INCOME STATEMENT
Notes to the financial statements
1. CONSOLIDATED ACCOUNTING PRINCIPLES
Finavia’s financial statements for 2007 have been prepared in accordance with the accounting and financial reporting principles for State enterprises as laid down in the decision of the Government on 26 February 2004 (160/2004).All Group companies have been included in the consolidated financial statements. The associated company Helsinki-Vantaan Lentoaseman Taksipalvelut has been omitted due to its nonrelevant infl uence on the Group’s equity. More detailed information on the companies that belong to the Group is provided in section 8, “Group Companies”.
Internal transactions within the Group, including internal receivables and liabilities, have been eliminated. Cross-ownership of shares has been eliminated using the acquisition cost method. Minority interests have been removed from the Group’s own equity capital and earnings and shown as a separate item on the balance sheet. The deferred tax liability on balance sheet transfers has been shown as a separate item. Valuation principles used in preparing the financial statements
Capital assets are recognised at direct acquisition cost. Planned depreciation items are calculated within the Group according to a uniform principle governing the economic life of each asset. Non-current investment assets and securities included under financial assets are measured at the lower of purchase price or at market price.
The value of the stocks and inventories has been calculated according to market averages. The financial statements concerning the electric power grid and the sale of electricity appear separately in the notes to the financial statements, as required by the Electricity Market Act.
Notes to the income statement
The figures in the tables are in thousands of euro, unless otherwise stated.| 2. TURNOVER BY BUSINESS AREA | ||
| FINAVIA | ||
| 2007 | 2006 | |
| Finavia’s turnover can be divided into the following business areas: | ||
| Airport services | 141 649 | 125 775 |
| Air navigation services | 54 171 | 52 445 |
| Commercial services | 91 528 | 85 623 |
| Public functions | 2 842 | 3 106 |
| 290 190 | 266 949 |
Income from other operations mainly
comprises capital gains from the sale
of land.
| 3. SALARIES FOR THE ACCOUNTING PERIOD | ||||
| GROUP | FINAVIA | |||
| 2007 | 2006 | 2007 | 2006 | |
| Salaries and bonuses of the Board of Directors, CEO and deputy CEO | 561 | 550 | 357 | 367 |
Finavia’s personnel are covered by the state pension scheme. Performance-based pension payments, calculated according to the salary bill for 2007 in compliance with actuarial principles providing full coverage, are entered in full in the income statement. The State Treasury set the pension contribution rate at 20.22% (17.10% in 2006). Pension expenses in 2006 were boosted by
an additional payment to the State Treasury for 2005 totalling EUR 458,823. The final pension contribution percentage for 2005 was confirmed to be 18.78%. Similarly, pension expenses in 2007 were boosted by an additional payment to the State Treasury for 2006 totalling EUR 1,554,737. The final pension contribution percentage for 2006 was confirmed to be 19.19%..
| 4. PERSONNEL EMPLOYED BY FINAVIA GROUP |
| GROUP | FINAVIA | |||
| 2007 | 2006 | 2007 | 2006 | |
| Average number of employees | 2 239 | 2 182 | 1 703 | 1 707 |
| Employees at the end of the year | 2 571 | 2 536 | 1 875 | 1 772 |
| permanent | 1 936 | 2 079 | 1 592 | 1 653 |
| temporary | 635 | 457 | 283 | 119 |
| As of 2007, temporary personnel also includes individuals asked to work when needed, both in the parent company and the Group. | ||||
| 5. FINANCIAL INCOME AND EXPENSES | ||||
| Dividend income | ||||
| From others | 33 | 15 | 33 | 15 |
| Other interest and financial income | ||||
| From others | 5 948 | 4 393 | 4 355 | 3 412 |
| Impairment of investments | 95 | -81 | 95 | -81 |
| Interest expenses and other financial expenses | ||||
| To others | -11 067 | -7 561 | -6 136 | -3 885 |
| Financial income and expenses, total | -4 991 | -3 235 | -1 652 | -539 |
| NOTES TO THE BALANCE SHEET |
| 6. INTANGIBLE AND TANGIBLE ASSETS AND AMORTISATION AND DEPRECIATION |
| The economic lifetimes are as follows: | Years | |
| INTANGIBLE ASSETS | ||
| Intangible rights | 5 | Straight-line amortisation |
| Other non-current expenditure | 5 | Straight-line amortisation |
| TANGIBLE ASSETS | ||
| Buildings and structures | 10 - 40 | Straight-line amortisation |
| Machinery and equipment | 3 - 15 | Straight-line amortisation |
| Ground structures | 10 - 40 | Straight-line amortisation |
| GROUP | FINAVIA | |||
| Changes in balance sheet items: | 2007 | 2006 | 2007 | 2006 |
| Intangible rights | ||||
| Acquisition cost 1 JAN | 6 991 | 7 257 | 6 978 | 7 257 |
| + Transfers between items | 607 | 613 | 605 | 575 |
| - Decreases during the accounting period | -29 | -879 | -29 | -853 |
| Acquisition cost 31 DEC | 7 569 | 6 991 | 7 554 | 6 978 |
| Accumulated depreciation according to plan 1 JAN | -4 956 | -4 816 | -4 954 | -4 816 |
| Accumulated depreciation for decreases | 29 | 850 | 29 | 824 |
| Depreciation for the accounting period | -720 | -990 | -717 | -962 |
| - Accumulated depreciation according to plan 31 DEC | -5 647 | -4 956 | -5 642 | -4 954 |
| Book value 31 DEC | 1 922 | 2 035 | 1 912 | 2 025 |
| Other non-current expenditure | ||||
| Acquisition cost 1 JAN | 621 | 626 | 608 | 613 |
| + Transfers between items | 0 | 0 | 0 | 0 |
| - Decreases during the accounting period | 0 | -5 | 0 | -5 |
| Acquisition cost 31 DEC | 621 | 621 | 608 | 608 |
| Accumulated depreciation 1 JAN | -615 | -609 | -601 | -596 |
| Accumulated depreciation for decreases | 1 | 6 | 0 | 5 |
| Depreciation for the accounting period | -7 | -12 | -7 | -10 |
| - Kertyneet sumu-poistot 31.12. | -621 | -615 | -608 | -601 |
| Book value 31 DEC | 0 | 7 | 0 | 7 |
| Land and water areas | ||||
| LAND AND WATER AREAS | ||||
| Acquisition cost 1 JAN | 43 333 | 41 580 | 42 908 | 41 155 |
| + Increases during the financial period | 1 260 | 1 923 | 883 | 1 923 |
| - Decreases during the accounting period | -281 | -169 | -281 | -169 |
| Acquisition cost 31 DEC | 44 312 | 43 333 | 43 510 | 42 908 |
| UTILITY CHARGES FOR REAL ESTATE | ||||
| Acquisition cost 1 JAN | 2 332 | 1 709 | 1 375 | 913 |
| + Transfers between items | 402 | 623 | 0 | 462 |
| - Decreases during the accounting period | 0 | 0 | 0 | 0 |
| Acquisition cost 31 DEC | 2 734 | 2 332 | 1 375 | 1 375 |
| Land and water areas (total) | 47 046 | 45 665 | 44 885 | 44 284 |
| Buildings and structures | ||||
| Acquisition cost 1 JAN | 495 387 | 480 765 | 376 412 | 367 698 |
| + Increases during the accounting period | 0 | 85 | 0 | 0 |
| + Transfers between items | 49 326 | 16 126 | 19 062 | 8 791 |
| - Decreases during the accounting period | -3 024 | -1 588 | -2 380 | -77 |
| Acquisition cost 31 DEC | 541 690 | 495 387 | 393 095 | 376 412 |
| Accumulated depreciation according to plan 1 JAN | -178 465 | -162 076 | -157 454 | -144 492 |
| Accumulated depreciation for decreases | 2 879 | 358 | 2 380 | 77 |
| Depreciation for the accounting period | -17 300 | -16 746 | -13 323 | -13 039 |
| - Accumulated depreciation according to plan 31 DEC | -192 887 | -178 464 | -168 397 | -157 454 |
| Book value 31 DEC | 348 803 | 316 923 | 224 697 | 218 959 |
| Machinery and equipment | ||||
| Acquisition cost 1 JAN | 339 696 | 329 923 | 327 305 | 318 908 |
| + Transfers between items | 20 380 | 17 360 | 17 267 | 15 932 |
| - Decreases during the accounting period | -6 017 | -7 586 | -5 983 | -7 535 |
| Acquisition cost 31 DEC | 354 060 | 339 696 | 338 589 | 327 305 |
| Accumulated depreciation 1 JAN | -221 191 | -212 429 | -214 521 | -206 518 |
| Accumulated depreciation for decreases | 5 931 | 7 529 | 5 921 | 7 503 |
| Depreciation for the accounting period | -16 801 | -16 291 | -15 882 | -15 506 |
| - Accumulated depreciation according to plan 31 DEC | -232 061 | -221 191 | -224 482 | -214 521 |
| Book value 31 DEC | 121 999 | 118 505 | 114 107 | 112 784 |
| GROUP | FINAVIA | |||
| 2007 | 2006 | 2007 | 2006 | |
| Ground structures | ||||
| Acquisition cost 1 JAN | 387 274 | 371 942 | 365 568 | 356 093 |
| + Increases during the accounting period | 0 | 22 | 0 | 0 |
| + Transfers between items | 20 919 | 17 742 | 16 884 | 11 880 |
| - Decreases during the accounting period | -13 | -2 431 | -13 | -2 405 |
| Acquisition cost 31 DEC | 408 181 | 387 274 | 82 439 | 65 568 |
| Accumulated depreciation 1 JAN | -176 172 | -165 037 | -171 545 | -161 943 |
| Accumulated depreciation for decreases | 13 | 2 410 | 13 | 2 405 |
| Depreciation for the accounting period | -14 419 | -13 544 | -12 830 | -12 007 |
| - Accumulated depreciation according to plan 31 DEC | -190 578 | -176 172 | -184 362 | -171 545 |
| Book value 31 DEC | 217 603 | 211 103 | 198 078 | 194 024 |
| Advance payments and acquisitions in progress | ||||
| Acquisition cost 1 JAN | 55 693 | 22 822 | 35 150 | 12 023 |
| + Increases during the accounting period | 97 613 | 85 335 | 78 296 | 60 768 |
| - Transfers between items | -91 635 | -52 464 | -53 817 | -37 641 |
| Acquisition cost 31 DEC | 61 671 | 55 693 | 59 629 | 35 150 |
| Shares and holdings (subsidiaries and other shares) | ||||
| Acquisition cost 1 JAN | 477 | 473 | 36 004 | 36 768 |
| + Increases during the accounting period | 23 | 4 | 264 | 710 |
| - Decreases during the accounting period | 0 | 0 | 0 | -1 474 |
| Acquisition cost 31 DEC | 499 | 477 | 36 269 | 36 004 |
| Total | ||||
| Acquisition cost 1 JAN. | 1 331 805 | 1 257 096 | 1 192 310 | 1 141 428 |
| + Increases during the accounting period | 98 896 | 87 368 | 79 443 | 63 401 |
| Transfers between items | 0 | 0 | 0 | 0 |
| - Decreases during the accounting period | -9 364 | -12 659 | -8 686 | -12 518 |
| Acquisition cost 31 DEC | 1 421 338 | 1 331 805 | 1 263 068 | 1 192 310 |
| Accumulated depreciation 1 JAN | -581 398 | -544 968 | -549 074 | -518 365 |
| Accumulated depreciation for decreases | 8 853 | 11 153 | 8 342 | 10 815 |
| Depreciation for the accounting period | -49 247 | -47 583 | -42 759 | -41 523 |
| - Accumulated depreciation according to plan 31 DEC | -621 794 | -581 398 | -583 491 | -549 074 |
| Book value 31 DEC | 799 544 | 750 407 | 679 577 | 643 236 |
| 7. OTHER SHARES AND HOLDINGS |
| Shares/ Group companies | Shares/ associated companies | Other shares and holdings | Other investments | |
| GROUP | ||||
| Acquisition cost 1 JAN | 8 | 468 | 18 682 | |
| + Increases during the accounting period | 23 | 0 | ||
| - Decreases during the accounting period | 0 | -15 450 | ||
| Acquisition cost 31 DEC | 0 | 8 | 491 | 3 232 |
| PARENT COMPANY | ||||
| Acquisition cost 1 JAN | 35 544 | 460 | 18 682 | |
| + Increases during the accounting period | 242 | 23 | 0 | |
| - Decreases during the accounting period | 0 | 0 | -15 450 | |
| Acquisition cost 31 DEC | 35 786 | 0 | 483 | 3 232 |
| 8. GROUP COMPANIES |
| Group holding (%) | Parent company holding (%) | Balance sheet for the accounting period in euro | Turnover in euro | Equity 31 DEC 2007 in euro | Balance sheet total profit/loss in euro | |
| Kiinteistö Oyj Lentäjäntie 1, Vantaa |
51,2 | 51,2 | 35 455 131,26 | 1 324 528,58 | 7 803 310,93 | - 46 182,71 |
| Airpro Oy, Vantaa | 100,0 | 100,0 | 6 090 912,23 | 25 554 009,06 | 1 655 022,90 | 400 183,90 |
| Kiinteistö Oy Turun Lentorahti, Vantaa |
100,0 | 100,0 | 9 517 399,00 | 388 501,71 | 1 796 377,88 | 1 040,94 |
| Kiinteistö Oyj Lentäjäntie 3, Vantaa |
60,9 | 60,9 | 11 250 446,65 | 588 418,76 | 1 182 648,18 | -1 436,72 |
| Lentoasemakiinteistöt Oyj, Vantaa |
100,0 | 100,0 | 81 860 029,91 | 7 983 020,15 | 7 859 529,37 | 6 661,16 |
| IP-Kiinteistöt Oy, Vantaa |
100,0 | 100,0 | 35 263 922,11 | 2 834 339,20 | 22 705 489,25 | -189 685,09 |
| SHARES IN ASSOCIATED COMPANIES | 30.9.2007 | |||||
| Helsinki-Vantaan Lentoaseman Taksipalvelut Oy, Vantaa | 25,0 | 0,0 | 222 387,44 | -16 345,78 |
| 9. RECEIVABLES FROM OTHER GROUP SUBSIDIARIES |
| 2007 | 2006 | 2007 | 2006 | |
| Accounts receivable | 734 | 569 | ||
| Prepaid expenses and accrued income | 11 | 109 | ||
| At the end of financial period | 745 | 678 | ||
| 10. SUBSTANTIAL RECEIVABLES CARRIED FORWARD | ||||
| Rent receivable | 1 415 | 1 116 | 1 413 | 1 116 |
| Interest receivable | 179 | 257 | 177 | 250 |
| Operating fee receivables | 80 | 934 | 15 | 877 |
| Portion of investments to be financed by | -176 | 987 | -176 | 987 |
| external investors (T&E Centres, EU, municipalities) | ||||
| Receivables from occupational health care (KELA) | 476 | 382 | 349 | 310 |
| Other | 553 | 1 286 | 432 | 1 111 |
| At the end of accounting period | 2 526 | 4 962 | 2 210 | 4 650 |
| 11. INCREASE AND DECREASE IN OWN EQUITY ITEMS | ||||
| Basic equity | ||||
| At the beginning of the accounting period | 184 542 | 184 542 | 184 542 | 184 542 |
| + increases / - decreases | ||||
| At the end of the accounting period | 184 542 | 184 542 | 184 542 | 184 542 |
| Other equity | ||||
| At the beginning of the accounting period | 237 096 | 237 125 | 237 096 | 237 125 |
| + increases / - decreases | 35 | -29 | 35 | -29 |
| At the end of the accounting period | 237 130 | 237 096 | 237 130 | 237 096 |
| Profit/loss brought forward | 133 242 | 119 898 | 137 658 | 124 869 |
| Share of accumulated depreciation in excess/less than recorded in equity | 4 732 | 4 400 | ||
| Distribution of profit to owners | -11 394 | -10 000 | -11 394 | -10 000 |
| 126 580 | 114 298 | 126 264 | 114 869 | |
| Profit (+) / Loss (-) for the accounting period | 28 511 | 23 344 | 31 399 | 22 789 |
| Share of accumulated depreciation in excess/less than recorded in equity | 162 | 332 | ||
| Total equity | 576 925 | 559 612 | 579 335 | 559 296 |
The change in other equity is connected to the establishment of the Finnish Civil Aviation Authority on 1 January 2006 and capital assets The change in 2007 is connected to a land area transferred from the Finnish Forest and Park Service to Finavia.
| 12. PROVISIONS | ||||
| GROUP | FINAVIA | |||
| 2007 | 2006 | 2007 | 2006 | |
| Statutory provisions | 3 143 | 3 388 | 3 036 | 3 290 |
The major items in statutory provisions on 31 December 2007: A provision has been made in 2004 for Finavia’s share amounting to EUR 3.8 million of the uncovered pension liability for Eurocontrol, which will be paid to the Eurocontrol Pension Fund
(established on 1 January 2005) during the coming years. Following the tranches paid in 2005–2007, EUR 3,036,452 of the provision remains. Airpro Oy recognised EUR 106,961 in claims for damages as statutory provisions (Dispute over the Flying Finn bankruptcy estate concerning receipt of receivables).
| 13. NON-CURRENT LIABILITIES |
| Loans maturing after five years or more. |
| GROUP | FINAVIA | |||
| 2007 | 2006 | 2007 | 2006 | |
| Loans from financial institutions | 198 462 | 153 877 | 106 858 | 73 723 |
| 14. DEFERRED TAX LIABILITY | ||||
| For appropriations | 1 819 | 1 759 | ||
| 15. DEBT TO OTHER FINAVIA GROUP SUBSIDIARIES | ||||
| Accounts payable | 1 105 | 594 | ||
| Accrued expenses | 86 | 97 | ||
| At the end of accounting period | 1 191 | 691 | ||
| 16. RELEVANT ITEMS OF ACCRUED EXPENSES | ||||
| Holiday bonuses with social security contributions | 14 443 | 14 694 | 13 215 | 13 528 |
| Periodic salaries with social security contributions | 1 575 | 1 466 | 1 035 | 877 |
| TEL/VEL fees | 1 559 | 1 563 | 1 333 | 1 525 |
| Interest payable | 3 204 | 2 480 | 616 | 297 |
| Other | 888 | 864 | 780 | 644 |
| At the end of accounting period | 21 670 | 21 067 | 16 979 | 16 871 |
| 17. FUNDING FROM THE STATE BUDGET | ||||
| FINAVIA | ||||
| Funding for services supplied | ||||
| Services provided to the Finnish Air Force | 10 364 | 9 118 | ||
| Compensation for standby duties | 1 887 | 2 121 | ||
| Services provided to the Meteorological Institute | 1 552 | 1 670 | ||
| Maintenance of the rescue services | 440 | 440 | ||
| Operations of the Finnish Aviation Academy at Pori Airport | 217 | 184 | ||
| Opening hours at night in Turku for sea salvage operations | 329 | 329 | ||
| Subsidies for vocational training | 2 062 | 1 901 | ||
| 16 850 | 15 763 |
The State Enterprise Act (1185/2002) applies to Finavia from the start of 2006 based on a transitional provision. According to section 2 of the Act, a State Enterprise shall operate in compliance with business principles. According to section 7 of the same Act, the State budget may contain an appropriation to finance an economically unviable task imposed upon a State Enterprise.In 2006, Finavia received funding from the State budget
in return for the provision of services. The appropriation was used to fund the operations of the Finnish Aviation Academy at Pori Airport and opening hours at night in Turku for sea salvage operations. In addition, the Ministry of the Interior pays the costs of search and rescue operat ions in full. Partial funding to carry out investment projects and for operational procedures.
| Partial funding to carry out investment projects and for operational procedures | ||
| To carry out investment projects (via T&E Centres) | 282 | 1 692 |
| For operational procedures (from the Criminal Sanctions Agency) | 1 015 | 1 015 |
| 1 297 | 2 707 |
| 18. PERSONNEL COVERED BY STATE FUNDING |
| GROUP | FINAVIA | |||
| 2007 | 2006 | 2007 | 2006 | |
| Number of employees | 21 | 21 | ||
| Salaries and bonuses paid | 292 | 314 | ||
| 19. FUNDING FROM THE EU AND MUNICIPALITIES | ||||
| Partial funding to carry out investment projects | ||||
| - from municipalities | 33 | 0 | ||
| - via T&E Centres from the EU | 0 | 207 | ||
| 20. GUARANTEES, PLEDGES AND LIABILITIES | ||||
| The numbers listed are in accordance with the remaining equity values. | ||||
| Loans of the subsidiaries for which a pledge was given: | ||||
| Loans from financial institutions | 66 003 | 68 932 | 66 003 | 68 932 |
| Bank account overdraft facility | 84 | 84 | 84 | 84 |
| Commercial Paper Programme | 10 000 | 10 000 | 10 000 | 10 000 |
| Total guarantees given | 76 087 | 79 016 | 76 087 | 79 016 |
| Loans of the subsidiaries for which a pledge was given (encumbrance to the lease and the subsidiary’s building) | ||||
| Loans from financial institutions | 36 592 | 21 159 | ||
| Pledges on own behalf, total | 38 523 | 38 523 | ||
| Finavia and its subsidiaries have agreed on covenants with the provider of financing for securing the following loans: Kiinteistö Oy Turun Lentorahti | 6 296 | 3 152 | ||
| In the covenants, an undertaking has been given to maintain the solvency ratio of Koy Turun Lentorahti Oy at the agreed level. Without the bank’s written permission, the debtor must not pledge or otherwise use its assets as collateral. Finavia agrees to maintain its present holding in Koy Turun Lentorahti. | ||||
| IP-Kiinteistöt Oy | 10 484 | 10 790 | ||
| In the covenants, IP-Kiinteistöt Oy has undertaken to maintain its solvency ratio at the agreed level, and Finavia has undertaken to maintain its holding in IP-Kiinteistöt Oy. | ||||
| Other guarantee liabilities | 83 | 83 | ||
| Leasing liabilities | 83 | 83 | ||
| To be paid during the 2008 accounting period | 5 264 | 4 641 | 4 435 | 3 983 |
| To be paid later | 18 546 | 19 043 | 15 580 | 16 638 |
| Guarantees, pledges and liabilities (total) | 155 283 | 155 248 | 96 102 | 99 637 |
OTHER LIABILITIES
Finavia protects itself against changes in electricity acquisition
prices through derivative contracts (forward contracts).
In the financial statements for 2007, the nominal value of the
portfolio was EUR 10,101,217 and the fair value of derivatives
was EUR 2,217,187.
21. FINAVIA’S ELECTRIC POWER GRID OPERATIONS
Itemised statement for the electric power grid operations and sales
revenues as required by the Electricity Marketing Act (386/1995).
Principles for categorising the joint costs and balance sheet items
Income statement
Planned depreciations
Planned depreciations are calculated according to the common
depreciation principles of the Finavia Group.
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 Finavia Group/
Headquarters has been assigned in proportion to the budgeted costs.
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 financial period was 7 (7).
| POWER PLANT |
| GRID OPERATIONS | SALES OPERATIONS | |||
| Income statements | 2007 | 2006 | 2007 | 2006 |
| TURNOVER | 2 126 | 2 152 | 4 292 | 3 646 |
| Materials and servicest | ||||
| Materials and suppliest | ||||
| Purchases during the accounting period | 28 | 97 | 4 082 | 3 417 |
| External services | 861 | 869 | 30 | 33 |
| Staff expenses | ||||
| Salaries and bonuses | 243 | 256 | 23 | 18 |
| Indirect staff expenses | ||||
| Pension expenses | 50 | 44 | 5 | 3 |
| Other indirect staff expenses | 13 | 13 | 1 | 1 |
| Planned depreciations and impairments | ||||
| Intangible rights | 0 | 7 | ||
| Buildings and structurest | 35 | 23 | ||
| Machinery and equipment | 435 | 400 | ||
| 470 | 430 | |||
| Other operating costs | 481 | 277 | 17 | 39 |
| OPERATING PROFIT | -20 | 166 | 134 | 135 |
| Financial income and expenses Other interest and financial expenses | -53 | -24 | ||
| PROFIT BEFORE APPROPRIATIONS | -73 | 142 | 134 | 135 |
| PROFIT FOR THE PERIOD | -73 | 142 | 134 | 135 |
| Tase |
| Balance sheet | GRID OPERATIONS |
| 2007 | 2006 | |
| Assets | ||
| NON-CURRENT ASSETS | ||
| Tangible assets | ||
| Buildings and structures | 846 | 652 |
| Machinery and equipment | 5 141 | 4 656 |
| Advance payments and work in progress | 94 | 67 |
| 6 081 | 5 375 | |
| CURRENT ASSETS | ||
| Receivables | ||
| Current | ||
| Accounts receivable | 845 | 297 |
| Prepaid expenses and accrued income | 0 | 5 |
| 845 | 302 | |
| 6 081 | 5 375 | |
| Equity and liabilities | ||
| EQUITY | ||
| Basic equity | 1 312 | 1 312 |
| Other start-up equity | 875 | 875 |
| Profit for the previous financial periods | 1 353 | 1 212 |
| Profit for the period | -73 | 142 |
| 3 467 | 3 540 | |
| DEBT | ||
| Non-current | ||
| Membership fees | 732 | 501 |
| Current | 732 | 501 |
| Accounts payable | 248 | 225 |
| Other short-term | 2 420 | 1 346 |
| Accrued expenses | 59 | 65 |
| 2 727 | 1 636 | |
| 6 926 | 5 677 |
RETURN ON INVESTMENT (%)
Return on investment (%) in grid operations was 0.62% (4.33% in 2006).
| Formula: | (Operating profit / loss + interest expenses and other financing expenses) |
| Equity + interest-bearing financial loans |
22. EMISSION RIGHTS
Finavia’s Energy and Water unit has been granted an emission quota of 1987.0 tonnes/annum for 2005–2007 (district heating plant). Follow-up for 2005–2007 is shown below:
emission quota for 2005–2006 - 3,974.00 tonnes
actual emissions - 2,022.81 tonnes
emission rights sold - 1,000.00 tonnes
emission rights outstanding - 951.19 tonnes (carried over to next year)
2007 emission quota - 1,987.00 tonnes
actual emissions - 1,037.75 tonnes
emission rights outstanding - 949.25 tonnes
emission quota for 2005-2007 - 5,961.00 tonnes
actual emissions - 3,060.56 tonnes
emission rights sold - 1,000.00 tonnes
emission rights outstanding - 1,900.44 tonnes