Annual Report 2013 | Suomeksi |

Heat

The Heat Division consists of combined heat and power (CHP) generation, district heating activities and business-to-business heating solutions in the Nordic countries and other parts of the Baltic Rim. 

EUR million 2013 2012 2011   Change
13/12
Sales 1,565 1,628 1,737 -4%
- heat sales 1,164 1,158 1,238 1%
- power sales 234 232 342 1%
- other sales 167 238 157 -30%
Operating profit 288 344 380 -16%
Comparable operating profit 273 271 278 1%
Comparable EBITDA 489 481 471 2%
Net assets (at period-end) 4,283 4,286 4,191 0%
Return on net assets, % 7.2 8.8 9.9 -18%
Comparable return on net assets, % 6.8 7.0 7.4 -3%
Capital expenditure and gross investments in shares 397 474 329 -16%
Number of employees 2,102 2,212 2,504 -5%

Heat sales volumes during 2013 amounted to 19.0 TWh (2012: 19.7) and power sales volumes from CHP production totalled 4.8 TWh (2012: 4.2). The warm weather in the last quarter reduced heat volumes.

The Heat Division’s comparable operating profit in 2013 was EUR 273 million (2012: 271). The profit increase was mainly due to lower fuel costs. New CHP capacity and better availability, especially in Finland, increased power volumes. In 2013, fixed costs were lower due to the efficiency programme. Income from sales of CO2 allowances decreased.

Operating profit in 2013 totalled EUR 288 million (2012: 344). Sales gains related to divestments totalled EUR 18 million (2012: 80).

In September, Fortum disclosed that Fortum and the City of Stockholm have renewed their co-ownership agreement

of Fortum Värme, the jointly-owned power and heat company operating in the capital area in Sweden. The agreement will come into force as of 2016, when the existing ownership agreement expires. 

At year-end, the Heat Division's power generating capacity totalled 1,398 MW (2012: 1,569), of which 1,048 MW (2012: 1,315) was in the Nordic countries. The Heat Division's total heat production capacity was 7,943 MW (2012: 8,785), of which 5,751 MW (2012: 6,785) was in the Nordic countries.

Heat sales by area
TWh 2013 2012 2011    Change
13/12
Finland 5.4 5.8 8.5 -7%
Sweden 8.3 8.5 8.5 -2%
Poland 4.1 4.3 4.3 -5%
Other countries 1.2 1.1 1.3 9%
Total 19.0 19.7 22.6 -4%
Power sales
TWh 2013 2012 2011 Change
13/12
Total 4.8 4.2 6.2 14%
Heat Division's district heating
and industrial steam sales, TWh
Heat Division's district heating and
industrial steam sales by area,
TWh
X

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