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Overview

In the second quarter of 2015, Elering recorded revenue of 23.6 million euros, with an operating profit of 2.3 million euros.

In connection with the acquisition of the majority ownership in Võrguteenus Valdus AS, financial results published from this year also include the business activity of the acquired subsidiary. Võrguteenus Valdus is a holding company whose business activities involve ownership of the shares of the Estonian gas transmission network’s owner, Elering Gaas AS.

Revenue fell by 7.3 million euros compared to the second quarter of 2014. According to Elering’s Financial Manager Peep Soone, the reason for the fall lies in the change in accounting principles for recording the proceeds from the cross-border transmission capacity auction. As a result, auction proceeds are not recorded in the operating profits anymore, but are taken into account in balance as a long-term commitment. In the second quarter of last year, the auctions increased revenues by 10.3 million euros. On the expenditure side, the greatest change was caused by 5.0 million euros of income tax on dividends. Elering paid 20.0 million euros in dividends to the state budget.

Operating cash flow brought in 7.3 million euros and cash flow from investment activities took out a total of 23.1 million euros. 10.6 million euros was invested in non-current assets and 20.2 million euros in the subsidiary Võrguteenus Valdus AS. In addition, 7.4 million euros was received from the cross-border transmission capacity auctions. Financing cash flow totalled 12.0 million euros, which consisted of a loan of 32.0 million euros from the European Investment Bank and 20.0 million euros in paid-out dividends. The cash balance decreased by 3.8 million euros over the quarter.

Assets totalled 829.6 million euros by the end of the quarter and equity totalled 306.8 million euros.

In EUR thousands

Assets

  30.06.15 * 30.06.14
Current assets
Cash and cash equivalents 39 738 5 196
Trade and other receivables 22 673 33 938
Total current assets 62 410 39 135
Non-current assets​​​​​​​ 767 232 687 152
TOTAL ASSETS 829 642 726 286

Liabilities

Current liabilities
Borrowings 1 190 0
Trade and other payables 25 703 32 159
Total current liabilities 26 893 32 159
Non-current liabilities
Long-term borrowings 378 899 312 640
Other non-current liabilities 110 783 76 621
Total non-current liabilities 489 683 389 261
TOTAL LIABILITIES 516 576 421 420

Equity

Share capital 149 890 149 890
Statutory reserve capital 10 743 8 706
Retained earnings 146 138 146 270
TOTAL EQUITY 306 771 304 866
Non-controlling interest 6 296 0
TOTAL LIABILITIES AND EQUITY 829 642 726 286

* 2015 year statement data is consolidated

In EUR thousands

  01.04.15
30.06.15 *
01.04.14
30.06.14
Revenue 23 155 30 627
Other income 443 317
Goods, raw materials and services 9 062 9 044
Other operating expenses 1 155 827
Staff costs 1 829 1 261
Depreciation and amortisation 9 125 7 651
Other expenses 78 20
OPERATING PROFIT 2 349 12 140
Finance income 14 36
Finance costs 2 863 2 148
Income tax 5 000 0
Net profit​​​​​​​ -5 500 10 029
Equity holder of the Parent Company -5 512 0
Non-Controlling interest 12 0

* 2015 year statement data is consolidated

In EUR thousands

Cash flows from operating activities

  01.04.15
30.06.15 *
01.04.14
30.06.14
Profit/loss before income tax -500 10 029
Adjustments for
Depreciation, amortisation and impairment 9 125 7 651
Total netchange of current assets 7 708 6 252
Total netchange in liablilities related to operating activities -5 256 -6 273
Other adjustments 1 201 513
Paid income tax -5 000 0
NET CASH FROM IN OPERATING ACTIVITIES 7 278 18 172

Cash flows from investing activities

 

Purchases of property, plant and equipment, and intangible assets -10 574 -14 056
Foreign grants to acquire non-current assets 280 0
Proceeds from congestion income 7 393 0
Other investments -20 249 0
Dividends received from financial investments 0 35
Proceeds from sale of property, plant and equipment 69 0
NET CASH FROM IN FINANCING ACTIVITIES -23 081 -14 021

Cash flows from financing activities

 

Long-term bank loans received 31 968 0
Dividends paid -20 000 0
NET CASH FROM IN FINANCING ACTIVITIES 11 968 0
Net increase/(decrease) in cash and cash equivalents -3 835 4 151
Cash and cash equivalents at the beginning of the quarter 43 573 1 045
Cash and cash equivalents at the end of the quarter 39 738 5 196

* 2015 year statement data is consolidated

In EUR thousands

Assets

  30.06.15 * 30.06.14
Current assets
Cash and cash equivalents 39 738 5 196
Trade and other receivables 22 673 33 938
Total current assets 62 410 39 135
Non-current assets​​​​​​​ 767 232 687 152
TOTAL ASSETS 829 642 726 286

Liabilities

Current liabilities
Borrowings 1 190 0
Trade and other payables 25 703 32 159
Total current liabilities 26 893 32 159
Non-current liabilities
Long-term borrowings 378 899 312 640
Other non-current liabilities 110 783 76 621
Total non-current liabilities 489 683 389 261
TOTAL LIABILITIES 516 576 421 420

Equity

Share capital 149 890 149 890
Statutory reserve capital 10 743 8 706
Retained earnings 146 138 146 270
TOTAL EQUITY 306 771 304 866
Non-controlling interest 6 296 0
TOTAL LIABILITIES AND EQUITY 829 642 726 286

* 2015 year statement data is consolidated

In EUR thousands

  01.04.15
30.06.15 *
01.04.14
30.06.14
Revenue 23 155 30 627
Other income 443 317
Goods, raw materials and services 9 062 9 044
Other operating expenses 1 155 827
Staff costs 1 829 1 261
Depreciation and amortisation 9 125 7 651
Other expenses 78 20
OPERATING PROFIT 2 349 12 140
Finance income 14 36
Finance costs 2 863 2 148
Income tax 5 000 0
Net profit​​​​​​​ -5 500 10 029
Equity holder of the Parent Company -5 512 0
Non-Controlling interest 12 0

* 2015 year statement data is consolidated

In EUR thousands

Cash flows from operating activities

  01.04.15
30.06.15 *
01.04.14
30.06.14
Profit/loss before income tax -500 10 029
Adjustments for
Depreciation, amortisation and impairment 9 125 7 651
Total netchange of current assets 7 708 6 252
Total netchange in liablilities related to operating activities -5 256 -6 273
Other adjustments 1 201 513
Paid income tax -5 000 0
NET CASH FROM IN OPERATING ACTIVITIES 7 278 18 172

Cash flows from investing activities

 

Purchases of property, plant and equipment, and intangible assets -10 574 -14 056
Foreign grants to acquire non-current assets 280 0
Proceeds from congestion income 7 393 0
Other investments -20 249 0
Dividends received from financial investments 0 35
Proceeds from sale of property, plant and equipment 69 0
NET CASH FROM IN FINANCING ACTIVITIES -23 081 -14 021

Cash flows from financing activities

 

Long-term bank loans received 31 968 0
Dividends paid -20 000 0
NET CASH FROM IN FINANCING ACTIVITIES 11 968 0
Net increase/(decrease) in cash and cash equivalents -3 835 4 151
Cash and cash equivalents at the beginning of the quarter 43 573 1 045
Cash and cash equivalents at the end of the quarter 39 738 5 196

* 2015 year statement data is consolidated

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