Annual Report 2013 | Suomeksi |

Financial key figures

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Fortum Corporation and its subsidiaries (together the Fortum Group) is a leading energy company focusing on the Nordic countries, Russia and the Baltic Rim area. Fortum's activities cover the generation, distribution and sale of electricity and heat, the operation and maintenance of power plants as well as energy-related services. Neste Oil was included in 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. The years 1998-2003 have not been restated to comply with IFRS. They are prepared under Finnish Accounting Standards (FAS).
IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS Change 13/12
EUR million or as indicated 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 %
Sales total Fortum 11,659 5,918 4,491 4,479 5,636 5,435 6,296 6,161 6,159 6,056 -2
Sales continuing operations 3,835 3,877 4,491 4,479 5,636 5,435 6,296 6,161 6,159 6,056 -2
EBITDA total Fortum 1) 2,443 2,307 1,884 2,298 2,478 2,292 2,271 3,008 2,538 2,452 -3
EBITDA continuing operations 1,583 1,754 1,884 2,298 2,478 2,292 2,271 3,008 2,538 2,452 -3
Comparable EBITDA continuing operations 1,741 1,866 2,015 2,360 2,398 2,396 2,374 2,416 2,299 -5
Operating profit total Fortum 1,916 1,864 1,455 1,847 1,963 1,782 1,708 2,402 1,874 1,712 -9
- of sales % 16.4 31.5 32.4 41.2 34.8 32.8 27.1 39.0 30.4 28.3
Operating profit continuing operations 1,195 1,347 1,455 1,847 1,963 1,782 1,708 2,402 1,874 1,712 -9
- of sales % 31.2 34.7 32.4 41.2 34.8 32.8 27.1 39.0 30.4 28.3
Comparable operating profit continuing operations 1,148 1,334 1,437 1,564 1,845 1,888 1,833 1,802 1,752 1,607 -8
Profit before income tax total Fortum 1,700 1,776 1,421 1,934 1,850 1,636 1,615 2,228 1,586 1,499 -5
- of sales % 14.6 30.0 31.6 43.2 32.8 30.1 25.7 36.2 25.8 24.8
Profit before income tax continuing operations 962 1,267 1,421 1,934 1,850 1,636 1,615 2,228 1,586 1,499 -5
- of sales % 25.1 32.7 31.6 43.2 32.8 30.1 25.7 36.2 25.8 24.8
Profit for the period continuing operations 703 936 1,120 1,608 1,596 1,351 1,354 1,862 1,512 1,279 -15
- 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 -15
Capital employed total Fortum 12,890 11,357 12,663 13,544 15,911 15,350 16,124 17,931 19,420 19,780 2
Capital employed continuing operations 10,739 11,357 12,663 13,544 15,911 15,350 16,124 17,931 19,420 19,780 2
Interest-bearing net debt 5,095 3,158 4,345 4,466 6,179 5,969 6,826 7,023 7,814 7,849 0
Capital expenditure and gross investments in shares total Fortum 830 578 1,395 972 2,624 929 1,249 1,482 1,574 1,299 -17
- of sales % 7.1 9.8 31.1 21.7 46.6 17.1 19.8 24.1 25.6 21.4
Capital expenditure and gross investments in shares continuing operations 514 479 1,395 972 2,624 929 1,249 1,482 1,574 1,299 -17
Capital expenditure continuing operations 335 346 485 655 1,108 862 1,222 1,408 1,558 1,284 -18
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 1,836 33
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 1,836 33
Return on capital employed total Fortum, % 15.8 16.6 13.4 16.5 15.0 12.1 11.6 14.8 10.2 9.2
Return on capital employed continuing operations, % 11.4 13.5 13.4 16.5 15.0 12.1 11.6 14.8 10.2 9.2
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
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
Interest coverage 8.0 11.6 11.5 12.8 9.4 12.4 13.7 10.5 7.6 6.8
Interest coverage including capitalised borrowing costs 8.6 10.3 10.0 8.5 5.7 5.3
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 21.8
Gearing, % 3) 67 43 53 52 73 70 78 69 73 74
Net debt/EBITDA 2.1 1.4 2.3 1.9 2.5 2.6 3.0 2.3 3.1 3.2
Net debt/EBITDA continuing operations - 1.8 2.3 1.9 2.5 2.6 3.0 2.3 3.1 3.2
Comparable net debt/EBITDA continuing operations - 1.8 2.3 2.2 2.6 2.5 2.8 3.0 3.2 3.4
Equity-to-assets ratio, % 44 49 48 49 41 43 40 44 43 44
Dividends 4) 506 987 1,122 1,198 888 888 888 888 888 977 5) 10
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 20
- of sales % 0.2 0.2 0.4 0.5 0.5 0.5 0.5 0.6 0.7 0.8
Average number of employees total Fortum 12,859 10,026 8,910 8,304 14,077 13,278 11,156 11,010 10,600 10,246
Average number of employees continuing operations 8,592 8,939 8,910 8,304 14,077 13,278 11,156 11,010 10,600 10,246
1) EBITDA is defined as Operating profit continuing operations + Depreciation, amortisation and impairment charges. According to Finnish Accounting Standards (FAS) share of profit of associated companies was included in operating profit. In calculating EBITDA presented under FAS share of profit of associated companies have been excluded in 1998-2003.
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) Gearing is defined as interest-bearing net debt over shareholders' equity plus non-controlling interests. In 2000-2002 non-controlling interests included the preference shares amounting to EUR 1.2 billion, carrying fixed income dividend of 6.7 %, issued by Fortum Capital Ltd.
4) In addition to cash dividend Fortum distributed approximately 85% of Neste Oil Corporation shares as dividend in 2005.
5) Board of Directors' proposal for the Annual General Meeting on 8 April 2014.
See Definitions of key figures.
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