Differentiated financial statements of EPV Alueverkko Oy

Separate financial statements for the electricity network operations of EPV Alueverkko Oy in accordance with section 32 of the Electricity Market Act.

The complete financial statements of EPV Alueverkko Oy are available on the company’s website at epa.fi

INCOME STATEMENT €	1 Jan–31 Dec 2019	1 Jan–31 Dec 2018
TURNOVER	42,023,842.57	3,055,460.26
Other operating income	3,551,143.55	30,200.00
Materials and services	-28,263,709.31	-1,651,291.97
Personnel expenses	-398,279.09	0.00
Depreciation and impairment charges	-2,993,583.13	-250,325.74
Other operating expenses	-3,021,806.65	-481,822.45
BUSINESS RESULT	10,897,607.94	702,220.10
Finance income and costs	-254,624.22	-7,999.92
RESULT BEFORE
APPROPRIATIONS AND TAXES	10,642,983.72	694,220.18
Appropriations
Group subventions paid	-6,000,000.00	-725,750.66
Difference between planned depreciations and tax depreciations	-4,642,983.72	31,530.48
	-10,642,983.72	-694,220.18
Income taxes
Taxes for the financial year	0.00	0.00
RESULT FOR THE FINANCIAL YEAR	0.00	0.00

BALANCE SHEET €	31.12.2019	31.12.2018
ASSETS
NON-CURRENT ASSETS
Intangible assets	984,222.69	154,637.09
Tangible assets	56,603,645.34	4,477,454.48
TOTAL NON-CURRENT ASSETS	57,587,868.03	4,632,091.57
CURRENT ASSETS
Current receivables	8,049,949.82	452,770.33
Cash and cash equivalents	5,216,652.85	4,948,001.95
TOTAL CURRENT ASSETS	13,266,602.67	5,400,772.28
	70,854,470.70	10,032,863.85
EQUITY AND LIABILITIES
EQUITY
Share capital	1,600,000.00	1,600,000.00
Invested non-restricted equity reserve	337,435.86	0.00
Retained result	877,057.74	784,164.29
Result for the financial year	0.00	0.00
TOTAL EQUITY	2,814,493.60	2,384,164.29
APPROPRIATIONS
Depreciation difference	28,035,091.13	4,035,705.81
LIABILITIES
Non-current liabilities	1,581,875.00	0.00
Current liabilities	38,423,010.97	3,612,993.75
TOTAL LIABILITIES	40,004,885.97	3,612,993.75
	70,854,470.70	10,032,863.85

CASH FLOW STATEMENT €	2019	2018
Operating activities
Business result	10,897,607.94	702,220.10
Adjustments to business result 1)	2,408,048.84	230,325.74
Changes in working capital 2)	-1,683.55	2,381,131.59
Interest paid	-144,994.81	0.00
Interest received	25,716.76	0.00
Other financial items	-59,710.11	-7,999.92
Direct taxes	0.00	0.00
Cash flow from operating activities	13,124,985.07	3,305,677.51
Investment activities
Investments in tangible and intangible assets	-5,583,381.38	-580,000.00
Proceeds from sales of non-current assets	2,577,500.00	20,000.00
Cash flow from investment activities	-3,005,881.38	-560,000.00
Financing activities
Payments of non-current financing (liabilities)	-1,105,717.68	0.00
Increase (+) or decrease (-) in long-term interest-bearing liabilities	-2,744,735.11	725,750.66
Group subventions received and paid	-6,000,000.00	-725,750.66
Cash flow from financing activities	-9,850,452.79	0.00
Change in cash and cash equivalents	268,650.90	2,745,677.51
Liquid assets 1 Jan	4,948,001.95	2,202,324.44
Liquid assets 31 Dec	5,216,652.85	4,948,001.95
1) Adjustments to business result
Depreciation and write-downs	2,993,583.13	250,325.74
Gain (-) or loss (+) from divestment of non-current assets	-585,534.29	-20,000.00
	2,408,048.84	230,325.74
2) Changes in working capital
Increase (-) or decrease (+) in non-interest-bearing receivables	10,284,085.24	-10,399.17
Increase (+) or decrease (-) in short-term non-interest-bearing liabilities	-10,285,768.79	2,391,530.76
	-1,683.55	2,381,131.59
3) Change in cash and cash equivalents
The merger on 1 January 2019 resulted in the transfer of EUR 16,532.44 in financial assets.
The effects of the merger and business transfer have been eliminated in the cash flow statement as applicable.