Investor Presentaiton
Regulatory
Regulatory equity
liabilities
Calculating the allowed return in euros:
WACC x Regulatory capital
•
Allowed return in euros is calculated as
follows:
R
=
pre-tax WACC
pre-tax
x (D+E)
E = regulatory amount of equity
D = regulatory amount of interest-bearing debt
R
pre-tax 2017= 6,19% x ~2,950 M€ = ~180 M€
Regulatory capital is equal to the sum of
regulatory equity and liabilities
The equalisation item in the equity section of
balance sheet balances regulatory equity and
liabilities with regulatory assets
Regulatory assets
Calculating regulatory balance sheet
Regulatory present
value of the
electricity network
Interest-bearing
debt
Equity
Inventories
Trade receivables
Other*
Equalisation item of
regulatory balance
sheet
Other**
Book value
Regulatory value
*Including regulatory cash
**Other is excluded from regulatory capital. Other includes deferred tax liabilities, non-interest bearing debt, provisions for liabilities and charges
Fingrid Debt Investor Presentation
46
28.3.2018
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