Satisfactory results in a very demanding market environment

April - June 2012

  • Comparable operating profit EUR 281 (348) million, -19%
  • Operating profit was EUR 283 (609) million, of which EUR 2 (261) million relates to items affecting comparability
  • Earnings per share EUR 0.21 (0.53), -60%, of which EUR 0.00 (0.27) per share relates to items affecting comparability
  • Nuclear volumes decreased mainly due to prolonged repairs in Sweden. Hydro volumes increased due to higher inflow and water reservoir levels
  • Nordic power prices were significantly lower compared to second quarter 2011. During the second quarter, the average system spot price of electricity in Nord Pool was EUR 24 per megawatt-hour (MWh) lower. The average area prices in Finland were EUR 20 per MWh and in Sweden (SE3) EUR 23 per MWh lower

January - June 2012

  • Comparable operating profit EUR 932 (997) million, -7%
  • Operating profit was EUR 1,019 (1,509) million, of which EUR 87 (512) million relates to items affecting comparability
  • Earnings per share EUR 0.77 (1.29), -40%, of which EUR 0.10 (0.47) per share relates to items affecting comparability
  • Nordic power prices were significantly lower compared to the same period in 2011.The average system spot price was EUR 26 per MWh lower and the average area price in Finland EUR 21 per MWh lower and in Sweden (SE3) EUR 25 per MWh lower
  • Financial position remained strong
Key figures II/12 II/11 I-II/12 I-II/11 2011 LTM*
Sales, EUR million 1,284 1,316 3,185 3,350 6,161 5,996
Operating profit, EUR million 283 609 1,019 1,509 2,402 1,912
Comparable operating profit, EUR million 281 348 932 997 1,802 1,737
Profit before taxes, EUR million 236 552 889 1,456 2,288 1,661
Earnings per share, EUR 0.21 0.53 0.77 1.29 1.99 1.46
Net cash from operating activities, EUR million 319 410 872 864 1,613 1,621
Shareholders’ equity per share, EUR     10.66 9.93 10.84 n/a
Interest-bearing net debt
(at end of period), EUR million
    7,420 6,783 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 11.3
Return on shareholders’ equity, % 19.7 14.0
Net debt/EBITDA 2.3 2.9
Comparable Net debt/EBITDA 3.0 3.2

Outlook 

  • Fortum currently expects the annual electricity demand growth in the Nordic countries to be on average 0.5% in the coming years.
  • Power Division's Nordic generation hedges: For the rest of the calendar year 2012, 65% hedged at EUR 49 per MWh, and for the 2013 calendar year, 55% hedged at EUR 45 per MWh.