Elering posts net profits of 5.6 million euros over nine months

Elering earned revenues of 91.3 million euros in the first nine months of this year, with 5.6 million euros in net profits, 2.4 million euros less than in the same period last year.

“The effect of 7.6-percent decrease in the electricity transmission service tariffs since July had a predictable impact on the revenues, as is the fall in electricity transit through Estonia due to the launch of the Lithuania-Sweden interconnection cable,” said chairman of the Elering management board, Taavi Veskimägi, explaining the influences on the results.

As in previous years, seasonal use of electricity and gas had a significant impact on Elering’s third-quarter financial results – during the summer period, electricity and gas consumption is lower, as is the average electricity transmission service tariff compared to the winter months. Taking the third quarter separately, Elering’s revenues totalled 23.6 million euros, and net loss was 3.8 million euros as predicted, which allows Elering to achieve its target annual financial results.

Elering’s nine-month cash flow from operating activities was 38.8 million euros, and investments in fixed assets totalled 20.5 million euros. Cash flow from financing totalled 24.5 million euros, of which 20 million euros went towards dividends paid to the owner, and 4.5 million euros went to bank loan repayments.

Elering’s assets at the end of the third quarter totalled 889.9 million euros and equity totalled 334.6 million euros.

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

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.