3rd Quarter 2015 (unaudited)
Overview
In the third quarter of 2015, Elering saw revenues of 26,9 million euros, operating revenue of 4,2 million euros, and net profits of 1,4 million euros.
In connection with the acquisition of the majority ownership in Võrguteenus Valdus AS, since this year the disclosure of financial results has also included the activities of the daughter firm. Võrguteenus Valdus is a holding company whose sole area of activity is as the shareholder of the owner of Estonia’s gas transmission network, Elering Gaas AS.
Elering’s revenues grew by 6,7 million euros compared to the third quarter of 2014. This growth was due to the inclusion of gas transmission revenues and increases in the volume of balancing service. Operating expenses grew by 3,3 million euros respectively, in connection with the addition of expenses related to the area of gas transmission. Financial expenses increased by 0,2 million euros year-on-year in total, which resulted in an increase in net profits relative to the third quarter of the previous by 3,3 million euros.
Cash flow from business activities brought in 2,1 million euros and cash flow for investments required a total of 4,3 million euros. In addition, 9,7 million euros was invested in non- current assets and 5,4 million euros in the daughter company Võrguteenus Valdus AS. Revenues from cross-border transmission capacity auctions reduced aggregated outgoing cash flow for investments to 2,1 million euros. As financing transactions did not take place during the third quarter, the aggregate decline in the cash balance was 2,2 million euros.
Assets at the end of the quarter amounted to 825,8 million euros, with total equity of 308,6 million euros.
Elering manages the Estonian electricity and gas transmission network with the aim of securing quality security of supply for consumers at all times. To ensure security of supply, Elering maintains and develops the national transmission network and international connections.
In EUR thousands
Assets
| 30.09.15 * | 30.09.14 | |
| Current assets | ||
| Cash and cash equivalents | 37 507 | 12 897 |
| Trade and other receivables | 20 432 | 35 143 |
| Total current assets | 57 940 | 48 040 |
| Non-current assets | 767 831 | 716 335 |
| TOTAL ASSETS | 825 771 | 764 375 |
Liabilities
| Current liabilities | ||
| Borrowings | 1 190 | 0 |
| Trade and other payables | 17 423 | 24 608 |
| Total current liabilities | 18 614 | 24 608 |
| Non-current liabilities | ||
| Long-term borrowings | 379 037 | 347 725 |
| Other non-current liabilities | 119 048 | 89 094 |
| Total non-current liabilities | 498 085 | 436 818 |
| TOTAL LIABILITIES | 516 699 | 461 426 |
Equity
| Share capital | 149 890 | 149 890 |
| Statutory reserve capital | 10 743 | 8 706 |
| Retained earnings | 147 940 | 144 353 |
| TOTAL EQUITY | 308 573 | 302 949 |
| Non-controlling interest | 498 | 0 |
| TOTAL LIABILITIES AND EQUITY | 825 771 | 764 375 |
* 2015 year statement data is consolidated
In EUR thousands
| 01.07.15 30.09.15 * |
01.07.14 30.09.14 |
|
| Revenue | 86 415 | 93 684 |
| Other income | 3 213 | 1 203 |
| Goods, raw materials and services | 28 745 | 29 635 |
| Other operating expenses | 3 181 | 2 649 |
| Staff costs | 5 344 | 3 507 |
| Depreciation and amortisation | 27 784 | 23 023 |
| Other expenses | 187 | 115 |
| OPERATING PROFIT | 24 388 | 35 957 |
| Finance income | 24 | 2 |
| Finance costs | 8 560 | 7 098 |
| Income tax | 5 000 | 0 |
| Net profit | 10 851 | 28 862 |
| Equity holder of the Parent Company | 10 125 | 0 |
| Non-Controlling interest | 727 | 0 |
* 2015 year statement data is consolidated
In EUR thousands
Cash flows from operating activities
| 01.07.15 30.09.15 * |
01.07.14 30.09.14 |
|
| Profit/loss before income tax | 15 851 | 28 862 |
| Adjustments for | ||
| Depreciation, amortisation and impairment | 27 784 | 23 023 |
| Total netchange of current assets | 8 128 | 5 986 |
| Total netchange in liablilities related to operating activities | -8 930 | -10 434 |
| Other adjustments | -4 544 | -3 937 |
| Paid income tax | -5 000 | 0 |
| NET CASH FROM IN OPERATING ACTIVITIES | 33 289 | 43 500 |
Cash flows from investing activities
| Purchases of property, plant and equipment, and intangible assets | -24 867 | -95 910 |
| Foreign grants to acquire non-current assets | 15 280 | 19 995 |
| Proceeds from congestion income | 20 970 | 9 179 |
| Other investments | -52 209 | 0 |
| Proceeds from sale of property, plant and equipment | 218 | 31 |
| NET CASH USED IN INVESTING ACTIVITIES | -40 608 | -66 704 |
Cash flows from financing activities
| Long-term bank loans received | 31 968 | 34 955 |
| Dividends paid | -20 000 | 0 |
| NET CASH FROM IN FINANCING ACTIVITIES | 11 968 | 34 955 |
| Net increase/(decrease) in cash and cash equivalents | 4 649 | 11 752 |
| Cash and cash equivalents at the beginning of the quarter | 32 858 | 1 145 |
| Cash and cash equivalents at the end of the quarter | 37 507 | 12 897 |
* 2015 year statement data is consolidated
In EUR thousands
Assets
| 30.09.15 * | 30.09.14 | |
| Current assets | ||
| Cash and cash equivalents | 37 507 | 12 897 |
| Trade and other receivables | 20 432 | 35 143 |
| Total current assets | 57 940 | 48 040 |
| Non-current assets | 767 831 | 716 335 |
| TOTAL ASSETS | 825 771 | 764 375 |
Liabilities
| Current liabilities | ||
| Borrowings | 1 190 | 0 |
| Trade and other payables | 17 423 | 24 608 |
| Total current liabilities | 18 614 | 24 608 |
| Non-current liabilities | ||
| Long-term borrowings | 379 037 | 347 725 |
| Other non-current liabilities | 119 048 | 89 094 |
| Total non-current liabilities | 498 085 | 436 818 |
| TOTAL LIABILITIES | 516 699 | 461 426 |
Equity
| Share capital | 149 890 | 149 890 |
| Statutory reserve capital | 10 743 | 8 706 |
| Retained earnings | 147 940 | 144 353 |
| TOTAL EQUITY | 308 573 | 302 949 |
| Non-controlling interest | 498 | 0 |
| TOTAL LIABILITIES AND EQUITY | 825 771 | 764 375 |
* 2015 year statement data is consolidated
In EUR thousands
| 01.07.15 30.09.15 * |
01.07.14 30.09.14 |
|
| Revenue | 86 415 | 93 684 |
| Other income | 3 213 | 1 203 |
| Goods, raw materials and services | 28 745 | 29 635 |
| Other operating expenses | 3 181 | 2 649 |
| Staff costs | 5 344 | 3 507 |
| Depreciation and amortisation | 27 784 | 23 023 |
| Other expenses | 187 | 115 |
| OPERATING PROFIT | 24 388 | 35 957 |
| Finance income | 24 | 2 |
| Finance costs | 8 560 | 7 098 |
| Income tax | 5 000 | 0 |
| Net profit | 10 851 | 28 862 |
| Equity holder of the Parent Company | 10 125 | 0 |
| Non-Controlling interest | 727 | 0 |
* 2015 year statement data is consolidated
In EUR thousands
Cash flows from operating activities
| 01.07.15 30.09.15 * |
01.07.14 30.09.14 |
|
| Profit/loss before income tax | 15 851 | 28 862 |
| Adjustments for | ||
| Depreciation, amortisation and impairment | 27 784 | 23 023 |
| Total netchange of current assets | 8 128 | 5 986 |
| Total netchange in liablilities related to operating activities | -8 930 | -10 434 |
| Other adjustments | -4 544 | -3 937 |
| Paid income tax | -5 000 | 0 |
| NET CASH FROM IN OPERATING ACTIVITIES | 33 289 | 43 500 |
Cash flows from investing activities
| Purchases of property, plant and equipment, and intangible assets | -24 867 | -95 910 |
| Foreign grants to acquire non-current assets | 15 280 | 19 995 |
| Proceeds from congestion income | 20 970 | 9 179 |
| Other investments | -52 209 | 0 |
| Proceeds from sale of property, plant and equipment | 218 | 31 |
| NET CASH USED IN INVESTING ACTIVITIES | -40 608 | -66 704 |
Cash flows from financing activities
| Long-term bank loans received | 31 968 | 34 955 |
| Dividends paid | -20 000 | 0 |
| NET CASH FROM IN FINANCING ACTIVITIES | 11 968 | 34 955 |
| Net increase/(decrease) in cash and cash equivalents | 4 649 | 11 752 |
| Cash and cash equivalents at the beginning of the quarter | 32 858 | 1 145 |
| Cash and cash equivalents at the end of the quarter | 37 507 | 12 897 |
* 2015 year statement data is consolidated