OREANDA-NEWS. May 14, 2013. In Q1, Enefit had a turnover of EUR 289.1 million (+22.6%), of which electricity sales to household customers made up 5.6%. Electricity sales to household customers generated no profit.

Enefit’s business performance in Q1 indicates that the increase in electricity quantities sold had the biggest positive effect on the company’s turnover. During Q1, we produced a record quantity of electricity (3074 GWh) since 1991. Of this, we sold 473 GWh of electricity to household customers. Q1 also showed year-on-year growth in liquid fuel sales.

According to Margus Kaasik, Financial Officer at Enefit, with the completion of several major projects, the scope of investments by the company had come down to a level where Enefit’s cash flows (EUR 68.4 million, +15.9%) and investments (EUR 74.1 million, -42.4%) were effectively on par in Q1. “Last year, drawing on debt financing, we invested more than twice the amount that would have been possible with the cash flows from our business operations. In Q1 this year, we were able to finance our investments effectively in their entirety from our on-going cash flow,” Kaasik said. In Q1 2013, the group had an EBITDA of EUR 73.1 million (-11.2%). The biggest negative effect on the EBITDA was the non-materialisation of one-off revenues (we had sold the telecommunications company Televorgu AS in Q1 2012) and a reduction in the margin on electricity sales. The company had an operating profit of EUR 44.2 million (-21.7%) and a net profit of EUR 24.7 million (-55.9%).

Sales revenues in liquid fuels reached EUR 22.8 million, up 11.5% from Q1 last year. We sold 50.6 thousand tonnes of liquid fuels (+0.6%). The selling price of liquid fuel in Q1 averaged 10.2% above that during the same period last year.