NOTES TO THE BALANCE SHEET (€1,000)    
Group Parent company
2019201820192018
9. INTANGIBLE ASSETS
Intangible rights
Acquisition cost 1 Jan1,4581,4511,2541,251
Increases 9703
Decreases-170-1,2370
Acquisition cost 31 Dec1,4501,458181,254
Accumulated depreciation and impairment charges 1 Jan-402-322-360-300
Accumulated depreciation from deduction 003600
Depreciation for the period -80-800-60
Book value 31 Dec9681,05718894
Goodwill
Acquisition cost 1 Jan6,0006,00000
Acquisition cost 31 Dec6,0006,00000
Accumulated depreciation and impairment charges 1 Jan-4,000-3,60000
Depreciation for the period -400-40000
Book value 31 Dec1,6002,00000
Emission right reductions
Acquisition cost 1 Jan3,7504,1473,7504,147
Increases 6831,0586831,058
Decreases-1,327-1,455-1,327-1,455
Acquisition cost 31 Dec3,1063,7503,1063,750
Book value 31 Dec3,1063,7503,1063,750
Other non-current expenses
Acquisition cost 1 Jan26,60418,5584,7934,790
Increases 1668,046 1)724
Decreases00-1,238-1
Acquisition cost 31 Dec26,77026,6043,6284,793
Accumulated depreciation and impairment charges 1 Jan-8,601-7,195-3,911-3,559
Accumulated depreciation from deduction001,1841
Depreciation for the period -1,389-1,407-311-353
Book value 31 Dec16,78018,003589883
1) increases are mainly wind power investments
Total intangible assets
Acquisition cost 1 Jan37,81330,1579,79810,189
Increases 8589,1117551,065
Decreases-1,344-1,455-3,802-1,456
Acquisition cost 31 Dec37,32637,8136,7519,798
Accumulated depreciation and impairment charges 1 Jan-13,003-11,116-4,271-3,859
Accumulated depreciation from deduction001,5441
Depreciation for the period -1,869-1,887-311-413
Book value 31 Dec22,45424,8103,7135,528
10. TANGIBLE ASSETS
Land
Acquisition cost 1 Jan10,8296,4052,5492,529
Increases 2,2653,9031,54519
Decreases-2,370-131-2,1020
Transfer between categories50965200
Acquisition cost 31 Dec11,23310,8291,9922,549
Book value 31 Dec11,23310,8291,9922,549
Revaluations included in land acquisition costs
Acquisition cost 1 Jan1,6821,6821,6821,682
Decreases-1,6820-1,6820
Revaluations 31 Dec01,68201,682
Revaluation is based on the probable transfer price.
Deferred tax of revaluation03360336
Peat resources
Acquisition cost 1 Jan4,4831,15100
Increases 883,33200
Acquisition cost 31 Dec4,5714,48300
Accumulated depreciation and impairment charges 1 Jan-187-7100
Depreciation for the period -146-11700
Book value 31 Dec4,2374,29600
Buildings
Acquisition cost 1 Jan79,08849,1605,9245,906
Increases17829,928 1)1618
Decreases-8860-2,9630
Acquisition cost 31 Dec78,37979,0882,9785,924
Accumulated depreciation and impairment charges 1 Jan-14,093-10,973-4,139-3,990
Accumulated depreciation from deduction76701,8120
Depreciation for the period -3,081-3,120-53-150
Book value 31 Dec61,97264,9955971,784
Machinery and equipment
Acquisition cost 1 Jan382,656256,55220,86820,846
Increases3,881126,233 1)19722
Decreases-429-129-15,4700
Acquisition cost 31 Dec386,108382,6565,59620,868
Accumulated depreciation and impairment charges 1 Jan-82,309-63,443-10,208-9,549
Accumulated depreciation from deduction1761295,1190
Depreciation for the period -19,239-18,995-95-659
Book value 31 Dec284,736300,34841110,660
Share of production machines and appliances from book value 31 Dec284,445299,18025810,478
1) increases are mainly wind power investments
Transmission network
Acquisition cost 1 Jan72,51572,13650,94653,751
Increases9,6253,214031
Decreases-2,180-2,835-50,815-2,835
Acquisition cost 31 Dec79,96072,51513250,946
Accumulated depreciation and impairment charges 1 Jan-21,224-19,420-19,257-17,998
Accumulated depreciation from deduction43664619,126646
Depreciation for the period -2,519-2,4500-1,905
Book value 31 Dec56,65251,291031,689
Other tangible assets
Acquisition cost 1 Jan1,0811,08100
Acquisition cost 31 Dec1,0811,08100
Accumulated depreciation and impairment charges 1 Jan-719-64600
Depreciation for the period -72-7200
Book value 31 Dec29036200
Peat purchases in progress
Acquisition cost 1 Jan1,3925,47900
Increases060200
Decreases-556-4,03800
Transfer between categories-509-65200
Acquisition cost 31 Dec3281,39200
Book value 31 Dec3281,39200
Prepayments and purchases in progress
Acquisition cost 1 Jan14,897138,52641046
Increases34,5908,98311368
Decreases-9,815-132,611-210-3
Acquisition cost 31 Dec39,67214,897211410
Book value 31 Dec39,67214,897211410
Total tangible assets
Acquisition cost 1 Jan566,942530,49080,69783,078
Increases50,626176,1961,770458
Decreases-16,237-139,744-71,559-2,838
Acquisition cost 31 Dec601,331566,94210,90880,697
Accumulated depreciation and impairment charges 1 Jan-118,532-94,553-33,604-31,536
Accumulated depreciation from deduction1,37977526,056646
Depreciation for the period -25,058-24,754-148-2,714
Book value 31 Dec459,120448,4103,21147,093
11. CAPITALISED INTEREST COSTS
Capitalised in the financial year2858300
Without depreciation of capitalised interest costs
Prepayments and purchases in progress285000
Other non-current expenses13414100
Buildings and structures64767700
Machinery and equipment3,5173,74100
4,5834,55900
12. INVESTMENTS
Interests in Group companies
Acquisition cost 1 Jan264264152,136140,783
Increases0011,80911,353
Acquisition cost 31 Dec264264163,945152,136
Book value 31 Dec264264163,945152,136
Interests in associated companies
Acquisition cost 1 Jan151,815166,249144,485155,767
Decreases-13,726-14,434-13,095-11,282
Acquisition cost 31 Dec138,089151,815131,390144,485
Book value 31 Dec138,089151,815131,390144,485
Other shares and interests
Acquisition cost 1 Jan5,1965,3705,1965,370
Increases042042
Decreases-3-216-3-216
Acquisition cost 31 Dec5,1935,1965,1935,196
Book value 31 Dec5,1935,1965,1935,196
Total investments
Acquisition cost 1 Jan157,274171,883301,816301,919
Increases04211,80911,394
Decreases-13,728-14,650-13,097-11,497
Acquisition cost 31 Dec143,546157,274300,529301,816
Book value 31 Dec143,546157,274300,529301,816
NOTES TO THE BALANCE SHEET (€1,000)      
INVESTMENTS
Company nameRegistered officeGroup share, %Group voting control, %Parent company share, %Shares owned by parent company
SharesBook value
Interests in Group companies
EPV Alueverkko OyVaasa100.0100.0100.017,00017,455
EPV Bioturve OyVaasa100.0100.0100.01,0006,150
EPV Tase OyVaasa100.0100.0100.0500500
EPV Teollisuusverkot Oy (A)Vaasa90.090.090.0903
EPV Windpower Ltd (A)Vaasa100.0100.0100.05642,678
EPV Windpower Ltd (B)Vaasa100.0100.0100.05,20025,933
EPV Windpower Ltd (C)Vaasa100.0100.0100.04,70023,500
EPV Windpower Ltd (D) Vaasa100.0100.0100.010,00050,000
EPV Windpower Ltd (E) Vaasa100.0100.0100.04362,072
EPV Windpower Ltd (E) *)Vaasa100.0100.0100.02,00010,000
Rajakiiri Oy (A)Tornio60.260.260.29,4313,313
Rajakiiri Oy (B)Tornio75.275.275.25,7624,246
Seinäjoen Voima OyVaasa100.0100.0100.01,0011,353
Tornion Voima OyTornio100.0100.0100.07,50015,008
Vaasan Voima OyVaasa100.0100.0100.02,5003
Vaasan Voima Oy *)Vaasa100.0100.0100.01,0001,470
Vaskiluodon Teollisuuskiinteistöt OyVaasa100.0100.0100.04,000264
Interests in associated companies
EPM Metsä OyVaasa50.050.050.0200,000174
Rapid Power OyVaasa50.050.050.05,0045,004
Suomen Merituuli OyHelsinki50.050.050.01,0001,000
Vaskiluodon Voima OyVaasa50.050.050.0300505
Raahen Voima OyRaahe25.025.025.0675,6258,376
Voimapiha Oy (A)Helsinki16.732.716.7200,00020,000
Woodtracker OyEspoo17.617.617.630,00030
Pohjolan Voima Oyj (A)5.2692,5497,793
Pohjolan Voima Oyj (B)3.2230,5582,735
Pohjolan Voima Oyj (B2)5.3297,41820,669
Pohjolan Voima Oyj (C2)3.211,624138
Pohjolan Voima Oyj (C)14.3318,041467
Pohjolan Voima Oyj (M)3.09,355331
Pohjolan Voima Oyj (V)21.5224,7353,952
5.51,784,28036,085
Teollisuuden Voima Oyj (A)6.644,562,21311,399
Teollisuuden Voima Oyj (B)6.644,562,20347,000
6.489,124,41658,399
Manga LNG Oy5.01,389,8851,818
Other shares and interests owned by the parent company
Suomen Energiavarat Oy (A)Vaasa100.04,4003
Suomen Energiavarat Oy (B)Vaasa3.91,1764,998
Other192
300,529
*) Subscription right certificate
NOTES TO THE BALANCE SHEET (€1,000)    
Group Parent company
2019201820192018
13. INVENTORIES
Power plant fuels6,4466,18600
Prepayments73007300
7,1765,9407300
14. NON-CURRENT RECEIVABLES
Loan receivables45,03645,03745,03645,037
Unpaid share capital 1)20,000020,0000
Other non-current receivables194257148199
65,23045,29565,18545,236
Receivables from Group companies
Loan receivables--420420
Receivables from associated companies
Loan receivables44,51644,51644,51644,516
15. CURRENT RECEIVABLES
Trade receivables32,58041,56513,21817,108
Loan receivables006,0507,858
Unpaid share capital 1)9,00009,0000
Prepayments and accrued income *)13,04012,1842,7272,879
Other receivables15,32912,452544436
69,94966,20131,53828,281
1) Share issue receivables relate to wind power investments
Receivables from Group companies
Trade receivables--11
Loan receivables--6,0507,858
Other receivables--178111
--6,2297,971
Receivables from associated companies
Trade receivables3,0456,6234150
Prepayments and accrued income2,3302,7002,3302,700
Other receivables4854381915
5,8609,7612,3902,765
*) Significant items included in prepayments and accrued income
Accrued electricity purchases2,4882,6472,4882,647
Accrued electricity and heat sales57999206
Accrued energy aid8,6807,66600
Accrued interest income2095318453
Accrued insurance premiums803906
Other1,00478654167
13,04012,1842,7272,879
16. EQUITY
Restricted equity
Share capital 1 Jan13,77313,46913,77313,469
Increase in share capital03040304
Share capital 31 Dec13,77313,77313,77313,773
Share issue 1 Jan04210421
Unregistered share capital66306630
Transfer to share capital0-2810-281
Expiration of underwriting0-1400-140
Share issue 31 Dec66306630
Share premium reserve 1 Jan51,93351,93351,93351,933
Investment in invested non-restricted equity reserve-51,9330-51,9330
Share premium reserve 31 Dec051,933051,933
Revaluation reserve 1 Jan1,2451,2451,2451,245
Revaluation adjustment-1,2450-1,2450
Revaluation reserve 31 Dec01,24501,245
Statutory reserve 1 Jan5,2735,2735,2735,273
Investment in invested non-restricted equity reserve-5,2730-5,2730
Statutory reserve 31 Dec05,27305,273
Total restricted equity14,43672,22314,43672,223
Non-restricted equity
Invested non-restricted equity reserve 1 Jan191,144197,892191,144197,892
Transfer from restricted equity reserve57,205057,2050
Share issue38,3371,32738,3371,327
Expiration of underwriting0-8,0740-8,074
Capital repayment-28,1910-28,1910
Invested non-restricted equity reserve 31 Dec258,496191,144258,496191,144
Retained result 1 Jan82,45086,17916,63616,635
Revaluation adjustment-4370-4370
Retained result 31 Dec82,01386,17916,19916,635
Result for the financial year15,757-3,7292,6081
Total non-restricted equity356,265273,594277,303207,780
TOTAL EQUITY370,701345,817291,739280,003
Depreciation difference
Share from depreciation difference entered under equity77,95760,956--
Calculation of distributable equity 31 Dec
Retained result--16,19916,635
Result for the financial year--2,6081
Invested non-restricted equity reserve--258,496191,144
--277,303207,780
NOTES TO THE BALANCE SHEET (€1,000)   
Share capital by share classShares€1,000
Series A1
- the right to receive electricity generated through nuclear power by the nuclear power plant units Olkiluoto 1, Olkiluoto 2 and Olkiluoto 3, based on the company Teollisuuden Voima Oyj’s Series A and B shares or shares replacing them 3,630,8986,173
Series A2
- the right to receive electricity generated through nuclear power by Teollisuuden Voima Oyj’s nuclear power plant units Olkiluoto 1 and Olkiluoto 2, based on the company Pohjolan Voima Oyj’s Series B shares or shares replacing them 250,000425
Series A3
- the right to receive electricity generated through nuclear power by Teollisuuden Voima Oyj’s nuclear power plant unit Olkiluoto 3, based on the company Pohjolan Voima Oyj’s Series B2 shares or shares replacing them600,4861,021
Series B
- the right to receive electricity generated mainly at the Meri-Pori coal power plant, based on the company Teollisuuden Voima Oyj’s Series C and Pohjolan Voima Oyj’s Series C2 shares or shares replacing them64,653110
Series C
- the right to receive electricity generated mainly by Mussalon Voima Oy, based on the company Pohjolan Voima Oyj’s Series M shares or shares replacing them 20,51735
Series D1
- the right to receive electricity generated at the Vaskiluodon Voima power plant, based on the company Vaskiluodon Voima Oy’s or, from 1 January 2023, Vaasan Voima Oy’s shares or shares replacing them 562,500956
Series D2
- the right to receive electricity generated mainly at Vaskiluodon Voima Oy’s thermal power station in Vaasa, based on the company Pohjolan Voima Oyj’s Series V shares or shares replacing them 113,091192
Series D3
- the right to receive electricity generated at the Seinäjoki thermal power station, based on the company Seinäjoen Voima Oy’s shares or shares replacing them13,50023
Series E1
- the right to receive electricity generated in Finland mainly through hydroelectric power, based on the company Pohjolan Voima Oyj’s Series A shares or shares replacing them 543,375924
Series E2
- the right to receive electricity generated for the company by the company’s affiliated company Rapid Power Oy in Norway through hydroelectric power and transmitted to Finland 265,440451
Series E3
- the right to receive electricity generated in Sweden mainly through hydroelectric power, based on the company Voimapiha Oy’s Series A shares or shares replacing them110,000187
Series F
- the right to receive electricity generated mainly at the Tahkoluoto and Kristinestad power plants, based on the company Pohjolan Voima Oyj’s Series C shares or shares replacing them197,964337
Series G
- the right to proceeds not included in other share series and the liability to pay corresponding expenses 302,400514
Series M
- the right to receive liquid natural gas (LNG), based on the company Manga LNG Oy’s shares or shares replacing them 6,00010
Series P1
- the right to receive emission reduction allowances acquired by the company from third parties, and the obligation to bear the fixed costs incurred by the company through the acquisition of the allowances by the party in question commensurate with the number of Series P1 shares owned by the party and the variable costs commensurate with the allowances taken by the party74,000126
Series P2
- the right to receive emission reduction allowances acquired by the company from third parties on the basis of acquisition decisions made in 2011 or later, and the obligation to bear the fixed costs incurred by the company through the acquisition of the allowances by the party in question commensurate with the number of Series P2 shares owned by the party and the variable costs commensurate with the allowances taken by the party 43,80074
Series T1
- the right to receive electricity generated at the Tornio thermal power station, based on the company Tornion Voima Oy’s shares or shares replacing them 120,000204
Series T2
- the right to receive electricity generated at the Raahe CHP power station, based on the company Raahen Voima Oy’s shares or shares replacing them49,53184
Series W1
- the right to receive electricity generated through wind power, based on the company Rajakiiri Oy’s shares or shares replacing them86,971148
Series W2
- the right to receive electricity generated through wind power, based on the company EPV Windpower Ltd’s Series A shares or shares replacing them26,75645
Series W3
- the right to receive electricity generated through wind power, based on the company Suomen Merituuli Oy’s shares or shares replacing them4,9878
Series W4
- the right to receive electricity generated through wind power, based on the company EPV Windpower Ltd’s Series B shares or shares replacing them259,325441
Series W5
- the right to receive electricity generated through wind power, based on the company EPV Windpower Ltd’s Series C shares or shares replacing them235,000400
Series W6
- the right to receive electricity generated through wind power, based on the company EPV Windpower Ltd’s Series D shares or shares replacing them500,000850
Series W7 *)
- the right to receive electricity generated through wind power, based on the company EPV Windpower Ltd’s Series E shares or shares replacing them20,70035
8,101,89413,773
The owners of each share series shall bear the fixed costs of the series in question commensurate with the number of shares they own and variable costs commensurate with the quantity of energy they have taken.
*) Unregistered share issues
Date of shareholders’ meetingShare series
Special issue
  
SharesTotal issue price €1,000Share capital €1,000Invested non-restricted equity reserve €1,000
Unpaid
14 Nov 2019W7290,00029,00049328,507
Paid
14 Nov 2019W7100,00010,0001709,830
390,00039,00066338,337
NOTES TO THE BALANCE SHEET (€1,000)    
Group Parent company
2019201820192018
17. ACCUMULATED APPROPRIATIONS
Depreciation difference of deferred tax liabilities20,53617,08703,807
18. NON-CURRENT LIABILITIES
Bank loans211,752269,51838,10438,104
Other non-current liabilities88,13987,15472,31872,489
299,891356,672110,422110,593
Liabilities to Group companies
Other non-current liabilities--0200
Liabilities to associated companies
Other non-current liabilities74,11974,08972,31972,289
Liabilities maturing in more than five years
Bank loans3,47813,55700
Other non-current liabilities72,31972,28972,31972,289
75,79785,84672,31972,289
19. CURRENT LIABILITIES
Bank loans81,76643,552021,664
Other current liabilities1,69101,6910
Advances received1,8115,31600
Trade payables36,11529,85415,45019,037
Accruals *)8,2608,5645,0244,559
Other current liabilities7,53112,5125731,517
137,17399,79922,73846,776
Liabilities to Group companies
Trade payables--3,8374,049
Other current liabilities--200200
--4,0374,249
Liabilities to associated companies
Trade payables12,73614,17711,44113,751
Other current liabilities2,1893642,064364
14,92514,54113,50514,115
*) The constituents of accruals
Electricity sales2,9793,3362,9793,274
Interest expenses1,7461,920579665
Accrued personnel expenses1,4951,208831615
Accrued taxes87806320
Other1,1602,10034
8,2608,5645,0244,559
20. COMMITMENTS
Overdraft agreements
Total amount of granted overdraft73,00050,00013,00013,000
Available13,98012,82500
Leasing contract payments
Maturing next financial year43503442
Maturing later56653641
991157084
Shares pledged, book value of shares
From associated company’s liabilities1,8181,8181,8181,818
Guarantees
From associated company’s liabilities5,6109,1605,6109,160
For other companies’ liabilities1,6101,7601,6101,760
Other commitments
On behalf of Group company76,8828,89376,8828,893
Other own commitments32,73929,19721,84621,846
The long-term lease for the parent company’s premises has been continued by three years starting on 1 January 2020. According to the agreement, the company assumes rental liability.
Wind power projects involve the usual, non-current rental liabilities to landowners and, after production has ended, the responsibility to demolish equipment and bring the site to its former state.
21. DERIVATIVE FINANCIAL INSTRUMENTS
Interest rate derivatives
In accordance with the company’s financing policy, it only concludes derivative financial instruments with the purpose of hedging. The interest rate risk is hedged through interest rate swap agreements by converting floating rate loans into fixed interest rate loans. The company’s hedging relationships are substantially efficient, excluding the effects of negative reference rates on instruments which will mature before 2023. The terms of the hedged risk and hedging instrument are well matched in other respects. The derivative instruments will terminate between 2020 and 2026. The fair value of interest rate swaps on the closing date is the best estimate of future interest expenses that the instruments incur, affecting the interest costs of future financial years.
Derivative instruments that will mature before 2023
Nominal value27,000-16,000-
Fair value-309--124-
Derivative instruments that will mature in 2023 or later
Nominal value179,267-39,000-
Fair value-5,437--1,408-
22. EMISSION ALLOWANCES
Emissions trading period2019–20202018–20202019–20202018–2020
tn CO2 tn CO2 tn CO2 tn CO2
Allocated free emission allowances245,926371,948--
Allocated per year127,540126,022--
Use of emission allowances2019201820192018
tn CO2 tn CO2 tn CO2 tn CO2
Total emissions 735,158846,018--
Emission allowances allocated without compensation 1 Jan -127,540-126,022--
Emission allowance purchases -620,000-671,000--
Certified Emission Reduction (CER) purchases -2540--
Deficit (+) / surplus (-)-12,63648,996--
Allocated available free emission allowances 31 Dec240,231389,542--