3rd Quarter 2018 (unaudited)

Elering’s operating income grew by 23 per cent or 5.4 million euros compared to the third quarter of 2017. Of this, 2.8 million euros was due to balancing service and 1.9 million euros more revenue was received from electricity transit.

As to operating expenses, costs related to provision of balancing service saw the most growth – by a total of 3.0 million euros. Another key reason for growth of income was the steep rise in the electricity prices on the exchange. Loss electricity is purchased from the power exchange and its price has risen more than 40 per cent over the year, causing expenses related to electricity losses to rise by 1.4 million euros. Miscellaneous operating expenses dropped by 0.8 million euros. Financial costs dropped by 1.8 million euros in connection with the successfully refinanced Eurobond.

Q3 concluded with a 0.6 million euro loss, which is 3.2 million euros less than in the same quarter in the previous year. The losses in Q2 and Q3 were caused by the typical seasonal character of electricity and gas transmission. In the summer quarters, energy consumption is much lower, plus electricity transmission fees are lower than in the winter period.

Elering’s cash flows from operating activity in Q3 were -11.9 million euros, of which income tax on dividend made up 5.0 million euros. A total of 24.6 million euros was invested into non-current assets, while 2.0 million euros came in from cross-border auctions of transmission capacity.

A total of 225 million euros in bonds was redeemed and a total of 2.6 million euros in amortized loans were repaid in Q3.

Elering’s asset volume as of the end of the quarter was 943.7 million euros and equity stood at 372.7 million euros.

 

In EUR thousands

  30.09.18 30.09.17

Assets
Current assets
Cash and cash equivalents 64,523 51,118
Trade and other receivables 67,017 83,730
Total current assets 131,540 134,848
Non-current assets 812,159 755,115
TOTAL ASSETS 943,699 889,963

Liabilities
Current liabilities
Borrowings 2,642 1,190
Trade and other payables 37,084 27,649
Total current liabilities 39,727 28,839
Non-current liabilities
Long-term borrowings 353,726 362,111
Other non-current liabilities 177,587 164,374
Total non-current liabilities 531,313 526,485
TOTAL LIABILITIES 571,039 555,324

Equity
Share capital 229,890 189,890
Statutory reserve capital 13,754 12,898
Retained earnings 129,016 131,851
TOTAL EQUITY 372,660 334,639
TOTAL LIABILITIES AND EQUITY 943,699 889,963

 

In EUR thousands

  01.07.18 01.07.17
30.09.18 30.09.17
Revenue 28,421 23,201
Other income 517 360
Goods, raw materials and services 17,480 12,619
Other operating expenses 931 1,687
Staff costs 1,732 1,612
Depreciation and amortisation 8,444 8,660
Other expenses 20 18
OPERATING PROFIT 332 -1,035
Finance income 6 19
Finance costs 938 2,786
Net profit -600 -3,802

In EUR thousands

  01.07.18 01.07.17
30.09.18 30.09.17

Cash flows from operating activities
Profit/loss before income tax -600 -3,802
Adjustments for
Depreciation, amortisation and impairment 8,444 8,660
Total netchange of current assets -5,614 -2,445
Total netchange in liablilities related to operating activities 166 2,005
Other adjustments -9,273 -8,262
Paid income tax -5,000 0
NET CASH FROM OPERATING ACTIVITIES -11,877 -3,844

Cash flows from investing activities
Purchases of property, plant and equipment, and intangible assets -24,594 -8,490
Proceeds from congestion income 1,957 602
Proceeds from sale of property, plant and equipment 0 59
NET CASH USED IN INVESTING ACTIVITIES -22,637 -7,829

Cash flows from financing activities
Issued bonds -64 0
Bonds repayment -225,000 0
Repayment of long-term bank loans -2,626 -1,669
NET CASH FROM IN FINANCING ACTIVITIES -227,690 -1,669
     
Net increase/(decrease) in cash and cash equivalents -262,203 -13,342
Cash and cash equivalents at the beginning of the quarter 326,727 64,460
Cash and cash equivalents at the end of the quarter 64,523 51,118

In EUR thousands

  30.09.18 30.09.17

Assets
Current assets
Cash and cash equivalents 64,523 51,118
Trade and other receivables 67,017 83,730
Total current assets 131,540 134,848
Non-current assets 812,159 755,115
TOTAL ASSETS 943,699 889,963

Liabilities
Current liabilities
Borrowings 2,642 1,190
Trade and other payables 37,084 27,649
Total current liabilities 39,727 28,839
Non-current liabilities
Long-term borrowings 353,726 362,111
Other non-current liabilities 177,587 164,374
Total non-current liabilities 531,313 526,485
TOTAL LIABILITIES 571,039 555,324

Equity
Share capital 229,890 189,890
Statutory reserve capital 13,754 12,898
Retained earnings 129,016 131,851
TOTAL EQUITY 372,660 334,639
TOTAL LIABILITIES AND EQUITY 943,699 889,963

 

In EUR thousands

  01.07.18 01.07.17
30.09.18 30.09.17
Revenue 28,421 23,201
Other income 517 360
Goods, raw materials and services 17,480 12,619
Other operating expenses 931 1,687
Staff costs 1,732 1,612
Depreciation and amortisation 8,444 8,660
Other expenses 20 18
OPERATING PROFIT 332 -1,035
Finance income 6 19
Finance costs 938 2,786
Net profit -600 -3,802

In EUR thousands

  01.07.18 01.07.17
30.09.18 30.09.17

Cash flows from operating activities
Profit/loss before income tax -600 -3,802
Adjustments for
Depreciation, amortisation and impairment 8,444 8,660
Total netchange of current assets -5,614 -2,445
Total netchange in liablilities related to operating activities 166 2,005
Other adjustments -9,273 -8,262
Paid income tax -5,000 0
NET CASH FROM OPERATING ACTIVITIES -11,877 -3,844

Cash flows from investing activities
Purchases of property, plant and equipment, and intangible assets -24,594 -8,490
Proceeds from congestion income 1,957 602
Proceeds from sale of property, plant and equipment 0 59
NET CASH USED IN INVESTING ACTIVITIES -22,637 -7,829

Cash flows from financing activities
Issued bonds -64 0
Bonds repayment -225,000 0
Repayment of long-term bank loans -2,626 -1,669
NET CASH FROM IN FINANCING ACTIVITIES -227,690 -1,669
     
Net increase/(decrease) in cash and cash equivalents -262,203 -13,342
Cash and cash equivalents at the beginning of the quarter 326,727 64,460
Cash and cash equivalents at the end of the quarter 64,523 51,118