2nd Quarter 2017 (unaudited)

Elering's revenue in the second quarter of this year was 24.5 million euros, operating profit 1.1 million euros and net loss 6.6 million euros.

The main reason for the loss was the 5.0 million euros of income tax paid from dividends, as well as the seasonal character of the electricity and gas transmission service. Elering's revenue and profitability are lower in the second and third quarters, as there is less electricity and gas transmitted through our transmission networks during this period than in winter.

Revenues of Elering increased by 0.6 million euros compared to the second quarter of 2016. There was an increase in electricity as well as gas transmission revenues. Operating expenses grew by 0.4 million euros in the same period. Financial costs decreased by 0.2 million euros and the amount paid to the state budget as income tax from dividends was 2.8 million euros less than in the previous year.

Cash flows from operating activities amounted to 12.2 million euros. 5.9 million euros was invested in fixed assets and a total of 2.6 million euros was received from cross-border transmission capacity auctions. Net cash flow from investments amounted to minus 3.1 million euros. Cash flow related to financing was minus 21.2 million euros, including 20 million in paid dividends and 1.2 million in payments of depreciable loans.

As of the end of the quarter, Elering's assets amounted to 900.3 million euros and equity to 338.4 million euros.

In EUR thousands

  30.06.17 30.06.16

Assets
Current assets
Cash and cash equivalents 64,460 91,966
Trade and other receivables 41,203 19,478
Total current assets 105,663 111,444
Non-current assets 794,643 767,275
TOTAL ASSETS 900,306 878,720

Liabilities
Current liabilities
Borrowings 2,844 1,190
Trade and other payables 33,658 28,705
Total current liabilities 36,502 29,895
Non-current liabilities
Long-term borrowings 361,976 377,076
Other non-current liabilities 163,386 133,326
Total non-current liabilities 525,363 510,403
TOTAL LIABILITIES 561,865 540,298

Equity
Share capital 189,890 189,890
Statutory reserve capital 12,898 11,962
Retained earnings 135,653 136,570
TOTAL EQUITY 338,441 338,422
TOTAL LIABILITIES AND EQUITY 900,306 878,720

 

In EUR thousands

  01.04.17 01.04.16
30.06.17 30.06.16
Revenue 24,050 23,298
Other income 478 616
Goods, raw materials and services 11,427 11,002
Other operating expenses 1,410 1,208
Staff costs 1,948 1,796
Depreciation and amortisation 8,622 8,999
Other expenses 14 62
OPERATING PROFIT 1,108 846
Finance income 19 3
Finance costs 2,751 2,839
Income tax 5,000 7,750
Net profit -6,624 -9,739

In EUR thousands

  01.04.17 01.04.16
30.06.17 30.06.16

Cash flows from operating activities
Profit/loss before income tax -1,624 -1,989
Adjustments for
Depreciation, amortisation and impairment 8,622 8,999
Total netchange of current assets 10,554 8,896
Total netchange in liablilities related to operating activities -2,574 -780
Other adjustments 2,178 1,939
Paid income tax -5,000 -7,750
NET CASH FROM OPERATING ACTIVITIES 12,155 9,314

Cash flows from investing activities
Purchases of property, plant and equipment, and intangible assets -5,878 -10,701
Proceeds from congestion income 2,584 5,066
Dividends received from financial investments 118 59
Proceeds from sale of property, plant and equipment 56 3
NET CASH USED IN INVESTING ACTIVITIES -3,119 -5,574

Cash flows from financing activities
Repayment of long-term bank loans -1,190 -1,190
Contribution to share capital 0 32,000
Dividends paid -20,000 -31,000
NET CASH FROM IN FINANCING ACTIVITIES -21,190 -190
     
Net increase/(decrease) in cash and cash equivalents -12,155 3,550
Cash and cash equivalents at the beginning of the quarter 76,615 88,416
Cash and cash equivalents at the end of the quarter 64,460 91,966

In EUR thousands

  30.06.17 30.06.16

Assets
Current assets
Cash and cash equivalents 64,460 91,966
Trade and other receivables 41,203 19,478
Total current assets 105,663 111,444
Non-current assets 794,643 767,275
TOTAL ASSETS 900,306 878,720

Liabilities
Current liabilities
Borrowings 2,844 1,190
Trade and other payables 33,658 28,705
Total current liabilities 36,502 29,895
Non-current liabilities
Long-term borrowings 361,976 377,076
Other non-current liabilities 163,386 133,326
Total non-current liabilities 525,363 510,403
TOTAL LIABILITIES 561,865 540,298

Equity
Share capital 189,890 189,890
Statutory reserve capital 12,898 11,962
Retained earnings 135,653 136,570
TOTAL EQUITY 338,441 338,422
TOTAL LIABILITIES AND EQUITY 900,306 878,720

 

In EUR thousands

  01.04.17 01.04.16
30.06.17 30.06.16
Revenue 24,050 23,298
Other income 478 616
Goods, raw materials and services 11,427 11,002
Other operating expenses 1,410 1,208
Staff costs 1,948 1,796
Depreciation and amortisation 8,622 8,999
Other expenses 14 62
OPERATING PROFIT 1,108 846
Finance income 19 3
Finance costs 2,751 2,839
Income tax 5,000 7,750
Net profit -6,624 -9,739

In EUR thousands

  01.04.17 01.04.16
30.06.17 30.06.16

Cash flows from operating activities
Profit/loss before income tax -1,624 -1,989
Adjustments for
Depreciation, amortisation and impairment 8,622 8,999
Total netchange of current assets 10,554 8,896
Total netchange in liablilities related to operating activities -2,574 -780
Other adjustments 2,178 1,939
Paid income tax -5,000 -7,750
NET CASH FROM OPERATING ACTIVITIES 12,155 9,314

Cash flows from investing activities
Purchases of property, plant and equipment, and intangible assets -5,878 -10,701
Proceeds from congestion income 2,584 5,066
Dividends received from financial investments 118 59
Proceeds from sale of property, plant and equipment 56 3
NET CASH USED IN INVESTING ACTIVITIES -3,119 -5,574

Cash flows from financing activities
Repayment of long-term bank loans -1,190 -1,190
Contribution to share capital 0 32,000
Dividends paid -20,000 -31,000
NET CASH FROM IN FINANCING ACTIVITIES -21,190 -190
     
Net increase/(decrease) in cash and cash equivalents -12,155 3,550
Cash and cash equivalents at the beginning of the quarter 76,615 88,416
Cash and cash equivalents at the end of the quarter 64,460 91,966