Financial statements

Click the links for Annual Report by the Board of Directors and Pohjolan Voima Financial Statements 2010 for a closer look.

Annual report by the Board of Directors and Financial Statements 2010 (pdf)

Key Figures as well as the Profit and Loss Account, Balance Sheet and Cash Flow Statement are available also on separate tables below.

IFRS 2010 2009 2008 2007 2006
Turnover, € million 1 041 833 791 651 775
Operating result, € million 37 -48 5 5 13
Net interest-bearing liabilities, € million 1 110 1 113 1 223 1 030 930
As percentage of turnover, % 107 134 155 158 120
Equity ratio, % 35 34 36 41 44
Total assets, € million 2 587 2 549 2 486 2 308 2 080
Investments, € million 52 113 245 245 120
Average number of personnel 512 547 561 623 654
           
During 2010, Pohjolan Voima Group adopted the IFRS standards in its accounting. Figures for years 2006–2008 are unaudited pro forma sums.
Consolidated statement of comprehensive income      
1 000 € Note   1.1. - 31.12.2010   1.1. - 31.12.2009
Sales 6 1 041 282 832 507
Other operating income 7 24 543 20 803
Materials and services 8 -898 915 -684 231
Personnel expenses 9 -33 980 -34 368
Depreciation, amortisation and impairment 10 -56 635 -92 793
Other operating expenses 11,12 -67 625 -70 637
Share of (loss)/profit of associates and joint ventures 13 28 440 - 18 933
Operating profit or loss   37 110 -47 652
       
Finance income 14 4 078 8 666
Finance costs 14 -26 116 -33 854
Finance costs - net   -22 038 -25 188
       
Profit before income tax   15 072 -72 840
       
Income tax expense 15 -578 -817
Profit for the year   14 494 -73 657
       
Other comprehensive income:      
Share of other comprehensive income of associates      
    Changes in the fair value of available-for-sale financial assets 18 1 080 1 355
    Cash flow hedging 18 20 245 -6 195
Other comprehensive income for the year   21 325 -4 840
Total comprehensive income for the year   35 819 -78 497
       
       
Profit attributable to:      
Owners of the parent   12 873 -72 133
Non-controlling interest   1 621 -1 524
       
Total comprehensive income attributable to:      
Owners of the parent   34 198 -76 973
Non-controlling interest   1 621 -1 524
       
Consolidated balance sheet      
       
1 000 € Note   31.12.2010   31.12.2009
Assets      
Non-current assets      
Intangible assets 16 299 704 282 576
Property, plant and equipment 17 871 282 903 145
Investments in associated companies and joint ventures 18 830 586 734 744
Available-for-sale financial assets 19 3 178 3 181
Loans and other receivables 20 332 269 342 569
Non-current assets total   2 337 019 2 266 215
       
Current assets      
Inventories 22 60 725 84 820
Trade and other receivables 20 145 823 135 737
Cash and cash equivalents 21 43 144 62 149
Current assets total   249 692 282 706
       
Total assets   2 586 711 2 548 921
       
       
Equity      
Equity attributable to owners of the parent 23    
Share capital   61 280 61 089
Share premium   388 210 388 210
Reserve for invested non-restricted equity   108 017 101 828
Revaluation reserve   -9 767 -31 092
Retained earnings   277 713 265 220
Total   825 453 785 255
       
Non-controlling interests   72 488 73 974
Total equity   897 941 859 229
       
Liabilities      
Non-current liabilities   - -
Provisions 24 6 278 6 022
Deferred tax liabilities 25 880 709
Borrowings 26 1 400 610 1 420 795
Other non-current liabilities 26 3 098 2 061
Non-current liabilities total   1 410 866 1 429 587
       
Current liabilities      
Borrowings 26 111 308 110 801
Trade and other payables 27 166 596 149 304
Current liabilities total   277 904 260 105
       
Total liabilities   1 688 770 1 689 692
       
Total equity and liabilities   2 586 711 2 548 921
CONSOLIDATED STATEMENT OF CASH FLOWS      
       
1 000 € Note 2010 2009
Cash flows from operating activities      
Profit for the year   14 494 -73 657
Adjustments to the profit for the year 5     50 202     137 648
Change in net working capital 5 21 808 11 309
Interest paid and other financial expenses   -28 599 -45 870
Interest received   4 207 8 305
Income tax paid   -665 -635
Net cash generated from operating activities   61 447 37 100
       
Cash flows from investing activities      
Acquisition of subsidiaries, net of cash acquired 5 -4 440 0
Disposal of subsidiaries, net of cash disposed 5 1 423 0
Acquisition of associated companies and joint ventures 18 -47 764 -60 232
Purchases of intangible assets and property, plant and equipment (PPE) 16,17 -28 490 -75 250
Proceeds from sales of intangible assets and PPE 16,17 28 490 221
Loan repayments 20 16 558 16 741
Loans granted 20 -4 198 -14 050
Dividends received   1 690 1 686
Net cash used in investing activities   -36 731 -130 884
       
Cash flows from financing activities      
Proceeds from issuance of ordinary shares 23 9 278 35 855
Proceeds from borrowings 26 163 322 121 320
Repayments of borrowings 26 -159 188 -45 148
Repayment of finance leases 26 -18 421 -12 997
Proceeds (-) or repayments (+) of current receivables 20 37 -26 052
Proceeds (+) or repayments (-) of current liabilities 26 -37 879 13 480
Dividends paid   -1 943 -1 503
Net cash used in financing activities   -44 794 84 955
       
Net (decrease)/increase in cash and cash equivalents   -20 078 -8 829
       
Cash and cash equivalents at beginning of year   62 149 70 978
Net of cash of disposed subsidiary   1 073 0
Change in cash and cash equivalents   -20 078 -8 829
Cash and cash equivalents at end of year 21 43 144 62 149