This release is a summary of
January-
- Comparable EBITDA was
EUR 622 (781) million. -
Comparable operating profit was
EUR 530 (698) million. -
Operating profit was
EUR 571 (769) million. Items affecting comparability included fair value changes in non-hedge-accounted derivatives ofEUR 39 (62) million. -
Comparable earnings per share were
EUR 0.48 (0.54). -
Earnings per share were
EUR 0.53 (0.60). -
Cash flow from operating activities totalled
EUR 538 (474) million.
Summary of outlook
- The Generation segment's Nordic outright generation hedges: approximately 70% at
EUR 43 per MWh for the remainder of 2024, and approximately 50% atEUR 42 per MWh for 2025. As of the first quarter of 2024, the hedge ratios and prices also include the Group's wind generation volumes. - The current annual outright portfolio amounts to approximately 47 TWh, an increase of approximately 2 TWh due to the Olkiluoto nuclear power plant's third unit and the Pjelax wind farm.
-
Capital expenditure is expected to be approximately
EUR 550 million in 2024 of which the maintenance capital expenditure isEUR 300 million .
Key figures, continuing operations
EUR million or as indicated | I/2024 | I/2023 restated | 2023 | LTM |
Reported | ||||
Sales | 2,015 | 2,265 | 6,711 | 6,461 |
Operating profit | 571 | 769 | 1,662 | 1,465 |
Share of profit/loss of associates and joint ventures | 21 | 22 | 59 | 58 |
Net profit | 473 | 542 | 1,515 | 1,446 |
Net profit (after non-controlling interests) | 471 | 540 | 1,514 | 1,445 |
Earnings per share, EUR | 0.53 | 0.60 | 1.68 | 1.61 |
Net cash from operating activities | 538 | 474 | 1,710 | 1,774 |
EUR million or as indicated | I/2024 | I/2023 restated | 2023 | LTM |
Comparable | ||||
EBITDA | 622 | 781 | 1,903 | 1,744 |
Operating profit | 530 | 698 | 1,544 | 1,376 |
Share of profit/loss of associates and joint ventures | 12 | 10 | 7 | 9 |
Net profit (after non-controlling interests) | 430 | 483 | 1,150 | 1,097 |
Earnings per share, EUR | 0.48 | 0.54 | 1.28 | 1.22 |
EUR million or as indicated | LTM | 2023 | ||
Financial position | ||||
Financial net debt (at period-end) | 528 | 942 | ||
Financial net debt/comparable EBITDA | 0.3 | 0.5 |
Key figures, total of continuing and discontinued operations
EUR million or as indicated | I/2024 | I/2023 | 2023 | LTM | |
Reported | |||||
Net profit (after non-controlling interests) | 471 | 565 | -2,069 | -2,163 | |
Earnings per share, EUR | 0.53 | 0.63 | -2.31 | -2.41 | |
Net cash from operating activities | 538 | 583 | 1,819 | 1,774 | |
Comparable | |||||
Net profit (after non-controlling interests) | 430 | 517 | 1,184 | 1,097 | |
Earnings per share, EUR | 0.48 | 0.58 | 1.32 | 1.22 |
"During the first quarter of 2024, the mild winter in Continental Europe together with healthy LNG supply and steadily increasing renewable power generation further contributed to the downward trend in the European gas and power prices. In the Nordics, January was cold and lead to higher spot prices especially in
The lower Nordic spot power price is reflected in our first-quarter results. The achieved power price was at a good level but significantly lower than a year ago. The first-quarter achieved price was supported by a strong, double-digit, optimisation premium above the annual guidance of
In February, we clarified our strategy by specifying our business portfolio and capital allocation priorities as well as setting new strategic targets with measurable key performance indicators. Our renewed strategy, launched in
One of our strategic priorities is to deliver reliable and clean energy. Electrification of district heating not only provides clean heating but is also a source of flexibility for the whole energy system. Our Espoo Clean Heat programme is based on the same priorities, and we started to build more emission-free and flexible district heating in Espoo. In addition, we decided to close down our last coal-fired district heat unit in
Our second strategic priority is to drive decarbonisation of industries for which we are building preparedness for an electrification and growth phase longer term. Our aim is to actively facilitate such industry projects and offer clean and stable power to enable industrial customers to meet their decarbonisation targets. As decarbonisation drives power demand, this provides us with growth opportunities longer term through investments in new clean energy production. As one example, in April we announced a new five-year, progressive-priced PPA contract with the Swedish ferroalloys producer Vargön Alloys.
Within the scope of our third strategic priority to transform and develop, we continued our efficiency improvement programme with the target to gradually lower annual fixed costs by
Geopolitical tensions remained high during the beginning of the year. In February,
As one of the cleanest power generators in
Espoo,
Board of Directors
Webcast/teleconference
A combined live webcast/teleconference for media, investors, and analysts will be arranged online on
To ask questions, please join the teleconference by registering using the following link: https://palvelu.flik.fi/teleconference/?id=50047355. After the registration you will be provided with phone numbers and a conference ID to access the conference. To ask a question, please press *5 on your telephone keypad to enter the queue.
A recording of the webcast, as well as the transcript will be published after the event.
Further information:
Investor Relations and
Media: Fortum News Desk, tel. +358 40 198 2843
Financial calendar in 2024
- January-June on
15 August 2024 at approx. 9.00 EEST -
January-September on
29 October 2024 at approx. 9.00 EET
Distribution:
Nasdaq
Key media
www.fortum.com
https://news.cision.com/fortum/r/fortum-january-march-2024-interim-report--solid-performance-and-good-results-despite-lower-power-pri,c3970460
https://mb.cision.com/Public/15253/3970460/8664b4fa81df0bdc.pdf
https://news.cision.com/fortum/i/fortum-sign-nature,c3295338
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