2nd Quarter 2022 (unaudited)

Total revenue in 2st quarter in 2022 increased by 97.6% amounting to EUR 62.4 million. 93.1% of the increase was related to balancing energy revenues, which increased by EUR 28.2 million.

Compared to the 2nd quarter in 2021, the transmission volumes in electricity decreased by 4.9% and gas transmission volumes decreased by 16.9%. As the new tariffs for electricity transmission became effective starting from 1st April 2022, the electricity transmission revenues in 2nd quarter increased by 11.4% or EUR 1.5 million, whilst the decrease in gas transmission revenues decreased by 16.9% or EUR 0.5 million. Revenues not related to energy markets increased by 10.1% or EUR 2.1 million in total.

As Elering is the biggest electricity buyer in Estonia, then high electricity prices have an adverse effect on Elering expenses. Higher electricity price in 2022 affected adversely the network losses by EUR 10.2 million. As a result of the higher investments, the depreciation costs increased by EUR 0.4 million in the 2 nd quarter in 2022. In total the operating costs were up by 114.3% amounting to EUR 76.4 million. 69.1% of the increase was related to increase in balancing energy expenses.

The financial expenses remained stable at EUR 0.5 million.

In total the net loss in the 2st quarter was EUR 14.5 million.

The cash flows from operating activities was positive of EUR 13.8 million, EUR 35.2 million was invested into the non-current assets, EUR 34.8 million congestion income was received. The company repaid its loans for EUR 2.6 million.

The total assets of the Company exceeded EUR 1.2 billion. Total liabilities stood at EUR 902.1 million and owner’s equity EUR 371.9 million.

In EUR thousands

  30.06.22 30.06.21 31.12.21

Assets
Current assets
Cash and cash equivalents 103,072 74,728 62,668
Short-term financial investments 67,000 10,000 42,000
Accounts receivables and other receivables 46,483 28,081 59,683
Inventories 17,879 3,378 3,658
Total current assets 234,434 116,187 168,009
Investments into affiliated company 45 0 0
Fixed and intangible assets 1,039,559 991,477 1,014,845
Total non-current assets 1,039,604 991,477 1,014,845
TOTAL ASSETS 1,274,038 1,107,664 1,182,854

Liabilities
Current liabilities
Borrowings 10,558 10,636 12,010
Trade and other payables 67,085 53,908 57,135
Total current liabilities 77,643 64,544 69,145
Non-current liabilities
Borrowings 306,907 317,304 312,095
Other non-current liabilities 517,587 349,256 419,526
Total non-current liabilities 824,494 666,560 731,621
TOTAL LIABILITIES 902,137 731,104 800,766

Equity
Share capital 229,890 229,890 229,890
Statutory reserve 17,850 17,595 17,595
Retained earnings 124,161 129,075 134,603
TOTAL OWNER’S EQUITY 371,901 376,560 382,088
TOTAL LIABILITIES AND OWNER’S EQUITY 1,274,038 1,107,664 1,182,854

 

In EUR thousands

  2nd Quarter 1st half-year Year
2022 2021 2022 2021 2021
Net sales 60,512 30,237 135,362 82,816 201,457
Other income 1,864 1,810 3,714 2,939 6,672
Goods, raw materials and services 59,015 19,699 114,092 39,676 135,210
Other miscellaneous operating expenses 2,264 1,665 3,637 3,119 7,144
Staff costs 3,246 2,879 6,645 5,764 11,222
Depreciation and amortisation 11,821 11,381 23,773 22,067 45,531
Other operating expenses 8 4 19 24 69
OPERATING PROFIT -13,978 -3,581 -9,090 15,105 9,022
Financial income 49 1 50 12 2,302
Financial expenses 578 569 1,148 1,125 2,302
PROFIT BEFORE TAX -14,507 -4,149 -10,188 13,992 6,736
Income tax 0 0 0 0 1,628
NET PROFIT -14,507 -4,149 -10,188 13,992 5,108
 

In EUR thousands

  2nd Quarter 1st half-year Year
2022 2021 2022 2021 2021

Cash flows from operating activities
Profit/loss before income tax -14,506 -4,149 -10,187 13,992 6,736
Adjustments for
Depreciation, amortisation and impairment 11,821 11,381 23,773 22,067 45,531
Change in current assets involved in operating activities 6,134 12,061 9,263 12,753 -20,599
Change in liabilities involved in operating activities 9,366 -5,328 7,837 1,758 24,272
Paid interest -2,157 -1,979 -2,164 -2,000 -2,016
Income tax on dividends 0 0 -1,628 0 0
Other adjustments 3,106 -1,177 3,723 -1,684 -2,860
TOTAL CASH FLOWS FROM OPERATING ACTIVITIES 13,764 10,809 30,617 46,886 51,064

Cash flows from/used in investment activities
Acquisition of property, plant and equipment and intangible assets -35,235 -21,724 -52,084 -31,936 -75,497
Foreign grants for acquisition of non-current assets 13,582 11,935 13,582 11,935 31,827
Net change in deposits at banks with maturity of more than 3 months -10,000 0 -25,000 -10,000 -42,000
Proceeds from congestion income 34,774 7,573 78,601 11,384 65,582
Proceeds from sales of financial investment 0 0 0 912 912
Investments into affiliated company -45 0 -45 0 0
Proceeds from sale of property, plant and equipment 20 144 27 216 773
CASH FLOWS USED IN INVESTMENT ACTIVITIES 3,096 -2,072 15,081 -17,489 -18,403

Cash flows from financing activities
Repayment of bank loans -2,642 -2,642 -5,279 -5,279 -10,558
Repayable finance lease liabilities -13 -2 -15 -9 -54
Paid dividends 0 0 0 0 -10,000
TOTAL CASH FLOWS USED IN FINANCING ACTIVITIES -2,655 -2,644 -5,294 -5,288 -20,612
 
Change in cash and cash equivalents 14,205 6,093 40,404 24,109 12,049
Cash and cash equivalents at the beginning of the quarter 88,867 68,635 62,668 50,619 50,619
Cash and cash equivalents at the end of the quarter 103,072 74,728 103,072 74,728 62,668

In EUR thousands

  30.06.22 30.06.21 31.12.21

Assets
Current assets
Cash and cash equivalents 103,072 74,728 62,668
Short-term financial investments 67,000 10,000 42,000
Accounts receivables and other receivables 46,483 28,081 59,683
Inventories 17,879 3,378 3,658
Total current assets 234,434 116,187 168,009
Investments into affiliated company 45 0 0
Fixed and intangible assets 1,039,559 991,477 1,014,845
Total non-current assets 1,039,604 991,477 1,014,845
TOTAL ASSETS 1,274,038 1,107,664 1,182,854

Liabilities
Current liabilities
Borrowings 10,558 10,636 12,010
Trade and other payables 67,085 53,908 57,135
Total current liabilities 77,643 64,544 69,145
Non-current liabilities
Borrowings 306,907 317,304 312,095
Other non-current liabilities 517,587 349,256 419,526
Total non-current liabilities 824,494 666,560 731,621
TOTAL LIABILITIES 902,137 731,104 800,766

Equity
Share capital 229,890 229,890 229,890
Statutory reserve 17,850 17,595 17,595
Retained earnings 124,161 129,075 134,603
TOTAL OWNER’S EQUITY 371,901 376,560 382,088
TOTAL LIABILITIES AND OWNER’S EQUITY 1,274,038 1,107,664 1,182,854

 

In EUR thousands

  2nd Quarter 1st half-year Year
2022 2021 2022 2021 2021
Net sales 60,512 30,237 135,362 82,816 201,457
Other income 1,864 1,810 3,714 2,939 6,672
Goods, raw materials and services 59,015 19,699 114,092 39,676 135,210
Other miscellaneous operating expenses 2,264 1,665 3,637 3,119 7,144
Staff costs 3,246 2,879 6,645 5,764 11,222
Depreciation and amortisation 11,821 11,381 23,773 22,067 45,531
Other operating expenses 8 4 19 24 69
OPERATING PROFIT -13,978 -3,581 -9,090 15,105 9,022
Financial income 49 1 50 12 2,302
Financial expenses 578 569 1,148 1,125 2,302
PROFIT BEFORE TAX -14,507 -4,149 -10,188 13,992 6,736
Income tax 0 0 0 0 1,628
NET PROFIT -14,507 -4,149 -10,188 13,992 5,108
 

In EUR thousands

  2nd Quarter 1st half-year Year
2022 2021 2022 2021 2021

Cash flows from operating activities
Profit/loss before income tax -14,506 -4,149 -10,187 13,992 6,736
Adjustments for
Depreciation, amortisation and impairment 11,821 11,381 23,773 22,067 45,531
Change in current assets involved in operating activities 6,134 12,061 9,263 12,753 -20,599
Change in liabilities involved in operating activities 9,366 -5,328 7,837 1,758 24,272
Paid interest -2,157 -1,979 -2,164 -2,000 -2,016
Income tax on dividends 0 0 -1,628 0 0
Other adjustments 3,106 -1,177 3,723 -1,684 -2,860
TOTAL CASH FLOWS FROM OPERATING ACTIVITIES 13,764 10,809 30,617 46,886 51,064

Cash flows from/used in investment activities
Acquisition of property, plant and equipment and intangible assets -35,235 -21,724 -52,084 -31,936 -75,497
Foreign grants for acquisition of non-current assets 13,582 11,935 13,582 11,935 31,827
Net change in deposits at banks with maturity of more than 3 months -10,000 0 -25,000 -10,000 -42,000
Proceeds from congestion income 34,774 7,573 78,601 11,384 65,582
Proceeds from sales of financial investment 0 0 0 912 912
Investments into affiliated company -45 0 -45 0 0
Proceeds from sale of property, plant and equipment 20 144 27 216 773
CASH FLOWS USED IN INVESTMENT ACTIVITIES 3,096 -2,072 15,081 -17,489 -18,403

Cash flows from financing activities
Repayment of bank loans -2,642 -2,642 -5,279 -5,279 -10,558
Repayable finance lease liabilities -13 -2 -15 -9 -54
Paid dividends 0 0 0 0 -10,000
TOTAL CASH FLOWS USED IN FINANCING ACTIVITIES -2,655 -2,644 -5,294 -5,288 -20,612
 
Change in cash and cash equivalents 14,205 6,093 40,404 24,109 12,049
Cash and cash equivalents at the beginning of the quarter 88,867 68,635 62,668 50,619 50,619
Cash and cash equivalents at the end of the quarter 103,072 74,728 103,072 74,728 62,668