Annual Report 2013 | Suomeksi |

8 Acquisitions and disposals

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Gross investments in subsidiary shares by segment
EUR million 2013 2012
Power - 1
Heat - -
Russia - -
Distribution - -
Electricity Sales - -
Other 11 4
Total 11 5
Gross investments in subsidiary shares by country
EUR million 2013 2012
Finland - 5
Sweden - -
Russia - -
Other countries 11 -
Total 11 5
Gross investments in subsidiary shares consist of interest-bearing debt as well as paid cash according to purchase agreement added with direct costs relating to the acquisition less cash and cash equivalents in acquired subsidiary.
8.1 Acquisitions in 2013 and 2012
Total investment in subsidiary shares in 2013 amounted to EUR 11 million (2012: 5).
8.2 Disposals in 2013 and 2012
During 2013 Fortum divested small hydropower plants in Sweden and a minor gain was recognised in the Power segment.
In June 2013, Fortum agreed to sell its 47.9% ownership in the Swedish energy company Härjeåns Kraft AB to the Finnish energy company Oy Herrfors Ab, a subsidiary of Katternö Group. The sales price was SEK 445 million (approximately EUR 51 million). The transaction was completed in July and a capital gain of EUR 17 million was booked to Distribution segment's third quarter results.
In July 2013 Fortum completed the divestment of its 33% holding in Infratek ASA to a fund managed by Triton. The sales price was NOK 295 million (approximately EUR 38 million). A capital gain of EUR 11 million was booked in the Power segment's third quarter results.
During fourth quarter there were several divestments that had a minor effect to Fortum’s Heat segment's results. In November 2013 Fortum sold its 50% ownership in the Finnish district heating company Riihimäen Kaukolämpö Oy to the City of Riihimäki (40%) and to Riihimäen Kaukolämpö Oy (10%).
In December 2013 Fortum sold its Kauttua combined heat and power (CHP) plant in Eura, Finland to the Finnish energy company Adven Oy. Also in December 2013 Fortum sold its CHP plant as well as its natural gas and district heating network in the town of Nokia to Leppäkosken Sähkö Oy. Furthermore Fortum’s Uimaharju CHP plant ownership was transferred to Stora Enso on 31 December 2013 according to an earlier agreement signed in 1990.
During Q4 2012 Fortum divested small hydropower plants in Sweden, a minor gain was recognised in the Power segment.
Fortum sold its shares in Fortum Heat Naantali Oy to Turun Seudun Energiantuotanto Oy (TSE) in which Fortum has 49.5% interest at 31 December 2012. The total sales price (less liquid funds in sold company) was approximately EUR 74 million, of which EUR 2 million was unpaid as of 31 December 2012. Fortum's capital gain EUR 21 million was recognised in Heat segment. In connection with the sale Fortum participated in the share issue in TSE with EUR 10 million and gave a shareholder loan to the company amounting to EUR 13 million.
Fortum closed its divestment of Fortum Energiaratkaisut Oy and Fortum Termest AS to EQT Infrastructure Fund on January 31, 2012. The total sales price, including net debt, was approximately EUR 200 million. Fortum's capital gain was EUR 58 million. The assets and liabilities related to the divested operations were presented as assets and liabilities held for sale in December 2011.
In the beginning of January 2012 Fortum sold Distribution's Estonian subsidiary Fortum Elekter AS to Imatran Seudun Sähkö. In connection with the sale Fortum also sold its ownership in Imatran Seudun Sähkö Oy. The assets and liabilities related to the divested operations were presented as assets and liabilities held for sale in December 2011.
During Q1 2012 Fortum divested small hydropower plants in Finland with the sale of a 60% share in Killin Voima Oy to Koillis-Satakunnan Sähkö Oy and sale of 14 small hydropower plants in Finland to Koskienergia Oy. Capital gain from these transactions was EUR 47 million booked in the Power segment's first-quarter results.
Divestments
EUR million 2013 2012
Divestment of subsidiaries
Intangible assets and Property, plant and equipment 30 247
Other non-current and current assets 3 73
Liquid funds 1 14
Interest-bearing loans -22 -181
Other liabilities and provisions -3 -53
Non-controlling interests - 0
Gain on sale 12 139
Sales price received 21 239
Less proceeds not yet settled in cash -2 2
Less liquid funds 1 14
Sales price for the shares (net of cash) 22 223
Proceeds from interest-bearing receivables 22 181
Proceeds not yet settled in cash -2 2
Total 42 406
Other divestments 100 4
Gross divestment of shares 142 410
For more information see Note 20 Participations in associated companies and joint ventures.
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