2013-04-23 10:00:01 CEST
2013-04-23 10:00:15 CEST
REGULATED INFORMATION
Fingrid Oyj - Interim report (Q1 and Q3)
Fingrid Group's Interim Report 1 January - 31 March 2013
Helsinki, Finland, 2013-04-23 10:00 CEST (GLOBE NEWSWIRE) -- Fingrid Oyj
Interim Report 23.4.2013 at 11.00 EET
January - March 2013: Improved profit for the financial period
-- The Group's revenue between January and March 2013 was 171 million euros
(170 million euros during the corresponding period in 2012).
-- Operating profit for the first quarter of the year was 79 million euros (54
million).
-- The Group's net profit for the financial period was 55 million euros (38
million).
-- The cash flow from the operations of the Group deducted by capital
expenditure was 38 million euros (57 million).
-- The interest-bearing borrowings totalled 992.5 million euros (970 million).
-- Capital expenditure totalled 34 million euros (19 million).
-- The equity ratio was 29.3% (26.4%).
-- Earnings per share totalled 16,550 euros (11,372 euros).
KEY FIGURES Jan-Mar1 Jan-Mar1 change Jan-Dec201
3 2 % 2
--------------------------------------------------------------------------------
Revenue M€ 170.6 169.6 0.6 522.1
--------------------------------------------------------------------------------
Capital expenditure, gross M€ 34.4 19.1 79.9 139.0
--------------------------------------------------------------------------------
- of revenue % 20.2 11.3 26.6
--------------------------------------------------------------------------------
Research and development expenses M€ 0.4 0.3 34.3 1.5
--------------------------------------------------------------------------------
- of revenue % 0.2 0.2 0.3
--------------------------------------------------------------------------------
Personnel, average 268 265 1.1 269
--------------------------------------------------------------------------------
Personnel, at the end of period 276 269 2.6 275
--------------------------------------------------------------------------------
Salaries and bonuses, total M€ 4.57 4.42 3.4 18.21
--------------------------------------------------------------------------------
Operating profit M€ 79.1 54.2 45.9 94.6
--------------------------------------------------------------------------------
- of revenue % 46.4 32.0 18.1
--------------------------------------------------------------------------------
Profit before taxes M€ 72.8 50.0 45.6 88.3
--------------------------------------------------------------------------------
- of revenue % 42.7 29.5 16.9
--------------------------------------------------------------------------------
Profit for the financial period M€ 55.0 37.8 45.5 67.0
--------------------------------------------------------------------------------
Comprehensive income for the M€ 50.3 40.0 25.6 73.2
financial period
--------------------------------------------------------------------------------
Return on investment (ROI) % 5.6
--------------------------------------------------------------------------------
Return on equity (ROE) % 12.4
--------------------------------------------------------------------------------
Equity ratio % 29.3 26.4 27.3
--------------------------------------------------------------------------------
Interest-bearing net borrowings M€ 992.5 969.9 2.3 1030.3
--------------------------------------------------------------------------------
Net gearing ratio % 160.1 180.8 180.8
--------------------------------------------------------------------------------
Earnings per share € 16 550.4 11 372.2 45.5 20 159.2
--------------------------------------------------------------------------------
Dividend/ series A shares € 2 018.26*
--------------------------------------------------------------------------------
Dividend/ series B shares € 2 018.26*
--------------------------------------------------------------------------------
Equity per share € 186 478 161 368 15.6 171 365
--------------------------------------------------------------------------------
Dividend payout ratio, A shares % 10.0*
--------------------------------------------------------------------------------
Dividend payout ratio, B shares % 10.0*
--------------------------------------------------------------------------------
Number of shares at 31 Dec
--------------------------------------------------------------------------------
- Series A shares pcs 2 078 2 078 0 2 078
--------------------------------------------------------------------------------
- Series B shares pcs 1 247 1 247 0 1 247
--------------------------------------------------------------------------------
Total pcs 3 325 3 325 0 3 325
--------------------------------------------------------------------------------
* The Board of Directors' proposal to the Annual General Meeting
Says Jukka Ruusunen, President and CEO of Fingrid, about the interim report:"Electricity consumption at last year's level""Despite the prolonged winter, electricity consumption for the first quarter of
the year remained at the same level where it was a year ago. The first
quarter's operating profit was enhanced by the grid tariff increases
implemented at the beginning of the year, and by the decrease in loss energy
expenses in comparison with last year. The congestion income related to the
area price difference between Finland and Sweden decreased from last year, as
the transmission capacity from Sweden has been able to fulfil the market needs
better."
Fingrid Group's interim report 1 January - 31 March 2013
Accounting principles
Fingrid's interim report has been drawn up in accordance with standard IAS 34,
Interim Financial Reporting. In this interim report, Fingrid has followed the
same principles as in the annual financial statements for 2012.
Financial result
The Group's revenue for the first quarter of the year was 171 million euros
(170 million euros during the corresponding period in 2012). Other operating
income was 1 million euros (0.5 million euros).
The grid service income rose to 116 million euros (99 million euros) as a
result of the tariff increase of 15 per cent carried out at the beginning of
the year. Electricity consumption remained at the previous year's level and was
24,6 TWh (24,6 TWh). The sales of imbalance power were 40 million euros (46
million euros). Cross-border transmission income on the connection between
Finland and Russia remained at the previous year's level. Fingrid's congestion
income between Finland and Sweden was 1 million euros (8 million euros).
The purchases of imbalance power were 32 million euros (42 million euros). Loss
energy costs decreased to 15 million euros (18 million euros) due to a lower
loss energy purchase price and a decrease in loss energy purchases. At the end
of March, 99 per cent of Fingrid's projected loss energy procurement for the
remaining part of 2013 had been hedged at an average price of 47.2 euros per
megawatt hour.
The costs of reserves, which safeguard the system security of the power system,
increased by 6 million euros during the review period due to the increased
market prices of reserves and the additional reserve purchases made to improve
frequency quality. Depreciations totalled 19 million euros (19 million euros).
The maintenance management costs totalled 4 million euros (3 million euros),
and the increase was mainly due to the costs incurred from the initiated repair
of the Fenno-Skan 1 interconnection. Personnel costs increased slightly from
the previous year.
Revenue and other operating income (million €) Jan-Mar 13 Jan-Mar 12 change %
--------------------------------------------------------------------------------
Grid service revenue 116 99 16.9
--------------------------------------------------------------------------------
Sales of imblance power 40 46 -13.7
--------------------------------------------------------------------------------
ITC income 3 5 -38.7
--------------------------------------------------------------------------------
Cross-border transmission 5 5 -1.8
--------------------------------------------------------------------------------
Finland-Estonia congestion income* 1 1 -58.2
--------------------------------------------------------------------------------
Peak load capacity** 5 5 -0.1
--------------------------------------------------------------------------------
Finland-Sweden congestion income 1 8 -91.2
--------------------------------------------------------------------------------
Other revenue 1 1 25.8
--------------------------------------------------------------------------------
Other operating income 1 1 81.2
--------------------------------------------------------------------------------
Revenue and other income total 172 170 0.9
--------------------------------------------------------------------------------
Costs (million €) Jan-Mar Jan-Mar change
13 12 %
--------------------------------------------------------------------------------
Purchase of imbalance power 32 42 -24.0
--------------------------------------------------------------------------------
Purchase of loss energy 15 18 -17.2
--------------------------------------------------------------------------------
Depreciation 19 19 4.5
--------------------------------------------------------------------------------
Estlink grid rents* 1 1 -54.0
--------------------------------------------------------------------------------
Reserves 12 6 87.0
--------------------------------------------------------------------------------
Personnel 6 5 4.1
--------------------------------------------------------------------------------
Peak load capacity** 5 5 -0.7
--------------------------------------------------------------------------------
Maintenance management 4 3 40.0
--------------------------------------------------------------------------------
ITC charges 3 3 -21.9
--------------------------------------------------------------------------------
Other costs 8 6 31.1
--------------------------------------------------------------------------------
Costs total 103 108 -4.5
--------------------------------------------------------------------------------
Operating profit excluding the change in the fair 69 62 10.2
value of commodity derivatives
--------------------------------------------------------------------------------
Operating profit of the Group 79 54 45.9
--------------------------------------------------------------------------------
*Fingrid's income from the congestion income between Finland and Estonia was
0.5 million euros. The costs (grid rents between Finland and Estonia) were 0.5
million euros, which was paid to the owners of the transmission connection. The
difference of 0.0 million euros received by Fingrid was created during
disturbances on the Estlink connection (no disturbance occurred between January
and March 2013).
** The peak load capacity income and costs are related to the securing of the
sufficiency of electricity during peak consumption hours within the framework
of the Finnish Peak Load Capacity Act.
The operating profit of the Group was 79 million euros (54 million euros),
which contains 11 million euros (-8 million euros) of changes in the fair value
of commodity derivatives. The profit before taxes was 73 million euros (50
million euros). The profit for the financial period was 55 million euros (38
million euros) and the consolidated total comprehensive income was 50 million
euros (40 million euros). The cash flow from the operations of the Group
deducted by capital expenditure was 38 million euros positive (57 million
euros). The equity ratio of the Group was 29.3 per cent (26.4 per cent) at the
end of the review period.
The Group's profit for financial period is characterised by seasonal
fluctuations, which is why the profit for the financial year cannot be directly
estimated on the basis of the three-month profit for the financial period.
Capital expenditure
During the first quarter of the year, Fingrid made significant decisions about
investments in substations. A new 110-kilovolt substation will be built in
Naantalinsalmi to replace the existing 110-kilovolt switchgear at the Naantali
power plant. The new substation will enable the connection of Kraftnät Åland's
high-voltage direct current submarine cable between the Åland Islands and
mainland Finland to the Finnish grid. The total costs of this project are
approximately 8.8 million euros.
The improvement of the Petäjäskoski substation covers the renewal of the aged
and structurally impractical 220-kilovolt switchgear and the addition of
another 400/220-kilovolt transformer. The upgrade is carried out so as to
improve system security in the transmission system in Lapland. The total costs
of station renovation project are approximately 16 million euros.
Fingrid's new reserve power plant was inaugurated in Forssa in late March. The
plant is the largest reserve power plant in Finland, used for securing the
functioning of the Finnish power system in disturbance situations. The plant
was completed on schedule in late 2012. Fingrid now has a total of 1,300
megawatts of fast disturbance reserve.
The Group's gross capital expenditure between January and March was 34.4
million euros (19.1 million euros during the corresponding period in 2012).
Power system
From the beginning of 2013 to the end of March, 24.6 terawatt hours of
electricity was consumed in Finland (24.6 TWh in the corresponding period in
2012). A total of 17.6 TWh (17.5 TWh) of electricity was transmitted in
Fingrids grid during the same period, representing 72 per cent of the
electricity consumption in Finland.
The electricity import and production capacity was well sufficient to cover the
peak consumption of the winter. According to Fingrid's operation control
measurements, the peak electricity consumption in the winter of 2013 was 14,043
megawatts. The highest electricity generation volume in Finland in the early
part of 2013 was approx. 12,000 megawatts, and power plants worked without
significant disturbance during the period ofcold weather. It was not necessary
to take into use any of the nation-wide peak load capacity of 600 megawatts.
Electricity transmissions between Finland and Sweden consisted mainly of
imports to Finland. The failure in the Fenno-Skan 1 interconnection limited the
import capacity during the review period. The interconnection was out of
operation for the duration of January due to repair work and the commissioning
tests of the new automation system. On February 12, the Fenno-Skan 1
interconnection was hit by a cable failure.
The repair of the interconnection was completed in April. Between January and
March, 2.3 TWh of electricity were imported from Sweden to Finland (3.1 TWh),
and 0.3 TWh (0.1 TWh) were exported from Finland to Sweden.
There were no significant electricity transmission restrictions in the
transmission capacity on the Russian or Estonian borders between January and
March. The volume of imports from Russia, on average, has been approximately
half of the available capacity, and it has varied as determined by the market
situation. The prevailing direction of transmissions on the Estlink connection
varied, depending on the market situation. Electricity imports from Russia from
January to March were 1.8 TWh (2.0 TWh) and from Estonia 0.2 TWh (0.1 TWh).
Exports to Estonia were 0.3 TWh (0.4 TWh).
In order to restore the deteriorated frequency quality in the Nordic countries,
the Nordic grid companies have started the test use of a new reserve type, the
Automatic Frequency Restoration Reserve. During the test period, a total of 100
MW of this reserve will be maintained, and Fingrid's share is 23 MW.
Power system operation Jan-Mar 13 Jan-Mar 12
-----------------------------------------------------------------
Eelectricity consumption in Finland TWh 24.6 24.6
-----------------------------------------------------------------
Fingrid's transmission volume TWh 17.6 17.5
-----------------------------------------------------------------
Fingrid's loss energy volume TWh 0.3 0.3
-----------------------------------------------------------------
Electricity transmissions Finland-Sweden
Exports to Sweden TWh 0.3 0.1
-----------------------------------------------------------------
Imports from Sweden TWh 2.3 3.1
-----------------------------------------------------------------
Electricity transmissions Finland-Estonia
Exports to Estonia TWh 0.3 0.4
-----------------------------------------------------------------
Imports from Estonia TWh 0.2 0.1
-----------------------------------------------------------------
electricity transmissions Finland-Russia
Imports from RussiaTWh 1.8 2.0
-----------------------------------------------------------------
Electricity market
The average price (system price) in Nord Pool spot market during the first
quarter of 2013 was 42 €/MWh (38€/MWh during the corresponding period in 2012)
and Finland's area price was 42€/MWh (43€/MWh).
In the early part of 2013, the Swedish transmission lines' capacity has been
able to fulfil the market needs better than last year, despite the failure in
the Fenno-Skan 1 interconnection. Since the beginning of the year, Finland has
belonged to the same price area with Northern Sweden or the Stockholm area for
96 per cent of the time, whereas the corresponding rate for last year was 30
per cent.
The normalisation of the water reservoir situation in the Nordic countries has
significantly helped the situation. In addition, due to the Fenno-Skan
interconnection failure, Fingrid again made the decision to postpone the outage
of the northern cross-border line connection to await a more suitable market
situation.
During the first quarter of 2013, Fingrid used 0.1 million euros for counter
trade (1.8 million euros in 2012).
In March, the Finnish government introduced a new electricity market act
proposal to the parliament. The proposal concerns the grid in terms of
separating grid ownership and amending the definition of grid. According to the
proposed act, the goal of grid development is to maintain Finland's position as
one offer area in electricity trade. The grid owner's area of responsibility
covers the entire country, excluding the Åland Islands that have a separate
grid owner.
The Northeast European market integration project stepped forward in February,
when the project parties set their goal at establishing the region's market
connection by the end of November. The project of grid companies and
electricity exchanges optimises transmission capacity management across more
than 20 borders between 13 countries. The final goal is to achieve an
all-European electricity market.
Electricity market Jan-Mar13 Jan-Mar12
-------------------------------------------------------------------------------
Nord Pool system price, average €/MWh 42.03 38.48
-------------------------------------------------------------------------------
Area price Finland, average €/MWh 42.10 42.71
-------------------------------------------------------------------------------
Congestion income between Finland and Sweden million €* 1.4 15.4
-------------------------------------------------------------------------------
Congestion hours between Finland and Sweden%* 7.4 40.1
-------------------------------------------------------------------------------
Congestion income between Finland and Estonia million €* 1 2.5
-------------------------------------------------------------------------------
Congestion hours between Finland and Estonia %* 26.5 29.4
-------------------------------------------------------------------------------
* 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. The net
financial costs of the Group were 7 million euros during the review period (4
million euros). The net financial costs excluding the changes in the fair value
of derivatives were 5 million euros (5 million euros). Financial assets
recognised at fair value in the income statement and cash and cash equivalents
amounted to 225 million euros (261 million euros) on 31 March 2013. Moreover,
the company has an undrawn revolving credit facility of 250 million euros.
The interest-bearing borrowings totalled 1,218 million euros (1,231 million
euros), of which 1,056 million euros (826 million euros) were non-current and
161 million euros (405 million euros) were current.
The counterparty risk involved in the derivative contracts relating to
financing was 80 million euros (65 million euros).
On 16 January 2013, the international rating agency Standard & Poor's Rating
Services (S&P) revised Fingrid Oyj's outlook from negative to stable. Other
ratings remained unchanged. S&P affirmed Fingrid Oyj's long-term rating AA-,
short-term rating A-1+ and the long-term credit rating AA-. FitchRatings
published a report on Fingrid's credit ratings on 18 March 2013, and the
ratings remained unchanged. Fitch's rating for Fingrid Oyj's senior unsecured
debt is A+. The Long-term Issuer Default Rating (IDR) is A and Short-term IDR
is F1. Fingrid Oyj's outlook is stable.
Personnel
The total personnel of the Fingrid Group averaged 268 (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
No substantial events or changes have occurred in Fingrid's operations or
financial standing after the end of the financial period.
The company raised its tariffs by 15 per cent as of 1 Jan. 2013. The company
proceeds with the implementation of its long-term 1.7-billion euro investment
programme. Investments will be financed by increased external funding.
Fingrid Group's profit before taxes without the changes in the fair value of
derivatives is expected to increase slightly from the previous year.The
uncertainty involved in electricity consumption, congestion income and in
cross-border income on the interconnections from Russia makes it difficult to
forecast the profit for the entire financial year.
Annual General Meeting
Fingrid Oyj's Annual General Meeting shall take place on 27 May 2013 at 10 a.m.
in Helsinki.
Board of Directors
Appendices: Tables for the interim report 1 January - 31 March 2013
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 - 31 March 2013
Condensed consolidated statement of 2013 2012 Change 2012
comprehensive income, million euros Jan-Ma Jan-Ma Jan-De
r r c
--------------------------------------------------------------------------------
Revenue 170.6 169.6 1.0 522.1
--------------------------------------------------------------------------------
Other operating income 1.01 0.5 0.4 3.8
--------------------------------------------------------------------------------
Depreciation and amortisation expense -19.4 -18.5 -0.8 -75.7
--------------------------------------------------------------------------------
Operating expenses -73.1 -97.4 24.3 -355.6
--------------------------------------------------------------------------------
Operating profit 79.1 54.2 24.9 94.6
--------------------------------------------------------------------------------
Finance income and costs -6.6 -4.5 -2.1 -7.2
--------------------------------------------------------------------------------
Portion of profit of associated companies 0.3 0.3 0.0 0.9
--------------------------------------------------------------------------------
Profit before taxes 72.8 50.0 22.8 88.3
--------------------------------------------------------------------------------
Income taxes -17.8 -12.2 -5.6 -21.3
--------------------------------------------------------------------------------
Profit for the period 55.0 37.8 17.2 67.0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Other comprehensive income
--------------------------------------------------------------------------------
Cash flow hedges -4.3 3.4 -7.8 6.1
--------------------------------------------------------------------------------
Translation reserve -0.4 -1.2 0.8 0.1
--------------------------------------------------------------------------------
Available-for-sale financial assets 0.0 0.0
--------------------------------------------------------------------------------
Total comprehensive income for the year 50.3 40.0 10.3 73.2
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Profit attributable to:
--------------------------------------------------------------------------------
Equity holders of the company 55.0 37.8 17.2 67.0
--------------------------------------------------------------------------------
Total comprehensive income attributable to:
--------------------------------------------------------------------------------
Equity holders of the company 50.3 40.0 10.3 73.2
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Earnings per share (euros)* belonging to the 16 550 11 372 5 178 20 159
owners of the parent company, calculated from
profit
--------------------------------------------------------------------------------
* no dilution effect
Condensed consolidated balance sheet, million 2013 2012 Change 2012
euros 31 Mar 31 Mar 31 Dec
--------------------------------------------------------------------------------
ASSETS
--------------------------------------------------------------------------------
Non-current assets
--------------------------------------------------------------------------------
Goodwill 87.9 87.9 0.0 87.9
--------------------------------------------------------------------------------
Intangible assets 90.9 91.3 -0.4 91.1
--------------------------------------------------------------------------------
Property, plant and equipment 1 500.3 1 419.3 81.0 1 484.7
--------------------------------------------------------------------------------
Investments 8.4 7.3 1.2 8.6
--------------------------------------------------------------------------------
Derivatives 80.0 59.2 20.8 81.7
--------------------------------------------------------------------------------
Receivables 21.4 21.1 0.3 21.7
--------------------------------------------------------------------------------
Current assets
--------------------------------------------------------------------------------
Inventories 9.8 6.6 3.2 10.4
--------------------------------------------------------------------------------
Derivatives 3.4 12.9 -9.5 3.9
--------------------------------------------------------------------------------
Receivables 89.6 67.8 21.8 88.3
--------------------------------------------------------------------------------
Financial assets recognised in income 221.9 253.8 -31.9 207.4
statement
at fair value
--------------------------------------------------------------------------------
Cash and cash equivalents 3.2 7.6 -4.4 6.4
--------------------------------------------------------------------------------
Total assets 2 116.8 2 034.8 82.0 2 092.0
--------------------------------------------------------------------------------
SHAREHOLDERS' EQUITY AND LIABILITIES
--------------------------------------------------------------------------------
Shareholders' equity belonging to the owners
of the parent company
--------------------------------------------------------------------------------
Shareholders' equity 620.0 536.6 83.5 569.8
--------------------------------------------------------------------------------
Non-current liabilities
--------------------------------------------------------------------------------
Non-current interest-bearing liabilities 1 056.2 825.9 230.4 1 032.2
--------------------------------------------------------------------------------
Derivatives 30.8 37.4 -6.6 30.1
--------------------------------------------------------------------------------
Other non-current liabilities 169.8 153.6 16.2 154.4
--------------------------------------------------------------------------------
Current liabilities
--------------------------------------------------------------------------------
Current interest-bearing liabilities 161.3 405.4 -244.1 211.9
--------------------------------------------------------------------------------
Derivatives 4.0 0.9 3.1 10.8
--------------------------------------------------------------------------------
Trade and other payables 74.6 75.1 -0.4 82.8
--------------------------------------------------------------------------------
Total shareholders' equity and liabilities 2 116.8 2 034.8 82.0 2 092.0
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY, MILLION EUROS
--------------------------------------------------------------------------------
-
Attributable to equity Share Share Revalua-t Transla- Retained Total
holders of the parent capita premium ion tion earnings equity
company l account reserve reserve
--------------------------------------------------------------------------------
Balance at 1 Jan 2012 55.9 55.9 -13.7 0.6 408.6 507.3
--------------------------------------------------------------------------------
Comprehensive income
--------------------------------------------------------------------------------
Profit or loss 37.8 37.8
--------------------------------------------------------------------------------
Other comprehensive
income
--------------------------------------------------------------------------------
Cash flow hedges 3.4 3.4
--------------------------------------------------------------------------------
Translation reserve -1.2 -1.2
--------------------------------------------------------------------------------
Total other 3.4 -1.2 2.2
comprehensive income
adjusted by tax
effects
--------------------------------------------------------------------------------
Total comprehensive 3.4 -1.2 37.8 40.0
income
--------------------------------------------------------------------------------
Transactions with
owners
--------------------------------------------------------------------------------
Dividens relating to -10,8 -10,8
2011
--------------------------------------------------------------------------------
Balance at 31 Mar 2012 55.9 55.9 -10.3 -0.7 435.6 536.6
--------------------------------------------------------------------------------
Comprehensive income
--------------------------------------------------------------------------------
Profit or loss 29.2 29.2
--------------------------------------------------------------------------------
Other comprehensive
income
--------------------------------------------------------------------------------
Cash flow hedges 2.7 2.7
--------------------------------------------------------------------------------
Translation reserve 1.3 1.3
--------------------------------------------------------------------------------
Items related to 0.0 0.0
long-term asset items
available-for-sale
--------------------------------------------------------------------------------
Total other 2.7 1.3 4.0
comprehensive income
adjusted by tax
effects
--------------------------------------------------------------------------------
Total comprehensive 2.7 1.3 29.2 33.2
income
--------------------------------------------------------------------------------
Balance at 1 Jan 2013 55.9 55.9 -7.57 0.6 465 569.8
--------------------------------------------------------------------------------
Comprehensive income
--------------------------------------------------------------------------------
Profit or loss 55.0 55.0
--------------------------------------------------------------------------------
Other comprehensive
income
--------------------------------------------------------------------------------
Cash flow hedges -4.3 -4.3
--------------------------------------------------------------------------------
Translation reserve -0.4 -0.4
--------------------------------------------------------------------------------
Items related to 0.0 0.0
long-term asset items
available-for-sale
--------------------------------------------------------------------------------
Total other -4.3 -0.4 -4.8
comprehensive income
adjusted by tax
effects
--------------------------------------------------------------------------------
Total comprehensive -4.3 -0.4 55.0 50.3
income
--------------------------------------------------------------------------------
Balance at 31 Mar 2013 55.9 55.9 -11.9 0.2 519.9 620.0
--------------------------------------------------------------------------------
Condensed consolidated cash flow statement, million 2013 2012 2012
euros Jan-Mar Jan-Mar Jan-Mar
--------------------------------------------------------------------------------
Cash flow from operating activities
--------------------------------------------------------------------------------
Profit for the financial year 55.0 37.8 67.0
--------------------------------------------------------------------------------
Adjustments 32.9 42.9 114.6
--------------------------------------------------------------------------------
Changes in working capital -0.6 11.1 -3.7
--------------------------------------------------------------------------------
Impact of changes in fair value of investments 0.0 0.0 -0.5
--------------------------------------------------------------------------------
Interests paid -1.9 -3.0 -21.8
--------------------------------------------------------------------------------
Interests received 0.3 1.1 3.6
--------------------------------------------------------------------------------
Taxes paid -1.8 -0.5 -14.6
--------------------------------------------------------------------------------
Net cash flow from operating activities 83.9 89.2 144.6
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Cash flow from investing activities
--------------------------------------------------------------------------------
Purchase of property, plant and equipment -44.9 -30.4 -142.7
--------------------------------------------------------------------------------
Purchase of intangible assets -0.5 -2.4 -5.1
--------------------------------------------------------------------------------
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 equipment 0.0 0.0 0.6
--------------------------------------------------------------------------------
Repayment of loans receivable 0.0 0.0 0.0
--------------------------------------------------------------------------------
Dividends received 0.0 0.0 1.3
--------------------------------------------------------------------------------
Contributions received 0.0 0.0 0.0
--------------------------------------------------------------------------------
Net cash flow from investing activities -45.4 -32.7 -145.9
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Cash flow from financing activities
--------------------------------------------------------------------------------
Withdrawal of loans 38.4 207.5 643.5
--------------------------------------------------------------------------------Repayment of loans -65.5 -199.8 -621.5
--------------------------------------------------------------------------------
Dividends paid 0.0 -6.7 -10.8
--------------------------------------------------------------------------------
Net cash flow from financing activities -27.2 1.1 11.3
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net change in cash and cash equivalents 11.3 57.6 10.0
--------------------------------------------------------------------------------
Cash and cash equivalents 1 Jan 213.8 203.8 203.8
--------------------------------------------------------------------------------
Cash and cash equivalents 31 Mar 225.1 261.4 213.8
--------------------------------------------------------------------------------
QUARTERLY FIGURES
--------------------------------------------------------------------------------
Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
2013 2012 2012 2012 2012 2011 2011 2011 2011
--------------------------------------------------------------------------------
Turnover Me 170.6 153.7 106.0 92.7 169.6 107.9 88.0 91.0 151.6
--------------------------------------------------------------------------------
Operating profit Me 79.1 38.5 7.1 -5.1 54.2 17.1 -4.3 2.0 41.7
--------------------------------------------------------------------------------
Operating profit % 46.4 25.0 6.7 -5.5 32.0 15.8 -4.8 2.2 27.5
--------------------------------------------------------------------------------
CAPITAL EXPENDITURE, MILLION EUROS 2013 2012
Jan-Mar Jan-Mar
-----------------------------------------------------
Capital expenditure in the grid 30.8 13.7
-----------------------------------------------------
Substations 20.9 8.3
-----------------------------------------------------
Transmission lines 9.9 5.3
-----------------------------------------------------
-----------------------------------------------------
Capital expenditure in gas turbines 0.7 3.9
-----------------------------------------------------
Present gas turbine plants 0.0 1.2
-----------------------------------------------------
New gas turbine plants 0.7 2.8
-----------------------------------------------------
-----------------------------------------------------
Other capital expenditure 3.0 1.6
-----------------------------------------------------
ICT 2.0 1.4
-----------------------------------------------------
Others 1.0 0.2
-----------------------------------------------------
-----------------------------------------------------
Total capital expenditure 34.4 19.1
-----------------------------------------------------
R&D EXPENDITURE, MILLION EUROS
----------------------------------------------------
2013 2012
Jan-Mar Jan-Mar
----------------------------------------------------
R&D expenditure 0.4 0.3
----------------------------------------------------
DERIVATIVE INSTRUMENTS, MILLION EUROS
--------------------------------------------------------------------------------
-
31 Mar 2013 31 Mar 2012
--------------------------------------------------------------------------------
Interes rate and Fair Fair Net Nomi-n Fair Fair Net Nomi-n
currency valuep valuen fair al value value fair al
derivatives os. eg. value value pos. neg. value value
--------------------------------------------------------------------------------
Cross-currency 80 -7 73 409 77 -11 66 518
swaps
--------------------------------------------------------------------------------
Forward 0 0 3 0 0 2
contracts
--------------------------------------------------------------------------------
Interest rate 15 -8 7 391 6 -7 -1 346
swaps
--------------------------------------------------------------------------------
Call options, 0 0 695 0 0 850
bought
--------------------------------------------------------------------------------
Total 95 -15 80 1 498 83 -18 65 1 716
================================================================================
--------------------------------------------------------------------------------
Electricity Fair Fair Net Volume Fair Fair Net Volume
derivatives valuep valuen fair TWh value valuen fair TWh
os. eg. value pos. eg. value
--------------------------------------------------------------------------------
Electricity 0 -19 -19 2.99 -26 -26 3.82
forward
contracts,
designated as
hedge
accounting,
NASDAX OMX
Commodities
--------------------------------------------------------------------------------
Electricity 0 -4 -4 0,94 0 0 0.00
forward
contracts, not
designated as
hedge
accounting,
NASDAX OMX
Commodities
--------------------------------------------------------------------------------
Total 0 -23 -23 3.93 -26 -26 3.82
================================================================================
DERIVATIVE INSTRUMENTS, MILLION EUROS
--------------------------------------------------------------------------------
-
31 Dec 2012
--------------------------------------------------------------------------------
Interes rate and currency derivatives Fair Fair Net Nomi-na
value value fair l value
pos. neg. value
--------------------------------------------------------------------------------
Cross-currency swaps 79 -7 72 419
--------------------------------------------------------------------------------
Forward contracts 0 0 3
--------------------------------------------------------------------------------
Interest rate swaps 15 -10 5 406
--------------------------------------------------------------------------------
Call options, bought 0 0 810
--------------------------------------------------------------------------------
Total 94 -16 77 1 637
================================================================================
--------------------------------------------------------------------------------
Electricity derivatives Fair Fair Net Volume
valuepos value fair TWh
. neg. value
--------------------------------------------------------------------------------
Electricity forward contracts, designated -17 -17 2.68
as hedge accounting,
NASDAX OMX Commodities
--------------------------------------------------------------------------------
Electricity forward contracts, not -10 -10 1.20
designated as hedge accounting, NASDAX
OMX Commodities
--------------------------------------------------------------------------------
Total -27 -27 3.88
================================================================================
FAIR VALUE HIERARCHY, MILLION EUROS 31 Mar 2013
--------------------------------------------------------------------------------
Level 1 Level 2 Level 3
--------------------------------------------------------------------------------
Financial assets held at fair value
--------------------------------------------------------------------------------
Available-for-sale investments 0 0
--------------------------------------------------------------------------------
Interest rate and currency 80
derivatives
--------------------------------------------------------------------------------
Financial assets recognised at fair 20 202
value
--------------------------------------------------------------------------------
Financial assets held at fair value total 20 282
================================================================================
--------------------------------------------------------------------------------
Financial liabilities held at fair value
--------------------------------------------------------------------------------
Interest rate and currency derivatives
--------------------------------------------------------------------------------
Electricity forward contracts, NASDAQ OMX Commodities -23
--------------------------------------------------------------------------------
Financial liabilities held at fair value total -23
--------------------------------------------------------------------------------
Fair value measurement of assets and liabilities are categorised in a
three-level hierarchy in the fair value presentation. The appropriate hierarchy
is based on the input data of the instrument. The level is determined on the
basis of the lowest level of input for the instrument in its entirety that is
significant to the fair value measurement.
Level 1: inputs are publicly quoted in active markets.
Level 2: inputs are not publicly quoted and are observerable market parameters
either directly or indirectly.
Level 3: inputs are unobserverable market parameters.
Commitments and contingencies, million 31 Mar 2013 31 Mar 2012 31 Dec 2012
euros
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Pledges / bank balances 0 0 0
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Rental liabilities 28 26 25
--------------------------------------------------------------------------------
Commitment fee of revolving credit 2 2 2
facility
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Total 30 28 27
--------------------------------------------------------------------------------
Capital commitments 224 240 217
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Other financial liabilities 2 2 2
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Changes in property, plant and equipment, 31 Mar 31 Mar 31 Dec
million euros 2013 2012 2012
--------------------------------------------------------------------------------
Carrying amount at beginning of period 1 485 1 420 1 420
--------------------------------------------------------------------------------
Increases 35 18 138
--------------------------------------------------------------------------------
Decreases 0
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Depreciation and amortisation expense -19 -18 -73
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Carrying amount at end of period 1 500 1 419 1 485
--------------------------------------------------------------------------------
Transactions with associated companies, 31 Mar 31 Mar 31 Dec
million euros 2013 2012 2012
--------------------------------------------------------------------------------
Sales 2 2 7
--------------------------------------------------------------------------------
Purchases 12 16 47
--------------------------------------------------------------------------------
Receivables 1 2 2
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Liabilities 0 0 0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Transactions with related parties, 31 Mar 2013 31 Mar 2012 31 Dec 2012
million euros
--------------------------------------------------------------------------------
Owners
--------------------------------------------------------------------------------
Sales
--------------------------------------------------------------------------------
Purchases 0 0 0
--------------------------------------------------------------------------------
Receivables
--------------------------------------------------------------------------------
Liabilities 0 0
--------------------------------------------------------------------------------
Other related parties
--------------------------------------------------------------------------------
Sales 29 32 67
--------------------------------------------------------------------------------
Purchases 6 17 42
--------------------------------------------------------------------------------
Receivables 9 0 1
--------------------------------------------------------------------------------
Liabilities 2 3 8
--------------------------------------------------------------------------------
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Accounting principles.
This interim report has been drawn up in accordance with standard IAS 34,
Interim Financial Reporting. In this interim report, Fingrid has followed the
same principles as in the annual financial statements for 2012.
Segment reporting.
The entire business of the Fingrid Group is deemed to comprise transmission
system operation in Finland with system responsibility, only constituting a
single segment. There are no essential differences in the risks and
profitability of individual products and services. This is why segment
reporting in accordance with the IFRS 8 standard is not presented.
Corporate rearrangements.
There have been no changes in the Group structure during the 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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