1st Quarter 2021 (unaudited)

Compared to the 1st quarter in 2021 Elering AS’s operating profit increased by 2,5% levelling at EUR 18.7 million.

Total revenue in 1st quarter 2021 increased by 25.7%. Balancing energy revenues remained stable year on year. The transmission volumes in electricity and gas showed an increase 9.0% and 24.5% respectively, having an impact on the revenues by 8.6% and 24.5%. Higher electricity price in 2021 affected adversely the network losses by EUR 3.1 million. As a result of the extensive investments, the depreciation costs increased by EUR 1.1 million in the 1st quarter in 2021. In total the operating costs were up by 24.7% amounting to EUR 23.4 million.

The financial expenses remained stable at EUR 0.6 million.

In total the net profit in the 1st quarter was EUR 18.1 million.

The cash flows from operating activities amounted to EUR 36.1 million, EUR 10.2 million was invested into the non-current assets and EUR 10.0 million was transferred into short term deposits with maturity exceeding 3 months. The company repaid its loans for EUR 2.6 million.

The total assets of the Company exceeded EUR 1.1 billion. Total liabilities stood at EUR 698.6 million and owner’s equity EUR 405.1 million.

  31.03.21 31.03.20 31.12.20

Assets
Current assets
Cash and cash equivalents 68,635 30,774 50,619
Accounts receivables and other receivables 47,816 41,723 39,485
Inventories 3,392 3,737 3,535
Total current assets 119,843 76,234 93,639
Non-current assets 983,842 948,299 982,097
TOTAL ASSETS 1,103,685 1,024,533 1,075,736

Liabilities
Current liabilities
Borrowings 10,622 10,571 10,565
Trade and other payables 38,121 29,075 28,449
Total current liabilities 48,743 39,646 39,014
Non-current liabilities
Borrowings 319,913 330,164 322,389
Other non-current liabilities 329,908 248,850 327,366
Total non-current liabilities 649,821 579,014 649,755
TOTAL LIABILITIES 698,564 618,660 688,769

Owner's equity
Share capital 229,890 229,890 229,890
Revaluation of the financial investments 0 -46 -1,047
Statutory reserve 16,330 14,686 16,330
Retained earnings 158,901 161,343 141,794
Total owner’s equity 405,121 405,873 386,967
TOTAL LIABILITIES AND OWNER’S EQUITY 1,103,685 1,024,533 1,075,736

 

In EUR thousands

  1st Quarter Year
2021 2020 2020
Net sales 52,578 41,831 137,068
Other income 1,129 880 5,327
Goods, raw materials and services 19,977 10,753 53,255
Miscellaneous operating expenses 1,454 1,399 5,445
Staff costs 2,885 2,766 10,970
Depreciation and amortisation 10,686 9,539 40,123
Other operating expenses 20 31 0
OPERATING PROFIT 18,685 18,223 32,602
Financial income 11 1 2,338
Financial expenses 556 618 2,338
Income tax 0 0 4,964
NET PROFIT 18,140 17,606 25,302
 

In EUR thousands

  1st Quarter Year
2021 2020 2020

Cash flows from operating activities
Profit before income tax 18,140 17,606 30,266
Adjustments for
Depreciation 10,686 9,539 40,123
Change in current assets involved in operating activities 692 -236 1,859
Change in liabilities involved in operating activities 7,086 -1,518 -1,738
Paid interest -21 -27 -2,319
Income tax on dividends 0 -1,568 -6,531
Other adjustments -506 -739 -791
Total cash flows from operating activities 36,077 23,057 60,869

Cash flows used in investment activities
Acquisition of property, plant and equipment -10,212 -35,431 -100,214
Net change in deposits in banks with maturity exceeding 3 months -10,000 0 59,477
Proceeds from congestion income 3,811 3,445 24,053
Proceeds from sales of financial investment 912 0 0
Proceeds from sales of property, plant and equipment 72 0 264
Total cash flows used in investment activities -15,417 -31,986 -16,420

Cash flows used in financing activities
Repayment of bank loans -2,637 -2,637 -10,558
Repayable finance lease liabilities -7 -7 -19
Paid dividends 0 0 -25,600
Total cash flows used in financing activities -2,644 -2,644 -36,177
 
Change of cash and cash equivalents 18,016 -11,573 8,272
Cash and cash equivalents at the beginning of the period 50,619 42,347 42,347
Cash and cash equivalents at the end of the period 68,635 30,774 50,619
  31.03.21 31.03.20 31.12.20

Assets
Current assets
Cash and cash equivalents 68,635 30,774 50,619
Accounts receivables and other receivables 47,816 41,723 39,485
Inventories 3,392 3,737 3,535
Total current assets 119,843 76,234 93,639
Non-current assets 983,842 948,299 982,097
TOTAL ASSETS 1,103,685 1,024,533 1,075,736

Liabilities
Current liabilities
Borrowings 10,622 10,571 10,565
Trade and other payables 38,121 29,075 28,449
Total current liabilities 48,743 39,646 39,014
Non-current liabilities
Borrowings 319,913 330,164 322,389
Other non-current liabilities 329,908 248,850 327,366
Total non-current liabilities 649,821 579,014 649,755
TOTAL LIABILITIES 698,564 618,660 688,769

Owner's equity
Share capital 229,890 229,890 229,890
Revaluation of the financial investments 0 -46 -1,047
Statutory reserve 16,330 14,686 16,330
Retained earnings 158,901 161,343 141,794
Total owner’s equity 405,121 405,873 386,967
TOTAL LIABILITIES AND OWNER’S EQUITY 1,103,685 1,024,533 1,075,736

 

In EUR thousands

  1st Quarter Year
2021 2020 2020
Net sales 52,578 41,831 137,068
Other income 1,129 880 5,327
Goods, raw materials and services 19,977 10,753 53,255
Miscellaneous operating expenses 1,454 1,399 5,445
Staff costs 2,885 2,766 10,970
Depreciation and amortisation 10,686 9,539 40,123
Other operating expenses 20 31 0
OPERATING PROFIT 18,685 18,223 32,602
Financial income 11 1 2,338
Financial expenses 556 618 2,338
Income tax 0 0 4,964
NET PROFIT 18,140 17,606 25,302
 

In EUR thousands

  1st Quarter Year
2021 2020 2020

Cash flows from operating activities
Profit before income tax 18,140 17,606 30,266
Adjustments for
Depreciation 10,686 9,539 40,123
Change in current assets involved in operating activities 692 -236 1,859
Change in liabilities involved in operating activities 7,086 -1,518 -1,738
Paid interest -21 -27 -2,319
Income tax on dividends 0 -1,568 -6,531
Other adjustments -506 -739 -791
Total cash flows from operating activities 36,077 23,057 60,869

Cash flows used in investment activities
Acquisition of property, plant and equipment -10,212 -35,431 -100,214
Net change in deposits in banks with maturity exceeding 3 months -10,000 0 59,477
Proceeds from congestion income 3,811 3,445 24,053
Proceeds from sales of financial investment 912 0 0
Proceeds from sales of property, plant and equipment 72 0 264
Total cash flows used in investment activities -15,417 -31,986 -16,420

Cash flows used in financing activities
Repayment of bank loans -2,637 -2,637 -10,558
Repayable finance lease liabilities -7 -7 -19
Paid dividends 0 0 -25,600
Total cash flows used in financing activities -2,644 -2,644 -36,177
 
Change of cash and cash equivalents 18,016 -11,573 8,272
Cash and cash equivalents at the beginning of the period 50,619 42,347 42,347
Cash and cash equivalents at the end of the period 68,635 30,774 50,619