treatment were 19.4 mln EUR, a 10.7% increase compared to the first half of 2006. The Company's profit before taxes for the first six months of 2007 was 11.1 mln EUR, which is 0.6 mln EUR higher than the profit before taxes of 10.5 mln EUR in the relevant period in 2006. The results for the first half of 2007 were impacted by the fact that the Ministry of Environment gave final approval to the success of the nitrogen project, which resulted in the release of a provision worth 0.85 mln EUR for environmental taxes. The results for the first half of 2006 were impacted by the sale of excess land in Paljassaare worth 1.5 mln EUR. When eliminating these one-offs, the underlying profit before tax has increased by 1.3 mln EUR to 10.3 mln EUR i.e. 15% year-on-year. Balance sheet During the six months of 2007 the Company invested 5.6 mln EUR into fixed assets. Tangible, intangible and unfinished assets were 136.4 mln EUR at 30 June 2007. Current assets decreased by 2.3 mln EUR in the first six months of the year, which was largely attributable to a decrease in cash reflecting the dividend payout. Current liabilities increased by 2.3 mln EUR to 12.1 mln EUR in the first six months of the year. This was mainly due to decreased investment payables. The company continues to maintain its leverage level within its target range of 50-60% with total liabilities to total capital employed of 56% as at 30 June 2007. Long-term liabilities stood at 74.6 mln EUR at the end of June 2007, consisting almost entirely of the outstanding balance on the two long-term bank loans. Cash flow During the first six months of 2007, the Company generated 11.1 mln EUR of cash flows from operating activities, an increase of 0.65 mln EUR compared to the corresponding period in 2006. Operating profit continues to be main driver for growth. In the 2nd quarter of 2007 net cash outflows from investing activities were 1.6 mln EUR, which is 1.3 mln EUR more than in 2006. This was mainly due to increased investment levels. In first six months of the year, the company invested 5.6 mln EUR - 3.2 mln EUR networks extension and rehabilitation, 1.8 mln EUR Paljassaare wastewater treatment plant and wastewater treatment, 0.4 mln EUR water quality (Ülemiste water treatment plant and raw water) and 0.3 mln EUR other investments (IT, capital maintenance, meters, etc). Cash outflows from financing activities were 12.6 mln EUR during the first six months of the year compared to cash outflow of 10.1 mln EUR during the first six months of 2006, reflecting increased dividend payments. As a result of all of the above factors, the total cash outflow in the six months of 2007 was 3.1 mln EUR compared to a cash outflow of 0.01 mln EUR in the first six months of 2006. Cash and cash equivalents stood at 12.8 mln EUR as at 31 June 2007. Employees In the second quarter of 2007 the average number of employees was 305 people. Dividends and share performance Based on the results of the 2006 financial year, the Annual General Meeting of shareholders of AS Tallinna Vesi voted to pay 12 527 322 EUR of dividends. Of this 639 EUR was paid to the owner of the B-share and 12 526 683 EUR, ie 0.63 EUR per share to the owners of the A-shares. Dividends were paid on 15 June 2007. As of 30 June 2007 AS Tallinna Vesi shareholders, with a holding over 5%, were: -------------------------------------------------------------------------------- | United Utilities (Tallinn) BV | 35.3% | -------------------------------------------------------------------------------- | City of Tallinn | 34.7% | -------------------------------------------------------------------------------- | Morgan Stanley + Co International Equity client | 7.55% | | account | | -------------------------------------------------------------------------------- At the end of the reporting period, 30 June 2007, the closing price of the AS Tallinna Vesi share was 13.25 EUR, which is a 12% decrease since the beginning of the year. This was partially due to fact that the company paid out dividends on June 15th as well as on June 29th over 100 000 shares were block traded at 8% below the market price. On the following trading day July 2nd, the share price increased by 5.66% to 14.00 EUR. Operational achievements in 2007 The work on the new Paljassaare sludge processing building continues and will be completed in the 3rd quarter of 2007. The project will allow for the more effective and efficient operation and maintenance of this equipment and realise further benefits in the operation of the wastewater and sludge treatment processes. The sludge composting fields are to be completed in July 2007. These projects enable the Company to continue with its environmentally friendly and cost effective policy of disposing zero sludge to landfill. The total cost of the project is over 2.6 mln EUR. In the 2nd quarter, as in 1st quarter, all outfall effluent samples at all locations complied with requirements and as a consequence the environmental charges for the quarter attracted a 50% reduction. In the 2nd quarter, the company's ISO and EMAS procedures were audited by DNV and the continued accreditation is confirmed. At the same time the company applied for OHSAS accreditation, the outcome of this audit was positive and OHSAS accreditation is expected to be awarded in the 3rd quarter of 2007. The Company launched to the market a new trademark Veemees, under which maintenance, emergency and construction services related to water supply and sewerage services will be offered to owners of private houses, housing associations, apartment owners, real estate developers and construction companies. -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | INCOME STATEMENT | | | | | -------------------------------------------------------------------------------- | (thousand EUR) | 6 | 6 months | 12 months | | | | months | 2006 | 2006 | | | | 2007 | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Sales from main operating | 20,803 | 18,896 | 37,655 | | | activities | | | | | -------------------------------------------------------------------------------- | Revenues from other operating | 3,595 | 2,611 | 6,650 | | | activities | | | | | -------------------------------------------------------------------------------- | Net sales | 24,398 | 21,507 | 44,305 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Costs of goods sold (main | -6,519 | -6,982 | -14,095 | | | operating activities) | | | | | -------------------------------------------------------------------------------- | Costs of goods sold (other | -3,206 | -2,392 | -6,206 | | | operating activities) | | | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | GROSS PROFIT | 14,674 | 12,133 | 24,005 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Marketing expenses | -415 | -307 | -612 | | -------------------------------------------------------------------------------- | General administration expenses | -1,888 | -1,602 | -3,280 | | -------------------------------------------------------------------------------- | Other income/ expenses (-) | 126 | 1,605 | 1,485 | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | OPERATING PROFIT | 12,496 | 11,829 | 21,597 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Financial income / expenses (-) | -1,347 | -1,325 | -2,747 | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | PROFIT BEFORE TAXES | 11,150 | 10,505 | 18,850 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Income tax on dividends | -3,533 | -2,997 | -2,997 | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | NET PROFIT FOR THE PERIOD | 7,616 | 7,507 | 15,853 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Attributable to: | | | | | -------------------------------------------------------------------------------- | Equity holders of A-shares | 7,616 | 7,507 | 15,852 | | -------------------------------------------------------------------------------- | B-share holder | 0.64 | 0.64 | 0.64 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share in euros | 0.38 | 0.38 | 0.79 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | BALANCE SHEET | | | | | -------------------------------------------------------------------------------- | (thousand EUR) | 30.06.2 | 30.06.2006 | 31.12.2006 | | | | 007 | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | ASSETS | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CURRENT ASSETS | | | | | -------------------------------------------------------------------------------- | Cash at bank and in hand | 12,813 | 13,193 | 15,940 | | -------------------------------------------------------------------------------- | Customer receivables | 5,468 | 4,605 | 4,569 | | -------------------------------------------------------------------------------- | Accrued income and prepaid | 210 | 478 | 304 | | | expenses | | | | | -------------------------------------------------------------------------------- | Inventories | 259 | 215 | 201 | | -------------------------------------------------------------------------------- | Assets for sale | 50 | 105 | 105 | | -------------------------------------------------------------------------------- | TOTAL CURRENT ASSETS | 18,801 | 18,596 | 21,120 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NON-CURRENT ASSETS | | | | | -------------------------------------------------------------------------------- | Tangible assets | 122,882 | 115,946 | 119,969 | | -------------------------------------------------------------------------------- | Intangible assets | 3,207 | 2,601 | 3,361 | | -------------------------------------------------------------------------------- | Unfinished assets - non | 4,090 | 7,575 | 5,859 | | | connections | | | | | -------------------------------------------------------------------------------- | Unfinished pipelines - new | 6,220 | 5,646 | 7,488 | | | connections | | | | | -------------------------------------------------------------------------------- | Prepayments for fixed assets | 199 | 204 | 179 | | -------------------------------------------------------------------------------- | TOTAL NON-CURRENT ASSETS | 136,597 | 131,973 | 136,856 | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | TOTAL ASSETS | 155,398 | 150,569 | 157,976 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | LIABILITIES | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CURRENT LIABILITIES | | | | | -------------------------------------------------------------------------------- | Current portion of long-term | 0 | 60 | 30 | | | borrowings | | | | | -------------------------------------------------------------------------------- | Trade and other payables, incl. | 4,356 | 3,014 | 5,448 | | | dividends | | | | | -------------------------------------------------------------------------------- | Taxes payable, incl. dividends | 4,939 | 5,367 | 1,950 | | -------------------------------------------------------------------------------- | Short-term provisions | 143 | 26 | 34 | | -------------------------------------------------------------------------------- | Deferred income | 2,652 | 2,276 | 2,322 | | -------------------------------------------------------------------------------- | TOTAL CURRENT LIABILITIES | 12,090 | 10,744 | 9,784 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NON-CURRENT LIABILITIES | | | | | -------------------------------------------------------------------------------- | Finance lease | 0 | 7 | 0 | | -------------------------------------------------------------------------------- | Bank loans | 74,555 | 74,499 | 74,527 | | -------------------------------------------------------------------------------- | Other payables | 6 | 6 | 6 | | -------------------------------------------------------------------------------- | TOTAL NON-CURRENT LIABILITIES | 74,562 | 74,513 | 74,534 | | -------------------------------------------------------------------------------- | TOTAL LIABILITIES | 86,652 | 85,257 | 84,318 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EQUITY CAPITAL | | | | | -------------------------------------------------------------------------------- | Share capital | 12,782 | 12,782 | 12,782 | | -------------------------------------------------------------------------------- | Share premium | 24,734 | 24,734 | 24,734 | | -------------------------------------------------------------------------------- | Statutory legal reserve | 1,278 | 1,278 | 1,278 | | -------------------------------------------------------------------------------- | Accumulated profit | 22,336 | 19,010 | 19,010 | | -------------------------------------------------------------------------------- | Net profit for the period | 7,616 | 7,507 | 15,853 | | -------------------------------------------------------------------------------- | TOTAL EQUITY CAPITAL | 68,746 | 65,312 | 73,658 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL LIABILITIES AND EQUITY | 155,398 | 150,569 | 157,976 | | | CAPITAL | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CASH FLOW STATEMENT | | | | | -------------------------------------------------------------------------------- | (thousand EUR) | 6 | 6 months | | | | | months | 2006 | | | | | 2007 | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CASH FLOWS FROM OPERATING | | | | | | ACTIVITIES | | | | | -------------------------------------------------------------------------------- | Operating profit | 12,496 | 11,829 | | | -------------------------------------------------------------------------------- | Adjustment for depreciation | 2,540 | 2,547 | | | -------------------------------------------------------------------------------- | Adjustment for income and expenses | -390 | -219 | | | | from constructions | | | | | -------------------------------------------------------------------------------- | Other financial income and | -23 | -51 | | | | expenses | | | | | -------------------------------------------------------------------------------- | Profit from sale of fixed assets | 1 | -1,577 | | | -------------------------------------------------------------------------------- | Expensed fixed assets | 0 | 40 | | | -------------------------------------------------------------------------------- | Capitalization of operating | -580 | -666 | | | | expenses | | | | | -------------------------------------------------------------------------------- | Movement in current assets | -632 | -482 | | | | involved in operating activities | | | | | -------------------------------------------------------------------------------- | Movement in liabilities involved | -689 | 479 | | | | in operating activities | | | | | -------------------------------------------------------------------------------- | Interest paid | -1,652 | -1,480 | | | -------------------------------------------------------------------------------- | Total cash flow from operating | 11,069 | 10,421 | | | | activities | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CASH FLOWS FROM INVESTING | | | | | | ACTIVITIES | | | | | -------------------------------------------------------------------------------- | Acquisition of fixed assets (incl | -5,887 | -3,553 | | | | pipelines construction) | | | | | -------------------------------------------------------------------------------- | Proceeds from pipelines financed | 3,885 | 3,088 | | | | by construction income | | | | | -------------------------------------------------------------------------------- | Proceeds from sale of and | 1 | -200 | | | | prepayments received for fixed | | | | | | assets | | | | | -------------------------------------------------------------------------------- | Proceeds from sale of assets and | 15 | 71 | | | | real estate investments | | | | | -------------------------------------------------------------------------------- | Interest received | 346 | 212 | | | -------------------------------------------------------------------------------- | Total cash flow from investing | -1,640 | -383 | | | | activities | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CASH FLOWS FROM FINANCING | | | | | | ACTIVITIES | | | | | -------------------------------------------------------------------------------- | Finance lease payments | -30 | -44 | | | -------------------------------------------------------------------------------- | Dividends paid | -12,527 | -10,034 | | | -------------------------------------------------------------------------------- | Total cash flow from financing | -12,558 | -10,079 | | | | activities | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in cash and bank accounts | -3,128 | -41 | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CASH AND EQUIVALENTS AT THE | 15,940 | 13,234 | | | | BEGINNING OF THE PERIOD | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CASH AND EQUIVALENTS AT THE END OF | 12,813 | 13,193 | | | | THE PERIOD | | | | | -------------------------------------------------------------------------------- Additional information: Eteri Harring Head of Treasury and Investor Relations +372 6262 225 eteri.harring@tvesi.ee
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