Overall good operative results

January - March 2012

  • Comparable operating profit was EUR 651 (649) million, 0%

  • Operating profit was EUR 736 (900) million, of which EUR
    -16 (173) million relates to the IFRS accounting treatment of derivatives.

  • Earnings per share was EUR 0.56 (0.76),-26%, of which -0.01 (0.14) EUR
    per share relates to the IFRS accounting treatment of derivatives

  • Cash flow from operating activities was strong and reached EUR 553 (454) million, +22%

  • Nordic system spot price was clearly lower than last year, EUR 38.2 (66.2)  

Key figures I/12 I/11 2011 LTM*
Sales, EUR million 1,901 2,034 6,161 6,028
Operating profit, EUR million 736 900 2,402 2,238
Comparable operating profit, EUR million 651 649 1,802 1,804
Profit before taxes, EUR million 653 904 2,228 1,977
Earnings per share, EUR 0.56 0.76 1.99 1.79
Net cash from operating activities, EUR million 553 454 1,613 1,712
Shareholders’ equity per share, EUR 11.65 9.30 10.84 N/A
Interest-bearing net debt (at end of period), EUR million 6,523 6,367 7,023 N/A
Average number of shares, 1,000s 888,367 888,367 888,367 888,367
*) Last twelve months        
         
Key financial ratios 2011 LTM
Return on capital employed, % 14.8 12.8
Return on shareholders’ equity, % 19.7 16.7
Net debt/EBITDA 2.3 2.3
Comparable net debt/EBITDA 3.0 2.7
         
         
         

Outlook

• Fortum currently expects that the annual electricity demand growth in the Nordic countries will be about 0.5% in the coming years.

• Power Division's Nordic generation hedges: For the rest of the calendar year 2012, 70% hedged at EUR 48 per MWh and for the 2013 calendar year, 45% hedged at EUR 46 per MWh.