4th Quater 2024 (unaudited)

In the third quarter of 2024, Elering experienced a decrease in total sales revenue by 17.5%, which equates to a reduction of EUR 9.6 million, bringing the total revenue to EUR 45.4 million. This downturn was primarily influenced by changes in ITC (Inter-Transmission System Operator Compensation) revenues. Unlike 2023, when Elering received ITC revenues of EUR 18.2million euros, in 2024, Elering was a net payer, significantly impacting the overall revenue.

Electricity network revenues saw an increase of 39.5% (EUR 5.5 million), reaching EUR 19.4 million. Gas transmission revenues also surged by 102.9% (EUR 1.5 million), totalling EUR 2.9 million. These increases were largely driven by tariff adjustments. New gas network tariffs implemented in December 2023 aimed to cover associated costs, and in electricity, two different tariff packages were introduced. One package was a fully fixed price, and the other included a fixed component. The transition to these new tariffs caused an initial decline in the first quarter, as some clients opted for fully fixed packages, which had not been anticipated in the original tariff calculations. Revised tariffs, reflecting actual client choices, were enforced from May 2024, reducing the transitional impact.

Energy price stabilization, after the high levels at the beginning of 2023, led to lower network losses expenses for Elering, decreasing by EUR 0.6 million compared to the same period in 2023. Lower balancing energy costs were matched by corresponding lower revenues revenues.

Operationally, Elering's costs decreased by 22.6%, totalling EUR 48.4 million. Consequently, the loss before taxes for the third quarter was lower of 65.0%, resulting in a net loss before taxes of EUR 1.7 million.

Cash flows from operating activities were negative of EUR 0.5 million. The company invested EUR 75.1 million in non-current assets and received EUR 19.3 million in congestion income. Elering also repaid EUR 3.1 million in loans. By the end of the quarter, the company’s total assets stood at EUR 1.5 billion, with total liabilities at EUR 1.1 billion and owner’s equity of EUR 402.9 million.

In EUR thousands

  30.09.24 30.09.23 31.12.23

Assets
Current assets
Cash and cash equivalents 61,002 98,273 65,533
Short-term financial investments 20,000 90,000 110,000
Accounts receivables and other receivables 49,377 58,233 51,790
Inventories 20,121 21,639 20,247
Total current assets 150,500 268,145 247,570
Investment into associated company 173 183 73
Long term receivables 1,366 0 3,610
Non-current assets 1,362,619 1,163,853 1,216,513
Total non-current assets 1,364,158 1,164,036 1,220,196
TOTAL ASSETS 1,514,658 1,432,181 1,467,766

Liabilities
Current liabilities
Borrowings 11,175 11,334 11,323
Trade and other payables 82,444 101,692 93,613
Total current liabilities 93,619 113,026 104,936
Non-current liabilities
Borrowings 57,801 68,826 66,186
Other long-term liabilities 1,252 1,705 1,705
Deferred revenue 959,089 846,240 880,900
Total non-current liabilities 1,018,142 916,771 948,791
TOTAL LIABILITIES 1,111,761 1,029,797 1,053,727

Equity
Share capital 229,890 229,890 229,890
Statutory reserve capital 20,123 18,721 18,721
Retained earnings 152,884 153,773 165,428
TOTAL OWNER’S EQUITY 402,897 402,384 414,039
TOTAL LIABILITIES AND OWNER’S EQUITY 1,514,658 1,432,181 1,467,766

 

In EUR thousands

  3rd Quarter January-september Year
2024 2023 2024 2023 2023
Net sales 45,423 55,038 161,263 175,344 244,748
Other income 200 2,434 2,308 6,822 10,053
Goods, raw materials and services 28,691 44,981 93,972 110,226 149,907
Other miscellaneous operating expenses 2,807 2,074 7,282 5,330 7,792
Staff costs 3,826 3,115 12,268 10,434 15,050
Depreciation and amortisation 13,102 12,373 38,837 37,788 53,445
Other operating expenses 18 35 96 236 259
OPERATING PROFIT -2,821 -5,106 11,116 18,152 28,348
Financial income 1,545 930 3,845 3,260 5,444
Financial expenses 451 755 1,786 2,690 3,415
PROFIT BEFORE TAX -1,727 -4,931 13,175 18,722 30,377
Income tax 0 0 4,317 2,340 2,340
NET PROFIT -1,727 -4,931 8,858 16,382 28,037
 

In EUR thousands

  3rd Quarter January-september Year
2024 2023 2024 2023 2023

Cash flows from operating activities
Profit/loss before income tax -1,727 -4,932 13,174 18,722 30,377
Adjustments for
Depreciation, amortisation and impairment 13,102 12,373 38,837 37,788 53,445
Change in current assets involved in operating activities 7,372 -2,835 1,464 16,741 24,659
Change in liabilities involved in operating activities -17,287 1,776 4,323 2,537 59,951
Paid interest -1,478 -868 -5,253 -868 -4,570
Income tax on dividends -4,317 -2,340 -4,317 -2,340 -2,340
Other adjustments 3,786 8,436 -5,782 50,689 -5,504
TOTAL CASH FLOWS FROM OPERATING ACTIVITIES -549 11,610 42,446 123,269 156,018

Cash flows from/used in investment activities
Acquisition of property, plant and equipment and intangible assets -75,113 -44,518 -194,203 -106,395 -167,826
Foreign grants for acquisition of non-current assets 6,592 -50,000 32,837 -36,655 38,644
Net change in deposits at banks with maturity of more than 3 months 60,000 25,162 90,000 35,162 -60,000
Proceeds from congestion income 19,315 46,865 52,784 99,941 118,418
Proceeds from sale of property, plant and equipment 4 0 4 127 134
CASH FLOWS USED IN INVESTMENT ACTIVITIES 10,798 -22,491 -18,578 -7,820 -70,630

Cash flows from financing activities
Bonds repayment 0 0 0 -225,000 -225,000
Repayment of bank loans -3,113 -2,637 -8,392 -7,916 -10,558
Repayable finance lease liabilities 0 -15 -7 -47 -84
Paid dividends -20,000 0 -20,000 -13,500 -13,500
TOTAL CASH FLOWS USED IN FINANCING ACTIVITIES -23,113 -2,652 -28,399 -246,463 -249,142
 
Cash and cash equivalents at the beginning of the quarter 73,866 111,806 65,533 229,287 229,287
Cash and cash equivalents at the end of the quarter 61,002 98,273 61,002 98,273 65,533
Change in cash and cash equivalents -12,864 -13,533 -4,531 -131,014 -163,754

In EUR thousands

  30.09.24 30.09.23 31.12.23

Assets
Current assets
Cash and cash equivalents 61,002 98,273 65,533
Short-term financial investments 20,000 90,000 110,000
Accounts receivables and other receivables 49,377 58,233 51,790
Inventories 20,121 21,639 20,247
Total current assets 150,500 268,145 247,570
Investment into associated company 173 183 73
Long term receivables 1,366 0 3,610
Non-current assets 1,362,619 1,163,853 1,216,513
Total non-current assets 1,364,158 1,164,036 1,220,196
TOTAL ASSETS 1,514,658 1,432,181 1,467,766

Liabilities
Current liabilities
Borrowings 11,175 11,334 11,323
Trade and other payables 82,444 101,692 93,613
Total current liabilities 93,619 113,026 104,936
Non-current liabilities
Borrowings 57,801 68,826 66,186
Other long-term liabilities 1,252 1,705 1,705
Deferred revenue 959,089 846,240 880,900
Total non-current liabilities 1,018,142 916,771 948,791
TOTAL LIABILITIES 1,111,761 1,029,797 1,053,727

Equity
Share capital 229,890 229,890 229,890
Statutory reserve capital 20,123 18,721 18,721
Retained earnings 152,884 153,773 165,428
TOTAL OWNER’S EQUITY 402,897 402,384 414,039
TOTAL LIABILITIES AND OWNER’S EQUITY 1,514,658 1,432,181 1,467,766

 

In EUR thousands

  3rd Quarter January-september Year
2024 2023 2024 2023 2023
Net sales 45,423 55,038 161,263 175,344 244,748
Other income 200 2,434 2,308 6,822 10,053
Goods, raw materials and services 28,691 44,981 93,972 110,226 149,907
Other miscellaneous operating expenses 2,807 2,074 7,282 5,330 7,792
Staff costs 3,826 3,115 12,268 10,434 15,050
Depreciation and amortisation 13,102 12,373 38,837 37,788 53,445
Other operating expenses 18 35 96 236 259
OPERATING PROFIT -2,821 -5,106 11,116 18,152 28,348
Financial income 1,545 930 3,845 3,260 5,444
Financial expenses 451 755 1,786 2,690 3,415
PROFIT BEFORE TAX -1,727 -4,931 13,175 18,722 30,377
Income tax 0 0 4,317 2,340 2,340
NET PROFIT -1,727 -4,931 8,858 16,382 28,037
 

In EUR thousands

  3rd Quarter January-september Year
2024 2023 2024 2023 2023

Cash flows from operating activities
Profit/loss before income tax -1,727 -4,932 13,174 18,722 30,377
Adjustments for
Depreciation, amortisation and impairment 13,102 12,373 38,837 37,788 53,445
Change in current assets involved in operating activities 7,372 -2,835 1,464 16,741 24,659
Change in liabilities involved in operating activities -17,287 1,776 4,323 2,537 59,951
Paid interest -1,478 -868 -5,253 -868 -4,570
Income tax on dividends -4,317 -2,340 -4,317 -2,340 -2,340
Other adjustments 3,786 8,436 -5,782 50,689 -5,504
TOTAL CASH FLOWS FROM OPERATING ACTIVITIES -549 11,610 42,446 123,269 156,018

Cash flows from/used in investment activities
Acquisition of property, plant and equipment and intangible assets -75,113 -44,518 -194,203 -106,395 -167,826
Foreign grants for acquisition of non-current assets 6,592 -50,000 32,837 -36,655 38,644
Net change in deposits at banks with maturity of more than 3 months 60,000 25,162 90,000 35,162 -60,000
Proceeds from congestion income 19,315 46,865 52,784 99,941 118,418
Proceeds from sale of property, plant and equipment 4 0 4 127 134
CASH FLOWS USED IN INVESTMENT ACTIVITIES 10,798 -22,491 -18,578 -7,820 -70,630

Cash flows from financing activities
Bonds repayment 0 0 0 -225,000 -225,000
Repayment of bank loans -3,113 -2,637 -8,392 -7,916 -10,558
Repayable finance lease liabilities 0 -15 -7 -47 -84
Paid dividends -20,000 0 -20,000 -13,500 -13,500
TOTAL CASH FLOWS USED IN FINANCING ACTIVITIES -23,113 -2,652 -28,399 -246,463 -249,142
 
Cash and cash equivalents at the beginning of the quarter 73,866 111,806 65,533 229,287 229,287
Cash and cash equivalents at the end of the quarter 61,002 98,273 61,002 98,273 65,533
Change in cash and cash equivalents -12,864 -13,533 -4,531 -131,014 -163,754