Elering’s Q4 Financial Results

Elering posts fourth quarter operating income of 34.9 million euros, operating profit of 17.1 million euros, and net profit of 15.1 million euros.

According to Peep Soone, Elering’s Financial Manager, the fourth quarter turned out better than forecasted primarily due to an increase in the transmission of domestic electricity: 7.8% compared to Q4 in 2011. More electricity was consumed, mostly due to the colder weather. Economic growth also continued.

Compared to the same quarter in 2011, during the fourth quarter Elering’s operating profit increased by 5.3 million euros. Net financial costs decreased 0.2 million euros, resulting in a total net profit increase of 5.5 million euros.

The operating cash flow was 22.2 million euros, which is 7.9 million euros more than the same period last year. This growth mostly resulted from the increase in profit. However, investments in fixed assets exceeded cash flow from operations, reaching 29 million euros. In December, Elering took out the first instalment of the Nordic Investment Bank loan: 5 million euros, making up the total cash flow from finances.

Elering is an independent electricity system operator in Estonia whose main duty is to guarantee high-quality electricity supply to Estonian consumers at all times. To ensure the sustainable functioning and security of supply as a crucial service, Elering maintains and develops the national transmission network and external connections. Elering manages the Estonian electricity system in real time, ensuring the functioning of the transmission network as well as the balance between production and consumption.

Read more about Elering’s Q4 financial results here.