FINGRID OYJ
www.fingrid.fi
STOCK EXCHANGE RELEASE
4.8.2008
FINGRID GROUP'S INTERIM REPORT 1 JANUARY - 30 JUNE 2008
Review of operations
Power system operation
From the beginning of 2008 to the end of June, 45 terawatt hours of electricity
was consumed in Finland. This was 2.3 per cent less than during the
corresponding period in 2007. The winter with mild weather decreased electricity
consumption. A total of 32.6 terawatt hours of electricity was transmitted in
Fingrid's grid, representing 72 per cent of the electricity consumption in
Finland.
Electricity transmissions between Finland and Sweden consisted of imports from
Sweden into Finland during the early part of the year. From mid-April, the
direction of transmissions has varied. From January to June, 3.0 terawatt hours
of electricity was imported from Sweden into Finland (2.2 terawatt hours during
the corresponding period in 2007), and 0.9 terawatt hours (1.1 terawatt hours)
was exported from Finland into Sweden. The replacement of aluminium transmission
line towers between Huutokoski and Vuolijoki caused a restriction in the export
capacity to Sweden, but this had no impact on the separation of area prices
between Finland and Sweden.
The import capacity on the Russian transmission connection was restricted by
maintenance work in Russia until the end of March. During the early part of the
year, 5.0 terawatt hours (5.3 terawatt hours) of electricity was imported from
Russia into Finland. Fingrid gave permission to the new North West Power Plant 2
in St Petersburg to connect to the Finnish grid during the service of North West
Power Plant 1.
Transmissions on the Estlink connection from Estonia mainly comprised imports
into Finland, with the volume being 1.0 terawatt hours (0.9 terawatt hours)
between January and June. The import volumes have been smaller during night time
than during the day. The transmission grid in Estonia has restricted the
transmission capacity made available from Finland to Estonia.
The number of disturbance situations in the Finnish grid was smaller than
average during the first half of 2008. During the review period, there were no
significant extensive faults in the grid.
Promotion of electricity market
Finland and Sweden constituted a uniform wholesale market area of electricity
during the review period, since congestions in cross-border transmissions
limited trade for only under 1 per cent of the hours during the first half of
2008. The bottleneck revenues on the border between Finland and Sweden, caused
by transmission restrictions, totalled 0,1 million euros.
On 27 June 2008, the European transmission system operators signed a letter of
intent of the establishment of the new European Network of Transmission System
Operators for Electricity (ENTSO-E) by the end of 2008. It will serve not only
as a collaboration organisation and interest group for the transmission business
but also as a co-operation organisation conforming to the principles of the EU's
Third Legislative Package of the Internal Electricity Market, aiming to promote
the integration of the European electricity market and the security of supply of
the European transmission grid.
One of the main duties of the new organisation is to develop shared technical
and market rules. The present TSO organisations will be abolished and their
operations will be transferred to the new organisation within 6 months from its
establishment.
In June, Fingrid increased the amount of electricity market information
published on its website. The new items include the production forecast for the
following day and bottleneck revenues on the border between Finland and Sweden.
Capital expenditure and grid maintenance
The Group's gross capital expenditure during the review period was 35 million
euros (36 million euros during the corresponding period in 2007).
Several significant procurement contracts were signed during the period under
review. The submarine cable for the new direct current link between Finland and
Sweden (Fenno-Skan 2) will be supplied by Nexans Norway AS, and the construction
of the converter stations by ABB Ab. The total value of these is approx. 260
million euros, half of which will be covered by Fingrid. All relevant permits
for the link have been acquired both in Sweden and Finland. The connection is
due to be ready at the end of 2011.
The total value of other significant procurement decisions made between April
and June is approx. 54 million euros. These comprise the Isoniemi 220/110/20
kilovolt (kV) substation, Isoniemi-Vajukoski 220 kV transmission line, Asmunti
and Tuomela 400 kV series capacitor stations, Kopula 400/110 kV substation,
Petäjäskoski 400 kV and Valajaskoski 220 kV substations, expansion of the
Keminmaa substation, and purchases for the Katerma-Kuhmo 110 kV transmission
line.
Fingrid is making preparations for increasing the volume of fast disturbance
reserves by 100 to 400 megawatts in the coming years. The company will study
whether the present production capacity in Finland has plant units applicable to
reserve power operation, and whether there are industrial loads which can be
shed and which can hence reduce the need to construct new reserve power
capacity. Environmental impact assessments for the new reserve power plants will
be launched in 6 locations in the late summer. The preliminary cost estimate of
the project is approx. 60-240 million euros.
The occurrence of corrosion in tower guys has been studied during the spring,
and plans have been drawn up for the replacement of guys suffering from
corrosion. The inspections concern a total of 1800 tower locations. The repairs
of the most urgent ones of these will commence in the autumn and the remainder
in the next few years. The cost estimate of the project is approx. 7 million
euros.
Financial result
The Group's revenue was 193 million euros (161 million euros). Transmission
revenues grew slightly to 102 million euros (101 million euros). The sales
volume of balance power was 48 million euros (27 million euros) and purchases of
balance power 46 million euros (24 million euros). Fingrid´s share of the
inter-Nordic bottleneck revenues grew because of capacity restrictions between
Norway, Sweden and Denmark, and were in all 13 million euros (6 million euros).
The cross-border transmission revenues on the Russian and Estonian connections
totalled 11 million euros (13 million euros).
Operating profit without the change in the fair value of derivatives was 47
million euros (41 million euros). Operating profit was mainly raised by
increased bottleneck revenues. Moreover, the compensations for the European
market place had a positive impact of 4 million euros on the operating profit.
Operating profit was decreased by factors such as higher depreciations and
smaller cross-border transmission revenues.
The operating profit in accordance with IFRS was 46 million euros (53 million
euros), which contains 1 million euros (+12 million euros) of negative change in
the fair value of electricity derivatives. The IFRS profit before taxes was 28
million euros (34 million euros). The equity ratio was 30.1 (26.7) 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 six-month result.
Financing
The financial position of the Group continued to be good. The net finance costs
of the Group were 18 million euros (20 million euros). Financial assets
recognised at fair value in the income statement, and cash and cash equivalents
amounted to 205 million euros (200 million euros) at 30 June 2008. The
interest-bearing liabilities, including derivative liabilities, totalled 939
million euros (966 million euros), of which 715 million euros (788 million
euros) were long-term and 224 million euros (178 million euros) were short-term.
The counterparty risk involved in the derivative contracts relating to financing
was 8 million euros (6 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.
Personnel
The total personnel of the Fingrid Group averaged 253 (237) 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.
Board of Directors
Appendices: Tables for the interim report 1 January - 30 June 2008
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 June 2008
--------------------------------------------------------------------------------
| Condensed | 2008 | 2007 | Chang | 2008 | 2007 | Change | 2007 |
| consolidated | Jan-J | Jan-J | e | Apr-Ju | Apr-Ju | | Jan-Dec |
| income | un | un | | n | n | | |
| statement, | | | | | | | |
| million euros | | | | | | | |
--------------------------------------------------------------------------------
| Revenue | 193.2 | 161.0 | 32.1 | 78.4 | 59.9 | 18.5 | 334.6 |
--------------------------------------------------------------------------------
| Other operating | 1.0 | 0.9 | 0.1 | 0.6 | 0.5 | 0.1 | 1.9 |
| income | | | | | | | |
--------------------------------------------------------------------------------
| Depreciation | -29.6 | -25.5 | -4.1 | -15.4 | -12.7 | -2.7 | -55.5 |
| and | | | | | | | |
| amortisation | | | | | | | |
| expense | | | | | | | |
--------------------------------------------------------------------------------
| Operating | -118. | -83.5 | -35.2 | -55.6 | -28.0 | -27.7 | -190.3 |
| expenses | 7 | | | | | | |
--------------------------------------------------------------------------------
| Operating | 45.9 | 53.0 | -7.1 | 8.0 | 19.7 | -11.7 | 90.7 |
| profit | | | | | | | |
--------------------------------------------------------------------------------
| Finance income | -17.9 | -19.7 | 1.9 | -9.8 | -11.8 | 2.0 | -34.9 |
| and costs | | | | | | | |
--------------------------------------------------------------------------------
| Portion of | -0.2 | 0.3 | -0.5 | 0.1 | 0.1 | 0.0 | 0.7 |
| profit of | | | | | | | |
| associated | | | | | | | |
| companies | | | | | | | |
--------------------------------------------------------------------------------
| Profit before | 27.8 | 33.5 | -5.7 | -1.7 | 8.1 | -9.8 | 56.5 |
| taxes | | | | | | | |
--------------------------------------------------------------------------------
| Income taxes | -7.3 | -8.7 | 1.4 | 0.5 | -2.1 | 2.5 | -14.5 |
--------------------------------------------------------------------------------
| Profit for the | 20.5 | 24.9 | -4.4 | -1.2 | 6.0 | -7.2 | 41.9 |
| period | | | | | | | |
--------------------------------------------------------------------------------
| Earnings per | 6 174 | 7 483 | -1 | -359 | 1 817 | -2 175 | 12 616 |
| share (euros)* | | | 309 | | | | |
| 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 Jun | 30 Jun | | 31 Dec |
--------------------------------------------------------------------------------
| ASSETS | | | | |
--------------------------------------------------------------------------------
| Non-current assets | | | | |
--------------------------------------------------------------------------------
| Goodwill | 87.9 | 87.9 | 0.0 | 87.9 |
--------------------------------------------------------------------------------
| Intangible assets | 84.3 | 80.6 | 3.8 | 84.4 |
--------------------------------------------------------------------------------
| Property, plant and equipment | 1 091.6 | 1 076.2 | 15.5 | 1 085.6 |
--------------------------------------------------------------------------------
| Investments | 7.2 | 7.6 | -0.4 | 7.4 |
--------------------------------------------------------------------------------
| Receivables | 84.2 | 25.3 | 58.9 | 33.9 |
--------------------------------------------------------------------------------
| Current assets | | | | |
--------------------------------------------------------------------------------
| Inventories | 4.7 | 4.8 | -0.1 | 4.8 |
--------------------------------------------------------------------------------
| Receivables | 31.5 | 30.8 | 0.8 | 48.8 |
--------------------------------------------------------------------------------
| Financial assets recognised in | | | | |
| income statement | | | | |
--------------------------------------------------------------------------------
| at fair value | 203.6 | 193.7 | 9.9 | 209.0 |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 1.6 | 6.4 | -4.9 | 3.0 |
--------------------------------------------------------------------------------
| Total assets | 1 596.6 | 1 513.2 | 83.4 | 1 564.8 |
--------------------------------------------------------------------------------
| SHAREHOLDERS' EQUITY AND | | | | |
| LIABILITIES | | | | |
--------------------------------------------------------------------------------
| Shareholders' equity belonging | | | | |
| to the owners of the parent | | | | |
| company | | | | |
--------------------------------------------------------------------------------
| Shareholders' equity | 480.1 | 403.6 | 76.5 | 430.0 |
--------------------------------------------------------------------------------
| Non-current liabilities | | | | |
--------------------------------------------------------------------------------
| Non-current interest-bearing | 714.5 | 788.0 | -73.4 | 766.5 |
| liabilities | | | | |
--------------------------------------------------------------------------------
| Other non-current liabilities | 129.5 | 101.9 | 27.6 | 110.5 |
--------------------------------------------------------------------------------
| Current liabilities | | | | |
--------------------------------------------------------------------------------
| Current interest-bearing | 224.3 | 178.4 | 45.9 | 200.1 |
| liabilities | | | | |
--------------------------------------------------------------------------------
| Trade and other payables | 48.2 | 41.3 | 6.8 | 57.7 |
--------------------------------------------------------------------------------
| Total shareholders' equity and | 1 596.6 | 1 513.2 | 83.4 | 1 564.8 |
| liabilities | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Key indicators, million | 2008 Jan-Jun | 2007 Jan-Jun | 2007 Jan-Dec |
| euros | | | |
--------------------------------------------------------------------------------
| Revenue | 193.2 | 161.0 | 334.6 |
--------------------------------------------------------------------------------
| Capital expenditure, gross | 35.2 | 36.1 | 79.2 |
--------------------------------------------------------------------------------
| - % of revenue | 18.2 | 22.4 | 23.7 |
--------------------------------------------------------------------------------
| Research and development | 0.3 | 0.5 | 1.2 |
| expenses | | | |
--------------------------------------------------------------------------------
| - % of revenue | 0.2 | 0.3 | 0.4 |
--------------------------------------------------------------------------------
| Personnel, average | 253 | 237 | 241 |
--------------------------------------------------------------------------------
| Operating profit | 45.9 | 53.0 | 90.7 |
--------------------------------------------------------------------------------
| - % of revenue | 23.8 | 32.9 | 27.1 |
--------------------------------------------------------------------------------
| Profit before taxes | 27.8 | 33.5 | 56.5 |
--------------------------------------------------------------------------------
| - % of revenue | 14.4 | 20.8 | 16.9 |
--------------------------------------------------------------------------------
| Interest bearing | 733.7 | 766.3 | 754.6 |
| liabilities. net* | | | |
--------------------------------------------------------------------------------
| Equity ratio, %* | 30.1 | 26.7 | 27.5 |
--------------------------------------------------------------------------------
| Shareholders' equity* | 480.1 | 403.6 | 430.0 |
--------------------------------------------------------------------------------
| Equity per share, euros* | 144 385 | 121 389 | 129 338 |
--------------------------------------------------------------------------------
| Earnings per share, euros* | 6 174 | 7 483 | 12 616 |
--------------------------------------------------------------------------------
| * end of period | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Consolidated | Share | Share | Reval-u | Trans-l | Retained | Total |
| statement of | capita | premiu | ation | ation | earnings | |
| changes in total | l | m | reserve | reserve | | |
| equity, million | | accoun | | | | |
| euros | | t | | | | |
--------------------------------------------------------------------------------
| Capital and | 55.9 | 55.9 | 0.0 | 0.1 | 273.6 | 385.5 |
| reserves 1 Jan | | | | | | |
| 2007 | | | | | | |
--------------------------------------------------------------------------------
| Change in | | | | 0.1 | | 0.1 |
| translation | | | | | | |
--------------------------------------------------------------------------------
| Dividend | | | | | -6.9 | -6.9 |
| distribution | | | | | | |
--------------------------------------------------------------------------------
| Profit for period | | | | | 24.9 | 24.9 |
--------------------------------------------------------------------------------
| Capital and | 55.9 | 55.9 | 0.0 | 0.2 | 291.5 | 403.6 |
| reserves 30 Jun | | | | | | |
| 2007 | | | | | | |
--------------------------------------------------------------------------------
| Cash flow hedges | | | 9.3 | | | 9.3 |
--------------------------------------------------------------------------------
| Change in | | | | 0.0 | | 0.0 |
| translation | | | | | | |
--------------------------------------------------------------------------------
| Profit for period | | | | | 17.1 | 17.1 |
--------------------------------------------------------------------------------
| Other changes | | | 0.0 | | | 0.0 |
--------------------------------------------------------------------------------
| Capital and | 55.9 | 55.9 | 9.4 | 0.2 | 308.6 | 430.0 |
| reserves 31 Dec | | | | | | |
| 2007 | | | | | | |
--------------------------------------------------------------------------------
| Cash flow hedges | | | 36.7 | | | 36.7 |
--------------------------------------------------------------------------------
| Change in | | | | 0.0 | | 0.0 |
| translation | | | | | | |
--------------------------------------------------------------------------------
| Dividend | | | | | -7.2 | -7.2 |
| distribution | | | | | | |
--------------------------------------------------------------------------------
| Profit for period | | | | | 20.5 | 20.5 |
--------------------------------------------------------------------------------
| Capital and | 55.9 | 55.9 | 46.1 | 0.2 | 322.0 | 480.1 |
| reserves 30 Jun | | | | | | |
| 2008 | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Condensed consolidated cash flow | 2008 | 2007 | 2007 |
| statement, million euros | Jan-Jun | Jan-Jun | Jan-Dec |
--------------------------------------------------------------------------------
| Cash flow from operating activities | | | |
--------------------------------------------------------------------------------
| Profit for the financial year | 20.5 | 24.9 | 41.9 |
--------------------------------------------------------------------------------
| Adjustments | 55.9 | 41.9 | 92.0 |
--------------------------------------------------------------------------------
| Changes in working capital | 10.0 | 13.3 | 7.2 |
--------------------------------------------------------------------------------
| Interests paid | -20.6 | -25.5 | -45.2 |
--------------------------------------------------------------------------------
| Interests received | 3.7 | 3.1 | 8.5 |
--------------------------------------------------------------------------------
| Taxes paid | -1.2 | -1.2 | -0.8 |
--------------------------------------------------------------------------------
| Net cash flow from operating activities | 68.3 | 56.4 | 103.6 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from investing activities | | | |
--------------------------------------------------------------------------------
| Purchase of property, plant and equipment | -35.6 | -42.8 | -78.1 |
--------------------------------------------------------------------------------
| Purchase of intangible assets | -0.7 | -1.3 | -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, plant and | 0.0 | 0.0 | 0.0 |
| equipment | | | |
--------------------------------------------------------------------------------
| Repayment of loans receivable | 0.1 | 0.1 | 0.1 |
--------------------------------------------------------------------------------
| Dividends received | 0.0 | 0.0 | 0.7 |
--------------------------------------------------------------------------------
| Net cash flow from investing activities | -36.2 | -44.0 | -83.6 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from financing activities | | | |
--------------------------------------------------------------------------------
| Withdrawal of loans | 109.1 | 246.7 | 402.7 |
--------------------------------------------------------------------------------
| Repayment of loans | -141.7 | -257.6 | -408.7 |
--------------------------------------------------------------------------------
| Dividends paid | -7.2 | -6.9 | -6.9 |
--------------------------------------------------------------------------------
| Net cash flow from financing activities | -39.8 | -17.9 | -13.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net change in cash and cash equivalents | -7.7 | -5.4 | 7.1 |
--------------------------------------------------------------------------------
| Cash and cash equivalents 1 Jan | 212.0 | 204.1 | 204.1 |
--------------------------------------------------------------------------------
| Impact of changes in fair value of | 0.9 | 1.4 | 0.8 |
| investments | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents 30 Jun | 205.1 | 200.1 | 212.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Derivative | 30 Jun 2008 | 30 Jun 2007 | 31 Dec 2007 |
| agreements, | | | |
| million euros | | | |
--------------------------------------------------------------------------------
| | Net | Notiona | Net | Notional | Net | Notional |
| | fair | l | fair | value | fair | value |
| | value | value | value | | value | |
--------------------------------------------------------------------------------
| Interest and | | | | | | |
| currency | | | | | | |
| derivatives | | | | | | |
--------------------------------------------------------------------------------
| Cross-currency | -41 | 360 | -62 | 418 | -47 | 376 |
| swaps | | | | | | |
--------------------------------------------------------------------------------
| Forward contracts | -1 | 32 | -1 | 79 | -4 | 72 |
--------------------------------------------------------------------------------
| Interest rate | -1 | 144 | 0 | 191 | -1 | 181 |
| swaps | | | | | | |
--------------------------------------------------------------------------------
| Call options, | 14 | 330 | 14 | 470 | 11 | 370 |
| bought | | | | | | |
--------------------------------------------------------------------------------
| Total | -29 | 866 | -50 | 1 158 | -40 | 1 000 |
--------------------------------------------------------------------------------
| | 30 Jun 2008 | 30 Jun 2007 | 31 Dec 2007 |
--------------------------------------------------------------------------------
| | Net | Volume | Net | Volume | Net | Volume |
| | fair | TWh | fair | TWh | fair | TWh |
| | value | | value | | value | |
--------------------------------------------------------------------------------
| Electricity | | | | | | |
| derivatives | | | | | | |
--------------------------------------------------------------------------------
| Electricity | 69 | 3.44 | | | 19 | 3.03 |
| forward contracts, | | | | | | |
| Nord Pool Clearing | | | | | | |
| designated as | | | | | | |
| hedge accounting | | | | | | |
--------------------------------------------------------------------------------
| Electricity | 0 | -0.01 | 8 | 3.04 | 1 | 0.28 |
| forward contracts, | | | | | | |
| Nord Pool Clearing | | | | | | |
--------------------------------------------------------------------------------
| Forward contracts | 2 | 0.08 | 2 | 0.14 | 2 | 0.14 |
| of electricity, | | | | | | |
| others | | | | | | |
--------------------------------------------------------------------------------
| Total | 71 | 3.52 | 10 | 3.18 | 23 | 3.46 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Commitments and | 30 Jun 2008 | 30 Jun 2007 | 31 Dec 2007 |
| contingensies, million | | | |
| euros | | | |
--------------------------------------------------------------------------------
| Pledges / bank balances | 0 | 5 | 0 |
--------------------------------------------------------------------------------
| Rental liabilities | 8 | 10 | 9 |
--------------------------------------------------------------------------------
| Commitment fee of | 0 | 1 | 0 |
| revolving credit | | | |
| facility | | | |
--------------------------------------------------------------------------------
| Total | 9 | 15 | 10 |
--------------------------------------------------------------------------------
| Capital commitments | 214 | 80 | 71 |
--------------------------------------------------------------------------------
| Other financial | 2 | 1 | 2 |
| liabilities | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Changes in property, | 30 Jun 2008 | 30 Jun 2007 | 31 Dec 2007 |
| plant and equipment, | | | |
| million euros | | | |
--------------------------------------------------------------------------------
| Carrying amount at | 1 086 | 1 066 | 1 066 |
| beginning of period | | | |
--------------------------------------------------------------------------------
| Increases | 35 | 35 | 74 |
--------------------------------------------------------------------------------
| Decreases | | 0 | 0 |
--------------------------------------------------------------------------------
| Depreciation and | -29 | -25 | -54 |
| amortisation expense | | | |
--------------------------------------------------------------------------------
| Carrying amount at end | 1 092 | 1 076 | 1 086 |
| of period | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Related party | 30 Jun 2008 | 30 Jun 2007 | 31 Dec 2007 |
| transactions and | | | |
| balances, million euros | | | |
--------------------------------------------------------------------------------
| Sales | 52 | 48 | 90 |
--------------------------------------------------------------------------------
| Purchases | 49 | 38 | 78 |
--------------------------------------------------------------------------------
| Receivables | 5 | 3 | 8 |
--------------------------------------------------------------------------------
| Liabilities | 5 | 5 | 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 re arrangements. 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.
