fortum corporation financial year 2010ifrs accounting treatment (ias 39) of derivatives affected...
TRANSCRIPT
2 February 2011
Fortum Corporation Financial year 2010
2
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
3
Highlights in 2010
bull
Updated strategy which builds on Fortumrsquos core competences
bull
Performance remained firm
bull
Demand improved both in the Nordics and Russia
bull
Russian power market progressed ndash
Liberalised wholesale marketndash
Pricing principles for ldquooldrdquo
and ldquonewrdquo
capacity determined
bull
Fortumrsquos Russian investment programme accelerated
bull
CO2
five-year average performance is lower than target level at 69 gkWh ndash
within EU 86 of the power generated by Fortum is CO2
free
44
Global mega trends drive the industry - Updated
strategy supports sustainable business development
Create solid earnings growth in Russia
Leverage the strong Nordic core
Build platform for future growth
Competence in CO2
free nuclear hydro and energy efficient CHP production and operating in competitive energy markets
Strategy
bull
Power and heat demand and supplybull
Degree of market liberalization and integrationbull
Climate change responsebull
Energy system structurebull
Business models and competition
5
Business environment improved
bull
Nordic power consumption up by 5 during 2010ndash
Power consumption in the Nordic countries 396 TWh in 2010
397 TWh in 2008 (pre-recession)
ndash
Temperature corrected power consumption in Nordic countries was still appr 4 (~16 TWh
) lower than in 2008ndash
Water reservoirs at historically low levelsndash
Nordic spot prices increased forward prices more stable
bull
Russian power consumption increased by about 4 during 2010ndash
Electricity spot price in Russia up 32 from a year ago
The overall Nordic and Russian power consumption continued to increase in 2010
Industrial activity clearly picked up in Fortumrsquos key market areas and the Russian
economy continued a solid path of recovery
6
Solid performance continued
bull
Comparable operating profit EUR 1833 (1888) million ndash
Lower hydro volumes in Powerndash
Improvement in Russia Distribution and Heatbull
Earnings per share EUR 146 (148)ndash
Negative IAS 39 accounting effect corresponding to EUR 018bull
Net cash from operating activities EUR 1437 (2264) million ndash
Decline due to SEK appreciation (roll-over of currency balance sheet hedges)
bull
Proposed dividend of EUR
100
per share
7
Comparable profit close to last years level
Comparable operating profit EUR million
44 281888 1833-156
45 -11 -5
PowerGeneration
2009 Heat Distribution ElectricitySales
Russia Other 2010
8
Nordic water reservoirs were historically low
Source Nord Pool Spot
rese
rvoi
r con
tent
(TW
h)
0
20
40
60
80
100
120
Q1 Q2 Q3 Q4
2003 2008 2009 20112010 reference level
9
Average regulated electricity price for OAO Fortum
536620 610 607 613
0
125
250
375
500
625
750
Q42009 Q12010 Q22010 Q32010 Q42010
RUBMWh
Spot price for power (market price) Urals hub
693817 770
936817
0
200
400
600
800
1 000
1 200
Q42009 Q12010 Q22010 Q32010 Q42010
RUBMWh
Powers Nordic power price
515545
448 472514
0
10
20
30
40
50
60
Q42009 Q12010 Q22010 Q32010 Q42010
eurMWh
Spot price for power in NordPool power exchange
366
595
460
620
450
0
12
24
36
48
60
72
Q42009 Q12010 Q22010 Q32010 Q42010
eurMWh
Price development in the Nordic region and Russia
-0
+18
+14
+69
Financials
11
Comparable and reported operating profit
MEURIV2010 IV2009 IV2010 IV2009 2010 2009 2010 2009
Power 336 391 129 327 1 298 1 454 1 132 1 363Heat 122 104 124 109 275 231 303 252Distribution 91 80 93 81 307 262 321 263Electricity Sales 3 11 40 37 11 22 46 29Russia 17 8 16 8 8 -20 53 -20Other -28 -24 -81 -40 -66 -61 -147 -105Total 541 570 321 522 1 833 1 888 1 708 1 782
Comparable operating profit
Reported operating profit
Comparable operating profit
Reported operating profit
bull
IFRS accounting treatment (IAS 39) of derivatives affected operating profit
12
0
10
20
30
40
50
60
70
80
902
820
10
168
201
0
308
201
0
139
201
0
279
201
0
111
020
10
251
020
10
811
201
0
221
120
10
612
201
0
201
220
10
31
2011
171
201
1
2011 February Nordic Power Exchange forward development minus
Down by ~27 euroMWh
from 2010 year end30122011Year high ateuro851 per MWh
2712011Last price ateuro581 per MWh
Change +6330 Sept -30 Dec 2010
Change -3230 Dec 2010 -27 Jan 2011
13
Power
bull
Comparable operating profit decreasedndash
Higher costs in Swedish associated nuclear companiesndash
Production mix increased thermal power production during peak hours
bull
Nordic achieved power price at same level as in 2009ndash
Lower hedge pricesndash
Higher prices in thermal during peak hoursMEUR 2010 2009
Sales 2 702 2 531
Comparable operating profit 1 298 1 454
Net Assets 5 806 5 494
Comparable RONA 223 264
Gross Investments 122 153
14
MEUR 2010 2009
Sales 1 770 1 399
Comparable operating profit 275 231
Net Assets 4 182 3 787
Comparable RONA 77 73
Gross Investments 305 359
Heat
bull
Comparable operating profit increased due to higher volumes and power prices
bull
CHP )
plants in Częstochowa Poland and Paumlrnu Estonia inaugurated commercial operation began during Q42010
) CHP Combined Heat and Power
15
MEUR 2010 2009
Sales 963 800
Comparable operating profit 307 262
Net Assets 3 683 3 299
Comparable RONA 93 86
Gross Investments 213 193
Distribution
bull
Comparable operating profit increased due to higher sales and strong SEK
bull
Smart metering pilot rollout to network customers in Finland started in Q42010
16
MEUR 2010 2009
Sales 1 798 1 449
Comparable operating profit 11 22
Net Assets 210 125
Comparable RONA 93 186
Gross Investments 0 1
Electricity Sales
bull
Comparable operating profit decreasedndash
Price peaks in Q1 and Q4bull
Restructuring of the business market segment continued
17
MEUR 2010 2009
Sales 804 632
Comparable operating profit 8 -20
Net Assets 2 817 2 260
Comparable RONA 07 00
Gross Investments 599 218
Russia
bull
Comparable operating profit turned positivebull
Wholesale power market liberalised as of January 2011bull
Pricing principles for ldquooldrdquo
and ldquonewrdquo
capacity determinedbull
Accelerated investment programme
18
MEUR IV2010 IV2009 2010 2009
Sales 1 902 1 563 6 296 5 435Expenses -1 361 -993 -4 463 -3 547
Comparable operating profit 541 570 1 833 1 888
Other items affecting comparability -220 -48 -125 -106
Operating profit 321 522 1 708 1 782Share of profit of associates and jvs 21 22 62 21Financial expenses net -57 -39 -155 -167
Profit before taxes 285 505 1 615 1 636Income tax expense -25 -74 -261 -285
Net profit for the period 260 431 1 354 1 351Non-controlling interests 29 25 54 39
EPS basic (EUR) 026 046 146 148EPS diluted (EUR) 026 046 146 148
Income statement
19
MEUR IV2010 IV2009 2010 2009
Operating profit before depreciations 468 658 2 271 2 292
Non-cash flow items and divesting activities 222 -4 124 46
Financial items and fx gainslosses -192 -102 -641 146
Taxes -107 -34 -355 -239
Funds from operations (FFO) 391 518 1 399 2 245
Change in working capital -170 -122 38 19
Total net cash from operating activities 221 396 1 437 2 264
Paid capital expenditures -432 -266 -1 134 -845
Acquisition of shares -20 -28 -28 -87
Other investing activities -23 -27 60 -42
Cash flow before financing activities -254 75 335 1 290
Cash flow statement
20
MEUR 2010 2009EBITDA 2 271 2 292Comparable EBITDA 2 396 2 398Interest-bearing net debt 6 826 5 969Net debtEBITDA 30 26Comparable Net debtEBITDA 28 25
Return on capital employed () 116 121Return on shareholders equity () 157 160
Key ratios
21
Debt maturity
profile
per 31 Dec 2010 per 31 Dec 2009Duration (years) 21 18Average interest rate (incl swaps and forwards) 35 34Portion of floating fixed debt 49 51 62 38
MEUR
2011 862
2012 624
2013 636
2014 1191
2015 1042
2016 870
2017 243
2018 93
2019 819
2020 43
2021+ 9590
250
500
750
1000
1250
1500
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021+Bonds Financial institutions Other long-term debt CPs
23
Summary on 2010
bull
Strategy updated to support business actionsndash
Sustainable solutions at the core of the strategybull
Solid performance continuedbull
Russiandash
Power reform proceeding fully liberalised from January 2011ndash
Demand improvedndash
Fortumrsquos investment programme acceleratedbull
Nordic countriesndash
Demand recoveredndash
Water reservoirs historically lowbull
Strong financial position and liquidity
242424
Key strategic actions going forward
Focus on performancendash
Organisational efficiencyndash
Nuclear availabilityndash
Value creation from Russian investments
Prepare for growthndash
Prioritized value enhancing acquisitions while maintaining strong balance sheetndash
Investigating high growth Asian markets
Create strategic partnerships for new innovative solutions market entries and RampDndash
Partnerships in nuclear and bio energyndash
Electricity Sales and Distribution services solutions and partnerships
Continuous development of competences
Readiness for changendash
Leadership and organisational culture enabling readiness for change
25
Outlook
bull
Key drivers and risksndash
Wholesale price of electricitybull
Fuel CO2
emissions prices and water reservoirs
bull
Nordic Marketsndash
Market continues to recover ndash
2008 level reached by 2012-2014ndash
Electricity continues to gain share of total energy consumption
bull
Russiandash
Wholesale market fully liberalisedndash
Achieved efficiency improvements compared to the time of the acquisition to be approximately EUR 100 million in 2011
ndash
Profits from Russia builds up in pace with the capacity increase
NOTE Fuel Co2
emissions prices and water reservoirs found in appendix
26
Outlook
bull
Capex
(excluding potential acquisitions)ndash
2011-2012 around EUR 16 to 18 billion (mainly due to Russian investment programme)
ndash
2013-2014 around EUR 11 to 14 billionndash
Preliminary divestments agreed total approximately EUR 05 billion in 2011
bull
Hedgingndash
2011 approximately 70 hedge ratio at approximately EUR 45MWhndash
2012 approximately 40 hedge ratio at approximately EUR 44MWh
28
Appendices
29
Increased power consumption
Fortum currently expects Nordic power demand to recover back to the 2008 level by 2012-2014Temperature corrected power consumption in Nordic countries is still appr 4 (~16 TWh
) lower than in 2008
-1
3
7
11
15
Tyumen Chelyabinsk Russia Uralsarea
Russia
Q1 2010 vs
Q1 2009Q2 2010 vs
Q2 2009Q3 2010 vs
Q3 2009Q4 2010 vs
Q4 2009
0
5
10
15
Finland Sweden Norway Denmark Nordic
Q1 2010 vs
Q1 2009Q2 2010 vs
Q2 2009Q3 2010 vs
Q3 2009Q4 2010 vs
Q4 2009
30
Nordic year forwards
Source NASDAQ OMX Commodities Europe
0
10
20
30
40
50
60
70
euroMWh Year 15Year 08 Year 09 Year 10 Year 11 Year 12 Year 13 Year 14 Year 16
2007
Q1 Q2 Q3 Q4 Q1
2008
Q2 Q3 Q4 Q1
2009
Q2 Q3 Q4 Q1
2010
Q2 Q3 Q4 Q1
2011
31 January 2011
31
Fuel and CO2 allowance prices
Source ICE NASDAQ OMX Commodities Europe
Market prices 10 January 2011 2011-2012 future quotations
Crude oil price (ICE Brent)
020406080
100120140160
USD
bb
l
CO2 price (NP EUA)
05
101520253035
EUR
tC
O2
Coal price (ICE Rotterdam)
04080
120160200240
USD
t
Gas price (ICE NBP)
0
20
40
60
80
100
GB
p t
herm
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2010 average80 (63)
2010 average14 (13)
2010 average92 (70)
2010 average41 (32)
- Slide Number 1
- Disclaimer
- Highlights in 2010
- Global mega trends drive the industry - Updated strategy supports sustainable business development
- Business environment improved
- Solid performance continued
- Comparable profit close to last years level
- Nordic water reservoirs were historically low
- Price development in the Nordic region and Russia
- Financials
- Comparable and reported operating profit
- 2011 February Nordic Power Exchange forward development minus Down by ~27 euroMWh from 2010 year end
- Power
- Heat
- Distribution
- Electricity Sales
- Russia
- Income statement
- Cash flow statement
- Key ratios
- Debt maturity profile
- Slide Number 22
- Summary on 2010
- Key strategic actions going forward
- Outlook
- Outlook
- Slide Number 27
- Slide Number 28
- Increased power consumption
- Nordic year forwards
- Fuel and CO2 allowance prices
-
2
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
3
Highlights in 2010
bull
Updated strategy which builds on Fortumrsquos core competences
bull
Performance remained firm
bull
Demand improved both in the Nordics and Russia
bull
Russian power market progressed ndash
Liberalised wholesale marketndash
Pricing principles for ldquooldrdquo
and ldquonewrdquo
capacity determined
bull
Fortumrsquos Russian investment programme accelerated
bull
CO2
five-year average performance is lower than target level at 69 gkWh ndash
within EU 86 of the power generated by Fortum is CO2
free
44
Global mega trends drive the industry - Updated
strategy supports sustainable business development
Create solid earnings growth in Russia
Leverage the strong Nordic core
Build platform for future growth
Competence in CO2
free nuclear hydro and energy efficient CHP production and operating in competitive energy markets
Strategy
bull
Power and heat demand and supplybull
Degree of market liberalization and integrationbull
Climate change responsebull
Energy system structurebull
Business models and competition
5
Business environment improved
bull
Nordic power consumption up by 5 during 2010ndash
Power consumption in the Nordic countries 396 TWh in 2010
397 TWh in 2008 (pre-recession)
ndash
Temperature corrected power consumption in Nordic countries was still appr 4 (~16 TWh
) lower than in 2008ndash
Water reservoirs at historically low levelsndash
Nordic spot prices increased forward prices more stable
bull
Russian power consumption increased by about 4 during 2010ndash
Electricity spot price in Russia up 32 from a year ago
The overall Nordic and Russian power consumption continued to increase in 2010
Industrial activity clearly picked up in Fortumrsquos key market areas and the Russian
economy continued a solid path of recovery
6
Solid performance continued
bull
Comparable operating profit EUR 1833 (1888) million ndash
Lower hydro volumes in Powerndash
Improvement in Russia Distribution and Heatbull
Earnings per share EUR 146 (148)ndash
Negative IAS 39 accounting effect corresponding to EUR 018bull
Net cash from operating activities EUR 1437 (2264) million ndash
Decline due to SEK appreciation (roll-over of currency balance sheet hedges)
bull
Proposed dividend of EUR
100
per share
7
Comparable profit close to last years level
Comparable operating profit EUR million
44 281888 1833-156
45 -11 -5
PowerGeneration
2009 Heat Distribution ElectricitySales
Russia Other 2010
8
Nordic water reservoirs were historically low
Source Nord Pool Spot
rese
rvoi
r con
tent
(TW
h)
0
20
40
60
80
100
120
Q1 Q2 Q3 Q4
2003 2008 2009 20112010 reference level
9
Average regulated electricity price for OAO Fortum
536620 610 607 613
0
125
250
375
500
625
750
Q42009 Q12010 Q22010 Q32010 Q42010
RUBMWh
Spot price for power (market price) Urals hub
693817 770
936817
0
200
400
600
800
1 000
1 200
Q42009 Q12010 Q22010 Q32010 Q42010
RUBMWh
Powers Nordic power price
515545
448 472514
0
10
20
30
40
50
60
Q42009 Q12010 Q22010 Q32010 Q42010
eurMWh
Spot price for power in NordPool power exchange
366
595
460
620
450
0
12
24
36
48
60
72
Q42009 Q12010 Q22010 Q32010 Q42010
eurMWh
Price development in the Nordic region and Russia
-0
+18
+14
+69
Financials
11
Comparable and reported operating profit
MEURIV2010 IV2009 IV2010 IV2009 2010 2009 2010 2009
Power 336 391 129 327 1 298 1 454 1 132 1 363Heat 122 104 124 109 275 231 303 252Distribution 91 80 93 81 307 262 321 263Electricity Sales 3 11 40 37 11 22 46 29Russia 17 8 16 8 8 -20 53 -20Other -28 -24 -81 -40 -66 -61 -147 -105Total 541 570 321 522 1 833 1 888 1 708 1 782
Comparable operating profit
Reported operating profit
Comparable operating profit
Reported operating profit
bull
IFRS accounting treatment (IAS 39) of derivatives affected operating profit
12
0
10
20
30
40
50
60
70
80
902
820
10
168
201
0
308
201
0
139
201
0
279
201
0
111
020
10
251
020
10
811
201
0
221
120
10
612
201
0
201
220
10
31
2011
171
201
1
2011 February Nordic Power Exchange forward development minus
Down by ~27 euroMWh
from 2010 year end30122011Year high ateuro851 per MWh
2712011Last price ateuro581 per MWh
Change +6330 Sept -30 Dec 2010
Change -3230 Dec 2010 -27 Jan 2011
13
Power
bull
Comparable operating profit decreasedndash
Higher costs in Swedish associated nuclear companiesndash
Production mix increased thermal power production during peak hours
bull
Nordic achieved power price at same level as in 2009ndash
Lower hedge pricesndash
Higher prices in thermal during peak hoursMEUR 2010 2009
Sales 2 702 2 531
Comparable operating profit 1 298 1 454
Net Assets 5 806 5 494
Comparable RONA 223 264
Gross Investments 122 153
14
MEUR 2010 2009
Sales 1 770 1 399
Comparable operating profit 275 231
Net Assets 4 182 3 787
Comparable RONA 77 73
Gross Investments 305 359
Heat
bull
Comparable operating profit increased due to higher volumes and power prices
bull
CHP )
plants in Częstochowa Poland and Paumlrnu Estonia inaugurated commercial operation began during Q42010
) CHP Combined Heat and Power
15
MEUR 2010 2009
Sales 963 800
Comparable operating profit 307 262
Net Assets 3 683 3 299
Comparable RONA 93 86
Gross Investments 213 193
Distribution
bull
Comparable operating profit increased due to higher sales and strong SEK
bull
Smart metering pilot rollout to network customers in Finland started in Q42010
16
MEUR 2010 2009
Sales 1 798 1 449
Comparable operating profit 11 22
Net Assets 210 125
Comparable RONA 93 186
Gross Investments 0 1
Electricity Sales
bull
Comparable operating profit decreasedndash
Price peaks in Q1 and Q4bull
Restructuring of the business market segment continued
17
MEUR 2010 2009
Sales 804 632
Comparable operating profit 8 -20
Net Assets 2 817 2 260
Comparable RONA 07 00
Gross Investments 599 218
Russia
bull
Comparable operating profit turned positivebull
Wholesale power market liberalised as of January 2011bull
Pricing principles for ldquooldrdquo
and ldquonewrdquo
capacity determinedbull
Accelerated investment programme
18
MEUR IV2010 IV2009 2010 2009
Sales 1 902 1 563 6 296 5 435Expenses -1 361 -993 -4 463 -3 547
Comparable operating profit 541 570 1 833 1 888
Other items affecting comparability -220 -48 -125 -106
Operating profit 321 522 1 708 1 782Share of profit of associates and jvs 21 22 62 21Financial expenses net -57 -39 -155 -167
Profit before taxes 285 505 1 615 1 636Income tax expense -25 -74 -261 -285
Net profit for the period 260 431 1 354 1 351Non-controlling interests 29 25 54 39
EPS basic (EUR) 026 046 146 148EPS diluted (EUR) 026 046 146 148
Income statement
19
MEUR IV2010 IV2009 2010 2009
Operating profit before depreciations 468 658 2 271 2 292
Non-cash flow items and divesting activities 222 -4 124 46
Financial items and fx gainslosses -192 -102 -641 146
Taxes -107 -34 -355 -239
Funds from operations (FFO) 391 518 1 399 2 245
Change in working capital -170 -122 38 19
Total net cash from operating activities 221 396 1 437 2 264
Paid capital expenditures -432 -266 -1 134 -845
Acquisition of shares -20 -28 -28 -87
Other investing activities -23 -27 60 -42
Cash flow before financing activities -254 75 335 1 290
Cash flow statement
20
MEUR 2010 2009EBITDA 2 271 2 292Comparable EBITDA 2 396 2 398Interest-bearing net debt 6 826 5 969Net debtEBITDA 30 26Comparable Net debtEBITDA 28 25
Return on capital employed () 116 121Return on shareholders equity () 157 160
Key ratios
21
Debt maturity
profile
per 31 Dec 2010 per 31 Dec 2009Duration (years) 21 18Average interest rate (incl swaps and forwards) 35 34Portion of floating fixed debt 49 51 62 38
MEUR
2011 862
2012 624
2013 636
2014 1191
2015 1042
2016 870
2017 243
2018 93
2019 819
2020 43
2021+ 9590
250
500
750
1000
1250
1500
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021+Bonds Financial institutions Other long-term debt CPs
23
Summary on 2010
bull
Strategy updated to support business actionsndash
Sustainable solutions at the core of the strategybull
Solid performance continuedbull
Russiandash
Power reform proceeding fully liberalised from January 2011ndash
Demand improvedndash
Fortumrsquos investment programme acceleratedbull
Nordic countriesndash
Demand recoveredndash
Water reservoirs historically lowbull
Strong financial position and liquidity
242424
Key strategic actions going forward
Focus on performancendash
Organisational efficiencyndash
Nuclear availabilityndash
Value creation from Russian investments
Prepare for growthndash
Prioritized value enhancing acquisitions while maintaining strong balance sheetndash
Investigating high growth Asian markets
Create strategic partnerships for new innovative solutions market entries and RampDndash
Partnerships in nuclear and bio energyndash
Electricity Sales and Distribution services solutions and partnerships
Continuous development of competences
Readiness for changendash
Leadership and organisational culture enabling readiness for change
25
Outlook
bull
Key drivers and risksndash
Wholesale price of electricitybull
Fuel CO2
emissions prices and water reservoirs
bull
Nordic Marketsndash
Market continues to recover ndash
2008 level reached by 2012-2014ndash
Electricity continues to gain share of total energy consumption
bull
Russiandash
Wholesale market fully liberalisedndash
Achieved efficiency improvements compared to the time of the acquisition to be approximately EUR 100 million in 2011
ndash
Profits from Russia builds up in pace with the capacity increase
NOTE Fuel Co2
emissions prices and water reservoirs found in appendix
26
Outlook
bull
Capex
(excluding potential acquisitions)ndash
2011-2012 around EUR 16 to 18 billion (mainly due to Russian investment programme)
ndash
2013-2014 around EUR 11 to 14 billionndash
Preliminary divestments agreed total approximately EUR 05 billion in 2011
bull
Hedgingndash
2011 approximately 70 hedge ratio at approximately EUR 45MWhndash
2012 approximately 40 hedge ratio at approximately EUR 44MWh
28
Appendices
29
Increased power consumption
Fortum currently expects Nordic power demand to recover back to the 2008 level by 2012-2014Temperature corrected power consumption in Nordic countries is still appr 4 (~16 TWh
) lower than in 2008
-1
3
7
11
15
Tyumen Chelyabinsk Russia Uralsarea
Russia
Q1 2010 vs
Q1 2009Q2 2010 vs
Q2 2009Q3 2010 vs
Q3 2009Q4 2010 vs
Q4 2009
0
5
10
15
Finland Sweden Norway Denmark Nordic
Q1 2010 vs
Q1 2009Q2 2010 vs
Q2 2009Q3 2010 vs
Q3 2009Q4 2010 vs
Q4 2009
30
Nordic year forwards
Source NASDAQ OMX Commodities Europe
0
10
20
30
40
50
60
70
euroMWh Year 15Year 08 Year 09 Year 10 Year 11 Year 12 Year 13 Year 14 Year 16
2007
Q1 Q2 Q3 Q4 Q1
2008
Q2 Q3 Q4 Q1
2009
Q2 Q3 Q4 Q1
2010
Q2 Q3 Q4 Q1
2011
31 January 2011
31
Fuel and CO2 allowance prices
Source ICE NASDAQ OMX Commodities Europe
Market prices 10 January 2011 2011-2012 future quotations
Crude oil price (ICE Brent)
020406080
100120140160
USD
bb
l
CO2 price (NP EUA)
05
101520253035
EUR
tC
O2
Coal price (ICE Rotterdam)
04080
120160200240
USD
t
Gas price (ICE NBP)
0
20
40
60
80
100
GB
p t
herm
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2010 average80 (63)
2010 average14 (13)
2010 average92 (70)
2010 average41 (32)
- Slide Number 1
- Disclaimer
- Highlights in 2010
- Global mega trends drive the industry - Updated strategy supports sustainable business development
- Business environment improved
- Solid performance continued
- Comparable profit close to last years level
- Nordic water reservoirs were historically low
- Price development in the Nordic region and Russia
- Financials
- Comparable and reported operating profit
- 2011 February Nordic Power Exchange forward development minus Down by ~27 euroMWh from 2010 year end
- Power
- Heat
- Distribution
- Electricity Sales
- Russia
- Income statement
- Cash flow statement
- Key ratios
- Debt maturity profile
- Slide Number 22
- Summary on 2010
- Key strategic actions going forward
- Outlook
- Outlook
- Slide Number 27
- Slide Number 28
- Increased power consumption
- Nordic year forwards
- Fuel and CO2 allowance prices
-
3
Highlights in 2010
bull
Updated strategy which builds on Fortumrsquos core competences
bull
Performance remained firm
bull
Demand improved both in the Nordics and Russia
bull
Russian power market progressed ndash
Liberalised wholesale marketndash
Pricing principles for ldquooldrdquo
and ldquonewrdquo
capacity determined
bull
Fortumrsquos Russian investment programme accelerated
bull
CO2
five-year average performance is lower than target level at 69 gkWh ndash
within EU 86 of the power generated by Fortum is CO2
free
44
Global mega trends drive the industry - Updated
strategy supports sustainable business development
Create solid earnings growth in Russia
Leverage the strong Nordic core
Build platform for future growth
Competence in CO2
free nuclear hydro and energy efficient CHP production and operating in competitive energy markets
Strategy
bull
Power and heat demand and supplybull
Degree of market liberalization and integrationbull
Climate change responsebull
Energy system structurebull
Business models and competition
5
Business environment improved
bull
Nordic power consumption up by 5 during 2010ndash
Power consumption in the Nordic countries 396 TWh in 2010
397 TWh in 2008 (pre-recession)
ndash
Temperature corrected power consumption in Nordic countries was still appr 4 (~16 TWh
) lower than in 2008ndash
Water reservoirs at historically low levelsndash
Nordic spot prices increased forward prices more stable
bull
Russian power consumption increased by about 4 during 2010ndash
Electricity spot price in Russia up 32 from a year ago
The overall Nordic and Russian power consumption continued to increase in 2010
Industrial activity clearly picked up in Fortumrsquos key market areas and the Russian
economy continued a solid path of recovery
6
Solid performance continued
bull
Comparable operating profit EUR 1833 (1888) million ndash
Lower hydro volumes in Powerndash
Improvement in Russia Distribution and Heatbull
Earnings per share EUR 146 (148)ndash
Negative IAS 39 accounting effect corresponding to EUR 018bull
Net cash from operating activities EUR 1437 (2264) million ndash
Decline due to SEK appreciation (roll-over of currency balance sheet hedges)
bull
Proposed dividend of EUR
100
per share
7
Comparable profit close to last years level
Comparable operating profit EUR million
44 281888 1833-156
45 -11 -5
PowerGeneration
2009 Heat Distribution ElectricitySales
Russia Other 2010
8
Nordic water reservoirs were historically low
Source Nord Pool Spot
rese
rvoi
r con
tent
(TW
h)
0
20
40
60
80
100
120
Q1 Q2 Q3 Q4
2003 2008 2009 20112010 reference level
9
Average regulated electricity price for OAO Fortum
536620 610 607 613
0
125
250
375
500
625
750
Q42009 Q12010 Q22010 Q32010 Q42010
RUBMWh
Spot price for power (market price) Urals hub
693817 770
936817
0
200
400
600
800
1 000
1 200
Q42009 Q12010 Q22010 Q32010 Q42010
RUBMWh
Powers Nordic power price
515545
448 472514
0
10
20
30
40
50
60
Q42009 Q12010 Q22010 Q32010 Q42010
eurMWh
Spot price for power in NordPool power exchange
366
595
460
620
450
0
12
24
36
48
60
72
Q42009 Q12010 Q22010 Q32010 Q42010
eurMWh
Price development in the Nordic region and Russia
-0
+18
+14
+69
Financials
11
Comparable and reported operating profit
MEURIV2010 IV2009 IV2010 IV2009 2010 2009 2010 2009
Power 336 391 129 327 1 298 1 454 1 132 1 363Heat 122 104 124 109 275 231 303 252Distribution 91 80 93 81 307 262 321 263Electricity Sales 3 11 40 37 11 22 46 29Russia 17 8 16 8 8 -20 53 -20Other -28 -24 -81 -40 -66 -61 -147 -105Total 541 570 321 522 1 833 1 888 1 708 1 782
Comparable operating profit
Reported operating profit
Comparable operating profit
Reported operating profit
bull
IFRS accounting treatment (IAS 39) of derivatives affected operating profit
12
0
10
20
30
40
50
60
70
80
902
820
10
168
201
0
308
201
0
139
201
0
279
201
0
111
020
10
251
020
10
811
201
0
221
120
10
612
201
0
201
220
10
31
2011
171
201
1
2011 February Nordic Power Exchange forward development minus
Down by ~27 euroMWh
from 2010 year end30122011Year high ateuro851 per MWh
2712011Last price ateuro581 per MWh
Change +6330 Sept -30 Dec 2010
Change -3230 Dec 2010 -27 Jan 2011
13
Power
bull
Comparable operating profit decreasedndash
Higher costs in Swedish associated nuclear companiesndash
Production mix increased thermal power production during peak hours
bull
Nordic achieved power price at same level as in 2009ndash
Lower hedge pricesndash
Higher prices in thermal during peak hoursMEUR 2010 2009
Sales 2 702 2 531
Comparable operating profit 1 298 1 454
Net Assets 5 806 5 494
Comparable RONA 223 264
Gross Investments 122 153
14
MEUR 2010 2009
Sales 1 770 1 399
Comparable operating profit 275 231
Net Assets 4 182 3 787
Comparable RONA 77 73
Gross Investments 305 359
Heat
bull
Comparable operating profit increased due to higher volumes and power prices
bull
CHP )
plants in Częstochowa Poland and Paumlrnu Estonia inaugurated commercial operation began during Q42010
) CHP Combined Heat and Power
15
MEUR 2010 2009
Sales 963 800
Comparable operating profit 307 262
Net Assets 3 683 3 299
Comparable RONA 93 86
Gross Investments 213 193
Distribution
bull
Comparable operating profit increased due to higher sales and strong SEK
bull
Smart metering pilot rollout to network customers in Finland started in Q42010
16
MEUR 2010 2009
Sales 1 798 1 449
Comparable operating profit 11 22
Net Assets 210 125
Comparable RONA 93 186
Gross Investments 0 1
Electricity Sales
bull
Comparable operating profit decreasedndash
Price peaks in Q1 and Q4bull
Restructuring of the business market segment continued
17
MEUR 2010 2009
Sales 804 632
Comparable operating profit 8 -20
Net Assets 2 817 2 260
Comparable RONA 07 00
Gross Investments 599 218
Russia
bull
Comparable operating profit turned positivebull
Wholesale power market liberalised as of January 2011bull
Pricing principles for ldquooldrdquo
and ldquonewrdquo
capacity determinedbull
Accelerated investment programme
18
MEUR IV2010 IV2009 2010 2009
Sales 1 902 1 563 6 296 5 435Expenses -1 361 -993 -4 463 -3 547
Comparable operating profit 541 570 1 833 1 888
Other items affecting comparability -220 -48 -125 -106
Operating profit 321 522 1 708 1 782Share of profit of associates and jvs 21 22 62 21Financial expenses net -57 -39 -155 -167
Profit before taxes 285 505 1 615 1 636Income tax expense -25 -74 -261 -285
Net profit for the period 260 431 1 354 1 351Non-controlling interests 29 25 54 39
EPS basic (EUR) 026 046 146 148EPS diluted (EUR) 026 046 146 148
Income statement
19
MEUR IV2010 IV2009 2010 2009
Operating profit before depreciations 468 658 2 271 2 292
Non-cash flow items and divesting activities 222 -4 124 46
Financial items and fx gainslosses -192 -102 -641 146
Taxes -107 -34 -355 -239
Funds from operations (FFO) 391 518 1 399 2 245
Change in working capital -170 -122 38 19
Total net cash from operating activities 221 396 1 437 2 264
Paid capital expenditures -432 -266 -1 134 -845
Acquisition of shares -20 -28 -28 -87
Other investing activities -23 -27 60 -42
Cash flow before financing activities -254 75 335 1 290
Cash flow statement
20
MEUR 2010 2009EBITDA 2 271 2 292Comparable EBITDA 2 396 2 398Interest-bearing net debt 6 826 5 969Net debtEBITDA 30 26Comparable Net debtEBITDA 28 25
Return on capital employed () 116 121Return on shareholders equity () 157 160
Key ratios
21
Debt maturity
profile
per 31 Dec 2010 per 31 Dec 2009Duration (years) 21 18Average interest rate (incl swaps and forwards) 35 34Portion of floating fixed debt 49 51 62 38
MEUR
2011 862
2012 624
2013 636
2014 1191
2015 1042
2016 870
2017 243
2018 93
2019 819
2020 43
2021+ 9590
250
500
750
1000
1250
1500
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021+Bonds Financial institutions Other long-term debt CPs
23
Summary on 2010
bull
Strategy updated to support business actionsndash
Sustainable solutions at the core of the strategybull
Solid performance continuedbull
Russiandash
Power reform proceeding fully liberalised from January 2011ndash
Demand improvedndash
Fortumrsquos investment programme acceleratedbull
Nordic countriesndash
Demand recoveredndash
Water reservoirs historically lowbull
Strong financial position and liquidity
242424
Key strategic actions going forward
Focus on performancendash
Organisational efficiencyndash
Nuclear availabilityndash
Value creation from Russian investments
Prepare for growthndash
Prioritized value enhancing acquisitions while maintaining strong balance sheetndash
Investigating high growth Asian markets
Create strategic partnerships for new innovative solutions market entries and RampDndash
Partnerships in nuclear and bio energyndash
Electricity Sales and Distribution services solutions and partnerships
Continuous development of competences
Readiness for changendash
Leadership and organisational culture enabling readiness for change
25
Outlook
bull
Key drivers and risksndash
Wholesale price of electricitybull
Fuel CO2
emissions prices and water reservoirs
bull
Nordic Marketsndash
Market continues to recover ndash
2008 level reached by 2012-2014ndash
Electricity continues to gain share of total energy consumption
bull
Russiandash
Wholesale market fully liberalisedndash
Achieved efficiency improvements compared to the time of the acquisition to be approximately EUR 100 million in 2011
ndash
Profits from Russia builds up in pace with the capacity increase
NOTE Fuel Co2
emissions prices and water reservoirs found in appendix
26
Outlook
bull
Capex
(excluding potential acquisitions)ndash
2011-2012 around EUR 16 to 18 billion (mainly due to Russian investment programme)
ndash
2013-2014 around EUR 11 to 14 billionndash
Preliminary divestments agreed total approximately EUR 05 billion in 2011
bull
Hedgingndash
2011 approximately 70 hedge ratio at approximately EUR 45MWhndash
2012 approximately 40 hedge ratio at approximately EUR 44MWh
28
Appendices
29
Increased power consumption
Fortum currently expects Nordic power demand to recover back to the 2008 level by 2012-2014Temperature corrected power consumption in Nordic countries is still appr 4 (~16 TWh
) lower than in 2008
-1
3
7
11
15
Tyumen Chelyabinsk Russia Uralsarea
Russia
Q1 2010 vs
Q1 2009Q2 2010 vs
Q2 2009Q3 2010 vs
Q3 2009Q4 2010 vs
Q4 2009
0
5
10
15
Finland Sweden Norway Denmark Nordic
Q1 2010 vs
Q1 2009Q2 2010 vs
Q2 2009Q3 2010 vs
Q3 2009Q4 2010 vs
Q4 2009
30
Nordic year forwards
Source NASDAQ OMX Commodities Europe
0
10
20
30
40
50
60
70
euroMWh Year 15Year 08 Year 09 Year 10 Year 11 Year 12 Year 13 Year 14 Year 16
2007
Q1 Q2 Q3 Q4 Q1
2008
Q2 Q3 Q4 Q1
2009
Q2 Q3 Q4 Q1
2010
Q2 Q3 Q4 Q1
2011
31 January 2011
31
Fuel and CO2 allowance prices
Source ICE NASDAQ OMX Commodities Europe
Market prices 10 January 2011 2011-2012 future quotations
Crude oil price (ICE Brent)
020406080
100120140160
USD
bb
l
CO2 price (NP EUA)
05
101520253035
EUR
tC
O2
Coal price (ICE Rotterdam)
04080
120160200240
USD
t
Gas price (ICE NBP)
0
20
40
60
80
100
GB
p t
herm
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2010 average80 (63)
2010 average14 (13)
2010 average92 (70)
2010 average41 (32)
- Slide Number 1
- Disclaimer
- Highlights in 2010
- Global mega trends drive the industry - Updated strategy supports sustainable business development
- Business environment improved
- Solid performance continued
- Comparable profit close to last years level
- Nordic water reservoirs were historically low
- Price development in the Nordic region and Russia
- Financials
- Comparable and reported operating profit
- 2011 February Nordic Power Exchange forward development minus Down by ~27 euroMWh from 2010 year end
- Power
- Heat
- Distribution
- Electricity Sales
- Russia
- Income statement
- Cash flow statement
- Key ratios
- Debt maturity profile
- Slide Number 22
- Summary on 2010
- Key strategic actions going forward
- Outlook
- Outlook
- Slide Number 27
- Slide Number 28
- Increased power consumption
- Nordic year forwards
- Fuel and CO2 allowance prices
-
44
Global mega trends drive the industry - Updated
strategy supports sustainable business development
Create solid earnings growth in Russia
Leverage the strong Nordic core
Build platform for future growth
Competence in CO2
free nuclear hydro and energy efficient CHP production and operating in competitive energy markets
Strategy
bull
Power and heat demand and supplybull
Degree of market liberalization and integrationbull
Climate change responsebull
Energy system structurebull
Business models and competition
5
Business environment improved
bull
Nordic power consumption up by 5 during 2010ndash
Power consumption in the Nordic countries 396 TWh in 2010
397 TWh in 2008 (pre-recession)
ndash
Temperature corrected power consumption in Nordic countries was still appr 4 (~16 TWh
) lower than in 2008ndash
Water reservoirs at historically low levelsndash
Nordic spot prices increased forward prices more stable
bull
Russian power consumption increased by about 4 during 2010ndash
Electricity spot price in Russia up 32 from a year ago
The overall Nordic and Russian power consumption continued to increase in 2010
Industrial activity clearly picked up in Fortumrsquos key market areas and the Russian
economy continued a solid path of recovery
6
Solid performance continued
bull
Comparable operating profit EUR 1833 (1888) million ndash
Lower hydro volumes in Powerndash
Improvement in Russia Distribution and Heatbull
Earnings per share EUR 146 (148)ndash
Negative IAS 39 accounting effect corresponding to EUR 018bull
Net cash from operating activities EUR 1437 (2264) million ndash
Decline due to SEK appreciation (roll-over of currency balance sheet hedges)
bull
Proposed dividend of EUR
100
per share
7
Comparable profit close to last years level
Comparable operating profit EUR million
44 281888 1833-156
45 -11 -5
PowerGeneration
2009 Heat Distribution ElectricitySales
Russia Other 2010
8
Nordic water reservoirs were historically low
Source Nord Pool Spot
rese
rvoi
r con
tent
(TW
h)
0
20
40
60
80
100
120
Q1 Q2 Q3 Q4
2003 2008 2009 20112010 reference level
9
Average regulated electricity price for OAO Fortum
536620 610 607 613
0
125
250
375
500
625
750
Q42009 Q12010 Q22010 Q32010 Q42010
RUBMWh
Spot price for power (market price) Urals hub
693817 770
936817
0
200
400
600
800
1 000
1 200
Q42009 Q12010 Q22010 Q32010 Q42010
RUBMWh
Powers Nordic power price
515545
448 472514
0
10
20
30
40
50
60
Q42009 Q12010 Q22010 Q32010 Q42010
eurMWh
Spot price for power in NordPool power exchange
366
595
460
620
450
0
12
24
36
48
60
72
Q42009 Q12010 Q22010 Q32010 Q42010
eurMWh
Price development in the Nordic region and Russia
-0
+18
+14
+69
Financials
11
Comparable and reported operating profit
MEURIV2010 IV2009 IV2010 IV2009 2010 2009 2010 2009
Power 336 391 129 327 1 298 1 454 1 132 1 363Heat 122 104 124 109 275 231 303 252Distribution 91 80 93 81 307 262 321 263Electricity Sales 3 11 40 37 11 22 46 29Russia 17 8 16 8 8 -20 53 -20Other -28 -24 -81 -40 -66 -61 -147 -105Total 541 570 321 522 1 833 1 888 1 708 1 782
Comparable operating profit
Reported operating profit
Comparable operating profit
Reported operating profit
bull
IFRS accounting treatment (IAS 39) of derivatives affected operating profit
12
0
10
20
30
40
50
60
70
80
902
820
10
168
201
0
308
201
0
139
201
0
279
201
0
111
020
10
251
020
10
811
201
0
221
120
10
612
201
0
201
220
10
31
2011
171
201
1
2011 February Nordic Power Exchange forward development minus
Down by ~27 euroMWh
from 2010 year end30122011Year high ateuro851 per MWh
2712011Last price ateuro581 per MWh
Change +6330 Sept -30 Dec 2010
Change -3230 Dec 2010 -27 Jan 2011
13
Power
bull
Comparable operating profit decreasedndash
Higher costs in Swedish associated nuclear companiesndash
Production mix increased thermal power production during peak hours
bull
Nordic achieved power price at same level as in 2009ndash
Lower hedge pricesndash
Higher prices in thermal during peak hoursMEUR 2010 2009
Sales 2 702 2 531
Comparable operating profit 1 298 1 454
Net Assets 5 806 5 494
Comparable RONA 223 264
Gross Investments 122 153
14
MEUR 2010 2009
Sales 1 770 1 399
Comparable operating profit 275 231
Net Assets 4 182 3 787
Comparable RONA 77 73
Gross Investments 305 359
Heat
bull
Comparable operating profit increased due to higher volumes and power prices
bull
CHP )
plants in Częstochowa Poland and Paumlrnu Estonia inaugurated commercial operation began during Q42010
) CHP Combined Heat and Power
15
MEUR 2010 2009
Sales 963 800
Comparable operating profit 307 262
Net Assets 3 683 3 299
Comparable RONA 93 86
Gross Investments 213 193
Distribution
bull
Comparable operating profit increased due to higher sales and strong SEK
bull
Smart metering pilot rollout to network customers in Finland started in Q42010
16
MEUR 2010 2009
Sales 1 798 1 449
Comparable operating profit 11 22
Net Assets 210 125
Comparable RONA 93 186
Gross Investments 0 1
Electricity Sales
bull
Comparable operating profit decreasedndash
Price peaks in Q1 and Q4bull
Restructuring of the business market segment continued
17
MEUR 2010 2009
Sales 804 632
Comparable operating profit 8 -20
Net Assets 2 817 2 260
Comparable RONA 07 00
Gross Investments 599 218
Russia
bull
Comparable operating profit turned positivebull
Wholesale power market liberalised as of January 2011bull
Pricing principles for ldquooldrdquo
and ldquonewrdquo
capacity determinedbull
Accelerated investment programme
18
MEUR IV2010 IV2009 2010 2009
Sales 1 902 1 563 6 296 5 435Expenses -1 361 -993 -4 463 -3 547
Comparable operating profit 541 570 1 833 1 888
Other items affecting comparability -220 -48 -125 -106
Operating profit 321 522 1 708 1 782Share of profit of associates and jvs 21 22 62 21Financial expenses net -57 -39 -155 -167
Profit before taxes 285 505 1 615 1 636Income tax expense -25 -74 -261 -285
Net profit for the period 260 431 1 354 1 351Non-controlling interests 29 25 54 39
EPS basic (EUR) 026 046 146 148EPS diluted (EUR) 026 046 146 148
Income statement
19
MEUR IV2010 IV2009 2010 2009
Operating profit before depreciations 468 658 2 271 2 292
Non-cash flow items and divesting activities 222 -4 124 46
Financial items and fx gainslosses -192 -102 -641 146
Taxes -107 -34 -355 -239
Funds from operations (FFO) 391 518 1 399 2 245
Change in working capital -170 -122 38 19
Total net cash from operating activities 221 396 1 437 2 264
Paid capital expenditures -432 -266 -1 134 -845
Acquisition of shares -20 -28 -28 -87
Other investing activities -23 -27 60 -42
Cash flow before financing activities -254 75 335 1 290
Cash flow statement
20
MEUR 2010 2009EBITDA 2 271 2 292Comparable EBITDA 2 396 2 398Interest-bearing net debt 6 826 5 969Net debtEBITDA 30 26Comparable Net debtEBITDA 28 25
Return on capital employed () 116 121Return on shareholders equity () 157 160
Key ratios
21
Debt maturity
profile
per 31 Dec 2010 per 31 Dec 2009Duration (years) 21 18Average interest rate (incl swaps and forwards) 35 34Portion of floating fixed debt 49 51 62 38
MEUR
2011 862
2012 624
2013 636
2014 1191
2015 1042
2016 870
2017 243
2018 93
2019 819
2020 43
2021+ 9590
250
500
750
1000
1250
1500
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021+Bonds Financial institutions Other long-term debt CPs
23
Summary on 2010
bull
Strategy updated to support business actionsndash
Sustainable solutions at the core of the strategybull
Solid performance continuedbull
Russiandash
Power reform proceeding fully liberalised from January 2011ndash
Demand improvedndash
Fortumrsquos investment programme acceleratedbull
Nordic countriesndash
Demand recoveredndash
Water reservoirs historically lowbull
Strong financial position and liquidity
242424
Key strategic actions going forward
Focus on performancendash
Organisational efficiencyndash
Nuclear availabilityndash
Value creation from Russian investments
Prepare for growthndash
Prioritized value enhancing acquisitions while maintaining strong balance sheetndash
Investigating high growth Asian markets
Create strategic partnerships for new innovative solutions market entries and RampDndash
Partnerships in nuclear and bio energyndash
Electricity Sales and Distribution services solutions and partnerships
Continuous development of competences
Readiness for changendash
Leadership and organisational culture enabling readiness for change
25
Outlook
bull
Key drivers and risksndash
Wholesale price of electricitybull
Fuel CO2
emissions prices and water reservoirs
bull
Nordic Marketsndash
Market continues to recover ndash
2008 level reached by 2012-2014ndash
Electricity continues to gain share of total energy consumption
bull
Russiandash
Wholesale market fully liberalisedndash
Achieved efficiency improvements compared to the time of the acquisition to be approximately EUR 100 million in 2011
ndash
Profits from Russia builds up in pace with the capacity increase
NOTE Fuel Co2
emissions prices and water reservoirs found in appendix
26
Outlook
bull
Capex
(excluding potential acquisitions)ndash
2011-2012 around EUR 16 to 18 billion (mainly due to Russian investment programme)
ndash
2013-2014 around EUR 11 to 14 billionndash
Preliminary divestments agreed total approximately EUR 05 billion in 2011
bull
Hedgingndash
2011 approximately 70 hedge ratio at approximately EUR 45MWhndash
2012 approximately 40 hedge ratio at approximately EUR 44MWh
28
Appendices
29
Increased power consumption
Fortum currently expects Nordic power demand to recover back to the 2008 level by 2012-2014Temperature corrected power consumption in Nordic countries is still appr 4 (~16 TWh
) lower than in 2008
-1
3
7
11
15
Tyumen Chelyabinsk Russia Uralsarea
Russia
Q1 2010 vs
Q1 2009Q2 2010 vs
Q2 2009Q3 2010 vs
Q3 2009Q4 2010 vs
Q4 2009
0
5
10
15
Finland Sweden Norway Denmark Nordic
Q1 2010 vs
Q1 2009Q2 2010 vs
Q2 2009Q3 2010 vs
Q3 2009Q4 2010 vs
Q4 2009
30
Nordic year forwards
Source NASDAQ OMX Commodities Europe
0
10
20
30
40
50
60
70
euroMWh Year 15Year 08 Year 09 Year 10 Year 11 Year 12 Year 13 Year 14 Year 16
2007
Q1 Q2 Q3 Q4 Q1
2008
Q2 Q3 Q4 Q1
2009
Q2 Q3 Q4 Q1
2010
Q2 Q3 Q4 Q1
2011
31 January 2011
31
Fuel and CO2 allowance prices
Source ICE NASDAQ OMX Commodities Europe
Market prices 10 January 2011 2011-2012 future quotations
Crude oil price (ICE Brent)
020406080
100120140160
USD
bb
l
CO2 price (NP EUA)
05
101520253035
EUR
tC
O2
Coal price (ICE Rotterdam)
04080
120160200240
USD
t
Gas price (ICE NBP)
0
20
40
60
80
100
GB
p t
herm
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2010 average80 (63)
2010 average14 (13)
2010 average92 (70)
2010 average41 (32)
- Slide Number 1
- Disclaimer
- Highlights in 2010
- Global mega trends drive the industry - Updated strategy supports sustainable business development
- Business environment improved
- Solid performance continued
- Comparable profit close to last years level
- Nordic water reservoirs were historically low
- Price development in the Nordic region and Russia
- Financials
- Comparable and reported operating profit
- 2011 February Nordic Power Exchange forward development minus Down by ~27 euroMWh from 2010 year end
- Power
- Heat
- Distribution
- Electricity Sales
- Russia
- Income statement
- Cash flow statement
- Key ratios
- Debt maturity profile
- Slide Number 22
- Summary on 2010
- Key strategic actions going forward
- Outlook
- Outlook
- Slide Number 27
- Slide Number 28
- Increased power consumption
- Nordic year forwards
- Fuel and CO2 allowance prices
-
5
Business environment improved
bull
Nordic power consumption up by 5 during 2010ndash
Power consumption in the Nordic countries 396 TWh in 2010
397 TWh in 2008 (pre-recession)
ndash
Temperature corrected power consumption in Nordic countries was still appr 4 (~16 TWh
) lower than in 2008ndash
Water reservoirs at historically low levelsndash
Nordic spot prices increased forward prices more stable
bull
Russian power consumption increased by about 4 during 2010ndash
Electricity spot price in Russia up 32 from a year ago
The overall Nordic and Russian power consumption continued to increase in 2010
Industrial activity clearly picked up in Fortumrsquos key market areas and the Russian
economy continued a solid path of recovery
6
Solid performance continued
bull
Comparable operating profit EUR 1833 (1888) million ndash
Lower hydro volumes in Powerndash
Improvement in Russia Distribution and Heatbull
Earnings per share EUR 146 (148)ndash
Negative IAS 39 accounting effect corresponding to EUR 018bull
Net cash from operating activities EUR 1437 (2264) million ndash
Decline due to SEK appreciation (roll-over of currency balance sheet hedges)
bull
Proposed dividend of EUR
100
per share
7
Comparable profit close to last years level
Comparable operating profit EUR million
44 281888 1833-156
45 -11 -5
PowerGeneration
2009 Heat Distribution ElectricitySales
Russia Other 2010
8
Nordic water reservoirs were historically low
Source Nord Pool Spot
rese
rvoi
r con
tent
(TW
h)
0
20
40
60
80
100
120
Q1 Q2 Q3 Q4
2003 2008 2009 20112010 reference level
9
Average regulated electricity price for OAO Fortum
536620 610 607 613
0
125
250
375
500
625
750
Q42009 Q12010 Q22010 Q32010 Q42010
RUBMWh
Spot price for power (market price) Urals hub
693817 770
936817
0
200
400
600
800
1 000
1 200
Q42009 Q12010 Q22010 Q32010 Q42010
RUBMWh
Powers Nordic power price
515545
448 472514
0
10
20
30
40
50
60
Q42009 Q12010 Q22010 Q32010 Q42010
eurMWh
Spot price for power in NordPool power exchange
366
595
460
620
450
0
12
24
36
48
60
72
Q42009 Q12010 Q22010 Q32010 Q42010
eurMWh
Price development in the Nordic region and Russia
-0
+18
+14
+69
Financials
11
Comparable and reported operating profit
MEURIV2010 IV2009 IV2010 IV2009 2010 2009 2010 2009
Power 336 391 129 327 1 298 1 454 1 132 1 363Heat 122 104 124 109 275 231 303 252Distribution 91 80 93 81 307 262 321 263Electricity Sales 3 11 40 37 11 22 46 29Russia 17 8 16 8 8 -20 53 -20Other -28 -24 -81 -40 -66 -61 -147 -105Total 541 570 321 522 1 833 1 888 1 708 1 782
Comparable operating profit
Reported operating profit
Comparable operating profit
Reported operating profit
bull
IFRS accounting treatment (IAS 39) of derivatives affected operating profit
12
0
10
20
30
40
50
60
70
80
902
820
10
168
201
0
308
201
0
139
201
0
279
201
0
111
020
10
251
020
10
811
201
0
221
120
10
612
201
0
201
220
10
31
2011
171
201
1
2011 February Nordic Power Exchange forward development minus
Down by ~27 euroMWh
from 2010 year end30122011Year high ateuro851 per MWh
2712011Last price ateuro581 per MWh
Change +6330 Sept -30 Dec 2010
Change -3230 Dec 2010 -27 Jan 2011
13
Power
bull
Comparable operating profit decreasedndash
Higher costs in Swedish associated nuclear companiesndash
Production mix increased thermal power production during peak hours
bull
Nordic achieved power price at same level as in 2009ndash
Lower hedge pricesndash
Higher prices in thermal during peak hoursMEUR 2010 2009
Sales 2 702 2 531
Comparable operating profit 1 298 1 454
Net Assets 5 806 5 494
Comparable RONA 223 264
Gross Investments 122 153
14
MEUR 2010 2009
Sales 1 770 1 399
Comparable operating profit 275 231
Net Assets 4 182 3 787
Comparable RONA 77 73
Gross Investments 305 359
Heat
bull
Comparable operating profit increased due to higher volumes and power prices
bull
CHP )
plants in Częstochowa Poland and Paumlrnu Estonia inaugurated commercial operation began during Q42010
) CHP Combined Heat and Power
15
MEUR 2010 2009
Sales 963 800
Comparable operating profit 307 262
Net Assets 3 683 3 299
Comparable RONA 93 86
Gross Investments 213 193
Distribution
bull
Comparable operating profit increased due to higher sales and strong SEK
bull
Smart metering pilot rollout to network customers in Finland started in Q42010
16
MEUR 2010 2009
Sales 1 798 1 449
Comparable operating profit 11 22
Net Assets 210 125
Comparable RONA 93 186
Gross Investments 0 1
Electricity Sales
bull
Comparable operating profit decreasedndash
Price peaks in Q1 and Q4bull
Restructuring of the business market segment continued
17
MEUR 2010 2009
Sales 804 632
Comparable operating profit 8 -20
Net Assets 2 817 2 260
Comparable RONA 07 00
Gross Investments 599 218
Russia
bull
Comparable operating profit turned positivebull
Wholesale power market liberalised as of January 2011bull
Pricing principles for ldquooldrdquo
and ldquonewrdquo
capacity determinedbull
Accelerated investment programme
18
MEUR IV2010 IV2009 2010 2009
Sales 1 902 1 563 6 296 5 435Expenses -1 361 -993 -4 463 -3 547
Comparable operating profit 541 570 1 833 1 888
Other items affecting comparability -220 -48 -125 -106
Operating profit 321 522 1 708 1 782Share of profit of associates and jvs 21 22 62 21Financial expenses net -57 -39 -155 -167
Profit before taxes 285 505 1 615 1 636Income tax expense -25 -74 -261 -285
Net profit for the period 260 431 1 354 1 351Non-controlling interests 29 25 54 39
EPS basic (EUR) 026 046 146 148EPS diluted (EUR) 026 046 146 148
Income statement
19
MEUR IV2010 IV2009 2010 2009
Operating profit before depreciations 468 658 2 271 2 292
Non-cash flow items and divesting activities 222 -4 124 46
Financial items and fx gainslosses -192 -102 -641 146
Taxes -107 -34 -355 -239
Funds from operations (FFO) 391 518 1 399 2 245
Change in working capital -170 -122 38 19
Total net cash from operating activities 221 396 1 437 2 264
Paid capital expenditures -432 -266 -1 134 -845
Acquisition of shares -20 -28 -28 -87
Other investing activities -23 -27 60 -42
Cash flow before financing activities -254 75 335 1 290
Cash flow statement
20
MEUR 2010 2009EBITDA 2 271 2 292Comparable EBITDA 2 396 2 398Interest-bearing net debt 6 826 5 969Net debtEBITDA 30 26Comparable Net debtEBITDA 28 25
Return on capital employed () 116 121Return on shareholders equity () 157 160
Key ratios
21
Debt maturity
profile
per 31 Dec 2010 per 31 Dec 2009Duration (years) 21 18Average interest rate (incl swaps and forwards) 35 34Portion of floating fixed debt 49 51 62 38
MEUR
2011 862
2012 624
2013 636
2014 1191
2015 1042
2016 870
2017 243
2018 93
2019 819
2020 43
2021+ 9590
250
500
750
1000
1250
1500
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021+Bonds Financial institutions Other long-term debt CPs
23
Summary on 2010
bull
Strategy updated to support business actionsndash
Sustainable solutions at the core of the strategybull
Solid performance continuedbull
Russiandash
Power reform proceeding fully liberalised from January 2011ndash
Demand improvedndash
Fortumrsquos investment programme acceleratedbull
Nordic countriesndash
Demand recoveredndash
Water reservoirs historically lowbull
Strong financial position and liquidity
242424
Key strategic actions going forward
Focus on performancendash
Organisational efficiencyndash
Nuclear availabilityndash
Value creation from Russian investments
Prepare for growthndash
Prioritized value enhancing acquisitions while maintaining strong balance sheetndash
Investigating high growth Asian markets
Create strategic partnerships for new innovative solutions market entries and RampDndash
Partnerships in nuclear and bio energyndash
Electricity Sales and Distribution services solutions and partnerships
Continuous development of competences
Readiness for changendash
Leadership and organisational culture enabling readiness for change
25
Outlook
bull
Key drivers and risksndash
Wholesale price of electricitybull
Fuel CO2
emissions prices and water reservoirs
bull
Nordic Marketsndash
Market continues to recover ndash
2008 level reached by 2012-2014ndash
Electricity continues to gain share of total energy consumption
bull
Russiandash
Wholesale market fully liberalisedndash
Achieved efficiency improvements compared to the time of the acquisition to be approximately EUR 100 million in 2011
ndash
Profits from Russia builds up in pace with the capacity increase
NOTE Fuel Co2
emissions prices and water reservoirs found in appendix
26
Outlook
bull
Capex
(excluding potential acquisitions)ndash
2011-2012 around EUR 16 to 18 billion (mainly due to Russian investment programme)
ndash
2013-2014 around EUR 11 to 14 billionndash
Preliminary divestments agreed total approximately EUR 05 billion in 2011
bull
Hedgingndash
2011 approximately 70 hedge ratio at approximately EUR 45MWhndash
2012 approximately 40 hedge ratio at approximately EUR 44MWh
28
Appendices
29
Increased power consumption
Fortum currently expects Nordic power demand to recover back to the 2008 level by 2012-2014Temperature corrected power consumption in Nordic countries is still appr 4 (~16 TWh
) lower than in 2008
-1
3
7
11
15
Tyumen Chelyabinsk Russia Uralsarea
Russia
Q1 2010 vs
Q1 2009Q2 2010 vs
Q2 2009Q3 2010 vs
Q3 2009Q4 2010 vs
Q4 2009
0
5
10
15
Finland Sweden Norway Denmark Nordic
Q1 2010 vs
Q1 2009Q2 2010 vs
Q2 2009Q3 2010 vs
Q3 2009Q4 2010 vs
Q4 2009
30
Nordic year forwards
Source NASDAQ OMX Commodities Europe
0
10
20
30
40
50
60
70
euroMWh Year 15Year 08 Year 09 Year 10 Year 11 Year 12 Year 13 Year 14 Year 16
2007
Q1 Q2 Q3 Q4 Q1
2008
Q2 Q3 Q4 Q1
2009
Q2 Q3 Q4 Q1
2010
Q2 Q3 Q4 Q1
2011
31 January 2011
31
Fuel and CO2 allowance prices
Source ICE NASDAQ OMX Commodities Europe
Market prices 10 January 2011 2011-2012 future quotations
Crude oil price (ICE Brent)
020406080
100120140160
USD
bb
l
CO2 price (NP EUA)
05
101520253035
EUR
tC
O2
Coal price (ICE Rotterdam)
04080
120160200240
USD
t
Gas price (ICE NBP)
0
20
40
60
80
100
GB
p t
herm
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2010 average80 (63)
2010 average14 (13)
2010 average92 (70)
2010 average41 (32)
- Slide Number 1
- Disclaimer
- Highlights in 2010
- Global mega trends drive the industry - Updated strategy supports sustainable business development
- Business environment improved
- Solid performance continued
- Comparable profit close to last years level
- Nordic water reservoirs were historically low
- Price development in the Nordic region and Russia
- Financials
- Comparable and reported operating profit
- 2011 February Nordic Power Exchange forward development minus Down by ~27 euroMWh from 2010 year end
- Power
- Heat
- Distribution
- Electricity Sales
- Russia
- Income statement
- Cash flow statement
- Key ratios
- Debt maturity profile
- Slide Number 22
- Summary on 2010
- Key strategic actions going forward
- Outlook
- Outlook
- Slide Number 27
- Slide Number 28
- Increased power consumption
- Nordic year forwards
- Fuel and CO2 allowance prices
-
6
Solid performance continued
bull
Comparable operating profit EUR 1833 (1888) million ndash
Lower hydro volumes in Powerndash
Improvement in Russia Distribution and Heatbull
Earnings per share EUR 146 (148)ndash
Negative IAS 39 accounting effect corresponding to EUR 018bull
Net cash from operating activities EUR 1437 (2264) million ndash
Decline due to SEK appreciation (roll-over of currency balance sheet hedges)
bull
Proposed dividend of EUR
100
per share
7
Comparable profit close to last years level
Comparable operating profit EUR million
44 281888 1833-156
45 -11 -5
PowerGeneration
2009 Heat Distribution ElectricitySales
Russia Other 2010
8
Nordic water reservoirs were historically low
Source Nord Pool Spot
rese
rvoi
r con
tent
(TW
h)
0
20
40
60
80
100
120
Q1 Q2 Q3 Q4
2003 2008 2009 20112010 reference level
9
Average regulated electricity price for OAO Fortum
536620 610 607 613
0
125
250
375
500
625
750
Q42009 Q12010 Q22010 Q32010 Q42010
RUBMWh
Spot price for power (market price) Urals hub
693817 770
936817
0
200
400
600
800
1 000
1 200
Q42009 Q12010 Q22010 Q32010 Q42010
RUBMWh
Powers Nordic power price
515545
448 472514
0
10
20
30
40
50
60
Q42009 Q12010 Q22010 Q32010 Q42010
eurMWh
Spot price for power in NordPool power exchange
366
595
460
620
450
0
12
24
36
48
60
72
Q42009 Q12010 Q22010 Q32010 Q42010
eurMWh
Price development in the Nordic region and Russia
-0
+18
+14
+69
Financials
11
Comparable and reported operating profit
MEURIV2010 IV2009 IV2010 IV2009 2010 2009 2010 2009
Power 336 391 129 327 1 298 1 454 1 132 1 363Heat 122 104 124 109 275 231 303 252Distribution 91 80 93 81 307 262 321 263Electricity Sales 3 11 40 37 11 22 46 29Russia 17 8 16 8 8 -20 53 -20Other -28 -24 -81 -40 -66 -61 -147 -105Total 541 570 321 522 1 833 1 888 1 708 1 782
Comparable operating profit
Reported operating profit
Comparable operating profit
Reported operating profit
bull
IFRS accounting treatment (IAS 39) of derivatives affected operating profit
12
0
10
20
30
40
50
60
70
80
902
820
10
168
201
0
308
201
0
139
201
0
279
201
0
111
020
10
251
020
10
811
201
0
221
120
10
612
201
0
201
220
10
31
2011
171
201
1
2011 February Nordic Power Exchange forward development minus
Down by ~27 euroMWh
from 2010 year end30122011Year high ateuro851 per MWh
2712011Last price ateuro581 per MWh
Change +6330 Sept -30 Dec 2010
Change -3230 Dec 2010 -27 Jan 2011
13
Power
bull
Comparable operating profit decreasedndash
Higher costs in Swedish associated nuclear companiesndash
Production mix increased thermal power production during peak hours
bull
Nordic achieved power price at same level as in 2009ndash
Lower hedge pricesndash
Higher prices in thermal during peak hoursMEUR 2010 2009
Sales 2 702 2 531
Comparable operating profit 1 298 1 454
Net Assets 5 806 5 494
Comparable RONA 223 264
Gross Investments 122 153
14
MEUR 2010 2009
Sales 1 770 1 399
Comparable operating profit 275 231
Net Assets 4 182 3 787
Comparable RONA 77 73
Gross Investments 305 359
Heat
bull
Comparable operating profit increased due to higher volumes and power prices
bull
CHP )
plants in Częstochowa Poland and Paumlrnu Estonia inaugurated commercial operation began during Q42010
) CHP Combined Heat and Power
15
MEUR 2010 2009
Sales 963 800
Comparable operating profit 307 262
Net Assets 3 683 3 299
Comparable RONA 93 86
Gross Investments 213 193
Distribution
bull
Comparable operating profit increased due to higher sales and strong SEK
bull
Smart metering pilot rollout to network customers in Finland started in Q42010
16
MEUR 2010 2009
Sales 1 798 1 449
Comparable operating profit 11 22
Net Assets 210 125
Comparable RONA 93 186
Gross Investments 0 1
Electricity Sales
bull
Comparable operating profit decreasedndash
Price peaks in Q1 and Q4bull
Restructuring of the business market segment continued
17
MEUR 2010 2009
Sales 804 632
Comparable operating profit 8 -20
Net Assets 2 817 2 260
Comparable RONA 07 00
Gross Investments 599 218
Russia
bull
Comparable operating profit turned positivebull
Wholesale power market liberalised as of January 2011bull
Pricing principles for ldquooldrdquo
and ldquonewrdquo
capacity determinedbull
Accelerated investment programme
18
MEUR IV2010 IV2009 2010 2009
Sales 1 902 1 563 6 296 5 435Expenses -1 361 -993 -4 463 -3 547
Comparable operating profit 541 570 1 833 1 888
Other items affecting comparability -220 -48 -125 -106
Operating profit 321 522 1 708 1 782Share of profit of associates and jvs 21 22 62 21Financial expenses net -57 -39 -155 -167
Profit before taxes 285 505 1 615 1 636Income tax expense -25 -74 -261 -285
Net profit for the period 260 431 1 354 1 351Non-controlling interests 29 25 54 39
EPS basic (EUR) 026 046 146 148EPS diluted (EUR) 026 046 146 148
Income statement
19
MEUR IV2010 IV2009 2010 2009
Operating profit before depreciations 468 658 2 271 2 292
Non-cash flow items and divesting activities 222 -4 124 46
Financial items and fx gainslosses -192 -102 -641 146
Taxes -107 -34 -355 -239
Funds from operations (FFO) 391 518 1 399 2 245
Change in working capital -170 -122 38 19
Total net cash from operating activities 221 396 1 437 2 264
Paid capital expenditures -432 -266 -1 134 -845
Acquisition of shares -20 -28 -28 -87
Other investing activities -23 -27 60 -42
Cash flow before financing activities -254 75 335 1 290
Cash flow statement
20
MEUR 2010 2009EBITDA 2 271 2 292Comparable EBITDA 2 396 2 398Interest-bearing net debt 6 826 5 969Net debtEBITDA 30 26Comparable Net debtEBITDA 28 25
Return on capital employed () 116 121Return on shareholders equity () 157 160
Key ratios
21
Debt maturity
profile
per 31 Dec 2010 per 31 Dec 2009Duration (years) 21 18Average interest rate (incl swaps and forwards) 35 34Portion of floating fixed debt 49 51 62 38
MEUR
2011 862
2012 624
2013 636
2014 1191
2015 1042
2016 870
2017 243
2018 93
2019 819
2020 43
2021+ 9590
250
500
750
1000
1250
1500
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021+Bonds Financial institutions Other long-term debt CPs
23
Summary on 2010
bull
Strategy updated to support business actionsndash
Sustainable solutions at the core of the strategybull
Solid performance continuedbull
Russiandash
Power reform proceeding fully liberalised from January 2011ndash
Demand improvedndash
Fortumrsquos investment programme acceleratedbull
Nordic countriesndash
Demand recoveredndash
Water reservoirs historically lowbull
Strong financial position and liquidity
242424
Key strategic actions going forward
Focus on performancendash
Organisational efficiencyndash
Nuclear availabilityndash
Value creation from Russian investments
Prepare for growthndash
Prioritized value enhancing acquisitions while maintaining strong balance sheetndash
Investigating high growth Asian markets
Create strategic partnerships for new innovative solutions market entries and RampDndash
Partnerships in nuclear and bio energyndash
Electricity Sales and Distribution services solutions and partnerships
Continuous development of competences
Readiness for changendash
Leadership and organisational culture enabling readiness for change
25
Outlook
bull
Key drivers and risksndash
Wholesale price of electricitybull
Fuel CO2
emissions prices and water reservoirs
bull
Nordic Marketsndash
Market continues to recover ndash
2008 level reached by 2012-2014ndash
Electricity continues to gain share of total energy consumption
bull
Russiandash
Wholesale market fully liberalisedndash
Achieved efficiency improvements compared to the time of the acquisition to be approximately EUR 100 million in 2011
ndash
Profits from Russia builds up in pace with the capacity increase
NOTE Fuel Co2
emissions prices and water reservoirs found in appendix
26
Outlook
bull
Capex
(excluding potential acquisitions)ndash
2011-2012 around EUR 16 to 18 billion (mainly due to Russian investment programme)
ndash
2013-2014 around EUR 11 to 14 billionndash
Preliminary divestments agreed total approximately EUR 05 billion in 2011
bull
Hedgingndash
2011 approximately 70 hedge ratio at approximately EUR 45MWhndash
2012 approximately 40 hedge ratio at approximately EUR 44MWh
28
Appendices
29
Increased power consumption
Fortum currently expects Nordic power demand to recover back to the 2008 level by 2012-2014Temperature corrected power consumption in Nordic countries is still appr 4 (~16 TWh
) lower than in 2008
-1
3
7
11
15
Tyumen Chelyabinsk Russia Uralsarea
Russia
Q1 2010 vs
Q1 2009Q2 2010 vs
Q2 2009Q3 2010 vs
Q3 2009Q4 2010 vs
Q4 2009
0
5
10
15
Finland Sweden Norway Denmark Nordic
Q1 2010 vs
Q1 2009Q2 2010 vs
Q2 2009Q3 2010 vs
Q3 2009Q4 2010 vs
Q4 2009
30
Nordic year forwards
Source NASDAQ OMX Commodities Europe
0
10
20
30
40
50
60
70
euroMWh Year 15Year 08 Year 09 Year 10 Year 11 Year 12 Year 13 Year 14 Year 16
2007
Q1 Q2 Q3 Q4 Q1
2008
Q2 Q3 Q4 Q1
2009
Q2 Q3 Q4 Q1
2010
Q2 Q3 Q4 Q1
2011
31 January 2011
31
Fuel and CO2 allowance prices
Source ICE NASDAQ OMX Commodities Europe
Market prices 10 January 2011 2011-2012 future quotations
Crude oil price (ICE Brent)
020406080
100120140160
USD
bb
l
CO2 price (NP EUA)
05
101520253035
EUR
tC
O2
Coal price (ICE Rotterdam)
04080
120160200240
USD
t
Gas price (ICE NBP)
0
20
40
60
80
100
GB
p t
herm
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2010 average80 (63)
2010 average14 (13)
2010 average92 (70)
2010 average41 (32)
- Slide Number 1
- Disclaimer
- Highlights in 2010
- Global mega trends drive the industry - Updated strategy supports sustainable business development
- Business environment improved
- Solid performance continued
- Comparable profit close to last years level
- Nordic water reservoirs were historically low
- Price development in the Nordic region and Russia
- Financials
- Comparable and reported operating profit
- 2011 February Nordic Power Exchange forward development minus Down by ~27 euroMWh from 2010 year end
- Power
- Heat
- Distribution
- Electricity Sales
- Russia
- Income statement
- Cash flow statement
- Key ratios
- Debt maturity profile
- Slide Number 22
- Summary on 2010
- Key strategic actions going forward
- Outlook
- Outlook
- Slide Number 27
- Slide Number 28
- Increased power consumption
- Nordic year forwards
- Fuel and CO2 allowance prices
-
7
Comparable profit close to last years level
Comparable operating profit EUR million
44 281888 1833-156
45 -11 -5
PowerGeneration
2009 Heat Distribution ElectricitySales
Russia Other 2010
8
Nordic water reservoirs were historically low
Source Nord Pool Spot
rese
rvoi
r con
tent
(TW
h)
0
20
40
60
80
100
120
Q1 Q2 Q3 Q4
2003 2008 2009 20112010 reference level
9
Average regulated electricity price for OAO Fortum
536620 610 607 613
0
125
250
375
500
625
750
Q42009 Q12010 Q22010 Q32010 Q42010
RUBMWh
Spot price for power (market price) Urals hub
693817 770
936817
0
200
400
600
800
1 000
1 200
Q42009 Q12010 Q22010 Q32010 Q42010
RUBMWh
Powers Nordic power price
515545
448 472514
0
10
20
30
40
50
60
Q42009 Q12010 Q22010 Q32010 Q42010
eurMWh
Spot price for power in NordPool power exchange
366
595
460
620
450
0
12
24
36
48
60
72
Q42009 Q12010 Q22010 Q32010 Q42010
eurMWh
Price development in the Nordic region and Russia
-0
+18
+14
+69
Financials
11
Comparable and reported operating profit
MEURIV2010 IV2009 IV2010 IV2009 2010 2009 2010 2009
Power 336 391 129 327 1 298 1 454 1 132 1 363Heat 122 104 124 109 275 231 303 252Distribution 91 80 93 81 307 262 321 263Electricity Sales 3 11 40 37 11 22 46 29Russia 17 8 16 8 8 -20 53 -20Other -28 -24 -81 -40 -66 -61 -147 -105Total 541 570 321 522 1 833 1 888 1 708 1 782
Comparable operating profit
Reported operating profit
Comparable operating profit
Reported operating profit
bull
IFRS accounting treatment (IAS 39) of derivatives affected operating profit
12
0
10
20
30
40
50
60
70
80
902
820
10
168
201
0
308
201
0
139
201
0
279
201
0
111
020
10
251
020
10
811
201
0
221
120
10
612
201
0
201
220
10
31
2011
171
201
1
2011 February Nordic Power Exchange forward development minus
Down by ~27 euroMWh
from 2010 year end30122011Year high ateuro851 per MWh
2712011Last price ateuro581 per MWh
Change +6330 Sept -30 Dec 2010
Change -3230 Dec 2010 -27 Jan 2011
13
Power
bull
Comparable operating profit decreasedndash
Higher costs in Swedish associated nuclear companiesndash
Production mix increased thermal power production during peak hours
bull
Nordic achieved power price at same level as in 2009ndash
Lower hedge pricesndash
Higher prices in thermal during peak hoursMEUR 2010 2009
Sales 2 702 2 531
Comparable operating profit 1 298 1 454
Net Assets 5 806 5 494
Comparable RONA 223 264
Gross Investments 122 153
14
MEUR 2010 2009
Sales 1 770 1 399
Comparable operating profit 275 231
Net Assets 4 182 3 787
Comparable RONA 77 73
Gross Investments 305 359
Heat
bull
Comparable operating profit increased due to higher volumes and power prices
bull
CHP )
plants in Częstochowa Poland and Paumlrnu Estonia inaugurated commercial operation began during Q42010
) CHP Combined Heat and Power
15
MEUR 2010 2009
Sales 963 800
Comparable operating profit 307 262
Net Assets 3 683 3 299
Comparable RONA 93 86
Gross Investments 213 193
Distribution
bull
Comparable operating profit increased due to higher sales and strong SEK
bull
Smart metering pilot rollout to network customers in Finland started in Q42010
16
MEUR 2010 2009
Sales 1 798 1 449
Comparable operating profit 11 22
Net Assets 210 125
Comparable RONA 93 186
Gross Investments 0 1
Electricity Sales
bull
Comparable operating profit decreasedndash
Price peaks in Q1 and Q4bull
Restructuring of the business market segment continued
17
MEUR 2010 2009
Sales 804 632
Comparable operating profit 8 -20
Net Assets 2 817 2 260
Comparable RONA 07 00
Gross Investments 599 218
Russia
bull
Comparable operating profit turned positivebull
Wholesale power market liberalised as of January 2011bull
Pricing principles for ldquooldrdquo
and ldquonewrdquo
capacity determinedbull
Accelerated investment programme
18
MEUR IV2010 IV2009 2010 2009
Sales 1 902 1 563 6 296 5 435Expenses -1 361 -993 -4 463 -3 547
Comparable operating profit 541 570 1 833 1 888
Other items affecting comparability -220 -48 -125 -106
Operating profit 321 522 1 708 1 782Share of profit of associates and jvs 21 22 62 21Financial expenses net -57 -39 -155 -167
Profit before taxes 285 505 1 615 1 636Income tax expense -25 -74 -261 -285
Net profit for the period 260 431 1 354 1 351Non-controlling interests 29 25 54 39
EPS basic (EUR) 026 046 146 148EPS diluted (EUR) 026 046 146 148
Income statement
19
MEUR IV2010 IV2009 2010 2009
Operating profit before depreciations 468 658 2 271 2 292
Non-cash flow items and divesting activities 222 -4 124 46
Financial items and fx gainslosses -192 -102 -641 146
Taxes -107 -34 -355 -239
Funds from operations (FFO) 391 518 1 399 2 245
Change in working capital -170 -122 38 19
Total net cash from operating activities 221 396 1 437 2 264
Paid capital expenditures -432 -266 -1 134 -845
Acquisition of shares -20 -28 -28 -87
Other investing activities -23 -27 60 -42
Cash flow before financing activities -254 75 335 1 290
Cash flow statement
20
MEUR 2010 2009EBITDA 2 271 2 292Comparable EBITDA 2 396 2 398Interest-bearing net debt 6 826 5 969Net debtEBITDA 30 26Comparable Net debtEBITDA 28 25
Return on capital employed () 116 121Return on shareholders equity () 157 160
Key ratios
21
Debt maturity
profile
per 31 Dec 2010 per 31 Dec 2009Duration (years) 21 18Average interest rate (incl swaps and forwards) 35 34Portion of floating fixed debt 49 51 62 38
MEUR
2011 862
2012 624
2013 636
2014 1191
2015 1042
2016 870
2017 243
2018 93
2019 819
2020 43
2021+ 9590
250
500
750
1000
1250
1500
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021+Bonds Financial institutions Other long-term debt CPs
23
Summary on 2010
bull
Strategy updated to support business actionsndash
Sustainable solutions at the core of the strategybull
Solid performance continuedbull
Russiandash
Power reform proceeding fully liberalised from January 2011ndash
Demand improvedndash
Fortumrsquos investment programme acceleratedbull
Nordic countriesndash
Demand recoveredndash
Water reservoirs historically lowbull
Strong financial position and liquidity
242424
Key strategic actions going forward
Focus on performancendash
Organisational efficiencyndash
Nuclear availabilityndash
Value creation from Russian investments
Prepare for growthndash
Prioritized value enhancing acquisitions while maintaining strong balance sheetndash
Investigating high growth Asian markets
Create strategic partnerships for new innovative solutions market entries and RampDndash
Partnerships in nuclear and bio energyndash
Electricity Sales and Distribution services solutions and partnerships
Continuous development of competences
Readiness for changendash
Leadership and organisational culture enabling readiness for change
25
Outlook
bull
Key drivers and risksndash
Wholesale price of electricitybull
Fuel CO2
emissions prices and water reservoirs
bull
Nordic Marketsndash
Market continues to recover ndash
2008 level reached by 2012-2014ndash
Electricity continues to gain share of total energy consumption
bull
Russiandash
Wholesale market fully liberalisedndash
Achieved efficiency improvements compared to the time of the acquisition to be approximately EUR 100 million in 2011
ndash
Profits from Russia builds up in pace with the capacity increase
NOTE Fuel Co2
emissions prices and water reservoirs found in appendix
26
Outlook
bull
Capex
(excluding potential acquisitions)ndash
2011-2012 around EUR 16 to 18 billion (mainly due to Russian investment programme)
ndash
2013-2014 around EUR 11 to 14 billionndash
Preliminary divestments agreed total approximately EUR 05 billion in 2011
bull
Hedgingndash
2011 approximately 70 hedge ratio at approximately EUR 45MWhndash
2012 approximately 40 hedge ratio at approximately EUR 44MWh
28
Appendices
29
Increased power consumption
Fortum currently expects Nordic power demand to recover back to the 2008 level by 2012-2014Temperature corrected power consumption in Nordic countries is still appr 4 (~16 TWh
) lower than in 2008
-1
3
7
11
15
Tyumen Chelyabinsk Russia Uralsarea
Russia
Q1 2010 vs
Q1 2009Q2 2010 vs
Q2 2009Q3 2010 vs
Q3 2009Q4 2010 vs
Q4 2009
0
5
10
15
Finland Sweden Norway Denmark Nordic
Q1 2010 vs
Q1 2009Q2 2010 vs
Q2 2009Q3 2010 vs
Q3 2009Q4 2010 vs
Q4 2009
30
Nordic year forwards
Source NASDAQ OMX Commodities Europe
0
10
20
30
40
50
60
70
euroMWh Year 15Year 08 Year 09 Year 10 Year 11 Year 12 Year 13 Year 14 Year 16
2007
Q1 Q2 Q3 Q4 Q1
2008
Q2 Q3 Q4 Q1
2009
Q2 Q3 Q4 Q1
2010
Q2 Q3 Q4 Q1
2011
31 January 2011
31
Fuel and CO2 allowance prices
Source ICE NASDAQ OMX Commodities Europe
Market prices 10 January 2011 2011-2012 future quotations
Crude oil price (ICE Brent)
020406080
100120140160
USD
bb
l
CO2 price (NP EUA)
05
101520253035
EUR
tC
O2
Coal price (ICE Rotterdam)
04080
120160200240
USD
t
Gas price (ICE NBP)
0
20
40
60
80
100
GB
p t
herm
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2010 average80 (63)
2010 average14 (13)
2010 average92 (70)
2010 average41 (32)
- Slide Number 1
- Disclaimer
- Highlights in 2010
- Global mega trends drive the industry - Updated strategy supports sustainable business development
- Business environment improved
- Solid performance continued
- Comparable profit close to last years level
- Nordic water reservoirs were historically low
- Price development in the Nordic region and Russia
- Financials
- Comparable and reported operating profit
- 2011 February Nordic Power Exchange forward development minus Down by ~27 euroMWh from 2010 year end
- Power
- Heat
- Distribution
- Electricity Sales
- Russia
- Income statement
- Cash flow statement
- Key ratios
- Debt maturity profile
- Slide Number 22
- Summary on 2010
- Key strategic actions going forward
- Outlook
- Outlook
- Slide Number 27
- Slide Number 28
- Increased power consumption
- Nordic year forwards
- Fuel and CO2 allowance prices
-
8
Nordic water reservoirs were historically low
Source Nord Pool Spot
rese
rvoi
r con
tent
(TW
h)
0
20
40
60
80
100
120
Q1 Q2 Q3 Q4
2003 2008 2009 20112010 reference level
9
Average regulated electricity price for OAO Fortum
536620 610 607 613
0
125
250
375
500
625
750
Q42009 Q12010 Q22010 Q32010 Q42010
RUBMWh
Spot price for power (market price) Urals hub
693817 770
936817
0
200
400
600
800
1 000
1 200
Q42009 Q12010 Q22010 Q32010 Q42010
RUBMWh
Powers Nordic power price
515545
448 472514
0
10
20
30
40
50
60
Q42009 Q12010 Q22010 Q32010 Q42010
eurMWh
Spot price for power in NordPool power exchange
366
595
460
620
450
0
12
24
36
48
60
72
Q42009 Q12010 Q22010 Q32010 Q42010
eurMWh
Price development in the Nordic region and Russia
-0
+18
+14
+69
Financials
11
Comparable and reported operating profit
MEURIV2010 IV2009 IV2010 IV2009 2010 2009 2010 2009
Power 336 391 129 327 1 298 1 454 1 132 1 363Heat 122 104 124 109 275 231 303 252Distribution 91 80 93 81 307 262 321 263Electricity Sales 3 11 40 37 11 22 46 29Russia 17 8 16 8 8 -20 53 -20Other -28 -24 -81 -40 -66 -61 -147 -105Total 541 570 321 522 1 833 1 888 1 708 1 782
Comparable operating profit
Reported operating profit
Comparable operating profit
Reported operating profit
bull
IFRS accounting treatment (IAS 39) of derivatives affected operating profit
12
0
10
20
30
40
50
60
70
80
902
820
10
168
201
0
308
201
0
139
201
0
279
201
0
111
020
10
251
020
10
811
201
0
221
120
10
612
201
0
201
220
10
31
2011
171
201
1
2011 February Nordic Power Exchange forward development minus
Down by ~27 euroMWh
from 2010 year end30122011Year high ateuro851 per MWh
2712011Last price ateuro581 per MWh
Change +6330 Sept -30 Dec 2010
Change -3230 Dec 2010 -27 Jan 2011
13
Power
bull
Comparable operating profit decreasedndash
Higher costs in Swedish associated nuclear companiesndash
Production mix increased thermal power production during peak hours
bull
Nordic achieved power price at same level as in 2009ndash
Lower hedge pricesndash
Higher prices in thermal during peak hoursMEUR 2010 2009
Sales 2 702 2 531
Comparable operating profit 1 298 1 454
Net Assets 5 806 5 494
Comparable RONA 223 264
Gross Investments 122 153
14
MEUR 2010 2009
Sales 1 770 1 399
Comparable operating profit 275 231
Net Assets 4 182 3 787
Comparable RONA 77 73
Gross Investments 305 359
Heat
bull
Comparable operating profit increased due to higher volumes and power prices
bull
CHP )
plants in Częstochowa Poland and Paumlrnu Estonia inaugurated commercial operation began during Q42010
) CHP Combined Heat and Power
15
MEUR 2010 2009
Sales 963 800
Comparable operating profit 307 262
Net Assets 3 683 3 299
Comparable RONA 93 86
Gross Investments 213 193
Distribution
bull
Comparable operating profit increased due to higher sales and strong SEK
bull
Smart metering pilot rollout to network customers in Finland started in Q42010
16
MEUR 2010 2009
Sales 1 798 1 449
Comparable operating profit 11 22
Net Assets 210 125
Comparable RONA 93 186
Gross Investments 0 1
Electricity Sales
bull
Comparable operating profit decreasedndash
Price peaks in Q1 and Q4bull
Restructuring of the business market segment continued
17
MEUR 2010 2009
Sales 804 632
Comparable operating profit 8 -20
Net Assets 2 817 2 260
Comparable RONA 07 00
Gross Investments 599 218
Russia
bull
Comparable operating profit turned positivebull
Wholesale power market liberalised as of January 2011bull
Pricing principles for ldquooldrdquo
and ldquonewrdquo
capacity determinedbull
Accelerated investment programme
18
MEUR IV2010 IV2009 2010 2009
Sales 1 902 1 563 6 296 5 435Expenses -1 361 -993 -4 463 -3 547
Comparable operating profit 541 570 1 833 1 888
Other items affecting comparability -220 -48 -125 -106
Operating profit 321 522 1 708 1 782Share of profit of associates and jvs 21 22 62 21Financial expenses net -57 -39 -155 -167
Profit before taxes 285 505 1 615 1 636Income tax expense -25 -74 -261 -285
Net profit for the period 260 431 1 354 1 351Non-controlling interests 29 25 54 39
EPS basic (EUR) 026 046 146 148EPS diluted (EUR) 026 046 146 148
Income statement
19
MEUR IV2010 IV2009 2010 2009
Operating profit before depreciations 468 658 2 271 2 292
Non-cash flow items and divesting activities 222 -4 124 46
Financial items and fx gainslosses -192 -102 -641 146
Taxes -107 -34 -355 -239
Funds from operations (FFO) 391 518 1 399 2 245
Change in working capital -170 -122 38 19
Total net cash from operating activities 221 396 1 437 2 264
Paid capital expenditures -432 -266 -1 134 -845
Acquisition of shares -20 -28 -28 -87
Other investing activities -23 -27 60 -42
Cash flow before financing activities -254 75 335 1 290
Cash flow statement
20
MEUR 2010 2009EBITDA 2 271 2 292Comparable EBITDA 2 396 2 398Interest-bearing net debt 6 826 5 969Net debtEBITDA 30 26Comparable Net debtEBITDA 28 25
Return on capital employed () 116 121Return on shareholders equity () 157 160
Key ratios
21
Debt maturity
profile
per 31 Dec 2010 per 31 Dec 2009Duration (years) 21 18Average interest rate (incl swaps and forwards) 35 34Portion of floating fixed debt 49 51 62 38
MEUR
2011 862
2012 624
2013 636
2014 1191
2015 1042
2016 870
2017 243
2018 93
2019 819
2020 43
2021+ 9590
250
500
750
1000
1250
1500
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021+Bonds Financial institutions Other long-term debt CPs
23
Summary on 2010
bull
Strategy updated to support business actionsndash
Sustainable solutions at the core of the strategybull
Solid performance continuedbull
Russiandash
Power reform proceeding fully liberalised from January 2011ndash
Demand improvedndash
Fortumrsquos investment programme acceleratedbull
Nordic countriesndash
Demand recoveredndash
Water reservoirs historically lowbull
Strong financial position and liquidity
242424
Key strategic actions going forward
Focus on performancendash
Organisational efficiencyndash
Nuclear availabilityndash
Value creation from Russian investments
Prepare for growthndash
Prioritized value enhancing acquisitions while maintaining strong balance sheetndash
Investigating high growth Asian markets
Create strategic partnerships for new innovative solutions market entries and RampDndash
Partnerships in nuclear and bio energyndash
Electricity Sales and Distribution services solutions and partnerships
Continuous development of competences
Readiness for changendash
Leadership and organisational culture enabling readiness for change
25
Outlook
bull
Key drivers and risksndash
Wholesale price of electricitybull
Fuel CO2
emissions prices and water reservoirs
bull
Nordic Marketsndash
Market continues to recover ndash
2008 level reached by 2012-2014ndash
Electricity continues to gain share of total energy consumption
bull
Russiandash
Wholesale market fully liberalisedndash
Achieved efficiency improvements compared to the time of the acquisition to be approximately EUR 100 million in 2011
ndash
Profits from Russia builds up in pace with the capacity increase
NOTE Fuel Co2
emissions prices and water reservoirs found in appendix
26
Outlook
bull
Capex
(excluding potential acquisitions)ndash
2011-2012 around EUR 16 to 18 billion (mainly due to Russian investment programme)
ndash
2013-2014 around EUR 11 to 14 billionndash
Preliminary divestments agreed total approximately EUR 05 billion in 2011
bull
Hedgingndash
2011 approximately 70 hedge ratio at approximately EUR 45MWhndash
2012 approximately 40 hedge ratio at approximately EUR 44MWh
28
Appendices
29
Increased power consumption
Fortum currently expects Nordic power demand to recover back to the 2008 level by 2012-2014Temperature corrected power consumption in Nordic countries is still appr 4 (~16 TWh
) lower than in 2008
-1
3
7
11
15
Tyumen Chelyabinsk Russia Uralsarea
Russia
Q1 2010 vs
Q1 2009Q2 2010 vs
Q2 2009Q3 2010 vs
Q3 2009Q4 2010 vs
Q4 2009
0
5
10
15
Finland Sweden Norway Denmark Nordic
Q1 2010 vs
Q1 2009Q2 2010 vs
Q2 2009Q3 2010 vs
Q3 2009Q4 2010 vs
Q4 2009
30
Nordic year forwards
Source NASDAQ OMX Commodities Europe
0
10
20
30
40
50
60
70
euroMWh Year 15Year 08 Year 09 Year 10 Year 11 Year 12 Year 13 Year 14 Year 16
2007
Q1 Q2 Q3 Q4 Q1
2008
Q2 Q3 Q4 Q1
2009
Q2 Q3 Q4 Q1
2010
Q2 Q3 Q4 Q1
2011
31 January 2011
31
Fuel and CO2 allowance prices
Source ICE NASDAQ OMX Commodities Europe
Market prices 10 January 2011 2011-2012 future quotations
Crude oil price (ICE Brent)
020406080
100120140160
USD
bb
l
CO2 price (NP EUA)
05
101520253035
EUR
tC
O2
Coal price (ICE Rotterdam)
04080
120160200240
USD
t
Gas price (ICE NBP)
0
20
40
60
80
100
GB
p t
herm
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2010 average80 (63)
2010 average14 (13)
2010 average92 (70)
2010 average41 (32)
- Slide Number 1
- Disclaimer
- Highlights in 2010
- Global mega trends drive the industry - Updated strategy supports sustainable business development
- Business environment improved
- Solid performance continued
- Comparable profit close to last years level
- Nordic water reservoirs were historically low
- Price development in the Nordic region and Russia
- Financials
- Comparable and reported operating profit
- 2011 February Nordic Power Exchange forward development minus Down by ~27 euroMWh from 2010 year end
- Power
- Heat
- Distribution
- Electricity Sales
- Russia
- Income statement
- Cash flow statement
- Key ratios
- Debt maturity profile
- Slide Number 22
- Summary on 2010
- Key strategic actions going forward
- Outlook
- Outlook
- Slide Number 27
- Slide Number 28
- Increased power consumption
- Nordic year forwards
- Fuel and CO2 allowance prices
-
9
Average regulated electricity price for OAO Fortum
536620 610 607 613
0
125
250
375
500
625
750
Q42009 Q12010 Q22010 Q32010 Q42010
RUBMWh
Spot price for power (market price) Urals hub
693817 770
936817
0
200
400
600
800
1 000
1 200
Q42009 Q12010 Q22010 Q32010 Q42010
RUBMWh
Powers Nordic power price
515545
448 472514
0
10
20
30
40
50
60
Q42009 Q12010 Q22010 Q32010 Q42010
eurMWh
Spot price for power in NordPool power exchange
366
595
460
620
450
0
12
24
36
48
60
72
Q42009 Q12010 Q22010 Q32010 Q42010
eurMWh
Price development in the Nordic region and Russia
-0
+18
+14
+69
Financials
11
Comparable and reported operating profit
MEURIV2010 IV2009 IV2010 IV2009 2010 2009 2010 2009
Power 336 391 129 327 1 298 1 454 1 132 1 363Heat 122 104 124 109 275 231 303 252Distribution 91 80 93 81 307 262 321 263Electricity Sales 3 11 40 37 11 22 46 29Russia 17 8 16 8 8 -20 53 -20Other -28 -24 -81 -40 -66 -61 -147 -105Total 541 570 321 522 1 833 1 888 1 708 1 782
Comparable operating profit
Reported operating profit
Comparable operating profit
Reported operating profit
bull
IFRS accounting treatment (IAS 39) of derivatives affected operating profit
12
0
10
20
30
40
50
60
70
80
902
820
10
168
201
0
308
201
0
139
201
0
279
201
0
111
020
10
251
020
10
811
201
0
221
120
10
612
201
0
201
220
10
31
2011
171
201
1
2011 February Nordic Power Exchange forward development minus
Down by ~27 euroMWh
from 2010 year end30122011Year high ateuro851 per MWh
2712011Last price ateuro581 per MWh
Change +6330 Sept -30 Dec 2010
Change -3230 Dec 2010 -27 Jan 2011
13
Power
bull
Comparable operating profit decreasedndash
Higher costs in Swedish associated nuclear companiesndash
Production mix increased thermal power production during peak hours
bull
Nordic achieved power price at same level as in 2009ndash
Lower hedge pricesndash
Higher prices in thermal during peak hoursMEUR 2010 2009
Sales 2 702 2 531
Comparable operating profit 1 298 1 454
Net Assets 5 806 5 494
Comparable RONA 223 264
Gross Investments 122 153
14
MEUR 2010 2009
Sales 1 770 1 399
Comparable operating profit 275 231
Net Assets 4 182 3 787
Comparable RONA 77 73
Gross Investments 305 359
Heat
bull
Comparable operating profit increased due to higher volumes and power prices
bull
CHP )
plants in Częstochowa Poland and Paumlrnu Estonia inaugurated commercial operation began during Q42010
) CHP Combined Heat and Power
15
MEUR 2010 2009
Sales 963 800
Comparable operating profit 307 262
Net Assets 3 683 3 299
Comparable RONA 93 86
Gross Investments 213 193
Distribution
bull
Comparable operating profit increased due to higher sales and strong SEK
bull
Smart metering pilot rollout to network customers in Finland started in Q42010
16
MEUR 2010 2009
Sales 1 798 1 449
Comparable operating profit 11 22
Net Assets 210 125
Comparable RONA 93 186
Gross Investments 0 1
Electricity Sales
bull
Comparable operating profit decreasedndash
Price peaks in Q1 and Q4bull
Restructuring of the business market segment continued
17
MEUR 2010 2009
Sales 804 632
Comparable operating profit 8 -20
Net Assets 2 817 2 260
Comparable RONA 07 00
Gross Investments 599 218
Russia
bull
Comparable operating profit turned positivebull
Wholesale power market liberalised as of January 2011bull
Pricing principles for ldquooldrdquo
and ldquonewrdquo
capacity determinedbull
Accelerated investment programme
18
MEUR IV2010 IV2009 2010 2009
Sales 1 902 1 563 6 296 5 435Expenses -1 361 -993 -4 463 -3 547
Comparable operating profit 541 570 1 833 1 888
Other items affecting comparability -220 -48 -125 -106
Operating profit 321 522 1 708 1 782Share of profit of associates and jvs 21 22 62 21Financial expenses net -57 -39 -155 -167
Profit before taxes 285 505 1 615 1 636Income tax expense -25 -74 -261 -285
Net profit for the period 260 431 1 354 1 351Non-controlling interests 29 25 54 39
EPS basic (EUR) 026 046 146 148EPS diluted (EUR) 026 046 146 148
Income statement
19
MEUR IV2010 IV2009 2010 2009
Operating profit before depreciations 468 658 2 271 2 292
Non-cash flow items and divesting activities 222 -4 124 46
Financial items and fx gainslosses -192 -102 -641 146
Taxes -107 -34 -355 -239
Funds from operations (FFO) 391 518 1 399 2 245
Change in working capital -170 -122 38 19
Total net cash from operating activities 221 396 1 437 2 264
Paid capital expenditures -432 -266 -1 134 -845
Acquisition of shares -20 -28 -28 -87
Other investing activities -23 -27 60 -42
Cash flow before financing activities -254 75 335 1 290
Cash flow statement
20
MEUR 2010 2009EBITDA 2 271 2 292Comparable EBITDA 2 396 2 398Interest-bearing net debt 6 826 5 969Net debtEBITDA 30 26Comparable Net debtEBITDA 28 25
Return on capital employed () 116 121Return on shareholders equity () 157 160
Key ratios
21
Debt maturity
profile
per 31 Dec 2010 per 31 Dec 2009Duration (years) 21 18Average interest rate (incl swaps and forwards) 35 34Portion of floating fixed debt 49 51 62 38
MEUR
2011 862
2012 624
2013 636
2014 1191
2015 1042
2016 870
2017 243
2018 93
2019 819
2020 43
2021+ 9590
250
500
750
1000
1250
1500
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021+Bonds Financial institutions Other long-term debt CPs
23
Summary on 2010
bull
Strategy updated to support business actionsndash
Sustainable solutions at the core of the strategybull
Solid performance continuedbull
Russiandash
Power reform proceeding fully liberalised from January 2011ndash
Demand improvedndash
Fortumrsquos investment programme acceleratedbull
Nordic countriesndash
Demand recoveredndash
Water reservoirs historically lowbull
Strong financial position and liquidity
242424
Key strategic actions going forward
Focus on performancendash
Organisational efficiencyndash
Nuclear availabilityndash
Value creation from Russian investments
Prepare for growthndash
Prioritized value enhancing acquisitions while maintaining strong balance sheetndash
Investigating high growth Asian markets
Create strategic partnerships for new innovative solutions market entries and RampDndash
Partnerships in nuclear and bio energyndash
Electricity Sales and Distribution services solutions and partnerships
Continuous development of competences
Readiness for changendash
Leadership and organisational culture enabling readiness for change
25
Outlook
bull
Key drivers and risksndash
Wholesale price of electricitybull
Fuel CO2
emissions prices and water reservoirs
bull
Nordic Marketsndash
Market continues to recover ndash
2008 level reached by 2012-2014ndash
Electricity continues to gain share of total energy consumption
bull
Russiandash
Wholesale market fully liberalisedndash
Achieved efficiency improvements compared to the time of the acquisition to be approximately EUR 100 million in 2011
ndash
Profits from Russia builds up in pace with the capacity increase
NOTE Fuel Co2
emissions prices and water reservoirs found in appendix
26
Outlook
bull
Capex
(excluding potential acquisitions)ndash
2011-2012 around EUR 16 to 18 billion (mainly due to Russian investment programme)
ndash
2013-2014 around EUR 11 to 14 billionndash
Preliminary divestments agreed total approximately EUR 05 billion in 2011
bull
Hedgingndash
2011 approximately 70 hedge ratio at approximately EUR 45MWhndash
2012 approximately 40 hedge ratio at approximately EUR 44MWh
28
Appendices
29
Increased power consumption
Fortum currently expects Nordic power demand to recover back to the 2008 level by 2012-2014Temperature corrected power consumption in Nordic countries is still appr 4 (~16 TWh
) lower than in 2008
-1
3
7
11
15
Tyumen Chelyabinsk Russia Uralsarea
Russia
Q1 2010 vs
Q1 2009Q2 2010 vs
Q2 2009Q3 2010 vs
Q3 2009Q4 2010 vs
Q4 2009
0
5
10
15
Finland Sweden Norway Denmark Nordic
Q1 2010 vs
Q1 2009Q2 2010 vs
Q2 2009Q3 2010 vs
Q3 2009Q4 2010 vs
Q4 2009
30
Nordic year forwards
Source NASDAQ OMX Commodities Europe
0
10
20
30
40
50
60
70
euroMWh Year 15Year 08 Year 09 Year 10 Year 11 Year 12 Year 13 Year 14 Year 16
2007
Q1 Q2 Q3 Q4 Q1
2008
Q2 Q3 Q4 Q1
2009
Q2 Q3 Q4 Q1
2010
Q2 Q3 Q4 Q1
2011
31 January 2011
31
Fuel and CO2 allowance prices
Source ICE NASDAQ OMX Commodities Europe
Market prices 10 January 2011 2011-2012 future quotations
Crude oil price (ICE Brent)
020406080
100120140160
USD
bb
l
CO2 price (NP EUA)
05
101520253035
EUR
tC
O2
Coal price (ICE Rotterdam)
04080
120160200240
USD
t
Gas price (ICE NBP)
0
20
40
60
80
100
GB
p t
herm
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2010 average80 (63)
2010 average14 (13)
2010 average92 (70)
2010 average41 (32)
- Slide Number 1
- Disclaimer
- Highlights in 2010
- Global mega trends drive the industry - Updated strategy supports sustainable business development
- Business environment improved
- Solid performance continued
- Comparable profit close to last years level
- Nordic water reservoirs were historically low
- Price development in the Nordic region and Russia
- Financials
- Comparable and reported operating profit
- 2011 February Nordic Power Exchange forward development minus Down by ~27 euroMWh from 2010 year end
- Power
- Heat
- Distribution
- Electricity Sales
- Russia
- Income statement
- Cash flow statement
- Key ratios
- Debt maturity profile
- Slide Number 22
- Summary on 2010
- Key strategic actions going forward
- Outlook
- Outlook
- Slide Number 27
- Slide Number 28
- Increased power consumption
- Nordic year forwards
- Fuel and CO2 allowance prices
-
Financials
11
Comparable and reported operating profit
MEURIV2010 IV2009 IV2010 IV2009 2010 2009 2010 2009
Power 336 391 129 327 1 298 1 454 1 132 1 363Heat 122 104 124 109 275 231 303 252Distribution 91 80 93 81 307 262 321 263Electricity Sales 3 11 40 37 11 22 46 29Russia 17 8 16 8 8 -20 53 -20Other -28 -24 -81 -40 -66 -61 -147 -105Total 541 570 321 522 1 833 1 888 1 708 1 782
Comparable operating profit
Reported operating profit
Comparable operating profit
Reported operating profit
bull
IFRS accounting treatment (IAS 39) of derivatives affected operating profit
12
0
10
20
30
40
50
60
70
80
902
820
10
168
201
0
308
201
0
139
201
0
279
201
0
111
020
10
251
020
10
811
201
0
221
120
10
612
201
0
201
220
10
31
2011
171
201
1
2011 February Nordic Power Exchange forward development minus
Down by ~27 euroMWh
from 2010 year end30122011Year high ateuro851 per MWh
2712011Last price ateuro581 per MWh
Change +6330 Sept -30 Dec 2010
Change -3230 Dec 2010 -27 Jan 2011
13
Power
bull
Comparable operating profit decreasedndash
Higher costs in Swedish associated nuclear companiesndash
Production mix increased thermal power production during peak hours
bull
Nordic achieved power price at same level as in 2009ndash
Lower hedge pricesndash
Higher prices in thermal during peak hoursMEUR 2010 2009
Sales 2 702 2 531
Comparable operating profit 1 298 1 454
Net Assets 5 806 5 494
Comparable RONA 223 264
Gross Investments 122 153
14
MEUR 2010 2009
Sales 1 770 1 399
Comparable operating profit 275 231
Net Assets 4 182 3 787
Comparable RONA 77 73
Gross Investments 305 359
Heat
bull
Comparable operating profit increased due to higher volumes and power prices
bull
CHP )
plants in Częstochowa Poland and Paumlrnu Estonia inaugurated commercial operation began during Q42010
) CHP Combined Heat and Power
15
MEUR 2010 2009
Sales 963 800
Comparable operating profit 307 262
Net Assets 3 683 3 299
Comparable RONA 93 86
Gross Investments 213 193
Distribution
bull
Comparable operating profit increased due to higher sales and strong SEK
bull
Smart metering pilot rollout to network customers in Finland started in Q42010
16
MEUR 2010 2009
Sales 1 798 1 449
Comparable operating profit 11 22
Net Assets 210 125
Comparable RONA 93 186
Gross Investments 0 1
Electricity Sales
bull
Comparable operating profit decreasedndash
Price peaks in Q1 and Q4bull
Restructuring of the business market segment continued
17
MEUR 2010 2009
Sales 804 632
Comparable operating profit 8 -20
Net Assets 2 817 2 260
Comparable RONA 07 00
Gross Investments 599 218
Russia
bull
Comparable operating profit turned positivebull
Wholesale power market liberalised as of January 2011bull
Pricing principles for ldquooldrdquo
and ldquonewrdquo
capacity determinedbull
Accelerated investment programme
18
MEUR IV2010 IV2009 2010 2009
Sales 1 902 1 563 6 296 5 435Expenses -1 361 -993 -4 463 -3 547
Comparable operating profit 541 570 1 833 1 888
Other items affecting comparability -220 -48 -125 -106
Operating profit 321 522 1 708 1 782Share of profit of associates and jvs 21 22 62 21Financial expenses net -57 -39 -155 -167
Profit before taxes 285 505 1 615 1 636Income tax expense -25 -74 -261 -285
Net profit for the period 260 431 1 354 1 351Non-controlling interests 29 25 54 39
EPS basic (EUR) 026 046 146 148EPS diluted (EUR) 026 046 146 148
Income statement
19
MEUR IV2010 IV2009 2010 2009
Operating profit before depreciations 468 658 2 271 2 292
Non-cash flow items and divesting activities 222 -4 124 46
Financial items and fx gainslosses -192 -102 -641 146
Taxes -107 -34 -355 -239
Funds from operations (FFO) 391 518 1 399 2 245
Change in working capital -170 -122 38 19
Total net cash from operating activities 221 396 1 437 2 264
Paid capital expenditures -432 -266 -1 134 -845
Acquisition of shares -20 -28 -28 -87
Other investing activities -23 -27 60 -42
Cash flow before financing activities -254 75 335 1 290
Cash flow statement
20
MEUR 2010 2009EBITDA 2 271 2 292Comparable EBITDA 2 396 2 398Interest-bearing net debt 6 826 5 969Net debtEBITDA 30 26Comparable Net debtEBITDA 28 25
Return on capital employed () 116 121Return on shareholders equity () 157 160
Key ratios
21
Debt maturity
profile
per 31 Dec 2010 per 31 Dec 2009Duration (years) 21 18Average interest rate (incl swaps and forwards) 35 34Portion of floating fixed debt 49 51 62 38
MEUR
2011 862
2012 624
2013 636
2014 1191
2015 1042
2016 870
2017 243
2018 93
2019 819
2020 43
2021+ 9590
250
500
750
1000
1250
1500
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021+Bonds Financial institutions Other long-term debt CPs
23
Summary on 2010
bull
Strategy updated to support business actionsndash
Sustainable solutions at the core of the strategybull
Solid performance continuedbull
Russiandash
Power reform proceeding fully liberalised from January 2011ndash
Demand improvedndash
Fortumrsquos investment programme acceleratedbull
Nordic countriesndash
Demand recoveredndash
Water reservoirs historically lowbull
Strong financial position and liquidity
242424
Key strategic actions going forward
Focus on performancendash
Organisational efficiencyndash
Nuclear availabilityndash
Value creation from Russian investments
Prepare for growthndash
Prioritized value enhancing acquisitions while maintaining strong balance sheetndash
Investigating high growth Asian markets
Create strategic partnerships for new innovative solutions market entries and RampDndash
Partnerships in nuclear and bio energyndash
Electricity Sales and Distribution services solutions and partnerships
Continuous development of competences
Readiness for changendash
Leadership and organisational culture enabling readiness for change
25
Outlook
bull
Key drivers and risksndash
Wholesale price of electricitybull
Fuel CO2
emissions prices and water reservoirs
bull
Nordic Marketsndash
Market continues to recover ndash
2008 level reached by 2012-2014ndash
Electricity continues to gain share of total energy consumption
bull
Russiandash
Wholesale market fully liberalisedndash
Achieved efficiency improvements compared to the time of the acquisition to be approximately EUR 100 million in 2011
ndash
Profits from Russia builds up in pace with the capacity increase
NOTE Fuel Co2
emissions prices and water reservoirs found in appendix
26
Outlook
bull
Capex
(excluding potential acquisitions)ndash
2011-2012 around EUR 16 to 18 billion (mainly due to Russian investment programme)
ndash
2013-2014 around EUR 11 to 14 billionndash
Preliminary divestments agreed total approximately EUR 05 billion in 2011
bull
Hedgingndash
2011 approximately 70 hedge ratio at approximately EUR 45MWhndash
2012 approximately 40 hedge ratio at approximately EUR 44MWh
28
Appendices
29
Increased power consumption
Fortum currently expects Nordic power demand to recover back to the 2008 level by 2012-2014Temperature corrected power consumption in Nordic countries is still appr 4 (~16 TWh
) lower than in 2008
-1
3
7
11
15
Tyumen Chelyabinsk Russia Uralsarea
Russia
Q1 2010 vs
Q1 2009Q2 2010 vs
Q2 2009Q3 2010 vs
Q3 2009Q4 2010 vs
Q4 2009
0
5
10
15
Finland Sweden Norway Denmark Nordic
Q1 2010 vs
Q1 2009Q2 2010 vs
Q2 2009Q3 2010 vs
Q3 2009Q4 2010 vs
Q4 2009
30
Nordic year forwards
Source NASDAQ OMX Commodities Europe
0
10
20
30
40
50
60
70
euroMWh Year 15Year 08 Year 09 Year 10 Year 11 Year 12 Year 13 Year 14 Year 16
2007
Q1 Q2 Q3 Q4 Q1
2008
Q2 Q3 Q4 Q1
2009
Q2 Q3 Q4 Q1
2010
Q2 Q3 Q4 Q1
2011
31 January 2011
31
Fuel and CO2 allowance prices
Source ICE NASDAQ OMX Commodities Europe
Market prices 10 January 2011 2011-2012 future quotations
Crude oil price (ICE Brent)
020406080
100120140160
USD
bb
l
CO2 price (NP EUA)
05
101520253035
EUR
tC
O2
Coal price (ICE Rotterdam)
04080
120160200240
USD
t
Gas price (ICE NBP)
0
20
40
60
80
100
GB
p t
herm
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2010 average80 (63)
2010 average14 (13)
2010 average92 (70)
2010 average41 (32)
- Slide Number 1
- Disclaimer
- Highlights in 2010
- Global mega trends drive the industry - Updated strategy supports sustainable business development
- Business environment improved
- Solid performance continued
- Comparable profit close to last years level
- Nordic water reservoirs were historically low
- Price development in the Nordic region and Russia
- Financials
- Comparable and reported operating profit
- 2011 February Nordic Power Exchange forward development minus Down by ~27 euroMWh from 2010 year end
- Power
- Heat
- Distribution
- Electricity Sales
- Russia
- Income statement
- Cash flow statement
- Key ratios
- Debt maturity profile
- Slide Number 22
- Summary on 2010
- Key strategic actions going forward
- Outlook
- Outlook
- Slide Number 27
- Slide Number 28
- Increased power consumption
- Nordic year forwards
- Fuel and CO2 allowance prices
-
11
Comparable and reported operating profit
MEURIV2010 IV2009 IV2010 IV2009 2010 2009 2010 2009
Power 336 391 129 327 1 298 1 454 1 132 1 363Heat 122 104 124 109 275 231 303 252Distribution 91 80 93 81 307 262 321 263Electricity Sales 3 11 40 37 11 22 46 29Russia 17 8 16 8 8 -20 53 -20Other -28 -24 -81 -40 -66 -61 -147 -105Total 541 570 321 522 1 833 1 888 1 708 1 782
Comparable operating profit
Reported operating profit
Comparable operating profit
Reported operating profit
bull
IFRS accounting treatment (IAS 39) of derivatives affected operating profit
12
0
10
20
30
40
50
60
70
80
902
820
10
168
201
0
308
201
0
139
201
0
279
201
0
111
020
10
251
020
10
811
201
0
221
120
10
612
201
0
201
220
10
31
2011
171
201
1
2011 February Nordic Power Exchange forward development minus
Down by ~27 euroMWh
from 2010 year end30122011Year high ateuro851 per MWh
2712011Last price ateuro581 per MWh
Change +6330 Sept -30 Dec 2010
Change -3230 Dec 2010 -27 Jan 2011
13
Power
bull
Comparable operating profit decreasedndash
Higher costs in Swedish associated nuclear companiesndash
Production mix increased thermal power production during peak hours
bull
Nordic achieved power price at same level as in 2009ndash
Lower hedge pricesndash
Higher prices in thermal during peak hoursMEUR 2010 2009
Sales 2 702 2 531
Comparable operating profit 1 298 1 454
Net Assets 5 806 5 494
Comparable RONA 223 264
Gross Investments 122 153
14
MEUR 2010 2009
Sales 1 770 1 399
Comparable operating profit 275 231
Net Assets 4 182 3 787
Comparable RONA 77 73
Gross Investments 305 359
Heat
bull
Comparable operating profit increased due to higher volumes and power prices
bull
CHP )
plants in Częstochowa Poland and Paumlrnu Estonia inaugurated commercial operation began during Q42010
) CHP Combined Heat and Power
15
MEUR 2010 2009
Sales 963 800
Comparable operating profit 307 262
Net Assets 3 683 3 299
Comparable RONA 93 86
Gross Investments 213 193
Distribution
bull
Comparable operating profit increased due to higher sales and strong SEK
bull
Smart metering pilot rollout to network customers in Finland started in Q42010
16
MEUR 2010 2009
Sales 1 798 1 449
Comparable operating profit 11 22
Net Assets 210 125
Comparable RONA 93 186
Gross Investments 0 1
Electricity Sales
bull
Comparable operating profit decreasedndash
Price peaks in Q1 and Q4bull
Restructuring of the business market segment continued
17
MEUR 2010 2009
Sales 804 632
Comparable operating profit 8 -20
Net Assets 2 817 2 260
Comparable RONA 07 00
Gross Investments 599 218
Russia
bull
Comparable operating profit turned positivebull
Wholesale power market liberalised as of January 2011bull
Pricing principles for ldquooldrdquo
and ldquonewrdquo
capacity determinedbull
Accelerated investment programme
18
MEUR IV2010 IV2009 2010 2009
Sales 1 902 1 563 6 296 5 435Expenses -1 361 -993 -4 463 -3 547
Comparable operating profit 541 570 1 833 1 888
Other items affecting comparability -220 -48 -125 -106
Operating profit 321 522 1 708 1 782Share of profit of associates and jvs 21 22 62 21Financial expenses net -57 -39 -155 -167
Profit before taxes 285 505 1 615 1 636Income tax expense -25 -74 -261 -285
Net profit for the period 260 431 1 354 1 351Non-controlling interests 29 25 54 39
EPS basic (EUR) 026 046 146 148EPS diluted (EUR) 026 046 146 148
Income statement
19
MEUR IV2010 IV2009 2010 2009
Operating profit before depreciations 468 658 2 271 2 292
Non-cash flow items and divesting activities 222 -4 124 46
Financial items and fx gainslosses -192 -102 -641 146
Taxes -107 -34 -355 -239
Funds from operations (FFO) 391 518 1 399 2 245
Change in working capital -170 -122 38 19
Total net cash from operating activities 221 396 1 437 2 264
Paid capital expenditures -432 -266 -1 134 -845
Acquisition of shares -20 -28 -28 -87
Other investing activities -23 -27 60 -42
Cash flow before financing activities -254 75 335 1 290
Cash flow statement
20
MEUR 2010 2009EBITDA 2 271 2 292Comparable EBITDA 2 396 2 398Interest-bearing net debt 6 826 5 969Net debtEBITDA 30 26Comparable Net debtEBITDA 28 25
Return on capital employed () 116 121Return on shareholders equity () 157 160
Key ratios
21
Debt maturity
profile
per 31 Dec 2010 per 31 Dec 2009Duration (years) 21 18Average interest rate (incl swaps and forwards) 35 34Portion of floating fixed debt 49 51 62 38
MEUR
2011 862
2012 624
2013 636
2014 1191
2015 1042
2016 870
2017 243
2018 93
2019 819
2020 43
2021+ 9590
250
500
750
1000
1250
1500
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021+Bonds Financial institutions Other long-term debt CPs
23
Summary on 2010
bull
Strategy updated to support business actionsndash
Sustainable solutions at the core of the strategybull
Solid performance continuedbull
Russiandash
Power reform proceeding fully liberalised from January 2011ndash
Demand improvedndash
Fortumrsquos investment programme acceleratedbull
Nordic countriesndash
Demand recoveredndash
Water reservoirs historically lowbull
Strong financial position and liquidity
242424
Key strategic actions going forward
Focus on performancendash
Organisational efficiencyndash
Nuclear availabilityndash
Value creation from Russian investments
Prepare for growthndash
Prioritized value enhancing acquisitions while maintaining strong balance sheetndash
Investigating high growth Asian markets
Create strategic partnerships for new innovative solutions market entries and RampDndash
Partnerships in nuclear and bio energyndash
Electricity Sales and Distribution services solutions and partnerships
Continuous development of competences
Readiness for changendash
Leadership and organisational culture enabling readiness for change
25
Outlook
bull
Key drivers and risksndash
Wholesale price of electricitybull
Fuel CO2
emissions prices and water reservoirs
bull
Nordic Marketsndash
Market continues to recover ndash
2008 level reached by 2012-2014ndash
Electricity continues to gain share of total energy consumption
bull
Russiandash
Wholesale market fully liberalisedndash
Achieved efficiency improvements compared to the time of the acquisition to be approximately EUR 100 million in 2011
ndash
Profits from Russia builds up in pace with the capacity increase
NOTE Fuel Co2
emissions prices and water reservoirs found in appendix
26
Outlook
bull
Capex
(excluding potential acquisitions)ndash
2011-2012 around EUR 16 to 18 billion (mainly due to Russian investment programme)
ndash
2013-2014 around EUR 11 to 14 billionndash
Preliminary divestments agreed total approximately EUR 05 billion in 2011
bull
Hedgingndash
2011 approximately 70 hedge ratio at approximately EUR 45MWhndash
2012 approximately 40 hedge ratio at approximately EUR 44MWh
28
Appendices
29
Increased power consumption
Fortum currently expects Nordic power demand to recover back to the 2008 level by 2012-2014Temperature corrected power consumption in Nordic countries is still appr 4 (~16 TWh
) lower than in 2008
-1
3
7
11
15
Tyumen Chelyabinsk Russia Uralsarea
Russia
Q1 2010 vs
Q1 2009Q2 2010 vs
Q2 2009Q3 2010 vs
Q3 2009Q4 2010 vs
Q4 2009
0
5
10
15
Finland Sweden Norway Denmark Nordic
Q1 2010 vs
Q1 2009Q2 2010 vs
Q2 2009Q3 2010 vs
Q3 2009Q4 2010 vs
Q4 2009
30
Nordic year forwards
Source NASDAQ OMX Commodities Europe
0
10
20
30
40
50
60
70
euroMWh Year 15Year 08 Year 09 Year 10 Year 11 Year 12 Year 13 Year 14 Year 16
2007
Q1 Q2 Q3 Q4 Q1
2008
Q2 Q3 Q4 Q1
2009
Q2 Q3 Q4 Q1
2010
Q2 Q3 Q4 Q1
2011
31 January 2011
31
Fuel and CO2 allowance prices
Source ICE NASDAQ OMX Commodities Europe
Market prices 10 January 2011 2011-2012 future quotations
Crude oil price (ICE Brent)
020406080
100120140160
USD
bb
l
CO2 price (NP EUA)
05
101520253035
EUR
tC
O2
Coal price (ICE Rotterdam)
04080
120160200240
USD
t
Gas price (ICE NBP)
0
20
40
60
80
100
GB
p t
herm
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2010 average80 (63)
2010 average14 (13)
2010 average92 (70)
2010 average41 (32)
- Slide Number 1
- Disclaimer
- Highlights in 2010
- Global mega trends drive the industry - Updated strategy supports sustainable business development
- Business environment improved
- Solid performance continued
- Comparable profit close to last years level
- Nordic water reservoirs were historically low
- Price development in the Nordic region and Russia
- Financials
- Comparable and reported operating profit
- 2011 February Nordic Power Exchange forward development minus Down by ~27 euroMWh from 2010 year end
- Power
- Heat
- Distribution
- Electricity Sales
- Russia
- Income statement
- Cash flow statement
- Key ratios
- Debt maturity profile
- Slide Number 22
- Summary on 2010
- Key strategic actions going forward
- Outlook
- Outlook
- Slide Number 27
- Slide Number 28
- Increased power consumption
- Nordic year forwards
- Fuel and CO2 allowance prices
-
12
0
10
20
30
40
50
60
70
80
902
820
10
168
201
0
308
201
0
139
201
0
279
201
0
111
020
10
251
020
10
811
201
0
221
120
10
612
201
0
201
220
10
31
2011
171
201
1
2011 February Nordic Power Exchange forward development minus
Down by ~27 euroMWh
from 2010 year end30122011Year high ateuro851 per MWh
2712011Last price ateuro581 per MWh
Change +6330 Sept -30 Dec 2010
Change -3230 Dec 2010 -27 Jan 2011
13
Power
bull
Comparable operating profit decreasedndash
Higher costs in Swedish associated nuclear companiesndash
Production mix increased thermal power production during peak hours
bull
Nordic achieved power price at same level as in 2009ndash
Lower hedge pricesndash
Higher prices in thermal during peak hoursMEUR 2010 2009
Sales 2 702 2 531
Comparable operating profit 1 298 1 454
Net Assets 5 806 5 494
Comparable RONA 223 264
Gross Investments 122 153
14
MEUR 2010 2009
Sales 1 770 1 399
Comparable operating profit 275 231
Net Assets 4 182 3 787
Comparable RONA 77 73
Gross Investments 305 359
Heat
bull
Comparable operating profit increased due to higher volumes and power prices
bull
CHP )
plants in Częstochowa Poland and Paumlrnu Estonia inaugurated commercial operation began during Q42010
) CHP Combined Heat and Power
15
MEUR 2010 2009
Sales 963 800
Comparable operating profit 307 262
Net Assets 3 683 3 299
Comparable RONA 93 86
Gross Investments 213 193
Distribution
bull
Comparable operating profit increased due to higher sales and strong SEK
bull
Smart metering pilot rollout to network customers in Finland started in Q42010
16
MEUR 2010 2009
Sales 1 798 1 449
Comparable operating profit 11 22
Net Assets 210 125
Comparable RONA 93 186
Gross Investments 0 1
Electricity Sales
bull
Comparable operating profit decreasedndash
Price peaks in Q1 and Q4bull
Restructuring of the business market segment continued
17
MEUR 2010 2009
Sales 804 632
Comparable operating profit 8 -20
Net Assets 2 817 2 260
Comparable RONA 07 00
Gross Investments 599 218
Russia
bull
Comparable operating profit turned positivebull
Wholesale power market liberalised as of January 2011bull
Pricing principles for ldquooldrdquo
and ldquonewrdquo
capacity determinedbull
Accelerated investment programme
18
MEUR IV2010 IV2009 2010 2009
Sales 1 902 1 563 6 296 5 435Expenses -1 361 -993 -4 463 -3 547
Comparable operating profit 541 570 1 833 1 888
Other items affecting comparability -220 -48 -125 -106
Operating profit 321 522 1 708 1 782Share of profit of associates and jvs 21 22 62 21Financial expenses net -57 -39 -155 -167
Profit before taxes 285 505 1 615 1 636Income tax expense -25 -74 -261 -285
Net profit for the period 260 431 1 354 1 351Non-controlling interests 29 25 54 39
EPS basic (EUR) 026 046 146 148EPS diluted (EUR) 026 046 146 148
Income statement
19
MEUR IV2010 IV2009 2010 2009
Operating profit before depreciations 468 658 2 271 2 292
Non-cash flow items and divesting activities 222 -4 124 46
Financial items and fx gainslosses -192 -102 -641 146
Taxes -107 -34 -355 -239
Funds from operations (FFO) 391 518 1 399 2 245
Change in working capital -170 -122 38 19
Total net cash from operating activities 221 396 1 437 2 264
Paid capital expenditures -432 -266 -1 134 -845
Acquisition of shares -20 -28 -28 -87
Other investing activities -23 -27 60 -42
Cash flow before financing activities -254 75 335 1 290
Cash flow statement
20
MEUR 2010 2009EBITDA 2 271 2 292Comparable EBITDA 2 396 2 398Interest-bearing net debt 6 826 5 969Net debtEBITDA 30 26Comparable Net debtEBITDA 28 25
Return on capital employed () 116 121Return on shareholders equity () 157 160
Key ratios
21
Debt maturity
profile
per 31 Dec 2010 per 31 Dec 2009Duration (years) 21 18Average interest rate (incl swaps and forwards) 35 34Portion of floating fixed debt 49 51 62 38
MEUR
2011 862
2012 624
2013 636
2014 1191
2015 1042
2016 870
2017 243
2018 93
2019 819
2020 43
2021+ 9590
250
500
750
1000
1250
1500
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021+Bonds Financial institutions Other long-term debt CPs
23
Summary on 2010
bull
Strategy updated to support business actionsndash
Sustainable solutions at the core of the strategybull
Solid performance continuedbull
Russiandash
Power reform proceeding fully liberalised from January 2011ndash
Demand improvedndash
Fortumrsquos investment programme acceleratedbull
Nordic countriesndash
Demand recoveredndash
Water reservoirs historically lowbull
Strong financial position and liquidity
242424
Key strategic actions going forward
Focus on performancendash
Organisational efficiencyndash
Nuclear availabilityndash
Value creation from Russian investments
Prepare for growthndash
Prioritized value enhancing acquisitions while maintaining strong balance sheetndash
Investigating high growth Asian markets
Create strategic partnerships for new innovative solutions market entries and RampDndash
Partnerships in nuclear and bio energyndash
Electricity Sales and Distribution services solutions and partnerships
Continuous development of competences
Readiness for changendash
Leadership and organisational culture enabling readiness for change
25
Outlook
bull
Key drivers and risksndash
Wholesale price of electricitybull
Fuel CO2
emissions prices and water reservoirs
bull
Nordic Marketsndash
Market continues to recover ndash
2008 level reached by 2012-2014ndash
Electricity continues to gain share of total energy consumption
bull
Russiandash
Wholesale market fully liberalisedndash
Achieved efficiency improvements compared to the time of the acquisition to be approximately EUR 100 million in 2011
ndash
Profits from Russia builds up in pace with the capacity increase
NOTE Fuel Co2
emissions prices and water reservoirs found in appendix
26
Outlook
bull
Capex
(excluding potential acquisitions)ndash
2011-2012 around EUR 16 to 18 billion (mainly due to Russian investment programme)
ndash
2013-2014 around EUR 11 to 14 billionndash
Preliminary divestments agreed total approximately EUR 05 billion in 2011
bull
Hedgingndash
2011 approximately 70 hedge ratio at approximately EUR 45MWhndash
2012 approximately 40 hedge ratio at approximately EUR 44MWh
28
Appendices
29
Increased power consumption
Fortum currently expects Nordic power demand to recover back to the 2008 level by 2012-2014Temperature corrected power consumption in Nordic countries is still appr 4 (~16 TWh
) lower than in 2008
-1
3
7
11
15
Tyumen Chelyabinsk Russia Uralsarea
Russia
Q1 2010 vs
Q1 2009Q2 2010 vs
Q2 2009Q3 2010 vs
Q3 2009Q4 2010 vs
Q4 2009
0
5
10
15
Finland Sweden Norway Denmark Nordic
Q1 2010 vs
Q1 2009Q2 2010 vs
Q2 2009Q3 2010 vs
Q3 2009Q4 2010 vs
Q4 2009
30
Nordic year forwards
Source NASDAQ OMX Commodities Europe
0
10
20
30
40
50
60
70
euroMWh Year 15Year 08 Year 09 Year 10 Year 11 Year 12 Year 13 Year 14 Year 16
2007
Q1 Q2 Q3 Q4 Q1
2008
Q2 Q3 Q4 Q1
2009
Q2 Q3 Q4 Q1
2010
Q2 Q3 Q4 Q1
2011
31 January 2011
31
Fuel and CO2 allowance prices
Source ICE NASDAQ OMX Commodities Europe
Market prices 10 January 2011 2011-2012 future quotations
Crude oil price (ICE Brent)
020406080
100120140160
USD
bb
l
CO2 price (NP EUA)
05
101520253035
EUR
tC
O2
Coal price (ICE Rotterdam)
04080
120160200240
USD
t
Gas price (ICE NBP)
0
20
40
60
80
100
GB
p t
herm
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2010 average80 (63)
2010 average14 (13)
2010 average92 (70)
2010 average41 (32)
- Slide Number 1
- Disclaimer
- Highlights in 2010
- Global mega trends drive the industry - Updated strategy supports sustainable business development
- Business environment improved
- Solid performance continued
- Comparable profit close to last years level
- Nordic water reservoirs were historically low
- Price development in the Nordic region and Russia
- Financials
- Comparable and reported operating profit
- 2011 February Nordic Power Exchange forward development minus Down by ~27 euroMWh from 2010 year end
- Power
- Heat
- Distribution
- Electricity Sales
- Russia
- Income statement
- Cash flow statement
- Key ratios
- Debt maturity profile
- Slide Number 22
- Summary on 2010
- Key strategic actions going forward
- Outlook
- Outlook
- Slide Number 27
- Slide Number 28
- Increased power consumption
- Nordic year forwards
- Fuel and CO2 allowance prices
-
13
Power
bull
Comparable operating profit decreasedndash
Higher costs in Swedish associated nuclear companiesndash
Production mix increased thermal power production during peak hours
bull
Nordic achieved power price at same level as in 2009ndash
Lower hedge pricesndash
Higher prices in thermal during peak hoursMEUR 2010 2009
Sales 2 702 2 531
Comparable operating profit 1 298 1 454
Net Assets 5 806 5 494
Comparable RONA 223 264
Gross Investments 122 153
14
MEUR 2010 2009
Sales 1 770 1 399
Comparable operating profit 275 231
Net Assets 4 182 3 787
Comparable RONA 77 73
Gross Investments 305 359
Heat
bull
Comparable operating profit increased due to higher volumes and power prices
bull
CHP )
plants in Częstochowa Poland and Paumlrnu Estonia inaugurated commercial operation began during Q42010
) CHP Combined Heat and Power
15
MEUR 2010 2009
Sales 963 800
Comparable operating profit 307 262
Net Assets 3 683 3 299
Comparable RONA 93 86
Gross Investments 213 193
Distribution
bull
Comparable operating profit increased due to higher sales and strong SEK
bull
Smart metering pilot rollout to network customers in Finland started in Q42010
16
MEUR 2010 2009
Sales 1 798 1 449
Comparable operating profit 11 22
Net Assets 210 125
Comparable RONA 93 186
Gross Investments 0 1
Electricity Sales
bull
Comparable operating profit decreasedndash
Price peaks in Q1 and Q4bull
Restructuring of the business market segment continued
17
MEUR 2010 2009
Sales 804 632
Comparable operating profit 8 -20
Net Assets 2 817 2 260
Comparable RONA 07 00
Gross Investments 599 218
Russia
bull
Comparable operating profit turned positivebull
Wholesale power market liberalised as of January 2011bull
Pricing principles for ldquooldrdquo
and ldquonewrdquo
capacity determinedbull
Accelerated investment programme
18
MEUR IV2010 IV2009 2010 2009
Sales 1 902 1 563 6 296 5 435Expenses -1 361 -993 -4 463 -3 547
Comparable operating profit 541 570 1 833 1 888
Other items affecting comparability -220 -48 -125 -106
Operating profit 321 522 1 708 1 782Share of profit of associates and jvs 21 22 62 21Financial expenses net -57 -39 -155 -167
Profit before taxes 285 505 1 615 1 636Income tax expense -25 -74 -261 -285
Net profit for the period 260 431 1 354 1 351Non-controlling interests 29 25 54 39
EPS basic (EUR) 026 046 146 148EPS diluted (EUR) 026 046 146 148
Income statement
19
MEUR IV2010 IV2009 2010 2009
Operating profit before depreciations 468 658 2 271 2 292
Non-cash flow items and divesting activities 222 -4 124 46
Financial items and fx gainslosses -192 -102 -641 146
Taxes -107 -34 -355 -239
Funds from operations (FFO) 391 518 1 399 2 245
Change in working capital -170 -122 38 19
Total net cash from operating activities 221 396 1 437 2 264
Paid capital expenditures -432 -266 -1 134 -845
Acquisition of shares -20 -28 -28 -87
Other investing activities -23 -27 60 -42
Cash flow before financing activities -254 75 335 1 290
Cash flow statement
20
MEUR 2010 2009EBITDA 2 271 2 292Comparable EBITDA 2 396 2 398Interest-bearing net debt 6 826 5 969Net debtEBITDA 30 26Comparable Net debtEBITDA 28 25
Return on capital employed () 116 121Return on shareholders equity () 157 160
Key ratios
21
Debt maturity
profile
per 31 Dec 2010 per 31 Dec 2009Duration (years) 21 18Average interest rate (incl swaps and forwards) 35 34Portion of floating fixed debt 49 51 62 38
MEUR
2011 862
2012 624
2013 636
2014 1191
2015 1042
2016 870
2017 243
2018 93
2019 819
2020 43
2021+ 9590
250
500
750
1000
1250
1500
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021+Bonds Financial institutions Other long-term debt CPs
23
Summary on 2010
bull
Strategy updated to support business actionsndash
Sustainable solutions at the core of the strategybull
Solid performance continuedbull
Russiandash
Power reform proceeding fully liberalised from January 2011ndash
Demand improvedndash
Fortumrsquos investment programme acceleratedbull
Nordic countriesndash
Demand recoveredndash
Water reservoirs historically lowbull
Strong financial position and liquidity
242424
Key strategic actions going forward
Focus on performancendash
Organisational efficiencyndash
Nuclear availabilityndash
Value creation from Russian investments
Prepare for growthndash
Prioritized value enhancing acquisitions while maintaining strong balance sheetndash
Investigating high growth Asian markets
Create strategic partnerships for new innovative solutions market entries and RampDndash
Partnerships in nuclear and bio energyndash
Electricity Sales and Distribution services solutions and partnerships
Continuous development of competences
Readiness for changendash
Leadership and organisational culture enabling readiness for change
25
Outlook
bull
Key drivers and risksndash
Wholesale price of electricitybull
Fuel CO2
emissions prices and water reservoirs
bull
Nordic Marketsndash
Market continues to recover ndash
2008 level reached by 2012-2014ndash
Electricity continues to gain share of total energy consumption
bull
Russiandash
Wholesale market fully liberalisedndash
Achieved efficiency improvements compared to the time of the acquisition to be approximately EUR 100 million in 2011
ndash
Profits from Russia builds up in pace with the capacity increase
NOTE Fuel Co2
emissions prices and water reservoirs found in appendix
26
Outlook
bull
Capex
(excluding potential acquisitions)ndash
2011-2012 around EUR 16 to 18 billion (mainly due to Russian investment programme)
ndash
2013-2014 around EUR 11 to 14 billionndash
Preliminary divestments agreed total approximately EUR 05 billion in 2011
bull
Hedgingndash
2011 approximately 70 hedge ratio at approximately EUR 45MWhndash
2012 approximately 40 hedge ratio at approximately EUR 44MWh
28
Appendices
29
Increased power consumption
Fortum currently expects Nordic power demand to recover back to the 2008 level by 2012-2014Temperature corrected power consumption in Nordic countries is still appr 4 (~16 TWh
) lower than in 2008
-1
3
7
11
15
Tyumen Chelyabinsk Russia Uralsarea
Russia
Q1 2010 vs
Q1 2009Q2 2010 vs
Q2 2009Q3 2010 vs
Q3 2009Q4 2010 vs
Q4 2009
0
5
10
15
Finland Sweden Norway Denmark Nordic
Q1 2010 vs
Q1 2009Q2 2010 vs
Q2 2009Q3 2010 vs
Q3 2009Q4 2010 vs
Q4 2009
30
Nordic year forwards
Source NASDAQ OMX Commodities Europe
0
10
20
30
40
50
60
70
euroMWh Year 15Year 08 Year 09 Year 10 Year 11 Year 12 Year 13 Year 14 Year 16
2007
Q1 Q2 Q3 Q4 Q1
2008
Q2 Q3 Q4 Q1
2009
Q2 Q3 Q4 Q1
2010
Q2 Q3 Q4 Q1
2011
31 January 2011
31
Fuel and CO2 allowance prices
Source ICE NASDAQ OMX Commodities Europe
Market prices 10 January 2011 2011-2012 future quotations
Crude oil price (ICE Brent)
020406080
100120140160
USD
bb
l
CO2 price (NP EUA)
05
101520253035
EUR
tC
O2
Coal price (ICE Rotterdam)
04080
120160200240
USD
t
Gas price (ICE NBP)
0
20
40
60
80
100
GB
p t
herm
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2010 average80 (63)
2010 average14 (13)
2010 average92 (70)
2010 average41 (32)
- Slide Number 1
- Disclaimer
- Highlights in 2010
- Global mega trends drive the industry - Updated strategy supports sustainable business development
- Business environment improved
- Solid performance continued
- Comparable profit close to last years level
- Nordic water reservoirs were historically low
- Price development in the Nordic region and Russia
- Financials
- Comparable and reported operating profit
- 2011 February Nordic Power Exchange forward development minus Down by ~27 euroMWh from 2010 year end
- Power
- Heat
- Distribution
- Electricity Sales
- Russia
- Income statement
- Cash flow statement
- Key ratios
- Debt maturity profile
- Slide Number 22
- Summary on 2010
- Key strategic actions going forward
- Outlook
- Outlook
- Slide Number 27
- Slide Number 28
- Increased power consumption
- Nordic year forwards
- Fuel and CO2 allowance prices
-
14
MEUR 2010 2009
Sales 1 770 1 399
Comparable operating profit 275 231
Net Assets 4 182 3 787
Comparable RONA 77 73
Gross Investments 305 359
Heat
bull
Comparable operating profit increased due to higher volumes and power prices
bull
CHP )
plants in Częstochowa Poland and Paumlrnu Estonia inaugurated commercial operation began during Q42010
) CHP Combined Heat and Power
15
MEUR 2010 2009
Sales 963 800
Comparable operating profit 307 262
Net Assets 3 683 3 299
Comparable RONA 93 86
Gross Investments 213 193
Distribution
bull
Comparable operating profit increased due to higher sales and strong SEK
bull
Smart metering pilot rollout to network customers in Finland started in Q42010
16
MEUR 2010 2009
Sales 1 798 1 449
Comparable operating profit 11 22
Net Assets 210 125
Comparable RONA 93 186
Gross Investments 0 1
Electricity Sales
bull
Comparable operating profit decreasedndash
Price peaks in Q1 and Q4bull
Restructuring of the business market segment continued
17
MEUR 2010 2009
Sales 804 632
Comparable operating profit 8 -20
Net Assets 2 817 2 260
Comparable RONA 07 00
Gross Investments 599 218
Russia
bull
Comparable operating profit turned positivebull
Wholesale power market liberalised as of January 2011bull
Pricing principles for ldquooldrdquo
and ldquonewrdquo
capacity determinedbull
Accelerated investment programme
18
MEUR IV2010 IV2009 2010 2009
Sales 1 902 1 563 6 296 5 435Expenses -1 361 -993 -4 463 -3 547
Comparable operating profit 541 570 1 833 1 888
Other items affecting comparability -220 -48 -125 -106
Operating profit 321 522 1 708 1 782Share of profit of associates and jvs 21 22 62 21Financial expenses net -57 -39 -155 -167
Profit before taxes 285 505 1 615 1 636Income tax expense -25 -74 -261 -285
Net profit for the period 260 431 1 354 1 351Non-controlling interests 29 25 54 39
EPS basic (EUR) 026 046 146 148EPS diluted (EUR) 026 046 146 148
Income statement
19
MEUR IV2010 IV2009 2010 2009
Operating profit before depreciations 468 658 2 271 2 292
Non-cash flow items and divesting activities 222 -4 124 46
Financial items and fx gainslosses -192 -102 -641 146
Taxes -107 -34 -355 -239
Funds from operations (FFO) 391 518 1 399 2 245
Change in working capital -170 -122 38 19
Total net cash from operating activities 221 396 1 437 2 264
Paid capital expenditures -432 -266 -1 134 -845
Acquisition of shares -20 -28 -28 -87
Other investing activities -23 -27 60 -42
Cash flow before financing activities -254 75 335 1 290
Cash flow statement
20
MEUR 2010 2009EBITDA 2 271 2 292Comparable EBITDA 2 396 2 398Interest-bearing net debt 6 826 5 969Net debtEBITDA 30 26Comparable Net debtEBITDA 28 25
Return on capital employed () 116 121Return on shareholders equity () 157 160
Key ratios
21
Debt maturity
profile
per 31 Dec 2010 per 31 Dec 2009Duration (years) 21 18Average interest rate (incl swaps and forwards) 35 34Portion of floating fixed debt 49 51 62 38
MEUR
2011 862
2012 624
2013 636
2014 1191
2015 1042
2016 870
2017 243
2018 93
2019 819
2020 43
2021+ 9590
250
500
750
1000
1250
1500
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021+Bonds Financial institutions Other long-term debt CPs
23
Summary on 2010
bull
Strategy updated to support business actionsndash
Sustainable solutions at the core of the strategybull
Solid performance continuedbull
Russiandash
Power reform proceeding fully liberalised from January 2011ndash
Demand improvedndash
Fortumrsquos investment programme acceleratedbull
Nordic countriesndash
Demand recoveredndash
Water reservoirs historically lowbull
Strong financial position and liquidity
242424
Key strategic actions going forward
Focus on performancendash
Organisational efficiencyndash
Nuclear availabilityndash
Value creation from Russian investments
Prepare for growthndash
Prioritized value enhancing acquisitions while maintaining strong balance sheetndash
Investigating high growth Asian markets
Create strategic partnerships for new innovative solutions market entries and RampDndash
Partnerships in nuclear and bio energyndash
Electricity Sales and Distribution services solutions and partnerships
Continuous development of competences
Readiness for changendash
Leadership and organisational culture enabling readiness for change
25
Outlook
bull
Key drivers and risksndash
Wholesale price of electricitybull
Fuel CO2
emissions prices and water reservoirs
bull
Nordic Marketsndash
Market continues to recover ndash
2008 level reached by 2012-2014ndash
Electricity continues to gain share of total energy consumption
bull
Russiandash
Wholesale market fully liberalisedndash
Achieved efficiency improvements compared to the time of the acquisition to be approximately EUR 100 million in 2011
ndash
Profits from Russia builds up in pace with the capacity increase
NOTE Fuel Co2
emissions prices and water reservoirs found in appendix
26
Outlook
bull
Capex
(excluding potential acquisitions)ndash
2011-2012 around EUR 16 to 18 billion (mainly due to Russian investment programme)
ndash
2013-2014 around EUR 11 to 14 billionndash
Preliminary divestments agreed total approximately EUR 05 billion in 2011
bull
Hedgingndash
2011 approximately 70 hedge ratio at approximately EUR 45MWhndash
2012 approximately 40 hedge ratio at approximately EUR 44MWh
28
Appendices
29
Increased power consumption
Fortum currently expects Nordic power demand to recover back to the 2008 level by 2012-2014Temperature corrected power consumption in Nordic countries is still appr 4 (~16 TWh
) lower than in 2008
-1
3
7
11
15
Tyumen Chelyabinsk Russia Uralsarea
Russia
Q1 2010 vs
Q1 2009Q2 2010 vs
Q2 2009Q3 2010 vs
Q3 2009Q4 2010 vs
Q4 2009
0
5
10
15
Finland Sweden Norway Denmark Nordic
Q1 2010 vs
Q1 2009Q2 2010 vs
Q2 2009Q3 2010 vs
Q3 2009Q4 2010 vs
Q4 2009
30
Nordic year forwards
Source NASDAQ OMX Commodities Europe
0
10
20
30
40
50
60
70
euroMWh Year 15Year 08 Year 09 Year 10 Year 11 Year 12 Year 13 Year 14 Year 16
2007
Q1 Q2 Q3 Q4 Q1
2008
Q2 Q3 Q4 Q1
2009
Q2 Q3 Q4 Q1
2010
Q2 Q3 Q4 Q1
2011
31 January 2011
31
Fuel and CO2 allowance prices
Source ICE NASDAQ OMX Commodities Europe
Market prices 10 January 2011 2011-2012 future quotations
Crude oil price (ICE Brent)
020406080
100120140160
USD
bb
l
CO2 price (NP EUA)
05
101520253035
EUR
tC
O2
Coal price (ICE Rotterdam)
04080
120160200240
USD
t
Gas price (ICE NBP)
0
20
40
60
80
100
GB
p t
herm
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2010 average80 (63)
2010 average14 (13)
2010 average92 (70)
2010 average41 (32)
- Slide Number 1
- Disclaimer
- Highlights in 2010
- Global mega trends drive the industry - Updated strategy supports sustainable business development
- Business environment improved
- Solid performance continued
- Comparable profit close to last years level
- Nordic water reservoirs were historically low
- Price development in the Nordic region and Russia
- Financials
- Comparable and reported operating profit
- 2011 February Nordic Power Exchange forward development minus Down by ~27 euroMWh from 2010 year end
- Power
- Heat
- Distribution
- Electricity Sales
- Russia
- Income statement
- Cash flow statement
- Key ratios
- Debt maturity profile
- Slide Number 22
- Summary on 2010
- Key strategic actions going forward
- Outlook
- Outlook
- Slide Number 27
- Slide Number 28
- Increased power consumption
- Nordic year forwards
- Fuel and CO2 allowance prices
-
15
MEUR 2010 2009
Sales 963 800
Comparable operating profit 307 262
Net Assets 3 683 3 299
Comparable RONA 93 86
Gross Investments 213 193
Distribution
bull
Comparable operating profit increased due to higher sales and strong SEK
bull
Smart metering pilot rollout to network customers in Finland started in Q42010
16
MEUR 2010 2009
Sales 1 798 1 449
Comparable operating profit 11 22
Net Assets 210 125
Comparable RONA 93 186
Gross Investments 0 1
Electricity Sales
bull
Comparable operating profit decreasedndash
Price peaks in Q1 and Q4bull
Restructuring of the business market segment continued
17
MEUR 2010 2009
Sales 804 632
Comparable operating profit 8 -20
Net Assets 2 817 2 260
Comparable RONA 07 00
Gross Investments 599 218
Russia
bull
Comparable operating profit turned positivebull
Wholesale power market liberalised as of January 2011bull
Pricing principles for ldquooldrdquo
and ldquonewrdquo
capacity determinedbull
Accelerated investment programme
18
MEUR IV2010 IV2009 2010 2009
Sales 1 902 1 563 6 296 5 435Expenses -1 361 -993 -4 463 -3 547
Comparable operating profit 541 570 1 833 1 888
Other items affecting comparability -220 -48 -125 -106
Operating profit 321 522 1 708 1 782Share of profit of associates and jvs 21 22 62 21Financial expenses net -57 -39 -155 -167
Profit before taxes 285 505 1 615 1 636Income tax expense -25 -74 -261 -285
Net profit for the period 260 431 1 354 1 351Non-controlling interests 29 25 54 39
EPS basic (EUR) 026 046 146 148EPS diluted (EUR) 026 046 146 148
Income statement
19
MEUR IV2010 IV2009 2010 2009
Operating profit before depreciations 468 658 2 271 2 292
Non-cash flow items and divesting activities 222 -4 124 46
Financial items and fx gainslosses -192 -102 -641 146
Taxes -107 -34 -355 -239
Funds from operations (FFO) 391 518 1 399 2 245
Change in working capital -170 -122 38 19
Total net cash from operating activities 221 396 1 437 2 264
Paid capital expenditures -432 -266 -1 134 -845
Acquisition of shares -20 -28 -28 -87
Other investing activities -23 -27 60 -42
Cash flow before financing activities -254 75 335 1 290
Cash flow statement
20
MEUR 2010 2009EBITDA 2 271 2 292Comparable EBITDA 2 396 2 398Interest-bearing net debt 6 826 5 969Net debtEBITDA 30 26Comparable Net debtEBITDA 28 25
Return on capital employed () 116 121Return on shareholders equity () 157 160
Key ratios
21
Debt maturity
profile
per 31 Dec 2010 per 31 Dec 2009Duration (years) 21 18Average interest rate (incl swaps and forwards) 35 34Portion of floating fixed debt 49 51 62 38
MEUR
2011 862
2012 624
2013 636
2014 1191
2015 1042
2016 870
2017 243
2018 93
2019 819
2020 43
2021+ 9590
250
500
750
1000
1250
1500
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021+Bonds Financial institutions Other long-term debt CPs
23
Summary on 2010
bull
Strategy updated to support business actionsndash
Sustainable solutions at the core of the strategybull
Solid performance continuedbull
Russiandash
Power reform proceeding fully liberalised from January 2011ndash
Demand improvedndash
Fortumrsquos investment programme acceleratedbull
Nordic countriesndash
Demand recoveredndash
Water reservoirs historically lowbull
Strong financial position and liquidity
242424
Key strategic actions going forward
Focus on performancendash
Organisational efficiencyndash
Nuclear availabilityndash
Value creation from Russian investments
Prepare for growthndash
Prioritized value enhancing acquisitions while maintaining strong balance sheetndash
Investigating high growth Asian markets
Create strategic partnerships for new innovative solutions market entries and RampDndash
Partnerships in nuclear and bio energyndash
Electricity Sales and Distribution services solutions and partnerships
Continuous development of competences
Readiness for changendash
Leadership and organisational culture enabling readiness for change
25
Outlook
bull
Key drivers and risksndash
Wholesale price of electricitybull
Fuel CO2
emissions prices and water reservoirs
bull
Nordic Marketsndash
Market continues to recover ndash
2008 level reached by 2012-2014ndash
Electricity continues to gain share of total energy consumption
bull
Russiandash
Wholesale market fully liberalisedndash
Achieved efficiency improvements compared to the time of the acquisition to be approximately EUR 100 million in 2011
ndash
Profits from Russia builds up in pace with the capacity increase
NOTE Fuel Co2
emissions prices and water reservoirs found in appendix
26
Outlook
bull
Capex
(excluding potential acquisitions)ndash
2011-2012 around EUR 16 to 18 billion (mainly due to Russian investment programme)
ndash
2013-2014 around EUR 11 to 14 billionndash
Preliminary divestments agreed total approximately EUR 05 billion in 2011
bull
Hedgingndash
2011 approximately 70 hedge ratio at approximately EUR 45MWhndash
2012 approximately 40 hedge ratio at approximately EUR 44MWh
28
Appendices
29
Increased power consumption
Fortum currently expects Nordic power demand to recover back to the 2008 level by 2012-2014Temperature corrected power consumption in Nordic countries is still appr 4 (~16 TWh
) lower than in 2008
-1
3
7
11
15
Tyumen Chelyabinsk Russia Uralsarea
Russia
Q1 2010 vs
Q1 2009Q2 2010 vs
Q2 2009Q3 2010 vs
Q3 2009Q4 2010 vs
Q4 2009
0
5
10
15
Finland Sweden Norway Denmark Nordic
Q1 2010 vs
Q1 2009Q2 2010 vs
Q2 2009Q3 2010 vs
Q3 2009Q4 2010 vs
Q4 2009
30
Nordic year forwards
Source NASDAQ OMX Commodities Europe
0
10
20
30
40
50
60
70
euroMWh Year 15Year 08 Year 09 Year 10 Year 11 Year 12 Year 13 Year 14 Year 16
2007
Q1 Q2 Q3 Q4 Q1
2008
Q2 Q3 Q4 Q1
2009
Q2 Q3 Q4 Q1
2010
Q2 Q3 Q4 Q1
2011
31 January 2011
31
Fuel and CO2 allowance prices
Source ICE NASDAQ OMX Commodities Europe
Market prices 10 January 2011 2011-2012 future quotations
Crude oil price (ICE Brent)
020406080
100120140160
USD
bb
l
CO2 price (NP EUA)
05
101520253035
EUR
tC
O2
Coal price (ICE Rotterdam)
04080
120160200240
USD
t
Gas price (ICE NBP)
0
20
40
60
80
100
GB
p t
herm
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2010 average80 (63)
2010 average14 (13)
2010 average92 (70)
2010 average41 (32)
- Slide Number 1
- Disclaimer
- Highlights in 2010
- Global mega trends drive the industry - Updated strategy supports sustainable business development
- Business environment improved
- Solid performance continued
- Comparable profit close to last years level
- Nordic water reservoirs were historically low
- Price development in the Nordic region and Russia
- Financials
- Comparable and reported operating profit
- 2011 February Nordic Power Exchange forward development minus Down by ~27 euroMWh from 2010 year end
- Power
- Heat
- Distribution
- Electricity Sales
- Russia
- Income statement
- Cash flow statement
- Key ratios
- Debt maturity profile
- Slide Number 22
- Summary on 2010
- Key strategic actions going forward
- Outlook
- Outlook
- Slide Number 27
- Slide Number 28
- Increased power consumption
- Nordic year forwards
- Fuel and CO2 allowance prices
-
16
MEUR 2010 2009
Sales 1 798 1 449
Comparable operating profit 11 22
Net Assets 210 125
Comparable RONA 93 186
Gross Investments 0 1
Electricity Sales
bull
Comparable operating profit decreasedndash
Price peaks in Q1 and Q4bull
Restructuring of the business market segment continued
17
MEUR 2010 2009
Sales 804 632
Comparable operating profit 8 -20
Net Assets 2 817 2 260
Comparable RONA 07 00
Gross Investments 599 218
Russia
bull
Comparable operating profit turned positivebull
Wholesale power market liberalised as of January 2011bull
Pricing principles for ldquooldrdquo
and ldquonewrdquo
capacity determinedbull
Accelerated investment programme
18
MEUR IV2010 IV2009 2010 2009
Sales 1 902 1 563 6 296 5 435Expenses -1 361 -993 -4 463 -3 547
Comparable operating profit 541 570 1 833 1 888
Other items affecting comparability -220 -48 -125 -106
Operating profit 321 522 1 708 1 782Share of profit of associates and jvs 21 22 62 21Financial expenses net -57 -39 -155 -167
Profit before taxes 285 505 1 615 1 636Income tax expense -25 -74 -261 -285
Net profit for the period 260 431 1 354 1 351Non-controlling interests 29 25 54 39
EPS basic (EUR) 026 046 146 148EPS diluted (EUR) 026 046 146 148
Income statement
19
MEUR IV2010 IV2009 2010 2009
Operating profit before depreciations 468 658 2 271 2 292
Non-cash flow items and divesting activities 222 -4 124 46
Financial items and fx gainslosses -192 -102 -641 146
Taxes -107 -34 -355 -239
Funds from operations (FFO) 391 518 1 399 2 245
Change in working capital -170 -122 38 19
Total net cash from operating activities 221 396 1 437 2 264
Paid capital expenditures -432 -266 -1 134 -845
Acquisition of shares -20 -28 -28 -87
Other investing activities -23 -27 60 -42
Cash flow before financing activities -254 75 335 1 290
Cash flow statement
20
MEUR 2010 2009EBITDA 2 271 2 292Comparable EBITDA 2 396 2 398Interest-bearing net debt 6 826 5 969Net debtEBITDA 30 26Comparable Net debtEBITDA 28 25
Return on capital employed () 116 121Return on shareholders equity () 157 160
Key ratios
21
Debt maturity
profile
per 31 Dec 2010 per 31 Dec 2009Duration (years) 21 18Average interest rate (incl swaps and forwards) 35 34Portion of floating fixed debt 49 51 62 38
MEUR
2011 862
2012 624
2013 636
2014 1191
2015 1042
2016 870
2017 243
2018 93
2019 819
2020 43
2021+ 9590
250
500
750
1000
1250
1500
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021+Bonds Financial institutions Other long-term debt CPs
23
Summary on 2010
bull
Strategy updated to support business actionsndash
Sustainable solutions at the core of the strategybull
Solid performance continuedbull
Russiandash
Power reform proceeding fully liberalised from January 2011ndash
Demand improvedndash
Fortumrsquos investment programme acceleratedbull
Nordic countriesndash
Demand recoveredndash
Water reservoirs historically lowbull
Strong financial position and liquidity
242424
Key strategic actions going forward
Focus on performancendash
Organisational efficiencyndash
Nuclear availabilityndash
Value creation from Russian investments
Prepare for growthndash
Prioritized value enhancing acquisitions while maintaining strong balance sheetndash
Investigating high growth Asian markets
Create strategic partnerships for new innovative solutions market entries and RampDndash
Partnerships in nuclear and bio energyndash
Electricity Sales and Distribution services solutions and partnerships
Continuous development of competences
Readiness for changendash
Leadership and organisational culture enabling readiness for change
25
Outlook
bull
Key drivers and risksndash
Wholesale price of electricitybull
Fuel CO2
emissions prices and water reservoirs
bull
Nordic Marketsndash
Market continues to recover ndash
2008 level reached by 2012-2014ndash
Electricity continues to gain share of total energy consumption
bull
Russiandash
Wholesale market fully liberalisedndash
Achieved efficiency improvements compared to the time of the acquisition to be approximately EUR 100 million in 2011
ndash
Profits from Russia builds up in pace with the capacity increase
NOTE Fuel Co2
emissions prices and water reservoirs found in appendix
26
Outlook
bull
Capex
(excluding potential acquisitions)ndash
2011-2012 around EUR 16 to 18 billion (mainly due to Russian investment programme)
ndash
2013-2014 around EUR 11 to 14 billionndash
Preliminary divestments agreed total approximately EUR 05 billion in 2011
bull
Hedgingndash
2011 approximately 70 hedge ratio at approximately EUR 45MWhndash
2012 approximately 40 hedge ratio at approximately EUR 44MWh
28
Appendices
29
Increased power consumption
Fortum currently expects Nordic power demand to recover back to the 2008 level by 2012-2014Temperature corrected power consumption in Nordic countries is still appr 4 (~16 TWh
) lower than in 2008
-1
3
7
11
15
Tyumen Chelyabinsk Russia Uralsarea
Russia
Q1 2010 vs
Q1 2009Q2 2010 vs
Q2 2009Q3 2010 vs
Q3 2009Q4 2010 vs
Q4 2009
0
5
10
15
Finland Sweden Norway Denmark Nordic
Q1 2010 vs
Q1 2009Q2 2010 vs
Q2 2009Q3 2010 vs
Q3 2009Q4 2010 vs
Q4 2009
30
Nordic year forwards
Source NASDAQ OMX Commodities Europe
0
10
20
30
40
50
60
70
euroMWh Year 15Year 08 Year 09 Year 10 Year 11 Year 12 Year 13 Year 14 Year 16
2007
Q1 Q2 Q3 Q4 Q1
2008
Q2 Q3 Q4 Q1
2009
Q2 Q3 Q4 Q1
2010
Q2 Q3 Q4 Q1
2011
31 January 2011
31
Fuel and CO2 allowance prices
Source ICE NASDAQ OMX Commodities Europe
Market prices 10 January 2011 2011-2012 future quotations
Crude oil price (ICE Brent)
020406080
100120140160
USD
bb
l
CO2 price (NP EUA)
05
101520253035
EUR
tC
O2
Coal price (ICE Rotterdam)
04080
120160200240
USD
t
Gas price (ICE NBP)
0
20
40
60
80
100
GB
p t
herm
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2010 average80 (63)
2010 average14 (13)
2010 average92 (70)
2010 average41 (32)
- Slide Number 1
- Disclaimer
- Highlights in 2010
- Global mega trends drive the industry - Updated strategy supports sustainable business development
- Business environment improved
- Solid performance continued
- Comparable profit close to last years level
- Nordic water reservoirs were historically low
- Price development in the Nordic region and Russia
- Financials
- Comparable and reported operating profit
- 2011 February Nordic Power Exchange forward development minus Down by ~27 euroMWh from 2010 year end
- Power
- Heat
- Distribution
- Electricity Sales
- Russia
- Income statement
- Cash flow statement
- Key ratios
- Debt maturity profile
- Slide Number 22
- Summary on 2010
- Key strategic actions going forward
- Outlook
- Outlook
- Slide Number 27
- Slide Number 28
- Increased power consumption
- Nordic year forwards
- Fuel and CO2 allowance prices
-
17
MEUR 2010 2009
Sales 804 632
Comparable operating profit 8 -20
Net Assets 2 817 2 260
Comparable RONA 07 00
Gross Investments 599 218
Russia
bull
Comparable operating profit turned positivebull
Wholesale power market liberalised as of January 2011bull
Pricing principles for ldquooldrdquo
and ldquonewrdquo
capacity determinedbull
Accelerated investment programme
18
MEUR IV2010 IV2009 2010 2009
Sales 1 902 1 563 6 296 5 435Expenses -1 361 -993 -4 463 -3 547
Comparable operating profit 541 570 1 833 1 888
Other items affecting comparability -220 -48 -125 -106
Operating profit 321 522 1 708 1 782Share of profit of associates and jvs 21 22 62 21Financial expenses net -57 -39 -155 -167
Profit before taxes 285 505 1 615 1 636Income tax expense -25 -74 -261 -285
Net profit for the period 260 431 1 354 1 351Non-controlling interests 29 25 54 39
EPS basic (EUR) 026 046 146 148EPS diluted (EUR) 026 046 146 148
Income statement
19
MEUR IV2010 IV2009 2010 2009
Operating profit before depreciations 468 658 2 271 2 292
Non-cash flow items and divesting activities 222 -4 124 46
Financial items and fx gainslosses -192 -102 -641 146
Taxes -107 -34 -355 -239
Funds from operations (FFO) 391 518 1 399 2 245
Change in working capital -170 -122 38 19
Total net cash from operating activities 221 396 1 437 2 264
Paid capital expenditures -432 -266 -1 134 -845
Acquisition of shares -20 -28 -28 -87
Other investing activities -23 -27 60 -42
Cash flow before financing activities -254 75 335 1 290
Cash flow statement
20
MEUR 2010 2009EBITDA 2 271 2 292Comparable EBITDA 2 396 2 398Interest-bearing net debt 6 826 5 969Net debtEBITDA 30 26Comparable Net debtEBITDA 28 25
Return on capital employed () 116 121Return on shareholders equity () 157 160
Key ratios
21
Debt maturity
profile
per 31 Dec 2010 per 31 Dec 2009Duration (years) 21 18Average interest rate (incl swaps and forwards) 35 34Portion of floating fixed debt 49 51 62 38
MEUR
2011 862
2012 624
2013 636
2014 1191
2015 1042
2016 870
2017 243
2018 93
2019 819
2020 43
2021+ 9590
250
500
750
1000
1250
1500
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021+Bonds Financial institutions Other long-term debt CPs
23
Summary on 2010
bull
Strategy updated to support business actionsndash
Sustainable solutions at the core of the strategybull
Solid performance continuedbull
Russiandash
Power reform proceeding fully liberalised from January 2011ndash
Demand improvedndash
Fortumrsquos investment programme acceleratedbull
Nordic countriesndash
Demand recoveredndash
Water reservoirs historically lowbull
Strong financial position and liquidity
242424
Key strategic actions going forward
Focus on performancendash
Organisational efficiencyndash
Nuclear availabilityndash
Value creation from Russian investments
Prepare for growthndash
Prioritized value enhancing acquisitions while maintaining strong balance sheetndash
Investigating high growth Asian markets
Create strategic partnerships for new innovative solutions market entries and RampDndash
Partnerships in nuclear and bio energyndash
Electricity Sales and Distribution services solutions and partnerships
Continuous development of competences
Readiness for changendash
Leadership and organisational culture enabling readiness for change
25
Outlook
bull
Key drivers and risksndash
Wholesale price of electricitybull
Fuel CO2
emissions prices and water reservoirs
bull
Nordic Marketsndash
Market continues to recover ndash
2008 level reached by 2012-2014ndash
Electricity continues to gain share of total energy consumption
bull
Russiandash
Wholesale market fully liberalisedndash
Achieved efficiency improvements compared to the time of the acquisition to be approximately EUR 100 million in 2011
ndash
Profits from Russia builds up in pace with the capacity increase
NOTE Fuel Co2
emissions prices and water reservoirs found in appendix
26
Outlook
bull
Capex
(excluding potential acquisitions)ndash
2011-2012 around EUR 16 to 18 billion (mainly due to Russian investment programme)
ndash
2013-2014 around EUR 11 to 14 billionndash
Preliminary divestments agreed total approximately EUR 05 billion in 2011
bull
Hedgingndash
2011 approximately 70 hedge ratio at approximately EUR 45MWhndash
2012 approximately 40 hedge ratio at approximately EUR 44MWh
28
Appendices
29
Increased power consumption
Fortum currently expects Nordic power demand to recover back to the 2008 level by 2012-2014Temperature corrected power consumption in Nordic countries is still appr 4 (~16 TWh
) lower than in 2008
-1
3
7
11
15
Tyumen Chelyabinsk Russia Uralsarea
Russia
Q1 2010 vs
Q1 2009Q2 2010 vs
Q2 2009Q3 2010 vs
Q3 2009Q4 2010 vs
Q4 2009
0
5
10
15
Finland Sweden Norway Denmark Nordic
Q1 2010 vs
Q1 2009Q2 2010 vs
Q2 2009Q3 2010 vs
Q3 2009Q4 2010 vs
Q4 2009
30
Nordic year forwards
Source NASDAQ OMX Commodities Europe
0
10
20
30
40
50
60
70
euroMWh Year 15Year 08 Year 09 Year 10 Year 11 Year 12 Year 13 Year 14 Year 16
2007
Q1 Q2 Q3 Q4 Q1
2008
Q2 Q3 Q4 Q1
2009
Q2 Q3 Q4 Q1
2010
Q2 Q3 Q4 Q1
2011
31 January 2011
31
Fuel and CO2 allowance prices
Source ICE NASDAQ OMX Commodities Europe
Market prices 10 January 2011 2011-2012 future quotations
Crude oil price (ICE Brent)
020406080
100120140160
USD
bb
l
CO2 price (NP EUA)
05
101520253035
EUR
tC
O2
Coal price (ICE Rotterdam)
04080
120160200240
USD
t
Gas price (ICE NBP)
0
20
40
60
80
100
GB
p t
herm
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2010 average80 (63)
2010 average14 (13)
2010 average92 (70)
2010 average41 (32)
- Slide Number 1
- Disclaimer
- Highlights in 2010
- Global mega trends drive the industry - Updated strategy supports sustainable business development
- Business environment improved
- Solid performance continued
- Comparable profit close to last years level
- Nordic water reservoirs were historically low
- Price development in the Nordic region and Russia
- Financials
- Comparable and reported operating profit
- 2011 February Nordic Power Exchange forward development minus Down by ~27 euroMWh from 2010 year end
- Power
- Heat
- Distribution
- Electricity Sales
- Russia
- Income statement
- Cash flow statement
- Key ratios
- Debt maturity profile
- Slide Number 22
- Summary on 2010
- Key strategic actions going forward
- Outlook
- Outlook
- Slide Number 27
- Slide Number 28
- Increased power consumption
- Nordic year forwards
- Fuel and CO2 allowance prices
-
18
MEUR IV2010 IV2009 2010 2009
Sales 1 902 1 563 6 296 5 435Expenses -1 361 -993 -4 463 -3 547
Comparable operating profit 541 570 1 833 1 888
Other items affecting comparability -220 -48 -125 -106
Operating profit 321 522 1 708 1 782Share of profit of associates and jvs 21 22 62 21Financial expenses net -57 -39 -155 -167
Profit before taxes 285 505 1 615 1 636Income tax expense -25 -74 -261 -285
Net profit for the period 260 431 1 354 1 351Non-controlling interests 29 25 54 39
EPS basic (EUR) 026 046 146 148EPS diluted (EUR) 026 046 146 148
Income statement
19
MEUR IV2010 IV2009 2010 2009
Operating profit before depreciations 468 658 2 271 2 292
Non-cash flow items and divesting activities 222 -4 124 46
Financial items and fx gainslosses -192 -102 -641 146
Taxes -107 -34 -355 -239
Funds from operations (FFO) 391 518 1 399 2 245
Change in working capital -170 -122 38 19
Total net cash from operating activities 221 396 1 437 2 264
Paid capital expenditures -432 -266 -1 134 -845
Acquisition of shares -20 -28 -28 -87
Other investing activities -23 -27 60 -42
Cash flow before financing activities -254 75 335 1 290
Cash flow statement
20
MEUR 2010 2009EBITDA 2 271 2 292Comparable EBITDA 2 396 2 398Interest-bearing net debt 6 826 5 969Net debtEBITDA 30 26Comparable Net debtEBITDA 28 25
Return on capital employed () 116 121Return on shareholders equity () 157 160
Key ratios
21
Debt maturity
profile
per 31 Dec 2010 per 31 Dec 2009Duration (years) 21 18Average interest rate (incl swaps and forwards) 35 34Portion of floating fixed debt 49 51 62 38
MEUR
2011 862
2012 624
2013 636
2014 1191
2015 1042
2016 870
2017 243
2018 93
2019 819
2020 43
2021+ 9590
250
500
750
1000
1250
1500
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021+Bonds Financial institutions Other long-term debt CPs
23
Summary on 2010
bull
Strategy updated to support business actionsndash
Sustainable solutions at the core of the strategybull
Solid performance continuedbull
Russiandash
Power reform proceeding fully liberalised from January 2011ndash
Demand improvedndash
Fortumrsquos investment programme acceleratedbull
Nordic countriesndash
Demand recoveredndash
Water reservoirs historically lowbull
Strong financial position and liquidity
242424
Key strategic actions going forward
Focus on performancendash
Organisational efficiencyndash
Nuclear availabilityndash
Value creation from Russian investments
Prepare for growthndash
Prioritized value enhancing acquisitions while maintaining strong balance sheetndash
Investigating high growth Asian markets
Create strategic partnerships for new innovative solutions market entries and RampDndash
Partnerships in nuclear and bio energyndash
Electricity Sales and Distribution services solutions and partnerships
Continuous development of competences
Readiness for changendash
Leadership and organisational culture enabling readiness for change
25
Outlook
bull
Key drivers and risksndash
Wholesale price of electricitybull
Fuel CO2
emissions prices and water reservoirs
bull
Nordic Marketsndash
Market continues to recover ndash
2008 level reached by 2012-2014ndash
Electricity continues to gain share of total energy consumption
bull
Russiandash
Wholesale market fully liberalisedndash
Achieved efficiency improvements compared to the time of the acquisition to be approximately EUR 100 million in 2011
ndash
Profits from Russia builds up in pace with the capacity increase
NOTE Fuel Co2
emissions prices and water reservoirs found in appendix
26
Outlook
bull
Capex
(excluding potential acquisitions)ndash
2011-2012 around EUR 16 to 18 billion (mainly due to Russian investment programme)
ndash
2013-2014 around EUR 11 to 14 billionndash
Preliminary divestments agreed total approximately EUR 05 billion in 2011
bull
Hedgingndash
2011 approximately 70 hedge ratio at approximately EUR 45MWhndash
2012 approximately 40 hedge ratio at approximately EUR 44MWh
28
Appendices
29
Increased power consumption
Fortum currently expects Nordic power demand to recover back to the 2008 level by 2012-2014Temperature corrected power consumption in Nordic countries is still appr 4 (~16 TWh
) lower than in 2008
-1
3
7
11
15
Tyumen Chelyabinsk Russia Uralsarea
Russia
Q1 2010 vs
Q1 2009Q2 2010 vs
Q2 2009Q3 2010 vs
Q3 2009Q4 2010 vs
Q4 2009
0
5
10
15
Finland Sweden Norway Denmark Nordic
Q1 2010 vs
Q1 2009Q2 2010 vs
Q2 2009Q3 2010 vs
Q3 2009Q4 2010 vs
Q4 2009
30
Nordic year forwards
Source NASDAQ OMX Commodities Europe
0
10
20
30
40
50
60
70
euroMWh Year 15Year 08 Year 09 Year 10 Year 11 Year 12 Year 13 Year 14 Year 16
2007
Q1 Q2 Q3 Q4 Q1
2008
Q2 Q3 Q4 Q1
2009
Q2 Q3 Q4 Q1
2010
Q2 Q3 Q4 Q1
2011
31 January 2011
31
Fuel and CO2 allowance prices
Source ICE NASDAQ OMX Commodities Europe
Market prices 10 January 2011 2011-2012 future quotations
Crude oil price (ICE Brent)
020406080
100120140160
USD
bb
l
CO2 price (NP EUA)
05
101520253035
EUR
tC
O2
Coal price (ICE Rotterdam)
04080
120160200240
USD
t
Gas price (ICE NBP)
0
20
40
60
80
100
GB
p t
herm
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2010 average80 (63)
2010 average14 (13)
2010 average92 (70)
2010 average41 (32)
- Slide Number 1
- Disclaimer
- Highlights in 2010
- Global mega trends drive the industry - Updated strategy supports sustainable business development
- Business environment improved
- Solid performance continued
- Comparable profit close to last years level
- Nordic water reservoirs were historically low
- Price development in the Nordic region and Russia
- Financials
- Comparable and reported operating profit
- 2011 February Nordic Power Exchange forward development minus Down by ~27 euroMWh from 2010 year end
- Power
- Heat
- Distribution
- Electricity Sales
- Russia
- Income statement
- Cash flow statement
- Key ratios
- Debt maturity profile
- Slide Number 22
- Summary on 2010
- Key strategic actions going forward
- Outlook
- Outlook
- Slide Number 27
- Slide Number 28
- Increased power consumption
- Nordic year forwards
- Fuel and CO2 allowance prices
-
19
MEUR IV2010 IV2009 2010 2009
Operating profit before depreciations 468 658 2 271 2 292
Non-cash flow items and divesting activities 222 -4 124 46
Financial items and fx gainslosses -192 -102 -641 146
Taxes -107 -34 -355 -239
Funds from operations (FFO) 391 518 1 399 2 245
Change in working capital -170 -122 38 19
Total net cash from operating activities 221 396 1 437 2 264
Paid capital expenditures -432 -266 -1 134 -845
Acquisition of shares -20 -28 -28 -87
Other investing activities -23 -27 60 -42
Cash flow before financing activities -254 75 335 1 290
Cash flow statement
20
MEUR 2010 2009EBITDA 2 271 2 292Comparable EBITDA 2 396 2 398Interest-bearing net debt 6 826 5 969Net debtEBITDA 30 26Comparable Net debtEBITDA 28 25
Return on capital employed () 116 121Return on shareholders equity () 157 160
Key ratios
21
Debt maturity
profile
per 31 Dec 2010 per 31 Dec 2009Duration (years) 21 18Average interest rate (incl swaps and forwards) 35 34Portion of floating fixed debt 49 51 62 38
MEUR
2011 862
2012 624
2013 636
2014 1191
2015 1042
2016 870
2017 243
2018 93
2019 819
2020 43
2021+ 9590
250
500
750
1000
1250
1500
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021+Bonds Financial institutions Other long-term debt CPs
23
Summary on 2010
bull
Strategy updated to support business actionsndash
Sustainable solutions at the core of the strategybull
Solid performance continuedbull
Russiandash
Power reform proceeding fully liberalised from January 2011ndash
Demand improvedndash
Fortumrsquos investment programme acceleratedbull
Nordic countriesndash
Demand recoveredndash
Water reservoirs historically lowbull
Strong financial position and liquidity
242424
Key strategic actions going forward
Focus on performancendash
Organisational efficiencyndash
Nuclear availabilityndash
Value creation from Russian investments
Prepare for growthndash
Prioritized value enhancing acquisitions while maintaining strong balance sheetndash
Investigating high growth Asian markets
Create strategic partnerships for new innovative solutions market entries and RampDndash
Partnerships in nuclear and bio energyndash
Electricity Sales and Distribution services solutions and partnerships
Continuous development of competences
Readiness for changendash
Leadership and organisational culture enabling readiness for change
25
Outlook
bull
Key drivers and risksndash
Wholesale price of electricitybull
Fuel CO2
emissions prices and water reservoirs
bull
Nordic Marketsndash
Market continues to recover ndash
2008 level reached by 2012-2014ndash
Electricity continues to gain share of total energy consumption
bull
Russiandash
Wholesale market fully liberalisedndash
Achieved efficiency improvements compared to the time of the acquisition to be approximately EUR 100 million in 2011
ndash
Profits from Russia builds up in pace with the capacity increase
NOTE Fuel Co2
emissions prices and water reservoirs found in appendix
26
Outlook
bull
Capex
(excluding potential acquisitions)ndash
2011-2012 around EUR 16 to 18 billion (mainly due to Russian investment programme)
ndash
2013-2014 around EUR 11 to 14 billionndash
Preliminary divestments agreed total approximately EUR 05 billion in 2011
bull
Hedgingndash
2011 approximately 70 hedge ratio at approximately EUR 45MWhndash
2012 approximately 40 hedge ratio at approximately EUR 44MWh
28
Appendices
29
Increased power consumption
Fortum currently expects Nordic power demand to recover back to the 2008 level by 2012-2014Temperature corrected power consumption in Nordic countries is still appr 4 (~16 TWh
) lower than in 2008
-1
3
7
11
15
Tyumen Chelyabinsk Russia Uralsarea
Russia
Q1 2010 vs
Q1 2009Q2 2010 vs
Q2 2009Q3 2010 vs
Q3 2009Q4 2010 vs
Q4 2009
0
5
10
15
Finland Sweden Norway Denmark Nordic
Q1 2010 vs
Q1 2009Q2 2010 vs
Q2 2009Q3 2010 vs
Q3 2009Q4 2010 vs
Q4 2009
30
Nordic year forwards
Source NASDAQ OMX Commodities Europe
0
10
20
30
40
50
60
70
euroMWh Year 15Year 08 Year 09 Year 10 Year 11 Year 12 Year 13 Year 14 Year 16
2007
Q1 Q2 Q3 Q4 Q1
2008
Q2 Q3 Q4 Q1
2009
Q2 Q3 Q4 Q1
2010
Q2 Q3 Q4 Q1
2011
31 January 2011
31
Fuel and CO2 allowance prices
Source ICE NASDAQ OMX Commodities Europe
Market prices 10 January 2011 2011-2012 future quotations
Crude oil price (ICE Brent)
020406080
100120140160
USD
bb
l
CO2 price (NP EUA)
05
101520253035
EUR
tC
O2
Coal price (ICE Rotterdam)
04080
120160200240
USD
t
Gas price (ICE NBP)
0
20
40
60
80
100
GB
p t
herm
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2010 average80 (63)
2010 average14 (13)
2010 average92 (70)
2010 average41 (32)
- Slide Number 1
- Disclaimer
- Highlights in 2010
- Global mega trends drive the industry - Updated strategy supports sustainable business development
- Business environment improved
- Solid performance continued
- Comparable profit close to last years level
- Nordic water reservoirs were historically low
- Price development in the Nordic region and Russia
- Financials
- Comparable and reported operating profit
- 2011 February Nordic Power Exchange forward development minus Down by ~27 euroMWh from 2010 year end
- Power
- Heat
- Distribution
- Electricity Sales
- Russia
- Income statement
- Cash flow statement
- Key ratios
- Debt maturity profile
- Slide Number 22
- Summary on 2010
- Key strategic actions going forward
- Outlook
- Outlook
- Slide Number 27
- Slide Number 28
- Increased power consumption
- Nordic year forwards
- Fuel and CO2 allowance prices
-
20
MEUR 2010 2009EBITDA 2 271 2 292Comparable EBITDA 2 396 2 398Interest-bearing net debt 6 826 5 969Net debtEBITDA 30 26Comparable Net debtEBITDA 28 25
Return on capital employed () 116 121Return on shareholders equity () 157 160
Key ratios
21
Debt maturity
profile
per 31 Dec 2010 per 31 Dec 2009Duration (years) 21 18Average interest rate (incl swaps and forwards) 35 34Portion of floating fixed debt 49 51 62 38
MEUR
2011 862
2012 624
2013 636
2014 1191
2015 1042
2016 870
2017 243
2018 93
2019 819
2020 43
2021+ 9590
250
500
750
1000
1250
1500
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021+Bonds Financial institutions Other long-term debt CPs
23
Summary on 2010
bull
Strategy updated to support business actionsndash
Sustainable solutions at the core of the strategybull
Solid performance continuedbull
Russiandash
Power reform proceeding fully liberalised from January 2011ndash
Demand improvedndash
Fortumrsquos investment programme acceleratedbull
Nordic countriesndash
Demand recoveredndash
Water reservoirs historically lowbull
Strong financial position and liquidity
242424
Key strategic actions going forward
Focus on performancendash
Organisational efficiencyndash
Nuclear availabilityndash
Value creation from Russian investments
Prepare for growthndash
Prioritized value enhancing acquisitions while maintaining strong balance sheetndash
Investigating high growth Asian markets
Create strategic partnerships for new innovative solutions market entries and RampDndash
Partnerships in nuclear and bio energyndash
Electricity Sales and Distribution services solutions and partnerships
Continuous development of competences
Readiness for changendash
Leadership and organisational culture enabling readiness for change
25
Outlook
bull
Key drivers and risksndash
Wholesale price of electricitybull
Fuel CO2
emissions prices and water reservoirs
bull
Nordic Marketsndash
Market continues to recover ndash
2008 level reached by 2012-2014ndash
Electricity continues to gain share of total energy consumption
bull
Russiandash
Wholesale market fully liberalisedndash
Achieved efficiency improvements compared to the time of the acquisition to be approximately EUR 100 million in 2011
ndash
Profits from Russia builds up in pace with the capacity increase
NOTE Fuel Co2
emissions prices and water reservoirs found in appendix
26
Outlook
bull
Capex
(excluding potential acquisitions)ndash
2011-2012 around EUR 16 to 18 billion (mainly due to Russian investment programme)
ndash
2013-2014 around EUR 11 to 14 billionndash
Preliminary divestments agreed total approximately EUR 05 billion in 2011
bull
Hedgingndash
2011 approximately 70 hedge ratio at approximately EUR 45MWhndash
2012 approximately 40 hedge ratio at approximately EUR 44MWh
28
Appendices
29
Increased power consumption
Fortum currently expects Nordic power demand to recover back to the 2008 level by 2012-2014Temperature corrected power consumption in Nordic countries is still appr 4 (~16 TWh
) lower than in 2008
-1
3
7
11
15
Tyumen Chelyabinsk Russia Uralsarea
Russia
Q1 2010 vs
Q1 2009Q2 2010 vs
Q2 2009Q3 2010 vs
Q3 2009Q4 2010 vs
Q4 2009
0
5
10
15
Finland Sweden Norway Denmark Nordic
Q1 2010 vs
Q1 2009Q2 2010 vs
Q2 2009Q3 2010 vs
Q3 2009Q4 2010 vs
Q4 2009
30
Nordic year forwards
Source NASDAQ OMX Commodities Europe
0
10
20
30
40
50
60
70
euroMWh Year 15Year 08 Year 09 Year 10 Year 11 Year 12 Year 13 Year 14 Year 16
2007
Q1 Q2 Q3 Q4 Q1
2008
Q2 Q3 Q4 Q1
2009
Q2 Q3 Q4 Q1
2010
Q2 Q3 Q4 Q1
2011
31 January 2011
31
Fuel and CO2 allowance prices
Source ICE NASDAQ OMX Commodities Europe
Market prices 10 January 2011 2011-2012 future quotations
Crude oil price (ICE Brent)
020406080
100120140160
USD
bb
l
CO2 price (NP EUA)
05
101520253035
EUR
tC
O2
Coal price (ICE Rotterdam)
04080
120160200240
USD
t
Gas price (ICE NBP)
0
20
40
60
80
100
GB
p t
herm
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2010 average80 (63)
2010 average14 (13)
2010 average92 (70)
2010 average41 (32)
- Slide Number 1
- Disclaimer
- Highlights in 2010
- Global mega trends drive the industry - Updated strategy supports sustainable business development
- Business environment improved
- Solid performance continued
- Comparable profit close to last years level
- Nordic water reservoirs were historically low
- Price development in the Nordic region and Russia
- Financials
- Comparable and reported operating profit
- 2011 February Nordic Power Exchange forward development minus Down by ~27 euroMWh from 2010 year end
- Power
- Heat
- Distribution
- Electricity Sales
- Russia
- Income statement
- Cash flow statement
- Key ratios
- Debt maturity profile
- Slide Number 22
- Summary on 2010
- Key strategic actions going forward
- Outlook
- Outlook
- Slide Number 27
- Slide Number 28
- Increased power consumption
- Nordic year forwards
- Fuel and CO2 allowance prices
-
21
Debt maturity
profile
per 31 Dec 2010 per 31 Dec 2009Duration (years) 21 18Average interest rate (incl swaps and forwards) 35 34Portion of floating fixed debt 49 51 62 38
MEUR
2011 862
2012 624
2013 636
2014 1191
2015 1042
2016 870
2017 243
2018 93
2019 819
2020 43
2021+ 9590
250
500
750
1000
1250
1500
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021+Bonds Financial institutions Other long-term debt CPs
23
Summary on 2010
bull
Strategy updated to support business actionsndash
Sustainable solutions at the core of the strategybull
Solid performance continuedbull
Russiandash
Power reform proceeding fully liberalised from January 2011ndash
Demand improvedndash
Fortumrsquos investment programme acceleratedbull
Nordic countriesndash
Demand recoveredndash
Water reservoirs historically lowbull
Strong financial position and liquidity
242424
Key strategic actions going forward
Focus on performancendash
Organisational efficiencyndash
Nuclear availabilityndash
Value creation from Russian investments
Prepare for growthndash
Prioritized value enhancing acquisitions while maintaining strong balance sheetndash
Investigating high growth Asian markets
Create strategic partnerships for new innovative solutions market entries and RampDndash
Partnerships in nuclear and bio energyndash
Electricity Sales and Distribution services solutions and partnerships
Continuous development of competences
Readiness for changendash
Leadership and organisational culture enabling readiness for change
25
Outlook
bull
Key drivers and risksndash
Wholesale price of electricitybull
Fuel CO2
emissions prices and water reservoirs
bull
Nordic Marketsndash
Market continues to recover ndash
2008 level reached by 2012-2014ndash
Electricity continues to gain share of total energy consumption
bull
Russiandash
Wholesale market fully liberalisedndash
Achieved efficiency improvements compared to the time of the acquisition to be approximately EUR 100 million in 2011
ndash
Profits from Russia builds up in pace with the capacity increase
NOTE Fuel Co2
emissions prices and water reservoirs found in appendix
26
Outlook
bull
Capex
(excluding potential acquisitions)ndash
2011-2012 around EUR 16 to 18 billion (mainly due to Russian investment programme)
ndash
2013-2014 around EUR 11 to 14 billionndash
Preliminary divestments agreed total approximately EUR 05 billion in 2011
bull
Hedgingndash
2011 approximately 70 hedge ratio at approximately EUR 45MWhndash
2012 approximately 40 hedge ratio at approximately EUR 44MWh
28
Appendices
29
Increased power consumption
Fortum currently expects Nordic power demand to recover back to the 2008 level by 2012-2014Temperature corrected power consumption in Nordic countries is still appr 4 (~16 TWh
) lower than in 2008
-1
3
7
11
15
Tyumen Chelyabinsk Russia Uralsarea
Russia
Q1 2010 vs
Q1 2009Q2 2010 vs
Q2 2009Q3 2010 vs
Q3 2009Q4 2010 vs
Q4 2009
0
5
10
15
Finland Sweden Norway Denmark Nordic
Q1 2010 vs
Q1 2009Q2 2010 vs
Q2 2009Q3 2010 vs
Q3 2009Q4 2010 vs
Q4 2009
30
Nordic year forwards
Source NASDAQ OMX Commodities Europe
0
10
20
30
40
50
60
70
euroMWh Year 15Year 08 Year 09 Year 10 Year 11 Year 12 Year 13 Year 14 Year 16
2007
Q1 Q2 Q3 Q4 Q1
2008
Q2 Q3 Q4 Q1
2009
Q2 Q3 Q4 Q1
2010
Q2 Q3 Q4 Q1
2011
31 January 2011
31
Fuel and CO2 allowance prices
Source ICE NASDAQ OMX Commodities Europe
Market prices 10 January 2011 2011-2012 future quotations
Crude oil price (ICE Brent)
020406080
100120140160
USD
bb
l
CO2 price (NP EUA)
05
101520253035
EUR
tC
O2
Coal price (ICE Rotterdam)
04080
120160200240
USD
t
Gas price (ICE NBP)
0
20
40
60
80
100
GB
p t
herm
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2010 average80 (63)
2010 average14 (13)
2010 average92 (70)
2010 average41 (32)
- Slide Number 1
- Disclaimer
- Highlights in 2010
- Global mega trends drive the industry - Updated strategy supports sustainable business development
- Business environment improved
- Solid performance continued
- Comparable profit close to last years level
- Nordic water reservoirs were historically low
- Price development in the Nordic region and Russia
- Financials
- Comparable and reported operating profit
- 2011 February Nordic Power Exchange forward development minus Down by ~27 euroMWh from 2010 year end
- Power
- Heat
- Distribution
- Electricity Sales
- Russia
- Income statement
- Cash flow statement
- Key ratios
- Debt maturity profile
- Slide Number 22
- Summary on 2010
- Key strategic actions going forward
- Outlook
- Outlook
- Slide Number 27
- Slide Number 28
- Increased power consumption
- Nordic year forwards
- Fuel and CO2 allowance prices
-
23
Summary on 2010
bull
Strategy updated to support business actionsndash
Sustainable solutions at the core of the strategybull
Solid performance continuedbull
Russiandash
Power reform proceeding fully liberalised from January 2011ndash
Demand improvedndash
Fortumrsquos investment programme acceleratedbull
Nordic countriesndash
Demand recoveredndash
Water reservoirs historically lowbull
Strong financial position and liquidity
242424
Key strategic actions going forward
Focus on performancendash
Organisational efficiencyndash
Nuclear availabilityndash
Value creation from Russian investments
Prepare for growthndash
Prioritized value enhancing acquisitions while maintaining strong balance sheetndash
Investigating high growth Asian markets
Create strategic partnerships for new innovative solutions market entries and RampDndash
Partnerships in nuclear and bio energyndash
Electricity Sales and Distribution services solutions and partnerships
Continuous development of competences
Readiness for changendash
Leadership and organisational culture enabling readiness for change
25
Outlook
bull
Key drivers and risksndash
Wholesale price of electricitybull
Fuel CO2
emissions prices and water reservoirs
bull
Nordic Marketsndash
Market continues to recover ndash
2008 level reached by 2012-2014ndash
Electricity continues to gain share of total energy consumption
bull
Russiandash
Wholesale market fully liberalisedndash
Achieved efficiency improvements compared to the time of the acquisition to be approximately EUR 100 million in 2011
ndash
Profits from Russia builds up in pace with the capacity increase
NOTE Fuel Co2
emissions prices and water reservoirs found in appendix
26
Outlook
bull
Capex
(excluding potential acquisitions)ndash
2011-2012 around EUR 16 to 18 billion (mainly due to Russian investment programme)
ndash
2013-2014 around EUR 11 to 14 billionndash
Preliminary divestments agreed total approximately EUR 05 billion in 2011
bull
Hedgingndash
2011 approximately 70 hedge ratio at approximately EUR 45MWhndash
2012 approximately 40 hedge ratio at approximately EUR 44MWh
28
Appendices
29
Increased power consumption
Fortum currently expects Nordic power demand to recover back to the 2008 level by 2012-2014Temperature corrected power consumption in Nordic countries is still appr 4 (~16 TWh
) lower than in 2008
-1
3
7
11
15
Tyumen Chelyabinsk Russia Uralsarea
Russia
Q1 2010 vs
Q1 2009Q2 2010 vs
Q2 2009Q3 2010 vs
Q3 2009Q4 2010 vs
Q4 2009
0
5
10
15
Finland Sweden Norway Denmark Nordic
Q1 2010 vs
Q1 2009Q2 2010 vs
Q2 2009Q3 2010 vs
Q3 2009Q4 2010 vs
Q4 2009
30
Nordic year forwards
Source NASDAQ OMX Commodities Europe
0
10
20
30
40
50
60
70
euroMWh Year 15Year 08 Year 09 Year 10 Year 11 Year 12 Year 13 Year 14 Year 16
2007
Q1 Q2 Q3 Q4 Q1
2008
Q2 Q3 Q4 Q1
2009
Q2 Q3 Q4 Q1
2010
Q2 Q3 Q4 Q1
2011
31 January 2011
31
Fuel and CO2 allowance prices
Source ICE NASDAQ OMX Commodities Europe
Market prices 10 January 2011 2011-2012 future quotations
Crude oil price (ICE Brent)
020406080
100120140160
USD
bb
l
CO2 price (NP EUA)
05
101520253035
EUR
tC
O2
Coal price (ICE Rotterdam)
04080
120160200240
USD
t
Gas price (ICE NBP)
0
20
40
60
80
100
GB
p t
herm
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2010 average80 (63)
2010 average14 (13)
2010 average92 (70)
2010 average41 (32)
- Slide Number 1
- Disclaimer
- Highlights in 2010
- Global mega trends drive the industry - Updated strategy supports sustainable business development
- Business environment improved
- Solid performance continued
- Comparable profit close to last years level
- Nordic water reservoirs were historically low
- Price development in the Nordic region and Russia
- Financials
- Comparable and reported operating profit
- 2011 February Nordic Power Exchange forward development minus Down by ~27 euroMWh from 2010 year end
- Power
- Heat
- Distribution
- Electricity Sales
- Russia
- Income statement
- Cash flow statement
- Key ratios
- Debt maturity profile
- Slide Number 22
- Summary on 2010
- Key strategic actions going forward
- Outlook
- Outlook
- Slide Number 27
- Slide Number 28
- Increased power consumption
- Nordic year forwards
- Fuel and CO2 allowance prices
-
242424
Key strategic actions going forward
Focus on performancendash
Organisational efficiencyndash
Nuclear availabilityndash
Value creation from Russian investments
Prepare for growthndash
Prioritized value enhancing acquisitions while maintaining strong balance sheetndash
Investigating high growth Asian markets
Create strategic partnerships for new innovative solutions market entries and RampDndash
Partnerships in nuclear and bio energyndash
Electricity Sales and Distribution services solutions and partnerships
Continuous development of competences
Readiness for changendash
Leadership and organisational culture enabling readiness for change
25
Outlook
bull
Key drivers and risksndash
Wholesale price of electricitybull
Fuel CO2
emissions prices and water reservoirs
bull
Nordic Marketsndash
Market continues to recover ndash
2008 level reached by 2012-2014ndash
Electricity continues to gain share of total energy consumption
bull
Russiandash
Wholesale market fully liberalisedndash
Achieved efficiency improvements compared to the time of the acquisition to be approximately EUR 100 million in 2011
ndash
Profits from Russia builds up in pace with the capacity increase
NOTE Fuel Co2
emissions prices and water reservoirs found in appendix
26
Outlook
bull
Capex
(excluding potential acquisitions)ndash
2011-2012 around EUR 16 to 18 billion (mainly due to Russian investment programme)
ndash
2013-2014 around EUR 11 to 14 billionndash
Preliminary divestments agreed total approximately EUR 05 billion in 2011
bull
Hedgingndash
2011 approximately 70 hedge ratio at approximately EUR 45MWhndash
2012 approximately 40 hedge ratio at approximately EUR 44MWh
28
Appendices
29
Increased power consumption
Fortum currently expects Nordic power demand to recover back to the 2008 level by 2012-2014Temperature corrected power consumption in Nordic countries is still appr 4 (~16 TWh
) lower than in 2008
-1
3
7
11
15
Tyumen Chelyabinsk Russia Uralsarea
Russia
Q1 2010 vs
Q1 2009Q2 2010 vs
Q2 2009Q3 2010 vs
Q3 2009Q4 2010 vs
Q4 2009
0
5
10
15
Finland Sweden Norway Denmark Nordic
Q1 2010 vs
Q1 2009Q2 2010 vs
Q2 2009Q3 2010 vs
Q3 2009Q4 2010 vs
Q4 2009
30
Nordic year forwards
Source NASDAQ OMX Commodities Europe
0
10
20
30
40
50
60
70
euroMWh Year 15Year 08 Year 09 Year 10 Year 11 Year 12 Year 13 Year 14 Year 16
2007
Q1 Q2 Q3 Q4 Q1
2008
Q2 Q3 Q4 Q1
2009
Q2 Q3 Q4 Q1
2010
Q2 Q3 Q4 Q1
2011
31 January 2011
31
Fuel and CO2 allowance prices
Source ICE NASDAQ OMX Commodities Europe
Market prices 10 January 2011 2011-2012 future quotations
Crude oil price (ICE Brent)
020406080
100120140160
USD
bb
l
CO2 price (NP EUA)
05
101520253035
EUR
tC
O2
Coal price (ICE Rotterdam)
04080
120160200240
USD
t
Gas price (ICE NBP)
0
20
40
60
80
100
GB
p t
herm
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2010 average80 (63)
2010 average14 (13)
2010 average92 (70)
2010 average41 (32)
- Slide Number 1
- Disclaimer
- Highlights in 2010
- Global mega trends drive the industry - Updated strategy supports sustainable business development
- Business environment improved
- Solid performance continued
- Comparable profit close to last years level
- Nordic water reservoirs were historically low
- Price development in the Nordic region and Russia
- Financials
- Comparable and reported operating profit
- 2011 February Nordic Power Exchange forward development minus Down by ~27 euroMWh from 2010 year end
- Power
- Heat
- Distribution
- Electricity Sales
- Russia
- Income statement
- Cash flow statement
- Key ratios
- Debt maturity profile
- Slide Number 22
- Summary on 2010
- Key strategic actions going forward
- Outlook
- Outlook
- Slide Number 27
- Slide Number 28
- Increased power consumption
- Nordic year forwards
- Fuel and CO2 allowance prices
-
25
Outlook
bull
Key drivers and risksndash
Wholesale price of electricitybull
Fuel CO2
emissions prices and water reservoirs
bull
Nordic Marketsndash
Market continues to recover ndash
2008 level reached by 2012-2014ndash
Electricity continues to gain share of total energy consumption
bull
Russiandash
Wholesale market fully liberalisedndash
Achieved efficiency improvements compared to the time of the acquisition to be approximately EUR 100 million in 2011
ndash
Profits from Russia builds up in pace with the capacity increase
NOTE Fuel Co2
emissions prices and water reservoirs found in appendix
26
Outlook
bull
Capex
(excluding potential acquisitions)ndash
2011-2012 around EUR 16 to 18 billion (mainly due to Russian investment programme)
ndash
2013-2014 around EUR 11 to 14 billionndash
Preliminary divestments agreed total approximately EUR 05 billion in 2011
bull
Hedgingndash
2011 approximately 70 hedge ratio at approximately EUR 45MWhndash
2012 approximately 40 hedge ratio at approximately EUR 44MWh
28
Appendices
29
Increased power consumption
Fortum currently expects Nordic power demand to recover back to the 2008 level by 2012-2014Temperature corrected power consumption in Nordic countries is still appr 4 (~16 TWh
) lower than in 2008
-1
3
7
11
15
Tyumen Chelyabinsk Russia Uralsarea
Russia
Q1 2010 vs
Q1 2009Q2 2010 vs
Q2 2009Q3 2010 vs
Q3 2009Q4 2010 vs
Q4 2009
0
5
10
15
Finland Sweden Norway Denmark Nordic
Q1 2010 vs
Q1 2009Q2 2010 vs
Q2 2009Q3 2010 vs
Q3 2009Q4 2010 vs
Q4 2009
30
Nordic year forwards
Source NASDAQ OMX Commodities Europe
0
10
20
30
40
50
60
70
euroMWh Year 15Year 08 Year 09 Year 10 Year 11 Year 12 Year 13 Year 14 Year 16
2007
Q1 Q2 Q3 Q4 Q1
2008
Q2 Q3 Q4 Q1
2009
Q2 Q3 Q4 Q1
2010
Q2 Q3 Q4 Q1
2011
31 January 2011
31
Fuel and CO2 allowance prices
Source ICE NASDAQ OMX Commodities Europe
Market prices 10 January 2011 2011-2012 future quotations
Crude oil price (ICE Brent)
020406080
100120140160
USD
bb
l
CO2 price (NP EUA)
05
101520253035
EUR
tC
O2
Coal price (ICE Rotterdam)
04080
120160200240
USD
t
Gas price (ICE NBP)
0
20
40
60
80
100
GB
p t
herm
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2010 average80 (63)
2010 average14 (13)
2010 average92 (70)
2010 average41 (32)
- Slide Number 1
- Disclaimer
- Highlights in 2010
- Global mega trends drive the industry - Updated strategy supports sustainable business development
- Business environment improved
- Solid performance continued
- Comparable profit close to last years level
- Nordic water reservoirs were historically low
- Price development in the Nordic region and Russia
- Financials
- Comparable and reported operating profit
- 2011 February Nordic Power Exchange forward development minus Down by ~27 euroMWh from 2010 year end
- Power
- Heat
- Distribution
- Electricity Sales
- Russia
- Income statement
- Cash flow statement
- Key ratios
- Debt maturity profile
- Slide Number 22
- Summary on 2010
- Key strategic actions going forward
- Outlook
- Outlook
- Slide Number 27
- Slide Number 28
- Increased power consumption
- Nordic year forwards
- Fuel and CO2 allowance prices
-
26
Outlook
bull
Capex
(excluding potential acquisitions)ndash
2011-2012 around EUR 16 to 18 billion (mainly due to Russian investment programme)
ndash
2013-2014 around EUR 11 to 14 billionndash
Preliminary divestments agreed total approximately EUR 05 billion in 2011
bull
Hedgingndash
2011 approximately 70 hedge ratio at approximately EUR 45MWhndash
2012 approximately 40 hedge ratio at approximately EUR 44MWh
28
Appendices
29
Increased power consumption
Fortum currently expects Nordic power demand to recover back to the 2008 level by 2012-2014Temperature corrected power consumption in Nordic countries is still appr 4 (~16 TWh
) lower than in 2008
-1
3
7
11
15
Tyumen Chelyabinsk Russia Uralsarea
Russia
Q1 2010 vs
Q1 2009Q2 2010 vs
Q2 2009Q3 2010 vs
Q3 2009Q4 2010 vs
Q4 2009
0
5
10
15
Finland Sweden Norway Denmark Nordic
Q1 2010 vs
Q1 2009Q2 2010 vs
Q2 2009Q3 2010 vs
Q3 2009Q4 2010 vs
Q4 2009
30
Nordic year forwards
Source NASDAQ OMX Commodities Europe
0
10
20
30
40
50
60
70
euroMWh Year 15Year 08 Year 09 Year 10 Year 11 Year 12 Year 13 Year 14 Year 16
2007
Q1 Q2 Q3 Q4 Q1
2008
Q2 Q3 Q4 Q1
2009
Q2 Q3 Q4 Q1
2010
Q2 Q3 Q4 Q1
2011
31 January 2011
31
Fuel and CO2 allowance prices
Source ICE NASDAQ OMX Commodities Europe
Market prices 10 January 2011 2011-2012 future quotations
Crude oil price (ICE Brent)
020406080
100120140160
USD
bb
l
CO2 price (NP EUA)
05
101520253035
EUR
tC
O2
Coal price (ICE Rotterdam)
04080
120160200240
USD
t
Gas price (ICE NBP)
0
20
40
60
80
100
GB
p t
herm
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2010 average80 (63)
2010 average14 (13)
2010 average92 (70)
2010 average41 (32)
- Slide Number 1
- Disclaimer
- Highlights in 2010
- Global mega trends drive the industry - Updated strategy supports sustainable business development
- Business environment improved
- Solid performance continued
- Comparable profit close to last years level
- Nordic water reservoirs were historically low
- Price development in the Nordic region and Russia
- Financials
- Comparable and reported operating profit
- 2011 February Nordic Power Exchange forward development minus Down by ~27 euroMWh from 2010 year end
- Power
- Heat
- Distribution
- Electricity Sales
- Russia
- Income statement
- Cash flow statement
- Key ratios
- Debt maturity profile
- Slide Number 22
- Summary on 2010
- Key strategic actions going forward
- Outlook
- Outlook
- Slide Number 27
- Slide Number 28
- Increased power consumption
- Nordic year forwards
- Fuel and CO2 allowance prices
-
28
Appendices
29
Increased power consumption
Fortum currently expects Nordic power demand to recover back to the 2008 level by 2012-2014Temperature corrected power consumption in Nordic countries is still appr 4 (~16 TWh
) lower than in 2008
-1
3
7
11
15
Tyumen Chelyabinsk Russia Uralsarea
Russia
Q1 2010 vs
Q1 2009Q2 2010 vs
Q2 2009Q3 2010 vs
Q3 2009Q4 2010 vs
Q4 2009
0
5
10
15
Finland Sweden Norway Denmark Nordic
Q1 2010 vs
Q1 2009Q2 2010 vs
Q2 2009Q3 2010 vs
Q3 2009Q4 2010 vs
Q4 2009
30
Nordic year forwards
Source NASDAQ OMX Commodities Europe
0
10
20
30
40
50
60
70
euroMWh Year 15Year 08 Year 09 Year 10 Year 11 Year 12 Year 13 Year 14 Year 16
2007
Q1 Q2 Q3 Q4 Q1
2008
Q2 Q3 Q4 Q1
2009
Q2 Q3 Q4 Q1
2010
Q2 Q3 Q4 Q1
2011
31 January 2011
31
Fuel and CO2 allowance prices
Source ICE NASDAQ OMX Commodities Europe
Market prices 10 January 2011 2011-2012 future quotations
Crude oil price (ICE Brent)
020406080
100120140160
USD
bb
l
CO2 price (NP EUA)
05
101520253035
EUR
tC
O2
Coal price (ICE Rotterdam)
04080
120160200240
USD
t
Gas price (ICE NBP)
0
20
40
60
80
100
GB
p t
herm
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2010 average80 (63)
2010 average14 (13)
2010 average92 (70)
2010 average41 (32)
- Slide Number 1
- Disclaimer
- Highlights in 2010
- Global mega trends drive the industry - Updated strategy supports sustainable business development
- Business environment improved
- Solid performance continued
- Comparable profit close to last years level
- Nordic water reservoirs were historically low
- Price development in the Nordic region and Russia
- Financials
- Comparable and reported operating profit
- 2011 February Nordic Power Exchange forward development minus Down by ~27 euroMWh from 2010 year end
- Power
- Heat
- Distribution
- Electricity Sales
- Russia
- Income statement
- Cash flow statement
- Key ratios
- Debt maturity profile
- Slide Number 22
- Summary on 2010
- Key strategic actions going forward
- Outlook
- Outlook
- Slide Number 27
- Slide Number 28
- Increased power consumption
- Nordic year forwards
- Fuel and CO2 allowance prices
-
29
Increased power consumption
Fortum currently expects Nordic power demand to recover back to the 2008 level by 2012-2014Temperature corrected power consumption in Nordic countries is still appr 4 (~16 TWh
) lower than in 2008
-1
3
7
11
15
Tyumen Chelyabinsk Russia Uralsarea
Russia
Q1 2010 vs
Q1 2009Q2 2010 vs
Q2 2009Q3 2010 vs
Q3 2009Q4 2010 vs
Q4 2009
0
5
10
15
Finland Sweden Norway Denmark Nordic
Q1 2010 vs
Q1 2009Q2 2010 vs
Q2 2009Q3 2010 vs
Q3 2009Q4 2010 vs
Q4 2009
30
Nordic year forwards
Source NASDAQ OMX Commodities Europe
0
10
20
30
40
50
60
70
euroMWh Year 15Year 08 Year 09 Year 10 Year 11 Year 12 Year 13 Year 14 Year 16
2007
Q1 Q2 Q3 Q4 Q1
2008
Q2 Q3 Q4 Q1
2009
Q2 Q3 Q4 Q1
2010
Q2 Q3 Q4 Q1
2011
31 January 2011
31
Fuel and CO2 allowance prices
Source ICE NASDAQ OMX Commodities Europe
Market prices 10 January 2011 2011-2012 future quotations
Crude oil price (ICE Brent)
020406080
100120140160
USD
bb
l
CO2 price (NP EUA)
05
101520253035
EUR
tC
O2
Coal price (ICE Rotterdam)
04080
120160200240
USD
t
Gas price (ICE NBP)
0
20
40
60
80
100
GB
p t
herm
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2010 average80 (63)
2010 average14 (13)
2010 average92 (70)
2010 average41 (32)
- Slide Number 1
- Disclaimer
- Highlights in 2010
- Global mega trends drive the industry - Updated strategy supports sustainable business development
- Business environment improved
- Solid performance continued
- Comparable profit close to last years level
- Nordic water reservoirs were historically low
- Price development in the Nordic region and Russia
- Financials
- Comparable and reported operating profit
- 2011 February Nordic Power Exchange forward development minus Down by ~27 euroMWh from 2010 year end
- Power
- Heat
- Distribution
- Electricity Sales
- Russia
- Income statement
- Cash flow statement
- Key ratios
- Debt maturity profile
- Slide Number 22
- Summary on 2010
- Key strategic actions going forward
- Outlook
- Outlook
- Slide Number 27
- Slide Number 28
- Increased power consumption
- Nordic year forwards
- Fuel and CO2 allowance prices
-
30
Nordic year forwards
Source NASDAQ OMX Commodities Europe
0
10
20
30
40
50
60
70
euroMWh Year 15Year 08 Year 09 Year 10 Year 11 Year 12 Year 13 Year 14 Year 16
2007
Q1 Q2 Q3 Q4 Q1
2008
Q2 Q3 Q4 Q1
2009
Q2 Q3 Q4 Q1
2010
Q2 Q3 Q4 Q1
2011
31 January 2011
31
Fuel and CO2 allowance prices
Source ICE NASDAQ OMX Commodities Europe
Market prices 10 January 2011 2011-2012 future quotations
Crude oil price (ICE Brent)
020406080
100120140160
USD
bb
l
CO2 price (NP EUA)
05
101520253035
EUR
tC
O2
Coal price (ICE Rotterdam)
04080
120160200240
USD
t
Gas price (ICE NBP)
0
20
40
60
80
100
GB
p t
herm
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2010 average80 (63)
2010 average14 (13)
2010 average92 (70)
2010 average41 (32)
- Slide Number 1
- Disclaimer
- Highlights in 2010
- Global mega trends drive the industry - Updated strategy supports sustainable business development
- Business environment improved
- Solid performance continued
- Comparable profit close to last years level
- Nordic water reservoirs were historically low
- Price development in the Nordic region and Russia
- Financials
- Comparable and reported operating profit
- 2011 February Nordic Power Exchange forward development minus Down by ~27 euroMWh from 2010 year end
- Power
- Heat
- Distribution
- Electricity Sales
- Russia
- Income statement
- Cash flow statement
- Key ratios
- Debt maturity profile
- Slide Number 22
- Summary on 2010
- Key strategic actions going forward
- Outlook
- Outlook
- Slide Number 27
- Slide Number 28
- Increased power consumption
- Nordic year forwards
- Fuel and CO2 allowance prices
-
31
Fuel and CO2 allowance prices
Source ICE NASDAQ OMX Commodities Europe
Market prices 10 January 2011 2011-2012 future quotations
Crude oil price (ICE Brent)
020406080
100120140160
USD
bb
l
CO2 price (NP EUA)
05
101520253035
EUR
tC
O2
Coal price (ICE Rotterdam)
04080
120160200240
USD
t
Gas price (ICE NBP)
0
20
40
60
80
100
GB
p t
herm
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2006 2007 20102008 2009 20122011
2010 average80 (63)
2010 average14 (13)
2010 average92 (70)
2010 average41 (32)
- Slide Number 1
- Disclaimer
- Highlights in 2010
- Global mega trends drive the industry - Updated strategy supports sustainable business development
- Business environment improved
- Solid performance continued
- Comparable profit close to last years level
- Nordic water reservoirs were historically low
- Price development in the Nordic region and Russia
- Financials
- Comparable and reported operating profit
- 2011 February Nordic Power Exchange forward development minus Down by ~27 euroMWh from 2010 year end
- Power
- Heat
- Distribution
- Electricity Sales
- Russia
- Income statement
- Cash flow statement
- Key ratios
- Debt maturity profile
- Slide Number 22
- Summary on 2010
- Key strategic actions going forward
- Outlook
- Outlook
- Slide Number 27
- Slide Number 28
- Increased power consumption
- Nordic year forwards
- Fuel and CO2 allowance prices
-
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 | 336 | 391 | 129 | 327 | 1298 | 1454 | 1132 | 1363 | ||||||||||||||||||
Heat | 122 | 104 | 124 | 109 | 275 | 231 | 303 | 252 | ||||||||||||||||||
Distribution | 91 | 80 | 93 | 81 | 307 | 262 | 321 | 263 | ||||||||||||||||||
Saumlhkoumlnmyynti | 3 | 11 | 40 | 37 | 11 | 22 | 46 | 29 | ||||||||||||||||||
Russia | 17 | 8 | 16 | 8 | 8 | -20 | 53 | -20 | ||||||||||||||||||
Muut | -28 | -24 | -81 | -40 | -66 | -61 | -147 | -105 | ||||||||||||||||||
Yhteensauml | 541 | 570 | 321 | 522 | 1833 | 1888 | 1708 | 1782 | ||||||||||||||||||
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 | ||||||||||||||||||||||
IV2010 | IV2009 | IV2010 | IV2009 | 2010 | 2009 | 2010 | 2009 | |||||||||||||||||||
Power | 336 | 391 | 129 | 327 | 1298 | 1454 | 1132 | 1363 | ||||||||||||||||||
Heat | 122 | 104 | 124 | 109 | 275 | 231 | 303 | 252 | ||||||||||||||||||
Distribution | 91 | 80 | 93 | 81 | 307 | 262 | 321 | 263 | ||||||||||||||||||
Electricity Sales | 3 | 11 | 40 | 37 | 11 | 22 | 46 | 29 | ||||||||||||||||||
Russia | 17 | 8 | 16 | 8 | 8 | -20 | 53 | -20 | ||||||||||||||||||
Other | -28 | -24 | -81 | -40 | -66 | -61 | -147 | -105 | ||||||||||||||||||
Total | 541 | 570 | 321 | 522 | 1833 | 1888 | 1708 | 1782 | ||||||||||||||||||
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 | 336 | 391 | 129 | 327 | 1298 | 1454 | 1132 | 1363 | ||||||||||||||||||
Heat | 122 | 104 | 124 | 109 | 275 | 231 | 303 | 252 | ||||||||||||||||||
Distribution | 91 | 80 | 93 | 81 | 307 | 262 | 321 | 263 | ||||||||||||||||||
Saumlhkoumlnmyynti | 3 | 11 | 40 | 37 | 11 | 22 | 46 | 29 | ||||||||||||||||||
Russia | 17 | 8 | 16 | 8 | 8 | -20 | 53 | -20 | ||||||||||||||||||
Muut | -28 | -24 | -81 | -40 | -66 | -61 | -147 | -105 | ||||||||||||||||||
Yhteensauml | 541 | 570 | 321 | 522 | 1833 | 1888 | 1708 | 1782 | ||||||||||||||||||
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 |
Sheet1
Sheet2
Sheet3
MEUR | 2010 | 2009 | ||||
Sales | 2702 | 2531 | ||||
Comparable operating profit | 1298 | 1454 | ||||
Net Assets | 5806 | 5494 | ||||
Comparable RONA | 223 | 264 | ||||
Gross Investments | 122 | 153 |
Sheet2
Sheet3
Sheet3
Sheet1
Sheet2
Sheet3
MEUR | 2010 | 2009 | ||||
Sales | 1770 | 1399 | ||||
Comparable operating profit | 275 | 231 | ||||
Net Assets | 4182 | 3787 | ||||
Comparable RONA | 77 | 73 | ||||
Gross Investments | 305 | 359 |
Sheet2
Sheet3
Sheet3
Sheet1
Sheet2
Sheet3
MEUR | 2010 | 2009 | ||||
Sales | 963 | 800 | ||||
Comparable operating profit | 307 | 262 | ||||
Net Assets | 3683 | 3299 | ||||
Comparable RONA | 93 | 86 | ||||
Gross Investments | 213 | 193 |
Sheet2
Sheet3
Sheet3
Sheet1
Sheet2
Sheet3
MEUR | 2010 | 2009 | ||||
Sales | 1798 | 1449 | ||||
Comparable operating profit | 11 | 22 | ||||
Net Assets | 210 | 125 | ||||
Comparable RONA | 93 | 186 | ||||
Gross Investments | 0 | 1 |
Sheet2
Sheet3
Sheet3
Sheet1
Sheet2
Sheet3
MEUR | 2010 | 2009 | ||||
Sales | 804 | 632 | ||||
Comparable operating profit | 8 | -20 | ||||
Net Assets | 2817 | 2260 | ||||
Comparable RONA | 07 | 00 | ||||
Gross Investments | 599 | 218 |
Sheet2
Sheet3
Sheet3
Sheet1
MEUR | Q1-Q300 | IV2010 | IV2009 | 2010 | 2009 | 2007 | I-III2007 | LTM | LTM | 2004 | ||||||||||||||||
Sales | 7732 | 1902 | 1563 | 6296 | 5435 | 5636 | 3159 | 5354 | 0 | 3835 | ||||||||||||||||
Expenses | -7109 | -1361 | -993 | -4463 | -3547 | -3673 | -1832 | -3482 | 0 | -2640 | ||||||||||||||||
Comparable operating profit | 623 | 541 | 570 | 1833 | 1888 | 1963 | 1327 | 1872 | 0 | 1195 | ||||||||||||||||
Other items affecting comparability | -220 | -48 | -125 | -106 | ||||||||||||||||||||||
Operating profit | 321 | 522 | 1708 | 1782 | ||||||||||||||||||||||
Share of profit of associates and jvs | 21 | 22 | 62 | 21 | 126 | 223 | 96 | 0 | 12 | |||||||||||||||||
Financial expenses net | -209 | -57 | -39 | -155 | -167 | -239 | -117 | -222 | 0 | -245 | ||||||||||||||||
Profit before taxes | 0 | 285 | 505 | 1615 | 1636 | 1850 | 1433 | 1746 | 0 | 0 | ||||||||||||||||
Income tax expense | -83 | -25 | -74 | -261 | -285 | -254 | -218 | -364 | 0 | -259 | ||||||||||||||||
Net profit for the period | -26 | 260 | 431 | 1354 | 1351 | 1596 | 1215 | 1382 | 0 | 0 | ||||||||||||||||
Non-controlling interests | 29 | 25 | 54 | 39 | 54 | 31 | 35 | 0 | 33 | |||||||||||||||||
EPS basic (EUR) | 039 | 026 | 046 | 146 | 148 | 174 | 133 | 152 | 171 | 148 | ||||||||||||||||
EPS diluted (EUR) | 026 | 046 | 146 | 148 | 174 | 133 | 152 | 171 | 079 | |||||||||||||||||
069 |
Sheet1
MEUR | IV2010 | IV2009 | 2010 | 2009 | 2007 | I-III2007 | LTM | LTM | |||||||||
Operating profit before depreciations | 468 | 658 | 2271 | 2292 | 2478 | 1663 | 2370 | 0 | |||||||||
Non-cash flow items and divesting activities | 222 | -4 | 124 | 46 | -275 | -268 | -56 | 0 | |||||||||
Financial items and fx gainslosses | -192 | -102 | -641 | 146 | 233 | ||||||||||||
Taxes | -107 | -34 | -355 | -239 | -332 | -231 | -534 | 0 | |||||||||
Funds from operations (FFO) | 391 | 518 | 1399 | 2245 | 2104 | 1164 | 1780 | 0 | |||||||||
Change in working capital | -170 | -122 | 38 | 19 | -102 | 161 | 5 | 0 | |||||||||
Total net cash from operating activities | 221 | 396 | 1437 | 2264 | 2002 | 1325 | 1785 | 0 | |||||||||
Paid capital expenditures | -432 | -266 | -1134 | -845 | -1018 | -341 | -931 | 0 | |||||||||
Acquisition of shares | -20 | -28 | -28 | -87 | -1243 | -257 | -1243 | 0 | |||||||||
Other investing activities | -23 | -27 | 60 | -42 | -21 | 258 | -34 | 0 | |||||||||
Cash flow before financing activities | -254 | 75 | 335 | 1290 | -280 | 985 | -423 | 0 |
Sheet1
Sheet2
Sheet3
MEUR | 2010 | 2009 | 2008 | 2006 | 2005 | ||||||
EBITDA | 2271 | 2292 | 2478 | 1884 | |||||||
Comparable EBITDA | 2396 | 2398 | 1151 | 1271 | |||||||
Interest-bearing net debt | 6826 | 5969 | 6179 | 4345 | 3158 | ||||||
Net debtEBITDA | 30 | 26 | 25 | 8161 | |||||||
Comparable Net debtEBITDA | 28 | 25 | 16839 | 15130 | |||||||
23 | 18 | ||||||||||
Return on capital employed () | 116 | 121 | 150 | 134 | 135 | ||||||
Return on shareholders equity () | 157 | 160 | 187 | 144 | 135 |