3rd Quater 2021 (unaudited)

Total revenue in 3rd quarter in 2021 increased by 55.3% amounting to EUR 38.7 million. Majority of the increase was related to balancing energy revenues, which increased by EUR 11.2 million. The transmission volumes in electricity remained relatively stable increasing by 0.6%. Gas transmission volumes showed an increase of 5.3%. As a result the total transmission revenues increased by 1.3% to EUR 14.9 million. Higher electricity price in 2021 affected adversely the network losses by EUR 7.7 million. As a result of the extensive investments, the depreciation costs increased by EUR 1.8 million in the 3rd quarter in 2021. In total the operating costs were up by 78.6% amounting to EUR 47.1 million.

The financial expenses remained stable at EUR 0.6 million. In total the net loss in the 3rd quarter was EUR 9.0 million.

The cash flows from operating activities was negative of EUR 8.5 million, EUR 21.5 million was invested into the non-current assets. 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 749.2 million and owner’s equity EUR 367.6 million.

In EUR thousands

  30.09.21 30.09.20 31.12.20

Assets
Current assets
Cash and cash equivalents 71,933 26,186 50,619
Short-term financial investments 0 0 899
Accounts receivables and other receivables 38,216 35,188 38,586
Inventories 3,394 3,575 3,535
Total current assets 113,543 64,949 93,639
Non-current assets 1,003,197 976,126 982,097
TOTAL ASSETS 1,116,740 1,041,075 1,075,736

Liabilities
Current liabilities
Borrowings 10,636 10,565 10,565
Trade and other payables 54,812 60,674 28,449
Total current liabilities 65,448 71,239 39,014
Non-current liabilities
Borrowings 314,618 324,983 322,389
Other non-current liabilities 369,110 270,544 327,366
Total non-current liabilities 683,728 595,527 649,755
TOTAL LIABILITIES 749,176 666,766 688,769

Equity
Share capital 229,890 229,890 229,890
Revaluation of the financial investments 0 -46 -1,047
Statutory reserve 17,595 16,330 141,794
Retained earnings 120,079 128,135 141,794
TOTAL OWNER’S EQUITY 367,564 374,309 386,967
TOTAL LIABILITIES AND OWNER’S EQUITY 1,116,740 1,041,075 1,075,736

 

In EUR thousands

  3rd Quarter January-september Year
2021 2020 2021 2020 2020
Net sales 36,773 23,917 119,588 91,895 137,067
Other income 1,884 981 4,823 3,677 5,327
Goods, raw materials and services 31,512 13,137 71,188 36,806 53,255
Other miscellaneous operating expenses 1,525 1,154 4,644 3,710 5,354
Staff costs 2,462 2,320 8,226 7,739 10,970
Depreciation and amortisation 11,551 9,725 33,618 28,860 40,123
Other operating expenses 19 19 43 72 91
OPERATING PROFIT -8,412 -1,457 6,692 18,385 32,601
Financial income 2 1 14 2 2,338
Financial expenses 586 578 1,711 1,779 2,338
PROFIT BEFORE TAX -8,996 -2,034 4,995 16,608 30,266
Income tax 0 4,964 0 4,964 4,964
NET PROFIT -8,996 -6,998 4,995 11,644 25,302
 

In EUR thousands

  3rd Quarter January-september Year
2021 2020 2021 2020 2020

Cash flows from operating activities
Profit/loss before income tax -8,996 -2,035 4,995 16,607 30,266
Adjustments for
Depreciation, amortisation and impairment 11,551 9,725 33,618 28,860 40,123
Change in current assets involved in operating activities -9,367 838 3,386 4,199 1,859
Change in liabilities involved in operating activities -959 1,429 799 -754 -1,738
Paid interest -59 -39 -2,059 -2,173 -2,319
Income tax on dividends 0 0 0 -1,568 -6,531
Other adjustments -663 -663 -2,346 -2,163 -791
TOTAL CASH FLOWS FROM OPERATING ACTIVITIES -8,493 9,256 38,393 43,008 60,869

Cash flows from/used in investment activities
Acquisition of property, plant and equipment and intangible assets -21,497 -20,716 -53,433 -79,535 -100,214
Foreign grants for acquisition of non-current assets 0 11,397 11,935 12,556 59,477
Net change in deposits at banks with maturity of more than 3 months 10,000 0 0 0 0
Proceeds from congestion income 19,548 4,792 30,932 15,492 24,053
Proceeds from sales of financial investment 0 0 912 0 0
Proceeds from sale of property, plant and equipment 301 118 517 251 264
CASH FLOWS USED IN INVESTMENT ACTIVITIES 8,352 -4,409 -9,137 -51,236 -16,420

Cash flows from financing activities
Repayment of bank loans -2,637 -2,637 -7,916 -7,916 -10,558
Repayable finance lease liabilities -17 -3 -26 -17 -19
Paid dividends 0 0 0 0 -25,600
TOTAL CASH FLOWS USED IN FINANCING ACTIVITIES -2,654 -2,640 -7,942 -7,933 -36,177
 
Change in cash and cash equivalents -2,795 2,207 21,314 -16,161 8,272
Cash and cash equivalents at the beginning of the quarter 74,728 23,979 50,619 42,347 42,347
Cash and cash equivalents at the end of the quarter 71,933 26,186 71,933 26,186 50,619

In EUR thousands

  30.09.21 30.09.20 31.12.20

Assets
Current assets
Cash and cash equivalents 71,933 26,186 50,619
Short-term financial investments 0 0 899
Accounts receivables and other receivables 38,216 35,188 38,586
Inventories 3,394 3,575 3,535
Total current assets 113,543 64,949 93,639
Non-current assets 1,003,197 976,126 982,097
TOTAL ASSETS 1,116,740 1,041,075 1,075,736

Liabilities
Current liabilities
Borrowings 10,636 10,565 10,565
Trade and other payables 54,812 60,674 28,449
Total current liabilities 65,448 71,239 39,014
Non-current liabilities
Borrowings 314,618 324,983 322,389
Other non-current liabilities 369,110 270,544 327,366
Total non-current liabilities 683,728 595,527 649,755
TOTAL LIABILITIES 749,176 666,766 688,769

Equity
Share capital 229,890 229,890 229,890
Revaluation of the financial investments 0 -46 -1,047
Statutory reserve 17,595 16,330 141,794
Retained earnings 120,079 128,135 141,794
TOTAL OWNER’S EQUITY 367,564 374,309 386,967
TOTAL LIABILITIES AND OWNER’S EQUITY 1,116,740 1,041,075 1,075,736

 

In EUR thousands

  3rd Quarter January-september Year
2021 2020 2021 2020 2020
Net sales 36,773 23,917 119,588 91,895 137,067
Other income 1,884 981 4,823 3,677 5,327
Goods, raw materials and services 31,512 13,137 71,188 36,806 53,255
Other miscellaneous operating expenses 1,525 1,154 4,644 3,710 5,354
Staff costs 2,462 2,320 8,226 7,739 10,970
Depreciation and amortisation 11,551 9,725 33,618 28,860 40,123
Other operating expenses 19 19 43 72 91
OPERATING PROFIT -8,412 -1,457 6,692 18,385 32,601
Financial income 2 1 14 2 2,338
Financial expenses 586 578 1,711 1,779 2,338
PROFIT BEFORE TAX -8,996 -2,034 4,995 16,608 30,266
Income tax 0 4,964 0 4,964 4,964
NET PROFIT -8,996 -6,998 4,995 11,644 25,302
 

In EUR thousands

  3rd Quarter January-september Year
2021 2020 2021 2020 2020

Cash flows from operating activities
Profit/loss before income tax -8,996 -2,035 4,995 16,607 30,266
Adjustments for
Depreciation, amortisation and impairment 11,551 9,725 33,618 28,860 40,123
Change in current assets involved in operating activities -9,367 838 3,386 4,199 1,859
Change in liabilities involved in operating activities -959 1,429 799 -754 -1,738
Paid interest -59 -39 -2,059 -2,173 -2,319
Income tax on dividends 0 0 0 -1,568 -6,531
Other adjustments -663 -663 -2,346 -2,163 -791
TOTAL CASH FLOWS FROM OPERATING ACTIVITIES -8,493 9,256 38,393 43,008 60,869

Cash flows from/used in investment activities
Acquisition of property, plant and equipment and intangible assets -21,497 -20,716 -53,433 -79,535 -100,214
Foreign grants for acquisition of non-current assets 0 11,397 11,935 12,556 59,477
Net change in deposits at banks with maturity of more than 3 months 10,000 0 0 0 0
Proceeds from congestion income 19,548 4,792 30,932 15,492 24,053
Proceeds from sales of financial investment 0 0 912 0 0
Proceeds from sale of property, plant and equipment 301 118 517 251 264
CASH FLOWS USED IN INVESTMENT ACTIVITIES 8,352 -4,409 -9,137 -51,236 -16,420

Cash flows from financing activities
Repayment of bank loans -2,637 -2,637 -7,916 -7,916 -10,558
Repayable finance lease liabilities -17 -3 -26 -17 -19
Paid dividends 0 0 0 0 -25,600
TOTAL CASH FLOWS USED IN FINANCING ACTIVITIES -2,654 -2,640 -7,942 -7,933 -36,177
 
Change in cash and cash equivalents -2,795 2,207 21,314 -16,161 8,272
Cash and cash equivalents at the beginning of the quarter 74,728 23,979 50,619 42,347 42,347
Cash and cash equivalents at the end of the quarter 71,933 26,186 71,933 26,186 50,619