4rd Quarter 2015 (unaudited)

Overview

In the fourth quarter of 2015, Elering recorded revenues of 42,8 million euros, with an operating profit of 17.2 million euros, and net profit of 14.3 million euros.

Owing to the acquisition of ownership in Võrguteenus Valdus AS, Elering will publish consolidated financial results, i.e. including the business activity of the acquired subsidiary. Võrguteenus Valdus is a holding company whose sole business activity involves ownership of shares in Elering Gaas, the owner of the Estonian gas transmission network. 

Revenue increased by 6.9 million euros compared to the fourth quarter of 2014. The reason for the increase lies in the addition of gas transmission profit, as well as in the increased profit of the compensation mechanism between EU transmission system operators and the balancing service. Operating costs increased by 4.5 million euros, mainly due to the acquired gas transmission business. Financial costs remained at the same level compared to the previous year. As a result, net profit increased by 2.4 million euros. 

Operating cash flow brought in 21.9 million euros. 14.9 million euros was invested in fixed assets, and 0.5 million euros in the shares of Võrguteenus Valdus. As a result, Elering has acquired 100 per cent of the aforementioned shares by now. 8.1 million euros was received from cross-border transmission capacity auctions, and 1.6 million euros from the sale of an office building. Thus, the total net cash flow from investments was 5.7 million euros. Amortized loan payments amounted to 1.2 million euros, and the state of Estonia increased shareholder’s equity by 8.0 million euros.

Assets totalled 862 million euros by the end of the quarter and equity totalled 329 million euros.

In EUR thousands

Assets

  31.12.15 * 31.12.14
Current assets
Cash and cash equivalents 60 489 31 869
Trade and other receivables 30 860 42 403
Total current assets 91 349 74 272
Non-current assets 770 577 715 777
TOTAL ASSETS 861 926 790 050

Liabilities

Current liabilities
Borrowings 2 381 1 190
Trade and other payables 26 735 29 094
Total current liabilities 29 116 30 284
Non-current liabilities
Long-term borrowings 376 796 346 666
Other non-current liabilities 126 655 98 279
Total non-current liabilities 503 450 444 945
TOTAL LIABILITIES 532 567 475 230

Equity

Share capital 157 890 149 890
Statutory reserve capital 10 743 8 706
Retained earnings 160 726 156 223
TOTAL EQUITY 329 359 314 820
Non-controlling interest 0 0
TOTAL LIABILITIES AND EQUITY 861 926 790 050

* 2015 year statement data is consolidated

In EUR thousands

  01.10.15
31.12.15 *		 01.10.14
31.12.14
Revenue 40 586 35 546
Other income 2 231 407
Goods, raw materials and services 11 937 10 067
Other operating expenses 1 944 1 200
Staff costs 2 464 1 583
Depreciation and amortisation 9 223 8 250
Other expenses 78 43
OPERATING PROFIT 17 171 14 809
Finance income 6 1
Finance costs 2 918 2 939
Income tax 0 0
Net profit​​​​​​​ 14 259 11 871
Equity holder of the Parent Company 14 256 0
Non-Controlling interest 3 0

* 2015 year statement data is consolidated

In EUR thousands

Rahavood äritegevusest

  01.10.15
31.12.15 *		 01.10.14
31.12.14
Profit/loss before income tax 14 259 11 871
Adjustments for
Depreciation, amortisation and impairment 9 223 8 250
Total netchange of current assets -10 494 -8 093
Total netchange in liablilities related to operating activities 6 754 2 754
Other adjustments 2 145 2 180
NET CASH FROM IN OPERATING ACTIVITIES 21 888 16 962

Cash flows from investing activities

 

Purchases of property, plant and equipment, and intangible assets -14 930 -9 785
Proceeds from congestion income 8 078 11 795
Other investments -463 0
Proceeds from sale of property, plant and equipment 1 599 0
NET CASH USED IN INVESTING ACTIVITIES -5 716 2 010

 

Cash flows from financing activities

 

Repayment of long-term bank loans -1 190 0
Contribution to share capital 8 000 0
NET CASH FROM IN FINANCING ACTIVITIES 6 810 0
Net increase/(decrease) in cash and cash equivalents 22 982 18 972
Cash and cash equivalents at the beginning of the quarter 37 507 12 897
Cash and cash equivalents at the end of the quarter 60 489 31 869

 

* 2015 year statement data is consolidated

In EUR thousands

Assets

  31.12.15 * 31.12.14
Current assets
Cash and cash equivalents 60 489 31 869
Trade and other receivables 30 860 42 403
Total current assets 91 349 74 272
Non-current assets 770 577 715 777
TOTAL ASSETS 861 926 790 050

Liabilities

Current liabilities
Borrowings 2 381 1 190
Trade and other payables 26 735 29 094
Total current liabilities 29 116 30 284
Non-current liabilities
Long-term borrowings 376 796 346 666
Other non-current liabilities 126 655 98 279
Total non-current liabilities 503 450 444 945
TOTAL LIABILITIES 532 567 475 230

Equity

Share capital 157 890 149 890
Statutory reserve capital 10 743 8 706
Retained earnings 160 726 156 223
TOTAL EQUITY 329 359 314 820
Non-controlling interest 0 0
TOTAL LIABILITIES AND EQUITY 861 926 790 050

* 2015 year statement data is consolidated

In EUR thousands

  01.10.15
31.12.15 *		 01.10.14
31.12.14
Revenue 40 586 35 546
Other income 2 231 407
Goods, raw materials and services 11 937 10 067
Other operating expenses 1 944 1 200
Staff costs 2 464 1 583
Depreciation and amortisation 9 223 8 250
Other expenses 78 43
OPERATING PROFIT 17 171 14 809
Finance income 6 1
Finance costs 2 918 2 939
Income tax 0 0
Net profit​​​​​​​ 14 259 11 871
Equity holder of the Parent Company 14 256 0
Non-Controlling interest 3 0

* 2015 year statement data is consolidated

In EUR thousands

Rahavood äritegevusest

  01.10.15
31.12.15 *		 01.10.14
31.12.14
Profit/loss before income tax 14 259 11 871
Adjustments for
Depreciation, amortisation and impairment 9 223 8 250
Total netchange of current assets -10 494 -8 093
Total netchange in liablilities related to operating activities 6 754 2 754
Other adjustments 2 145 2 180
NET CASH FROM IN OPERATING ACTIVITIES 21 888 16 962

Cash flows from investing activities

 

Purchases of property, plant and equipment, and intangible assets -14 930 -9 785
Proceeds from congestion income 8 078 11 795
Other investments -463 0
Proceeds from sale of property, plant and equipment 1 599 0
NET CASH USED IN INVESTING ACTIVITIES -5 716 2 010

 

Cash flows from financing activities

 

Repayment of long-term bank loans -1 190 0
Contribution to share capital 8 000 0
NET CASH FROM IN FINANCING ACTIVITIES 6 810 0
Net increase/(decrease) in cash and cash equivalents 22 982 18 972
Cash and cash equivalents at the beginning of the quarter 37 507 12 897
Cash and cash equivalents at the end of the quarter 60 489 31 869

 

* 2015 year statement data is consolidated