2012-10-25 10:00:00 CEST
2012-10-25 10:00:06 CEST
REGLAMENTUOJAMA INFORMACIJA
Fingrid Oyj - Interim report (Q1 and Q3)
Fingrid Group's Interim Report 1 January - 30 September 2012
Helsinki, Finland, 2012-10-25 10:00 CEST (GLOBE NEWSWIRE) -- Fingrid
25.10.2012, at 11.00 EET
Fingrid GROUP'S INTERIM REPORT 1 JANUARY - 30 SEPTEMBER 2012
Financial result
The Group's revenue between July and September was 106 million euros (88
million euros during the corresponding period in 2011). Other operating income
was 0.7 million euros (0.7 million euros). Grid service income was 46 million
euros (36 million euros) and sales of imbalance power 28 million euros (34
million euros). The operating profit of the Group between July and September
was 7 million euros (-4 million euros), which contains -3 million euros (-2
million euros) of changes in the fair value of electricity derivatives. IFRS
profit before taxes was 11 million euros (-6 million euros) between July and
September.
The Group's revenue between January and September was 368 million euros (331
million euros) and other operating income was 2 million euros (2 million
euros). The operating profit of the Group between January and September was 56
million euros (39 million euros), which contains -12 million euros (-3 million
euros) of changes in the fair value of electricity derivatives. The
consolidated IFRS profit before taxes was 53 million euros (26 million euros)
between January and September. The profit for the review period was 40 million
euros (19 million euros) and the consolidated total comprehensive income was 46
million euros (-4 million euros). Gross capital expenditure between January and
September totalled 83 million euros (168 million euros). The cash flow from the
operations of the Group deducted by capital expenditure was 26 million euros
positive (-81 million euros). The equity ratio of the Group was 26.4 per cent
(27.1 per cent) at the end of the review period.
The grid service income of the Group rose to 191 million euros (151 million
euros) between January and September as a result of the tariff increase of 30
per cent carried out at the beginning of the year. Electricity consumption in
Finland decreased by 1.3 per cent from the corresponding period in 2011. The
sales of imbalance power decreased to 104 million euros (121 million euros) as
a result of a lower price of electricity. Inter-TSO compensation income
decreased by 7 million euros mainly due to reduced electricity exports from
Finland to Sweden. Fingrid's cross-border transmission income on the connection
between Finland and Russia decreased by 10 million euros from the corresponding
period in the previous year because of a significantly smaller volume of
electricity imports from Russia. The congestion income on the interconnection
between Finland and Estonia decreased as a result of fewer hours with a
different price of electricity between the two countries. Fingrid's congestion
income on the interconnection between Finland and Estonia was 6 million euros
(9 million euros), which was paid to the owners of the transmission connection.
On the other hand, Fingrid's congestion income on the interconnection between
Finland and Sweden rose considerably due to the market situation and great
differences in the area prices of electricity. Fingrid's congestion income
between Finland and Sweden was 36 million euros (12 million euros).
Revenue and other income (million €) 1-9/12 1-9/11 7-9/12 7-9/11
--------------------------------------------------------------------
--------------------------------------------------------------------
Grid service income 191 151 46 36
--------------------------------------------------------------------
Sales of imbalance power 104 121 28 34
--------------------------------------------------------------------
ITC income 7 15 1 2
--------------------------------------------------------------------
Cross-border transmission income 7 17 1 5
--------------------------------------------------------------------
Finland-Estonia congestion income** 6 9 4 1
--------------------------------------------------------------------
Peak load capacity income*** 14 3 5 0
--------------------------------------------------------------------
Finland-Sweden congestion income 36 12 21 10
--------------------------------------------------------------------
Other revenue 3 3 1 1
--------------------------------------------------------------------
Other operating income 2 2 1 1
--------------------------------------------------------------------
--------------------------------------------------------------------
Revenue and other income total 370 332 107 89
--------------------------------------------------------------------
The purchases of imbalance power decreased to 93 million euros (109 million
euros) as a result of a lower price of electricity. The loss energy costs rose
by 1 million euros from the corresponding period in 2011 due to the difference
between the area price for Finland and Nord Pool's system price. At the end of
September, 88 per cent of Fingrid's projected loss energy procurement for the
remaining part of 2012 had been hedged at an average price of 48.1 euros per
megawatt hour.
The depreciation costs increased by 6 million euros as significant new capital
investment projects were completed. The costs of reserves, which safeguard the
system security of the power system, rose by 8 million euros during the period
under review because the temporary purchases of frequency controlled reserves
in the hourly market in Finland and from the other Nordic TSOs were more
expensive than earlier. The personnel costs increased by 1 million euros from
the previous year. The maintenance management costs rose by 3 million euros
from 2011. This was particularly due to the high repair costs of the Fenno-Skan
2 cable. The inter-TSO compensation costs went up by 2 million euros, because
electricity imports from Sweden to Finland increased considerably from 2011.
Costs (million euros) 1-9/12 1-9/11 7-9/12 7-9/11
---------------------------------------------------------------
---------------------------------------------------------------
Purchase of imbalance power 93 109 25 30
---------------------------------------------------------------
Purchase of loss energy 48 47 16 17
---------------------------------------------------------------
Depreciation 56 50 19 17
---------------------------------------------------------------
Finland-Estonia grid rents** 6 9 4 0
---------------------------------------------------------------
Reserve costs 29 21 11 10
---------------------------------------------------------------
Personnel 16 14 5 4
---------------------------------------------------------------
Peak load capacity costs*** 14 2 5 0
---------------------------------------------------------------
Maintenance management costs 15 12 4 4
---------------------------------------------------------------
ITC transmission costs 11 8 4 4
---------------------------------------------------------------
Other costs 17 16 6 5
---------------------------------------------------------------
---------------------------------------------------------------
Costs total 303 289 97 91
---------------------------------------------------------------
---------------------------------------------------------------
Operating profit* 68 43 10 -3
---------------------------------------------------------------
Operating profit of Group, IFRS 56 39 7 -4
---------------------------------------------------------------
* Excluding the change in the fair value of derivatives
** Fingrid's income from the congestion income between Finland and Estonia was
5.7 million euros. The costs (grid rents between Finland and Estonia) were 5.6
million euros, which was paid to the owners of the Estlink transmission
connection. The difference of 0.1 million euros received by Fingrid was created
during disturbances on the Estlink connection.
*** 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 Group's income flow is characterised by seasonal fluctuations, which is why
the financial result for the entire year cannot be directly estimated on the
basis of the nine-month result.
Capital expenditure
The EstLink 2 direct current interconnector being built between Finland and
Estonia has been in an active construction and installation phase throughout
the summer and autumn of 2012. At best, the project has had a total of 8
construction sites in progress, with up to a total of about 150 employees
working at the sites simultaneously. The construction and installation work is
progressing according to schedule in both Finland and Estonia. The total budget
of the project is 320 million euros, which is divided between Fingrid and
Elering.
The commissioning and guarantee tests of the Forssa reserve power plant, which
will improve the system security of the Finnish transmission system, were
completed successfully during the autumn. The plant will be commissioned in the
spring of 2013. The total budget of the project is approx. 110 million euros.
In June, Fingrid Oyj made a decision to construct the new Kristinestad
400/110/20 kilovolt substation. The main contractor is Infratek Finland Oy. The
contract covers a new 400/110/20 kilovolt substation located about 6 km from
the current Kristiina substation.
ABB will renew and expand Fingrid's 400/110/20 kilovolt substation in Ulvila.
The Ulvila substation is one of the most important nodes in the transmission
grid in Finland. Among other things, it supplies the energy produced by the
Olkiluoto nuclear power plant to the transmission grid. This project is
Fingrid's biggest substation renovation project to date.
The Hyvinkää - Hikiä transmission line project is in an active construction
stage. This project is the first to use Fingrid's new field tower. Its benefits
include a greater land area available for cultivation, improved level of
safety, and a light visual appearance. The construction of the foundations of
the field tower is commencing during the autumn. The first field tower will
rise in the vicinity of the area of the housing fair arranged in Hyvinkää in
2013. The Hikiä substation project has proceeded as planned. During the autumn,
work such as foundation work for the 400 kilovolt bay will be carried out
within the substation.
The security of electricity supply in the Kainuu region will be improved by
building a new Ontojoki substation near the existing Katerma substation. The
Katerma and Kallioinen hydropower plants will be connected to the new
substation. The substation will also have outgoing bays to Seitenoikea and
Tihisenniemi. The project is part of the grid development plan for the Kainuu
region. The Katerma - Kuhmo 110 kilovolt line has been renewed earlier, and the
renewal of the Tihisenniemi - Katerma 110 kilovolt transmission line is
starting. The total project cost is approximately 4.9 million euros, and the
substation will be completed in 2015.
Several wind turbines are being constructed along the northern part of the Gulf
of Bothnia, and the transmission capacity of the grid must be upgraded so that
the new production capacity can be connected to the grid. On the transmission
line between Isohaara and Simo, the conductors will be replaced on the existing
towers to achieve a greater transmission capacity. Between Isohaara and
Kittilänjärvi, high-temperature conductors will be used to attain a higher
transmission capacity without the need to replace the existing towers with more
rugged ones. The conductors will be replaced in 2013 and 2014 at a total cost
of approx. 1.5 million euros.
Fingrid made a capital investment decision for the supply of conductors for
2013 to 2014. Midal Cables Limited of Bahrain was chosen as the conductor
supplier. The purchase covers the conductors of all known new transmission line
projects in 2013 and 2014. The scope of the contract is a total of 3,320 km of
conductors.
The environmental impact assessment report concerning the 400 kilovolt
transmission line project between Central Finland and the Oulujoki river was
completed and delivered to the co-ordination authority. The co-ordination
authority, the Centre for Economic Development, Transport and the Environment
in Central Finland, put the assessment report on public display. The project
and the key outcomes of the assessment work were communicated in public
meetings in August and September 2012.
Fingrid was among the best transmission system operators in ITOMS
(International Transmission Operations and Maintenance Study) for the ninth
consecutive time. Fingrid's performance in cost-effectiveness decreased
slightly, because the company has been focusing greatly on safety and system
security in recent years by improving the guy structures of transmission line
towers. The 2010/2011 study concerned 27 TSOs around the world.
The Group's gross capital expenditure between July and September was 26 million
euros (58 million euros during the corresponding period in 2011). Gross capital
expenditure between January and September totalled 83 million euros (168
million euros).
Power system operation
Electricity consumption in Finland between July and September totalled 18.3
terawatt hours (18.2 TWh) during the corresponding period in 2011). A total of
15.1 TWh of electricity was transmitted in Fingrid's grid during the same
period, representing 82 per cent of the electricity consumption in Finland.
Between January and September electricity consumption in Finland totalled 61.9
terawatt hours (62.7 TWh).
Electricity transmissions between Finland and Sweden have consisted of imports
to Finland. Revision work on the control systems of the Fenno-Skan transmission
link restricted the capacity offered to the electricity market towards the end
of the period under review. Between July and September, 4.7 TWh of electricity
were imported from Sweden to Finland (3.1 TWh), and 0.0 TWh (0.0 TWh) were
exported from Finland to Sweden. Between January and September, 11.5 TWh of
electricity were imported from Sweden to Finland (3.8 TWh), and 0.2 TWh (3.3
TWh) were exported from Finland to Sweden.
The electricity transmissions between Finland and Estonia were dominated by
exports from Finland to Estonia. The transmission capacity has been available
to the market in the normal manner. The volume of electricity imported from
Estonia from July to September was 0.1 TWh (0.1 TWh), and 0.5 TWh (0.2 TWh)
were exported from Finland to Estonia between July and September. The volume of
electricity imported from Estonia to Finland between January and September was
0.2 TWh (1.4 TWh), and 1.2 TWh (0.2 TWh) were exported from Finland to Estonia.
The electricity transmission capacity from Russia was limited in the summer by
the annual maintenance work on the transmission connection, but at the same
time the demand for transmission capacity has also been smaller than in the
previous years. Between July and September, 0.4 TWh (2.3 TWh) of electricity
were imported from Russia to Finland, and between January and September the
import volume was 3.0 TWh (8.5 TWh).
As a result of numerous construction projects, demanding transmission outages
were carried out in the grid especially in Ostrobothnia and Eastern Uusimaa. As
a whole, the transmission reliability of the grid was good during the review
period, although some disturbances were experienced. A major disruption
occurred in the Vaasa region on 13 August 2012, when 63,000 people were left
without electricity. Electricity was restored in Fingrid's grid in nine
minutes.
A busbar fault occurred in Alajärvi in August, resulting in the tripping of
three 400 kilovolt lines in Fingrid's grid. However, this did not cause any
supply interruptions to the customers. In early July, a voltage transformer
exploded at the Rauma substation, putting the Fenno-Skan 1 HVDC link out of use
and causing a 400 kilovolt busbar fault. The interference caused interruptions
in the industrial processes of nearby customers.
Power system operation 1-9/12 1-9/11 7-9/12 7-9/11
-------------------------------------------------------------------------
Electricity consumption in Finland TWh 61.9 62.7 18.3 18.2
-------------------------------------------------------------------------
Fingrid's transmission volume TWh 47.0 48.0 15.1 14.6
-------------------------------------------------------------------------
Fingrid's loss energy volume TWh 0.9 0.9 0.3 0.3
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Electricity transmissions Finland-Sweden
Exports to Sweden TWh 0.2 3.3 0.0 0.0
-------------------------------------------------------------------------
Imports from Sweden TWh 11.5 3.8 4.7 3.1
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Electricity transmissions Finland-Estonia
Exports to Estonia TWh 1.2 0.2 0.5 0.2
-------------------------------------------------------------------------
Imports from Estonia TWh 0.2 1.4 0.1 0.1
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Electricity transmissions Finland-Russia
Imports from Russia TWh 3.0 8.5 0.4 2.3
-------------------------------------------------------------------------
Electricity market
Due to the good water reservoir situation, the price of electricity in the
Nordic electricity exchange has been significantly lower this year than during
the corresponding period in 2011. The extraordinary market situation and
restrictions encountered in electricity transmissions between Finland and
Sweden have created area price differences in the market.
The average price (system price) in the Nordic electricity exchange during the
third quarter was 20.88 euros per megawatt hour (35.95 €/MWh during the
corresponding period in 2011), and the area price for Finland was 30.96 €/MWh
(43.35 €/MWh). Between January and September, the average price in the Nordic
spot market was 29.26 €/MWh (51.43 €/MWh), and the area price for Finland was
35.36 €/MWh (53.37 €/MWh).
Due to the great area price differences, Fingrid has accumulated considerable
congestion income; this year a total of about 36 million euros between Finland
and Sweden, and a total of about 6 million euros between Finland and Estonia.
Fingrid's counter trade costs between January and September were approx. 3.7
million euros (1.3 million euros during the corresponding period in 2011).
Fingrid Oyj and Scandem Oy have signed an agreement on portfolio management for
Fingrid's loss energy. The objective is to hedge against electricity price
fluctuations as well as possible, thus safeguarding the stable price of the
grid tariff.
As the Estonian and Lithuanian electricity markets joined the Nordic power
market, the transmission system operators in these two countries ‒ Elering and
Litgrid ‒ became co-owners of electricity exchange Nord Pool Spot AS on 1
August 2012 with a holding of approximately 2 per cent each. Fingrid owns about
19 per cent of Nord Pool Spot AS.
Electricty market 1-9/12 1-9/11 7-9/12 7-9/11
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Nord Pool system price, average €/MWh 29.26 51.43 20.88 35.95
--------------------------------------------------------------------------------
Area price Finland, average €/MWh 35.36 53.37 30.96 43.35
--------------------------------------------------------------------------------
Congestion income between Finland and Sweden, 72.5 23.0 42.0 19.0
million €*
--------------------------------------------------------------------------------
Congestion hours between Finland and Sweden %* 41.2 24.5 48.7 46.6
--------------------------------------------------------------------------------
Congestion income between Finland and Estonia, 11.5 17.8 7.2 0.9
million €*
--------------------------------------------------------------------------------
Congestion hours between Finland and Estonia %* 38.9 50.4 48.7 12.5
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
* 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 turned to
income and were 4 million euros (1 million euros of costs during the
corresponding period in 2011). The net financial costs between January and
September were 3 million euros (14 million euros), including the positive
change of 13 million euros (1 million euros positive) in the fair value of
derivatives. Financial assets recognised at fair value in the income statement,
and cash and cash equivalents amounted to 245 million euros (202 million euros)
at 30 September 2012. Moreover, the company has an undrawn revolving credit
facility of 250 million euros.
The financial position of the Group continued to be satisfactory. The
interest-bearing borrowings totalled 1,254 million euros (1,141 million euros),
of which 1,059 million euros (707 million euros) were long-term and 194 million
euros (434 million euros) were short-term.
The counterparty risk involved in the derivative contracts relating to
financing was 89 million euros (54 million euros).
Moreover, the company has an undrawn revolving credit facility of 250 million
euros.
Personnel
The total personnel of the Fingrid Group averaged 269 (265) during the review
period.
Auditing
The consolidated figures in this Interim Report are unaudited.
Events after review period and outlook for the remaining part of the year
International credit rating agency Fitch Ratings has affirmed Fingrid Oyj's
senior unsecured debt rating at A+ on 16 October, 2012. Long-term Issuer
Default Rating remained (IDR) at A and Short-term IDR remained at F1. The
Outlook on the Long-term IDR is Stable. The ratings remained unchanged.
The profit of the Fingrid Group for the entire accounting period without the
change in the fair value of derivatives is expected to increase clearly from
the level of 2011. The uncertainty involved in 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 2012
Further information:
Jukka Ruusunen, President & CEO, tel. +358 (0)30 395 5140 or +358 (0)40 593 8428
Tom Pippingsköld, CFO, +358 (0)30 395 5157 or +358 (0)40 519 5041
Appendices: Tables for the Interim Report 1 January - 30 September 2012
Condensed consolidated 2012 2011 Change 2012 2011 Change 2011
statement of Jan-Se Jan-Se Jul-Se Jul-Se Jan-De
comprehensive income, p p p p c
million euros
--------------------------------------------------------------------------------
Revenue 368.3 330.6 37.7 106.0 88.0 18.0 438.50
--------------------------------------------------------------------------------
Other operating income 2.0 1.7 0.3 0.7 0.7 0.1 3.0
--------------------------------------------------------------------------------
Depreciation and -55.8 -50.3 -5.5 -18.6 -16.8 -1.8 -67.9
amortisation expense
--------------------------------------------------------------------------------
Operating expenses -258.3 -242.5 -15.8 -81.1 -76.2 -5.0 -317.0
--------------------------------------------------------------------------------
Operating profit 56.2 39.5 16.7 7.1 -4.3 11.3 56.6
--------------------------------------------------------------------------------
Finance income and costs -3.4 -13.6 10.3 3.6 -1.1 4.7 -22.6
--------------------------------------------------------------------------------
Portion of profit of 0.5 0.0 0.4 0.1 -0.2 0.3 0.2
associated companies
--------------------------------------------------------------------------------
Profit before taxes 53.3 25.9 27.4 10.7 -5.6 16.3 34.2
--------------------------------------------------------------------------------
Income taxes -13.0 -6.7 -6.2 -2.6 1.4 -4.0 -1.2
--------------------------------------------------------------------------------
Profit for the period 40.3 19.2 21.2 8.1 -4.2 12.3 33.0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Other comprehensive
income
--------------------------------------------------------------------------------
Cash flow hedges 5.3 -23.3 28.7 2.6 -6.4 9.0 -33.4
--------------------------------------------------------------------------------
Translation reserve 0.1 0.2 -0.1 -0.1 0.4 -0.4 0.2
--------------------------------------------------------------------------------
Available-for-sale 0.0
financial assets
--------------------------------------------------------------------------------
Total comprehensive 45.7 -4.0 49.7 10.6 -10.3 20.9 -0.2
income for the year
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Profit attributable to:
--------------------------------------------------------------------------------
Equity holders of the 40.3 19.2 21.2 8.1 -4.2 12.3 33.0
company
--------------------------------------------------------------------------------
Total comprehensive
income attributable to:
--------------------------------------------------------------------------------
Equity holders of the 45.7 -4.0 49.7 10.6 -10.3 20.9 -0.2
company
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Earnings per share 12 128 5 761 6 367 2 440 -1 261 3 702 9 924
(euros) belonging to
the owners of parent
company, calculated
from profit*
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
* no dilution effect
Condensed consolidated balance sheet, million 2012 2011 Change 2011
euros 30 Sep 30 Sep 31 Dec
--------------------------------------------------------------------------------
ASSETS
--------------------------------------------------------------------------------
Non-current assets
--------------------------------------------------------------------------------
Goodwill 87.9 87.9 0.0 87.9
--------------------------------------------------------------------------------
Intangible assets 90.6 89.1 1.5 89.7
--------------------------------------------------------------------------------
Property, plant and equipment 1 447.9 1 360.8 87.1 1 419.6
--------------------------------------------------------------------------------
Investments 7.5 8.1 -0.6 8.2
--------------------------------------------------------------------------------
Receivables 113.5 59.2 54.3 77.4
--------------------------------------------------------------------------------
Current assets
--------------------------------------------------------------------------------
Inventories 6.9 5.6 1.3 6.7
--------------------------------------------------------------------------------
Receivables 58.8 52.0 6.8 78.9
--------------------------------------------------------------------------------
Financial assets recognised in income 243.7 201.0 42.7 202.4
statement at fair value
--------------------------------------------------------------------------------
Cash and cash equivalents 1.2 0.4 0.8 1.5
--------------------------------------------------------------------------------
Total assets 2 058.2 1 864.2 194.0 1 972.3
--------------------------------------------------------------------------------
SHAREHOLDERS' EQUITY AND LIABILITIES
--------------------------------------------------------------------------------
Shareholders' equity belonging to the owners
of the parent company
--------------------------------------------------------------------------------
Shareholders' equity 542.3 503.5 38.8 507.3
--------------------------------------------------------------------------------
Non-current liabilities
--------------------------------------------------------------------------------
Non-current interest-bearing liabilities 1 059.4 707.0 352.4 845.2
--------------------------------------------------------------------------------
Other non-current liabilities 193.0 165.7 27.4 176.7
--------------------------------------------------------------------------------
Current liabilities
--------------------------------------------------------------------------------
Current interest-bearing liabilities 194.4 433.9 -239.5 379.5
--------------------------------------------------------------------------------
Trade and other payables 69.0 54.1 14.9 63.6
--------------------------------------------------------------------------------
Total shareholders' equity and liabilities 2 058.2 1 864.2 194.0 1 972.3
--------------------------------------------------------------------------------
Key indicators, million euros 2012 2011 2011
Jan-Sep Jan-Sep Jan-Dec
---------------------------------------------------------------
Revenue 368.3 330.6 438.5
---------------------------------------------------------------
Capital expenditure, gross 82.5 168.0 244.4
---------------------------------------------------------------
- % of revenue 22.4 50.8 55.7
---------------------------------------------------------------
Research and development expenses 0.9 1.2 1.8
---------------------------------------------------------------
- % of revenue 0.2 0.3 0.4
---------------------------------------------------------------
Personnel, average 269 265 263
---------------------------------------------------------------
Operating profit 56.2 39.5 56.6
---------------------------------------------------------------
- % of revenue 15.2 11.9 12.9
---------------------------------------------------------------
Profit before taxes 53.3 25.9 34.2
---------------------------------------------------------------
- % of revenue 14.5 7.8 7.8
---------------------------------------------------------------
Interest bearing liabilities, net* 1 008.8 939.5 1 020.2
---------------------------------------------------------------
Equity ratio, %* 26.4 27.1 25.7
---------------------------------------------------------------
Shareholders' equity, million euros* 542.3 503.5 507.3
---------------------------------------------------------------
Equity per share, euros* 163 097 151 433 152 573
---------------------------------------------------------------
Earnings per share, euros* 12 128 5 761 9 924
---------------------------------------------------------------
---------------------------------------------------------------
* end of period
Consolidated statement of
changes in total equity,
million euros
--------------------------------------------------------------------------------
Attributable to equity Share Share Revalu Translati Retained Total
holders of the parent capital premiu a-tion on earnings equity
company m reserve
--------------------------------------------------------------------------------
Capital and reserves 1 55.9 55.9 19.8 0.3 382.3 514.2
Jan 2011
--------------------------------------------------------------------------------
Comprehensive income
--------------------------------------------------------------------------------
Profit or loss 19.2 19.2
--------------------------------------------------------------------------------
Other comprehensive
income
--------------------------------------------------------------------------------
Cash flow hedges -23.3 -23.3
--------------------------------------------------------------------------------
Translation reserve 0.2 0.2
--------------------------------------------------------------------------------
Total other comprehensive -23.3 0.2 -23.3
income
--------------------------------------------------------------------------------
Total comprehensive -23.3 0.2 19.2 -4.0
income
--------------------------------------------------------------------------------
Transactions with owners
--------------------------------------------------------------------------------
Dividens relating to 2010 -6.7 -6.7
--------------------------------------------------------------------------------
Capital and reserves 30 55.9 55.9 -3.6 0.5 394.7 503.5
Sep 2011
--------------------------------------------------------------------------------
Comprehensive income
--------------------------------------------------------------------------------
Profit or loss 13.8 13.8
--------------------------------------------------------------------------------
Other comprehensive
income
--------------------------------------------------------------------------------
Cash flow hedges -10.1 -10.1
--------------------------------------------------------------------------------
Translation reserve 0.1 0.1
--------------------------------------------------------------------------------
Available-for-sale 0.0 0.0
financial assets
--------------------------------------------------------------------------------
Total other comprehensive -10.1 0.1 -10.1
income
--------------------------------------------------------------------------------
Total comprehensive -10.1 0.1 13.8 3.8
income
--------------------------------------------------------------------------------
Capital and reserves 1 55.9 55.9 -13.7 0.6 408.6 507.3
Jan 2012
--------------------------------------------------------------------------------
Comprehensive income
--------------------------------------------------------------------------------
Profit or loss 40.3 40.3
--------------------------------------------------------------------------------
Other comprehensive
income
--------------------------------------------------------------------------------
Cash flow hedges 5.3 5.3
--------------------------------------------------------------------------------
Translation reserve 0.1 0.1
--------------------------------------------------------------------------------
Total other comprehensive 5.3 0.1 5.4
income
--------------------------------------------------------------------------------
Comprehensive income 5.3 0.1 40.3 45.7
--------------------------------------------------------------------------------
Transactions with owners
--------------------------------------------------------------------------------
Dividens relating to 2011 -10.8 -10.8
--------------------------------------------------------------------------------
Capital and reserves 30 55.9 55.9 -8.3 0.6 438.2 542.3
Sep 2012
--------------------------------------------------------------------------------
Condensed consolidated cash flow statement, million 2012 2011 2011
euros Jan-Sep Jan-Sep Jan-Dec
--------------------------------------------------------------------------------
Cash flow from operating activities
--------------------------------------------------------------------------------
Profit for the financial year 40.3 19.2 33.0
--------------------------------------------------------------------------------
Adjustments 83.3 74.0 96.5
--------------------------------------------------------------------------------
Changes in working capital 22.9 0.4 -12.3
--------------------------------------------------------------------------------
Impact of changes in fair value of investments -0.2 0.2 0.6
--------------------------------------------------------------------------------
Interest paid -15.9 -12.6 -22.8
--------------------------------------------------------------------------------
Interest received 2.9 2.1 2.9
--------------------------------------------------------------------------------
Taxes paid -10.6 -1.7 -2.3
--------------------------------------------------------------------------------
Net cash flow from operating activities 122.7 81.7 95.6
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Cash flow from investing activities
--------------------------------------------------------------------------------
Purchase of property, plant and equipment -94.1 -161.5 -241.0
--------------------------------------------------------------------------------
Purchase of intangible assets -3.6 -1.8 -3.3
--------------------------------------------------------------------------------
Proceeds from sale of property, plant and equipment 0.1
--------------------------------------------------------------------------------
Dividens received 1.3 0.2 0.2
--------------------------------------------------------------------------------
Contributions received 0.1
--------------------------------------------------------------------------------
Nest cash flow from investing activities -96.4 -163.2 -244.0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Cash flow from financing activities
--------------------------------------------------------------------------------
Withdrawal of loans 602.2 433.1 749.9
--------------------------------------------------------------------------------
Repayment of loans -576.6 -365.2 -612.6
--------------------------------------------------------------------------------
Dividends paid -10.8 -6.7 -6.7
--------------------------------------------------------------------------------
Net cash flow from financing activities 14.8 61.2 130.6
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net change in cash and cash equivalents 41.2 -20.2 -17.8
--------------------------------------------------------------------------------
Cash and cash equivalents 1 Jan 203.8 221.7 221.7
--------------------------------------------------------------------------------
cash and cash equivalents 30 Jun 245.0 201.4 203.8
--------------------------------------------------------------------------------
Derivative agreements, 2012 2011 2011
million euros 30 Sep 30 Sep 31 Dec
--------------------------------------------------------------------------------
Net Notiona Net Notiona Net Notiona
fair l value fair l value fair l value
value value value
--------------------------------------------------------------------------------
Interest and currency
derivatives
--------------------------------------------------------------------------------
Cross-currency swaps 84 426 53 395 64 519
--------------------------------------------------------------------------------
Forward contracts 0 3 -1 49 0 25
--------------------------------------------------------------------------------
Interest rate swaps 5 361 0 301 -1 301
--------------------------------------------------------------------------------
Call options, bought 0 850 2 880 1 880
--------------------------------------------------------------------------------
Total 89 1 640 54 1 626 63 1 725
--------------------------------------------------------------------------------
Net Volume Net Volume Net Volume
fair TWh fair TWh fair TWh
value value value
--------------------------------------------------------------------------------
Electricity derivatives
--------------------------------------------------------------------------------
Electricity forward -24 3.60 -8 3.87 -23 3.81
contracts, NASDAX OMX
Commodities
designated as hedge
accounting
--------------------------------------------------------------------------------
Electricity forward -3 0.29 0 0.01 0 0.01
contracts, NASDAX OMX
Commodities
--------------------------------------------------------------------------------
Total -27 3.89 -8 3.87 -23 3.82
--------------------------------------------------------------------------------
Commitments and contingencies, million euros 2012 2011 2011
30 Sep 30 Sep 31 Dec
--------------------------------------------------------------------
Pledges/ bank balances 0 0 0
--------------------------------------------------------------------
Rental liabilities 25 26 26
--------------------------------------------------------------------
Commitment fee of revolving credit facility 2 2 2
--------------------------------------------------------------------
Total 27 28 30
--------------------------------------------------------------------
Capital commitments 260 294 218
--------------------------------------------------------------------
Other financial liabilities 2 2 2
--------------------------------------------------------------------
Changes in property, plant and equipment, million euros 2012 2011 2011
30 Sep 30 Sep 31 Dec
-------------------------------------------------------------------------------
Carrying amount at beginning of period 1 420 1 253 1 253
-------------------------------------------------------------------------------
Increases 82 156 232
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Decreases 0 0
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Depreciation and amortisation expense -54 -48 -65
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Carrying amount at end of period 1 448 1 361 1 420
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Transactions with associated companies, million euros 2012 2011 2011
30 Sep 30 Sep 31 Dec
-----------------------------------------------------------------------------
Sales 4 3 4
-----------------------------------------------------------------------------
Purchases 34 51 63
-----------------------------------------------------------------------------
Receivables 2 2 1
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Liabilities 0 1 0
-----------------------------------------------------------------------------
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Transactions with related parties, million euros 2012 2011 2011
30 Sep 30 Sep 31 Dec
------------------------------------------------------------------------
Owners
------------------------------------------------------------------------
Sales 44 50
------------------------------------------------------------------------
Purchases 0 30 33
------------------------------------------------------------------------
Receivables 0
------------------------------------------------------------------------
Liabilities 0 0
------------------------------------------------------------------------
Other related parties
------------------------------------------------------------------------
Sales 52 28 36
------------------------------------------------------------------------
Purchases 36 27 34
------------------------------------------------------------------------
Receivables 0 1 6
------------------------------------------------------------------------
Liabilities 3 0 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
2011.
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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