1st Quarter 2016 (unaudited)

Overview

In the first quarter of 2016, Elering recorded revenues of 45,6 million euros with an operating profit 20,7 and net profit of 17,8 million euros.

 

Revenues increased by 6,4 million euros compared to the first quarter in 2015. The reason for the increase lies in the growth of balancing services volumes, greater electricity transmission volumes as a result of colder winter as well as in the increased revenues of the compensation mechanism between EU transmission system operators. Operating costs increased by 3,5 million euros mainly due to larger amount of bought balancing energy but also due to increased grid losses caused by growth in electricity transmission. Financial costs remained at the same level compared to the previous year resulting in increase of net profit by 2,8 million euros.

 

 

Operating cash flow brought in 29,1 million euros. 4,2 million euros was invested in fixed assets and 3,0 million euros was received from cross-border transmission capacity auctions. Thus, the total net cash flow from investments was -1,2 million euros. There were no cash flows related to financing in the first quarter.

 

 

Assets totalled 884,0 million euros by the end of the quarter and equity totalled 347,2 million euros.

In EUR thousands

Assets

  31.03.16 31.03.15 *
Current assets
Cash and cash equivalents 88 416 43 573
Trade and other receivables 30 283 27 608
Total current assets 118 699 71 181
Non-current assets 765 206 764 901
TOTAL ASSETS 883 905 836 081

Liabilities

Current liabilities
Borrowings 2 381 1 190
Trade and other payables 26 530 26 426
Total current liabilities 28 911 27 617
Non-current liabilities
Long-term borrowings 376 935 346 797
Other non-current liabilities 130 898 102 852
Total non-current liabilities 507 834 449 649
TOTAL LIABILITIES 536 744 477 266

Equity

Share capital 157 890 149 890
Statutory reserve capital 10 743 8 706
Retained earnings  178 528 171 983
TOTAL EQUITY 347 161 330 580
Mittekontrollitav osalus 0 28 236
TOTAL LIABILITIES AND EQUITY 883 905 836 081

* 2015 year statement data is consolidated

In EUR thousands

  01.01.16
31.03.16		 01.01.15
31.03.15 *
Revenue 45 062 38 814
Other income 489 346
Goods, raw materials and services 12 279 9 043
Other operating expenses 1 271 1 097
Staff costs 1 902 1 915
Depreciation and amortisation 9 397 9 229
Other expenses 27 56
OPERATING PROFIT 20 675 17 820
Finance income 10 0
Finance costs 2 883 2 850
Net profit 17 802 14 971
Equity holder of the Parent Company 0 14 250
Non-Controlling interest 0 720

* 2015 year statement data is consolidated

In EUR thousands

Cash flows from operating activities

  01.01.16
31.03.16		 01.01.15
31.03.15 *
Profit/loss before income tax 17 802 14 971
Adjustments for
Depreciation, amortisation and impairment 9 397 9 229
Total netchange of current assets 536 416
Total netchange in liablilities related to operating activities -698 -4 041
Other adjustments 2 090 2 358
NET CASH FROM IN OPERATING ACTIVITIES 29 127 22 934

Cash flows from investing activities

 

Purchases of property, plant and equipment, and intangible assets -4 159 -4 591
Foreign grants to acquire non-current assets 0 15 000
Proceeds from congestion income 2 951 3 808
Other investments 0 -26 584
Proceeds from sale of property, plant and equipment 8 149
NET CASH USED IN INVESTING ACTIVITIES -1 200 -12 219

 

Cash flows from financing activities

 

NET CASH FROM IN FINANCING ACTIVITIES 0 0
Net increase/(decrease) in cash and cash equivalents 27 927 10 715
Cash and cash equivalents at the beginning of the quarter 60 489 32 858
Cash and cash equivalents at the end of the quarter 88 416 43 573

 

* 2015 year statement data is consolidated

In EUR thousands

Assets

  31.03.16 31.03.15 *
Current assets
Cash and cash equivalents 88 416 43 573
Trade and other receivables 30 283 27 608
Total current assets 118 699 71 181
Non-current assets 765 206 764 901
TOTAL ASSETS 883 905 836 081

Liabilities

Current liabilities
Borrowings 2 381 1 190
Trade and other payables 26 530 26 426
Total current liabilities 28 911 27 617
Non-current liabilities
Long-term borrowings 376 935 346 797
Other non-current liabilities 130 898 102 852
Total non-current liabilities 507 834 449 649
TOTAL LIABILITIES 536 744 477 266

Equity

Share capital 157 890 149 890
Statutory reserve capital 10 743 8 706
Retained earnings  178 528 171 983
TOTAL EQUITY 347 161 330 580
Mittekontrollitav osalus 0 28 236
TOTAL LIABILITIES AND EQUITY 883 905 836 081

* 2015 year statement data is consolidated

In EUR thousands

  01.01.16
31.03.16		 01.01.15
31.03.15 *
Revenue 45 062 38 814
Other income 489 346
Goods, raw materials and services 12 279 9 043
Other operating expenses 1 271 1 097
Staff costs 1 902 1 915
Depreciation and amortisation 9 397 9 229
Other expenses 27 56
OPERATING PROFIT 20 675 17 820
Finance income 10 0
Finance costs 2 883 2 850
Net profit 17 802 14 971
Equity holder of the Parent Company 0 14 250
Non-Controlling interest 0 720

* 2015 year statement data is consolidated

In EUR thousands

Cash flows from operating activities

  01.01.16
31.03.16		 01.01.15
31.03.15 *
Profit/loss before income tax 17 802 14 971
Adjustments for
Depreciation, amortisation and impairment 9 397 9 229
Total netchange of current assets 536 416
Total netchange in liablilities related to operating activities -698 -4 041
Other adjustments 2 090 2 358
NET CASH FROM IN OPERATING ACTIVITIES 29 127 22 934

Cash flows from investing activities

 

Purchases of property, plant and equipment, and intangible assets -4 159 -4 591
Foreign grants to acquire non-current assets 0 15 000
Proceeds from congestion income 2 951 3 808
Other investments 0 -26 584
Proceeds from sale of property, plant and equipment 8 149
NET CASH USED IN INVESTING ACTIVITIES -1 200 -12 219

 

Cash flows from financing activities

 

NET CASH FROM IN FINANCING ACTIVITIES 0 0
Net increase/(decrease) in cash and cash equivalents 27 927 10 715
Cash and cash equivalents at the beginning of the quarter 60 489 32 858
Cash and cash equivalents at the end of the quarter 88 416 43 573

 

* 2015 year statement data is consolidated