4th Quater 2024 (unaudited)

Total revenue in the 4th quarter of 2024 decreased by 25.6%, amounting to EUR 56.2 million. The majority of the decrease was related to a decline in electricity network revenues, which fell by 22.6% or EUR 7.4 million. Starting from early 2024, Elering changed the tariff packages, with 34.8% of the 4th quarter's tariffs tied to a fixed element, while the remainder was volume-dependent. In 2023, all clients were on a metered tariff.

Total electricity volumes also decreased by 5.1%. The decrease in electricity revenues was partially offset by an increase in gas transmission revenues, which rose by 28.1% or EUR 1.8 million. Despite a 12.4% decrease in gas volumes compared to the 4th quarter of 2023, revenues were positively impacted by tariff changes that took effect on December 4, 2023. There was also a 32.7% decrease in balancing energy revenues, amounting to a reduction of EUR 7.2 million.

Compared to 2022, energy prices have somewhat stabilized and decreased. Network losses in the 4th quarter of 2024 showed a saving of EUR 1.7 million. Balancing energy costs were also lower, in line with reduced balancing energy revenues. Due to additional investments, depreciation costs increased by EUR 1.3 million in the 4th quarter of 2024. Overall, operating costs decreased by 20.4%, totaling EUR 49.7 million.

Due to changes in the interest environment, financial income decreased to EUR 0.7 million, while financial expenses fell by EUR 0.3 million, totaling EUR 0.5 million.

The net profit in the 4th quarter was EUR 6.8 million. Cash flows from operating activities were positive at EUR 23.1 million, with EUR 46.6 million invested into non-current assets. EUR 28.0 million in congestion income was received, and EUR 50.2 million in CEF funding was collected. The company repaid loans amounting to EUR 2.2 million.

The total assets of the company stood at EUR 1.6 billion, with total liabilities at EUR 1.2 billion and owner’s equity at EUR 409.7 million.

In EUR thousands

  31.12.24 31.12.23

Assets
Current assets
Cash and cash equivalents 94,330 65,533
Short-term financial investments 40,000 110,000
Accounts receivables and other receivables 65,785 51,790
Inventories 20,537 20,247
Total current assets 220,652 247,570
Investment into associated company 99 73
Long term receivables 1,366 3,610
Non-current assets 1,397,105 1,216,513
Total non-current assets 1,398,570 1,220,196
TOTAL ASSETS 1,619,222 1,467,766

Liabilities
Current liabilities
Borrowings 11,124 11,323
Trade and other payables 103,616 93,613
Total current liabilities 114,740 104,936
Non-current liabilities
Borrowings 55,637 66,186
Other long-term liabilities 1,251 1,705
Deferred revenue 1,037,896 880,900
Total non-current liabilities 1,094,784 948,791
TOTAL LIABILITIES 1,209,524 1,053,727

Equity
Share capital 229,890 229,890
Statutory reserve capital 20,123 18,721
Retained earnings 159,685 165,428
TOTAL OWNER’S EQUITY 409,698 414,039
TOTAL LIABILITIES AND OWNER’S EQUITY 1,619,222 1,467,766

 

In EUR thousands

  4th Quarter January-september
2024 2023 2024 2023
Net sales 53,018 69,403 214,281 244,748
Other income 3,208 3,232 5,516 10,053
Goods, raw materials and services 27,981 39,681 121,953 149,907
Other miscellaneous operating expenses 2,704 2,462 9,986 7,792
Staff costs 4,663 4,616 16,931 15,050
Depreciation and amortisation 14,276 15,657 53,113 53,445
Other operating expenses 64 23 160 259
OPERATING PROFIT 6,538 10,196 17,654 28,348
Financial income 719 2,184 4,564 5,444
Financial expenses 456 725 2,242 3,415
PROFIT BEFORE TAX 6,801 11,655 19,976 30,377
Income tax 0 0 4,317 2,340
NET PROFIT 6,801 11,655 15,659 28,037
 

In EUR thousands

  4th Quarter January-December
2024 2023 2024 2023

Cash flows from operating activities
Profit/loss before income tax 6,801 11,655 19,975 30,377
Adjustments for
Depreciation, amortisation and impairment 14,276 15,657 53,113 53,445
Change in current assets involved in operating activities -6,103 4,309 -2,395 23,833
Change in liabilities involved in operating activities 8,692 1,650 10,165 1,100
Paid interest -811 -943 -3,586 -4,312
Income tax on dividends 0 0 -4,317 -2,340
Other adjustments 209 -405 -6,633 54,353
TOTAL CASH FLOWS FROM OPERATING ACTIVITIES 23,064 31,923 66,322 156,456

Cash flows from/used in investment activities
Acquisition of property, plant and equipment and intangible assets -46,640 -61,432 -240,842 -167,875
Foreign grants for acquisition of non-current assets -20,000 -20,000 70,000 -60,000
Net change in deposits at banks with maturity of more than 3 months 50,181 0 83,026 38,254
Proceeds from congestion income 28,042 18,478 80,825 118,420
Proceeds from sale of property, plant and equipment 28 7 31 134
CASH FLOWS USED IN INVESTMENT ACTIVITIES 11,611 -62,947 -6,960 -71,067

Cash flows from financing activities
Bonds repayment 0 0 0 -225,000
Repayment of bank loans -2,166 -2,642 -10,558 -10,558
Repayable finance lease liabilities 0 -18 -7 -84
Paid dividends 0 0 -20,000 -13,500
TOTAL CASH FLOWS USED IN FINANCING ACTIVITIES -2,166 -2,660 -30,565 -249,143
 
Cash and cash equivalents at the beginning of the quarter 61,002 98,273 65,533 229,287
Cash and cash equivalents at the end of the quarter 94,330 65,533 94,330 65,533
Change in cash and cash equivalents 33,328 -32,740 28,797 -163,754

In EUR thousands

  31.12.24 31.12.23

Assets
Current assets
Cash and cash equivalents 94,330 65,533
Short-term financial investments 40,000 110,000
Accounts receivables and other receivables 65,785 51,790
Inventories 20,537 20,247
Total current assets 220,652 247,570
Investment into associated company 99 73
Long term receivables 1,366 3,610
Non-current assets 1,397,105 1,216,513
Total non-current assets 1,398,570 1,220,196
TOTAL ASSETS 1,619,222 1,467,766

Liabilities
Current liabilities
Borrowings 11,124 11,323
Trade and other payables 103,616 93,613
Total current liabilities 114,740 104,936
Non-current liabilities
Borrowings 55,637 66,186
Other long-term liabilities 1,251 1,705
Deferred revenue 1,037,896 880,900
Total non-current liabilities 1,094,784 948,791
TOTAL LIABILITIES 1,209,524 1,053,727

Equity
Share capital 229,890 229,890
Statutory reserve capital 20,123 18,721
Retained earnings 159,685 165,428
TOTAL OWNER’S EQUITY 409,698 414,039
TOTAL LIABILITIES AND OWNER’S EQUITY 1,619,222 1,467,766

 

In EUR thousands

  4th Quarter January-september
2024 2023 2024 2023
Net sales 53,018 69,403 214,281 244,748
Other income 3,208 3,232 5,516 10,053
Goods, raw materials and services 27,981 39,681 121,953 149,907
Other miscellaneous operating expenses 2,704 2,462 9,986 7,792
Staff costs 4,663 4,616 16,931 15,050
Depreciation and amortisation 14,276 15,657 53,113 53,445
Other operating expenses 64 23 160 259
OPERATING PROFIT 6,538 10,196 17,654 28,348
Financial income 719 2,184 4,564 5,444
Financial expenses 456 725 2,242 3,415
PROFIT BEFORE TAX 6,801 11,655 19,976 30,377
Income tax 0 0 4,317 2,340
NET PROFIT 6,801 11,655 15,659 28,037
 

In EUR thousands

  4th Quarter January-December
2024 2023 2024 2023

Cash flows from operating activities
Profit/loss before income tax 6,801 11,655 19,975 30,377
Adjustments for
Depreciation, amortisation and impairment 14,276 15,657 53,113 53,445
Change in current assets involved in operating activities -6,103 4,309 -2,395 23,833
Change in liabilities involved in operating activities 8,692 1,650 10,165 1,100
Paid interest -811 -943 -3,586 -4,312
Income tax on dividends 0 0 -4,317 -2,340
Other adjustments 209 -405 -6,633 54,353
TOTAL CASH FLOWS FROM OPERATING ACTIVITIES 23,064 31,923 66,322 156,456

Cash flows from/used in investment activities
Acquisition of property, plant and equipment and intangible assets -46,640 -61,432 -240,842 -167,875
Foreign grants for acquisition of non-current assets -20,000 -20,000 70,000 -60,000
Net change in deposits at banks with maturity of more than 3 months 50,181 0 83,026 38,254
Proceeds from congestion income 28,042 18,478 80,825 118,420
Proceeds from sale of property, plant and equipment 28 7 31 134
CASH FLOWS USED IN INVESTMENT ACTIVITIES 11,611 -62,947 -6,960 -71,067

Cash flows from financing activities
Bonds repayment 0 0 0 -225,000
Repayment of bank loans -2,166 -2,642 -10,558 -10,558
Repayable finance lease liabilities 0 -18 -7 -84
Paid dividends 0 0 -20,000 -13,500
TOTAL CASH FLOWS USED IN FINANCING ACTIVITIES -2,166 -2,660 -30,565 -249,143
 
Cash and cash equivalents at the beginning of the quarter 61,002 98,273 65,533 229,287
Cash and cash equivalents at the end of the quarter 94,330 65,533 94,330 65,533
Change in cash and cash equivalents 33,328 -32,740 28,797 -163,754