2nd Quarter 2020 (unaudited)

Revenues of AS Elering AS remained stable

Compared to the second quarter last year, the revenues of AS Elering remained relatively stable at EUR 28.0 million. Although the revenues related to the energy markets were by EUR 1.3 million lower than the year before, it was compensated by the revenues not related to the energy markets. The decline of electricity transmission revenues in the second quarter were compensated by increase of revenues from gas transmission. Dividends received from the financial investment had also a positive effect on revenues in the amount of EUR 0.9 million.

Elering operating expenses decreased year on year by 2.7% to EUR 26.3 million. Expenses related to energy market declined with the same pace to the related revenues i.e around EUR 1.3 million. In addition the decline in expenses was supported by lower network losses as a result of the low electricity price. The operating profit of Elering compared to the same period last year, increased by EUR 0.6 million amounting to EUR 1.6 million. The net profit was around EUR 1 million, as the dividend decision was made in the third quarter in 2020.

The cash flows from operating activities amounted to EUR 10.7 million, EUR 23.4 million was invested to non-current assets and cross border congestion income of EUR 7.3 was received. The company repaid its loans for EUR 2.6 million.

Similarly to the same period last year, the total assets of the Company exceeded one billion. Total liabilities stood at EUR 619.2 million and owner’s equity EUR 406.9 million.