Annual Report 2013 | Suomeksi |

Financial results

Sales by division
EUR million 2013 2012 2011 Change
13/12
Power 2,248 2,415 2,481 -7%
Heat 1,565 1,628 1,737 -4%
Russia 1,119 1,030 920 9%
Distribution 1) 1,075 1,070 973 0%
Electricity sales 1) 744 722 900 3%
Other 69 137 108 -50%
Netting of Nord Pool transactions 2) -510 -503 -749 -1%
Eliminations -254 -340 -209 25%
Total 6,056 6,159 6,161 -2%
Comparable operating profit by division
EUR million      2013 2012 2011 Change
13/12
Power 858 1,146 1,201 -25%
Heat 273 271 278 1%
Russia 156 68 74 129%
Distribution 1) 331 320 295 3%
Electricity sales 1) 48 39 27 23%
Other -59 -92 -73 36%
Total 1,607 1,752 1,802 -8%
Operating profit by division
EUR million 2013 2012 2011   Change
13/12
Power 921 1,175 1,476 -22%
Heat 288 344 380 -16%
Russia 156 79 74 97%
Distribution 1) 348 331 478 5%
Electricity sales 1) 56 39 3 44%
Other -57 -94 -9 39%
Total 1,712 1,874 2,402 -9%
1) Part of the Electricity Solutions and Distribution division.
2) Sales and purchases with Nord Pool Spot are netted at the Group level on an hourly basis and posted either as revenue or cost depending on whether Fortum is a net seller or net buyer during any particular hour.
For further information, see Note 5 Segment reporting.

In 2013, Group sales were EUR 6,056 million (2012: 6,159). Comparable operating profit totalled EUR 1,607 million (2012: 1,752) and the reported operating profit totalled EUR 1,712 million (2012: 1,874). Fortum's operating profit for the period was affected by non-recurring items, an IFRS accounting treatment (IAS 39) of derivatives mainly used for hedging Fortum's power production, and nuclear fund adjustments amounting to EUR 105 million (2012: 122). 

The share of profits of associates and joint ventures was EUR 105 million (2012: 23). The increase comes mainly from Hafslund and TGC-1. The share of profits from Hafslund and TGC-1 are based on the companies' published fourth-quarter 2012 as well as first-, second- and third-quarter 2013 interim reports. 

The Group’s net financial expenses were EUR 318 million (2012: 311). Net financial expenses included changes in the

fair value of financial instruments of EUR 16 million (2012: 23).

Profit before taxes was EUR 1,499 million (2012: 1,586).

Taxes for the period totalled EUR 220 million (2012: 74). The tax rate according to the income statement was 14.7% (2012: 4.7%). In Finland, the corporate tax rate was decreased to 20.0% from 24.5% starting 1 January 2014. The tax rate change caused a one-time effect in 2013 of approximately EUR 0.09 per share. In Sweden, the corporate tax rate was decreased to 22.0% from 26.3% starting 1 January 2013. In 2012, the one-time positive effect from the tax rate change was approximately EUR 230 million, of which EUR 34 million is attributable to non-controlling interests. The tax rate, excluding the changes in the tax rates, the impact of the share of profits of associated companies and joint ventures as well as non-taxable capital gains was 22.3% (2012: 21.2%). 

The profit for the period was EUR 1,279 million (2012: 1,512). Fortum's earnings per share were EUR 1.36 (2012: 1.59), of which EUR 0.10 per share (2012: 0.14) relates to items affecting comparability and EUR 0.09 per share to the change in Finnish corporate tax rate. In 2012, the impact of the lowered Swedish corporate tax rate was approximately EUR 0.22 per share.

Non-controlling (minority) interests amounted to EUR 75 million (2012: 96). These are mainly attributable to AB Fortum Värme Holding, in which the city of Stockholm has a 50% economic interest. 

Operating profit and comparable
operating profit, EUR million
Profit before taxes, EUR million
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