Annual Report 2014 | Suomeksi |

Operational key figures, segments

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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. Segment numbers are presented based only on IFRS for comparison purposes, because in the transition to IFRS reportable segments were redefined and segment reporting as such was reassessed.
Following the acquisition of the Russian company, OAO Fortum, Fortum changed its segment reporting during 2008. Comparison numbers for 2004‑2007 were restated in 2008.
Fortum renewed its business structure as of 1 March 2014. The reorganisation lead to a change in Fortum's external financial reporting structure as previously separately reported segments Heat and Electricity Sales are now combined into one segment: Heat, Electricity Sales and Solutions.
For further information see Note 5 Segment reporting.
Fortum has applied new IFRS 10 Consolidated financial statements and IFRS 11 Joint arrangements from 1 January 2014. The effect of applying the new standards to Fortum Group financial information relates to AB Fortum Värme samägt med Stockholm Stad (Fortum Värme), that is treated as a joint venture and thus consolidated with equity method from 1 January 2014 onwards. Before the change the company was consolidated as a subsidiary with 50% minority interest.
For further information see Note 1.6.1 Adoption of new IFRS standards from 1 Jan 2014 or later
Information for 2013 has been restated to reflect both the change in business structure and adoption of new IFRS standards.
Sales by segment,
EUR million
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Power and Technology 2,084 2,058 2,439 2,350 2,892 2,531 2,702 2,481 2,415 2,252 2,156
‑ of which internal 128 ‑97 ‑133 323 0 254 ‑281 ‑24 296 69 85
Heat 1,025 1,063 1,268 1,356 1,466 1,399 1,770 1,737 1,628
‑ of which internal 49 ‑12 ‑32 38 0 23 ‑8 8 18
Heat, Electricity Sales and Solutions 1,516 1,332
‑ of which internal 87 34
Russia 489 632 804 920 1,030 1,119 1,055
‑ of which internal 0
Distribution 707 707 753 769 789 800 963 973 1,070 1,064 751
‑ of which internal 10 ‑8 8 9 10 13 18 15 37 19 17
Electricity Sales 1,387 1,365 1,912 1,683 1,922 1,449 1,798 900 722
‑ of which internal 92 ‑101 149 155 177 67 158 95 55
Other 90 91 78 81 83 71 51 108 137 63 58
‑ of which internal 93 ‑63 62 72 82 ‑5 169 115 ‑66 54 44
Eliminations ‑1,458 ‑1,407 ‑1,959 ‑1,760 ‑2,005 ‑1,447 ‑1,792 ‑958 ‑843 ‑706 ‑601
Total 3,835 3,877 4,491 4,479 5,636 5,435 6,296 6,161 6,159 5,309 4,751
Comparable operating profit by segment,
EUR million
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Power and Technology 730 854 985 1,095 1,528 1,454 1,298 1,201 1,146 859 877
Heat 207 253 253 290 250 231 275 278 271
Heat, Electricity Sales and Solutions 109 104
Russia ‑92 ‑20 8 74 68 156 161
Distribution 240 244 250 231 248 262 307 295 320 332 266
Electricity Sales 23 30 ‑4 ‑1 ‑33 22 11 27 39
Other ‑52 ‑47 ‑47 ‑51 ‑56 ‑61 ‑66 ‑73 ‑92 ‑54 ‑57
Comparable operating profit 1,148 1,334 1,437 1,564 1,845 1,888 1,833 1,802 1,752 1,403 1,351
Non‑recurring items 18 30 61 250 85 29 93 284 155 61 2,171
Other items affecting comparability 29 ‑17 ‑43 33 33 ‑135 ‑218 316 ‑33 45 ‑94
Operating profit 1,195 1,347 1,455 1,847 1,963 1,782 1,708 2,402 1,874 1,508 3,428
Comparable EBITDA by segment,
EUR million
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Power and Technology 834 966 1,093 1,198 1,625 1,547 1,398 1,310 1,260 1,007 998
Heat 331 376 397 453 419 393 462 471 481
Heat, Electricity Sales and Solutions 211 204
Russia ‑25 55 94 148 189 258 304
Distribution 373 389 397 393 413 426 485 482 529 548 416
Electricity Sales 39 45 15 10 ‑26 28 13 29 40
Other ‑41 ‑35 ‑36 ‑39 ‑46 ‑51 ‑56 ‑66 ‑83 ‑49 ‑49
Total 1,536 1,741 1,866 2,015 2,360 2,398 2,396 2,374 2,416 1,975 1,873
Depreciation, amortisation and impairment charges by segment,
EUR million
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Power and Technology 104 112 108 103 97 93 100 109 114 148 121
Heat 124 123 144 163 169 162 187 193 210
Heat, Electricity Sales and Solutions 102 100
Russia 67 75 86 108 121 150 147
Distribution 133 145 147 162 165 164 178 187 209 216 150
Electricity Sales 16 15 19 11 7 6 2 2 1
Other 11 12 11 12 10 10 10 7 9 5 8
Total 388 407 429 451 515 510 563 606 664 621 526
Share of profit of associates and joint ventures by segment, EUR million 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Power and Technology ‑21 ‑21 ‑9 ‑23 26 ‑35 ‑25 3 ‑12 4 ‑14
Heat 15 11 23 24 12 30 31 19 20
Heat, Electricity Sales and Solutions 91 88
Russia 19 20 8 30 27 46 35
Distribution 16 20 15 18 16 10 19 14 8 4 3
Electricity Sales 0 1 1 0 5 0 1 2 0
Other 2 44 39 222 48 ‑4 28 23 ‑20 32 37
Total 12 55 69 241 126 21 62 91 23 178 149
Capital expenditure by segment,
EUR million
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Power and Technology 84 83 95 93 134 96 97 131 190 179 197
Heat 123 124 184 309 408 358 304 297 464
Heat, Electricity Sales and Solutions 123 86
Russia 256 215 599 670 568 435 340
Distribution 106 115 183 236 296 188 213 289 324 255 147
Electricity Sales 10 10 8 3 3 1 0 5 1
Other 12 14 15 14 11 4 9 16 11 12 3
Total 335 346 485 655 1,108 862 1,222 1,408 1,558 1,005 774
Gross investments in shares by segment,
EUR million
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Power and Technology 23 45 5 52 0 57 25 17 2 2
Heat 53 87 589 18 23 1 1 32 10
Heat, Electricity Sales and Solutions 11 37
Russia 103 2 140 245 1,492 3 24 0 27
Distribution 0 130 1 0 5 0 0 0
Electricity Sales 0 6 0 0
Other 0 40 1 1 1 1 1 6 2 4
Total 179 134 910 317 1,516 67 27 74 16 15 69
Gross divestments of shares by segment,
EUR million
2009 2010 2011 2012 2013 2014
Power and Technology 10 0 3 102 79 67
Heat 1 52 203 269
Heat, Electricity Sales and Solutions 11 446
Russia 43 23 0
Distribution 1 46 323 37 52 2,681
Electricity Sales 16 2
Other 2 6 0 0 2
Total 14 147 568 410 142 3,196
Net assets by segment, EUR million 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Power and Technology 5,804 5,493 5,690 5,599 5,331 5,494 5,806 6,247 6,389 6,355 6,001
Heat 2,440 2,551 3,407 3,507 3,468 3,787 4,182 4,191 4,286
Heat, Electricity Sales and Solutions 2,295 2,112
Russia 151 153 294 456 2,205 2,260 2,817 3,273 3,848 3,846 2,597
Distribution 3,091 3,021 3,412 3,239 3,032 3,299 3,683 3,589 3,889 3,745 2,615
Electricity Sales 194 228 176 247 188 125 210 11 51
Other 220 447 835 1,237 796 382 29 208 158 295 496
Total 11,900 11,893 13,814 14,285 15,020 15,347 16,727 17,519 18,621 16,537 13,820
Return on net assets by segment, % 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Power and Technology 12.6 14.3 17.5 19.2 29.6 24.5 19.5 24.6 18.7 14.5 13.6
Heat 9.8 11.6 9.6 9.3 8.9 7.9 8.4 9.9 8.8
Heat, Electricity Sales and Solutions 9.7 19.1
Russia 66.3 3.7 0.0 2.4 3.5 3.0 5.2 5.6
Distribution 8.1 8.8 8.4 7.7 8.1 8.7 9.7 13.7 9.1 9.3 73.6
Electricity Sales 25.2 17.4 ‑1.6 6.9 ‑14.0 28.9 38.4 4.2 152.3
Comparable return on net assets by segment, % 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Power and Technology 12.0 14.9 17.4 18.9 28.0 26.4 22.3 19.9 18.5 13.8 14.2
Heat 9.3 11.0 9.2 9.2 7.3 7.6 7.7 7.4 7.0
Heat, Electricity Sales and Solutions 8.7 8.7
Russia 0.0 ‑3.8 0.0 0.7 3.5 2.7 5.2 5.6
Distribution 8.3 8.6 8.3 7.6 8.2 8.6 9.3 8.6 8.8 8.8 9.3
Electricity Sales 17.1 16.4 ‑0.8 ‑0.6 ‑15.3 18.6 9.3 33.5 203.1
Average number of personnel 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Power and Technology 4,588 4,374 4,147 3,475 3,591 2,068 1,891 1,873 1,896 1,900 1,685
Heat 1,605 2,186 2,345 2,302 2,422 2,652 2,482 2,682 2,354
Heat, Electricity Sales and Solutions 2,051 1,913
Russia 5,566 6,170 4,555 4,436 4,301 4,245 4,196
Distribution 995 1,008 983 1,060 1,222 1,166 1,098 902 873 786 492
Electricity Sales 682 745 825 936 766 629 538 510 515
Other 722 626 610 531 510 593 592 607 661 550 536
Total 8,592 8,939 8,910 8,304 14,077 13,278 11,156 11,010 10,600 9,532 8,821
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