2012-04-27 10:00:01 CEST
2012-04-27 10:00:08 CEST
REGULATED INFORMATION
Fingrid Oyj - Interim report (Q1 and Q3)
Fingrid Group's Interim Report 1 January - 31 March 2012
Helsinki, Finland, 2012-04-27 10:00 CEST (GLOBE NEWSWIRE) -- FINGRID GROUP'S
INTERIM REPORT 1 JANUARY - 31 MARCH 2012
Fingrid Oyj, Interim Report, 27 April, 2012, at 11.00 EET
Financial result
The Group's revenue in the first quarter of 2012 was 170 million euros (152
million euros during the corresponding period in 2011). Other operating income
was 0.5 million euros (0.5 million euros).
Grid service income rose to 99 million euros (78 million euros) 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 3.4 per cent from the first
quarter in 2011. The sales of imbalance power were 46 million euros (49 million
euros). Cross-border transmission income on the connection between Finland and
Russia decreased by 1 million euros from the corresponding period in the
previous year. Fingrid's congestion income on the interconnection between
Finland and Sweden was 8 million euros (2 million euros).
Revenue and other income (million €) 1-3/12 1-3/11
----------------------------------------------------
----------------------------------------------------
Grid service income 99 78
----------------------------------------------------
Sales of imbalance power 46 49
----------------------------------------------------
ITC income 5 7
----------------------------------------------------
Cross-border transmission income 5 6
----------------------------------------------------
Finland-Estonia congestion income** 1 6
----------------------------------------------------
Peak load capacity income 5 3
----------------------------------------------------
Finland-Sweden congestion income 8 2
----------------------------------------------------
Other revenue 1 2
----------------------------------------------------
Other operating income 1 1
----------------------------------------------------
----------------------------------------------------
Revenue and other income total 170 152
----------------------------------------------------
The purchases of imbalance power were 42 million euros (44 million euros). Loss
energy costs decreased by 1 million euros from the corresponding period in the
previous year due to a lower electricity price and smaller losses. At the end
of March, approx. 104 per cent of Fingrid's projected loss energy procurement
for the remaining part of 2012 had been hedged at an average price of 46.0
euros per megawatt hour.
The costs of reserves, which safeguard the system security of the power system,
decreased by 1 million euros during the period under review. Depreciation
increased by 2 million euros due to the commissioning of capital investments.
The maintenance management costs remained at the same level as in 2011, and the
personnel costs decreased slightly from the previous year.
Costs (million €) 1-3/12 1-3/11
-----------------------------------------------
-----------------------------------------------
Purchase of imbalance power 42 44
-----------------------------------------------
Loss energy costs 18 19
-----------------------------------------------
Depreciation 19 17
-----------------------------------------------
Finland-Estonia grid rents** 1 6
-----------------------------------------------
Reserve costs 6 6
-----------------------------------------------
Personnel 5 6
-----------------------------------------------
Peak load capacity costs 5 4
-----------------------------------------------
Maintenance management 3 3
-----------------------------------------------
ITC transmission costs 3 2
-----------------------------------------------
Other costs 6 5
-----------------------------------------------
-----------------------------------------------
Costs total 108 110
-----------------------------------------------
Operating profit 62 42
-----------------------------------------------
-----------------------------------------------
Operating profit of Group, IFRS 54 42
*Excluding the change in the fair value of derivatives.
**Fingrid's income from the congestion income between Finland and Estonia was
1.2 million euros. The costs (grid rents between Finland and Estonia) were 1.1
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 operating profit of the Group was 54 million euros (42 million euros),
which contains -8 million euros (0 million euros) of changes in the fair value
of electricity derivatives. The profit before taxes was 50 million euros (36
million euros). The profit for the review period was 38 million euros (27
million euros) and the total comprehensive income was 40 million euros (16
million euros). The cash flow from the operations of the Group deducted by
capital expenditure was 57 million euros positive (7 million euros). The equity
ratio was 26.4 (29.7) per cent at the end of the review period.
The Group's income flow is characterised by seasonal fluctuations, which is why
the financial result for the entire year cannot be directly estimated on the
basis of the three-month result.
Capital expenditure
Fingrid is renewing its network data system with a completely new software
package. The new system supplied by IBM consists of several commercial software
products, which are integrated with each other. The value of the contract is 27
million euros. The new system to be introduced in 2014 will provide up-to-date
and reliable information on the transmission system. This will contribute to
the efficient planning and reliable maintenance management of the power system.
The year 2012 is another period of active construction for Fingrid: there are a
dozen or so ongoing grid construction projects in various parts of Finland. The
construction of EstLink 2, which will almost triple the transmission capacity
between Estonia and Finland, is in an active stage. The project due to be
completed in 2014 has progressed on schedule in both Finland and Estonia. The
manufacture of the submarine cable has begun at the factory. The type testing
of the cables will be ready in the summer of 2012, and the cable will be laid
in the Gulf of Finland in the autumn of 2012.
Construction work for Fingrid's reserve power plant in Forssa has also advanced
on schedule. An agreement was signed on the operation and maintenance services
of the plant with ABB in March. The reserve power plant will be ready in the
early autumn of 2012.
Construction work on the Yllikkälä-Huutokoski transmission line is in progress.
The transmission line construction sites are over half way to completion.
Actual construction work at both substations is complete, and the equipment
installation has started. The connection will be ready during 2013. Work on the
Ulvila-Kristiinankaupunki transmission connection will commence during 2012.
Earthwork contracts at the Ulvila and Kristinestad substations will start in
spring 2012, and the substation and line work in the autumn of 2012. The
transmission connection will be ready during 2014. Foundation work on the
Hyvinkää-Hikiä transmission connection is in progress. Fingrid's new field
tower will be used for the first time on this line. Equipment deliveries for
the Hikiä substation will commence in the summer of 2012. The Hyvinkää-Hikiä
project will be completed in 2013.
In February, Fingrid made an investment decision on the renewal of the 110
kilovolt transmission line between Varkaus and Kontiolahti. The new
transmission line will significantly improve power system security in North
Karelia. Between Varkaus and Kontiolahti, the new transmission line will be
built mainly in the place of the aged 110 kilovolt line between Varkaus and
Pamilo, originally constructed in the 1950s. The network structure will also be
changed, which requires the construction of new short transmission line
sections in the vicinity of Kontiolahti.
In early March, the European Network of Transmission System Operators for
Electricity, ENTSO-E published the Ten-Year Network Development Plan (TYNDP)
for public consultation. According to the plan, 104 billion euros worth of grid
investments are needed in the European electricity transmission system. This
will be used for renewing or constructing approx. 51,500 kilometres of
transmission lines in Europe. The plan covers a total of more than 100 major
projects to be executed in different countries. In Finland, the plan covers the
new cross-border connections and 400 kilovolt lines, in other words about half
of Fingrid's total capital investments carried out during the plan period.
The Group's gross capital expenditure between January and March was 19.1
million euros (40.3 million euros during the corresponding period in 2011).
Power system operation
From the beginning of 2012 to the end of March, 24.6 terawatt hours of
electricity was consumed in Finland (25.4 TWh in the corresponding period in
2011). A total of 17.5 TWh of electricity was transmitted in Fingrid's grid
during the same period, representing 71 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 2012 was 14,300
megawatts. The highest electricity generation volume in Finland in the early
part of 2012 was approx. 12,000 megawatts, and power plants worked without
significant disturbance during the period of cold 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 in early 2012 consisted
mainly of imports to Finland. The import capacity from Northern Sweden was
restricted by grid improvement work in both Finland and Sweden. There was a
fault in the recently commissioned Fenno-Skan 2 transmission connection at the
end of February as a result of a damage inflicted by a ship anchor. The cable
repair is expected to last until early May. Between January and March, 3.1
terawatt hours of electricity was imported from Sweden to Finland (0.3 TWh),
and 0.1 TWh (2.0 TWh) was 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 has been much smaller than earlier,
and it has varied as determined by the market situation. The prevailing
direction of transmissions on the Estlink connection was for exports to
Estonia. Electricity imports from Russia from January to March were 2.0 TWh
(3.0 TWh) and from Estonia 0.1 TWh (0.7 TWh). Exports to Estonia were 0.4 TWh.
A few failures of transmission line towers occurred in the transmission grid
during the first quarter of 2012. A transmission line tower was broken in
Rautjärvi in conjunction with ice load removal on a 110 kilovolt line in early
February, causing an outage of approx. 2 hours in the surrounding areas. A
significant voltage drop was experienced in the Oulu region when a 220 kilovolt
tower of the high-voltage grid fell on a 110 kilovolt line during repair work
in Oulu at the end of January. Moreover, there was a disturbance on the
Ivalo-Varangerbotn 220 kilovolt cross-border interconnector between Finland and
Norway in early February when a transmission line tower fell in Norway.
Power system operation 1-3/12 1-3/11
---------------------------------------------------------
---------------------------------------------------------
Electricity consumption in Finland TWh 24.6 25.4
---------------------------------------------------------
Fingrid's transmission volume TWh 17.5 18.7
---------------------------------------------------------
Fingrid's loss energy volume TWh 0.3 0.4
---------------------------------------------------------
---------------------------------------------------------
Electricity transmissions Finland-Sweden
Exports to Sweden TWh 0.1 2.0
---------------------------------------------------------
Imports from Sweden TWh 3.1 0.3
---------------------------------------------------------
---------------------------------------------------------
Electricity transmissions Finland-Estonia
Exports to Estonia TWh 0.4 0.0
---------------------------------------------------------
Imports from Estonia TWh 0.1 0.7
---------------------------------------------------------
---------------------------------------------------------
Electricity transmissions Finland-Russia
Imports from Russia TWh 2.0 3.0
---------------------------------------------------------
Electricity market
The average price (system price) in Nord Pool's spot market during the first
quarter in 2012 was 38.48 €/MWh (66.10 €/MWh during the corresponding period in
2011), and the area price for Finland was 42.71 €/MWh (64.80 €/MWh).
The area price for Finland has exceeded the price in the other Nordic
countries, because the cross-border transmission capacity has not been
sufficient to transmit as much inexpensive hydropower as what the demand would
have been. The situation was further complicated by the fault in the Fenno-Skan
2 cable. During this fault, congestions have hampered electricity trade on the
border between Finland and Sweden in about 60 per cent of the time, while the
normal figure is 5 to 10 per cent.
Electricity imports from Russia started to vary last autumn, and this variation
has continued and intensified. The reason for this is that the price level in
the Russian market has gone up and the price level in the Nordic countries has
come down. Especially during the morning and evening hours of weekdays,
electricity has been more expensive in Russia than in Finland, and it has not
been profitable to sell it to Finland.
During the first quarter of 2012, Fingrid used 1.6 million euros for counter
trade (0.8 million euros during the corresponding period in 2011).
A project for the harmonisation of Nordic Balance Settlement (NBS) was launched
between the transmission system operators in Finland, Sweden and Norway at the
beginning of this year. Its objective is to outsource the operative management
of imbalance settlement to a separate inter-Nordic settlement unit by 2014.
ENTSO-E launched the public consultation of the draft network code concerning
the allocation of transmission capacity and transmission congestion management
in late March. The network code concerning congestion management is the first
network code to be drawn up on the basis of ACER's framework guideline for
transmission management. It sets out the rules pertaining to the calculation of
transmission capacity, the day-ahead market and the intra-day market.
Electricity market 1-3/12 1-3/11
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Nord Pool system price, average €/MWh 38.48 66.10
-----------------------------------------------------------------------
Area price Finland, average €/MWh 42.71 64.80
-----------------------------------------------------------------------
Congestion income between Finland and Sweden million € 15.4 3.3
-----------------------------------------------------------------------
Congestion hours between Finland and Sweden % 40.1 20.2
-----------------------------------------------------------------------
Congestion income between Finland and Estonia million € 2.5 12.0
-----------------------------------------------------------------------
Congestion hours between Finland and Estonia % 29.4 81.9
-----------------------------------------------------------------------
-----------------------------------------------------------------------
*From 6 December 2010, Fingrid receives Nordic congestion income only from the
congestion income accrued between Finland and Sweden. Fingrid's congestion
income between Finland and Estonia was 1.2 million euros. The costs, i.e. the
grid rents between Finland and Estonia, were 1.1 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 income and costs of both transmission connections are
presented in the tables under Financial result.
Financing
The financial position of the Group continued to be good. The net financial
costs of the Group were 4 million euros between January and March 2012 (6
million euros during the corresponding period in 2011). The net financial costs
excluding the change in the fair value of derivatives were 5 million euros (4
million euros). Financial assets recognised at fair value in the income
statement, and cash and cash equivalents amounted to 261 million euros (206
million euros) at 31 March 2012. Moreover, the company has an undrawn revolving
credit facility of 250 million euros.
The interest-bearing borrowings totalled 1,231 million euros (1,047 million
euros), of which 826 million euros (840 million euros) were long-term and 405
million euros (207 million euros) were short-term.
The counterparty risk involved in the derivative contracts relating to
financing was 65 million euros (50 million euros).
On 17 January 2012, the international rating agency Standard & Poor's Rating
Services (S&P) affirmed Fingrid Oyj's long-term credit rating AA- and
short-term rating A-1+. The outlook changed from stable to negative. The change
was associated with S&P's decision to change the outlook of the Republic of
Finland from stable to negative.
Personnel
The total personnel of the Fingrid Group averaged 265 (260) during the review
period.
Annual Meeting
Fingrid Oyj's Annual General Meeting was held in Helsinki on 22 March 2012. The
Annual General Meeting accepted the financial statements for 2011, confirmed
the income statement and balance sheet, and discharged the members of the Board
of Directors and the President from liability.
Helena Walldén, M.Sc. (Tech.), was elected as the Chairman of the Board, and
Juha Majanen, Counsellor, of the Ministry of Finance was elected as the Vice
Chairman. The other Board members elected were Sirpa Ojala, President for
Northern Europe and CEO, of TDF Group and Digita Oy, Esko Torsti, Director,
Non-listed Investments, of Ilmarinen Mutual Pension Insurance Company, and Esko
Raunio, Director, Private Market Investments, of Tapiola Mutual Pension
Insurance Company.
Auditing
The consolidated figures in this Interim Report are unaudited.
Outlook for the remaining part of the year
Fingrid has 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 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 as a result of the tariff increase implemented at the
beginning of the year and higher congestion income during the review period.
Board of Directors
Appendices: Tables for the interim report 1 January - 31 March 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 - 31 March 2012
Condensed consolidated statement of 2012 2011 Change 2011
comprehensive income, million euros Jan-Ma Jan-Ma Jan-De
r r c
--------------------------------------------------------------------------------
Revenue 169.6 151.6 18.0 438.50
--------------------------------------------------------------------------------
Other operating income 0.5 0.5 0.0 3.0
--------------------------------------------------------------------------------
Depreciation and amortisation expense -18.5 -16.8 -1.8 -67.9
--------------------------------------------------------------------------------
Operating expenses -97.4 -93.6 -3.7 -317.0
--------------------------------------------------------------------------------
Operating profit 54.2 41.7 12.5 56.6
--------------------------------------------------------------------------------
Finance income and costs -4.5 -6.1 1.7 -22.6
--------------------------------------------------------------------------------
Portion of profit of associated companies 0.3 0.2 0.1 0.2
--------------------------------------------------------------------------------
Profit before taxes 50.0 35.8 14.2 34.2
--------------------------------------------------------------------------------
Income taxes -12.2 -9.3 -2.9 -1.2
--------------------------------------------------------------------------------
Profit for the period 37.8 26.5 11.3 33.0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Other comprehensive income
--------------------------------------------------------------------------------
Cash flow hedges 3.4 -9.9 13.3 -33.4
--------------------------------------------------------------------------------
Translation reserve -1.2 -0.2 -1.0 0.2
--------------------------------------------------------------------------------
Available-for-sale financial assets 0.0
--------------------------------------------------------------------------------
Total comprehensive income for the year 40.0 16.4 23.6 -0.2
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Profit attributable to:
--------------------------------------------------------------------------------
Equity holders of the company 37.8 26.5 11.3 33.0
--------------------------------------------------------------------------------
Total comprehensive income attributable to:
--------------------------------------------------------------------------------
Equity holders of the company 40.0 16.4 23.6 -0.2
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Earnings per share (euros)* belonging to the 11 372 7 979 3 393 9 924
owners of the parent company, calculated from
profit
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
* no dilution effect
Condensed consolidated balance sheet, 2012 2011 Change 2011
million euros 31 Mar 31 Mar 31 Dec
--------------------------------------------------------------------------------
ASSETS
--------------------------------------------------------------------------------
Non-current assets
--------------------------------------------------------------------------------
Goodwill 87.9 87.9 0.0 87.9
--------------------------------------------------------------------------------
Intangible assets 91.3 89.7 1.6 89.7
--------------------------------------------------------------------------------
Property, plant and equipment 1 419.3 1 276.0 143.3 1 419.60
--------------------------------------------------------------------------------
Investments 7.3 8.0 -0.8 8.2
--------------------------------------------------------------------------------
Receivables 80.4 68.2 12.2 77.4
--------------------------------------------------------------------------------
Current assets
--------------------------------------------------------------------------------
Inventories 6.6 6.0 0.5 6.7
--------------------------------------------------------------------------------
Receivables 80.7 55.4 25.3 78.9
--------------------------------------------------------------------------------
Financial assets recognised in income 253.8 206.2 47.6 202.4
statement at fair value
--------------------------------------------------------------------------------
Cash and cash equivalents 7.6 0.2 7.4 1.5
--------------------------------------------------------------------------------
Total assets 2 034.8 1 797.7 237.1 1 972.3
--------------------------------------------------------------------------------
SHAREHOLDERS' EQUITY AND LIABILITIES
--------------------------------------------------------------------------------
Shareholders' equity belonging to the owners
of the parent company
--------------------------------------------------------------------------------
Shareholders' equity 536.6 530.6 6 507.3
--------------------------------------------------------------------------------
Non-current liabilities
--------------------------------------------------------------------------------
Non-current interest-bearing liabilities 825.9 839.6 -13.7 845.2
--------------------------------------------------------------------------------
Other non-current liabilities 191.0 154.8 36.2 176.7
--------------------------------------------------------------------------------
Current liabilities
--------------------------------------------------------------------------------
Current interest-bearing liabilities 405.4 207.4 198.0 379.5
--------------------------------------------------------------------------------
Trade and other payables 76.0 65.3 10.6 63.6
--------------------------------------------------------------------------------
Total shareholders' equity and liabilities 2 034.8 1 797.7 237.1 1 972.3
--------------------------------------------------------------------------------
Key indicators, million euros 2012 2011 2011
Jan -Mar Jan - Mar Jan - Dec
--------------------------------------------------------------------
Revenue 169.6 151.6 438.5
--------------------------------------------------------------------
Capital expenditure, gross 19.1 40.3 244.4
--------------------------------------------------------------------
- % of revenue 11.3 25.8 55.7
--------------------------------------------------------------------
Research and development expenses 0.3 0.4 1.8
--------------------------------------------------------------------
- % of revenue 0.2 0.3 0.4
--------------------------------------------------------------------
Personnel, average 265 260 263
--------------------------------------------------------------------
Operating profit 54.2 41.7 56.6
--------------------------------------------------------------------
- % of revenue 32.0 27.5 12.9
--------------------------------------------------------------------
Profit before taxes 50.0 35.8 34.2
--------------------------------------------------------------------
- % of revenue 29.5 23.6 7.8
--------------------------------------------------------------------
Interest bearing liabilities, net* 969.9 840.6 1 020.2
--------------------------------------------------------------------
Equity ratio, %* 26.4 29.7 25.7
--------------------------------------------------------------------
Shareholders' equity, million euros* 536.6 530.6 507.3
--------------------------------------------------------------------
Equity per share, euros* 161 369 159 578 152 573
--------------------------------------------------------------------
Earnings per share, euros* 11 372 7 979 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 26.5 26.5
--------------------------------------------------------------------------------
Other comprehensive
income
--------------------------------------------------------------------------------
Cash flow hedges -9.9 -9.9
--------------------------------------------------------------------------------
Translation reserve -0.2 -0.2
--------------------------------------------------------------------------------
Total other -9.9 -0.2 -10.2
comprehensive income
--------------------------------------------------------------------------------
Total comprehensive -9.9 -0.2 26.5 16.4
income
--------------------------------------------------------------------------------
Capital and reserves 31 55.9 55.9 9.8 0.1 408.8 530.6
Mar 2012
--------------------------------------------------------------------------------
Comprehensive income
--------------------------------------------------------------------------------
Profit or loss 6.5 6.5
--------------------------------------------------------------------------------
Other comprehensive
income
--------------------------------------------------------------------------------
Cash flow hedges -23.5 -23.5
--------------------------------------------------------------------------------
Translation reserve 0.5 0.5
--------------------------------------------------------------------------------
Available-for-sale 0.0 0.0
financial assets
--------------------------------------------------------------------------------
Total other -23.5 0.5 -23.1
comprehensive income
--------------------------------------------------------------------------------
Total comprehensive -23.5 0.5 6.5 -16.6
income
--------------------------------------------------------------------------------
Transactions with owners -6.7 -6.7
Dividends relating to
2010
--------------------------------------------------------------------------------
Capital and reserves 1 55.9 55.9 -13.7 0.6 408.6 507.3
Jan 2012
--------------------------------------------------------------------------------
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
--------------------------------------------------------------------------------
Total comprehensive 3.4 -1.2 37.8 40.0
income
--------------------------------------------------------------------------------
Transactions with owners -10.8 -10.8
Dividends relating to
2011
--------------------------------------------------------------------------------
Capital and reserves 31 55.9 55.9 -10.3 -0.7 435.6 536.6
Mar 2012
--------------------------------------------------------------------------------
Condensed consolidated cash flow statement, million 2012 2011 2011
euros Jan-Mar Jan-Mar Jan-Dec
--------------------------------------------------------------------------------
Cash flow from operating activities
--------------------------------------------------------------------------------
Profit for the financial year 37.8 26.5 33.0
--------------------------------------------------------------------------------
Adjustments 42.9 31.9 96.5
--------------------------------------------------------------------------------
Changes in working capital 11.1 6.1 -12.3
--------------------------------------------------------------------------------
Impact of changes in fair value of investments 0.0 0.2 0.6
--------------------------------------------------------------------------------
Interests paid -3.0 -3.9 -22.8
--------------------------------------------------------------------------------
Interests received 1.1 0.5 2.9
--------------------------------------------------------------------------------
Taxes paid -0.5 -0.4 -2.3
--------------------------------------------------------------------------------
Net cash flow from operating activities 89.2 60.8 95.6
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Cash flow from investing activities
--------------------------------------------------------------------------------
Purchase of property, plant and equipment -30.4 -53.6 -241.0
--------------------------------------------------------------------------------
Purchase of intangible assets -2.4 -0.6 -3.3
--------------------------------------------------------------------------------
Purchase of other assets 0.0 0.0 0.0
--------------------------------------------------------------------------------
Proceeds from other investments 0.0 0.0 0.1
--------------------------------------------------------------------------------
Repayment of loans receivable 0.0 0.0 0.0
--------------------------------------------------------------------------------
Dividends received 0.0 0.0 0.2
--------------------------------------------------------------------------------
Contributions received 0.0 0.0 0.1
--------------------------------------------------------------------------------
Net cash flow from investing activities -32.7 -54.1 -244.0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Cash flow from financing activities
--------------------------------------------------------------------------------
Withdrawal of loans 207.5 99.9 749.9
--------------------------------------------------------------------------------
Repayment of loans -199.8 -121.9 -612.6
--------------------------------------------------------------------------------
Dividends paid -6.7 0.0 -6.7
--------------------------------------------------------------------------------
Net cash flow from financing activities 1.1 -22.0 130.6
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net change in cash and cash equivalents 57.6 -15.3 -17.8
--------------------------------------------------------------------------------
Cash and cash equivalents 1 Jan 203.8 221.7 221.7
--------------------------------------------------------------------------------
Cash and cash equivalents 31 Mar 261.4 206.4 203.8
--------------------------------------------------------------------------------
Derivative agreements, million 31 Mar 2012 31 Mar 2011 31 Dec 2011
euros
--------------------------------------------------------------------------------
Net Notion Net Notion Net Notion
fair al fair al fair al value value value value value value
--------------------------------------------------------------------------------
Interest and currency
derivatives
--------------------------------------------------------------------------------
Cross-currency swaps 66 518 38 419 64 519
--------------------------------------------------------------------------------
Forward contracts 0 2 0 1 0 25
--------------------------------------------------------------------------------
Interest rate swaps -1 346 1 231 -1 301
--------------------------------------------------------------------------------
Call options, bought 0 850 11 880 1 880
--------------------------------------------------------------------------------
Total 65 1 716 49 1 531 63 1 725
--------------------------------------------------------------------------------
Net Volume Net Volume Net Volume
fair TWh fair TWh fair TWh
value value value
--------------------------------------------------------------------------------
Electricity derivatives
--------------------------------------------------------------------------------
Electricity forward contracts, -26 3.82 13 3.65 -23 3.81
NASDAX OMX Commodities
designated as hedge accounting
--------------------------------------------------------------------------------
Electricity forward contracts, 0 0.00 0 0.02 0 0.01
NASDAX OMX Commodities
--------------------------------------------------------------------------------
Total -26 3.82 13 3.67 -23 3.82
--------------------------------------------------------------------------------
Commitments and contingencies, million 31 Mar 2012 31 Mar 2011 31 Dec 2011
euros
--------------------------------------------------------------------------------
Pledges / bank balances 0 0 0
--------------------------------------------------------------------------------
Rental liabilities 26 27 26
--------------------------------------------------------------------------------
Commitment fee of revolving credit 2 0 2
facility
--------------------------------------------------------------------------------
Total 28 28 30
--------------------------------------------------------------------------------
Capital commitments 240 378 218
--------------------------------------------------------------------------------
Other financial liabilities 2 2 2
--------------------------------------------------------------------------------
Changes in property, plant and equipment, 31 Mar 31 Mar 31 Dec
million euros 2012 2011 2011
--------------------------------------------------------------------------------
Carrying amount at beginning of period 1 420 1 253 1 253
--------------------------------------------------------------------------------
Increases 18 39 232
--------------------------------------------------------------------------------
Decreases 0
--------------------------------------------------------------------------------
Depreciation and amortisation expense -18 -16 -65
--------------------------------------------------------------------------------
Carrying amount at end of period 1 419 1 276 1 420
--------------------------------------------------------------------------------
Transactions with associated companies, 31 Mar 31 Mar 31 Dec
million euros 2012 2011 2011
--------------------------------------------------------------------------------
Sales 2 1 4
--------------------------------------------------------------------------------
Purchases 16 24 63
--------------------------------------------------------------------------------
Receivables 2 2 1
--------------------------------------------------------------------------------
Liabilities 0 0 0
--------------------------------------------------------------------------------
Transactions with related parties, 31 Mar 2012 31 Mar 2011 31 Dec 2011
million euros
--------------------------------------------------------------------------------
Owners
--------------------------------------------------------------------------------
Sales 41 50
--------------------------------------------------------------------------------
Purchases 1 28 33
--------------------------------------------------------------------------------
Receivables 8
--------------------------------------------------------------------------------
Liabilities 0 0
--------------------------------------------------------------------------------
Other related parties
--------------------------------------------------------------------------------
Sales 32 36
--------------------------------------------------------------------------------
Purchases 17 34
--------------------------------------------------------------------------------
Receivables 0 6
--------------------------------------------------------------------------------
Liabilities 3 5
--------------------------------------------------------------------------------
Accounting principles. This interim report has been drawn up in accordance with
standard IAS 34, Interim Financial Reporting. In this interim report, Fingrid
has followed the same principles as in the annual financial statements for
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.
© 2024 Nasdaq, Inc. All Rights Reserved |