Notes to the financial statements
1 Accounting principles
1.1 Income recognition principles
Hansel’s net sales consist of service fees for joint procurement and sales of specialist services. The service fees are charged in arrears based on the sales reports of contractual suppliers so that the suppliers report their sales from the previous period to Hansel at the start of the new period. The reporting period is usually a month, but it can also be a quarter. In most cases, specialist services are charged in arrears based on the actual working hours on a monthly basis.
1.2 Valuation principles
Fixed assets are entered on the balance sheet at cost less depreciation according to plan. 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’s average exchange rate on the closing date of the financial period.
1.3 Comparability of accounts
The accounting principles have not changed in 2025 from 2024.
2 Notes to the profit and loss account
| 2.1 Personnel expenses and average number of personnel | 2025 | 2024 |
| Salaries | –10,782,385,40 | –10,396,493,69 |
| Pension expenses | –1,990,690,37 | –1,934,579,77 |
| Other indirect personnel expenses | –335,299,32 | –247,515,00 |
| Personnel expenses total | –13,108,375,09 | – 12,578,588.46 |
| Fees and remuneration of the Managing Director and Board of Directors | –372,143,05 | –411,260,85 |
| Number of employees | ||
| At the end of the financial period | 145 | 142 |
| Average number of employees during the financial period (labour units) | 138 | 131 |
| 2.2 Depreciation | ||
| Depreciation according to plan during the financial period | ||
| Intangible assets | ||
| Software licences | 0.00 | –2,885,64 |
| Tangible assets | ||
| Machinery and equipment | –26,538,94 | –23,522,47 |
| Depreciation during the financial period total | –26,538,94 | –26,408,11 |
| 2.3 Other income from business operations | ||
| Subsidies received | 0.00 | 53,352.44 |
| Other income from business operations | 1,433,473.22 | 1,295,315.07 |
| 1,433,473.22 | 1,348,667.51 | |
| 2.4 Other operating expenses | ||
| Administration expenses | –937,302,69 | –941,901,34 |
| Development expenses | –2,588,498,98 | –2,451,083,27 |
| Expenses from facilities | –718,304,88 | –661,991,86 |
| IT expenses | –854,383,51 | –853,415,05 |
| Telephone, data communications and office expenses | –364,176,04 | –330,823,66 |
| Marketing and communications expenses | –265,192,09 | –192,051,86 |
| Travel expenses | –144,534,21 | –111,950,11 |
| PR expenses | –615,17 | –1,120,17 |
| Other operating expenses | –58,222,00 | –42,263,64 |
| Other operating expenses total | –5,931,229,57 | –5,586,609,96 |
| 2.5 Financial income and expenses | ||
| Financial incomes | ||
| Interest income | 158,230.68 | 247,450.40 |
| Exchange rate gains | 129.00 | 401.57 |
| Other income from securities | 56,718.75 | 179,797.90 |
| Financial income total | 215,078.43 | 427,649.87 |
| Financial expenses | ||
| Interest expenses | –30,20 | –60,73 |
| Exchange rate losses | –1,524,48 | 0.00 |
| Other expenses from securities | –34,883,07 | –75,114,46 |
| Financial expenses total | –36,437,75 | –75,175,19 |
| 2.6 Auditor’s fees | ||
| Audit | –16,931,89 | –17,897,02 |
| Other services | –66,096,92 | –39,694,01 |
| Auditor’s fees total | –83,028,81 | –57,591,03 |
| 3 Notes to assets on the balance sheet | 2025 | 2024 |
| 3.1 Changes in non-current assets | ||
| Tangible assets | ||
| Acquisition cost 1 Jan | 1,170,666.92 | 1,132,578.32 |
| Procured during financial period | 0.00 | 38,088.60 |
| Acquisition cost 31 Dec | 1,170,666.92 | 1,170,666.92 |
| Accumulated depreciation 1 Jan | –1,071,533,31 | –1,048,010,84 |
| Depreciation during the financial period | –26,538,94 | –23,522,47 |
| Accumulated depreciation 31 Dec | –1,098,072,25 | –1,071,533,31 |
| Balance sheet value 31 Dec | 72,594.68 | 99,133.61 |
| The company does not have any depreciation difference. | ||
| 3.3 Receivables | ||
| Travel advances | 6,362.88 | 5,318.05 |
| Other receivables total | 6,362.88 | 5,318.05 |
| 3.4 Prepayments and accrued income | ||
| Deferred expenses | 72,204.34 | 106,256.14 |
| Prepayments and accrued income total | 72,204.34 | 106,256.14 |
| 3.5 Financial securities | Book value | Book value |
| Other shares and similar rights of ownership | ||
| Nordea Instituutio Varainhoito Varovainen | 2,261,668.12 | 2,250,117.30 |
| 2,261,668.12 | 2,250,117.30 | |
| Market value | Market value | |
| 2,383,555.20 | 2,250,117.30 | |
| 2,383,555.20 | 2,250,117.30 | |
| Book value | Book value | |
| Nordea Capital Corporate | 529,000.00 | 529,000.00 |
| 529,000.00 | 529,000.00 | |
| Market value | Market value | |
| 626,497.49 | 595,871.80 | |
| 626,497.49 | 595,871.80 | |
| Book value | Book value | |
| Nordea Capital Corporate | 111,284.89 | 101,000.00 |
| 111,284.89 | 101,000.00 | |
| Market value | Market value | |
| 126,890.73 | 120,201.42 | |
| 126,890.73 | 120,201.42 | |
| Book value | Book value | |
| Nordea Low Duration European Covered Bond BI EUR | 105,198.35 | 105,198.35 |
| 105,198.35 | 105,198.35 | |
| Market value | Market value | |
| 118,396.20 | 113,490.67 | |
| 118,396.20 | 113,490.67 | |
| Financial securities total book value | 3,007,151.36 | 2,985,315.65 |
| 4 Notes to equity and balance sheet liabilities | 2025 | 2024 |
| 4.1 Equity | ||
| Restricted equity | ||
| Share capital 1 Jan | 5,000,000.00 | 5,000,000.00 |
| 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 |
| Unrestricted equity reserve 31 Dec | 2,968,128.27 | 2,968,128.27 |
| Retained profit/loss 1 Jan | 1,723,801.58 | 525,950.67 |
| Retained profit/loss 31 Dec | 1,723,801.58 | 525,950.67 |
| Profit/loss for the financial period | 892,412.94 | 1,197,850.91 |
| Unrestricted equity total | 5,584,342.79 | 4,691,929.85 |
| Equity total 31 Dec | 10,584,342.79 | 9,691,929.85 |
| Calculated distributable assets 31 Dec | ||
| Retained profit/loss | 1,723,801.58 | 525,950.67 |
| Profit for the period | 892,412.94 | 1,197,850.91 |
| Unrestricted equity reserve | 2,968,128.27 | 2,968,128.27 |
| Distributable assets | 5,584,342.79 | 4,691,929.85 |
| Number of shares | ||
| The number of shares is 72,025. All shares carry equal rights. | ||
| 4.2 Provision | ||
| Pension liabilities carried forward | 976,763.00 | 852,564.00 |
| 4.3 Current liabilities | ||
| Accruals and deferred income | ||
| Annual holiday pay and related social security contributions | 1,749,007.63 | 1,679,032.49 |
| Mandatory employer’s insurance contributions | 35,120.04 | 44,494.07 |
| Income taxes | 24,017.05 | 0.00 |
| Deferred expenses for the financial period | 1,273,124.58 | 1,391,113.42 |
| Accruals and deferred income total | 3,081,269.30 | 3,114,639.98 |
| 5 Notes on collateral and contingent liabilities | ||
| 5.1 Transactions by related parties | ||
| The company does not have any material transactions by related parties deviating from conventional commercial terms. | ||
| 5.2 Commitments and liabilities | ||
| Other own commitments | ||
| Rental liabilities, less than one year | 921,221.64 | 819,857.50 |
| Rental liabilities, more than one year | 1,926,182.33 | 2,847,403.97 |
| Leasing liabilities, less than one year | 107,635.66 | 88,940.31 |
| Leasing liabilities, more than one year | 172,263.35 | 210,438.75 |
| Commitments and liabilities total | 3,127,302.98 | 3,966,640.53 |
| Electricity derivatives | ||
| Market value | –5,356,863,80 | –6,734,004,06 |
| Value of hedged volume (underlying security) | 84,975,939.45 | 98,507,670.95 |
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. There are currently 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 as necessary. Hansel’s category manager summons the monitoring group. Regular meetings between Hansel’s representatives and representatives of the Ministry of Finance regarding the procurement of electricity are arranged.
The Ministry of Finance decides on the State’s hedging strategy for electricity procurement. Hansel is responsible for the implementation of the strategy, and portfolio managers chosen by Hansel through tendering decide on individual hedges and their scheduling in accordance with the strategy. Hedges compliant with the strategy have been made until 2029.
5.3 Legal proceedings
At the end of 2025, Hansel had one pending appeal in the Market Court. The company had no pending appeals in the Supreme Administrative Court at the end of 2025. Hansel had two pending disputes in a district court at the end of 2025. In 2025, Hansel received five decisions of the Market Court, three rejecting the claims, one in which the proceedings lapsed due to the withdrawal of the appeal and one in which the proceedings lapsed with regard to the main case due to the suspension of the procurement procedure. In 2025, the company received four decisions from the Supreme Administrative Court, each of which rejected the applications for leave to appeal submitted by the appellants. Hansel and Valtori have been addressed with a complaint about a breach of obligations related to the joint procurement agreement for data centre and capacity services. The complainant has estimated the amount of damage to be tens of millions of euros. Hansel considers the complaint unfounded.
5.4 Key events after the financial year
There are no key events after the end of the financial year.
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