2nd Quarter 2019 (unaudited)

Elering’s income in Q2 increased by 17 per cent from the same period a year ago to 28.1 million euros. The most significant source of the income was the increase in revenue connected to energy markets by 2.3 million euros. Sales volumes of electricity and gas network services fell due to significantly warmer weather conditions in the first half of this year compared to the same period a year ago.

On the operating expenses side, expenses related to energy markets rose by the same amount as income connected to energy markets – 2.3 million euros – and expenses not connected to energy markets decreased by 1 million euros. The company’s financial expenses in Q2 fell by 2.6 million euros due to the successfully refinanced Eurobond in spring 2008. Income tax expenses grew by 1.8 million euros as a result of higher dividends.

Elering’s operating profit for Q2 was 1.0 million euros, which is 2.8 million euros more than in the same period a year ago. Elering’s net loss for Q2 2019 decreased by 3.6 million euros year-over-year.

Elering’s cash flow from operating activity in Q2 was 13.5 million euros, the company invested 24.5 million euros into its non-current assets and 4.3 million euros came in as income from auctions of cross-border transmission capacity. The company repaid 2.6 million euros in loans taken in periods.

Elering’s asset volume as at the end of June was 1 billion euros and equity capital stood at 377.5 million euros.

In EUR thousands

  30.06.19 30.06.18

Assets
Current assets
Cash and cash equivalents 81,757 326,727
Trade and other receivables 58,867 60,689
Total current assets 140,624 387,416
Non-current assets 879,032 784,444
TOTAL ASSETS 1,019,656 1,171,860

Liabilities
Current liabilities
Borrowings 5,293 230,259
Trade and other payables 67,250 39,378
Total current liabilities 72,544 269,637
Non-current liabilities
Long-term borrowings 343,227 353,735
Other non-current liabilities 226,418 175,229
Total non-current liabilities 569,645 528,963
TOTAL LIABILITIES 642,188 798,601

Equity
Share capital 229,890 229,890
Statutory reserve capital 14,686 13,754
Retained earnings 132,893 129,616
TOTAL EQUITY 377,468 373,259
TOTAL LIABILITIES AND EQUITY 1,019,656 1,171,860

 

In EUR thousands

  01.04.19 01.04.18
30.06.19 30.06.18
Revenue 27,505 23,474
Other income 546 497
Goods, raw materials and services 15,014 13,720
Other operating expenses 1,052 1,686
Staff costs 2,137 1,973
Depreciation and amortisation 8,823 8,302
Other expenses 38 53
OPERATING PROFIT 988 -1,763
Finance income 2 5
Finance costs 553 3,125
Income tax 6,769 5,000
Net profit -6,332 -9,883

In EUR thousands

  01.04.19 01.04.18
30.06.19 30.06.18

Cash flows from operating activities
Profit/loss before income tax 437 -4,883
Adjustments for
Depreciation, amortisation and impairment 8,823 8,302
Total netchange of current assets 3,332 12,151
Total netchange in liablilities related to operating activities 135 -5,209
Other adjustments 773 2,679
NET CASH FROM OPERATING ACTIVITIES 13,500 13,040

Cash flows from investing activities
Purchases of property, plant and equipment, and intangible assets -24,501 -36,289
Foreign grants to acquire non-current assets 35,388 6,995
Net change in deposits at banks with maturities of more than 3 months -30,000 -40,000
Proceeds from congestion income 4,294 1,019
Dividends received from financial investments 94 68
Proceeds from sale of property, plant and equipment 9 81
NET CASH USED IN INVESTING ACTIVITIES -14,717 -68,127

Cash flows from financing activities
Issued bonds 0 224,275
Repayment of long-term bank loans -2,642 -1,201
Repayable finance lease liabilities -7 0
Dividends paid 0 -20,000
NET CASH FROM IN FINANCING ACTIVITIES -2,649 203,074
0 0 0
Net increase/(decrease) in cash and cash equivalents -3,866 147,986
Cash and cash equivalents at the beginning of the quarter 85,623 178,740
Cash and cash equivalents at the end of the quarter 81,757 326,727

In EUR thousands

  30.06.19 30.06.18

Assets
Current assets
Cash and cash equivalents 81,757 326,727
Trade and other receivables 58,867 60,689
Total current assets 140,624 387,416
Non-current assets 879,032 784,444
TOTAL ASSETS 1,019,656 1,171,860

Liabilities
Current liabilities
Borrowings 5,293 230,259
Trade and other payables 67,250 39,378
Total current liabilities 72,544 269,637
Non-current liabilities
Long-term borrowings 343,227 353,735
Other non-current liabilities 226,418 175,229
Total non-current liabilities 569,645 528,963
TOTAL LIABILITIES 642,188 798,601

Equity
Share capital 229,890 229,890
Statutory reserve capital 14,686 13,754
Retained earnings 132,893 129,616
TOTAL EQUITY 377,468 373,259
TOTAL LIABILITIES AND EQUITY 1,019,656 1,171,860

 

In EUR thousands

  01.04.19 01.04.18
30.06.19 30.06.18
Revenue 27,505 23,474
Other income 546 497
Goods, raw materials and services 15,014 13,720
Other operating expenses 1,052 1,686
Staff costs 2,137 1,973
Depreciation and amortisation 8,823 8,302
Other expenses 38 53
OPERATING PROFIT 988 -1,763
Finance income 2 5
Finance costs 553 3,125
Income tax 6,769 5,000
Net profit -6,332 -9,883

In EUR thousands

  01.04.19 01.04.18
30.06.19 30.06.18

Cash flows from operating activities
Profit/loss before income tax 437 -4,883
Adjustments for
Depreciation, amortisation and impairment 8,823 8,302
Total netchange of current assets 3,332 12,151
Total netchange in liablilities related to operating activities 135 -5,209
Other adjustments 773 2,679
NET CASH FROM OPERATING ACTIVITIES 13,500 13,040

Cash flows from investing activities
Purchases of property, plant and equipment, and intangible assets -24,501 -36,289
Foreign grants to acquire non-current assets 35,388 6,995
Net change in deposits at banks with maturities of more than 3 months -30,000 -40,000
Proceeds from congestion income 4,294 1,019
Dividends received from financial investments 94 68
Proceeds from sale of property, plant and equipment 9 81
NET CASH USED IN INVESTING ACTIVITIES -14,717 -68,127

Cash flows from financing activities
Issued bonds 0 224,275
Repayment of long-term bank loans -2,642 -1,201
Repayable finance lease liabilities -7 0
Dividends paid 0 -20,000
NET CASH FROM IN FINANCING ACTIVITIES -2,649 203,074
0 0 0
Net increase/(decrease) in cash and cash equivalents -3,866 147,986
Cash and cash equivalents at the beginning of the quarter 85,623 178,740
Cash and cash equivalents at the end of the quarter 81,757 326,727