Elering Releases Q4 Financial Results

In the fourth quarter of 2015, Elering recorded revenues of 42,8 million euros, with an operating profit of 17.2 million euros, and net profit of 14.3 million euros.

Owing to the acquisition of ownership in Võrguteenus Valdus AS, Elering will publish consolidated financial results, i.e. including the business activity of the acquired subsidiary. Võrguteenus Valdus is a holding company whose sole business activity involves ownership of shares in Elering Gaas, the owner of the Estonian gas transmission network. 

Revenue increased by 6.9 million euros compared to the fourth quarter of 2014. The reason for the increase lies in the addition of gas transmission profit, as well as in the increased profit of the compensation mechanism between EU transmission system operators and the balancing service. Operating costs increased by 4.5 million euros, mainly due to the acquired gas transmission business. Financial costs remained at the same level compared to the previous year. As a result, net profit increased by 2.4 million euros. 

Operating cash flow brought in 21.9 million euros. 14.9 million euros was invested in fixed assets, and 0.5 million euros in the shares of Võrguteenus Valdus. As a result, Elering has acquired 100 per cent of the aforementioned shares by now. 8.1 million euros was received from cross-border transmission capacity auctions, and 1.6 million euros from the sale of an office building. Thus, the total net cash flow from investments was 5.7 million euros. Amortized loan payments amounted to 1.2 million euros, and the state of Estonia increased shareholder’s equity by 8.0 million euros.

Assets totalled 862 million euros by the end of the quarter and equity totalled 329 million euros.

Elering is an independent electricity and gas transmission system operator with main task to ensure high-quality energy supply to Estonian consumers. For that Elering manages, maintains and develops the internal and cross border energy infrastructure. Elering ensures conditions for efficient energy market operations and economic development.

Elering’s Q4 financial results are available here.