A very demanding market environment – efficiency programme launched

July - September 2012

  • Comparable operating profit EUR 220 (297) million, -26 %
  • Operating profit EUR 223 (314) million, of which EUR 3 (17) million relates to items affecting comparability
  • Earnings per share EUR 0.14 (0.23), -39 %, of which EUR 0.01 (0.02) per share relates to items affecting comparability
  • Fortum has launched an efficiency programme to improve cash flow by more than EUR 1 billion during 2013 - 2014
  • Capital expenditure guidance updated: In 2012 around EUR 1.5 (1.6-1.8) billion, in 2013 EUR 1.1-1.4 billion and in 2014 EUR 0.9-1.1 (1.1-1.4) billion

January - September 2012

  • Comparable operating profit EUR 1,152 (1,294) million, -11 %
  • Operating profit EUR 1,242 (1,823) million, of which EUR 90 (529) million relates to items affecting comparability; i.e. derivatives and the sale of Fingrid in 2011
  • Earnings per share EUR 0.91 (1.52), -40 %, of which EUR 0.11 (0.49) per share relates to items affecting comparability; i.e. derivatives and the sale of Fingrid in 2011
  • Nordic power prices clearly lower compared to 2011
Key figures III/12 III/11 I-III/12 I-III/11 2011 LTM*
Sales, EUR million 1,140 1,144 4,325 4,494 6,161 5,992
Operating profit, EUR million 223 314 1,242 1,823 2,402 1,821
Comparable operating profit, EUR million 220 297 1,152 1,294 1,802 1,660
Profit before taxes, EUR million 148 240 1,037 1,696 2,288 1,569
Earnings per share, EUR 0.14 0.23 0.91 1.52 1.99 1.38
Net cash from operating activities,
EUR million
111 277 983 1,141 1,613 1,455
Shareholders’ equity per share, EUR     10.89 10.05 10.84 n/a
Interest-bearing net debt (at end of period), EUR million     7,764 6,929 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 10.4
Return on shareholders’ equity, % 19.7 13.1
Net debt/EBITDA 2.3 3.1
Comparable Net debt/EBITDA 3.0 3.4
             

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, 70 % hedged at EUR 48 per MWh, for 2013, 60 % hedged at EUR 45 per MWh, and for 2014 30 % hedged at EUR 43 per MWh.