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 interest.
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 Helsinki.
Further information: www.fortum.com