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Gasum Annual Report 2003

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Gasum Annual Report 2003 Annual Report 2003 The Gallen-Kallela Museum, Contents Tarvaspää Akseli Gallen-Kallela (1865-1931) was one of the leading influences in the golden age of Finnish art. Chief executive officer’s review 6 His works capture national motifs and he is also known for his Natural gas market in 2003 8 romantic paintings illustrating the Kalevala, Finland’s national epic. Local distribution companies 12 Not only was he an outstanding painter, but also a pioneer in Natural gas supply 14 graphic and applied art.Tarvaspää was designed by the artist and Operation of the transmission system 18 completed in 1913.The crenellated tower, fantastic details and Grid maintenance and development 20 stateliness - recalling knightly tales - of this art nouveau studio- Gasum and the community 22 home make it a unique work of art. Gasum Oy’s Board of Directors’ report for 2003 28 Today, the Gallen-Kallela Museum displays changing exhibitions of Income statement 33 works by Gallen-Kallela and his contemporaries, as well as works of contemporary art that have Balance sheet 34 points in common with the life’s work of this national artist. Cash flow statement 36 Gasum Oy is one of the museum’s Notes to the financial statements 37 principal partners in 2004. Unbundled accounting for natural gas operations 46 Auditors’ report 48 Work on cover The Lair of the Lynx, Oil, 1906. Corporate Governance 49 Size 67 x 98 cm. Private collection. Contact Information 50 Early Spring, 1906. Gallen-Kallela was on a painting trip and ski hunt for lynx at Konginkangas. The sunshine and glistening crust of snow are immortalised in many of Gallen-Kallela’s bright winter landscapes, which reflect a new, bolder and brighter use of colour and form. 2 Gasum – the leading innovator on the natural gas market Financial indicators for 2003 Gasum’s owners • Sales of natural gas 47.7 TWh Fortum 25% • Turnover €653 million UPM-Kymmene 2% • ROCE after taxes 10.6% Stora Enso • Equity ratio 61.4 2% • Investments 7.87 million M-real Gazprom • Balance sheet total €526 million 2% 25% Ruhrgas 20% Finnish State Future aims 24% • To diversify our business by drawing on our core expertise for the benefit of our customers.To be at the forefront of innovation on the natural gas market in Finland. • To double the volume of natural gas we sell by 2020. TWh We expect the use of natural gas to exceed 50 TWh by 2007. 60 • To develop all our operations to sustain outstanding customer satisfaction. 2000 • To act responsibly towards our employees and to be a good Deployment of parallel pipeline corporate citizen. in Kannas on • To keep our finances on an even keel to achieve our aims. the Karelian 50 Isthmus 1994 Gasum Oy established New supply 40 1991 contract Collapse of the Soviet Union, natural gas 1986 supplies continued Natural gas 30 taken to Pirkanmaa and the Helsinki Metropolitan Area Natural gas milestones in Finland 20 1979–83 Oil crisis hampered 74 introduction of Start of using natural gas natural gas 10 0 Regional distribution Energy and power companies Large industry 3 00:01 Start of a day of natural gas The volume and quality of the natural gas entering Finland is measured and determined at Räikkölä in Imatra. Although the measuring automation system is highly advanced, recording discs are used in secondary measurement.The recording discs are replaced at midnight, at the start of a new day of natural gas. Consumption of natural gas is very modest during the early hours of the day, with average capacity being around 7,000 MWh. Gas consumption starts to rise after about 6am, when households and industry begin to use more heat and power. 4 Varkaus Jyväskylä The natural gas transmission pipeline is 1,000 km long and there are plans to extend it. Gasum’s subsidiary Savonlinna Suomen Kaasuenergia has 360 km Kyröskoski Mikkeli of plastic distribution pipelines in Pori Nokia Tampere Finland and Gaasienergia has 10 km in Estonia. Valkeakoski Imatra Gasum and its subsidiaries have Rauma Heinola Lappeenranta Svetogorsk nine offices. Gasum’s head office Lahti Hämeenlinna Kuusankoski is in Espoo and the natural gas Nastola Luumäki Uusikaupunki Kouvola centre is in Valkeala. Riihimäki Valkeala Orimattila Anjalankoski Vyborg Åland Islands Hyvinkää Naantali Mäntsälä Hamina Turku Kotka Salo Porvoo Tuusula Kerava Espoo Vantaa Mariehamn Lohja Kirkkonummi Helsinki Existing grid Building decision. Completed 2005 Planning decision. Completed 2006 Extensions under study C o m m i t t e d n a t u r a l g a s e x p e r t Gasum’s mission is to procure natural The Gasum Group employs almost gas and to market and sell it in Finland. two hundred people, all of whom are Gasum operates its own pipelines to natural gas experts who, during the transmit natural gas to customers and is course of the day, are responsible for responsible for maintaining and extending ensuring that customers receive the the transmission system. Gasum’s sub- natural gas they need and the expert sidiaries Suomen Kaasuenergia and services required to use it. Helsinkikaasu operate on the local natu- ral gas distribution market. Suomen Kaasuenergia sells natural gas and Helsinkikaasu supplies gas appliances and services. N a t u r a l g a s i s e n e r g y f o r e v e r y d a y Natural gas consumption peaks in shutdowns. If the price of electricity on Hourly use of natural gas on a typical winter’s day midwinter, when it is used both by the exchange rises, the use of natural gas Daily industrial and municipal power plants to can also climb quite high in the summer, MWh volume 10000 200000 generate heat and power. Between the too. start of October and end of November, The rate of consumption of natural 9000 150000 a so-called separate seasonal capacity is gas also fluctuates during the day, peaking 8000 100000 defined in the natural gas pricing system. early in the morning, when industry starts 7000 50000 Less gas is consumed during the summer up and households use more electricity, 6000 0 when it is warm and industry has summer and in the early evening. 0003 06 09 12 1518 21 24 5 08:00 57,500 MWh of natural gas delivered Gasum’s CEO Antero Jännes has arrived at head office and goes through the day’s programme with his secretary Ritva Lönnberg. At the same time, the main control centre revises estimates of natural gas consumption during the day based on weather conditions, etc. Finland joined the natural gas users in 1974.Together with customers, Gasum Oy and its predecessor Neste Oy Maakaasu have carved out a major role for natural gas in Finland’s energy economy, which has benefited from its diverse functional and environmental advan- tages. Our customers are satisfied with the excellent properties and delivery reliability of natural gas. Increasing use of natural gas bears witness to its excel- lent ability to compete on price. Establishing the use of natural gas in Finland would not have been possible without Gasum’s dedicated em- ployees and our efforts to constantly develop the busi- ness. Our customers, partners, other business associates and the regulatory authorities have also contributed to the progress made in the natural gas industry. In 2003, Gasum Oy exceeded its performance targets, with sales of natural gas up by 11 per cent compared to 2002. Likewise, Gasum’s subsidiaries achieved their growth and performance targets. Gasum’s sound finances provide a healthy platform that enables us to respond to the many challenges facing the natural gas industry in the decades to come. Use of natural gas in Finland to meet primary energy needs is only half the average figure for EU Member States. Finland’s national climate strategy is based on increas- ing the use of natural gas. Replacing the use of coal and oil by natural gas would considerably reduce CO2 emissions attributable to energy production.At the same time, it would lead to lower adverse environmental impacts, such as particulate emissions, both regionally and locally. Finland’s climate strategy as regards natural gas is based on increasing the share of natural gas used in industry and district heating in Southern Finland. 6 Chief executive officer’s review Obsolete plants need to be replaced and additional heat and possibly later to Pori. In addition, we continue to and power produced as consumption rises. work on a study aimed at building a pipeline connection Climate strategy targets call for major investments in between Finland and Estonia. This would further safe- extending the natural gas transmission system to provide guard the gas supply in the Helsinki Metropolitan Area. transmission capacity in line with increasing consump- A Baltic connection would also pave the way to work tion. The natural gas pipeline must also be taken to together to utilise Latvia’s underground gas storage Western Finland. For reasons of competition and emerg- facilities to benefit Finnish needs. ency supplies, we also need a pipeline connection to the Government decisions must not be allowed to natural gas network of other EU Member States and jeopardise these investments and the ensuing climate possibly to Latvia’s underground gas storage facilities.The and environmental targets. Checking the reasonability of climate strategy envisages these steps taking place the rate of return under the Natural Gas Market Act between 2008 and 2012. Local distribution also has should take into account the peculiarities of the Finnish growth potential, which Gasum will seek to take advan- natural gas market and allow an internationally competi- tage of through its subsidiaries.
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