Fortum Corporation Interim Report January-March...
25
Fortum Corporation Interim Report January-March 2012 26 April 2012
Transcript of Fortum Corporation Interim Report January-March...
1
Fortum Corporation Interim ReportJanuary-March 2012
26 April 2012
22
Disclaimer
This presentation does not constitute an invitation to underwrite subscribe for or otherwise acquire or dispose of any Fortum shares
Past performance is no guide to future performance and persons needing advice should consult an independent financial adviser
33
Highlights in the first quarter 2012
bull Overall good operative result
bull Strong cash flow increased by 22 to EUR 553 million
bull Fortumrsquos achieved power price close to last yearrsquos levels
bull Strong reservoir levels increased hydro generation significantly
bull Commissioning of Nyagan 1 and 2 postponed by some months
44
Challenging environment
bull The Nordic water reservoir level was well above the long-term average levels throughout the first quarter
bull The CO2 -emission allowance prices were clearly lower
bull Nordic system spot prices were clearly lower than in the first quarter last year
bull Electricity prices were lower also in Russia
bull Warmer weather
bull Nordic consumption declined by approximately 3
55
Nordic water reservoirs levels higher than long-term average
Source Nord Pool SpotSource Nord Pool Spot
rese
rvoi
r con
tent
(TW
h)
0
20
40
60
80
100
120
2000 2003 2010 20122011 reference level
Q1 Q2 Q3 Q4
rese
rvoi
r con
tent
(TW
h)
0
20
40
60
80
100
120
2000 2003 2010 20122011 reference level2000 2003 2010 20122011 reference level2000 2003 2010 20122011 reference level
Q1 Q2 Q3 Q4Q1 Q2 Q3 Q4
66
CO2 allowance prices
Source ICE
Market prices 23 April 2012 2012-2013 future quotations
CO2
price (ICE ECX EUA)
0
5
10
15
20
25
30
35
EUR
tC
O2
2006 2007 20102008 2009 20122011 2013
Achieved power price for OAO Fortum
292 290 300 289 293
0
6
12
18
24
30
36
Q12011 Q22011 Q32011 Q42011 Q12012
eurMWh
Spot price for power (market price) Urals hub
950 954 939858 849
0
200
400
600
800
1 000
1 200
Q12011 Q22011 Q32011 Q42011 Q12012
RUBMWh
Powers Nordic power price
479 474443 452 472
0
10
20
30
40
50
60
Q12011 Q22011 Q32011 Q42011 Q12012
eurMWh
Spot price for power in NordPool power exchange
662
523
342383
360
0
12
24
36
48
60
72
Q12011 Q22011 Q32011 Q42011 Q12012
eurMWh
77
Price development in the Nordic region and Russia
Includes capacity income
-42
-1
-11
+0
88
Q1 Results
bull Comparable operating profit EUR 651 (649) million
bull Earnings per share EUR 056 (076)
bull Net cash from operating activities 553 (454) million
99
Q1 Comparable operating profit on last yearrsquos level
Comparable operating profit EUR million
-2-141416 651649 -2-10
PowerQ12011 Heat Russia DistributionElectricity
Sales Other Q12012
10
Financials
1111
Comparable and reported operating profit
MEURI2012 I2011 I2012 I2011 2011 2011
Power 341 325 367 489 1 201 1 476Heat 161 171 213 265 278 380Russia 48 34 48 34 74 74Distribution 110 124 117 125 295 478Electricity Sales 9 11 11 -20 27 3Other -18 -16 -20 7 -73 -9Total 651 649 736 900 1 802 2 402
Comparable operating profit
Reported operating profit
Comparable operating profit
Reported operating profit
bull IFRS accounting treatment (IAS 39) of derivatives had an impact on the reported operating profit In the first quarter EUR -16 (173) million or earnings per share EUR -001 (014)
1212
Power Q1
MEUR I2012 I2011 2011 LTM
Sales 655 693 2 481 2 443
Comparable operating profit 341 325 1 201 1 217
Net Assets 6 117 5 996 6 247
Comparable RONA 199 201
Gross Investments 24 33 148 139
bull Significantly increased hydro generationbull Nuclear availability good except for
Oskarshamn 1bull Fortumrsquos achieved power price close to last
yearrsquos level
1313
Heat Q1
MEUR I2012 I2011 2011 LTM
Sales 625 725 1 737 1 637
Comparable operating profit 161 171 278 268
Net Assets 4 171 4 030 4 191
Comparable RONA 74 72
Gross Investments 67 58 329 338
bull Lower heat volumes due to divestments and restructuring
bull Good availability and fuel flexibility impacted positively on the result especially in Sweden
1414
Russia Q1bull Positive effect from new capacitybull Somewhat decreased ldquoold capacityrdquo volume
and incomebull Nyagan units 1 and 2 estimated to be delayed
by some months
MEUR I2012 I2011 2011 LTM
Sales 310 295 920 935
Comparable operating profit 48 34 74 88
Net Assets 3 547 2 918 3 273
Comparable RONA 35 35
Gross Investments 81 75 694 700
1515
Distribution Q1
MEUR I2012 I2011 2011 LTM
Sales 308 311 973 970
Comparable operating profit 110 124 295 281
Net Assets 3 641 3 711 3 589
Comparable RONA 86 80
Gross Investments 44 34 289 299
bull Result decreasedndash warmer weather impacted volumes
bull Smart metering rollout in Finland proceeding well
1616
Electricity Sales Q1
MEUR I2012 I2011 2011 LTM
Sales 247 373 900 774
Comparable operating profit 9 11 27 25
Net Assets 56 130 11
Comparable RONA 335 446
Gross Investments 0 3 5 2
bull Business Market restructuring completedbull Leading seller of eco-labelled and CO2-
free electricity in the Nordic countries
1717
Income statementMEUR I2012 I2011 2011 LTM
Sales 1 901 2 034 6 161 6 028Expenses -1 250 -1 385 -4 359 -4 224
Comparable operating profit 651 649 1 802 1 804
Items affecting comparability 85 251 600 434
Operating profit 736 900 2 402 2 238Share of profit of associates and jvs -7 59 91 25Financial expenses net -76 -55 -265 -286
Profit before taxes 653 904 2 228 1 977Income tax expense -119 -158 -366 -327
Net profit for the period 534 746 1 862 1 650Non-controlling interests 39 68 93 64
EPS basic (EUR) 056 076 199 179EPS diluted (EUR) 056 076 199 179
1818
Cash flow statement
MEUR I2012 I2011 2011 LTM
Operating profit before depreciations 894 1 049 3 008 2 853
Non-cash flow items and divesting activities -99 -270 -726 -555
Financial items and fx gainslosses -142 -302 -376 -216
Taxes -78 -114 -394 -358
Funds from operations (FFO) 575 363 1 512 1 724
Change in working capital -22 91 101 -12
Total net cash from operating activities 553 454 1 613 1 712
Paid capital expenditures -272 -206 -1 285 -1 351
Acquisition of shares 0 -19 -62 -43
Other investing activities 255 210 522 567
Cash flow before financing activities 536 439 788 885
1919
Key ratios
MEUR LTM 2011 2010Q112
EBITDA 2 853 3 008 2 271Comparable EBITDA 2 385 2 374 2 396Interest-bearing net debt 6 523 7 023 6 826Comparable Net debtEBITDA 27 30 28
Return on capital employed () 128 148 116Return on shareholders equity () 167 197 157
Good liquidity ndash committed credit lines total EUR 27 billion
Note LTM does not reflect dividend paid in April 2012
2020
Debt maturity profile
0
250
500
750
1000
1250
1500
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022+
Bonds Financial institutions Other long-term debt CPs Other short-term debt
MEUR
2012 903
2013 643
2014 1261
2015 1086
2016 867
2017 587
2018 194
2019 897
2020 74
2021 564
2022+ 1021
per 31 Mar 2012 per 31 Dec 2011Average Interest Rate (incl swaps and forwards) 46 44Portion of floating fixed debt 43 57 47 53
21
Outlook
2222
Outlookbull Key drivers and risks
ndash Wholesale price of electricitybull Demandbull Fuelsbull CO2 emissions pricesbull Water reservoirsbull Power plant availability
bull Nordic marketsndash Annual electricity demand growth estimated to be approximately 05ndash Electricity continues to gain share of total energy consumption
bull Russiandash Profits from Russia build up in pace with the capacity increasendash The commissioning of the new units Nyagan 1 and 2 postponedndash Fortumrsquos goal is to achieve an operating profit level of about EUR 500 million
and to create positive economic value added after completing the ongoing investment programme
2323
Outlook
bull Annual capex (excluding potential acquisitions)ndash 2012 around EUR 16 to 18 billion ndash 2013 and 2014 around EUR 11 to 14 billion annually
bull Hedgingndash rest of 2012 approximately 70 hedge ratio at approximately EUR 48MWh(Q4 65 at EUR 48MWh)ndash 2013 approximately 45 hedge ratio at approximately EUR 46MWh(Q4 40 at EUR 46MWh)
bull In Finland the Government announced that a so-called windfall tax will be introduced in 2014
2424
Strong position continuously challenging business environment
bull Electricity will continue to gain a higher share of the total energy consumption
bull Good production portfolio going forward
bull Hedges create stability
bull Strong financial position
25
- Slide Number 1
- Slide Number 2
- Slide Number 3
- Slide Number 4
- Nordic water reservoirs levels higher than long-term average
- CO2 allowance prices
- Price development in the Nordic region and Russia
- Q1 Results
- Q1 Comparable operating profit on last yearrsquos level
- Slide Number 10
- Comparable and reported operating profit
- Power Q1
- Heat Q1
- Russia Q1
- Distribution Q1
- Electricity Sales Q1
- Income statement
- Cash flow statement
- Key ratios
- Debt maturity profile
- Slide Number 21
- Outlook
- Outlook
- Strong position continuously challenging business environment
- Slide Number 25
-
22
Disclaimer
This presentation does not constitute an invitation to underwrite subscribe for or otherwise acquire or dispose of any Fortum shares
Past performance is no guide to future performance and persons needing advice should consult an independent financial adviser
33
Highlights in the first quarter 2012
bull Overall good operative result
bull Strong cash flow increased by 22 to EUR 553 million
bull Fortumrsquos achieved power price close to last yearrsquos levels
bull Strong reservoir levels increased hydro generation significantly
bull Commissioning of Nyagan 1 and 2 postponed by some months
44
Challenging environment
bull The Nordic water reservoir level was well above the long-term average levels throughout the first quarter
bull The CO2 -emission allowance prices were clearly lower
bull Nordic system spot prices were clearly lower than in the first quarter last year
bull Electricity prices were lower also in Russia
bull Warmer weather
bull Nordic consumption declined by approximately 3
55
Nordic water reservoirs levels higher than long-term average
Source Nord Pool SpotSource Nord Pool Spot
rese
rvoi
r con
tent
(TW
h)
0
20
40
60
80
100
120
2000 2003 2010 20122011 reference level
Q1 Q2 Q3 Q4
rese
rvoi
r con
tent
(TW
h)
0
20
40
60
80
100
120
2000 2003 2010 20122011 reference level2000 2003 2010 20122011 reference level2000 2003 2010 20122011 reference level
Q1 Q2 Q3 Q4Q1 Q2 Q3 Q4
66
CO2 allowance prices
Source ICE
Market prices 23 April 2012 2012-2013 future quotations
CO2
price (ICE ECX EUA)
0
5
10
15
20
25
30
35
EUR
tC
O2
2006 2007 20102008 2009 20122011 2013
Achieved power price for OAO Fortum
292 290 300 289 293
0
6
12
18
24
30
36
Q12011 Q22011 Q32011 Q42011 Q12012
eurMWh
Spot price for power (market price) Urals hub
950 954 939858 849
0
200
400
600
800
1 000
1 200
Q12011 Q22011 Q32011 Q42011 Q12012
RUBMWh
Powers Nordic power price
479 474443 452 472
0
10
20
30
40
50
60
Q12011 Q22011 Q32011 Q42011 Q12012
eurMWh
Spot price for power in NordPool power exchange
662
523
342383
360
0
12
24
36
48
60
72
Q12011 Q22011 Q32011 Q42011 Q12012
eurMWh
77
Price development in the Nordic region and Russia
Includes capacity income
-42
-1
-11
+0
88
Q1 Results
bull Comparable operating profit EUR 651 (649) million
bull Earnings per share EUR 056 (076)
bull Net cash from operating activities 553 (454) million
99
Q1 Comparable operating profit on last yearrsquos level
Comparable operating profit EUR million
-2-141416 651649 -2-10
PowerQ12011 Heat Russia DistributionElectricity
Sales Other Q12012
10
Financials
1111
Comparable and reported operating profit
MEURI2012 I2011 I2012 I2011 2011 2011
Power 341 325 367 489 1 201 1 476Heat 161 171 213 265 278 380Russia 48 34 48 34 74 74Distribution 110 124 117 125 295 478Electricity Sales 9 11 11 -20 27 3Other -18 -16 -20 7 -73 -9Total 651 649 736 900 1 802 2 402
Comparable operating profit
Reported operating profit
Comparable operating profit
Reported operating profit
bull IFRS accounting treatment (IAS 39) of derivatives had an impact on the reported operating profit In the first quarter EUR -16 (173) million or earnings per share EUR -001 (014)
1212
Power Q1
MEUR I2012 I2011 2011 LTM
Sales 655 693 2 481 2 443
Comparable operating profit 341 325 1 201 1 217
Net Assets 6 117 5 996 6 247
Comparable RONA 199 201
Gross Investments 24 33 148 139
bull Significantly increased hydro generationbull Nuclear availability good except for
Oskarshamn 1bull Fortumrsquos achieved power price close to last
yearrsquos level
1313
Heat Q1
MEUR I2012 I2011 2011 LTM
Sales 625 725 1 737 1 637
Comparable operating profit 161 171 278 268
Net Assets 4 171 4 030 4 191
Comparable RONA 74 72
Gross Investments 67 58 329 338
bull Lower heat volumes due to divestments and restructuring
bull Good availability and fuel flexibility impacted positively on the result especially in Sweden
1414
Russia Q1bull Positive effect from new capacitybull Somewhat decreased ldquoold capacityrdquo volume
and incomebull Nyagan units 1 and 2 estimated to be delayed
by some months
MEUR I2012 I2011 2011 LTM
Sales 310 295 920 935
Comparable operating profit 48 34 74 88
Net Assets 3 547 2 918 3 273
Comparable RONA 35 35
Gross Investments 81 75 694 700
1515
Distribution Q1
MEUR I2012 I2011 2011 LTM
Sales 308 311 973 970
Comparable operating profit 110 124 295 281
Net Assets 3 641 3 711 3 589
Comparable RONA 86 80
Gross Investments 44 34 289 299
bull Result decreasedndash warmer weather impacted volumes
bull Smart metering rollout in Finland proceeding well
1616
Electricity Sales Q1
MEUR I2012 I2011 2011 LTM
Sales 247 373 900 774
Comparable operating profit 9 11 27 25
Net Assets 56 130 11
Comparable RONA 335 446
Gross Investments 0 3 5 2
bull Business Market restructuring completedbull Leading seller of eco-labelled and CO2-
free electricity in the Nordic countries
1717
Income statementMEUR I2012 I2011 2011 LTM
Sales 1 901 2 034 6 161 6 028Expenses -1 250 -1 385 -4 359 -4 224
Comparable operating profit 651 649 1 802 1 804
Items affecting comparability 85 251 600 434
Operating profit 736 900 2 402 2 238Share of profit of associates and jvs -7 59 91 25Financial expenses net -76 -55 -265 -286
Profit before taxes 653 904 2 228 1 977Income tax expense -119 -158 -366 -327
Net profit for the period 534 746 1 862 1 650Non-controlling interests 39 68 93 64
EPS basic (EUR) 056 076 199 179EPS diluted (EUR) 056 076 199 179
1818
Cash flow statement
MEUR I2012 I2011 2011 LTM
Operating profit before depreciations 894 1 049 3 008 2 853
Non-cash flow items and divesting activities -99 -270 -726 -555
Financial items and fx gainslosses -142 -302 -376 -216
Taxes -78 -114 -394 -358
Funds from operations (FFO) 575 363 1 512 1 724
Change in working capital -22 91 101 -12
Total net cash from operating activities 553 454 1 613 1 712
Paid capital expenditures -272 -206 -1 285 -1 351
Acquisition of shares 0 -19 -62 -43
Other investing activities 255 210 522 567
Cash flow before financing activities 536 439 788 885
1919
Key ratios
MEUR LTM 2011 2010Q112
EBITDA 2 853 3 008 2 271Comparable EBITDA 2 385 2 374 2 396Interest-bearing net debt 6 523 7 023 6 826Comparable Net debtEBITDA 27 30 28
Return on capital employed () 128 148 116Return on shareholders equity () 167 197 157
Good liquidity ndash committed credit lines total EUR 27 billion
Note LTM does not reflect dividend paid in April 2012
2020
Debt maturity profile
0
250
500
750
1000
1250
1500
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022+
Bonds Financial institutions Other long-term debt CPs Other short-term debt
MEUR
2012 903
2013 643
2014 1261
2015 1086
2016 867
2017 587
2018 194
2019 897
2020 74
2021 564
2022+ 1021
per 31 Mar 2012 per 31 Dec 2011Average Interest Rate (incl swaps and forwards) 46 44Portion of floating fixed debt 43 57 47 53
21
Outlook
2222
Outlookbull Key drivers and risks
ndash Wholesale price of electricitybull Demandbull Fuelsbull CO2 emissions pricesbull Water reservoirsbull Power plant availability
bull Nordic marketsndash Annual electricity demand growth estimated to be approximately 05ndash Electricity continues to gain share of total energy consumption
bull Russiandash Profits from Russia build up in pace with the capacity increasendash The commissioning of the new units Nyagan 1 and 2 postponedndash Fortumrsquos goal is to achieve an operating profit level of about EUR 500 million
and to create positive economic value added after completing the ongoing investment programme
2323
Outlook
bull Annual capex (excluding potential acquisitions)ndash 2012 around EUR 16 to 18 billion ndash 2013 and 2014 around EUR 11 to 14 billion annually
bull Hedgingndash rest of 2012 approximately 70 hedge ratio at approximately EUR 48MWh(Q4 65 at EUR 48MWh)ndash 2013 approximately 45 hedge ratio at approximately EUR 46MWh(Q4 40 at EUR 46MWh)
bull In Finland the Government announced that a so-called windfall tax will be introduced in 2014
2424
Strong position continuously challenging business environment
bull Electricity will continue to gain a higher share of the total energy consumption
bull Good production portfolio going forward
bull Hedges create stability
bull Strong financial position
25
- Slide Number 1
- Slide Number 2
- Slide Number 3
- Slide Number 4
- Nordic water reservoirs levels higher than long-term average
- CO2 allowance prices
- Price development in the Nordic region and Russia
- Q1 Results
- Q1 Comparable operating profit on last yearrsquos level
- Slide Number 10
- Comparable and reported operating profit
- Power Q1
- Heat Q1
- Russia Q1
- Distribution Q1
- Electricity Sales Q1
- Income statement
- Cash flow statement
- Key ratios
- Debt maturity profile
- Slide Number 21
- Outlook
- Outlook
- Strong position continuously challenging business environment
- Slide Number 25
-
33
Highlights in the first quarter 2012
bull Overall good operative result
bull Strong cash flow increased by 22 to EUR 553 million
bull Fortumrsquos achieved power price close to last yearrsquos levels
bull Strong reservoir levels increased hydro generation significantly
bull Commissioning of Nyagan 1 and 2 postponed by some months
44
Challenging environment
bull The Nordic water reservoir level was well above the long-term average levels throughout the first quarter
bull The CO2 -emission allowance prices were clearly lower
bull Nordic system spot prices were clearly lower than in the first quarter last year
bull Electricity prices were lower also in Russia
bull Warmer weather
bull Nordic consumption declined by approximately 3
55
Nordic water reservoirs levels higher than long-term average
Source Nord Pool SpotSource Nord Pool Spot
rese
rvoi
r con
tent
(TW
h)
0
20
40
60
80
100
120
2000 2003 2010 20122011 reference level
Q1 Q2 Q3 Q4
rese
rvoi
r con
tent
(TW
h)
0
20
40
60
80
100
120
2000 2003 2010 20122011 reference level2000 2003 2010 20122011 reference level2000 2003 2010 20122011 reference level
Q1 Q2 Q3 Q4Q1 Q2 Q3 Q4
66
CO2 allowance prices
Source ICE
Market prices 23 April 2012 2012-2013 future quotations
CO2
price (ICE ECX EUA)
0
5
10
15
20
25
30
35
EUR
tC
O2
2006 2007 20102008 2009 20122011 2013
Achieved power price for OAO Fortum
292 290 300 289 293
0
6
12
18
24
30
36
Q12011 Q22011 Q32011 Q42011 Q12012
eurMWh
Spot price for power (market price) Urals hub
950 954 939858 849
0
200
400
600
800
1 000
1 200
Q12011 Q22011 Q32011 Q42011 Q12012
RUBMWh
Powers Nordic power price
479 474443 452 472
0
10
20
30
40
50
60
Q12011 Q22011 Q32011 Q42011 Q12012
eurMWh
Spot price for power in NordPool power exchange
662
523
342383
360
0
12
24
36
48
60
72
Q12011 Q22011 Q32011 Q42011 Q12012
eurMWh
77
Price development in the Nordic region and Russia
Includes capacity income
-42
-1
-11
+0
88
Q1 Results
bull Comparable operating profit EUR 651 (649) million
bull Earnings per share EUR 056 (076)
bull Net cash from operating activities 553 (454) million
99
Q1 Comparable operating profit on last yearrsquos level
Comparable operating profit EUR million
-2-141416 651649 -2-10
PowerQ12011 Heat Russia DistributionElectricity
Sales Other Q12012
10
Financials
1111
Comparable and reported operating profit
MEURI2012 I2011 I2012 I2011 2011 2011
Power 341 325 367 489 1 201 1 476Heat 161 171 213 265 278 380Russia 48 34 48 34 74 74Distribution 110 124 117 125 295 478Electricity Sales 9 11 11 -20 27 3Other -18 -16 -20 7 -73 -9Total 651 649 736 900 1 802 2 402
Comparable operating profit
Reported operating profit
Comparable operating profit
Reported operating profit
bull IFRS accounting treatment (IAS 39) of derivatives had an impact on the reported operating profit In the first quarter EUR -16 (173) million or earnings per share EUR -001 (014)
1212
Power Q1
MEUR I2012 I2011 2011 LTM
Sales 655 693 2 481 2 443
Comparable operating profit 341 325 1 201 1 217
Net Assets 6 117 5 996 6 247
Comparable RONA 199 201
Gross Investments 24 33 148 139
bull Significantly increased hydro generationbull Nuclear availability good except for
Oskarshamn 1bull Fortumrsquos achieved power price close to last
yearrsquos level
1313
Heat Q1
MEUR I2012 I2011 2011 LTM
Sales 625 725 1 737 1 637
Comparable operating profit 161 171 278 268
Net Assets 4 171 4 030 4 191
Comparable RONA 74 72
Gross Investments 67 58 329 338
bull Lower heat volumes due to divestments and restructuring
bull Good availability and fuel flexibility impacted positively on the result especially in Sweden
1414
Russia Q1bull Positive effect from new capacitybull Somewhat decreased ldquoold capacityrdquo volume
and incomebull Nyagan units 1 and 2 estimated to be delayed
by some months
MEUR I2012 I2011 2011 LTM
Sales 310 295 920 935
Comparable operating profit 48 34 74 88
Net Assets 3 547 2 918 3 273
Comparable RONA 35 35
Gross Investments 81 75 694 700
1515
Distribution Q1
MEUR I2012 I2011 2011 LTM
Sales 308 311 973 970
Comparable operating profit 110 124 295 281
Net Assets 3 641 3 711 3 589
Comparable RONA 86 80
Gross Investments 44 34 289 299
bull Result decreasedndash warmer weather impacted volumes
bull Smart metering rollout in Finland proceeding well
1616
Electricity Sales Q1
MEUR I2012 I2011 2011 LTM
Sales 247 373 900 774
Comparable operating profit 9 11 27 25
Net Assets 56 130 11
Comparable RONA 335 446
Gross Investments 0 3 5 2
bull Business Market restructuring completedbull Leading seller of eco-labelled and CO2-
free electricity in the Nordic countries
1717
Income statementMEUR I2012 I2011 2011 LTM
Sales 1 901 2 034 6 161 6 028Expenses -1 250 -1 385 -4 359 -4 224
Comparable operating profit 651 649 1 802 1 804
Items affecting comparability 85 251 600 434
Operating profit 736 900 2 402 2 238Share of profit of associates and jvs -7 59 91 25Financial expenses net -76 -55 -265 -286
Profit before taxes 653 904 2 228 1 977Income tax expense -119 -158 -366 -327
Net profit for the period 534 746 1 862 1 650Non-controlling interests 39 68 93 64
EPS basic (EUR) 056 076 199 179EPS diluted (EUR) 056 076 199 179
1818
Cash flow statement
MEUR I2012 I2011 2011 LTM
Operating profit before depreciations 894 1 049 3 008 2 853
Non-cash flow items and divesting activities -99 -270 -726 -555
Financial items and fx gainslosses -142 -302 -376 -216
Taxes -78 -114 -394 -358
Funds from operations (FFO) 575 363 1 512 1 724
Change in working capital -22 91 101 -12
Total net cash from operating activities 553 454 1 613 1 712
Paid capital expenditures -272 -206 -1 285 -1 351
Acquisition of shares 0 -19 -62 -43
Other investing activities 255 210 522 567
Cash flow before financing activities 536 439 788 885
1919
Key ratios
MEUR LTM 2011 2010Q112
EBITDA 2 853 3 008 2 271Comparable EBITDA 2 385 2 374 2 396Interest-bearing net debt 6 523 7 023 6 826Comparable Net debtEBITDA 27 30 28
Return on capital employed () 128 148 116Return on shareholders equity () 167 197 157
Good liquidity ndash committed credit lines total EUR 27 billion
Note LTM does not reflect dividend paid in April 2012
2020
Debt maturity profile
0
250
500
750
1000
1250
1500
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022+
Bonds Financial institutions Other long-term debt CPs Other short-term debt
MEUR
2012 903
2013 643
2014 1261
2015 1086
2016 867
2017 587
2018 194
2019 897
2020 74
2021 564
2022+ 1021
per 31 Mar 2012 per 31 Dec 2011Average Interest Rate (incl swaps and forwards) 46 44Portion of floating fixed debt 43 57 47 53
21
Outlook
2222
Outlookbull Key drivers and risks
ndash Wholesale price of electricitybull Demandbull Fuelsbull CO2 emissions pricesbull Water reservoirsbull Power plant availability
bull Nordic marketsndash Annual electricity demand growth estimated to be approximately 05ndash Electricity continues to gain share of total energy consumption
bull Russiandash Profits from Russia build up in pace with the capacity increasendash The commissioning of the new units Nyagan 1 and 2 postponedndash Fortumrsquos goal is to achieve an operating profit level of about EUR 500 million
and to create positive economic value added after completing the ongoing investment programme
2323
Outlook
bull Annual capex (excluding potential acquisitions)ndash 2012 around EUR 16 to 18 billion ndash 2013 and 2014 around EUR 11 to 14 billion annually
bull Hedgingndash rest of 2012 approximately 70 hedge ratio at approximately EUR 48MWh(Q4 65 at EUR 48MWh)ndash 2013 approximately 45 hedge ratio at approximately EUR 46MWh(Q4 40 at EUR 46MWh)
bull In Finland the Government announced that a so-called windfall tax will be introduced in 2014
2424
Strong position continuously challenging business environment
bull Electricity will continue to gain a higher share of the total energy consumption
bull Good production portfolio going forward
bull Hedges create stability
bull Strong financial position
25
- Slide Number 1
- Slide Number 2
- Slide Number 3
- Slide Number 4
- Nordic water reservoirs levels higher than long-term average
- CO2 allowance prices
- Price development in the Nordic region and Russia
- Q1 Results
- Q1 Comparable operating profit on last yearrsquos level
- Slide Number 10
- Comparable and reported operating profit
- Power Q1
- Heat Q1
- Russia Q1
- Distribution Q1
- Electricity Sales Q1
- Income statement
- Cash flow statement
- Key ratios
- Debt maturity profile
- Slide Number 21
- Outlook
- Outlook
- Strong position continuously challenging business environment
- Slide Number 25
-
44
Challenging environment
bull The Nordic water reservoir level was well above the long-term average levels throughout the first quarter
bull The CO2 -emission allowance prices were clearly lower
bull Nordic system spot prices were clearly lower than in the first quarter last year
bull Electricity prices were lower also in Russia
bull Warmer weather
bull Nordic consumption declined by approximately 3
55
Nordic water reservoirs levels higher than long-term average
Source Nord Pool SpotSource Nord Pool Spot
rese
rvoi
r con
tent
(TW
h)
0
20
40
60
80
100
120
2000 2003 2010 20122011 reference level
Q1 Q2 Q3 Q4
rese
rvoi
r con
tent
(TW
h)
0
20
40
60
80
100
120
2000 2003 2010 20122011 reference level2000 2003 2010 20122011 reference level2000 2003 2010 20122011 reference level
Q1 Q2 Q3 Q4Q1 Q2 Q3 Q4
66
CO2 allowance prices
Source ICE
Market prices 23 April 2012 2012-2013 future quotations
CO2
price (ICE ECX EUA)
0
5
10
15
20
25
30
35
EUR
tC
O2
2006 2007 20102008 2009 20122011 2013
Achieved power price for OAO Fortum
292 290 300 289 293
0
6
12
18
24
30
36
Q12011 Q22011 Q32011 Q42011 Q12012
eurMWh
Spot price for power (market price) Urals hub
950 954 939858 849
0
200
400
600
800
1 000
1 200
Q12011 Q22011 Q32011 Q42011 Q12012
RUBMWh
Powers Nordic power price
479 474443 452 472
0
10
20
30
40
50
60
Q12011 Q22011 Q32011 Q42011 Q12012
eurMWh
Spot price for power in NordPool power exchange
662
523
342383
360
0
12
24
36
48
60
72
Q12011 Q22011 Q32011 Q42011 Q12012
eurMWh
77
Price development in the Nordic region and Russia
Includes capacity income
-42
-1
-11
+0
88
Q1 Results
bull Comparable operating profit EUR 651 (649) million
bull Earnings per share EUR 056 (076)
bull Net cash from operating activities 553 (454) million
99
Q1 Comparable operating profit on last yearrsquos level
Comparable operating profit EUR million
-2-141416 651649 -2-10
PowerQ12011 Heat Russia DistributionElectricity
Sales Other Q12012
10
Financials
1111
Comparable and reported operating profit
MEURI2012 I2011 I2012 I2011 2011 2011
Power 341 325 367 489 1 201 1 476Heat 161 171 213 265 278 380Russia 48 34 48 34 74 74Distribution 110 124 117 125 295 478Electricity Sales 9 11 11 -20 27 3Other -18 -16 -20 7 -73 -9Total 651 649 736 900 1 802 2 402
Comparable operating profit
Reported operating profit
Comparable operating profit
Reported operating profit
bull IFRS accounting treatment (IAS 39) of derivatives had an impact on the reported operating profit In the first quarter EUR -16 (173) million or earnings per share EUR -001 (014)
1212
Power Q1
MEUR I2012 I2011 2011 LTM
Sales 655 693 2 481 2 443
Comparable operating profit 341 325 1 201 1 217
Net Assets 6 117 5 996 6 247
Comparable RONA 199 201
Gross Investments 24 33 148 139
bull Significantly increased hydro generationbull Nuclear availability good except for
Oskarshamn 1bull Fortumrsquos achieved power price close to last
yearrsquos level
1313
Heat Q1
MEUR I2012 I2011 2011 LTM
Sales 625 725 1 737 1 637
Comparable operating profit 161 171 278 268
Net Assets 4 171 4 030 4 191
Comparable RONA 74 72
Gross Investments 67 58 329 338
bull Lower heat volumes due to divestments and restructuring
bull Good availability and fuel flexibility impacted positively on the result especially in Sweden
1414
Russia Q1bull Positive effect from new capacitybull Somewhat decreased ldquoold capacityrdquo volume
and incomebull Nyagan units 1 and 2 estimated to be delayed
by some months
MEUR I2012 I2011 2011 LTM
Sales 310 295 920 935
Comparable operating profit 48 34 74 88
Net Assets 3 547 2 918 3 273
Comparable RONA 35 35
Gross Investments 81 75 694 700
1515
Distribution Q1
MEUR I2012 I2011 2011 LTM
Sales 308 311 973 970
Comparable operating profit 110 124 295 281
Net Assets 3 641 3 711 3 589
Comparable RONA 86 80
Gross Investments 44 34 289 299
bull Result decreasedndash warmer weather impacted volumes
bull Smart metering rollout in Finland proceeding well
1616
Electricity Sales Q1
MEUR I2012 I2011 2011 LTM
Sales 247 373 900 774
Comparable operating profit 9 11 27 25
Net Assets 56 130 11
Comparable RONA 335 446
Gross Investments 0 3 5 2
bull Business Market restructuring completedbull Leading seller of eco-labelled and CO2-
free electricity in the Nordic countries
1717
Income statementMEUR I2012 I2011 2011 LTM
Sales 1 901 2 034 6 161 6 028Expenses -1 250 -1 385 -4 359 -4 224
Comparable operating profit 651 649 1 802 1 804
Items affecting comparability 85 251 600 434
Operating profit 736 900 2 402 2 238Share of profit of associates and jvs -7 59 91 25Financial expenses net -76 -55 -265 -286
Profit before taxes 653 904 2 228 1 977Income tax expense -119 -158 -366 -327
Net profit for the period 534 746 1 862 1 650Non-controlling interests 39 68 93 64
EPS basic (EUR) 056 076 199 179EPS diluted (EUR) 056 076 199 179
1818
Cash flow statement
MEUR I2012 I2011 2011 LTM
Operating profit before depreciations 894 1 049 3 008 2 853
Non-cash flow items and divesting activities -99 -270 -726 -555
Financial items and fx gainslosses -142 -302 -376 -216
Taxes -78 -114 -394 -358
Funds from operations (FFO) 575 363 1 512 1 724
Change in working capital -22 91 101 -12
Total net cash from operating activities 553 454 1 613 1 712
Paid capital expenditures -272 -206 -1 285 -1 351
Acquisition of shares 0 -19 -62 -43
Other investing activities 255 210 522 567
Cash flow before financing activities 536 439 788 885
1919
Key ratios
MEUR LTM 2011 2010Q112
EBITDA 2 853 3 008 2 271Comparable EBITDA 2 385 2 374 2 396Interest-bearing net debt 6 523 7 023 6 826Comparable Net debtEBITDA 27 30 28
Return on capital employed () 128 148 116Return on shareholders equity () 167 197 157
Good liquidity ndash committed credit lines total EUR 27 billion
Note LTM does not reflect dividend paid in April 2012
2020
Debt maturity profile
0
250
500
750
1000
1250
1500
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022+
Bonds Financial institutions Other long-term debt CPs Other short-term debt
MEUR
2012 903
2013 643
2014 1261
2015 1086
2016 867
2017 587
2018 194
2019 897
2020 74
2021 564
2022+ 1021
per 31 Mar 2012 per 31 Dec 2011Average Interest Rate (incl swaps and forwards) 46 44Portion of floating fixed debt 43 57 47 53
21
Outlook
2222
Outlookbull Key drivers and risks
ndash Wholesale price of electricitybull Demandbull Fuelsbull CO2 emissions pricesbull Water reservoirsbull Power plant availability
bull Nordic marketsndash Annual electricity demand growth estimated to be approximately 05ndash Electricity continues to gain share of total energy consumption
bull Russiandash Profits from Russia build up in pace with the capacity increasendash The commissioning of the new units Nyagan 1 and 2 postponedndash Fortumrsquos goal is to achieve an operating profit level of about EUR 500 million
and to create positive economic value added after completing the ongoing investment programme
2323
Outlook
bull Annual capex (excluding potential acquisitions)ndash 2012 around EUR 16 to 18 billion ndash 2013 and 2014 around EUR 11 to 14 billion annually
bull Hedgingndash rest of 2012 approximately 70 hedge ratio at approximately EUR 48MWh(Q4 65 at EUR 48MWh)ndash 2013 approximately 45 hedge ratio at approximately EUR 46MWh(Q4 40 at EUR 46MWh)
bull In Finland the Government announced that a so-called windfall tax will be introduced in 2014
2424
Strong position continuously challenging business environment
bull Electricity will continue to gain a higher share of the total energy consumption
bull Good production portfolio going forward
bull Hedges create stability
bull Strong financial position
25
- Slide Number 1
- Slide Number 2
- Slide Number 3
- Slide Number 4
- Nordic water reservoirs levels higher than long-term average
- CO2 allowance prices
- Price development in the Nordic region and Russia
- Q1 Results
- Q1 Comparable operating profit on last yearrsquos level
- Slide Number 10
- Comparable and reported operating profit
- Power Q1
- Heat Q1
- Russia Q1
- Distribution Q1
- Electricity Sales Q1
- Income statement
- Cash flow statement
- Key ratios
- Debt maturity profile
- Slide Number 21
- Outlook
- Outlook
- Strong position continuously challenging business environment
- Slide Number 25
-
55
Nordic water reservoirs levels higher than long-term average
Source Nord Pool SpotSource Nord Pool Spot
rese
rvoi
r con
tent
(TW
h)
0
20
40
60
80
100
120
2000 2003 2010 20122011 reference level
Q1 Q2 Q3 Q4
rese
rvoi
r con
tent
(TW
h)
0
20
40
60
80
100
120
2000 2003 2010 20122011 reference level2000 2003 2010 20122011 reference level2000 2003 2010 20122011 reference level
Q1 Q2 Q3 Q4Q1 Q2 Q3 Q4
66
CO2 allowance prices
Source ICE
Market prices 23 April 2012 2012-2013 future quotations
CO2
price (ICE ECX EUA)
0
5
10
15
20
25
30
35
EUR
tC
O2
2006 2007 20102008 2009 20122011 2013
Achieved power price for OAO Fortum
292 290 300 289 293
0
6
12
18
24
30
36
Q12011 Q22011 Q32011 Q42011 Q12012
eurMWh
Spot price for power (market price) Urals hub
950 954 939858 849
0
200
400
600
800
1 000
1 200
Q12011 Q22011 Q32011 Q42011 Q12012
RUBMWh
Powers Nordic power price
479 474443 452 472
0
10
20
30
40
50
60
Q12011 Q22011 Q32011 Q42011 Q12012
eurMWh
Spot price for power in NordPool power exchange
662
523
342383
360
0
12
24
36
48
60
72
Q12011 Q22011 Q32011 Q42011 Q12012
eurMWh
77
Price development in the Nordic region and Russia
Includes capacity income
-42
-1
-11
+0
88
Q1 Results
bull Comparable operating profit EUR 651 (649) million
bull Earnings per share EUR 056 (076)
bull Net cash from operating activities 553 (454) million
99
Q1 Comparable operating profit on last yearrsquos level
Comparable operating profit EUR million
-2-141416 651649 -2-10
PowerQ12011 Heat Russia DistributionElectricity
Sales Other Q12012
10
Financials
1111
Comparable and reported operating profit
MEURI2012 I2011 I2012 I2011 2011 2011
Power 341 325 367 489 1 201 1 476Heat 161 171 213 265 278 380Russia 48 34 48 34 74 74Distribution 110 124 117 125 295 478Electricity Sales 9 11 11 -20 27 3Other -18 -16 -20 7 -73 -9Total 651 649 736 900 1 802 2 402
Comparable operating profit
Reported operating profit
Comparable operating profit
Reported operating profit
bull IFRS accounting treatment (IAS 39) of derivatives had an impact on the reported operating profit In the first quarter EUR -16 (173) million or earnings per share EUR -001 (014)
1212
Power Q1
MEUR I2012 I2011 2011 LTM
Sales 655 693 2 481 2 443
Comparable operating profit 341 325 1 201 1 217
Net Assets 6 117 5 996 6 247
Comparable RONA 199 201
Gross Investments 24 33 148 139
bull Significantly increased hydro generationbull Nuclear availability good except for
Oskarshamn 1bull Fortumrsquos achieved power price close to last
yearrsquos level
1313
Heat Q1
MEUR I2012 I2011 2011 LTM
Sales 625 725 1 737 1 637
Comparable operating profit 161 171 278 268
Net Assets 4 171 4 030 4 191
Comparable RONA 74 72
Gross Investments 67 58 329 338
bull Lower heat volumes due to divestments and restructuring
bull Good availability and fuel flexibility impacted positively on the result especially in Sweden
1414
Russia Q1bull Positive effect from new capacitybull Somewhat decreased ldquoold capacityrdquo volume
and incomebull Nyagan units 1 and 2 estimated to be delayed
by some months
MEUR I2012 I2011 2011 LTM
Sales 310 295 920 935
Comparable operating profit 48 34 74 88
Net Assets 3 547 2 918 3 273
Comparable RONA 35 35
Gross Investments 81 75 694 700
1515
Distribution Q1
MEUR I2012 I2011 2011 LTM
Sales 308 311 973 970
Comparable operating profit 110 124 295 281
Net Assets 3 641 3 711 3 589
Comparable RONA 86 80
Gross Investments 44 34 289 299
bull Result decreasedndash warmer weather impacted volumes
bull Smart metering rollout in Finland proceeding well
1616
Electricity Sales Q1
MEUR I2012 I2011 2011 LTM
Sales 247 373 900 774
Comparable operating profit 9 11 27 25
Net Assets 56 130 11
Comparable RONA 335 446
Gross Investments 0 3 5 2
bull Business Market restructuring completedbull Leading seller of eco-labelled and CO2-
free electricity in the Nordic countries
1717
Income statementMEUR I2012 I2011 2011 LTM
Sales 1 901 2 034 6 161 6 028Expenses -1 250 -1 385 -4 359 -4 224
Comparable operating profit 651 649 1 802 1 804
Items affecting comparability 85 251 600 434
Operating profit 736 900 2 402 2 238Share of profit of associates and jvs -7 59 91 25Financial expenses net -76 -55 -265 -286
Profit before taxes 653 904 2 228 1 977Income tax expense -119 -158 -366 -327
Net profit for the period 534 746 1 862 1 650Non-controlling interests 39 68 93 64
EPS basic (EUR) 056 076 199 179EPS diluted (EUR) 056 076 199 179
1818
Cash flow statement
MEUR I2012 I2011 2011 LTM
Operating profit before depreciations 894 1 049 3 008 2 853
Non-cash flow items and divesting activities -99 -270 -726 -555
Financial items and fx gainslosses -142 -302 -376 -216
Taxes -78 -114 -394 -358
Funds from operations (FFO) 575 363 1 512 1 724
Change in working capital -22 91 101 -12
Total net cash from operating activities 553 454 1 613 1 712
Paid capital expenditures -272 -206 -1 285 -1 351
Acquisition of shares 0 -19 -62 -43
Other investing activities 255 210 522 567
Cash flow before financing activities 536 439 788 885
1919
Key ratios
MEUR LTM 2011 2010Q112
EBITDA 2 853 3 008 2 271Comparable EBITDA 2 385 2 374 2 396Interest-bearing net debt 6 523 7 023 6 826Comparable Net debtEBITDA 27 30 28
Return on capital employed () 128 148 116Return on shareholders equity () 167 197 157
Good liquidity ndash committed credit lines total EUR 27 billion
Note LTM does not reflect dividend paid in April 2012
2020
Debt maturity profile
0
250
500
750
1000
1250
1500
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022+
Bonds Financial institutions Other long-term debt CPs Other short-term debt
MEUR
2012 903
2013 643
2014 1261
2015 1086
2016 867
2017 587
2018 194
2019 897
2020 74
2021 564
2022+ 1021
per 31 Mar 2012 per 31 Dec 2011Average Interest Rate (incl swaps and forwards) 46 44Portion of floating fixed debt 43 57 47 53
21
Outlook
2222
Outlookbull Key drivers and risks
ndash Wholesale price of electricitybull Demandbull Fuelsbull CO2 emissions pricesbull Water reservoirsbull Power plant availability
bull Nordic marketsndash Annual electricity demand growth estimated to be approximately 05ndash Electricity continues to gain share of total energy consumption
bull Russiandash Profits from Russia build up in pace with the capacity increasendash The commissioning of the new units Nyagan 1 and 2 postponedndash Fortumrsquos goal is to achieve an operating profit level of about EUR 500 million
and to create positive economic value added after completing the ongoing investment programme
2323
Outlook
bull Annual capex (excluding potential acquisitions)ndash 2012 around EUR 16 to 18 billion ndash 2013 and 2014 around EUR 11 to 14 billion annually
bull Hedgingndash rest of 2012 approximately 70 hedge ratio at approximately EUR 48MWh(Q4 65 at EUR 48MWh)ndash 2013 approximately 45 hedge ratio at approximately EUR 46MWh(Q4 40 at EUR 46MWh)
bull In Finland the Government announced that a so-called windfall tax will be introduced in 2014
2424
Strong position continuously challenging business environment
bull Electricity will continue to gain a higher share of the total energy consumption
bull Good production portfolio going forward
bull Hedges create stability
bull Strong financial position
25
- Slide Number 1
- Slide Number 2
- Slide Number 3
- Slide Number 4
- Nordic water reservoirs levels higher than long-term average
- CO2 allowance prices
- Price development in the Nordic region and Russia
- Q1 Results
- Q1 Comparable operating profit on last yearrsquos level
- Slide Number 10
- Comparable and reported operating profit
- Power Q1
- Heat Q1
- Russia Q1
- Distribution Q1
- Electricity Sales Q1
- Income statement
- Cash flow statement
- Key ratios
- Debt maturity profile
- Slide Number 21
- Outlook
- Outlook
- Strong position continuously challenging business environment
- Slide Number 25
-
66
CO2 allowance prices
Source ICE
Market prices 23 April 2012 2012-2013 future quotations
CO2
price (ICE ECX EUA)
0
5
10
15
20
25
30
35
EUR
tC
O2
2006 2007 20102008 2009 20122011 2013
Achieved power price for OAO Fortum
292 290 300 289 293
0
6
12
18
24
30
36
Q12011 Q22011 Q32011 Q42011 Q12012
eurMWh
Spot price for power (market price) Urals hub
950 954 939858 849
0
200
400
600
800
1 000
1 200
Q12011 Q22011 Q32011 Q42011 Q12012
RUBMWh
Powers Nordic power price
479 474443 452 472
0
10
20
30
40
50
60
Q12011 Q22011 Q32011 Q42011 Q12012
eurMWh
Spot price for power in NordPool power exchange
662
523
342383
360
0
12
24
36
48
60
72
Q12011 Q22011 Q32011 Q42011 Q12012
eurMWh
77
Price development in the Nordic region and Russia
Includes capacity income
-42
-1
-11
+0
88
Q1 Results
bull Comparable operating profit EUR 651 (649) million
bull Earnings per share EUR 056 (076)
bull Net cash from operating activities 553 (454) million
99
Q1 Comparable operating profit on last yearrsquos level
Comparable operating profit EUR million
-2-141416 651649 -2-10
PowerQ12011 Heat Russia DistributionElectricity
Sales Other Q12012
10
Financials
1111
Comparable and reported operating profit
MEURI2012 I2011 I2012 I2011 2011 2011
Power 341 325 367 489 1 201 1 476Heat 161 171 213 265 278 380Russia 48 34 48 34 74 74Distribution 110 124 117 125 295 478Electricity Sales 9 11 11 -20 27 3Other -18 -16 -20 7 -73 -9Total 651 649 736 900 1 802 2 402
Comparable operating profit
Reported operating profit
Comparable operating profit
Reported operating profit
bull IFRS accounting treatment (IAS 39) of derivatives had an impact on the reported operating profit In the first quarter EUR -16 (173) million or earnings per share EUR -001 (014)
1212
Power Q1
MEUR I2012 I2011 2011 LTM
Sales 655 693 2 481 2 443
Comparable operating profit 341 325 1 201 1 217
Net Assets 6 117 5 996 6 247
Comparable RONA 199 201
Gross Investments 24 33 148 139
bull Significantly increased hydro generationbull Nuclear availability good except for
Oskarshamn 1bull Fortumrsquos achieved power price close to last
yearrsquos level
1313
Heat Q1
MEUR I2012 I2011 2011 LTM
Sales 625 725 1 737 1 637
Comparable operating profit 161 171 278 268
Net Assets 4 171 4 030 4 191
Comparable RONA 74 72
Gross Investments 67 58 329 338
bull Lower heat volumes due to divestments and restructuring
bull Good availability and fuel flexibility impacted positively on the result especially in Sweden
1414
Russia Q1bull Positive effect from new capacitybull Somewhat decreased ldquoold capacityrdquo volume
and incomebull Nyagan units 1 and 2 estimated to be delayed
by some months
MEUR I2012 I2011 2011 LTM
Sales 310 295 920 935
Comparable operating profit 48 34 74 88
Net Assets 3 547 2 918 3 273
Comparable RONA 35 35
Gross Investments 81 75 694 700
1515
Distribution Q1
MEUR I2012 I2011 2011 LTM
Sales 308 311 973 970
Comparable operating profit 110 124 295 281
Net Assets 3 641 3 711 3 589
Comparable RONA 86 80
Gross Investments 44 34 289 299
bull Result decreasedndash warmer weather impacted volumes
bull Smart metering rollout in Finland proceeding well
1616
Electricity Sales Q1
MEUR I2012 I2011 2011 LTM
Sales 247 373 900 774
Comparable operating profit 9 11 27 25
Net Assets 56 130 11
Comparable RONA 335 446
Gross Investments 0 3 5 2
bull Business Market restructuring completedbull Leading seller of eco-labelled and CO2-
free electricity in the Nordic countries
1717
Income statementMEUR I2012 I2011 2011 LTM
Sales 1 901 2 034 6 161 6 028Expenses -1 250 -1 385 -4 359 -4 224
Comparable operating profit 651 649 1 802 1 804
Items affecting comparability 85 251 600 434
Operating profit 736 900 2 402 2 238Share of profit of associates and jvs -7 59 91 25Financial expenses net -76 -55 -265 -286
Profit before taxes 653 904 2 228 1 977Income tax expense -119 -158 -366 -327
Net profit for the period 534 746 1 862 1 650Non-controlling interests 39 68 93 64
EPS basic (EUR) 056 076 199 179EPS diluted (EUR) 056 076 199 179
1818
Cash flow statement
MEUR I2012 I2011 2011 LTM
Operating profit before depreciations 894 1 049 3 008 2 853
Non-cash flow items and divesting activities -99 -270 -726 -555
Financial items and fx gainslosses -142 -302 -376 -216
Taxes -78 -114 -394 -358
Funds from operations (FFO) 575 363 1 512 1 724
Change in working capital -22 91 101 -12
Total net cash from operating activities 553 454 1 613 1 712
Paid capital expenditures -272 -206 -1 285 -1 351
Acquisition of shares 0 -19 -62 -43
Other investing activities 255 210 522 567
Cash flow before financing activities 536 439 788 885
1919
Key ratios
MEUR LTM 2011 2010Q112
EBITDA 2 853 3 008 2 271Comparable EBITDA 2 385 2 374 2 396Interest-bearing net debt 6 523 7 023 6 826Comparable Net debtEBITDA 27 30 28
Return on capital employed () 128 148 116Return on shareholders equity () 167 197 157
Good liquidity ndash committed credit lines total EUR 27 billion
Note LTM does not reflect dividend paid in April 2012
2020
Debt maturity profile
0
250
500
750
1000
1250
1500
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022+
Bonds Financial institutions Other long-term debt CPs Other short-term debt
MEUR
2012 903
2013 643
2014 1261
2015 1086
2016 867
2017 587
2018 194
2019 897
2020 74
2021 564
2022+ 1021
per 31 Mar 2012 per 31 Dec 2011Average Interest Rate (incl swaps and forwards) 46 44Portion of floating fixed debt 43 57 47 53
21
Outlook
2222
Outlookbull Key drivers and risks
ndash Wholesale price of electricitybull Demandbull Fuelsbull CO2 emissions pricesbull Water reservoirsbull Power plant availability
bull Nordic marketsndash Annual electricity demand growth estimated to be approximately 05ndash Electricity continues to gain share of total energy consumption
bull Russiandash Profits from Russia build up in pace with the capacity increasendash The commissioning of the new units Nyagan 1 and 2 postponedndash Fortumrsquos goal is to achieve an operating profit level of about EUR 500 million
and to create positive economic value added after completing the ongoing investment programme
2323
Outlook
bull Annual capex (excluding potential acquisitions)ndash 2012 around EUR 16 to 18 billion ndash 2013 and 2014 around EUR 11 to 14 billion annually
bull Hedgingndash rest of 2012 approximately 70 hedge ratio at approximately EUR 48MWh(Q4 65 at EUR 48MWh)ndash 2013 approximately 45 hedge ratio at approximately EUR 46MWh(Q4 40 at EUR 46MWh)
bull In Finland the Government announced that a so-called windfall tax will be introduced in 2014
2424
Strong position continuously challenging business environment
bull Electricity will continue to gain a higher share of the total energy consumption
bull Good production portfolio going forward
bull Hedges create stability
bull Strong financial position
25
- Slide Number 1
- Slide Number 2
- Slide Number 3
- Slide Number 4
- Nordic water reservoirs levels higher than long-term average
- CO2 allowance prices
- Price development in the Nordic region and Russia
- Q1 Results
- Q1 Comparable operating profit on last yearrsquos level
- Slide Number 10
- Comparable and reported operating profit
- Power Q1
- Heat Q1
- Russia Q1
- Distribution Q1
- Electricity Sales Q1
- Income statement
- Cash flow statement
- Key ratios
- Debt maturity profile
- Slide Number 21
- Outlook
- Outlook
- Strong position continuously challenging business environment
- Slide Number 25
-
Achieved power price for OAO Fortum
292 290 300 289 293
0
6
12
18
24
30
36
Q12011 Q22011 Q32011 Q42011 Q12012
eurMWh
Spot price for power (market price) Urals hub
950 954 939858 849
0
200
400
600
800
1 000
1 200
Q12011 Q22011 Q32011 Q42011 Q12012
RUBMWh
Powers Nordic power price
479 474443 452 472
0
10
20
30
40
50
60
Q12011 Q22011 Q32011 Q42011 Q12012
eurMWh
Spot price for power in NordPool power exchange
662
523
342383
360
0
12
24
36
48
60
72
Q12011 Q22011 Q32011 Q42011 Q12012
eurMWh
77
Price development in the Nordic region and Russia
Includes capacity income
-42
-1
-11
+0
88
Q1 Results
bull Comparable operating profit EUR 651 (649) million
bull Earnings per share EUR 056 (076)
bull Net cash from operating activities 553 (454) million
99
Q1 Comparable operating profit on last yearrsquos level
Comparable operating profit EUR million
-2-141416 651649 -2-10
PowerQ12011 Heat Russia DistributionElectricity
Sales Other Q12012
10
Financials
1111
Comparable and reported operating profit
MEURI2012 I2011 I2012 I2011 2011 2011
Power 341 325 367 489 1 201 1 476Heat 161 171 213 265 278 380Russia 48 34 48 34 74 74Distribution 110 124 117 125 295 478Electricity Sales 9 11 11 -20 27 3Other -18 -16 -20 7 -73 -9Total 651 649 736 900 1 802 2 402
Comparable operating profit
Reported operating profit
Comparable operating profit
Reported operating profit
bull IFRS accounting treatment (IAS 39) of derivatives had an impact on the reported operating profit In the first quarter EUR -16 (173) million or earnings per share EUR -001 (014)
1212
Power Q1
MEUR I2012 I2011 2011 LTM
Sales 655 693 2 481 2 443
Comparable operating profit 341 325 1 201 1 217
Net Assets 6 117 5 996 6 247
Comparable RONA 199 201
Gross Investments 24 33 148 139
bull Significantly increased hydro generationbull Nuclear availability good except for
Oskarshamn 1bull Fortumrsquos achieved power price close to last
yearrsquos level
1313
Heat Q1
MEUR I2012 I2011 2011 LTM
Sales 625 725 1 737 1 637
Comparable operating profit 161 171 278 268
Net Assets 4 171 4 030 4 191
Comparable RONA 74 72
Gross Investments 67 58 329 338
bull Lower heat volumes due to divestments and restructuring
bull Good availability and fuel flexibility impacted positively on the result especially in Sweden
1414
Russia Q1bull Positive effect from new capacitybull Somewhat decreased ldquoold capacityrdquo volume
and incomebull Nyagan units 1 and 2 estimated to be delayed
by some months
MEUR I2012 I2011 2011 LTM
Sales 310 295 920 935
Comparable operating profit 48 34 74 88
Net Assets 3 547 2 918 3 273
Comparable RONA 35 35
Gross Investments 81 75 694 700
1515
Distribution Q1
MEUR I2012 I2011 2011 LTM
Sales 308 311 973 970
Comparable operating profit 110 124 295 281
Net Assets 3 641 3 711 3 589
Comparable RONA 86 80
Gross Investments 44 34 289 299
bull Result decreasedndash warmer weather impacted volumes
bull Smart metering rollout in Finland proceeding well
1616
Electricity Sales Q1
MEUR I2012 I2011 2011 LTM
Sales 247 373 900 774
Comparable operating profit 9 11 27 25
Net Assets 56 130 11
Comparable RONA 335 446
Gross Investments 0 3 5 2
bull Business Market restructuring completedbull Leading seller of eco-labelled and CO2-
free electricity in the Nordic countries
1717
Income statementMEUR I2012 I2011 2011 LTM
Sales 1 901 2 034 6 161 6 028Expenses -1 250 -1 385 -4 359 -4 224
Comparable operating profit 651 649 1 802 1 804
Items affecting comparability 85 251 600 434
Operating profit 736 900 2 402 2 238Share of profit of associates and jvs -7 59 91 25Financial expenses net -76 -55 -265 -286
Profit before taxes 653 904 2 228 1 977Income tax expense -119 -158 -366 -327
Net profit for the period 534 746 1 862 1 650Non-controlling interests 39 68 93 64
EPS basic (EUR) 056 076 199 179EPS diluted (EUR) 056 076 199 179
1818
Cash flow statement
MEUR I2012 I2011 2011 LTM
Operating profit before depreciations 894 1 049 3 008 2 853
Non-cash flow items and divesting activities -99 -270 -726 -555
Financial items and fx gainslosses -142 -302 -376 -216
Taxes -78 -114 -394 -358
Funds from operations (FFO) 575 363 1 512 1 724
Change in working capital -22 91 101 -12
Total net cash from operating activities 553 454 1 613 1 712
Paid capital expenditures -272 -206 -1 285 -1 351
Acquisition of shares 0 -19 -62 -43
Other investing activities 255 210 522 567
Cash flow before financing activities 536 439 788 885
1919
Key ratios
MEUR LTM 2011 2010Q112
EBITDA 2 853 3 008 2 271Comparable EBITDA 2 385 2 374 2 396Interest-bearing net debt 6 523 7 023 6 826Comparable Net debtEBITDA 27 30 28
Return on capital employed () 128 148 116Return on shareholders equity () 167 197 157
Good liquidity ndash committed credit lines total EUR 27 billion
Note LTM does not reflect dividend paid in April 2012
2020
Debt maturity profile
0
250
500
750
1000
1250
1500
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022+
Bonds Financial institutions Other long-term debt CPs Other short-term debt
MEUR
2012 903
2013 643
2014 1261
2015 1086
2016 867
2017 587
2018 194
2019 897
2020 74
2021 564
2022+ 1021
per 31 Mar 2012 per 31 Dec 2011Average Interest Rate (incl swaps and forwards) 46 44Portion of floating fixed debt 43 57 47 53
21
Outlook
2222
Outlookbull Key drivers and risks
ndash Wholesale price of electricitybull Demandbull Fuelsbull CO2 emissions pricesbull Water reservoirsbull Power plant availability
bull Nordic marketsndash Annual electricity demand growth estimated to be approximately 05ndash Electricity continues to gain share of total energy consumption
bull Russiandash Profits from Russia build up in pace with the capacity increasendash The commissioning of the new units Nyagan 1 and 2 postponedndash Fortumrsquos goal is to achieve an operating profit level of about EUR 500 million
and to create positive economic value added after completing the ongoing investment programme
2323
Outlook
bull Annual capex (excluding potential acquisitions)ndash 2012 around EUR 16 to 18 billion ndash 2013 and 2014 around EUR 11 to 14 billion annually
bull Hedgingndash rest of 2012 approximately 70 hedge ratio at approximately EUR 48MWh(Q4 65 at EUR 48MWh)ndash 2013 approximately 45 hedge ratio at approximately EUR 46MWh(Q4 40 at EUR 46MWh)
bull In Finland the Government announced that a so-called windfall tax will be introduced in 2014
2424
Strong position continuously challenging business environment
bull Electricity will continue to gain a higher share of the total energy consumption
bull Good production portfolio going forward
bull Hedges create stability
bull Strong financial position
25
- Slide Number 1
- Slide Number 2
- Slide Number 3
- Slide Number 4
- Nordic water reservoirs levels higher than long-term average
- CO2 allowance prices
- Price development in the Nordic region and Russia
- Q1 Results
- Q1 Comparable operating profit on last yearrsquos level
- Slide Number 10
- Comparable and reported operating profit
- Power Q1
- Heat Q1
- Russia Q1
- Distribution Q1
- Electricity Sales Q1
- Income statement
- Cash flow statement
- Key ratios
- Debt maturity profile
- Slide Number 21
- Outlook
- Outlook
- Strong position continuously challenging business environment
- Slide Number 25
-
88
Q1 Results
bull Comparable operating profit EUR 651 (649) million
bull Earnings per share EUR 056 (076)
bull Net cash from operating activities 553 (454) million
99
Q1 Comparable operating profit on last yearrsquos level
Comparable operating profit EUR million
-2-141416 651649 -2-10
PowerQ12011 Heat Russia DistributionElectricity
Sales Other Q12012
10
Financials
1111
Comparable and reported operating profit
MEURI2012 I2011 I2012 I2011 2011 2011
Power 341 325 367 489 1 201 1 476Heat 161 171 213 265 278 380Russia 48 34 48 34 74 74Distribution 110 124 117 125 295 478Electricity Sales 9 11 11 -20 27 3Other -18 -16 -20 7 -73 -9Total 651 649 736 900 1 802 2 402
Comparable operating profit
Reported operating profit
Comparable operating profit
Reported operating profit
bull IFRS accounting treatment (IAS 39) of derivatives had an impact on the reported operating profit In the first quarter EUR -16 (173) million or earnings per share EUR -001 (014)
1212
Power Q1
MEUR I2012 I2011 2011 LTM
Sales 655 693 2 481 2 443
Comparable operating profit 341 325 1 201 1 217
Net Assets 6 117 5 996 6 247
Comparable RONA 199 201
Gross Investments 24 33 148 139
bull Significantly increased hydro generationbull Nuclear availability good except for
Oskarshamn 1bull Fortumrsquos achieved power price close to last
yearrsquos level
1313
Heat Q1
MEUR I2012 I2011 2011 LTM
Sales 625 725 1 737 1 637
Comparable operating profit 161 171 278 268
Net Assets 4 171 4 030 4 191
Comparable RONA 74 72
Gross Investments 67 58 329 338
bull Lower heat volumes due to divestments and restructuring
bull Good availability and fuel flexibility impacted positively on the result especially in Sweden
1414
Russia Q1bull Positive effect from new capacitybull Somewhat decreased ldquoold capacityrdquo volume
and incomebull Nyagan units 1 and 2 estimated to be delayed
by some months
MEUR I2012 I2011 2011 LTM
Sales 310 295 920 935
Comparable operating profit 48 34 74 88
Net Assets 3 547 2 918 3 273
Comparable RONA 35 35
Gross Investments 81 75 694 700
1515
Distribution Q1
MEUR I2012 I2011 2011 LTM
Sales 308 311 973 970
Comparable operating profit 110 124 295 281
Net Assets 3 641 3 711 3 589
Comparable RONA 86 80
Gross Investments 44 34 289 299
bull Result decreasedndash warmer weather impacted volumes
bull Smart metering rollout in Finland proceeding well
1616
Electricity Sales Q1
MEUR I2012 I2011 2011 LTM
Sales 247 373 900 774
Comparable operating profit 9 11 27 25
Net Assets 56 130 11
Comparable RONA 335 446
Gross Investments 0 3 5 2
bull Business Market restructuring completedbull Leading seller of eco-labelled and CO2-
free electricity in the Nordic countries
1717
Income statementMEUR I2012 I2011 2011 LTM
Sales 1 901 2 034 6 161 6 028Expenses -1 250 -1 385 -4 359 -4 224
Comparable operating profit 651 649 1 802 1 804
Items affecting comparability 85 251 600 434
Operating profit 736 900 2 402 2 238Share of profit of associates and jvs -7 59 91 25Financial expenses net -76 -55 -265 -286
Profit before taxes 653 904 2 228 1 977Income tax expense -119 -158 -366 -327
Net profit for the period 534 746 1 862 1 650Non-controlling interests 39 68 93 64
EPS basic (EUR) 056 076 199 179EPS diluted (EUR) 056 076 199 179
1818
Cash flow statement
MEUR I2012 I2011 2011 LTM
Operating profit before depreciations 894 1 049 3 008 2 853
Non-cash flow items and divesting activities -99 -270 -726 -555
Financial items and fx gainslosses -142 -302 -376 -216
Taxes -78 -114 -394 -358
Funds from operations (FFO) 575 363 1 512 1 724
Change in working capital -22 91 101 -12
Total net cash from operating activities 553 454 1 613 1 712
Paid capital expenditures -272 -206 -1 285 -1 351
Acquisition of shares 0 -19 -62 -43
Other investing activities 255 210 522 567
Cash flow before financing activities 536 439 788 885
1919
Key ratios
MEUR LTM 2011 2010Q112
EBITDA 2 853 3 008 2 271Comparable EBITDA 2 385 2 374 2 396Interest-bearing net debt 6 523 7 023 6 826Comparable Net debtEBITDA 27 30 28
Return on capital employed () 128 148 116Return on shareholders equity () 167 197 157
Good liquidity ndash committed credit lines total EUR 27 billion
Note LTM does not reflect dividend paid in April 2012
2020
Debt maturity profile
0
250
500
750
1000
1250
1500
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022+
Bonds Financial institutions Other long-term debt CPs Other short-term debt
MEUR
2012 903
2013 643
2014 1261
2015 1086
2016 867
2017 587
2018 194
2019 897
2020 74
2021 564
2022+ 1021
per 31 Mar 2012 per 31 Dec 2011Average Interest Rate (incl swaps and forwards) 46 44Portion of floating fixed debt 43 57 47 53
21
Outlook
2222
Outlookbull Key drivers and risks
ndash Wholesale price of electricitybull Demandbull Fuelsbull CO2 emissions pricesbull Water reservoirsbull Power plant availability
bull Nordic marketsndash Annual electricity demand growth estimated to be approximately 05ndash Electricity continues to gain share of total energy consumption
bull Russiandash Profits from Russia build up in pace with the capacity increasendash The commissioning of the new units Nyagan 1 and 2 postponedndash Fortumrsquos goal is to achieve an operating profit level of about EUR 500 million
and to create positive economic value added after completing the ongoing investment programme
2323
Outlook
bull Annual capex (excluding potential acquisitions)ndash 2012 around EUR 16 to 18 billion ndash 2013 and 2014 around EUR 11 to 14 billion annually
bull Hedgingndash rest of 2012 approximately 70 hedge ratio at approximately EUR 48MWh(Q4 65 at EUR 48MWh)ndash 2013 approximately 45 hedge ratio at approximately EUR 46MWh(Q4 40 at EUR 46MWh)
bull In Finland the Government announced that a so-called windfall tax will be introduced in 2014
2424
Strong position continuously challenging business environment
bull Electricity will continue to gain a higher share of the total energy consumption
bull Good production portfolio going forward
bull Hedges create stability
bull Strong financial position
25
- Slide Number 1
- Slide Number 2
- Slide Number 3
- Slide Number 4
- Nordic water reservoirs levels higher than long-term average
- CO2 allowance prices
- Price development in the Nordic region and Russia
- Q1 Results
- Q1 Comparable operating profit on last yearrsquos level
- Slide Number 10
- Comparable and reported operating profit
- Power Q1
- Heat Q1
- Russia Q1
- Distribution Q1
- Electricity Sales Q1
- Income statement
- Cash flow statement
- Key ratios
- Debt maturity profile
- Slide Number 21
- Outlook
- Outlook
- Strong position continuously challenging business environment
- Slide Number 25
-
99
Q1 Comparable operating profit on last yearrsquos level
Comparable operating profit EUR million
-2-141416 651649 -2-10
PowerQ12011 Heat Russia DistributionElectricity
Sales Other Q12012
10
Financials
1111
Comparable and reported operating profit
MEURI2012 I2011 I2012 I2011 2011 2011
Power 341 325 367 489 1 201 1 476Heat 161 171 213 265 278 380Russia 48 34 48 34 74 74Distribution 110 124 117 125 295 478Electricity Sales 9 11 11 -20 27 3Other -18 -16 -20 7 -73 -9Total 651 649 736 900 1 802 2 402
Comparable operating profit
Reported operating profit
Comparable operating profit
Reported operating profit
bull IFRS accounting treatment (IAS 39) of derivatives had an impact on the reported operating profit In the first quarter EUR -16 (173) million or earnings per share EUR -001 (014)
1212
Power Q1
MEUR I2012 I2011 2011 LTM
Sales 655 693 2 481 2 443
Comparable operating profit 341 325 1 201 1 217
Net Assets 6 117 5 996 6 247
Comparable RONA 199 201
Gross Investments 24 33 148 139
bull Significantly increased hydro generationbull Nuclear availability good except for
Oskarshamn 1bull Fortumrsquos achieved power price close to last
yearrsquos level
1313
Heat Q1
MEUR I2012 I2011 2011 LTM
Sales 625 725 1 737 1 637
Comparable operating profit 161 171 278 268
Net Assets 4 171 4 030 4 191
Comparable RONA 74 72
Gross Investments 67 58 329 338
bull Lower heat volumes due to divestments and restructuring
bull Good availability and fuel flexibility impacted positively on the result especially in Sweden
1414
Russia Q1bull Positive effect from new capacitybull Somewhat decreased ldquoold capacityrdquo volume
and incomebull Nyagan units 1 and 2 estimated to be delayed
by some months
MEUR I2012 I2011 2011 LTM
Sales 310 295 920 935
Comparable operating profit 48 34 74 88
Net Assets 3 547 2 918 3 273
Comparable RONA 35 35
Gross Investments 81 75 694 700
1515
Distribution Q1
MEUR I2012 I2011 2011 LTM
Sales 308 311 973 970
Comparable operating profit 110 124 295 281
Net Assets 3 641 3 711 3 589
Comparable RONA 86 80
Gross Investments 44 34 289 299
bull Result decreasedndash warmer weather impacted volumes
bull Smart metering rollout in Finland proceeding well
1616
Electricity Sales Q1
MEUR I2012 I2011 2011 LTM
Sales 247 373 900 774
Comparable operating profit 9 11 27 25
Net Assets 56 130 11
Comparable RONA 335 446
Gross Investments 0 3 5 2
bull Business Market restructuring completedbull Leading seller of eco-labelled and CO2-
free electricity in the Nordic countries
1717
Income statementMEUR I2012 I2011 2011 LTM
Sales 1 901 2 034 6 161 6 028Expenses -1 250 -1 385 -4 359 -4 224
Comparable operating profit 651 649 1 802 1 804
Items affecting comparability 85 251 600 434
Operating profit 736 900 2 402 2 238Share of profit of associates and jvs -7 59 91 25Financial expenses net -76 -55 -265 -286
Profit before taxes 653 904 2 228 1 977Income tax expense -119 -158 -366 -327
Net profit for the period 534 746 1 862 1 650Non-controlling interests 39 68 93 64
EPS basic (EUR) 056 076 199 179EPS diluted (EUR) 056 076 199 179
1818
Cash flow statement
MEUR I2012 I2011 2011 LTM
Operating profit before depreciations 894 1 049 3 008 2 853
Non-cash flow items and divesting activities -99 -270 -726 -555
Financial items and fx gainslosses -142 -302 -376 -216
Taxes -78 -114 -394 -358
Funds from operations (FFO) 575 363 1 512 1 724
Change in working capital -22 91 101 -12
Total net cash from operating activities 553 454 1 613 1 712
Paid capital expenditures -272 -206 -1 285 -1 351
Acquisition of shares 0 -19 -62 -43
Other investing activities 255 210 522 567
Cash flow before financing activities 536 439 788 885
1919
Key ratios
MEUR LTM 2011 2010Q112
EBITDA 2 853 3 008 2 271Comparable EBITDA 2 385 2 374 2 396Interest-bearing net debt 6 523 7 023 6 826Comparable Net debtEBITDA 27 30 28
Return on capital employed () 128 148 116Return on shareholders equity () 167 197 157
Good liquidity ndash committed credit lines total EUR 27 billion
Note LTM does not reflect dividend paid in April 2012
2020
Debt maturity profile
0
250
500
750
1000
1250
1500
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022+
Bonds Financial institutions Other long-term debt CPs Other short-term debt
MEUR
2012 903
2013 643
2014 1261
2015 1086
2016 867
2017 587
2018 194
2019 897
2020 74
2021 564
2022+ 1021
per 31 Mar 2012 per 31 Dec 2011Average Interest Rate (incl swaps and forwards) 46 44Portion of floating fixed debt 43 57 47 53
21
Outlook
2222
Outlookbull Key drivers and risks
ndash Wholesale price of electricitybull Demandbull Fuelsbull CO2 emissions pricesbull Water reservoirsbull Power plant availability
bull Nordic marketsndash Annual electricity demand growth estimated to be approximately 05ndash Electricity continues to gain share of total energy consumption
bull Russiandash Profits from Russia build up in pace with the capacity increasendash The commissioning of the new units Nyagan 1 and 2 postponedndash Fortumrsquos goal is to achieve an operating profit level of about EUR 500 million
and to create positive economic value added after completing the ongoing investment programme
2323
Outlook
bull Annual capex (excluding potential acquisitions)ndash 2012 around EUR 16 to 18 billion ndash 2013 and 2014 around EUR 11 to 14 billion annually
bull Hedgingndash rest of 2012 approximately 70 hedge ratio at approximately EUR 48MWh(Q4 65 at EUR 48MWh)ndash 2013 approximately 45 hedge ratio at approximately EUR 46MWh(Q4 40 at EUR 46MWh)
bull In Finland the Government announced that a so-called windfall tax will be introduced in 2014
2424
Strong position continuously challenging business environment
bull Electricity will continue to gain a higher share of the total energy consumption
bull Good production portfolio going forward
bull Hedges create stability
bull Strong financial position
25
- Slide Number 1
- Slide Number 2
- Slide Number 3
- Slide Number 4
- Nordic water reservoirs levels higher than long-term average
- CO2 allowance prices
- Price development in the Nordic region and Russia
- Q1 Results
- Q1 Comparable operating profit on last yearrsquos level
- Slide Number 10
- Comparable and reported operating profit
- Power Q1
- Heat Q1
- Russia Q1
- Distribution Q1
- Electricity Sales Q1
- Income statement
- Cash flow statement
- Key ratios
- Debt maturity profile
- Slide Number 21
- Outlook
- Outlook
- Strong position continuously challenging business environment
- Slide Number 25
-
10
Financials
1111
Comparable and reported operating profit
MEURI2012 I2011 I2012 I2011 2011 2011
Power 341 325 367 489 1 201 1 476Heat 161 171 213 265 278 380Russia 48 34 48 34 74 74Distribution 110 124 117 125 295 478Electricity Sales 9 11 11 -20 27 3Other -18 -16 -20 7 -73 -9Total 651 649 736 900 1 802 2 402
Comparable operating profit
Reported operating profit
Comparable operating profit
Reported operating profit
bull IFRS accounting treatment (IAS 39) of derivatives had an impact on the reported operating profit In the first quarter EUR -16 (173) million or earnings per share EUR -001 (014)
1212
Power Q1
MEUR I2012 I2011 2011 LTM
Sales 655 693 2 481 2 443
Comparable operating profit 341 325 1 201 1 217
Net Assets 6 117 5 996 6 247
Comparable RONA 199 201
Gross Investments 24 33 148 139
bull Significantly increased hydro generationbull Nuclear availability good except for
Oskarshamn 1bull Fortumrsquos achieved power price close to last
yearrsquos level
1313
Heat Q1
MEUR I2012 I2011 2011 LTM
Sales 625 725 1 737 1 637
Comparable operating profit 161 171 278 268
Net Assets 4 171 4 030 4 191
Comparable RONA 74 72
Gross Investments 67 58 329 338
bull Lower heat volumes due to divestments and restructuring
bull Good availability and fuel flexibility impacted positively on the result especially in Sweden
1414
Russia Q1bull Positive effect from new capacitybull Somewhat decreased ldquoold capacityrdquo volume
and incomebull Nyagan units 1 and 2 estimated to be delayed
by some months
MEUR I2012 I2011 2011 LTM
Sales 310 295 920 935
Comparable operating profit 48 34 74 88
Net Assets 3 547 2 918 3 273
Comparable RONA 35 35
Gross Investments 81 75 694 700
1515
Distribution Q1
MEUR I2012 I2011 2011 LTM
Sales 308 311 973 970
Comparable operating profit 110 124 295 281
Net Assets 3 641 3 711 3 589
Comparable RONA 86 80
Gross Investments 44 34 289 299
bull Result decreasedndash warmer weather impacted volumes
bull Smart metering rollout in Finland proceeding well
1616
Electricity Sales Q1
MEUR I2012 I2011 2011 LTM
Sales 247 373 900 774
Comparable operating profit 9 11 27 25
Net Assets 56 130 11
Comparable RONA 335 446
Gross Investments 0 3 5 2
bull Business Market restructuring completedbull Leading seller of eco-labelled and CO2-
free electricity in the Nordic countries
1717
Income statementMEUR I2012 I2011 2011 LTM
Sales 1 901 2 034 6 161 6 028Expenses -1 250 -1 385 -4 359 -4 224
Comparable operating profit 651 649 1 802 1 804
Items affecting comparability 85 251 600 434
Operating profit 736 900 2 402 2 238Share of profit of associates and jvs -7 59 91 25Financial expenses net -76 -55 -265 -286
Profit before taxes 653 904 2 228 1 977Income tax expense -119 -158 -366 -327
Net profit for the period 534 746 1 862 1 650Non-controlling interests 39 68 93 64
EPS basic (EUR) 056 076 199 179EPS diluted (EUR) 056 076 199 179
1818
Cash flow statement
MEUR I2012 I2011 2011 LTM
Operating profit before depreciations 894 1 049 3 008 2 853
Non-cash flow items and divesting activities -99 -270 -726 -555
Financial items and fx gainslosses -142 -302 -376 -216
Taxes -78 -114 -394 -358
Funds from operations (FFO) 575 363 1 512 1 724
Change in working capital -22 91 101 -12
Total net cash from operating activities 553 454 1 613 1 712
Paid capital expenditures -272 -206 -1 285 -1 351
Acquisition of shares 0 -19 -62 -43
Other investing activities 255 210 522 567
Cash flow before financing activities 536 439 788 885
1919
Key ratios
MEUR LTM 2011 2010Q112
EBITDA 2 853 3 008 2 271Comparable EBITDA 2 385 2 374 2 396Interest-bearing net debt 6 523 7 023 6 826Comparable Net debtEBITDA 27 30 28
Return on capital employed () 128 148 116Return on shareholders equity () 167 197 157
Good liquidity ndash committed credit lines total EUR 27 billion
Note LTM does not reflect dividend paid in April 2012
2020
Debt maturity profile
0
250
500
750
1000
1250
1500
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022+
Bonds Financial institutions Other long-term debt CPs Other short-term debt
MEUR
2012 903
2013 643
2014 1261
2015 1086
2016 867
2017 587
2018 194
2019 897
2020 74
2021 564
2022+ 1021
per 31 Mar 2012 per 31 Dec 2011Average Interest Rate (incl swaps and forwards) 46 44Portion of floating fixed debt 43 57 47 53
21
Outlook
2222
Outlookbull Key drivers and risks
ndash Wholesale price of electricitybull Demandbull Fuelsbull CO2 emissions pricesbull Water reservoirsbull Power plant availability
bull Nordic marketsndash Annual electricity demand growth estimated to be approximately 05ndash Electricity continues to gain share of total energy consumption
bull Russiandash Profits from Russia build up in pace with the capacity increasendash The commissioning of the new units Nyagan 1 and 2 postponedndash Fortumrsquos goal is to achieve an operating profit level of about EUR 500 million
and to create positive economic value added after completing the ongoing investment programme
2323
Outlook
bull Annual capex (excluding potential acquisitions)ndash 2012 around EUR 16 to 18 billion ndash 2013 and 2014 around EUR 11 to 14 billion annually
bull Hedgingndash rest of 2012 approximately 70 hedge ratio at approximately EUR 48MWh(Q4 65 at EUR 48MWh)ndash 2013 approximately 45 hedge ratio at approximately EUR 46MWh(Q4 40 at EUR 46MWh)
bull In Finland the Government announced that a so-called windfall tax will be introduced in 2014
2424
Strong position continuously challenging business environment
bull Electricity will continue to gain a higher share of the total energy consumption
bull Good production portfolio going forward
bull Hedges create stability
bull Strong financial position
25
- Slide Number 1
- Slide Number 2
- Slide Number 3
- Slide Number 4
- Nordic water reservoirs levels higher than long-term average
- CO2 allowance prices
- Price development in the Nordic region and Russia
- Q1 Results
- Q1 Comparable operating profit on last yearrsquos level
- Slide Number 10
- Comparable and reported operating profit
- Power Q1
- Heat Q1
- Russia Q1
- Distribution Q1
- Electricity Sales Q1
- Income statement
- Cash flow statement
- Key ratios
- Debt maturity profile
- Slide Number 21
- Outlook
- Outlook
- Strong position continuously challenging business environment
- Slide Number 25
-
1111
Comparable and reported operating profit
MEURI2012 I2011 I2012 I2011 2011 2011
Power 341 325 367 489 1 201 1 476Heat 161 171 213 265 278 380Russia 48 34 48 34 74 74Distribution 110 124 117 125 295 478Electricity Sales 9 11 11 -20 27 3Other -18 -16 -20 7 -73 -9Total 651 649 736 900 1 802 2 402
Comparable operating profit
Reported operating profit
Comparable operating profit
Reported operating profit
bull IFRS accounting treatment (IAS 39) of derivatives had an impact on the reported operating profit In the first quarter EUR -16 (173) million or earnings per share EUR -001 (014)
1212
Power Q1
MEUR I2012 I2011 2011 LTM
Sales 655 693 2 481 2 443
Comparable operating profit 341 325 1 201 1 217
Net Assets 6 117 5 996 6 247
Comparable RONA 199 201
Gross Investments 24 33 148 139
bull Significantly increased hydro generationbull Nuclear availability good except for
Oskarshamn 1bull Fortumrsquos achieved power price close to last
yearrsquos level
1313
Heat Q1
MEUR I2012 I2011 2011 LTM
Sales 625 725 1 737 1 637
Comparable operating profit 161 171 278 268
Net Assets 4 171 4 030 4 191
Comparable RONA 74 72
Gross Investments 67 58 329 338
bull Lower heat volumes due to divestments and restructuring
bull Good availability and fuel flexibility impacted positively on the result especially in Sweden
1414
Russia Q1bull Positive effect from new capacitybull Somewhat decreased ldquoold capacityrdquo volume
and incomebull Nyagan units 1 and 2 estimated to be delayed
by some months
MEUR I2012 I2011 2011 LTM
Sales 310 295 920 935
Comparable operating profit 48 34 74 88
Net Assets 3 547 2 918 3 273
Comparable RONA 35 35
Gross Investments 81 75 694 700
1515
Distribution Q1
MEUR I2012 I2011 2011 LTM
Sales 308 311 973 970
Comparable operating profit 110 124 295 281
Net Assets 3 641 3 711 3 589
Comparable RONA 86 80
Gross Investments 44 34 289 299
bull Result decreasedndash warmer weather impacted volumes
bull Smart metering rollout in Finland proceeding well
1616
Electricity Sales Q1
MEUR I2012 I2011 2011 LTM
Sales 247 373 900 774
Comparable operating profit 9 11 27 25
Net Assets 56 130 11
Comparable RONA 335 446
Gross Investments 0 3 5 2
bull Business Market restructuring completedbull Leading seller of eco-labelled and CO2-
free electricity in the Nordic countries
1717
Income statementMEUR I2012 I2011 2011 LTM
Sales 1 901 2 034 6 161 6 028Expenses -1 250 -1 385 -4 359 -4 224
Comparable operating profit 651 649 1 802 1 804
Items affecting comparability 85 251 600 434
Operating profit 736 900 2 402 2 238Share of profit of associates and jvs -7 59 91 25Financial expenses net -76 -55 -265 -286
Profit before taxes 653 904 2 228 1 977Income tax expense -119 -158 -366 -327
Net profit for the period 534 746 1 862 1 650Non-controlling interests 39 68 93 64
EPS basic (EUR) 056 076 199 179EPS diluted (EUR) 056 076 199 179
1818
Cash flow statement
MEUR I2012 I2011 2011 LTM
Operating profit before depreciations 894 1 049 3 008 2 853
Non-cash flow items and divesting activities -99 -270 -726 -555
Financial items and fx gainslosses -142 -302 -376 -216
Taxes -78 -114 -394 -358
Funds from operations (FFO) 575 363 1 512 1 724
Change in working capital -22 91 101 -12
Total net cash from operating activities 553 454 1 613 1 712
Paid capital expenditures -272 -206 -1 285 -1 351
Acquisition of shares 0 -19 -62 -43
Other investing activities 255 210 522 567
Cash flow before financing activities 536 439 788 885
1919
Key ratios
MEUR LTM 2011 2010Q112
EBITDA 2 853 3 008 2 271Comparable EBITDA 2 385 2 374 2 396Interest-bearing net debt 6 523 7 023 6 826Comparable Net debtEBITDA 27 30 28
Return on capital employed () 128 148 116Return on shareholders equity () 167 197 157
Good liquidity ndash committed credit lines total EUR 27 billion
Note LTM does not reflect dividend paid in April 2012
2020
Debt maturity profile
0
250
500
750
1000
1250
1500
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022+
Bonds Financial institutions Other long-term debt CPs Other short-term debt
MEUR
2012 903
2013 643
2014 1261
2015 1086
2016 867
2017 587
2018 194
2019 897
2020 74
2021 564
2022+ 1021
per 31 Mar 2012 per 31 Dec 2011Average Interest Rate (incl swaps and forwards) 46 44Portion of floating fixed debt 43 57 47 53
21
Outlook
2222
Outlookbull Key drivers and risks
ndash Wholesale price of electricitybull Demandbull Fuelsbull CO2 emissions pricesbull Water reservoirsbull Power plant availability
bull Nordic marketsndash Annual electricity demand growth estimated to be approximately 05ndash Electricity continues to gain share of total energy consumption
bull Russiandash Profits from Russia build up in pace with the capacity increasendash The commissioning of the new units Nyagan 1 and 2 postponedndash Fortumrsquos goal is to achieve an operating profit level of about EUR 500 million
and to create positive economic value added after completing the ongoing investment programme
2323
Outlook
bull Annual capex (excluding potential acquisitions)ndash 2012 around EUR 16 to 18 billion ndash 2013 and 2014 around EUR 11 to 14 billion annually
bull Hedgingndash rest of 2012 approximately 70 hedge ratio at approximately EUR 48MWh(Q4 65 at EUR 48MWh)ndash 2013 approximately 45 hedge ratio at approximately EUR 46MWh(Q4 40 at EUR 46MWh)
bull In Finland the Government announced that a so-called windfall tax will be introduced in 2014
2424
Strong position continuously challenging business environment
bull Electricity will continue to gain a higher share of the total energy consumption
bull Good production portfolio going forward
bull Hedges create stability
bull Strong financial position
25
- Slide Number 1
- Slide Number 2
- Slide Number 3
- Slide Number 4
- Nordic water reservoirs levels higher than long-term average
- CO2 allowance prices
- Price development in the Nordic region and Russia
- Q1 Results
- Q1 Comparable operating profit on last yearrsquos level
- Slide Number 10
- Comparable and reported operating profit
- Power Q1
- Heat Q1
- Russia Q1
- Distribution Q1
- Electricity Sales Q1
- Income statement
- Cash flow statement
- Key ratios
- Debt maturity profile
- Slide Number 21
- Outlook
- Outlook
- Strong position continuously challenging business environment
- Slide Number 25
-
1212
Power Q1
MEUR I2012 I2011 2011 LTM
Sales 655 693 2 481 2 443
Comparable operating profit 341 325 1 201 1 217
Net Assets 6 117 5 996 6 247
Comparable RONA 199 201
Gross Investments 24 33 148 139
bull Significantly increased hydro generationbull Nuclear availability good except for
Oskarshamn 1bull Fortumrsquos achieved power price close to last
yearrsquos level
1313
Heat Q1
MEUR I2012 I2011 2011 LTM
Sales 625 725 1 737 1 637
Comparable operating profit 161 171 278 268
Net Assets 4 171 4 030 4 191
Comparable RONA 74 72
Gross Investments 67 58 329 338
bull Lower heat volumes due to divestments and restructuring
bull Good availability and fuel flexibility impacted positively on the result especially in Sweden
1414
Russia Q1bull Positive effect from new capacitybull Somewhat decreased ldquoold capacityrdquo volume
and incomebull Nyagan units 1 and 2 estimated to be delayed
by some months
MEUR I2012 I2011 2011 LTM
Sales 310 295 920 935
Comparable operating profit 48 34 74 88
Net Assets 3 547 2 918 3 273
Comparable RONA 35 35
Gross Investments 81 75 694 700
1515
Distribution Q1
MEUR I2012 I2011 2011 LTM
Sales 308 311 973 970
Comparable operating profit 110 124 295 281
Net Assets 3 641 3 711 3 589
Comparable RONA 86 80
Gross Investments 44 34 289 299
bull Result decreasedndash warmer weather impacted volumes
bull Smart metering rollout in Finland proceeding well
1616
Electricity Sales Q1
MEUR I2012 I2011 2011 LTM
Sales 247 373 900 774
Comparable operating profit 9 11 27 25
Net Assets 56 130 11
Comparable RONA 335 446
Gross Investments 0 3 5 2
bull Business Market restructuring completedbull Leading seller of eco-labelled and CO2-
free electricity in the Nordic countries
1717
Income statementMEUR I2012 I2011 2011 LTM
Sales 1 901 2 034 6 161 6 028Expenses -1 250 -1 385 -4 359 -4 224
Comparable operating profit 651 649 1 802 1 804
Items affecting comparability 85 251 600 434
Operating profit 736 900 2 402 2 238Share of profit of associates and jvs -7 59 91 25Financial expenses net -76 -55 -265 -286
Profit before taxes 653 904 2 228 1 977Income tax expense -119 -158 -366 -327
Net profit for the period 534 746 1 862 1 650Non-controlling interests 39 68 93 64
EPS basic (EUR) 056 076 199 179EPS diluted (EUR) 056 076 199 179
1818
Cash flow statement
MEUR I2012 I2011 2011 LTM
Operating profit before depreciations 894 1 049 3 008 2 853
Non-cash flow items and divesting activities -99 -270 -726 -555
Financial items and fx gainslosses -142 -302 -376 -216
Taxes -78 -114 -394 -358
Funds from operations (FFO) 575 363 1 512 1 724
Change in working capital -22 91 101 -12
Total net cash from operating activities 553 454 1 613 1 712
Paid capital expenditures -272 -206 -1 285 -1 351
Acquisition of shares 0 -19 -62 -43
Other investing activities 255 210 522 567
Cash flow before financing activities 536 439 788 885
1919
Key ratios
MEUR LTM 2011 2010Q112
EBITDA 2 853 3 008 2 271Comparable EBITDA 2 385 2 374 2 396Interest-bearing net debt 6 523 7 023 6 826Comparable Net debtEBITDA 27 30 28
Return on capital employed () 128 148 116Return on shareholders equity () 167 197 157
Good liquidity ndash committed credit lines total EUR 27 billion
Note LTM does not reflect dividend paid in April 2012
2020
Debt maturity profile
0
250
500
750
1000
1250
1500
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022+
Bonds Financial institutions Other long-term debt CPs Other short-term debt
MEUR
2012 903
2013 643
2014 1261
2015 1086
2016 867
2017 587
2018 194
2019 897
2020 74
2021 564
2022+ 1021
per 31 Mar 2012 per 31 Dec 2011Average Interest Rate (incl swaps and forwards) 46 44Portion of floating fixed debt 43 57 47 53
21
Outlook
2222
Outlookbull Key drivers and risks
ndash Wholesale price of electricitybull Demandbull Fuelsbull CO2 emissions pricesbull Water reservoirsbull Power plant availability
bull Nordic marketsndash Annual electricity demand growth estimated to be approximately 05ndash Electricity continues to gain share of total energy consumption
bull Russiandash Profits from Russia build up in pace with the capacity increasendash The commissioning of the new units Nyagan 1 and 2 postponedndash Fortumrsquos goal is to achieve an operating profit level of about EUR 500 million
and to create positive economic value added after completing the ongoing investment programme
2323
Outlook
bull Annual capex (excluding potential acquisitions)ndash 2012 around EUR 16 to 18 billion ndash 2013 and 2014 around EUR 11 to 14 billion annually
bull Hedgingndash rest of 2012 approximately 70 hedge ratio at approximately EUR 48MWh(Q4 65 at EUR 48MWh)ndash 2013 approximately 45 hedge ratio at approximately EUR 46MWh(Q4 40 at EUR 46MWh)
bull In Finland the Government announced that a so-called windfall tax will be introduced in 2014
2424
Strong position continuously challenging business environment
bull Electricity will continue to gain a higher share of the total energy consumption
bull Good production portfolio going forward
bull Hedges create stability
bull Strong financial position
25
- Slide Number 1
- Slide Number 2
- Slide Number 3
- Slide Number 4
- Nordic water reservoirs levels higher than long-term average
- CO2 allowance prices
- Price development in the Nordic region and Russia
- Q1 Results
- Q1 Comparable operating profit on last yearrsquos level
- Slide Number 10
- Comparable and reported operating profit
- Power Q1
- Heat Q1
- Russia Q1
- Distribution Q1
- Electricity Sales Q1
- Income statement
- Cash flow statement
- Key ratios
- Debt maturity profile
- Slide Number 21
- Outlook
- Outlook
- Strong position continuously challenging business environment
- Slide Number 25
-
1313
Heat Q1
MEUR I2012 I2011 2011 LTM
Sales 625 725 1 737 1 637
Comparable operating profit 161 171 278 268
Net Assets 4 171 4 030 4 191
Comparable RONA 74 72
Gross Investments 67 58 329 338
bull Lower heat volumes due to divestments and restructuring
bull Good availability and fuel flexibility impacted positively on the result especially in Sweden
1414
Russia Q1bull Positive effect from new capacitybull Somewhat decreased ldquoold capacityrdquo volume
and incomebull Nyagan units 1 and 2 estimated to be delayed
by some months
MEUR I2012 I2011 2011 LTM
Sales 310 295 920 935
Comparable operating profit 48 34 74 88
Net Assets 3 547 2 918 3 273
Comparable RONA 35 35
Gross Investments 81 75 694 700
1515
Distribution Q1
MEUR I2012 I2011 2011 LTM
Sales 308 311 973 970
Comparable operating profit 110 124 295 281
Net Assets 3 641 3 711 3 589
Comparable RONA 86 80
Gross Investments 44 34 289 299
bull Result decreasedndash warmer weather impacted volumes
bull Smart metering rollout in Finland proceeding well
1616
Electricity Sales Q1
MEUR I2012 I2011 2011 LTM
Sales 247 373 900 774
Comparable operating profit 9 11 27 25
Net Assets 56 130 11
Comparable RONA 335 446
Gross Investments 0 3 5 2
bull Business Market restructuring completedbull Leading seller of eco-labelled and CO2-
free electricity in the Nordic countries
1717
Income statementMEUR I2012 I2011 2011 LTM
Sales 1 901 2 034 6 161 6 028Expenses -1 250 -1 385 -4 359 -4 224
Comparable operating profit 651 649 1 802 1 804
Items affecting comparability 85 251 600 434
Operating profit 736 900 2 402 2 238Share of profit of associates and jvs -7 59 91 25Financial expenses net -76 -55 -265 -286
Profit before taxes 653 904 2 228 1 977Income tax expense -119 -158 -366 -327
Net profit for the period 534 746 1 862 1 650Non-controlling interests 39 68 93 64
EPS basic (EUR) 056 076 199 179EPS diluted (EUR) 056 076 199 179
1818
Cash flow statement
MEUR I2012 I2011 2011 LTM
Operating profit before depreciations 894 1 049 3 008 2 853
Non-cash flow items and divesting activities -99 -270 -726 -555
Financial items and fx gainslosses -142 -302 -376 -216
Taxes -78 -114 -394 -358
Funds from operations (FFO) 575 363 1 512 1 724
Change in working capital -22 91 101 -12
Total net cash from operating activities 553 454 1 613 1 712
Paid capital expenditures -272 -206 -1 285 -1 351
Acquisition of shares 0 -19 -62 -43
Other investing activities 255 210 522 567
Cash flow before financing activities 536 439 788 885
1919
Key ratios
MEUR LTM 2011 2010Q112
EBITDA 2 853 3 008 2 271Comparable EBITDA 2 385 2 374 2 396Interest-bearing net debt 6 523 7 023 6 826Comparable Net debtEBITDA 27 30 28
Return on capital employed () 128 148 116Return on shareholders equity () 167 197 157
Good liquidity ndash committed credit lines total EUR 27 billion
Note LTM does not reflect dividend paid in April 2012
2020
Debt maturity profile
0
250
500
750
1000
1250
1500
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022+
Bonds Financial institutions Other long-term debt CPs Other short-term debt
MEUR
2012 903
2013 643
2014 1261
2015 1086
2016 867
2017 587
2018 194
2019 897
2020 74
2021 564
2022+ 1021
per 31 Mar 2012 per 31 Dec 2011Average Interest Rate (incl swaps and forwards) 46 44Portion of floating fixed debt 43 57 47 53
21
Outlook
2222
Outlookbull Key drivers and risks
ndash Wholesale price of electricitybull Demandbull Fuelsbull CO2 emissions pricesbull Water reservoirsbull Power plant availability
bull Nordic marketsndash Annual electricity demand growth estimated to be approximately 05ndash Electricity continues to gain share of total energy consumption
bull Russiandash Profits from Russia build up in pace with the capacity increasendash The commissioning of the new units Nyagan 1 and 2 postponedndash Fortumrsquos goal is to achieve an operating profit level of about EUR 500 million
and to create positive economic value added after completing the ongoing investment programme
2323
Outlook
bull Annual capex (excluding potential acquisitions)ndash 2012 around EUR 16 to 18 billion ndash 2013 and 2014 around EUR 11 to 14 billion annually
bull Hedgingndash rest of 2012 approximately 70 hedge ratio at approximately EUR 48MWh(Q4 65 at EUR 48MWh)ndash 2013 approximately 45 hedge ratio at approximately EUR 46MWh(Q4 40 at EUR 46MWh)
bull In Finland the Government announced that a so-called windfall tax will be introduced in 2014
2424
Strong position continuously challenging business environment
bull Electricity will continue to gain a higher share of the total energy consumption
bull Good production portfolio going forward
bull Hedges create stability
bull Strong financial position
25
- Slide Number 1
- Slide Number 2
- Slide Number 3
- Slide Number 4
- Nordic water reservoirs levels higher than long-term average
- CO2 allowance prices
- Price development in the Nordic region and Russia
- Q1 Results
- Q1 Comparable operating profit on last yearrsquos level
- Slide Number 10
- Comparable and reported operating profit
- Power Q1
- Heat Q1
- Russia Q1
- Distribution Q1
- Electricity Sales Q1
- Income statement
- Cash flow statement
- Key ratios
- Debt maturity profile
- Slide Number 21
- Outlook
- Outlook
- Strong position continuously challenging business environment
- Slide Number 25
-
1414
Russia Q1bull Positive effect from new capacitybull Somewhat decreased ldquoold capacityrdquo volume
and incomebull Nyagan units 1 and 2 estimated to be delayed
by some months
MEUR I2012 I2011 2011 LTM
Sales 310 295 920 935
Comparable operating profit 48 34 74 88
Net Assets 3 547 2 918 3 273
Comparable RONA 35 35
Gross Investments 81 75 694 700
1515
Distribution Q1
MEUR I2012 I2011 2011 LTM
Sales 308 311 973 970
Comparable operating profit 110 124 295 281
Net Assets 3 641 3 711 3 589
Comparable RONA 86 80
Gross Investments 44 34 289 299
bull Result decreasedndash warmer weather impacted volumes
bull Smart metering rollout in Finland proceeding well
1616
Electricity Sales Q1
MEUR I2012 I2011 2011 LTM
Sales 247 373 900 774
Comparable operating profit 9 11 27 25
Net Assets 56 130 11
Comparable RONA 335 446
Gross Investments 0 3 5 2
bull Business Market restructuring completedbull Leading seller of eco-labelled and CO2-
free electricity in the Nordic countries
1717
Income statementMEUR I2012 I2011 2011 LTM
Sales 1 901 2 034 6 161 6 028Expenses -1 250 -1 385 -4 359 -4 224
Comparable operating profit 651 649 1 802 1 804
Items affecting comparability 85 251 600 434
Operating profit 736 900 2 402 2 238Share of profit of associates and jvs -7 59 91 25Financial expenses net -76 -55 -265 -286
Profit before taxes 653 904 2 228 1 977Income tax expense -119 -158 -366 -327
Net profit for the period 534 746 1 862 1 650Non-controlling interests 39 68 93 64
EPS basic (EUR) 056 076 199 179EPS diluted (EUR) 056 076 199 179
1818
Cash flow statement
MEUR I2012 I2011 2011 LTM
Operating profit before depreciations 894 1 049 3 008 2 853
Non-cash flow items and divesting activities -99 -270 -726 -555
Financial items and fx gainslosses -142 -302 -376 -216
Taxes -78 -114 -394 -358
Funds from operations (FFO) 575 363 1 512 1 724
Change in working capital -22 91 101 -12
Total net cash from operating activities 553 454 1 613 1 712
Paid capital expenditures -272 -206 -1 285 -1 351
Acquisition of shares 0 -19 -62 -43
Other investing activities 255 210 522 567
Cash flow before financing activities 536 439 788 885
1919
Key ratios
MEUR LTM 2011 2010Q112
EBITDA 2 853 3 008 2 271Comparable EBITDA 2 385 2 374 2 396Interest-bearing net debt 6 523 7 023 6 826Comparable Net debtEBITDA 27 30 28
Return on capital employed () 128 148 116Return on shareholders equity () 167 197 157
Good liquidity ndash committed credit lines total EUR 27 billion
Note LTM does not reflect dividend paid in April 2012
2020
Debt maturity profile
0
250
500
750
1000
1250
1500
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022+
Bonds Financial institutions Other long-term debt CPs Other short-term debt
MEUR
2012 903
2013 643
2014 1261
2015 1086
2016 867
2017 587
2018 194
2019 897
2020 74
2021 564
2022+ 1021
per 31 Mar 2012 per 31 Dec 2011Average Interest Rate (incl swaps and forwards) 46 44Portion of floating fixed debt 43 57 47 53
21
Outlook
2222
Outlookbull Key drivers and risks
ndash Wholesale price of electricitybull Demandbull Fuelsbull CO2 emissions pricesbull Water reservoirsbull Power plant availability
bull Nordic marketsndash Annual electricity demand growth estimated to be approximately 05ndash Electricity continues to gain share of total energy consumption
bull Russiandash Profits from Russia build up in pace with the capacity increasendash The commissioning of the new units Nyagan 1 and 2 postponedndash Fortumrsquos goal is to achieve an operating profit level of about EUR 500 million
and to create positive economic value added after completing the ongoing investment programme
2323
Outlook
bull Annual capex (excluding potential acquisitions)ndash 2012 around EUR 16 to 18 billion ndash 2013 and 2014 around EUR 11 to 14 billion annually
bull Hedgingndash rest of 2012 approximately 70 hedge ratio at approximately EUR 48MWh(Q4 65 at EUR 48MWh)ndash 2013 approximately 45 hedge ratio at approximately EUR 46MWh(Q4 40 at EUR 46MWh)
bull In Finland the Government announced that a so-called windfall tax will be introduced in 2014
2424
Strong position continuously challenging business environment
bull Electricity will continue to gain a higher share of the total energy consumption
bull Good production portfolio going forward
bull Hedges create stability
bull Strong financial position
25
- Slide Number 1
- Slide Number 2
- Slide Number 3
- Slide Number 4
- Nordic water reservoirs levels higher than long-term average
- CO2 allowance prices
- Price development in the Nordic region and Russia
- Q1 Results
- Q1 Comparable operating profit on last yearrsquos level
- Slide Number 10
- Comparable and reported operating profit
- Power Q1
- Heat Q1
- Russia Q1
- Distribution Q1
- Electricity Sales Q1
- Income statement
- Cash flow statement
- Key ratios
- Debt maturity profile
- Slide Number 21
- Outlook
- Outlook
- Strong position continuously challenging business environment
- Slide Number 25
-
1515
Distribution Q1
MEUR I2012 I2011 2011 LTM
Sales 308 311 973 970
Comparable operating profit 110 124 295 281
Net Assets 3 641 3 711 3 589
Comparable RONA 86 80
Gross Investments 44 34 289 299
bull Result decreasedndash warmer weather impacted volumes
bull Smart metering rollout in Finland proceeding well
1616
Electricity Sales Q1
MEUR I2012 I2011 2011 LTM
Sales 247 373 900 774
Comparable operating profit 9 11 27 25
Net Assets 56 130 11
Comparable RONA 335 446
Gross Investments 0 3 5 2
bull Business Market restructuring completedbull Leading seller of eco-labelled and CO2-
free electricity in the Nordic countries
1717
Income statementMEUR I2012 I2011 2011 LTM
Sales 1 901 2 034 6 161 6 028Expenses -1 250 -1 385 -4 359 -4 224
Comparable operating profit 651 649 1 802 1 804
Items affecting comparability 85 251 600 434
Operating profit 736 900 2 402 2 238Share of profit of associates and jvs -7 59 91 25Financial expenses net -76 -55 -265 -286
Profit before taxes 653 904 2 228 1 977Income tax expense -119 -158 -366 -327
Net profit for the period 534 746 1 862 1 650Non-controlling interests 39 68 93 64
EPS basic (EUR) 056 076 199 179EPS diluted (EUR) 056 076 199 179
1818
Cash flow statement
MEUR I2012 I2011 2011 LTM
Operating profit before depreciations 894 1 049 3 008 2 853
Non-cash flow items and divesting activities -99 -270 -726 -555
Financial items and fx gainslosses -142 -302 -376 -216
Taxes -78 -114 -394 -358
Funds from operations (FFO) 575 363 1 512 1 724
Change in working capital -22 91 101 -12
Total net cash from operating activities 553 454 1 613 1 712
Paid capital expenditures -272 -206 -1 285 -1 351
Acquisition of shares 0 -19 -62 -43
Other investing activities 255 210 522 567
Cash flow before financing activities 536 439 788 885
1919
Key ratios
MEUR LTM 2011 2010Q112
EBITDA 2 853 3 008 2 271Comparable EBITDA 2 385 2 374 2 396Interest-bearing net debt 6 523 7 023 6 826Comparable Net debtEBITDA 27 30 28
Return on capital employed () 128 148 116Return on shareholders equity () 167 197 157
Good liquidity ndash committed credit lines total EUR 27 billion
Note LTM does not reflect dividend paid in April 2012
2020
Debt maturity profile
0
250
500
750
1000
1250
1500
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022+
Bonds Financial institutions Other long-term debt CPs Other short-term debt
MEUR
2012 903
2013 643
2014 1261
2015 1086
2016 867
2017 587
2018 194
2019 897
2020 74
2021 564
2022+ 1021
per 31 Mar 2012 per 31 Dec 2011Average Interest Rate (incl swaps and forwards) 46 44Portion of floating fixed debt 43 57 47 53
21
Outlook
2222
Outlookbull Key drivers and risks
ndash Wholesale price of electricitybull Demandbull Fuelsbull CO2 emissions pricesbull Water reservoirsbull Power plant availability
bull Nordic marketsndash Annual electricity demand growth estimated to be approximately 05ndash Electricity continues to gain share of total energy consumption
bull Russiandash Profits from Russia build up in pace with the capacity increasendash The commissioning of the new units Nyagan 1 and 2 postponedndash Fortumrsquos goal is to achieve an operating profit level of about EUR 500 million
and to create positive economic value added after completing the ongoing investment programme
2323
Outlook
bull Annual capex (excluding potential acquisitions)ndash 2012 around EUR 16 to 18 billion ndash 2013 and 2014 around EUR 11 to 14 billion annually
bull Hedgingndash rest of 2012 approximately 70 hedge ratio at approximately EUR 48MWh(Q4 65 at EUR 48MWh)ndash 2013 approximately 45 hedge ratio at approximately EUR 46MWh(Q4 40 at EUR 46MWh)
bull In Finland the Government announced that a so-called windfall tax will be introduced in 2014
2424
Strong position continuously challenging business environment
bull Electricity will continue to gain a higher share of the total energy consumption
bull Good production portfolio going forward
bull Hedges create stability
bull Strong financial position
25
- Slide Number 1
- Slide Number 2
- Slide Number 3
- Slide Number 4
- Nordic water reservoirs levels higher than long-term average
- CO2 allowance prices
- Price development in the Nordic region and Russia
- Q1 Results
- Q1 Comparable operating profit on last yearrsquos level
- Slide Number 10
- Comparable and reported operating profit
- Power Q1
- Heat Q1
- Russia Q1
- Distribution Q1
- Electricity Sales Q1
- Income statement
- Cash flow statement
- Key ratios
- Debt maturity profile
- Slide Number 21
- Outlook
- Outlook
- Strong position continuously challenging business environment
- Slide Number 25
-
1616
Electricity Sales Q1
MEUR I2012 I2011 2011 LTM
Sales 247 373 900 774
Comparable operating profit 9 11 27 25
Net Assets 56 130 11
Comparable RONA 335 446
Gross Investments 0 3 5 2
bull Business Market restructuring completedbull Leading seller of eco-labelled and CO2-
free electricity in the Nordic countries
1717
Income statementMEUR I2012 I2011 2011 LTM
Sales 1 901 2 034 6 161 6 028Expenses -1 250 -1 385 -4 359 -4 224
Comparable operating profit 651 649 1 802 1 804
Items affecting comparability 85 251 600 434
Operating profit 736 900 2 402 2 238Share of profit of associates and jvs -7 59 91 25Financial expenses net -76 -55 -265 -286
Profit before taxes 653 904 2 228 1 977Income tax expense -119 -158 -366 -327
Net profit for the period 534 746 1 862 1 650Non-controlling interests 39 68 93 64
EPS basic (EUR) 056 076 199 179EPS diluted (EUR) 056 076 199 179
1818
Cash flow statement
MEUR I2012 I2011 2011 LTM
Operating profit before depreciations 894 1 049 3 008 2 853
Non-cash flow items and divesting activities -99 -270 -726 -555
Financial items and fx gainslosses -142 -302 -376 -216
Taxes -78 -114 -394 -358
Funds from operations (FFO) 575 363 1 512 1 724
Change in working capital -22 91 101 -12
Total net cash from operating activities 553 454 1 613 1 712
Paid capital expenditures -272 -206 -1 285 -1 351
Acquisition of shares 0 -19 -62 -43
Other investing activities 255 210 522 567
Cash flow before financing activities 536 439 788 885
1919
Key ratios
MEUR LTM 2011 2010Q112
EBITDA 2 853 3 008 2 271Comparable EBITDA 2 385 2 374 2 396Interest-bearing net debt 6 523 7 023 6 826Comparable Net debtEBITDA 27 30 28
Return on capital employed () 128 148 116Return on shareholders equity () 167 197 157
Good liquidity ndash committed credit lines total EUR 27 billion
Note LTM does not reflect dividend paid in April 2012
2020
Debt maturity profile
0
250
500
750
1000
1250
1500
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022+
Bonds Financial institutions Other long-term debt CPs Other short-term debt
MEUR
2012 903
2013 643
2014 1261
2015 1086
2016 867
2017 587
2018 194
2019 897
2020 74
2021 564
2022+ 1021
per 31 Mar 2012 per 31 Dec 2011Average Interest Rate (incl swaps and forwards) 46 44Portion of floating fixed debt 43 57 47 53
21
Outlook
2222
Outlookbull Key drivers and risks
ndash Wholesale price of electricitybull Demandbull Fuelsbull CO2 emissions pricesbull Water reservoirsbull Power plant availability
bull Nordic marketsndash Annual electricity demand growth estimated to be approximately 05ndash Electricity continues to gain share of total energy consumption
bull Russiandash Profits from Russia build up in pace with the capacity increasendash The commissioning of the new units Nyagan 1 and 2 postponedndash Fortumrsquos goal is to achieve an operating profit level of about EUR 500 million
and to create positive economic value added after completing the ongoing investment programme
2323
Outlook
bull Annual capex (excluding potential acquisitions)ndash 2012 around EUR 16 to 18 billion ndash 2013 and 2014 around EUR 11 to 14 billion annually
bull Hedgingndash rest of 2012 approximately 70 hedge ratio at approximately EUR 48MWh(Q4 65 at EUR 48MWh)ndash 2013 approximately 45 hedge ratio at approximately EUR 46MWh(Q4 40 at EUR 46MWh)
bull In Finland the Government announced that a so-called windfall tax will be introduced in 2014
2424
Strong position continuously challenging business environment
bull Electricity will continue to gain a higher share of the total energy consumption
bull Good production portfolio going forward
bull Hedges create stability
bull Strong financial position
25
- Slide Number 1
- Slide Number 2
- Slide Number 3
- Slide Number 4
- Nordic water reservoirs levels higher than long-term average
- CO2 allowance prices
- Price development in the Nordic region and Russia
- Q1 Results
- Q1 Comparable operating profit on last yearrsquos level
- Slide Number 10
- Comparable and reported operating profit
- Power Q1
- Heat Q1
- Russia Q1
- Distribution Q1
- Electricity Sales Q1
- Income statement
- Cash flow statement
- Key ratios
- Debt maturity profile
- Slide Number 21
- Outlook
- Outlook
- Strong position continuously challenging business environment
- Slide Number 25
-
1717
Income statementMEUR I2012 I2011 2011 LTM
Sales 1 901 2 034 6 161 6 028Expenses -1 250 -1 385 -4 359 -4 224
Comparable operating profit 651 649 1 802 1 804
Items affecting comparability 85 251 600 434
Operating profit 736 900 2 402 2 238Share of profit of associates and jvs -7 59 91 25Financial expenses net -76 -55 -265 -286
Profit before taxes 653 904 2 228 1 977Income tax expense -119 -158 -366 -327
Net profit for the period 534 746 1 862 1 650Non-controlling interests 39 68 93 64
EPS basic (EUR) 056 076 199 179EPS diluted (EUR) 056 076 199 179
1818
Cash flow statement
MEUR I2012 I2011 2011 LTM
Operating profit before depreciations 894 1 049 3 008 2 853
Non-cash flow items and divesting activities -99 -270 -726 -555
Financial items and fx gainslosses -142 -302 -376 -216
Taxes -78 -114 -394 -358
Funds from operations (FFO) 575 363 1 512 1 724
Change in working capital -22 91 101 -12
Total net cash from operating activities 553 454 1 613 1 712
Paid capital expenditures -272 -206 -1 285 -1 351
Acquisition of shares 0 -19 -62 -43
Other investing activities 255 210 522 567
Cash flow before financing activities 536 439 788 885
1919
Key ratios
MEUR LTM 2011 2010Q112
EBITDA 2 853 3 008 2 271Comparable EBITDA 2 385 2 374 2 396Interest-bearing net debt 6 523 7 023 6 826Comparable Net debtEBITDA 27 30 28
Return on capital employed () 128 148 116Return on shareholders equity () 167 197 157
Good liquidity ndash committed credit lines total EUR 27 billion
Note LTM does not reflect dividend paid in April 2012
2020
Debt maturity profile
0
250
500
750
1000
1250
1500
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022+
Bonds Financial institutions Other long-term debt CPs Other short-term debt
MEUR
2012 903
2013 643
2014 1261
2015 1086
2016 867
2017 587
2018 194
2019 897
2020 74
2021 564
2022+ 1021
per 31 Mar 2012 per 31 Dec 2011Average Interest Rate (incl swaps and forwards) 46 44Portion of floating fixed debt 43 57 47 53
21
Outlook
2222
Outlookbull Key drivers and risks
ndash Wholesale price of electricitybull Demandbull Fuelsbull CO2 emissions pricesbull Water reservoirsbull Power plant availability
bull Nordic marketsndash Annual electricity demand growth estimated to be approximately 05ndash Electricity continues to gain share of total energy consumption
bull Russiandash Profits from Russia build up in pace with the capacity increasendash The commissioning of the new units Nyagan 1 and 2 postponedndash Fortumrsquos goal is to achieve an operating profit level of about EUR 500 million
and to create positive economic value added after completing the ongoing investment programme
2323
Outlook
bull Annual capex (excluding potential acquisitions)ndash 2012 around EUR 16 to 18 billion ndash 2013 and 2014 around EUR 11 to 14 billion annually
bull Hedgingndash rest of 2012 approximately 70 hedge ratio at approximately EUR 48MWh(Q4 65 at EUR 48MWh)ndash 2013 approximately 45 hedge ratio at approximately EUR 46MWh(Q4 40 at EUR 46MWh)
bull In Finland the Government announced that a so-called windfall tax will be introduced in 2014
2424
Strong position continuously challenging business environment
bull Electricity will continue to gain a higher share of the total energy consumption
bull Good production portfolio going forward
bull Hedges create stability
bull Strong financial position
25
- Slide Number 1
- Slide Number 2
- Slide Number 3
- Slide Number 4
- Nordic water reservoirs levels higher than long-term average
- CO2 allowance prices
- Price development in the Nordic region and Russia
- Q1 Results
- Q1 Comparable operating profit on last yearrsquos level
- Slide Number 10
- Comparable and reported operating profit
- Power Q1
- Heat Q1
- Russia Q1
- Distribution Q1
- Electricity Sales Q1
- Income statement
- Cash flow statement
- Key ratios
- Debt maturity profile
- Slide Number 21
- Outlook
- Outlook
- Strong position continuously challenging business environment
- Slide Number 25
-
1818
Cash flow statement
MEUR I2012 I2011 2011 LTM
Operating profit before depreciations 894 1 049 3 008 2 853
Non-cash flow items and divesting activities -99 -270 -726 -555
Financial items and fx gainslosses -142 -302 -376 -216
Taxes -78 -114 -394 -358
Funds from operations (FFO) 575 363 1 512 1 724
Change in working capital -22 91 101 -12
Total net cash from operating activities 553 454 1 613 1 712
Paid capital expenditures -272 -206 -1 285 -1 351
Acquisition of shares 0 -19 -62 -43
Other investing activities 255 210 522 567
Cash flow before financing activities 536 439 788 885
1919
Key ratios
MEUR LTM 2011 2010Q112
EBITDA 2 853 3 008 2 271Comparable EBITDA 2 385 2 374 2 396Interest-bearing net debt 6 523 7 023 6 826Comparable Net debtEBITDA 27 30 28
Return on capital employed () 128 148 116Return on shareholders equity () 167 197 157
Good liquidity ndash committed credit lines total EUR 27 billion
Note LTM does not reflect dividend paid in April 2012
2020
Debt maturity profile
0
250
500
750
1000
1250
1500
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022+
Bonds Financial institutions Other long-term debt CPs Other short-term debt
MEUR
2012 903
2013 643
2014 1261
2015 1086
2016 867
2017 587
2018 194
2019 897
2020 74
2021 564
2022+ 1021
per 31 Mar 2012 per 31 Dec 2011Average Interest Rate (incl swaps and forwards) 46 44Portion of floating fixed debt 43 57 47 53
21
Outlook
2222
Outlookbull Key drivers and risks
ndash Wholesale price of electricitybull Demandbull Fuelsbull CO2 emissions pricesbull Water reservoirsbull Power plant availability
bull Nordic marketsndash Annual electricity demand growth estimated to be approximately 05ndash Electricity continues to gain share of total energy consumption
bull Russiandash Profits from Russia build up in pace with the capacity increasendash The commissioning of the new units Nyagan 1 and 2 postponedndash Fortumrsquos goal is to achieve an operating profit level of about EUR 500 million
and to create positive economic value added after completing the ongoing investment programme
2323
Outlook
bull Annual capex (excluding potential acquisitions)ndash 2012 around EUR 16 to 18 billion ndash 2013 and 2014 around EUR 11 to 14 billion annually
bull Hedgingndash rest of 2012 approximately 70 hedge ratio at approximately EUR 48MWh(Q4 65 at EUR 48MWh)ndash 2013 approximately 45 hedge ratio at approximately EUR 46MWh(Q4 40 at EUR 46MWh)
bull In Finland the Government announced that a so-called windfall tax will be introduced in 2014
2424
Strong position continuously challenging business environment
bull Electricity will continue to gain a higher share of the total energy consumption
bull Good production portfolio going forward
bull Hedges create stability
bull Strong financial position
25
- Slide Number 1
- Slide Number 2
- Slide Number 3
- Slide Number 4
- Nordic water reservoirs levels higher than long-term average
- CO2 allowance prices
- Price development in the Nordic region and Russia
- Q1 Results
- Q1 Comparable operating profit on last yearrsquos level
- Slide Number 10
- Comparable and reported operating profit
- Power Q1
- Heat Q1
- Russia Q1
- Distribution Q1
- Electricity Sales Q1
- Income statement
- Cash flow statement
- Key ratios
- Debt maturity profile
- Slide Number 21
- Outlook
- Outlook
- Strong position continuously challenging business environment
- Slide Number 25
-
1919
Key ratios
MEUR LTM 2011 2010Q112
EBITDA 2 853 3 008 2 271Comparable EBITDA 2 385 2 374 2 396Interest-bearing net debt 6 523 7 023 6 826Comparable Net debtEBITDA 27 30 28
Return on capital employed () 128 148 116Return on shareholders equity () 167 197 157
Good liquidity ndash committed credit lines total EUR 27 billion
Note LTM does not reflect dividend paid in April 2012
2020
Debt maturity profile
0
250
500
750
1000
1250
1500
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022+
Bonds Financial institutions Other long-term debt CPs Other short-term debt
MEUR
2012 903
2013 643
2014 1261
2015 1086
2016 867
2017 587
2018 194
2019 897
2020 74
2021 564
2022+ 1021
per 31 Mar 2012 per 31 Dec 2011Average Interest Rate (incl swaps and forwards) 46 44Portion of floating fixed debt 43 57 47 53
21
Outlook
2222
Outlookbull Key drivers and risks
ndash Wholesale price of electricitybull Demandbull Fuelsbull CO2 emissions pricesbull Water reservoirsbull Power plant availability
bull Nordic marketsndash Annual electricity demand growth estimated to be approximately 05ndash Electricity continues to gain share of total energy consumption
bull Russiandash Profits from Russia build up in pace with the capacity increasendash The commissioning of the new units Nyagan 1 and 2 postponedndash Fortumrsquos goal is to achieve an operating profit level of about EUR 500 million
and to create positive economic value added after completing the ongoing investment programme
2323
Outlook
bull Annual capex (excluding potential acquisitions)ndash 2012 around EUR 16 to 18 billion ndash 2013 and 2014 around EUR 11 to 14 billion annually
bull Hedgingndash rest of 2012 approximately 70 hedge ratio at approximately EUR 48MWh(Q4 65 at EUR 48MWh)ndash 2013 approximately 45 hedge ratio at approximately EUR 46MWh(Q4 40 at EUR 46MWh)
bull In Finland the Government announced that a so-called windfall tax will be introduced in 2014
2424
Strong position continuously challenging business environment
bull Electricity will continue to gain a higher share of the total energy consumption
bull Good production portfolio going forward
bull Hedges create stability
bull Strong financial position
25
- Slide Number 1
- Slide Number 2
- Slide Number 3
- Slide Number 4
- Nordic water reservoirs levels higher than long-term average
- CO2 allowance prices
- Price development in the Nordic region and Russia
- Q1 Results
- Q1 Comparable operating profit on last yearrsquos level
- Slide Number 10
- Comparable and reported operating profit
- Power Q1
- Heat Q1
- Russia Q1
- Distribution Q1
- Electricity Sales Q1
- Income statement
- Cash flow statement
- Key ratios
- Debt maturity profile
- Slide Number 21
- Outlook
- Outlook
- Strong position continuously challenging business environment
- Slide Number 25
-
2020
Debt maturity profile
0
250
500
750
1000
1250
1500
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022+
Bonds Financial institutions Other long-term debt CPs Other short-term debt
MEUR
2012 903
2013 643
2014 1261
2015 1086
2016 867
2017 587
2018 194
2019 897
2020 74
2021 564
2022+ 1021
per 31 Mar 2012 per 31 Dec 2011Average Interest Rate (incl swaps and forwards) 46 44Portion of floating fixed debt 43 57 47 53
21
Outlook
2222
Outlookbull Key drivers and risks
ndash Wholesale price of electricitybull Demandbull Fuelsbull CO2 emissions pricesbull Water reservoirsbull Power plant availability
bull Nordic marketsndash Annual electricity demand growth estimated to be approximately 05ndash Electricity continues to gain share of total energy consumption
bull Russiandash Profits from Russia build up in pace with the capacity increasendash The commissioning of the new units Nyagan 1 and 2 postponedndash Fortumrsquos goal is to achieve an operating profit level of about EUR 500 million
and to create positive economic value added after completing the ongoing investment programme
2323
Outlook
bull Annual capex (excluding potential acquisitions)ndash 2012 around EUR 16 to 18 billion ndash 2013 and 2014 around EUR 11 to 14 billion annually
bull Hedgingndash rest of 2012 approximately 70 hedge ratio at approximately EUR 48MWh(Q4 65 at EUR 48MWh)ndash 2013 approximately 45 hedge ratio at approximately EUR 46MWh(Q4 40 at EUR 46MWh)
bull In Finland the Government announced that a so-called windfall tax will be introduced in 2014
2424
Strong position continuously challenging business environment
bull Electricity will continue to gain a higher share of the total energy consumption
bull Good production portfolio going forward
bull Hedges create stability
bull Strong financial position
25
- Slide Number 1
- Slide Number 2
- Slide Number 3
- Slide Number 4
- Nordic water reservoirs levels higher than long-term average
- CO2 allowance prices
- Price development in the Nordic region and Russia
- Q1 Results
- Q1 Comparable operating profit on last yearrsquos level
- Slide Number 10
- Comparable and reported operating profit
- Power Q1
- Heat Q1
- Russia Q1
- Distribution Q1
- Electricity Sales Q1
- Income statement
- Cash flow statement
- Key ratios
- Debt maturity profile
- Slide Number 21
- Outlook
- Outlook
- Strong position continuously challenging business environment
- Slide Number 25
-
21
Outlook
2222
Outlookbull Key drivers and risks
ndash Wholesale price of electricitybull Demandbull Fuelsbull CO2 emissions pricesbull Water reservoirsbull Power plant availability
bull Nordic marketsndash Annual electricity demand growth estimated to be approximately 05ndash Electricity continues to gain share of total energy consumption
bull Russiandash Profits from Russia build up in pace with the capacity increasendash The commissioning of the new units Nyagan 1 and 2 postponedndash Fortumrsquos goal is to achieve an operating profit level of about EUR 500 million
and to create positive economic value added after completing the ongoing investment programme
2323
Outlook
bull Annual capex (excluding potential acquisitions)ndash 2012 around EUR 16 to 18 billion ndash 2013 and 2014 around EUR 11 to 14 billion annually
bull Hedgingndash rest of 2012 approximately 70 hedge ratio at approximately EUR 48MWh(Q4 65 at EUR 48MWh)ndash 2013 approximately 45 hedge ratio at approximately EUR 46MWh(Q4 40 at EUR 46MWh)
bull In Finland the Government announced that a so-called windfall tax will be introduced in 2014
2424
Strong position continuously challenging business environment
bull Electricity will continue to gain a higher share of the total energy consumption
bull Good production portfolio going forward
bull Hedges create stability
bull Strong financial position
25
- Slide Number 1
- Slide Number 2
- Slide Number 3
- Slide Number 4
- Nordic water reservoirs levels higher than long-term average
- CO2 allowance prices
- Price development in the Nordic region and Russia
- Q1 Results
- Q1 Comparable operating profit on last yearrsquos level
- Slide Number 10
- Comparable and reported operating profit
- Power Q1
- Heat Q1
- Russia Q1
- Distribution Q1
- Electricity Sales Q1
- Income statement
- Cash flow statement
- Key ratios
- Debt maturity profile
- Slide Number 21
- Outlook
- Outlook
- Strong position continuously challenging business environment
- Slide Number 25
-
2222
Outlookbull Key drivers and risks
ndash Wholesale price of electricitybull Demandbull Fuelsbull CO2 emissions pricesbull Water reservoirsbull Power plant availability
bull Nordic marketsndash Annual electricity demand growth estimated to be approximately 05ndash Electricity continues to gain share of total energy consumption
bull Russiandash Profits from Russia build up in pace with the capacity increasendash The commissioning of the new units Nyagan 1 and 2 postponedndash Fortumrsquos goal is to achieve an operating profit level of about EUR 500 million
and to create positive economic value added after completing the ongoing investment programme
2323
Outlook
bull Annual capex (excluding potential acquisitions)ndash 2012 around EUR 16 to 18 billion ndash 2013 and 2014 around EUR 11 to 14 billion annually
bull Hedgingndash rest of 2012 approximately 70 hedge ratio at approximately EUR 48MWh(Q4 65 at EUR 48MWh)ndash 2013 approximately 45 hedge ratio at approximately EUR 46MWh(Q4 40 at EUR 46MWh)
bull In Finland the Government announced that a so-called windfall tax will be introduced in 2014
2424
Strong position continuously challenging business environment
bull Electricity will continue to gain a higher share of the total energy consumption
bull Good production portfolio going forward
bull Hedges create stability
bull Strong financial position
25
- Slide Number 1
- Slide Number 2
- Slide Number 3
- Slide Number 4
- Nordic water reservoirs levels higher than long-term average
- CO2 allowance prices
- Price development in the Nordic region and Russia
- Q1 Results
- Q1 Comparable operating profit on last yearrsquos level
- Slide Number 10
- Comparable and reported operating profit
- Power Q1
- Heat Q1
- Russia Q1
- Distribution Q1
- Electricity Sales Q1
- Income statement
- Cash flow statement
- Key ratios
- Debt maturity profile
- Slide Number 21
- Outlook
- Outlook
- Strong position continuously challenging business environment
- Slide Number 25
-
2323
Outlook
bull Annual capex (excluding potential acquisitions)ndash 2012 around EUR 16 to 18 billion ndash 2013 and 2014 around EUR 11 to 14 billion annually
bull Hedgingndash rest of 2012 approximately 70 hedge ratio at approximately EUR 48MWh(Q4 65 at EUR 48MWh)ndash 2013 approximately 45 hedge ratio at approximately EUR 46MWh(Q4 40 at EUR 46MWh)
bull In Finland the Government announced that a so-called windfall tax will be introduced in 2014
2424
Strong position continuously challenging business environment
bull Electricity will continue to gain a higher share of the total energy consumption
bull Good production portfolio going forward
bull Hedges create stability
bull Strong financial position
25
- Slide Number 1
- Slide Number 2
- Slide Number 3
- Slide Number 4
- Nordic water reservoirs levels higher than long-term average
- CO2 allowance prices
- Price development in the Nordic region and Russia
- Q1 Results
- Q1 Comparable operating profit on last yearrsquos level
- Slide Number 10
- Comparable and reported operating profit
- Power Q1
- Heat Q1
- Russia Q1
- Distribution Q1
- Electricity Sales Q1
- Income statement
- Cash flow statement
- Key ratios
- Debt maturity profile
- Slide Number 21
- Outlook
- Outlook
- Strong position continuously challenging business environment
- Slide Number 25
-
2424
Strong position continuously challenging business environment
bull Electricity will continue to gain a higher share of the total energy consumption
bull Good production portfolio going forward
bull Hedges create stability
bull Strong financial position
25
- Slide Number 1
- Slide Number 2
- Slide Number 3
- Slide Number 4
- Nordic water reservoirs levels higher than long-term average
- CO2 allowance prices
- Price development in the Nordic region and Russia
- Q1 Results
- Q1 Comparable operating profit on last yearrsquos level
- Slide Number 10
- Comparable and reported operating profit
- Power Q1
- Heat Q1
- Russia Q1
- Distribution Q1
- Electricity Sales Q1
- Income statement
- Cash flow statement
- Key ratios
- Debt maturity profile
- Slide Number 21
- Outlook
- Outlook
- Strong position continuously challenging business environment
- Slide Number 25
-
25
- Slide Number 1
- Slide Number 2
- Slide Number 3
- Slide Number 4
- Nordic water reservoirs levels higher than long-term average
- CO2 allowance prices
- Price development in the Nordic region and Russia
- Q1 Results
- Q1 Comparable operating profit on last yearrsquos level
- Slide Number 10
- Comparable and reported operating profit
- Power Q1
- Heat Q1
- Russia Q1
- Distribution Q1
- Electricity Sales Q1
- Income statement
- Cash flow statement
- Key ratios
- Debt maturity profile
- Slide Number 21
- Outlook
- Outlook
- Strong position continuously challenging business environment
- Slide Number 25
-
New English
New Finnish
English
Finnish
Swedish
| Liikevoitto 2007 | Liikevoitto 2006 | |||||||||||||||||||||||||
| Vertkelp | Raportoitu | Ero | Vertkelpoinen | Raportoitu | Ero | comp | op | |||||||||||||||||||
| Saumlhkoumlntuotanto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
| Laumlmpouml | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
| Saumlhkoumlnsiirto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
| Markets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
| Muu | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
| Yhteensauml | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||
| Liikevoitto I2008 | Liikevoitto I2007 | |||||||||||||||||||||||||
| Vertkelpoinen | Raportoitu | Ero | Vertkelpoinen | Raportoitu | Ero | |||||||||||||||||||||
| Saumlhkoumlntuotanto | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
| Laumlmpouml | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
| Saumlhkoumlnsiirto | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
| Markets | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
| Venaumljauml | 0 | 0 | 0 | 0 | ||||||||||||||||||||||
| Muu | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
| Yhteensauml | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
| Roumlrelseresultat II2009 | Roumlrelseresultat II2008 | Liikevoitto 2008 | Liikevoitto 2007 | |||||||||||||||||||||||
| Jaumlmfoumlrbart | Rapporterat | Jaumlmfoumlrbart | Rapporterat | Vertkelp | Raportoitu | Vertkelp | Raportoitu | |||||||||||||||||||
| Kraftproduktion | 271 | 280 | 340 | 307 | 695 | 747 | 755 | 739 | ||||||||||||||||||
| Vaumlrme | 33 | 35 | 26 | 39 | 165 | 194 | 140 | 154 | ||||||||||||||||||
| Distribution | 53 | 53 | 54 | 54 | 155 | 166 | 135 | 135 | ||||||||||||||||||
| Markets | 10 | 23 | 6 | 20 | -3 | -6 | 4 | -1 | ||||||||||||||||||
| Ryssland | -9 | -9 | -14 | -15 | 7 | 23 | -8 | -9 | ||||||||||||||||||
| Oumlvrigt | -19 | -31 | -12 | -30 | -29 | -49 | -24 | -44 | ||||||||||||||||||
| Summa | 339 | 351 | 400 | 375 | 990 | 1075 | 1002 | 974 |
| Liikevoitto 2007 | Liikevoitto 2006 | |||||||||||||||||||||||||
| Vertkelp | Raportoitu | Ero | Vertkelpoinen | Raportoitu | Ero | comp | op | |||||||||||||||||||
| Saumlhkoumlntuotanto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
| Laumlmpouml | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
| Saumlhkoumlnsiirto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
| Markets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
| Muu | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
| Yhteensauml | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||
| Liikevoitto I2008 | Liikevoitto I2007 | |||||||||||||||||||||||||
| Vertkelpoinen | Raportoitu | Ero | Vertkelpoinen | Raportoitu | Ero | |||||||||||||||||||||
| Saumlhkoumlntuotanto | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
| Laumlmpouml | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
| Saumlhkoumlnsiirto | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
| Markets | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
| Venaumljauml | 0 | 0 | 0 | 0 | ||||||||||||||||||||||
| Muu | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
| Yhteensauml | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
| Liikevoitto II2010 | Liikevoitto II2009 | Liikevoitto I-II2010 | Liikevoitto I-II2009 | |||||||||||||||||||||||
| Vertkelp | Raportoitu | Vertkelp | Raportoitu | Vertkelp | Raportoitu | Vertkelp | Raportoitu | |||||||||||||||||||
| Power | 271 | 280 | 340 | 307 | 695 | 747 | 755 | 739 | ||||||||||||||||||
| Heat | 33 | 35 | 26 | 39 | 165 | 194 | 140 | 154 | ||||||||||||||||||
| Distribution | 53 | 53 | 54 | 54 | 155 | 166 | 135 | 135 | ||||||||||||||||||
| Saumlhkoumlnmyynti | 10 | 23 | 6 | 20 | -3 | -6 | 4 | -1 | ||||||||||||||||||
| Russia | -9 | -9 | -14 | -15 | 7 | 23 | -8 | -9 | ||||||||||||||||||
| Muut | -19 | -31 | -12 | -30 | -29 | -49 | -24 | -44 | ||||||||||||||||||
| Yhteensauml | 339 | 351 | 400 | 375 | 990 | 1075 | 1002 | 974 | ||||||||||||||||||
| I-III2009 | ||||||||||||||||||||||||||
| SEK | Muut | Yhteensauml | ||||||||||||||||||||||||
| Saumlhkoumlntuotanto | -67 | -3 | -70 | |||||||||||||||||||||||
| Laumlmpouml | -10 | -2 | -12 | |||||||||||||||||||||||
| Saumlhkoumlnsiirto | -13 | -1 | -14 | |||||||||||||||||||||||
| Markets | -1 | -1 | -2 | |||||||||||||||||||||||
| Venaumljauml | 0 | 6 | 6 | |||||||||||||||||||||||
| Muu | 0 | 1 | 1 | |||||||||||||||||||||||
| Yhteensauml | -91 | 0 | -91 |
| Operating profit II2010 | Operating profit II2009 | Operating profit I-II2010 | Operating profit I-2009 | |||||||||||||||||||||||
| Comparable | Reported | Comparable | Reported | Comparable | Reported | Comparable | Reported | |||||||||||||||||||
| Power | 271 | 280 | 340 | 307 | 695 | 747 | 755 | 739 | ||||||||||||||||||
| Heat | 33 | 35 | 26 | 39 | 165 | 194 | 140 | 154 | ||||||||||||||||||
| Distribution | 53 | 53 | 54 | 54 | 155 | 166 | 135 | 135 | ||||||||||||||||||
| Electricity Sales | 10 | 23 | 6 | 20 | -3 | -6 | 4 | -1 | ||||||||||||||||||
| Russia | -9 | -9 | -14 | -15 | 7 | 23 | -8 | -9 | ||||||||||||||||||
| Other | -19 | -31 | -12 | -30 | -29 | -49 | -24 | -44 | ||||||||||||||||||
| Total | 339 | 351 | 400 | 375 | 990 | 1075 | 1002 | 974 | ||||||||||||||||||
| Currency translation effects on comparable operating profit | ||||||||||||||||||||||||||
| I2009 | I-III2009 | |||||||||||||||||||||||||
| SEK | Other | Total | SEK | Other | Total | |||||||||||||||||||||
| Power Generation | -55 | -3 | -58 | Power Generation | -67 | -3 | -70 | |||||||||||||||||||
| Heat | -12 | -3 | -15 | Heat | -10 | -2 | -12 | |||||||||||||||||||
| Distribution | -11 | -1 | -12 | Distribution | -13 | -1 | -14 | |||||||||||||||||||
| Markets | -1 | 0 | -1 | Markets | -1 | -1 | -2 | |||||||||||||||||||
| Russia | 0 | 1 | 1 | Russia | 0 | 6 | 6 | |||||||||||||||||||
| Other | 1 | 0 | 1 | Other | 0 | 1 | 1 | |||||||||||||||||||
| Total | -78 | -6 | -84 | Total | -91 | 0 | -91 |
| Liikevoitto 2007 | Liikevoitto 2006 | |||||||||||||||||||||||||
| Vertkelp | Raportoitu | Ero | Vertkelpoinen | Raportoitu | Ero | comp | op | |||||||||||||||||||
| Saumlhkoumlntuotanto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
| Laumlmpouml | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
| Saumlhkoumlnsiirto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
| Markets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
| Muu | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
| Yhteensauml | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||
| Liikevoitto I2008 | Liikevoitto I2007 | |||||||||||||||||||||||||
| Vertkelpoinen | Raportoitu | Ero | Vertkelpoinen | Raportoitu | Ero | |||||||||||||||||||||
| Saumlhkoumlntuotanto | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
| Laumlmpouml | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
| Saumlhkoumlnsiirto | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
| Markets | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
| Venaumljauml | 0 | 0 | 0 | 0 | ||||||||||||||||||||||
| Muu | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
| Yhteensauml | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
| Vertkelpliikevoitto | Raportoitu liikevoitto | Vertkelpliikevoitto | Raportoitu liikevoitto | |||||||||||||||||||||||
| II2010 | II2009 | II2010 | II2009 | I-II2010 | I-II2009 | I-II2010 | I-II2009 | |||||||||||||||||||
| Power | 341 | 325 | 367 | 489 | 1201 | 0 | 1476 | 0 | ||||||||||||||||||
| Heat | 161 | 171 | 213 | 265 | 278 | 0 | 380 | 0 | ||||||||||||||||||
| Distribution | 48 | 34 | 48 | 34 | 74 | 0 | 74 | 0 | ||||||||||||||||||
| Saumlhkoumlnmyynti | 110 | 124 | 117 | 125 | 295 | 0 | 478 | 0 | ||||||||||||||||||
| Russia | 9 | 11 | 11 | -20 | 27 | 0 | 3 | 0 | ||||||||||||||||||
| Muut | -18 | -16 | -20 | 7 | -73 | 0 | -9 | 0 | ||||||||||||||||||
| Yhteensauml | 651 | 649 | 736 | 900 | 1802 | 0 | 2402 | 0 | ||||||||||||||||||
| I-III2009 | ||||||||||||||||||||||||||
| SEK | Muut | Yhteensauml | ||||||||||||||||||||||||
| Saumlhkoumlntuotanto | -67 | -3 | -70 | |||||||||||||||||||||||
| Laumlmpouml | -10 | -2 | -12 | |||||||||||||||||||||||
| Saumlhkoumlnsiirto | -13 | -1 | -14 | |||||||||||||||||||||||
| Markets | -1 | -1 | -2 | |||||||||||||||||||||||
| Venaumljauml | 0 | 6 | 6 | |||||||||||||||||||||||
| Muu | 0 | 1 | 1 | |||||||||||||||||||||||
| Yhteensauml | -91 | 0 | -91 |
| MEUR | Comparable operating profit | Reported operating profit | Comparable operating profit | Reported operating profit | |||||||||||||||||||
| I2012 | I2011 | I2012 | I2011 | 2011 | 2011 | ||||||||||||||||||
| Power | 341 | 325 | 367 | 489 | 1201 | 1476 | |||||||||||||||||
| Heat | 161 | 171 | 213 | 265 | 278 | 380 | |||||||||||||||||
| Russia | 48 | 34 | 48 | 34 | 74 | 74 | |||||||||||||||||
| Distribution | 110 | 124 | 117 | 125 | 295 | 478 | |||||||||||||||||
| Electricity Sales | 9 | 11 | 11 | -20 | 27 | 3 | |||||||||||||||||
| Other | -18 | -16 | -20 | 7 | -73 | -9 | |||||||||||||||||
| Total | 651 | 649 | 736 | 900 | 1802 | 2402 | |||||||||||||||||
| Currency translation effects on comparable operating profit | |||||||||||||||||||||||
| I2009 | I-III2009 | ||||||||||||||||||||||
| SEK | Other | Total | SEK | Other | Total | ||||||||||||||||||
| Power Generation | -55 | -3 | -58 | Power Generation | -67 | -3 | -70 | ||||||||||||||||
| Heat | -12 | -3 | -15 | Heat | -10 | -2 | -12 | ||||||||||||||||
| Distribution | -11 | -1 | -12 | Distribution | -13 | -1 | -14 | ||||||||||||||||
| Markets | -1 | 0 | -1 | Markets | -1 | -1 | -2 | ||||||||||||||||
| Russia | 0 | 1 | 1 | Russia | 0 | 6 | 6 | ||||||||||||||||
| Other | 1 | 0 | 1 | Other | 0 | 1 | 1 | ||||||||||||||||
| Total | -78 | -6 | -84 | Total | -91 | 0 | -91 |
New Finnish
English
Finnish
Swedish
| Liikevoitto 2007 | Liikevoitto 2006 | |||||||||||||||||||||||||
| Vertkelp | Raportoitu | Ero | Vertkelpoinen | Raportoitu | Ero | comp | op | |||||||||||||||||||
| Saumlhkoumlntuotanto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
| Laumlmpouml | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
| Saumlhkoumlnsiirto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
| Markets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
| Muu | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
| Yhteensauml | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||
| Liikevoitto I2008 | Liikevoitto I2007 | |||||||||||||||||||||||||
| Vertkelpoinen | Raportoitu | Ero | Vertkelpoinen | Raportoitu | Ero | |||||||||||||||||||||
| Saumlhkoumlntuotanto | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
| Laumlmpouml | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
| Saumlhkoumlnsiirto | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
| Markets | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
| Venaumljauml | 0 | 0 | 0 | 0 | ||||||||||||||||||||||
| Muu | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
| Yhteensauml | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
| Roumlrelseresultat II2009 | Roumlrelseresultat II2008 | Liikevoitto 2008 | Liikevoitto 2007 | |||||||||||||||||||||||
| Jaumlmfoumlrbart | Rapporterat | Jaumlmfoumlrbart | Rapporterat | Vertkelp | Raportoitu | Vertkelp | Raportoitu | |||||||||||||||||||
| Kraftproduktion | 271 | 280 | 340 | 307 | 695 | 747 | 755 | 739 | ||||||||||||||||||
| Vaumlrme | 33 | 35 | 26 | 39 | 165 | 194 | 140 | 154 | ||||||||||||||||||
| Distribution | 53 | 53 | 54 | 54 | 155 | 166 | 135 | 135 | ||||||||||||||||||
| Markets | 10 | 23 | 6 | 20 | -3 | -6 | 4 | -1 | ||||||||||||||||||
| Ryssland | -9 | -9 | -14 | -15 | 7 | 23 | -8 | -9 | ||||||||||||||||||
| Oumlvrigt | -19 | -31 | -12 | -30 | -29 | -49 | -24 | -44 | ||||||||||||||||||
| Summa | 339 | 351 | 400 | 375 | 990 | 1075 | 1002 | 974 |
| Liikevoitto 2007 | Liikevoitto 2006 | |||||||||||||||||||||||||
| Vertkelp | Raportoitu | Ero | Vertkelpoinen | Raportoitu | Ero | comp | op | |||||||||||||||||||
| Saumlhkoumlntuotanto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
| Laumlmpouml | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
| Saumlhkoumlnsiirto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
| Markets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
| Muu | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
| Yhteensauml | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||
| Liikevoitto I2008 | Liikevoitto I2007 | |||||||||||||||||||||||||
| Vertkelpoinen | Raportoitu | Ero | Vertkelpoinen | Raportoitu | Ero | |||||||||||||||||||||
| Saumlhkoumlntuotanto | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
| Laumlmpouml | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
| Saumlhkoumlnsiirto | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
| Markets | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
| Venaumljauml | 0 | 0 | 0 | 0 | ||||||||||||||||||||||
| Muu | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
| Yhteensauml | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
| Liikevoitto II2010 | Liikevoitto II2009 | Liikevoitto I-II2010 | Liikevoitto I-II2009 | |||||||||||||||||||||||
| Vertkelp | Raportoitu | Vertkelp | Raportoitu | Vertkelp | Raportoitu | Vertkelp | Raportoitu | |||||||||||||||||||
| Power | 271 | 280 | 340 | 307 | 695 | 747 | 755 | 739 | ||||||||||||||||||
| Heat | 33 | 35 | 26 | 39 | 165 | 194 | 140 | 154 | ||||||||||||||||||
| Distribution | 53 | 53 | 54 | 54 | 155 | 166 | 135 | 135 | ||||||||||||||||||
| Saumlhkoumlnmyynti | 10 | 23 | 6 | 20 | -3 | -6 | 4 | -1 | ||||||||||||||||||
| Russia | -9 | -9 | -14 | -15 | 7 | 23 | -8 | -9 | ||||||||||||||||||
| Muut | -19 | -31 | -12 | -30 | -29 | -49 | -24 | -44 | ||||||||||||||||||
| Yhteensauml | 339 | 351 | 400 | 375 | 990 | 1075 | 1002 | 974 | ||||||||||||||||||
| I-III2009 | ||||||||||||||||||||||||||
| SEK | Muut | Yhteensauml | ||||||||||||||||||||||||
| Saumlhkoumlntuotanto | -67 | -3 | -70 | |||||||||||||||||||||||
| Laumlmpouml | -10 | -2 | -12 | |||||||||||||||||||||||
| Saumlhkoumlnsiirto | -13 | -1 | -14 | |||||||||||||||||||||||
| Markets | -1 | -1 | -2 | |||||||||||||||||||||||
| Venaumljauml | 0 | 6 | 6 | |||||||||||||||||||||||
| Muu | 0 | 1 | 1 | |||||||||||||||||||||||
| Yhteensauml | -91 | 0 | -91 |
| Operating profit II2010 | Operating profit II2009 | Operating profit I-II2010 | Operating profit I-2009 | |||||||||||||||||||||||
| Comparable | Reported | Comparable | Reported | Comparable | Reported | Comparable | Reported | |||||||||||||||||||
| Power | 271 | 280 | 340 | 307 | 695 | 747 | 755 | 739 | ||||||||||||||||||
| Heat | 33 | 35 | 26 | 39 | 165 | 194 | 140 | 154 | ||||||||||||||||||
| Distribution | 53 | 53 | 54 | 54 | 155 | 166 | 135 | 135 | ||||||||||||||||||
| Electricity Sales | 10 | 23 | 6 | 20 | -3 | -6 | 4 | -1 | ||||||||||||||||||
| Russia | -9 | -9 | -14 | -15 | 7 | 23 | -8 | -9 | ||||||||||||||||||
| Other | -19 | -31 | -12 | -30 | -29 | -49 | -24 | -44 | ||||||||||||||||||
| Total | 339 | 351 | 400 | 375 | 990 | 1075 | 1002 | 974 | ||||||||||||||||||
| Currency translation effects on comparable operating profit | ||||||||||||||||||||||||||
| I2009 | I-III2009 | |||||||||||||||||||||||||
| SEK | Other | Total | SEK | Other | Total | |||||||||||||||||||||
| Power Generation | -55 | -3 | -58 | Power Generation | -67 | -3 | -70 | |||||||||||||||||||
| Heat | -12 | -3 | -15 | Heat | -10 | -2 | -12 | |||||||||||||||||||
| Distribution | -11 | -1 | -12 | Distribution | -13 | -1 | -14 | |||||||||||||||||||
| Markets | -1 | 0 | -1 | Markets | -1 | -1 | -2 | |||||||||||||||||||
| Russia | 0 | 1 | 1 | Russia | 0 | 6 | 6 | |||||||||||||||||||
| Other | 1 | 0 | 1 | Other | 0 | 1 | 1 | |||||||||||||||||||
| Total | -78 | -6 | -84 | Total | -91 | 0 | -91 |
| Liikevoitto 2007 | Liikevoitto 2006 | |||||||||||||||||||||||||
| Vertkelp | Raportoitu | Ero | Vertkelpoinen | Raportoitu | Ero | comp | op | |||||||||||||||||||
| Saumlhkoumlntuotanto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
| Laumlmpouml | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
| Saumlhkoumlnsiirto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
| Markets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
| Muu | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
| Yhteensauml | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||
| Liikevoitto I2008 | Liikevoitto I2007 | |||||||||||||||||||||||||
| Vertkelpoinen | Raportoitu | Ero | Vertkelpoinen | Raportoitu | Ero | |||||||||||||||||||||
| Saumlhkoumlntuotanto | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
| Laumlmpouml | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
| Saumlhkoumlnsiirto | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
| Markets | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
| Venaumljauml | 0 | 0 | 0 | 0 | ||||||||||||||||||||||
| Muu | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
| Yhteensauml | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
| Vertkelpliikevoitto | Raportoitu liikevoitto | Vertkelpliikevoitto | Raportoitu liikevoitto | |||||||||||||||||||||||
| II2010 | II2009 | II2010 | II2009 | I-II2010 | I-II2009 | I-II2010 | I-II2009 | |||||||||||||||||||
| Power | 341 | 325 | 367 | 489 | 1201 | 0 | 1476 | 0 | ||||||||||||||||||
| Heat | 161 | 171 | 213 | 265 | 278 | 0 | 380 | 0 | ||||||||||||||||||
| Distribution | 48 | 34 | 48 | 34 | 74 | 0 | 74 | 0 | ||||||||||||||||||
| Saumlhkoumlnmyynti | 110 | 124 | 117 | 125 | 295 | 0 | 478 | 0 | ||||||||||||||||||
| Russia | 9 | 11 | 11 | -20 | 27 | 0 | 3 | 0 | ||||||||||||||||||
| Muut | -18 | -16 | -20 | 7 | -73 | 0 | -9 | 0 | ||||||||||||||||||
| Yhteensauml | 651 | 649 | 736 | 900 | 1802 | 0 | 2402 | 0 | ||||||||||||||||||
| I-III2009 | ||||||||||||||||||||||||||
| SEK | Muut | Yhteensauml | ||||||||||||||||||||||||
| Saumlhkoumlntuotanto | -67 | -3 | -70 | |||||||||||||||||||||||
| Laumlmpouml | -10 | -2 | -12 | |||||||||||||||||||||||
| Saumlhkoumlnsiirto | -13 | -1 | -14 | |||||||||||||||||||||||
| Markets | -1 | -1 | -2 | |||||||||||||||||||||||
| Venaumljauml | 0 | 6 | 6 | |||||||||||||||||||||||
| Muu | 0 | 1 | 1 | |||||||||||||||||||||||
| Yhteensauml | -91 | 0 | -91 |
English
Finnish
Swedish
| Liikevoitto 2007 | Liikevoitto 2006 | |||||||||||||||||||||||||
| Vertkelp | Raportoitu | Ero | Vertkelpoinen | Raportoitu | Ero | comp | op | |||||||||||||||||||
| Saumlhkoumlntuotanto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
| Laumlmpouml | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
| Saumlhkoumlnsiirto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
| Markets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
| Muu | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
| Yhteensauml | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||
| Liikevoitto I2008 | Liikevoitto I2007 | |||||||||||||||||||||||||
| Vertkelpoinen | Raportoitu | Ero | Vertkelpoinen | Raportoitu | Ero | |||||||||||||||||||||
| Saumlhkoumlntuotanto | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
| Laumlmpouml | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
| Saumlhkoumlnsiirto | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
| Markets | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
| Venaumljauml | 0 | 0 | 0 | 0 | ||||||||||||||||||||||
| Muu | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
| Yhteensauml | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
| Roumlrelseresultat II2009 | Roumlrelseresultat II2008 | Liikevoitto 2008 | Liikevoitto 2007 | |||||||||||||||||||||||
| Jaumlmfoumlrbart | Rapporterat | Jaumlmfoumlrbart | Rapporterat | Vertkelp | Raportoitu | Vertkelp | Raportoitu | |||||||||||||||||||
| Kraftproduktion | 271 | 280 | 340 | 307 | 695 | 747 | 755 | 739 | ||||||||||||||||||
| Vaumlrme | 33 | 35 | 26 | 39 | 165 | 194 | 140 | 154 | ||||||||||||||||||
| Distribution | 53 | 53 | 54 | 54 | 155 | 166 | 135 | 135 | ||||||||||||||||||
| Markets | 10 | 23 | 6 | 20 | -3 | -6 | 4 | -1 | ||||||||||||||||||
| Ryssland | -9 | -9 | -14 | -15 | 7 | 23 | -8 | -9 | ||||||||||||||||||
| Oumlvrigt | -19 | -31 | -12 | -30 | -29 | -49 | -24 | -44 | ||||||||||||||||||
| Summa | 339 | 351 | 400 | 375 | 990 | 1075 | 1002 | 974 |
| Liikevoitto 2007 | Liikevoitto 2006 | |||||||||||||||||||||||||
| Vertkelp | Raportoitu | Ero | Vertkelpoinen | Raportoitu | Ero | comp | op | |||||||||||||||||||
| Saumlhkoumlntuotanto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
| Laumlmpouml | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
| Saumlhkoumlnsiirto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
| Markets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
| Muu | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
| Yhteensauml | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||
| Liikevoitto I2008 | Liikevoitto I2007 | |||||||||||||||||||||||||
| Vertkelpoinen | Raportoitu | Ero | Vertkelpoinen | Raportoitu | Ero | |||||||||||||||||||||
| Saumlhkoumlntuotanto | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
| Laumlmpouml | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
| Saumlhkoumlnsiirto | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
| Markets | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
| Venaumljauml | 0 | 0 | 0 | 0 | ||||||||||||||||||||||
| Muu | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
| Yhteensauml | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
| Liikevoitto II2010 | Liikevoitto II2009 | Liikevoitto I-II2010 | Liikevoitto I-II2009 | |||||||||||||||||||||||
| Vertkelp | Raportoitu | Vertkelp | Raportoitu | Vertkelp | Raportoitu | Vertkelp | Raportoitu | |||||||||||||||||||
| Power | 271 | 280 | 340 | 307 | 695 | 747 | 755 | 739 | ||||||||||||||||||
| Heat | 33 | 35 | 26 | 39 | 165 | 194 | 140 | 154 | ||||||||||||||||||
| Distribution | 53 | 53 | 54 | 54 | 155 | 166 | 135 | 135 | ||||||||||||||||||
| Saumlhkoumlnmyynti | 10 | 23 | 6 | 20 | -3 | -6 | 4 | -1 | ||||||||||||||||||
| Russia | -9 | -9 | -14 | -15 | 7 | 23 | -8 | -9 | ||||||||||||||||||
| Muut | -19 | -31 | -12 | -30 | -29 | -49 | -24 | -44 | ||||||||||||||||||
| Yhteensauml | 339 | 351 | 400 | 375 | 990 | 1075 | 1002 | 974 | ||||||||||||||||||
| I-III2009 | ||||||||||||||||||||||||||
| SEK | Muut | Yhteensauml | ||||||||||||||||||||||||
| Saumlhkoumlntuotanto | -67 | -3 | -70 | |||||||||||||||||||||||
| Laumlmpouml | -10 | -2 | -12 | |||||||||||||||||||||||
| Saumlhkoumlnsiirto | -13 | -1 | -14 | |||||||||||||||||||||||
| Markets | -1 | -1 | -2 | |||||||||||||||||||||||
| Venaumljauml | 0 | 6 | 6 | |||||||||||||||||||||||
| Muu | 0 | 1 | 1 | |||||||||||||||||||||||
| Yhteensauml | -91 | 0 | -91 |
| Operating profit II2010 | Operating profit II2009 | Operating profit I-II2010 | Operating profit I-2009 | |||||||||||||||||||||||
| Comparable | Reported | Comparable | Reported | Comparable | Reported | Comparable | Reported | |||||||||||||||||||
| Power | 271 | 280 | 340 | 307 | 695 | 747 | 755 | 739 | ||||||||||||||||||
| Heat | 33 | 35 | 26 | 39 | 165 | 194 | 140 | 154 | ||||||||||||||||||
| Distribution | 53 | 53 | 54 | 54 | 155 | 166 | 135 | 135 | ||||||||||||||||||
| Electricity Sales | 10 | 23 | 6 | 20 | -3 | -6 | 4 | -1 | ||||||||||||||||||
| Russia | -9 | -9 | -14 | -15 | 7 | 23 | -8 | -9 | ||||||||||||||||||
| Other | -19 | -31 | -12 | -30 | -29 | -49 | -24 | -44 | ||||||||||||||||||
| Total | 339 | 351 | 400 | 375 | 990 | 1075 | 1002 | 974 | ||||||||||||||||||
| Currency translation effects on comparable operating profit | ||||||||||||||||||||||||||
| I2009 | I-III2009 | |||||||||||||||||||||||||
| SEK | Other | Total | SEK | Other | Total | |||||||||||||||||||||
| Power Generation | -55 | -3 | -58 | Power Generation | -67 | -3 | -70 | |||||||||||||||||||
| Heat | -12 | -3 | -15 | Heat | -10 | -2 | -12 | |||||||||||||||||||
| Distribution | -11 | -1 | -12 | Distribution | -13 | -1 | -14 | |||||||||||||||||||
| Markets | -1 | 0 | -1 | Markets | -1 | -1 | -2 | |||||||||||||||||||
| Russia | 0 | 1 | 1 | Russia | 0 | 6 | 6 | |||||||||||||||||||
| Other | 1 | 0 | 1 | Other | 0 | 1 | 1 | |||||||||||||||||||
| Total | -78 | -6 | -84 | Total | -91 | 0 | -91 |
Finnish
Swedish
| Liikevoitto 2007 | Liikevoitto 2006 | |||||||||||||||||||||||||
| Vertkelp | Raportoitu | Ero | Vertkelpoinen | Raportoitu | Ero | comp | op | |||||||||||||||||||
| Saumlhkoumlntuotanto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
| Laumlmpouml | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
| Saumlhkoumlnsiirto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
| Markets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
| Muu | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
| Yhteensauml | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||
| Liikevoitto I2008 | Liikevoitto I2007 | |||||||||||||||||||||||||
| Vertkelpoinen | Raportoitu | Ero | Vertkelpoinen | Raportoitu | Ero | |||||||||||||||||||||
| Saumlhkoumlntuotanto | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
| Laumlmpouml | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
| Saumlhkoumlnsiirto | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
| Markets | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
| Venaumljauml | 0 | 0 | 0 | 0 | ||||||||||||||||||||||
| Muu | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
| Yhteensauml | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
| Roumlrelseresultat II2009 | Roumlrelseresultat II2008 | Liikevoitto 2008 | Liikevoitto 2007 | |||||||||||||||||||||||
| Jaumlmfoumlrbart | Rapporterat | Jaumlmfoumlrbart | Rapporterat | Vertkelp | Raportoitu | Vertkelp | Raportoitu | |||||||||||||||||||
| Kraftproduktion | 271 | 280 | 340 | 307 | 695 | 747 | 755 | 739 | ||||||||||||||||||
| Vaumlrme | 33 | 35 | 26 | 39 | 165 | 194 | 140 | 154 | ||||||||||||||||||
| Distribution | 53 | 53 | 54 | 54 | 155 | 166 | 135 | 135 | ||||||||||||||||||
| Markets | 10 | 23 | 6 | 20 | -3 | -6 | 4 | -1 | ||||||||||||||||||
| Ryssland | -9 | -9 | -14 | -15 | 7 | 23 | -8 | -9 | ||||||||||||||||||
| Oumlvrigt | -19 | -31 | -12 | -30 | -29 | -49 | -24 | -44 | ||||||||||||||||||
| Summa | 339 | 351 | 400 | 375 | 990 | 1075 | 1002 | 974 |
| Liikevoitto 2007 | Liikevoitto 2006 | |||||||||||||||||||||||||
| Vertkelp | Raportoitu | Ero | Vertkelpoinen | Raportoitu | Ero | comp | op | |||||||||||||||||||
| Saumlhkoumlntuotanto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
| Laumlmpouml | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
| Saumlhkoumlnsiirto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
| Markets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
| Muu | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
| Yhteensauml | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||
| Liikevoitto I2008 | Liikevoitto I2007 | |||||||||||||||||||||||||
| Vertkelpoinen | Raportoitu | Ero | Vertkelpoinen | Raportoitu | Ero | |||||||||||||||||||||
| Saumlhkoumlntuotanto | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
| Laumlmpouml | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
| Saumlhkoumlnsiirto | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
| Markets | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
| Venaumljauml | 0 | 0 | 0 | 0 | ||||||||||||||||||||||
| Muu | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
| Yhteensauml | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
| Liikevoitto II2010 | Liikevoitto II2009 | Liikevoitto I-II2010 | Liikevoitto I-II2009 | |||||||||||||||||||||||
| Vertkelp | Raportoitu | Vertkelp | Raportoitu | Vertkelp | Raportoitu | Vertkelp | Raportoitu | |||||||||||||||||||
| Power | 271 | 280 | 340 | 307 | 695 | 747 | 755 | 739 | ||||||||||||||||||
| Heat | 33 | 35 | 26 | 39 | 165 | 194 | 140 | 154 | ||||||||||||||||||
| Distribution | 53 | 53 | 54 | 54 | 155 | 166 | 135 | 135 | ||||||||||||||||||
| Saumlhkoumlnmyynti | 10 | 23 | 6 | 20 | -3 | -6 | 4 | -1 | ||||||||||||||||||
| Russia | -9 | -9 | -14 | -15 | 7 | 23 | -8 | -9 | ||||||||||||||||||
| Muut | -19 | -31 | -12 | -30 | -29 | -49 | -24 | -44 | ||||||||||||||||||
| Yhteensauml | 339 | 351 | 400 | 375 | 990 | 1075 | 1002 | 974 | ||||||||||||||||||
| I-III2009 | ||||||||||||||||||||||||||
| SEK | Muut | Yhteensauml | ||||||||||||||||||||||||
| Saumlhkoumlntuotanto | -67 | -3 | -70 | |||||||||||||||||||||||
| Laumlmpouml | -10 | -2 | -12 | |||||||||||||||||||||||
| Saumlhkoumlnsiirto | -13 | -1 | -14 | |||||||||||||||||||||||
| Markets | -1 | -1 | -2 | |||||||||||||||||||||||
| Venaumljauml | 0 | 6 | 6 | |||||||||||||||||||||||
| Muu | 0 | 1 | 1 | |||||||||||||||||||||||
| Yhteensauml | -91 | 0 | -91 |
Swedish
| Liikevoitto 2007 | Liikevoitto 2006 | |||||||||||||||||||||||||
| Vertkelp | Raportoitu | Ero | Vertkelpoinen | Raportoitu | Ero | comp | op | |||||||||||||||||||
| Saumlhkoumlntuotanto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
| Laumlmpouml | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
| Saumlhkoumlnsiirto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
| Markets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
| Muu | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
| Yhteensauml | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||
| Liikevoitto I2008 | Liikevoitto I2007 | |||||||||||||||||||||||||
| Vertkelpoinen | Raportoitu | Ero | Vertkelpoinen | Raportoitu | Ero | |||||||||||||||||||||
| Saumlhkoumlntuotanto | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
| Laumlmpouml | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
| Saumlhkoumlnsiirto | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
| Markets | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
| Venaumljauml | 0 | 0 | 0 | 0 | ||||||||||||||||||||||
| Muu | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
| Yhteensauml | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
| Roumlrelseresultat II2009 | Roumlrelseresultat II2008 | Liikevoitto 2008 | Liikevoitto 2007 | |||||||||||||||||||||||
| Jaumlmfoumlrbart | Rapporterat | Jaumlmfoumlrbart | Rapporterat | Vertkelp | Raportoitu | Vertkelp | Raportoitu | |||||||||||||||||||
| Kraftproduktion | 271 | 280 | 340 | 307 | 695 | 747 | 755 | 739 | ||||||||||||||||||
| Vaumlrme | 33 | 35 | 26 | 39 | 165 | 194 | 140 | 154 | ||||||||||||||||||
| Distribution | 53 | 53 | 54 | 54 | 155 | 166 | 135 | 135 | ||||||||||||||||||
| Markets | 10 | 23 | 6 | 20 | -3 | -6 | 4 | -1 | ||||||||||||||||||
| Ryssland | -9 | -9 | -14 | -15 | 7 | 23 | -8 | -9 | ||||||||||||||||||
| Oumlvrigt | -19 | -31 | -12 | -30 | -29 | -49 | -24 | -44 | ||||||||||||||||||
| Summa | 339 | 351 | 400 | 375 | 990 | 1075 | 1002 | 974 |
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| MEUR | I2012 | I2011 | 2011 | LTM | LTM | |||||||
| Sales | 655 | 693 | 2481 | 2443 | 2579 | |||||||
| Comparable operating profit | 341 | 325 | 1201 | 1217 | 1186 | |||||||
| Net Assets | 6117 | 5996 | 6247 | |||||||||
| Comparable RONA | 199 | 201 | 195 | |||||||||
| Gross Investments | 24 | 33 | 148 | 139 | 135 |
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| MEUR | I2012 | I2011 | 2011 | LTM | LTM | |||||||
| Sales | 625 | 725 | 1737 | 1637 | 1857 | |||||||
| Comparable operating profit | 161 | 171 | 278 | 268 | 304 | |||||||
| Net Assets | 4171 | 4030 | 4191 | |||||||||
| Comparable RONA | 74 | 72 | 81 | |||||||||
| Gross Investments | 67 | 58 | 329 | 338 | 310 |
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| MEUR | I2012 | I2011 | 2011 | LTM | LTM | |||||||
| Sales | 310 | 295 | 920 | 935 | 900 | |||||||
| Comparable operating profit | 48 | 34 | 74 | 88 | 56 | |||||||
| Net Assets | 3547 | 2918 | 3273 | |||||||||
| Comparable RONA | 35 | 35 | 32 | |||||||||
| Gross Investments | 81 | 75 | 694 | 700 | 743 |
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| MEUR | I2012 | I2011 | 2011 | LTM | LTM | |||||||
| Sales | 308 | 311 | 973 | 970 | 1016 | |||||||
| Comparable operating profit | 110 | 124 | 295 | 281 | 337 | |||||||
| Net Assets | 3641 | 3711 | 3589 | |||||||||
| Comparable RONA | 86 | 80 | 99 | |||||||||
| Gross Investments | 44 | 34 | 289 | 299 | 255 |
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| MEUR | I2012 | I2011 | 2011 | LTM | LTM | |||||||
| Sales | 247 | 373 | 900 | 774 | 1224 | |||||||
| Comparable operating profit | 9 | 11 | 27 | 25 | 28 | |||||||
| Net Assets | 56 | 130 | 11 | |||||||||
| Comparable RONA | 335 | 446 | 305 | |||||||||
| Gross Investments | 0 | 3 | 5 | 2 | 4 |
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| MEUR | Q1-Q300 | I2012 | I2011 | 2011 | LTM | 2010 | LTM | 2007 | I-III2007 | LTM | LTM | 2004 | ||||||||||||||||||
| Sales | 7732 | 1901 | 2034 | 6161 | 6028 | 6296 | 6396 | |||||||||||||||||||||||
| Expenses | -7109 | -1250 | -1385 | -4359 | -4224 | -4463 | -4561 | |||||||||||||||||||||||
| Comparable operating profit | 623 | 651 | 649 | 1802 | 1804 | 1833 | 1835 | |||||||||||||||||||||||
| Items affecting comparability | 85 | 251 | 600 | 434 | -125 | 309 | ||||||||||||||||||||||||
| Operating profit | 736 | 900 | 2402 | 2238 | 1708 | 2144 | ||||||||||||||||||||||||
| Share of profit of associates and jvs | -7 | 59 | 91 | 25 | 62 | 93 | ||||||||||||||||||||||||
| Financial expenses net | -209 | -76 | -55 | -265 | -286 | -155 | -256 | |||||||||||||||||||||||
| Profit before taxes | 0 | 653 | 904 | 2228 | 1977 | 1615 | 1981 | |||||||||||||||||||||||
| Income tax expense | -83 | -119 | -158 | -366 | -327 | -261 | -303 | |||||||||||||||||||||||
| Net profit for the period | -26 | 534 | 746 | 1862 | 1650 | 1354 | 1678 | |||||||||||||||||||||||
| Non-controlling interests | 39 | 68 | 93 | 64 | 54 | 99 | ||||||||||||||||||||||||
| EPS basic (EUR) | 039 | 056 | 076 | 199 | 179 | 146 | 178 | |||||||||||||||||||||||
| EPS diluted (EUR) | 056 | 076 | 199 | 179 | 146 | 178 | ||||||||||||||||||||||||
| 069 |
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| MEUR | I2012 | I2011 | 2011 | LTM | 2010 | LTM | 2007 | I-III2007 | LTM | LTM | |||||||||||
| Operating profit before depreciations | 894 | 1049 | 3008 | 2853 | 2271 | 2742 | 2478 | 1663 | 2370 | 0 | |||||||||||
| Non-cash flow items and divesting activities | -99 | -270 | -726 | -555 | 124 | -378 | -275 | -268 | -56 | 0 | |||||||||||
| Financial items and fx gainslosses | -142 | -302 | -376 | -216 | -641 | -482 | 233 | ||||||||||||||
| Taxes | -78 | -114 | -394 | -358 | -355 | -469 | -332 | -231 | -534 | 0 | |||||||||||
| Funds from operations (FFO) | 575 | 363 | 1512 | 1724 | 1399 | 1413 | 2104 | 1164 | 1780 | 0 | |||||||||||
| Change in working capital | -22 | 91 | 101 | -12 | 38 | -51 | -102 | 161 | 5 | 0 | |||||||||||
| Total net cash from operating activities | 553 | 454 | 1613 | 1712 | 1437 | 1362 | 2002 | 1325 | 1785 | 0 | |||||||||||
| Paid capital expenditures | -272 | -206 | -1285 | -1351 | -1134 | -1296 | -1018 | -341 | -931 | 0 | |||||||||||
| Acquisition of shares | 0 | -19 | -62 | -43 | -28 | -64 | -1243 | -257 | -1243 | 0 | |||||||||||
| Other investing activities | 255 | 210 | 522 | 567 | 60 | 537 | -21 | 258 | -34 | 0 | |||||||||||
| Cash flow before financing activities | 536 | 439 | 788 | 885 | 335 | 539 | -280 | 985 | -423 | 0 |
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| MEUR | LTM | 2011 | 2010 | 2009 | 2008 | 2006 | 2005 | ||||||||
| Q112 | |||||||||||||||
| EBITDA | 2853 | 3008 | 2271 | 2292 | 2478 | 1884 | |||||||||
| Comparable EBITDA | 2385 | 2374 | 2396 | 2398 | 1151 | 1271 | |||||||||
| Interest-bearing net debt | 6523 | 7023 | 6826 | 5969 | 6179 | 4345 | 3158 | ||||||||
| Comparable Net debtEBITDA | 27 | 30 | 28 | 25 | 16839 | 15130 | |||||||||
| 23 | 18 | ||||||||||||||
| Return on capital employed () | 128 | 148 | 116 | 121 | 150 | 134 | 135 | ||||||||
| Return on shareholders equity () | 167 | 197 | 157 | 160 | 187 | 144 | 135 |
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