Annual Report 2014 | Suomeksi |

9 Assets held for sale

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Accounting policies + -
Non‑current assets (or disposal groups) classified as held for sale are valued at the lower of their carrying amount and fair value less costs to sell if their carrying amount will be recovered principally through a sale transaction rather than through continuing use. These classification criteria do not include non‑current assets to be abandoned or those that have been temporarily taken out of use. An impairment loss (or subsequent gain) reduces (or increases) the carrying amount of the non‑current assets or disposal groups. The assets are not depreciated or amortised. Interest or other expenses related to these assets are recognised as before the classification as held for sale.
Discontinued operations represent a separate major line of business that either has been disposed of or is classified as held for sale. Assets and liabilities attributable to the discontinued operations must be clearly distinguishable from the other consolidated entities in terms of their operations and cash flows. In addition, the reporting entity must not have any significant continuing involvement in the operations classified as a discontinued operation.
Assets held for sale 2014
As of 31 December 2014 there were no Assets held for sale.
Assets held for sale 2013
The assets and liabilities relating to Finnish distribution business have been classified as assets held for sale in the balance sheet as of 31 December 2013. Fortum signed in December 2013 an agreement to sell its electricity distribution business in Finland to Suomi Power Networks Oy, which is owned by a consortium of Finnish pension funds Keva (12.5%) and Local Tapiola Pension (7.5%) together with international infrastructure investors First State Investments (40%) and Borealis Infrastructure (40%).
Assets held for sale 1)
EUR million 2014 2013
Intangible assets and property, plant and equipment 1,116
Other assets 42
Cash and cash equivalents 15
Total 1,173
Liabilities related to assets held for sale 1)
EUR million 2014 2013
Interest‑bearing liabilities 20
Deferred tax liabilities 141
Connection fees 306
Other liabilities 73
Total 540
1) Amounts are presented net of internal balances with other Fortum subsidiaries, such as internal financing amounting to EUR 0 million (2013: 61).
Impact on Distribution segment information
The Finnish distribution operations are included in the segment information presented in Note 5. The impact of Finnish distribution business to Distribution segment's comparable operating profit for 2013 was EUR 73 million. Additional information of the impact to segment information is presented in the table below:
EUR million Distribution segment 2013 Distribution segment 2013 without Finnish operations Impact 1)
Comparable EBITDA 548 408 ‑140
Comparable operating profit 332 259 ‑73
Operating profit 349 272 ‑77
Share of profits in associates and joint ventures 4 6 2
Depreciation and amortisation 216 149 ‑67
Capital expenditure 255 129 ‑126
Assets (at period end) 4,271 3,064 ‑1,206
Liabilities (at period end) 526 141 ‑385
Net assets (at period end) 3,745 2,923 ‑821
Comparable return on net assets, % 8.8 8.8 ‑0.1
Return on net assets, % 9.3 9.3 ‑0.1
Number of employees (at period end) 805 477 ‑328
Volume of distributed electricity, TWh 26.1 16.6 ‑9.5
Number of electricity distribution customers, thousands 1,648 1,006 ‑642
1)Impact as consolidated to Fortum Group figures for 2013.
For more information see Note 8 Acquisitions and disposals.
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