3rd Quarter 2017 (unaudited)

Elering earned revenues of 91.3 million euros in the first nine months of this year, with 5.6 million euros in net profits, 2.4 million euros less than in the same period last year.

The effect of 7.6-percent decrease in the electricity transmission service tariffs since July had a predictable impact on the revenues, as is the fall in electricity transit through Estonia due to the launch of the Lithuania-Sweden interconnection cable. 

As in previous years, seasonal use of electricity and gas had a significant impact on Elering’s third-quarter financial results – during the summer period, electricity and gas consumption is lower, as is the average electricity transmission service tariff compared to the winter months. Taking the third quarter separately, Elering’s revenues totalled 23.6 million euros, and net loss was 3.8 million euros as predicted, which allows Elering to achieve its target annual financial results.

Elering’s nine-month cash flow from operating activities was 38.8 million euros, and investments in fixed assets totalled 20.5 million euros. Cash flow from financing totalled 24.5 million euros, of which 20 million euros went towards dividends paid to the owner, and 4.5 million euros went to bank loan repayments.

Elering’s assets at the end of the third quarter totalled 889.9 million euros and equity totalled 334.6 million euros.

In EUR thousands

  30.09.17 30.09.16

Assets
Current assets
Cash and cash equivalents 51,118 81,089
Trade and other receivables 83,730 20,139
Total current assets 134,848 101,228
Non-current assets 755,115 762,969
TOTAL ASSETS 889,963 864,197

Liabilities
Current liabilities
Borrowings 1,190 1,190
Trade and other payables 27,649 21,693
Total current liabilities 28,839 22,883
Non-current liabilities
Long-term borrowings 362,111 367,244
Other non-current liabilities 164,374 135,769
Total non-current liabilities 526,485 503,013
TOTAL LIABILITIES 555,324 525,896

Equity
Share capital 189,890 189,890
Statutory reserve capital 12,898 11,962
Retained earnings 131,851 136,448
TOTAL EQUITY 334,639 338,301
TOTAL LIABILITIES AND EQUITY 889,963 864,197

 

In EUR thousands

  01.07.17 01.07.16
30.09.17 30.09.16
Revenue 23,201 23,964
Other income 360 363
Goods, raw materials and services 12,619 10,320
Other operating expenses 1,687 932
Staff costs 1,612 1,596
Depreciation and amortisation 8,660 8,861
Other expenses 18 -129
OPERATING PROFIT -1,035 2,747
Finance income 19 1
Finance costs 2,786 2,870
Net profit -3,802 -121

In EUR thousands

  01.07.17 01.07.16
30.09.17 30.09.16

Cash flows from operating activities
Profit/loss before income tax -3,802 -121
Adjustments for
Depreciation, amortisation and impairment 8,660 8,861
Total netchange of current assets -2,445 412
Total netchange in liablilities related to operating activities 2,005 767
Other adjustments -8,262 -8,179
NET CASH FROM OPERATING ACTIVITIES -3,844 1,739

Cash flows from investing activities
Purchases of property, plant and equipment, and intangible assets -8,490 -4,478
Proceeds from congestion income 602 1,830
Proceeds from sale of property, plant and equipment 59 31
NET CASH USED IN INVESTING ACTIVITIES -7,829 -2,617

Cash flows from financing activities
Repayment of long-term bank loans -1,669 -10,000
NET CASH FROM IN FINANCING ACTIVITIES -1,669 -10,000
0 0 0
Net increase/(decrease) in cash and cash equivalents -13,342 -10,877
Cash and cash equivalents at the beginning of the quarter 64,460 91,966
Cash and cash equivalents at the end of the quarter 51,118 81,089

In EUR thousands

  30.09.17 30.09.16

Assets
Current assets
Cash and cash equivalents 51,118 81,089
Trade and other receivables 83,730 20,139
Total current assets 134,848 101,228
Non-current assets 755,115 762,969
TOTAL ASSETS 889,963 864,197

Liabilities
Current liabilities
Borrowings 1,190 1,190
Trade and other payables 27,649 21,693
Total current liabilities 28,839 22,883
Non-current liabilities
Long-term borrowings 362,111 367,244
Other non-current liabilities 164,374 135,769
Total non-current liabilities 526,485 503,013
TOTAL LIABILITIES 555,324 525,896

Equity
Share capital 189,890 189,890
Statutory reserve capital 12,898 11,962
Retained earnings 131,851 136,448
TOTAL EQUITY 334,639 338,301
TOTAL LIABILITIES AND EQUITY 889,963 864,197

 

In EUR thousands

  01.07.17 01.07.16
30.09.17 30.09.16
Revenue 23,201 23,964
Other income 360 363
Goods, raw materials and services 12,619 10,320
Other operating expenses 1,687 932
Staff costs 1,612 1,596
Depreciation and amortisation 8,660 8,861
Other expenses 18 -129
OPERATING PROFIT -1,035 2,747
Finance income 19 1
Finance costs 2,786 2,870
Net profit -3,802 -121

In EUR thousands

  01.07.17 01.07.16
30.09.17 30.09.16

Cash flows from operating activities
Profit/loss before income tax -3,802 -121
Adjustments for
Depreciation, amortisation and impairment 8,660 8,861
Total netchange of current assets -2,445 412
Total netchange in liablilities related to operating activities 2,005 767
Other adjustments -8,262 -8,179
NET CASH FROM OPERATING ACTIVITIES -3,844 1,739

Cash flows from investing activities
Purchases of property, plant and equipment, and intangible assets -8,490 -4,478
Proceeds from congestion income 602 1,830
Proceeds from sale of property, plant and equipment 59 31
NET CASH USED IN INVESTING ACTIVITIES -7,829 -2,617

Cash flows from financing activities
Repayment of long-term bank loans -1,669 -10,000
NET CASH FROM IN FINANCING ACTIVITIES -1,669 -10,000
0 0 0
Net increase/(decrease) in cash and cash equivalents -13,342 -10,877
Cash and cash equivalents at the beginning of the quarter 64,460 91,966
Cash and cash equivalents at the end of the quarter 51,118 81,089