4th Quarter 2020 (unaudited)

Elering’s revenues for 4th quarter in 2020 were €46.8 million and net profit amounted to €13.7 million.

Compared to the 2019, the revenues increased by 7.6% or €3.3 million.

Operating expenses increased by €1.6 million being impacted by the increased depreciation costs drived from addinional investments and also by higher network losses.

In total the operating profit of AS Elering amouned to €14.2 million which is an increase of €1.7 million compared to the comparative periood in 2019.

Cash flow from operating activities in 4th quarter was €17.9 million. Elering invested €20.7 million into non-current asseys, while a total of €46.9 million was received from European Union funds income from auction of transmission capacities between countries yielded €8.6 million.

Elering’s assets reaced to €1,075.7 million and owner’s equity to €387.0 million by the end of the year.

In EUR thousands

  31.12.20 31.12.19

Assets
Current assets
Cash and cash equivalents 50,619 42,347
Short term financial instruments 899 1,900
Trade and other receivables 38,586 39,025
Inventories 3,535 3,687
Total current assets 93,639 86,959
Non-current assets 982,097 937,397
TOTAL ASSETS 1,075,736 1,024,356

Liabilities
Current liabilities
Borrowings 10,565 10,577
Trade and other payables 28,448 46,670
Total current liabilities 39,013 57,247
Non-current liabilities
Long-term borrowings 322,389 332,751
Other non-current liabilities 327,366 246,091
Total non-current liabilities 649,755 578,842
TOTAL LIABILITIES 688,768 636,089

Equity
Share capital 229,890 229,890
Revaluation of the financial investments -1,047 -46
Statutory reserve capital 16,330 14,686
Retained earnings 141,795 143,737
TOTAL EQUITY 386,968 388,267
TOTAL LIABILITIES AND OWNER’S EQUITY 1,075,736 1,024,356

 

In EUR thousands

  4th Quarter January-december
2020 2019 2020 2019
Net sales 45,173 42,847 137,067 142,115
Other income 1,650 679 5,327 13,105
Goods, raw materials and services 16,449 15,752 53,255 61,700
Miscellaneous operating expenses 1,644 1,693 5,354 5,090
Staff costs 3,231 3,448 10,970 9,559
Depreciation and amortisation 11,263 10,081 40,123 36,914
Other expenses 20 83 91 181
OPERATING PROFIT 14,216 12,469 32,601 41,776
Financial income 1 56 3 62
Financial expenses 559 531 2,338 2,184
PROFIT BEFORE TAX 13,658 11,994 30,266 39,654
Dividend income tax 0 0 4,964 6,769
NET PROFIT 13,658 11,994 25,302 32,885

In EUR thousands

  4th Quarter January-december
2020 2019 2020 2019

Cash flows from operating activities
Profit/loss before income tax 13,658 11,995 30,266 39,656
Adjustments for
Depreciation, amortisation and impairment 11,263 10,081 40,123 36,913
Change in current assets involved in operating activities -2,341 -17,297 1,707 -4,136
Change in liabilities involved in operating activities -438 5,247 -1,155 4,098
Interest cost -132 -71 -2,319 -2,282
Income tax on dividends -4,964 -5,201 -6,531 -5,201
Other adjustments 815 -272 -1,195 3,249
TOTAL CASH FLOWS FROM OPERATING ACTIVITIES 17,861 4,482 60,869 72,297

Cash flows from/used in investment activities
Acquisition of property, plant and equipment and intangible assets -20,679 -36,730 -100,214 -117,553
Foreign grants for acquisition of non-current assets 46,921 6,005 59,477 51,657
Net change in deposits at banks with maturity of more than 3 months 0 30,000 0 0
Proceeds from congestion income 8,561 2,085 24,053 13,091
Proceeds from sale of property, plant and equipment 13 115 264 125
CASH FLOWS USED IN INVESTMENT ACTIVITIES 34,816 1,475 -16,420 -52,680

Cash flows from financing activities
Repayment of long-term bank loans -2,642 -2,642 -10,558 -10,558
Repayable finance lease liabilities -2 -7 -19 -28
Dividends paid -25,600 -29,400 -25,600 -29,400
TOTAL CASH FLOWS USED IN FINANCING ACTIVITIES -28,244 -32,049 -36,177 -39,986
 
Change in cash and cash equivalents 24,433 -26,092 8,272 -20,369
Cash and cash equivalents at the beginning of the quarter 26,186 68,439 42,347 62,716
Cash and cash equivalents at the end of the quarter 50,619 42,347 50,619 42,347

In EUR thousands

  31.12.20 31.12.19

Assets
Current assets
Cash and cash equivalents 50,619 42,347
Short term financial instruments 899 1,900
Trade and other receivables 38,586 39,025
Inventories 3,535 3,687
Total current assets 93,639 86,959
Non-current assets 982,097 937,397
TOTAL ASSETS 1,075,736 1,024,356

Liabilities
Current liabilities
Borrowings 10,565 10,577
Trade and other payables 28,448 46,670
Total current liabilities 39,013 57,247
Non-current liabilities
Long-term borrowings 322,389 332,751
Other non-current liabilities 327,366 246,091
Total non-current liabilities 649,755 578,842
TOTAL LIABILITIES 688,768 636,089

Equity
Share capital 229,890 229,890
Revaluation of the financial investments -1,047 -46
Statutory reserve capital 16,330 14,686
Retained earnings 141,795 143,737
TOTAL EQUITY 386,968 388,267
TOTAL LIABILITIES AND OWNER’S EQUITY 1,075,736 1,024,356

 

In EUR thousands

  4th Quarter January-december
2020 2019 2020 2019
Net sales 45,173 42,847 137,067 142,115
Other income 1,650 679 5,327 13,105
Goods, raw materials and services 16,449 15,752 53,255 61,700
Miscellaneous operating expenses 1,644 1,693 5,354 5,090
Staff costs 3,231 3,448 10,970 9,559
Depreciation and amortisation 11,263 10,081 40,123 36,914
Other expenses 20 83 91 181
OPERATING PROFIT 14,216 12,469 32,601 41,776
Financial income 1 56 3 62
Financial expenses 559 531 2,338 2,184
PROFIT BEFORE TAX 13,658 11,994 30,266 39,654
Dividend income tax 0 0 4,964 6,769
NET PROFIT 13,658 11,994 25,302 32,885

In EUR thousands

  4th Quarter January-december
2020 2019 2020 2019

Cash flows from operating activities
Profit/loss before income tax 13,658 11,995 30,266 39,656
Adjustments for
Depreciation, amortisation and impairment 11,263 10,081 40,123 36,913
Change in current assets involved in operating activities -2,341 -17,297 1,707 -4,136
Change in liabilities involved in operating activities -438 5,247 -1,155 4,098
Interest cost -132 -71 -2,319 -2,282
Income tax on dividends -4,964 -5,201 -6,531 -5,201
Other adjustments 815 -272 -1,195 3,249
TOTAL CASH FLOWS FROM OPERATING ACTIVITIES 17,861 4,482 60,869 72,297

Cash flows from/used in investment activities
Acquisition of property, plant and equipment and intangible assets -20,679 -36,730 -100,214 -117,553
Foreign grants for acquisition of non-current assets 46,921 6,005 59,477 51,657
Net change in deposits at banks with maturity of more than 3 months 0 30,000 0 0
Proceeds from congestion income 8,561 2,085 24,053 13,091
Proceeds from sale of property, plant and equipment 13 115 264 125
CASH FLOWS USED IN INVESTMENT ACTIVITIES 34,816 1,475 -16,420 -52,680

Cash flows from financing activities
Repayment of long-term bank loans -2,642 -2,642 -10,558 -10,558
Repayable finance lease liabilities -2 -7 -19 -28
Dividends paid -25,600 -29,400 -25,600 -29,400
TOTAL CASH FLOWS USED IN FINANCING ACTIVITIES -28,244 -32,049 -36,177 -39,986
 
Change in cash and cash equivalents 24,433 -26,092 8,272 -20,369
Cash and cash equivalents at the beginning of the quarter 26,186 68,439 42,347 62,716
Cash and cash equivalents at the end of the quarter 50,619 42,347 50,619 42,347