2007-08-13 09:08:32 CEST
2007-08-13 09:08:32 CEST
REGLERAD INFORMATION
Fingrid Oyj - Quarterly report
FINGRID GROUP'S INTERIM REPORT 1 JANUARY - 30 JUNE 2007
FINGRID GROUP'S INTERIM REPORT 1 JANUARY - 30 JUNE 2007
Review of operations
A total of 46 terawatt hours of electricity was consumed in Finland during the
first half of 2007. This was 0.9 per cent less than during the corresponding
period in 2006.
During the early part of the year, electricity transmissions between Finland and
Sweden mainly consisted of imports into Finland.
Almost a full volume of electricity was imported from Russia during the review
period. Annual maintenance work, which restricted the import capacity on the
Russian connection, commenced in June and continued until July.
The system agreement which governs imports from Russia and the agreements on the
entire commercial import capacity of 1,300 megawatts will be renewed at the end
of this year. Fingrid has launched discussions with the Russian parties on the
application of increasingly market-focused procedures to electricity
transmissions from Russia.
Most of the transmissions on the Estlink connection, which was taken into
commercial operation at the beginning of 2007, have comprised imports into
Finland, but electricity has also been exported to the Baltic countries during
some hours. Border tariffs on electricity trade were abolished between Finland
and Estonia in June when Estonia joined the European transit compensation
mechanism.
During the second quarter, there were no significant faults in the grid
affecting the transmission capacity made available to the market. The protection
system for power shortfall, installed at Fingrid's substations, was commissioned
in the spring. The system is the last protection step in serious disturbance
situations, preventing frequency from decreasing so low that power plants would
be disconnected from the grid.
The volume of loss energy in the grid (550 GWh) was slightly higher than during
the corresponding period in 2006 (517 GWh).
The environmental impact assessment report of the 400 kV transmission line
Seinäjoki - Tuovila was displayed for public review, and an expropriation permit
was granted for the 400 kV transmission line Keminmaa - Petäjäskoski.
Capital expenditure
Gross capital expenditure during the period examined totalled 36 million euros
(24 million euros during the corresponding period in 2006).
At the end of June, there were 25 ongoing grid projects with a value of more
than one million euros. Six of these were projects in excess of 10 million
euros. The elevation of series compensation levels at the Uusnivala and
Vuolijoki substations were completed in the spring and early summer, and a new
110 kV transmission line between Koria and Orimattila was also finalised.
Financial result
The Group's revenue during the review period was 161 million euros (180 million
euros during the corresponding period in 2006). Revenue declined due to lower
sales of balance power and decrease in grid revenues. Sales of balance power
were decreased by a lower price of balance power, and grid revenues were
diminished by the tariff reduction which became into force at the beginning of
this year and by a decrease in electricity consumption.
Operating profit without the change in the fair value of derivatives was 41
million euros (58 million euros). Operating profit declined mainly because of
the tariff reductions, repair costs of the sea cable damage, and rise in the
purchase costs of loss energy. The operating profit in accordance with IFRS was
53 million euros (68 million euros), which contains 12 million euros (10 million
euros) of positive change in the fair value of electricity derivatives. The IFRS
profit before taxes was 34 million euros (53 million euros). The equity ratio
was 26.7 per cent (25.8 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 six-month result.
Financing
The financial position of the Group continued to be good throughout the review
period. The net finance costs of the Group were 20 million euros (15 million
euros). Financial assets recognised at fair value in the income statement, and
cash and cash equivalents amounted to 200 million euros (206 million euros) at
30 June 2007. The interest-bearing liabilities, including derivative
liabilities, totalled 966 million euros (977 million euros), of which 788
million euros (786 million euros) were long-term and 178 million euros (192
million euros) were short-term.
The counterparty risk involved in the derivative contracts relating to financing
was 6 million euros (8 million euros). The company has an undrawn revolving
credit facility of 250 million euros.
Fingrid Oyj used its premature right of repayment on 15 May 2007 by paying back
the full capital loan of 138 million euros which had been issued on 1 September
1997.
Personnel
The total personnel of the Fingrid Group averaged 237 (237) during the review
period.
Auditing
The consolidated figures in this Interim Report are unaudited.
Outlook for the remaining part of the year
The profit of the Fingrid Group for the entire year without the change in the
fair value of derivatives is expected to decrease somewhat on the previous year.
Board of Directors
Appendices: Tables for the interim report 1 January - 30 June 2007 (Appendix 1)
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
Appendix: Tables for the Interim Report 1 January - 30 June 2007
--------------------------------------------------------------------------------
| Condensed | 2007 | 2006 | | 2007 | 2006 | | 2006 |
| consolidated | | | | | | | |
| income | | | | | | | |
--------------------------------------------------------------------------------
| statement, | Jan - | Jan - | Chang | Apr - | Apr - | Change | Jan - |
| million euros | Jun | Jun | e | Jun | Jun | | Dec |
--------------------------------------------------------------------------------
| Revenue | 161.0 | 180.4 | -19.4 | 59.9 | 66.9 | -7.0 | 351.3 |
--------------------------------------------------------------------------------
| Other operating | 0.9 | 0.9 | 0.0 | 0.5 | 0.5 | 0.0 | 2.2 |
| income | | | | | | | |
--------------------------------------------------------------------------------
| Depreciation and | -25.5 | -25.4 | -0.1 | -12.7 | -12.9 | 0.2 | -52.3 |
| amortisation | | | | | | | |
| expense | | | | | | | |
--------------------------------------------------------------------------------
| Operating | -83.5 | -87.7 | 4.1 | -28.0 | -47.6 | 19.7 | -221.7 |
| expenses | | | | | | | |
--------------------------------------------------------------------------------
| Operating profit | 53.0 | 68.2 | -15.3 | 19.7 | 6.9 | 12.9 | 79.5 |
--------------------------------------------------------------------------------
| Finance income | -19.7 | -15.3 | -4.4 | -11.8 | -7.5 | -4.2 | -29.3 |
| and costs | | | | | | | |
--------------------------------------------------------------------------------
| Portion of | 0.3 | 0.5 | -0.2 | 0.1 | 0.3 | -0.2 | 1.2 |
| profit of | | | | | | | |
| associated | | | | | | | |
| companies | | | | | | | |
--------------------------------------------------------------------------------
| Profit before | 33.5 | 53.4 | -19.9 | 8.1 | -0.4 | 8.5 | 51.5 |
| taxes | | | | | | | |
--------------------------------------------------------------------------------
| Income taxes | -8.7 | -13.8 | 5.1 | -2.1 | 0.2 | -2.2 | -13.1 |
--------------------------------------------------------------------------------
| Profit for the | 24.9 | 39.7 | -14.8 | 6.0 | -0.2 | 6.2 | 38.3 |
| period | | | | | | | |
--------------------------------------------------------------------------------
| Earnings per | | | | | | | |
| share (euros)* | | | | | | | |
| belonging | | | | | | | |
--------------------------------------------------------------------------------
| to the owners of | 7 483 | 11 | -4 | 1 817 | -57 | 1 874 | 11 531 |
| the parent | | 929 | 446 | | | | |
| company, | | | | | | | |
--------------------------------------------------------------------------------
| calculated from | | | | | | | |
| profit | | | | | | | |
--------------------------------------------------------------------------------
| *no dilution | | | | | | | |
| effect | | | | | | | |
--------------------------------------------------------------------------------
| Condensed consolidated | | | 2007 | 2006 | | 2006 |
| balance sheet, | | | | | | |
--------------------------------------------------------------------------------
| million euros | | | | 30 | 30 Jun | Change | 31 Dec |
| | | | | Jun | | | |
--------------------------------------------------------------------------------
| ASSETS | | | | | | | |
--------------------------------------------------------------------------------
| Non-current | | | | | | | |
| assets | | | | | | | |
--------------------------------------------------------------------------------
| Goodwill | | | | 87.9 | 87.9 | 0.0 | 87.9 |
--------------------------------------------------------------------------------
| Intangible | | | | 80.6 | 80.6 | -0.1 | 80.4 |
| assets | | | | | | | |
--------------------------------------------------------------------------------
| Property, plant | | | | 1 | 1 | 28.8 | 1 |
| and equipment | | | | 076.2 | 047.3 | | 065.8 |
--------------------------------------------------------------------------------
| Investments | | | | 7.6 | 6.6 | 1.0 | 7.2 |
--------------------------------------------------------------------------------
| Receivables | | | | 25.3 | 37.7 | -12.3 | 13.4 |
--------------------------------------------------------------------------------
| Current assets | | | | | | | |
--------------------------------------------------------------------------------
| Inventories | | | | 4.8 | 3.0 | 1.8 | 3.8 |
--------------------------------------------------------------------------------
| Receivables | | | | 30.8 | 30.1 | 0.7 | 51.2 |
--------------------------------------------------------------------------------
| Financial assets | | | | | | |
| recognised in income | | | | | | |
| statement | | | | | | |
--------------------------------------------------------------------------------
| at fair value | | | | 193.7 | 203.5 | -9.8 | 186.7 |
--------------------------------------------------------------------------------
| Cash and cash | | | | 6.4 | 2.7 | 3.7 | 17.4 |
| equivalents | | | | | | | |
--------------------------------------------------------------------------------
| Total assets | | | | 1 | 1 | 13.8 | 1 |
| | | | | 513.2 | 499.4 | | 513.8 |
--------------------------------------------------------------------------------
| | | | | | | | |
--------------------------------------------------------------------------------
| SHAREHOLDERS' EQUITY AND | | | | | | |
| LIABILITIES | | | | | | |
--------------------------------------------------------------------------------
| Shareholders' equity | | | | | | |
| belonging to the owners | | | | | | |
| of the | | | | | | |
--------------------------------------------------------------------------------
| parent company | | | | | | | |
--------------------------------------------------------------------------------
| Shareholders' | | | | 403.6 | 387.0 | 16.7 | 385.5 |
| equity | | | | | | | |
--------------------------------------------------------------------------------
| Non-current | | | | | | | |
| liabilities | | | | | | | |
--------------------------------------------------------------------------------
| Non-current | | | | 788.0 | 785.7 | 2.3 | 757.5 |
| interest-bearing | | | | | | | |
| liabilities | | | | | | | |
--------------------------------------------------------------------------------
| Other | | | | 101.9 | 95.9 | 6.0 | 97.0 |
| non-current | | | | | | | |
| liabilities | | | | | | | |
--------------------------------------------------------------------------------
| Current | | | | | | | |
| liabilities | | | | | | | |
--------------------------------------------------------------------------------
| Current | | | | 178.4 | 191.7 | -13.3 | 212.8 |
| interest-bearing | | | | | | | |
| liabilities | | | | | | | |
--------------------------------------------------------------------------------
| Trade and other | | | | 41.3 | 39.1 | 2.2 | 60.9 |
| payables | | | | | | | |
--------------------------------------------------------------------------------
| Total sharehoulders' | | | 1 | 1 | 13.8 | 1 |
| equity and liabilities | | | 513.2 | 499.4 | | 513.8 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Key indicators, | | | | | 2007 | 2006 | 2006 |
| million euros | | | | | | | |
--------------------------------------------------------------------------------
| | | | | | Jan - | Jan - | Jan - |
| | | | | | Jun | Jun | Dec |
--------------------------------------------------------------------------------
| Revenue | | | | | 161.0 | 180.4 | 351.3 |
--------------------------------------------------------------------------------
| Capital | | | | | 36.1 | 24.5 | 69.6 |
| expenditure, | | | | | | | |
| gross | | | | | | | |
--------------------------------------------------------------------------------
| - % of revenue | | | | | 22.4 | 13.6 | 19.8 |
--------------------------------------------------------------------------------
| Research and | | | | | 0.5 | 0.6 | 1.2 |
| development | | | | | | | |
| expenses | | | | | | | |
--------------------------------------------------------------------------------
| - % of revenue | | | | | 0.3 | 0.3 | 0.4 |
--------------------------------------------------------------------------------
| Personnel, | | | | | 237 | 237 | 238 |
| average | | | | | | | |
--------------------------------------------------------------------------------
| Operating profit | | | | | 53.0 | 68.2 | 79.5 |
--------------------------------------------------------------------------------
| - % of revenue | | | | | 32.9 | 37.8 | 22.6 |
--------------------------------------------------------------------------------
| Profit before | | | | | 33.5 | 53.4 | 51.5 |
| taxes | | | | | | | |
--------------------------------------------------------------------------------
| - % of revenue | | | | | 20.8 | 29.6 | 14.7 |
--------------------------------------------------------------------------------
| Interest bearing | | | | | 766.3 | 771.1 | 766.3 |
| liabilities, | | | | | | | |
| net* | | | | | | | |
--------------------------------------------------------------------------------
| Equity ratio, %* | | | | | 26.7 | 25.8 | 25.5 |
--------------------------------------------------------------------------------
| Shareholders' | | | | | 403.6 | 387.0 | 385.5 |
| equity* | | | | | | | |
--------------------------------------------------------------------------------
| Equity per | | | | | 121 | 116 | 115 |
| share, euros* | | | | | 389 | 381 | 952 |
--------------------------------------------------------------------------------
| Earnings per | | | | | 7 483 | 11 929 | 11 531 |
| share, euros* | | | | | | | |
--------------------------------------------------------------------------------
| * end of period | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Consolidated | | Share | Reval- | Trans- | | |
| statement of | | | | | | |
| changes | | | | | | |
--------------------------------------------------------------------------------
| in total equity, | Share | premium | uation | lation | Retaine | |
| million euros | | | | | d | |
--------------------------------------------------------------------------------
| | capita | account | reserv | reserv | earning | Total |
| | l | | e | e | s | |
--------------------------------------------------------------------------------
| Capital and | 55.9 | 55.9 | 0.0 | 0.2 | 241.9 | 353.9 |
| reserves 1 Jan | | | | | | |
| 2006 | | | | | | |
--------------------------------------------------------------------------------
| Change in | | | | 0.0 | | 0.0 |
| translation | | | | | | |
--------------------------------------------------------------------------------
| Dividend | | | | | -6.6 | -6.6 |
| distribution | | | | | | |
--------------------------------------------------------------------------------
| Profit for period | | | | | 39.7 | 39.7 |
--------------------------------------------------------------------------------
| Capital and | 55.9 | 55.9 | 0.0 | 0.2 | 274.9 | 387.0 |
| reserves 30 Jun | | | | | | |
| 2006 | | | | | | |
--------------------------------------------------------------------------------
| Change in | | | | -0.1 | | -0.1 |
| translation | | | | | | |
--------------------------------------------------------------------------------
| Profit for period | | | | | -1.3 | -1.3 |
--------------------------------------------------------------------------------
| Other changes | | | 0.0 | | | 0.0 |
--------------------------------------------------------------------------------
| Capital and | 55.9 | 55.9 | 0.0 | 0.1 | 273.6 | 385.5 |
| reserves 31 Dec | | | | | | |
| 2006 | | | | | | |
--------------------------------------------------------------------------------
| Change in | | | | 0.1 | | 0.1 |
| translation | | | | | | |
--------------------------------------------------------------------------------
| Dividend | | | | | -6.9 | -6.9 |
| distribution | | | | | | |
--------------------------------------------------------------------------------
| Profit for period | | | | | 24.9 | 24.9 |
--------------------------------------------------------------------------------
| Capital and | 55.9 | 55.9 | 0.0 | 0.2 | 291.5 | 403.6 |
| reserves 30 Jun | | | | | | |
| 2007 | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Condensed | | | | 2007 | 2006 | 2006 |
| consolidated cash | | | | | | |
| flow | | | | | | |
--------------------------------------------------------------------------------
| statement, | | | | Jan - | Jan - | Jan - |
| million euros | | | | Jun | Jun | Dec |
--------------------------------------------------------------------------------
| Cash flow from | | | | | | |
| operating | | | | | | |
| activities | | | | | | |
--------------------------------------------------------------------------------
| Profit for the | | | | 24.9 | 39.7 | 38.3 |
| financial year | | | | | | |
--------------------------------------------------------------------------------
| Adjustments | | | | 41.9 | 44.2 | 111.6 |
--------------------------------------------------------------------------------
| Changes in | | | | 13.3 | 6.9 | -6.8 |
| working capital | | | | | | |
--------------------------------------------------------------------------------
| Interests paid | | | | -25.5 | -27.7 | -41.6 |
--------------------------------------------------------------------------------
| Interests | | | | 3.1 | 1.9 | 5.4 |
| received | | | | | | |
--------------------------------------------------------------------------------
| Taxes paid | | | | -1.2 | -1.3 | -2.3 |
--------------------------------------------------------------------------------
| Net cash flow from | | | 56.4 | 63.7 | 104.7 |
| operating activities | | | | | |
--------------------------------------------------------------------------------
| | | | | | | |
--------------------------------------------------------------------------------
| Cash flow from | | | | | | |
| investing | | | | | | |
| activities | | | | | | |
--------------------------------------------------------------------------------
| Purchase of | | | | -42.8 | -28.2 | -65.5 |
| property, plant | | | | | | |
| and equipment | | | | | | |
--------------------------------------------------------------------------------
| Purchase of | | | | -1.3 | -1.4 | -2.4 |
| intangible assets | | | | | | |
--------------------------------------------------------------------------------
| Purchase of other | | | | 0.0 | 0.0 | 0.0 |
| assets | | | | | | |
--------------------------------------------------------------------------------
| Proceeds from | | | | 0.0 | 0.0 | 0.0 |
| other investments | | | | | | |
--------------------------------------------------------------------------------
| Proceeds from sale of | | | 0.0 | 0.0 | 0.0 |
| property, plant and | | | | | |
| equipment | | | | | |
--------------------------------------------------------------------------------
| Repayment of | | | | 0.1 | 0.1 | 0.1 |
| loans receivable | | | | | | |
--------------------------------------------------------------------------------
| Dividends | | | | 0.0 | 0.6 | 0.6 |
| received | | | | | | |
--------------------------------------------------------------------------------
| Net cash flow from | | | -44.0 | -28.9 | -67.3 |
| investing activities | | | | | |
--------------------------------------------------------------------------------
| | | | | | | |
--------------------------------------------------------------------------------
| Cash flow from | | | | | | |
| financing | | | | | | |
| activities | | | | | | |
--------------------------------------------------------------------------------
| Withdrawal of | | | | 246.7 | 197.9 | 228.4 |
| loans | | | | | | |
--------------------------------------------------------------------------------
| Repayment of | | | | -257.6 | -208.4 | -243.3 |
| loans | | | | | | |
--------------------------------------------------------------------------------
| Dividends paid | | | | -6.9 | -6.6 | -6.6 |
--------------------------------------------------------------------------------
| Net cash flow from | | | -17.9 | -17.1 | -21.5 |
| financing activities | | | | | |
--------------------------------------------------------------------------------
| | | | | | | |
--------------------------------------------------------------------------------
| Net change in cash and | | | -5.4 | 17.7 | 15.9 |
| cash equivalents | | | | | |
--------------------------------------------------------------------------------
| Cash and cash | | | | 204.1 | 187.9 | 187.9 |
| equivalents 1 Jan | | | | | | |
--------------------------------------------------------------------------------
| Impact of changes | | | | 0.0 | 0.0 | 0.0 |
| in exchange rates | | | | | | |
--------------------------------------------------------------------------------
| Impact of changes in fair | | | 1.4 | 0.6 | 0.3 |
| value of investments | | | | | |
--------------------------------------------------------------------------------
| Cash and cash | | | | 200.1 | 206.3 | 204.1 |
| equivalents 30 | | | | | | |
| Jun | | | | | | |
--------------------------------------------------------------------------------
3(3)
--------------------------------------------------------------------------------
| Derivative | 30 Jun 2007 | 30 Jun 2006 | 31 Dec 2006 |
| agreements, | | | |
--------------------------------------------------------------------------------
| million euros | Net fair | Notion | Net | Notiona | Net | Notion |
| | | al | fair | l | fair | al |
--------------------------------------------------------------------------------
| | value | value | value | value | value | value |
--------------------------------------------------------------------------------
| Interest and | | | | | | |
| currency | | | | | | |
| derivatives | | | | | | |
--------------------------------------------------------------------------------
| Cross-currency | -62 | 418 | -36 | 332 | -44 | 322 |
| swaps | | | | | | |
--------------------------------------------------------------------------------
| Forward contracts | -1 | 79 | 0 | 101 | -3 | 94 |
--------------------------------------------------------------------------------
| Interest rate swaps | 0 | 191 | -1 | 228 | -1 | 213 |
--------------------------------------------------------------------------------
| Call options, | 14 | 470 | 10 | 530 | 11 | 530 |
| bought | | | | | | |
--------------------------------------------------------------------------------
| Total | -50 | 1 158 | -27 | 1 190 | -37 | 1 159 |
--------------------------------------------------------------------------------
| | 30 Jun 2007 | 30 Jun 2006 | 31 Dec 2006 |
--------------------------------------------------------------------------------
| | Net fair | Volume | Net | Volume | Net | Volume |
| | | | fair | | fair | |
--------------------------------------------------------------------------------
| | value | TWh | value | TWh | value | TWh |
--------------------------------------------------------------------------------
| Electricity | | | | | | |
| derivatives | | | | | | |
--------------------------------------------------------------------------------
| Futures contracts, | | | | | | |
| Nord Pool ASA | | | | | | |
--------------------------------------------------------------------------------
| Forward contracts | 8 | 3.04 | 24 | 1.98 | -3 | 2.81 |
| of electricity, | | | | | | |
| Nord Pool Clearing | | | | | | |
--------------------------------------------------------------------------------
| Forward contracts | 2 | 0.14 | 2 | 0.14 | 1 | 0.14 |
| of electricity, | | | | | | |
| others | | | | | | |
--------------------------------------------------------------------------------
| Call options, | | | | | | |
| bought | | | | | | |
--------------------------------------------------------------------------------
| Total | 10 | 3.18 | 26 | 2.12 | -2 | 2.96 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Commitments and | | | | | | |
| contingensies, | | | | | | |
--------------------------------------------------------------------------------
| million euros | | | |
| | 30 Jun 2007 | 30 Jun 2006 | 31 Dec 2006 |
--------------------------------------------------------------------------------
| Pledges / bank | | 5 | | 0 | | 14 |
| balances | | | | | | |
--------------------------------------------------------------------------------
| Rental liabilities | | 10 | | 9 | | 10 |
--------------------------------------------------------------------------------
| Commitment fee of | | 1 | | 1 | | 1 |
| revolving credit | | | | | | |
| facility | | | | | | |
--------------------------------------------------------------------------------
| Total | | 15 | | 10 | | 25 |
--------------------------------------------------------------------------------
| Capital commitments | | 80 | | 85 | | 64 |
--------------------------------------------------------------------------------
| | | | | | | |
--------------------------------------------------------------------------------
| Other financial | | 1 | | 1 | | 1 |
| liabilities | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Changes in | | | | | | |
| property,plant and | | | | | | |
--------------------------------------------------------------------------------
| equipment, million | 30 Jun 2007 | | |
| euros | | 30 Jun 2006 | 31 Dec 2006 |
--------------------------------------------------------------------------------
| Carrying amount at | | 1 066 | | 1 048 | | 1 048 |
| beginning of period | | | | | | |
--------------------------------------------------------------------------------
| Increases | | 35 | | 24 | | 68 |
--------------------------------------------------------------------------------
| Decreases | | 0 | | | | 0 |
--------------------------------------------------------------------------------
| Depreciation and | | -25 | | -25 | | -51 |
| amortisation | | | | | | |
| expense | | | | | | |
--------------------------------------------------------------------------------
| Carrying amount at | | 1 076 | | 1 047 | | 1 066 |
| end of period | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | |
--------------------------------------------------------------------------------
| Related party | | | | | | |
| transactions and | | | | | | |
| balances, | | | | | | |
--------------------------------------------------------------------------------
| million euros | 30 Jun 2007 | | |
| | | 30 Jun 2006 | 31 Dec 2006 |
--------------------------------------------------------------------------------
| Sales | | 48 | | 44 | | 73 |
--------------------------------------------------------------------------------
| Purchases | | 38 | | 53 | | 73 |
--------------------------------------------------------------------------------
| Receivables | | 3 | | 0 | | 1 |
--------------------------------------------------------------------------------
| Liabilities | | 5 | | 3 | | 5 |
--------------------------------------------------------------------------------
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 2006. IFRS 7 (Financial Instruments:
Disclosures) will be adopted in the annual financial statements for 2007. The
Group has analysed the potential impacts of these revised standards and
interpretations, and they are not expected to be significant.
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 IAS 14 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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