Fingrid Oyj
Interim report
24 October 2008
FINGRID GROUP'S INTERIM REPORT 1 JANUARY - 30 SEPTEMBER 2008
Review of operations
Power system operation
From July to September 2008, electricity consumption in Finland totalled 19.4
terawatt hours (19.9 TWh during the corresponding period in 2007). A total of
15.5 TWh of electricity was transmitted in Fingrid's grid during the same
period, representing 80 per cent of the electricity consumption in Finland.
Electricity consumption in Finland from January to September was 64.6 TWh (66.3
TWh), which was 2.5 per cent less than in 2007.
Electricity transmissions between Finland and Sweden mainly consisted of exports
from Finland into Sweden between July and September. Service and construction
work on the grid did not really reduce the transmission capacity made available
to the market.
From July to September, 0.5 TWh of electricity was imported from Sweden into
Finland (1.6 TWh in 2007), and 1.3 TWh (0.4 TWh) was exported from Finland into
Sweden. From January to September, 3.5 TWh (3.8 TWh) of electricity was imported
from Sweden into Finland, and 2.2 TWh (3.8 TWh) was exported from Finland into
Sweden (3.8 TWh).
Electricity imports from Russia into Finland between July and September were 2.8
TWh (2.2 TWh) and from Estonia 0.6 TWh (0.3 TWh). Electricity imports from
Russia from January to September were 7.8 TWh (7.5 TWh) and from Estonia 1.6 TWh
(1.2 TWh).
During the review period, there were no significant extensive faults in the
grid. There were some short-term disturbances on the Russian cross-border
connection due to the grid in Russia. At worst, these decreased the import
capacity by 900 MW.
Promotion of electricity market
Nord Pool's system price during the third quarter in 2008 was on average 55.51
€/MWh (19.80 €/MWh during the corresponding period in 2007) and the area price
for Finland was 65.90 €/MWh (27.16 €/MWh).
Finland and Sweden constituted a uniform wholesale price area of electricity
during the review period, since congestions in cross-border transmissions
limited trade for only 1 per cent of the hours during the first half of 2008.
The bottleneck revenues caused by transmission congestions on the border between
Finland and Sweden totalled 0.1 million euros (0.01 million euros) from July to
September.
From January to September, Nord Pool's system price averaged 42.74 €/MWh (23.00
€/MWh) and the area price for Finland 50.56 €/MWh (25.98 €/MWh). The bottleneck
revenues on the border between Finland and Sweden totalled 0.2 million euros
(0.2 million euros) between January and September.
At the end of September, the Nordic energy ministers decided on measures towards
a border-free Nordic electricity market. The ministers requested the Nordic
transmission system operators to take action for dividing the inter-Nordic
electricity exchange area into more numerous price and/or bidding areas than at
present. Based on this, Fingrid has launched an analysis into dividing Finland
into two bidding areas.
The operations of European Market Coupling Company (EMCC), which integrates the
Nordic and German wholesale exchange areas for electricity, commenced at the end
of September. EMCC integrates the bidding books of the Nordic and German
exchange areas and specifies the electricity transmissions between the exchange
areas so that the transactions always take place from an area of a more
inexpensive market price to an area of a more expensive market price.
Capital expenditure and grid maintenance
The Group's gross capital expenditure from July to September was 20 million
euros (20 million euros during the corresponding period in 2007). Gross capital
expenditure between January and September totalled 55 million euros (56 million
euros).
Fingrid is making capital investments totalling 1,600 million euros in the
transmission grid and reserve power in the next 10 years. This will enable the
connection of one large nuclear power unit and 2,000 MW of wind power capacity
to the Finnish grid by 2020.
Financial result
The Group's revenue was 87 million euros (73 million euros) from July to
September. The sales volume of balance power was 27 million euros (14 million
euros) and purchases of balance power 19 million euros (12 million euros). The
IFRS profit before taxes was 9 million euros (7 million euros).
The Group's revenue from January to September was 280 million euros (234 million
euros). Transmission revenues grew slightly to 136 million euros (135 million
euros). The sales volume of balance power was 76 million euros (41 million
euros) and purchases of balance power 68 million euros (37 million euros).
Fingrid's share of the inter-Nordic bottleneck revenues grew because of capacity
restrictions between Norway, Sweden and Denmark to 21 million euros (19 million
euros). The cross-border transmission revenues on the Russian and Estonian
connections totalled 16 million euros (14 million euros).
Operating profit between January and September without the change in the fair
value of derivatives was 63 million euros (56 million euros). The compensations
for the European market place had a positive impact of 7 million euros on the
operating profit. Operating profit was decreased by items such as higher
depreciations.
Between January and September, the operating profit in accordance with IFRS was
61 million euros (68 million euros), which contains 2 million euros (+13 million
euros) of negative change in the fair value of electricity derivatives. The IFRS
profit before taxes was 28 million euros (30 million euros). The equity ratio
was 29 (27) 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 nine-month result.
Financing
The financial position of the Group continued to be reasonably good considering
the difficult situation in the money and capital markets. The net finance costs
of the Group from July to September were 7 million euros (8 million euros). The
net finance costs between January and September decreased to 25 million euros
(28 million euros). Financial assets recognised at fair value in the income
statement, and cash and cash equivalents amounted to 213 million euros (221
million euros) at 30 September 2008. The interest-bearing liabilities, including
derivative liabilities, totalled 939 million euros (986 million euros), of which
686 million euros (768 million euros) were long-term and 254 million euros (217
million euros) were short-term.
The counterparty risk involved in the derivative contracts relating to financing
was 9 million euros (7 million euros). The company has an undrawn revolving
credit facility of 250 million euros.
International rating agency Standard & Poor's Rating Services (S&P) updated
Fingrid Oyj's credit opinion on 11 July 2008. There were no changes from the
previous rating. The long-term credit rating is A+ and the short-term rating is
A-1. The outlook is stable. Fingrid's rating from Moody's Investors Service is
Aa3/P-1, and from Fitch Ratings AA-/F-1+. Both Moody's and Fitch Ratings
consider Fingrid's outlook to be stable.
Personnel
The total personnel of the Fingrid Group averaged 240 (240) during the review
period.
Auditing
The consolidated figures in this Interim Report are unaudited.
Outlook for the remaining part of the year
The profit of the Fingrid Group for the entire year without the change in the
fair value of derivatives is expected to decrease somewhat on the previous year.
Profit predictability is complicated by the difficulty to anticipate the
accumulated inter-Nordic bottleneck revenues during the remaining part of the
year.
Board of Directors
Appendices: Tables for the interim report
Further information:
Jukka Ruusunen, President & CEO, +358 (0)30 395 5140 or +358 (0)40 593 8428
Tom
Pippingsköld, CFO, +358 (0)30 395 5157 or +358 (0)40 519 5041
Appendices: Tables for the Interim Report 1 January - 30 September 2008
--------------------------------------------------------------------------------
| Condensed | 2008 | 2007 | Chang | 2008 | 2007 | Change | 2007 |
| consolidated | Jan-S | J | e | J | Jul-S | | Ja |
| income | ep | an-Sep | | ul-Sep | ep | | n-Dec |
| statement, | | | | | | | |
| million euros | | | | | | | |
--------------------------------------------------------------------------------
| Revenue | 280.3 | 234.3 | 46.0 | 87.1 | 73.3 | 13.8 | 334.6 |
--------------------------------------------------------------------------------
| Other operating | 1.6 | 1.5 | 0.1 | 0.6 | 0.5 | 0.0 | 1.9 |
| income | | | | | | | |
--------------------------------------------------------------------------------
| Depreciation | -44.5 | -38.3 | -6.2 | -14.9 | -12.8 | -2.1 | -55.5 |
| and | | | | | | | |
| amortisation | | | | | | | |
| expense | | | | | | | |
--------------------------------------------------------------------------------
| Operating | -176. | -129.0 | -47.0 | -57.3 | -45.5 | -11.8 | -190.3 |
| expenses | 0 | | | | | | |
--------------------------------------------------------------------------------
| Operating | 61.4 | 68.5 | -7.0 | 15.5 | 15.5 | 0.0 | 90.7 |
| profit | | | | | | | |
--------------------------------------------------------------------------------
| Finance income | -24.7 | -28.0 | 3.3 | -6.9 | -8.3 | 1.5 | -34.9 |
| and costs | | | | | | | |
--------------------------------------------------------------------------------
| Portion of | 0.6 | 0.5 | 0.1 | 0.8 | 0.2 | 0.6 | 0.7 |
| profit of | | | | | | | |
| associated | | | | | | | |
| companies | | | | | | | |
--------------------------------------------------------------------------------
| Profit before | 37.3 | 40.9 | -3.6 | 9.4 | 7.3 | 2.1 | 56.5 |
| taxes | | | | | | | |
--------------------------------------------------------------------------------
| Income taxes | -9.6 | -10.5 | 1.0 | -2.3 | -1.9 | -0.4 | -14.5 |
--------------------------------------------------------------------------------
| Profit for the | 27.7 | 30.3 | -2.7 | 7.2 | 5.5 | 1.7 | 41.9 |
| period | | | | | | | |
--------------------------------------------------------------------------------
| Earnings per | 8 330 | 9 128 | -798 | 2 156 | 1 645 | 512 | 12 616 |
| share (euros) * | | | | | | | |
| belonging to | | | | | | | |
| the owners of | | | | | | | |
| the parent | | | | | | | |
| company, | | | | | | | |
| calculated from | | | | | | | |
| profit | | | | | | | |
--------------------------------------------------------------------------------
| *no dilution | | | | | | | |
| effect | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Condensed consolidated balance | 2008 | 2007 | Change | 2007 |
| sheet, million euros | 30 Sep | 30 Sep | | 31 Dec |
--------------------------------------------------------------------------------
| ASSETS | | | | |
--------------------------------------------------------------------------------
| Non-current assets | | | | |
--------------------------------------------------------------------------------
| Goodwill | 87.9 | 87.9 | 0.0 | 87.9 |
--------------------------------------------------------------------------------
| Intangible assets | 84.6 | 80.7 | 3.9 | 84.4 |
--------------------------------------------------------------------------------
| Property, plant and equipment | 1 096.2 | 1 082.9 | 13.3 | 1 085.6 |
--------------------------------------------------------------------------------
| Investments | 7.2 | 7.9 | -0.7 | 7.4 |
--------------------------------------------------------------------------------
| Receivables | 43.5 | 23.9 | 19.6 | 33.9 |
--------------------------------------------------------------------------------
| Current assets | | | | |
--------------------------------------------------------------------------------
| Inventories | 4.7 | 4.7 | 0.0 | 4.8 |
--------------------------------------------------------------------------------
| Receivables | 35.1 | 30.3 | 4.8 | 48.8 |
--------------------------------------------------------------------------------
| Financial assets recognised in | | | | |
| income statement | | | | |
--------------------------------------------------------------------------------
| at fair value | 212.3 | 206.9 | 5.4 | 209.0 |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 0.8 | 14.6 | -13.7 | 3.0 |
--------------------------------------------------------------------------------
| Total assets | 1 572.2 | 1 539.7 | 32.5 | 1 564.8 |
--------------------------------------------------------------------------------
| SHAREHOLDERS' EQUITY AND | | | | |
| LIABILITIES | | | | |
--------------------------------------------------------------------------------
| Shareholders' equity belonging to | | | | |
| the owners of the parent company | | | | |
--------------------------------------------------------------------------------
| Shareholders' equity | 461.2 | 410.2 | 51.0 | 430.0 |
--------------------------------------------------------------------------------
| Non-current liabilities | | | | |
--------------------------------------------------------------------------------
| Non-current interest-bearing | 685.9 | 768.3 | -82.4 | 766.5 |
| liabilities | | | | |
--------------------------------------------------------------------------------
| Other non-current liabilities | 122.3 | 103.8 | 18.5 | 110.5 |
--------------------------------------------------------------------------------
| Current liabilities | | | | |
--------------------------------------------------------------------------------
| Current interest-bearing | 253.6 | 217.2 | 36.4 | 200.1 |
| liabilities | | | | |
--------------------------------------------------------------------------------
| Trade and other payables | 49.3 | 40.2 | 9.1 | 57.7 |
--------------------------------------------------------------------------------
| Total sharehoulders' equity and | 1 572.2 | 1 539.7 | 32.5 | 1 564.8 |
| liabilities | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Key indicators, million euros | 2008 Jan-Sep | 2007 | 2007 |
| | | Jan-Sep | Jan-Dec |
--------------------------------------------------------------------------------
| Revenue | 280.3 | 234.3 | 334.6 |
--------------------------------------------------------------------------------
| Capital expenditure, gross | 55.1 | 55.7 | 79.2 |
--------------------------------------------------------------------------------
| - % of revenue | 19.7 | 23.8 | 23.7 |
--------------------------------------------------------------------------------
| Research and development expenses | 0.6 | 0.7 | 1.2 |
--------------------------------------------------------------------------------
| - % of revenue | 0.2 | 0.3 | 0.4 |
--------------------------------------------------------------------------------
| Personnel, average | 240 | 240 | 241 |
--------------------------------------------------------------------------------
| Operating profit | 61.4 | 68.5 | 90.7 |
--------------------------------------------------------------------------------
| - % of revenue | 21.9 | 29.2 | 27.1 |
--------------------------------------------------------------------------------
| Profit before taxes | 37.3 | 40.9 | 56.5 |
--------------------------------------------------------------------------------
| - % of revenue | 13.3 | 17.4 | 16.9 |
--------------------------------------------------------------------------------
| Interest bearing liabilities, net* | 726.4 | 764.0 | 754.6 |
--------------------------------------------------------------------------------
| Equity ratio, %* | 29.3 | 26.6 | 27.5 |
--------------------------------------------------------------------------------
| Shareholders' equity* | 461.2 | 410.2 | 430.0 |
--------------------------------------------------------------------------------
| Equity per share, euros* | 138 697 | 123 366 | 129 338 |
--------------------------------------------------------------------------------
| Earnings per share, euros* | 8 330 | 9 128 | 12 616 |
--------------------------------------------------------------------------------
| * end of period | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Consolidated | Share | Share | Reval- | Trans-l | Retained | Total |
| statement of | capita | premiu | uation | ation | earnings | |
| changes in total | l | m | reserv | reserve | | |
| equity, million | | accoun | e | | | |
| euros | | t | | | | |
--------------------------------------------------------------------------------
| Capital and | 55.9 | 55.9 | 0.0 | 0.1 | 273.6 | 385.5 |
| reserves 1 Jan 2007 | | | | | | |
--------------------------------------------------------------------------------
| Cash flow hedges | | | 1.0 | | | 1.0 |
--------------------------------------------------------------------------------
| Change in | | | | 0.3 | | 0.3 |
| translation | | | | | | |
--------------------------------------------------------------------------------
| Dividend | | | | | -6.9 | -6.9 |
| distribution | | | | | | |
--------------------------------------------------------------------------------
| Profit for period | | | | | 30.3 | 30.3 |
--------------------------------------------------------------------------------
| Capital and | 55.9 | 55.9 | 1.0 | 0.3 | 297.0 | 410.2 |
| reserves 30 Sep | | | | | | |
| 2007 | | | | | | |
--------------------------------------------------------------------------------
| Cash flow hedges | | | 8.3 | | | 8.3 |
--------------------------------------------------------------------------------
| Change in | | | | -0.1 | | -0.1 |
| translation | | | | | | |
--------------------------------------------------------------------------------
| Other changes | | | 0.0 | | | 0.0 |
--------------------------------------------------------------------------------
| Profit for period | | | | | 11.6 | 11.6 |
--------------------------------------------------------------------------------
| Capital and | 55.9 | 55.9 | 9.4 | 0.2 | 308.6 | 430.0 |
| reserves 31 Dec | | | | | | |
| 2007 | | | | | | |
--------------------------------------------------------------------------------
| Cash flow hedges | | | 10.7 | | | 10.7 |
--------------------------------------------------------------------------------
| Change in | | | | -0.1 | | -0.1 |
| translation | | | | | | |
--------------------------------------------------------------------------------
| Dividend | | | | | -7.2 | -7.2 |
| distribution | | | | | | |
--------------------------------------------------------------------------------
| Profit for period | | | | | 27.7 | 27.7 |
--------------------------------------------------------------------------------
| Capital and | 55.9 | 55.9 | 20.1 | 0.1 | 329.1 | 461.2 |
| reserves 30 Sep | | | | | | |
| 2008 | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Condensed consolidated cash flow | 2008 | 2007 | 2007 |
| statement, million euros | Jan - Sep | Jan - Sep | Jan - Dec |
--------------------------------------------------------------------------------
| Cash flow from operating | | | |
| activities | | | |
--------------------------------------------------------------------------------
| Profit for the financial year | 27.7 | 30.3 | 41.9 |
--------------------------------------------------------------------------------
| Adjustments | 80.2 | 63.9 | 92.0 |
--------------------------------------------------------------------------------
| Changes in working capital | 8.3 | 14.0 | 7.2 |
--------------------------------------------------------------------------------
| Interests paid | -29.6 | -35.1 | -45.2 |
--------------------------------------------------------------------------------
| Interests received | 6.5 | 5.7 | 8.5 |
--------------------------------------------------------------------------------
| Taxes paid | -1.8 | -1.2 | -0.8 |
--------------------------------------------------------------------------------
| Net cash flow from operating | 91.3 | 77.7 | 103.6 |
| activities | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from investing | | | |
| activities | | | |
--------------------------------------------------------------------------------
| Purchase of property, plant and | -54.7 | -63.7 | -78.1 |
| equipment | | | |
--------------------------------------------------------------------------------
| Purchase of intangible assets | -1.7 | -1.9 | -6.2 |
--------------------------------------------------------------------------------
| 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, | 0.0 | 0.0 | 0.0 |
| plant and equipment | | | |
--------------------------------------------------------------------------------
| Repayment of loans receivable | 0.1 | 0.1 | 0.1 |
--------------------------------------------------------------------------------
| Dividends received | 0.6 | 0.0 | 0.7 |
--------------------------------------------------------------------------------
| Net cash flow from investing | -55.7 | -65.5 | -83.6 |
| activities | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from financing | | | |
| activities | | | |
--------------------------------------------------------------------------------
| Withdrawal of loans | 193.6 | 319.8 | 402.7 |
--------------------------------------------------------------------------------
| Repayment of loans | -221.6 | -308.7 | -408.7 |
--------------------------------------------------------------------------------
| Dividends paid | -7.2 | -6.9 | -6.9 |
--------------------------------------------------------------------------------
| Net cash flow from financing | -35.1 | 4.2 | -13.0 |
| activities | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net change in cash and cash | 0.5 | 16.4 | 7.1 |
| equivalents | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents 1 Jan | 212.0 | 204.1 | 204.1 |
--------------------------------------------------------------------------------
| Impact of changes in fair value of | 0.6 | 1.0 | 0.8 |
| investments | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents 30 Sep | 213.1 | 221.5 | 212.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | 30 Sep 2008 | 30 Sep 2007 | 31 Dec 2007 |
--------------------------------------------------------------------------------
| Derivative | Net | Notiona | Net | Notion | Net | Notional |
| agreements, million | fair | l value | fair | al | fair | value |
| euros | value | | value | value | value | |
--------------------------------------------------------------------------------
| Interest and | | | | | | |
| currency | | | | | | |
| derivatives | | | | | | |
--------------------------------------------------------------------------------
| Cross-currency | -31 | 365 | -45 | 382 | -47 | 376 |
| swaps | | | | | | |
--------------------------------------------------------------------------------
| Forward contracts | 1 | 17 | -6 | 138 | -4 | 72 |
--------------------------------------------------------------------------------
| Interest rate swaps | 0 | 144 | 1 | 181 | -1 | 181 |
--------------------------------------------------------------------------------
| Call options, | 9 | 330 | 11 | 440 | 11 | 370 |
| bought | | | | | | |
--------------------------------------------------------------------------------
| Total | -21 | 857 | -39 | 1 141 | -40 | 1 000 |
--------------------------------------------------------------------------------
| | 30 Sep 2008 | 30 Sep 2007 | 31 Dec 2007 |
--------------------------------------------------------------------------------
| | Net | Volume | Net | Volume | Net | Volume |
| | fair | TWh | fair | TWh | fair | TWh |
| | value | | value | | value | |
--------------------------------------------------------------------------------
| Electricity | | | | | | |
| derivatives | | | | | | |
--------------------------------------------------------------------------------
| Electricity forward | 34 | 3.56 | 11 | 3.17 | 19 | 3.03 |
| contracts, Nord | | | | | | |
| Pool Clearing | | | | | | |
| designated as hedge | | | | | | |
| accounting | | | | | | |
--------------------------------------------------------------------------------
| Electricity forward | 0 | 0.00 | -1 | 0.06 | 1 | 0.28 |
| contracts, Nord | | | | | | |
| Pool Clearing | | | | | | |
--------------------------------------------------------------------------------
| Forward contracts | 1 | 0.07 | 2 | 0.11 | 2 | 0.14 |
| of electricity, | | | | | | |
| others | | | | | | |
--------------------------------------------------------------------------------
| Total | 35 | 3.52 | 12 | 3.34 | 23 | 3.46 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Commitments and | 30 Sep 2008 | 30 Sep 2007 | 31 Dec 2007 |
| contingensies, million | | | |
| euros | | | |
--------------------------------------------------------------------------------
| Pledges / bank | 0 | 4 | 0 |
| balances | | | |
--------------------------------------------------------------------------------
| Rental liabilities | 8 | 9 | 9 |
--------------------------------------------------------------------------------
| Commitment fee of | 0 | 1 | 0 |
| revolving credit | | | |
| facility | | | |
--------------------------------------------------------------------------------
| Total | 9 | 14 | 10 |
--------------------------------------------------------------------------------
| Capital commitments | 234 | 74 | 71 |
--------------------------------------------------------------------------------
| Other financial | 2 | 1 | 2 |
| liabilities | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Changes in property, | 30 Sep 2008 | 30 Sep 2007 | 31 Dec 2007 |
| plant and | | | |
| equipment,million | | | |
| euros | | | |
--------------------------------------------------------------------------------
| Carrying amount at | 1 086 | 1 066 | 1 066 |
| beginning of period | | | |
--------------------------------------------------------------------------------
| Increases | 54 | 54 | 74 |
--------------------------------------------------------------------------------
| Decreases | | 0 | 0 |
--------------------------------------------------------------------------------
| Depreciation and | -43 | -37 | -54 |
| amortisation expense | | | |
--------------------------------------------------------------------------------
| Carrying amount at end | 1 096 | 1 083 | 1 086 |
| of period | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Related party | 30 Sep | 30 Sep 2007 | 31 Dec 2007 |
| transactions and | | | |
| balances,milllion | | | |
| euros | | | |
--------------------------------------------------------------------------------
| Sales | 71 | 64 | 90 |
--------------------------------------------------------------------------------
| Purchases | 75 | 54 | 78 |
--------------------------------------------------------------------------------
| Receivables | 7 | 3 | 8 |
--------------------------------------------------------------------------------
| Liabilities | 2 | 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
2007.
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 IAS 14 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.
