| NOTES TO THE BALANCE SHEET (€1,000) | ||||
|---|---|---|---|---|
| Group | Parent company | |||
| 2018 | 2017 | 2018 | 2017 | |
| 9. INTANGIBLE ASSETS | ||||
| Intangible rights | ||||
| Acquisition cost 1 Jan | 1,451 | 1,445 | 1,251 | 1,245 |
| Increases | 7 | 11 | 3 | 11 |
| Decreases | 0 | -5 | 0 | -5 |
| Acquisition cost 31 Dec | 1,458 | 1,451 | 1,254 | 1,251 |
| Accumulated depreciation and impairment charges 1 Jan | -322 | -242 | -300 | -240 |
| Depreciation for the period | -80 | -80 | -60 | -60 |
| Book value 31 Dec | 1,057 | 1,129 | 894 | 951 |
| Goodwill | ||||
| Acquisition cost 1 Jan | 6,000 | 6,000 | 0 | 0 |
| Acquisition cost 31 Dec | 6,000 | 6,000 | 0 | 0 |
| Accumulated depreciation and impairment charges 1 Jan | -3,600 | -3,200 | 0 | 0 |
| Depreciation for the period | -400 | -400 | 0 | 0 |
| Book value 31 Dec | 2,000 | 2,400 | 0 | 0 |
| Emission right reductions | ||||
| Acquisition cost 1 Jan | 4,147 | 5,241 | 4,147 | 5,241 |
| Increases | 1,058 | 844 | 1,058 | 844 |
| Decreases | -1,455 | -1,937 | -1,455 | -1,937 |
| Acquisition cost 31 Dec | 3,750 | 4,147 | 3,750 | 4,147 |
| Book value 31 Dec | 3,750 | 4,147 | 3,750 | 4,147 |
| Other non-current expenses | ||||
| Acquisition cost 1 Jan | 18,558 | 17,906 | 4,790 | 4,474 |
| Increases | 8,046 1) | 652 1) | 4 | 316 |
| Decreases | 0 | 0 | -1 | 0 |
| Acquisition cost 31 Dec | 26,604 | 18,558 | 4,793 | 4,790 |
| Accumulated depreciation and impairment charges 1 Jan | -7,195 | -5,968 | -3,559 | -3,125 |
| Accumulated depreciation from deduction | 0 | 0 | 1 | 0 |
| Depreciation for the period | -1,407 | -1,227 | -353 | -434 |
| Book value 31 Dec | 18,003 | 11,364 | 883 | 1,232 |
| Total intangible assets | ||||
| Acquisition cost 1 Jan | 30,157 | 30,592 | 10,189 | 10,960 |
| Increases | 9,111 | 1,507 | 1,065 | 1,171 |
| Decreases | -1,455 | -1,942 | -1,456 | -1,942 |
| Acquisition cost 31 Dec | 37,813 | 30,157 | 9,798 | 10,189 |
| Accumulated depreciation and impairment charges 1 Jan | -11,116 | -9,410 | -3,859 | -3,365 |
| Accumulated depreciation from deduction | 0 | 0 | 1 | 0 |
| Depreciation for the period | -1,887 | -1,707 | -413 | -494 |
| Book value 31 Dec | 24,810 | 19,041 | 5,528 | 6,330 |
| 10. TANGIBLE ASSETS | ||||
| Land | ||||
| Acquisition cost 1 Jan | 6,405 | 6,116 | 2,529 | 2,529 |
| Increases | 3,903 | 310 | 19 | 0 |
| Decreases | -131 | -22 | 0 | 0 |
| Transfer between categories | 652 | 0 | 0 | 0 |
| Acquisition cost 31 Dec | 10,829 | 6,405 | 2,549 | 2,529 |
| Book value 31 Dec | 10,829 | 6,405 | 2,549 | 2,529 |
| Revaluations included in land acquisition costs | ||||
| Revaluations 1 Jan | 1682 | 1,682 | 1,682 | 1,682 |
| Revaluations 31 Dec | 1,682 | 1,682 | 1,682 | 1,682 |
| Revaluation is based on the probable transfer price. | ||||
| Deferred tax of revaluation | 336 | 336 | 336 | 336 |
| Peat resources | ||||
| Acquisition cost 1 Jan | 1,151 | 1,097 | 0 | 0 |
| Increases | 3,332 | 54 | 0 | 0 |
| Acquisition cost 31 Dec | 4,483 | 1,151 | 0 | 0 |
| Accumulated depreciation and impairment charges 1 Jan | -71 | -27 | 0 | 0 |
| Depreciation for the period | -117 | -43 | 0 | 0 |
| Book value 31 Dec | 4,296 | 1,080 | 0 | 0 |
| Buildings | ||||
| Acquisition cost 1 Jan | 49,160 | 48,469 | 5,906 | 5,914 |
| Increases | 29,928 1) | 862 1) | 18 | 163 |
| Decreases | 0 | -353 | 0 | -353 |
| Transfer between categories | 0 | 182 | 0 | 182 |
| Acquisition cost 31 Dec | 79,088 | 49,160 | 5,924 | 5,906 |
| Accumulated depreciation and impairment charges 1 Jan | -10,973 | -9,423 | -3,990 | -4,198 |
| Accumulated depreciation from deduction | 0 | 353 | 0 | 353 |
| Depreciation for the period | -3,120 | -1,904 | -150 | -145 |
| Book value 31 Dec | 64,995 | 38,186 | 1,784 | 1,916 |
| Machinery and equipment | ||||
| Acquisition cost 1 Jan | 256,552 | 249,764 | 20,846 | 17,685 |
| Increases | 126,233 1) | 7,018 1) | 22 | 3,391 |
| Decreases | -129 | -47 | 0 | -47 |
| Transfer between categories | 0 | -182 | 0 | -182 |
| Acquisition cost 31 Dec | 382,656 | 256,552 | 20,868 | 20,846 |
| Accumulated depreciation and impairment charges 1 Jan | -63,443 | -51,167 | -9,549 | -9,004 |
| Accumulated depreciation from deduction | 129 | 47 | 0 | 47 |
| Depreciation for the period | -18,995 | -12,322 | -659 | -592 |
| Book value 31 Dec | 300,348 | 193,110 | 10,660 | 11,298 |
| Share of production machines and appliances from book value 31 Dec | 299,180 | 191,831 | 10,478 | 11,076 |
| 1) increases are mainly wind power investments | ||||
| Transmission network | ||||
| Acquisition cost 1 Jan | 72,136 | 54,870 | 53,751 | 51,537 |
| Increases | 3,214 | 17,266 | 31 | 2,214 |
| Decreases | -2,835 | 0 | -2,835 | 0 |
| Acquisition cost 31 Dec | 72,515 | 72,136 | 50,946 | 53,751 |
| Accumulated depreciation and impairment charges 1 Jan | -19,420 | -17,095 | -17,998 | -16,029 |
| Accumulated depreciation from deduction | 646 | 0 | 646 | 0 |
| Depreciation for the period | -2,450 | -2,326 | -1,905 | -1,969 |
| Book value 31 Dec | 51,291 | 52,716 | 31,689 | 35,753 |
| Other tangible assets | ||||
| Acquisition cost 1 Jan | 1,081 | 1,081 | 0 | 0 |
| Acquisition cost 31 Dec | 1,081 | 1,081 | 0 | 0 |
| Accumulated depreciation and impairment charges 1 Jan | -646 | -574 | 0 | 0 |
| Depreciation for the period | -72 | -72 | 0 | 0 |
| Book value 31 Dec | 362 | 435 | 0 | 0 |
| Peat purchases in progress | ||||
| Acquisition cost 1 Jan | 5,479 | 4,982 | 0 | 0 |
| Increases | 602 | 760 | 0 | 0 |
| Decreases | -4,038 | -262 | 0 | 0 |
| Transfer between categories | -652 | 0 | 0 | 0 |
| Acquisition cost 31 Dec | 1,392 | 5,479 | 0 | 0 |
| Book value 31 Dec | 1,392 | 5,479 | 0 | 0 |
| Prepayments and purchases in progress | ||||
| Acquisition cost 1 Jan | 138,526 | 49,443 | 46 | 204 |
| Increases | 8,983 | 92,306 | 368 | 42 |
| Decreases | -132,611 | -3,224 | -3 | -200 |
| Acquisition cost 31 Dec | 14,897 | 138,526 | 410 | 46 |
| Book value 31 Dec | 14,897 | 138,526 | 410 | 46 |
| Tangible assets total | ||||
| Acquisition cost 1 Jan | 530,490 | 415,823 | 83,078 | 77,869 |
| Increases | 176,196 | 118,575 | 458 | 5,809 |
| Decreases | -139,744 | -3,908 | -2,838 | -601 |
| Acquisition cost 31 Dec | 566,942 | 530,490 | 80,697 | 83,078 |
| Accumulated depreciation and impairment charges 1 Jan | -94,553 | -78,286 | -31,536 | -29,231 |
| Accumulated depreciation from deduction | 775 | 401 | 646 | 401 |
| Depreciation for the period | -24,754 | -16,668 | -2,714 | -2,706 |
| Book value 31 Dec | 448,410 | 435,937 | 47,093 | 51,542 |
| 11. CAPITALISED INTEREST COSTS | ||||
| Capitalised in the financial period | 83 | 1,068 | 0 | 0 |
| Without depreciation of capitalised interest costs | ||||
| Prepayments and purchases in progress | 0 | 2,023 | 0 | 0 |
| Other non-current expenses | 141 | 70 | 0 | 0 |
| Buildings and structures | 677 | 322 | 0 | 0 |
| Machinery and equipment | 3,741 | 2,322 | 0 | 0 |
| 4,559 | 4,737 | 0 | 0 | |
| 12. INVESTMENTS | ||||
| Interests in Group companies | ||||
| Acquisition cost 1 Jan | 264 | 264 | 140,783 | 123,668 |
| Increases | 0 | 0 | 11,353 | 17,115 |
| Acquisition cost 31 Dec | 264 | 264 | 152,136 | 140,783 |
| Book value 31 Dec | 264 | 264 | 152,136 | 140,783 |
| Interests in associated companies | ||||
| Acquisition cost 1 Jan | 166,249 | 166,225 | 155,767 | 155,737 |
| Increases | 0 | 30 | 0 | 30 |
| Decreases | -14,434 | -6 | -11,282 | 0 |
| Acquisition cost 31 Dec | 151,815 | 166,249 | 144,485 | 155,767 |
| Book value 31 Dec | 151,815 | 166,249 | 144,485 | 155,767 |
| Other shares and interests | ||||
| Acquisition cost 1 Jan | 5,370 | 6,523 | 5,370 | 6,523 |
| Increases | 42 | 0 | 42 | 0 |
| Decreases | -216 | -1,154 | -216 | -1,154 |
| Acquisition cost 31 Dec | 5,196 | 5,370 | 5,196 | 5,370 |
| Book value 31 Dec | 5,196 | 5,370 | 5,196 | 5,370 |
| Investments total | ||||
| Acquisition cost 1 Jan | 171,883 | 173,012 | 301,919 | 285,928 |
| Increases | 42 | 30 | 11,394 | 17,145 |
| Decreases | -14,650 | -1,159 | -11,497 | -1,154 |
| Acquisition cost 31 Dec | 157,274 | 171,883 | 301,816 | 301,919 |
| Book value 31 Dec | 157,274 | 171,883 | 301,816 | 301,919 |
| NOTES TO THE BALANCE SHEET (€1,000) | ||||||
|---|---|---|---|---|---|---|
| INVESTMENTS | ||||||
| Company name | Registered office | Group share, % | Group voting control, % | Parent company share, % | Shares owned by parent company | |
| Number | Book value | |||||
| Interests in Group companies | ||||||
| EPV Alueverkko Oy | Vaasa | 100.0 | 100.0 | 100.0 | 150 | 3 |
| EPV Bioturve Oy | Vaasa | 100.0 | 100.0 | 100.0 | 1,000 | 6,150 |
| EPV Tase Oy | Vaasa | 100.0 | 100.0 | 100.0 | 500 | 500 |
| EPV Windpower Ltd (A) | Vaasa | 100.0 | 100.0 | 100.0 | 1,000 | 4,750 |
| EPV Windpower Ltd (B) | Vaasa | 100.0 | 100.0 | 100.0 | 5,200 | 25,933 |
| EPV Windpower Ltd (C) | Vaasa | 100.0 | 100.0 | 100.0 | 4,700 | 23,500 |
| EPV Windpower Ltd (D) | Vaasa | 100.0 | 100.0 | 100.0 | 10,000 | 50,000 |
| Tornion Voima Oy | Tornio | 100.0 | 100.0 | 100.0 | 7,500 | 15,008 |
| Vaskiluodon Teollisuuskiinteistöt Oy | Vaasa | 100.0 | 100.0 | 100.0 | 4,000 | 264 |
| EPV Teollisuusverkot Oy (A) | Vaasa | 90.0 | 90.0 | 90.0 | 90 | 3 |
| EPV Tuotantoverkot Oy | Helsinki | 100.0 | 100.0 | 100.0 | 16,000 | 17,115 |
| Rajakiiri Oy (A) | Tornio | 60.2 | 60.2 | 60.2 | 9,431 | 3,313 |
| Rajakiiri Oy (B) | Tornio | 75.2 | 75.2 | 75.2 | 5,762 | 4,246 |
| Seinäjoen Voima Oy | Vaasa | 100.0 | 100.0 | 100.0 | 1,001 | 1,353 |
| Interests in associated companies | ||||||
| EPM Metsä Oy | Vaasa | 50.0 | 50.0 | 50.0 | 200,000 | 174 |
| Rapid Power Oy | Vaasa | 50.0 | 50.0 | 50.0 | 5,000 | 15,904 |
| Suomen Merituuli Oy | Helsinki | 50.0 | 50.0 | 50.0 | 1,000 | 1,000 |
| Vaskiluodon Voima Oy | Vaasa | 50.0 | 50.0 | 50.0 | 300 | 505 |
| Raahen Voima Oy | Raahe | 25.0 | 25.0 | 25.0 | 675,625 | 8,376 |
| Voimapiha Oy (A) | Helsinki | 16.7 | 32.7 | 16.7 | 200,000 | 20,000 |
| Woodtracker Oy | Espoo | 17.6 | 17.6 | 17.6 | 30,000 | 30 |
| 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 | |||||
| 5.5 | 1,784,280 | 38,087 | ||||
| Teollisuuden Voima Oyj (A) | 44,562,213 | |||||
| Teollisuuden Voima Oyj (B) | 44,562,203 | |||||
| Teollisuuden Voima Oyj (C) | 2,246,704 | |||||
| 6.6 | 91,371,120 | 58,592 | ||||
| Manga LNG Oy | 5.0 | 1,389,885 | 1,818 | |||
| Other shares and interests owned by the parent company | ||||||
| Suomen Energiavarat Oy (A) | Vaasa | 100.0 | 4,400 | 3 | ||
| Suomen Energiavarat Oy (B) | Vaasa | 3.9 | 1,176 | 4,998 | ||
| Other | 195 | |||||
| 301,816 | ||||||
| NOTES TO THE BALANCE SHEET (€1,000) | ||||
|---|---|---|---|---|
| Group | Parent company | |||
| 2018 | 2017 | 2018 | 2017 | |
| 13. INVENTORIES | ||||
| Power plant fuels | 5,940 | 5,825 | 0 | 0 |
| 14. NON-CURRENT RECEIVABLES | ||||
| Loan receivables | 45,037 | 38,484 | 45,037 | 38,922 |
| Other non-current receivables | 258 | 307 | 199 | 250 |
| 45,295 | 38,791 | 45,236 | 39,172 | |
| Receivables from Group companies | ||||
| Loan receivables | - | - | 420 | 858 |
| Receivables from associated companies | ||||
| Loan receivables | 44,516 | 37,963 | 44,516 | 37,963 |
| 15. CURRENT RECEIVABLES | ||||
| Trade receivables | 41,565 | 31,342 | 17,108 | 11,998 |
| Loan receivables | 0 | 0 | 7,858 | 3,823 |
| Unpaid share capital 1) | 0 | 24,767 | 0 | 24,767 |
| Deferred assets *) | 12,184 | 10,947 | 2,879 | 2,800 |
| Other receivables | 12,452 | 8,019 | 436 | 180 |
| 66,201 | 75,075 | 28,281 | 43,568 | |
| 1) Share issue receivables relate to wind power investments and the OL3 project. | ||||
| Receivables from Group companies | ||||
| Trade receivables | - | - | 1 | 1 |
| Loan receivables | - | - | 7,858 | 3,823 |
| Other receivables | - | - | 111 | 117 |
| - | - | 7,971 | 3,941 | |
| Receivables from associated companies | ||||
| Trade receivables | 6,623 | 4,401 | 50 | 32 |
| Prepaid expenses and accrued income | 78 | 38 | 78 | 38 |
| Other receivables | 438 | 474 | 15 | 34 |
| 7,140 | 4,913 | 143 | 104 | |
| *) Significant items included in prepaid expenses and accrued income | ||||
| Accrued electricity purchases | 2,647 | 2,632 | 2,647 | 2,632 |
| Accrued electricity and heat sales | 992 | 524 | 6 | 0 |
| Accrued energy aid | 7,666 | 7,033 | 0 | 0 |
| Accrued interest income | 53 | 38 | 53 | 39 |
| Accrued VAT | 0 | 13 | 0 | 0 |
| Accrued insurance premiums | 39 | 101 | 6 | 0 |
| Accrued investment aid | 0 | 68 | 0 | 0 |
| Other | 786 | 539 | 167 | 130 |
| 12,184 | 10,947 | 2,879 | 2,800 | |
| 16. EQUITY | ||||
| Restricted equity | ||||
| Share capital 1 Jan | 13,469 | 12,961 | 13,469 | 12,961 |
| Increase in share capital | 304 | 508 | 304 | 508 |
| Share capital 31 Dec | 13,773 | 13,469 | 13,773 | 13,469 |
| Share issue 1 Jan | 421 | 929 | 421 | 929 |
| Transfer to share capital | -281 | -508 | -281 | -508 |
| Expiration of underwriting | -140 | 0 | -140 | 0 |
| Share issue 31 Dec | 0 | 421 | 0 | 421 |
| Share premium account 1 Jan | 51,933 | 51,933 | 51,933 | 51,933 |
| Share premium account 31 Dec | 51,933 | 51,933 | 51,933 | 51,933 |
| Revaluation reserve 1 Jan | 1,245 | 1,245 | 1,245 | 1,245 |
| Revaluation reserve 31 Dec | 1,245 | 1,245 | 1,245 | 1,245 |
| Statutory reserve 1 Jan | 5,273 | 5,273 | 5,273 | 5,273 |
| Statutory reserve 31 Dec | 5,273 | 5,273 | 5,273 | 5,273 |
| Total restricted equity | 72,223 | 72,340 | 72,223 | 72,340 |
| Non-restricted equity | ||||
| Invested non-restricted equity fund 1 Jan | 197,892 | 197,892 | 197,892 | 197,892 |
| Investment in invested non-restricted equity fund | 1,327 | 0 | 1,327 | 0 |
| Expiration of underwriting | -8,074 | 0 | -8,074 | 0 |
| Invested non-restricted equity fund 31 Dec | 191,144 | 197,892 | 191,144 | 197,892 |
| Result for previous financial years 1 Jan | 86,179 | 75,875 | 16,635 | 15,827 |
| Result for previous financial years 31 Dec | 86,179 | 75,875 | 16,635 | 15,827 |
| Result for the financial year | -3,729 | 10,304 | 1 | 807 |
| Total non-restricted equity | 273,594 | 284,070 | 207,780 | 214,526 |
| TOTAL EQUITY | 345,817 | 356,410 | 280,003 | 286,866 |
| Depreciation difference | ||||
| Share from depreciation difference recognised under equity | 60,956 | 60,605 | - | - |
| Calculation of distributable equity 31 Dec | ||||
| Retained result | - | - | 16,635 | 15,827 |
| Result for the financial year | - | - | 1 | 807 |
| Invested non-restricted equity fund | - | - | 191,144 | 197,892 |
| - | - | 207,780 | 214,526 | |
| 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 them | 3,630,898 | 6,173 |
| 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 them | 250,000 | 425 |
| 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 them | 600,486 | 1,021 |
| 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 them | 64,653 | 110 |
| 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 them | 20,517 | 35 |
| 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 them | 562,500 | 956 |
| 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 them | 113,091 | 192 |
| 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 them | 13,500 | 23 |
| 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 them | 543,375 | 924 |
| 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 Finland | 265,440 | 451 |
| 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 them | 110,000 | 187 |
| 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 them | 197,964 | 337 |
| Series G | ||
| - the right to proceeds not included in other share series and the liability to pay corresponding expenses | 302,400 | 514 |
| Series M | ||
| - the right to receive liquid natural gas (LNG), based on the company Manga LNG Oy’s shares or shares replacing them | 6,000 | 10 |
| 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 party | 74,000 | 126 |
| 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 party | 43,800 | 74 |
| 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 them | 120,000 | 204 |
| 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 them | 49,531 | 84 |
| 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 them | 86,971 | 148 |
| 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 them | 47,456 | 81 |
| Series W3 | ||
| - the right to receive electricity generated through wind power, based on the company Suomen Merituuli Oy’s shares or shares replacing them | 4,987 | 8 |
| 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 them | 259,325 | 441 |
| 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 them | 235,000 | 400 |
| 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 them | 500,000 | 850 |
| 8,101,894 | 13,773 | |
| 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) | ||||
|---|---|---|---|---|
| Group | Parent company | |||
| 2018 | 2017 | 2018 | 2017 | |
| 17. ACCUMULATED APPROPRIATIONS | ||||
| Deferred tax liabilities from accumulated depreciation | 17,087 | 16,982 | 3,807 | 3,922 |
| 18. NON-CURRENT LIABILITIES | ||||
| Loans from financial institutions | 269,518 | 235,671 | 38,104 | 50,767 |
| Other non-current liabilities | 87,154 | 77,526 | 72,489 | 70,455 |
| 356,672 | 313,197 | 110,593 | 121,223 | |
| Liabilities to Group companies | ||||
| Other non-current liabilities | - | - | 200 | 250 |
| Liabilities to associated companies | ||||
| Other non-current liabilities | 74,089 | 72,005 | 72,289 | 70,205 |
| Loans maturing in more than five years | ||||
| Loans from financial institutions | 13,557 | 18,127 | 0 | 0 |
| Other non-current liabilities | 72,289 | 70,205 | 72,289 | 70,205 |
| 85,846 | 88,332 | 72,289 | 70,205 | |
| 19. CURRENT LIABILITIES | ||||
| Loans from financial institutions | 43,552 | 54,969 | 21,664 | 9,000 |
| Advances received | 5,316 | 99 | 0 | 0 |
| Trade payables | 29,854 | 33,396 | 19,037 | 12,305 |
| Accruals *) | 8,564 | 6,347 | 4,559 | 4,670 |
| Other current liabilities | 12,512 | 7,849 | 1,517 | 3,429 |
| 99,799 | 102,660 | 46,776 | 29,405 | |
| Liabilities to Group companies | ||||
| Trade payables | - | - | 4,049 | 1,454 |
| Other current liabilities | - | - | 200 | 2,625 |
| - | - | 4,249 | 4,079 | |
| Liabilities to associated companies | ||||
| Trade payables | 14,177 | 10,442 | 13,751 | 9,679 |
| Other current liabilities | 364 | 351 | 364 | 351 |
| 14,541 | 10,793 | 14,115 | 10,030 | |
| *) Significant items included in accrued expenses | ||||
| Sales of electricity | 3,336 | 3,206 | 3,274 | 3,206 |
| Interest expenses | 1,920 | 1,444 | 665 | 851 |
| Accrued personnel expenses | 1,208 | 848 | 615 | 607 |
| Other | 2,100 | 849 | 4 | 6 |
| 8,564 | 6,347 | 4,559 | 4,670 | |
| 20. COMMITMENTS AND CONTINGENT LIABILITIES | ||||
| Overdraft agreements | ||||
| Total amount of granted overdraft | 50,000 | 46,000 | 13,000 | 13,000 |
| In use | 12,825 | 5,231 | 0 | 0 |
| Payables on lease commitments | ||||
| Maturing next financial year | 50 | 11 | 42 | 10 |
| Maturing later | 65 | 2 | 41 | 2 |
| 115 | 14 | 84 | 12 | |
| Shares pledged, book value of shares | ||||
| From associated company’s liability | 1,818 | 1,818 | 1,818 | 1,818 |
| Guarantees | ||||
| From associated company’s liability | 10,213 | 12,287 | 10,213 | 12,287 |
| From another company’s liability | 1,760 | 1,610 | 1,760 | 1,610 |
| 11,973 | 13,898 | 11,973 | 13,898 | |
| Other commitments | ||||
| On behalf of Group company | 8,893 | 41,932 | 8,893 | 41,932 |
| Other own contingent liabilities | 29,197 | 27,439 | 21,846 | 23,603 |
| 38,091 | 69,370 | 30,739 | 65,535 | |
| 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 value | 21,000 | 15,000 | ||
| Fair value | -388 | -325 | ||
| Contracts that will mature in 2021 or later | ||||
| Nominal value | 216,300 | 51,000 | ||
| Fair value | -4,720 | -1,574 | ||
| 22. EMISSION ALLOWANCES | ||||
| Emissions trade period | 2018–2020 | 2017–2020 | ||
| tn CO2 | tn CO2 | |||
| Allocated free emission allowances | 371,948 | 393,051 | ||
| Allocated per year | 126,022 | 103,510 | ||
| Use of emission allowances | 2018 | 2017 | ||
| tn CO2 | tn CO2 | |||
| Total emissions | 846,014 | 269,693 | ||
| Emission allowances allocated without compensation 1 Jan | -126,022 | -103,510 | ||
| Emission allowance purchases | -697,000 | -130,000 | ||
| Deficit (+) / surplus (-) | 22,992 | 36,183 | ||
| Allocated available free emission allowances 31 Dec | 389,543 | 456,247 | ||
