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Overview

In the third quarter of 2015, Elering saw revenues of 26,9 million euros, operating revenue of 4,2 million euros, and net profits of 1,4 million euros.

 

In connection with the acquisition of the majority ownership in Võrguteenus Valdus AS, since this year the disclosure of financial results has also included the activities of the daughter firm. Võrguteenus Valdus is a holding company whose sole area of activity is as the shareholder of the owner of Estonia’s gas transmission network, Elering Gaas AS.

Elering’s revenues grew by 6,7 million euros compared to the third quarter of 2014. This growth was due to the inclusion of gas transmission revenues and increases in the volume of balancing service. Operating expenses grew by 3,3 million euros respectively, in connection with the addition of expenses related to the area of gas transmission. Financial expenses increased by 0,2 million euros year-on-year in total, which resulted in an increase in net profits relative to the third quarter of the previous by 3,3 million euros.

Cash flow from business activities brought in 2,1 million euros and cash flow for investments required a total of 4,3 million euros. In addition, 9,7 million euros was invested in non- current assets and 5,4 million euros in the daughter company Võrguteenus Valdus AS. Revenues from cross-border transmission capacity auctions reduced aggregated outgoing cash flow for investments to 2,1 million euros. As financing transactions did not take place during the third quarter, the aggregate decline in the cash balance was 2,2 million euros.

Assets at the end of the quarter amounted to 825,8 million euros, with total equity of 308,6 million euros.

Elering manages the Estonian electricity and gas transmission network with the aim of securing quality security of supply for consumers at all times. To ensure security of supply, Elering maintains and develops the national transmission network and international connections. 

In EUR thousands

Assets

  30.09.15 * 30.09.14
Current assets
Cash and cash equivalents 37 507 12 897
Trade and other receivables 20 432 35 143
Total current assets 57 940 48 040
Non-current assets 767 831 716 335
TOTAL ASSETS 825 771 764 375

Liabilities

Current liabilities
Borrowings 1 190 0
Trade and other payables 17 423 24 608
Total current liabilities 18 614 24 608
Non-current liabilities
Long-term borrowings 379 037 347 725
Other non-current liabilities 119 048 89 094
Total non-current liabilities 498 085 436 818
TOTAL LIABILITIES 516 699 461 426

Equity

Share capital 149 890 149 890
Statutory reserve capital 10 743 8 706
Retained earnings 147 940 144 353
TOTAL EQUITY 308 573 302 949
Non-controlling interest 498 0
TOTAL LIABILITIES AND EQUITY 825 771 764 375

* 2015 year statement data is consolidated

In EUR thousands

  01.07.15
30.09.15 *
01.07.14
30.09.14
Revenue 86 415 93 684
Other income 3 213 1 203
Goods, raw materials and services 28 745 29 635
Other operating expenses 3 181 2 649
Staff costs 5 344 3 507
Depreciation and amortisation 27 784 23 023
Other expenses 187 115
OPERATING PROFIT 24 388 35 957
Finance income 24 2
Finance costs 8 560 7 098
Income tax 5 000 0
Net profit 10 851 28 862
Equity holder of the Parent Company 10 125 0
Non-Controlling interest 727 0

* 2015 year statement data is consolidated

In EUR thousands

Cash flows from operating activities

  01.07.15
30.09.15 *
01.07.14
30.09.14
Profit/loss before income tax 15 851 28 862
Adjustments for
Depreciation, amortisation and impairment 27 784 23 023
Total netchange of current assets 8 128 5 986
Total netchange in liablilities related to operating activities -8 930 -10 434
Other adjustments -4 544 -3 937
Paid income tax -5 000 0
NET CASH FROM IN OPERATING ACTIVITIES 33 289 43 500

Cash flows from investing activities

 

Purchases of property, plant and equipment, and intangible assets -24 867 -95 910
Foreign grants to acquire non-current assets 15 280 19 995
Proceeds from congestion income 20 970 9 179
Other investments -52 209 0
Proceeds from sale of property, plant and equipment 218 31
NET CASH USED IN INVESTING ACTIVITIES -40 608 -66 704

Cash flows from financing activities

 

Long-term bank loans received 31 968 34 955
Dividends paid -20 000 0
NET CASH FROM IN FINANCING ACTIVITIES 11 968 34 955
Net increase/(decrease) in cash and cash equivalents 4 649 11 752
Cash and cash equivalents at the beginning of the quarter 32 858 1 145
Cash and cash equivalents at the end of the quarter 37 507 12 897

* 2015 year statement data is consolidated

In EUR thousands

Assets

  30.09.15 * 30.09.14
Current assets
Cash and cash equivalents 37 507 12 897
Trade and other receivables 20 432 35 143
Total current assets 57 940 48 040
Non-current assets 767 831 716 335
TOTAL ASSETS 825 771 764 375

Liabilities

Current liabilities
Borrowings 1 190 0
Trade and other payables 17 423 24 608
Total current liabilities 18 614 24 608
Non-current liabilities
Long-term borrowings 379 037 347 725
Other non-current liabilities 119 048 89 094
Total non-current liabilities 498 085 436 818
TOTAL LIABILITIES 516 699 461 426

Equity

Share capital 149 890 149 890
Statutory reserve capital 10 743 8 706
Retained earnings 147 940 144 353
TOTAL EQUITY 308 573 302 949
Non-controlling interest 498 0
TOTAL LIABILITIES AND EQUITY 825 771 764 375

* 2015 year statement data is consolidated

In EUR thousands

  01.07.15
30.09.15 *
01.07.14
30.09.14
Revenue 86 415 93 684
Other income 3 213 1 203
Goods, raw materials and services 28 745 29 635
Other operating expenses 3 181 2 649
Staff costs 5 344 3 507
Depreciation and amortisation 27 784 23 023
Other expenses 187 115
OPERATING PROFIT 24 388 35 957
Finance income 24 2
Finance costs 8 560 7 098
Income tax 5 000 0
Net profit 10 851 28 862
Equity holder of the Parent Company 10 125 0
Non-Controlling interest 727 0

* 2015 year statement data is consolidated

In EUR thousands

Cash flows from operating activities

  01.07.15
30.09.15 *
01.07.14
30.09.14
Profit/loss before income tax 15 851 28 862
Adjustments for
Depreciation, amortisation and impairment 27 784 23 023
Total netchange of current assets 8 128 5 986
Total netchange in liablilities related to operating activities -8 930 -10 434
Other adjustments -4 544 -3 937
Paid income tax -5 000 0
NET CASH FROM IN OPERATING ACTIVITIES 33 289 43 500

Cash flows from investing activities

 

Purchases of property, plant and equipment, and intangible assets -24 867 -95 910
Foreign grants to acquire non-current assets 15 280 19 995
Proceeds from congestion income 20 970 9 179
Other investments -52 209 0
Proceeds from sale of property, plant and equipment 218 31
NET CASH USED IN INVESTING ACTIVITIES -40 608 -66 704

Cash flows from financing activities

 

Long-term bank loans received 31 968 34 955
Dividends paid -20 000 0
NET CASH FROM IN FINANCING ACTIVITIES 11 968 34 955
Net increase/(decrease) in cash and cash equivalents 4 649 11 752
Cash and cash equivalents at the beginning of the quarter 32 858 1 145
Cash and cash equivalents at the end of the quarter 37 507 12 897

* 2015 year statement data is consolidated

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