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1 POWEST ANNUAL REPORT 2009
2 2 Powest owns companies whose businesses support the power production and energy supply of its shareholders. In addition, Powest provides financial and payroll management services. Shareholders by sector Forest industry 61.5% Energy and power supply companies 21.7% Cities 7.0% Chemical industry 5.6% Metal industry 0.1% Others 4.1% Pohjolan Voima Oy Hydropower Nuclear power Thermal power New energy sources Supply optimisation Ownership in Fingrid Powest Oy Operation and maintenance of thermal power plants Regional grid business Financial and payroll management services
3 3 Review by the President The year 2009 was the eleventh business year for Powest Oy. The economic recession and the marked decrease in electricity consumption did not significantly affect Powest Group s business operations. Powest provides services that support the power production and energy supply of its shareholders. In 2009, the interaction coaching which started in the previous year was continued in Powest Oy. The aim is to increase the personnel s preparedness to meet the challenges created by a decentralised service centre and customer service facilities. Development targets set during the coaching will continue to be monitored in the future. Another project, targeted at improving coherent practices and service quality in financial management, was also continued at Powest. In the autumn, an assessment and implementation project for a new accounting system was started. The new system will be adopted in Development of the operating model and strategy of Proma-Palvelut Oy proceeded to a phase where operating models were established. Preparations for the retirement of personnel were continued by the systematic transfer of competence as part of daily operations. PVO-Alueverkot Oy has km of regional grids in its possession. The majority of these consist of a 110 kv access network connecting the Pohjolan Voima power plants to Fingrid s main grid. Late in 2009, the 110 kv Kittilänjärvi Ajos transmission line that connects the Ajos wind farm to the main grid was leased from PVO-Innopower Oy. The Estlink cable connection between Finland and Estonia, of which Powest s subsidiary Finestlink Oy holds 10%, operated according to expectations. The volume of electricity transmitted from Estonia to Finland was 1.8 TWh, a fifth less than in Short-timed electricity exports from Finland to Estonia took place in the summer for a total volume of 0.1 TWh. The Finnish main grid operator Fingrid and its Estonian counterpart Elering are making plans for the construction of another DC power link, Estlink 2, between the two countries. The European Commission has announced its support for the project within the framework of developing the Union s energy infrastructure. The capacity of the planned transmission link would be 650 MW. A preliminary agreement for the project was signed on 15 February The new connection would enter commercial use at the end of 2013, at the earliest, and would therefore not have an immediate impact on the operation of Estlink 1. As a result of the negotiations under the Act on Co-Operation within Undertakings conducted in the Nokia office of Proma-Palvelut and completed towards the end of 2009, the number of personnel will decrease to 11 persons from the current number of 27 by the end of June Late in 2009, Pohjolan Voima s subsidiary Nokian Lämpövoima Oy and Fortum Power and Heat Oy reached an agreement by which Fortum agreed to buy NLV s Nokia power plant and the associated business operations. As a result of the sale, the service agreement concerning the operation of the Nokia power plant was reestablished between Proma-Palvelut and Fortum. The agreement is temporary. Powest Group supports Pohjolan Voima s vision of being the most competitive energy producer for its owners by continuing to offer high-quality operation services for thermal power plants and electricity transmission services in the regional grid as well as financial and payroll management services in a cost-effective manner. I would like to warmly thank all Powest employees for the past business year. Minna Korkeaoja President, Powest Oy
4 4 Powest Group s key figures Powest Oy key figures Turnover, Operating result, Operating margin, % -4% 709% 99% Return on equity, % 2% 116% 10% Equity ratio, % 98% 97% 9% Average number of personnel The majority of the parent company s turnover was generated by sales of financial and payroll management services. The operating profit for 2008 includes a gain of million on the dissolution of the subsidiary Nordic Energy Oy, and for 2007, a capital gain on the sale of non-current assets of million. In 2009, 2008 and 2007 Powest received a group contribution of million from PVO-Alueverkot Oy. The Powest Group key figures Turnover, Operating result, Operating margin, % 12% 7% -28% Return on equity, % 10% 8% -12% Equity ratio, % 74% 72% 25% Average number of personnel The turnover for 2007 includes fair value changes of million in the market value of Nordic Energy s electricity contracts and the operating profit for 2007 includes an additional purchase price of million for the shares of Nordic Energy.
5 ANNUAL REPORT 2009 POWEST 5 Board of Directors on 31 December 2009 Board members from left to right: Timo Rajala, Pertti Simola, Jari Niemelä, Minna Korkeaoja and Sampo Kukkonen. The Annual General Meeting elected the following members to the Board of Directors on 23 March 2009: Timo Rajala, Minna Korkeaoja, Jari Niemelä, Pertti Simola and Sampo Kukkonen. Timo Rajala was elected Chairman in the organising meeting of the Board of Directors. The President of the company is Minna Korkeaoja, M.Sc.(Econ.). Auditor PricewaterhouseCoopers, Authorised Public Accountants, acts as the regular auditor, with Eero Suomela, Authorised Public Accountant as the auditor in charge. Subsidiaries Holding in subsidiaries Finestlink Oy 60% Proma-Palvelut Oy 66% PVO-Alueverkot Oy 100%
6 6 Profit and Loss Account GROUP PARENT COMPANY 1 Jan 31 Dec Turnover Other operating income Raw materials and services Personnel expenses Depreciation and impairment Other operating expenses Operating result Financial income and expenses Result before extraordinary items Extraordinary items Result before appropriations and taxes Appropriations Change in depreciation differences Income taxes Minority interest Result for the financial year
7 7 Consolidated Balance Sheet GROUP PARENT COMPANY 31 Dec ASSETS Non-current assets Intangible assets Tangible assets Investments Holdings in Group companies Current assets Current receivables Cash and cash equivalents EQUITY AND LIABILITIES Shareholders equity Share capital Share premium Retained earnings Result for the financial year Minority interest Accumulated appropriations Depreciation difference Liabilities Deferred tax liability Non-current liabilities Current liabilities
8 Powest Oy Töölönkatu 4 P.O. Box 40, FI Helsinki, Finland Tel , fax firstname.surname@powest.fi
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