1st Quarter 2023 (unaudited)

Total revenue in 1st quarter in 2023 decreased by 9.9% amounting to EUR 69.1 million. The majority of the decrease was related to balancing energy revenues, which decreased by EUR 12.3 million. Compared to the 1st quarter in 2022, the transmission volumes in electricity decreased by 3.3% and gas transmission volumes decreased by 27,7%.

As there was an increase in electricity transmission tariffs the electricity transmission revenues increased by 18.3% or 5.0 million euros, gas transmission revenues decreased by 27.7% or 1.7 million euros. Whilst the energy prices were historically high in 2022, then in the first quarter in 2023, the electricity prices were slightly lower and as the result the network losses in 2023 were 29.6% or 4.9 million euros lower than in the comparative period in 2022.

As a result of the extensive investments, the depreciation costs increased by EUR 1.3 million in the 1st quarter in 2023. The expenses related to balancing energy decreased in line with the respective revenues by 34.4% or 12.4 million euros. In total the operating costs were down by 21.3% amounting to EUR 56.5 million.

The financial expenses decreased by 0.1 million euros amounting to 0.5 million euros.

In total the net profit in the 1st quarter was euros 12.2 million euros.

The cash flows from operating activities was positive of 42.2 million euros, 27.0 million euros was invested into the non-current assets, 23.5 euros million congestion income was received. The company repaid its loans for 2.6 million euros.

The total assets of the Company stood at 1.5 billion euros. Total liabilities stood at 1.1 billion euros million and owner’s equity 411.7 million euros.

In EUR thousands

  31.03.23 31.03.22 31.12.22

Assets
Current assets
Cash and cash equivalents 300,305 88,867 229,287
Short term financial instruments 15,000 57,000 50,000
Accounts receivables and other receivables 53,101 56,964 73,280
Inventories 22,492 11,236 22,398
Total current assets 390,898 214,067 374,965
Investment into associated company 86 0 53
Non-current assets 1,096,928 1,018,099 1,085,925
Total non-current assets 1,097,014 1,018,099 1,085,978
TOTAL ASSETS 1,487,912 1,232,166 1,460,943

Liabilities
Current liabilities
Borrowings 237,952 12,507 237,265
Trade and other payables 64,872 54,678 70,906
Total current liabilities 302,824 67,185 308,171
Non-current liabilities
Borrowings 74,115 309,493 76,759
Other non-current liabilities 699,283 469,080 676,511
Total non-current liabilities 773,398 778,573 753,269
TOTAL LIABILITIES 1,076,222 845,758 1,061,441

Owner's equity
Share capital 229,890 229,890 229,890
Statutory reserve 17,850 17,595 17,850
Retained earnings 163,950 138,923 151,762
Total owner’s equity 411,690 386,408 399,502
TOTAL LIABILITIES AND OWNER’S EQUITY 1,487,912 1,232,166 1,460,943

 

In EUR thousands

  1st Quarter Year
2023 2022 2022
Net sales 67,110 74,850 386,975
Other income 2,025 1,850 11,146
Goods, raw materials and services 38,066 55,077 309,630
Miscellaneous operating expenses 1,336 1,373 7,589
Staff costs 3,736 3,399 13,304
Depreciation and amortisation 13,202 11,952 47,675
Other operating expenses 150 11 62
OPERATING PROFIT 12,645 4,888 19,861
Financial income 601 1 197
Financial expenses 1,057 570 2,644
NET PROFIT 12,189 4,319 17,414
 

In EUR thousands

  1st Quarter Year
2023 2022 2022

Cash flows from operating activities
Profit before income tax 12,189 4,319 17,414
Adjustments for
Depreciation 13,202 11,952 47,675
Change in current assets involved in operating activities 20,085 3,129 -18,740
Change in liabilities involved in operating activities -5,655 -1,529 14,775
Paid interest -379 -7 -2,056
Income tax on dividends 0 -1,628 -1,628
Other adjustments 2,751 617 17,645
Total cash flows from operating activities 42,193 16,853 75,085

Cash flows from/used in investment activities
Acquisition of property, plant and equipment and intangible assets -27,008 -16,849 -117,753
Foreign grants for acquisition of non-current assets 0 0 60,838
Net change in deposits at banks with maturity of more than 3 months 35,000 -15,000 -8,000
Proceeds from congestion income 23,451 43,827 167,009
Investments in an affiliate 0 0 -45
Proceeds from sale of property, plant and equipment 34 7 114
CASH FLOWS USED IN INVESTMENT ACTIVITIES 31,477 11,985 102,163

Cash flows from financing activities
Repayment of bank loans -2,637 -2,637 -10,558
Repayable finance lease liabilities -16 -2 -71
TOTAL CASH FLOWS USED IN FINANCING ACTIVITIES -2,653 -2,639 -10,629
 
Change in cash and cash equivalents 71,018 26,199 166,619
Cash and cash equivalents at the beginning of the quarter 229,287 62,668 62,668
Cash and cash equivalents at the end of the quarter 300,305 88,867 229,287

In EUR thousands

  31.03.23 31.03.22 31.12.22

Assets
Current assets
Cash and cash equivalents 300,305 88,867 229,287
Short term financial instruments 15,000 57,000 50,000
Accounts receivables and other receivables 53,101 56,964 73,280
Inventories 22,492 11,236 22,398
Total current assets 390,898 214,067 374,965
Investment into associated company 86 0 53
Non-current assets 1,096,928 1,018,099 1,085,925
Total non-current assets 1,097,014 1,018,099 1,085,978
TOTAL ASSETS 1,487,912 1,232,166 1,460,943

Liabilities
Current liabilities
Borrowings 237,952 12,507 237,265
Trade and other payables 64,872 54,678 70,906
Total current liabilities 302,824 67,185 308,171
Non-current liabilities
Borrowings 74,115 309,493 76,759
Other non-current liabilities 699,283 469,080 676,511
Total non-current liabilities 773,398 778,573 753,269
TOTAL LIABILITIES 1,076,222 845,758 1,061,441

Owner's equity
Share capital 229,890 229,890 229,890
Statutory reserve 17,850 17,595 17,850
Retained earnings 163,950 138,923 151,762
Total owner’s equity 411,690 386,408 399,502
TOTAL LIABILITIES AND OWNER’S EQUITY 1,487,912 1,232,166 1,460,943

 

In EUR thousands

  1st Quarter Year
2023 2022 2022
Net sales 67,110 74,850 386,975
Other income 2,025 1,850 11,146
Goods, raw materials and services 38,066 55,077 309,630
Miscellaneous operating expenses 1,336 1,373 7,589
Staff costs 3,736 3,399 13,304
Depreciation and amortisation 13,202 11,952 47,675
Other operating expenses 150 11 62
OPERATING PROFIT 12,645 4,888 19,861
Financial income 601 1 197
Financial expenses 1,057 570 2,644
NET PROFIT 12,189 4,319 17,414
 

In EUR thousands

  1st Quarter Year
2023 2022 2022

Cash flows from operating activities
Profit before income tax 12,189 4,319 17,414
Adjustments for
Depreciation 13,202 11,952 47,675
Change in current assets involved in operating activities 20,085 3,129 -18,740
Change in liabilities involved in operating activities -5,655 -1,529 14,775
Paid interest -379 -7 -2,056
Income tax on dividends 0 -1,628 -1,628
Other adjustments 2,751 617 17,645
Total cash flows from operating activities 42,193 16,853 75,085

Cash flows from/used in investment activities
Acquisition of property, plant and equipment and intangible assets -27,008 -16,849 -117,753
Foreign grants for acquisition of non-current assets 0 0 60,838
Net change in deposits at banks with maturity of more than 3 months 35,000 -15,000 -8,000
Proceeds from congestion income 23,451 43,827 167,009
Investments in an affiliate 0 0 -45
Proceeds from sale of property, plant and equipment 34 7 114
CASH FLOWS USED IN INVESTMENT ACTIVITIES 31,477 11,985 102,163

Cash flows from financing activities
Repayment of bank loans -2,637 -2,637 -10,558
Repayable finance lease liabilities -16 -2 -71
TOTAL CASH FLOWS USED IN FINANCING ACTIVITIES -2,653 -2,639 -10,629
 
Change in cash and cash equivalents 71,018 26,199 166,619
Cash and cash equivalents at the beginning of the quarter 229,287 62,668 62,668
Cash and cash equivalents at the end of the quarter 300,305 88,867 229,287