| EUR 1 000 | 2018 | 2017 |
| Posiva Group | 5 989 | 4 602 |
| 31 Dec | 5 989 | 4 602 |
Nature of investment in joint ventures:
| Name of entity | Place of incorporation | Group share, % | Measurement method |
| Posiva Oy - A series | Eurajoki | 60 | Equity |
| Posiva Oy - B series | Eurajoki | 74 | Equity |
TVO has a 60 per cent shareholding in Posiva Oy. Posiva is responsible for the research and implementation of final disposal of spent nuclear fuel of its shareholders TVO and Fortum Power and Heat Oy (FPH).
TVO governs Posiva Oy jointly with FPH, based on Articles of Association and Shareholders Agreement. TVO is liable for approximately 74 per cent of Posiva's expenses. The duty of Posiva is to carry out all tasks related to the final disposal of spent nuclear fuel of its shareholder's nuclear power plants in Finland in order to fulfill their nuclear waste management obligation as specified in the Nuclear Energy Act. The company's operations also include research and construction related to the final disposal solution. Management of spent fuel is carried out according to the detailed plan examined by Finnish Centre for Radiation and Nuclear Safety and approved by The Ministry of Employment and the Economy.
Posiva Solutions Oy, a wholly-owned subsidiary of Posiva Oy, was founded on May 20, 2016. Posiva Solutions Oy focuses on the sales of the know-how Posiva has accumulated from its design, research and development activities in the final disposal of spent nuclear fuel, as well as on associated consulting services.
Summarised financial information (FAS) for Posiva Group
Posiva Oy and Posiva Solutions Oy are private companies and there is no quoted market prices available for their shares. In the consolidated financial statements Posiva Group is accounted by the equity method of accounting.
Summarised balance sheet | 2018
Posiva Group
| 2017
Posiva Group
|
| Current |
|
|
| Cash and cash equivalents | 15 079 | 14 664 |
| Other current assets (excluding cash) | 8 069 | 4 850 |
| Total current assets | 23 147 | 19 514 |
| Financial liabilities (excluding trade payables) | -378 | -363 |
| Other current liabilities (including trade payables) | -11 603 | -10 146 |
| Total current liabilities | -11 981 | -10 509 |
Non-current |
|
|
| Assets | 1 465 | 1 899 |
| Financial liabilities | -4 185 | -4 342 |
| Total non-current liabilities | -4 185 | -4 342 |
| Net assets | 8 446 | 6 562 |
Summarised statement of comprehensive income |
|
|
| Turnover | 76 725 | 71 240 |
| Depreciation and impairment charges | -50 | -47 |
| Interest income | 18 | 31 |
| Interest expense | -43 | -49 |
| Pre-tax profit from continuing operations | 2 359 | 2 196 |
| Income tax expense | -475 | -445 |
| Post-tax profit from continuing operations | 1 884 | 1 751 |
Reconciliation of summarised financial information |
|
|
| Operating net assets 1 Jan | 6 562 | 4 811 |
| Profit/loss for the period | 1 884 | 1 751 |
| Closing net assets | 8 446 | 6 562 |
| Interest in joint venture | 5 989 | 4 602 |
| Carrying value | 5 989 | 4 602 |
