3rd Quarter 2016 (unaudited)

Overview

In the third quarter of 2016, Elering’s revenue was 24.3 million euros, operating profit 2.7 million euros and net loss 0.1 million euros.

Revenues fell by 2.5 million euros compared to the third quarter of last year, mainly in relation to last year’s extraordinary income. Operating expenses decreased by 1.1 million euros and financial costs remained at the same level in comparison with last year. As a result, net profit decreased by 1.5 million euros.

In the third quarter, cash flow from operations generated 1.7 million euros for Elering. 4.5 million euros were invested in fixed assets, and inflows from cross-border transmission capacity auctions totalled 1.8 million euros. The total net cash flow from investments was therefore 2.6 million euros. Loan repayment in the amount of 10.0 million euros was reflected under financing cash flows in the third quarter. As a result, the total decline in cash balance was 10.9 million euros.

By the end of the quarter, assets totalled 864.2 million euros and equity totalled 338.3 million euros.

In EUR thousands 30.09.16 30.09.15 *

Assets
Current assets
Cash and cash equivalents 81 089 37 507
Trade and other receivables 20 139 20 432
Total current assets 101 228 57 940
Non-current assets 762 969 767 831
TOTAL ASSETS 864 197 825 771

Liabilities
Lühiajalised kohustused
Borrowings 1 190 1 190
Trade and other payables 21 693 17 423
Total current liabilities 22 883 18 614
Non-current liabilities
Long-term borrowings 367 244 379 037
Other non-current liabilities 135 769 119 048
Total non-current liabilities 503 013 498 085
TOTAL LIABILITIES 525 896 516 699

Equity
Share capital 189 890 149 890
Statutory reserve capital 11 962 10 743
Retained earnings 136 448 147 940
TOTAL EQUITY 338 301 308 573
Non-controlling interest 0 498
TOTAL LIABILITIES AND EQUITY 864 197 825 771

* 2015 year statement data is consolidated

In EUR thousands 01.07.16
30.09.16		 01.07.15
30.09.15*
Revenue 23 964 24 446
Other income 363 2 424
Goods, raw materials and services 10 320 10 640
Other operating expenses 932 929
Staff costs 1 596 1 600
Depreciation and amortisation 8 861 9 429
Other expenses -129 53
OPERATING PROFIT 2 747 4 218
Finance income 1 9
Finance costs 2 870 2 847
Net profit -121 1 380
Equity holder of the Parent Company 0 1 386
Non-Controlling interest 0 -6

* 2015 year statement data is consolidated

In EUR thousands 01.07.16
30.09.16		 01.07.15
30.09.15*

Cash flows from operating activities
Profit/loss before income tax -121 1 380
Adjustments for
Depreciation, amortisation and impairment 8 861 9 429
Total netchange of current assets 412 -984
Total netchange in liablilities related to operating activities 767 367
Other adjustments -8 179 -8 104
NET CASH FROM IN OPERATING ACTIVITIES 1 739 2 088

Rahavood investeerimistegevusest
Purchases of property, plant and equipment, and intangible assets -4 478 -9 701
Proceeds from congestion income 1 830 9 769
Other investments 0 -4 387
Proceeds from sale of property, plant and equipment 31 0
NET CASH USED IN INVESTING ACTIVITIES -2 617 -4 319

Cash flows from financing activities
Repayment of long-term bank loans -10 000 0
NET CASH FROM IN FINANCING ACTIVITIES -10 000 0
Net increase/(decrease) in cash and cash equivalents -10 877 -2 231
Cash and cash equivalents at the beginning of the quarter 91 966 39 738
Cash and cash equivalents at the end of the quarter 81 089 37 507

* 2015 year statement data is consolidated

In EUR thousands 30.09.16 30.09.15 *

Assets
Current assets
Cash and cash equivalents 81 089 37 507
Trade and other receivables 20 139 20 432
Total current assets 101 228 57 940
Non-current assets 762 969 767 831
TOTAL ASSETS 864 197 825 771

Liabilities
Lühiajalised kohustused
Borrowings 1 190 1 190
Trade and other payables 21 693 17 423
Total current liabilities 22 883 18 614
Non-current liabilities
Long-term borrowings 367 244 379 037
Other non-current liabilities 135 769 119 048
Total non-current liabilities 503 013 498 085
TOTAL LIABILITIES 525 896 516 699

Equity
Share capital 189 890 149 890
Statutory reserve capital 11 962 10 743
Retained earnings 136 448 147 940
TOTAL EQUITY 338 301 308 573
Non-controlling interest 0 498
TOTAL LIABILITIES AND EQUITY 864 197 825 771

* 2015 year statement data is consolidated

In EUR thousands 01.07.16
30.09.16		 01.07.15
30.09.15*
Revenue 23 964 24 446
Other income 363 2 424
Goods, raw materials and services 10 320 10 640
Other operating expenses 932 929
Staff costs 1 596 1 600
Depreciation and amortisation 8 861 9 429
Other expenses -129 53
OPERATING PROFIT 2 747 4 218
Finance income 1 9
Finance costs 2 870 2 847
Net profit -121 1 380
Equity holder of the Parent Company 0 1 386
Non-Controlling interest 0 -6

* 2015 year statement data is consolidated

In EUR thousands 01.07.16
30.09.16		 01.07.15
30.09.15*

Cash flows from operating activities
Profit/loss before income tax -121 1 380
Adjustments for
Depreciation, amortisation and impairment 8 861 9 429
Total netchange of current assets 412 -984
Total netchange in liablilities related to operating activities 767 367
Other adjustments -8 179 -8 104
NET CASH FROM IN OPERATING ACTIVITIES 1 739 2 088

Rahavood investeerimistegevusest
Purchases of property, plant and equipment, and intangible assets -4 478 -9 701
Proceeds from congestion income 1 830 9 769
Other investments 0 -4 387
Proceeds from sale of property, plant and equipment 31 0
NET CASH USED IN INVESTING ACTIVITIES -2 617 -4 319

Cash flows from financing activities
Repayment of long-term bank loans -10 000 0
NET CASH FROM IN FINANCING ACTIVITIES -10 000 0
Net increase/(decrease) in cash and cash equivalents -10 877 -2 231
Cash and cash equivalents at the beginning of the quarter 91 966 39 738
Cash and cash equivalents at the end of the quarter 81 089 37 507

* 2015 year statement data is consolidated