3rd Quater 2020 (unaudited)

Compared to the 3rd quarter in 2019 Elering AS’s operating income decreased by 6.6% in 2020, amounting to EUR 24.9 million. The main reason for the decrease was related to lower volumes of balancing energy. Decrease derived from lower electricity transmission volumes were balanced by higher gas transmission revenues.


Lower balancing energy revenues impacted costs in the same range. As a result of the extensive investments, the depreciation costs increased by EUR 0.8 million in the 3rd quarter in 2020. In total the operating costs were down by 3.2% amounting to EUR 26.4 million. 

The financial expenses remained stable at EUR 0.6 million.

In total the profit before tax in the 3rd quarter was EUR 2.0 million. The result was impacted by seasonality, as well as lower electricity transmission volumes, resulting from the warm weather.
The cash flows from operating activities amounted to EUR 9.3 million, EUR 20.7 million was invested into the non-current assets, in addition EUR 11.4 million was received from European funds and cross border congestion income of EUR 4.8 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 666.8 million and owner’s equity EUR 374.3 million. 

In EUR thousands

  30.09.20 30.09.19 31.12.19

Assets
Current assets
Cash and cash equivalents 26,186 68,439 42,347
Short term financial instruments 0 30,000 1,900
Trade and other receivables 35,188 21,906 39,025
Inventories 3,575 3,518 3,687
Total current assets 64,949 123,863 86,959
Non-current assets 976,126 899,221 937,397
TOTAL ASSETS 1,041,075 1,023,084 1,024,356

Liabilities
Current liabilities
Borrowings 10,565 2,649 10,577
Trade and other payables 60,674 62,155 46,670
Total current liabilities 71,239 64,804 57,247
Non-current liabilities
Long-term borrowings 324,983 343,278 332,751
Other non-current liabilities 270,544 238,685 246,091
Total non-current liabilities 595,527 581,963 578,842
TOTAL LIABILITIES 666,766 646,767 636,089

Equity
Share capital 229,890 229,890 229,890
Revaluation of the financial investments -46 0 -46
Statutory reserve capital 16,330 14,686 14,686
Retained earnings 128,135 131,741 143,737
TOTAL EQUITY 374,309 376,317 388,267
TOTAL LIABILITIES AND OWNER’S EQUITY 1,041,075 1,023,084 1,024,356

 

In EUR thousands

  3rd Quarter January-September Year
2020 2019 2020 2019 2019
Net sales 23,917 26,105 91,894 99,268 142,115
Other income 981 537 3,677 12,426 13,105
Goods, raw materials and services 13,137 15,385 36,806 45,948 61,700
Miscellaneous operating expenses 1,154 1,014 3,710 3,397 5,090
Staff costs 2,320 1,837 7,739 6,111 9,559
Depreciation and amortisation 9,725 8,987 28,860 26,833 36,913
Other expenses 19 21 71 98 181
OPERATING PROFIT -1,457 -602 18,385 29,307 41,777
Financial income 1 2 2 6 2,183
Financial expenses 578 551 1,779 1,653 2,183
PROFIT BEFORE TAX -2,034 -1,151 16,608 27,660 39,656
Dividend income tax 4,964 0 4,964 6,769 6,769
NET PROFIT -6,998 -1,151 11,644 20,891 32,887

In EUR thousands

  3rd Quarter January-September Year
2020 2019 2020 2019 2019

Cash flows from operating activities
Profit/loss before income tax -2,034 -1,151 16,608 27,660 39,656
Adjustments for
Depreciation, amortisation and impairment 9,725 8,987 28,860 26,833 36,913
Change in current assets involved in operating activities 838 1,127 4,199 13,411 -4,136
Change in liabilities involved in operating activities 1,429 -709 -755 -1,149 4,098
Interest cost -39 -63 -2,187 -2,211 4,098
Income tax on dividends 0 0 -1,568 0 -2,282
Other adjustments -663 160 -2,149 3,271 -5,201
TOTAL CASH FLOWS FROM OPERATING ACTIVITIES 9,256 8,351 43,008 67,815 72,297

Cash flows from/used in investment activities
Acquisition of property, plant and equipment and intangible assets -20,716 -34,197 -79,535 -80,823 -117,553
Foreign grants for acquisition of non-current assets 11,397 10,166 12,556 45,653 51,657
Net change in deposits at banks with maturity of more than 3 months 0 0 0 -30,000 0
Proceeds from congestion income 4,792 5,006 15,492 11,006 13,091
Proceeds from sale of property, plant and equipment 118 0 251 9 125
CASH FLOWS USED IN INVESTMENT ACTIVITIES -4,409 -19,025 -51,236 -54,155 -52,680

Cash flows from financing activities
Repayment of long-term bank loans -2,637 -2,637 -7,916 -7,916 -10,558
Repayable finance lease liabilities -3 -7 -17 -21 -28
TOTAL CASH FLOWS USED IN FINANCING ACTIVITIES -2,640 -2,644 -7,933 -7,937 -39,986
 
Change in cash and cash equivalents 2,207 -13,318 -16,161 5,723 -20,369
Cash and cash equivalents at the beginning of the quarter 23,979 81,757 42,347 62,716 62,716
Cash and cash equivalents at the end of the quarter 26,186 68,439 26,186 68,439 42,347

In EUR thousands

  30.09.20 30.09.19 31.12.19

Assets
Current assets
Cash and cash equivalents 26,186 68,439 42,347
Short term financial instruments 0 30,000 1,900
Trade and other receivables 35,188 21,906 39,025
Inventories 3,575 3,518 3,687
Total current assets 64,949 123,863 86,959
Non-current assets 976,126 899,221 937,397
TOTAL ASSETS 1,041,075 1,023,084 1,024,356

Liabilities
Current liabilities
Borrowings 10,565 2,649 10,577
Trade and other payables 60,674 62,155 46,670
Total current liabilities 71,239 64,804 57,247
Non-current liabilities
Long-term borrowings 324,983 343,278 332,751
Other non-current liabilities 270,544 238,685 246,091
Total non-current liabilities 595,527 581,963 578,842
TOTAL LIABILITIES 666,766 646,767 636,089

Equity
Share capital 229,890 229,890 229,890
Revaluation of the financial investments -46 0 -46
Statutory reserve capital 16,330 14,686 14,686
Retained earnings 128,135 131,741 143,737
TOTAL EQUITY 374,309 376,317 388,267
TOTAL LIABILITIES AND OWNER’S EQUITY 1,041,075 1,023,084 1,024,356

 

In EUR thousands

  3rd Quarter January-September Year
2020 2019 2020 2019 2019
Net sales 23,917 26,105 91,894 99,268 142,115
Other income 981 537 3,677 12,426 13,105
Goods, raw materials and services 13,137 15,385 36,806 45,948 61,700
Miscellaneous operating expenses 1,154 1,014 3,710 3,397 5,090
Staff costs 2,320 1,837 7,739 6,111 9,559
Depreciation and amortisation 9,725 8,987 28,860 26,833 36,913
Other expenses 19 21 71 98 181
OPERATING PROFIT -1,457 -602 18,385 29,307 41,777
Financial income 1 2 2 6 2,183
Financial expenses 578 551 1,779 1,653 2,183
PROFIT BEFORE TAX -2,034 -1,151 16,608 27,660 39,656
Dividend income tax 4,964 0 4,964 6,769 6,769
NET PROFIT -6,998 -1,151 11,644 20,891 32,887

In EUR thousands

  3rd Quarter January-September Year
2020 2019 2020 2019 2019

Cash flows from operating activities
Profit/loss before income tax -2,034 -1,151 16,608 27,660 39,656
Adjustments for
Depreciation, amortisation and impairment 9,725 8,987 28,860 26,833 36,913
Change in current assets involved in operating activities 838 1,127 4,199 13,411 -4,136
Change in liabilities involved in operating activities 1,429 -709 -755 -1,149 4,098
Interest cost -39 -63 -2,187 -2,211 4,098
Income tax on dividends 0 0 -1,568 0 -2,282
Other adjustments -663 160 -2,149 3,271 -5,201
TOTAL CASH FLOWS FROM OPERATING ACTIVITIES 9,256 8,351 43,008 67,815 72,297

Cash flows from/used in investment activities
Acquisition of property, plant and equipment and intangible assets -20,716 -34,197 -79,535 -80,823 -117,553
Foreign grants for acquisition of non-current assets 11,397 10,166 12,556 45,653 51,657
Net change in deposits at banks with maturity of more than 3 months 0 0 0 -30,000 0
Proceeds from congestion income 4,792 5,006 15,492 11,006 13,091
Proceeds from sale of property, plant and equipment 118 0 251 9 125
CASH FLOWS USED IN INVESTMENT ACTIVITIES -4,409 -19,025 -51,236 -54,155 -52,680

Cash flows from financing activities
Repayment of long-term bank loans -2,637 -2,637 -7,916 -7,916 -10,558
Repayable finance lease liabilities -3 -7 -17 -21 -28
TOTAL CASH FLOWS USED IN FINANCING ACTIVITIES -2,640 -2,644 -7,933 -7,937 -39,986
 
Change in cash and cash equivalents 2,207 -13,318 -16,161 5,723 -20,369
Cash and cash equivalents at the beginning of the quarter 23,979 81,757 42,347 62,716 62,716
Cash and cash equivalents at the end of the quarter 26,186 68,439 26,186 68,439 42,347