Elering Releases Q1 Financial Results

In the first quarter of 2017, Elering’s revenue amounted to EUR 43.2 million, operating profit to EUR 18.8 million and net profit to EUR 16.0 million.

Compared to the first quarter of 2016, revenue decreased by EUR 2.3 million. The decrease was caused by a drop in transit income due to a decline in the transit flows of electricity and gas through Estonia (EUR -2.1 million), a decrease in electricity and gas transmission service due to a rather warm winter (EUR -0.7 million). At the same time, income from balancing services increased by EUR 0.6 million. Operating expenses decreased by EUR 0.4 million, primarily due to decreased depreciation, and financial expenses decreased by EUR 0.1 million. In total, net profit decreased by EUR 1.8 million.

Cash flows from operating activities amounted to EUR 30.4 million. The enterprise invested EUR 6.1 million in non-current assets and received EUR 0.9 million from cross-border transmission capacity auctions. The total net cash flow from investment was therefore EUR -5.2 million. Cash flows from financing activities were EUR -1.7 million due to the repayment of an amortising loan.

As at the end of the quarter, assets amounted to EUR 924.3 million and equity to EUR 365.1 million.

Elering is an independent and autonomous electricity and gas compound system operator, whose main task is to ensure quality energy supply to consumers in Estonia. For this reason, the company manages, administers, and develops the national and cross-border energy infrastructure. By its operation, Elering ensures the conditions for the functioning of the energy market and for economic development.

Take a closer look at the first quarter financial results of Elering here.