Fri, 07/28/2017 - 09:38
Elering’s Q2 Financial Results
Elering's revenue in the second quarter of this year was 24.5 million euros, operating profit 1.1 million euros and net loss 6.6 million euros.
"The main reason for the loss was the 5.0 million euros of income tax paid from dividends, as well as the seasonal character of the electricity and gas transmission service. Elering's revenue and profitability are lower in the second and third quarters, as there is less electricity and gas transmitted through our transmission networks during this period than in winter," Elering's Head of Management Accounting Unit Sirli Söömer explained.
Revenues of Elering increased by 0.6 million euros compared to the second quarter of 2016. There was an increase in electricity as well as gas transmission revenues. Operating expenses grew by 0.4 million euros in the same period. Financial costs decreased by 0.2 million euros and the amount paid to the state budget as income tax from dividends was 2.8 million euros less than in the previous year.
Cash flows from operating activities amounted to 12.2 million euros. 5.9 million euros was invested in fixed assets and a total of 2.6 million euros was received from cross-border transmission capacity auctions. Net cash flow from investments amounted to minus 3.1 million euros. Cash flow related to financing was minus 21.2 million euros, including 20 million in paid dividends and 1.2 million in payments of depreciable loans.
As of the end of the quarter, Elering's assets amounted to 900.3 million euros and equity to 338.4 million euros.
Take a closer look at the second quarter financial results of Elering here.
Elering is an independent and autonomous electricity and gas compound system operator, whose main task is to ensure quality energy supply to consumers in Estonia. For this reason, the company manages, administers, and develops the national and cross-border energy infrastructure. By its operation, Elering ensures the conditions for the functioning of the energy market and for economic development.