- a leading energy company in the Nordic area

Size: px
Start display at page:

Download "- a leading energy company in the Nordic area"

Transcription

1 - a leading energy company in the Nordic area Presentation for investors October 2006

2 Disclaimer This presentation does not constitute an invitation to underwrite, subscribe for, or otherwise acquire or dispose of any Fortum shares. Past performance is no guide to future performance, and persons needing advice should consult an independent financial adviser. 2

3 Fortum today Nordic power market Russia Financials / outlook Supplementary material 3

4 Fortum investment highlights Fortum is a leading Nordic Power & Heat ( P&H ) company Focus entirely on power and heat following the disposal of the downstream business in 2005 Geographical focus on the Baltic rim area: Nordic countries, Poland, Baltic countries, NW Russia Strong cash generation supported by leading operational efficiency Operations spanning the entire P&H value chain Majority ownership by Finnish Government (51.1%) Market capitalisation of around 19 billion Key performance figures as of LTM in Q3/2006 Revenues EBITDA Net debt Market capitalisation 4,349m 1,887m 4,159m 19bn 4

5 Fortum provides leadership in core businesses Businesses Power Generation Heat Distribution Markets Revenues 2,370m 1,212m 739m 1,774m Operating profit (comparable) 993m (66%) 255m (17%) 249m (16%) 12m (1%) Business unit Generation Portfolio Management and Trading Service Heat/Värme Distribution Markets Leading efficiency 14% Nordic market share Best-in-class physical and financial market operations Efficient operation and maintenance services Nordic leader in district heating Developing presence in the Baltics and Poland Leading Nordic distribution company 1.6 mio. customers 1.3 mio. business and private electricity sales customers Nordic market position #2 Power Generation #1 Heat #1 Distribution #1 Electricity LTM numbers in Q3/2006 5

6 Fortum's strategy Fortum focuses on the Nordic and Baltic Rim markets as a platform for profitable growth Become the leading power and heat company Become the energy supplier of choice Benchmark business performance 6

7 Presence in focus market areas Nordic Generation 51.2 TWh Electricity sales 58.2 TWh Distribution cust. 1.6 mill. Electricity cust. 1.3 mill. Heat sales 19.4 TWh NW Russia (in associated companies) Power generation ~6 TWh Heat production ~7 TWh Poland Heat sales 3.9 TWh Electricity sales 20 GWh Baltic countries Heat sales 1.2 TWh Distribution cust. 22,000 7

8 Market Structure - Business Value Chain Competitive businesses Generation Nordic Nordic wholesale wholesale market market Nord Pool and bilateral Large customers Retail companies Retail Retail market market Small customers Regulated monopolies Transmission and system services Independent TSO Distribution Independent DSO 8

9 Fortum Business structure Fortum Power Generation Nordic Nordic wholesale wholesale market market Nord Pool and bilateral Fortum Markets Large customers Small customers Other retail companies Fortum's operating profit in 2005 EUR 1,334 million Markets 2 % Transmission and system services Fortum Distribution Distribution 18 % Power Heat 18 % Generation 62 % 9

10 Power and heat production in Fortum Fortum s Nordic power generation Fortum s Nordic heat production Hydro power 42% Biomass fuels 24% Coal 17% Other 2% Peat 1% Biomass 2% Coal 3% Nuclear power 50% Other 11% Waste 6% Peat 7% Heat pumps, electricity 16% Oil 10% Natural gas 9% 51.2 TWh in 2005 Total generation capacity 11,136 MW 20.6 TWh in 2005 Total production capacity 8,252 MW 10

11 Strong dividend growth Dividend per share EUR Total ~ 2,750 MEUR Fortum's aim is to pay a dividend corresponding to an average payout ratio of 50% to 60% * * 0.58 from continuing operations 11

12 Excellent share performance Share price Index 700 Market value EUR billion Fortum Dow Jones 600 Utilities Index Oct 2006, adjusted for Neste spin-off 31 Dec Dec Dec Dec Dec Mar 2005 Neste Oil as dividends 12 Oct

13 Fortum today Nordic power market Russia Financials / outlook Supplementary material 13

14 Towards a functioning European power market Today - regional Nordic Tomorrow - European Yesterday - national 1990s Directives: Market liberalisation Strategy: Market integration Market-based development Increased competition Increased efficiency Benefiting customers and societies 14

15 Nordic market becoming more integrated into Europe In 2005, Nord Pool introduced a spot market area "KONTEK" to facilitate market coupling on the Kontek cable NorNed (Norway - The Netherlands) by 2008 Estlink (Estonia - Finland) by 2007 Nordel priority projects enhance Nordic power market integration Present Under construction Planned Discussed (490)

16 Still a highly fragmented Nordic power market Generation 395 TWh > 350 companies Distribution 14 million customers ~ 500 companies Retail 14 million customers > 450 companies others 29% Helsinki BKK E-CO Energi Norsk Hydro PVO Dong Energy E.ON Vattenfall Statkraft Fortum others 51% Fortum Vattenfall E.ON Dong Energy Hafslund Helsinki SEAS-NVE BKK Statkraft Göteborg others 53% Fortum Dong Energy Vattenfall E.ON Hafslund Plusenergi SEAS-NVE Helsinki Fjordkraft Östkraft 2005 figures; the effects of the structural changes in Finland and in Denmark have been taken into account. 16

17 New capacity will be needed in Nordic countries... TWh in the UK and Germany and in Russia TWh ~50 TWh TWh ~180 TWh ~170 TWh Demand growth ~ TWh before 2020 Source: Ministry of Energy; Russian Energy Strategy Source: Fortum Demand Supply Source: Eurprog 10/2005: 2005 generation, capacity closures by 2010 and 2020 included 17

18 ... also in Nordic countries Demand and capacity development in the Nordic market TWh Existing/remaining capacity Committed new capacity Electricity demand is expected to increase around 50 TWh by 2020 Committed plans of new capacity approx TWh Additionally: Possible closures of current capacity may take away up to 10 TWh by 2020 Upgrade of Swedish nuclear capacity requires a licence 18

19 New capacity will require an EUR 35+ price EUR/MWh Futures 17 October 2006 EUR/MWh Fuel costs, excl. CO 2 costs Fixed costs ( variation *) Coal Gas Nuclear Hydro Wind Source: Nord Pool, Fortum Source: NEA & IEA "Projected Cost of Generating Electricity", 2005 update (average of European projects); Elforsk: "El från nya anläggningar", *) Large variations in costs for new hydro and wind due to location and conditions 19

20 Nordic capacity structure MW Total MW (31 Dec 2005) ) Wind power Gas turbines, etc. Condensing power CHP, industry CHP, district heating Nuclear power Hydro power 0 Denmark Norway Sweden Finland 1) incl. power plants producing 100% of condensing in Denmark. The rest condensing power is included in CHP, district heating Source: Nordel 20

21 Investments in organic growth Olkiluoto 3 Swedish nuclear Suomenoja Värtan Refurbishing of existing hydro assets Total ~ 1,200 MW Value of the investment program around EUR 2,700* million In addition Automated meter management (EUR 240 million) Security of supply in distribution (EUR 700 million) * Incl. smaller capacity upgrades and refurbishments in various plants 21

22 The schedule for projects Done ~100 MW Högdalen CHP OL 1&2 Refurbishing of hydro Forsmark 1&2 Ongoing OL 3 ~1,200 MW Värtan CHP Automation at Loviisa Suomenoja CHP Refurbishing of hydro Swedish nuclear

23 Spot history and forwards in Europe Yearly moving average spot price EUR/MWh 100 Forwards EUR/MWh UK German Nord Pool Dutch Spanish 0 October 16, Source: Reuters, OMEL 23

24 Development of the European Emission Trading System Future challenges EU committed to emission trading Improving the market by increasing market transparency information available to all market participants at the same time common procedures - harmonisation stability and predictability Expansion of emission trading during the Kyoto period JI and CDM utilisation National allocation plans for second trading period (NAP 2) /tco ETS Prices Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q Q2 Q

25 Nordic water reservoirs reservoir content (TWh) reference level week Source: Nord Pool 25

26 Fortum today Nordic power market Russia Financials / outlook Supplementary material 26

27 From a western industry actor's perspective Russia is an emerging opportunity Russian Energy Strategy Power and heat sector reform Need for huge investments Need for efficiency improvement Strong growth potential Electricity production, TWh High Low

28 Russian power industry reform A Nordic/Western analogy Unbundling of businesses by type of activity Competitive businesses Generation Sales Regulated monopolies Transmission Distribution Market liberalisation in competitive businesses Pricing model reform from tariff regulation to competitive pricing Key steps in the reform "Power industry law" approved Restructuring of regional energos (P&H companies) Formation of new companies Establishment of Russian power exchange (ATS) Launch of the free-trade sector of the wholesale market Introduction of vested bilateral contracts for a transitional period to replace the regulated sector of the wholesale market Launch of balancing power market Competitive market of ancillary services and generating capacity Gradual liberalisation of the retail market 28

29 Fortum's current operations in Russia A ~1/3 stake in companies spun-off from OAO Lenenergo, the largest utility company in northwest Russia; Operation & maintenance services Electricity imports Nuclear fuel and coal imports 29

30 TGC-1 operating as of 1 October 2005 Installed capacity (MW) Norway 28,800 Denmark 12,700 Sweden 33,200 Finland 16,600 Territorial Generating Company TGC-1 Production capacity ~ 5,750 MW, of which hydro 2,874 MW Third largest territorial generation company in Russia Started operation on 1 October 2005 based on a leasing model Transfer of assets into TGC-1's ownership targeted at the beginning of 2007 Fortum's calculated share ~25% Fortum has 3 members of 11 in total on TGC-1's Board of Directors Nordel figures 31 Dec

31 Fortum today Nordic power market Russia Financials / outlook Supplementary material 31

32 Comparable operating profit MEUR I-III/2006 I-III/ LTM Power Generation Heat Distribution Markets Other Comparable operating profit Non-recurring items Other items effecting comparability OP from continuing operations

33 Income statement MEUR I-III/2006 I-III/2005 Sales Expenses Operating profit Share of profit of associates and joint ventures Financial expenses, net Profit before taxes Income tax expense Profit for the period from continuing operations Profit for the period from discontinued operations Net profit for the period Of which minority interest EPS, Total Fortum Group (EUR) EPS, continuing operations (EUR) EPS, discontinued operations (EUR)

34 Comparable and reported operating profit Operating profit III/2006 Operating profit III/2005 Comparable Reported Diff. Comparable Reported Diff. Power Generation Heat Distribution Markets Other Total

35 Cash flow statement MEUR I-III/2006 I-III/ Operating profit before depreciations, continuing operations Non-cash flow items and divesting activities Financial items and taxes Funds from operations, continuing operations (FFO) Change in working capital Net cash from operating activities, continuing operations Net cash from operating activities, discontinued operations Total cash from operating activities Capital expenditures Acquisition of shares Other investing activities Investing activities, discontinued operations Cash flow before financing activities

36 Balance sheet MEUR Sept 30 Dec Non-current assets Current assets ASSETS Total equity of which minority interest Interest-bearing liabilities Non-interest bearing liabilities EQUITY AND LIABILITIES Net debt / EBITDA Equity per share (EUR) Net debt, (MEUR)

37 Nord Pool year forwards /MWh Year 05 Year 06 Year 07 Year 08 Year 09 Year 10 Year 11 October 17, 2006 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q

38 Hedging of Power Generation's Nordic sales Status at the beginning of October 2006: Hedge ratio Hedge price October to December 2006 ~ 90 % ~ EUR 37 per MWh Calendar year 2007 ~ 75 % ~ EUR 42 per MWh Calendar year 2008 ~ 35 % ~ EUR 41 per MWh 38

39 Fortum today Nordic power market Russia Financials / outlook Supplementary material 39

40 Wholesale prices for electricity EUR/MWh Spot prices Forward prices UK German Nordic October 16, Source: 40

41 A leading Nordic power and heat company Leading power and heat company in Nordic Founded and listed at the Helsinki Stock Exchange 1998 More than 50,000 shareholders Among the most traded shares in Helsinki stock exchange Market cap ~18 billion euros Households 4.9% Financial and insurance institutions 1.8% Other Finnish investors 7.3% Finnish State 51.1% International investors 34.9% 30 September

42 Capital structure Fortum wants to have a prudent and efficient capital structure, which at the same time allows the implementation of its strategy Access to flexible funding sources is key Dividend policy of 50-60% payout on the average for Fortum continuing operations' results In the medium term, allowing the implementation of strategy and the returns of capital, Fortum expects to have its net debt to EBITDA around 3.0x 42

43 Distribution regulation differ country by country Finland Sweden Norway Status New model for period New regulatory model is being applied to 2003 and 2004 tariffs The regulator has proposed a model for the next 5-year period starting in Regulation principle Rate of return, ex-post regulation Yardstick, ex-post regulation, with benchmarking based on hypothetical efficient company Revenue cap, ex-ante regulation Allowed return Maximum allowed rate of return based on actual defined cost data Actual operation vs. fictious network parameters defines return Maximum annual income limit based on historical or defined cost data Regulation authority has supervised 41 areas for 2003 and 55 areas for 2004 due to claimed overpricing. All companies that have received a decision to reimburse customers have appealed to court. 43

44 Fortum in Poland and the Baltic countries Operations of Fortum Heat Wrocław Płock District heat to 30 cities and towns Energy sales district heat 3.9 TWh electricity 19 GWh Own production 0.9 TWh heat plants 96 CHP 1 Personnel: 1,200 Energy sales in Estonia heat 1.2 TWh; gas 80 GWh Energy sales in Lithuania heat 60 GWh; fuels 50 Gwh Production capacity 118 heat plants 1 CHP plant Personnel:

45 Fortum Espoo 2005 Generation 1.0 TWh Electricity sales 2.7 TWh Electricity distribution 2.6 TWh Heat sales 2.5 TWh Distribution customers 161,500 Electricity customers 167,500 M Q1/05 Q2/05 Q3/05 Q4/ Sales EBITDA EBIT According to E.ON Finland accounts 45

46 46

- a leading energy company in the Nordic area

- a leading energy company in the Nordic area - a leading energy company in the Nordic area Presentation for investors September 2006 (revised version) Disclaimer This presentation does not constitute an invitation to underwrite, subscribe for, or

More information

- a leading energy company in the Nordic area

- a leading energy company in the Nordic area - a leading energy company in the Nordic area Presentation for investors December 2006 Disclaimer This presentation does not constitute an invitation to underwrite, subscribe for, or otherwise acquire

More information

- a leading energy company in the Nordic area

- a leading energy company in the Nordic area - a leading energy company in the Nordic area Presentation for investors March 2007 Disclaimer This presentation does not constitute an invitation to underwrite, subscribe for, or otherwise acquire or

More information

- a leading energy company in the Nordic area

- a leading energy company in the Nordic area - a leading energy company in the Nordic area Presentation for investors May 2006 Disclaimer This presentation does not constitute an invitation to underwrite, subscribe for, or otherwise acquire or dispose

More information

Fortum a leading power and heat company in the Nordic area

Fortum a leading power and heat company in the Nordic area Fortum a leading power and heat company in the Nordic area Mikael Lilius President and CEO Fortum Corporation Finnish Blue Chip Seminar - Enskilda September 4, 2008 Helsinki Strong financials and share

More information

FORTUM A leading power and heat company in the Nordic area

FORTUM A leading power and heat company in the Nordic area FORTUM A leading power and heat company in the Nordic area Presentation for investors March 2009 Disclaimer This presentation does not constitute an invitation to underwrite, subscribe for, or otherwise

More information

FORTUM A leading power and heat company in the Nordic area

FORTUM A leading power and heat company in the Nordic area FORTUM A leading power and heat company in the Nordic area Presentation for investors July 2009 Disclaimer This presentation does not constitute an invitation to underwrite, subscribe for, or otherwise

More information

Sale of Fortum s electricity distribution business in Sweden

Sale of Fortum s electricity distribution business in Sweden Sale of Fortum s electricity distribution business in Sweden Disclaimer This presentation does not constitute an invitation to underwrite, subscribe for, or otherwise acquire or dispose of any Fortum shares.

More information

FORTUM A leading power and heat company in the Nordic area

FORTUM A leading power and heat company in the Nordic area FORTUM A leading power and heat company in the Nordic area Presentation for investors November 2009 Disclaimer This presentation does not constitute an invitation to underwrite, subscribe for, or otherwise

More information

FORTUM A leading power and heat company in the Nordic area

FORTUM A leading power and heat company in the Nordic area FORTUM A leading power and heat company in the Nordic area Presentation for investors February 2010 Disclaimer This presentation does not constitute an invitation to underwrite, subscribe for, or otherwise

More information

Fortum a leading power and heat company in the Nordic area

Fortum a leading power and heat company in the Nordic area Fortum a leading power and heat company in the Nordic area Tapio Kuula President and CEO Fortum Corporation Finnish Blue Chip Seminar - Enskilda August 25, 2009 Helsinki Fortum is strong in the Nordic

More information

FORTUM A leading power and heat company in the Nordic area

FORTUM A leading power and heat company in the Nordic area FORTUM A leading power and heat company in the Nordic area Presentation for investors September 2009 Disclaimer This presentation does not constitute an invitation to underwrite, subscribe for, or otherwise

More information

Vattenfall Q2 2013 results

Vattenfall Q2 2013 results Vattenfall Q2 2013 results Øystein Løseth, CEO and Ingrid Bonde, CFO Conference call for analysts and investors, 23 July 2013 Q2 Highlights Impairment charges on thermal assets and goodwill amounting to

More information

Condensed consolidated income statement

Condensed consolidated income statement RESTATED AND PREVIOUSLY COMMUNICATED (OLD) QUARTERLY INFORMATION FOR Fortum signed the agreement to sell its Swedish distribution business on 13 March 2015, which concludes Fortum s divestment of its electricity

More information

FORTUM A leading power and heat company in the Nordic area

FORTUM A leading power and heat company in the Nordic area FORTUM A leading power and heat company in the Nordic area Tapio Kuula, President & CEO Fortum Corporation EEI Conference, London, March 15, 21 Disclaimer This presentation does not constitute an invitation

More information

Role of Northern European forestry in the energy production chain, case Fortum. Jari Nylén Purchasing Manager Fortum Power and Heat Oy, HEAT

Role of Northern European forestry in the energy production chain, case Fortum. Jari Nylén Purchasing Manager Fortum Power and Heat Oy, HEAT Role of Northern European forestry in the energy production chain, case Fortum Jari Nylén Purchasing Manager Fortum Power and Heat Oy, HEAT 8.11.2007 1 Fortum - A leading Nordic energy company The Nordic

More information

Maintaining electricity security across the Nord Pool market. Sergey Ilyukhin, Fortum 28 April 2016

Maintaining electricity security across the Nord Pool market. Sergey Ilyukhin, Fortum 28 April 2016 Maintaining electricity security across the market Sergey Ilyukhin, Fortum 28 April 2016 Disclaimer This presentation does not constitute an invitation to underwrite, subscribe for, or otherwise acquire

More information

Switch from gas to biomass in district heating Case Jelgava, Latvia. Kristian Rehnström, 25 February 2015

Switch from gas to biomass in district heating Case Jelgava, Latvia. Kristian Rehnström, 25 February 2015 Switch from gas to biomass in district heating Case Jelgava, Latvia Kristian Rehnström, 25 February 2015 Our current geographical presence Power generation Heat Electricity sales Distribution Nordic countries

More information

FINANCIAL RESULTS Q1 2016

FINANCIAL RESULTS Q1 2016 FINANCIAL RESULTS Q1 2016 CFO Hallvard Granheim 28 th April 2016 Highlights Q1 Increase in underlying results (EBITDA) - Nordic prices are down 15% Q-on-Q - High production from Nordic hydropower assets

More information

Overview on DHC pricing and regulations in Europe-

Overview on DHC pricing and regulations in Europe- Overview on DHC pricing and regulations in Europe- Challenges and need of development Birgitta Resvik, Corporate Relations Sweden, Vice President, Fortum Our geographical presence today Nr 3 Nr 1 Nr 1

More information

Fortum a leading power and heat company in the Nordic area - Strategy - Fortum in Russia

Fortum a leading power and heat company in the Nordic area - Strategy - Fortum in Russia Fortum a leading power and heat company in the Nordic area - Strategy - Fortum in Russia Tapio Kuula President and CEO, Fortum Corporation 4 May 2010, London 1 Contents Fortum today Fortum s key beliefs

More information

Vattenfall Capital Markets Day 2005

Vattenfall Capital Markets Day 2005 Vattenfall Capital Markets Day 2005 Presentation by Lars G. Josefsson CEO 27 September, 2005 Content 2 1. Overview & recent developments 2. Industry trends 3. Electricity prices 4. Strategic focus 5. Climate

More information

Vattenfall three-month Interim Report 2002 January - March

Vattenfall three-month Interim Report 2002 January - March 1 Vattenfall three-month Interim Report 2002 January - March Presentations by Lars G Josefsson, CEO and Matts Ekman, CFO May 15, 2002 2 Highlights Net sales more than doubled to SEK 28.4 billion Return

More information

FINANCIAL RESULTS Q2 2015

FINANCIAL RESULTS Q2 2015 FINANCIAL RESULTS Q2 2015 CEO CHRISTIAN RYNNING-TØNNESEN CFO HALLVARD GRANHEIM 23 July 2015 Highlights Solid underlying results (EBITDA) - Lower Nordic prices offset by increased production and contribution

More information

FINANCIAL RESULTS Q1 2012. 16 May 2012

FINANCIAL RESULTS Q1 2012. 16 May 2012 FINANCIAL RESULTS Q1 2012 16 May 2012 Highlights Q1 2012 Satisfactory Q1 financials underlying EBITDA and profit before tax on a par with Q1 2011 - Lower power prices partly offset by increased power generation

More information

Power Generation Portfolio

Power Generation Portfolio Power Generation Portfolio Håkan Bushke Senior Vice President Electricity Production E.ON Capital Market Day Nordic Stockholm, July 3, 2006 Agenda Nordic and the Swedish power situation E.ON Sverige generation

More information

Vattenfall Full Year 2014 results

Vattenfall Full Year 2014 results Vattenfall Full Year 2014 results Magnus Hall, CEO and Ingrid Bonde, CFO Presentation 5 February 2015 Financial highlights SEK billion FY 2014 FY 2013 % Change Q4 2014 Q4 2013 % Change Net Sales 165.9

More information

Vattenfall Full Year 2013 results

Vattenfall Full Year 2013 results Vattenfall Full Year 2013 results Øystein Løseth, CEO and Ingrid Bonde, CFO Press conference, 4 February 2014 2013 Highlights Net sales increased 2.6% to SEK 172bn (167) Underlying EBIT increased 1.3%

More information

FINANCIAL RESULTS Q2 2016

FINANCIAL RESULTS Q2 2016 FINANCIAL RESULTS Q2 2016 CEO Christian Rynning-Tønnesen CFO Hallvard Granheim 21 th July 2016 Highlights Q2 Fatal accident in Peru 16 th July Solid underlying results (EBITDA) - Nordic prices are up 16%

More information

Fortum Corporation. Financial Statements Bulletin 2012. 31 January 2013. Fortum Corporation. Domicile Espoo Business ID 1463611-4

Fortum Corporation. Financial Statements Bulletin 2012. 31 January 2013. Fortum Corporation. Domicile Espoo Business ID 1463611-4 Fortum Corporation Financial Statements Bulletin 31 January 2013 Fortum Corporation Domicile Espoo Business ID 1463611-4 Fortum Corporation Financial Statements Bulletin 31 January 2013 at 9:00 EEST A

More information

E.ON Nordic: Steady Value Growth

E.ON Nordic: Steady Value Growth E.ON Nordic: Steady Value Growth Lars Frithiof Chief Executive Officer, E.ON Nordic E.ON Capital Market Day Nordic Stockholm, July 3, 2006 Topics for the day Introduction to E.ON Nordic Our achievements

More information

VERBUND AG, www.verbund.com

VERBUND AG, www.verbund.com VERBUND Results quarter 1/2015 Vienna, 06/05/2015 Results quarter 1/2015 Page 3 At a glance Influencing factors Water supply 3% above long-term average and 10%-points above Q1/2014 Reduction of average

More information

Conference call on the first six months 2015»

Conference call on the first six months 2015» Conference call on the first six months 2015» EnBW Energie Baden-Württemberg AG Karlsruhe, 30 July 2015 Thomas Kusterer, Chief Financial Officer Ingo Peter Voigt, Senior Vice President, Head of Finance,

More information

Fortum Procurement. Mika Lahti Vice President, Procurement & Real Estate 7.9.2015

Fortum Procurement. Mika Lahti Vice President, Procurement & Real Estate 7.9.2015 Fortum Procurement Mika Lahti Vice President, Procurement & Real Estate 7.9.2015 Topics Fortum today Procurement Development Program New Category Based Management Model What Is Good Procurement Management?

More information

First-quarter 2015 presentation to analysts. Finn Bjørn Ruyter, CEO Oslo, May

First-quarter 2015 presentation to analysts. Finn Bjørn Ruyter, CEO Oslo, May First-quarter 2015 presentation to analysts Finn Bjørn Ruyter, CEO Oslo, May 7 2015 Agenda 1) First-quarter 2015 results 2) Theme: Markets 3) Appendix 2 First-quarter 2015 highlights EBITDA of NOK 777

More information

Financials. The Annual Report 2005 is available in Finnish, Swedish and English in print and online at www.fortum.fi, www.fortum.se and www.fortum.

Financials. The Annual Report 2005 is available in Finnish, Swedish and English in print and online at www.fortum.fi, www.fortum.se and www.fortum. Financials 2005 Financials Fortum s Annual Report 2005 consists of two separate volumes; the Review of Operations and the Financials. Sustainable development is reported in the Review of Operations. The

More information

Conference call on the first nine months 2015»

Conference call on the first nine months 2015» Conference call on the first nine months» EnBW Energie Baden-Württemberg AG Karlsruhe, 13 November Thomas Kusterer, Chief Financial Officer Ingo Peter Voigt, Senior Vice President, Head of Finance, M&A

More information

Interim Report January June 2015

Interim Report January June 2015 Interim Report January June 2015 April June 2015 Net sales of SEK 36,115 million (36,575) Underlying operating profit 1 of SEK 2,966 million (4,086) Operating profit of SEK -38,045 million (-1,637). Operating

More information

Interim Report January September 2015

Interim Report January September 2015 Interim Report January September 2015 July September 2015 Net sales of SEK 37,519 million (34,734) Underlying operating profit 1 of SEK 3,388 million (2,750) Operating profit of SEK 3,001 million (-19,436).

More information

NEW NUCLEAR POWER PLANT UNIT IN FINLAND ACCEPTED BY THE FINNISH PARLIAMENT

NEW NUCLEAR POWER PLANT UNIT IN FINLAND ACCEPTED BY THE FINNISH PARLIAMENT International Conference Nuclear Energy for New Europe 2002 Kranjska Gora, Slovenia, September 9-12, 2002 www.drustvo-js.si/gora2002 NEW NUCLEAR POWER PLANT UNIT IN FINLAND ACCEPTED BY THE FINNISH PARLIAMENT

More information

Nuclear District Heating Plans from Loviisa to Helsinki Metropolitan Area

Nuclear District Heating Plans from Loviisa to Helsinki Metropolitan Area Nuclear District Heating Plans from Loviisa to Helsinki Metropolitan Area Harri Tuomisto Fortum, Finland Joint NEA/IAEA Expert Workshop on the "Technical and Economic Assessment of Non-Electric Applications

More information

Europe s Top Twenty Power Industry Players 2016

Europe s Top Twenty Power Industry Players 2016 Europe s Top Twenty Power Industry Players 2016 June 2016 This is a profile of the top twenty European power industry players, ranked by power sales in 2015. It covers power sales volumes, financial performance

More information

FINANCIAL RESULTS Q4 AND FULL YEAR 2009

FINANCIAL RESULTS Q4 AND FULL YEAR 2009 FINANCIAL RESULTS Q4 AND FULL YEAR 2009 PRESIDENT AND CEO BÅRD MIKKELSEN CFO STEIN DALE 18 FEBRUARY 2010 2009 IN BRIEF Increased revenues due to new assets Reduced output from existing assets NOK million

More information

Capital Markets Day Fortum s Heat business Per Langer, EVP Heat & Alexander Chuvaev, EVP Russia

Capital Markets Day Fortum s Heat business Per Langer, EVP Heat & Alexander Chuvaev, EVP Russia Capital Markets Day 2012 Fortum s Heat business Per Langer, EVP Heat & Alexander Chuvaev, EVP Russia Disclaimer This presentation does not constitute an invitation to underwrite, subscribe for, or otherwise

More information

Significant reduction in net loss

Significant reduction in net loss press release 12 May 2015 Royal Imtech publishes first quarter 2015 results Significant reduction in net loss Order intake in Q1 at a satisfactorily level of 912 million Revenue 3% down excluding Germany

More information

VATTENFALL Q1 2016 RESULTS

VATTENFALL Q1 2016 RESULTS VATTENFALL Q1 2016 RESULTS Magnus Hall, CEO and Ingrid Bonde, CFO Presentation 28 April 2016 1 HIGHLIGHTS AND KEY FIGURES Stable results in Q1 due to higher production volumes and lower costs Good water

More information

European Power Exchanges Challenges for market integration

European Power Exchanges Challenges for market integration Mikael Lundin CEO Nord Pool Spot AS European Power Exchanges Challenges for market integration Helsinki, March 17 th 2011 About Nord Pool Spot Nord Pool Spot runs the largest market for power in the world

More information

National Report 2015 to the Agency for the Cooperation of Energy Regulators and to the European Commission

National Report 2015 to the Agency for the Cooperation of Energy Regulators and to the European Commission Ref: 1842/601/2015 10.7.2015 National Report 2015 to the Agency for the Cooperation of Energy Regulators and to the European Commission Finland National Report 2015 - Energy Authority, Finland 1 CONTENT

More information

East of England Energy Group, All Energy Summer Conference th July 2012 Trinity Park, Ipswich Suffolk

East of England Energy Group, All Energy Summer Conference th July 2012 Trinity Park, Ipswich Suffolk DONG 85/15 Energy Tim Johnson Procurement & Contracts Manager DONG Energy Wind Power East of England Energy Group, All Energy Summer Conference 2012 11 th July 2012 Trinity Park, Ipswich Suffolk DONG Energy

More information

Energy Trading. Jonas Abrahamsson Senior Vice President Trading. E.ON Capital Market Day Nordic Stockholm, July 3, 2006

Energy Trading. Jonas Abrahamsson Senior Vice President Trading. E.ON Capital Market Day Nordic Stockholm, July 3, 2006 Energy Trading Jonas Abrahamsson Senior Vice President Trading E.ON Capital Market Day Nordic Stockholm, July 3, 2006 Agenda The Nordic Power Market The Role of Energy Trading within E.ON Nordic Page 2

More information

Creating a powerful Nordic infrastructure provider Combining forces with Fortum Infrastructure Solutions

Creating a powerful Nordic infrastructure provider Combining forces with Fortum Infrastructure Solutions Creating a powerful Nordic infrastructure provider Combining forces with Fortum Infrastructure Solutions 24 October 2008 Cautionary statement This presentation has been prepared by Hafslund Infratek ASA

More information

National Report 2014 to the Agency for the Cooperation of Energy Regulators and to the European Commission

National Report 2014 to the Agency for the Cooperation of Energy Regulators and to the European Commission Ref: 1602/601/2014 10.7.2014 National Report 2014 to the Agency for the Cooperation of Energy Regulators and to the European Commission Finland National Report 2014 - Energy Authority, Finland 1 CONTENT

More information

VESI JA ENERGIA VIENTITUOTTEENA. Fortum Miko Olkkonen Senior Executing Manager, Hydro Projects Fortum Power & Heat Oy

VESI JA ENERGIA VIENTITUOTTEENA. Fortum Miko Olkkonen Senior Executing Manager, Hydro Projects Fortum Power & Heat Oy VESI JA ENERGIA VIENTITUOTTEENA Fortum Senior Executing Manager, Hydro Projects Fortum Power & Heat Oy Fortum s strategy relies strongly in Hydro Mission Fortum s purpose is to create energy that improves

More information

Conference call Fiscal year 2014»

Conference call Fiscal year 2014» Conference call Fiscal year» EnBW Energie Baden-Württemberg AG Karlsruhe, 17 March 2015 Frank Mastiaux, Chief Executive Officer Thomas Kusterer, Chief Financial Officer Ingo Peter Voigt, Senior Vice President,

More information

CHP as a part of energy transition - Opportunities for investors

CHP as a part of energy transition - Opportunities for investors CHP as a part of energy transition - Opportunities for investors Esa Hyvärinen, SVP Corporate Relations Fortum Corporation Fortum s district heat / CHP operations in 2013 Production capacity, 31 Dec 2013,

More information

Conference call First half of fiscal year 2014

Conference call First half of fiscal year 2014 Conference call First half of fiscal year EnBW Energie Baden-Württemberg AG Karlsruhe, 1 August Thomas Kusterer, Chief Financial Officer Ingo Peter Voigt, Senior Vice President, Head of Finance / Investor

More information

Annual Report 2007 Review of Operations

Annual Report 2007 Review of Operations Annual Report 27 Review of Operations Responsibility on all fronts Responsibility for the future must be taken care of in many ways. At power plants and other work places, but also in the ways we interact

More information

Q presentation. 15 July 2014

Q presentation. 15 July 2014 Q2 2014 presentation 15 July 2014 Agenda Highlights Financial performance Dividends Market outlook/trends Q2 highlights Revenue of NOK 5,981 million, up 8.7% EBITDA of NOK 177 million, up 26.0% EBITDA

More information

Fortum Corporation. Financial Statements Bulletin 2011. 1 February 2012. Fortum Corporation. Domicile Espoo Business ID 1463611-4

Fortum Corporation. Financial Statements Bulletin 2011. 1 February 2012. Fortum Corporation. Domicile Espoo Business ID 1463611-4 Financial Statements Bulletin 1 February 2012 Fortum Corporation Domicile Espoo Business ID 1463611-4 Financial Statements Bulletin 1 February 2012 at 9:00 EET Overall good year in a challenging environment

More information

Vattenfall Q3 and 9M results 2015

Vattenfall Q3 and 9M results 2015 Vattenfall Q3 and 9M results 2015 Magnus Hall, CEO and Ingrid Bonde, CFO Presentation 27 October 2015 Financial highlights SEK bn Q3 2015 Q3 2014 9M 2015 9M 2014 FY 2014 Net Sales 37.5 34.7 119.0 117.2

More information

Annual Report 2005. Contents. Fortum Annual Report 2005

Annual Report 2005. Contents. Fortum Annual Report 2005 Fortum Annual Report 25 Annual Report 25 Koivuniemen Puutarha, a leading commercial rose grower in Finland, is Fortum s electricity customer. Fortum Corporation Keilaniemi, Espoo POB 1 48 FORTUM, Finland

More information

Tieto Corporation. 26 October 2015. Tanja Lounevirta Head of IR

Tieto Corporation. 26 October 2015. Tanja Lounevirta Head of IR Tieto Corporation 26 October 215 Tanja Lounevirta Head of IR Financial facts Customer sales in 214: EUR 1 523 million EBIT margin excl. one-off items *) : 9.9% Sales by Service Line Tieto s market position:

More information

Interim report January-June 2016

Interim report January-June 2016 Interim report January-June 2016 (Reporting of figures on this page pertains to Total Vattenfall, including the lignite operations) April June 2016 Net sales of SEK 34,482 million (36,115) Underlying operating

More information

European heating and cooling strategy Fortum perspectives

European heating and cooling strategy Fortum perspectives European heating and cooling strategy Fortum perspectives Workshop on EU Heating and Cooling Strategy, June 12 th 2015 Esa Hyvärinen, Senior Vice President, Fortum Oyj Heating and CHP operations in 2014

More information

Imtech publishes first quarter 2013 results

Imtech publishes first quarter 2013 results PRESS RELEASE, 18 June 2013 Imtech publishes first quarter 2013 results Imtech had a difficult first quarter 2013 Revenue at 1,211 million euro, stable versus Q1 2012 Operational EBITDA of -13.6 million

More information

E.ON s UK Consolidated Segmental Report for the year ended 31 December 2012

E.ON s UK Consolidated Segmental Report for the year ended 31 December 2012 E.ON s UK Consolidated Segmental Report for the year ended 31 December 2012 Introduction In accordance with the Electricity Generation Licence Condition 16 - Financial Information Reporting, and the Electricity

More information

CHANGES AND CHALLENGES IN THE ENERGY SECTOR. VP, Innovation Development and Partnering

CHANGES AND CHALLENGES IN THE ENERGY SECTOR. VP, Innovation Development and Partnering CHANGES AND CHALLENGES IN THE ENERGY SECTOR J. Keronen, PhD, MBA VP, Innovation Development and Partnering 1 Development of Fortum Länsivoima 45% 65% Länsivoima 100% Elnova 50% 100% Separation of oil businesses

More information

The River Devoll Project

The River Devoll Project EVN Hydropower Development in Albania The River Devoll Project Dr. Michael Laengle, CFO Agenda > EVN Overview and strategy > Albania Electricity market in SEE > The River Devoll project 2 Company profile

More information

TOMAS CARLSSON, PRESIDENT AND CEO JONAS DAHLBERG, CFO Q2 2015 17 JULY

TOMAS CARLSSON, PRESIDENT AND CEO JONAS DAHLBERG, CFO Q2 2015 17 JULY TOMAS CARLSSON, PRESIDENT AND CEO JONAS DAHLBERG, CFO Q2 2015 17 JULY 1 Q2 highlights Strong profitability and organic growth +15% EBITA adj for calender and E/O 10% organic growth in 3 of 4 BAs Actions

More information

9M10 Results Presentation

9M10 Results Presentation 9M10 Results Presentation November 5th, 2010 9M10: Highlights of the period EBITDA: 2,651m, +9% YoY EBITDA from Brazil: +28% YoY: 19% of EDP Group EBITDA in 9M10 Electricity distributed +15% YoY EBITDA

More information

GDF SUEZ. Introduction. Jean-François Cirelli

GDF SUEZ. Introduction. Jean-François Cirelli GDF SUEZ Introduction Jean-François Cirelli Content 1. Focus on gas market dynamics 2. Focus on electricity market dynamics 3. Focus on P&L resilience and sensitivities 4. Focus on synergies and performance

More information

FINANCIAL RESULTS Q3 2015

FINANCIAL RESULTS Q3 2015 FINANCIAL RESULTS Q3 2015 CEO Christian Rynning-Tønnesen CFO Hallvard Granheim 28 th October 2015 Financial highlights Decline in underlying results (EBITDA) - Nordic prices are down 58 % Q-on-Q - Production

More information

Financial facts. Sales by Service Line. Customer sales in 2014: EUR million EBIT margin excl. one-off items *) : 9.9% Tieto s market position:

Financial facts. Sales by Service Line. Customer sales in 2014: EUR million EBIT margin excl. one-off items *) : 9.9% Tieto s market position: Tieto Corporation Financial facts Customer sales in 214: EUR 1 523 million EBIT margin excl. one-off items *) : 9.9% Sales by Service Line Tieto s market position: Market leader in Finland Among top 3

More information

All about Allowances: from a power company perspective

All about Allowances: from a power company perspective All about Allowances: from a power company perspective Francisco Grajales Global Emissions Vattenfall Energy Trading Netherlands N.V. October 2014 History of Vattenfall From a domestic Swedish hydro power

More information

4finance investor presentation for full year 2015 results. 1 March, 2016

4finance investor presentation for full year 2015 results. 1 March, 2016 4finance investor presentation for full year 2015 results 1 March, 2016 0 meur meur Highlights Strong performance across the business Revenue Net profit Loan issuance up 32% to over EUR 1bn in 2015 Revenue

More information

Business review, Annual General Meeting, 9 April 2013

Business review, Annual General Meeting, 9 April 2013 1 (9) 9 April 2013 Business review, Annual General Meeting, 9 April 2013 Madam Chairman, Valued shareholders, Ladies and gentlemen, Ärade ordförande, bästa aktieägare, mina damer och herrar, I will start

More information

2015 Financial highlights in EURO

2015 Financial highlights in EURO 2015 Financial highlights in EURO www.danfoss.com FIND US HERE: DANFOSS.COM www.facebook.com/danfoss www.twitter.com/danfoss http://plus.google.com/+danfoss www.youtube.com/danfossgroup www.linkedin.com/company/danfoss

More information

Integrating 300 GW wind power in European power systems: challenges and recommendations. Frans Van Hulle Technical Advisor

Integrating 300 GW wind power in European power systems: challenges and recommendations. Frans Van Hulle Technical Advisor Integrating 300 GW wind power in European power systems: challenges and recommendations Frans Van Hulle Technical Advisor Worldbank, SDN Week, Washington, February 21-22, 2008 Leonard Crettaz What is the

More information

Fortum Otso -bioliquid

Fortum Otso -bioliquid Fortum Otso -bioliquid Energy sector entering new business era Kasperi Karhapää Head of Pyrolysis and Business Development Fortum Power and Heat Oy 1 2 Company Fortum Getting to know Fortum Power generation

More information

2014 first half results. 13 August 2014

2014 first half results. 13 August 2014 2014 first half results 13 August 2014 2014 first half results and full year outlook EBITDA 1 Outlook 5,705m 5,013m 9.4bn 2 8.0-8.6bn H1 2013 H1 2014 FY 2013A FY 2014E Underlying net income 1 Outlook 1,907m

More information

Q1 QUARTERLY REPORT 09 E-CO ENERGI

Q1 QUARTERLY REPORT 09 E-CO ENERGI Postboks 255 Sentrum 0103 Oslo Phone 24 11 69 00 Fax 24 11 69 01 www.e-co.no Q1 QUARTERLY REPORT 09 E-CO ENERGI CONSOLIDATED QUARTERLY REPORT 1 JANUARY 2009-31 MARCH 2009 (2008 figures in parentheses)

More information

2013 Half Year Results

2013 Half Year Results 2013 Half Year Results Erwin Stoller, Executive Chairman Joris Gröflin, Chief Financial Officer Agenda 1. Introduction and summary of first half year 2013 2. Financial results first half year 2013 3. Outlook

More information

Business Area Markets

Business Area Markets Business Area Markets Stefan Dohler Head of Business Area Markets Vattenfall Capital Markets Day, Solna, 27 May 2015 Facts and figures Business Area Markets Our Mission We commercially optimise Vattenfall

More information

Energy Efficiency and Renewable Energy Sources in Sweden

Energy Efficiency and Renewable Energy Sources in Sweden Energy Efficiency and Renewable Energy Sources in Sweden Swedish Energy Agency www.stem.se Yelena Varasteh yelena.varasteh@stem.se Slovakia, 24-25 April 2006 Total energy supply in Sweden in 2004 Total

More information

Markets. Risk management 38 Employees 42 Environment and safety 44. Markets 32

Markets. Risk management 38 Employees 42 Environment and safety 44. Markets 32 ANNUAL REPORT 07 20 26 14 Generation Exploration Distribution & production 32 Markets Generation produces power and heat from efficient power stations and renewable energy sources. Generation is a market

More information

STATKRAFT IN SOUTH-EAST EUROPE VIENNA, MARCH

STATKRAFT IN SOUTH-EAST EUROPE VIENNA, MARCH STATKRAFT IN SOUTH-EAST EUROPE VIENNA, MARCH 3 2010 No. 1 90% 265 35% 3400 EMPLOYEES.. WITHIN RENEWABLES IN EUROPE RENEWABLE ENERGY POWER AND DISTRICT HEATING PLANTS OF NORWAY S POWER GENERATION...IN MORE

More information

Six Month Report 2011

Six Month Report 2011 Six Month Report Six Month Report Deliver according to strategic plan Investments Opportunities High bid activity CD-assets Challenges Norway and Czech Rep Market 2 January June in brief Operating income

More information

Presentation of Grupo ACS. September 2009

Presentation of Grupo ACS. September 2009 Presentation of Grupo ACS September 2009 Strategic vision A global leader in infrastructure development In the fields of civil and industrial engineering activities With sustainable and profitable growing

More information

Interim report 4-6/2010

Interim report 4-6/2010 Interim report 4-6/2010 4 August 2010 CEO Pekka Eloholma 1 Forward-Looking Statements Certain sections of this presentation contain forward-looking statements based on the Company s current expectations,

More information

2015 nine months results. 11 November 2015

2015 nine months results. 11 November 2015 2015 nine months results 11 November 2015 Summary Business environment Coal/oil - stabilizing at low levels Gas trending down Power under continued pressure Third quarter eventful, but outlook confirmed

More information

Clean coal from a Vattenfall perspective

Clean coal from a Vattenfall perspective Clean coal from a Vattenfall perspective 14 April 2010 Torbjörn Wahlborg, Senior Executive Vice President Head of Business Group Nordic Vattenfall in brief Europe s fifth largest generator of electricity

More information

Future challenges in the Swedish electricity production

Future challenges in the Swedish electricity production Future challenges in the Swedish electricity production Presentation at The Finnish Nuclear Society s 40th Anniversary Helsinki, October 13, 2006 Bo Källstrand, Managing Director Svensk Energi Sweden,

More information

Power market integration. Geir-Arne Mo Team Lead Nordic Spot Trading Bergen Energi AS

Power market integration. Geir-Arne Mo Team Lead Nordic Spot Trading Bergen Energi AS Power market integration Geir-Arne Mo Team Lead Nordic Spot Trading Bergen Energi AS 1 Geir-Arne Mo Some background information: Working for Bergen Energi since 2015 Team Lead Nordic Spot Trading I work

More information

EVN Conference Call Q. 1 2014/15 Results. 26 February 2015

EVN Conference Call Q. 1 2014/15 Results. 26 February 2015 EVN Conference Call Q. 1 2014/15 Results 26 February 2015 Business development Q. 1 2014/15 Increase in electricity generation based on full operations in the Duisburg-Walsum power plant and the expansion

More information

investor.relations@iberdrola.es T: + 34 91 784 28 04 F: + 34 91 784 20 64 UPCOMING EVENTS 2007 FIRST HALF RESULTS: JULY 25th, 2007.

investor.relations@iberdrola.es T: + 34 91 784 28 04 F: + 34 91 784 20 64 UPCOMING EVENTS 2007 FIRST HALF RESULTS: JULY 25th, 2007. UPCOMING EVENTS 2007 FIRST HALF RESULTS: JULY 25th, 2007. IBERDROLA s Net Electricity Production (provisional) (1) April Year 2007 TOTAL GROUP GWh % Weight Vs 2006 GWh % Weight Vs 2006 Hydro 3,735 12.5%

More information

TVO and Nuclear Waste Management at Olkiluoto. Corporate Adviser

TVO and Nuclear Waste Management at Olkiluoto. Corporate Adviser Olkiluoto, 28 October 2008 TVO and Nuclear Waste Management at Olkiluoto Corporate Adviser Nuclear Power Plants in Finland Olkiluoto OL1 BWR 860 MW 1979 OL2 BWR 860 MW 1982 Population 5.3 million Power

More information

Price setting in the electricity markets within the EU single market

Price setting in the electricity markets within the EU single market PricesettingintheelectricitymarketswithintheEUsingle market AreportbyEASACtotheCommitteeonIndustry,ResearchandEnergyoftheEuropean Parliament February2006 Forfurtherinformation: FionaSteiger EASACSecretariat

More information

Interim announcement. 1 st Quarter

Interim announcement. 1 st Quarter Interim announcement 1 st Quarter 2015 www.danfoss.com Danfoss at a glance Danfoss engineers technologies that enable the world of tomorrow to do more with less. We meet the growing need for infrastructure,

More information

Fourth quarter 2007. February 19, 2008 (1)

Fourth quarter 2007. February 19, 2008 (1) Fourth quarter 1 3 2 4 February 19, 2008 (1) Highlights Strong year for Hydro hit by lower aluminium prices in NOK and weaker downstream markets Solid operational performance Qatalum on track, 9% complete

More information

Regulation of the Energy Market in Finland, Nordic Countries and EU. Veli-Pekka Saajo Head of Economic Regulation Energy Market Authority

Regulation of the Energy Market in Finland, Nordic Countries and EU. Veli-Pekka Saajo Head of Economic Regulation Energy Market Authority Regulation of the Energy Market in Finland, Nordic Countries and EU Veli-Pekka Saajo Head of Economic Regulation Energy Market Authority PROACTIVE MARKET SUPERVISION Energy Market Authority (EMV) supervises

More information