In the fourth quarter of 2016, Elering’s revenue was EUR 42.1 million, operating profit EUR 13.6 million and net profit EUR 10.8 million.

Elering’s revenue decreased by EUR 0.7 million compared to the fourth quarter of 2015, mainly due to a drop in the revenue from the compensation mechanism between the EU transmission system operators in connection with decreased electricity transit through Estonia. Operating expenses grew by EUR 2.9 million, primarily due to an increase in depreciation (EUR 1.6 million) and purchased balancing electricity (EUR 0.7 million) expenses. Financial expenses decreased by EUR 0.1 million and, as a result of the above, net profit fell by EUR 3.5 million.

Cash flow from operating activities amounted to EUR -5.3 million, mostly due to the EU support received for the purpose of financing projects with cross-border impact (EUR 22.8 million), which was invested in short-term current assets. Cash flow from investment activities was EUR -21.6 million and cash flow from financing activities was EUR -1.2 million. The latter comprised of the repayments of amortising long-term loans. In total, the cash balance decreased by EUR 28.1 million.

By the end of the quarter, assets totalled EUR 903.7 million and equity totalled EUR 349.1 million.

Elering is an independent and autonomous electricity and gas transmission system operator, whose main task is to ensure quality energy supply to consumers in Estonia. For this reason, the company manages 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.

The fourth quarter financial results of Elering can be found here.