2009-04-27 11:00:00 CEST
2009-04-27 11:00:21 CEST
REGULATED INFORMATION
Fingrid Oyj - Interim report (Q1 and Q3)
FINGRID GROUP'S INTERIM REPORT 1 JANUARY - 31 MARCH 2009
FINGRID GROUP'S INTERIM REPORT 1 JANUARY - 31 MARCH 2009 STOCK EXCHANGE RELEASE 27.4.2009 12.00 Review of operations Power system operation A total of 23.3 (25.1) terawatt hours of electricity was consumed in Finland from the beginning of 2009 to the end of March. The economic recession and reduced industrial production decreased electricity consumption. A total of 17.5 TWh of electricity was transmitted in Fingrid's grid during the same period, representing 75 per cent of the electricity consumption in Finland. Because of the mild winter and recession, the electricity consumption peak was only 13,008 megawatts (13,763 MW in 2008 according to Finnish Energy Industries). The peak power was 755 MW less than the peak figure in the previous winter, and as much as 1,906 MW less than the record peak power of 14,914 MW attained two years ago. From January to March, 0.4 TWh (1.9 TWh) of electricity was imported from Sweden into Finland, and 1.5 TWh (0.2 TWh) was exported from Finland into Sweden. Electricity imports from Russia from January to March were 3.1 TWh (2.5 TWh) and from Estonia 0.6 TWh (0.5 TWh). During the review period, there were no significant extensive faults in the grid. The dimensioning fault in the Finnish power system had to be raised temporarily in January from the earlier level of just under 900 MW to 1,300 MW. This was due to the changes made at the Olkiluoto nuclear power plants in order to secure nuclear safety. In order to control the situation, the import capacity from Sweden has been reduced temporarily by 100-300 MW until May, and the present maximum import capacity is hence 1,750-1,950 MW. The protection changes at Olkiluoto have no impact on the export capacity. -------------------------------------------------------------------------------- | Power system operation | 1.-3. 2009 | 1.-3. 2008 | -------------------------------------------------------------------------------- | Electricity consumption in Finland TWh | 23.3 | 25.1 | -------------------------------------------------------------------------------- | Fingrid's transmission volume TWh | 17.5 | 17.3 | -------------------------------------------------------------------------------- | Fingrid's loss energy volume TWh | 0.3 | 0.3 | -------------------------------------------------------------------------------- | Electricity transmissions Finland-Sweden | | | -------------------------------------------------------------------------------- | exports to Sweden TWh | 1.5 | 0.2 | -------------------------------------------------------------------------------- | imports from Sweden TWh | 0.4 | 1.9 | -------------------------------------------------------------------------------- | Electricity transmissions | | | | Finland-Estonia | | | -------------------------------------------------------------------------------- | imports from Estonia TWh | 0.6 | 0.5 | -------------------------------------------------------------------------------- | Electricity transmissions Finland-Russia | | | -------------------------------------------------------------------------------- | imports from Russia TWh | 3.1 | 2.5 | -------------------------------------------------------------------------------- Promotion of electricity market The average price on the spot market in Nord Pool (system price) and the area price for Finland were almost the same, i.e. approx. 38 €/MWh, during the first quarter of 2009. Maintenance work on the cross-border connection between Finland and Sweden restricted the available transmission capacity between the two countries, and transmission congestions restricted trading during 11 per cent of the hours in the early part of the year. The congestion income caused by transmission congestions on the border between Finland and Sweden totalled 0.5 million euros between January and March. The Nordic congestion income during the review period was 9.6 million euros (37.3 million euros). Fingrid's share of this Nordic congestion income was 0.7 million euros (3.6 million euros). A new Nordic balance service model was introduced at the beginning of 2009 in Finland, Sweden and Denmark. This reform will harmonise the rules of balance power trade in the Nordic countries. The main changes include the handling of electricity balances in two different balances -production and consumption balance - and the harmonisation of costs included in balance service. Another essential change was that production plans and regulating power bids must now be submitted 45 minutes before the beginning of each hour. The balance settlement for January was completed on schedule even though the new model required considerable changes in the procedures and data systems of both the electricity market parties and Fingrid. Based on the Finnish act on securing the availability of peak load power reserves, Fingrid renewed the contracts for the power reserves for the period of 1 March 2009 to 28 February 2011.New principles for the starting of electricity generation by power plants covered by the power reserve arrangement on the Elspot market were taken into use in the same conjunction. The annual costs for maintaining the power reserve arrangement will increase from 10 million euros to approx. 13 million euros as a result of the new contracts. The power reserve fee was raised from 0.15 euros per MWh to 0.18 euros per MWh from 1 April 2009. The fee will be revised when needed to correspond to the actual costs and electricity consumption. Between January and March, Fingrid's counter trade costs were only a few thousand euros, like during the corresponding period in 2008. The work group appointed by the Finnish Ministry of Employment and the Economy, studying the feed-in tariff for renewable energy, presented its proposal for the feed-in tariff system for wind power in the interim report published in early April. According to the proposal, Fingrid or its fully-owned subsidiary would administer the collection and payment system for the feed-in tariff for wind power. The final report of the work group will be complete by the end of June. The final report will also contain a proposal concerning a feed-in tariff for biogas electricity and an analysis of the application of the feed-in tariff arrangement to other sources of renewable energy. -------------------------------------------------------------------------------- | Electricity market | 1.-3. 2009 | 1.-3. 2008 | -------------------------------------------------------------------------------- | Nord Pool system price, average €/MWh | 38.23 | 37.99 | -------------------------------------------------------------------------------- | Area price Finland, average €/MWh | 38.10 | 39.27 | -------------------------------------------------------------------------------- | Congestion income in the Nordic countries | 9.6 | 37.3 | | million € | | | -------------------------------------------------------------------------------- | Congestion income between Finland and | 0.5 | 0.1 | | Sweden million € | | | -------------------------------------------------------------------------------- | Congestion income between Finland and | 4.8 | 0.3 | | Sweden % | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Fingrid's share of the congestion income in | 0.7 | 3.6 | | the Nordic countries million € | | | -------------------------------------------------------------------------------- Capital expenditure and grid maintenance The Group's gross capital expenditure during the review period was 16.3 million euros (13.6 million euros during the corresponding period in 2008). In March, Fingrid completed its project extending over several years: replacement of 400 kilovolt aluminium towers. A total of 1,300 aluminium towers were replaced by steel towers over a distance of 750 kilometres because of aluminium corrosion. The project started south of Oulu in 2000 on the Pyhäselkä-Alapitkä-Huutokoski line. The last part of the project concerned line Vuolijoki-Huutokoski. The total costs of the project were approx. 32 million euros. A grid analysis shared by Nordel and the Baltic region was completed in the early part of 2009. The analysis concluded, among other things, that a second transmission connection between Finland and Estonia is economically viable. Based on the findings, a survey concerning the implementation of the new connection has been launched. The EU has also included the project in its economy recovery package, and the use of this funding source is being studied. Financial result The Group's revenue was 115 million euros (115 million euros) during the period under review. The grid tariff and Russian transmission tariff were raised by 4.5 per cent at the beginning of 2009. The other operating income was 0.5 million euros (0.4 million euros). As a result of decreasing electricity consumption, grid revenue decreased slightly despite the 4.5 per cent tariff increase carried out at the beginning of the year. Revenue from the sales of balance power grew from the previous year to 30 million euros (27 million euros). Correspondingly, the purchases of balance power also grew to 28 million euros (23 million euros). These changes in sales and purchases were mainly due to the fact that the consumption and production balances are now handled in two different balances. Cross-border transmission income and peak load power income increased slightly from the corresponding period in 2008. ITC or inter-TSO compensations between the European TSOs grew to 3 million euros. Income and costs related to the feed-in tariff of peat decreased. Depreciation, loss energy, reserve power and personnel costs rose slightly. The changes in the first quarter from the corresponding period in 2008 are shown in the table below (in million euros). -------------------------------------------------------------------------------- | Revenue | 1-3/09 | 1-3/08 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Grid service revenue | 66.1 | 67.4 | -------------------------------------------------------------------------------- | Sales of balance power | 29.5 | 27.5 | -------------------------------------------------------------------------------- | Cross-border transmission | 6.3 | 5.3 | -------------------------------------------------------------------------------- | ITC income | 7.8 | 4.3 | -------------------------------------------------------------------------------- | Peak load power | 3.3 | 3.0 | -------------------------------------------------------------------------------- | Feed-in tariff for peat | 0.1 | 2.2 | -------------------------------------------------------------------------------- | Congestion income | 0.7 | 3.6 | -------------------------------------------------------------------------------- | Other operational revenue and other | 2.0 | 1.9 | | income | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Revenue and other income total | 115.9 | 115.2 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Costs | 1-3/09 | 1-3/08 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Depreciation | 15.3 | 14.2 | -------------------------------------------------------------------------------- | Purchase of balance power | 27.9 | 23.2 | -------------------------------------------------------------------------------- | ITC charges | 4.3 | 3.6 | -------------------------------------------------------------------------------- | Peak load power | 3.7 | 3.4 | -------------------------------------------------------------------------------- | Feed-in tariff for peat | 0.1 | 2.1 | -------------------------------------------------------------------------------- | Purchase of loss energy | 15.0 | 13.2 | -------------------------------------------------------------------------------- | Reserves | 4.8 | 4.5 | -------------------------------------------------------------------------------- | Maintenance management | 3.2 | 1.9 | -------------------------------------------------------------------------------- | Personnel | 5.0 | 4.9 | -------------------------------------------------------------------------------- | Other costs | 4.3 | 4.5 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Costs total | 83.6 | 75.4 | -------------------------------------------------------------------------------- Operating profit excluding the change in the fair value of electricity derivatives was 32 million euros (40 million euros). Operating profit decreased primarily because of reduced grid service revenue, congestion income, and result of balance service. The IFRS operating profit was 35 million euros (38 million euros), which contains 3 million euros (-2 million euros) of positive change in the fair value of electricity derivatives. The IFRS profit before taxes was 29 million euros (29 million euros). The total comprehensive income for the review period was 11 million euros (13 million euros). The equity ratio was 26.9 (27.9) per cent at the end of the review period. The Group's income flow is characterised by seasonal fluctuations, which is why the financial result for the entire year cannot be directly estimated on the basis of the three-month result. Financing The financial position of the Group continued to be satisfactory. The uncertain situation in the money and capital markets continues, and it is difficult to anticipate its time frame. The net financial costs of the Group were 6 million euros (8 million euros) during the review period. Financial assets recognised at fair value in the income statement, and cash and cash equivalents amounted to 211 million euros (223 million euros) at 31 March 2009. The interest-bearing liabilities, including derivative liabilities, totalled 928 million euros (952 million euros), of which 633 million euros (732 million euros) were long-term and 295 million euros (220 million euros) were short-term. The counterparty risk involved in the derivative contracts relating to financing was 8 million euros (9 million euros). The company has an undrawn revolving credit facility of 250 million euros. On April 15 2009 international rating agency Fitch Ratings assigned Fingrid Oyj a Long-Term Issuer Default Rating (IDR) of ‘AA-' (AA minus), senior unsecured debt rating of ‘AA', and Short-Term IDR of ‘F1+'. The agency also revised the outlook on the Long-Term IDR from Stable to Negative. Personnel The total personnel of the Fingrid Group averaged 242 (243) during the review period. Annual General Meeting Fingrid Oyj's Annual General Meeting was held in Helsinki on 19 March 2009. The Annual General Meeting accepted the financial statements for 2008, adopted the income statement and balance sheet, and granted discharge from liability to the members of the Board of Directors and to the President. Arto Lepistö, Deputy Director General, Ministry of Employment and the Economy, was elected as the Chairman of the Board, Timo Rajala, President and CEO, Pohjolan Voima Oy, as the First Deputy Chairman of the Board, and Timo Karttinen, Senior Vice President, Fortum Oyj, as the Second Deputy Chairman of the Board. The other Board members elected were Ari Koponen, Managing Director, Fortum Sähkönsiirto Oy, Ritva Nirkkonen, Fund Raising Manager, University of Jyväskylä, Special Duties, Anja Silvennoinen, Vice President, Energy, UPM-Kymmene Oyj, and Risto Autio, Director, Alternatives, Varma Mutual Pension Insurance Company. 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 - 31 March 2009 Further information: Jukka Ruusunen, President & CEO, +358 (0)30 395 5140 or +358 (0)40 593 8428 Tom Pippingsköld, CFO, +358 (0)30 395 5157 or +358 (0)40 519 5041 Appendices: Tables for the Interim Report 1 January - 31 March 2009 -------------------------------------------------------------------------------- | Condensed consolidated statement | 2009 | 2008 | Change | 2008 | | of comprehensive income, million | Jan-Mar | Jan-Mar | | Jan-Dec | | euros | | | | | -------------------------------------------------------------------------------- | Revenue | 115.4 | 114.8 | 0.7 | 382.3 | -------------------------------------------------------------------------------- | Other operating income | 0.5 | 0.4 | 0.1 | 2.5 | -------------------------------------------------------------------------------- | Depreciation and amortisation | -15.3 | -14.2 | -1.2 | -59.5 | | expense | | | | | -------------------------------------------------------------------------------- | Operating expenses | -65.8 | -63.1 | -2.7 | -257.0 | -------------------------------------------------------------------------------- | Operating profit | 34.8 | 37.9 | -3.1 | 68.4 | -------------------------------------------------------------------------------- | Finance income and costs | -5.8 | -8.1 | 2.3 | -31.4 | -------------------------------------------------------------------------------- | Portion of profit of associated | 0.2 | -0.3 | 0.5 | 0.5 | | companies | | | | | -------------------------------------------------------------------------------- | Profit before taxes | 29.1 | 29.5 | -0.4 | 37.5 | -------------------------------------------------------------------------------- | Income taxes | -7.5 | -7.8 | 0.2 | -9.7 | -------------------------------------------------------------------------------- | Profit for the period | 21.6 | 21.7 | -0.1 | 27.9 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other comprehensive income | | | | | -------------------------------------------------------------------------------- | Cash flow hedges | -10.6 | -8.4 | -2.1 | -32.5 | -------------------------------------------------------------------------------- | Translation reserve | 0.2 | 0.0 | 0.3 | -0.6 | -------------------------------------------------------------------------------- | Available-for-sale financial | | | | 0.0 | | assets | | | | | -------------------------------------------------------------------------------- | Total comprehensive income for | 11.3 | 13.3 | -2.0 | -5.3 | | the year | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit attributable to: | | | | | -------------------------------------------------------------------------------- | Equity holders of the company | 21.6 | 21.7 | -0.1 | 27.9 | -------------------------------------------------------------------------------- | Total comprehensive income | | | | | | attributable to: | | | | | -------------------------------------------------------------------------------- | Equity holders of the company | 11.3 | 13.3 | -2.0 | -5.3 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share (euros)* | 6491 | 6532 | -41 | 8 379 | | belonging to the owners of the | | | | | | parent company, calculated from | | | | | | profit | | | | | -------------------------------------------------------------------------------- | * no dilution effect | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Condensed consolidated balance | 2009 | 2008 | Change | 2008 | | sheet, million euros | 31 Mar | 31 Mar | | 31 Dec | -------------------------------------------------------------------------------- | ASSETS | | | | | -------------------------------------------------------------------------------- | Non-current assets | | | | | -------------------------------------------------------------------------------- | Goodwill | 87.9 | 87.9 | 0.0 | 87.9 | -------------------------------------------------------------------------------- | Intangible assets | 86.2 | 84.6 | 1.5 | 85.3 | -------------------------------------------------------------------------------- | Property, plant and equipment | 1 113.5 | 1 085.3 | 28.2 | 1 113.1 | -------------------------------------------------------------------------------- | Investments | 7.1 | 7.0 | 0.0 | 6.7 | -------------------------------------------------------------------------------- | Receivables | 13.4 | 17.7 | -4.2 | 9.9 | -------------------------------------------------------------------------------- | Current assets | | | | | -------------------------------------------------------------------------------- | Inventories | 5.0 | 4.7 | 0.4 | 4.6 | -------------------------------------------------------------------------------- | Receivables | 44.7 | 53.6 | -8.9 | 48.0 | -------------------------------------------------------------------------------- | Financial assets recognised in | 194.0 | 205.8 | -11.7 | 200.0 | | income statement at fair value | | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents | 16.8 | 17.3 | -0.5 | 6.1 | -------------------------------------------------------------------------------- | Total assets | 1568.7 | 1 563.9 | 4.8 | 1 561.6 | -------------------------------------------------------------------------------- | SHAREHOLDERS' EQUITY AND | | | | | | LIABILITIES | | | | | -------------------------------------------------------------------------------- | Shareholders' equity belonging to | | | | | | the owners of the parent company | | | | | -------------------------------------------------------------------------------- | Shareholders' equity | 422.2 | 436.1 | -14.0 | 417.6 | -------------------------------------------------------------------------------- | Non-current liabilities | | | | | -------------------------------------------------------------------------------- | Non-current interest-bearing | 633.1 | 732.3 | -99.2 | 678.3 | | liabilities | | | | | -------------------------------------------------------------------------------- | Other non-current liabilities | 168.5 | 114.7 | 53.7 | 150.1 | -------------------------------------------------------------------------------- | Current liabilities | | | | | -------------------------------------------------------------------------------- | Current interest-bearing | 295.0 | 219.8 | 75.2 | 254.5 | | liabilities | | | | | -------------------------------------------------------------------------------- | Trade and other payables | 49.9 | 60.9 | -11.0 | 61.0 | -------------------------------------------------------------------------------- | Total shareholders' equity and | 1568.7 | 1 563.9 | 4.8 | 1 561.6 | | liabilities | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Key indicators, million euros | 2009 | 2008 | 2008 | | | Jan -Mar | Jan - Mar | Jan - Dec | -------------------------------------------------------------------------------- | Revenue | 115.4 | 114.8 | 382.3 | -------------------------------------------------------------------------------- | Capital expenditure, gross | 16.3 | 13.6 | 87.9 | -------------------------------------------------------------------------------- | - % of revenue | 14.1 | 11.9 | 23.0 | -------------------------------------------------------------------------------- | Research and development expenses | 0.1 | 0.2 | 0.9 | -------------------------------------------------------------------------------- | - % of revenue | 0.1 | 0.2 | 0.2 | -------------------------------------------------------------------------------- | Personnel, average | 242 | 243 | 241 | -------------------------------------------------------------------------------- | Operating profit | 34.8 | 37.9 | 68.4 | -------------------------------------------------------------------------------- | - % of revenue | 30.1 | 33.0 | 17.9 | -------------------------------------------------------------------------------- | Profit before taxes | 29.1 | 29.5 | 37.5 | -------------------------------------------------------------------------------- | - % of revenue | 25.2 | 25.7 | 9.8 | -------------------------------------------------------------------------------- | Interest bearing liabilities, net* | 717.3 | 729.0 | 726.7 | -------------------------------------------------------------------------------- | Equity ratio, %* | 26.9 | 27.9 | 26.7 | -------------------------------------------------------------------------------- | Shareholders' equity, million | 422.2 | 436.1 | 417.6 | | euros* | | | | -------------------------------------------------------------------------------- | Equity per share, euros* | 126 971 | 131 169 | 125 600 | -------------------------------------------------------------------------------- | Earnings per share, euros* | 6 491 | 6 532 | 8 379 | -------------------------------------------------------------------------------- | * end of period | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Consolidated | Share | Share | Revalua | Translat | Retaine | Total | | statement of | capita | premi | tion | ion | d | | | changes in total | l | um | reserve | reserve | earning | | | equity, million | | accou | | | s | | | euros | | nt | | | | | -------------------------------------------------------------------------------- | Capital and | 55.9 | 55.9 | 9.4 | 0.2 | 308.6 | 430.0 | | reserves | | | | | | | | 1 Jan 2008 | | | | | | | -------------------------------------------------------------------------------- | Dividend | | | | | -7.2 | -7.2 | | distribution | | | | | | | -------------------------------------------------------------------------------- | Profit for period | | | -8.4 | 0.0 | 21.7 | 13.3 | -------------------------------------------------------------------------------- | Capital and | 55.9 | 55.9 | 1.0 | 0.2 | 323.2 | 436.1 | | reserves | | | | | | | | 31 Mar 2008 | | | | | | | -------------------------------------------------------------------------------- | Profit for period | | | -24.1 | -0.5 | 6.1 | -18.5 | -------------------------------------------------------------------------------- | Capital and | 55.9 | 55.9 | -23.2 | -0.4 | 329.3 | 417.6 | | reserves | | | | | | | | 31 Dec 2008 | | | | | | | -------------------------------------------------------------------------------- | Dividend | | | | | -6.7 | -6.7 | | distribution | | | | | | | -------------------------------------------------------------------------------- | Profit for period | | | -10.6 | 0.2 | 21.6 | 11.3 | -------------------------------------------------------------------------------- | Capital and | 55.9 | 55.9 | -33.7 | -0.1 | 344.2 | 422.2 | | reserves | | | | | | | | 31 Mar 2009 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Condensed consolidated cash flow statement, | 2009 | 2008 | 2008 | | million euros | Jan-Mar | Jan-Mar | Jan-Dec | -------------------------------------------------------------------------------- | Cash flow from operating activities | | | | -------------------------------------------------------------------------------- | Profit for the financial year | 21.6 | 21.7 | 33.0 | -------------------------------------------------------------------------------- | Adjustments | 26.1 | 30.7 | 109.1 | -------------------------------------------------------------------------------- | Changes in working capital | -6.8 | -1.9 | 4.8 | -------------------------------------------------------------------------------- | Interests paid | -7.1 | -7.3 | -40.8 | -------------------------------------------------------------------------------- | Interests received | 2.5 | 2.8 | 9.0 | -------------------------------------------------------------------------------- | Taxes paid | -0.3 | -0.6 | -2.3 | -------------------------------------------------------------------------------- | Net cash flow from operating activities | 36.0 | 45.4 | 112.6 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from investing activities | | | | -------------------------------------------------------------------------------- | Purchase of property, plant and equipment | -22.0 | -14.2 | -83.6 | -------------------------------------------------------------------------------- | Purchase of intangible assets | -1.2 | -0.3 | -3.1 | -------------------------------------------------------------------------------- | Purchase of other assets | 0.0 | 0.0 | 0.0 | -------------------------------------------------------------------------------- | Proceeds from other investments | 0.0 | 0.0 | 0.0 | -------------------------------------------------------------------------------- | Proceeds from sale of property, plant and | 0.0 | 0.0 | 0.2 | | equipment | | | | -------------------------------------------------------------------------------- | Repayment of loans receivable | 0.0 | 0.0 | 0.1 | -------------------------------------------------------------------------------- | Dividends received | 0.0 | 0.0 | 0.6 | -------------------------------------------------------------------------------- | Net cash flow from investing activities | -23.2 | -14.5 | -85.7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from financing activities | | | | -------------------------------------------------------------------------------- | Withdrawal of loans | 101.1 | 32.9 | 354.4 | -------------------------------------------------------------------------------- | Repayment of loans | -101.7 | -45.0 | -382.0 | -------------------------------------------------------------------------------- | Dividends paid | -6.7 | -7.2 | -7.2 | -------------------------------------------------------------------------------- | Net cash flow from financing activities | -7.4 | -19.3 | -34.7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net change in cash and cash equivalents | 5.4 | 11.6 | -7.9 | -------------------------------------------------------------------------------- | Cash and cash equivalents 1 Jan | 206.1 | 212.0 | 212.0 | -------------------------------------------------------------------------------- | Impact of changes in fair value of | -0.7 | -0.5 | 2.1 | | investments | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents 31 Mar | 210.8 | 223.1 | 206.1 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Derivative | 31 Mar 2009 | 31 Mar 2008 | 31 Dec 2008 | | agreements, million | | | | | euros | | | | -------------------------------------------------------------------------------- | | Net | Notion | Net | Notion | Net | Notion | | | fair | al | fair | al | fair | al | | | value | value | value | value | value | value | -------------------------------------------------------------------------------- | Interest and currency | | | | | | | | derivatives | | | | | | | -------------------------------------------------------------------------------- | Cross-currency swaps | -18 | 343 | -37 | 384 | -22 | 367 | -------------------------------------------------------------------------------- | Forward contracts | 0 | 22 | -1 | 74 | 1 | 19 | -------------------------------------------------------------------------------- | Interest rate swaps | 0 | 159 | -1 | 181 | 0 | 134 | -------------------------------------------------------------------------------- | Call options, bought | 1 | 360 | 8 | 360 | 2 | 330 | -------------------------------------------------------------------------------- | Total | -19 | 884 | -31 | 999 | -19 | 851 | -------------------------------------------------------------------------------- | | Net | Volume | Net | Volume | Net | Volume | | | fair | MT | fair | MT | fair | MT | | | value | | value | | value | | -------------------------------------------------------------------------------- | Commodity derivatives | | | | | | | -------------------------------------------------------------------------------- | Call options on | | | 1 | 3400 | | | | metals, bought | | | | | | | -------------------------------------------------------------------------------- | Total | | | 1 | 3400 | | | -------------------------------------------------------------------------------- | | Net | Volume | Net | Volume | Net | Volume | | | fair | TWh | fair | TWh | fair | TWh | | | value | | value | | value | | -------------------------------------------------------------------------------- | Electricity | | | | | | | | derivatives | | | | | | | -------------------------------------------------------------------------------- | Electricity forward | -46 | 3.50 | 8 | 2.80 | -35 | 3.52 | | contracts, Nord Pool | | | | | | | | Clearing designated | | | | | | | | as hedge accounting | | | | | | | -------------------------------------------------------------------------------- | Electricity forward | 0 | 0.00 | 1 | 0.52 | 0 | 0.00 | | contracts, Nord Pool | | | | | | | | Clearing | | | | | | | -------------------------------------------------------------------------------- | Forward contracts of | 0 | 0.06 | 1 | 0.09 | 0 | 0.07 | | electricity, others | | | | | | | -------------------------------------------------------------------------------- | Total | -47 | 3.56 | 10 | 3.41 | -35 | 3.59 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Commitments and | 31 Mar 2009 | 31 Mar 2008 | 31 Dec 2008 | | contingencies, million | | | | | euros | | | | -------------------------------------------------------------------------------- | Pledges / bank balances | 17 | 11 | 6 | -------------------------------------------------------------------------------- | Rental liabilities | 9 | 9 | 9 | -------------------------------------------------------------------------------- | Commitment fee of | 1 | 0 | 1 | | revolving credit | | | | | facility | | | | -------------------------------------------------------------------------------- | Total | 26 | 20 | 16 | -------------------------------------------------------------------------------- | Capital commitments | 237 | 75 | 219 | -------------------------------------------------------------------------------- | Other financial | 2 | 2 | 2 | | liabilities | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Changes in property, | 31 Mar 2009 | 31 Mar 2008 | 31 Dec 2008 | | plant and equipment, | | | | | million euros | | | | -------------------------------------------------------------------------------- | Carrying amount at | 1 113 | 1 086 | 1 086 | | beginning of period | | | | -------------------------------------------------------------------------------- | Increases | 15 | 13 | 81 | -------------------------------------------------------------------------------- | Decreases | | | 0 | -------------------------------------------------------------------------------- | Depreciation and | -15 | -14 | -54 | | amortisation expense | | | | -------------------------------------------------------------------------------- | Carrying amount at end | 1 113 | 1 085 | 1 113 | | of period | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Related party | 31 Mar 2009 | 31 Mar 2008 | 31 Dec 2008 | | transactions and | | | | | balances, million euros | | | | -------------------------------------------------------------------------------- | Sales | 28 | 13 | 99 | -------------------------------------------------------------------------------- | Purchases | 25 | 45 | 109 | -------------------------------------------------------------------------------- | Receivables | 2 | 15 | 9 | -------------------------------------------------------------------------------- | Liabilities | 0 | 3 | 1 | -------------------------------------------------------------------------------- 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 2008. The Group has adopted the new standards that came into force 1 January 2009 IAS Presentation of Financial Statements and IAS 23 Borrowing Costs. 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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