2nd Quarter 2015 (unaudited)
Overview
In the second quarter of 2015, Elering recorded revenue of 23.6 million euros, with an operating profit of 2.3 million euros.
In connection with the acquisition of the majority ownership in Võrguteenus Valdus AS, financial results published from this year also include the business activity of the acquired subsidiary. Võrguteenus Valdus is a holding company whose business activities involve ownership of the shares of the Estonian gas transmission network’s owner, Elering Gaas AS.
Revenue fell by 7.3 million euros compared to the second quarter of 2014. According to Elering’s Financial Manager Peep Soone, the reason for the fall lies in the change in accounting principles for recording the proceeds from the cross-border transmission capacity auction. As a result, auction proceeds are not recorded in the operating profits anymore, but are taken into account in balance as a long-term commitment. In the second quarter of last year, the auctions increased revenues by 10.3 million euros. On the expenditure side, the greatest change was caused by 5.0 million euros of income tax on dividends. Elering paid 20.0 million euros in dividends to the state budget.
Operating cash flow brought in 7.3 million euros and cash flow from investment activities took out a total of 23.1 million euros. 10.6 million euros was invested in non-current assets and 20.2 million euros in the subsidiary Võrguteenus Valdus AS. In addition, 7.4 million euros was received from the cross-border transmission capacity auctions. Financing cash flow totalled 12.0 million euros, which consisted of a loan of 32.0 million euros from the European Investment Bank and 20.0 million euros in paid-out dividends. The cash balance decreased by 3.8 million euros over the quarter.
Assets totalled 829.6 million euros by the end of the quarter and equity totalled 306.8 million euros.
In EUR thousands
Assets
| 30.06.15 * | 30.06.14 | |
| Current assets | ||
| Cash and cash equivalents | 39 738 | 5 196 |
| Trade and other receivables | 22 673 | 33 938 |
| Total current assets | 62 410 | 39 135 |
| Non-current assets | 767 232 | 687 152 |
| TOTAL ASSETS | 829 642 | 726 286 |
Liabilities
| Current liabilities | ||
| Borrowings | 1 190 | 0 |
| Trade and other payables | 25 703 | 32 159 |
| Total current liabilities | 26 893 | 32 159 |
| Non-current liabilities | ||
| Long-term borrowings | 378 899 | 312 640 |
| Other non-current liabilities | 110 783 | 76 621 |
| Total non-current liabilities | 489 683 | 389 261 |
| TOTAL LIABILITIES | 516 576 | 421 420 |
Equity
| Share capital | 149 890 | 149 890 |
| Statutory reserve capital | 10 743 | 8 706 |
| Retained earnings | 146 138 | 146 270 |
| TOTAL EQUITY | 306 771 | 304 866 |
| Non-controlling interest | 6 296 | 0 |
| TOTAL LIABILITIES AND EQUITY | 829 642 | 726 286 |
* 2015 year statement data is consolidated
In EUR thousands
| 01.04.15 30.06.15 * |
01.04.14 30.06.14 |
|
| Revenue | 23 155 | 30 627 |
| Other income | 443 | 317 |
| Goods, raw materials and services | 9 062 | 9 044 |
| Other operating expenses | 1 155 | 827 |
| Staff costs | 1 829 | 1 261 |
| Depreciation and amortisation | 9 125 | 7 651 |
| Other expenses | 78 | 20 |
| OPERATING PROFIT | 2 349 | 12 140 |
| Finance income | 14 | 36 |
| Finance costs | 2 863 | 2 148 |
| Income tax | 5 000 | 0 |
| Net profit | -5 500 | 10 029 |
| Equity holder of the Parent Company | -5 512 | 0 |
| Non-Controlling interest | 12 | 0 |
* 2015 year statement data is consolidated
In EUR thousands
Cash flows from operating activities
| 01.04.15 30.06.15 * |
01.04.14 30.06.14 |
|
| Profit/loss before income tax | -500 | 10 029 |
| Adjustments for | ||
| Depreciation, amortisation and impairment | 9 125 | 7 651 |
| Total netchange of current assets | 7 708 | 6 252 |
| Total netchange in liablilities related to operating activities | -5 256 | -6 273 |
| Other adjustments | 1 201 | 513 |
| Paid income tax | -5 000 | 0 |
| NET CASH FROM IN OPERATING ACTIVITIES | 7 278 | 18 172 |
Cash flows from investing activities
| Purchases of property, plant and equipment, and intangible assets | -10 574 | -14 056 |
| Foreign grants to acquire non-current assets | 280 | 0 |
| Proceeds from congestion income | 7 393 | 0 |
| Other investments | -20 249 | 0 |
| Dividends received from financial investments | 0 | 35 |
| Proceeds from sale of property, plant and equipment | 69 | 0 |
| NET CASH FROM IN FINANCING ACTIVITIES | -23 081 | -14 021 |
Cash flows from financing activities
| Long-term bank loans received | 31 968 | 0 |
| Dividends paid | -20 000 | 0 |
| NET CASH FROM IN FINANCING ACTIVITIES | 11 968 | 0 |
| Net increase/(decrease) in cash and cash equivalents | -3 835 | 4 151 |
| Cash and cash equivalents at the beginning of the quarter | 43 573 | 1 045 |
| Cash and cash equivalents at the end of the quarter | 39 738 | 5 196 |
* 2015 year statement data is consolidated
In EUR thousands
Assets
| 30.06.15 * | 30.06.14 | |
| Current assets | ||
| Cash and cash equivalents | 39 738 | 5 196 |
| Trade and other receivables | 22 673 | 33 938 |
| Total current assets | 62 410 | 39 135 |
| Non-current assets | 767 232 | 687 152 |
| TOTAL ASSETS | 829 642 | 726 286 |
Liabilities
| Current liabilities | ||
| Borrowings | 1 190 | 0 |
| Trade and other payables | 25 703 | 32 159 |
| Total current liabilities | 26 893 | 32 159 |
| Non-current liabilities | ||
| Long-term borrowings | 378 899 | 312 640 |
| Other non-current liabilities | 110 783 | 76 621 |
| Total non-current liabilities | 489 683 | 389 261 |
| TOTAL LIABILITIES | 516 576 | 421 420 |
Equity
| Share capital | 149 890 | 149 890 |
| Statutory reserve capital | 10 743 | 8 706 |
| Retained earnings | 146 138 | 146 270 |
| TOTAL EQUITY | 306 771 | 304 866 |
| Non-controlling interest | 6 296 | 0 |
| TOTAL LIABILITIES AND EQUITY | 829 642 | 726 286 |
* 2015 year statement data is consolidated
In EUR thousands
| 01.04.15 30.06.15 * |
01.04.14 30.06.14 |
|
| Revenue | 23 155 | 30 627 |
| Other income | 443 | 317 |
| Goods, raw materials and services | 9 062 | 9 044 |
| Other operating expenses | 1 155 | 827 |
| Staff costs | 1 829 | 1 261 |
| Depreciation and amortisation | 9 125 | 7 651 |
| Other expenses | 78 | 20 |
| OPERATING PROFIT | 2 349 | 12 140 |
| Finance income | 14 | 36 |
| Finance costs | 2 863 | 2 148 |
| Income tax | 5 000 | 0 |
| Net profit | -5 500 | 10 029 |
| Equity holder of the Parent Company | -5 512 | 0 |
| Non-Controlling interest | 12 | 0 |
* 2015 year statement data is consolidated
In EUR thousands
Cash flows from operating activities
| 01.04.15 30.06.15 * |
01.04.14 30.06.14 |
|
| Profit/loss before income tax | -500 | 10 029 |
| Adjustments for | ||
| Depreciation, amortisation and impairment | 9 125 | 7 651 |
| Total netchange of current assets | 7 708 | 6 252 |
| Total netchange in liablilities related to operating activities | -5 256 | -6 273 |
| Other adjustments | 1 201 | 513 |
| Paid income tax | -5 000 | 0 |
| NET CASH FROM IN OPERATING ACTIVITIES | 7 278 | 18 172 |
Cash flows from investing activities
| Purchases of property, plant and equipment, and intangible assets | -10 574 | -14 056 |
| Foreign grants to acquire non-current assets | 280 | 0 |
| Proceeds from congestion income | 7 393 | 0 |
| Other investments | -20 249 | 0 |
| Dividends received from financial investments | 0 | 35 |
| Proceeds from sale of property, plant and equipment | 69 | 0 |
| NET CASH FROM IN FINANCING ACTIVITIES | -23 081 | -14 021 |
Cash flows from financing activities
| Long-term bank loans received | 31 968 | 0 |
| Dividends paid | -20 000 | 0 |
| NET CASH FROM IN FINANCING ACTIVITIES | 11 968 | 0 |
| Net increase/(decrease) in cash and cash equivalents | -3 835 | 4 151 |
| Cash and cash equivalents at the beginning of the quarter | 43 573 | 1 045 |
| Cash and cash equivalents at the end of the quarter | 39 738 | 5 196 |
* 2015 year statement data is consolidated