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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.

In EUR thousands

  30.06.20 30.06.19 31.12.19

Assets

Current assets
Cash and cash equivalents 23,979 81,757 42,347
Short term financial instruments 1,900 30,000 1,900
Trade and other receivables 35,907 25,397 39,025
Inventories 3,671 3,470 3,687
Total current assets 65,457 140,624 86,959
Non-current assets 960,681 879,032 937,397
TOTAL ASSETS 1,026,138 1,019,656 1,024,356

Liabilities

Current liabilities
Borrowings 10,565 5,293 10,577
Trade and other payables 25,703 67,250 46,670
Total current liabilities 36,268 72,544 57,247
Non-current liabilities
Long-term borrowings 327,570 343,227 332,751
Other non-current liabilities 255,391 226,418 246,091
Total non-current liabilities 582,961 569,645 578,842
TOTAL LIABILITIES 619,230 642,188 636,089

Equity

Share capital 229,890 229,890 229,890
Revaluation of the financial investments -46 0 -46
Statutory reserve capital 14,686 14,686 143,737
Retained earnings 162,379 132,893 143,737
TOTAL EQUITY 406,909 377,468 388,267
TOTAL LIABILITIES AND OWNER’S EQUITY 1,026,138 1,019,656 1,024,356

 

In EUR thousands

  2nd Quarter 1st half-year Year
2020 2019 2020 2019 2019
Net sales 26,146 27,505 67,977 73,163 142,115
Other income 1,815 546 2,696 11,889 13,105
Goods, raw materials and services 12,916 15,014 23,669 30,563 61,700
Miscellaneous operating expenses 1,157 1,052 2,556 2,383 5,090
Staff costs 2,653 2,137 5,419 4,274 9,559
Depreciation and amortisation 9,596 8,823 19,135 17,846 36,913
Other expenses 22 38 52 77 181
OPERATING PROFIT 1,618 988 19,842 29,909 41,777
Financial income 0 2 1 4 2,183
Financial expenses 583 553 1,201 1,102 2,183
PROFIT BEFORE TAX 1,035 437 18,640 28,803 39,656
Dividend income tax 0 6,769 0 6,769 6,769
NET PROFIT 1,035 -6,332 18,640 22,042 32,887
Impairment of investments in equity instruments 0 0 0 0 46
TOTAL COMPREHENSIVE INCOME 1,035 -6,332 18,640 22,042 32,841

In EUR thousands

  2nd Quarter 1st half-year Year
2020 2019 2020 2019 2019

Cash flows from operating activities

Profit/loss before income tax 1,035 437 18,642 28,811 39,656
Adjustments for
Depreciation, amortisation and impairment 9,596 8,823 19,136 17,845 36,913
Change in current assets involved in operating activities 3,597 3,332 3,361 12,284 -4,136
Change in liabilities involved in operating activities -665 135 -2,184 -440 4,098
Interest cost -2,107 -2,035 -2,184 -440 4,098
Income tax on dividends 0 0 -2,107 -2,148 -2,282
Other adjustments -761 2,902 -1,568 0 -5,201
TOTAL CASH FLOWS FROM OPERATING ACTIVITIES 10,695 13,594 33,752 59,464 72,297

Cash flows from/used in investment activities

Acquisition of property, plant and equipment and intangible assets -23,388 -24,501 -58,818 -46,626 -117,553
Foreign grants for acquisition of non-current assets 1,159 35,388 1,159 35,487 51,657
Net change in deposits at banks with maturity of more than 3 months 0 -30,000 0 -30,000 0
Proceeds from congestion income 7,255 4,294 10,700 6,000 13,091
Proceeds from sale of property, plant and equipment 132 9 132 9 125
CASH FLOWS USED IN INVESTMENT ACTIVITIES -14,841 -14,811 -46,827 -35,130 -52,680

Cash flows from financing activities

Repayment of long-term bank loans -2,642 -2,642 -5,279 -5,279 -10,558
Repayable finance lease liabilities -7 -7 -14 -14 -28
TOTAL CASH FLOWS USED IN FINANCING ACTIVITIES -2,649 -2,649 -5,293 -5,293 -39,986
 
Change in cash and cash equivalents -6,795 -3,866 -18,368 19,041 -20,369
Cash and cash equivalents at the beginning of the quarter 30,774 85,623 42,347 62,716 62,716
Cash and cash equivalents at the end of the quarter 23,979 81,757 23,979 81,757 42,347

In EUR thousands

  30.06.20 30.06.19 31.12.19

Assets

Current assets
Cash and cash equivalents 23,979 81,757 42,347
Short term financial instruments 1,900 30,000 1,900
Trade and other receivables 35,907 25,397 39,025
Inventories 3,671 3,470 3,687
Total current assets 65,457 140,624 86,959
Non-current assets 960,681 879,032 937,397
TOTAL ASSETS 1,026,138 1,019,656 1,024,356

Liabilities

Current liabilities
Borrowings 10,565 5,293 10,577
Trade and other payables 25,703 67,250 46,670
Total current liabilities 36,268 72,544 57,247
Non-current liabilities
Long-term borrowings 327,570 343,227 332,751
Other non-current liabilities 255,391 226,418 246,091
Total non-current liabilities 582,961 569,645 578,842
TOTAL LIABILITIES 619,230 642,188 636,089

Equity

Share capital 229,890 229,890 229,890
Revaluation of the financial investments -46 0 -46
Statutory reserve capital 14,686 14,686 143,737
Retained earnings 162,379 132,893 143,737
TOTAL EQUITY 406,909 377,468 388,267
TOTAL LIABILITIES AND OWNER’S EQUITY 1,026,138 1,019,656 1,024,356

 

In EUR thousands

  2nd Quarter 1st half-year Year
2020 2019 2020 2019 2019
Net sales 26,146 27,505 67,977 73,163 142,115
Other income 1,815 546 2,696 11,889 13,105
Goods, raw materials and services 12,916 15,014 23,669 30,563 61,700
Miscellaneous operating expenses 1,157 1,052 2,556 2,383 5,090
Staff costs 2,653 2,137 5,419 4,274 9,559
Depreciation and amortisation 9,596 8,823 19,135 17,846 36,913
Other expenses 22 38 52 77 181
OPERATING PROFIT 1,618 988 19,842 29,909 41,777
Financial income 0 2 1 4 2,183
Financial expenses 583 553 1,201 1,102 2,183
PROFIT BEFORE TAX 1,035 437 18,640 28,803 39,656
Dividend income tax 0 6,769 0 6,769 6,769
NET PROFIT 1,035 -6,332 18,640 22,042 32,887
Impairment of investments in equity instruments 0 0 0 0 46
TOTAL COMPREHENSIVE INCOME 1,035 -6,332 18,640 22,042 32,841

In EUR thousands

  2nd Quarter 1st half-year Year
2020 2019 2020 2019 2019

Cash flows from operating activities

Profit/loss before income tax 1,035 437 18,642 28,811 39,656
Adjustments for
Depreciation, amortisation and impairment 9,596 8,823 19,136 17,845 36,913
Change in current assets involved in operating activities 3,597 3,332 3,361 12,284 -4,136
Change in liabilities involved in operating activities -665 135 -2,184 -440 4,098
Interest cost -2,107 -2,035 -2,184 -440 4,098
Income tax on dividends 0 0 -2,107 -2,148 -2,282
Other adjustments -761 2,902 -1,568 0 -5,201
TOTAL CASH FLOWS FROM OPERATING ACTIVITIES 10,695 13,594 33,752 59,464 72,297

Cash flows from/used in investment activities

Acquisition of property, plant and equipment and intangible assets -23,388 -24,501 -58,818 -46,626 -117,553
Foreign grants for acquisition of non-current assets 1,159 35,388 1,159 35,487 51,657
Net change in deposits at banks with maturity of more than 3 months 0 -30,000 0 -30,000 0
Proceeds from congestion income 7,255 4,294 10,700 6,000 13,091
Proceeds from sale of property, plant and equipment 132 9 132 9 125
CASH FLOWS USED IN INVESTMENT ACTIVITIES -14,841 -14,811 -46,827 -35,130 -52,680

Cash flows from financing activities

Repayment of long-term bank loans -2,642 -2,642 -5,279 -5,279 -10,558
Repayable finance lease liabilities -7 -7 -14 -14 -28
TOTAL CASH FLOWS USED IN FINANCING ACTIVITIES -2,649 -2,649 -5,293 -5,293 -39,986
 
Change in cash and cash equivalents -6,795 -3,866 -18,368 19,041 -20,369
Cash and cash equivalents at the beginning of the quarter 30,774 85,623 42,347 62,716 62,716
Cash and cash equivalents at the end of the quarter 23,979 81,757 23,979 81,757 42,347

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