2011-05-04 10:00:00 CEST
2011-05-04 10:00:07 CEST
REGULATED INFORMATION
Fingrid Oyj - Interim report (Q1 and Q3)
Fingrid Group's Interim Report 1 January-31 March 2011
Helsinki, Finland, 2011-05-04 10:00 CEST (GLOBE NEWSWIRE) -- Stock exchange
release 4 May 2011, at 11.00 EET
Fingrid GROUP'S INTERIM REPORT 1 JANUARY - 31 MARCH 2011
Financial result
The Group's revenue in the first quarter of 2011 was 152 million euros (145
million euros during the corresponding period in 2010). The other operating
income was 0.5 million euros (0.5 million euros).
Grid revenue grew on the previous year to 78 million euros (75 million euros)
as a result of the tariff increase of 4.5 per cent. Income from cross-border
transmissions from Russia remained almost at the same level as in the previous
year. Fingrid's share of the European inter-TSO compensations grew in net terms
by 4 million euros to 5 million euros during the first quarter of the year.
Fingrid's congestion income was 2 million euros (6 million euros). Fingrid's
share of the congestion income is currently calculated on the cross-border
transmission connection between Finland and Sweden. Fingrid and the Estonian
transmission system operator Elering AS have rented the cross-border
transmission capacity of the Estlink 1 transmission connection between Finland
and Estonia for use by the electricity market. Fingrid's rental costs of 6
million euros for the connection were covered by the congestion income earned
on the connection. The sales of imbalance power were 49 million euros (48
million euros) and purchases 44 million euros (44 million euros).
The loss energy costs decreased to 19 million euros (23 million euros). The
reserve costs increased slightly from the previous year.
Fingrid ceased to administer the feed-in tariff for peat at the end of 2010.
Revenue (million euros) 1-3/11 1-3/10
Grid service revenue 77.8 74.8
Sales of imbalance power 48.8 48.3
ITC income 7.0 2.8
Cross-border transmission 6.1 6.3
Estlink congestion income 6.0 0.0
Peak load reserve 2.5 4.6
Nordic congestion income 1.6 5.7
Other revenue 1.7 2.8
Other operating income 0.5 0.5
Revenue and other income total 152.1 145.7
Costs (million euros) 1-3/11 1-3/10
Purchase of imbalance power 43.8 44.1
Purchase of loss energy 18.9 22.8
Depreciation 16.8 16.6
Estlink grid rents 5.7 0.0
Reserves 5.5 5.1
Personnel 5.5 4.8
Peak load reserve 3.7 3.5
Maintenance management 3.0 3.6
ITC charges 2.3 2.1
Other costs 5.3 4.7
Costs total 110.4 107.3
Operating profit* 41.7 38.5
* Excluding the change in the fair value of electricity derivatives
The operating profit of the Group was 42 million euros (41 million euros),
which contains 0 million euros (2 million euros) of changes in the fair value
of electricity derivatives. The profit before taxes was 36 million euros (35
million euros), and the total comprehensive income was 16 million euros (22
million euros). The equity ratio was 29.7 (27.9) per cent at the end of the
review period.
The Group's income flow is characterised by seasonal fluctuations, which is why
the financial result for the entire year cannot be directly estimated on the
basis of the three-month result.
Capital expenditure
The Group's gross capital expenditure between January and March was 40.3
million euros (23.2 million euros during the corresponding period in 2010).
Fingrid's ongoing major projects have progressed as planned. Half of the
submarine cable has been manufactured at the factory for the Fenno-Skan 2
high-voltage direct current link to be built between Finland and Sweden.
Significant progress has also been made in the preparations for EstLink 2, the
second HVDC connection between Finland and Estonia, and site operations have
commenced in both countries. The construction of a new reserve power plant in
Forssa progressed to the laying of the cornerstone in January.
The third 400/110 kilovolt main transformer in Rauma, securing electricity
supply in the Satakunta region, was introduced in the spring.
A number of procurement decisions were made in early 2011. Among the most
significant of these were the renewal of the Huutokoski 400 kilovolt
substation, renewal of the Kuninkoja - Räntämäki 2 x 110 kilovolt transmission
line, line arrangements related to the substation project at Uusnivala, and
overhaul of the 400 MVA main transformer at Alapitkä.
External service providers are a strategically vital resource for Fingrid. In
the early part of 2011, the supplier register was updated in terms of the
capital investment projects, and the supplier register was also expanded to
cover substation and transmission line maintenance and the general planning of
transmission lines. Fingrid uses the supplier register to ensure the
sufficiency, expertise, quality and availability of construction and
maintenance resources.
Power system operation
From the beginning of 2011 to the end of March, 25.3 terawatt hours of
electricity was consumed in Finland (25.4 TWh in the corresponding period in
2010). A total of 18.7 TWh of electricity was transmitted in Fingrid's grid
during the same period, representing 74 per cent of the electricity consumption
in Finland.
Electricity consumption in Finland rose close to the all-time high during the
period of cold weather in mid-February. The peak consumption of the winter was
attained on Friday 18 February between 9 and 10 in the morning, when the hourly
consumption exceeded 14,800 megawatt hours (MWh). Finland is dependent on
electricity imports during peak consumption situations. During the peak
consumption hour in the past winter, imports accounted for about 2,800 MWh and
domestic production for just over 12,000 MWh of the electricity consumption in
Finland. Despite disturbances on the cross-border transmission lines during the
peak consumption week, the sufficiency of electricity in Finland was not
jeopardised.
Much of the electricity transmissions between Finland and Sweden consisted of
exports from Finland to Sweden during the early part of the year. Between
January and March, 0.3 TWh of electricity was imported from Sweden to Finland
(0.4 TWh), and 2.0 TWh (2.0 TWh) was exported from Finland to Sweden.
Almost the full import capacities from Russia and Estonia were in use during
the first quarter. Electricity imports from Russia from January to March were
3.0 TWh (3.1 TWh) and from Estonia 0.7 TWh (0.7 TWh).
There were no serious faults in the Finnish grid during the review period. From
the beginning of 2011, procurement from the annual and hourly market has been
applied to the purchase of frequency controlled reserves. This revised
procurement method facilitates the predictability and optimisation of the
volume of reserves.
Power system operation 1-3/11 1-3/10
Electricity consumption in Finland TWh 25.3 25.4
Fingrid's transmission volume TWh 18.7 19.2
Fingrid's loss energy volume TWh 0.4 0.4
Electricity transmissions Finland-Sweden
exports to Sweden TWh 2.0 2.0
imports from Sweden TWh 0.3 0.4
Electricity transmissions Finland-Estonia
exports to Estonia TWh 0.0 0.0
imports from Estonia TWh 0.7 0.7
Electricity transmissions Finland-Russia
imports from Russia TWh 3.0 3.1
Electricity market
The average price (system price) in Nord Pool's spot market during the first
quarter in 2011 was 66.10 euros per megawatt hour, and the area price for
Finland was 64.80 euros per megawatt hour. Limited water reservoirs and
increased consumption of electricity in the Nordic countries as a result of the
cold weather raised the price of electricity in the Nordic electricity market.
Unlike in the previous year, the area price for Finland was lower than the
Nordic system price in the early part of the year.
The hourly area price of electricity for Finland peaked at over 250 euros per
megawatt hour. However, price spikes like those encountered in 2010 were
avoided. Electricity transmitted to the Nordic market from Continental Europe,
Russia and the Baltic countries secured electricity supply and balanced the
prices in the Nordic countries.
A new market mechanism introduced at the end of 2010 has intensified the
cross-border transmissions of electricity in Europe. The mechanism allows a
more efficient allocation of cross-border transmission capacity and always
ensures that electricity flows from a cheaper area to a more expensive area
between Continental Europe and the Nordic countries. As a result of
insufficient transmission capacity between these areas, however, the price
level of electricity in the Nordic countries rose clearly above that in
Continental Europe in the early part of 2011.
In the first quarter of 2011, congestions in the transmission grid on the
border between Finland and Sweden restricted electricity trade between these
countries for approx. 20 per cent of the time. The transmission capacity
limited by maintenance work has not been sufficient to meet the high demand for
exports from Finland to the other Nordic countries, resulting from the scarce
water reservoirs. This is why the prices of electricity in Finland and Sweden
in the first quarter were different from each other on considerably more
occasions than in the previous years.
The area prices of electricity in Finland and Estonia were different from each
other for more than 80 per cent of the time even though it was not necessary to
restrict the transmission capacity between the two countries. The transmission
connection between Finland and Estonia has been the most congested bidding area
boundary within the Nordic electricity exchange area.
In early 2011, Fingrid used 0.8 million euros for counter trade (0.0 million
euros in 2010). This was mostly due to counter trading during disturbances on
the transmission connection between Estonia and Finland and due to counter
trading required by the transmission connections between Southern and Northern
Finland.
Electricity market 1-3/11 1-3/10
Nord Pool system price, average €/MWh 66.10 59.78
Area price Finland, average €/MWh 64.80 71.57
Congestion income in the Nordic countries million € 66.4 111.2
Congestion income between Finland and Sweden million € 3.3 5.0
Congestion hours between Finland and Sweden % 20.2 13.8
Fingrid's share of the congestion income in the Nordic countries 1.6 5.7
million €
Congestion income between Finland and Estonia million € 12.0
Congestion hours between Finland and Estonia % 81.9
Fingrid's share of the congestion income between Finland and 6.0
Estonia million €*
* With the exception of interruptions on the Estlink connection, this was paid
as grid rent to the owners of the connection.
Financing
The financial position of the Group continued to be good. The net financial
costs of the Group during the review period were 6 million euros (6 million
euros). The net financial costs excluding the change in the fair value of
derivatives were 4 million euros (3 million euros). Financial assets recognised
at fair value in the income statement, and cash and cash equivalents amounted
to 206 million euros (204 million euros) at 31 March 2011. Moreover, the
company has an undrawn revolving credit facility of 250 million euros.
The interest-bearing borrowings totalled 1,047 million euros (1,004 million
euros), of which 840 million euros (637 million euros) were long-term and 207
million euros (367 million euros) were short-term.
The counterparty risk involved in the derivative contracts relating to
financing was 50 million euros (37 million euros).
Personnel
The total personnel of the Fingrid Group averaged 260 (257) during the review
period.
Auditing
The consolidated figures in this Interim Report are unaudited.
Outlook for the remaining part of the year
Fingrid Oyj signed a multicurrency revolving credit facility of 250 million
euros on 18 April 2011. The loan period of the credit facility is 5 years. This
credit facility replaces the earlier revolving credit facility of 250 million
euros signed in 2005. The mandated lead arrangers and bookrunners are Barclays
Capital, Danske Bank, Handelsbanken Capital Markets, ING Bank, Nordea Bank
Finland and Pohjola Bank.
Pohjolan Voima Oy and Fortum Power and Heat Oy divested their holding in
Fingrid to the State of Finland and Mutual Pension Insurance Company Ilmarinen
on 19 April 2011. The ownership arrangements are based on the EU's directive
concerning the internal electricity market. The directive requires that
transmission system companies are unbundled from electricity generating and
selling companies by March 2012.
The State of Finland acquired approx. 81 per cent and Ilmarinen approx. 19 per
cent of the shares held previously by Fortum and Pohjolan Voima. After the
share transaction, the holding of the State of Finland in Fingrid is 53.1 per
cent and that of Ilmarinen 19.9 per cent. The other shareholders, which are
mainly Finnish pension insurance and insurance companies, have a holding of 27
per cent.
The international rating agency Standard & Poor's Rating Services (S&P) updated
Fingrid Oyj's credit opinions on 20 April 2011. The credit ratings were raised
due to an increase in government ownership in Fingrid. The long-term credit
rating rose from level A+ to level of AA-, and the short-term rating rose from
level A-1 to A-1+. The outlook is stable.
The profit of the Fingrid Group for the entire year without the change in the
fair value of derivatives is expected to remain at the same level as in 2010.
Board of Directors
Appendices: Tables for the interim report 1 January - 31 March 2011
Further information:
Jukka Ruusunen, President & CEO, +358 (0)30 395 5140 or +358 (0)40 593 8428
Tom Pippingsköld, CFO, +358 (0)30 395 5157 or +358 (0)40 519 5041
Appendices: Tables for the Interim Report 1 January - 31 March 2011
Condensed consolidated statement of 2011 2010 Change 2010
comprehensive income, million euros Jan-Ma Jan-Ma Jan-De
r r c
--------------------------------------------------------------------------------
Revenue 151.6 145.2 6.4 456.3
--------------------------------------------------------------------------------
Other operating income 0.5 0.5 0.0 7.0
--------------------------------------------------------------------------------
Depreciation and amortisation expense -16.8 -16.6 -0.2 -66.8
--------------------------------------------------------------------------------
Operating expenses -93.6 -88.3 -5.4 -322.1
--------------------------------------------------------------------------------
Operating profit 41.7 40.9 0.9 74.4
--------------------------------------------------------------------------------
Finance income and costs -6.1 -5.9 -0.2 -18.5
--------------------------------------------------------------------------------
Portion of profit of associated companies 0.2 0.1 0.0 0.4
--------------------------------------------------------------------------------
Profit before taxes 35.8 35.1 0.7 56.3
--------------------------------------------------------------------------------
Income taxes -9.3 -9.1 -0.2 -14.6
--------------------------------------------------------------------------------
Profit for the period 26.5 26.0 0.5 41.8
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Other comprehensive income
--------------------------------------------------------------------------------
Cash flow hedges -9.9 -4.5 -5.5 31.2
--------------------------------------------------------------------------------
Translation reserve -0.2 0.1 -0.3 0.2
--------------------------------------------------------------------------------
Available-for-sale financial assets 0.0
--------------------------------------------------------------------------------
Total comprehensive income for the year 16.4 21.6 -5.3 73.2
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Profit attributable to:
--------------------------------------------------------------------------------
Equity holders of the company 26.5 26.0 0.5 41.8
--------------------------------------------------------------------------------
Total comprehensive income attributable to:
--------------------------------------------------------------------------------
Equity holders of the company 16.4 21.6 -5.3 73.2
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Earnings per share (euros)* belonging to the 7 979 7 818 160 12 562
owners of the parent company, calculated from
profit
--------------------------------------------------------------------------------
* no dilution effect
--------------------------------------------------------------------------------
Condensed consolidated balance sheet, million 2011 2010 Change 2010
euros 31 Mar 31 Mar 31 Dec
--------------------------------------------------------------------------------
ASSETS
--------------------------------------------------------------------------------
Non-current assets
--------------------------------------------------------------------------------
Goodwill 87.9 87.9 0.0 87.9
--------------------------------------------------------------------------------
Intangible assets 89.7 89.4 0.3 89.7
--------------------------------------------------------------------------------
Property, plant and equipment 1 276.0 1 186.7 89.3 1 253.3
--------------------------------------------------------------------------------
Investments 8.0 7.7 0.4 8.1
--------------------------------------------------------------------------------
Receivables 68.2 29.3 38.9 90.3
--------------------------------------------------------------------------------
Current assets
--------------------------------------------------------------------------------
Inventories 6.0 5.4 0.6 6.1
--------------------------------------------------------------------------------
Receivables 55.4 51.3 4.1 57.9
--------------------------------------------------------------------------------
Financial assets recognised in income 206.2 203.6 2.6 217.9
statement at fair value
--------------------------------------------------------------------------------
Cash and cash equivalents 0.2 0.9 -0.7 3.8
--------------------------------------------------------------------------------
Total assets 1 797.7 1 662.3 135.4 1 814.9
--------------------------------------------------------------------------------
SHAREHOLDERS' EQUITY AND LIABILITIES
--------------------------------------------------------------------------------
Shareholders' equity belonging to the owners
of the parent company
--------------------------------------------------------------------------------
Shareholders' equity 530.6 462.7 67.9 514.2
--------------------------------------------------------------------------------
Non-current liabilities
--------------------------------------------------------------------------------
Non-current interest-bearing liabilities 839.6 637.2 202.4 877.5
--------------------------------------------------------------------------------
Other non-current liabilities 154.8 153.9 0.9 151.3
--------------------------------------------------------------------------------
Current liabilities
--------------------------------------------------------------------------------
Current interest-bearing liabilities 207.4 367.0 -156.8 199.8
--------------------------------------------------------------------------------
Trade and other payables 65.3 41.5 21.1 72.1
--------------------------------------------------------------------------------
Total shareholders' equity and liabilities 1 797.7 1 662.3 135.4 1 814.9
--------------------------------------------------------------------------------
Key indicators, million euros 2011 2010 2010
Jan -Mar Jan - Mar Jan - Dec
--------------------------------------------------------------------
Revenue 151.6 145.2 456.3
--------------------------------------------------------------------
Capital expenditure, gross 40.3 23.2 144.1
--------------------------------------------------------------------
- % of revenue 25.8 16.0 31.6
--------------------------------------------------------------------
Research and development expenses 0.4 0.3 1.6
--------------------------------------------------------------------
- % of revenue 0.3 0.2 0.3
--------------------------------------------------------------------
Personnel, average 260 257 260
--------------------------------------------------------------------
Operating profit 41.7 40.9 74.4
--------------------------------------------------------------------
- % of revenue 27.5 28.1 16.3
--------------------------------------------------------------------
Profit before taxes 35.8 35.1 56.3
--------------------------------------------------------------------
- % of revenue 23.6 24.2 12.3
--------------------------------------------------------------------
Interest bearing liabilities, net* 843.4 799.7 855.2
--------------------------------------------------------------------
Equity ratio, %* 29.7 27.9 28.6
--------------------------------------------------------------------
Shareholders' equity, million euros* 530.6 462.7 514.2
--------------------------------------------------------------------
Equity per share, euros* 159 578 139 163 154 654
--------------------------------------------------------------------
Earnings per share, euros* 7 979 7 818 12 562
--------------------------------------------------------------------
* end of period
--------------------------------------------------------------------
Consolidated statement
of changes in total
equity, million euros
--------------------------------------------------------------------------------
Attributable to equity Share Share Revalua- Translat Retaine Total
holders of the parent capita premium tion ion d equity
company l account reserve reserve earning
s
--------------------------------------------------------------------------------
Capital and reserves 55.9 55.9 -11.4 0.1 347.3 447.8
1 Jan 2010
--------------------------------------------------------------------------------
Comprehensive income
--------------------------------------------------------------------------------
Profit or loss 26.0 26.0
--------------------------------------------------------------------------------
Other comprehensive
income
--------------------------------------------------------------------------------
Cash flow hedges -4.5 -4.5
--------------------------------------------------------------------------------
Translation reserve 0.1 0.1
--------------------------------------------------------------------------------
Total other -4.5 0.1 -4.4
comprehensive income
--------------------------------------------------------------------------------
Total comprehensive -4.5 0.1 26.0 21.6
income
--------------------------------------------------------------------------------
Transactions with owners
--------------------------------------------------------------------------------
Dividends relating to -6.7 -6.7
2009
--------------------------------------------------------------------------------
Capital and reserves 55.9 55.9 -15.9 0.2 366.5 462.7
31 Mar 2010
--------------------------------------------------------------------------------
Comprehensive income
--------------------------------------------------------------------------------
Profit or loss 15.8 15.8
--------------------------------------------------------------------------------
Other comprehensive
income
--------------------------------------------------------------------------------
Cash flow hedges 35.6 35.6
--------------------------------------------------------------------------------
Translation reserve 0.1 0.1
--------------------------------------------------------------------------------
Available-for-sale 0.0 0.0
financial assets
--------------------------------------------------------------------------------
Total other 35.6 0.1 35.7
comprehensive income
--------------------------------------------------------------------------------
Total comprehensive 35.6 0.1 15.8 51.5
income
--------------------------------------------------------------------------------
Capital and reserves 1 55.9 55.9 19.8 0.3 382.3 514.2
Jan 2011
--------------------------------------------------------------------------------
Comprehensive income
--------------------------------------------------------------------------------
Profit or loss 26.5 26.5
--------------------------------------------------------------------------------
Other comprehensive
income
--------------------------------------------------------------------------------
Cash flow hedges -9.9 -9.9
--------------------------------------------------------------------------------
Translation reserve -0.2 -0.2
--------------------------------------------------------------------------------
Total other -9.9 -0.2 -10.2
comprehensive income
--------------------------------------------------------------------------------
Total comprehensive -9.9 -0.2 26.5 16.4
income
--------------------------------------------------------------------------------
Capital and reserves 31 55.9 55.9 9.8 0.1 408.8 530.6
mar 2011
--------------------------------------------------------------------------------
Condensed consolidated cash flow statement, million 2011 2010 2010
euros Jan-Mar Jan-Mar Jan-Dec
--------------------------------------------------------------------------------
Cash flow from operating activities
--------------------------------------------------------------------------------
Profit for the financial year 26.5 26.0 41.8
--------------------------------------------------------------------------------
Adjustments 31.9 29.1 96.7
--------------------------------------------------------------------------------
Changes in working capital 6.1 0.5 -4.5
--------------------------------------------------------------------------------
Impact of changes in fair value of investments 0.2 -0.1 -0.1
--------------------------------------------------------------------------------
Interests paid -3.9 -7.1 -19.5
--------------------------------------------------------------------------------
Interests received 0.5 0.6 2.2
--------------------------------------------------------------------------------
Taxes paid -0.4 -0.5 -1.8
--------------------------------------------------------------------------------
Net cash flow from operating activities 60.8 48.5 114.8
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Cash flow from investing activities
--------------------------------------------------------------------------------
Purchase of property, plant and equipment -53.6 -32.0 -138.0
--------------------------------------------------------------------------------
Purchase of intangible assets -0.6 -1.8 -4.8
--------------------------------------------------------------------------------
Purchase of other assets 0.0 0.0 0.0
--------------------------------------------------------------------------------
Proceeds from other investments 0.0 0.0 0.0
--------------------------------------------------------------------------------
Proceeds from sale of property, plant and equipment 0.0 0.0 0.9
--------------------------------------------------------------------------------
Repayment of loans receivable 0.0 0.0 0.0
--------------------------------------------------------------------------------
Dividends received 0.0 0.0 0.0
--------------------------------------------------------------------------------
Contributions received 0.0 0.0 15.0
--------------------------------------------------------------------------------
Net cash flow from investing activities -54.1 -33.9 -126.9
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Cash flow from financing activities
--------------------------------------------------------------------------------
Withdrawal of loans 99.9 93.4 475.7
--------------------------------------------------------------------------------
Repayment of loans -121.9 -100.7 -439.1
--------------------------------------------------------------------------------
Dividends paid 0.0 -6.7 -6.7
--------------------------------------------------------------------------------
Net cash flow from financing activities -22.0 -14.0 29.9
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net change in cash and cash equivalents -15.3 0.6 17.8
--------------------------------------------------------------------------------
Cash and cash equivalents 1 Jan 221.7 203.9 203.9
--------------------------------------------------------------------------------
Cash and cash equivalents 31 Mar 206.4 204.5 221.7
--------------------------------------------------------------------------------
Derivative agreements, million 31 Mar 2011 31 Mar 2010 31 Dec 2010
euros
--------------------------------------------------------------------------------
Net Notion Net Notion Net Notion
fair al fair al fair al
value value value value value value
--------------------------------------------------------------------------------
Interest and currency
derivatives
--------------------------------------------------------------------------------
Cross-currency swaps 38 419 20 391 48 426
--------------------------------------------------------------------------------
Forward contracts 0 1 0 8 0 2
--------------------------------------------------------------------------------
Interest rate swaps 1 231 0 181 -1 241
--------------------------------------------------------------------------------
Call options, bought 11 880 8 830 8 880
--------------------------------------------------------------------------------
Total 49 1 531 29 1 410 56 1 549
--------------------------------------------------------------------------------
Net Volume Net Volume Net Volume
fair TWh fair TWh fair TWh
value value value
--------------------------------------------------------------------------------
Electricity derivatives
--------------------------------------------------------------------------------
Electricity forward contracts, 13 3.65 -22 3.59 26 3.66
Nord Pool Clearing designated
as hedge accounting
--------------------------------------------------------------------------------
Electricity forward contracts, 0 0.02 0 -0.01 0 0.03
Nord Pool Clearing
--------------------------------------------------------------------------------
Forward contracts of 0 0.00 0 0.00 0 0.02
electricity, others
--------------------------------------------------------------------------------
Total 13 3.67 -22 3.58 27 3.69
--------------------------------------------------------------------------------
Commitments and contingencies, million 31 Mar 2011 31 Mar 2010 31 Dec 2010
euros
--------------------------------------------------------------------------------
Pledges / bank balances 0 0 0
--------------------------------------------------------------------------------
Rental liabilities 27 7 28
--------------------------------------------------------------------------------
Commitment fee of revolving credit 0 0 0
facility
--------------------------------------------------------------------------------
Total 28 8 30
--------------------------------------------------------------------------------
Capital commitments 378 252 385
--------------------------------------------------------------------------------
Other financial liabilities 2 2 2
--------------------------------------------------------------------------------
Changes in property, plant and equipment, 31 Mar 31 Mar 31 Dec
million euros 2011 2010 2010
--------------------------------------------------------------------------------
Carrying amount at beginning of period 1 253 1 181 1 181
--------------------------------------------------------------------------------
Increases 39 22 137
--------------------------------------------------------------------------------
Decreases 0
--------------------------------------------------------------------------------
Depreciation and amortisation expense -16 -16 -64
--------------------------------------------------------------------------------
Carrying amount at end of period 1 276 1 187 1 253
--------------------------------------------------------------------------------
Related party transactions and balances, 31 Mar 31 Mar 31 Dec
million euros 2011 2010 2010
--------------------------------------------------------------------------------
Sales 43 35 111
--------------------------------------------------------------------------------
Purchases 52 44 144
--------------------------------------------------------------------------------
Receivables 10 8 12
--------------------------------------------------------------------------------
Liabilities 0 1 2
--------------------------------------------------------------------------------
Accounting principles. This interim report has been drawn up in accordance with
standard IAS 34, Interim Financial Reporting. In this interim report, Fingrid
has followed the same principles as in the annual financial statements for
2010.
Segment reporting. The entire business of the Fingrid Group is deemed to
comprise transmission system operation in Finland with system responsibility,
only constituting a single segment. There are no essential differences in the
risks and profitability of individual products and services. This is why
segment reporting in accordance with the IFRS 8 standard is not presented.
Corporate rearrangements. There have been no changes in the Group structure
during the period reviewed.
Seasonal fluctuation. The Group's operations are characterised by extensive
seasonal fluctuations.
General clause. Certain statements in this release concern the future and are
based on the present views of management. Due to their nature, they contain
some risk and uncertainty and are subject to changes in economy and the
relevant business.
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