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26 Separated Financial Statements
Separation according to Electricity Market Act
Neste Oil Corporation has separated electricity network operations from other operations in accounting according to Chapter 12 of Electricity Market Act (588/2013) since the act came into force 1 September 2013.
Electricity network operation covers owning a company's distribution network, electricity distribution and other related activities in Kilpilahti, Porvoo since the act came into force. Other operations include the company's oil refining operations for the entire financial period.
Separated financial statements have been prepared on the basis of company's general accounting and separate calculation in internal accounting. Revenues of Electricity network operations includes electricity transfer fees. Expenses and income have been allocated based on origin or if not applicable, a proportional allocation key has been used. Depreciation have been calculated in accordance with the existing depreciation plan.
Balance sheet items have been allocated based on origin or if not applicable, a proportional allocation key have been used. Only assets that have been considered to be necessary to carry out electricity network operations have been included in separated balance sheet. Share capital has been allocated in proportion to fixed assets and other long-term investments and long-term liabilities in proportion to fixed assets and inventories. Separated balance sheet has been balanced using other short-term liabilities.
Separated Income Statement
MEUR Electricity network
operations
1 Sep–31 Dec 2013
Other operations
1 Jan–31 Dec 2013
Revenue 2 11,821
Internal revenue 4 -4
Change in product inventories - -20
Other operating income - 21
Materials and services 0 -10,969
Network losses -1 -
Cost of upstream network -2 -
Personnel expenses 0 -198
Depreciation, amortization and write-downs -2 -138
Other operating expenses -1 -304
Operating profit 0 209
Financial income and expenses 0 17
Profit before extraordinary items 0 226
Extraordinary items - 161
Profit before appropriations and taxes 0 387
Appropriations 0 -10
Income tax expense 0 -73
Profit for the year 0 304
Separated Balance Sheet
MEUR Electricity network
operations
31 Dec 2013
Other operations
31 Dec 2013
ASSETS
Fixed assets and other long-term investments
Intangible assets - 43
Tangible assets 77 1,562
Other long-term investments - 2,547
77 4,152
Current assets
Inventories 0 843
Long-term receivables - 88
Short-term receivables 0 817
Cash and cash equivalents - 358
0 2,106
Total assets 77 6,258
SHAREHOLDERS' EQUITY AND LIABILITIES
Shareholders' equity
Share capital 1 39
Retained earnings - 938
Profit for the year 0 304
1 1,281
Accumulated appropriations 30 898
Provisions for liabilities and charges - 2
Liabilities
Long-term liabilities 35 2,297
Short-term liabilities 11 1,780
46 4,077
Total equity and liabilities 77 6,258
Return on capital employed 3.5%