Annual Report 2012 - Fingrid

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NOK 170,000 19.11.2014 4.68% 23,135 21,924 NOK 200,000 17.10.2016 5.15% 27,217 25,793 NOK 200,000 11.04.2017 5.16% 27,217 25,793 NOK 200,000 10.11.2017 5.12% 27,217 25,793 NOK 200,000 12.11.2019 5.37% 27,217 25,793 132,003 125,097 SEK 225,000 03.04.2012 variable interest 25,247 SEK 225,000 11.04.2012 variable interest 25,247 SEK 100,000 21.03.2013 variable interest 11,652 11,221 SEK 200,000 03.04.2013 3.70% 23,305 22,442 SEK 175,000 04.04.2014 4.30% 20,392 19,636 SEK 300,000 15.06.2015 3.195% 34,957 33,662 SEK 100,000 17.06.2015 3.10% 11,652 11,221 SEK 220,000 01.12.2015 interest rate structure 26,845 26,588 SEK 100,000 15.01.2016 3.297% 11,652 11,221 SEK 500,000 18.10.2016 variable interest 58,261 55,967 SEK 500,000 18.10.2016 3.50% 58,153 56,104 256,870 298,556 Bonds, long-term total 818,199 619,998 Bonds, short-term total 111,866 162,517 Total 930,065 782,515 * call option not exercised 25 July 2006 Maturity of non-current borrowings, 1,000 € 2013 2014 2015 2016 2017 2017+ Total Bonds 111,866 103,526 99,860 155,284 133,835 325,692 930,065 Loans from financial institutions 11,156 4,000 16,424 20,710 21,662 151,203 225,156 Total 123,023 107,526 116,285 175,994 155,498 476,896 1,155,221 Capital structure The corporate finances are planned over a long time span, and the company is ensured sufficient latitude and independent power of decision in the management of finances. The company aims to secure sufficient cash flow for the long-term development of transmission capacity, secured operational reliability and development of the electricity market so that the tariff level remains moderate. The company pursues as low average capital costs as possible by utilising a lower cost through debt financing as compared to equity cost. However, the goal is to keep the cash flow and debt service ratios of the company at such a level that the company retains its high credit rating. The high credit rating enables the company to tap the international and domestic money and capital markets. The target for the equity ratio is a level of 30 per cent. 28. PROVISIONS FOR LIABILITIES AND CHARGES, 1,000 € 2012 2011 Provisions 1 Jan 1,897 1,899 Provisions used -29 -2 Provisions 31 Dec 1,869 1,897 120 FINGRID OYJ
29. DERIVATIVE INSTRUMENTS, 1,000 € 2012 2011 Fair value Net fair Nominal Fair value Net fair Nominal Positive Negative value value Positive Negative value value Interest rate and 31.12.12 31.12.12 31.12.12 31.12.12 31.12.11 31.12.11 31.12.11 31.12.11 currency derivatives Cross-currency swaps 78,713 -6,621 72,092 418,578 73,198 -9,592 63,606 518,841 Forward contracts -90 -90 2,837 -384 -384 24,700 Interest rate swaps 15,032 -9,733 5,299 406,000 6,019 -7,262 -1,243 301,000 Interest rate options, bought 2 2 810,000 814 814 880,000 Total 93,747 -16,444 77,303 1,637,415 80,032 -17,238 62,793 1,724,541 Fair value Positive Negative Net fair value Volume TWh Fair value Positive Negative Net fair value Volume TWh Electricity derivatives 31.12.12 31.12.12 31.12.12 31.12.12 31.12.11 31.12.11 31.12.11 31.12.11 Electricity forward contracts, designated as hedge accounting NASDAQ OMX Commodities -16,844 -16,844 2.68 -22,814 -22,814 3.81 Electricity forward contracts, not designated as hedge accounting NASDAQ OMX Commodities -10,450 -10,450 1.20 -75 -75 0.01 Total -27,294 -27,294 3.88 -22,889 -22,889 3.82 Interest rate options included in interest and currency derivatives are interest rate cap contracts with identical structures. The reference rate of the contract is the 6 month Euribor, and at the effective date a contract includes 6 or 8 caplets. The option premium has been paid in full to the counterparty at the contract date. The electricity derivatives hedge future costs of energy losses. The net fair value of derivatives indicates the realised profit/loss if they had been reversed on the last business day of 2012. Maturity of derivative contracts: Nominal value, 1,000 € 2013 2014 2015 2016 2017 2017+ Total Interest rate swaps 80,000 36,000 30,000 70,000 30,000 160,000 406,000 Interest rate options 145,000 445,000 220,000 810,000 Cross-currency swaps 34,957 43,526 98,650 155,392 58,835 27,217 418,578 Forward contracts 1,847 321 669 2,837 Total 261,804 524,847 349,319 225,392 88,835 187,217 1,637,415 TWh 2013 2014 2015 2016 2017 2017+ Total Electricity derivatives 1.13 1.17 0.79 0.53 0.26 3.88 Total 1.13 1.17 0.79 0.53 0.26 3.88 Annual Review 2012 121
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FINGRID OYJ Annual Report 2012 2012
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Contents Fingrid in brief Fingrid
Page 5 and 6:
Fingrid Oyj’s power transmission
Page 7 and 8:
Fingrid’s strategy Our primary ob
Page 9 and 10:
We gave as much transmission capaci
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Customers and stakeholders Accordin
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sion outage situations. The outages
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FINGRID’S STAKEHOLDERS AND MEASUR
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VARO LIIMASELKÄÄ! Market Committe
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Corporate finances Fingrid’s key
Page 21 and 22:
congestion income resulting from th
Page 23 and 24:
institutional investors. The compan
Page 25 and 26:
Power system Fingrid’s transmissi
Page 27 and 28:
As a result of numerous constructio
Page 29 and 30:
Electricity market Fingrid’s effo
Page 31 and 32:
tween Russia and Finland, Fingrid h
Page 33 and 34:
Grid development and maintenance Fi
Page 35 and 36:
WORK INPUT BY SERVICE PROVIDERS 650
Page 37 and 38:
sion system in Western Finland is d
Page 39 and 40:
Personnel The objective of Fingrid
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took part in the annual “Towards
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SUPPORT PROVIDED BY FINGRID’S R&D
Page 45 and 46:
Environment Fingrid considers the r
Page 47 and 48:
Our primary environmental impacts a
Page 49 and 50:
agenda in site meetings. The preser
Page 51 and 52:
our substations. According to Stati
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grid in the spring of 2012, Fingrid
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Corporate responsibility Supply of
Page 57 and 58:
The objective of our procurement po
Page 59 and 60:
FINGRID’S PRIMARY RESPONSIBILITY
Page 61 and 62:
”Yhteisillä linjoilla”. Fingri
Page 63 and 64:
4.5 Impact of organisation’s perf
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Society Management approach to soci
Page 67 and 68:
Risk management The objective of Fi
Page 69 and 70: or project is evaluated and reporte
Page 71 and 72: ally, by using various limits and b
Page 73 and 74: desire to continuous personal devel
Page 75 and 76: The primary duties and principles o
Page 77 and 78: In 2012, the following remuneration
Page 79 and 80: Internal control The company’s in
Page 81 and 82: Sirpa Ojala M.Sc. (Tech.), born in
Page 83 and 84: 3 Juha Kekkonen M.Sc. (Tech.), born
Page 85 and 86: Annual review and financial stateme
Page 87 and 88: tion. The difference of 0.1 million
Page 89 and 90: 2011). Interest income was 3 (4) mi
Page 91 and 92: and management of power shortage si
Page 93 and 94: property, plant and equipment. Equi
Page 95 and 96: 2. Financial statements CONSOLIDATE
Page 97 and 98: CONSOLIDATED BALANCE SHEET EQUITY A
Page 99 and 100: CONSOLIDATED CASH FLOW STATEMENT 1
Page 101 and 102: Research and development Research a
Page 103 and 104: The asset items subject to deprecia
Page 105 and 106: ITC compensation Inter-compensation
Page 107 and 108: Transmission services on the cross-
Page 109 and 110: Interest expenses on borrowings 36,
Page 111 and 112: Decreases, depreciation according t
Page 113 and 114: 20. TRADE RECEIVABLES AND OTHER REC
Page 115 and 116: Balance sheet item 31 Dec 2011 Loan
Page 117 and 118: Shareholders Number of shares qty O
Page 119: 27. BORROWINGS, 1,000 € 2012 2011
Page 123 and 124: 33. LEGAL PROCEEDINGS AND PROCEEDIN
Page 125 and 126: Translation exposure, 1,000 € 201
Page 127 and 128: 31 Dec 2011 2012 2013 2014 2015 201
Page 129 and 130: PARENT COMPANY FINANCIAL STATEMENTS
Page 131 and 132: PARENT COMPANY BALANCE SHEET SHAREH
Page 133 and 134: NOTES TO THE FINANCIAL STATEMENTS O
Page 135 and 136: 4. MATERIALS AND SERVICES, 1,000
Page 137 and 138: 11. INCOME TAXES, 1,000 € 2012 20
Page 139 and 140: Other tangible assets Cost at 1 Jan
Page 141 and 142: Number of shares, qty Series A shar
Page 143 and 144: 24. LOANS FALLING DUE FOR PAYMENT I
Page 145 and 146: 33. SEPARATION OF BUSINESSES IN ACC
Page 147 and 148: LIABILITIES Current liabilities Lia
Page 151 and 152: STOCK EXCHANGE RELEASES IN 2012 20
Page 153 and 154: Annual Review 2012 153
Page 155 and 156: Graphic design and layout: Mainos-
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Annual Report 2012 - Fingrid

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