Fingrid Group's Interim Report 1 January - 30 June 2007

The Group's revenue during the review period was 161 million euros (180 million euros during the corresponding period in 2006). Revenue declined due to lower sales of balance power and decrease in grid revenues. Sales of balance power were decreased by a lower price of balance power, and grid revenues were diminished by the tariff reduction which became into force at the beginning of this year and by a decrease in electricity consumption.

 

Operating profit without the change in the fair value of derivatives was 41 million euros (58 million euros). Operating profit declined mainly because of the tariff reductions, repair costs of the sea cable damage, and rise in the purchase costs of loss energy. The operating profit in accordance with IFRS was 53 million euros (68 million euros), which contains 12 million euros (10 million euros) of positive change in the fair value of electricity derivatives. The IFRS profit before taxes was 34 million euros (53 million euros). The equity ratio was 26.7 per cent (25.8 per cent) at the end of the review period.

 

The Group's income flow is characterised by seasonal fluctuations, which is why the financial result for the entire year cannot be directly estimated on the basis of the six-month result.