Elering’s Q3 Financial Results

In the third quarter of 2015, Elering saw revenues of 26,9 million euros, operating revenue of 4,2 million euros, and net profits of 1,4 million euros.

In connection with the acquisition of the majority ownership in Võrguteenus Valdus AS, since this year the disclosure of financial results has also included the activities of the daughter firm. Võrguteenus Valdus is a holding company whose sole area of activity is as the shareholder of the owner of Estonia’s gas transmission network, Elering Gaas AS.

Elering’s revenues grew by 6,7 million euros compared to the third quarter of 2014. This growth was due to the inclusion of gas transmission revenues and increases in the volume of balancing service. Operating expenses grew by 3,3 million euros respectively, in connection with the addition of expenses related to the area of gas transmission. Financial expenses increased by 0,2 million euros year-on-year in total, which resulted in an increase in net profits relative to the third quarter of the previous by 3,3 million euros.

Cash flow from business activities brought in 2,1 million euros and cash flow for investments required a total of 4,3 million euros. In addition, 9,7 million euros was invested in non- current assets and 5,4 million euros in the daughter company Võrguteenus Valdus AS. Revenues from cross-border transmission capacity auctions reduced aggregated outgoing cash flow for investments to 2,1 million euros. As financing transactions did not take place during the third quarter, the aggregate decline in the cash balance was 2,2 million euros.

Assets at the end of the quarter amounted to 825,8 million euros, with total equity of 308,6 million euros.

Elering manages the Estonian electricity and gas transmission network with the aim of securing quality security of supply for consumers at all times. To ensure security of supply, Elering maintains and develops the national transmission network and international connections.

Further information on Elering’s financial results for the third quarter is available here.