4th Quarter 2019 (unaudited)

Elering’s operating income for Q4 2019 was 43.5 million euros, and net profit was 12 million euros.

Compared to 2018, Q4 operating income decreased by 2.1 percent, i.e. by 1 million euros. The reason for the decrease was mainly a decrease in volumes of balancing energy and the lower volume of electricity and gas transmission due to the warmer weather.

Operating expenses decreased by 0.8 million euros in total. The decrease was mainly related to a decrease in the volumes of balancing energy. Various operating expenses increased mainly due to surveys related to the network service model. The impact of investments increased depreciation by 0.6 million euros.

In total, the operating profit of Elering amounted to 12.5 million euros, which is slightly less than in the same period in 2018.

Cash flow from operating activities in Q4 was -26.1 million euros. Elering invested 36.7 million euros in non-current assets, while a total of 6 million euros was received from European Union assistance and income from auction of transmission capacities between countries yielded 2.1 million euros. The company made use of a deposit in the amount of 30 million euros and repaid 2.6 million euros of loans it had taken earlier, and disbursed dividends in the amount of 29.4 million euros.

Elering’s asset volume as of the end of December was 1,024.4 million euros and equity stood at 388.3 million euros.

In EUR thousands

  31.12.19 31.12.18

Assets
Current assets
Cash and cash equivalents 42,347 62,716
Trade and other receivables 44,612 39,209
Total current assets 86,960 101,925
Non-current assets 937,397 846,449
TOTAL ASSETS 1,024,357 948,374

Liabilities
Current liabilities
Borrowings 10,577 10,558
Trade and other payables 46,670 29,005
Total current liabilities 57,247 39,563
Non-current liabilities
Long-term borrowings 332,752 343,161
Other non-current liabilities 246,091 180,824
Total non-current liabilities 578,843 523,985
TOTAL LIABILITIES 636,090 563,548

Equity
Share capital 229,890 229,890
Statutory reserve capital 14,686 13,754
Revaluation reserve -46 0
Retained earnings 143,737 141,182
TOTAL EQUITY 388,267 384,826
TOTAL LIABILITIES AND EQUITY 1,024,357 948,374

 

In EUR thousands

  01.10.19 01.10.18
31.12.19 31.12.18
Revenue 42,847 44,044
Other income 679 444
Goods, raw materials and services 15,752 18,180
Other operating expenses 1,693 1,080
Staff costs 3,448 3,004
Depreciation and amortisation 10,081 9,494
Other expenses 83 37
OPERATING PROFIT 12,470 12,692
Finance income 56 43
Finance costs 531 569
Net profit 11,995 12,166

In EUR thousands

  01.10.19 01.10.18
31.12.19 31.12.18

Cash flows from operating activities
Profit/loss before income tax 11,995 12,166
Adjustments for
Depreciation, amortisation and impairment 10,081 9,494
Total netchange of current assets -17,297 -13,075
Total netchange in liablilities related to operating activities 5,247 -1,553
Other adjustments -343 113
Paid income tax -5,201 0
NET CASH FROM OPERATING ACTIVITIES 4,483 7,146

Cash flows from investing activities
Purchases of property, plant and equipment, and intangible assets -36,730 -49,894
Foreign grants to acquire non-current assets 6,005 536
Net change in deposits at banks with maturities of more than 3 months 30,000 40,000
Proceeds from congestion income 2,085 3,090
Proceeds from sale of property, plant and equipment 115 9
NET CASH USED IN INVESTING ACTIVITIES 1,475 -6,259

Cash flows from financing activities
Issued bonds 0 -52
Repayment of long-term bank loans -2,642 -2,642
Repayable finance lease liabilities -7 0
Dividends paid -29,400 0
NET CASH FROM IN FINANCING ACTIVITIES -32,049 -2,694
     
Net increase/(decrease) in cash and cash equivalents -26,092 -1,808
Cash and cash equivalents at the beginning of the quarter 68,439 64,523
Cash and cash equivalents at the end of the quarter 42,347 62,716

In EUR thousands

  31.12.19 31.12.18

Assets
Current assets
Cash and cash equivalents 42,347 62,716
Trade and other receivables 44,612 39,209
Total current assets 86,960 101,925
Non-current assets 937,397 846,449
TOTAL ASSETS 1,024,357 948,374

Liabilities
Current liabilities
Borrowings 10,577 10,558
Trade and other payables 46,670 29,005
Total current liabilities 57,247 39,563
Non-current liabilities
Long-term borrowings 332,752 343,161
Other non-current liabilities 246,091 180,824
Total non-current liabilities 578,843 523,985
TOTAL LIABILITIES 636,090 563,548

Equity
Share capital 229,890 229,890
Statutory reserve capital 14,686 13,754
Revaluation reserve -46 0
Retained earnings 143,737 141,182
TOTAL EQUITY 388,267 384,826
TOTAL LIABILITIES AND EQUITY 1,024,357 948,374

 

In EUR thousands

  01.10.19 01.10.18
31.12.19 31.12.18
Revenue 42,847 44,044
Other income 679 444
Goods, raw materials and services 15,752 18,180
Other operating expenses 1,693 1,080
Staff costs 3,448 3,004
Depreciation and amortisation 10,081 9,494
Other expenses 83 37
OPERATING PROFIT 12,470 12,692
Finance income 56 43
Finance costs 531 569
Net profit 11,995 12,166

In EUR thousands

  01.10.19 01.10.18
31.12.19 31.12.18

Cash flows from operating activities
Profit/loss before income tax 11,995 12,166
Adjustments for
Depreciation, amortisation and impairment 10,081 9,494
Total netchange of current assets -17,297 -13,075
Total netchange in liablilities related to operating activities 5,247 -1,553
Other adjustments -343 113
Paid income tax -5,201 0
NET CASH FROM OPERATING ACTIVITIES 4,483 7,146

Cash flows from investing activities
Purchases of property, plant and equipment, and intangible assets -36,730 -49,894
Foreign grants to acquire non-current assets 6,005 536
Net change in deposits at banks with maturities of more than 3 months 30,000 40,000
Proceeds from congestion income 2,085 3,090
Proceeds from sale of property, plant and equipment 115 9
NET CASH USED IN INVESTING ACTIVITIES 1,475 -6,259

Cash flows from financing activities
Issued bonds 0 -52
Repayment of long-term bank loans -2,642 -2,642
Repayable finance lease liabilities -7 0
Dividends paid -29,400 0
NET CASH FROM IN FINANCING ACTIVITIES -32,049 -2,694
     
Net increase/(decrease) in cash and cash equivalents -26,092 -1,808
Cash and cash equivalents at the beginning of the quarter 68,439 64,523
Cash and cash equivalents at the end of the quarter 42,347 62,716