1st Quarter 2022 (unaudited)

Total revenue in 1st quarter in 2022 increased by 42.8% amounting to EUR 76.7 million. Majority of the increase was related to balancing energy revenues, which increased by EUR 24.6 million. Compared to the 1st quarter in 2021, the transmission volumes in electricity decreased by 8.1% and gas transmission volumes decreased by 18.1%. As a result the total transmission revenues decreased by 10.5% to EUR 33.7 million. Higher electricity price in 2022 affected adversely the network losses by EUR 10.9 million. As a result of the extensive investments, the depreciation costs increased by EUR 1.3 million in the 1st quarter in 2022. In total the operating costs were up by 105.0% amounting to EUR 71.8 million.

The financial expenses remained stable at EUR 0.6 million.

In total the net profit in the 1st quarter was EUR 4.3 million.

The cash flows from operating activities was positive of EUR 16.9 million, EUR 16.5 million was invested into the non-current assets, EUR 43,8 million congestion income was received. The company repaid its loans for EUR 2.6 million.

The total assets of the Company exceeded EUR 1.2 billion. Total liabilities stood at EUR 845.8 million and owner’s equity EUR 386.4 million.

In EUR thousands

  31.03.22 31.03.21 31.12.21

Assets
Current assets
Cash and cash equivalents 88,867 68,635 62,668
Short term financial instruments 57,000 10,000 42,000
Accounts receivables and other receivables 56,964 37,816 59,683
Inventories 11,236 3,392 3,658
Total current assets 214,067 119,843 168,009
Non-current assets 1,018,100 983,842 1,014,845
TOTAL ASSETS 1,232,167 1,103,685 1,182,854

Liabilities
Current liabilities
Borrowings 10,635 10,622 12,010
Trade and other payables 56,551 38,121 57,135
Total current liabilities 67,186 48,743 69,145
Non-current liabilities
Borrowings 309,493 319,913 312,095
Other non-current liabilities 469,080 329,908 419,526
Total non-current liabilities 778,573 649,821 731,621
TOTAL LIABILITIES 845,759 698,564 800,766

Owner's equity
Share capital 229,890 229,890 229,890
Statutory reserve 17,595 16,330 17,595
Retained earnings 138,923 158,901 134,603
Total owner’s equity 386,408 405,121 382,088
TOTAL LIABILITIES AND OWNER’S EQUITY 1,232,167 1,103,685 1,182,854

 

In EUR thousands

  1st Quarter Year
2022 2021 2021
Net sales 74,850 52,579 201,457
Other income 1,850 1,129 6,672
Goods, raw materials and services 55,077 19,977 135,210
Miscellaneous operating expenses 1,373 1,454 7,075
Staff costs 3,399 2,885 11,222
Depreciation and amortisation 11,952 10,686 45,531
Other operating expenses 11 20 69
OPERATING PROFIT 4,888 18,686 9,022
Financial income 1 11 16
Financial expenses 570 556 2,302
Income tax 0 0 1,628
NET PROFIT 4,319 18,141 5,108
 

In EUR thousands

  1st Quarter Year
2022 2021 2021

Cash flows from operating activities
Profit before income tax 4,319 18,141 6,736
Adjustments for
Depreciation 11,952 10,686 45,531
Change in current assets involved in operating activities 3,129 692 -20,599
Change in liabilities involved in operating activities -1,529 7,086 24,272
Paid interest -7 -21 -2,016
Income tax on dividends -1,628 0 0
Other adjustments 617 -507 -2,860
Total cash flows from operating activities 16,853 36,077 51,064

Cash flows used in investment activities
Acquisition of property, plant and equipment -16,849 -10,212 -75,497
Foreign grants for acquisition of non-current assets 0 0 31,827
Net change in deposits in banks with maturity exceeding 3 months -15,000 -10,000 -42,000
Proceeds from congestion income 43,827 3,811 65,582
Proceeds from sales of financial investment 0 912 912
Proceeds from sales of property, plant and equipment 7 72 773
Total cash flows used in investment activities 11,985 -15,417 -18,403

Cash flows used in financing activities
Repayment of bank loans -2,637 -2,637 -10,558
Repayable finance lease liabilities -2 -7 -54
Paid dividends 0 0 -10,000
Total cash flows used in financing activities -2,639 -2,644 -20,612
 
Change of cash and cash equivalents 26,199 18,016 12,049
Cash and cash equivalents at the beginning of the period 62,668 50,619 50,619
Cash and cash equivalents at the end of the period 88,867 68,635 62,668

In EUR thousands

  31.03.22 31.03.21 31.12.21

Assets
Current assets
Cash and cash equivalents 88,867 68,635 62,668
Short term financial instruments 57,000 10,000 42,000
Accounts receivables and other receivables 56,964 37,816 59,683
Inventories 11,236 3,392 3,658
Total current assets 214,067 119,843 168,009
Non-current assets 1,018,100 983,842 1,014,845
TOTAL ASSETS 1,232,167 1,103,685 1,182,854

Liabilities
Current liabilities
Borrowings 10,635 10,622 12,010
Trade and other payables 56,551 38,121 57,135
Total current liabilities 67,186 48,743 69,145
Non-current liabilities
Borrowings 309,493 319,913 312,095
Other non-current liabilities 469,080 329,908 419,526
Total non-current liabilities 778,573 649,821 731,621
TOTAL LIABILITIES 845,759 698,564 800,766

Owner's equity
Share capital 229,890 229,890 229,890
Statutory reserve 17,595 16,330 17,595
Retained earnings 138,923 158,901 134,603
Total owner’s equity 386,408 405,121 382,088
TOTAL LIABILITIES AND OWNER’S EQUITY 1,232,167 1,103,685 1,182,854

 

In EUR thousands

  1st Quarter Year
2022 2021 2021
Net sales 74,850 52,579 201,457
Other income 1,850 1,129 6,672
Goods, raw materials and services 55,077 19,977 135,210
Miscellaneous operating expenses 1,373 1,454 7,075
Staff costs 3,399 2,885 11,222
Depreciation and amortisation 11,952 10,686 45,531
Other operating expenses 11 20 69
OPERATING PROFIT 4,888 18,686 9,022
Financial income 1 11 16
Financial expenses 570 556 2,302
Income tax 0 0 1,628
NET PROFIT 4,319 18,141 5,108
 

In EUR thousands

  1st Quarter Year
2022 2021 2021

Cash flows from operating activities
Profit before income tax 4,319 18,141 6,736
Adjustments for
Depreciation 11,952 10,686 45,531
Change in current assets involved in operating activities 3,129 692 -20,599
Change in liabilities involved in operating activities -1,529 7,086 24,272
Paid interest -7 -21 -2,016
Income tax on dividends -1,628 0 0
Other adjustments 617 -507 -2,860
Total cash flows from operating activities 16,853 36,077 51,064

Cash flows used in investment activities
Acquisition of property, plant and equipment -16,849 -10,212 -75,497
Foreign grants for acquisition of non-current assets 0 0 31,827
Net change in deposits in banks with maturity exceeding 3 months -15,000 -10,000 -42,000
Proceeds from congestion income 43,827 3,811 65,582
Proceeds from sales of financial investment 0 912 912
Proceeds from sales of property, plant and equipment 7 72 773
Total cash flows used in investment activities 11,985 -15,417 -18,403

Cash flows used in financing activities
Repayment of bank loans -2,637 -2,637 -10,558
Repayable finance lease liabilities -2 -7 -54
Paid dividends 0 0 -10,000
Total cash flows used in financing activities -2,639 -2,644 -20,612
 
Change of cash and cash equivalents 26,199 18,016 12,049
Cash and cash equivalents at the beginning of the period 62,668 50,619 50,619
Cash and cash equivalents at the end of the period 88,867 68,635 62,668