2011-10-27 11:00:00 CEST
2011-10-27 11:00:08 CEST
REGULATED INFORMATION
Fingrid Oyj - Interim report (Q1 and Q3)
Fingrid Group's interim report 1 January - 30 September 2011
Helsinki, Finland, 2011-10-27 11:00 CEST (GLOBE NEWSWIRE) -- Fingrid Oyj
Stock exchange release 27.10.2011 at 12.00 EET
Financial result
The Group's revenue between July and September was 88 million euros (86 million
euros during the corresponding period in 2010). Other income was 0.7 million
euros (0.5 million euros). Grid revenue was 36 million euros (36 million euros)
and sales of imbalance power 34 million euros (32 million euros). IFRS profit
before taxes was -6 million euros (2 million euros) between July and September.
The operating profit between January and September was 39 million euros (51
million euros), which contains, among other things, -3.1 million euros (+1.5
million euros) of changes in the fair value of electricity derivatives. The
consolidated IFRS profit before taxes was 26 million euros (42 million euros),
and the consolidated total comprehensive income was -4 million euros (39
million euros). The equity ratio of the Group was 27.1 (28.3) per cent at the
end of the review period.
The Group's revenue was 331 million euros (318 million euros) between January
and September. Other operating income was 2 million euros (3 million euros).
Grid revenue grew on the previous year to 152 million euros (147 million euros)
as a result of the 4.5 per cent increase in the grid tariff at the beginning of
the year. Sales of imbalance power were 121 million euros (111 million euros).
Fingrid's share of the European inter-TSO compensations was 15 million euros
(14 million euros). Fingrid's cross-border transmission income on the
connection between Finland and Russia remained at the same level as in the
previous year. As of April 2010, 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 congestion income on the interconnection between
Finland and Estonia was 8.8 million euros (3.3 million euros). Fingrid's
congestion income on the Nordic interconnections was 12 million euros (8
million euros). Unlike in 2010, Fingrid obtains congestion income only on the
cross-border transmission interconnections between Finland and Sweden. Revenue
and other income from January to September was 332 million euros (321 million
euros).
Revenue and other operating income (million €) 1-9/11 1-9/10 7-9/11 7-9/10
Grid service revenue 151.5 147.3 36.4 35.8
Sales of imbalance power 120.6 110.8 33.6 31.7
ITC income 14.7 14.5 1.5 4.8
Cross-border transmission 17.5 17.6 5.2 5.3
Finland-Estonia congestion income** 8.8 3.3 0.5 1.7
Peak load reserve 2.5 11.5 0.0 3.4
Finland-Sweden congestion income 11.7 7.9 9.5 1.3
Other revenue 3.3 5.4 1.2 1.6
Other operating income 1.7 2.6 0.7 0.5
Revenue and other operating income total 332.3 320.9 88.7 86.1
The purchases of imbalance power were 109 million euros (96 million euros)
between January and September. The electricity transmission losses were 47
million euros (47 million euros). The reserve costs rose to 21 million euros
(16 million euros). The depreciation costs and personnel costs increased
slightly from the previous year, while the maintenance management costs of the
grid decreased. The total costs from January to September were 289 million
euros (271 million euros).
Costs (million €) 1-9/11 1-9/10 7-9/11 7-9/10
Purchase of imbalance power 109.4 96.2 30.4 26.2
Purchase of loss energy 46.9 46.7 16.6 12.0
Depreciation 50.3 49.9 16.8 16.6
Finland-Estonia grid rents** 8.6 3.2 0.4 1.6
Reserves 21.2 16.0 9.7 5.2
Personnel 14.5 14.1 4.3 4.0
Peak load reserve 2.5 9.6 0.0 3.1
Maintenance management 11.2 12.8 4.0 3.7
ITC charges 8.5 7.4 3.7 3.0
Other costs 16.4 15.4 5.2 5.4
Costs total 289.4 271.2 91.2 80.8
Operating profit* 42.8 49.7 -2.5 5.3
* Excluding the change in the fair value of derivatives
**Fingrid's congestion income between Finland and Estonia was 8.8 million
euros. The costs, i.e. the grid rents between Finland and Estonia, were 8.6
million euros, which was paid to the owners of the Estlink transmission
connection. The difference of 0.3 million euros received by Fingrid was created
during disturbances on the Estlink connection.
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 nine-month result.
Fingrid has decided to raise the grid fees by an average of 30 per cent at the
beginning of 2012. Fingrid is preparing to make capital investments of 1,700
million euros in new transmission connections and reserve power plants in the
next 10 years. The new contract period starting at the beginning of 2012 will
extend over four years, but the grid fees will be reviewed annually.
Capital expenditure
The new electricity transmission link between Finland and Sweden, Fenno-Skan 2,
is about to be ready. The installation of the submarine cable to the bottom of
the sea was completed in July, and the project went on to the testing stage in
the early autumn. The submarine cable link will be ready and available to the
electricity market in December 2011. Once completed, Fenno-Skan 2 will increase
the transmission capacity between Finland and Sweden by some 40 per cent.
Fingrid's other major projects are also progressing as planned. Earthwork for
the EstLink 2 transmission connection has been completed, and transmission line
and construction work started in the summer of 2011. The EstLink 2 connection
due to be ready in 2014 will almost triple the transmission capacity between
Finland and Estonia. The main machinery has been installed at the Forssa
reserve power plant, which will add to system security, and construction work
has progressed to the final stages. The Forssa reserve power plant will be
ready in 2012. The erection of towers on the Yllikkälä-Huutokoski 400 kilovolt
transmission line, which will reinforce the transmission capacity and system
security in Eastern Finland, has been launched, and the construction of
substations has commenced. This project will be finalised in 2013.
The new 110 kV substation at Tuovila plus the related transmission lines
including the new Tuovila-Seinäjoki 110 kV line have been commissioned in
Western Finland. The commissioning process with the demanding outage and
conductor arrangements was carried out in July to September 2011.
Fingrid has made a decision to renew the Tihisenniemi-Katerma 110 kV
transmission line. The modernisation of this line is part of the upgrading of
the transmission system in the Kainuu region. The transmission line will be
renewed because of its poor condition, insufficient transmission capacity,
structural susceptibility to disturbances, and voltage quality problems. The
length of the line due to be completed by the end of 2014 is 69 km. The company
has made decisions concerning the procurement of basic maintenance for
substations and transmission lines for 2012 to 2014.
At the Farmari 2011 agricultural exhibition in Pori, Fingrid presented a new
type of a transmission line tower, which makes more arable land available for
cultivation and facilitates the safe tillage of soil. The new field towers will
be used for the first time in a project starting in 2012.
The Group's gross capital expenditure between July and September was 58 million
euros (24 million euros during the corresponding period in 2010). Gross capital
expenditure between January and September totalled 168 million euros (87
million euros).
Power system operation
Electricity consumption in Finland between July and September totalled 18.2
terawatt hours (18.5 TWh during the corresponding period in 2010). A total of
14.6 TWh of electricity was transmitted in Fingrid's grid during the same
period, representing 80 per cent of the electricity consumption in Finland.
Between July and September, electricity consumption in Finland decreased by 1.9
per cent from the corresponding period in 2010. This was mostly due to a
decrease in industrial consumption during the review period. Between January
and September, electricity consumption in Finland reduced by 0.7 per cent to
68.2 TWh (63.3 TWh).
In electricity transmissions between Finland and Sweden, exports from Finland
to Sweden were in majority during the early part of the year, but from June
onwards these changed to abundant imports to Finland. Construction work on the
Fenno-Skan 2 transmission link has occasionally restricted the capacity offered
to the electricity market. Between July and September, 3.1 TWh of electricity
was imported from Sweden to Finland (1.5 TWh), and 0.0 TWh (0.4 TWh) was
exported from Finland to Sweden. Between January and September, 3.8 TWh of
electricity was imported from Sweden to Finland (2.1 TWh), and 3.3 TWh (4 TWh)
was exported from Finland to Sweden.
Electricity transmissions between Finland and Estonia were dominated by imports
to Finland in the early part of the year, but these turned to a majority of
exports from Finland during the summer. The volume of electricity imported from
Estonia to Finland between July and September was 0.1 TWh (0.2 TWh), and 0.2
TWh (0.2 TWh) was exported from Finland to Estonia between July and September.
The volume of electricity imported from Estonia to Finland between January and
September was 1.4 TWh (1.4 TWh), and 0.2 TWh (0.2 TWh) was exported from
Finland to Estonia.
Almost the full electricity import capacity from Russia was in use until the
early autumn, after which the imports have occasionally been below the volume
allowed by the transmission capacity. In July and August, the import capacity
was restricted by maintenance work at the Vyborg direct current substation and
in the Russian grid. Electricity imports from Russia to Finland between July
and September were 2.3 TWh (2.3 TWh), and between January and September 8.5 TWh
(8.3 TWh).
Power system operation 1-9/11 1-9/10 7-9/11 7-9/10
Electricity consumption in Finland TWh 62.8 63.3 18.2 18.5
Fingrid's transmission volume TWh 48.0 49.8 14.6 15.0
Fingrid's loss energy volume TWh 0.9 0.9 0.3 0.2
Electricity transmissions Finland-Sweden
exports to Sweden TWh 3.3 4.0 0.0 0.4
imports from Sweden TWh 3.8 2.1 3.1 1.5
Electricity transmissions Finland-Estonia
exports to Estonia TWh 0.2 0.2 0.2 0.2
imports from Estonia TWh 1.4 1.4 0.1 0.2
Electricity transmissions Finland-Russia
imports from Russia TWh 8.5 8.3 2.3 2.3
Electricity market
The average price (system price) in Nord Pool's spot market between July and
September was 35.95 euros per megawatt hour (45.90 €/MWh during the
corresponding period in 2010), and the area price for Finland was 43.35 €/MWh
(47.72 €/MWh). Between January and September, the average price in Nord Pool's
spot market was 51.43 €/MWh (50.20 €/MWh), and the area price for Finland was
53.37 €/MWh (53.70 €/MWh).
The past summer and autumn were very rainy in Southern Norway. Norway produced
much more electricity than what was consumed there. The primary Nordic
transmission connections were used at full capacity. Congestions in the
transmission grid restricted electricity trade considerably, also on the border
between Finland and Sweden. Between January and September, there were
restrictions in 24.5 per cent of the time (7.2 per cent). The congestion income
on the border between Finland and Sweden, resulting from the transmission
congestions, totalled 23 million euros (7.9 million euros) between January and
September. Of this, Fingrid's share was one half.
The area prices of Finland and Estonia have differed from each other in 50.4
per cent of the time, which was 38.3 percentage points less than in the second
quarter of 2011.
Fingrid's counter trade costs between January and September were approx. 1
million euros (0.1 million euros).
A possibility to direct electricity exchange trade was made available to the
sales of electricity from Russia to Finland. In this arrangement, an importer
of electricity can sell electricity directly to the Nordic electricity
exchange. Direct exchange trade is a first step towards more market-focused
procedures in electricity trade between Russia and Finland and at the same time
between Russia and the EU. In the early stages, the volume of direct trade is
relatively small, at the most 100 megawatts, while in conventional bilateral
trade it is 1,200 megawatts. So far, trading is only available from Russia to
Finland.
Electricity market 1-9/11 1-9/10 7-9/11 7-9/10
Nord Pool system price, average €/MWh 51.43 50.18 35.95 45.90
Area price Finland, average €/MWh 53.37 53.67 43.35 47.72
Congestion income in the Nordic countries 74.4 160.0 43.0 16.7
million €*
Congestion income between Finland and Sweden 23.0 7.9 19.0 2.2
million €*
Congestion hours between Finland and Sweden %* 24.5 7.2 46.6 1.1
Congestion income between Finland and Estonia 17.8 6.5 0.9 3.4
million €*
Congestion hours between Finland and Estonia %* 50.4 44.4 12.5 24.9
*From 6 December 2010, Fingrid receives Nordic congestion income only from the
congestion income accrued between Finland and Sweden. Fingrid's congestion
income between Finland and Estonia was 8.8 million euros. The costs, i.e. the
grid rents between Finland and Estonia, were 8.6 million euros, which was paid
to the owners of the Estlink transmission connection (the difference of 0.3
million euros received by Fingrid was created during disturbances on the
Estlink connection). The income and costs of both transmission connections are
presented in the tables under Financial result.
Financing
The net financial costs of the Group between July and September were 1 million
euros (2 million euros during the corresponding period in 2010). The net
financial costs between January and September were 14 million euros (10 million
euros), including the positive change of 1 million euros (2 million euros
negative) in the fair value of derivatives. Financial assets recognised at fair
value in the income statement, and cash and cash equivalents amounted to 202
million euros (202 million euros) at 30 September 2011. Moreover, the company
has an undrawn revolving credit facility of 250 million euros.
The financial position of the Group continued to be satisfactory. The net cash
flow from the operations of the Group deducted by capital expenditure and
dividends was 88 million euros negative (-13 million euros) between January and
September. The interest-bearing borrowings totalled 1,141 million euros (1,041
million euros), of which 707 million euros (697 million euros) were long-term
and 434 million euros (344 million euros) were short-term.
The counterparty risk involved in the derivative contracts relating to
financing was 54 million euros (51 million euros).
Personnel
The total personnel of the Fingrid Group averaged 265 (261) during the review
period.
Auditing
The consolidated figures in this Interim Report are unaudited.
Outlook for the remaining part of the year
International rating agency Standard & Poor's Rating Services (S&P) updated
Fingrid Oyj's credit ratings on 24 October 2011. S&P kept the ratings
unchanged. The long term credit rating is AA- and the short-term rating is
A-1+. Fingrid Oyj's outlook continues to be stable.
On 20 October 2011, international credit rating agency Fitch Ratings downgraded
Fingrid Oyj's senior unsecured debt rating to A+ from AA- and Long-term Issuer
Default Rating (IDR) to A from A+. Short-term IDR remained at F1. The agency
rated the Outlook on the Long-term IDR and changed it from Negative to Stable.
The profit of the Fingrid Group for the entire accounting period without the
change in the fair value of derivatives is expected to decrease from the level
of 2010. However, it is difficult to estimate the financial result for the
entire year, because the congestion income cannot be anticipated.
Board of Directors
Appendices: Tables for the interim report 1 January - 30 June 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 - 30 September 2011
Conden- 2011 2010 Change 2011 2010 Change 2010
sed Jan-Sep Jan-Sep Jul-Sep Jul-Sep Jan-Dec
conso-
lidated
statement
of
compre-
hensive
income,
million
euros
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Revenue 330.6 318.3 12.3 88.0 85.6 2.4 456.3
Other operating 1.7 2.6 -0.9 0.7 0.5 0.1 7.0
income
Depreciation -50.3 -49.9 -0.5 -16.8 -16.6 -0.2 -66.8
and amortisation
expense
Operating -242.5 -219.7 -22.8 -76.2 -65.0 -11.1 -322.1
expenses
Operating 39.5 51.3 -11.8 -4.3 4.5 -8.8 74.4
profit
Finance income -13.6 -9.6 -4.0 -1.1 -2.3 1.1 -18.5
and costs
Portion of profit 0.0 0.2 -0.2 -0.2 0.0 -0.2 0.4
of
associated
companies
Profit before 25.9 41.9 -16.0 -5.6 2.3 -7.9 56.3
taxes
Income taxes -6.7 -10.9 4.1 1.4 -0.6 2.0 -14.6
Profit for the 19.2 31.1 -11.9 -4.2 1.7 -5.9 41.8
period
Other
compre-
hensive
income
Cash flow -23.3 7.9 -31.2 -6.4 1.5 -7.9 31.2
hedges
Translation 0.2 0.1 0.0 0.4 0.0 0.3 0.2
reserve
Available-for 0.0
-sale
financial assets
Total -4.0 39.1 -43.1 -10.3 3.2 -13.5 73.2
compre-
hensive
income
for the year
Profit
attributable
to:
Equity holders 19.2 31.1 -11.9 -4.2 1.7 -5.9 41.8
of the company
Total
comprehensive
income
attributable to:
Equity holders of -4.0 39.1 -43.1 -10.3 3.2 -13.5 73.2
the company
Earnings per 5 761 9 344 -3 584 - 1 261 512 - 1 773 12 562
share
(euros)*
belonging
to the owners
of the
parent company,
calculated
from profit
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
* no dilution
effect
Condensed 2011 2010 Change 2010
consolidated 30 Sep 30 Sep 31 Dec
balance sheet,
million euros
---------------------------------------------------------
---------------------------------------------------------
ASSETS
Non-current assets
Goodwill 87.9 87.9 0.0 87.9
Intangible assets 89.1 89.6 -0.5 89.7
Property, plant 1 360.8 1 217.7 143.1 1 253.3
and equipment
Investments 8.1 7.8 0.3 8.1
Receivables 59.2 54.8 4.5 90.3
Current assets
Inventories 5.6 5.7 -0.1 6.1
Receivables 52.0 39.8 12.2 57.9
Financial assets 201.0 201.7 -0.7 217.9
recognised in
income statement
at fair value
Cash and 0.4 0.2 0.2 3.8
cash equivalents
Total assets 1 864.2 1 705.2 159.0 1 814.9
SHAREHOLDERS'
EQUITY AND LIABILITIES
Shareholders'
equity belonging
to the owners
of the parent
company
Shareholders' 503.5 480.2 23.4 514.2
equity
Non-current
liabilities
Non-current 707.0 697.1 9.9 877.5
interest-
bearing liabilities
Other non- 165.7 145.0 20.7 151.3
current liabilities
Current liabilities
Current interest- 433.9 344.3 89.6 199.8
bearing liabilities
Trade and 54.1 38.7 15.5 72.1
other payables
Total shareholders' 1 864.2 1 705.2 159.0 1 814.9
equity
and
liabilities
---------------------------------------------------------
Key indicators, 2011 2010 2010
million euros Jan -Sep Jan - Sep Jan - Dec
----------------------------------------------------
----------------------------------------------------
Revenue 330.6 318.3 456.3
Capital expenditure, 168.0 87.4 144.1
gross
- % of revenue 50.8 27.5 31.6
Research 1.2 0.9 1.6
and
development
expenses
- % of revenue 0.3 0.3 0.3
Personnel, 265 261 260
average
Operating profit 39.5 51.3 74.4
- % of revenue 11.9 16.1 16.3
Profit before taxes 25.9 41.9 56.3
- % of revenue 7.8 13.2 12.3
Interest bearing 939.5 839.4 855.2
liabilities, net*
Equity ratio, %* 27.1 28.3 28.6
Shareholders' 503.5 480.2 514.2
equity,
million euros*
Equity per share, 151 433 144 407 154 654
euros*
Earnings per share, 5 761 9 344 12 562
euros*
----------------------------------------------------
----------------------------------------------------
* end of period
--------------------------------------------------------------------------------
Consolidate
d
statement
of changes
in total
equity,
million
euros
Attributabl Share Share Revalua-tio Translatio Retained Total
e capital premium n reserve n reserve earnings equity
to equity account
holders of
the parent
company
--------------------------------------------------------------------------------
Capital and 55.9 55.9 -11.4 0.1 347.3 447.8
reserves
1 Jan 2010
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Comprehensi
ve
income
Profit or 31.1 31.1
loss
Other
comprehensi
ve
income
Cash flow 7.9 7.9
hedges
Translation 0.1 0.1
reserve
--------------------------------------------------------------------------------
Total other 7.9 0.1 8.0
comprehensi
ve
income
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total 7.9 0.1 31.1 39.1
comprehensi
ve
income
Transaction
s
with owners
Dividends -6.7 -6.7
relating
to 2009
--------------------------------------------------------------------------------
Capital 55.9 55.9 -3.5 0.2 371.6 480.2
and
reserves
30 Sep 2010
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Comprehensi
ve
income
Profit or 10.7 10.7
loss
Other
comprehensi
ve
income
Cash flow 23.3 23.3
hedges
Translation 0.1 0.1
reserve
Available-f 0.0 0.0
or-
sale
financial
assets
Total other 23.3 0.1 23.4
comprehensi
ve
income
--------------------------------------------------------------------------------
Total 23.3 0.1 10.7 34.1
comprehensi
ve
income
--------------------------------------------------------------------------------
Capital and 55.9 55.9 19.8 0.3 382.3 514.2
reserves
1 Jan 2011
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Comprehensi
ve
income
Profit or 19.2 19.2
loss
Other
comprehensi
ve
income
Cash flow -23.3 -23.3
hedges
Translation 0.2 0.2
reserve
--------------------------------------------------------------------------------
Total other -23.3 0.2 -23.2
comprehensi
ve
income
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total -23.3 0.2 19.2 -4.0
comprehensi
ve
income
Transaction
s
with owners
Dividends -6.7 -6.7
relating to
2010
--------------------------------------------------------------------------------
Capital 55.9 55.9 -3.6 0.5 394.7 503.5
and
reserves
30 Sep 2011
--------------------------------------------------------------------------------
Condensed 2011 2010 2010
consolidated Jan-Sep Jan-Sep Jan-Dec
cash flow
statement,
million euros
------------------------------------------------------------------
------------------------------------------------------------------
Cash flow
from
operating
activities
Profit for 19.2 31.1 41.8
the financial
year
Adjustments 74.0 68.1 96.7
Changes 0.4 0.1 -4.5
in working
capital
Impact of 0.2 0.0 -0.1
changes in
fair value of investments
Interests paid -12.6 -12.6 -19.5
Interests received 2.1 1.5 2.2
Taxes paid -1.7 -1.6 -1.8
Net cash 81.7 86.6 114.8
flow from
operating
activities
Cash flow
from investing
activities
Purchase of -161.5 -89.6 -138.0
property,
plant and
equipment
Purchase of -1.8 -3.8 -4.8
intangible assets
Purchase of 0.0 0.0
other assets
Proceeds from 0.9 0.9
sale of property,
plant and equipment
Dividends 0.2 0.0 0.0
received
Contributions 15.0
received
Net cash -163.2 -92.5 -126.9
flow from
investing
activities
Cash flow from financing activities
Withdrawal of loans 433.1 257.6 475.7
Repayment of loans -365.2 -246.9 -439.1
Dividends paid -6.7 -6.7 -6.7
Net cash flow from financing activities 61.2 4.0 29.9
Net change in cash and cash equivalents -20.2 -1.9 17.8
Cash and cash equivalents 1 Jan 221.7 203.9 203.9
Cash and cash equivalents 30 Jun 201.4 202.0 221.7
------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------
Derivative agreements, 30 Sep 2011 30 Sep 2010
31 Dec 2010
million euros
Net fair Notional Net fair
Notional Net fair Notional
value value value
value value value
--------------------------------------------------------------------------------
--------------------
--------------------------------------------------------------------------------
--------------------
Interest and currency
derivatives
Cross-currency swaps 53 395 46
432 48 426
Forward contracts -1 49 0
3 0 2
Interest rate swaps 0 301 0
241 -1 241
Call options, bought 2 880 4
740 8 880
-----------------------------------------------------------
Total 54 1 626 51 1
416 56 1 549
-----------------------------------------------------------
-----------------------------------------------------------
Net fair Volume Net fair
Volume Net fair Volume
value TWh value
TWh value TWh
-----------------------------------------------------------
Electricity derivatives
Electricity forward contracts, -8 3.87 -6
3.64 26 3.66
NASDAX OMX Commodities
designated as hedge accounting
Electricity forward contracts, NASDAX 0 0.01 0
-0.01 0 0.03
OMX Commodities
Forward contracts of electricity, others
0
-----------------------------------------------------------
Total -8 3.87 -6
3.63 27 3.69
--------------------------------------------------------------------------------
--------------------
Commitments and contingencies, million euros 30 Sep 2011 30 Sep 2010 31 Dec
2010
--------------------------------------------------------------------------------
---
--------------------------------------------------------------------------------
---
Pledges / bank balances 0 0
2
Rental liabilities 26 7
28
Commitment fee of revolving credit facility 2 0
0
--------------------------------------
Total 28 7
30
--------------------------------------
Capital commitments 294 248
385
--------------------------------------
Other financial liabilities 2 2
2
--------------------------------------------------------------------------------
---
Changes in property, plant 30 Sep 2011 30 Sep 2010 31 Dec 2010
and equipment, million euros
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
Carrying amount at beginning of period 1 253 1 181 1 181
Increases 156 84 137
Decreases 1 0
Depreciation and amortisation expense -48 -48 -64
--------------------------------------
Carrying amount at end of period 1 361 1 218 1 253
-----------------------------------------------------------------------------
Related party transactions 30 Sep 2011 30 Sep2010 31 Dec 2010
and balances, million euros
-----------------------------------------------------------------
-----------------------------------------------------------------
Sales 75 83 111
Purchases 108 100 144
Receivables 2 6 12
Liabilities 1 0 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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