Fortum Corporation Interim Report January - June 2004
Fortum Corporation Interim Report January - June 2004 Fortum Corporation Interim Report January - June 2004 A very strong first six months for Fortum - operating profit hits EUR 1 billion The first half-year in brief • Operating profit EUR 1,005 million (+32%), excluding non-recurring items +22% • Earnings per share EUR 0.76 (+55%) • Net debt EUR 5,293 million (EUR -333 million since end of 2003), gearing decreased to 76% • Preparations to list the oil businesses continued Key figures II/04 II/03 I-II/04 I-II/03 2003 Last 12 months (LTM) Net sales, EUR million 2,830 2,435 5,653 6,028 11,392 11,017 Operating profit, EUR million 443 286 1,005 761 1,420 1,664 - excluding non-recurring items, EUR 379 272 908 743 1,360 1,525 million Profit before taxes, EUR million 376 216 863 626 1,184 1,421 Earnings per share, EUR 0.38 0.17 0.76 0.49 0.91 1.19 Shareholders’ equity per share, EUR 7.89 7.13 7.55 Capital employed 12,447 13,077 12,704 (at end of period), EUR million Interest-bearing net debt 5,293 4,502 5,626 (at end of period), EUR million *) Investments, EUR million 278 761 1,136 653 Net cash from operating activities, 1,043 1,060 1,577 EUR million Return on capital employed, % 16.1 12.1 11.4 13.3 Return on shareholders’ equity, % *) 19.4 11.9 12.3 14.7 Gearing, % *) 76 60 85 Average number of employees 13,097 13,272 13,343 Average number of shares, 1,000s 849,698 845,823 846,831 848,021 *) the figures for the full year 2003 and for January - June 2004 include the impact of the redemption of the preference shares worth EUR 1.2 billion issued by Fortum Capital Ltd During the first half of the year, Fortum´s financial performance improved significantly compared to the first half of 2003.
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