STOCK EXHANGE RELEASE 2 DECEMBER 2013 at 9.00 EET
Fortum will apply the new IFRS 10 Consolidated Financial Statements and 11
Joint arrangements standards as of 1 January 2014. The major effect of this
reassessment relates to Fortum Värme, operating in the capital area in Sweden,
that will be treated as a joint venture and thus consolidated with equity
method. The company is currently consolidated as a subsidiary with 50% minority
Fortum Värme’s impact on the Fortum Group in 2012 was approximately EUR 800
million in sales, EUR 300 million in comparable EBITDA and EUR 190 million in
comparable operating profit. Fortum Värme is part of Fortum's Heat division.
The accounting change does not impact Group’s earnings per share.
According to the transition rules, the comparative information for 2013 are to
be restated in 2014. Fortum will report the impact of the new standards on
2013 financials on 4 February 2014 in the Financial Statements Bulletin 2013.
Fully restated comparison figures for 2013 will be given in the first quarter
2014 interim report.
Senior Vice President, Corporate Communications
For additional information, please contact
Markus Rauramo, CFO, tel. +358 104 521 909
NASDAQ OMX Helsinki
Fortum’s purpose is to create energy that improves life for present and future
generations. We provide sustainable solutions that fulfill the needs for low
emissions, resource efficiency and energy security, and deliver excellent value
to our shareholders. Our activities cover the generation, distribution and
sales of electricity and heat as well as related expert services.
Fortum’s operations focus on the Nordic countries, Russia, Poland and the
Baltics. In the future, the integrating European and fast-growing Asian energy
markets provide additional growth opportunities. In 2012, Fortum’s sales
totalled EUR 6.2 billion and comparable operating profit was EUR 1.7 billion.
We employ approximately 10,400 people. Fortum’s shares are quoted on NASDAQ OMX
Further information: www.fortum.com