Stock exchange release

IFRS 5 restatement of Fortum's income statement and cash flow for 2014 – Distribution segment treated as discontinued operations

15 April 2015, 9:30 EEST


Fortum signed a binding agreement to sell its Swedish distribution business on 13 March 2015, which concludes Fortum’s divestment of its electricity distribution business. The divestment is expected to be completed during the second quarter of 2015.

After the divestment of the Swedish distribution business Fortum will not have any distribution operations, and therefore the Distribution segment will be treated in the first quarter 2015 interim financial statements as discontinued operations according to IFRS 5 "Non-current assets held for sale and Discontinued operations". The IFRS standard requires restatement of the 2014 comparative period information for the income statement and cash flow. The restatement is done to the income statement including other comprehensive income, cash flow statement and certain key ratios. In the segment information, the Distribution segment is reclassified as discontinued operations.

Reclassification of discontinued operations does not impact the balance sheet. The Swedish distribution business’ assets and liabilities will be classified as assets held for sale in the balance sheet of 31 March 2015.

The 2014 key figures of Fortum in total, continuing operations and discontinued operations (Distribution segment) are as follows:


EUR million 2014
Fortum, total (old)*
Continuing operations
Discontinued operations
Sales 4,751 4,088 662
EBITDA 3,954 1,673 2,281
Comparable EBITDA 1,873 1,457 416
Operating profit 3,428 1,296 2,132
Comparable operating profit 1,351 1,085 266
Profit before taxes 3,360 1,232 2,128
Net cash from operating activities 1,762 1,406 356
Capital expenditure 774 626 147

  *previously reported information

Earnings per share figures for 2014 of Fortum in total and of the continuing and the discontinued operations are as follows:


EUR Q1/14 Q1-Q2/14 Q1-Q3/14 2014
Earnings per share total Fortum Group 2.53 2.81 2.91 3.55
Earnings per share continuing operations 0.35 0.57 0.63 1.22
Earnings per share discontinued operations* 2.18 2.24 2.28 2.33

  * Includes impact from sales gains of the Finnish and Norwegian Distribution businesses amounting to EUR 2.10.

For restated information for the interim periods of 2014, see the attachment.

Fortum Corporation
Helena Aatinen
Senior Vice President, Corporate Communications

For more information, please contact:

Analysts and investors:
Sophie Jolly, Vice President, Investor Relations, tel. +358 10 45 32552
Rauno Tiihonen, Investor Relations Manager , tel. +358 10 45 36150
Marja Mäkinen, Investor Relations (SRI) Manager, tel. +358 10 45 23338

Media contacts:
Helena Aatinen, Senior Vice President, Corporate Communications,
tel. +358 10 45 20480,
Fortum Media Desk, tel. +358 40 1982 843

Nasdaq Helsinki

Fortum’s purpose is to create energy that improves life for present and future
generations. Catering to the versatile needs of our customers, we generate,
distribute and sell electricity and heat, and offer related expert services.
Our operations focus on the Nordic and Baltic countries, Russia and Poland. In
2014, Fortum’s sales totalled EUR 4.75 billion and comparable operating profit
was EUR 1.35 billion. We employ approximately 8,800 people. Fortum’s shares are
traded on the Nasdaq Helsinki.