Solid and consistent strategy implementation
Driving the change for a cleaner world is at the heart of Fortum's strategy and our ambition is to accelerate this change by reshaping the energy system, improving resource efficiency, and providing smart solutions.
During 2019, we continued our determined efforts to implement Fortum's strategy. We focused on operational excellence in all our operations, assessed parts of our district heating business, continued to build solar and wind power, reached an agreement to increase our shareholding in Uniper, and improved our financial results substantially. At year-end, we reached our long-term 10% target for return on capital employed.
In June, we announced our intention to assess the strategic options for the district heating and cooling business in Estonia and in Joensuu, Finland. The asseessment concluded in the divestment of the Joensuu operations, for approximately EUR 530 million, which released cash, strengthened our balance sheet, and unlocked value. In February 2020, we announced our intention to extend the strategic heating and cooling businesses in all Baltic countries, in Poland, and in Järvenpää, Finland.