2nd Quarter 2016 (unaudited)

Overview

Elering's revenue in the second quarter of this year amounted to 23.9 million euros, operating profit to 0.8 million euros, and net loss to 9.7 million euros. Quarterly revenue, costs and net loss were in accordance with budget plan.

 

The biggest impact on Elering`s profitability in the second quarter was from paid income tax on dividends in value of 7.8 million euros. 

Compared to the second quarter of 2015, the company's revenue stayed practically in the same level increasing by 0.3 million euros. Revenues from both electricity and gas transmission decreased but balancing service revenue increased. Operating costs increased by 1.8 million euros accordingly to the bigger balancing energy purchases.

Financial costs remained at the same level as in the second quarter of last year but the income tax on dividends increased by 2.7 million euros compared to last year.

Elering’s cash flow from business activity amounted to 9.3 million euros in the second quarter of this year. Elering invested 10.7 million euros in fixed assets. The cross-border transmission capacity auctions revenues were 5.1 million euros. Therefore, the total cash flow from investments was minus 5.6 million euros.

By the end of June, Elering's total assets amounted to 878.7 million euros and its equity capital to 338.4 million euros.

In EUR thousands

Assets

  30.06.16 30.06.15 *
Current assets
Cash and cash equivalents 91 966 39 738
Trade and other receivables 19 478 22 673
Total current assets 111 444 62 410
Non-current assets 767 275 767 232
TOTAL ASSETS 878 720 829 642

Liabilities

Current liabilities
Borrowings 1 190 1 190
Muud lühiajalised kohustused 28 705 25 703
Total current liabilities 29 895 26 893
Non-current liabilities
Long-term borrowings 377 076 378 899
Other non-current liabilities 133 326 110 783
Total non-current liabilities 510 403 489 683
TOTAL LIABILITIES 540 298 516 576

Equity

Share capital 189 890 149 890
Statutory reserve capital 11 962 10 743
Retained earnings 136 569 146 138
TOTAL EQUITY 338 421 306 771
Non-controlling interest 0 6 296
TOTAL LIABILITIES AND EQUITY 878 720 829 642

* 2015 year statement data is consolidated

In EUR thousands

  01.04.16
30.06.16		 01.04.15
30.06.15 *
Revenue 23 298 23 155
Other income 616 443
Goods, raw materials and services 11 002 9 062
Other operating expenses 1 208 1 155
Staff costs 1 796 1 829
Depreciation and amortisation 8 999 9 125
Other expenses 62 78
OPERATING PROFIT 846 2 349
Finance income 3 14
Finance costs 2 839 2 863
Income tax 7 750 5 000
Net profit​​​​​​​ -9 740 -5 500
Equity holder of the Parent Company 0 -5 512
Non-Controlling interest 0 12

* 2015 year statement data is consolidated

In EUR thousands

Cash flows from operating activities

  01.04.16
30.06.16		 01.04.15
30.06.15 *
Profit/loss before income tax -1 990 -500
Adjustments for
Depreciation, amortisation and impairment 8 999 9 125
Total netchange of current assets 8 896 8 697
Total netchange in liablilities related to operating activities -780 -5 256
Other adjustments 1 939 1 201
Paid income tax -7 750 -5 000
NET CASH FROM IN OPERATING ACTIVITIES 9 314 8 267

Cash flows from investing activities

 

Purchases of property, plant and equipment, and intangible assets -10 701 -10 574
Foreign grants to acquire non-current assets 0 280
Proceeds from congestion income 5 066 7 393
Other investments 0 -21 238
Dividends received from financial investments 59 0
Proceeds from sale of property, plant and equipment 3 69
NET CASH USED IN INVESTING ACTIVITIES -5 574 -24 070

 

Cash flows from financing activities

 

Long-term bank loans received 0 31 968
Repayment of long-term bank loans -1 190 0
Contribution to share capital 32 000 0
Dividends paid -31 000 -20 000
NET CASH FROM IN FINANCING ACTIVITIES -190 11 968
Net increase/(decrease) in cash and cash equivalents 3 550 -3 835
Cash and cash equivalents at the beginning of the quarter 88 416 43 573
Raha ja raha ekvivalendid aruandeperioodi lõpus 91 966 39 738

 

* 2015 year statement data is consolidated

In EUR thousands

Assets

  30.06.16 30.06.15 *
Current assets
Cash and cash equivalents 91 966 39 738
Trade and other receivables 19 478 22 673
Total current assets 111 444 62 410
Non-current assets 767 275 767 232
TOTAL ASSETS 878 720 829 642

Liabilities

Current liabilities
Borrowings 1 190 1 190
Muud lühiajalised kohustused 28 705 25 703
Total current liabilities 29 895 26 893
Non-current liabilities
Long-term borrowings 377 076 378 899
Other non-current liabilities 133 326 110 783
Total non-current liabilities 510 403 489 683
TOTAL LIABILITIES 540 298 516 576

Equity

Share capital 189 890 149 890
Statutory reserve capital 11 962 10 743
Retained earnings 136 569 146 138
TOTAL EQUITY 338 421 306 771
Non-controlling interest 0 6 296
TOTAL LIABILITIES AND EQUITY 878 720 829 642

* 2015 year statement data is consolidated

In EUR thousands

  01.04.16
30.06.16		 01.04.15
30.06.15 *
Revenue 23 298 23 155
Other income 616 443
Goods, raw materials and services 11 002 9 062
Other operating expenses 1 208 1 155
Staff costs 1 796 1 829
Depreciation and amortisation 8 999 9 125
Other expenses 62 78
OPERATING PROFIT 846 2 349
Finance income 3 14
Finance costs 2 839 2 863
Income tax 7 750 5 000
Net profit​​​​​​​ -9 740 -5 500
Equity holder of the Parent Company 0 -5 512
Non-Controlling interest 0 12

* 2015 year statement data is consolidated

In EUR thousands

Cash flows from operating activities

  01.04.16
30.06.16		 01.04.15
30.06.15 *
Profit/loss before income tax -1 990 -500
Adjustments for
Depreciation, amortisation and impairment 8 999 9 125
Total netchange of current assets 8 896 8 697
Total netchange in liablilities related to operating activities -780 -5 256
Other adjustments 1 939 1 201
Paid income tax -7 750 -5 000
NET CASH FROM IN OPERATING ACTIVITIES 9 314 8 267

Cash flows from investing activities

 

Purchases of property, plant and equipment, and intangible assets -10 701 -10 574
Foreign grants to acquire non-current assets 0 280
Proceeds from congestion income 5 066 7 393
Other investments 0 -21 238
Dividends received from financial investments 59 0
Proceeds from sale of property, plant and equipment 3 69
NET CASH USED IN INVESTING ACTIVITIES -5 574 -24 070

 

Cash flows from financing activities

 

Long-term bank loans received 0 31 968
Repayment of long-term bank loans -1 190 0
Contribution to share capital 32 000 0
Dividends paid -31 000 -20 000
NET CASH FROM IN FINANCING ACTIVITIES -190 11 968
Net increase/(decrease) in cash and cash equivalents 3 550 -3 835
Cash and cash equivalents at the beginning of the quarter 88 416 43 573
Raha ja raha ekvivalendid aruandeperioodi lõpus 91 966 39 738

 

* 2015 year statement data is consolidated