Elering’s net profit for first nine months grows 16 per cent

Elering’s income for the first nine months of this year was 100.4 million euros, operating profit was 18.2 million euros and net profit was 6.5 million euros. Net profit grew by 16 per cent year-over-year.

The revenue from the electricity and gas transmission related services increased by EUR 4.2 million to 74.9 million year-on-year and the sales of energy markets related services increased by 4.9 million euros to 25.4 million euros.

Operating costs were significantly impacted by the rise in the costs of balancing electricity and regulation services by 27 per cent, increasing to 24.5 million euros. Elering purchases all the loss energy needed for transmission service from the power exchange. In connection with the higher price of electricity on the power exchange, the costs of loss energy rose by 3.2 million euros, reaching 13.2 million euros.

Elering’s cash flows from operating activity in the first nine months were 27 million euros. A total of 69.6 million euros was invested into non-current assets, of which 7 million euros was covered by European Union support. A total of 4.2 million euros in revenue from cross-border auctions of transmission capacities was received.

Cash flow from financing activities was impacted by the issuing of 224 million euros in new Eurobonds with more than fourfold oversubscription and redemption of earlier bonds in the amount of 225 million euros. A total of 40 million euros was received from increase of share capital while the company repaid 5.5 million euros in loans.

Elering’s asset volume in the end of September was 943.7 million and equity was 372.7 million euros.