Elering posts net profit of 7.1 million euros for H1

Elering’s revenue for the first half-year was 71.4 million euros, operating profit was 17.9 million euros and net profit was 7.1 million euros.

Revenue was 3.7 million euros more than in the first half of last year, yet profit decreased 2.3 million euros in the same timeframe in connection with the 7.6 per cent lowering of network fees for electricity after the end of Q2 last year. Profitability was also influenced by the noteworthy rise in the price of loss energy in connection with the rise in the spot price of electricity.

Cash flow from operating activity was 39.0 million euros in H1 of 2018. A total of 45.0 million euros was invested into fixed assets, 7.0 million euros in EU grant aid was received and 2.3 million euros came in as congestion income, while cash flow from investments totalled minus 35.6 million euros.

Cash flow from financing totalled 241.4 million euros, consisting of 224.3 million euros in bonds issued, 40.0 million euros in increase of share capital, 2.9 million euros in repayments of bank loans and 20.0 million euros in dividends paid.

Cash balance thus increased by 244.7 million euros, being at 326.7 million euros at the end of the half-year. The unusually high cash balance was due to the 12 July 2018 maturity date of older Eurobonds issued in 2011 in the amount of 235.4 million euros including interest.

Elering’s balance sheet volume broke the billion-euro mark for the first time, with 1171.9 million euros on the last day of June. Equity made up 373.3 million euros and liabilities amounted to 798.6 million euros.