2nd Quarter 2021 (unaudited)

Total revenue in 2nd quarter in 2021 increased by 14.6% amounting to EUR 32.0 million. Majority of the increase was related to balancing energy revenues, which increased by 49.9% to EUR 11.3 million.

The transmission volumes in electricity and gas remained relatively stable. Electricity transmission volumes increased by 2.1% and gas transmission volumes decreased by 0.9%, as a result the total transmission revenues increased by 1.5% to EUR 16.2 million. Higher electricity price in 2021 affected adversely the network losses by EUR 2.7 million. As a result of the extensive investments, the depreciation costs increased by EUR 1.8 million in the 2nd quarter in 2021. In total the operating costs were up by 35.2% amounting to EUR 35.6 million.

The financial expenses remained stable at EUR 0.6 million. In total the net loss in the 2nd quarter was EUR 4.1 million.

The cash flows from operating activities amounted to EUR 10.8 million, EUR 21.7 million was invested into the non-current assets and EUR 11.9 million EU financing was received. The company repaid its loans for EUR 2.6 million.

The total assets of the Company exceeded EUR 1.1 billion. Total liabilities stood at EUR 731.1 million and owner’s equity EUR 376.6 million.

  30.06.21 30.06.20 31.12.20

Assets
Current assets
Cash and cash equivalents 74,728 23,979 50,619
Short-term financial investments 10,000 1,900 899
Accounts receivables and other receivables 28,081 35,907 38,586
Inventories 3,378 3,671 3,535
Total current assets 116,187 65,457 93,639
Non-current assets 991,477 960,681 982,097
TOTAL ASSETS 1,107,664 1,026,138 1,075,736

Liabilities
Current liabilities
Borrowings 10,636 10,565 10,565
Trade and other payables 53,908 25,703 28,449
Total current liabilities 64,544 36,268 39,014
Non-current liabilities
Borrowings 317,304 327,570 322,389
Other non-current liabilities 349,256 255,391 327,366
Total non-current liabilities 666,560 582,961 649,755
TOTAL LIABILITIES 731,104 619,229 688,769

Equity
Share capital 229,890 229,890 229,890
Revaluation of the financial investments 0 -46 -1,047
Statutory reserve 17,595 14,686 141,794
Retained earnings 129,075 162,379 141,794
TOTAL OWNER’S EQUITY 376,560 406,909 386,967
TOTAL LIABILITIES AND OWNER’S EQUITY 1,107,664 1,026,138 1,075,736

 

In EUR thousands

  2nd Quarter 1st half-year Year
2021 2020 2021 2020 2020
Net sales 30,237 26,146 82,815 67,978 137,067
Other income 1,810 1,815 2,939 2,696 5,327
Goods, raw materials and services 19,699 12,916 39,676 23,669 53,255
Other miscellaneous operating expenses 1,665 1,157 3,119 2,556 5,354
Staff costs 2,879 2,653 5,764 5,419 10,970
Depreciation and amortisation 11,381 9,596 22,067 19,135 40,123
Other operating expenses 4 22 24 53 91
OPERATING PROFIT -3,581 1,617 15,104 19,842 32,601
Financial income 1 0 12 1 2,338
Financial expenses 569 583 1,125 1,201 2,338
PROFIT BEFORE TAX -4,149 1,034 13,991 18,642 30,266
Income tax 0 0 0 0 4,964
NET PROFIT -4,149 1,034 13,991 18,642 25,302
 

In EUR thousands

  2nd Quarter 1st half-year Year
2021 2020 2021 2020 2020

Cash flows from operating activities
Profit/loss before income tax -4,149 1,035 13,991 18,641 30,266
Adjustments for
Depreciation, amortisation and impairment 11,381 9,596 22,067 19,135 40,123
Change in current assets involved in operating activities 12,061 3,597 12,753 3,361 1,859
Change in liabilities involved in operating activities -5,328 -665 1,758 -2,183 -1,738
Paid interest -1,979 -2,107 -2,000 -2,134 -2,319
Income tax on dividends 0 0 0 -1,568 -6,531
Other adjustments -1,177 -761 -1,683 -1,500 -791
TOTAL CASH FLOWS FROM OPERATING ACTIVITIES 10,809 10,695 46,886 33,752 60,869

Cash flows from/used in investment activities
Acquisition of property, plant and equipment and intangible assets -21,724 -23,388 -31,936 -58,819 -100,214
Foreign grants for acquisition of non-current assets 11,935 1,159 11,935 1,159 59,477
Net change in deposits at banks with maturity of more than 3 months 0 0 -10,000 0 0
Proceeds from congestion income 7,573 7,255 11,384 10,700 24,053
Proceeds from sales of financial investment 0 0 912 0 0
Proceeds from sale of property, plant and equipment 144 133 216 133 264
CASH FLOWS USED IN INVESTMENT ACTIVITIES -2,072 -14,841 -17,489 -46,827 -16,420

Cash flows from financing activities
Repayment of bank loans -2,642 -2,642 -5,279 -5,279 -10,558
Repayable finance lease liabilities -2 -7 -9 -14 -19
Paid dividends 0 0 0 0 -25,600
TOTAL CASH FLOWS USED IN FINANCING ACTIVITIES -2,644 -2,649 -5,288 -5,293 -36,177
 
Change in cash and cash equivalents 6,093 -6,795 24,109 -18,368 8,272
Cash and cash equivalents at the beginning of the quarter 68,635 30,774 50,619 42,347 42,347
Cash and cash equivalents at the end of the quarter 74,728 23,979 74,728 23,979 50,619
  30.06.21 30.06.20 31.12.20

Assets
Current assets
Cash and cash equivalents 74,728 23,979 50,619
Short-term financial investments 10,000 1,900 899
Accounts receivables and other receivables 28,081 35,907 38,586
Inventories 3,378 3,671 3,535
Total current assets 116,187 65,457 93,639
Non-current assets 991,477 960,681 982,097
TOTAL ASSETS 1,107,664 1,026,138 1,075,736

Liabilities
Current liabilities
Borrowings 10,636 10,565 10,565
Trade and other payables 53,908 25,703 28,449
Total current liabilities 64,544 36,268 39,014
Non-current liabilities
Borrowings 317,304 327,570 322,389
Other non-current liabilities 349,256 255,391 327,366
Total non-current liabilities 666,560 582,961 649,755
TOTAL LIABILITIES 731,104 619,229 688,769

Equity
Share capital 229,890 229,890 229,890
Revaluation of the financial investments 0 -46 -1,047
Statutory reserve 17,595 14,686 141,794
Retained earnings 129,075 162,379 141,794
TOTAL OWNER’S EQUITY 376,560 406,909 386,967
TOTAL LIABILITIES AND OWNER’S EQUITY 1,107,664 1,026,138 1,075,736

 

In EUR thousands

  2nd Quarter 1st half-year Year
2021 2020 2021 2020 2020
Net sales 30,237 26,146 82,815 67,978 137,067
Other income 1,810 1,815 2,939 2,696 5,327
Goods, raw materials and services 19,699 12,916 39,676 23,669 53,255
Other miscellaneous operating expenses 1,665 1,157 3,119 2,556 5,354
Staff costs 2,879 2,653 5,764 5,419 10,970
Depreciation and amortisation 11,381 9,596 22,067 19,135 40,123
Other operating expenses 4 22 24 53 91
OPERATING PROFIT -3,581 1,617 15,104 19,842 32,601
Financial income 1 0 12 1 2,338
Financial expenses 569 583 1,125 1,201 2,338
PROFIT BEFORE TAX -4,149 1,034 13,991 18,642 30,266
Income tax 0 0 0 0 4,964
NET PROFIT -4,149 1,034 13,991 18,642 25,302
 

In EUR thousands

  2nd Quarter 1st half-year Year
2021 2020 2021 2020 2020

Cash flows from operating activities
Profit/loss before income tax -4,149 1,035 13,991 18,641 30,266
Adjustments for
Depreciation, amortisation and impairment 11,381 9,596 22,067 19,135 40,123
Change in current assets involved in operating activities 12,061 3,597 12,753 3,361 1,859
Change in liabilities involved in operating activities -5,328 -665 1,758 -2,183 -1,738
Paid interest -1,979 -2,107 -2,000 -2,134 -2,319
Income tax on dividends 0 0 0 -1,568 -6,531
Other adjustments -1,177 -761 -1,683 -1,500 -791
TOTAL CASH FLOWS FROM OPERATING ACTIVITIES 10,809 10,695 46,886 33,752 60,869

Cash flows from/used in investment activities
Acquisition of property, plant and equipment and intangible assets -21,724 -23,388 -31,936 -58,819 -100,214
Foreign grants for acquisition of non-current assets 11,935 1,159 11,935 1,159 59,477
Net change in deposits at banks with maturity of more than 3 months 0 0 -10,000 0 0
Proceeds from congestion income 7,573 7,255 11,384 10,700 24,053
Proceeds from sales of financial investment 0 0 912 0 0
Proceeds from sale of property, plant and equipment 144 133 216 133 264
CASH FLOWS USED IN INVESTMENT ACTIVITIES -2,072 -14,841 -17,489 -46,827 -16,420

Cash flows from financing activities
Repayment of bank loans -2,642 -2,642 -5,279 -5,279 -10,558
Repayable finance lease liabilities -2 -7 -9 -14 -19
Paid dividends 0 0 0 0 -25,600
TOTAL CASH FLOWS USED IN FINANCING ACTIVITIES -2,644 -2,649 -5,288 -5,293 -36,177
 
Change in cash and cash equivalents 6,093 -6,795 24,109 -18,368 8,272
Cash and cash equivalents at the beginning of the quarter 68,635 30,774 50,619 42,347 42,347
Cash and cash equivalents at the end of the quarter 74,728 23,979 74,728 23,979 50,619