OREANDA-NEWS. On 12 March 2008 was announced, that in 2007 the turnover of AS Tallinna Vesi increased by 18.4% to 820.8 million kroons. The net profit of the Company increased by 12% compared to the previous period.

The operating revenue increased by 59.1 million kroons, primarily due to an increase in sales of water and wastewater services in Tallinn to domestic and commercial customers by 10.5% and 7.5% respectively compared to the previous year. Sales to customers outside the main service area, mainly the wastewater treatment service provided to the surrounding municipalities, grew by 32.2% compared to the previous year.

Roch Chйroux, the Chairman of the Management Board of AS Tallinna Vesi, expressed his satisfaction with the Company’s results.
“In 2007 the Company’s development has been very satisfying. The customer satisfaction survey carried out by TNS Emor at the end of the previous year demonstrated a significant improvement regarding customer relationships. Customer satisfaction has increased to 89%, which places us in the top 10% among world utility companies,“ explained Roch Chйroux, the Chairman of the Management Board of the Company.

In 2007 occupational health and safety management system or OHSAS certificate was awarded to AS Tallinna Vesi.
“It is good to see that our commitment for ensuring occupational health and safety of our employees is verified by the OHSAS 18001 standard certificate,” Chйroux added.

In 2007 the Company’s net profit was 277.8 million kroons. At the same time during 2007 AS Tallinna Vesi invested 285.9 million kroons into the development of the public water supply and sewerage system of the capital city, which is the largest investment in the history of the Company.

In 2008 the Company is planning to invest even more, altogether 443 million kroons. The main focus of the investments is aimed at the construction of public water supply and sewerage system and continuous improvement of the quality of products and services.

“In 2007 the quality of drinking water for the residents of Tallinn improved thanks to the investments into the water network and Ьlemiste Water Treatment Plant. The results of the analysis of the previous year confirmed that the quality of our drinking water is the highest ever recorded and of course in compliance with the requirements provided in the directive of the European Commission on the quality of drinking water,” Chйroux specified.

Last year the Ministry of Environment approved the investments of AS Tallinna Vesi into the reconstruction project of biological treatment of Paljassaare Wastewater Treatment Plant, as a result of which the pollution load that reaches Tallinn Bay has reduced by 37% during three years. Also the amendments to the Services Agreement were signed with the City, which shall ensure the construction of sewerage system for the Areas established earlier by 2011.

“I am glad that we have signed the network extension programme with the City of Tallinn, which will significantly accelerate the construction of water supply and sewerage system. The concluded agreement serves as a basis for the balanced development of the Company and shall ensure a firm revenue base until 2020, as the Services Agreement concluded between AS Tallinna Vesi and the City of Tallinn has been extended by 5 years,“ explained Roch Chйroux.

On the basis of the results of the 2007 financial year the Management Board of AS Tallinna Vesi proposed the Supervisory Council to pay out dividends in the amount of 249 million kroons (15.9 million euros). This decision has to be approved by the Annual General Meeting of the Company’s shareholders to be held in April 2008. In case of an approval, the dividend per A-share shall be 12.45 kroons (0.796 euros). 10 000 kroons (639.12 euros) shall be paid as the dividend for the B-share owned by the City.       

AS Tallinna Vesi is the largest water utility in Estonia providing drinking water and wastewater disposal services to approximately one third of the people of Estonia. AS Tallinna Vesi shares are listed on the main list of the Tallinn Stock Exchange.