For investors

Elering is committed to complying with good corporate governance practices, and we want to continuously improve in this area. We consider this a prerequisite for achieving our strategic goals and shaping our organisational culture.

We assure you that:

the company’s risk management and internal control system are functional and effective;
the company’s financial reporting and annual report are based on an effective risk management and internal control system.

The full texts of the corporate governance practices and the report are available in the attachment.

Attachments:

Good corporate governance practices (7 January 2020) (in estonian)

Declaration of compliance with good corporate governance practices 2022 (18 April 2023)

Declaration of compliance with good corporate governance practices 2021 (18 April 2023) (in estonian)

Declaration of compliance with good corporate governance practices 2019 (27 February 2020) (in estonian)

Declaration of compliance with good corporate governance practices 2018.doc (7 January 2020) (in estonian)

Good corporate governance practices 2016 (7 January 2020) (in estonian)

Resolutions of the general meeting and reports of the supervisory board

Members of the supervisory board

Contact details of members of the supervisory board

Remuneration of members of the supervisory board

Remuneration of the chairman of the supervisory board 1,500 euros

Remuneration of a member of the supervisory board 750 euros

Key financial indicators

Ratios

	2024	2023	2022	2021	2020	2019	2018	2017
ROE	3,8%	7,1%	4,5%	1,3%	6,5%	8,5%	5,1%	4,9%
Equity/Assets	25%	28%	27%	32%	36%	38%	41%	38%
Net Charged/EBITDA	-0,4	0,1	1,2	4,8	3,9	3,8	4,4	4,1

2024

2023

2022

2021

2020

2019

2018

2017

ROE

3,8%

7,1%

4,5%

1,3%

6,5%

8,5%

5,1%

4,9%

Equity/Assets

25%

28%

27%

32%

36%

38%

41%

38%

Net

Charged/EBITDA

-0,4

0,1

1,2

4,8

3,9

3,8

4,4

4,1

Financial indicators

in million euros

	2024	2023	2022	2021	2020	2019	2018	2017
Revenue	225,9	254,8	398,1	208,1	142,4	155,2	144,8	131,9
Business expenditure	208,2	226,5	378,2	199,1	109,8	113,4	113,9	98,8
Business profit	17,6	28,3	19,9	9,0	32,6	41,8	31,0	33,1
Financial expenditure	-2,3	-2,0	2,4	2,3	2,3	2,1	7,3	11,0
Income tax	-4,3	2,3	0,0	1,6	5,0	6,8	5,0	5,0
Net profit	15,7	28,0	17,5	5,1	25,3	32,8	18,6	17,1

Loans	66,7	77,5	314,0	322,7	333,0	343,3	353,7	362,3
Equity	409,7	414,0	399,5	382,1	387,0	388,3	384,8	346,2
Assets	1619,2	1467,8	1460,9	1182,9	1075,7	1024,4	948,4	909,6

EBITDA	70,8	81,8	67,5	54,6	72,7	78,7	65,7	67,6
Investment in fixed assets	233,1	183,8	118,8	78,8	85,0	129	125,0	32,2
Dividends	20,0	13,5	0,0	10,0	25,6	29,4	20,0	20,0

The data is presented as at the last date of the financial year.

Calendar for publishing reports

30 January 2026	31 March 2026	30 April 2026	31 July 2026	30 October 2026
Unaudited financial results for the fourth quarter of 2025	Audited annual report for 2025	Unaudited financial results for the first quarter of 2026	Unaudited financial results for the second quarter of 2026	Unaudited financial results for the third quarter of 2026

Quarterly reports 2025

I quarter of 2025 (unaudited)

Overview

Total revenue in the 1st quarter of 2025 remained relatively flat, amounting to EUR 70,8 million. The decline in gas network revenues as a result of lower volumes by 20,2% or EUR 2,4 million and the decline in other network services EUR 3 million was balanced by higher electricity network revenues of 6,7% or EUR 1,5 million and 12,9% higher balancing energy sales of 12,9% or EUR 3.6 million.

Network losses in the 1st quarter of 2025 showed an increase of EUR 0.7 million, as a result of higher electricity prices. Balancing energy costs were also higher, in line with reduced balancing energy revenues. Due to additional investments, depreciation costs increased by EUR 0.7 million in the 1st quarter of 2025. Overall, operating costs increased by 10.2%, totalling EUR 62,7 million.

Due to changes in the interest environment, financial income increased to EUR 0.8 million, while financial expenses fell by EUR 0.1 million, totalling EUR 0.5 million.

The net profit in the 1st quarter was EUR 8.3 million. Cash flows from operating activities were positive at EUR 34.7 million, with EUR 38.6 million invested into non-current assets. 12.0 million euros CEF funding was collected. The company repaid loans amounting to EUR 3.1 million.

The total assets of the company stood at EUR 1.6 billion, with total liabilities at EUR 1.2 billion and owner’s equity at EUR 418.1 million.

Income statement

In thousands of euros

	I quarter		Year
	2025	2024	2024
Return on sales	68 146	69 842	214 282
Other business revenue	3 361	2 718	11 606
Goods, raw materials, materials and services	42 411	39 321	128 044
Miscellaneous operating expenses	2 223	1 850	9 986
Labour costs	4 933	4 456	16 932
Depreciation of fixed assets	13 808	13 088	53 112
Other business expenditure	26	34	160
BUSINESS PROFIT	8 105	13 811	17 654
Financial income	797	659	4 564
Financial expenditure	513	647	2 242
PROFIT BEFORE TAX	8 388	13 823	19 976
Income tax	0	0	4 317
NET PROFIT	8 388	13 823	15 659

Statement of financial position

In thousands of euros

	31.03.25	31.03.24	31.12.24
Assets
Current assets
Cash and cash equivalents	54 902	53 599	94 330
Short-term financial investments	80 000	120 000	40 000
Trade receivables and other receivables	55 417	41 734	65 785
Inventories	20 519	20 068	20 537
Total current assets	210 839	235 401	220 652
Investment in related companies	135	109	99
Long-term receivables	1 366	1 366	1 366
Tangible and intangible fixed assets	1 418 408	1 249 498	1 397 105
Total fixed assets	1 419 909	1 250 972	1 398 570
TOTAL ASSETS	1 630 747	1 486 373	1 619 222
Liabilities
Current liabilities
Debt obligations	10 512	11 260	11 124
Other current liabilities	106 185	88 417	103 616
Total current liabilities	116 696	99 677	114 740
Non-current liabilities
Debt obligations	53 003	63 076	55 637
Other non-current liabilities	1 251	1 705	1 251
Deferred income	1 041 710	894 052	1 037 896
Total non-current liabilities	1 095 964	958 833	1 094 784
Total liabilities	1 212 660	1 058 510	1 209 524
Equity
Auxiliary capital	229 890	229 890	229 890
Legal reserve	20 123	18 721	20 123
Undistributed equity	168 074	179 252	159 685
Total equity	418 087	427 863	409 698
TOTAL LIABILITIES AND EQUITY	1 630 747	1 486 373	1 619 222

Cash flow statement

In thousands of euros

	I quarter		Year
	2025	2024	2024
Cash flow from operating activities
Profit/loss before tax	8 388	13 823	19 975
Adjustments
Depreciation	13 808	13 088	53 113
Total net change in current assets	4 357	9 318	-2 395
Total net change in operating liabilities	11 672	1 438	10 165
Interest paid	-1 488	-918	-3 586
Income tax on dividends	0	0	-4 317
Other adjustments	-2 019	1 507	-6 633
TOTAL CASH FLOW FROM OPERATING ACTIVITIES	34 719	38 256	66 322
Cash flow from investment activities
Paid upon acquisition of fixed assets	-38 616	-50 936	-240 842
Foreign aid received for targeted financing of fixed assets	12 000	0	83 026
Net change in deposits with a maturity of over 3 months	-40 000	-10 000	70 000
Proceeds from congestion income	-4 593	13 866	80 825
Proceeds from sale of fixed assets	176	0	31
TOTAL CASH FLOW FROM INVESTMENT ACTIVITIES	-71 034	-47 070	-6 960
Cash flow from financing activities
Repaid bank loans	-3 113	-3 113	-10 558
Financial lease payments paid	0	-7	-7
Dividends paid	0	0	-20 000
TOTAL CASH FLOW FROM FINANCING ACTIVITIES	-3 113	-3 120	-30 565

Cash and cash equivalents at the beginning of the accounting period	94 330	65 533	65 533
Cash and cash equivalents at the end of the accounting period	54 902	53 599	94 330
Net change in cash and cash equivalents	-39 428	-11 934	28 797

II quarter of 2025 (unaudited)

Overview

Elering earned a net profit of 6.3 million euros in the first half of 2025, compared to 10.6 million euros during the same period last year. The decline reflects, among other factors, reduced profitability in the electricity network service segment.

The financial results mirror a broader trend observed in recent years, where rising costs related to ensuring energy security have been accompanied by an overall increase in the cost of living. In this context, it becomes increasingly important to review and adjust network tariffs to maintain the long-term sustainability and reliability of supply.

“Until now, we have been able to offset the growing revenue gap using EU funding and congestion income. However, going forward, we can no longer count on these sources to the same extent,” said Kalle Kilk, Chairman of the Board at Elering. “We must ensure that our revenues are sufficient to cover the costs of essential investments and ongoing operations. Our commitment remains firm — to secure energy supply at all times as efficiently as possible. But to do so sustainably, network fees may need to be adjusted more proactively to avoid losses in electricity transmission services.”

Elering’s total revenue in the first half of the year amounted to 160.2 million euros. Nearly 60 million euros came from core electricity and gas transmission services, falling short of expectations. The majority — nearly 90 million euros — was earned from energy market-related services provided on a financially neutral basis, without profit.

Operating cash flow was negative, at -10.8 million euros, mainly due to the cost of frequency reserves — an expense not incurred last year. This year, the cost is covered using capacity allocation income, with the consent of the Competition Authority.

In the first half of 2025, Elering invested 75.5 million euros in fixed assets and received 12 million euros in targeted financing. Dividends paid for 2024 amounted to 15.7 million euros. During the six-month period, the company’s cash and cash equivalents declined from 94 million to 9 million euros.

As of 30 June 2025, Elering’s total assets stood at 1.6 billion euros. Equity amounted to 400 million euros, and liquid assets — including cash and short-term deposits — totaled 69 million euros.

Income statement

In EUR thousands

	II Quater		II half-year		Year
	2025	2024	2025	2024	2024
Net sales	86,640	45,998	154,786	115,840	214,282
Other income	3,664	2,707	7,025	5,424	11,606
Goods, raw materials and services	67,257	29,278	109,668	68,598	128,044
Other miscellaneous operating expenses	2,379	2,625	4,603	4,475	9,986
Staff costs	4,731	3,986	9,664	8,442	16,932
Depreciation and amortisation	13,583	12,647	27,391	25,735	53,112
Other operating expenses	20	45	46	78	160
OPERATING PROFIT	2,333	125	10,438	13,936	17,654
Financial income	335	1,641	1,132	2,300	4,564
Financial expenses	348	688	862	1,335	2,242
PROFIT BEFORE TAX	2,320	1,078	10,708	14,901	19,976
Income tax	4,417	4,317	4,417	4,317	4,317
NET PROFIT	-2,097	-3,239	6,291	10,584	15,659

Statement of financial position

In EUR thousands

	30.06.25	30.06.25	31.12.24
Assets
Current assets
Cash and cash equivalents	9,025	73,866	94,330
Short-term financial investments	60,000	80,000	40,000
Accounts receivables and other receivables	41,268	56,642	65,785
Inventories	20,095	20,227	20,537
Total current assets	130,387	230,736	220,652
Investment into associated company	101	170	99
Long term receivables	1,366	1,366	1,366
Non-current assets	1,443,943	1,309,273	1,397,105
Total non-current assets	1,445,410	1,310,809	1,398,570
TOTAL ASSETS	1,575,797	1,541,544	1,619,222
Liabilities
Current liabilities
Borrowings	9,757	11,241	11,124
Trade and other payables	80,208	133,161	103,616
Total current liabilities	89,965	144,402	114,740
Non-current liabilities
Borrowings	51,553	60,912	55,637
Other long-term liabilities	1,251	1,819	1,251
Deferred revenue	1,032,697	929,787	1,037,896
Total non-current liabilities	1,085,501	992,518	1,094,784
TOTAL LIABILITIES	1,175,466	1,136,921	1,209,524
Equity
Share capital	229,890	229,890	229,890
Statutory reserve capital	20,906	20,123	20,123
Retained earnings	149,535	154,611	159,685
TOTAL OWNER’S EQUITY	400,331	404,624	409,698
TOTAL LIABILITIES AND OWNER’S EQUITY	1,575,797	1,541,544	1,619,222

Cash flow statement

In EUR thousands

	II Quater		II half-year		Year
	2025	2024	2025	2024	2024
Cash flows from operating activities
Profit/loss before income tax	2,320	1,078	10,708	14,901	19,975
Adjustments for
Depreciation, amortisation and impairment	13,583	12,647	27,391	25,735	53,113
Change in current assets involved in operating activities	17,869	-15,226	22,226	-5,908	-2,395
Change in liabilities involved in operating activities	-24,962	20,172	-13,290	21,610	10,165
Paid interest	-1,230	-2,857	-2,719	-3,775	-3,586
Income tax on dividends	-4,417	0	-4,417	0	-4,317
Other adjustments	-39,092	-14,336	-50,710	-18,001	-6,633
TOTAL CASH FLOWS FROM OPERATING ACTIVITIES	-35,929	1,478	-10,810	34,562	66,322
Cash flows from/used in investment activities
Acquisition of property, plant and equipment and intangible assets	-36,915	-68,154	-75,531	-119,090	-240,842
Foreign grants for acquisition of non-current assets	0	26,245	12,000	26,245	83,026
Net change in deposits at banks with maturity of more than 3 months	20,000	40,000	-20,000	30,000	70,000
Proceeds from congestion income	24,731	22,864	29,737	41,902	80,825
Received dividends	53	0	53	0	0
Proceeds from sale of property, plant and equipment	8	0	183	0	31
CASH FLOWS USED IN INVESTMENT ACTIVITIES	7,876	20,955	-53,558	-20,943	-6,960
Cash flows from financing activities
Repayment of bank loans	-2,166	-2,166	-5,279	-5,279	-10,558
Repayable finance lease liabilities	0	0	0	-7	-7
Paid dividends	-15,659	0	-15,659	0	-20,000
TOTAL CASH FLOWS USED IN FINANCING ACTIVITIES	-17,825	-2,166	-20,938	-5,286	-30,565

Cash and cash equivalents at the beginning of the quarter	54,902	53,599	94,330	65,533	65,533
Cash and cash equivalents at the end of the quarter	9,025	73,866	9,025	73,866	94,330
Change in cash and cash equivalents	-45,877	20,267	-85,305	8,333	28,797

III quarter of 2025 (unaudited)

Income statement

In EUR thousands

	III Quater		January–September		Year
	2025	2024	2025	2024	2024
Net sales	73,768	45,423	228,554	161,263	214,282
Other income	16,962	2,974	23,987	8,398	11,606
Goods, raw materials and services	57,479	31,465	167,147	100,063	128,044
Other miscellaneous operating expenses	2,626	2,807	7,228	7,282	9,986
Staff costs	4,213	3,826	13,877	12,268	16,932
Depreciation and amortisation	13,847	13,102	41,238	38,836	53,112
Other operating expenses	44	18	91	96	160
OPERATING PROFIT	12,522	-2,820	22,960	11,116	17,654
Financial income	544	1,545	1,676	3,845	4,564
Financial expenses	206	451	1,068	1,786	2,242
PROFIT BEFORE TAX	12,860	-1,727	23,568	13,175	19,976
Income tax	0	0	4,417	4,317	4,317
NET PROFIT	12,860	-1,727	19,151	8,858	15,659

Statement of financial position

In EUR thousands

	30.09.25	30.09.24	31.12.24
Assets
Current assets
Cash and cash equivalents	44,547	61,002	94,330
Short-term financial investments	20,000	20,000	40,000
Accounts receivables and other receivables	67,056	49,377	65,785
Inventories	20,068	20,121	20,537
Total current assets	151,670	150,500	220,652
Investment into associated company	138	173	99
Long term receivables	1,116	1,366	1,366
Non-current assets	1,495,092	1,362,619	1,397,105
Total non-current assets	1,496,346	1,364,158	1,398,570
TOTAL ASSETS	1,648,016	1,514,658	1,619,222
Liabilities
Current liabilities
Borrowings	8,048	11,175	11,124
Trade and other payables	136,724	82,444	103,616
Total current liabilities	144,772	93,619	114,740
Non-current liabilities
Borrowings	50,103	57,801	55,637
Other long-term liabilities	2,166	1,252	1,251
Deferred revenue	1,037,783	959,088	1037,896
Total non-current liabilities	1,090,053	1,018,141	1,094,784
TOTAL LIABILITIES	1,234,825	1,111,761	1,209,524
Equity
Share capital	229,890	229,890	229,890
Statutory reserve capital	20,906	20,123	20,123
Retained earnings	162,395	152,884	159,685
TOTAL OWNER’S EQUITY	413,191	402,897	409,698
TOTAL LIABILITIES AND OWNER’S EQUITY	1,648,016	1,514,658	1,619,222

Cash flow statement

In EUR thousands

	III Quater		January–September		Year
	2025	2024	2025	2024	2024
Cash flows from operating activities
Profit/loss before income tax	12,860	-1,727	23,568	13,174	19,975
Adjustments for
Depreciation, amortisation and impairment	13,846	13,102	41,238	38,837	53,113
Change in current assets involved in operating activities	-26,292	7,372	-4,062	1,464	-2,395
Change in liabilities involved in operating activities	32,896	-17,287	22,255	4,323	10,165
Paid interest	-254	-1,478	-1,292	-5,253	-3,586
Income tax on dividends	0	-4,317	-4,417	-4,317	-4,317
Other adjustments	-3,971	3,786	-24,877	-5,782	-6,633
TOTAL CASH FLOWS FROM OPERATING ACTIVITIES	29,085	-549	52,414	42,446	66,322
Cash flows from/used in investment activities
Acquisition of property, plant and equipment and intangible assets	-43,557	-75,113	-119,435	-194,203	-240,842
Foreign grants for acquisition of non-current assets	8,704	6,592	20,704	32,837	83,026
Net change in deposits at banks with maturity of more than 3 months	40,000	60,000	20,000	90,000	70,000
Proceeds from congestion income	4,059	19,315	0	52,784	80,825
Received dividends	0	0	53	0	0
Proceeds from sale of property, plant and equipment	342	4	526	4	31
CASH FLOWS USED IN INVESTMENT ACTIVITIES	9,548	10,798	-78,152	-18,578	-6,960
Cash flows from financing activities
Received bank loans	0	0	19,837	0	0
Repayment of bank loans	-3,111	-3,113	-28,223	-8,392	-10,558
Repayable finance lease liabilities	0	0	0	-7	-7
Paid dividends	0	-20,000	-15,659	-20,000	-20,000
TOTAL CASH FLOWS USED IN FINANCING ACTIVITIES	-3,111	-23,113	-24,045	-28,399	-30,565

Cash and cash equivalents at the beginning of the quarter	9,025	73,866	94,330	65,533	65,533
Cash and cash equivalents at the end of the quarter	44,547	61,002	44,547	61,002	94,330
Change in cash and cash equivalents	35,522	-12,864	-49,783	-4,531	28,797

IV quarter of 2025 (unaudited)

In EUR thousands

	IV Quater		January - December
	2025	2024	2025	2024
Net sales	71,960	53,018	300,514	214,283
Other income	3,981	3,208	27,968	11,605
Goods, raw materials and services	51,511	27,981	218,658	128,044
Other miscellaneous operating expenses	3,055	2,704	10,284	9,986
Staff costs	4,986	4,663	18,863	16,932
Depreciation and amortisation	14,079	14,276	55,316	53,112
Other operating expenses	57	64	147	160
OPERATING PROFIT	2,254	6,538	25,214	17,654
Financial income	430	719	2,106	4,564
Financial expenses	94	456	1,161	2,242
PROFIT BEFORE TAX	2,591	6,801	26,159	19,976
Income tax	0	0	4,417	4,317
NET PROFIT	2,591	6,801	21,742	15,659

In EUR thousands

	31.12.25	31.12.24
Assets
Current assets
Cash and cash equivalents	75,700	94,330
Short-term financial investments	20,000	40,000
Accounts receivables and other receivables	53,203	65,785
Inventories	20,050	20,537
Total current assets	168,953	220,652
Investment into associated company	77	99
Long term receivables	1,116	1,366
Non-current assets	1,526,523	1,397,105
Total non-current assets	1,527,716	1,398,570
TOTAL ASSETS	1,696,669	1,619,222
Liabilities
Current liabilities
Borrowings	8,501	11,124
Trade and other payables	111,796	103,616
Total current liabilities	120,297	114,740
Non-current liabilities
Borrowings	47,468	55,637
Other long-term liabilities	1,026	1,251
Deferred revenue	1,067,096	1,037,896
Total non-current liabilities	1,115,590	1,094,784
TOTAL LIABILITIES	1,235,887	1,209,524
Equity
Share capital	274,890	229,890
Statutory reserve capital	20,906	20,123
Retained earnings	164,985	159,685
TOTAL OWNER’S EQUITY	460,782	409,698
TOTAL LIABILITIES AND OWNER’S EQUITY	1,696,669	1,619,222

In EUR thousands

	IV Quater		January - December
	2025	2024	2025	2024
Cash flows from operating activities
Profit/loss before income tax	2,591	6,801	26,159	19,976
Adjustments for
Depreciation, amortisation and impairment	14,079	14,276	55,317	53,112
Change in current assets involved in operating activities	6,665	-6,103	2,603	-2,395
Change in liabilities involved in operating activities	-5,815	8,692	16,440	10,165
Paid interest	-1,088	-811	-2,380	-3,586
Income tax on dividends	0	0	-4,417	-4,317
Other adjustments	19,611	209	-5,266	-6,633
TOTAL CASH FLOWS FROM OPERATING ACTIVITIES	36,043	23,064	88,457	66,322
Cash flows from/used in investment activities
Acquisition of property, plant and equipment and intangible assets	-61,538	-46,640	-180,973	-240,842
Foreign grants for acquisition of non-current assets	7,133	50,181	27,837	83,026
Net change in deposits at banks with maturity of more than 3 months	0	-20,000	20,000	70,000
Proceeds from congestion income	6,687	28,042	6,687	80,825
Investments in an affiliate	0	0	53	0
Proceeds from sale of property, plant and equipment	0	28	526	31
CASH FLOWS USED IN INVESTMENT ACTIVITIES	-47,718	11,611	-125,870	-6,960
Cash flows from financing activities
Bank loans	0	0	19,837	0
Repayment of bank loans	-2,172	-2,166	-30,395	-10,558
Repayable finance lease liabilities	0	0	0	-7
Contribution to share capital	45,000	0	45,000	0
Paid dividends	0	0	-15,659	-20,000
TOTAL CASH FLOWS USED IN FINANCING ACTIVITIES	42,828	-2,166	18,783	-30,565

Cash and cash equivalents at the beginning of the quarter	44,547	61,002	94,330	65,533
Cash and cash equivalents at the end of the quarter	75,700	94,330	75,700	94,330
Change in cash and cash equivalents	31,153	33,328	-18,630	28,797

Quarterly reports 2024

IV quarter of 2024 (unaudited)

Elering’s revenue for the fourth quarter of 2024 decreased by 25.6%, amounting to 56.2 million euros. The majority of the decrease was related to a decrease in electricity network revenues by 22.6%, i.e. 7.4 million euros. As of the beginning of 2024, Elering changed its tariff packages, as a result of which 34.8% of tariffs were linked to a fixed share in the fourth quarter, while the rest depended on consumption volumes. In 2023, all clients had a consumption-based package.

The electricity transmission volume also decreased by 5.1%. The decrease in electricity revenues was partially offset by the increase in gas transmission revenues, which increased by 28.1%, i.e. 1.8 million euros. Although gas volumes decreased by 12.4% compared to the fourth quarter of 2023, revenues were positively affected by tariff changes that entered into force on 4 December 2023. Balancing energy revenues decreased by 32.7%, i.e. 7.2 million euros.

Compared to 2022, energy prices have stabilised and decreased somewhat. In the fourth quarter of 2024, electricity network losses decreased by 1.7 million euros compared to the same period in 2023. Balancing energy expenditure decreased in the same order of magnitude as balancing energy revenues. Due to additional investments, depreciation expenditure increased by 1.3 million euros in the fourth quarter. In total, operating expenditure decreased by 20.4%, amounting to 49.7 million euros.

Due to changes in the interest environment, financial revenue decreased to 0.7 million euros, while financial expenditure decreased by 0.3 million euros, totalling 0.5 million euros.

The net profit for the fourth quarter was 6.8 million euros. Cash flows from operating activities were positive in the amount of 23.1 million euros, and 46.6 million euros were invested in fixed assets. 28.0 million euros were collected from the capacity allocation fee, and 50.2 million euros were received from CEF funding. The company repaid loans in the amount of 2.2 million euros.

The company’s total assets amounted to 1.6 billion euros, total liabilities to 1.2 billion euros, and equity to 409.7 million euros.

Statement of financial position

In thousands of euros

	31.12.24	31.12.23
Assets
Current assets
Cash and cash equivalents	94 330	65 533
Short-term financial investments	40 000	110 000
Trade receivables and other receivables	65 785	51 790
Inventories	20 537	20 247
Total current assets	220 652	247 570
Investment in related companies	99	73
Long-term receivables	1 366	3 610
Tangible and intangible fixed assets	1 397 105	1 216 513
Total fixed assets	1 398 570	1 220 196
TOTAL ASSETS	1 619 222	1 467 766
Liabilities
Current liabilities
Debt obligations	11 124	11 323
Other current liabilities	103 616	93 613
Total current liabilities	114 740	104 936
Non-current liabilities
Debt obligations	55 637	66 186
Other non-current liabilities	1 251	1 705
Deferred income	1 037 896	880 900
Total non-current liabilities	1 094 784	948 791
Total liabilities	1 209 524	1 053 727
Equity
Auxiliary capital	229 890	229 890
Legal reserve	20 123	18 721
Undistributed equity	159 685	165 428
Total equity	409 698	414 039
TOTAL LIABILITIES AND EQUITY	1 619 222	1 467 766

Income statement

In thousands of euros

	IV quarter		January–September
	2024	2023	2024	2023
Return on sales	53 018	69 403	214 281	244 748
Other business revenue	3 208	3 232	5 516	10 053
Goods, raw materials, materials and services	27 981	39 681	121 953	149 907
Miscellaneous operating expenses	2 704	2 462	9 986	7 792
Labour costs	4 663	4 616	16 931	15 050
Depreciation of fixed assets	14 276	15 657	53 113	53 445
Other business expenditure	64	23	160	259
BUSINESS PROFIT	6 538	10 196	17 654	28 348
Financial income	719	2 184	4 564	5 444
Financial expenditure	456	725	2 242	3 415
PROFIT BEFORE TAX	6 801	11 655	19 976	30 377
Income tax	0	0	4 317	2 340
NET PROFIT	6 801	11 655	15 659	28 037

Cash flow statement

In thousands of euros

	IV quarter		Jaanuar-Detsember
	2024	2023	2024	2023
Cash flow from operating activities
Profit/loss before tax	6 801	11 655	19 975	30 377
Adjustments
Depreciation	14 276	15 657	53 113	53 445
Total net change in current assets	-6 103	4 309	-2 395	23 833
Total net change in operating liabilities	8 692	1 650	10 165	1 100
Interest paid	-811	-943	-3 586	-4 312
Income tax on dividends	0	0	-4 317	-2 340
Other adjustments	209	-405	-6 633	54 353
TOTAL CASH FLOW FROM OPERATING ACTIVITIES	23 064	31 923	66 322	156 456
Cash flow from investment activities
Paid upon acquisition of fixed assets	-46 640	-61 432	-240 842	-167 875
Foreign aid received for targeted financing of fixed assets	-20 000	-20 000	70 000	-60 000
Net change in deposits with a maturity of over 3 months	50 181	0	83 026	38 254
Proceeds from congestion income	28 042	18 478	80 825	118 420
Proceeds from sale of fixed assets	28	7	31	134
TOTAL CASH FLOW FROM INVESTMENT ACTIVITIES	11 611	-62 947	-6 960	-71 067
Cash flow from financing activities
Redeemed bonds	0	0	0	-225 000
Repaid bank loans	-2 166	-2 642	-10 558	-10 558
Financial lease payments paid	0	-18	-7	-84
Dividends paid	0	0	-20 000	-13 500
TOTAL CASH FLOW FROM FINANCING ACTIVITIES	-2 166	-2 660	-30 565	-249 143

Cash and cash equivalents at the beginning of the accounting period	61 002	98 273	65 533	229 287
Cash and cash equivalents at the end of the accounting period	94 330	65 533	94 330	65 533
Net change in cash and cash equivalents	33 328	-32 740	28 797	-163 754

III quarter of 2024 (unaudited)

In the third quarter of 2024, Elering’s return on sales decreased by 17.5%, i.e. 9.6 million euros, amounting to 45.4 million euros. The decrease was largely due to the change in ITC (Inter-Transmission System Operator Compensation) revenues. Unlike 2023, when Elering received ITC revenue in the amount of 18.2 million euros in the third quarter, Elering was a net payer in 2024, which in turn has a significant impact on the company’s return on sales.

The electricity network’s return on sales increased by 39.5% (5.5 million euros), amounting to 19.4 million euros. Gas network revenues also increased by 102.9% (1.5 million euros), amounting to 2.9 million euros.

The increase in network fees was due to changes in fees. The change in gas network fees, which came into effect in December 2023, was necessary to cover costs related to the gas sector. Two different tariff packages were introduced in the electricity sector, one of which includes only a fixed fee and the other includes a fixed fee component in addition to the transmission fee. The transition to the new tariff structure resulted in a decrease in the return on sales in the first quarter, as some clients made package choices that had not been taken into account in the initial tariff calculations. The updated fees, which took into account clients’ choices, took effect from May 2024, resulting in a smaller impact on the results of the third quarter.

While energy prices remained high at the beginning of 2023, the subsequent stabilisation of energy prices was also reflected in Elering’s network loss costs, which were 0.6 euros lower in the third quarter of 2024 compared to 2023. Costs related to balancing energy decreased along with the corresponding revenues.

Elering’s operating expenses for the third quarter decreased by 22.5%, amounting to 48.4 million euros. The loss before tax in the third quarter decreased by 65.0% to 1.7 million euros.

Cash flow from operating activities amounted to 0.5 million euros. The company invested 75.1 million euros in fixed assets and received 19.3 million euros in capacity distribution revenue. Loans were repaid in the amount of 3.1 million euros. At the end of the quarter, the company’s assets amounted to 1.5 billion euros, liabilities to 1.1 billion euros, and equity to 402.9 million euros.

Statement of financial position

In thousands of euros

	30.09.24	30.09.23	31.12.23
Assets
Current assets
Cash and cash equivalents	61 002	98 273	65 533
Short-term financial investments	20 000	90 000	110 000
Trade receivables and other receivables	49 377	58 233	51 790
Inventories	20 121	21 639	20 247
Total current assets	150 500	268 145	247 570
Investment in related companies	173	183	73
Long-term receivables	1 366	0	3 610
Tangible and intangible fixed assets	1 362 619	1 163 853	1 216 513
Total fixed assets	1 364 158	1 164 036	1 220 196
TOTAL ASSETS	1 514 658	1 432 181	1 467 766
Liabilities
Current liabilities
Debt obligations	11 175	11 334	11 323
Other current liabilities	82 444	101 692	93 613
Total current liabilities	93 619	113 026	104 936
Non-current liabilities
Debt obligations	57 801	68 826	66 186
Other non-current liabilities	1 252	1 705	1 705
Deferred income	959 089	846 240	880 900
Total non-current liabilities	1 018 142	916 771	948 791
Total liabilities	1 111 761	1 029 797	1 053 727
Equity
Auxiliary capital	229 890	229 890	229 890
Legal reserve	20 123	18 721	18 721
Undistributed equity	152 884	153 773	165 428
Total equity	402 897	402 384	414 039
TOTAL LIABILITIES AND EQUITY	1 514 658	1 432 181	1 467 766

Income statement

In thousands of euros

	III quarter		January–September		Year
	2024	2023	2024	2023	2023
Return on sales	45 423	55 038	161 263	175 344	244 748
Other business revenue	200	2 434	2 308	6 822	10 053
Goods, raw materials, materials and services	28 691	44 981	93 972	110 226	149 907
Miscellaneous operating expenses	2 807	2 074	7 282	5 330	7 792
Labour costs	3 826	3 115	12 268	10 434	15 050
Depreciation of fixed assets	13 102	12 373	38 837	37 788	53 445
Other business expenditure	18	35	96	236	259
BUSINESS PROFIT	-2 821	-5 106	11 116	18 152	28 348
Financial income	1 545	930	3 845	3 260	5 444
Financial expenditure	451	755	1 786	2 690	3 415
PROFIT BEFORE TAX	-1 727	-4 931	13 175	18 722	30 377
Income tax	0	0	4 317	2 340	2 340
NET PROFIT	-1 727	-4 931	8 858	16 382	28 037

Cash flow statement

In thousands of euros

	III quarter		January–September		Year
	2024	2023	2024	2023	2023
Cash flow from operating activities
Profit/loss before tax nne maksustamist	-1 727	-4 932	13 174	18 722	30 377
Adjustments
Depreciation	13 102	12 373	38 837	37 788	53 445
Total net change in current assets	7 372	-2 835	1 464	16 741	24 659
Total net change in operating liabilities	-17 287	1 776	4 323	2 537	59 951
Interest paid	-1 478	-868	-5 253	-868	-4 570
Income tax on dividends	-4 317	-2 340	-4 317	-2 340	-2 340
Other adjustments	3 786	8 436	-5 782	50 689	-5 504
TOTAL CASH FLOW FROM OPERATING ACTIVITIES	-549	11 610	42 446	123 269	156 018
Cash flow from investment activities
Paid upon acquisition of fixed assets	-75 113	-44 518	-194 203	-106 395	-167 826
Foreign aid received for targeted financing of fixed assets	6 592	-50 000	32 837	-36 655	38 644
Net change in deposits with a maturity of over 3 months	60 000	25 162	90 000	35 162	-60 000
Proceeds from congestion income	19 315	46 865	52 784	99 941	118 418
Proceeds from sale of fixed assets müügist	4	0	4	127	134
TOTAL CASH FLOW FROM INVESTMENT ACTIVITIES	10 798	-22 491	-18 578	-7 820	-70 630
Cash flow from financing activities
Redeemed bonds	0	0	0	-225 000	-225 000
Repaid bank loans	-3 113	-2 637	-8 392	-7 916	-10 558
Financial lease payments paid	0	-15	-7	-47	-84
Dividends paid	-20 000	0	-20 000	-13 500	-13 500
TOTAL CASH FLOW FROM FINANCING ACTIVITIES	-23 113	-2 652	-28 399	-246 463	-249 142

Cash and cash equivalents at the beginning of the accounting period	73 866	111 806	65 533	229 287	229 287
Cash and cash equivalents at the end of the accounting period	61 002	98 273	61 002	98 273	65 533
Net change in cash and cash equivalents	-12 864	-13 533	-4 531	-131 014	-163 754

II quarter of 2024 (unaudited)

In the second quarter of 2024, Elering’s return on sales decreased by 13.5%, i.e. 7.2 million euros, amounting to 46.0 million euros. The decrease was largely related to the ITC (Inter-Transmission System Operator Compensation) revenues. Unlike 2023, when Elering received ITC revenue in the amount of 16 million euros in the second quarter, Elering was a net payer in 2024, which in turn had a significant impact on the return on sales.

Elering’s electricity network return on sales increased by 51.1% (6.3 million euros) in the second quarter, amounting to 18.6 million euros, while gas network revenues also increased by 134.2% (2.8 million euros), amounting to 4.8 million euros.

The increase in network fees was due to changes in fees. The change in gas network fees, which came into effect in December 2023, was necessary to cover costs related to the gas sector. Two different tariff packages were introduced in the electricity sector, one of which includes only a fixed fee and the other includes a fixed fee component in addition to the transmission fee. The transition to the new tariff structure resulted in a decrease in the return on sales in the first quarter, as some clients made package choices that had not been taken into account in the initial tariff calculations. The updated fees, which took into account clients’ choices, took effect from May 2024, resulting in a smaller impact on the results of the second quarter.

While energy prices remained high at the beginning of 2023, the stabilisation of energy prices was also reflected in Elering’s network loss costs, which were 2.0 euros lower in the second quarter of 2024 compared to 2023. Costs related to balancing energy increased in line with revenues.

Elering’s operating expenses for the second quarter increased by 4.9%, amounting to 47.1 million euros. The increase in expenses was also related to the higher depreciation expenditure of 0.4 million euros associated with additional investments. The profit before tax in the second quarter decreased by 90.6% to 1.1 million euros.

Cash flow from operating activities amounted to 4.7 million euros. The company invested 68.2 million euros in fixed assets and received 19.6 million euros in congestion fees. Loans were repaid in the amount of 2.2 million euros. At the end of the quarter, the company’s assets amounted to 1.5 billion euros, liabilities to 1.1 billion euros, and equity to 404.6 million euros.

Statement of financial position

In thousands of euros

Finantsseisundi aruanne

Tuhandetes eurodes

	30.06.24	30.06.23	31.12.23
Assets
Current assets
Cash and cash equivalents	73 866	111 806	65 533
Short-term financial investments esteeringud	80 000	40 000	110 000
Trade receivables and other receivables	56 643	54 059	51 790
Inventories	20 227	21 986	20 247
Total current assets	230 736	227 851	247 570
Investment in related companies	170	133	73
Long-term receivables	1 366	0	3 610
Tangible and intangible fixed assets	1 309 273	1 128 686	1 216 513
Total fixed assets	1 310 809	1 128 819	1 220 196
TOTAL ASSETS	1 541 545	1 356 670	1 467 766
Liabilities
Current liabilities
Debt obligations	11 241	10 605	11 323
Other current liabilities	133 161	82 783	93 613
Total current liabilities	144 402	93 388	104 936
Non-current liabilities
Debt obligations	60 912	71 473	66 186
Other non-current liabilities	1 819	9 078	1 705
Deferred income	929 788	775 414	880 900
Total non-current liabilities	992 519	855 965	948 791
Total liabilities	1 136 921	949 353	1 053 727
Equity
Auxiliary capital tsiakapital	229 890	229 890	229 890
Legal reserve	20 123	18 721	18 721
Undistributed equity	154 611	158 706	165 428
Total equity	404 624	407 317	414 039
TOTAL LIABILITIES AND EQUITY	1 541 545	1 356 670	1 467 766

Income statement

In thousands of euros

	II quarter		I half-year		Year
	2024	2023	2024	2023	2023
Return on sales	45 998	53 197	115 840	120 307	244 748
Other business revenue	1 256	2 363	2 107	4 388	10 053
Goods, raw materials, materials and services	27 827	27 178	65 281	65 245	149 907
Miscellaneous operating expenses	2 625	1 920	4 475	3 256	7 792
Labour costs	3 986	3 583	8 442	7 319	15 050
Depreciation of fixed assets	12 647	12 213	25 735	25 415	53 445
Other business expenditure	45	50	79	200	259
BUSINESS PROFIT	124	10 616	13 935	23 260	28 348
Financial income	1 641	1 729	2 300	2 330	5 444
Financial expenditure	688	878	1 335	1 935	3 415
PROFIT BEFORE TAX	1 077	11 467	14 900	23 655	30 377
Income tax	4 317	2 340	4 317	2 340	2 340
NET PROFIT	-3 240	9 127	10 583	21 315	28 037

Cash flow statement

In thousands of euros

	II quarter		I half-year		Year
	2024	2023	2024	2023	2023
Cash flow from operating activities
Profit/loss before tax	1 078	11 465	14 901	23 654	30 377
Korrigeerimised
Depreciation	12 647	12 213	25 735	25 415	53 445
Total net change in current assets	-15 226	-509	-5 908	19 576	24 659
Total net change in operating liabilities	20 172	6 416	21 610	761	59 951
Interest paid	918	379	0	0	-4 570
Income tax on dividends	0	0	0	0	-2 340
Other adjustments	-14 850	39 501	-13 343	42 253	-5 504
TOTAL CASH FLOW FROM OPERATING ACTIVITIES	4 739	69 465	42 995	111 659	156 018
Cash flow from investment activities
Paid upon acquisition of fixed assets	-68 154	-34 869	-119 090	-61 877	-167 826
Foreign aid received for targeted financing of fixed assets	26 245	13 345	26 245	13 345	38 644
Net change in deposits with a maturity of over 3 months	40 000	-25 000	30 000	10 000	-60 000
Proceeds from congestion income	19 603	29 625	33 469	53 076	118 418
Proceeds from sale of fixed assets	0	93	0	127	134
TOTAL CASH FLOW FROM INVESTMENT ACTIVITIES	17 694	-16 806	-29 376	14 671	-70 630
Cash flow from financing activities
Redeemed bonds	0	-225 000	0	-225 000	-225 000
Repaid bank loans	-2 166	-2 642	-5 279	-5 279	-10 558
Financial lease payments paid	0	-16	-7	-32	-84
Dividends paid	0	-13 500	0	-13 500	-13 500
TOTAL CASH FLOW FROM FINANCING ACTIVITIES	-2 166	-241 158	-5 286	-243 811	-249 142

Cash and cash equivalents at the beginning of the accounting period	53 599	300 305	65 533	229 287	229 287
Cash and cash equivalents at the end of the accounting period	73 866	111 806	73 866	111 806	65 533
Net change in cash and cash equivalents	20 267	-188 499	8 333	-117 481	-163 754

I quarter of 2024 (unaudited)

Elering’s total expenses for the first quarter of 2024 increased by 2.3%, amounting to 70.7 million euros. Electricity transmission revenues decreased by 30.3%, i.e. 9.9 million euros, to 22.8 million euros, while gas transmission revenues increased by 174.0%, i.e. 7.6 million euros, to 12.0 million euros. Both changes were related to changes in transmission tariffs. New gas network fees came into effect in December 2023. Two different tariff packages were introduced in the electricity sector, one of which includes only a fixed fee and the other includes a fixed fee component in addition to the transmission fee. During the transition period, the decline was expected, as prices were calculated based on clients’ known package choices, while some clients decided to choose a fixed-fee package in places that were not taken into account when setting tariffs. Tariffs were recalculated in December 2023, and the new tariffs, based on clients’ actual package selection, will take effect from the beginning of May 2024. Changes in the energy sector further emphasise Elering’s main task of ensuring security of supply, which in turn must also be reflected in fees, meaning that the importance of the fixed component in fees increases.

While energy prices remained high at the beginning of 2023, the stabilisation of energy prices was also reflected in Elering’s network loss costs, which were 34.5%, i.e. 4.1 euros, lower in the first quarter of 2024 than in the same period in 2023. As a result of additional investments, depreciation costs increased by 0.1 million euros in the first quarter of 2024. Costs related to balancing energy increased in line with revenues. Total operating expenses increased by 1.3%, amounting to 56.9 million euros.

In total, net profit in the first quarter of 2024 increased by 13.4%, amounting to 13.8 million euros.

Cash flows from operating activities amounted to 38.3 million euros, 50.9 million euros were invested in fixed assets, and congestion income was received in the amount of 13.9 million euros. The company repaid loans in the amount of 3.1 million euros.

The company’s total assets amounted to 1.5 billion euros. Total liabilities amounted to 1.1 billion euros, and equity amounted to 427.9 million euros.

Statement of financial position

In thousands of euros

	31.03.24	31.03.23	31.12.23
Assets
Current assets
Cash and cash equivalents	53 599	300 305	65 533
Short-term financial investments	120 000	15 000	110 000
Trade receivables and other receivables	41 734	53 101	51 790
Inventories	20 068	22 492	20 247
Total current assets	235 401	390 898	247 570
Investment in related companies	109	86	73
Long-term receivables	1 366	0	3 610
Tangible and intangible fixed assets	1 249 498	1 096 928	1 216 513
Total fixed assets	1 250 973	1 097 014	1 220 196
TOTAL ASSETS	1 486 374	1 487 912	1 467 766
Liabilities
Current liabilities
Debt obligations	11 260	237 952	11 323
Other current liabilities	88 417	64 872	93 613
Total current liabilities	99 677	302 824	104 936
Non-current liabilities
Debt obligations	63 076	74 126	66 186
Other non-current liabilities	2 063	1 238	1 705
Deferred income	893 694	698 034	880 900
Total non-current liabilities	958 833	773 398	948 791
Total liabilities	1 058 510	1 076 222	1 053 727
Equity
Auxiliary capital	229 890	229 890	229 890
Legal reserve	18 721	17 850	18 721
Undistributed equity	179 253	163 950	165 428
Total equity	427 864	411 690	414 039
TOTAL LIABILITIES AND EQUITY	1 486 374	1 487 912	1 467 766

Income statement

In thousands of euros

	I quarter		Year
	2024	2023	2023
Return on sales	69 842	67 110	244 748
Other business revenue	851	2 025	10 053
Goods, raw materials, materials and services	37 454	38 067	149 907
Miscellaneous operating expenses	1 850	1 336	7 792
Labour costs	4 456	3 736	15 050
Depreciation of fixed assets	13 088	13 202	53 445
Other business expenditure	34	150	259
BUSINESS PROFIT	13 811	12 644	28 348
Financial income	659	601	5 444
Financial expenditure	647	1 057	3 415
PROFIT BEFORE TAX	13 823	12 188	30 377
Income tax	0	0	2 340
NET PROFIT	13 823	12 188	28 037

Cash flow statement

In thousands of euros

	I quarter		Year
	2024	2023	2023
Cash flow from operating activities
Profit/loss before tax	13 823	12 189	30 377
Adjustments
Depreciation	13 088	13 202	53 445
Total net change in current assets	9 318	20 085	24 659
Total net change in operating liabilities	1 438	-5 655	59 951
Interest paid	-918	-379	-4 570
Income tax on dividends	0	0	-2 340
Other adjustments	1 507	2 752	-5 504
TOTAL CASH FLOW FROM OPERATING ACTIVITIES	38 256	42 194	156 018
Cash flow from investment activities
Paid upon acquisition of fixed assets	-50 936	-27 008	-167 826
Foreign aid received for targeted financing of fixed assets	0	0	38 644
Net change in deposits with a maturity of over 3 months	-10 000	35 000	-60 000
Proceeds from congestion income	13 866	23 451	118 418
Proceeds from sale of fixed assets	0	34	134
TOTAL CASH FLOW FROM INVESTMENT ACTIVITIES	-47 070	31 477	-70 630
Cash flow from financing activities
Redeemed bonds	0	0	-225 000
Repaid bank loans	-3 113	-2 637	-10 558
Financial lease payments paid	-7	-16	-84
Dividends paid	0	0	-13 500
TOTAL CASH FLOW FROM FINANCING ACTIVITIES	-3 120	-2 653	-24 142

Cash and cash equivalents at the beginning of the accounting period	65 533	229 287	229 287
Cash and cash equivalents at the end of the accounting period	53 599	300 305	65 533
Net change in cash and cash equivalents	-11 934	71 018	-163 754

Quarterly reports 2023

IV quarter of 2023 (unaudited)

Elering’s revenue for the fourth quarter of 2023 decreased by 49.2%, amounting to 72.6 million euros. The majority of the decrease was related to lower energy prices and the associated compensation from capacity distribution revenues. Balancing energy revenues also decreased significantly, with the respective revenues falling by 54.7%, i.e. 28.7 million euros. Compared to the fourth quarter of 2022, electricity transmission volumes increased by 5.3% and gas transmission volumes by 29.9%. Electricity transmission revenues increased by 2.2%, i.e. 0.7 million euros, to 31.5 million euros, while gas transmission revenues increased by 84.5%, i.e. 3.0 million euros, due to both volume growth and new tariffs that came into effect on 4 December 2023.

In 2022, energy prices were at historically high levels. In the fourth quarter of 2023, electricity prices were lower and, as a result, network losses in 2023 were 64.9%, i.e. 18.8 million euros, lower than in the comparison period in 2022. Due to additional investments, depreciation expenditure increased by 2.7 million euros in the fourth quarter of 2023. Costs related to balancing energy decreased similarly to the corresponding revenues. Total operating expenses decreased by 13.9%, amounting to 61.7 million euros.

Due to changes in the interest environment, financial revenue increased to 2.2 million euros, and financial expenditure decreased by 0.2 million euros, amounting to 0.7 million euros.

The total net profit for the fourth quarter was 11.7 million euros.

Cash flows from operating activities were positive at 32.9 million euros, 61.4 million euros were invested in fixed assets, and congestion income was received in the amount of 18.5 million euros. The company repaid loans in the amount of 2.6 million euros.

The company’s total assets amounted to 1.5 billion euros.

Total liabilities amounted to 1.1 billion euros and equity amounted to 414.0 million euros.

Statement of financial position

	31.12.23	31.12.22
Assets
Current assets
Cash and cash equivalents	65 533	229 287
Short-term financial investments	110 000	50 000
Trade receivables and other receivables	51 790	73 280
Inventories	20 247	22 398
Total current assets	247 570	374 965
Investment in related companies	73	53
Long-term receivables	3 610	0
Tangible and intangible fixed assets	1 216 513	1 085 925
Total fixed assets	1 220 196	1 085 978
TOTAL ASSETS	1 467 766	1 460 943
Liabilities
Current liabilities
Debt obligations	11 323	237 265
Other current liabilities	93 613	70 906
Total current liabilities	104 936	308 171
Non-current liabilities
Debt obligations	66 186	76 759
Deferred income	882 604	676 511
Total non-current liabilities	948 790	753 270
Total liabilities	1 053 726	1 061 441
Equity
Auxiliary capital	229 890	229 890
Legal reserve	18 721	17 850
Undistributed equity	165 429	151 762
Total equity	414 040	399 502
TOTAL LIABILITIES AND EQUITY	1 467 766	1 460 943

Income statement

In thousands of euros

	IV quarter		January–December
	2023	2022	2023	2022
Return on sales	69 403	138 056	244 748	386 975
Other business revenue	3 232	5 548	10 053	11 146
Goods, raw materials, materials and services	39 681	87 357	149 907	309 692
Miscellaneous operating expenses	2 462	1 749	7 791	7 528
Labour costs	4 616	3 832	15 050	13 304
Depreciation of fixed assets	15 657	12 215	53 445	47 675
Other business expenditure	23	32	260	60
BUSINESS PROFIT	10 196	38 418	28 348	19 861
Financial income	2 184	35	5 444	197
Financial expenditure	725	878	3 415	2 644
PROFIT BEFORE TAX	11 656	37 575	30 378	17 414
Income tax	0	0	2 340	0
NET PROFIT	11 655	37 575	28 037	17 414

Cash flow statement

In thousands of euros

	IV quarter		January–December
	2023	2022	2023	2022
Cash flow from operating activities
Profit/loss before tax	11 655	37 574	30 378	17 414
Adjustments
Depreciation	15 657	12 215	53 445	47 675
Total net change in current assets	4 309	-12 633	21 050	-18 740
Total net change in operating liabilities	1 650	19 060	4 186	14 775
Interest paid	-868	-57	-4 570	-2 056
Income tax on dividends	0	0	-2 340	-1 628
Other adjustments	464	-5 545	53 987	17 645
TOTAL CASH FLOW FROM OPERATING ACTIVITIES	32 867	50 614	156 136	75 085
Cash flow from investment activities
Paid upon acquisition of fixed assets	-61 432	-36 789	-167 827	-117 753
Foreign aid received for targeted financing of fixed assets	0	19 753	38 507	60 838
Net change in deposits with a maturity of over 3 months	-20 000	32 000	-60 000	-8 000
Proceeds from congestion income	18 478	19 940	118 419	167 009
Investments in related companies	0	0	0	-45
Proceeds from sale of fixed assets	7	84	134	114
TOTAL CASH FLOW FROM INVESTMENT ACTIVITIES	-62 947	34 988	-70 767	102 163
Cash flow from financing activities
Redeemed bonds	0	0	-225 000	0
Repaid bank loans	-2 642	-2 642	-10 558	-10 558
Financial lease payments paid	-18	-46	-65	-71
Dividends paid	0	0	-13 500	0
TOTAL CASH FLOW FROM FINANCING ACTIVITIES	-2 660	-2 688	-249 123	-10 629

Cash and cash equivalents at the beginning of the accounting period	98 273	146 373	229 287	62 668
Cash and cash equivalents at the end of the accounting period	65 533	229 287	65 533	229 287

III quarter of 2023 (unaudited)

Elering’s revenue for the third quarter of 2023 decreased by 50.2%, amounting to 57.5 million euros. The majority of the decrease was related to balancing energy revenues, which decreased by 45.3 million euros.

Compared to the third quarter of 2022, electricity transmission volumes decreased by 6.5% and gas transmission volumes by 9.2%. Electricity transmission revenues increased by 4.2%, i.e. 0.6 million euros, to 13.9 million euros, while gas transmission revenues decreased by 9.2%, i.e. 0.2 million euros.

While energy prices were high in 2022 compared to historical levels, electricity prices were lower in the third quarter of 2023, and as a result, the cost of network losses in 2023 was 74.0%, i.e. 22.8 million euros, lower than in the comparison period in 2022.

Due to additional investments, depreciation expenditure increased by 0.7 million euros in the second quarter of 2023. Costs related to balancing energy decreased along with the corresponding revenues. Total operating expenses decreased by 13.0%, amounting to 62.6 million euros.

Changes in the interest environment increased financial income, which amounted to 0.9 million euros in the third quarter of 2023. Interest growth increased financial expenditure by 0.1 million euros to 0.8 million euros.

The total net loss for the third quarter was 4.9 million euros.

Cash flows from operating activities were positive at 11.6 million euros, 44.5 million euros were invested in fixed assets, and congestion income was received in the amount of 46.9 million euros. The company repaid loans and bonds in the amount of 2.6 million euros.

The company’s total assets amounted to 1.4 billion euros. Total liabilities amounted to 1.0 billion euros and equity amounted to 402.4 million euros.

Finantsseisundi aruanne

	30.09.23	30.09.22	31.12.22
Assets
Current assets
Cash and cash equivalents	98,273	146,373	229,287
Short-term financial investments	90,000	82,000	50,000
Accounts receivables and other receivables	58,235	64,783	73,280
Inventories	21,637	22,736	22,398
Total current assets	268,145	315,892	374,965
Investment into associated company	184	168	53
Non-current assets	1,163,852	1,063,200	1,085,925
TOTAL ASSETS	1,432,181	1,379,260	1,460,943
Liabilities
Current liabilities
Borrowings	10,583	10,623	237,265
Trade and other payables	102,443	75,092	70,906
Total current liabilities	113,026	85,715	308,171
Non-current liabilities
Borrowings	68,826	304,304	76,759
Other non-current liabilities	847,945	627,313	676,511
Total non-current liabilities	916,771	931,617	753,270
TOTAL LIABILITIES	1,029,797	1,017,332	1,061,441
Equity
Share capital	229,890	229,890	229,890
Statutory reserve	18,721	17,850	151,762
Retained earnings	153,773	114,188	151,762
TOTAL OWNER’S EQUITY	402,384	361,928	399,502
TOTAL LIABILITIES AND OWNER’S EQUITY	1,432,181	1,379,260	1,460,943

Income statement

In thousands of euros

	3rd Quarter		January-september		Year
	2023	2022	2023	2022	2022
Net sales	55,038	113,557	175,345	248,919	386,975
Other income	2,434	1,884	6,822	5,778	7,589
Staff costs	3,115	2,827	10,434	9,472	13,304
Depreciation and amortisation	12,373	11,687	37,788	35,460	47,675
Other operating expenses	36	10	238	28	62
OPERATING PROFIT	-5,107	-9,466	18,152	-18,556	19,861
Financial income	930	112	3,260	162	197
Financial expenses	755	619	2,690	1,767	2,644
PROFIT BEFORE TAX	-4,932	-9,973	18,722	-20,161	17,414
Income tax	0	0	2,340	0	0
NET PROFIT	-4,932	-9,973	16,382	-20,161	17,414

Cash flow statement

In thousands of euros

	3rd Quarter		January-september		Year
	2023	2022	2023	2022	2022
Cash flows from operating activities
Profit/loss before income tax	-4,932	-9,973	18,723	-20,160	17,414
Adjustments for
Depreciation, amortisation and impairment	12,373	11,687	37,788	35,460	47,675
Change in current assets involved in operating activities	-2,835	-15,369	16,741	-6,107	-18,740
Change in liabilities involved in operating activities	1,776	-12,122	2,536	-4,285	14,775
Paid interest	-815	165	-3,702	-1,999	-2,056
Income tax on dividends	-2,340	0	-2,340	-1,628	-1,628
Other adjustments	8,383	-14,341	53,523	-10,618	17,645
TOTAL CASH FLOWS FROM OPERATING ACTIVITIES	11,610	-39,953	123,269	-9,337	75,085
Cash flows from/used in investment activities
Acquisition of property, plant and equipment and intangible assets	-44,518	-28,881	-106,395	-80,964	-117,753
Foreign grants for acquisition of non-current assets	25,162	27,503	38,507	41,085	60,838
Net change in deposits at banks with maturity of more than 3 months	-50,000	-15,000	-40,000	-40,000	-8,000
Proceeds from congestion income	46,865	102,276	99,941	180,877	167,009
Investments in an affiliate	0	0	0	-45	-45
Proceeds from sale of property, plant and equipment	0	3	127	30	114
CASH FLOWS USED IN INVESTMENT ACTIVITIES	-22,491	85,901	-7,820	100,983	102,163
Cash flows from financing activities
Bonds repayment	0	0	-225,000	0	0
Repayment of bank loans	-2,637	-2,637	-7,916	-7,916	-10,558
Repayable finance lease liabilities	-15	-10	-47	-25	-71
Contribution to share capital	0	0	-13,500	0	0
TOTAL CASH FLOWS USED IN FINANCING ACTIVITIES	-2,652	-2,647	-246,463	-7,941	-10,629

Change in cash and cash equivalents	-13,533	43,301	-131,014	83,705	166,619
Cash and cash equivalents at the beginning of the accounting period	111,806	103,072	229,287	62,668	62,668
Cash and cash equivalents at the end of the accounting period	98,273	146,373	98,273	146,373	229,287

II quarter of 2023 (unaudited)

II quarter of 2023 (unaudited)

Elering’s revenue for the second quarter of 2023 decreased by 10.9%, amounting to 55.6 million euros.

The majority of the decrease was related to balancing energy revenues, which decreased by 20.2 million euros. Compared to the second quarter of 2022, electricity transmission volumes decreased by 12.3% and gas transmission volumes by 18.9%. Electricity transmission revenues decreased by 12.4%, i.e. 1.8 million euros, to 12.8 million euros, while gas transmission revenues decreased by 18.9%, i.e. 0.5 million euros.

While energy prices were historically high in 2022, electricity prices were lower in the second quarter of 2023, and as a result, the cost of network losses in 2023 was 53.9%, i.e. 8.2 million euros, lower than in the comparison period in 2022.

Due to additional investments, depreciation expenditure increased by 0.4 million euros in the second quarter of 2023. Costs related to balancing energy decreased along with the corresponding revenues. Total operating expenses decreased by 41.1%, amounting to 44.9 million euros.

Due to changes in the interest environment, financial income increased to 1.7 million euros in the second quarter of 2023. Interest growth increased financial expenditure by 0.3 million euros to 0.9 million euros.

The total net profit for the second quarter was 9.1 million euros.

Cash flows from operating activities were positive at 69.5 million euros, 34.9 million euros were invested in fixed assets, and congestion income was received in the amount of 29.6 million euros. The company repaid loans and bonds in the amount of 227.6 million euros and paid dividends in the amount of 13.5 million euros.

The company’s total assets amounted to 1.4 billion euros. Total liabilities amounted to 0.9 billion euros and equity amounted to 407.3 million euros.

Statement of financial position

In thousands of euros

	30.06.23	30.06.22	31.12.22
Assets
Current assets
Cash and cash equivalents	111,806	103,072	229,287
Short term financial instruments	40,000	67,000	50,000
Accounts receivables and other receivables	54,059	46,483	73,280
Inventories	21,986	17,879	22,398
Total current assets	227,851	234,434	374,965
Investment into associated company	132	45	53
Non-current assets	1,128,686	1,039,559	1,085,925
Total non-current assets	1,128,818	1,039,604	1,085,978
TOTAL ASSETS	1,356,669	1,274,038	1,460,943
Liabilities
Current liabilities
Borrowings	10,605	10,651	237,265
Trade and other payables	82,783	66,992	70,906
Total current liabilities	93,388	77,643	308,171
Non-current liabilities
Borrowings	71,473	306,907	76,759
Other non-current liabilities	784,492	517,587	676,511
Total non-current liabilities	855,965	824,494	753,270
TOTAL LIABILITIES	949,353	902,137	1061,441
Owner's equity
Share capital	229,890	229,890	229,890
Statutory reserve	18,721	17,850	17,850
Retained earnings	158,705	124,161	151,762
Total owner’s equity	407,316	371,901	399,502
TOTAL LIABILITIES AND OWNER’S EQUITY	1,356,669	1,274,038	1,460,943

Income statement

In thousands of euros

	2nd Quarter		1st half-year		Year
	2023	2022	2023	2022	2022
Net sales	53,197	60,513	120,307	135,363	386,975
Other income	2,363	1,865	4,388	3,714	11,146
Goods, raw materials and services	27,178	59,016	65,244	114,093	309,630
Other miscellaneous operating expenses	1,920	2,264	3,256	3,637	7,589
Staff costs	3,583	3,246	7,319	6,645	13,304
Depreciation and amortisation	12,213	11,821	25,415	23,773	47,675
Other operating expenses	51	8	201	17	62
OPERATING PROFIT	10,615	-13,977	23,260	-9,088	19,861
Financial income	1,729	49	2,330	50	2,644
Financial expenses	878	578	1,935	1,148	2,644
PROFIT BEFORE TAX	11,466	-14,506	23,655	-10,186	17,414
Income tax	2,340	0	2,340	0	0
NET PROFIT	9,126	-14,506	21,315	-10,186	17,414

Cash flow statement

In thousands of euros

	2nd Quarter		1st half-year		Year
	2023	2022	2023	2022	2022
Cash flows from operating activities
Profit before income tax	11,466	-14,506	23,655	-10,187	17,414
Adjustments for
Depreciation	12,213	11,821	25,415	23,773	47,675
Change in current assets involved in operating activities	-452	6,134	19,576	9,263	-18,740
Change in liabilities involved in operating activities	7,296	9,366	760	7,837	14,775
Paid interest	-2,334	-2,157	-2,887	-2,164	-2,056
Income tax on dividends	0	0	0	-1,628	-1,628
Other adjustments	41,277	3,106	45,140	3,723	17,645
Total cash flows from operating activities	69,466	13,764	111,659	30,617	75,085
Cash flows from/used in investment activities
Acquisition of property, plant and equipment and intangible assets	-34,869	-35,235	-61,877	-52,084	-117,753
Foreign grants for acquisition of non-current assets	13,345	13,582	13,345	13,582	60,838
Net change in deposits at banks with maturity of more than 3 months	-25,000	-10,000	10,000	-25,000	-8,000
Proceeds from congestion income	29,625	34,774	53,076	78,601	167,009
Investments in an affiliate	0	-45	0	-45	-45
Proceeds from sale of property, plant and equipment	93	20	127	27	114
CASH FLOWS USED IN INVESTMENT ACTIVITIES	-16,806	3,096	14,671	15,081	102,163
Cash flows from financing activities
Bonds repayment	-225,000	0	-225,000	0	0
Repayment of bank loans	-2,642	-2,642	-5,279	-5,279	-10,558
Repayable finance lease liabilities	-16	-13	-32	-15	-71
Paid dividends	-13,500	0	-13,500	0	0
TOTAL CASH FLOWS USED IN FINANCING ACTIVITIES	-241,158	-2,655	-243,811	-5,294	-10,629

Change in cash and cash equivalents	-188,499	14,205	-117,481	40,404	166,619
Cash and cash equivalents at the beginning of the quarter	300,305	88,867	229,287	62,668	62,668
Cash and cash equivalents at the end of the quarter	111,806	103,072	111,806	103,072	229,287

I quarter of 2023 (unaudited)

Elering’s revenue for the first quarter of 2023 decreased by 9.9%, amounting to 69.1 million euros. The majority of the decrease was related to balancing energy revenues, which decreased by 12.3 million euros. Compared to the first quarter of 2022, electricity transmission volumes decreased by 3.3% and gas transmission volumes by 27.7%.

Due to the increase in electricity transmission tariffs, electricity transmission revenues increased by 18.3%, i.e. 5.0 million euros, while gas transmission revenues decreased by 27.7%, i.e. 1.7 million euros. While energy prices were at a historically high level in 2022, electricity prices were slightly lower in the first quarter of 2023, and as a result, the cost of network losses in 2023 was 29,6%, i.e. 4.9 million euros, lower than in the comparison period in 2022.

As a result of extensive investments, depreciation expenditure increased by 1.3 million euros in the first quarter of 2023, while expenses related to balancing energy decreased by 34.4%, i.e. 12.4 million euros, similar to the corresponding revenues. Total operating expenses decreased by 21.3%, amounting to 56.5 million euros.

Financial expenditure decreased by 0.1 million euros to 0.5 million euros.

The total net profit for the first quarter was 12.2 million euros.

Cash flows from operating activities were positive at 42.2 million euros, 27.0 million euros were invested in fixed assets, and congestion income was received in the amount of 23.5 million euros. The company repaid loans in the amount of 2.6 million euros.

The company’s total assets amounted to 1.5 billion euros. Total liabilities amounted to 1.1 billion euros, and equity amounted to 411.7 million euros.

Statement of financial position

In thousands of euros

	31.03.23	31.03.22	31.12.22
Assets
Current assets
Cash and cash equivalents	300,305	88,867	229,287
Short term financial instruments	15,000	57,000	50,000
Accounts receivables and other receivables	53,101	56,964	73,280
Inventories	22,492	11,236	22,398
Total current assets	390,898	214,067	374,965
Investment into associated company	86	0	53
Non-current assets	1,096,928	1,018,099	1,085,925
Total non-current assets	1,097,014	1,018,099	1,085,978
TOTAL ASSETS	1,487,912	1,232,166	1,460,943
Liabilities
Current liabilities
Borrowings	237,952	12,507	237,265
Trade and other payables	64,872	54,678	70,906
Total current liabilities	302,824	67,185	308,171
Non-current liabilities
Borrowings	74,115	309,493	76,759
Other non-current liabilities	699,283	469,080	676,511
Total non-current liabilities	773,398	778,573	753,269
TOTAL LIABILITIES	1,076,222	845,758	1,061,441
Owner's equity
Share capital	229,890	229,890	229,890
Statutory reserve	17,850	17,595	17,850
Retained earnings	163,950	138,923	151,762
Total owner’s equity	411,690	386,408	399,502
TOTAL LIABILITIES AND OWNER’S EQUITY	1,487,912	1,232,166	1,460,943

Income statement

In thousands of euros

	1st Quarter		Year
	2023	2022	2022
Net sales	67,110	74,850	386,975
Other income	2,025	1,850	11,146
Goods, raw materials and services	38,066	55,077	309,630
Miscellaneous operating expenses	1,336	1,373	7,589
Staff costs	3,736	3,399	13,304
Depreciation and amortisation	13,202	11,952	47,675
Other operating expenses	150	11	62
OPERATING PROFIT	12,645	4,888	19,861
Financial income	601	1	197
Financial expenses	1,057	570	2,644
NET PROFIT	12,189	4,319	17,414

Cash flow statement

In thousands of euros

	1st Quarter		Year
	2023	2022	2022
Cash flows from operating activities
Profit before income tax	12,189	4,319	17,414
Adjustments for
Depreciation	13,202	11,952	47,675
Change in current assets involved in operating activities	20,085	3,129	-18,740
Change in liabilities involved in operating activities	-5,655	-1,529	14,775
Paid interest	-379	-7	-2,056
Income tax on dividends	0	-1,628	-1,628
Other adjustments	2,751	617	17,645
Total cash flows from operating activities	42,193	16,853	75,085
Cash flows from/used in investment activities
Acquisition of property, plant and equipment and intangible assets	-27,008	-16,849	-117,753
Foreign grants for acquisition of non-current assets	0	0	60,838
Net change in deposits at banks with maturity of more than 3 months	35,000	-15,000	-8,000
Proceeds from congestion income	23,451	43,827	167,009
Investments in an affiliate	0	0	-45
Proceeds from sale of property, plant and equipment	34	7	114
CASH FLOWS USED IN INVESTMENT ACTIVITIES	31,477	11,985	102,163
Cash flows from financing activities
Repayment of bank loans	-2,637	-2,637	-10,558
Repayable finance lease liabilities	-16	-2	-71
TOTAL CASH FLOWS USED IN FINANCING ACTIVITIES	-2,653	-2,639	-10,629

Change in cash and cash equivalents	71,018	26,199	166,619
Cash and cash equivalents at the beginning of the quarter	229,287	62,668	62,668
Cash and cash equivalents at the end of the quarter	300,305	88,867	229,287

Quarterly reports 2022

Quarterly reports 2022 IV quarter of 2022 (unaudited)

The revenue for the fourth quarter of 2022 increased by 71.5%, amounting to 143.6 million euros. 66.0% of the increase was related to the fact that excessive loss electricity costs and part of the operating expenses could be covered from capacity distribution revenue with the approval of the Competition Authority.

Compared to the fourth quarter of 2021, electricity transmission volumes decreased by 8.3% and gas transmission volumes by 36.9%. New electricity transmission fees came into effect on 1 April 2022, partly due to which there was an increase in electricity transmission revenues. In total, electricity transmission revenues increased by 10.3%, i.e. 2.9 million euros, compared to the fourth quarter of the previous year. The decrease in gas transmission revenues amounted to 36.9%, i.e. 2.1 million euros. From 1 July 2022, congestion income is partially recognised as revenue to compensate for the sudden increase in electricity losses due to electricity prices. In the fourth quarter, congestion income in the amount of 38.5 million euros was recognised in the income statement to cover electricity losses. Revenues not related to energy markets increased by a total of 50.4 million euros.

As Elering is the largest electricity buyer in Estonia, high electricity prices have a significant negative impact on Elering’s cost base. In the fourth quarter of 2022, network losses were 12.2 million euros higher due to higher electricity prices. The increase in wage costs in the amount of 0.8 million euros was related to both the recruitment of additional people and a partial wage adjustment. Additional investments increased the depreciation expenditure of fixed assets by 0.3 million. Total operating expenses increased by 29.2%, amounting to 105.2 million euros.

Financial expenditure increased by 0.3 million euros to 0.9 million euros.

In total, net profit for the fourth quarter amounted to 37.6 million euros.

Cash flows from operating activities amounted to 22.7 million euros, 36.8 million euros were invested in fixed assets, and congestion income was received in the amount of 47.9 million euros. The company repaid loans in the amount of 2.6 million euros.

The company’s total assets amounted to 1.45 billion euros. Total liabilities amounted to 1.1 billion euros, and equity amounted to 399.5 million euros.

Statement of financial position

In thousands of euros

	31.12.22	31.12.21
Assets
Current assets
Cash and cash equivalents	229,287	62,668
Short-term financial investments	50,000	42,000
Accounts receivables and other receivables	73,280	59,683
Inventories	22,398	3,658
Total current assets	374,965	168,009
Non-current assets	1,085,978	1,014,845
TOTAL ASSETS	1,460,943	1,182,854
Liabilities
Current liabilities
Borrowings	235,559	12,010
Trade and other payables	72,612	57,135
Total current liabilities	308,171	69,145
Non-current liabilities
Borrowings	76,760	312,095
Other non-current liabilities	676,509	419,526
Total non-current liabilities	753,269	731,621
TOTAL LIABILITIES	1,061,440	800,766
Equity
Share capital	229,890	229,890
Statutory reserve	17,850	17,595
Retained earnings	151,763	134,603
TOTAL OWNER’S EQUITY	399,503	382,088
TOTAL LIABILITIES AND OWNER’S EQUITY	1,460,943	1182,854

Income statement

In thousands of euros

	4th Quarter		January-december
	2022	2021	2022	2021
Net sales	138,056	81,868	386,975	201,457
Other income	5,548	1,849	11,146	6,672
Goods, raw materials and services	87,357	64,022	309,691	135,210
Other miscellaneous operating expenses	1,749	2,432	7,527	7,076
Staff costs	3,832	2,996	13,304	11,222
Depreciation and amortisation	12,216	11,913	47,676	45,531
Other operating expenses	33	24	62	67
OPERATING PROFIT	38,417	2,330	19,861	9,023
Financial income	35	2	197	16
Financial expenses	878	592	2,645	2,303
PROFIT BEFORE TAX	37,575	1,740	17,414	6,736
Income tax	0	1,628	0	1,628
NET PROFIT	37,575	112	17,414	5,108

Cash flow statement

In thousands of euros

	4th Quarter		January-december
	2022	2021	2022	2021
Cash flows from operating activities
Profit/loss before income tax	37,574	1,740	17,414	6,736
Adjustments for
Depreciation, amortisation and impairment	12,198	11,913	47,658	45,531
Change in current assets involved in operating activities	-28,079	-23,985	-34,185	-20,599
Change in liabilities involved in operating activities	20,705	23,473	16,420	24,272
Paid interest	-62	43	-2,239	-2,016
Income tax on dividends	0	0	-1,628	0
Other adjustments	-19,633	-454	-30,073	-2,860
TOTAL CASH FLOWS FROM OPERATING ACTIVITIES	22,703	12,730	13,367	51,064
Cash flows from/used in investment activities
Acquisition of property, plant and equipment and intangible assets	-36,789	-22,065	-117,754	-75,497
Foreign grants for acquisition of non-current assets	19,753	19,649	60,838	31,827
Net change in deposits at banks with maturity of more than 3 months	32,000	-42,000	-8,000	-42,000
Proceeds from congestion income	47,854	34,650	228,731	65,582
Proceeds from sales of financial investment	0	0	0	912
Investments in an affiliate	0	0	-45	0
Proceeds from sale of property, plant and equipment	85	257	115	773
CASH FLOWS USED IN INVESTMENT ACTIVITIES	62,903	-9,509	163,885	-18,403
Cash flows from financing activities
Repayment of bank loans	-2,642	-2,642	-10,558	-10,558
Repayable finance lease liabilities	-50	-29	-75	-54
Paid dividends	0	-10,000	0	-10,000
TOTAL CASH FLOWS USED IN FINANCING ACTIVITIES	-2,692	-12,671	-10,633	-20,612

Change in cash and cash equivalents	82,914	-9,265	166,619	12,049
Cash and cash equivalents at the beginning of the quarter	146,373	71,933	62,668	50,619
Cash and cash equivalents at the end of the quarter	229,287	62,668	229,287	62,668

III quarter of 2022 (unaudited)

The revenue for the third quarter of 2022 increased by 208.8%, amounting to 115.4 million euros. 71.1% of the increase was related to balancing energy revenues, which increased by 54.6 million euros.

Compared to the third quarter of 2021, electricity transmission volumes decreased by 4.9% and gas transmission volumes by 16.9%. New electricity transmission fees came into effect from 1 April 2022, which is why electricity transmission revenues increased by 5.8%, i.e. 0.7 million euros, compared to the third quarter of the previous year. The decrease in gas transmission revenues amounted to 33.4%, i.e. 0.8 million euros. From 1 July 2022, congestion income is partially recognised as revenue to compensate for the sudden increase in electricity losses due to electricity prices. In the third quarter, congestion income in the amount of 22.2 million euros was recognised in the income statement to cover electricity losses. Revenues not related to energy markets increased by a total of 22.2 million euros.

As Elering is the largest electricity buyer in Estonia, high electricity prices have a significant negative impact on Elering’s cost base. In the third quarter of 2022, network losses were 19.9 million euros higher due to higher electricity prices. Total operating expenses increased by 165.4%, amounting to 124,9 million euros. 70.2% of the increase was related to an increase in balancing energy costs.

Financial expenditure decreased by 0.1 million euros to 0.5 million euros.

In total, net profit for the third quarter amounted to 10.0 million euros.

Cash flows from operating activities were negative at 40.0 million euros, 28.9 million euros were invested in fixed assets, and congestion income was received in the amount of 102.3 million euros. The company repaid loans in the amount of 2.6 million euros.

The company’s total assets amounted to 1.4 billion euros. Total liabilities amounted to 1,017.3 million euros, and equity amounted to 361.9 million euros.

Statement of financial position

In thousands of euros

	30.09.22	30.09.21	31.12.21
Assets
Current assets
Cash and cash equivalents	146,373	71,933	62,668
Short-term financial investments	82,000	0	42,000
Accounts receivables and other receivables	64,783	38,216	59,683
Inventories	22,736	3,394	3,658
Total current assets	315,892	113,543	168,009
Non-current assets	1,063,368	1,003,197	1,014,845
TOTAL ASSETS	1,379,260	1,116,740	1,182,854
Liabilities
Current liabilities
Borrowings	10,623	10,636	12,010
Trade and other payables	75,091	54,812	57,135
Total current liabilities	85,714	65,448	69,145
Non-current liabilities
Borrowings	304,304	314,618	312,095
Other non-current liabilities	627,314	369,110	419,526
Total non-current liabilities	931,618	683,728	731,621
TOTAL LIABILITIES	1017,332	749,176	800,766
Equity
Share capital	229,890	229,890	229,890
Statutory reserve	17,850	17,595	134,603
Retained earnings	114,188	120,079	134,603
TOTAL OWNER’S EQUITY	361,928	367,564	382,088
TOTAL LIABILITIES AND OWNER’S EQUITY	1,379,260	1,116,740	1,182,854

Income statement

In thousands of euros

	3rd Quarter		January-september		Year
	2022	2021	2022	2021	2021
Net sales	113,557	36,773	248,919	119,589	201,457
Other income	1,884	1,884	5,598	4,644	7,144
Staff costs	2,827	2,462	9,472	8,226	11,222
Depreciation and amortisation	11,687	11,551	35,460	33,618	45,531
Other operating expenses	10	19	29	43	69
OPERATING PROFIT	-9,466	-8,412	-18,556	6,693	9,022
Financial income	112	2	162	14	2,302
Financial expenses	619	586	1,767	1,711	2,302
PROFIT BEFORE TAX	-9,973	-8,996	-20,161	4,996	6,736
Income tax	0	0	0	0	1,628
NET PROFIT	-9,973	-8,996	-20,161	4,996	5,108

Cash flow statement

In thousands of euros

	3rd Quarter		January-september		Year
	2022	2021	2022	2021	2021
Cash flows from operating activities
Profit/loss before income tax	-9,973	-8,996	-20,160	4,996	6,736
Adjustments for
Depreciation, amortisation and impairment	11,687	11,551	35,460	33,618	45,531
Change in current assets involved in operating activities	-15,369	-9,367	-6,106	3,386	-20,599
Change in liabilities involved in operating activities	-12,122	-959	-4,285	799	24,272
Paid interest	-13	-59	-2,223	-2,059	-2,016
Income tax on dividends	0	0	-1,628	0	0
Other adjustments	-14,163	-722	-10,394	-2,406	-2,860
TOTAL CASH FLOWS FROM OPERATING ACTIVITIES	-39,953	-8,552	-9,336	38,334	51,064
Cash flows from/used in investment activities
Acquisition of property, plant and equipment and intangible assets	-28,881	-21,497	-80,965	-53,433	-75,497
Foreign grants for acquisition of non-current assets	27,503	0	41,085	11,935	31,827
Net change in deposits at banks with maturity of more than 3 months	-15,000	10,000	-40,000	-10,000	-42,000
Proceeds from congestion income	102,276	19,548	180,877	30,932	65,582
Proceeds from sales of financial investment	0	0	0	912	912
Repayment of bank loans	0	0	-45	0	0
Proceeds from sale of property, plant and equipment	3	301	30	517	773
CASH FLOWS USED IN INVESTMENT ACTIVITIES	85,901	8,352	100,982	-9,137	-18,403
Cash flows from financing activities
Repayment of bank loans	-2,637	-2,637	-7,916	-7,916	-10,558
Repayable finance lease liabilities	-10	-17	-25	-26	-54
Paid dividends	0	0	0	0	-10,000
TOTAL CASH FLOWS USED IN FINANCING ACTIVITIES	-2,647	-2,654	-7,941	-7,942	-20,612

Change in cash and cash equivalents	43,301	-2,795	83,705	24,109	12,049
Cash and cash equivalents at the beginning of the quarter	103,072	74,728	62,668	50,619	50,619
Cash and cash equivalents at the end of the quarter	146,373	71,933	146,373	74,728	62,668

II quarter of 2022 (unaudited)

Elering’s total expenses for the second quarter of 2022 increased by 97.6%, amounting to 62.4 million euros. 93.1% of the increase was related to balancing energy revenues, which increased by 28.2 million euros.

Compared to the second quarter of 2021, electricity transmission volumes decreased by 4.9% and gas transmission volumes by 16.9%. New electricity transmission tariffs came into effect from 1 April 2022, as a result of which electricity transmission revenues increased by 11.4%, i.e. 1.5 million euros, in the second quarter, while gas transmission revenues decreased by 16.9%, i.e. 0.5 million euros. Revenues not related to energy markets increased by 10.1%, i.e. a total of 2.1 million euros.

As Elering is the largest electricity buyer in Estonia, high electricity prices significantly affect Elering’s financial results. The higher electricity price in 2022 negatively affected network losses by 10.2 million euros. Due to larger investments, depreciation expenditure increased by 0.4 million euros in the second quarter of 2022. Total operating expenses increased by 114.3%, amounting to 76,4 million euros. 69.1% of the increase was related to an increase in balancing energy costs.

Financial expenditure was stable at 0.5 million euros.

The total net profit for the second quarter was 14.5 million euros.

Cash flows from operating activities were positive at 13.8 million euros, 35.2 million euros were invested in fixed assets, and congestion income was received in the amount of 34.8 million euros. The company repaid loans in the amount of 2.6 million euros.

The company’s total assets exceeded 1.2 billion euros. Total liabilities amounted to 902.1 million euros, and equity amounted to 371.9 million euros.

Statement of financial position

In thousands of euros

	30.06.22	30.06.21	31.12.21
Assets
Current assets
Cash and cash equivalents	103,072	74,728	62,668
Short-term financial investments	67,000	10,000	42,000
Accounts receivables and other receivables	46,483	28,081	59,683
Inventories	17,879	3,378	3,658
Total current assets	234,434	116,187	168,009
Investments into affiliated company	45	0	0
Fixed and intangible assets	1,039,559	991,477	1,014,845
Total non-current assets	1,039,604	991,477	1,014,845
TOTAL ASSETS	1,274,038	1,107,664	1,182,854
Liabilities
Current liabilities
Borrowings	10,558	10,636	12,010
Trade and other payables	67,085	53,908	57,135
Total current liabilities	77,643	64,544	69,145
Non-current liabilities
Borrowings	306,907	317,304	312,095
Other non-current liabilities	517,587	349,256	419,526
Total non-current liabilities	824,494	666,560	731,621
TOTAL LIABILITIES	902,137	731,104	800,766
Equity
Share capital	229,890	229,890	229,890
Statutory reserve	17,850	17,595	17,595
Retained earnings	124,161	129,075	134,603
TOTAL OWNER’S EQUITY	371,901	376,560	382,088
TOTAL LIABILITIES AND OWNER’S EQUITY	1,274,038	1,107,664	1,182,854

Income statement

In thousands of euros

	2nd Quarter		1st half-year		Year
	2022	2021	2022	2021	2021
Net sales	60,512	30,237	135,362	82,816	201,457
Other income	1,864	1,810	3,714	2,939	6,672
Goods, raw materials and services	59,015	19,699	114,092	39,676	135,210
Other miscellaneous operating expenses	2,264	1,665	3,637	3,119	7,144
Staff costs	3,246	2,879	6,645	5,764	11,222
Depreciation and amortisation	11,821	11,381	23,773	22,067	45,531
Other operating expenses	8	4	19	24	69
OPERATING PROFIT	-13,978	-3,581	-9,090	15,105	9,022
Financial income	49	1	50	12	2,302
Financial expenses	578	569	1,148	1,125	2,302
PROFIT BEFORE TAX	-14,507	-4,149	-10,188	13,992	6,736
Income tax	0	0	0	0	1,628
NET PROFIT	-14,507	-4,149	-10,188	13,992	5,108

Cash flow statement

In thousands of euros

	2nd Quarter		1st half-year		Year
	2022	2021	2022	2021	2021
Cash flows from operating activities
Profit/loss before income tax	-14,506	-4,149	-10,187	13,992	6,736
Adjustments for
Depreciation, amortisation and impairment	11,821	11,381	23,773	22,067	45,531
Change in current assets involved in operating activities	6,134	12,061	9,263	12,753	-20,599
Change in liabilities involved in operating activities	9,366	-5,328	7,837	1,758	24,272
Paid interest	-2,157	-1,979	-2,164	-2,000	-2,016
Income tax on dividends	0	0	-1,628	0	0
Other adjustments	3,106	-1,177	3,723	-1,684	-2,860
TOTAL CASH FLOWS FROM OPERATING ACTIVITIES	13,764	10,809	30,617	46,886	51,064
Cash flows from/used in investment activities
Acquisition of property, plant and equipment and intangible assets	-35,235	-21,724	-52,084	-31,936	-75,497
Foreign grants for acquisition of non-current assets	13,582	11,935	13,582	11,935	31,827
Net change in deposits at banks with maturity of more than 3 months	-10,000	0	-25,000	-10,000	-42,000
Proceeds from congestion income	34,774	7,573	78,601	11,384	65,582
Proceeds from sales of financial investment	0	0	0	912	912
Investments into affiliated company	-45	0	-45	0	0
Proceeds from sale of property, plant and equipment	20	144	27	216	773
CASH FLOWS USED IN INVESTMENT ACTIVITIES	3,096	-2,072	15,081	-17,489	-18,403
Cash flows from financing activities
Repayment of bank loans	-2,642	-2,642	-5,279	-5,279	-10,558
Repayable finance lease liabilities	-13	-2	-15	-9	-54
Paid dividends	0	0	0	0	-10,000
TOTAL CASH FLOWS USED IN FINANCING ACTIVITIES	-2,655	-2,644	-5,294	-5,288	-20,612

Change in cash and cash equivalents	14,205	6,093	40,404	24,109	12,049
Cash and cash equivalents at the beginning of the quarter	88,867	68,635	62,668	50,619	50,619
Cash and cash equivalents at the end of the quarter	103,072	74,728	103,072	74,728	62,668

I quarter of 2022 (unaudited)

Elering’s business revenue for the first quarter of 2022 increased by 42.8% compared to the same quarter of 2021, amounting to 76.7 million euros. The increase is mainly related to balancing energy revenues, which increased by 24.6 million euros. Compared to the first quarter of 2021, electricity transmission volumes decreased by 8.1% and gas transmission volumes by 18.1%. Total transmission revenues decreased by 10.5% to 33.7 million euros. Higher electricity prices negatively affected the cost of electricity network losses by 10.9 million euros. Due to extensive investments, depreciation in the first quarter of 2022 increased by 1.3 million euros. In total, business expenditure increased by 105.0% to 71.8 million euros.

Elering’s financial expenditure remained stable at 0.6 million euros in the first quarter.

In total, Elering earned a net profit of 4.3 million euros.

Elering’s cash flows from operating activities amounted to 16.9 million euros in the first quarter. Elering invested 16.9 million euros in fixed assets and received 43.8 million euros in congestion income. The company repaid previously taken loans in the amount of 2.6 million euros in the first quarter of 2022.

As at the end of March, Elering’s assets amounted to 1.2 billion euros, liabilities to 845.8 million euros, and equity to 386.4 million euros.

Statement of financial position

31.12.2021

	31.03.22	31.03.21	31.12.21
Assets
Current assets
Cash and cash equivalents	88,867	68,635	62,668
Short term financial instruments	57,000	10,000	42,000
Accounts receivables and other receivables	56,964	37,816	59,683
Inventories	11,236	3,392	3,658
Total current assets	214,067	119,843	168,009
Non-current assets	1,018,100	983,842	1,014,845
TOTAL ASSETS	1,232,167	1,103,685	1,182,854
Liabilities
Current liabilities
Borrowings	10,635	10,622	12,010
Trade and other payables	56,551	38,121	57,135
Total current liabilities	67,186	48,743	69,145
Non-current liabilities
Borrowings	309,493	319,913	312,095
Other non-current liabilities	469,080	329,908	419,526
Total non-current liabilities	778,573	649,821	731,621
TOTAL LIABILITIES	845,759	698,564	800,766
Owner's equity
Share capital	229,890	229,890	229,890
Statutory reserve	17,595	16,330	17,595
Retained earnings	138,923	158,901	134,603
Total owner’s equity	386,408	405,121	382,088
TOTAL LIABILITIES AND OWNER’S EQUITY	1,232,167	1,103,685	1,182,854

Income statement

In thousands of euros

	1st Quarter		Year
	2022	2021	2021
Net sales	74,850	52,579	201,457
Other income	1,850	1,129	6,672
Goods, raw materials and services	55,077	19,977	135,210
Miscellaneous operating expenses	1,373	1,454	7,075
Staff costs	3,399	2,885	11,222
Depreciation and amortisation	11,952	10,686	45,531
Other operating expenses	11	20	69
OPERATING PROFIT	4,888	18,686	9,022
Financial income	1	11	16
Financial expenses	570	556	2,302
Income tax	0	0	1,628
NET PROFIT	4,319	18,141	5,108

Cash flow statement

In thousands of euros

	1st Quarter		Year
	2022	2021	2021
Cash flows from operating activities
Profit before income tax	4,319	18,141	6,736
Adjustments for
Depreciation	11,952	10,686	45,531
Change in current assets involved in operating activities	3,129	692	-20,599
Change in liabilities involved in operating activities	-1,529	7,086	24,272
Paid interest	-7	-21	-2,016
Income tax on dividends	-1,628	0	0
Other adjustments	617	-507	-2,860
Total cash flows from operating activities	16,853	36,077	51,064
Cash flows used in investment activities
Acquisition of property, plant and equipment	-16,849	-10,212	-75,497
Foreign grants for acquisition of non-current assets	0	0	31,827
Net change in deposits in banks with maturity exceeding 3 months	-15,000	-10,000	-42,000
Proceeds from congestion income	43,827	3,811	65,582
Proceeds from sales of financial investment	0	912	912
Proceeds from sales of property, plant and equipment	7	72	773
Total cash flows used in investment activities	11,985	-15,417	-18,403
Cash flows used in financing activities
Repayment of bank loans	-2,637	-2,637	-10,558
Repayable finance lease liabilities	-2	-7	-54
Paid dividends	0	0	-10,000
Total cash flows used in financing activities	-2,639	-2,644	-20,612

Change of cash and cash equivalents	26,199	18,016	12,049
Cash and cash equivalents at the beginning of the period	62,668	50,619	50,619
Cash and cash equivalents at the end of the period	88,867	68,635	62,668

Quarterly reports 2021

IV quarter of 2021 (unaudited)

Revenue of Elering AS not related to energy markets for the fourth quarter of 2021 amounted to 40.9 million euros. Profit before tax was 1.7 million euros.

Compared to 2020, revenues not related to energy markets increased by 2.3 million euros, including electricity and gas transmission revenues that increased by 1.3 million euros.

Revenues not related to energy markets increased by 14.4 million euros. The main increase is related to higher energy network losses. Due to the increase in electricity prices, the expenditure of Elering AS on electricity increased by 12.7 million euros.

In total, Elering AS earned 2.3 million euros in business profit, which is 11.9 million less than in the same period in 2020.

Cash flows from operating activities amounted to 12.9 million euros in the fourth quarter. Elering invested 22.1 million euros in fixed assets, received 19.6 million euros from European Union aid funding, and received 34.7 million euros in revenue from trading cross-border transmission capacities.

As at the end of December, Elering’s assets amounted to 1,182.4 million euros and equity to 381.6 million euros.

Statement of financial position

In thousands of euros

	31.12.21	31.12.20
Assets
Current assets
Cash and cash equivalents	62,668	50,619
Short-term financial investments	42,000	899
Accounts receivables and other receivables	59,683	38,586
Inventories	3,658	3,535
Total current assets	168,009	93,639
Non-current assets	1,014,845	982,097
TOTAL ASSETS	1,182,854	1,075,736
Liabilities
Current liabilities
Borrowings	10,623	10,565
Trade and other payables	58,521	28,448
Total current liabilities	69,144	39,013
Non-current liabilities
Borrowings	312,095	322,389
Other non-current liabilities	419,526	327,366
Total non-current liabilities	731,621	649,755
TOTAL LIABILITIES	800,765	688,768
Equity
Share capital	229,890	229,890
Revaluation of the financial investments	0	-1,047
Statutory reserve	17,595	16,330
Retained earnings	134,604	141,795
TOTAL OWNER’S EQUITY	382,089	386,968
TOTAL LIABILITIES AND OWNER’S EQUITY	1,182,854	1,075,736

Income statement

In thousands of euros

	4th Quarter		January-december
	2021	2020	2021	2020
Revenues not related to energy markets	39,029	36,755	118,041	109,056
Revenues related to energy markets	42,840	83,416	83,416	28,012
Net sales	81,869	45,173	201,457	137,068
Other income	1,849	1,650	6,672	5,327
Goods, raw materials and services not related to energy markets	21,450	8,223	52,989	26,407
Goods, raw materials and services related to energy markets	42,572	8,226	82,220	26,848
Total goods, raw materials and services	64,022	16,449	135,209	53,255
Other miscellaneous operating expenses	2,432	1,644	7,075	5,354
Staff costs	2,996	3,231	11,222	10,970
Depreciation and amortisation	11,913	11,263	45,531	40,123
Other operating expenses	25	20	69	91
OPERATING PROFIT	2,330	14,216	9,023	32,602
Financial income	2	1	17	3
Financial expenses	592	559	2,303	2,338
PROFIT BEFORE TAX	1,740	13,658	6,737	30,267
Income tax	1,628	0	1,628	4,964
NET PROFIT	112	13,658	5,109	25,303

Cash flow statement

In thousands of euros

	4th Quarter		January-december
	2021	2020	2021	2020
Cash flows from operating activities
Profit/loss before income tax	1,739	13,658	6,736	30,266
Adjustments for
Depreciation, amortisation and impairment	11,913	11,263	45,531	40,123
Change in current assets involved in operating activities	-23,985	-2,341	-20,600	1,859
Change in liabilities involved in operating activities	23,544	-438	24,274	-1,738
Paid interest	-69	-132	-2,319	-2,319
Income tax on dividends	0	-4,964	0	-6,531
Other adjustments	-226	815	-2,315	-791
TOTAL CASH FLOWS FROM OPERATING ACTIVITIES	12,916	17,861	51,307	60,869
Cash flows from/used in investment activities
Acquisition of property, plant and equipment and intangible assets	-22,065	-20,679	-75,497	-100,214
Foreign grants for acquisition of non-current assets	19,649	46,921	31,584	59,477
Net change in deposits at banks with maturity of more than 3 months	-42,000	0	-42,000	0
Proceeds from congestion income	34,650	8,561	65,582	24,053
Proceeds from sales of financial investment	0	0	912	0
Proceeds from sale of property, plant and equipment	257	13	773	264
CASH FLOWS USED IN INVESTMENT ACTIVITIES	-9,509	34,816	-18,646	-16,420
Cash flows from financing activities
Repayment of bank loans	-2,642	-2,642	-10,558	-10,558
Repayable finance lease liabilities	-30	-2	-54	-19
Paid dividends	-10,000	-25,600	-10,000	-25,600
TOTAL CASH FLOWS USED IN FINANCING ACTIVITIES	-12,672	-28,244	-20,612	-36,177

Change in cash and cash equivalents	-9,265	24,433	12,049	8,272
Cash and cash equivalents at the beginning of the quarter	71,933	26,186	50,619	42,347
Cash and cash equivalents at the end of the quarter	62,668	50,619	62,668	50,619

III quarter of 2021 (unaudited)

Elering’s business revenue for the third quarter of 2021 increased by 55.3% compared to the same quarter of 2020, amounting to 38.7 million euros. The increase is mainly related to balancing energy revenues, which increased by 11.2 million euros. Electricity transmission volumes were relatively stable, increasing by only 0.6%. The growth in gas transmission volumes reached 5.3%. Total transmission revenues increased by 1.3% to 14.9 million euros. The higher electricity price negatively affected the cost of electricity network losses by 7.7 million euros. Due to extensive investments, depreciation in the second quarter of 2021 increased by 1.8 million euros. In total, business expenditure increased by 78.6% to 47.1 million euros.

Elering’s financial expenditure remained stable at 0.6 million euros in the first quarter. In total, Elering earned a net profit of 9.0 million euros.

Elering’s cash flows from operating activities amounted to 8.5 million euros in the second quarter. Elering invested 21.5 million euros in fixed assets. The company repaid previously taken loans in the amount of 2.6 million euros in the third quarter of 2021.

As at the end of March, Elering’s assets amounted to 1.1 billion euros, liabilities to 749.2 million euros, and equity to 367.6 million euros.

Statement of financial position

In thousands of euros

	30.09.21	30.09.20	31.12.20
Assets
Current assets
Cash and cash equivalents	71,933	26,186	50,619
Short-term financial investments	0	0	899
Accounts receivables and other receivables	38,216	35,188	38,586
Inventories	3,394	3,575	3,535
Total current assets	113,543	64,949	93,639
Non-current assets	1,003,197	976,126	982,097
TOTAL ASSETS	1,116,740	1,041,075	1,075,736
Liabilities
Current liabilities
Borrowings	10,636	10,565	10,565
Trade and other payables	54,812	60,674	28,449
Total current liabilities	65,448	71,239	39,014
Non-current liabilities
Borrowings	314,618	324,983	322,389
Other non-current liabilities	369,110	270,544	327,366
Total non-current liabilities	683,728	595,527	649,755
TOTAL LIABILITIES	749,176	666,766	688,769
Equity
Share capital	229,890	229,890	229,890
Revaluation of the financial investments	0	-46	-1,047
Statutory reserve	17,595	16,330	141,794
Retained earnings	120,079	128,135	141,794
TOTAL OWNER’S EQUITY	367,564	374,309	386,967
TOTAL LIABILITIES AND OWNER’S EQUITY	1,116,740	1,041,075	1,075,736

Income statement

In thousands of euros

	3rd Quarter		January-september		Year
	2021	2020	2021	2020	2020
Net sales	36,773	23,917	119,588	91,895	137,067
Other income	1,884	981	4,823	3,677	5,327
Goods, raw materials and services	31,512	13,137	71,188	36,806	53,255
Other miscellaneous operating expenses	1,525	1,154	4,644	3,710	5,354
Staff costs	2,462	2,320	8,226	7,739	10,970
Depreciation and amortisation	11,551	9,725	33,618	28,860	40,123
Other operating expenses	19	19	43	72	91
OPERATING PROFIT	-8,412	-1,457	6,692	18,385	32,601
Financial income	2	1	14	2	2,338
Financial expenses	586	578	1,711	1,779	2,338
PROFIT BEFORE TAX	-8,996	-2,034	4,995	16,608	30,266
Income tax	0	4,964	0	4,964	4,964
NET PROFIT	-8,996	-6,998	4,995	11,644	25,302

Cash flow statement

In thousands of euros

	3rd Quarter		January-september		Year
	2021	2020	2021	2020	2020
Cash flows from operating activities
Profit/loss before income tax	-8,996	-2,035	4,995	16,607	30,266
Adjustments for
Depreciation, amortisation and impairment	11,551	9,725	33,618	28,860	40,123
Change in current assets involved in operating activities	-9,367	838	3,386	4,199	1,859
Change in liabilities involved in operating activities	-959	1,429	799	-754	-1,738
Paid interest	-59	-39	-2,059	-2,173	-2,319
Income tax on dividends	0	0	0	-1,568	-6,531
Other adjustments	-663	-663	-2,346	-2,163	-791
TOTAL CASH FLOWS FROM OPERATING ACTIVITIES	-8,493	9,256	38,393	43,008	60,869
Cash flows from/used in investment activities
Acquisition of property, plant and equipment and intangible assets	-21,497	-20,716	-53,433	-79,535	-100,214
Foreign grants for acquisition of non-current assets	0	11,397	11,935	12,556	59,477
Net change in deposits at banks with maturity of more than 3 months	10,000	0	0	0	0
Proceeds from congestion income	19,548	4,792	30,932	15,492	24,053
Proceeds from sales of financial investment	0	0	912	0	0
Proceeds from sale of property, plant and equipment	301	118	517	251	264
CASH FLOWS USED IN INVESTMENT ACTIVITIES	8,352	-4,409	-9,137	-51,236	-16,420
Cash flows from financing activities
Repayment of bank loans	-2,637	-2,637	-7,916	-7,916	-10,558
Repayable finance lease liabilities	-17	-3	-26	-17	-19
Paid dividends	0	0	0	0	-25,600
TOTAL CASH FLOWS USED IN FINANCING ACTIVITIES	-2,654	-2,640	-7,942	-7,933	-36,177

Change in cash and cash equivalents	-2,795	2,207	21,314	-16,161	8,272
Cash and cash equivalents at the beginning of the quarter	74,728	23,979	50,619	42,347	42,347
Cash and cash equivalents at the end of the quarter	71,933	26,186	71,933	26,186	50,619

II quarter of 2021 (unaudited)

The business revenue for the second quarter of 2021 increased by 14.6% compared to the second quarter of 2020, amounting to 32.0 million euros. The increase is mainly related to balancing energy revenues, which increased by 49.9% to 11.3 million euros.

Both electricity and gas transmission volumes remained relatively stable. Electricity transmission volumes increased by 2.1% and gas transmission volumes decreased by 0.9%, respectively, resulting in a total increase in transmission revenues of 1.5% to 16.2 million euros. The higher electricity price negatively affected the cost of electricity network losses by 1.7 million euros.

Due to extensive investments, depreciation in the second quarter of 2021 increased by 1.8 million euros. In total, business expenditure increased by 35.2% to 35.6 million euros.

Elering’s financial expenditure remained stable at 0.6 million euros in the first quarter. In total, Elering earned a net profit of 4.1 million euros.

Elering’s cash flows from operating activities amounted to 10.8 million euros in the second quarter. Elering invested 21.7 million euros in fixed assets and received 11.9 million euros from the European Union to finance the investments. The company repaid previously taken loans in the amount of 2.6 million euros in the second quarter of 2021.

As at the end of March, Elering’s assets amounted to 1.1 billion euros, liabilities to 731.1 million euros, and equity to 376.6 million euros.

Statement of financial position

	30.06.21	30.06.20	31.12.20
Assets
Current assets
Cash and cash equivalents	74,728	23,979	50,619
Short-term financial investments	10,000	1,900	899
Accounts receivables and other receivables	28,081	35,907	38,586
Inventories	3,378	3,671	3,535
Total current assets	116,187	65,457	93,639
Non-current assets	991,477	960,681	982,097
TOTAL ASSETS	1,107,664	1,026,138	1,075,736
Liabilities
Current liabilities
Borrowings	10,636	10,565	10,565
Trade and other payables	53,908	25,703	28,449
Total current liabilities	64,544	36,268	39,014
Non-current liabilities
Borrowings	317,304	327,570	322,389
Other non-current liabilities	349,256	255,391	327,366
Total non-current liabilities	666,560	582,961	649,755
TOTAL LIABILITIES	731,104	619,229	688,769
Equity
Share capital	229,890	229,890	229,890
Revaluation of the financial investments	0	-46	-1,047
Statutory reserve	17,595	14,686	141,794
Retained earnings	129,075	162,379	141,794
TOTAL OWNER’S EQUITY	376,560	406,909	386,967
TOTAL LIABILITIES AND OWNER’S EQUITY	1,107,664	1,026,138	1,075,736

Income statement

In thousands of euros

	2nd Quarter		1st half-year		Year
	2021	2020	2021	2020	2020
Net sales	30,237	26,146	82,815	67,978	137,067
Other income	1,810	1,815	2,939	2,696	5,327
Goods, raw materials and services	19,699	12,916	39,676	23,669	53,255
Other miscellaneous operating expenses	1,665	1,157	3,119	2,556	5,354
Staff costs	2,879	2,653	5,764	5,419	10,970
Depreciation and amortisation	11,381	9,596	22,067	19,135	40,123
Other operating expenses	4	22	24	53	91
OPERATING PROFIT	-3,581	1,617	15,104	19,842	32,601
Financial income	1	0	12	1	2,338
Financial expenses	569	583	1,125	1,201	2,338
PROFIT BEFORE TAX	-4,149	1,034	13,991	18,642	30,266
Income tax	0	0	0	0	4,964
NET PROFIT	-4,149	1,034	13,991	18,642	25,302

Cash flow statement

In thousands of euros

	2nd Quarter		1st half-year		Year
	2021	2020	2021	2020	2020
Cash flows from operating activities
Profit/loss before income tax	-4,149	1,035	13,991	18,641	30,266
Adjustments for
Depreciation, amortisation and impairment	11,381	9,596	22,067	19,135	40,123
Change in current assets involved in operating activities	12,061	3,597	12,753	3,361	1,859
Change in liabilities involved in operating activities	-5,328	-665	1,758	-2,183	-1,738
Paid interest	-1,979	-2,107	-2,000	-2,134	-2,319
Income tax on dividends	0	0	0	-1,568	-6,531
Other adjustments	-1,177	-761	-1,683	-1,500	-791
TOTAL CASH FLOWS FROM OPERATING ACTIVITIES	10,809	10,695	46,886	33,752	60,869
Cash flows from/used in investment activities
Acquisition of property, plant and equipment and intangible assets	-21,724	-23,388	-31,936	-58,819	-100,214
Foreign grants for acquisition of non-current assets	11,935	1,159	11,935	1,159	59,477
Net change in deposits at banks with maturity of more than 3 months	0	0	-10,000	0	0
Proceeds from congestion income	7,573	7,255	11,384	10,700	24,053
Proceeds from sales of financial investment	0	0	912	0	0
Proceeds from sale of property, plant and equipment	144	133	216	133	264
CASH FLOWS USED IN INVESTMENT ACTIVITIES	-2,072	-14,841	-17,489	-46,827	-16,420
Cash flows from financing activities
Repayment of bank loans	-2,642	-2,642	-5,279	-5,279	-10,558
Repayable finance lease liabilities	-2	-7	-9	-14	-19
Paid dividends	0	0	0	0	-25,600
TOTAL CASH FLOWS USED IN FINANCING ACTIVITIES	-2,644	-2,649	-5,288	-5,293	-36,177

Change in cash and cash equivalents	6,093	-6,795	24,109	-18,368	8,272
Cash and cash equivalents at the beginning of the quarter	68,635	30,774	50,619	42,347	42,347
Cash and cash equivalents at the end of the quarter	74,728	23,979	74,728	23,979	50,619

I quarter of 2021 (unaudited)

Elering’s total expenses for the first quarter of 2021 increased by 2.5%, amounting to 18.7 million euros.

Compared to the first quarter of 2020, the company’s business revenue increased by 25.7%. Balancing energy revenues remained stable in the comparison of years. Physical transmission volumes of electricity and gas increased by 9.0% and 24.5%, respectively, resulting in corresponding revenues increasing by 8.6% and 24.5%. The higher electricity price negatively affected the cost of electricity network losses by 3.1 million euros. Due to extensive investments, depreciation in the first quarter of 2021 increased by 1.1 million euros. In total, business expenditure increased by 24.7% to 23.4 million euros.

Elering’s financial expenditure remained stable at 0.6 million euros in the first quarter.

In total, Elering earned a net profit of 18.1 million euros.

Elering’s cash flows from operating activities amounted to 36.1 million euros in the first quarter. Elering invested 10.2 million euros in fixed assets and 10 million euros were placed in short-term deposits with a maturity exceeding three months. The company also repaid previously taken loans in the amount of 2.6 million euros.

As at the end of March, Elering’s assets amounted to 1.1 billion euros, liabilities to 698.6 million euros, and equity to 405.1 million euros.

Statement of financial position

	31.03.21	31.03.20	31.12.20
Assets
Current assets
Cash and cash equivalents	68,635	30,774	50,619
Accounts receivables and other receivables	47,816	41,723	39,485
Inventories	3,392	3,737	3,535
Total current assets	119,843	76,234	93,639
Non-current assets	983,842	948,299	982,097
TOTAL ASSETS	1,103,685	1,024,533	1,075,736
Liabilities
Current liabilities
Borrowings	10,622	10,571	10,565
Trade and other payables	38,121	29,075	28,449
Total current liabilities	48,743	39,646	39,014
Non-current liabilities
Borrowings	319,913	330,164	322,389
Other non-current liabilities	329,908	248,850	327,366
Total non-current liabilities	649,821	579,014	649,755
TOTAL LIABILITIES	698,564	618,660	688,769
Owner's equity
Share capital	229,890	229,890	229,890
Revaluation of the financial investments	0	-46	-1,047
Statutory reserve	16,330	14,686	16,330
Retained earnings	158,901	161,343	141,794
Total owner’s equity	405,121	405,873	386,967
TOTAL LIABILITIES AND OWNER’S EQUITY	1,103,685	1,024,533	1,075,736

Income statement

In thousands of euros

	1st Quarter		Year
	2021	2020	2020
Net sales	52,578	41,831	137,068
Other income	1,129	880	5,327
Goods, raw materials and services	19,977	10,753	53,255
Miscellaneous operating expenses	1,454	1,399	5,445
Staff costs	2,885	2,766	10,970
Depreciation and amortisation	10,686	9,539	40,123
Other operating expenses	20	31	0
OPERATING PROFIT	18,685	18,223	32,602
Financial income	11	1	2,338
Financial expenses	556	618	2,338
Income tax	0	0	4,964
NET PROFIT	18,140	17,606	25,302

Cash flow statement

In thousands of euros

	1st Quarter		Year
	2021	2020	2020
Cash flows from operating activities
Profit before income tax	18,140	17,606	30,266
Adjustments for
Depreciation	10,686	9,539	40,123
Change in current assets involved in operating activities	692	-236	1,859
Change in liabilities involved in operating activities	7,086	-1,518	-1,738
Paid interest	-21	-27	-2,319
Income tax on dividends	0	-1,568	-6,531
Other adjustments	-506	-739	-791
Total cash flows from operating activities	36,077	23,057	60,869
Cash flows used in investment activities
Acquisition of property, plant and equipment	-10,212	-35,431	-100,214
Net change in deposits in banks with maturity exceeding 3 months	-10,000	0	59,477
Proceeds from congestion income	3,811	3,445	24,053
Proceeds from sales of financial investment	912	0	0
Proceeds from sales of property, plant and equipment	72	0	264
Total cash flows used in investment activities	-15,417	-31,986	-16,420
Cash flows used in financing activities
Repayment of bank loans	-2,637	-2,637	-10,558
Repayable finance lease liabilities	-7	-7	-19
Paid dividends	0	0	-25,600
Total cash flows used in financing activities	-2,644	-2,644	-36,177

Change of cash and cash equivalents	18,016	-11,573	8,272
Cash and cash equivalents at the beginning of the period	50,619	42,347	42,347
Cash and cash equivalents at the end of the period	68,635	30,774	50,619

Quarterly reports 2020

IV quarter of 2020 (unaudited)

IV quarter of 2020 (unaudited)

Elering’s business revenue for the fourth quarter of 2020 was 46.8 million euros and net profit was 13.7 million euros.

Compared to 2019, the business revenue for the fourth quarter increased by 7.6 per cent, i.e. 3.3 million euros.

Total business expenditure increased by 1.6 million euros. The principal increase is related to additional depreciation due to additional investments and somewhat higher energy network losses.

In total, Elering earned 14.2 million euros in business profit, which is 1.7 million more than in the same period in 2019.

Cash flows from operating activities amounted to 17.9 million euros in the fourth quarter. Elering invested 20.7 million euros in fixed assets, received 46.9 million euros from European Union aid funding, and received 8.6 million euros in revenue from trading cross-border transmission capacities.

As at the end of December, Elering’s assets amounted to 1,075.7 million euros and equity to 387.0 million euros.

Statement of financial position

In thousands of euros

	31.12.20	31.12.19
Assets
Current assets
Cash and cash equivalents	50,619	42,347
Short term financial instruments	899	1,900
Trade and other receivables	38,586	39,025
Inventories	3,535	3,687
Total current assets	93,639	86,959
Non-current assets	982,097	937,397
TOTAL ASSETS	1,075,736	1,024,356
Liabilities
Current liabilities
Borrowings	10,565	10,577
Trade and other payables	28,448	46,670
Total current liabilities	39,013	57,247
Non-current liabilities
Long-term borrowings	322,389	332,751
Other non-current liabilities	327,366	246,091
Total non-current liabilities	649,755	578,842
TOTAL LIABILITIES	688,768	636,089
Equity
Share capital	229,890	229,890
Revaluation of the financial investments	-1,047	-46
Statutory reserve capital	16,330	14,686
Retained earnings	141,795	143,737
TOTAL EQUITY	386,968	388,267
TOTAL LIABILITIES AND OWNER’S EQUITY	1,075,736	1,024,356

Income statement

In thousands of euros

	4th Quarter		January-december
	2020	2019	2020	2019
Net sales	45,173	42,847	137,067	142,115
Other income	1,650	679	5,327	13,105
Goods, raw materials and services	16,449	15,752	53,255	61,700
Miscellaneous operating expenses	1,644	1,693	5,354	5,090
Staff costs	3,231	3,448	10,970	9,559
Depreciation and amortisation	11,263	10,081	40,123	36,914
Other expenses	20	83	91	181
OPERATING PROFIT	14,216	12,469	32,601	41,776
Financial income	1	56	3	62
Financial expenses	559	531	2,338	2,184
PROFIT BEFORE TAX	13,658	11,994	30,266	39,654
Dividend income tax	0	0	4,964	6,769
NET PROFIT	13,658	11,994	25,302	32,885

Cash flow statement

In thousands of euros

	4th Quarter		January-december
	2020	2019	2020	2019
Cash flows from operating activities
Profit/loss before income tax	13,658	11,995	30,266	39,656
Adjustments for
Depreciation, amortisation and impairment	11,263	10,081	40,123	36,913
Change in current assets involved in operating activities	-2,341	-17,297	1,707	-4,136
Change in liabilities involved in operating activities	-438	5,247	-1,155	4,098
Interest cost	-132	-71	-2,319	-2,282
Income tax on dividends	-4,964	-5,201	-6,531	-5,201
Other adjustments	815	-272	-1,195	3,249
TOTAL CASH FLOWS FROM OPERATING ACTIVITIES	17,861	4,482	60,869	72,297
Cash flows from/used in investment activities
Acquisition of property, plant and equipment and intangible assets	-20,679	-36,730	-100,214	-117,553
Foreign grants for acquisition of non-current assets	46,921	6,005	59,477	51,657
Net change in deposits at banks with maturity of more than 3 months	0	30,000	0	0
Proceeds from congestion income	8,561	2,085	24,053	13,091
Proceeds from sale of property, plant and equipment	13	115	264	125
CASH FLOWS USED IN INVESTMENT ACTIVITIES	34,816	1,475	-16,420	-52,680
Cash flows from financing activities
Repayment of long-term bank loans	-2,642	-2,642	-10,558	-10,558
Repayable finance lease liabilities	-2	-7	-19	-28
Dividends paid	-25,600	-29,400	-25,600	-29,400
TOTAL CASH FLOWS USED IN FINANCING ACTIVITIES	-28,244	-32,049	-36,177	-39,986

Change in cash and cash equivalents	24,433	-26,092	8,272	-20,369
Cash and cash equivalents at the beginning of the quarter	26,186	68,439	42,347	62,716
Cash and cash equivalents at the end of the quarter	50,619	42,347	50,619	42,347

III quarter of 2020 (unaudited)

Elering’s revenue decreased by 6.6% to 24.9 million euros in the third quarter compared to the same period of the previous year. The main reason for the decrease was the decrease in balancing energy volumes. The decrease in revenue resulting from the decrease in electricity transmission volumes was offset by higher revenue from gas transmission.

The decrease in balancing energy volume also affected the company’s expenses to the same extent as its revenues. Due to extensive investments, depreciation in the third quarter increased by 0.8 million euros. In total, business expenditure decreased by 3.2 per cent, amounting to 26.4 million euros.

Elering’s financial expenditure remained stable at 0.6 million euros in the third quarter.

In the third quarter, the company’s loss before tax amounted to 2.0 million euros. The result was affected by both seasonality and a decrease in electricity transmission volumes due to warmer outdoor temperatures.

Elering’s cash flows from operating activities amounted to 9.3 million euros in the third quarter. The company invested 20.7 million euros in fixed assets, received 11.4 million euros from European Union aid funding, and received 4.8 million euros in revenue from trading cross-border transmission capacities. The company repaid previously taken loans in the amount of 2.6 million euros.

As at the end of September, Elering’s assets amounted to one billion euros, liabilities to 666.8 million euros, and equity to 374.3 million euros.

Statement of financial position

In thousands of euros

	30.09.20	30.09.19	31.12.19
Assets
Current assets
Cash and cash equivalents	26,186	68,439	42,347
Short term financial instruments	0	30,000	1,900
Trade and other receivables	35,188	21,906	39,025
Inventories	3,575	3,518	3,687
Total current assets	64,949	123,863	86,959
Non-current assets	976,126	899,221	937,397
TOTAL ASSETS	1,041,075	1,023,084	1,024,356
Liabilities
Current liabilities
Borrowings	10,565	2,649	10,577
Trade and other payables	60,674	62,155	46,670
Total current liabilities	71,239	64,804	57,247
Non-current liabilities
Long-term borrowings	324,983	343,278	332,751
Other non-current liabilities	270,544	238,685	246,091
Total non-current liabilities	595,527	581,963	578,842
TOTAL LIABILITIES	666,766	646,767	636,089
Equity
Share capital	229,890	229,890	229,890
Revaluation of the financial investments	-46	0	-46
Statutory reserve capital	16,330	14,686	14,686
Retained earnings	128,135	131,741	143,737
TOTAL EQUITY	374,309	376,317	388,267
TOTAL LIABILITIES AND OWNER’S EQUITY	1,041,075	1,023,084	1,024,356

Income statement

In thousands of euros

	3rd Quarter		January-September		Year
	2020	2019	2020	2019	2019
Net sales	23,917	26,105	91,894	99,268	142,115
Other income	981	537	3,677	12,426	13,105
Goods, raw materials and services	13,137	15,385	36,806	45,948	61,700
Miscellaneous operating expenses	1,154	1,014	3,710	3,397	5,090
Staff costs	2,320	1,837	7,739	6,111	9,559
Depreciation and amortisation	9,725	8,987	28,860	26,833	36,913
Other expenses	19	21	71	98	181
OPERATING PROFIT	-1,457	-602	18,385	29,307	41,777
Financial income	1	2	2	6	2,183
Financial expenses	578	551	1,779	1,653	2,183
PROFIT BEFORE TAX	-2,034	-1,151	16,608	27,660	39,656
Dividend income tax	4,964	0	4,964	6,769	6,769
NET PROFIT	-6,998	-1,151	11,644	20,891	32,887

Cash flow statement

In thousands of euros

	3rd Quarter		January-September		Year
	2020	2019	2020	2019	2019
Cash flows from operating activities
Profit/loss before income tax	-2,034	-1,151	16,608	27,660	39,656
Adjustments for
Depreciation, amortisation and impairment	9,725	8,987	28,860	26,833	36,913
Change in current assets involved in operating activities	838	1,127	4,199	13,411	-4,136
Change in liabilities involved in operating activities	1,429	-709	-755	-1,149	4,098
Interest cost	-39	-63	-2,187	-2,211	4,098
Income tax on dividends	0	0	-1,568	0	-2,282
Other adjustments	-663	160	-2,149	3,271	-5,201
TOTAL CASH FLOWS FROM OPERATING ACTIVITIES	9,256	8,351	43,008	67,815	72,297
Cash flows from/used in investment activities
Acquisition of property, plant and equipment and intangible assets	-20,716	-34,197	-79,535	-80,823	-117,553
Foreign grants for acquisition of non-current assets	11,397	10,166	12,556	45,653	51,657
Net change in deposits at banks with maturity of more than 3 months	0	0	0	-30,000	0
Proceeds from congestion income	4,792	5,006	15,492	11,006	13,091
Proceeds from sale of property, plant and equipment	118	0	251	9	125
CASH FLOWS USED IN INVESTMENT ACTIVITIES	-4,409	-19,025	-51,236	-54,155	-52,680
Cash flows from financing activities
Repayment of long-term bank loans	-2,637	-2,637	-7,916	-7,916	-10,558
Repayable finance lease liabilities	-3	-7	-17	-21	-28
TOTAL CASH FLOWS USED IN FINANCING ACTIVITIES	-2,640	-2,644	-7,933	-7,937	-39,986

Change in cash and cash equivalents	2,207	-13,318	-16,161	5,723	-20,369
Cash and cash equivalents at the beginning of the quarter	23,979	81,757	42,347	62,716	62,716
Cash and cash equivalents at the end of the quarter	26,186	68,439	26,186	68,439	42,347

II quarter of 2020 (unaudited)

Elering’s business revenue remained stable.

Elering’s business revenue was relatively stable compared to the second quarter of the previous year, amounting to 28.0 million euros. Revenues related to energy markets were 1.3 million lower in the comparison of the years, but the decrease was offset by an increase in revenues not related to energy markets. The decrease in electricity transmission services was offset by an increase in gas transmission service revenues. The dividend received from a financial investment in the amount of 0.9 million euros also had a positive impact on revenue.

Elering’s business expenditure decreased by 2.7 per cent in the comparison of the years to 26.3 million euros. Expenditure related to energy markets decreased at the same pace as the corresponding revenues, i.e. 1.3 million euros. The decrease in expenditure was further supported by lower network losses resulting from low electricity prices. Elering’s business profit for the second quarter was 0.6 million euros higher than the previous year, amounting to 1.6 million euros. As the decision on dividends to be paid was made in the third quarter, the net profit for the second quarter of the year was just over one million euros.

Elering’s cash flow from operating activities were 10.7 million euros in the second quarter, the company invested 23.4 million euros in fixed assets, and received 7.3 million euros in revenue from trading cross-border transmission capacities. The company repaid previously taken loans in the amount of 2.6 million euros.

Similarly to June of the previous year, the company’s assets amounted to more than a billion euros. Liabilities amounted to 619.2 million euros and equity to 406.9 million euros.

Statement of financial position

In thousands of euros

	30.06.20	30.06.19	31.12.19
Assets
Current assets
Cash and cash equivalents	23,979	81,757	42,347
Short term financial instruments	1,900	30,000	1,900
Trade and other receivables	35,907	25,397	39,025
Inventories	3,671	3,470	3,687
Total current assets	65,457	140,624	86,959
Non-current assets	960,681	879,032	937,397
TOTAL ASSETS	1,026,138	1,019,656	1,024,356
Liabilities
Current liabilities
Borrowings	10,565	5,293	10,577
Trade and other payables	25,703	67,250	46,670
Total current liabilities	36,268	72,544	57,247
Non-current liabilities
Long-term borrowings	327,570	343,227	332,751
Other non-current liabilities	255,391	226,418	246,091
Total non-current liabilities	582,961	569,645	578,842
TOTAL LIABILITIES	619,230	642,188	636,089
Equity
Share capital	229,890	229,890	229,890
Revaluation of the financial investments	-46	0	-46
Statutory reserve capital	14,686	14,686	14,686
Retained earnings	162,379	132,893	143,737
TOTAL EQUITY	406,909	377,468	388,267
TOTAL LIABILITIES AND OWNER’S EQUITY	1,026,138	1,019,656	1,024,356

Income statement

In thousands of euros

	2nd Quarter		1st half-year		Year
	2020	2019	2020	2019	2019
Net sales	26,146	27,505	67,977	73,163	142,115
Other income	1,815	546	2,696	11,889	13,105
Goods, raw materials and services	12,916	15,014	23,669	30,563	61,700
Miscellaneous operating expenses	1,157	1,052	2,556	2,383	5,090
Staff costs	2,653	2,137	5,419	4,274	9,559
Depreciation and amortisation	9,596	8,823	19,135	17,846	36,913
Other expenses	22	38	52	77	181
OPERATING PROFIT	1,618	988	19,842	29,909	41,777
Financial income	0	2	1	4	2,183
Financial expenses	583	553	1,201	1,102	2,183
PROFIT BEFORE TAX	1,035	437	18,640	28,803	39,656
Dividend income tax	0	6,769	0	6,769	6,769
NET PROFIT	1,035	-6,332	18,640	22,042	32,887
Impairment of investments in equity instruments	0	0	0	0	46
TOTAL COMPREHENSIVE INCOME	1,035	-6,332	18,640	22,042	32,841

	2nd Quarter		1st half-year		Year
	2020	2019	2020	2019	2019
Net sales	26,146	27,505	67,977	73,163	142,115
Other income	1,815	546	2,696	11,889	13,105
Goods, raw materials and services	12,916	15,014	23,669	30,563	61,700
Miscellaneous operating expenses	1,157	1,052	2,556	2,383	5,090
Staff costs	2,653	2,137	5,419	4,274	9,559
Depreciation and amortisation	9,596	8,823	19,135	17,846	36,913
Other expenses	22	38	52	77	181
OPERATING PROFIT	1,618	988	19,842	29,909	41,777
Financial income	0	2	1	4	2,183
Financial expenses	583	553	1,201	1,102	2,183
PROFIT BEFORE TAX	1,035	437	18,640	28,803	39,656
Dividend income tax	0	6,769	0	6,769	6,769
NET PROFIT	1,035	-6,332	18,640	22,042	32,887
Impairment of investments in equity instruments	0	0	0	0	46
TOTAL COMPREHENSIVE INCOME	1,035	-6,332	18,640	22,042	32,841

Cash flow statement

In thousands of euros

	2nd Quarter		1st half-year		Year
	2020	2019	2020	2019	2019
Cash flows from operating activities
Profit/loss before income tax	1,035	437	18,642	28,811	39,656
Adjustments for
Depreciation, amortisation and impairment	9,596	8,823	19,136	17,845	36,913
Change in current assets involved in operating activities	3,597	3,332	3,361	12,284	-4,136
Change in liabilities involved in operating activities	-665	135	-2,184	-440	4,098
Interest cost	-2,107	-2,035	-2,184	-440	4,098
Income tax on dividends	0	0	-2,107	-2,148	-2,282
Other adjustments	-761	2,902	-1,568	0	-5,201
TOTAL CASH FLOWS FROM OPERATING ACTIVITIES	10,695	13,594	33,752	59,464	72,297
Cash flows from/used in investment activities
Acquisition of property, plant and equipment and intangible assets	-23,388	-24,501	-58,818	-46,626	-117,553
Foreign grants for acquisition of non-current assets	1,159	35,388	1,159	35,487	51,657
Net change in deposits at banks with maturity of more than 3 months	0	-30,000	0	-30,000	0
Proceeds from congestion income	7,255	4,294	10,700	6,000	13,091
Proceeds from sale of property, plant and equipment	132	9	132	9	125
CASH FLOWS USED IN INVESTMENT ACTIVITIES	-14,841	-14,811	-46,827	-35,130	-52,680
Cash flows from financing activities
Repayment of long-term bank loans	-2,642	-2,642	-5,279	-5,279	-10,558
Repayable finance lease liabilities	-7	-7	-14	-14	-28
TOTAL CASH FLOWS USED IN FINANCING ACTIVITIES	-2,649	-2,649	-5,293	-5,293	-39,986

Change in cash and cash equivalents	-6,795	-3,866	-18,368	19,041	-20,369
Cash and cash equivalents at the beginning of the quarter	30,774	85,623	42,347	62,716	62,716
Cash and cash equivalents at the end of the quarter	23,979	81,757	23,979	81,757	42,347

I quarter of 2020 (unaudited)

Elering’s business profit for 2020, excluding the impact of extraordinary income in 2019, remained stable.

Elering’s total business revenue amounted to 43.0 million euros and net profit to 17.6 million euros in the first quarter.

Compared to 2019, the company’s business revenue decreased by 13.8 million euros. The principal source of the decrease in revenue was extraordinary income in the amount of 10.9 million euros received by Elering in the first quarter of 2019 as a result of a successful arbitration dispute.

The company’s return on sales decreased by 7.7%, i.e. 3.5 million. The decrease in electricity transmission volumes due to the warm weather was offset by higher revenue from gas transmission. The larger decrease was related to balancing energy volumes in the amount of 2.2 million euros. Because expenditure related to energy markets also decreased by the same amount, this has no impact on the company’s profit. Excluding extraordinary income, the decrease in revenue not related to energy markets was 2.2%, i.e. 842 thousand euros.

Total business expenditure decreased by 3.2 million euros. The principal decrease in the amount of 2.2 million was related to the decrease in balancing energy volumes. In business expenditure, the lower significantly lower expenses had the largest impact on losses in the amount of 2.8 million euros, which mainly resulted from cheaper electricity prices.

In total, Elering earned business profit in the amount of 18.2 million euros, which, excluding extraordinary income in 2019, remains at a level comparable to the previous period.

Elering’s cash flows from operating activities amounted to 23.1 million euros in the first quarter. Elering invested 35.4 million euros in fixed assets and received 3.4 million euros in revenue from trading cross-border transmission capacities. The company also repaid previously taken loans in the amount of 2.6 million euros.

As at the end of March, Elering’s assets amounted to 1,024.5 million euros and equity to 405.9 million euros.

Statement of financial position

In thousands of euros

	31.03.20	31.03.19
Assets
Current assets
Cash and cash equivalents	30,774	85,623
Trade and other receivables	45,460	29,886
Total current assets	76,234	115,510
Non-current assets	948,299	859,797
TOTAL ASSETS	1,024,533	975,307
Liabilities
Current liabilities
Borrowings	10,571	7,942
Trade and other payables	29,075	29,068
Total current liabilities	39,646	37,010
Non-current liabilities
Long-term borrowings	330,164	343,176
Other non-current liabilities	248,850	181,920
Total non-current liabilities	579,014	525,097
TOTAL LIABILITIES	618,660	562,107
Equity
Share capital	229,890	229,890
Statutory reserve capital	14,686	13,754
Revaluation reserve	-46	0
Retained earnings	161,344	169,556
TOTAL EQUITY	405,873	413,200
TOTAL LIABILITIES AND EQUITY	1,024,533	975,307

Income statement

In thousands of euros

	01.01.20	01.01.19
	31.03.20	31.03.19
Revenue	42,138	45,658
Other income	880	11,343
Goods, raw materials and services	11,060	15,550
Other operating expenses	1,399	1,331
Staff costs	2,766	2,137
Depreciation and amortisation	9,539	9,023
Other expenses	30	40
OPERATING PROFIT	18,224	28,921
Finance income	1	2
Finance costs	618	549

Net profit

17,607

28,374

Cash flow statement

In thousands of euros

	01.01.20	01.01.19
	31.03.20	31.03.19
Cash flows from operating activities
Profit/loss before income tax	17,607	28,374
Adjustments for
Depreciation, amortisation and impairment	9,539	9,023
Total netchange of current assets	-236	8,952
Total netchange in liablilities related to operating activities	-1,519	-575
Other adjustments	-767	97
Paid income tax	-1,568	0
NET CASH FROM OPERATING ACTIVITIES	23,057	45,871
Cash flows from investing activities
Purchases of property, plant and equipment, and intangible assets	-35,431	-22,124
Foreign grants to acquire non-current assets	0	99
Proceeds from congestion income	3,445	1,706
NET CASH USED IN INVESTING ACTIVITIES	-31,986	-20,319
Cash flows from financing activities
Repayment of long-term bank loans	-2,637	-2,637
Repayable finance lease liabilities	-7	-7
NET CASH FROM IN FINANCING ACTIVITIES	-2,644	-2,644

Net increase/(decrease) in cash and cash equivalents	-11,574	22,908
Cash and cash equivalents at the beginning of the quarter	42,347	62,716
Cash and cash equivalents at the end of the quarter	30,774	85,623

Quarterly reports 2019

IV quarter of 2019 (unaudited)

Elering’s business revenue for the fourth quarter of 2019 was 43.5 million euros and net profit was 12.0 million euros.

Compared to 2018, the business revenue for the fourth quarter decreased by 2.1 per cent, i.e. 1.0 million euros. The decrease is mainly due to a decrease in balancing energy volumes and also due to lower electricity and gas transmission volumes as a result of warmer weather.

Total business expenditure decreased by 0.8 million euros. The principal decrease was related to the decrease in balancing energy volumes. Miscellaneous operating expenses increased mainly due to research related to the network service model. The addition of investments increased depreciation by 0.6 million euros.

In total, Elering earned 12.5 million euros in business profit, which is slightly less than in the same period in 2018.

Cash flows from operating activities amounted to 26.1 million euros in the fourth quarter. Elering invested 36.7 million euros in fixed assets, received 6.0 million euros from European Union aid funding, and received 2.1 million euros in revenue from trading cross-border transmission capacities. The company took out a deposit of 30 million euros, repaid previously taken loans in the amount of 2.6 million euros, and paid 29.4 million in dividends.

As at the end of December, Elering’s assets amounted to 1,024.4 million euros and equity to 388.3 million euros.

Statement of financial position

In thousands of euros

	31.12.19	31.12.18
Assets
Current assets
Cash and cash equivalents	42,347	62,716
Trade and other receivables	44,612	39,209
Total current assets	86,960	101,925
Non-current assets	937,397	846,449
TOTAL ASSETS	1,024,357	948,374
Liabilities
Current liabilities
Borrowings	10,577	10,558
Trade and other payables	46,670	29,005
Total current liabilities	57,247	39,563
Non-current liabilities
Long-term borrowings	332,752	343,161
Other non-current liabilities	246,091	180,824
Total non-current liabilities	578,843	523,985
TOTAL LIABILITIES	636,090	563,548
Equity
Share capital	229,890	229,890
Statutory reserve capital	14,686	13,754
Revaluation reserve	-46	0
Retained earnings	143,737	141,182
TOTAL EQUITY	388,267	384,826
TOTAL LIABILITIES AND EQUITY	1,024,357	948,374

Income statement

In thousands of euros

	01.10.19	01.10.18
	31.12.19	31.12.18
Revenue	42,847	44,044
Other income	679	444
Goods, raw materials and services	15,752	18,180
Other operating expenses	1,693	1,080
Staff costs	3,448	3,004
Depreciation and amortisation	10,081	9,494
Other expenses	83	37
OPERATING PROFIT	12,470	12,692
Finance income	56	43
Finance costs	531	569

Net profit

11,995

12,166

Cash flow statement

In thousands of euros

	01.10.19	01.10.18
	31.12.19	31.12.18
Cash flows from operating activities
Profit/loss before income tax	11,995	12,166
Adjustments for
Depreciation, amortisation and impairment	10,081	9,494
Total netchange of current assets	-17,297	-13,075
Total netchange in liablilities related to operating activities	5,247	-1,553
Other adjustments	-343	113
Paid income tax	-5,201	0
NET CASH FROM OPERATING ACTIVITIES	4,483	7,146
Cash flows from investing activities
Purchases of property, plant and equipment, and intangible assets	-36,730	-49,894
Foreign grants to acquire non-current assets	6,005	536
Net change in deposits at banks with maturities of more than 3 months	30,000	40,000
Proceeds from congestion income	2,085	3,090
Proceeds from sale of property, plant and equipment	115	9
NET CASH USED IN INVESTING ACTIVITIES	1,475	-6,259
Cash flows from financing activities
Issued bonds	0	-52
Repayment of long-term bank loans	-2,642	-2,642
Repayable finance lease liabilities	-7	0
Dividends paid	-29,400	0
NET CASH FROM IN FINANCING ACTIVITIES	-32,049	-2,694

Net increase/(decrease) in cash and cash equivalents	-26,092	-1,808
Cash and cash equivalents at the beginning of the quarter	68,439	64,523
Cash and cash equivalents at the end of the quarter	42,347	62,716

III quarter of 2019 (unaudited)

Elering’s revenue decreased by eight per cent to 26.6 million euros in the third quarter compared to the same period of the previous year. The decrease is due to a decrease in balancing energy volumes and also due to lower electricity and gas transmission service volumes as a result of warmer weather.

The decrease in balancing energy volume also affected the company’s expenses to the same extent as its revenues. Other expenses remained at the level of the third quarter of the previous year, and the total business expenditure decreased by 4.8 per cent.

Due to the bonds successfully refinanced in 2018, Elering’s financial expenditure decreased by 0.4 million euros in the third quarter.

In the third quarter, the company’s loss amounted to 1.2 million euros. The result was affected by both seasonality and a decrease in electricity and gas transmission volumes due to warmer outdoor temperatures.

Elering’s cash flows from operating activities amounted to 8.4 million euros in the third quarter. The company invested 34.2 million euros in fixed assets, received 10.2 million euros from European Union aid funding, and received 4.8 million euros in revenue from trading cross-border transmission capacities. The company repaid previously taken loans in the amount of 2.6 million euros.

As at the end of September, Elering’s assets amounted to one billion euros and equity to 376.3 million euros.

Statement of financial position

In thousands of euros

	30.09.19	30.09.18
Assets
Current assets
Cash and cash equivalents	68,439	64,523
Trade and other receivables	55,424	67,017
Total current assets	123,863	131,540
Non-current assets	899,221	812,159
TOTAL ASSETS	1,023,084	943,699
Liabilities
Current liabilities
Borrowings	2,649	2,642
Trade and other payables	62,155	37,084
Total current liabilities	64,804	39,727
Non-current liabilities
Long-term borrowings	343,278	353,726
Other non-current liabilities	238,686	177,587
Total non-current liabilities	581,963	531,313
TOTAL LIABILITIES	646,767	571,039
Equity
Share capital	229,890	229,890
Statutory reserve capital	14,686	13,754
Retained earnings	131,742	129,016
TOTAL EQUITY	376,317	372,660
TOTAL LIABILITIES AND EQUITY	1,023,084	943,699

Income statement

In thousands of euros

	01.07.19	01.07.18
	30.09.19	30.09.18
Revenue	26,105	28,421
Other income	537	517
Goods, raw materials and services	15,385	17,480
Other operating expenses	1,014	931
Staff costs	1,837	1,732
Depreciation and amortisation	8,987	8,444
Other expenses	22	20
OPERATING PROFIT	-602	332
Finance income	2	6
Finance costs	551	938

Net profit

-1,151

-600

Cash flow statement

In thousands of euros

	01.07.19	01.07.18
	30.09.19	30.09.18
Cash flows from operating activities
Profit/loss before income tax	-1,151	-600
Adjustments for
Depreciation, amortisation and impairment	8,987	8,444
Total netchange of current assets	1,127	-5,614
Total netchange in liablilities related to operating activities	-709	166
Other adjustments	98	-9,273
Paid income tax	0	-5,000
NET CASH FROM OPERATING ACTIVITIES	8,352	-11,877
Cash flows from investing activities
Purchases of property, plant and equipment, and intangible assets	-34,197	-24,594
Foreign grants to acquire non-current assets	10,166	0
Proceeds from congestion income	5,006	1,957
NET CASH USED IN INVESTING ACTIVITIES	-19,026	-22,637
Cash flows from financing activities
Issued bonds	0	-64
Bonds repayment	0	-225,000
Repayment of long-term bank loans	-2,637	-2,626
Repayable finance lease liabilities	-7	0
NET CASH FROM IN FINANCING ACTIVITIES	-2,644	-227,690

Net increase/(decrease) in cash and cash equivalents	-13,318	-262,203
Cash and cash equivalents at the beginning of the quarter	81,757	326,727
Cash and cash equivalents at the end of the quarter	68,439	64,523

II quarter of 2019 (unaudited)

Elering’s revenue increased by 17 per cent to 28.1 million euros in the second quarter compared to the same period of the previous year. The largest source of revenue growth was the increase in revenue related to energy markets by 2.3 million euros. Sales volumes of electricity and gas network services decreased significantly due to warmer weather conditions in the first half of the year compared to the previous year.

In terms of business expenditure, expenses related to energy markets increased in the same order of magnitude as revenue related to energy markets, i.e. by 2.3 million euros, and expenses not related to energy markets decreased by 1 million euros. The company’s financial expenditure for the second quarter decreased by 2.6 million euros due to the successfully refinanced Eurobond in the spring of 2018. Income tax expense increased by 1.8 million euros due to an increase in dividends paid.

In the second quarter, Elering earned business profit in the total amount of 1.0 million euros, which is 2.8 million euros more than in the previous year. Elering’s net loss for the second quarter of 2019 decreased by 3.6 million euros compared to the same period of the previous year.

Elering’s cash flow from operating activities were 13.5 million euros in the second quarter, the company invested 24.5 million euros in fixed assets, and received 4.3 million euros in revenue from trading cross-border transmission capacities. The company repaid previously taken loans in the amount of 2.6 million euros.

As at the end of June, Elering’s assets amounted to one billion euros and equity to 377.5 million euros.

Statement of financial position

In thousands of euros

	30.06.19	30.06.18
Assets
Current assets
Cash and cash equivalents	81,757	326,727
Trade and other receivables	58,867	60,689
Total current assets	140,624	387,416
Non-current assets	879,032	784,444
TOTAL ASSETS	1,019,656	1,171,860
Liabilities
Current liabilities
Borrowings	5,293	230,259
Trade and other payables	67,250	39,378
Total current liabilities	72,544	269,637
Non-current liabilities
Long-term borrowings	343,227	353,735
Other non-current liabilities	226,418	175,229
Total non-current liabilities	569,645	528,963
TOTAL LIABILITIES	642,188	798,601
Equity
Share capital	229,890	229,890
Statutory reserve capital	14,686	13,754
Retained earnings	132,893	129,616
TOTAL EQUITY	377,468	373,259
TOTAL LIABILITIES AND EQUITY	1,019,656	1,171,860

Income statement

In thousands of euros

	01.04.19	01.04.18
	30.06.19	30.06.18
Revenue	27,505	23,474
Other income	546	497
Goods, raw materials and services	15,014	13,720
Other operating expenses	1,052	1,686
Staff costs	2,137	1,973
Depreciation and amortisation	8,823	8,302
Other expenses	38	53
OPERATING PROFIT	988	-1,763
Finance income	2	5
Finance costs	553	3,125

Income tax	6,769	5,000
Net profit	-6,332	-9,883

Cash flow statement

In thousands of euros

	01.04.19	01.04.18
	30.06.19	30.06.18
Cash flows from operating activities
Profit/loss before income tax	437	-4,883
Adjustments for
Depreciation, amortisation and impairment	8,823	8,302
Total netchange of current assets	3,332	12,151
Total netchange in liablilities related to operating activities	135	-5,209
Other adjustments	773	2,679
NET CASH FROM OPERATING ACTIVITIES	13,500	13,040
Cash flows from investing activities
Purchases of property, plant and equipment, and intangible assets	-24,501	-36,289
Foreign grants to acquire non-current assets	35,388	6,995
Net change in deposits at banks with maturities of more than 3 months	-30,000	-40,000
Proceeds from congestion income	4,294	1,019
Dividends received from financial investments	94	68
Proceeds from sale of property, plant and equipment	9	81
NET CASH USED IN INVESTING ACTIVITIES	-14,717	-68,127
Cash flows from financing activities
Issued bonds	0	224,275
Repayment of long-term bank loans	-2,642	-1,201
Repayable finance lease liabilities	-7	0
Dividends paid	0	-20,000
NET CASH FROM IN FINANCING ACTIVITIES	-2,649	203,074
0	0	0
Net increase/(decrease) in cash and cash equivalents	-3,866	147,986
Cash and cash equivalents at the beginning of the quarter	85,623	178,740
Cash and cash equivalents at the end of the quarter	81,757	326,727

I quarter of 2019 (unaudited)

Elering’s net profit for the first quarter of 2019 increased by 11.4 million euros compared to the same period of the previous year, to 28.4 million euros.

Elering’s revenue increased by 20 per cent to 57 million euros in the same comparison. The main source of revenue growth was extraordinary income in the amount of 10.9 million euros received by Elering as a result of a successful arbitration dispute. The arbitration proceedings are confidential at the request of the other party.

Due to the warm winter, revenue from electricity network services decreased by 1.2 million euros in the first quarter compared to the previous year. Warm weather conditions also reduced the volume of gas network services.

In terms of business expenditure, expenses for losses increased by 0.8 million euros due to the higher market price of electricity. As is known, Elering buys all the electricity needed to compensate for losses from the exchange. Depreciation increased by half a million euros due to new investments. The company’s financial expenditure for the first quarter decreased by 2.2 million euros due to the successfully refinanced Eurobond in the spring of 2018.

In the first quarter, Elering earned business profit in the total amount of 28.9 million euros, compared to 19.7 million euros in the previous year.

Elering’s cash flow from operating activities were 45.9 million euros in the first quarter, the company invested 22.1 million euros in fixed assets, and received 1.7 million euros in revenue from trading cross-border transmission capacities. The company repaid previously taken loans in the amount of 2.6 million euros.

As at the end of March, Elering’s assets amounted to 975.3 million euros and equity to 413.2 million euros.

Statement of financial position

In thousands of euros

	31.03.19	31.03.18
Assets
Current assets
Cash and cash equivalents	85,623	178,740
Trade and other receivables	29,886	32,465
Total current assets	115,510	211,205
Non-current assets	859,797	759,728
TOTAL ASSETS	975,307	970,934
Liabilities
Current liabilities
Borrowings	7,942	231,301
Trade and other payables	29,068	39,785
Total current liabilities	37,010	271,086
Non-current liabilities
Long-term borrowings	343,176	129,442
Other non-current liabilities	181,920	167,263
Total non-current liabilities	525,097	296,705
TOTAL LIABILITIES	562,107	567,791
Equity
Share capital	229,890	229,890
Statutory reserve capital	13,754	12,898
Retained earnings	169,556	160,355
TOTAL EQUITY	413,200	403,143
TOTAL LIABILITIES AND EQUITY	975,307	970,934

Income statement

In thousands of euros

	01.01.19	01.01.18
	31.03.19	31.03.18
Revenue	45,658	47,028
Other income	11,343	421
Goods, raw materials and services	15,550	15,802
Other operating expenses	1,331	1,463
Staff costs	2,137	1,981
Depreciation and amortisation	9,023	8,479
Other expenses	40	33
OPERATING PROFIT	28,921	19,690
Finance income	2	13
Finance costs	549	2,750

Net profit

28,374

16,953

Cash flow statement

In thousands of euros

	01.01.19	01.01.18
	31.03.19	31.03.18
Cash flows from operating activities
Profit/loss before income tax	28,374	16,953
Adjustments for
Depreciation, amortisation and impairment	9,023	8,479
Total netchange of current assets	8,952	-1,164
Total netchange in liablilities related to operating activities	-575	-2,007
Other adjustments	97	3,595
NET CASH FROM OPERATING ACTIVITIES	45,871	25,856
Cash flows from investing activities
Purchases of property, plant and equipment, and intangible assets	-22,124	-8,721
Foreign grants to acquire non-current assets	99	0
Proceeds from congestion income	1,706	1,273
Other investments	0	40,000
Proceeds from sale of property, plant and equipment	0	5
NET CASH USED IN INVESTING ACTIVITIES	-20,319	32,557
Cash flows from financing activities
Repayment of long-term bank loans	-2,637	-1,669
Repayable finance lease liabilities	-7	0
Contribution to share capital	0	40,000
NET CASH FROM IN FINANCING ACTIVITIES	-2,644	38,331
0	0	0
Net increase/(decrease) in cash and cash equivalents	22,908	96,744
Cash and cash equivalents at the beginning of the quarter	62,716	81,997
Cash and cash equivalents at the end of the quarter	85,623	178,740

Credit rating

Bonds

Corporate governance

Resolutions of the general meeting and reports of the supervisory board

Resolutions of ordinary general meetings

Approvals of owner’s expectations

Appointment of an auditor

Supervisory board reports on annual reports

Changes in the composition of the supervisory board

Members of the supervisory board

Contact details of members of the supervisory board

Remuneration of members of the supervisory board

Key financial indicators

Ratios

Financial indicators

Calendar for publishing reports

Quarterly reports 2025

I quarter of 2025 (unaudited)

Overview

Income statement

Statement of financial position

Assets

Liabilities

Equity

Cash flow statement

Cash flow from operating activities

Cash flow from investment activities

Cash flow from financing activities

II quarter of 2025 (unaudited)

Overview

Income statement

Statement of financial position

Assets

Liabilities

Equity

Cash flow statement

Cash flows from operating activities

Cash flows from/used in investment activities

Cash flows from financing activities

III quarter of 2025 (unaudited)

Income statement

Statement of financial position

Assets

Liabilities

Equity

Cash flow statement

Cash flows from operating activities

Cash flows from/used in investment activities

Cash flows from financing activities

IV quarter of 2025 (unaudited)

Assets

Liabilities

Equity

Cash flows from operating activities

Cash flows from/used in investment activities

Cash flows from financing activities

Quarterly reports 2024

IV quarter of 2024 (unaudited)

Statement of financial position

Assets

Liabilities

Equity

Income statement

Cash flow statement

Cash flow from operating activities

Cash flow from investment activities

Cash flow from financing activities

III quarter of 2024 (unaudited)

Statement of financial position

Assets

Liabilities

Equity

Income statement

Cash flow statement

Cash flow from operating activities

Cash flow from investment activities

Cash flow from financing activities

II quarter of 2024 (unaudited)

Statement of financial position