Notes to the financial statements
1 Basis of preparation for the financial statements
1.1 Income recognition principles
Hansel’s net sales consist of service fees for joint procurement and sales of expert services. The service fees are charged in arrears based on the sales reports of contractual suppliers so that the supplier reports their sales from the previous period to Hansel at the start of the new one. The reporting period is usually a month, but it can also be a quarter. Expert services are mainly charged in arrears based on the realised workhours on a monthly basis.
1.2 Valuation principles
Fixed assets are entered on the balance sheet at cost less planned depreciation. Reducing balance depreciation of 25% is applied to machinery and equipment. Software licences are amortised on a straight-line basis over five years. Other long-term expenses are amortised on a straight-line basis over five years.
Foreign currency items
Foreign currency denominated assets and liabilities are recognised at the European Central Bank average exchange rate on the closing date of the financial period.
1.3 Comparability of accounts
The accounting principles that were applied in 2022 were also applied in 2023.
2 Notes to the profit and loss statement
| 2.1 Personnel expenses and average number of personnel | 2023 | 2022 |
| Salaries | –9,819,346.83 | –8,838,772.25 |
| Fees and remuneration of the Managing Director and the Board of Directors | –363,936.85 | –336,313.49 |
| Pension expenses | –1,788,824.30 | –1,649,953.07 |
| Other indirect personnel expenses | –360,904.47 | –317,074.33 |
| Personnel expenses total | –12,333,012.45 | –11,142,113.14 |
| Total monetary value of fringe benefits | –55,592.10 | –54,337.60 |
| Number of employees | ||
| At the end of the accounting period | 132 | 128 |
| During the accounting period (person-years) | 123 | 119 |
| 2.2 Depreciation | ||
| Depreciation according to plan during the financial period | ||
| Intangible assets | ||
| Software licences | –2,951.16 | –8,759.10 |
| Tangible assets | ||
| Machinery and equipment | –26,983.56 | –34,269.10 |
| Depreciation during the financial period total | –29,934.72 | –43,028.20 |
| 2.3 Other income from business operations | ||
| Subsidies received | 87,840.00 | 74,507.43 |
| 2.3 Other operating expenses | 2,079,202.59 | 1,850,191.66 |
| 2,167,042.59 | 1,924,699.09 | |
| 2.3 Other operating expenses | ||
| Administration expenses | –4,301,561.36 | –3,810,276.83 |
| Expenses from facilities | –729,835.62 | –726,837.04 |
| Telephone, data communications and office expenses | –261,800.77 | –211,472.47 |
| Marketing expenses | –122,520.93 | –160,945.38 |
| Travel expenses | –99,437.21 | –71,784.03 |
| PR expenses | –580.56 | –783.49 |
| Other operating expenses | –77,454.42 | –75,847.54 |
| Other operating expenses total | –5,593,190.87 | –5,057,946.78 |
| 2.5 Financial income and expenses | ||
| Financial income | ||
| Interest income | 155,276.55 | 9,631.91 |
| Exchange rate gains | 0.00 | 0.00 |
| Other income from securities | 193,379.80 | 165,526.48 |
| Financial income total | 348,656.35 | 175,158.39 |
| Financial expenses | ||
| Interest expenses | –234.40 | –10.13 |
| Exchange rate losses | –5,450.15 | –2,342.23 |
| Other expenses from securities | –58,601.77 | –451,894.58 |
| Financial expenses total | –64,286.32 | –454,246.94 |
| 2.6 Auditors’ fees | ||
| Audit fees | –19,695.96 | –11,719.51 |
| Other fees | –71,562.57 | –63,446.02 |
| Auditors’ fees total | –91,258.53 | –75,165.53 |
| 3 Notes to assets on the balance sheet | 2023 | 2022 |
| 3.1 Changes in non-current assets | ||
| Intangible assets | ||
| Acquisition cost 1 Jan | 498,302.58 | 498,302.58 |
| Procured during financial period | 0.00 | 0.00 |
| Acquisition cost 31 Dec | 498,302.58 | 498,302.58 |
| Accumulated depreciation 1 Jan | –492,465.71 | –483,706.62 |
| Depreciation during the financial period | –2,951.23 | –8,759.09 |
| Accumulated depreciation 31 Dec | –495,416.94 | –492,465.71 |
| Balance sheet value 31 Dec | 2,885.64 | 5,836.87 |
| Tangible assets | ||
| Acquisition cost 1 Jan | 1,123,835.82 | 1,082,945.15 |
| Procured during financial period | 8,742.50 | 40,890.67 |
| Financial period’s deductions | 0.00 | 0.00 |
| Acquisition cost 31 Dec | 1,132,578.32 | 1,123,835.82 |
| Accumulated depreciation 1 Jan | –1,021,027.23 | –986,757.81 |
| Depreciation during the financial period | –26,983.61 | –34,269.42 |
| Accumulated depreciation 31 Dec | –1,048,010.84 | –1,021,027.23 |
| Balance sheet value 31 Dec | 84,567.48 | 102,808.59 |
| The company does not have any depreciation difference. | ||
| 3.3 Receivables | ||
| Travel advances | 5,609.79 | 5,746.94 |
| Other receivables total | 5,609.79 | 5,746.94 |
| 3.4 Prepayments and accrued income | ||
| Deferred expenses | 1,712,693.79 | 13,388,461.20 |
| Deferred expenses total | 1,712,693.79 | 13,388,461.20 |
| 3.5 Financial securities | Book value | Book value |
| Other shares and similar rights of ownership | ||
| Fund units | 2,145,433.86 | 1,620,495.90 |
| 2,145,433.86 | 1,620,495.90 | |
| Market value | Market value | |
| 2,145,433.86 | 1,620,495.90 | |
| 2,145,433.86 | 1,620,495.90 | |
| Book value | Book value | |
| Pension investments | 529,000.00 | 529,000.00 |
| 529,000.00 | 529,000.00 | |
| Market value | Market value | |
| 558,858.11 | 533,336.33 | |
| 558,858.11 | 533,336.33 | |
| Book value | Book value | |
| Capital redemption policy | 101,000.00 | 300,000.00 |
| 101,000.00 | 300,000.00 | |
| Market value | Market value | |
| 117,615.78 | 318,221.13 | |
| 117,615.78 | 318,221.13 | |
| Book value | ||
| Nordea Low Duration European Covered Bond | 105,198.35 | 300,000.00 |
| 105,198.35 | 300,000.00 | |
| Market value | ||
| 108,333.50 | 301,608.14 | |
| 108,333.50 | 301,608.14 | |
| Financial securities total book value | 2,880,632.21 | 2,749,495.90 |
| 4 Notes to equity and balance sheet liabilities | 2023 | 2022 |
| 4.1 Equity | ||
| Restricted equity | ||
| Share capital 1 Jan | 5,000,000.00 | 5,000,000.00 |
| Reduction of share capital | 0.00 | 0.00 |
| Share capital 31 Dec | 5,000,000.00 | 5,000,000.00 |
| Restricted equity total | 5,000,000.00 | 5,000,000.00 |
| Unrestricted equity | ||
| Unrestricted equity reserve 1 Jan | 2,968,128.27 | 2,968,128.27 |
| Deduction from unrestricted equity reserve | 0.00 | 0.00 |
| Unrestricted equity reserve 31 Dec | 2,968,128.27 | 2,968,128.27 |
| Retained profit/loss 1 Jan | –1,478,282.58 | –1,140,589.57 |
| Retained profit/loss 31 Dec | –1,478,282.58 | –1,140,589.57 |
| Profit/loss for the financial period | 2,004,233.25 | –337,693.01 |
| Unrestricted equity total | 3,494,078.94 | 1,489,845.69 |
| Equity total 31 Dec | 8,494,078.94 | 6,489,845.69 |
| Calculated distributable assets 31 Dec | ||
| Unrestricted equity reserve | 2,968,128.27 | 2,968,128.27 |
| Retained losses | –1,478,282.58 | –1,140,589.57 |
| Profit/loss for the period | 2,004,233.25 | –337,693.01 |
| Distributable assets | 3,494,078.94 | 1,489,845.69 |
| 4.2 Reserve for contingencies | ||
| Pension liabilities carried forward | 701,685.00 | 598,032.00 |
| 4.3 Current liabilities | ||
| Accruals and deferred income | ||
| Annual holiday pay and related social security contributions | 1,317,437.64 | 1,215,578.98 |
| Salary liabilities and related social security contributions | 272,762.38 | 249,558.34 |
| Mandatory employer’s insurance payments | 0.00 | 2,028.92 |
| Other accrued expenses | 2,552,867.62 | 11,466,917.98 |
| Accruals and deferred income total | 4,143,067.64 | 12,934,084.22 |
| 5 Notes on collateral and contingent liabilities | ||
| 5.1 Transactions by related parties | ||
| The company does not have any material interest group events that deviate from normal commercial conditions. | ||
| 5.2 Commitments and liabilities | ||
| Other own commitments | ||
| Rental liabilities, less than one year | 782,935.76 | 929,145.12 |
| Rental liabilities, more than one year | 3,897,528.40 | 4,296,509.38 |
| Leasing liabilities, less than one year | 59,115.49 | 79,972.14 |
| Leasing liabilities, more than one year | 6,432.13 | 77,091.49 |
| Commitments and liabilities total | 4,746,011.78 | 5,382,718.13 |
| Electricity derivatives | ||
| Market value | 4,354,635.41 | 106,704,653.48 |
| Value of hedged volume (underlying security) | 101,796,276.98 | 102,649,750.77 |
Government electricity procurement is handled centrally through Hansel’s framework agreement and involves derivatives that hedge against changes in electricity prices in accordance with the government’s electricity hedging strategy. Hansel is responsible for the management of this portfolio and is the counterparty to the derivative agreements on behalf of its customers. The counterparties used by Hansel are large operators in the field, and to reduce risks, Hansel distributes the portfolio between various counterparties. At present, there are six potential counterparties. For Hansel, electricity derivatives trading is a pass-through item, and the related expenses and income are charged for in full from the Hansel portfolio customers. The market values of derivatives are not recorded on the balance sheet.
A monitoring group for electricity procurement, set up by Hansel, supervises government electricity procurement and proposes improvements if necessary. Hansel’s category manager summons the monitoring group. Hansel’s representatives meet the representatives of the Ministry of Finance regularly about electricity procurement.
The Ministry of Finance decides on the government’s hedging strategy for electricity procurement. According to this strategy, a portfolio manager chosen by Hansel through tendering decides on individual hedges and their scheduling. Hedges have been made accordingly until 2027.
5.3 Legal proceedings
At the end of 2023, Hansel had two pending claims in the Market Court. The company has no pending appeals before the Supreme Administrative Court at the end of 2023. Hansel did not receive any decisions from the Market Court or the Supreme Administrative Court in 2023.
5.4 Key events after the financial year
There are no key events after the end of the financial year.
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