Restatements related to IFRS changes in accounting
Fortum is applying an amended IFRS standard for pensions as of 1 January 2013. Adoption of the new standard is done retrospectively and comparative information for 2012 is therefore restated to reflect the change. The change had only a minor impact on Fortum’s financial results and financial position; however, it reduced the equity by EUR 124 million as of 1 January 2012. The restated comparative
figures for the year 2012 are presented in the attachment to the first-quarter 2013 interim report.
As of 1 January 2014, Fortum will apply the new IFRS 10 Consolidated Financial Statements and 11 Joint Arrangements standards. The major effect of this reassessment relates to Fortum Värme, operating in the capital area in Sweden, which will be treated as a joint venture and thus consolidated with the equity method. The company is currently consolidated as a subsidiary with a 50% minority interest.
For further information see Note 1 Accounting principles.