2nd Quarter 2023 (unaudited)

Total revenue in 2nd quarter in 2023 decreased by 10.9% amounting to EUR 55.6 million.

The majority of the decrease was related to balancing energy revenues, which decreased by EUR 20.2 million. Compared to the 2nd quarter in 2022, the transmission volumes in electricity decreased by 12.3% and gas transmission volumes decreased by 18.9%.

Electricity transmission revenues decreased by 12.4% or 1.8 million euros to 12.8 million euros, gas transmission revenues decreased by 18.9% or 0.5 million euros. Whilst the energy prices were historically high in 2022, then in the second quarter in 2023, the electricity prices were lower and as the result the network losses in 2023 were 53.9% or 8.2 million euros lower than in the comparative period in 2022.

As a result of the additional investments, the depreciation costs increased by EUR 0.4 million in the 2nd quarter in 2023. The expenses related to balancing energy decreased in line with the respective revenues. In total the operating costs were down by 41,1% amounting to EUR 44.9 million.

As a result of changes in interest environment, financial income increased by 1.7 million euros and financial expenses increased by 0.3 million euros amounting to 0.9 million euros.

In total the net profit in the 2nd quarter was euros 9.1 million euros.

The cash flows from operating activities was positive of 69.5 million euros, 34.9 million euros was invested into the non-current assets, 29.6 euros million congestion income was received. The company repaid its loans and bonds for 227.6 million euros and paid 13.5 million euros dividends.

The total assets of the Company stood at 1.4 billion euros. Total liabilities stood at 0.9 billion euros million and owner’s equity 407.3 million euros.

In EUR thousands

  30.06.23 30.06.22 31.12.22

Assets
Current assets
Cash and cash equivalents 111,806 103,072 229,287
Short term financial instruments 40,000 67,000 50,000
Accounts receivables and other receivables 54,059 46,483 73,280
Inventories 21,986 17,879 22,398
Total current assets 227,851 234,434 374,965
Investment into associated company 132 45 53
Non-current assets 1,128,686 1,039,559 1,085,925
Total non-current assets 1,128,818 1,039,604 1,085,978
TOTAL ASSETS 1,356,669 1,274,038 1,460,943

Liabilities
Current liabilities
Borrowings 10,605 10,651 237,265
Trade and other payables 82,783 66,992 70,906
Total current liabilities 93,388 77,643 308,171
Non-current liabilities
Borrowings 71,473 306,907 76,759
Other non-current liabilities 784,492 517,587 676,511
Total non-current liabilities 855,965 824,494 753,270
TOTAL LIABILITIES 949,353 902,137 1061,441

Owner's equity
Share capital 229,890 229,890 229,890
Statutory reserve 18,721 17,850 17,850
Retained earnings 158,705 124,161 151,762
Total owner’s equity 407,316 371,901 399,502
TOTAL LIABILITIES AND OWNER’S EQUITY 1,356,669 1,274,038 1,460,943

 

In EUR thousands

  2nd Quarter 1st half-year Year
2023 2022 2023 2022 2022
Net sales 53,197 60,513 120,307 135,363 386,975
Other income 2,363 1,865 4,388 3,714 11,146
Goods, raw materials and services 27,178 59,016 65,244 114,093 309,630
Other miscellaneous operating expenses 1,920 2,264 3,256 3,637 7,589
Staff costs 3,583 3,246 7,319 6,645 13,304
Depreciation and amortisation 12,213 11,821 25,415 23,773 47,675
Other operating expenses 51 8 201 17 62
OPERATING PROFIT 10,615 -13,977 23,260 -9,088 19,861
Financial income 1,729 49 2,330 50 2,644
Financial expenses 878 578 1,935 1,148 2,644
PROFIT BEFORE TAX 11,466 -14,506 23,655 -10,186 17,414
Income tax 2,340 0 2,340 0 0
NET PROFIT 9,126 -14,506 21,315 -10,186 17,414
 

In EUR thousands

  2nd Quarter 1st half-year Year
2023 2022 2023 2022 2022

Cash flows from operating activities
Profit before income tax 11,466 -14,506 23,655 -10,187 17,414
Adjustments for
Depreciation 12,213 11,821 25,415 23,773 47,675
Change in current assets involved in operating activities -452 6,134 19,576 9,263 -18,740
Change in liabilities involved in operating activities 7,296 9,366 760 7,837 14,775
Paid interest -2,334 -2,157 -2,887 -2,164 -2,056
Income tax on dividends 0 0 0 -1,628 -1,628
Other adjustments 41,277 3,106 45,140 3,723 17,645
Total cash flows from operating activities 69,466 13,764 111,659 30,617 75,085

Cash flows from/used in investment activities
Acquisition of property, plant and equipment and intangible assets -34,869 -35,235 -61,877 -52,084 -117,753
Foreign grants for acquisition of non-current assets 13,345 13,582 13,345 13,582 60,838
Net change in deposits at banks with maturity of more than 3 months -25,000 -10,000 10,000 -25,000 -8,000
Proceeds from congestion income 29,625 34,774 53,076 78,601 167,009
Investments in an affiliate 0 -45 0 -45 -45
Proceeds from sale of property, plant and equipment 93 20 127 27 114
CASH FLOWS USED IN INVESTMENT ACTIVITIES -16,806 3,096 14,671 15,081 102,163

Cash flows from financing activities
Bonds repayment -225,000 0 -225,000 0 0
Repayment of bank loans -2,642 -2,642 -5,279 -5,279 -10,558
Repayable finance lease liabilities -16 -13 -32 -15 -71
Paid dividends -13,500 0 -13,500 0 0
TOTAL CASH FLOWS USED IN FINANCING ACTIVITIES -241,158 -2,655 -243,811 -5,294 -10,629
 
Change in cash and cash equivalents -188,499 14,205 -117,481 40,404 166,619
Cash and cash equivalents at the beginning of the quarter 300,305 88,867 229,287 62,668 62,668
Cash and cash equivalents at the end of the quarter 111,806 103,072 111,806 103,072 229,287

In EUR thousands

  30.06.23 30.06.22 31.12.22

Assets
Current assets
Cash and cash equivalents 111,806 103,072 229,287
Short term financial instruments 40,000 67,000 50,000
Accounts receivables and other receivables 54,059 46,483 73,280
Inventories 21,986 17,879 22,398
Total current assets 227,851 234,434 374,965
Investment into associated company 132 45 53
Non-current assets 1,128,686 1,039,559 1,085,925
Total non-current assets 1,128,818 1,039,604 1,085,978
TOTAL ASSETS 1,356,669 1,274,038 1,460,943

Liabilities
Current liabilities
Borrowings 10,605 10,651 237,265
Trade and other payables 82,783 66,992 70,906
Total current liabilities 93,388 77,643 308,171
Non-current liabilities
Borrowings 71,473 306,907 76,759
Other non-current liabilities 784,492 517,587 676,511
Total non-current liabilities 855,965 824,494 753,270
TOTAL LIABILITIES 949,353 902,137 1061,441

Owner's equity
Share capital 229,890 229,890 229,890
Statutory reserve 18,721 17,850 17,850
Retained earnings 158,705 124,161 151,762
Total owner’s equity 407,316 371,901 399,502
TOTAL LIABILITIES AND OWNER’S EQUITY 1,356,669 1,274,038 1,460,943

 

In EUR thousands

  2nd Quarter 1st half-year Year
2023 2022 2023 2022 2022
Net sales 53,197 60,513 120,307 135,363 386,975
Other income 2,363 1,865 4,388 3,714 11,146
Goods, raw materials and services 27,178 59,016 65,244 114,093 309,630
Other miscellaneous operating expenses 1,920 2,264 3,256 3,637 7,589
Staff costs 3,583 3,246 7,319 6,645 13,304
Depreciation and amortisation 12,213 11,821 25,415 23,773 47,675
Other operating expenses 51 8 201 17 62
OPERATING PROFIT 10,615 -13,977 23,260 -9,088 19,861
Financial income 1,729 49 2,330 50 2,644
Financial expenses 878 578 1,935 1,148 2,644
PROFIT BEFORE TAX 11,466 -14,506 23,655 -10,186 17,414
Income tax 2,340 0 2,340 0 0
NET PROFIT 9,126 -14,506 21,315 -10,186 17,414
 

In EUR thousands

  2nd Quarter 1st half-year Year
2023 2022 2023 2022 2022

Cash flows from operating activities
Profit before income tax 11,466 -14,506 23,655 -10,187 17,414
Adjustments for
Depreciation 12,213 11,821 25,415 23,773 47,675
Change in current assets involved in operating activities -452 6,134 19,576 9,263 -18,740
Change in liabilities involved in operating activities 7,296 9,366 760 7,837 14,775
Paid interest -2,334 -2,157 -2,887 -2,164 -2,056
Income tax on dividends 0 0 0 -1,628 -1,628
Other adjustments 41,277 3,106 45,140 3,723 17,645
Total cash flows from operating activities 69,466 13,764 111,659 30,617 75,085

Cash flows from/used in investment activities
Acquisition of property, plant and equipment and intangible assets -34,869 -35,235 -61,877 -52,084 -117,753
Foreign grants for acquisition of non-current assets 13,345 13,582 13,345 13,582 60,838
Net change in deposits at banks with maturity of more than 3 months -25,000 -10,000 10,000 -25,000 -8,000
Proceeds from congestion income 29,625 34,774 53,076 78,601 167,009
Investments in an affiliate 0 -45 0 -45 -45
Proceeds from sale of property, plant and equipment 93 20 127 27 114
CASH FLOWS USED IN INVESTMENT ACTIVITIES -16,806 3,096 14,671 15,081 102,163

Cash flows from financing activities
Bonds repayment -225,000 0 -225,000 0 0
Repayment of bank loans -2,642 -2,642 -5,279 -5,279 -10,558
Repayable finance lease liabilities -16 -13 -32 -15 -71
Paid dividends -13,500 0 -13,500 0 0
TOTAL CASH FLOWS USED IN FINANCING ACTIVITIES -241,158 -2,655 -243,811 -5,294 -10,629
 
Change in cash and cash equivalents -188,499 14,205 -117,481 40,404 166,619
Cash and cash equivalents at the beginning of the quarter 300,305 88,867 229,287 62,668 62,668
Cash and cash equivalents at the end of the quarter 111,806 103,072 111,806 103,072 229,287