4th Quarter 2018 (unaudited)

Elering’s operating income for Q4 2018 was 44.4 million euros, and net profit was 12.2 million euros.

Elering’s total operating income grew by 9.5 per cent or 3.8 million euros compared to the same period in 2017. As to operating expenses, expenses on loss energy in the power grid saw the most growth – by a total of 3.4 million euros. The growth was due to a rise in power exchange price. In connection with the commissioning of new equipment in the power grid, depreciation on non-current assets grew by close to 1 million euros. Elering earned 12.7 million euros in operating profit during the quarter.

Financial costs dropped by 2.2 million euros, hitting 0.6 million euros, in connection with successfully refinanced Eurobonds.

Cash flow from operating activity in Q4 was 7.1 million euros. Elering invested 49.9 million into non-current assets, while 0.5 million euros came in from European Union assistance and income from auction of transmission capacities between countries yielded 3.1 million euros. The bank deposit in the amount of 40 million euros matured in Q4 and the company repaid 2.6 million euros of loans it had taken earlier.

Elering’s asset volume as of late December was 948.4 million euros and equity stood at 384.8 million euros.

In EUR thousands

  31.12.18 31.12.17

Assets
Current assets
Cash and cash equivalents 62,716 81,997
Trade and other receivables 39,209 71,443
Total current assets 101,925 153,440
Non-current assets 846,449 756,204
TOTAL ASSETS 948,374 909,644

Liabilities
Current liabilities
Borrowings 10,558 232,825
Trade and other payables 29,005 36,000
Total current liabilities 39,563 268,825
Non-current liabilities
Long-term borrowings 343,161 129,439
Other non-current liabilities 180,824 165,191
Total non-current liabilities 523,985 294,629
TOTAL LIABILITIES 563,548 563,454

Equity
Share capital 229,890 189,890
Statutory reserve capital 13,754 12,898
Retained earnings 141,182 143,402
TOTAL EQUITY 384,826 346,190
TOTAL LIABILITIES AND EQUITY 948,374 909,644

 

In EUR thousands

  01.10.18 01.10.17
31.12.18 31.12.17
Revenue 44,044 40,268
Other income 444 372
Goods, raw materials and services 18,180 13,536
Other operating expenses 1,080 1,625
Staff costs 3,004 2,578
Depreciation and amortisation 9,494 8,532
Other expenses 37 94
OPERATING PROFIT 12,692 14,275
Finance income 43 13
Finance costs 569 2,737
Net profit 12,166 11,551

In EUR thousands

  01.10.18 01.10.17
31.12.18 31.12.17

Cash flows from operating activities
Profit/loss before income tax 12,166 11,551
Adjustments for
Depreciation, amortisation and impairment 9,494 8,532
Total netchange of current assets -13,075 -9,468
Total netchange in liablilities related to operating activities -1,553 6,829
Other adjustments 113 2,283
NET CASH FROM OPERATING ACTIVITIES 7,146 19,728

Cash flows from investing activities
Purchases of property, plant and equipment, and intangible assets -49,894 -10,664
Foreign grants to acquire non-current assets 536 21,717
Net change in deposits at banks with maturities of more than 3 months 40,000 0
Proceeds from congestion income 3,090 1,138
Proceeds from sale of property, plant and equipment 9 151
NET CASH USED IN INVESTING ACTIVITIES -6,259 12,342

Cash flows from financing activities
Issued bonds -52 0
Repayment of long-term bank loans -2,642 -1,190
NET CASH FROM IN FINANCING ACTIVITIES -2,694 -1,190
     
Net increase/(decrease) in cash and cash equivalents -1,808 30,879
Cash and cash equivalents at the beginning of the quarter 64,523 51,118
Cash and cash equivalents at the end of the quarter 62,716 81,997

In EUR thousands

  31.12.18 31.12.17

Assets
Current assets
Cash and cash equivalents 62,716 81,997
Trade and other receivables 39,209 71,443
Total current assets 101,925 153,440
Non-current assets 846,449 756,204
TOTAL ASSETS 948,374 909,644

Liabilities
Current liabilities
Borrowings 10,558 232,825
Trade and other payables 29,005 36,000
Total current liabilities 39,563 268,825
Non-current liabilities
Long-term borrowings 343,161 129,439
Other non-current liabilities 180,824 165,191
Total non-current liabilities 523,985 294,629
TOTAL LIABILITIES 563,548 563,454

Equity
Share capital 229,890 189,890
Statutory reserve capital 13,754 12,898
Retained earnings 141,182 143,402
TOTAL EQUITY 384,826 346,190
TOTAL LIABILITIES AND EQUITY 948,374 909,644

 

In EUR thousands

  01.10.18 01.10.17
31.12.18 31.12.17
Revenue 44,044 40,268
Other income 444 372
Goods, raw materials and services 18,180 13,536
Other operating expenses 1,080 1,625
Staff costs 3,004 2,578
Depreciation and amortisation 9,494 8,532
Other expenses 37 94
OPERATING PROFIT 12,692 14,275
Finance income 43 13
Finance costs 569 2,737
Net profit 12,166 11,551

In EUR thousands

  01.10.18 01.10.17
31.12.18 31.12.17

Cash flows from operating activities
Profit/loss before income tax 12,166 11,551
Adjustments for
Depreciation, amortisation and impairment 9,494 8,532
Total netchange of current assets -13,075 -9,468
Total netchange in liablilities related to operating activities -1,553 6,829
Other adjustments 113 2,283
NET CASH FROM OPERATING ACTIVITIES 7,146 19,728

Cash flows from investing activities
Purchases of property, plant and equipment, and intangible assets -49,894 -10,664
Foreign grants to acquire non-current assets 536 21,717
Net change in deposits at banks with maturities of more than 3 months 40,000 0
Proceeds from congestion income 3,090 1,138
Proceeds from sale of property, plant and equipment 9 151
NET CASH USED IN INVESTING ACTIVITIES -6,259 12,342

Cash flows from financing activities
Issued bonds -52 0
Repayment of long-term bank loans -2,642 -1,190
NET CASH FROM IN FINANCING ACTIVITIES -2,694 -1,190
     
Net increase/(decrease) in cash and cash equivalents -1,808 30,879
Cash and cash equivalents at the beginning of the quarter 64,523 51,118
Cash and cash equivalents at the end of the quarter 62,716 81,997