Financial statements
Click the links for Annual Report by the Board of Directors and Pohjolan Voima Financial Statements 2009 for a closer look.
Key Figures as well as the Profit and Loss Account, Balance Sheet and Cash Flow Statement are available also on separate tables below.
| 2009 | 2008 | 2007 | 2006 | 2005 | |
|---|---|---|---|---|---|
| Turnover, € million | 988 | 919 | 766 | 888 | 601 |
| Operating result, € million | -40 | -5 | -23 | -7 | -8 |
| Net interest-bearing liabilities, € million | 3 390 | 2 597 | 1 977 | 1 790 | 1 633 |
| As percentage of turnover, % | 343 | 283 | 258 | 202 | 272 |
| Equity ratio, % | 22 | 26 | 32 | 33 | 36 |
| Total assets, € million | 5 424 | 4 728 | 3 839 | 3 586 | 3 311 |
| Investments, € million | 890 | 768 | 383 | 325 | 704 |
| Average number of personnel | 1 141 | 1 128 | 1 090 | 1 032 | 938 |
| Profit and loss account | (1 000 €) | Group | Parent Company | ||
|---|---|---|---|---|---|
| 1 Jan- 31 Dec | 2009 | 2008 | 2009 | 2008 | |
| Turnover | (1) | 988 094 | 919 005 | 560 740 | 509 786 |
| Production for own use | 30 151 | 29 338 | - | - | |
| Other operating income | (2) | 22 450 | 29 135 | 2 458 | 1 917 |
| Raw materials and services | (3) | -610 563 | -569 583 | -268 148 | -244 090 |
| Personnel expenses | (4) | -80 181 | -78 156 | -9 163 | -7 986 |
| Depreciation and impairment | (5) | -142 450 | -87 306 | -44 144 | -985 |
| Other operating expenses | (6) | -252 280 | -255 354 | -281 980 | -251 040 |
| Share of associated companies’ profits or losses | 5 192 | 7 576 | - | - | |
| Operating profit or loss | -39 587 | -5 346 | -40 237 | 7 602 | |
| Financial income and expenses | (7) | -40 377 | -47 980 | -8 665 | -15 204 |
| Profit or loss before appropriations and taxes | -79 964 | -53 326 | -48 902 | -7 602 | |
| Appropriations | |||||
| Increase (+) or decrease (-) in depreciation difference | - | 271 | 83 | ||
| Income taxes | (8) | 9 193 | 14 132 | -13 | -87 |
| Minority interest | 11 518 | 11 574 | - | - | |
| Profit or loss for the financial year | -59 253 | -27 620 | -48 644 | -7 606 | |
| Balance sheet | (1 000 €) | Group | Parent Company | ||
|---|---|---|---|---|---|
| 2009 | 2008 | 2009 | 2008 | ||
| Assets | |||||
| Non-current assets | |||||
| Intangible assets | (9) | 39 329 | 53 837 | 590 | 921 |
| Tangible assets | (10) | 4 173 688 | 3 440 366 | 2 005 | 2 177 |
| Investments | (11) | ||||
| Holdings in Group companies | - | - | 1 206 252 | 1 164 522 | |
| Other investments | 503 199 | 475 078 | 290 593 | 305 892 | |
| 4 716 216 | 3 969 281 | 1 499 440 | 1 473 512 | ||
| Current assets | |||||
| Inventories | (12) | 271 724 | 259 395 | - | - |
| Non-current receivables | (13) | 9 515 | 8 789 | 6 693 | 7 789 |
| Current receivables | (14) | 233 887 | 201 089 | 97 999 | 106 217 |
| Securities included in liquid assets | (15) | 2 700 | 230 350 | 2 700 | 42 750 |
| Cash and cash equivalents | 189 921 | 58 982 | 83 195 | 55 071 | |
| 707 747 | 758 605 | 190 587 | 211 827 | ||
| 5 423 963 | 4 727 887 | 1 690 027 | 1 685 339 | ||
| Equity and liabilities | |||||
| Shareholders' equity | (16) | ||||
| Share capital | 61 089 | 60 327 | 61 089 | 60 327 | |
| Share premium | 387 663 | 387 663 | 384 194 | 384 194 | |
| Contingency reserve | 547 | 547 | 547 | 547 | |
| Revaluation reserve | 218 644 | 218 644 | 218 644 | 218 644 | |
| Reserve for invested non-restricted equity | 101 828 | 77 229 | 101 828 | 77 229 | |
| Retained earnings | 60 056 | 87 677 | 24 885 | 32 491 | |
| Profit or loss for the financial year | -59 253 | -27 620 | -48 644 | -7 606 | |
| 770 574 | 804 467 | 742 543 | 765 826 | ||
| Minority interest | 382 340 | 343 595 | - | - | |
| Accumulated appropriatons | |||||
| Depreciation difference | - | - | 855 | 1 126 | |
| Obligatory provisions | |||||
| Other provisions | (17) | 493 | 539 | - | - |
| Liabilities | |||||
| Deferred tax liability | (18) | 61 016 | 70 244 | - | - |
| Non-current liabilities | (19) | 3 311 463 | 2 616 156 | 696 511 | 695 192 |
| Current liabilities | (20) | 898 077 | 892 886 | 250 118 | 223 195 |
| 4 270 555 | 3 579 286 | 946 629 | 918 387 | ||
| 5 423 963 | 4 727 887 | 1 690 027 | 1 685 339 | ||
| Cash flow statement | (1 000 €) | Group | Parent Company | ||
|---|---|---|---|---|---|
| 2009 | 2008 | 2009 | 2008 | ||
| Cash flow from operating activities | |||||
| Operating profit or loss | -39 587 | -5 346 | -40 237 | 7 602 | |
| Adjustments to operating profit or loss 1) | 136 960 | 69 593 | 44 045 | 850 | |
| Change in net working capital 2) | -42 475 | -55 176 | 6 918 | 1 467 | |
| Interest paid | -45 726 | -49 847 | -33 603 | -27 795 | |
| Interest received | 20 521 | 15 218 | 13 080 | 17 975 | |
| Dividends received | 2 199 | 2 993 | 1 684 | 1 800 | |
| Other financial items | -17 040 | 493 | -294 | -221 | |
| Income taxes | -36 | -4 | -29 | - | |
| Net cash flow from operating activities | 14 816 | -22 075 | -8 436 | 1 677 | |
| Investments | |||||
| Acquisition of subsidiaries | - | -943 | -85 592 | -95 564 | |
| Acquisition of other shares | -11 | -487 | - | -258 | |
| Investments in tangible and intangible assets | -898 132 | -786 985 | -232 | -1 232 | |
| Investment subsidies obtained | - | 4 817 | - | - | |
| Divestment of shares | 432 | 10 564 | - | - | |
| Proceeds from sales of tangible and intangible assets | 15 698 | 89 796 | 162 | 488 | |
| Increase (-) or decrease (+) in loan receivables | -24 762 | -20 287 | 15 300 | -9 700 | |
| Net cash flow from investment activities | -906 774 | -703 525 | -70 362 | -106 266 | |
| Cash flow from financing activities | |||||
| Withdrawals of non-current loans | 1 433 029 | 1 130 804 | 41 320 | 328 808 | |
| Repayment of non-current loans | -735 832 | -108 722 | -40 000 | -103 500 | |
| Increase (-) or decrease (+) in interest-bearing receivables | 1 097 | 5 143 | 1 097 | 5 169 | |
| Increase (+) or decrease (-) in current non-interest-bearing liabilities | 21 330 | -192 187 | 38 995 | -66 769 | |
| Share issue | 75 625 | 85 371 | 25 360 | 37 382 | |
| Net cash flow from financing activities | 795 248 | 920 408 | 66 772 | 201 091 | |
| Net change in cash and cash equivalents | -96 710 | 194 807 | -12 026 | 96 501 | |
| Cash transferred in subsidiary mergers | - | - | 100 | - | |
| Cash and cash equivalents on 1 Jan | 289 332 | 94 525 | 97 821 | 1 320 | |
| Cash and cash equivalents on 31 Dec | 192 621 | 289 332 | 85 895 | 97 821 | |
| 1) Adjustments to operating profit or loss | |||||
| Depreciation and impairment | 142 450 | 87 306 | 44 144 | 985 | |
| Gains (+) or losses (-) from sales of non-current assets | -298 | -10 136 | -99 | -135 | |
| Share of associated companies’ profits or losses | -5 192 | -7 576 | - | - | |
| 136 960 | 69 593 | 44 045 | 850 | ||
| 2) Change in net working capital | |||||
| Increase (-) or decrease (+) in inventories | -12 329 | -51 453 | - | - | |
| Increase (-) or decrease (+) in non-interest-bearing receivables | -31 860 | -37 121 | 7 505 | -22 902 | |
| Increase (+) or decrease (-) in current non-interest-bearing liabilities | 1 759 | 34 133 | -587 | 24 368 | |
| Change in provisions | -46 | -736 | - | - | |
| -42 475 | -55 176 | 6 918 | 1 467 | ||