I Quarter 2024 (unaudited)

Total revenue in 1st quarter in 2024 increased by 2.3.% amounting to EUR 70.7 million. Electricity transmission revenues decreased by 30.3% or 9.9 million euros to 22.8 million euros, gas transmission revenues increased by 174,0% or 7.6 million euros to 12.0 million euros. Both changes were mostly related to the changes in tariffs. In December 2023 new gas network tariffs became effective to cover the related costs. In electricity two different tariff packages were introduced whilst one package is fully fixed price and the other includes fixed component. During the transition period the decline was expected as the prices were calculated based on known choice of packages by the clients, whilst some of the clients decided to choose fully fixed packages which had not been factored in during the determination of tariffs. The recalculation of tariffs had been made and the new tariffs based on the actual choice of package of clients will become in force from the beginning of May 2024. During the shift in the energy sector, Elering AS main objective is not the transmission of energy, but ultimate purpose is to provide the security of supply hence it needs to be reflected also in tariff composition, meaning that the fixed component in network tariffs becomes more important.

Whilst the energy prices in the beginning of 2023 continued to be high, then the stabilisation of energy prices reflected also in Elering AS network losses expenses, which in 1st quarter of 2024 were lower than in the comparative period in 2023 by 34.5% or EUR 4.1 million. As a result of the additional investments, the depreciation costs increased by EUR 0.1 million in the 1st quarter in 2024. The expenses related to balancing energy increased in line with the respective revenues. In total the operating costs were up by 1.3% amounting to EUR 56.9 million.

In total the net profit in the 1st quarter increased by 13.4% amounting to 13.8 million euros.

The cash flows from operating activities was positive of 38.3 million euros, 50.9 million euros was invested into the non-current assets 13.9 euros million congestion income was received. The company repaid its loans for 3.1 million euros.

The total assets of the Company stood at 1.5 billion euros. Total liabilities stood at 1.1 billion euros million and owner’s equity 427.9 million euros.

In EUR thousands

  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
Accounts 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 into associated company 109 86 73
Long term receivables 1,366 0 3,610
Non-current assets 1,249,498 1,096,928 1,216,513
Total non-current assets 1,250,973 1,097,014 1,220,196
TOTAL ASSETS 1,486,374 1,487,912 1,467,766

Liabilities
Current liabilities
Borrowings 11,260 237,952 11,323
Trade and other payables 88,417 64,872 93,613
Total current liabilities 99,677 302,824 104,936
Non-current liabilities
Borrowings 63,076 74,126 66,186
Other long-term liabilities 2,063 1,238 1,705
Deferred revenue 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
Share capital 229,890 229,890 229,890
Statutory reserve capital 18,721 17,850 18,721
Retained earnings 179,253 163,950 165,428
TOTAL OWNER’S EQUITY 427,864 411,690 414,039
TOTAL LIABILITIES AND OWNER’S EQUITY 1,486,374 1,487,912 1,467,766

 

In EUR thousands

  1st Quarter Year
2024 2023 2023
Net sales 69,842 67,110 244,748
Other income 851 2,025 10,053
Goods, raw materials and services 37,454 38,067 149,907
Other miscellaneous operating expenses 1,850 1,336 7,792
Staff costs 4,456 3,736 15,050
Depreciation and amortisation 13,088 13,202 53,445
Other operating expenses 34 150 259
OPERATING PROFIT 13,811 12,644 28,348
Financial income 659 601 5,444
Financial expenses 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
 

In EUR thousands

  1st Quarter Year
2024 2023 2023

Cash flows from operating activities
Profit/loss before income tax 13,823 12,189 30,377
Adjustments for
Depreciation, amortisation and impairment 13,088 13,202 53,445
Change in current assets involved in operating activities 9,318 20,085 24,659
Change in liabilities involved in operating activities 1,438 -5,655 59,951
Paid interest -918 -379 -4,570
Income tax on dividends 0 0 -2,340
Other adjustments 1,507 2,752 -5,504
TOTAL CASH FLOWS FROM OPERATING ACTIVITIES 38,256 42,194 156,018

Cash flows from/used in investment activities
Acquisition of property, plant and equipment and intangible assets -50,936 -27,008 -167,826
Foreign grants for acquisition of non-current assets 0 0 38,644
Net change in deposits at banks with maturity of more than 3 months -10,000 35,000 -60,000
Proceeds from congestion income 13,866 23,451 118,418
Proceeds from sale of property, plant and equipment 0 34 134
CASH FLOWS USED IN INVESTMENT ACTIVITIES -47,070 31,477 -70,630

Cash flows from financing activities
Bonds repayment 0 0 -225,000
Repayment of bank loans -3,113 -2,637 -10,558
Repayable finance lease liabilities -7 -16 -84
Paid dividends 0 0 -13,500
TOTAL CASH FLOWS USED IN FINANCING ACTIVITIES -3,120 -2,653 -24,142
 
Cash and cash equivalents at the beginning of the quarter 65,533 229,287 229,287
Cash and cash equivalents at the end of the quarter 53,599 300,305 65,533
Change in cash and cash equivalents -11,934 71,018 -163,754

In EUR thousands

  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
Accounts 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 into associated company 109 86 73
Long term receivables 1,366 0 3,610
Non-current assets 1,249,498 1,096,928 1,216,513
Total non-current assets 1,250,973 1,097,014 1,220,196
TOTAL ASSETS 1,486,374 1,487,912 1,467,766

Liabilities
Current liabilities
Borrowings 11,260 237,952 11,323
Trade and other payables 88,417 64,872 93,613
Total current liabilities 99,677 302,824 104,936
Non-current liabilities
Borrowings 63,076 74,126 66,186
Other long-term liabilities 2,063 1,238 1,705
Deferred revenue 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
Share capital 229,890 229,890 229,890
Statutory reserve capital 18,721 17,850 18,721
Retained earnings 179,253 163,950 165,428
TOTAL OWNER’S EQUITY 427,864 411,690 414,039
TOTAL LIABILITIES AND OWNER’S EQUITY 1,486,374 1,487,912 1,467,766

 

In EUR thousands

  1st Quarter Year
2024 2023 2023
Net sales 69,842 67,110 244,748
Other income 851 2,025 10,053
Goods, raw materials and services 37,454 38,067 149,907
Other miscellaneous operating expenses 1,850 1,336 7,792
Staff costs 4,456 3,736 15,050
Depreciation and amortisation 13,088 13,202 53,445
Other operating expenses 34 150 259
OPERATING PROFIT 13,811 12,644 28,348
Financial income 659 601 5,444
Financial expenses 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
 

In EUR thousands

  1st Quarter Year
2024 2023 2023

Cash flows from operating activities
Profit/loss before income tax 13,823 12,189 30,377
Adjustments for
Depreciation, amortisation and impairment 13,088 13,202 53,445
Change in current assets involved in operating activities 9,318 20,085 24,659
Change in liabilities involved in operating activities 1,438 -5,655 59,951
Paid interest -918 -379 -4,570
Income tax on dividends 0 0 -2,340
Other adjustments 1,507 2,752 -5,504
TOTAL CASH FLOWS FROM OPERATING ACTIVITIES 38,256 42,194 156,018

Cash flows from/used in investment activities
Acquisition of property, plant and equipment and intangible assets -50,936 -27,008 -167,826
Foreign grants for acquisition of non-current assets 0 0 38,644
Net change in deposits at banks with maturity of more than 3 months -10,000 35,000 -60,000
Proceeds from congestion income 13,866 23,451 118,418
Proceeds from sale of property, plant and equipment 0 34 134
CASH FLOWS USED IN INVESTMENT ACTIVITIES -47,070 31,477 -70,630

Cash flows from financing activities
Bonds repayment 0 0 -225,000
Repayment of bank loans -3,113 -2,637 -10,558
Repayable finance lease liabilities -7 -16 -84
Paid dividends 0 0 -13,500
TOTAL CASH FLOWS USED IN FINANCING ACTIVITIES -3,120 -2,653 -24,142
 
Cash and cash equivalents at the beginning of the quarter 65,533 229,287 229,287
Cash and cash equivalents at the end of the quarter 53,599 300,305 65,533
Change in cash and cash equivalents -11,934 71,018 -163,754