4th Quater 2023 (unaudited)

Total revenue in 4th quarter in 2023 decreased by 49.2% amounting to EUR 72.6 million. The majority of the decrease was related to lower energy prices and the revenues related compensation from congestion collections thereto. There was also remarkable decrease in balancing energy revenues, which decreased by 54,7% or EUR 28.7 million. Compared to the 4th quarter in 2022, the transmission volumes in electricity increased by 5.3% and gas transmission volumes increased by 29.9%.

Electricity transmission revenues increased by 2.2% or 0.7 million euros to 31,5 million euros, gas transmission revenues increased by 84.5% or 3.0 million euros, as a result of increase in volumes as well as due to the new tariffs applicable from 4th December 2023. Whilst the energy prices were historically high in 2022, then in the forth quarter in 2023, the electricity prices were lower and as the result the network losses in 2023 were 64.9% or 18.8 million euros lower than in the comparative period in 2022.

As a result of the additional investments, the depreciation costs increased by EUR 2.7 million in the 4th quarter in 2023. The expenses related to balancing energy decreased in line with the respective revenues. In total the operating costs were down by 13.9% amounting to EUR 61.7 million.

As a result of changes in interest environment, financial income increased to 2.2 million euros and financial expenses decreased by 0.2 million euros amounting to 0.7 million euros.

In total the net profit in the 4th quarter was 11.7 million euros.

The cash flows from operating activities were positive of 32.9 million euros, 61.4 million euros was invested into the non-current assets, 18.5 euros million congestion income was received. The company repaid its loans for 2.6 million euros.

The total assets of the Company stood at 1.5 billion euros. Total liabilities stood at 1.1 billion euros million and owner’s equity 414.0 million euros.

Kasumiaruanne
  31.12.23 31.12.22

Assets
Current assets
Cash and cash equivalents 65,533 229,287
Short-term financial investments 110,000 50,000
Accounts receivables and other receivables 51,790 73,280
Inventories 20,247 22,398
Total current assets 247,570 374,965
Investment into associated company 73 53
Long term receivables 3,610 0
Non-current assets 1,216,513 1,085,925
Total non-current assets 1,220,196 1,085,978
TOTAL ASSETS 1,467,766 1,460,943

Liabilities
Current liabilities
Borrowings 11,323 237,265
Trade and other payables 93,613 70,906
Total current liabilities 104,936 308,171
Non-current liabilities
Borrowings 66,186 76,759
Other non-current liabilities 882,604 676,511
Total non-current liabilities 948,790 753,270
TOTAL LIABILITIES 1,053,726 1,061,441

Equity
Share capital 229,890 229,890
Statutory reserve 18,721 17,850
Retained earnings 165,429 151,762
TOTAL OWNER’S EQUITY 414,040 399,502
TOTAL LIABILITIES AND OWNER’S EQUITY 1,467,766 1,460,943

 

In EUR thousands

  4th Quarter January-december
2023 2022 2023 2022
Net sales 69,403 138,056 244,748 386,975
Other income 3,232 5,548 10,053 11,146
Goods, raw materials and services 39,681 87,357 149,907 309,692
Other miscellaneous operating expenses 2,462 1,749 7,791 7,528
Staff costs 4,616 3,832 15,050 13,304
Depreciation and amortisation 15,657 12,215 53,445 47,675
Other operating expenses 23 32 260 60
OPERATING PROFIT 10,196 38,418 28,348 19,861
Financial income 2,184 35 5,444 197
Financial expenses 725 878 3,415 2,644
PROFIT BEFORE TAX 11,656 37,575 30,378 17,414
Income tax 0 0 2,340 0
NET PROFIT 11,655 37,575 28,037 17,414
 

In EUR thousands

  4th Quarter January-december
2023 2022 2023 2022

Cash flows from operating activities
Profit/loss before income tax 11,655 37,574 30,378 17,414
Adjustments for
Depreciation, amortisation and impairment 15,657 12,215 53,445 47,675
Change in current assets involved in operating activities 4,309 -12,633 21,050 -18,740
Change in liabilities involved in operating activities 1,650 19,060 4,186 14,775
Paid interest -868 -57 -4,570 -2,056
Income tax on dividends 0 0 -2,340 -1,628
Other adjustments 464 -5,545 53,987 17,645
TOTAL CASH FLOWS FROM OPERATING ACTIVITIES 32,867 50,614 156,136 75,085

Cash flows from/used in investment activities
Acquisition of property, plant and equipment and intangible assets -61,432 -36,789 -167,827 -117,753
Foreign grants for acquisition of non-current assets 0 19,753 38,507 60,838
Net change in deposits at banks with maturity of more than 3 months -20,000 32,000 -60,000 -8,000
Proceeds from congestion income 18,478 19,940 118,419 167,009
Investments in an affiliate 0 0 0 -45
Proceeds from sale of property, plant and equipment 7 84 134 114
CASH FLOWS USED IN INVESTMENT ACTIVITIES -62,947 34,988 -70,767 102,163

Cash flows from financing activities
Bonds repayment 0 0 -225,000 0
Repayment of bank loans -2,642 -2,642 -10,558 -10,558
Repayable finance lease liabilities -18 -46 -65 -71
Paid dividends 0 0 -13,500 0
TOTAL CASH FLOWS USED IN FINANCING ACTIVITIES -2,660 -2,688 -249,123 -10,629
 
Cash and cash equivalents at the beginning of the quarter 98,273 146,373 229,287 62,668
Cash and cash equivalents at the end of the quarter 65,533 229,287 65,533 229,287
  31.12.23 31.12.22

Assets
Current assets
Cash and cash equivalents 65,533 229,287
Short-term financial investments 110,000 50,000
Accounts receivables and other receivables 51,790 73,280
Inventories 20,247 22,398
Total current assets 247,570 374,965
Investment into associated company 73 53
Long term receivables 3,610 0
Non-current assets 1,216,513 1,085,925
Total non-current assets 1,220,196 1,085,978
TOTAL ASSETS 1,467,766 1,460,943

Liabilities
Current liabilities
Borrowings 11,323 237,265
Trade and other payables 93,613 70,906
Total current liabilities 104,936 308,171
Non-current liabilities
Borrowings 66,186 76,759
Other non-current liabilities 882,604 676,511
Total non-current liabilities 948,790 753,270
TOTAL LIABILITIES 1,053,726 1,061,441

Equity
Share capital 229,890 229,890
Statutory reserve 18,721 17,850
Retained earnings 165,429 151,762
TOTAL OWNER’S EQUITY 414,040 399,502
TOTAL LIABILITIES AND OWNER’S EQUITY 1,467,766 1,460,943

 

In EUR thousands

  4th Quarter January-december
2023 2022 2023 2022
Net sales 69,403 138,056 244,748 386,975
Other income 3,232 5,548 10,053 11,146
Goods, raw materials and services 39,681 87,357 149,907 309,692
Other miscellaneous operating expenses 2,462 1,749 7,791 7,528
Staff costs 4,616 3,832 15,050 13,304
Depreciation and amortisation 15,657 12,215 53,445 47,675
Other operating expenses 23 32 260 60
OPERATING PROFIT 10,196 38,418 28,348 19,861
Financial income 2,184 35 5,444 197
Financial expenses 725 878 3,415 2,644
PROFIT BEFORE TAX 11,656 37,575 30,378 17,414
Income tax 0 0 2,340 0
NET PROFIT 11,655 37,575 28,037 17,414
 

In EUR thousands

  4th Quarter January-december
2023 2022 2023 2022

Cash flows from operating activities
Profit/loss before income tax 11,655 37,574 30,378 17,414
Adjustments for
Depreciation, amortisation and impairment 15,657 12,215 53,445 47,675
Change in current assets involved in operating activities 4,309 -12,633 21,050 -18,740
Change in liabilities involved in operating activities 1,650 19,060 4,186 14,775
Paid interest -868 -57 -4,570 -2,056
Income tax on dividends 0 0 -2,340 -1,628
Other adjustments 464 -5,545 53,987 17,645
TOTAL CASH FLOWS FROM OPERATING ACTIVITIES 32,867 50,614 156,136 75,085

Cash flows from/used in investment activities
Acquisition of property, plant and equipment and intangible assets -61,432 -36,789 -167,827 -117,753
Foreign grants for acquisition of non-current assets 0 19,753 38,507 60,838
Net change in deposits at banks with maturity of more than 3 months -20,000 32,000 -60,000 -8,000
Proceeds from congestion income 18,478 19,940 118,419 167,009
Investments in an affiliate 0 0 0 -45
Proceeds from sale of property, plant and equipment 7 84 134 114
CASH FLOWS USED IN INVESTMENT ACTIVITIES -62,947 34,988 -70,767 102,163

Cash flows from financing activities
Bonds repayment 0 0 -225,000 0
Repayment of bank loans -2,642 -2,642 -10,558 -10,558
Repayable finance lease liabilities -18 -46 -65 -71
Paid dividends 0 0 -13,500 0
TOTAL CASH FLOWS USED IN FINANCING ACTIVITIES -2,660 -2,688 -249,123 -10,629
 
Cash and cash equivalents at the beginning of the quarter 98,273 146,373 229,287 62,668
Cash and cash equivalents at the end of the quarter 65,533 229,287 65,533 229,287