4th Quarter 2022 (unaudited)
Total revenue in 4th quarter in 2022 increased by 71.5% amounting to EUR 143.6 million. 66.0% of the increase was related to the fact that excessive expenses for the losses and some operating expenses was covered by the congestion income subject to the consent of Competition Authority.
Compared to the 4th quarter in 2021, the transmission volumes in electricity decreased by 8.3% and gas transmission volumes decreased by 36.9%. As the new tariffs for electricity transmission became effective starting from 1st April 2022 which was part of the cause for increase in transmission revenues. The electricity transmission revenues in 4th quarter in total increased by 10.3% or EUR 2.9 million, whilst the gas transmission revenues decreased by 36.9% or EUR 2.1 million. Starting from 1st July 2022 the congestion revenue is partially recognised as revenues, in order to compensate the sharp increase of electricity losses as a result of the rocketed electricity prices. During the fourth quarter EUR 38.5 million of congestion income for compensating electricity losses was recognised in the income statement. In total revenues not related to energy markets increased by EUR 50.4 million.
As Elering is the biggest electricity buyer in Estonia, then high electricity prices have an adverse effect on Elering expenses. Higher electricity price in 2022 affected adversely the network losses by EUR 12.2 million. Salary expenses increased by 0.8 million as a result of increased number of people and some corrections in salary levels and as a result of the higher investments, the depreciation costs increased by EUR 0.3 million in the 4 th quarter in 2022. In total, the operating costs were up by 29.2% amounting to EUR 105.2 million.
The financial expenses increased by EUR 0.3 million to EUR 0.9 million.
In total the net profit in the 4th quarter was EUR 37.6 million.
The cash flows from operating activities were positive of EUR 22.7 million, EUR 36,8 million was invested into the non-current assets, EUR 47.9 million congestion income was received. The company repaid its loans for EUR 2.6 million.
The total assets of the Company were EUR 1.5 billion. Total liabilities stood at EUR 1,1 billion and owner’s equity EUR 399.5 million.
In EUR thousands
31.12.22 | 31.12.21 | ||
Assets |
|||
Current assets | |||
Cash and cash equivalents | 229,287 | 62,668 | |
Short-term financial investments | 50,000 | 42,000 | |
Accounts receivables and other receivables | 73,280 | 59,683 | |
Inventories | 22,398 | 3,658 | |
Total current assets | 374,965 | 168,009 | |
Non-current assets | 1,085,978 | 1,014,845 | |
TOTAL ASSETS | 1,460,943 | 1,182,854 | |
Liabilities |
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Current liabilities | |||
Borrowings | 235,559 | 12,010 | |
Trade and other payables | 72,612 | 57,135 | |
Total current liabilities | 308,171 | 69,145 | |
Non-current liabilities | |||
Borrowings | 76,760 | 312,095 | |
Other non-current liabilities | 676,509 | 419,526 | |
Total non-current liabilities | 753,269 | 731,621 | |
TOTAL LIABILITIES | 1,061,440 | 800,766 | |
Equity |
|||
Share capital | 229,890 | 229,890 | |
Statutory reserve | 17,850 | 17,595 | |
Retained earnings | 151,763 | 134,603 | |
TOTAL OWNER’S EQUITY | 399,503 | 382,088 | |
TOTAL LIABILITIES AND OWNER’S EQUITY | 1,460,943 | 1182,854 |
In EUR thousands
4th Quarter | January-december | |||
2022 | 2021 | 2022 | 2021 | |
Net sales | 138,056 | 81,868 | 386,975 | 201,457 |
Other income | 5,548 | 1,849 | 11,146 | 6,672 |
Goods, raw materials and services | 87,357 | 64,022 | 309,691 | 135,210 |
Other miscellaneous operating expenses | 1,749 | 2,432 | 7,527 | 7,076 |
Staff costs | 3,832 | 2,996 | 13,304 | 11,222 |
Depreciation and amortisation | 12,216 | 11,913 | 47,676 | 45,531 |
Other operating expenses | 33 | 24 | 62 | 67 |
OPERATING PROFIT | 38,417 | 2,330 | 19,861 | 9,023 |
Financial income | 35 | 2 | 197 | 16 |
Financial expenses | 878 | 592 | 2,645 | 2,303 |
PROFIT BEFORE TAX | 37,575 | 1,740 | 17,414 | 6,736 |
Income tax | 0 | 1,628 | 0 | 1,628 |
NET PROFIT | 37,575 | 112 | 17,414 | 5,108 |
In EUR thousands
4th Quarter | January-december | ||||
2022 | 2021 | 2022 | 2021 | ||
Cash flows from operating activities |
|||||
Profit/loss before income tax | 37,574 | 1,740 | 17,414 | 6,736 | |
Adjustments for | |||||
Depreciation, amortisation and impairment | 12,198 | 11,913 | 47,658 | 45,531 | |
Change in current assets involved in operating activities | -28,079 | -23,985 | -34,185 | -20,599 | |
Change in liabilities involved in operating activities | 20,705 | 23,473 | 16,420 | 24,272 | |
Paid interest | -62 | 43 | -2,239 | -2,016 | |
Income tax on dividends | 0 | 0 | -1,628 | 0 | |
Other adjustments | -19,633 | -454 | -30,073 | -2,860 | |
TOTAL CASH FLOWS FROM OPERATING ACTIVITIES | 22,703 | 12,730 | 13,367 | 51,064 | |
Cash flows from/used in investment activities |
|||||
Acquisition of property, plant and equipment and intangible assets | -36,789 | -22,065 | -117,754 | -75,497 | |
Foreign grants for acquisition of non-current assets | 19,753 | 19,649 | 60,838 | 31,827 | |
Net change in deposits at banks with maturity of more than 3 months | 32,000 | -42,000 | -8,000 | -42,000 | |
Proceeds from congestion income | 47,854 | 34,650 | 228,731 | 65,582 | |
Proceeds from sales of financial investment | 0 | 0 | 0 | 912 | |
Investments in an affiliate | 0 | 0 | -45 | 0 | |
Proceeds from sale of property, plant and equipment | 85 | 257 | 115 | 773 | |
CASH FLOWS USED IN INVESTMENT ACTIVITIES | 62,903 | -9,509 | 163,885 | -18,403 | |
Cash flows from financing activities |
|||||
Repayment of bank loans | -2,642 | -2,642 | -10,558 | -10,558 | |
Repayable finance lease liabilities | -50 | -29 | -75 | -54 | |
Paid dividends | 0 | -10,000 | 0 | -10,000 | |
TOTAL CASH FLOWS USED IN FINANCING ACTIVITIES | -2,692 | -12,671 | -10,633 | -20,612 | |
Change in cash and cash equivalents | 82,914 | -9,265 | 166,619 | 12,049 | |
Cash and cash equivalents at the beginning of the quarter | 146,373 | 71,933 | 62,668 | 50,619 | |
Cash and cash equivalents at the end of the quarter | 229,287 | 62,668 | 229,287 | 62,668 |
In EUR thousands
31.12.22 | 31.12.21 | ||
Assets |
|||
Current assets | |||
Cash and cash equivalents | 229,287 | 62,668 | |
Short-term financial investments | 50,000 | 42,000 | |
Accounts receivables and other receivables | 73,280 | 59,683 | |
Inventories | 22,398 | 3,658 | |
Total current assets | 374,965 | 168,009 | |
Non-current assets | 1,085,978 | 1,014,845 | |
TOTAL ASSETS | 1,460,943 | 1,182,854 | |
Liabilities |
|||
Current liabilities | |||
Borrowings | 235,559 | 12,010 | |
Trade and other payables | 72,612 | 57,135 | |
Total current liabilities | 308,171 | 69,145 | |
Non-current liabilities | |||
Borrowings | 76,760 | 312,095 | |
Other non-current liabilities | 676,509 | 419,526 | |
Total non-current liabilities | 753,269 | 731,621 | |
TOTAL LIABILITIES | 1,061,440 | 800,766 | |
Equity |
|||
Share capital | 229,890 | 229,890 | |
Statutory reserve | 17,850 | 17,595 | |
Retained earnings | 151,763 | 134,603 | |
TOTAL OWNER’S EQUITY | 399,503 | 382,088 | |
TOTAL LIABILITIES AND OWNER’S EQUITY | 1,460,943 | 1182,854 |
In EUR thousands
4th Quarter | January-december | |||
2022 | 2021 | 2022 | 2021 | |
Net sales | 138,056 | 81,868 | 386,975 | 201,457 |
Other income | 5,548 | 1,849 | 11,146 | 6,672 |
Goods, raw materials and services | 87,357 | 64,022 | 309,691 | 135,210 |
Other miscellaneous operating expenses | 1,749 | 2,432 | 7,527 | 7,076 |
Staff costs | 3,832 | 2,996 | 13,304 | 11,222 |
Depreciation and amortisation | 12,216 | 11,913 | 47,676 | 45,531 |
Other operating expenses | 33 | 24 | 62 | 67 |
OPERATING PROFIT | 38,417 | 2,330 | 19,861 | 9,023 |
Financial income | 35 | 2 | 197 | 16 |
Financial expenses | 878 | 592 | 2,645 | 2,303 |
PROFIT BEFORE TAX | 37,575 | 1,740 | 17,414 | 6,736 |
Income tax | 0 | 1,628 | 0 | 1,628 |
NET PROFIT | 37,575 | 112 | 17,414 | 5,108 |
In EUR thousands
4th Quarter | January-december | ||||
2022 | 2021 | 2022 | 2021 | ||
Cash flows from operating activities |
|||||
Profit/loss before income tax | 37,574 | 1,740 | 17,414 | 6,736 | |
Adjustments for | |||||
Depreciation, amortisation and impairment | 12,198 | 11,913 | 47,658 | 45,531 | |
Change in current assets involved in operating activities | -28,079 | -23,985 | -34,185 | -20,599 | |
Change in liabilities involved in operating activities | 20,705 | 23,473 | 16,420 | 24,272 | |
Paid interest | -62 | 43 | -2,239 | -2,016 | |
Income tax on dividends | 0 | 0 | -1,628 | 0 | |
Other adjustments | -19,633 | -454 | -30,073 | -2,860 | |
TOTAL CASH FLOWS FROM OPERATING ACTIVITIES | 22,703 | 12,730 | 13,367 | 51,064 | |
Cash flows from/used in investment activities |
|||||
Acquisition of property, plant and equipment and intangible assets | -36,789 | -22,065 | -117,754 | -75,497 | |
Foreign grants for acquisition of non-current assets | 19,753 | 19,649 | 60,838 | 31,827 | |
Net change in deposits at banks with maturity of more than 3 months | 32,000 | -42,000 | -8,000 | -42,000 | |
Proceeds from congestion income | 47,854 | 34,650 | 228,731 | 65,582 | |
Proceeds from sales of financial investment | 0 | 0 | 0 | 912 | |
Investments in an affiliate | 0 | 0 | -45 | 0 | |
Proceeds from sale of property, plant and equipment | 85 | 257 | 115 | 773 | |
CASH FLOWS USED IN INVESTMENT ACTIVITIES | 62,903 | -9,509 | 163,885 | -18,403 | |
Cash flows from financing activities |
|||||
Repayment of bank loans | -2,642 | -2,642 | -10,558 | -10,558 | |
Repayable finance lease liabilities | -50 | -29 | -75 | -54 | |
Paid dividends | 0 | -10,000 | 0 | -10,000 | |
TOTAL CASH FLOWS USED IN FINANCING ACTIVITIES | -2,692 | -12,671 | -10,633 | -20,612 | |
Change in cash and cash equivalents | 82,914 | -9,265 | 166,619 | 12,049 | |
Cash and cash equivalents at the beginning of the quarter | 146,373 | 71,933 | 62,668 | 50,619 | |
Cash and cash equivalents at the end of the quarter | 229,287 | 62,668 | 229,287 | 62,668 |