Grid distributor Elering reports €0.6 million net profit rise ({{contentCtrl.commentsTotal}})

Elering office in Tallinn.
Elering office in Tallinn. Source: Siim Lõvi/ERR

Electricity and natural gas grid distributor Elering has announced a €0.6 million profit rise for Q4 2018, to a net profit of €12.2 million in the quarter.

Elering earned a reported €12.7 million in operating profit during Q4 2018, the company announced in a press release.

Elering also saw a year-on-year (y-o-y) growth in operating income of 9.5%, to €44.4 million in Q4 2018.

The company saw a fall in reported financial costs, to €0.6 million, from €2.2 million, which attributes to successfully refinanced Eurobonds.

Cash-flow at the company from operating activities stood at €7.1 million in Q4 2018, the company reports. It invested €49.9 million in non-current assets, together with €0.5 million in EU assistance, and €3.1 million income from the auction of transmission capacities between countries.

Elering's bank deposits of €40 million matured in Q4, and the company repaid €2.6 million in existing loans, it says. The company's asset volume at year-end 2018 was €948.4 million, with equity at €384.8 million.

Operating expenses

Expenses on loss energy in the power grid saw the most growth at €3.4 million, as a result of a rise in power exchange price. Commissioning new equipment on the power grid led to a growth in depreciation on non-current assets of nearly €1 million.

Elering is a member of the European Network of Transmission System Operators for Electricity. In 2010 it was a co-founder of the create the Nord Pool Spot Estlink price area, on the Nord Pool electricity market. Its current CEO is former politician Taavi Veskimägi.

Editor: Andrew Whyte

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