4rd Quarter 2016 (unaudited)

Overview

In the fourth quarter of 2016, Elering’s revenue was EUR 42.1 million, operating profit EUR 13.6 million and net profit EUR 10.8 million.

Elering’s revenue decreased by EUR 0.7 million compared to the fourth quarter of 2015, mainly due to a drop in the revenue from the compensation mechanism between the EU transmission system operators in connection with decreased electricity transit through Estonia. Operating expenses grew by EUR 2.9 million, primarily due to an increase in depreciation (EUR 1.6 million) and purchased balancing electricity (EUR 0.7 million) expenses. Financial expenses decreased by EUR 0.1 million and, as a result of the above, net profit fell by EUR 3.5 million.

Cash flow from operating activities amounted to EUR -5.3 million, mostly due to the EU support received for the purpose of financing projects with cross-border impact (EUR 22.8 million), which was invested in short-term current assets. Cash flow from investment activities was EUR -21.6 million and cash flow from financing activities was EUR -1.2 million. The latter comprised of the repayments of amortising long-term loans. In total, the cash balance decreased by EUR 28.1 million.

By the end of the quarter, assets totalled 903.7 million euros and equity totalled 349.1 million euros.

In EUR thousands

  31.12.16 31.12.15 *

Assets
Current assets
Cash and cash equivalents 52 997 60 489
Trade and other receivables 52 004 30 860
Total current assets 105 001 91 349
Non-current assets 798 721 770 577
TOTAL ASSETS 903 722 861 926

Liabilities
Current liabilities
Borrowings 5 704 2 381
Trade and other payables 27 963 26 735
Total current liabilities 33 667 29 116
Non-current liabilities
Long-term borrowings 361 685 376 796
Other non-current liabilities 159 297 126 655
Total non-current liabilities 520 982 503 450
TOTAL LIABILITIES 554 649 532 567

Equity
Share capital 189 890 157 890
Statutory reserve capital 11 962 10 743
Retained earnings 147 220 160 726
TOTAL EQUITY 349 072 329 359
TOTAL LIABILITIES AND EQUITY 903 722 861 926

* 2015 year statement data is consolidated

In EUR thousands

  01.10.16 01.10.15
31.12.16 31.12.15 *
Revenue 41 689 40 586
Other income 410 2 231
Goods, raw materials and services 13 060 11 937
Other operating expenses 1 911 1 944
Staff costs 2 510 2 464
Depreciation and amortisation 10 871 9 223
Other expenses 174 78

OPERATING PROFIT

 13 572 17 171
Finance income 3 6
Finance costs 2 804 2 918

Net profit

 10 772 14 259
Equity holder of the Parent Company 0 14 256
Non-Controlling interest 0 3

* 2015 year statement data is consolidated

In EUR thousands    
     
  01.10.16 01.10.15
31.12.16 31.12.15 *

Cash flows from operating activities
Rahavood äritegevusest 10,772 14,259
Adjustments for
Depreciation, amortisation and impairment 10,871 9,223
Received EU grants -21,778 0
Total netchange of current assets -10,035 -10,494
Total netchange in liablilities related to operating activities 2,684 6,754
Other adjustments 2,182 2,145
NET CASH FROM IN OPERATING ACTIVITIES -5,304 21,888

Cash flows from investing activities
Purchases of property, plant and equipment, and intangible assets -6,535 -14,930
Foreign grants to acquire non-current assets 21,717 0
Proceeds from congestion income 2,752 8,078
Other investments -40,000 -463
Proceeds from sale of property, plant and equipment 469 1,599
NET CASH USED IN INVESTING ACTIVITIES -21,597 -5,716

Cash flows from financing activities
Repayment of long-term bank loans -1,190 -1,190
Contribution to share capital 0 8,000
NET CASH FROM IN FINANCING ACTIVITIES -1,190 6,810
     
Net increase/(decrease) in cash and cash equivalents -28,092 22,982
Cash and cash equivalents at the beginning of the quarter 81,089 37,507
Cash and cash equivalents at the end of the quarter 52,997 60,489
     
* 2015 year statement data is consolidated    

In EUR thousands

  31.12.16 31.12.15 *

Assets
Current assets
Cash and cash equivalents 52 997 60 489
Trade and other receivables 52 004 30 860
Total current assets 105 001 91 349
Non-current assets 798 721 770 577
TOTAL ASSETS 903 722 861 926

Liabilities
Current liabilities
Borrowings 5 704 2 381
Trade and other payables 27 963 26 735
Total current liabilities 33 667 29 116
Non-current liabilities
Long-term borrowings 361 685 376 796
Other non-current liabilities 159 297 126 655
Total non-current liabilities 520 982 503 450
TOTAL LIABILITIES 554 649 532 567

Equity
Share capital 189 890 157 890
Statutory reserve capital 11 962 10 743
Retained earnings 147 220 160 726
TOTAL EQUITY 349 072 329 359
TOTAL LIABILITIES AND EQUITY 903 722 861 926

* 2015 year statement data is consolidated

In EUR thousands

  01.10.16 01.10.15
31.12.16 31.12.15 *
Revenue 41 689 40 586
Other income 410 2 231
Goods, raw materials and services 13 060 11 937
Other operating expenses 1 911 1 944
Staff costs 2 510 2 464
Depreciation and amortisation 10 871 9 223
Other expenses 174 78

OPERATING PROFIT

 13 572 17 171
Finance income 3 6
Finance costs 2 804 2 918

Net profit

 10 772 14 259
Equity holder of the Parent Company 0 14 256
Non-Controlling interest 0 3

* 2015 year statement data is consolidated

In EUR thousands    
     
  01.10.16 01.10.15
31.12.16 31.12.15 *

Cash flows from operating activities
Rahavood äritegevusest 10,772 14,259
Adjustments for
Depreciation, amortisation and impairment 10,871 9,223
Received EU grants -21,778 0
Total netchange of current assets -10,035 -10,494
Total netchange in liablilities related to operating activities 2,684 6,754
Other adjustments 2,182 2,145
NET CASH FROM IN OPERATING ACTIVITIES -5,304 21,888

Cash flows from investing activities
Purchases of property, plant and equipment, and intangible assets -6,535 -14,930
Foreign grants to acquire non-current assets 21,717 0
Proceeds from congestion income 2,752 8,078
Other investments -40,000 -463
Proceeds from sale of property, plant and equipment 469 1,599
NET CASH USED IN INVESTING ACTIVITIES -21,597 -5,716

Cash flows from financing activities
Repayment of long-term bank loans -1,190 -1,190
Contribution to share capital 0 8,000
NET CASH FROM IN FINANCING ACTIVITIES -1,190 6,810
     
Net increase/(decrease) in cash and cash equivalents -28,092 22,982
Cash and cash equivalents at the beginning of the quarter 81,089 37,507
Cash and cash equivalents at the end of the quarter 52,997 60,489
     
* 2015 year statement data is consolidated