Notes to the Financial Statement

20. CAA electric power grid operations

Itemised statement for the electric power grid operations and sales revenues as required by the Electricity Marketing Act (386/95).

Principles for categorising the joint costs and balance sheet items

Profit and loss account

Planned depreciations
Planned depreciations are calculated according to the common depreciation principles of the CAA Group. From 1 JAN 2003, the Group also adopted straight-line depreciations for the Machinery and equipment - the reducing balance method was used for the depreciations in 2002. This change means that the depreciations for that category have decreased substantially in 2003.

Other operating costs
A share of the general running costs of the Helsinki-Vantaa Airport has been assigned to the electric power grid operations of the airport power plant in proportion to the number of staff. In addition, a proportion of the expenses incurred by the CAA Group/Headquarters has been assigned in proportion to the number of people.

Balance sheet

When electric power grid operations began in 1996, the opening balance sheet consisted of fixed assets for carrying out such operations (machinery and equipment). Assets under balance sheet liabilities were divided into basic equity capital and other start-up capital.

Personnel
The average number of staff employed for grid operations during the fiscal period was 8 (9).

	POWER PLANT
PROFIT AND LOSS ACCOUNT	GRID OPERATIONS		SALES OPERATIONS
	2003	2002	2003	2002
TURNOVER	2 276	2 057	1 947	1 647
EXPENSES
Materials and supplies
Purchases during the fiscal period	35	17	3	0
External services	762	679	1 627	1 550
Staff expenses
Salaries and bonuses	312	323	26	30
Indirect staff expenses
Pension expenses	58	58	5	7
Other indirect staff expenses	14	14	1	2
Depreciations and value adjustments
Plannes
Intangible rights	7	7
Machinery and equipment	340	563
	347	570
Other operating costs	478	473	30	46
NET OPERATING PROFIT	270	-77	255	12
PROFIT BEFORE APPROPRIATIONS	270	-77	255	12
PROFIT FOR THE FISCAL PERIOD	270	-77	255	12

	POWER PLANT
BALANCE SHEET	GRID OPERATIONS
	2003	2002
ASSETS
FIXED ASSETS
Intangible rights	21	29
Tangible assets
Machinery and equipment	3 235	3 490
Advance payments and work in progress	72
	3 328	3 519
CURRENT ASSETS
Receivables
Accounts receivable	233	168
Other receivables	1
Receivables carried forward	4	52
	238	220
	3 566	3 739
LIABILITIES
EQUITY
Basic equity	1 312	1 312
Other start-up equity	875	875
Profit for the prev. fiscal period	527	604
Profit for the fiscal period	270	-77
	2 984	2 714
BORROWED CAPITAL
Long-term
Membership fees	112	3
Short-term
Accounts payable	237	163
Other short-term	121	735
Accrued expenses	112	124
	470	1 022
	3 566	3 739

Return on capital invested %

The return on capital invested (%) in grid operations totalled 9.0% (-2.8%). formula:

result before extraordinary items + interest expenses and other financing expenses

balance sheet total - interest-free debt