1st Quarter 2016 (unaudited)
Overview
In the first quarter of 2016, Elering recorded revenues of 45,6 million euros with an operating profit 20,7 and net profit of 17,8 million euros.
Revenues increased by 6,4 million euros compared to the first quarter in 2015. The reason for the increase lies in the growth of balancing services volumes, greater electricity transmission volumes as a result of colder winter as well as in the increased revenues of the compensation mechanism between EU transmission system operators. Operating costs increased by 3,5 million euros mainly due to larger amount of bought balancing energy but also due to increased grid losses caused by growth in electricity transmission. Financial costs remained at the same level compared to the previous year resulting in increase of net profit by 2,8 million euros.
Operating cash flow brought in 29,1 million euros. 4,2 million euros was invested in fixed assets and 3,0 million euros was received from cross-border transmission capacity auctions. Thus, the total net cash flow from investments was -1,2 million euros. There were no cash flows related to financing in the first quarter.
Assets totalled 884,0 million euros by the end of the quarter and equity totalled 347,2 million euros.
In EUR thousands
Assets
31.03.16 | 31.03.15 * | |
Current assets | ||
Cash and cash equivalents | 88 416 | 43 573 |
Trade and other receivables | 30 283 | 27 608 |
Total current assets | 118 699 | 71 181 |
Non-current assets | 765 206 | 764 901 |
TOTAL ASSETS | 883 905 | 836 081 |
Liabilities
Current liabilities | ||
Borrowings | 2 381 | 1 190 |
Trade and other payables | 26 530 | 26 426 |
Total current liabilities | 28 911 | 27 617 |
Non-current liabilities | ||
Long-term borrowings | 376 935 | 346 797 |
Other non-current liabilities | 130 898 | 102 852 |
Total non-current liabilities | 507 834 | 449 649 |
TOTAL LIABILITIES | 536 744 | 477 266 |
Equity
Share capital | 157 890 | 149 890 |
Statutory reserve capital | 10 743 | 8 706 |
Retained earnings | 178 528 | 171 983 |
TOTAL EQUITY | 347 161 | 330 580 |
Mittekontrollitav osalus | 0 | 28 236 |
TOTAL LIABILITIES AND EQUITY | 883 905 | 836 081 |
* 2015 year statement data is consolidated
In EUR thousands
01.01.16 31.03.16 |
01.01.15 31.03.15 * |
|
Revenue | 45 062 | 38 814 |
Other income | 489 | 346 |
Goods, raw materials and services | 12 279 | 9 043 |
Other operating expenses | 1 271 | 1 097 |
Staff costs | 1 902 | 1 915 |
Depreciation and amortisation | 9 397 | 9 229 |
Other expenses | 27 | 56 |
OPERATING PROFIT | 20 675 | 17 820 |
Finance income | 10 | 0 |
Finance costs | 2 883 | 2 850 |
Net profit | 17 802 | 14 971 |
Equity holder of the Parent Company | 0 | 14 250 |
Non-Controlling interest | 0 | 720 |
* 2015 year statement data is consolidated
In EUR thousands
Cash flows from operating activities
01.01.16 31.03.16 |
01.01.15 31.03.15 * |
|
Profit/loss before income tax | 17 802 | 14 971 |
Adjustments for | ||
Depreciation, amortisation and impairment | 9 397 | 9 229 |
Total netchange of current assets | 536 | 416 |
Total netchange in liablilities related to operating activities | -698 | -4 041 |
Other adjustments | 2 090 | 2 358 |
NET CASH FROM IN OPERATING ACTIVITIES | 29 127 | 22 934 |
Cash flows from investing activities
Purchases of property, plant and equipment, and intangible assets | -4 159 | -4 591 |
Foreign grants to acquire non-current assets | 0 | 15 000 |
Proceeds from congestion income | 2 951 | 3 808 |
Other investments | 0 | -26 584 |
Proceeds from sale of property, plant and equipment | 8 | 149 |
NET CASH USED IN INVESTING ACTIVITIES | -1 200 | -12 219 |
Cash flows from financing activities
NET CASH FROM IN FINANCING ACTIVITIES | 0 | 0 |
Net increase/(decrease) in cash and cash equivalents | 27 927 | 10 715 |
Cash and cash equivalents at the beginning of the quarter | 60 489 | 32 858 |
Cash and cash equivalents at the end of the quarter | 88 416 | 43 573 |
* 2015 year statement data is consolidated
In EUR thousands
Assets
31.03.16 | 31.03.15 * | |
Current assets | ||
Cash and cash equivalents | 88 416 | 43 573 |
Trade and other receivables | 30 283 | 27 608 |
Total current assets | 118 699 | 71 181 |
Non-current assets | 765 206 | 764 901 |
TOTAL ASSETS | 883 905 | 836 081 |
Liabilities
Current liabilities | ||
Borrowings | 2 381 | 1 190 |
Trade and other payables | 26 530 | 26 426 |
Total current liabilities | 28 911 | 27 617 |
Non-current liabilities | ||
Long-term borrowings | 376 935 | 346 797 |
Other non-current liabilities | 130 898 | 102 852 |
Total non-current liabilities | 507 834 | 449 649 |
TOTAL LIABILITIES | 536 744 | 477 266 |
Equity
Share capital | 157 890 | 149 890 |
Statutory reserve capital | 10 743 | 8 706 |
Retained earnings | 178 528 | 171 983 |
TOTAL EQUITY | 347 161 | 330 580 |
Mittekontrollitav osalus | 0 | 28 236 |
TOTAL LIABILITIES AND EQUITY | 883 905 | 836 081 |
* 2015 year statement data is consolidated
In EUR thousands
01.01.16 31.03.16 |
01.01.15 31.03.15 * |
|
Revenue | 45 062 | 38 814 |
Other income | 489 | 346 |
Goods, raw materials and services | 12 279 | 9 043 |
Other operating expenses | 1 271 | 1 097 |
Staff costs | 1 902 | 1 915 |
Depreciation and amortisation | 9 397 | 9 229 |
Other expenses | 27 | 56 |
OPERATING PROFIT | 20 675 | 17 820 |
Finance income | 10 | 0 |
Finance costs | 2 883 | 2 850 |
Net profit | 17 802 | 14 971 |
Equity holder of the Parent Company | 0 | 14 250 |
Non-Controlling interest | 0 | 720 |
* 2015 year statement data is consolidated
In EUR thousands
Cash flows from operating activities
01.01.16 31.03.16 |
01.01.15 31.03.15 * |
|
Profit/loss before income tax | 17 802 | 14 971 |
Adjustments for | ||
Depreciation, amortisation and impairment | 9 397 | 9 229 |
Total netchange of current assets | 536 | 416 |
Total netchange in liablilities related to operating activities | -698 | -4 041 |
Other adjustments | 2 090 | 2 358 |
NET CASH FROM IN OPERATING ACTIVITIES | 29 127 | 22 934 |
Cash flows from investing activities
Purchases of property, plant and equipment, and intangible assets | -4 159 | -4 591 |
Foreign grants to acquire non-current assets | 0 | 15 000 |
Proceeds from congestion income | 2 951 | 3 808 |
Other investments | 0 | -26 584 |
Proceeds from sale of property, plant and equipment | 8 | 149 |
NET CASH USED IN INVESTING ACTIVITIES | -1 200 | -12 219 |
Cash flows from financing activities
NET CASH FROM IN FINANCING ACTIVITIES | 0 | 0 |
Net increase/(decrease) in cash and cash equivalents | 27 927 | 10 715 |
Cash and cash equivalents at the beginning of the quarter | 60 489 | 32 858 |
Cash and cash equivalents at the end of the quarter | 88 416 | 43 573 |
* 2015 year statement data is consolidated