NOTES TO THE BALANCE SHEET (€1,000)    
GroupParent company
2016201520162015
9. INTANGIBLE ASSETS
Intangible rights
Acquisition cost 1 January1 2541 2541 2401 240
Increase 205050
Transfer between categories-14000
Acquisition cost 31 December1 4451 2541 2451 240
Accumulated depreciation
and impairment charges 1 January-180-120-180-120
Depreciation of the financial year -61-60-60-60
Book value 31 December1 2041 0741 0051 060
Goodwill
Acquisition cost 1 January6 0006 00000
Acquisition cost 31 December6 0006 00000
Accumulated depreciation
and impairment charges 1 January-2 800-2 40000
Depreciation of the financial year -400-40000
Book value 31 December2 8003 20000
Emission reductions
Acquisition cost 1 January5 7176 0275 7176 027
Increase 1 2261 0981 2261 098
Decrease-1 702-1 407-1 702-1 407
Acquisition cost 31 December5 2415 7175 2415 717
Book value 31 December5 2415 7175 2415 717
Other capitalised long-term expenses
Acquisition cost 1 January13 4079 2943 5273 490
Increase 4 486 1)4 112 1)94737
Transfer between categories14000
Acquisition cost 31 December17 90713 4074 4743 527
Accumulated depreciation
and impairment charges 1 January
-4 884
-4 065
-2 729
-2 367
Depreciation of the financial year -1 084-818-396-362
Book value 31 December11 9398 5231 349798
Intangible assets in total
Acquisition cost 1 January26 37822 57510 48510 757
Increase 5 9175 2102 1771 135
Decrease-1 702-1 407-1 702-1 407
Acquisition cost 31 December30 59326 37810 96010 485
Accumulated depreciation
and impairment charges 1 January-7 864-6 585-2 909-2 487
Depreciation of the financial year -1 546-1 278-456-422
Book value 31 December21 18218 5147 5957 576
10. TANGIBLE ASSETS
Land areas
Acquisition cost 1 January5 2744 9102 4962 448
Increase 6171963348
Decrease -3000
Transfer between categories22816800
Acquisition cost 31 December6 1165 2742 5292 496
Book value 31 December6 1165 2742 5292 496
Revaluation included in the
acquisition cost of land areas
Revaluation 1 January1 6821 6821 6821 682
Revaluation 31 December1 6821 6821 6821 682
The revaluation is based on the presumable transfer price.
Deferred tax share of the revaluation336336336336
Peat resources
Acquisition cost 1 January977000
Increase 12197700
Acquisition cost 31 December1 09797700
Depreciation of the financial year -27000
Book value 31 December1 07097700
Buildings
Acquisition cost 1 January35 15618 7035 4545 199
Increase
13 405 1)
16 454 1)
553
256
Decrease -930-930
Acquisition cost 31 December48 46935 1565 9145 454
Accumulated depreciation
and impairment charges 1 January-7 901-6 791-4 156-4 032
Accumulated depreciation
from deduction 930930
Depreciation of the financial year -1 614-1 110-134-124
Book value 31 December39 04627 2551 7161 298
Machinery and equipment
Acquisition cost 1 January190 600112 39314 31313 058
Increase 59 743 1)78 305 1)3 3721 283
Decrease -579-970-28
Acquisition cost 31 December249 764190 60017 68514 313
Accumulated depreciation
and impairment charges 1 January-40 701-33 194-8 605-8 248
Accumulated depreciation
from deduction 2773028
Depreciation of the financial year -10 494-7 579-398-385
Book value 31 December198 597149 9008 6815 707
Book value share of the
machinery and equipment used for production197 815148 4818 4095 389
1) Increases mainly wind power investments
Transmission network
Acquisition cost 1 January45 80141 21942 46737 885
Increase 10 4644 58210 4644 582
Decrease -1 3940-1 3940
Acquisition cost 31 December54 87045 80151 53742 467
Accumulated depreciation
and impairment charges 1 January-15 139-13 252-14 355-12 749
Accumulated depreciation
from deduction 320320
Depreciation of the financial year -1 987-1 887-1 706-1 606
Book value 31 December37 77630 66235 50828 112
Other tangible assets
Acquisition cost 1 January1 0811 08100
Acquisition cost 31 December1 0811 08100
Accumulated depreciation
and impairment charges 1 January-501-42900
Depreciation of the financial year -72-7200
Book value 31 December50758000
Pending peat acquisitions
Acquisition cost 1 January4 5345 06800
Increase 98939100
Decrease -313-75700
Transfer between categories-228-16800
Acquisition cost 31 December4 9824 53400
Book value 31 December4 9824 53400
Advance payments and acquisitions in progress
Acquisition cost 1 January76 54867 6511 028407
Increase 30 40563 88454651
Decrease -57 510-54 986-878-30
Acquisition cost 31 December49 44376 5482041 028
Book value 31 December49 44376 5482041 028
Tangible assets in total
Acquisition cost 1 January359 970251 02465 75858 997
Increase 115 744164 78714 4766 819
Decrease -59 891-55 841-2 365-58
Acquisition cost 31 December415 823359 97077 86965 758
Accumulated depreciation
and impairment charges 1 January-64 242-53 666-27 117-25 030
Accumulated depreciation
from deduction 1527312428
Depreciation of the financial year -14 196-10 649-2 239-2 115
Book value 31 December337 537295 72948 63838 641
11. CAPITALISED INTEREST COSTS
Capitalised during the financial year1 37482800
Including capital interest costs
Advance payments and acquisitions in progress95646500
Other long-term expenses
73
50
0
0
Buildings and construction33619100
Machinery and equipment2 4641 88800
3 8292 59400
12. INVESTMENTS
Interest in group companies
Acquisition cost 1 January26426490 13159 891
Increase 0033 53734 000
Decrease000-3 760
Acquisition cost 31 December264264123 66890 131
Book value 31 December264264123 66890 131
Interest in associated companies
Acquisition cost 1 January171 252175 142159 855164 447
Increase 1 7147051 6250
Decrease -8 560-4 595-7 561-4 593
Acquisition cost 31 December164 407171 252153 919159 855
Book value 31 December164 407171 252153 919159 855
Other holdings and interests
Acquisition cost 1 January12 00710 85112 00710 851
Increase 01 15601 156
Decrease-3 6660-3 6660
Acquisition cost 31 December8 34112 0078 34112 007
Book value 31 December8 34112 0078 34112 007
Investments in total
Acquisition cost 1 January183 522186 256261 992235 190
Increase 1 7141 86135 16335 156
Decrease -12 226-4 595-11 227-8 353
Acquisition cost 31 December173 012183 522285 928261 992
Book value 31 December173 012183 522285 928261 992
NOTES TO THE BALANCE SHEET (€1,000)
INVESTMENTS
Company nameDomicileGroup interest %Group voting share %Parent company interest %Holdings of parent company
Pcs.Book value
Holdings in group companies
EPV Alueverkko OyVaasa100,0100,0100,01503
EPV Bioturve OyVaasa100,0100,0100,01 0006 150
EPV Tase OyVaasa100,0100,0100,0500500
EPV Tuulivoima Oy (A)Vaasa100,0100,0100,01 0004 750
EPV Tuulivoima Oy (B)Vaasa100,0100,0100,05 20025 933
EPV Tuulivoima Oy (C)Vaasa100,0100,0100,04 70023 500
EPV Tuulivoima Oy (D) Vaasa100,0100,0100,08 00040 000
Tornion Voima OyTornio100,0100,0100,07 50015 008
Vaskiluodon Teollisuuskiinteistöt OyVaasa100,0100,0100,04 000264
EPV Teollisuusverkot Oy (A)Vaasa90,090,090,0903
Rajakiiri Oy (A)Tornio60,260,260,29 4313 313
Rajakiiri Oy (A2)Tornio75,175,175,15 0103 757
Rajakiiri Oy (B)Tornio75,275,275,2752489
Holdings in associated companies
EPM Metsä OyVaasa50,050,050,0200 000174
Rapid Power OyVaasa50,050,050,05 00026 804
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
Pohjolan Voima Oy (A)692 549
Pohjolan Voima Oy (B)230 558
Pohjolan Voima Oy (B2)250 275
Pohjolan Voima Oy (C2)11 624
Pohjolan Voima Oy (C)318 041
Pohjolan Voima Oy (M)9 355
Pohjolan Voima Oy (V)224 735
5,51 737 13735 447
Pohjolan Voima Oy (B2) *)
47 143
2 640
Teollisuuden Voima Oyj (A)44 562 213
Teollisuuden Voima Oyj (B)44 562 203
Teollisuuden Voima Oyj (C)2 246 704
6,691 371 12058 974
Other shares and holdings owned by the parent company
Suomen Energiavarat Oy (A)Vaasa100,04 4003
Suomen Energiavarat Oy (B)Vaasa3,91 1764 998
Manga LNG Oy5,01 389 8851 818
Innopower Oy (A,C)9,812 5801 280
Powest Oy (E)1,013 20689
Others153
285 928
*) share subscription
NOTES TO THE BALANCE SHEET (€1,000)    
GroupParent company
2016201520162015
13. INVENTORIES
Power plant fuels5 5636 18600
14. NON-CURRENT RECEIVABLES
Loan receivables31 41131 41131 41131 411
Unpaid equity capital 1)3 27731 1233 27731 123
Other long-term receivables567509327408
35 25563 04335 01562 942
Receivables from associated companies
Loan receivables31 41031 41031 41031 410
15. CURRENT RECEIVABLES
Trade receivables29 26832 00113 00717 963
Loan receivables006 4894 133
Unpaid equity capital 1)27 84656 00027 84656 000
Prepayments and accrued income *)10 78410 8772 8073 147
Other receivables8 1385 0062 178115
76 036103 88452 32781 358
1) Share issue receivables concerning wind power investments and the OL3 project.
Receivables from group companies
Trade receivables--11
Loan receivables--6 4894 132
Prepayments and accrued income--0103
Other receivables--4763
--6 5374 299
Receivables from associated companies
Trade receivables4 3432 8413129
Prepayments and accrued income02 94202 942
Other receivables4941923819
4 8375 8032692 990
*) Constituents of prepayments and accrued income
Accrued electricity purchases2 7262 9122 7262 912
Accrued electricity and heat sales82153300
Accrued energy support6 2996 91300
Others93852081235
10 78410 8772 8073 147
16. SHAREHOLDERS' EQUITY
Restricted shareholders' equity
Equity capital 1 January12 45912 19312 45912 193
Increase in equity capital618266618266
Returned to shareholders-1160-1160
Equity capital 31 December12 96112 45912 96112 459
Share issue 1 January1 5897641 589764
Unregistered equity capital01 26201 262
Transfer to equity capital-618-68-618-68
Expiration of underwriting-42-369-42-369
Share issue 31 December9291 5899291 589
Share premium reserve 1 January57 85057 85057 85057 850
Returned to shareholders-5 9170-5 9170
Share premium reserve 31 December51 93357 85051 93357 850
Revaluation reserve 1 January1 2451 2451 2451 245
Revaluation reserve 31 December1 2451 2451 2451 245
Statutory reserve 1 January5 2735 2735 2735 273
Statutory reserve 31 December5 2735 2735 2735 273
Total restricted shareholders' equity72 34078 41572 34078 415
Unrestricted shareholders' equity
Invested unrestricted equity reserve 1 January207 032141 090207 032141 090
Investment in the invested unrestricted equity reserve083 323083 323
Transfer from profit funds03 92803 928
Returned to shareholders-6 6820-6 6820
Expiration of underwriting-2 458-21 310-2 458-21 310
Invested unrestricted equity reserve 31 December197 892207 032197 892207 032
Retained result 1 January
74 272
66 326
19 435
23 363
Investment in the invested unrestricted equity reserve0-3 9280-3 928
Retained result 31 December74 27262 39819 43519 435
Result of the financial year1 60311 874-3 6080
Total unrestricted shareholders' equity273 767281 303213 719226 466
TOTAL SHAREHOLDERS' EQUITY346 107359 718286 059304 882
Depreciation difference
Depreciation difference share entered under equity capital51 06145 080--
Calculation of distributable equity 31 December
Retained result--19 43519 435
Result of the financial year---3 6080
Invested unrestricted equity reserve--197 892207 032
--213 719226 467
The dividend yields from 2012 have been utilised according to the decisions concerning share issues.
NOTES TO THE BALANCE SHEET (€1,000)  
Equity capital according to series of sharespcs1 000 €
A1-series *)
- The shares in the A and B series of the company Teollisuuden Voima Oyj or other shares replacing these entitle the holder to electricity generated by means of nuclear power at the Olkiluoto 1, Olkiluoto 2 and Olkiluoto 3 nuclear power plant units3 532 5996 005
A2-series
- The shares in the B series of the company Pohjolan Voima Oy or other shares replacing these entitle the holder to electricity generated by means of nuclear power at the Olkiluoto 1 and Olkiluoto 2 nuclear power plant units of Teollisuuden Voima Oyj250 000425
A3-series *)
- The shares in the B2 series of the company Pohjolan Voima Oy or other shares replacing these entitle the holder to electricity generated by means of nuclear power at the Olkiluoto 3 nuclear power plant unit of Teollisuuden Voima Oyj569 699968
B-series
- The shares in the C series of the company Teollisuuden Voima Oyj and the shares in the C2 series of the company Pohjolan Voima Oy or other shares replacing these entitle the holder to electricity generated mainly at the Meri-Pori coal power plant64 653110
C-series
- The shares in the M series of the company Pohjolan Voima Oy or other shares replacing these entitle the holder to electricity generated by Mussalon Voima Oy 20 51735
D1-series
- The shares in the company Vaskiluodon Voima Oy or other shares replacing these entitle the holder to electricity generated at the thermal power plant units in Vaasa and Seinäjoki562 500956
D2-series
- The shares in the V series of the company Pohjolan Voima Oy or other shares replacing these entitle the holder to electricity generated at the power plants of Vaskiluodon Voima Oy in Vaasa and Seinäjoki113 091192
E1-series
- The shares in the A series of the company Pohjolan Voima Oy or other shares replacing these entitle the holder to electricity generated in Finland by means of hydropower543 375924
E2-series
- The shares entitle the holder to the electricity supplied by the partnership company Rapid Power Oy, generated by means of hydropower in Norway and transmitted to Finland265 440451
E3-series
- The shares in the A series of the company Voimapiha Oy or other shares replacing these entitle the holder to electricity generated mainly by means of hydropower in Sweden110 000187
F-series
- The shares in the C series of the company Pohjolan Voima Oy or other shares replacing these entitle the holder to electricity generated at the power plants in Tahkoluoto and Kristinestad197 964337
G-series
- The shares entitle the holder to profits not included in the other series, and the liability to pay for the costs of these302 400514
M-series
- The shares in the M series of the company Manga LNG Oy or other shares replacing these entitle the holder to generated liquefied natural gas (LNG)6 00010
P1-series
- The shares entitle the holder to the emission reduction rights acquired from a third party and obligate the holder to compensate for the fixed costs of the company concerned arising from the acquisition of the rights in relation to the holder's shares in the P1 series, as well as for the variable costs in relation to the received rights74 000126
P2-series
- The shares entitle the holder to the emission reduction rights acquired from a third party, based on acquisition decisions made in 2011 or at a later date, and obligate the holder to compensate for the fixed costs of the company concerned arising from the acquisition of the rights in relation to the holder's shares in the P2 series, as well as for the variable costs in relation to the received rights43 80074
T1-series
- The shares in the company Tornion Voima Oy or other shares replacing these entitle the holder to electricity generated by means of thermal power at the power plant in Tornio120 000204
T2-series
- The shares in the company Raahen Voima Oy or other shares replacing these entitle the holder to electricity generated by means of CHP at the power plant in Raahe49 53184
W1-series
- The shares in the A and C series of the company Innopower Oy and the shares in Rajakiiri Oy or other shares replacing these entitle the holder to electricity generated by means of wind power86 971148
W2-series
- The shares in the company EPV Tuulivoima Oy or other shares replacing these entitle the holder to electricity generated by means of wind power47 45681
W3-series
- The shares in the company Suomen Merituuli Oy or other shares replacing these entitle the holder to electricity generated by means of wind power4 9878
W4-series
- The shares in the B series of the company EPV Tuulivoima Oy or other shares replacing these entitle the holder to electricity generated by means of wind power259 325441
W5-series *)
- The shares in the C series of the company EPV Tuulivoima Oy or other shares replacing these entitle the holder to electricity generated by means of wind power200 000340
W6-series *)
- The shares in the D series of the company EPV Tuulivoima Oy or other shares replacing these entitle the holder to electricity generated by means of wind power200 000340
7 624 30812 961
The shareholders in each of the series are responsible for the fixed costs of the series in relation to their holdings and for the variable costs in relation to the amount of energy supplied
NOTES TO THE BALANCE SHEET (€1,000)     
*) Unregistered share issues
Date of General Shareholders' MeetingSeries of sharesDirected share issue
Number pcsTotal subsciption price €1,000Share capital €1,000Invested unrestricted equity reserve €1,000
Unpaid
31.5.2013A198 2999 8301679 663
31.5.2013A330 7873 079523 026
18.12.2015W6182 14018 21431017 904
Maksetut
28.5.2015W535 0003 500603 441
18.12.2015W6200 00020 00034019 660
546 22654 62392953 694
NOTES TO THE BALANCE SHEET (€1,000)    
GroupParent company
2016201520162015
17. ACCUMULATED APPROPRIATIONS
Depreciation difference of
deferred tax liabilities13 68612 1553 9353 544
18. NON-CURRENT LIABILITIES
Bank loans211 386197 98729 50031 500
Other non-current liabilities69 29570 60667 45568 766
280 681268 59396 955100 266
Liabilities to group companies
Other non-current liabilities--1500
Liabilities to associated companies
Other non-current liabilities69 10570 56667 30568 766
Liabilities which are due later
than after five years
Bank loans14 39617 46500
Other non-current liabilities/span>67 30566 12667 30566 126
81 70183 59167 30566 126
19. CURRENT LIABILITIES
Bank loans26 46921 06910 0008 000
Advances received32580700
Trade payables26 12428 91515 63221 039
Accruals and deferred income*)6 9256 4905 1385 019
Other current liabilities11 9026 18514 41621 134
71 74563 46645 18655 192
Liabilities to group companies
Trade payables--1 448904
Other current liabilitiest--11 40620 000
--12 85420 904
Liabilities to associated companies
Trade payables13 41719 04612 72518 776
Accruals and deferred income
0
3 294
0
3 294
Other current liabilities3 0115283 011528
16 42822 86815 73622 598
*) The constituents of prepayments and accrued income
Electricity sales3 6343 4983 6343 368
Electricity purchases26414400
Interest expenses1 4341 365860927
Accrued personnel expenses898899634681
Muut6955841043
6 9256 4905 1385 019
20. COMMITMENTS
Account limit agreements
Total amount of granted limit37 00032 00013 00013 000
Available6 6133 34600
Leasing contract payments
Payments during the following financial year29202111
Fees to be paid later14201211
43403322
Guarantees
For associated companies' liabilities9 4719 0199 4719 019
For other companies' liabilities1 6101 6101 6101 610
Other commitments
For the group company110 586146 168110 586146 168
Other own commitments25 57925 55622 14522 145
The parent company has a 5-year long-term rental agreement for its facilities. The rental period began on 1 January 2015. According to the agreement, the company assumes rental liability.
The parent company has a 5-year long-term rental agreement for its facilities. The rental period began on 1 January 2015. According to the agreement, the company assumes rental liability.
21. DERIVATIVE AGREEMENTS
Interest rate swaps (nominal value)293 300226 000113 000130 000
Fair value-7 524-5 946-3 560-3 585
Electricity derivatives
Amount GWh43,887,70,00,0
Fair value (€1,000)€-524-1 83100
According to the company’s financing policy, it only concludes derivative agreements 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 hedging relationships are substantially efficient; in other words, the terms of the hedged risk and hedging instrument are well matched. Documents have been prepared on these hedging relationships, showing comprehensively the hedged risks and their hedging instruments and demonstrating their effectiveness.
The target of electricity derivatives is to hedge the cash flow created after the transfer to the feed-in tariff in 2012. The agreement will expire in 2017.
22. EMISSIONS RIGHTS
Emissions trading period2016-20202015-2020
tn CO2tn CO2
Granted emission rights500 161684 073
Annual level allocation107 110128 499
Emission rights utilisation20162015
tn CO2tn CO2
Emissions252 846251 383
Gratuitous emission rights 1 January *)-107 110-128 499
Purchased emission rights -105 000-100 000
Purchased emission right reductions (CER) 0-37 727
Deficit (+) / surplus (-)40 736-14 843
Gratuitous granted emission rights available on 31 December595 939759 272