Definition of key figures

EBITDA (Earnings before interest, taxes,
depreciation and amortisation)
= Operating profit + Depreciation, amortisation and impairment charges
                         
Comparable EBITDA = EBITDA - items affecting comparability - Net release of CSA provision
                         
Items affecting comparability = Non-recurring items + other items affecting comparability
                         
Comparable operating profit = Operating profit - non-recurring items - other items affecting comparability
                         
Non-recurring items = Capital gains and losses
                         
Other items affecting comparability = Includes effects from financial derivatives hedging future cash-flows where hedge accounting is not applied according to IAS 39 and effects from the accounting of FortumĀ“s part of the Finnish Nuclear Waste Fund where the asset in the balance sheet cannot exceed the related liabilities according to IFRIC interpretation 5.
                         
Funds from operations (FFO) = Net cash from operating activities before change in working capital
                         
Capital expenditure = Capitalised investments in property, plant and equipment and intangible assets including maintenance, productivity, growth and investments required by legislation including borrowing costs capitalised during the construction period. Maintenance investments expand the lifetime of an existing asset, maintain useage/availability and/or maintains reliability. Productivity investments improve productivity in an existing asset. Growth investments' purpose is to build new assets and/or to increase customer base within existing businesses. Legislation investments are done at certain point of time due to legal requirements.
                         
Gross investments in shares = Investments in subsidiary shares, shares in associated companies and other shares in available for sale financial assets. Investments in subsidiary shares are net of cash and grossed with interest-bearing liabilities in the acquired company.
                         
Return on shareholders' equity, % = Profit for the year x 100
    Total equity average  
                         
Return on capital employed, % = Profit before taxes + interest and other financial expenses x 100
    Capital employed average  
                         
Return on net assets, % = Operating profit + Share of profit (loss) in associated companies and joint ventures x 100
    Net assets average  
                         
Comparable return on net assets, % = Comparable operating profit + Share of profit (loss) in associated companies and joint ventures (adjusted for IAS 39 effects, nuclear fund adjustments and major sales gains or losses) x 100
    Comparable net assets average  
                         
Capital employed = Total assets - non-interest bearing liabilities - deferred tax liabilities - provisions
                         
Net assets = Non-interest bearing assets + interest-bearing assets related to the Nuclear Waste Fund - non-interest bearing liabilities - provisions (non-interest bearing assets and liabilities do not include finance related items, tax and deferred tax and assets and liabilities from fair valuations of derivatives where hedge accounting is applied)
                         
Comparable net assets = Net assets adjusted for non-interest bearing assets and liabilities arising from financial derivatives hedging future cash flows where hedge accounting is not applied according to IAS 39
                         
Interest-bearing net debt = Interest-bearing liabilities - liquid funds
                         
Gearing, % = Interest-bearing net debt x 100
    Total equity  
                         
Equity-to-assets ratio, % = Total equity including non-controlling interest x 100
    Total assets  
                         
Net debt / EBITDA = Interest-bearing net debt  
    Operating profit + Depreciation, amortisation and impairment charges  
                         
Comparable net debt / EBITDA = Interest-bearing net debt  
    Comparable EBITDA  
                         
Interest coverage = Operating profit  
    Net interest expenses  
                         
Interest coverage including capitalised
borrowing costs
= Operating profit  
    Net interest expenses - capitalised borrowing costs  
                         
Earnings per share (EPS) = Profit for the period - non-controlling interest  
    Average number of shares during the period  
                         
Equity per share = Shareholder's equity  
    Number of shares excluding treasury shares at the end of the period  
                         
Last twelve months (LTM) = Twelve months preceding the reporting date