1st Quarter 2015 (unaudited)
Overview
In the first quarter of 2015, Elering’s revenue was 39.2 million euros, operating profit 17.8 million euros and net profit 15.0 million euros.
On 2 January 2015, Elering acquired 51.38% of Võrguteenus Valdus AS’s shares. Therefore, starting from first quarter this year, Elering presents its consolidated financial results. Võrguteenus Valdus is a holding company whose only business activity is holding the shares of the owner of the Estonian gas transmission network, Elering Gaas AS.
Regardless of the additional revenue from the subsidiary, Elering’s revenue fell by 4.6 million euros compared to the first quarter of 2014. The main reason for the fall in revenue lies in the lower network tariffs that took effect on 1 April 2014, as well as the change in accounting principles for recording the proceeds from the cross-border transmission capacity auction that changed since 1 July, 2014. Operating as well as financial costs increased by 0.6 million euros and profits fell by 5.8 million euros.
Positive cash flow from operations was 23.9 million euros and negative cash flow into investments totalled 13.2 million euros. Investments into non-current assets were 4.6 million euros and investments into the subsidiary, 27.6 million euros. In addition, inflows from cross-border transmission capacity auctions totalled 3.8 million euros and the non-repayable financial aid from the European Union for the interconnection between Estonia and Finland, EstLink 2, totalled 15.0 million euros. The cash increased by 10.7 million euros over the quarter.
Assets totalled 836.1 million euros by the end of the first quarter, out of which assets of the subsidiary totalled 57.6 million euros.
In EUR thousands
Assets
31.03.15 * | 31.03.14 | |
Current assets | ||
Cash and cash equivalents | 43 573 | 1 045 |
Trade and other receivables | 27 608 | 40 190 |
Total current assets | 71 181 | 41 235 |
Non-current assets | 764 901 | 678 748 |
TOTAL ASSETS | 836 081 | 719 983 |
Liabilities
Current liabilities | ||
Borrowings | 1 190 | 0 |
Trade and other payables | 26 426 | 34 706 |
Total current liabilities | 27 617 | 34 706 |
Non-current liabilities | ||
Long-term borrowings | 346 797 | 312 513 |
Other non-current liabilities | 102 852 | 77 928 |
Total non-current liabilities | 449 649 | 390 441 |
TOTAL LIABILITIES | 477 266 | 425 146 |
Equity
Share capital | 149 890 | 149 890 |
Statutory reserve capital | 8 706 | 6 259 |
Retained earnings | 171 983 | 138 688 |
TOTAL EQUITY | 330 580 | 294 837 |
Non-controlling interest | 28 236 | 0 |
TOTAL LIABILITIES AND EQUITY | 836 081 | 719 983 |
* 2015 year statement data is consolidated
In EUR thousands
01.01.15 31.03.15 * |
01.01.14 31.03.14 |
|
Revenue | 38 814 | 43 404 |
Other income | 346 | 391 |
Goods, raw materials and services | 9 043 | 10 921 |
Other operating expenses | 1 097 | 1 070 |
Staff costs | 1 915 | 1 229 |
Depreciation and amortisation | 9 229 | 7 472 |
Other expenses | 56 | 52 |
OPERATING PROFIT | 17 820 | 23 051 |
Finance income | 0 | 1 |
Finance costs | 2 850 | 2 302 |
Net profit | 14 971 | 20 749 |
Equity holder of the Parent Company | 14 250 | 0 |
Non-Controlling interest | 720 | 0 |
* 2015 year statement data is consolidated
In EUR thousands
Cash flows from operating activities
01.01.15 31.03.15 * |
01.01.14 31.03.14 |
|
Profit/loss before income tax | 14 971 | 20 749 |
Adjustments for | ||
Depreciation, amortisation and impairment | 9 229 | 7 472 |
Total netchange of current assets | 1 405 | -1 985 |
Total netchange in liablilities related to operating activities | -4 041 | -1 731 |
Other adjustments | 2 358 | 2 301 |
NET CASH FROM IN OPERATING ACTIVITIES | 23 923 | 26 805 |
Cash flows from investing activities
Purchases of property, plant and equipment, and intangible assets | -4 591 | -46 931 |
Foreign grants to acquire non-current assets | 15 000 | 19 995 |
Proceeds from congestion income | 3 808 | 0 |
Other investments | -27 573 | 0 |
Proceeds from sale of property, plant and equipment | 149 | 30 |
NET CASH FROM IN FINANCING ACTIVITIES | -13 208 | -26 906 |
Cash flows from financing activities
NET CASH FROM IN FINANCING ACTIVITIES | 0 | 0 |
Net increase/(decrease) in cash and cash equivalents | 10 715 | -101 |
Cash and cash equivalents at the beginning of the quarter | 32 858 | 1 145 |
Cash and cash equivalents at the end of the quarter | 43 573 | 1 045 |
* 2015 year statement data is consolidated
In EUR thousands
Assets
31.03.15 * | 31.03.14 | |
Current assets | ||
Cash and cash equivalents | 43 573 | 1 045 |
Trade and other receivables | 27 608 | 40 190 |
Total current assets | 71 181 | 41 235 |
Non-current assets | 764 901 | 678 748 |
TOTAL ASSETS | 836 081 | 719 983 |
Liabilities
Current liabilities | ||
Borrowings | 1 190 | 0 |
Trade and other payables | 26 426 | 34 706 |
Total current liabilities | 27 617 | 34 706 |
Non-current liabilities | ||
Long-term borrowings | 346 797 | 312 513 |
Other non-current liabilities | 102 852 | 77 928 |
Total non-current liabilities | 449 649 | 390 441 |
TOTAL LIABILITIES | 477 266 | 425 146 |
Equity
Share capital | 149 890 | 149 890 |
Statutory reserve capital | 8 706 | 6 259 |
Retained earnings | 171 983 | 138 688 |
TOTAL EQUITY | 330 580 | 294 837 |
Non-controlling interest | 28 236 | 0 |
TOTAL LIABILITIES AND EQUITY | 836 081 | 719 983 |
* 2015 year statement data is consolidated
In EUR thousands
01.01.15 31.03.15 * |
01.01.14 31.03.14 |
|
Revenue | 38 814 | 43 404 |
Other income | 346 | 391 |
Goods, raw materials and services | 9 043 | 10 921 |
Other operating expenses | 1 097 | 1 070 |
Staff costs | 1 915 | 1 229 |
Depreciation and amortisation | 9 229 | 7 472 |
Other expenses | 56 | 52 |
OPERATING PROFIT | 17 820 | 23 051 |
Finance income | 0 | 1 |
Finance costs | 2 850 | 2 302 |
Net profit | 14 971 | 20 749 |
Equity holder of the Parent Company | 14 250 | 0 |
Non-Controlling interest | 720 | 0 |
* 2015 year statement data is consolidated
In EUR thousands
Cash flows from operating activities
01.01.15 31.03.15 * |
01.01.14 31.03.14 |
|
Profit/loss before income tax | 14 971 | 20 749 |
Adjustments for | ||
Depreciation, amortisation and impairment | 9 229 | 7 472 |
Total netchange of current assets | 1 405 | -1 985 |
Total netchange in liablilities related to operating activities | -4 041 | -1 731 |
Other adjustments | 2 358 | 2 301 |
NET CASH FROM IN OPERATING ACTIVITIES | 23 923 | 26 805 |
Cash flows from investing activities
Purchases of property, plant and equipment, and intangible assets | -4 591 | -46 931 |
Foreign grants to acquire non-current assets | 15 000 | 19 995 |
Proceeds from congestion income | 3 808 | 0 |
Other investments | -27 573 | 0 |
Proceeds from sale of property, plant and equipment | 149 | 30 |
NET CASH FROM IN FINANCING ACTIVITIES | -13 208 | -26 906 |
Cash flows from financing activities
NET CASH FROM IN FINANCING ACTIVITIES | 0 | 0 |
Net increase/(decrease) in cash and cash equivalents | 10 715 | -101 |
Cash and cash equivalents at the beginning of the quarter | 32 858 | 1 145 |
Cash and cash equivalents at the end of the quarter | 43 573 | 1 045 |
* 2015 year statement data is consolidated