4th Quarter 2021 (unaudited)

The revenues not related to energy market in Elering AS amounted to EUR 40.9 million in the fourth quarter of 2021. The profit before taxes reached EUR 1.7 million.

Compared to the comparative period in 2020, the revenues not related to energy market increased by EUR 2.3 million, whilst the transmission revenues for electricity and gas increased by EUR 1.3 million.

The expenses not related to energy market increased by EUR 14.4 million. The increase was mainly derived by the bigger network losses expenses resulted by the higher electricity price, the network losses expenses amounted to EUR 12.7 million.

Elering AS earned EUR 2.3 million operating profit in total, which is EUR 11.9 million lower than in the comparative period in 2020.

The operating cash flows in fourth quarter reached to EUR 12.9 million. Elering AS invested into non-current assets EUR 22.1 million, EUR 19.6 million of EU financing was collected and EUR 34.7 million of congestion income was received.

The total assets of Elering AS amounted to EUR 1,182.4 million and owner’s equity EUR 381.6 million as at the end of December 2021.

In EUR thousands

  31.12.21 31.12.20

Assets
Current assets
Cash and cash equivalents 62,668 50,619
Short-term financial investments 42,000 899
Accounts receivables and other receivables 59,683 38,586
Inventories 3,658 3,535
Total current assets 168,009 93,639
Non-current assets 1,014,845 982,097
TOTAL ASSETS 1,182,854 1,075,736

Liabilities
Current liabilities
Borrowings 10,623 10,565
Trade and other payables 58,521 28,448
Total current liabilities 69,144 39,013
Non-current liabilities
Borrowings 312,095 322,389
Other non-current liabilities 419,526 327,366
Total non-current liabilities 731,621 649,755
TOTAL LIABILITIES 800,765 688,768

Equity
Share capital 229,890 229,890
Revaluation of the financial investments 0 -1,047
Statutory reserve 17,595 16,330
Retained earnings 134,604 141,795
TOTAL OWNER’S EQUITY 382,089 386,968
TOTAL LIABILITIES AND OWNER’S EQUITY 1,182,854 1,075,736

 

In EUR thousands

  4th Quarter January-december
2021 2020 2021 2020
Revenues not related to energy markets 39,029 36,755 118,041 109,056
Revenues related to energy markets 42,840 83,416 83,416 28,012
Net sales 81,869 45,173 201,457 137,068
Other income 1,849 1,650 6,672 5,327
Goods, raw materials and services not related to energy markets 21,450 8,223 52,989 26,407
Goods, raw materials and services related to energy markets 42,572 8,226 82,220 26,848
Total goods, raw materials and services 64,022 16,449 135,209 53,255
Other miscellaneous operating expenses 2,432 1,644 7,075 5,354
Staff costs 2,996 3,231 11,222 10,970
Depreciation and amortisation 11,913 11,263 45,531 40,123
Other operating expenses 25 20 69 91
OPERATING PROFIT 2,330 14,216 9,023 32,602
Financial income 2 1 17 3
Financial expenses 592 559 2,303 2,338
PROFIT BEFORE TAX 1,740 13,658 6,737 30,267
Income tax 1,628 0 1,628 4,964
NET PROFIT 112 13,658 5,109 25,303
 

In EUR thousands

  4th Quarter January-december
2021 2020 2021 2020

Cash flows from operating activities
Profit/loss before income tax 1,739 13,658 6,736 30,266
Adjustments for
Depreciation, amortisation and impairment 11,913 11,263 45,531 40,123
Change in current assets involved in operating activities -23,985 -2,341 -20,600 1,859
Change in liabilities involved in operating activities 23,544 -438 24,274 -1,738
Paid interest -69 -132 -2,319 -2,319
Income tax on dividends 0 -4,964 0 -6,531
Other adjustments -226 815 -2,315 -791
TOTAL CASH FLOWS FROM OPERATING ACTIVITIES 12,916 17,861 51,307 60,869

Cash flows from/used in investment activities
Acquisition of property, plant and equipment and intangible assets -22,065 -20,679 -75,497 -100,214
Foreign grants for acquisition of non-current assets 19,649 46,921 31,584 59,477
Net change in deposits at banks with maturity of more than 3 months -42,000 0 -42,000 0
Proceeds from congestion income 34,650 8,561 65,582 24,053
Proceeds from sales of financial investment 0 0 912 0
Proceeds from sale of property, plant and equipment 257 13 773 264
CASH FLOWS USED IN INVESTMENT ACTIVITIES -9,509 34,816 -18,646 -16,420

Cash flows from financing activities
Repayment of bank loans -2,642 -2,642 -10,558 -10,558
Repayable finance lease liabilities -30 -2 -54 -19
Paid dividends -10,000 -25,600 -10,000 -25,600
TOTAL CASH FLOWS USED IN FINANCING ACTIVITIES -12,672 -28,244 -20,612 -36,177
 
Change in cash and cash equivalents -9,265 24,433 12,049 8,272
Cash and cash equivalents at the beginning of the quarter 71,933 26,186 50,619 42,347
Cash and cash equivalents at the end of the quarter 62,668 50,619 62,668 50,619

In EUR thousands

  31.12.21 31.12.20

Assets
Current assets
Cash and cash equivalents 62,668 50,619
Short-term financial investments 42,000 899
Accounts receivables and other receivables 59,683 38,586
Inventories 3,658 3,535
Total current assets 168,009 93,639
Non-current assets 1,014,845 982,097
TOTAL ASSETS 1,182,854 1,075,736

Liabilities
Current liabilities
Borrowings 10,623 10,565
Trade and other payables 58,521 28,448
Total current liabilities 69,144 39,013
Non-current liabilities
Borrowings 312,095 322,389
Other non-current liabilities 419,526 327,366
Total non-current liabilities 731,621 649,755
TOTAL LIABILITIES 800,765 688,768

Equity
Share capital 229,890 229,890
Revaluation of the financial investments 0 -1,047
Statutory reserve 17,595 16,330
Retained earnings 134,604 141,795
TOTAL OWNER’S EQUITY 382,089 386,968
TOTAL LIABILITIES AND OWNER’S EQUITY 1,182,854 1,075,736

 

In EUR thousands

  4th Quarter January-december
2021 2020 2021 2020
Revenues not related to energy markets 39,029 36,755 118,041 109,056
Revenues related to energy markets 42,840 83,416 83,416 28,012
Net sales 81,869 45,173 201,457 137,068
Other income 1,849 1,650 6,672 5,327
Goods, raw materials and services not related to energy markets 21,450 8,223 52,989 26,407
Goods, raw materials and services related to energy markets 42,572 8,226 82,220 26,848
Total goods, raw materials and services 64,022 16,449 135,209 53,255
Other miscellaneous operating expenses 2,432 1,644 7,075 5,354
Staff costs 2,996 3,231 11,222 10,970
Depreciation and amortisation 11,913 11,263 45,531 40,123
Other operating expenses 25 20 69 91
OPERATING PROFIT 2,330 14,216 9,023 32,602
Financial income 2 1 17 3
Financial expenses 592 559 2,303 2,338
PROFIT BEFORE TAX 1,740 13,658 6,737 30,267
Income tax 1,628 0 1,628 4,964
NET PROFIT 112 13,658 5,109 25,303
 

In EUR thousands

  4th Quarter January-december
2021 2020 2021 2020

Cash flows from operating activities
Profit/loss before income tax 1,739 13,658 6,736 30,266
Adjustments for
Depreciation, amortisation and impairment 11,913 11,263 45,531 40,123
Change in current assets involved in operating activities -23,985 -2,341 -20,600 1,859
Change in liabilities involved in operating activities 23,544 -438 24,274 -1,738
Paid interest -69 -132 -2,319 -2,319
Income tax on dividends 0 -4,964 0 -6,531
Other adjustments -226 815 -2,315 -791
TOTAL CASH FLOWS FROM OPERATING ACTIVITIES 12,916 17,861 51,307 60,869

Cash flows from/used in investment activities
Acquisition of property, plant and equipment and intangible assets -22,065 -20,679 -75,497 -100,214
Foreign grants for acquisition of non-current assets 19,649 46,921 31,584 59,477
Net change in deposits at banks with maturity of more than 3 months -42,000 0 -42,000 0
Proceeds from congestion income 34,650 8,561 65,582 24,053
Proceeds from sales of financial investment 0 0 912 0
Proceeds from sale of property, plant and equipment 257 13 773 264
CASH FLOWS USED IN INVESTMENT ACTIVITIES -9,509 34,816 -18,646 -16,420

Cash flows from financing activities
Repayment of bank loans -2,642 -2,642 -10,558 -10,558
Repayable finance lease liabilities -30 -2 -54 -19
Paid dividends -10,000 -25,600 -10,000 -25,600
TOTAL CASH FLOWS USED IN FINANCING ACTIVITIES -12,672 -28,244 -20,612 -36,177
 
Change in cash and cash equivalents -9,265 24,433 12,049 8,272
Cash and cash equivalents at the beginning of the quarter 71,933 26,186 50,619 42,347
Cash and cash equivalents at the end of the quarter 62,668 50,619 62,668 50,619