2012-08-24 10:00:00 CEST
2012-08-24 10:00:06 CEST
REGULATED INFORMATION
Fingrid Oyj - Interim report (Q1 and Q3)
Fingrid Group's interim report 1 January - 30 June 2012
Helsinki, Finland, 2012-08-24 10:00 CEST (GLOBE NEWSWIRE) -- Stock exchange
release 24.8.2012 at 11.00 EET
Fingrid Group's Interim Report 1 January - 30 June 2012
Financial result
The Group's revenue between April and June was 93 million euros (91 million
euros during the corresponding period in 2011). Other operating income was 0.7
million euros (0.5 million euros). Grid service income was 46 million euros (37
million euros) and sales of imbalance power 30 million euros (38 million
euros). The operating profit of the Group between April and June was -5 million
euros (2 million euros), which contains -1 million euros (-2 million euros) of
changes in the fair value of electricity derivatives. IFRS profit before taxes
was -7 million euros (-4 million euros) between April and June.
The Group's revenue between January and June was 262 million euros (243 million
euros) and other operating income was 1 million euros (1 million euros). The
operating profit of the Group between January and June was 49 million euros (44
million euros), which contains -9 million euros (-2 million euros) of changes
in the fair value of electricity derivatives. The consolidated IFRS profit
before taxes was 43 million euros (31 million euros) between January and June.
The profit for the review period was 32 million euros (23 million euros) and
the consolidated total comprehensive income was 35 million euros (6 million
euros). Gross capital expenditure between January and June totalled 56.7
million euros (110.3 million euros). The cash flow from the operations of the
Group deducted by capital expenditure was 43 million euros positive (-43
million euros). The equity ratio of the Group was 26.2 per cent (28.3 per cent)
at the end of the review period.
Grid service income rose to 145 million euros (115 million euros) between
January and June 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
2.4 per cent from the corresponding period in 2011. The sales of imbalance
power decreased to 76 million euros (87 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 6 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 considerably 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 2 million euros (8 million
euros). On the other hand, Fingrid's congestion income on the interconnection
between Finland and Sweden rose considerably due to the market situation and
faults on the cross-border interconnectors. Fingrid's congestion income between
Finland and Sweden was 15 million euros (2 million euros).
Revenue and other income (million €) 1-6/12 1-6/11 4-6/12 4-6/11
--------------------------------------------------------------------
--------------------------------------------------------------------
Grid service income 145 115 46 37
--------------------------------------------------------------------
Sales of imbalance power 76 87 30 38
--------------------------------------------------------------------
ITC income 6 13 2 6
--------------------------------------------------------------------
Cross-border transmission income 6 12 1 6
--------------------------------------------------------------------
Finland-Estonia congestion income** 2 8 1 2
--------------------------------------------------------------------
Peak load capacity income*** 9 3 5 0
--------------------------------------------------------------------
Finland-Sweden congestion income 15 2 8 1
--------------------------------------------------------------------
Other revenue 2 2 1 0
--------------------------------------------------------------------
Other operating income 1 1 1 1
--------------------------------------------------------------------
--------------------------------------------------------------------
Revenue and other income total 264 244 93 91
--------------------------------------------------------------------
The purchases of imbalance power decreased to 68 million euros (79 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
June, approx. 103 per cent of Fingrid's projected loss energy procurement for
the remaining part of 2012 had been hedged at an average price of 46.9 euros
per megawatt hour.
The depreciation costs increased by 4 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 7 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 from 2011.
Costs (million €) 1-6/12 1-6/11 4-6/12 4-6/11
---------------------------------------------------------------
---------------------------------------------------------------
Purchase of imbalance power 68 79 26 35
---------------------------------------------------------------
Purchase of loss energy 31 30 13 11
---------------------------------------------------------------
Depreciation 37 34 19 17
---------------------------------------------------------------
Finland-Estonia grid rents** 2 8 1 2
---------------------------------------------------------------
Reserve costs 19 11 12 6
---------------------------------------------------------------
Personnel 11 10 6 5
---------------------------------------------------------------
Peak load capacity costs*** 9 2 5 -1
---------------------------------------------------------------
Maintenance management costs 10 7 7 4
---------------------------------------------------------------
ITC transmission costs 7 5 4 2
---------------------------------------------------------------
Other costs 11 11 5 6
---------------------------------------------------------------
---------------------------------------------------------------
Costs total 206 198 98 88
---------------------------------------------------------------
---------------------------------------------------------------
Operating profit* 58 45 -4 4
---------------------------------------------------------------
Operating profit of Group, IFRS 49 44 -5 2
---------------------------------------------------------------
*Excluding the change in the fair value of derivatives.
**Fingrid's income from the congestion income between Finland and Estonia was
2.1 million euros. The costs (grid rents between Finland and Estonia) were 2.0
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 six-month result.
Capital expenditure
The contracts for the construction of the Ulvila and Kristinestad substations
and of the new 400 kilovolt transmission line between these substations have
been signed. The contract for the construction of the northern part of the
transmission line between Kristiina and Leväsjoki was signed with Eltel
Networks Oy. The contract for the southern part Leväsjoki - Ulvila was signed
with the consortium Destia-Tecnolines-Sirti (DTS Consortium). The construction
will commence with the foundation work towards the late summer. The Ulvila
400/110/20 kilovolt substation will be renewed by ABB Oy, and the Kristinestad
substation by Infratek Oy. The total costs of this overall project are approx.
70 million euros. The projects will be completed by the end of 2014.
Fingrid has made a capital investment decision concerning the construction of a
new 400/110 kilovolt transformer substation at Lavianvuori to strengthen the
transmission system in the Pirkanmaa region. The new substation will support
the long-term development of the transmission grid in the region. The
substation to be located on the border between Kangasala and Valkeakoski will
be connected to the 110 kilovolt network in the region with a new 110 kilovolt
transmission line of 6 kilometres. The costs of this project are about 15
million euros.
Fingrid's new field tower was awarded the Grand Prix in the Fennia Prize 2012
competition in industrial design in early June. The new field tower model has
been developed in co-operation with design agency Muotohiomo. The award-winning
tower is a double-circuit tower for 400 kilovolt and 110 kilovolt transmission
lines. The field towers will be used for the first time on the transmission
line between Nurmijärvi, Hyvinkää and Hikiä.
The Group's gross capital expenditure between April and June was 37.5 million
euros (70.0 million euros during the corresponding period in 2011). Gross
capital expenditure between January and June totalled 56.7 million euros (110.3
million euros).
Power system operation
Electricity consumption in Finland between April and June totalled 18.9
terawatt hours (19.1 TWh during the corresponding period in 2011). A total of
14.3 TWh of electricity was transmitted in Fingrid's grid during the same
period, representing 76 per cent of the electricity consumption in Finland.
Between January and June, the electricity consumption in Finland declined by
2.4 per cent from the previous year to 43.5 TWh (44.6 TWh).
Electricity transmissions between Finland and Sweden in the first half of 2012
consisted mainly of imports to Finland. A ship anchor caused a cable fault in
the Fenno-Skan 2 submarine transmission connection between Finland and Sweden
in February. The repair of the fault was completed at the end of April. Even
after this, the import capacity on the cable had to be limited partly until
early June so that the auxiliary systems of the high-voltage direct current
connection could be restored. Between April and June, 3.7 TWh of electricity
was imported from Sweden to Finland (0.3 TWh), and 0.1 TWh (1.3 TWh) was
exported from Finland to Sweden. Between January and June, 6.9 TWh of
electricity was imported from Sweden to Finland (0.7 TWh), and 0.2 TWh (3.2
TWh) was exported from Finland to Sweden.
The electricity transmissions between Finland and Estonia were dominated by
exports from Finland to Estonia. Between April and June, 0.1 TWh (0.6 TWh) of
electricity was imported to Finland from Estonia, and 0.4 TWh (0.0 TWh) was
exported from Finland to Estonia. Between January and June, the electricity
imports to Finland from Estonia were 0.2 TWh (1.3 TWh), and 0.8 TWh (0.0 TWh)
was exported from Finland to Estonia.
The full electricity import capacity from Russia to Finland has been available.
The electricity import volume from Russia has been decreasing since the end of
2011, and this trend relating to the market situation has continued. Between
April and June, 0.6 TWh (3.1 TWh) of electricity was imported from Russia to
Finland, and between January and June the import volume was 2.6 TWh (6.1 TWh).
The Fenno-Skan 1 and Fenno-Skan 2 connections experienced a fault at the same
time in late April due to an auxiliary power failure while the import capacity
was 1,350 megawatts. The fault which exceeded the normal contingency criteria
was overcome by starting Fingrid's all reserve power plants. The switching of
the auxiliary power systems at the Rauma substation has been changed after the
incident to minimise the likelihood of a simultaneous failure.
There were no significant outages leading to interrupted electricity supply in
the Finnish transmission system during the review period.
Fingrid Oyj and LNI Verkko Oy have agreed on the use of diesel reserve power
plant units as part of Fingrid's nation-wide fast disturbance reserve. The
diesel reserve power plants owned by LNI Verkko Oy are small units located at a
number of substations. The total output of the units is 13 megawatts. This is
the first agreement concerning the use of small reserve power plant units as a
combined entity which can be controlled, also as part of the nation-wide fast
disturbance reserve.
The volume of frequency controlled reserves offered to the market by domestic
electricity production and such reserves purchased from Russia have been
smaller than normal due to the electricity production and import situation.
This has resulted in more expensive reserve purchases from other sources.
Reserves have also been acquired from the other Nordic transmission system
operators.
Power system operation 1-6/12 1-6/11 4-6/12 4-6/11
-------------------------------------------------------------------------
Electricity consumption in Finland TWh 43.5 44.6 18.9 19.1
-------------------------------------------------------------------------
Fingrid's transmission volume TWh 31.8 33.4 14.3 14.7
-------------------------------------------------------------------------
Fingrid's loss energy volume TWh 0.5 0.6 0.2 0.2
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Electricity transmissions Finland-Sweden
Exports to Sweden TWh 0.2 3.2 0.1 1.3
-------------------------------------------------------------------------
Imports from Sweden TWh 6.9 0.7 3.7 0.3
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Electricity transmissions Finland-Estonia
Exports to Estonia TWh 0.8 0 0.4 0
-------------------------------------------------------------------------
Imports from Estonia TWh 0.2 1.3 0.1 0.6
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Electricity transmissions Finland-Russia
Imports from Russia TWh 2.6 6.1 0.6 3.1
-------------------------------------------------------------------------
Electricity market
Due to the good water reservoir situation, the price of electricity in the
Nordic electricity exchange was significantly lower than during the
corresponding period in 2011. The average price (system price) in the Nordic
electricity exchange during the second quarter in 2012 was 28.42 euros per
megawatt hour (52.24 €/MWh during the corresponding period in 2011), and the
area price for Finland was 32.40 €/MWh (51.96 €/MWh). Between January and June,
the average price in the Nordic spot market was 33.45 €/MWh (59.17 €/MWh), and
the area price for Finland was 37.56 €/MWh (58.38 €/MWh). Area price
differences were created in the market due to the market situation and
restrictions encountered in electricity transmission between Finland and
Sweden.
Market integration is making progress in the Baltic countries. Lithuania joined
the Nord Pool Spot market as a bidding area on 18 June. At the same time, a new
bidding area was opened on the border between Estonia and Latvia. Its purpose
is to boost trade between Estonia and Latvia even though Latvia is still
outside the market. There are plans to open the Latvian bidding area in 2013,
but before that the ISO (Independent System Operator) model of the Latvian
transmission system operator must be subjected to the approval of the European
Commission.
Electricity imports from Russia have gone down significantly during the early
part of 2012. The reasons for this are the capacity fees imposed on electricity
exports in Russia, the elevated price level in Russia, and the low price level
in the Nordic countries resulting from the good water reservoir situation.
Small volumes of electricity have been imported from Russia to Finland, mainly
at night and on weekends. At other times, electricity has been more expensive
in Russia, so it has not been lucrative to export it to Finland.
Fingrid raised the prices of balance service on 1 July. The price increases are
the result of the growth of the reserve costs allocated to balance service and
of a smaller than anticipated accumulation of the fee for production.
Fingrid's counter trade costs between January and June were approx. 2.8 million
euros (1.0 million euros in 2011).
Electricity market 1-6/12 1-6/11 4-6/12 4-6/11
--------------------------------------------------------------------------------
Nord Pool system price, average €/MWh 33.45 59.17 28.42 52.24
--------------------------------------------------------------------------------
Area price Finland, average €/MWh 37.56 58.38 32.40 51.96
--------------------------------------------------------------------------------
Congestion income between Finland and Sweden, 30.6 4.0 15.2 0.6
million €*
--------------------------------------------------------------------------------
Congestion hours between Finland and Sweden %* 37.4 13.3 34.8 6.6
--------------------------------------------------------------------------------
Congestion income between Finland and Estonia, 4.3 8.3 1.8 0.7
million €*
--------------------------------------------------------------------------------
Congestion hours between Finland and Estonia %* 33.4 69.7 38.4 58.8
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
*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 financial position of the Group continued to be satisfactory. Fingrid
issued a bond of 300 million euros with a maturity of 12 years under its EMTN
(Euro Medium Term Note) Programme of 1.5 billion euros. The public listing of
the bond started on London Stock Exchange on 3 April 2012.
The net financial costs of the Group between April and June were 2 million
euros (6 million euros during the corresponding period in 2011). The net
financial costs between January and June were 7 million euros (13 million
euros), including the change of 5 million euros (-3 million euros) in the fair
value of derivatives. Financial assets recognised at fair value in the income
statement, and cash and cash equivalents amounted to 256 million euros (240
million euros) at 30 June 2012. The interest-bearing borrowings totalled 1,236
million euros (1,135 million euros), of which 1,078 million euros (732 million
euros) were long-term and 159 million euros (403 million euros) were
short-term. The counterparty risk involved in the derivative contracts relating
to financing was 69 million euros (45 million euros).
Moreover, the company has an undrawn revolving credit facility of 250 million
euros.
Personnel
The total personnel of the Fingrid Group averaged 267 (264) during the review
period.
Auditing
The consolidated figures in this Interim Report are unaudited.
Events after the review period and outlook for the remaining part of the year
The ownership structure of Nord Pool Spot AS, the Nordic electricity exchange,
changed on 1 August 2012. The Estonian and Lithuanian transmission system
operators became co-owners of Nord Pool Spot AS with a respective holding of
2.04 per cent through a special share issue. Moreover, the Latvian TSO has an
option to become a co-owner at a later date. As a result of the arrangement,
Fingrid Oyj's ownership in Nord Pool Spot AS decreased to 19.18 per cent. If
the Latvian TSO becomes a co-owner, Fingrid Oyj's holding in the electricity
exchange will decrease to 18.8 per cent.
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 related to congestion income and Russian
cross-border transmission income complicate estimating the profit for the
entire accounting period.
Board of Directors
Appendices: Tables for the interim report 1 January - 30 June 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 June 2012
Condensed consolidated 2012 2011 Change 2012 2011 Change 2011
statement of Jan-Ju Jan-Ju Apr-Ju Apr-Ju Jan-De
comprehensive income, n n n n c
million euros
--------------------------------------------------------------------------------
Revenue 262.3 242.6 19.7 92.7 91.0 1.7 438.50
--------------------------------------------------------------------------------
Other operating income 1.2 1.0 0.2 0.7 0.5 0.2 3.0
--------------------------------------------------------------------------------
Depreciation and -37.3 -33.6 -3.7 -18.7 -16.8 -1.9 -67.9
amortisation expense
--------------------------------------------------------------------------------
Operating expenses -177.2 -166.3 -10.9 -79.8 -72.7 -7.1 -317.0
--------------------------------------------------------------------------------
Operating profit 49.1 43.7 5.4 -5.1 2.0 -7.1 56.6
--------------------------------------------------------------------------------
Finance income and costs -6.9 -12.5 5.6 -2.5 -6.4 3.9 -22.6
--------------------------------------------------------------------------------
Portion of profit of 0.4 0.2 0.2 0.1 0.1 0.1 0.2
associated companies
--------------------------------------------------------------------------------
Profit before taxes 42.6 31.5 11.1 -7.5 -4.3 -3.1 34.2
--------------------------------------------------------------------------------
Income taxes -10.3 -8.1 -2.2 1.9 1.1 0.7 -1.2
--------------------------------------------------------------------------------
Profit for the period 32.2 23.3 8.9 -5.6 -3.2 -2.4 33.0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Other comprehensive
income
--------------------------------------------------------------------------------
Cash flow hedges 2.8 -16.9 19.7 -0.6 -6.9 6.3 -33.4
--------------------------------------------------------------------------------
Translation reserve 0.1 -0.2 0.3 1.4 0.0 1.3 0.2
--------------------------------------------------------------------------------
Available-for-sale 0.0
financial assets
--------------------------------------------------------------------------------
Total comprehensive 35.1 6.3 28.9 -4.9 -10.1 5.2 -0.2
income for the year
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Profit attributable to:
--------------------------------------------------------------------------------
Equity holders of the 32.2 23.3 8.9 -5.6 -3.2 -2.4 33.0
company
--------------------------------------------------------------------------------
Total comprehensive
income attributable to:
--------------------------------------------------------------------------------
Equity holders of the 35.1 6.3 28.9 -4.9 -10.1 5.2 -0.2
company
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Earnings per share 9 687 7 022 2 655 -1 685 -957 -728 9 924
(euros) belonging to
the owners of parent
company, calculated
from profit*
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
* no dilution effect
Condensed consolidated balance sheet, 2012 2011 Change 2011
million euros 30 Jun 30 Jun 31 Dec
--------------------------------------------------------------------------------
ASSETS
--------------------------------------------------------------------------------
Non-current assets
--------------------------------------------------------------------------------
Goodwill 87.9 87.9 0.0 87.9
--------------------------------------------------------------------------------
Intangible assets 90.9 89.1 1.8 89.7
--------------------------------------------------------------------------------
Property, plant and equipment 1 439.5 1 319.4 120.0 1 419.60
--------------------------------------------------------------------------------
Investments 7.4 8.1 -0.7 8.2
--------------------------------------------------------------------------------
Receivables 88.9 44.3 44.6 77.4
--------------------------------------------------------------------------------
Current assets
--------------------------------------------------------------------------------
Inventories 8.0 6.0 2.0 6.7
--------------------------------------------------------------------------------
Receivables 52.6 44.1 8.6 78.9
--------------------------------------------------------------------------------
Financial assets recognised in income 255.5 239.1 16.3 202.4
statement at fair value
--------------------------------------------------------------------------------
Cash and cash equivalents 0.6 1.1 -0.5 1.5
--------------------------------------------------------------------------------
Total assets 2 031.3 1 839.2 192.1 1 972.3
--------------------------------------------------------------------------------
SHAREHOLDERS' EQUITY AND LIABILITIES
--------------------------------------------------------------------------------
Shareholders' equity belonging to the owners
of the parent company
--------------------------------------------------------------------------------
Shareholders' equity 531.7 513.8 17.9 507.3
--------------------------------------------------------------------------------
Non-current liabilities
--------------------------------------------------------------------------------
Non-current interest-bearing liabilities 1 077.5 732.1 345.5 845.2
--------------------------------------------------------------------------------
Other non-current liabilities 188.0 148.2 39.8 176.7
--------------------------------------------------------------------------------
Current liabilities
--------------------------------------------------------------------------------
Current interest-bearing liabilities 158.7 403.4 -244.7 379.5
--------------------------------------------------------------------------------
Trade and other payables 75.3 41.7 33.7 63.6
--------------------------------------------------------------------------------
Total shareholders' equity and liabilities 2 031.3 1 839.2 192.1 1 972.3
--------------------------------------------------------------------------------
Key indicators, million euros 2012 2011 2011
Jan-Jun Jan-Jun Jan-Dec
---------------------------------------------------------------
Revenue 262.3 242.6 438.5
---------------------------------------------------------------
Capital expenditure, gross 56.7 110.3 244.4
---------------------------------------------------------------
- % of revenue 21.6 45.5 55.7
---------------------------------------------------------------
Research and development expenses 0.5 0.9 1.8
---------------------------------------------------------------
- % of revenue 0.2 0.4 0.4
---------------------------------------------------------------
Personnel, average 267 264 263
---------------------------------------------------------------
Operating profit 49.1 43.7 56.6
---------------------------------------------------------------
- % of revenue 18.7 18.0 12.9
---------------------------------------------------------------
Profit before taxes 42.6 31.5 34.2
---------------------------------------------------------------
- % of revenue 16.2 13.0 7.8
---------------------------------------------------------------
Interest bearing liabilities, net* 980.2 895.3 1 020.2
---------------------------------------------------------------
Equity ratio, %* 26.2 28.3 25.7
---------------------------------------------------------------
Shareholders' equity, million euros* 531.7 513.8 507.3
---------------------------------------------------------------
Equity per share, euros* 159 904 154 524 152 573
---------------------------------------------------------------
Earnings per share, euros* 9 687 7 022 9 924
---------------------------------------------------------------
---------------------------------------------------------------
* end of period
Consolidated statement
of changes in total
equity, million euros
--------------------------------------------------------------------------------
Attributable to equity Share Share Revalua- Translat Retaine Total
holders of the parent capita premium tion ion d equity
company l account reserve reserve earning
s
--------------------------------------------------------------------------------
Capital and reserves 1 55.9 55.9 19.8 0.3 382.3 514.2
Jan 2011
--------------------------------------------------------------------------------
Comprehensive income
--------------------------------------------------------------------------------
Profit or loss 23.3 23.3
--------------------------------------------------------------------------------
Other comprehensive
income
--------------------------------------------------------------------------------
Cash flow hedges -16.9 -16.9
--------------------------------------------------------------------------------
Translation reserve -0.2 -0.2
--------------------------------------------------------------------------------
Total other -16.9 -0.2 -17.1
comprehensive income
--------------------------------------------------------------------------------
Total comprehensive -16.9 -0.2 23.3 6.3
income
--------------------------------------------------------------------------------
Transactions with owners
--------------------------------------------------------------------------------
Dividens relating to -6.7 -6.7
2010
--------------------------------------------------------------------------------
Capital and reserves 30 55.9 55.9 2.9 0.1 398.9 513.8
June 2011
--------------------------------------------------------------------------------
Comprehensive income
--------------------------------------------------------------------------------
Profit or loss 9.6 9.6
--------------------------------------------------------------------------------
Other comprehensive
income
--------------------------------------------------------------------------------
Cash flow hedges -16.5 -16.5
--------------------------------------------------------------------------------
Translation reserve 0.4 0.4
--------------------------------------------------------------------------------
Available-for-sale 0.0 0.0
financial assets
--------------------------------------------------------------------------------
Total other -16.6 0.4 -16.1
comprehensive income
--------------------------------------------------------------------------------
Total comprehensive -16.6 0.4 9.6 -6.5
income
--------------------------------------------------------------------------------
Capital and reserves 1 55.9 55.9 -13.7 0.6 408.6 507.3
Jan 2012
--------------------------------------------------------------------------------
Comprehensive income
--------------------------------------------------------------------------------
Profit or loss 32.2 32.2
--------------------------------------------------------------------------------
Other comprehensive
income
--------------------------------------------------------------------------------
Cash flow hedges 2.8 2.8
--------------------------------------------------------------------------------
Translation reserve 0.1 0.1
--------------------------------------------------------------------------------
Total other 2.8 0.1 2.9
comprehensive income
--------------------------------------------------------------------------------
Comprehensive income 2.8 0.1 32.2 35.1
--------------------------------------------------------------------------------
Transactions with owners
--------------------------------------------------------------------------------
Dividens relating to -10.8 -10.8
2011
--------------------------------------------------------------------------------
Capital and reserves 30 55.9 55.9 -10.9 0.7 430.0 531.7
Jun 2012
--------------------------------------------------------------------------------
Condensed consolidated cash flow statement, million 2012 2011 2011
euros Jan-Jun Jan-Jun Jan-Dec
--------------------------------------------------------------------------------
Cash flow from operating activities
--------------------------------------------------------------------------------
Profit for the financial year 32.2 23.3 33.0
--------------------------------------------------------------------------------
Adjustments 63.1 55.6 96.5
--------------------------------------------------------------------------------
Changes in working capital 28.8 -0.6 -12.3
--------------------------------------------------------------------------------
Impact of changes in fair value of investments 0.0 0.2 0.6
--------------------------------------------------------------------------------
Interest paid -13.0 -9.8 -22.8
--------------------------------------------------------------------------------
Interest received 2.0 1.2 2.9
--------------------------------------------------------------------------------
Taxes paid -6.6 -1.0 -2.3
--------------------------------------------------------------------------------
Net cash flow from operating activities 106.5 68.9 95.6
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Cash flow from investing activies
--------------------------------------------------------------------------------
Purchase of property, plant and equipment -61.5 -110.8 -241.0
--------------------------------------------------------------------------------
Purchase of intangible assets -2.9 -1.0 -3.3
--------------------------------------------------------------------------------
Proceeds from sale of property, plant and equipment 0.0 0.0 0.1
--------------------------------------------------------------------------------
Dividens received 1.3 0.0 0.2
--------------------------------------------------------------------------------
Contributions received 0.0 0.0 0.1
--------------------------------------------------------------------------------
Net cash flow from investing activies -63.1 -111.8 -244.0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Cash flow from financing activities
--------------------------------------------------------------------------------
Withdrawal of loans 521.2 239.8 749.9
--------------------------------------------------------------------------------
Repayment of loans -505.7 -171.7 -612.6
--------------------------------------------------------------------------------
Dividends paid -6.7 -6.7 -6.7
--------------------------------------------------------------------------------
Net cash flow from financing activities 8.8 61.4 130.6
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net change in cash and cash equivalents 52.2 18.5 -17.8
--------------------------------------------------------------------------------
Cash and cash equivalents 1 Jan 203.8 221.7 221.7
--------------------------------------------------------------------------------
Cash and cash equivalents 30 Jun 256.1 240.2 203.8
--------------------------------------------------------------------------------
Derivative agreements, 2012 2011 2011
million euros 30 Jun 30 Jun 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 67 444 38 418 64 519
--------------------------------------------------------------------------------
Forward contracts 0 5 -1 69 0 25
--------------------------------------------------------------------------------
Interest rate swaps 2 346 0 231 -1 301
--------------------------------------------------------------------------------
Call options, bought 0 850 6 880 1 880
--------------------------------------------------------------------------------
Total 69 1 644 44 1 598 63 1 725
--------------------------------------------------------------------------------
Net Volume Net Volume Net Volume
fair TWh fair TWh fair TWh
value value value
--------------------------------------------------------------------------------
Electricity derivatives
--------------------------------------------------------------------------------
Electricity forward -28 3.88 2 3.73 -23 3.81
contracts, NASDAX OMX
Commodities
designated as hedge
accounting
--------------------------------------------------------------------------------
Electricity forward 0 -0.02 0 0.00 0 0.01
contracts, NASDAX OMX
Commodities
--------------------------------------------------------------------------------
Total -28 3.86 2 3.73 -23 3.82
--------------------------------------------------------------------------------
Commitments and contingencies, million euros 2012 2011 2011
30 Jun 30 Jun 31 Dec
--------------------------------------------------------------------
Pledges / bank balances 0 0 0
--------------------------------------------------------------------
Rental liabilities 25 27 26
--------------------------------------------------------------------
Commitment fee of revolving credit facility 2 2 2
--------------------------------------------------------------------
Total 27 29 30
--------------------------------------------------------------------
Capital commitments 257 336 218
--------------------------------------------------------------------
Other financial liabilities 2 2 2
--------------------------------------------------------------------
Changes in property, plant and equipment, million euros 2012 2011 2011
30 Jun 30 Jun 31 Dec
-------------------------------------------------------------------------------
Carrying amount at beginning of period 1 420 1 253 1 253
-------------------------------------------------------------------------------
Increases 56 98 232
-------------------------------------------------------------------------------
Decreases 0
-------------------------------------------------------------------------------
Depreciation and amortisation expense -36 -32 -65
-------------------------------------------------------------------------------
Carrying amount at end of period 1 439 1 319 1 420
-------------------------------------------------------------------------------
Transactions with associated companies, million euros 2012 2011 2011
30 Jun 30 Jun 31 Dec
-----------------------------------------------------------------------------
Sales 3 2 4
-----------------------------------------------------------------------------
Purchases 26 37 63
-----------------------------------------------------------------------------
Receivables 1 0 1
-----------------------------------------------------------------------------
Liabilities 0 0
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
Transactions with related parties, million euros 2012 2011 2011
30 Jun 30 Jun 31 Dec
------------------------------------------------------------------------
Owners
------------------------------------------------------------------------
Sales 44 50
------------------------------------------------------------------------
Purchases 0 30 33
------------------------------------------------------------------------
Receivables
------------------------------------------------------------------------
Liabilities 0 0
------------------------------------------------------------------------
Other related parties
------------------------------------------------------------------------
Sales 40 10 36
------------------------------------------------------------------------
Purchases 26 6 34
------------------------------------------------------------------------
Receivables 0 2 6
------------------------------------------------------------------------
Liabilities 2 2 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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