2013-10-23 10:00:00 CEST
2013-10-23 10:00:04 CEST
REGULATED INFORMATION
Fingrid Oyj - Interim report (Q1 and Q3)
Fingrid Group's Interim Report 1 January - 30 September 2013
Helsinki, Finland, 2013-10-23 10:00 CEST (GLOBE NEWSWIRE) -- Fingrid Oyj
Interim Report 23. October 2013 at 11.00 EET
January - September 2013: Improved result for the review period
• The Group's turnover between January and September was EUR 388 million (EUR
368 million).
• The Group's operating profit was EUR 79 million (EUR 56 million).
• The Group's profit for the review period was EUR 43 million (EUR 40 million).
• The cash flow from the operations of the Group deducted by investments was
EUR -7 million (EUR 26 million).
• Interest-bearing borrowings totalled EUR 1,029 million (EUR 1,009 million).
• Investments totalled EUR 130 million (EUR 83 million).
• The equity ratio was 28.6% (26.4%).
• Earnings per share totalled EUR 12,991 (EUR 12,128).
July - September 2013: IFRS profit confirmed
• The Group's turnover for the period July - September was EUR 108 million (EUR
106 million).
• Other operating profit for the third quarter of the year was EUR 10 million
(EUR 7 million).
• The Group's profit for the review period July - September was EUR 3 million
(EUR 8 million).
KEY FIGURES Jan-Sep Jan-Sep change July-S July-S change Jan-Dec/
t/13 t/12 % ept/13 ept/12 % 2012
--------------------------------------------------------------------------------
Turnover EUR M 388.0 368.3 5.3 107.8 106.0 1.7 522.1
--------------------------------------------------------------------------------
Investments, EUR M 130.5 82.5 58.1 66.9 25.9 158.8 139.0
gross
--------------------------------------------------------------------------------
- % of % 33.6 22.4 62.1 24.4 26.6
turnover
--------------------------------------------------------------------------------
Research and EUR M 1.2 1.0 20.0 0.3 0.4 -12.1 1.5
development
expenses
--------------------------------------------------------------------------------
- % of % 0.3 0.3 0.3 0.3 0.3
turnover
--------------------------------------------------------------------------------
Personnel, 278 269 3.2 269
average
--------------------------------------------------------------------------------
Personnel at 286 276 3.5 275
the end of
period
--------------------------------------------------------------------------------
Salaries and EUR M 13.5 12.9 4.4 18.2
remuneratio
ns total
--------------------------------------------------------------------------------
Operating EUR M 78.8 56.2 40.4 9.9 7.1 39.9 94.6
profit
--------------------------------------------------------------------------------
- % of % 20.3 15.2 9.2 6.7 18.1
revenue
--------------------------------------------------------------------------------
Profit EUR M 56.9 53.3 6.8 4.2 10.7 -60.6 88.3
before
taxes
--------------------------------------------------------------------------------
- % of % 14.7 14.5 3.9 10.1 16.9
turnover
--------------------------------------------------------------------------------
Profit for EUR M 43.2 40.3 7.0 3.3 8.1 -59.5 67.0
the
financial
period
--------------------------------------------------------------------------------
Comprehensiv EUR M 42.6 45.7 -6.9 7.0 10.6 -34.5 73.2
e income for
the
financial
period
--------------------------------------------------------------------------------
Return on % 5.6
investments (ROI)
--------------------------------------------------------------------------------
Return on % 12.4
equity
(ROE)
--------------------------------------------------------------------------------
Equity ratio % 28.6 26.4 27.3
--------------------------------------------------------------------------------
Interest-bea EUR M 1028.7 1008.8 2.0 1030.3
ring net
liabilities
--------------------------------------------------------------------------------
Debt to % 171.7 186.0 180.8
equity
ratio
--------------------------------------------------------------------------------
Profit/share EUR 12991.5 12127.7 7.0 20 159.2
--------------------------------------------------------------------------------
Dividend/A EUR 5 115.89
shares
--------------------------------------------------------------------------------
Dividend/B EUR 2 018.26
shares
--------------------------------------------------------------------------------
Equity/share EUR 180231 163097 10.5 171 365
--------------------------------------------------------------------------------
Dividend % 25.4
payout
ratio A
shares
--------------------------------------------------------------------------------
Dividend % 10.0
payout
ratio B
shares
--------------------------------------------------------------------------------
Number of
shares
--------------------------------------------------------------------------------
- series A shares 2 078 2 078 2 078 2 078 2 078
shares
--------------------------------------------------------------------------------
- series B shares 1 247 1 247 1 247 1 247 1 247
shares
--------------------------------------------------------------------------------
Total shares 3 325 3 325 3 325 3 325 3 325
--------------------------------------------------------------------------------
Says Jukka Ruusunen, President of Fingrid, about the interim report:"Fingrid's investment programme is proceeding according to plans - the
company's efficiency remains at the top European level"
Fingrid's extensive investment programme is proceeding as planned, according to
its schedule and budget. The value of the investment programme in the current
financial period is approximately EUR 250 million. Fingrid maintained its top
position in the efficiency comparison of European grid companies. This year,
the system security of the power system has been at an excellent level.
Inexpensive electricity has been imported to Finland from the Nordic markets,
and the utilisation ratio of Fingrid's cross-border transmission links has been
very high. The transmission capacity has limited electricity transmission
slightly, however, clearly less than in 2012.
During the first half of the year, electricity consumption remained at last
year's level. The operating profit for January - September was enhanced by the
grid tariff increases implemented at the beginning of the year, the increased
revenue from imbalance power sales, and the decrease in loss energy purchase
expenses in comparison with last year. The congestion income based on the area
price difference between Finland and Sweden decreased from last year by EUR 24
million. The costs of reserves increased by EUR 20 million during the review
period due to the increase in the market prices of reserves and additional
reserve purchases made to improve frequency quality.
The new Electricity Market Act became effective in the beginning of September.
The act contains more detailed requirements than before concerning improving
the security of supply of the electricity networks and boosting the
preparedness of electricity network licence holders. For Fingrid, the most
significant change is the new definition of a transmission grid; from now on,
Fingrid is also responsible for building individual high-voltage cables, for
example in large towns within existing transmission networks."
FINGRID GROUP'S INTERIM REPORT 1 JAN - 30 SEPT 2013
Calculation principles
Fingrid's 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 2012.
Financial result
The Group's turnover for the third quarter of the year was EUR 108 million (EUR
106 million). Other operating income was EUR 1 million (EUR 1 million).
The Group's turnover for January - September was EUR 388 million (EUR 368
million). Other operating income was EUR 3 million (EUR 2 million).
The grid service income rose to EUR 228 million (EUR 191 million) as a result
of the tariff increase of 15 per cent carried out at the beginning of the year
and increased connection fee income. Electricity consumption totalled 61.7
(61.8) terawatt hours. The sales of imbalance power were EUR 113 million (EUR
103 million). Cross-border transmission income on the connection between
Finland and Russia rose to EUR 10 million (EUR 7 million) due to increased
electricity imports and changes in the cross-border transmission tariff.
Fingrid's congestion income between Finland and Sweden decreased significantly,
to EUR 12 million (EUR 36 million).
Purchases of imbalance power increased from last year and totalled EUR 89
million (EUR 87 million). Loss energy costs decreased to EUR 43 million (EUR 48
million) due to smaller losses compared with the reference period. At the end
of September, 99 per cent of Fingrid's projected loss energy procurement for
the remaining part of 2013 had been hedged at an average price of EUR 47.5 per
megawatt hour.
The costs of reserves, which safeguard the system security of the power system,
increased by EUR 20 million due to the increased market prices of reserves and
the additional reserve purchases made to improve frequency quality.
Depreciations totalled EUR 60 million (EUR 56 million). Maintenance management
costs totalled EUR 15 million (EUR 15 million). Personnel costs totalled EUR 17
million (EUR 16 million).
Turnover and other Jan-Sept Jan-Sept Change July-Sep July-Sept Change
income (EUR million) /13 /12 % t/13 /12 %
--------------------------------------------------------------------------------
Grid service income 228 191 19.3 54 46 19.3
--------------------------------------------------------------------------------
Sales of imbalance 113 103 10.0 38 27 40.3
power
--------------------------------------------------------------------------------
ITC income 6 7 -18.7 1 1 -42.3
--------------------------------------------------------------------------------
Cross-border 10 7 33.6 2 1 139.6
transmission income
--------------------------------------------------------------------------------
Finland-Estonia 3 6 -52.1 1 4 -84.7
congestion income*
--------------------------------------------------------------------------------
Peak load capacity 12 14 -16.4 2 5 -49.7
income**
--------------------------------------------------------------------------------
Finland-Sweden 12 36 -65.8 8 21 -63.1
congestion income
--------------------------------------------------------------------------------
Other revenue 5 4 17.2 2 2 4.4
--------------------------------------------------------------------------------
Other operating income 3 2 66.9 1 1 -16.6
--------------------------------------------------------------------------------
Turnover and other 391 370 5.7 108 107 1.6
income total
--------------------------------------------------------------------------------
Costs (EUR million) Jan-Se Jan-Se Change July-S July-S Change
pt/13 pt/12 % ept/13 ept/12 %
--------------------------------------------------------------------------------
Purchase of imbalance power 89 87 2.6 30 19 56.9
--------------------------------------------------------------------------------
Purchase of loss energy 43 48 -9.3 16 16 -0.8
--------------------------------------------------------------------------------
Depreciation and amortisation 60 56 7.2 20 19 7.6
expense
--------------------------------------------------------------------------------
Finland-Estonia grid rents* 3 6 -51.1 1 4 -84.5
--------------------------------------------------------------------------------
Reserve costs 49 29 67.8 17 11 57.0
--------------------------------------------------------------------------------
Personnel costs 17 16 6.4 5 5 8.7
--------------------------------------------------------------------------------
Peak load capacity costs** 11 14 -16.5 2 5 -48.9
--------------------------------------------------------------------------------
Maintenance management costs 15 15 0.1 5 4 14.6
--------------------------------------------------------------------------------
ITC transmission costs 9 11 -19.5 4 4 -0.9
--------------------------------------------------------------------------------
Other costs 22 23 -2.0 8 11 -31.6
--------------------------------------------------------------------------------
Costs total 318 303 5.0 108 97 11.0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Operating profit without changes 74 68 8.7 1 10 -91.7
in the fair value of commodity
derivatives
--------------------------------------------------------------------------------
Operating profit of Group, IFRS 79 56 40.4 10 7 39.9
--------------------------------------------------------------------------------
*Fingrid's income from the congestion income between Finland and Estonia was
EUR 2.7 million. The costs (grid rents between Finland and Estonia) were EUR
2.7 million, which was paid to the owners of the transmission connection. The
difference received by Fingrid is created during disturbances on the Estlink
connection (no disturbance occurred between January and September 2013).
**The peak load capacity income and costs are related to the securing of the
sufficiency of electricity during peak consumption hours within the framework
of the Finnish Peak Load Capacity Act.
The operating profit of the Group was EUR 79 million (EUR 56 million), which
contains EUR 5 million (EUR -12 million) of changes in the fair value of
commodity derivatives. Profit before taxes was EUR 57 million (EUR 53 million).
Profit for the review period was EUR 43 million (EUR 40 million) and the
consolidated total comprehensive income was EUR 43 million (EUR 46 million).
The net cash flow from the operations of the Group deducted by investments was
EUR 7 million negative (EUR 26 million positive). The equity ratio of the Group
was 28.6% (26.4%) at the end of the review period.
The Group's result for the financial period is characterised by seasonal
fluctuations, which is why the result for the entire year cannot be directly
estimated on the basis of the latest review period's profit.
Investments and maintenance
The implementation of the company's investment programme continued according to
plans during the review period. Fingrid is currently reinforcing the
electricity transmission grid on the west coast of Finland. The outdated 220-kV
grid extending from the Satakunta region to northern Ostrobothnia, whose
transmission capacity has become insufficient, will be replaced with a 400-kV
grid over the next few years.
The EstLink2 project between Finland and Estonia is proceeding as planned.
Important milestones were reached this summer, when the type tests of cables
and the eastern Uusimaa transmission line between Anttila and Nikuviken were
successfully completed. The link between the two countries will be tested in
October, and the transmission line will be commercially inaugurated in early
2014.
Fingrid made two procurement decisions in July. Empower Oy was chosen as the
main contractor in the Lavianvuori 400/110 kV conversion project. The total
costs of this project are approximately EUR 8.5 million. Construction began
this autumn, and the substation will be completed in summer 2015. Empower Oy
was also chosen as the contractor of the Naantalinsalmi 110 kV substation
project's main contract. The total price of this substation is approximately
EUR 6.7 million. Work on the substation is in progress, and it will be
completed in summer 2015.
In August, Fingrid made a procurement decision concerning the order of three
new transformers from Hyundai Heavy Industries Co., Ltd. The total value of
this agreement is nearly EUR 9 million. In addition, Fingrid conducted new
supplier audits in South Korea to assess compliance with the company's
responsibility requirements.
The gross investments of the Group during the third quarter were EUR 67 million
(EUR 26 million). The gross investments of the Group between January and
September were EUR 130 million (EUR 83 million).
Power system
Electricity consumption in Finland between July and September totalled 18.2
terawatt hours (18.3 TWh). Between January and September, electricity
consumption in Finland totalled 61.7 terawatt hours (61.8 TWh). A total of 47.7
TWh of electricity was transmitted in Fingrid's grid during the same period,
representing 77 per cent of the electricity consumption in Finland.
Electricity transmissions between Finland and Sweden consisted mainly of
extensive imports to Finland. Between July and September, 4.3 TWh of
electricity were imported from Sweden to Finland (4.7 TWh), and 0.0 TWh (0.0
TWh) were exported from Finland to Sweden. Between January and September, 8.9
TWh of electricity were imported from Sweden to Finland (11.5 TWh), and 0.7 TWh
(0.2 TWh) were exported from Finland to Sweden.
In the electricity transmissions between Finland and Estonia, imports and
exports have alternated in terms of domination. Between July and September, the
volume of electricity imported from Estonia was 0.1 TWh (0.1 TWh), and 0.3 TWh
(0.5 TWh) were exported from Finland to Estonia. Between January and September,
the volume of electricity imported from Estonia was 0.4 TWh (0.2 TWh), and 0.9
TWh (1.2 TWh) were exported from Finland to Estonia.
The electricity transmission capacity from Russia to Finland has been fully
available, but all in all, electricity import from Russia has remained at low
levels, as was also the case last year. Import rates have varied greatly by the
hour within the same day. Between July and September, 0.7 TWh (0.4 TWh) of
electricity were imported from Russia to Finland, and between January and
September the import volume was 3.5 TWh (3.0 TWh).
There were no significant disturbances in the grid during the review period. A
power outage of approximately one minute occurred in the Joensuu region in
early September, causing disturbance to industry and production in the region.
Power system operation Jan-Sept/ Jan-Sept/ July-Sept/ July-Sept/
13 12 13 12
--------------------------------------------------------------------------------
Electricity consumption in Finland 61.7 61.8 18.2 18.3
TWh
--------------------------------------------------------------------------------
Fingrid's transmission volume TWh 47.7 47.0 15.2 15.1
--------------------------------------------------------------------------------
Fingrid's loss energy volume TWh 0.8 0.9 0.2 0.3
--------------------------------------------------------------------------------
Electricity transmission Finland -
Sweden
Exports to Sweden TWh 0.7 0.2 0.0 0.0
--------------------------------------------------------------------------------
Imports from Sweden TWh 8.9 11.5 4.3 4.7
--------------------------------------------------------------------------------
Electricity transmission Finland -
Estonia
Exports to Estonia TWh 0.9 1.2 0.3 0.5
--------------------------------------------------------------------------------
Imports from Estonia TWh 0.4 0.2 0.1 0.1
--------------------------------------------------------------------------------
Electricity transmission Finland -
Russia
Imports from Russia TWh 3.5 3.0 0.7 0.4
--------------------------------------------------------------------------------
Electricity market
The average price (system price) in the Nordic electricity exchange during the
third quarter, between July and September, was EUR 35.88/MWh (EUR 20.88/MWh)
during the corresponding period in 2012), and the area price for Finland was
EUR 42.75/MWh (EUR 30.96/MWh). Between January and September, the average price
in the Nordic spot market was EUR 38.86/MWh (EUR 29.26/MWh), and the area price
for Finland was EUR 41.58/MWh (EUR 35.36/MWh).
In August, the Latvian grid company purchased two percent of Nord Pool Spot
AS's shares. After this, the grid companies of all three Baltic countries are
shareholders in the Nordic electricity exchange. After the acquisition,
Fingrid's share in the electricity exchange is 18.8%.
Fingrid, the Russian JSC Federal Grid Company and the Russian JSC system
operator company System Operator are preparing the technical and commercial
terms and conditions of two-way trade between Finland and Russia. For the time
being, commercial flow on the 400 kV interconnectors is only possible from
Russia to Finland.
In September, one of the four DC-links in Vyborg with the capacity of 350 MW
was successfully tested for electricity transmission from Finland to Russia.
Fingrid's counter trade costs between January and September were approximately
EUR 0.6 million (EUR 3.7 million).
Electricity market Jan-Sept Jan-Sept July-Sept July-Sept
/13 /12 /13 /12
--------------------------------------------------------------------------------
Nord Pool system price, average 38.85 29.26 35.85 20.88
EUR/MWh
--------------------------------------------------------------------------------
Area price Finland, average EUR/MWh 41.58 35.36 42.70 30.96
--------------------------------------------------------------------------------
Congestion income between Finland and 24.8 72.5 15.5 42.0
Sweden, EUR million*
--------------------------------------------------------------------------------
Congestion hours between Finland and 16.6 41.2 31.0 48.7
Sweden %*
--------------------------------------------------------------------------------
Congestion income between Finland and 5.5 11.5 1.1 7.2
Estonia, EUR million*
--------------------------------------------------------------------------------
Congestion hours between Finland and 27.6 38.9 23.0 48.7
Estonia %*
--------------------------------------------------------------------------------
*The congestion income between Finland and Sweden as well as between Finland
and Estonia is divided between the relevant TSOs in equal proportions. The
income and costs of the transmission connections are presented in the tables
under Financial result.
Financing
The net financial costs of the Group between July and September were EUR 6
million (EUR 4 million of profits). The net financial costs between January and
June were EUR 23 million (EUR 3 million), including the negative change of EUR
8 million (EUR 13 million positive) in the fair value of derivatives. Financial
assets recognised at fair value in the income statement, and cash and cash
equivalents amounted to EUR 222 million (EUR 245 million) at 30 September 2013.
Moreover, the company has an undrawn revolving credit facility of EUR 250
million.
The financial position of the Group continued to be satisfactory.
Interest-bearing borrowings for January - September totalled EUR 1,250 million
(EUR 1,254 million), of which EUR 1,042 million (EUR 1,059 million) were
long-term and EUR 208 million (EUR 194 million) were short-term.
The counterparty risk involved in the derivative contracts relating to
financing was EUR 52 million (EUR 89 million).
Personnel
The total personnel of the Fingrid Group averaged 278 (269) during the review
period.
Auditing
The consolidated figures in this Interim Report are unaudited.
Events after the review period and outlook for the remaining part of the year
No substantial events or changes have occurred in Fingrid's operations or
financial standing after the end of the review period. Fingrid has announced an
increase of transmission grid tariffs by an average of eight percent as of the
beginning of 2014.
Fingrid Group's profit for the financial year 2013 before taxes and without the
change in the fair value of derivatives is expected to increase from the
previous year. The uncertainty involved in electricity consumption, congestion
income and in cross-border income on the interconnections from Russia makes it
difficult to anticipate Fingrid's financial result for the entire year.
Board of Directors
Appendices: Tables for the Interim Report 1 January - 30 September 2013
Further information:
Jukka Ruusunen, President & CEO, tel. +358 30 395 5140 or +358 40 593 8428
Appendices: Tables for the Interim Report 1 January - 30 September 2013
Condensed consolidated Jan-Se Jan-Sept Change July-S July-S Change Jan-De
statement of pt 2012 % ept ept % c 2012
comprehensive income, 2013 2013 2012
EUR million
--------------------------------------------------------------------------------
Turnover 388.0 368.3 19.6 107.8 106.0 1.8 522.1
--------------------------------------------------------------------------------
Other operating income 3.3 2.0 1.3 0.6 0.7 -0.1 3.8--------------------------------------------------------------------------------
Depreciation and -59.8 -55.8 -4.0 -20.0 -18.6 -1.4 -75.7
amortisation expense
--------------------------------------------------------------------------------
Operating expenses -252.7 -258.3 5.6 -78.6 -81.1 2.5 -355.6
--------------------------------------------------------------------------------
Operating profit 78.8 56.2 22.7 9.9 7.1 2.8 94.6
--------------------------------------------------------------------------------
Finance income and -22.6 -3.4 -19.2 -5.9 3.6 -9.4 -7.2
costs
--------------------------------------------------------------------------------
Portion of profit of 0.6 0.5 0.2 0.2 0.1 0.1 0.9
associated companies
--------------------------------------------------------------------------------
Profit before taxes 56.9 53.3 3.6 4.2 10.7 -6.5 88.3
--------------------------------------------------------------------------------
Income taxes -13.7 -13.0 -0.8 -0.9 -2.6 1.7 -21.3
--------------------------------------------------------------------------------
Profit for the 43.2 40.3 2.9 3.3 8.1 -4.8 67.0
financial period
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Other comprehensive
income
--------------------------------------------------------------------------------
Cash flow hedges 0.0 5.3 -5.3 3.6 2.6 1.0 6.1
--------------------------------------------------------------------------------
Translation reserve -0.6 0.1 -0.6 0.1 -0.1 0.1 0.1
--------------------------------------------------------------------------------
Available-for-sale 0.0 0.0 0.0 0.0 0.0 0.0 0.0
financial assets
--------------------------------------------------------------------------------
Total comprehensive 42.6 45.7 -3.2 7.0 10.6 -3.7 73.2
income for the
financial period
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Profit attributable
to:
--------------------------------------------------------------------------------
Equity holders of the 43.2 40.3 2.8 3.3 8.1 -4.8 67.0
company
--------------------------------------------------------------------------------
Total comprehensive
income attributable
to:
--------------------------------------------------------------------------------
Equity holders of the 42.6 45.7 -3.2 7.0 10.6 -3.7 73.2
company
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Earnings per share 12 12 127.7 864 1001 2 440 -1 453 20 159
(euros) belonging to 991.5
the owners of parent
company, calculated
from profit*
--------------------------------------------------------------------------------
*no dilution effect
Condensed consolidated balance sheet, 30 Sept 30 Sept Change 31 Dec
EUR million 2013 2012 % 2012
--------------------------------------------------------------------------------
ASSETS
--------------------------------------------------------------------------------
Non-current assets
--------------------------------------------------------------------------------
Goodwill 87.9 87.9 0.0 87.9
--------------------------------------------------------------------------------
Intangible assets 91.5 90.9 0.9 91.1
--------------------------------------------------------------------------------
Property, plant and equipment 1 553.3 1 447.9 105.4 1 484.7
--------------------------------------------------------------------------------
Investments 8.7 7.5 1.3 8.6
--------------------------------------------------------------------------------
Derivatives 53.1 88.7 -35.6 81.7
--------------------------------------------------------------------------------
Receivables 16.8 24.8 -8.0 21.7
--------------------------------------------------------------------------------
Current assets
--------------------------------------------------------------------------------
Inventories 10.7 6.9 3.7 10.4
--------------------------------------------------------------------------------
Derivatives 2.2 3.9 -1.7 3.9
--------------------------------------------------------------------------------
Receivables 54.3 54.9 -0.6 88.3
--------------------------------------------------------------------------------
Financial assets recognised in income 196.9 243.7 -46.8 207.4
statement at fair value
--------------------------------------------------------------------------------
Cash and cash equivalents 24.9 1.2 23.7 6.4
--------------------------------------------------------------------------------
Total assets 2 100.4 2 058.2 42.2 2 092.0
--------------------------------------------------------------------------------
SHAREHOLDERS' EQUITY AND LIABILITIES
--------------------------------------------------------------------------------
Shareholders' equity belonging to the
owners of the parent company
--------------------------------------------------------------------------------
Shareholders' equity 599.3 542.3 57.0 569.8
--------------------------------------------------------------------------------
Non-current liabilities
--------------------------------------------------------------------------------
Non-current interest-bearing liabilities 1 042.4 1 059.4 -17.0 1 032.2
--------------------------------------------------------------------------------
Derivatives 33.5 40.0 -6.5 30.1
--------------------------------------------------------------------------------
Other non-current liabilities 148.9 153.0 -4.1 154.4
--------------------------------------------------------------------------------
Current liabilities
--------------------------------------------------------------------------------
Current interest-bearing liabilities 208.1 194.4 13.6 211.9
--------------------------------------------------------------------------------
Derivatives 1.7 0.7 1.0 10.8
--------------------------------------------------------------------------------
Other current liabilities 66.5 68.4 -1.8 82.8
--------------------------------------------------------------------------------
Total shareholders' equity and liabilities 2 100.4 2 058.2 42.2 2 092.0
--------------------------------------------------------------------------------
Consolidated statement of changes in total equity, EUR million
--------------------------------------------------------------------------------
-
Attributable to Share Share Fair Translati Retained Total
equity holders of capita premium value on earnings equity
the parent company l account reserves reserve
--------------------------------------------------------------------------------
Balance on 1 January 55.9 55.9 -13.7 0.6 408.6 507.3
2012
--------------------------------------------------------------------------------
Comprehensive income
for the financial
period
Profit or loss for 40.3 40.3
the financial period
Other comprehensive
income
Cash flow hedges 5.3 5.3
Translation reserve 0.1 0.1
--------------------------------------------------------------------------------
Items related to 0.0 0.00
long-term asset
items available for
sale
--------------------------------------------------------------------------------
Total other 5,3 0,1
comprehensive income
adjusted by tax
effects
--------------------------------------------------------------------------------
Comprehensive income 5.3 0.1 40.3 45.7
--------------------------------------------------------------------------------
Transactions with
owners
Dividend relating to -10.8 -10.8
2011
--------------------------------------------------------------------------------
Balance on 30 55.9 55.9 -8.3 0.6 438.2 542.3
September 2012
--------------------------------------------------------------------------------
Comprehensive income
for the financial
period
Profit or loss for 26.7 26.7
the financial period
Other comprehensive
income
Cash flow hedges 0.8 0.8
Translation reserve 0.0 0.0
Items related to 0.0 0.0
long-term asset
items available for
sale
--------------------------------------------------------------------------------
Total other 0.8 0.0 0.8
comprehensive income
adjusted by tax
effects
--------------------------------------------------------------------------------
Comprehensive income 0.8 0.0 26.7 27.5
--------------------------------------------------------------------------------
Balance on 1 January 55.9 55.9 -7.6 0.6 464.9 569.8
2013
--------------------------------------------------------------------------------
Comprehensive income
for the financial
period
Profit or loss for 43.2 43.2
the financial period
Other comprehensive
income
Cash flow hedges 0.0 0.0
Translation reserve -0.6 -0.6
Items related to 0.0 0.00
long-term asset
items available for
sale
--------------------------------------------------------------------------------
Total other 0.0 -0.6 -0.6
comprehensive income
adjusted by tax
effects
--------------------------------------------------------------------------------
Comprehensive income 0.0 -0.6 43.2 42.6
--------------------------------------------------------------------------------
Transactions with
owners
Dividend relating to -13.1 -13.1
2012
--------------------------------------------------------------------------------
Balance on 30 55.9 55.9 -7.6 0.1 494.9 599.3
September 2013
--------------------------------------------------------------------------------
Condensed consolidated cash flow statement, Eur Jan-Se Jan-Sept Jan-Dec
million pt 2012 2012
2013
--------------------------------------------------------------------------------
Cash flow from operating activities
--------------------------------------------------------------------------------
Profit for the financial period 43.2 40.3 67.0
--------------------------------------------------------------------------------
Adjustments 88.6 83.1 114.2
--------------------------------------------------------------------------------
Changes in working capital 29.1 22.9 -3.7
--------------------------------------------------------------------------------
Interest paid -15.8 -15.9 -21.8
--------------------------------------------------------------------------------
Interest received 1.0 2.9 3.6
--------------------------------------------------------------------------------
Taxes paid -9.2 -10.6 -14.6
--------------------------------------------------------------------------------
Net cash flow from operating activities 136.9 122.7 144.6
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Cash flow from investing activities
--------------------------------------------------------------------------------
Investments in property, plant and equipment -144.2 -91.8 -139.6
--------------------------------------------------------------------------------
Investments in intangible assets -2.7 -3.6 -5.1
--------------------------------------------------------------------------------
Investments in other assets 0.0 0.0
--------------------------------------------------------------------------------
Proceeds from sale of property, plant and 4.0 0.6
equipment
--------------------------------------------------------------------------------
Dividend received 0.3 1.3 1.3
--------------------------------------------------------------------------------
Interest paid -1.3 -2.3 -3.1
--------------------------------------------------------------------------------
Net cash flow from investing activities -143.9 -96.4 -145.9
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Cash flow from financing activities
--------------------------------------------------------------------------------
Withdrawal of loans 330.5 602.2 643.5
--------------------------------------------------------------------------------
Repayment of loans -302.4 -576.6 -621.5
--------------------------------------------------------------------------------
Dividends paid -13.1 -10.8 -10.8
--------------------------------------------------------------------------------
Net cash flow from financing activities 15.0 14.8 11.3
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net change in cash and cash equivalents 8.0 41.2 10.0
--------------------------------------------------------------------------------
Cash and cash equivalents at the beginning of the 213.8 203.8 203.8
financial period
--------------------------------------------------------------------------------
Cash and cash equivalents at the end of the 221.8 245.0 213.8
financial period
--------------------------------------------------------------------------------
QUARTERLY FIGURES
Q3/2013 Q2/2013 Q1/2013 Q4/2012 Q3/201 Q2/201 Q1/201
2 2 2
--------------------------------------------------------------------------------
Turnover EUR M 107.8 109.5 170.6 153.7 106.0 92.7 169.6
--------------------------------------------------------------------------------
Operating EUR M 9.9 -10.2 79.1 38.5 7.1 -5.1 54.2
profit
--------------------------------------------------------------------------------
Operating % 9.2 -9.3 46.4 25.0 6.7 -5.5 32.0
profit
--------------------------------------------------------------------------------
INVESTMENTS, EUR MILLION Jan-Sept 2013 Jan-Sept
2012
---------------------------------------------------
Grid investments 120.0 57.7
---------------------------------------------------
Substations 50.5 28.5
---------------------------------------------------
Transmission lines 69.5 29.2
---------------------------------------------------
Gas turbine investments 2.4 16.5
---------------------------------------------------
Current gas turbine plants 2.1
---------------------------------------------------
New gas turbine plants 2.4 14.4
---------------------------------------------------
Other investments 8.1 8.4
---------------------------------------------------
ICT 6.9 4.7
---------------------------------------------------
Other 1.2 3.7
---------------------------------------------------
---------------------------------------------------
Total investments 130.5 82.5
---------------------------------------------------
Research and development expenses,
EUR MILLION
-----------------------------------------------------------
Jan-Sept Jan-Sept 2012
2013
-----------------------------------------------------------
Research and development expenses 1,2 1,0
-----------------------------------------------------------
DERIVATIVE AGREEMENTS, EUR MILLION
--------------------------------------------------------------------------------
-
30 Sept 2013 30 Sept 2012
--------------------------------------------------------------------------------
Interest and Fair Fair Net Nomina Fair Fair Net Nomina
currency value value fair l value value fair l
derivatives pos. neg. value value pos. neg. value value
--------------------------------------------------------------------------------
Cross-currency 54 -7 47 377 92 -9 84 426
swaps
--------------------------------------------------------------------------------
Forward 0 0 0 20 0 3
contracts
--------------------------------------------------------------------------------
Interest rate 13 -8 5 461 13 -9 5 361
swaps
--------------------------------------------------------------------------------
Call options, 0 0 475 0 850
bought
--------------------------------------------------------------------------------
Total 67 -15 52 1 333 106 -17 89 1 640
================================================================================
Electricity Fair Fair Net Volume Fair Fair Net Volume
derivatives value value fair TWh value value fair TWh
pos. neg. value pos. neg. value
--------------------------------------------------------------------------------
Electricity 0 -12 -12 2.36 -24 -24 3.60
forward
contracts,
NASDAX OMX
Commodities,
designated as
hedge
accounting
--------------------------------------------------------------------------------
Electricity -10 -10 1.66 -3 -3 0.29
forward
contracts,
NASDAX OMX
Commodities,
not designated
as hedge
accounting
--------------------------------------------------------------------------------
Total 0 -22 -22 4.01 27 -27 3.89
================================================================================
DERIVATIVE AGREEMENTS, EUR MILLION
--------------------------------------------------------------------------------
-
31 Dec 2012
--------------------------------------------------------------------------------
Interest and currency derivatives Fair Fair Net Nominal
value value fair value
pos. neg. value
--------------------------------------------------------------------------------
Cross-currency swaps 79 -7 72 419
--------------------------------------------------------------------------------
Forward contracts 0 0 3
--------------------------------------------------------------------------------
Interest rate swaps 15 -10 5 406
--------------------------------------------------------------------------------
Call options, bought 0 0 810
--------------------------------------------------------------------------------
Total 94 -16 77 1 637
================================================================================
Electricity derivatives Fair Fair Net Volume
value value fair TWh
pos. neg. value
--------------------------------------------------------------------------------
Electricity forward contracts, NASDAX OMX -17 -17 2.68
Commodities, designated as hedge
accounting
--------------------------------------------------------------------------------
Electricity forward contracts, NASDAX OMX -10 -10 1.20
Commodities, not designated as hedge
accounting
--------------------------------------------------------------------------------
Total -27 -27 3.88
================================================================================
Fair value hierarchy, EUR million 30 Sept 2013
--------------------------------------------------------------------------------
Level 1 Level 2 Level 3
Financial assets recognised at fair value
--------------------------------------------------------------------------------
Available-for-sale investments 0 0
--------------------------------------------------------------------------------
Interest and currency derivatives 52
--------------------------------------------------------------------------------
Financial assets recognised at fair value 20 177
--------------------------------------------------------------------------------
Financial assets recognised at fair value total 20 229
================================================================================
--------------------------------------------------------------------------------
Financial liabilities recognised at fair value
--------------------------------------------------------------------------------
Electricity forward contracts, NASDAX OMX Commodities -22
--------------------------------------------------------------------------------
Financial liabilities recognised at fair value total -22 0
--------------------------------------------------------------------------------
Fair value measurement of assets and liabilities are categorised in a
three-level hierarchy in the fair value presentation. The appropriate hierarchy
is based on the input data of the instrument. The level is determined on the
basis of the lowest level of input for the instrument in its entirety that is
significant to the fair value measurement.
Level 1: Inputs are publicly quoted in active markets.
Level 2: Inputs are not publicly quoted and are observable market parameters
either directly or indirectly.
Level 3: Inputs are neither publicly quoted nor observable market parameters.
Commitments and contingencies, EUR 30 Sept 2013 30 Sept 2012 31 Dec 2012
million
--------------------------------------------------------------------------------
Pledges/ bank balances 1 0 0
--------------------------------------------------------------------------------
Rental liabilities 26 25 25
--------------------------------------------------------------------------------
Commitment fee of revolving credit 1 2 2
facility
--------------------------------------------------------------------------------
Total 29 27 27
--------------------------------------------------------------------------------
Investment commitments 175 260 217
--------------------------------------------------------------------------------
Other financial liabilities 2 2 2
--------------------------------------------------------------------------------
Changes in property, plant and equipment, 30 Sept 30 Sept 31 Dec
EUR million 2013 2012 2012
--------------------------------------------------------------------------------
Carrying amount at beginning of period 1 485 1 420 1 420
--------------------------------------------------------------------------------
Increases 130 82 138
--------------------------------------------------------------------------------
Decreases -2 0
--------------------------------------------------------------------------------
Depreciation and amortisation expense -59 -54 -73
--------------------------------------------------------------------------------
Carrying amount at end of period 1 553 1 448 1 485
--------------------------------------------------------------------------------
Transactions with associated companies 30 Sept 2013 30 Sept 2012 31 Dec 2012
-------------------------------------------------------------------------------
Sales 5 4 7
-------------------------------------------------------------------------------
Purchases 31 34 47
-------------------------------------------------------------------------------
Receivables 0 2 2
-------------------------------------------------------------------------------
Liabilities 1 0 0
-------------------------------------------------------------------------------
Transactions with owners, EUR million 30 Sept 2013 30 Sept 2012 31 Dec 2012
------------------------------------------------------------------------------
Owners
------------------------------------------------------------------------------
Purchases 0 0 0
------------------------------------------------------------------------------
Liabilities 0
------------------------------------------------------------------------------
Other related parties
------------------------------------------------------------------------------
Sales 60 52 67
------------------------------------------------------------------------------
Purchases 35 36 42
------------------------------------------------------------------------------
Receivables 3 0 1
------------------------------------------------------------------------------
Liabilities 2 3 8
------------------------------------------------------------------------------
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 2012.
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 review period.
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
management's present views.
Due to their nature, they contain some risk and uncertainty and are subject to
changes in economy and the relevant business.
www.fingrid.fi
© 2024 Nasdaq, Inc. All Rights Reserved |