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Overview

In the first quarter of this year, Elering had an operating revenue of 43.8 million euros, an operating profit of 23.1 million euros, and a net profit of 20.8 million euros.

Again, the financial results turned out better than forecasted primarily due to the cross-border transmission capacity auction profits. At the same time the domestic transmission volumes diminished due to an unusually mild winter.

Compared to the first quarter of 2013, revenues grew by 1.3 million euros, whereas operating expenses grew by 0.2 million euros, resulting in the growth of operating profit by 1.1 million euros. Most of the increase in revenue came from the cross-border transmission capacity auction on the Estonian-Latvian border: 4.3 million euros. The capacity auction revenue will lower the transmission fees during the next tariff period. However, the revenue from electricity transmission fell by 1.9 million euros mainly due to a warmer winter while tariffs remained unchanged. Revenues from the sale of balancing service fell by 1.8 million euros. Operating expenses continued on the level of the previous year, rising by just 0.2 million euros. Accounted financial costs increased by 0.9 million euros due to the reduction of capitalized interest of large investment objects.

Operating cash flow came to 26.8 million euros, together with (an additional) 20 million euros of support from the European Union for the construction of EstLink 2. Elering’s investments were financed by these sums. In regard to loans no changes occurred during the quarter.

By the end of March, Elering’s assets totalled 720 million euros out of which non-current assets accounted for 678.7 million euros. The company’s equity grew to 294.8 million euros thanks to profit.

In EUR thousands 

  31.03.17 31.03.16

Assets

Current assets
Cash and cash equivalents 76,615 88,416
Trade and other receivables 51,817 30,283
Total current assets 128,432 118,699
Non-current assets 795,885 765,206
TOTAL ASSETS 924,317 883,905

Liabilities

Current liabilities
Borrowings 4,035 2,381
Trade and other payables 31,411 26,530
Total current liabilities 35,446 28,911
Non-current liabilities
Long-term borrowings 361,829 376,935
Other non-current liabilities 161,977 130,898
Total non-current liabilities 523,806 507,834
TOTAL LIABILITIES 559,252 536,744

Equity

Share capital 189,890 157,890
Statutory reserve capital 11,962 10,743
Retained earnings 163,213 178,528
TOTAL EQUITY 365,065 347,161
TOTAL LIABILITIES AND EQUITY 924,317 883,905

 

In EUR thousands

 
01.01.17 31.03.17 01.01.16 31.03.16
Revenue 42,776 45,062
Other income 430 489
Goods, raw materials and services 12,323 12,279
Other operating expenses 1,478 1,271
Staff costs 1,912 1,902
Depreciation and amortisation 8,672 9,397
Other expenses 49 27
OPERATING PROFIT 18,772 20,675
Finance income 21 10
Finance costs 2,800 2,883
Net profit 15,993 17,802

 

In EUR thousands

 
01.01.17 31.03.17 01.01.16 31.03.16

Cash flows from operating activities

Profit/loss before income tax 15,993 17,802
Adjustments for
Depreciation, amortisation and impairment 8,672 9,397
Total netchange of current assets -650 536
Total netchange in liablilities related to operating activities 2,449 -698
Other adjustments 3,990 2,090
NET CASH FROM OPERATING ACTIVITIES 30,453 29,127

Cash flows from investing activities

Purchases of property, plant and equipment, and intangible assets -6,086 -4,159
Proceeds from congestion income 915 2,951
Proceeds from sale of property, plant and equipment 5 8
NET CASH USED IN INVESTING ACTIVITIES -5,166 -1,200

Cash flows from financing activities

Repayment of long-term bank loans -1,669 0
NET CASH FROM IN FINANCING ACTIVITIES -1,669 0
     
Net increase/(decrease) in cash and cash equivalents 23,617 27,927
Cash and cash equivalents at the beginning of the quarter 52,998 60,489
Cash and cash equivalents at the end of the quarter 76,615 88,416

In EUR thousands 

  31.03.17 31.03.16

Assets

Current assets
Cash and cash equivalents 76,615 88,416
Trade and other receivables 51,817 30,283
Total current assets 128,432 118,699
Non-current assets 795,885 765,206
TOTAL ASSETS 924,317 883,905

Liabilities

Current liabilities
Borrowings 4,035 2,381
Trade and other payables 31,411 26,530
Total current liabilities 35,446 28,911
Non-current liabilities
Long-term borrowings 361,829 376,935
Other non-current liabilities 161,977 130,898
Total non-current liabilities 523,806 507,834
TOTAL LIABILITIES 559,252 536,744

Equity

Share capital 189,890 157,890
Statutory reserve capital 11,962 10,743
Retained earnings 163,213 178,528
TOTAL EQUITY 365,065 347,161
TOTAL LIABILITIES AND EQUITY 924,317 883,905

 

In EUR thousands

 
01.01.17 31.03.17 01.01.16 31.03.16
Revenue 42,776 45,062
Other income 430 489
Goods, raw materials and services 12,323 12,279
Other operating expenses 1,478 1,271
Staff costs 1,912 1,902
Depreciation and amortisation 8,672 9,397
Other expenses 49 27
OPERATING PROFIT 18,772 20,675
Finance income 21 10
Finance costs 2,800 2,883
Net profit 15,993 17,802

 

In EUR thousands

 
01.01.17 31.03.17 01.01.16 31.03.16

Cash flows from operating activities

Profit/loss before income tax 15,993 17,802
Adjustments for
Depreciation, amortisation and impairment 8,672 9,397
Total netchange of current assets -650 536
Total netchange in liablilities related to operating activities 2,449 -698
Other adjustments 3,990 2,090
NET CASH FROM OPERATING ACTIVITIES 30,453 29,127

Cash flows from investing activities

Purchases of property, plant and equipment, and intangible assets -6,086 -4,159
Proceeds from congestion income 915 2,951
Proceeds from sale of property, plant and equipment 5 8
NET CASH USED IN INVESTING ACTIVITIES -5,166 -1,200

Cash flows from financing activities

Repayment of long-term bank loans -1,669 0
NET CASH FROM IN FINANCING ACTIVITIES -1,669 0
     
Net increase/(decrease) in cash and cash equivalents 23,617 27,927
Cash and cash equivalents at the beginning of the quarter 52,998 60,489
Cash and cash equivalents at the end of the quarter 76,615 88,416

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