Annual Report 2014 | Suomeksi |

Financial key figures

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The operations of Fortum Corporation and its subsidiaries (together the Fortum Group) focus on the Nordic and Baltic countries, Russia and Poland. Fortum's activities cover the generation, distribution and sale of electricity and heat, and energy‑related expert services. Neste Oil was included in the Fortum Group until 31 March 2005, when the Annual General Meeting made the final decision to separate the oil operations by distributing approximately 85% of Neste Oil Corporation shares as a dividend. The remaining approximately 15% of the shares were sold to investors in April 2005.
Oil operations were presented as discontinued operations in years 2004 and 2005.
From 2005, Fortum applies International Financial Reporting Standards (IFRS) for the annual and interim reports. The 2005 annual report included one comparison year 2004, which was restated to IFRS.
Comparability of information presented in tables and graphs
Information in the tables and graphs presented for year 2012 or earlier is not restated due to the adoption of IFRS 10 and IFRS 11. Adoption of standards influences treatment of Fortum’s holding in AB Fortum Värme samägt med Stockholms stad in the the consolidated financial statements. For further information, see Note 1.6.1. New IFRS standards adopted from 1 Jan 2014.
EUR million IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS Change 14/13
or as indicated 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 %
Sales total Fortum 11,659 5,918 4,491 4,479 5,636 5,435 6,296 6,161 6,159 5,309 4,751 ‑11
Sales continuing operations 3,835 3,877 4,491 4,479 5,636 5,435 6,296 6,161 6,159 5,309 4,751 ‑11
EBITDA total Fortum 1) 2,443 2,307 1,884 2,298 2,478 2,292 2,271 3,008 2,538 2,129 3,954 86
EBITDA continuing operations 1,583 1,754 1,884 2,298 2,478 2,292 2,271 3,008 2,538 2,129 3,954 86
Comparable EBITDA continuing operations 1,741 1,866 2,015 2,360 2,398 2,396 2,374 2,416 1,975 1,873 ‑5
Operating profit total Fortum 1,916 1,864 1,455 1,847 1,963 1,782 1,708 2,402 1,874 1,508 3,428 127
‑ of sales % 16.4 31.5 32.4 41.2 34.8 32.8 27.1 39.0 30.4 28.4 72.2
Operating profit continuing operations 1,195 1,347 1,455 1,847 1,963 1,782 1,708 2,402 1,874 1,508 3,428 127
‑ of sales % 31.2 34.7 32.4 41.2 34.8 32.8 27.1 39.0 30.4 28.4 72.2
Comparable operating profit continuing operations 1,148 1,334 1,437 1,564 1,845 1,888 1,833 1,802 1,752 1,403 1,351 ‑4
Profit before income tax total Fortum 1,700 1,776 1,421 1,934 1,850 1,636 1,615 2,228 1,586 1,398 3,360 140
‑ of sales % 14.6 30.0 31.6 43.2 32.8 30.1 25.7 36.2 25.8 26.3 70.7
Profit before income tax continuing operations 962 1,267 1,421 1,934 1,850 1,636 1,615 2,228 1,586 1,398 3,360 140
‑ of sales % 25.1 32.7 31.6 43.2 32.8 30.1 25.7 36.2 25.8 26.3 70.7
Profit for the period continuing operations 703 936 1,120 1,608 1,596 1,351 1,354 1,862 1,512 1,212 3,161 161
‑ of which attributable to owners of the parent 670 884 1,071 1,552 1,542 1,312 1,300 1,769 1,416 1,204 3,154 162
Capital employed total Fortum 12,890 11,357 12,663 13,544 15,911 15,350 16,124 17,931 19,420 19,183 17,918 ‑7
Capital employed continuing operations 10,739 11,357 12,663 13,544 15,911 15,350 16,124 17,931 19,420 19,183 17,918 ‑7
Interest‑bearing net debt 5,095 3,158 4,345 4,466 6,179 5,969 6,826 7,023 7,814 7,793 4,217 ‑46
Interest‑bearing net debt without Värme financing 6,658 3,664 ‑45
Capital expenditure and gross investments in shares total Fortum 830 578 1,395 972 2,624 929 1,249 1,482 1,574 1,020 843 ‑17
‑ of sales % 7.1 9.8 31.1 21.7 46.6 17.1 19.8 24.1 25.6 19.2 15.9
Capital expenditure and gross investments in shares continuing operations 514 479 1,395 972 2,624 929 1,249 1,482 1,574 1,020 843 ‑17
Capital expenditure continuing operations 335 346 485 655 1,108 862 1,222 1,408 1,558 1,005 774 ‑23
Net cash from operating activities total Fortum 1,758 1,404 1,151 1,670 2,002 2,264 1,437 1,613 1,382 1,548 1,762 14
Net cash from operating activities continuing operations 1,232 1,271 1,151 1,670 2,002 2,264 1,437 1,613 1,382 1,548 1,762 14
Return on capital employed
total Fortum, %
15.8 16.6 13.4 16.5 15.0 12.1 11.6 14.8 10.2 9.0 19.5
Return on capital employed continuing operations, % 11.4 13.5 13.4 16.5 15.0 12.1 11.6 14.8 10.2 9.0 19.5
Return on shareholders' equity total Fortum, % 18.2 18.7 14.4 19.1 18.7 16.0 15.7 19.7 14.6 12.0 30.0
Return on shareholders' equity continuing operations, % 2) 13.5 14.4 19.1 18.7 16.0 15.7 19.7 14.6 12.0 30.0
Interest coverage 8.0 11.6 11.5 12.8 9.4 12.4 13.7 10.5 7.6 6.7 19.9
Interest coverage including capitalised borrowing costs 8.6 10.3 10.0 8.5 5.7 5.3 15.7
Funds from operations/interest‑bearing net debt, % 36.4 43.2 30.6 36.3 34.1 37.6 20.5 21.5 19.9 18.8 42.9
Funds from operations/interest‑bearing net debt without Värme financing, % 22.1 49.3
Gearing, % 67 43 53 52 73 70 78 69 73 77 39
Net debt/EBITDA 2 1 2 2 3 3 3 2 3 4 1.1
Net debt/EBITDA continuing operations 1.8 2.3 1.9 2.5 2.6 3.0 2.3 3.1 3.7 1.1
Comparable net debt/EBITDA continuing operations 1.8 2.3 2.2 2.6 2.5 2.8 3.0 3.2 3.9 2.3
Comparable net debt/EBITDA without Värme financing 3.4 2.0
Equity‑to‑assets ratio, % 44 49 48 49 41 43 40 44 43 43 51
Dividends 3) 506 987 1,122 1,198 888 888 888 888 888 977 1,155 4) 18
Dividends continuing operations 511 650 683
Dividends additional in 2006 and 2007/discontinued operations in 2005 476 472 515
Research and development expenditure 26 14 17 21 27 30 30 38 41 49 41 ‑16
‑ of sales % 0.2 0.2 0.4 0.5 0.5 0.5 0.5 0.6 0.7 0.9 0.9
Average number of employees total Fortum 12,859 10,026 8,910 8,304 14,077 13,278 11,156 11,010 10,600 9,532 8,821
Average number of employees continuing operations 8,592 8,939 8,910 8,304 14,077 13,278 11,156 11,010 10,600 9,532 8,821
1) EBITDA is defined as Operating profit continuing operations + Depreciation, amortisation and impairment charges.
2) Return on equity for continuing operations for 2005 is calculated based on profit for the period from continuing operations divided by total equity at the end of the period. Profit for the period from discontinued operations has been subtracted from total equity on 31 December 2005.
3) In addition to cash dividend Fortum distributed approximately 85% of Neste Oil Corporation shares as dividend in 2005.
4) Board of Directors' proposal for the Annual General Meeting on 31 March 2015.
See Definitions of key figures.
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