NOTES TO THE BALANCE SHEET (€1,000)     
GroupParent company
2018201720182017
9. INTANGIBLE ASSETS
Intangible rights
Acquisition cost 1 Jan1,4511,4451,2511,245
Increases 711311
Decreases0-50-5
Acquisition cost 31 Dec1,4581,4511,2541,251
Accumulated depreciation and impairment charges 1 Jan-322-242-300-240
Depreciation for the period -80-80-60-60
Book value 31 Dec1,0571,129894951
Goodwill
Acquisition cost 1 Jan6,0006,00000
Acquisition cost 31 Dec6,0006,00000
Accumulated depreciation and impairment charges 1 Jan-3,600-3,20000
Depreciation for the period -400-40000
Book value 31 Dec2,0002,40000
Emission right reductions
Acquisition cost 1 Jan4,1475,2414,1475,241
Increases 1,0588441,058844
Decreases -1,455-1,937-1,455-1,937
Acquisition cost 31 Dec3,7504,1473,7504,147
Book value 31 Dec3,7504,1473,7504,147
Other non-current expenses
Acquisition cost 1 Jan18,55817,9064,7904,474
Increases 8,046 1)652 1)4316
Decreases 00-10
Acquisition cost 31 Dec26,60418,5584,7934,790
Accumulated depreciation and impairment charges 1 Jan-7,195-5,968-3,559-3,125
Accumulated depreciation from deduction 0010
Depreciation for the period -1,407-1,227-353-434
Book value 31 Dec18,00311,3648831,232
Total intangible assets
Acquisition cost 1 Jan30,15730,59210,18910,960
Increases 9,1111,5071,0651,171
Decreases -1,455-1,942-1,456-1,942
Acquisition cost 31 Dec37,81330,1579,79810,189
Accumulated depreciation and impairment charges 1 Jan-11,116-9,410-3,859-3,365
Accumulated depreciation from deduction0010
Depreciation for the period -1,887-1,707-413-494
Book value 31 Dec24,81019,0415,5286,330
10. TANGIBLE ASSETS
Land
Acquisition cost 1 Jan6,4056,1162,5292,529
Increases 3,903310190
Decreases -131-2200
Transfer between categories652000
Acquisition cost 31 Dec10,8296,4052,5492,529
Book value 31 Dec10,8296,4052,5492,529
Revaluations included in land acquisition costs
Revaluations 1 Jan16821,6821,6821,682
Revaluations 31 Dec1,6821,6821,6821,682
Revaluation is based on the probable transfer price.
Deferred tax of revaluation336336336336
Peat resources
Acquisition cost 1 Jan1,1511,09700
Increases 3,3325400
Acquisition cost 31 Dec4,4831,15100
Accumulated depreciation and impairment charges 1 Jan-71-2700
Depreciation for the period -117-4300
Book value 31 Dec4,2961,08000
Buildings
Acquisition cost 1 Jan49,16048,4695,9065,914
Increases 29,928 1)862 1)18163
Decreases 0-3530-353
Transfer between categories01820182
Acquisition cost 31 Dec79,08849,1605,9245,906
Accumulated depreciation and impairment charges 1 Jan-10,973-9,423-3,990-4,198
Accumulated depreciation from deduction 03530353
Depreciation for the period -3,120-1,904-150-145
Book value 31 Dec64,99538,1861,7841,916
Machinery and equipment
Acquisition cost 1 Jan256,552249,76420,84617,685
Increases 126,233 1)7,018 1)223,391
Decreases -129-470-47
Transfer between categories0-1820-182
Acquisition cost 31 Dec382,656256,55220,86820,846
Accumulated depreciation and impairment charges 1 Jan-63,443-51,167-9,549-9,004
Accumulated depreciation from deduction 12947047
Depreciation for the period -18,995-12,322-659-592
Book value 31 Dec300,348193,11010,66011,298
Share of production machines and appliances from book value 31 Dec299,180191,83110,47811,076
1) increases are mainly wind power investments
Transmission network
Acquisition cost 1 Jan72,13654,87053,75151,537
Increases 3,21417,266312,214
Decreases -2,8350-2,8350
Acquisition cost 31 Dec72,51572,13650,94653,751
Accumulated depreciation and impairment charges 1 Jan-19,420-17,095-17,998-16,029
Accumulated depreciation from deduction 64606460
Depreciation for the period -2,450-2,326-1,905-1,969
Book value 31 Dec51,29152,71631,68935,753
Other tangible assets
Acquisition cost 1 Jan1,0811,08100
Acquisition cost 31 Dec1,0811,08100
Accumulated depreciation and impairment charges 1 Jan-646-57400
Depreciation for the period -72-7200
Book value 31 Dec36243500
Peat purchases in progress
Acquisition cost 1 Jan5,4794,98200
Increases 60276000
Decreases -4,038-26200
Transfer between categories-652000
Acquisition cost 31 Dec1,3925,47900
Book value 31 Dec1,3925,47900
Prepayments and purchases in progress
Acquisition cost 1 Jan138,52649,44346204
Increases 8,98392,30636842
Decreases -132,611-3,224-3-200
Acquisition cost 31 Dec14,897138,52641046
Book value 31 Dec14,897138,52641046
Tangible assets total
Acquisition cost 1 Jan530,490415,82383,07877,869
Increases 176,196118,5754585,809
Decreases -139,744-3,908-2,838-601
Acquisition cost 31 Dec566,942530,49080,69783,078
Accumulated depreciation and impairment charges 1 Jan-94,553-78,286-31,536-29,231
Accumulated depreciation from deduction 775401646401
Depreciation for the period -24,754-16,668-2,714-2,706
Book value 31 Dec448,410435,93747,09351,542
11. CAPITALISED INTEREST COSTS
Capitalised in the financial period831,06800
Without depreciation of capitalised interest costs
Prepayments and purchases in progress02,02300
Other non-current expenses1417000
Buildings and structures67732200
Machinery and equipment3,7412,32200
4,5594,73700
12. INVESTMENTS
Interests in Group companies
Acquisition cost 1 Jan264264140,783123,668
Increases 0011,35317,115
Acquisition cost 31 Dec264264152,136140,783
Book value 31 Dec264264152,136140,783
Interests in associated companies
Acquisition cost 1 Jan166,249166,225155,767155,737
Increases 030030
Decreases -14,434-6-11,2820
Acquisition cost 31 Dec151,815166,249144,485155,767
Book value 31 Dec151,815166,249144,485155,767
Other shares and interests
Acquisition cost 1 Jan5,3706,5235,3706,523
Increases 420420
Decreases -216-1,154-216-1,154
Acquisition cost 31 Dec5,1965,3705,1965,370
Book value 31 Dec5,1965,3705,1965,370
Investments total
Acquisition cost 1 Jan171,883173,012301,919285,928
Increases 423011,39417,145
Decreases -14,650-1,159-11,497-1,154
Acquisition cost 31 Dec157,274171,883301,816301,919
Book value 31 Dec157,274171,883301,816301,919
NOTES TO THE BALANCE SHEET (€1,000)
INVESTMENTS
Company nameRegistered officeGroup share, %Group voting control, %Parent company share, %Shares owned by parent company
NumberBook value
Interests in Group companies
EPV Alueverkko OyVaasa100.0100.0100.01503
EPV Bioturve OyVaasa100.0100.0100.01,0006,150
EPV Tase OyVaasa100.0100.0100.0500500
EPV Windpower Ltd (A)Vaasa100.0100.0100.01,0004,750
EPV Windpower Ltd (B)Vaasa100.0100.0100.05,20025,933
EPV Windpower Ltd (C)Vaasa100.0100.0100.04,70023,500
EPV Windpower Ltd (D) Vaasa100.0100.0100.010,00050,000
Tornion Voima OyTornio100.0100.0100.07,50015,008
Vaskiluodon Teollisuuskiinteistöt OyVaasa100.0100.0100.04,000264
EPV Teollisuusverkot Oy (A)Vaasa90.090.090.0903
EPV Tuotantoverkot OyHelsinki100.0100.0100.016,00017,115
Rajakiiri Oy (A)Tornio60.260.260.29,4313,313
Rajakiiri Oy (B)Tornio75.275.275.25,7624,246
Seinäjoen Voima OyVaasa100.0100.0100.01,0011,353
Interests in associated companies
EPM Metsä OyVaasa50.050.050.0200,000174
Rapid Power OyVaasa50.050.050.05,00015,904
Suomen Merituuli OyHelsinki50.050.050.01,0001,000
Vaskiluodon Voima OyVaasa50.050.050.0300505
Raahen Voima OyRaahe25.025.025.0675,6258,376
Voimapiha Oy (A)Helsinki16.732.716.7200,00020,000
Woodtracker OyEspoo17.617.617.630,00030
Pohjolan Voima Oyj (A)692,549
Pohjolan Voima Oyj (B)230,558
Pohjolan Voima Oy (B2)297,418
Pohjolan Voima Oyj (C2)11,624
Pohjolan Voima Oyj (C)318,041
Pohjolan Voima Oyj (M)9,355
Pohjolan Voima Oyj (V)224,735
5.51,784,28038,087
Teollisuuden Voima Oyj (A)44,562,213
Teollisuuden Voima Oyj (B)44,562,203
Teollisuuden Voima Oyj (C)2,246,704
6.691,371,12058,592
Manga LNG Oy5.01,389,8851,818
Other shares and interests owned by the parent company
Suomen Energiavarat Oy (A)Vaasa100.04,4003
Suomen Energiavarat Oy (B)Vaasa3.91,1764,998
Other195
301,816
NOTES TO THE BALANCE SHEET (€1,000)     
GroupParent company
2018201720182017
13. INVENTORIES
Power plant fuels5,9405,82500
14. NON-CURRENT RECEIVABLES
Loan receivables45,03738,48445,03738,922
Other non-current receivables258307199250
45,29538,79145,23639,172
Receivables from Group companies
Loan receivables--420858
Receivables from associated companies
Loan receivables44,51637,96344,51637,963
15. CURRENT RECEIVABLES
Trade receivables41,56531,34217,10811,998
Loan receivables007,8583,823
Unpaid share capital 1)024,767024,767
Deferred assets *)12,18410,9472,8792,800
Other receivables12,4528,019436180
66,20175,07528,28143,568
1) Share issue receivables relate to wind power investments and the OL3 project.
Receivables from Group companies
Trade receivables--11
Loan receivables--7,8583,823
Other receivables--111117
--7,9713,941
Receivables from associated companies
Trade receivables6,6234,4015032
Prepaid expenses and accrued income78387838
Other receivables4384741534
7,1404,913143104
*) Significant items included in prepaid expenses and accrued income
Accrued electricity purchases2,6472,6322,6472,632
Accrued electricity and heat sales99252460
Accrued energy aid7,6667,03300
Accrued interest income53385339
Accrued VAT01300
Accrued insurance premiums3910160
Accrued investment aid06800
Other786539167130
12,18410,9472,8792,800
16. EQUITY
Restricted equity
Share capital 1 Jan13,46912,96113,46912,961
Increase in share capital304508304508
Share capital 31 Dec13,77313,46913,77313,469
Share issue 1 Jan421929421929
Transfer to share capital-281-508-281-508
Expiration of underwriting-1400-1400
Share issue 31 Dec04210421
Share premium account 1 Jan51,93351,93351,93351,933
Share premium account 31 Dec51,93351,93351,93351,933
Revaluation reserve 1 Jan1,2451,2451,2451,245
Revaluation reserve 31 Dec1,2451,2451,2451,245
Statutory reserve 1 Jan5,2735,2735,2735,273
Statutory reserve 31 Dec5,2735,2735,2735,273
Total restricted equity72,22372,34072,22372,340
Non-restricted equity
Invested non-restricted equity fund 1 Jan197,892197,892197,892197,892
Investment in invested non-restricted equity fund1,32701,3270
Expiration of underwriting-8,0740-8,0740
Invested non-restricted equity fund 31 Dec191,144197,892191,144197,892
Result for previous financial years 1 Jan86,17975,87516,63515,827
Result for previous financial years 31 Dec86,17975,87516,63515,827
Result for the financial year-3,72910,3041807
Total non-restricted equity273,594284,070207,780214,526
TOTAL EQUITY345,817356,410280,003286,866
Depreciation difference
Share from depreciation difference recognised under equity60,95660,605--
Calculation of distributable equity 31 Dec
Retained result--16,63515,827
Result for the financial year--1807
Invested non-restricted equity fund--191,144197,892
--207,780214,526
  
number€1,000
Series A1
- the right to receive electricity generated through nuclear power by the nuclear power plant units Olkiluoto 1, Olkiluoto 2 and Olkiluoto 3, based on the company Teollisuuden Voima Oyj’s Series A and B shares or shares replacing them3,630,8986,173
Series A2
- the right to receive electricity generated through nuclear power by the nuclear power plant units Olkiluoto 1 and Olkiluoto 2 for Teollisuuden Voima Oyj, based on the company Pohjolan Voima Oy’s Series B shares or shares replacing them250,000425
Series A3
- the right to receive electricity generated through nuclear power by the nuclear power plant unit Olkiluoto 3 for Teollisuuden Voima Oyj, based on the company Pohjolan Voima Oy’s Series B2 shares or shares replacing them600,4861,021
Series B
- the right to receive electricity generated mainly at the Meri-Pori coal power plant, based on the company Teollisuuden Voima Oyj’s Series C or Pohjolan Voima Oy’s Series C2 shares or shares replacing them64,653110
Series C
- the right to receive electricity generated mainly by Mussalon Voima Oy, based on the company Pohjolan Voima Oy’s Series M shares or shares replacing them20,51735
Series D1
- the right to receive electricity generated at the Vaasa thermal power station, based on the company Vaskiluodon Voima Oy’s shares or shares replacing them562,500956
Series D2
- the right to receive electricity generated mainly at Vaskiluodon Voima Oy’s thermal power station in Vaasa, based on the company Pohjolan Voima Oy’s Series V shares or shares replacing them113,091192
Series D3
- the right to receive electricity generated at the Seinäjoki thermal power station, based on the company Seinäjoen Voima Oy’s shares or shares replacing them13,50023
Series E1
- the right to receive electricity generated in Finland mainly through hydroelectric power, based on the company Pohjolan Voima Oy’s Series A shares or shares replacing them543,375924
Series E2
- the right to receive electricity generated for the company by the company’s associated company Rapid Power Oy in Norway through hydroelectric power and transmitted to Finland265,440451
Series E3
- the right to receive electricity generated in Sweden mainly through hydroelectric power, based on the company Voimapiha Oy’s Series A shares or shares replacing them110,000187
Series F
- the right to receive electricity generated mainly at the Tahkoluoto and Kristinestad power plants, based on the company Pohjolan Voima Oy’s Series C shares or shares replacing them197,964337
Series G
- the right to proceeds not included in other share series and the liability to pay corresponding expenses302,400514
Series M
- the right to receive liquid natural gas (LNG), based on the company Manga LNG Oy’s shares or shares replacing them6,00010
Series P1
- the right to receive emission reduction allowances acquired by the company from third parties, and the obligation to bear the fixed costs incurred for the company by the acquisition of the allowances by the party in question commensurate to the number of Series P1 shares owned by the party and the variable costs commensurate to the allowances taken by the party74,000126
Series P2
- the right to receive emission reduction allowances acquired by the company from third parties on the basis of acquisition decisions made in 2011 or later, and the obligation to bear the fixed costs incurred for the company by the acquisition of the allowances by the party in question commensurate to the number of Series P2 shares owned by the party and the variable costs commensurate to the allowances taken by the party43,80074
Series T1
- the right to receive electricity generated at the Tornio thermal power station, based on the company Tornion Voima Oy’s shares or shares replacing them120,000204
Series T2
- the right to receive electricity generated at the Raahe CHP power station, based on the company Raahen Voima Oy’s shares or shares replacing them49,53184
Series W1
- the right to receive electricity generated through wind power, based on the company Innopower Oy’s Series A and C shares, Rajakiiri Oy’s shares, or shares replacing them86,971148
Series W2
- the right to receive electricity generated through wind power, based on the company EPV Windpower Ltd’s Series A shares or shares replacing them47,45681
Series W3
- the right to receive electricity generated through wind power, based on the company Suomen Merituuli Oy’s shares or shares replacing them4,9878
Series W4
- the right to receive electricity generated through wind power, based on the company EPV Windpower Ltd’s Series B shares or shares replacing them259,325441
Series W5
- the right to receive electricity generated through wind power, based on the company EPV Windpower Ltd’s Series C shares or shares replacing them235,000400
Series W6
- the right to receive electricity generated through wind power, based on the company EPV Windpower Ltd’s Series D shares or shares replacing them500,000850
8,101,89413,773
The owners of each share series shall bear the fixed costs of the series in question commensurate to the number of shares they own and variable costs commensurate to the quantity of energy they have taken.
NOTES TO THE BALANCE SHEET (€1,000)     
GroupParent company
2018201720182017
17. ACCUMULATED APPROPRIATIONS
Deferred tax liabilities from accumulated depreciation17,08716,9823,8073,922
18. NON-CURRENT LIABILITIES
Loans from financial institutions269,518235,67138,10450,767
Other non-current liabilities87,15477,52672,48970,455
356,672313,197110,593121,223
Liabilities to Group companies
Other non-current liabilities--200250
Liabilities to associated companies
Other non-current liabilities74,08972,00572,28970,205
Loans maturing in more than five years
Loans from financial institutions13,55718,12700
Other non-current liabilities72,28970,20572,28970,205
85,84688,33272,28970,205
19. CURRENT LIABILITIES
Loans from financial institutions43,55254,96921,6649,000
Advances received5,3169900
Trade payables29,85433,39619,03712,305
Accruals *)8,5646,3474,5594,670
Other current liabilities12,5127,8491,5173,429
99,799102,66046,77629,405
Liabilities to Group companies
Trade payables--4,0491,454
Other current liabilities--2002,625
--4,2494,079
Liabilities to associated companies
Trade payables14,17710,44213,7519,679
Other current liabilities364351364351
14,54110,79314,11510,030
*) Significant items included in accrued expenses
Sales of electricity3,3363,2063,2743,206
Interest expenses1,9201,444665851
Accrued personnel expenses1,208848615607
Other2,10084946
8,5646,3474,5594,670
20. COMMITMENTS AND CONTINGENT LIABILITIES
Overdraft agreements
Total amount of granted overdraft50,00046,00013,00013,000
In use12,8255,23100
Payables on lease commitments
Maturing next financial year50114210
Maturing later652412
115148412
Shares pledged, book value of shares
From associated company’s liability1,8181,8181,8181,818
Guarantees
From associated company’s liability10,21312,28710,21312,287
From another company’s liability1,7601,6101,7601,610
11,97313,89811,97313,898
Other commitments
On behalf of Group company8,89341,9328,89341,932
Other own contingent liabilities29,19727,43921,84623,603
38,09169,37030,73965,535
The parent company has a 5-year long-term lease agreement on its premises. The term of lease began on 1 January 2015. The lease causes rental liabilities for the company.
Wind power projects involve the usual, long-term rental liabilities to landowners and, after production has ended, the responsibility to demolish equipment and bring the site to its former state.
21. DERIVATIVE FINANCIAL INSTRUMENTS
Interest rate derivatives
In accordance with the company’s financing policy, it only concludes derivative agreements with the purpose of hedging. The interest rate risk is hedged through interest rate swap agreements by converting floating rate loans into fixed interest rate loans. The company’s hedging relationships are substantially efficient, excluding the effects of negative reference rates on contracts which will mature before 2021. The terms of the hedged risk and hedging instrument are well matched in other respects. The contracts will terminate between 2019 and 2026.
Contracts that will mature before 2021
Nominal value21,00015,000
Fair value-388-325
Contracts that will mature in 2021 or later
Nominal value216,30051,000
Fair value-4,720-1,574
22. EMISSION ALLOWANCES
Emissions trade period2018–20202017–2020
tn CO2 tn CO2
Allocated free emission allowances371,948393,051
Allocated per year126,022103,510
Use of emission allowances20182017
tn CO2 tn CO2
Total emissions 846,014269,693
Emission allowances allocated without compensation 1 Jan -126,022-103,510
Emission allowance purchases -697,000-130,000
Deficit (+) / surplus (-)22,99236,183
Allocated available free emission allowances 31 Dec389,543456,247