2014-04-29 08:00:03 CEST
2014-04-29 08:00:12 CEST
REGULATED INFORMATION
Fortum - Interim report (Q1 and Q3)
Good comparable operating profit despite low prices and weak rouble
Espoo, Finland, 2014-04-29 08:00 CEST (GLOBE NEWSWIRE) -- FORTUM CORPORATION
INTERIM REPORT 29 April 2014 at 9:00 EEST
January−March 2014
• Finnish electricity distribution business sale completed
• Comparable operating profit EUR 477 (524) million, -9%
• Operating profit EUR 2,333 (477) million, of which EUR 1,856 (-47) million
relates to items affecting comparability, i.e. mainly to the sale of the
Finnish electricity distribution business
• Earnings per share EUR 2.53 (0.45), +462%, of which EUR 2.09 (-0.04) per
share relates to items affecting comparability. The effect of the sale of the
Finnish electricity distribution business was EUR 2.08 per share.
• Cash flow from operating activities totalled EUR 566 (467) million, +21%
• New organisational structure
Key figures I/14 I/13* 2013* LTM**
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Sales, EUR million 1,473 1,654 5,309 5,128
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Operating profit, EUR million 2,333 477 1,508 3,364
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Comparable operating profit, EUR million 477 524 1,403 1,356
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Profit before taxes, EUR million 2,341 490 1,398 3,249
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Earnings per share, EUR 2.53 0.45 1.36 3.44
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Net cash from operating activities, EUR million 566 467 1,548 1,647
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Shareholders' equity per share, EUR 13.63 11.82 11.28
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Interest-bearing net debt (at end of period), EUR 4,838 7,376 7,793
million
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Key financial ratios 2013* LTM**
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Return on capital employed, % 9.0 17.9
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Return on shareholders' equity, % 12.0 26.8
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Net debt/EBITDA 3.7 1.2
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Comparable net debt/EBITDA 3.9 2.5
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Comparable net debt/EBITDA without Värme financing 3.4 1.9
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*) Comparative period figures for 2013 presented in the interim report are
restated due to an accounting change for Fortum Värme and segment reporting
changes; see page 4 as well as Notes 2 and 4.
**) LTM, Last 12 months
Summary of outlook
-- Fortum continues to expect the annual electricity demand growth in the
Nordic countries to be on average 0.5% in the coming years
-- Capital expenditure guidance: EUR 0.9-1.1 billion in 2014, excluding
potential acquisitions
-- Power and Technology Segment's Nordic generation hedges: for the rest of
the calendar year 2014, approx. 55% hedged at EUR 44 per MWh; and for the
2015 calendar year, approx. 25% hedged at EUR 42 per MWh
-- Fortum's goal is to achieve an operating profit level (EBIT) of about EUR
500 million run-rate in its Russia Segment during 2015
Fortum's President and CEO Tapio Kuula
”Industrial transformation is one of the key challenges today - its economical
and social impacts affect both the declining traditional sectors as well as the
emerging new areas. It is not enough to streamline operations and focus on only
the essential. We must build the future with our own resources, as a continuing
slower growth phase is expected in the global economy, and the general economic
fundamentals offer little support. We will continue our focussed development of
Fortum in line with our strategy. The sale of the Finnish electricity
distribution business, which has now already transferred to its new owner, was
a part of this. I firmly believe that the sale was a good solution both for our
distribution customers as well as for Fortum.
In the first quarter of 2014, electricity consumption in the Nordic countries
was lower than in the corresponding quarter last year. The decrease was almost
completely due to the extremely mild weather. In Russia, in the areas where
Fortum operates, electricity demand decreased marginally.
The exceptionally warm weather in the Nordic countries and low electricity
prices burdened both Fortum's achieved price as well as heat, distribution and
electricity volumes, and hence the result in the first quarter. Higher hydro
production volumes contributed positively and partly offset the decline as
Nordic hydro reservoirs normalised. In Russia, the comparable result was good
despite the weakened rouble. Earnings per share were EUR 2.53; the sale of the
Finnish distribution business impacted the earnings per share by EUR 2.08 per
share. The cash flow from operating activities was strong.
In line with the conclusions of the assessment of the electricity distribution
business in 2013, the Finnish electricity distribution sale was completed in
March. Furthermore, the sale of the Norwegian electricity distribution business
was announced in April and is expected be finalised during the second quarter
of 2014. The work continues, and we are currently evaluating the possible
future divestment of our Swedish electricity distribution business.
Looking at the overall operating environment for Fortum, it's clear that the
markets will remain challenging also in 2014. We can only ensure that the
foundation for success is in place through our own actions. As for the
intensified political situation, significant economic relations and connections
established within trade and industry have a stabilising effect on general
development. The EU and Russia's interdependence in energy issues and in many
other areas of business will hopefully add stability to the relations between
the regions. For Fortum, the currently suggested gas price development in
Russia and the weaker Russian rouble are challenging, but the company is making
every effort to mitigate the negative impacts. Fortum is evaluating its targets
on a continuing basis, and will do so also once the political and economic
situation stabilises. The company will then estimate if there still are
possibilities to achieve the current target or if a new target level should be
set.
Changes to the EU energy and climate policy are likely to be seen in 2014. In
January, the European Commission published a new proposal for the EU's climate
and energy policy; the proposal is a step in the right direction, but
overlapping targets remain. In Finland, the power plant tax (the former
so-called windfall tax) was adopted as of 2014, but it will enter force only if
the European Commission assesses the tax as being in line with the general tax
principles and regime in Finland and that it does not include prohibited state
aid. The Swedish hydro real-estate tax levels enforced in 2013 for the years
2013-2018 are also being challenged.
Fortum is well positioned to leverage new opportunities that may emerge in the
market. We will continue to pursue growth, carefully considering and
prioritising alternatives in line with our strategy. I consider Fortum to be
well positioned among its peers and ready to seize opportunities that are a
good fit with our strategic focus on low-carbon power generation,
energy-efficient combined heat and power (CHP) production and sales as well as
innovative customer offerings."
Efficiency programme 2013-2014
Fortum started an efficiency programme in 2012 in order to maintain and
strengthen its strategic flexibility and competitiveness and to enable the
company to reach its financial targets in the future.
The aim is to improve the company's cash flow by more than approximately EUR 1
billion during 2013-2014 by reducing capital expenditures (capex) by EUR
250-350 million, divesting approximately EUR 500 million of non-core assets,
reducing fixed costs and focusing on working capital efficiency.
At the end of 2014, the cost run-rate is targeted to be approximately EUR 150
million lower compared to 2012, including growth projects.
If headcount reductions are needed, Fortum seeks to limit redundancies whenever
possible. The assessments will therefore be done at a unit level.
At the end of March, Fortum had divested non-core assets of approximately EUR
300 million since the start of the efficiency programme. At the end of 2013,
the company had been able to decrease its cost run-rate by approximately half
of the targeted EUR 150 million and working capital efficiency had been
improved. The programme is proceeding according to plan.
Assessment of the electricity distribution business
In March, Fortum completed the divestment of its Finnish electricity
distribution business to Suomi Power Networks Oy, owned by a consortium of
Finnish and international investors. The total consideration was EUR 2.55
billion on a debt- and cash-free basis. Fortum's one-time sales gain of
approximately EUR 1.85 billion corresponds to EUR 2.08 per share. The sales
gain is booked in Fortum's Distribution Segment in the first quarter of 2014
(Note 6).
The decision to divest Fortum's electricity distribution business in Finland is
linked to last year's strategic assessment of the company's future alternatives
for its electricity distribution business. Fortum originally announced the
completion of the assessment and the sale of the business in December 2013.
Fortum is currently evaluating a possible divestment opportunity of
distribution business in Sweden. The outcome is dependent on the market
development and development of national regulation.
In April 2014, Fortum agreed to sell its Norwegian electricity distribution
business. Fortum expects to complete the divestments during the second quarter
of 2014 after the necessary regulatory approvals as well as customary closing
conditions have been met.
Restatement related to IFRS changes and the new reporting structure
As of 1 January 2014, Fortum applied the new IFRS 10 Consolidated Financial
Statements and 11 Joint Arrangements standards. The major effect of this
reassessment relates to Fortum Värme, operating in the capital area in Sweden,
which is treated as a joint venture and thus consolidated with the equity
method (Note 2). Comparative information for 2013 presented in this interim
report has been restated accordingly.
The segment information for 2013 has been restated due to the change in the
organisation from 1 March 2014.
Presented figures have been rounded and consequently the sum of individual
figures may deviate from the sum presented.
Financial results
January-March
In the first quarter of 2014, Group sales were EUR 1,473 (1,654) million.
Comparable operating profit totalled EUR 477 (524) million and the reported
operating profit totalled EUR 2,333 (477) million. Fortum's operating profit
for the period was affected by non-recurring items. The sale of the Finnish
electricity distribution business as well as an IFRS accounting treatment (IAS
39) of derivatives mainly used for hedging Fortum's power production and
nuclear fund adjustments amounting to EUR 1,856 (-47) million (Note 4).
Sales by segment
EUR million I/14 I/13 2013 LTM
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Power and Technology 586 665 2,252 2,173
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Heat, Electricity Sales and Solutions 446 531 1,516 1,431
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Russia 333 344 1,119 1,108
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Distribution 300 339 1,064 1,025
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Other 14 15 63 62
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Netting of Nord Pool transactions -133 -171 -478 -440
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Eliminations -72 -70 -228 -230
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Total 1,473 1,654 5,309 5,128
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Comparable operating profit by segment
EUR million I/14 I/13 2013 LTM
---------------------------------------------------------------
Power and Technology 251 303 859 807
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Heat, Electricity Sales and Solutions 48 57 109 100
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Russia 73 41 156 188
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Distribution 119 137 332 314
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Other -14 -14 -54 -54
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Total 477 524 1,403 1,356
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Operating profit by segment
EUR million I/14 I/13 2013 LTM
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Power and Technology 262 263 922 921
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Heat, Electricity Sales and Solutions 45 51 134 128
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Russia 73 40 156 189
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Distribution 1,968 136 349 2,181
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Other -14 -14 -53 -53
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Total 2,333 477 1,508 3,364
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The share of profit from associates in the first quarter was EUR 72 (78)
million, of which Fortum Värme represents EUR 44 (49) million. The share of
profit from Hafslund and TGC-1 are based on the companies' published fourth
-quarter 2013 interim reports (Note 12).
The Group's net financial expenses were EUR 64 (65) million. Net financial
expenses included changes in the fair value of financial instruments of EUR -3
(-2) million.
Profit before taxes was EUR 2,341 (490) million.
Taxes for the period totalled EUR 86 (86) million. The tax rate according to
the income statement was 3.7% (17.6%). In Finland, the corporate tax rate was
decreased from 24.5% to 20.0% starting 1 January 2014. The tax rate, excluding
the impact of the share of profit from associated companies and joint ventures
as well as non-taxable capital gains, was 20.6% (21.3%).
The profit for the period was EUR 2,255 (404) million. Fortum's earnings per
share were EUR 2.53 (0.45), of which EUR 2.09 (-0.04) per share relates to
items affecting comparability. The earnings per share impact from the sale of
the Finnish electricity distribution business was EUR 2.08 per share (Note 6).
Financial position and cash flow
Cash flow
In the first quarter of 2014, total net cash from operating activities
increased by EUR 99 million to EUR 566 (467) million, mainly due to realised
foreign exchange differences turning to positive EUR 182 million, which were
offset with a lower EBITDA. In addition, there was a decrease in working
capital of EUR 65 million in the first quarter of 2013. Capital expenditures
decreased by EUR 48 million to EUR 162 (210) million. Proceeds from divestments
of shares totalled EUR 2,502 (35) million mainly from the divestment of the
Finnish distribution business. Total net cash used in investing activities was
positive EUR 2,387 (-67) million. Cash flow before financing activities, i.e.
financing, increased by EUR 2,553 million to EUR 2,953 (400) million. Realised
foreign exchange gains and losses of EUR 74 (-108) million were related to the
rollover of foreign exchange contract hedging loans to Fortum's Swedish and
Russian subsidiaries.
Assets and capital employed
Total assets increased by EUR 325 million to EUR 23,673 (23,348 at year-end
2013) million. Cash and cash equivalents increased by EUR 1,724 million, which
was mainly attributable to the Finnish distribution divestment. Assets of
distribution Finland, amounting to EUR 1,173 million, were presented in Assets
held for sale at the end of 2013. The total impact of translation differences
on intangible assets, property, plant and equipment as well as on participation
in associates and joint ventures was negative EUR 340 million.
Capital employed was EUR 20,033 (19,183 at year-end 2013) million, an increase
of EUR 850 million. The increase was due to the higher amount of total assets,
EUR 325 million, and a EUR 525 million decrease in interest-free liabilities.
Equity
Total equity was EUR 12,207 (10,124 at year-end 2013) million, of which equity
attributable to owners of the parent company totalled EUR 12,109 (10,024)
million and non-controlling interests EUR 97 (101) million.
The increase in equity attributable to owners of the parent company totalled
EUR 2,085 million and was mainly from the net profit of EUR 2,251 million for
the period, including a gain of EUR 1,850 million from sale of the Finnish
distribution business and translation differences of EUR -231 million. The
dividends decided on at the Annual General Meeting on 8 April 2014, totalling
EUR 977 million, are not reflected in these interim financial statements.
Financing
Net debt decreased during the first quarter of 2014 by EUR 2,955 million to EUR
4,838 (7,793 at year-end 2013) million.
At the end of March 2014, the Group's liquid funds totalled EUR 2,989 (1,265 at
year-end 2013) million. Liquid funds include cash and bank deposits held by OAO
Fortum amounting to EUR 198 (113 at year-end 2013) million. In addition to the
liquid funds, Fortum had access to approximately EUR 2.2 billion of undrawn
committed credit facilities.
The Group's net financial expenses during the quarter were EUR 64 (65) million.
Net financial expenses include changes in the fair value of financial
instruments of EUR -3 (-2) million.
Fortum Corporation's long-term credit rating with both S&P and Fitch is A-
(negative outlook).
Key figures
For the last twelve months, net debt to EBITDA was 1.2 (3.7 at year-end 2013)
and comparable net debt to EBITDA 2.5 (3.9). Fortum is currently financing
Fortum Värme, and these loans are presented as interest-bearing loan
receivables in Fortum's balance sheet. However, there is a target to refinance
those loans during 2014-2015. If these loans are deducted from the net debt,
the last-twelve-months comparable net debt to EBITDA was 1.9 (3.4 at the
year-end 2013).
Gearing was 40% (77%) and the equity-to-assets ratio 52% (43%). Equity per
share was EUR 13.63 (11.28). For the last twelve months, return on capital
employed totalled 17.9% (9%) and return on shareholders' equity 26.8% (12%).
Both return on capital employed and return on equity were positively affected
with the capital gain from the sale of the Finnish distribution business.
Outlook
Key drivers and risks
Fortum's financial results are exposed to a number of economic, strategic,
political, financial and operational risks. One of the key factors influencing
Fortum's business performance is the wholesale price of electricity in the
Nordic region. The key drivers behind the wholesale price development in the
Nordic region are the supply-demand balance, fuel and CO2 emissions allowance
prices as well as the hydrological situation. The completion of Fortum's
investment programme in Russia is also one key driver to the company's result
growth, due to the increase in production volumes and CSA payments.
The continued global economic uncertainty and Europe's sovereign-debt crisis
has kept the outlook for economic growth unpredictable. The overall economic
uncertainty impacts commodity and CO2 emissions allowance prices, and this
could maintain downward pressure on the Nordic wholesale price for electricity
in the short term. In Fortum's Russian business, the key factors are economic
growth, rouble exchange rate, the regulation around the heat business and
further development of electricity and capacity markets. Operational risks
related to the investment projects in the current investment programme are
still valid. In all regions, fuel prices and power plant availability also
impact profitability. In addition, increased volatility in exchange rates due
to financial turbulence could have both translation and transaction effects on
Fortum's financials, especially through the SEK and RUB. In the Nordic
countries, also the regulatory and fiscal environment for the energy sector has
added risks for utility companies.
Nordic market
Despite macroeconomic uncertainty, electricity is expected to continue to gain
a higher share of the total energy consumption. Fortum continues to expect the
annual growth rate in electricity consumption to be on average 0.5%, while the
growth rate for the nearest years will largely be determined by macroeconomic
development in Europe and especially in the Nordic countries. The new 650-MW
Estlink-2 interconnector between Finland and Estonia increased market coupling
between the Nordic and Baltic countries.
During the first quarter of 2014, the price of oil appreciated, whereas coal
and EUA ended close to their opening levels. The price of electricity for the
upcoming twelve months clearly decreased in the Nordic area, whereas in Germany
it was largely unchanged.
In late April 2014, the future quotation for coal (ICE Rotterdam) for the rest
of 2014 was around USD 78 per tonne, and the price for CO2 for 2014 was about
EUR 6 per tonne.
In late April 2014, the electricity forward price in Nord Pool for the rest of
2014 was around EUR 28 per MWh. For 2015, the price was around EUR 30 per MWh,
and, for 2016, around EUR 30 per MWh. In Germany, the electricity forward price
for the rest of 2014 was around EUR 34 per MWh and for 2015 EUR 35 per MWh.
In late April 2014, Nordic water reservoirs were about 4 TWh above the
long-term average and 10 TWh above the corresponding level of 2013.
Power and Technology
The Power and Technology's Nordic power price typically depends on such factors
as hedge ratios, hedge prices, spot prices, availability and utilisation of
Fortum's flexible production portfolio, and currency fluctuations. Excluding
the potential effects from the changes in the power generation mix, a 1 EUR/MWh
change in the Power and Technology Segment's Nordic power sales (achieved)
price will result in an approximately EUR 45 million change in Fortum's annual
comparable operating profit. In addition, the comparable operating profit of
the Power and Tehnology will be affected by the possible thermal power
generation volumes and its profits.
The ongoing, multi-year Swedish nuclear investment programmes are expected to
enhance safety, improve availability and increase the capacity of the current
nuclear fleet. The implementation of the investment programmes could, however,
affect availability. Fortum's power procurement costs from co-owned nuclear
companies are affected by these investment programmes through increased
depreciation and finance costs of associated companies.
Russia
The generation capacity built after 2007 under the Russian Government's
Capacity Supply Agreements (CSA - “new capacity”) receives guaranteed capacity
payments for a period of 10 years. Prices for capacity under CSA are defined in
order to ensure a sufficient return on investments. The issue of prolonged CSA
payments from 10 to 15 years have been under discussion in the Russian
government; however, no official decisions have yet been made.
Capacity not under CSA competes in the competitive capacity selection (CCS -
“old capacity”). The capacity selection for generation built prior to 2008 (CCS
- “old capacity”) for 2014 was held in September 2013. All of Fortum's capacity
was allowed to participate in the selection for 2014 and the majority of
Fortum's power plants were also selected. The volume of Fortum's installed
capacity not selected in the auction totalled 132 MW, which is approximately
4.6% of Fortum's total old capacity in Russia.
The Russia Segment's new capacity will be a key driver for earnings growth in
Russia as it is expected to bring income from new volumes sold and also receive
considerably higher capacity payments than the old capacity. However, the
received capacity payment will differ depending on the age, location, size and
type of the plants as well as seasonality and availability. The return on the
new capacity is guaranteed, as regulated in the CSA. CSA payments can vary
somewhat annually because they are linked to Russian Government long-term bonds
with 8 to 10 years maturity. In addition, the regulator will review the
earnings from the electricity-only market three years and six years after the
commissioning of a unit and could revise the CSA payments accordingly.
The value of the remaining part of the investment programme, calculated at the
exchange rates prevailing at the end of March 2014, is estimated to be
approximately EUR 0.4 billion, as of April 2014.
The Russian result is impacted by seasonal volatility caused by the heat
business' characteristics, with the first and last quarter being clearly the
strongest.
After completing the on-going investment programme by mid-2015, Fortum's goal
is to achieve an operating profit level (EBIT) of about EUR 500 million
run-rate in its Russia Segment during 2015 and to create positive economic
added value in Russia. The segment's profits are impacted by possible changes
in gas prices, currency exchange rates and other regulations. The currently
suggested gas price development and the weaker Russian rouble make the
approximately EUR 500 million operating profit level (EBIT) goal more
challenging for the Russia Segment, but the company is making every effort to
mitigate the negative impacts. Fortum is evaluating its targets on a continuing
basis, and will do so also once the political and economic situation
stabilises. The company will then estimate if there still are possibilities to
achieve the current target or if a new target level should be set.
In 2013, the Ministry of Energy stated that heat reform should be developed
before changing the current electricity and capacity market model. Therefore,
at the end of the year, the Ministry of Energy proposed a new heat market model
(for public discussion), which is supposed to ensure transition to economically
justified heat tariffs by 2020 and attract investments into the heat sector.
The new regulation concept is at an early stage and expected to be further
developed during 2014.
According to a forecast made by the Russian Ministry of Economic Development,
Russian gas price indexation will not take place as of July 2014. However,
year-on-year gas price growth is estimated to be 7.6% in 2014.
Distribution
In April, Fortum agreed to sell its Norwegian electricity distribution
business. The decision to divest the electricity distribution business in
Norway is linked to the 2013 strategic assessment of the further alternatives
for the company's electricity distribution business. Fortum expects to complete
the divestment during the second quarter of 2014. after the necessary
regulatory approvals as well as customary closing conditions have been met.
Fortum is preparing for a possible sale of the Swedish electricity distribution
businesses. The decision to complete the process is dependent on market
development and development of national regulation, among other factors.
The work to define the Swedish network income regulation model for the next
regulatory period 2016-2019 has been ongoing, and a first proposal from the
Energy Market Inspectorate was given in March. Details, however, is expected to
be set during the autumn 2014.
Capital expenditure and divestments
Fortum currently expects its capital expenditure in 2014 to be approximately
EUR 0.9-1.1 billion, excluding potential acquisitions. The Finnish distribution
business is included in the figure until the end of the first quarter 2014. The
annual maintenance capital expenditure is estimated to be about EUR 400-500
million in 2014, below the level of depreciation. Capex for electricity
distribution in Finland has been approximately EUR 150 million annually.
Fortum will gradually decrease its financing to Värme during 2014-2015. At the
end of 2013, Värme's share of debt totalled approximately EUR 1 billion.
Taxation
The effective corporate tax rate for Fortum in 2014 is estimated to be 19-21%,
excluding the impact of the share of profits of associated companies and joint
ventures, non-taxable capital gains and non-recurring items. In Finland, the
corporate tax rate was reduced from 24.5% to 20% as of 1 January 2014.
The Finnish Parliament approved the power plant tax (the so-called windfall
tax) in December 2013. It will be enacted later and will be applied from the
beginning of 2014, provided that the EU Commission approves it. Fortum has
filed a complaint on the tax to the Commission, arguing that it is not in line
with general tax principles in Finland and that it constitutes illegal state
aid for those plants that are not subject to the tax. If implemented, the
estimated impact on Fortum would be approximately EUR 25 million annually.
Hedging
At the end of March 2014, approximately 55% of Power and Technology's estimated
Nordic power sales volume was hedged at approximately EUR 44 per MWh for the
rest of 2014. The corresponding figures for the calendar year 2015 were
approximately 25% at approximately EUR 42 per MWh.
The hedge price for the Power and Technology's Nordic generation excludes
hedging of the condensing power margin. In addition, the hedge ratio excludes
the financial hedges and physical volume of Fortum's coal-condensing generation
as well as the segment's imports from Russia.
The reported hedge ratios may vary significantly, depending on Fortum's actions
on the electricity derivatives markets. Hedges are mainly financial contracts,
most of them Nord Pool forwards.
Dividend payment
The Annual General Meeting 2014 decided to pay a dividend of EUR 1.10 per share
for 2013. The record date for the dividend was 11 April 2014, and the dividend
payment date was 22 April 2014.
Espoo, 28 April 2014
Fortum Corporation
Board of Directors
Further information:
Tapio Kuula, President and CEO, tel. +358 10 452 4112
Timo Karttinen, CFO, tel. +358 10 453 6555
Fortum's Investor Relations, Sophie Jolly, tel.+358 10 453 2552, Rauno
Tiihonen, tel. +358 10 453 6150 and investors@fortum.com
The condensed interim financial statements have been prepared in accordance
with International Accounting Standard (IAS) 34, Interim Financial Reporting,
as adopted by the EU. The interim financials have not been audited.
Publication of financial results in 2014:
- Interim Report January-June on 18 July 2014 at approximately 9.00 EEST
- Interim Report January-September on 23 October 2014 at approximately 9.00 EEST
Distribution:
NASDAQ OMX Helsinki
Key media
www.fortum.com
More information, including detailed quarterly information, is available on
Fortum's website at www.fortum.com/investors.
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