Fortum Oyj

Quarterly Report • Apr 15, 2015

Fortum signed the agreement to sell its Swedish distribution business on 13 March 2015, which concludes Fortum's divestment of its electricity distribution business. After the divestment of Swedish Distribution business Fortum does not have any distribution operations and therefore 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 standard requires restatement of comparative period information for income statement and cash flow and therefore the information for 2014 needs to be restated.

The following tables present the restated and previously published quarterly information for 2014. 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.

Discontinued operations presentation does not impact the presentation of the balance sheet. Swedish Distribution business's assets and liabilities will be classified as assets held for sale in the balance sheet of 31 March 2015.

The result from Discontinued operations is disclosed on one line, net of tax, in the face of the income statement. This includes January-March 2014 results for the Finnish Distribution business, January-May 2014 results for the Norwegian Distribution business and full year 2014 results for the Swedish Distribution business. The effects of eliminations from internal sales and purchases have been included in the discontinued operations. Discontinued operations include also the sales gains from the divestments of Finnish and Norwegian Distribution operations in 2014. The net financial costs are based on the historical financial costs in the separate companies. Financial costs are impacted by the fact that the financing activities and risk management have been centralised on group level and subsidiaries have been funded with intra-group loans. No corporate overhead costs have been allocated to the discontinued operations.

In the cash flow statement the net cash flows attributable to the operating, investing and financing activities of the discontinued operations are also disclosed separately. Cash flow from discontinued operations include cash flow from distribution operations and allocated taxes, impact from sale of shares in Distribution companies and proceeds from interest-bearing receivables from sold subsidiaries.

Condensed consolidated income statement

	Q1	Q1-Q2	Q1-Q3		Q1	Q1-Q2	Q1-Q3
	2014	2014	2014	2014	2014	2014	2014	2014
EUR million	restated	restated	restated	restated	old	old	old	old
Sales	1,208	2,094	2,955	4,088	1,473	2,489	3,466	4,751
Other income	6	15	27	60	7	23	36	75
Materials and services	-551	-938	-1,352	-1,825	-600	-1,011	-1,444	-1,939
Employee benefits	-97	-188	-277	-369	-115	-216	-312	-413
Depreciation, amortisation and impairment charges	-97	-193	-289	-377	-150	-281	-407	-526
Other expenses	-110	-220	-348	-492	-139	-273	-424	-596
Comparable operating profit	358	568	715	1,085	477	732	915	1,351
Items affecting comparability	8	30	-3	211	1,856	1,897	1,863	2,077
Operating profit	366	599	712	1,296	2,333	2,629	2,778	3,428
Share of profit/loss of associates and joint ventures	69	107	108	146	72	109	111	149
Interest expense	-68	-130	-187	-249	-71	-134	-193	-256
Interest income	19	42	65	84	19	42	65	84
Fair value gains and losses on financial instruments	-3	0	-10	-5	-3	0	-10	-5
Other financial expenses - net	-11	-20	-31	-40	-11	-20	-31	-40
Finance costs - net	-62	-109	-163	-210	-64	-113	-169	-217
Profit before income tax	374	597	658	1,232	2,341	2,626	2,721	3,360
Income tax expense	-62	-89	-92	-143	-86	-124	-134	-199
Profit for the period from continuing operations	312	508	566	1,089	2,255	2,502	2,587	3,161
Discontinued operations:
Profit for the period from discontinued operations	1,943	1,994	2,021	2,073
Profit for the period	2,255	2,502	2,587	3,161
Attributable to:
Owners of the parent	2,251	2,498	2,583	3,154	2,251	2,498	2,583	3,154
Non-controlling interests	4	4	4	7	4	4	4	7
	2,255	2,502	2,587	3,161	2,255	2,502	2,587	3,161
Earnings per share for profit from total Fortum Group
attributable to the equity owners of the company during
the year (in € per share)
Basic	2.53	2.81	2.91	3.55	2.53	2.81	2.91	3.55
Diluted	2.53	2.81	2.91	3.55	2.53	2.81	2.91	3.55
Earnings per share for profit from continuing operations
attributable to the equity owners of the company during
the year (in € per share)
Basic	0.35	0.57	0.63	1.22
Diluted	0.35	0.57	0.63	1.22
Earnings per share for profit from discontinued
operations attributable to the equity owners of the company during the year (in € per share)*
Basic	2.18	2.24	2.28	2.33
Diluted	2.18	2.24	2.28	2.33

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

EUR million	Q1 2014 restated	Q1-Q2 2014 restated	Q1-Q3 2014 restated	2014 restated	Q1 2014 old	Q1-Q2 2014 old	Q1-Q3 2014 old	2014 old
Comparable operating profit	358	568	715	1,085	477	732	915	1,351
Non-recurring items (capital gains and losses)	1	59	67	305	1,851	1,925	1,933	2,171
Changes in fair values of derivatives hedging future cash flow	10	-25	-65	-91	9	-24	-64	-91
Nuclear fund adjustment	-4	-4	-6	-3	-4	-4	-6	-3
Items affecting comparability	8	30	-3	211	1,856	1,897	1,863	2,077
Operating profit	366	599	712	1,296	2,333	2,629	2,778	3,428

Result of discontinued operations (including eliminations between Fortum and discontinued operations)

	Q1	Q1-Q2	Q1-Q3
	2014	2014	2014	2014
EUR million	restated	restated	restated	restated
Sales	265	396	511	662
Other income	2	8	10	15
Materials and services	-49	-72	-92	-114
Employee benefits	-18	-28	-35	-44
Depreciation, amortisation and impairment charges	-52	-87	-118	-150
Other expenses	-29	-53	-76	-104
Comparable operating profit	119	164	200	266
Items affecting comparability	1,849	1,866	1,866	1,866
Operating profit	1,968	2,030	2,066	2,132
Share of profit/loss of associates and joint ventures	3	3	3	3
Finance costs - net	-2	-4	-6	-7
Profit before income tax	1,968	2,029	2,063	2,128
Income tax expense	-24	-34	-42	-56
Profit for the year from discontinued operations attributable
to the owners of the parent	1,943	1,994	2,021	2,073

Condensed consolidated statement of comprehensive income

	Q1 2014	Q1-Q2 2014	Q1-Q3 2014	2014	Q1 2014	Q1-Q2 2014	Q1-Q3 2014	2014
EUR million	restated	restated	restated	restated	old	old	old	old
Profit for the period	2,255	2,502	2,587	3,161	2,255	2,502	2,587	3,161
Other comprehensive income
Items that may be reclassified to profit or loss in subsequent periods
Cash flow hedges
Fair value gains/losses in the period	57	-5	-24	17	57	-5	-24	17
Transfers to income statement	-13	-38	-58	-70	-13	-38	-58	-70
Transfers to inventory/fixed assets	-2	-3	-4	-4	-2	-3	-4	-4
Tax effect	-9	9	18	12	-9	9	18	12
Net investment hedges
Fair value gains/losses in the period	36	22	35	149	36	22	35	149
Tax effect	-7	-3	-6	-28	-7	-3	-6	-28
Exchange differences on translating foreign operations	-232	-106	-299	-1,323	-235	-119	-310	-1,343
Share of other comprehensive income of associates and
joint ventures	1	7	5	-3	1	7	5	-3
Other changes	0	-3	-3	-3	0	-3	-3	-3
	-169	-120	-336	-1,253	-172	-133	-347	-1,273
Items that will not be reclassified to profit or loss in
Actuarial gains/losses on defined benefit plans	0	-5	-36	-77	0	-3	-34	-77
Actuarial gains/losses on defined benefit plans in associates
and joint ventures	0	4	-8	-13	0	4	-8	-13
	0	-1	-44	-90	0	1	-42	-90
Other comprehensive income for the period from
continuing operations, net of tax	-169	-121	-380	-1,344	-172	-131	-389	-1,363
Other comprehensive income for the period from
discontinued operations, net of tax	-3	-10	-10	-19
Total comprehensive income for the year	2,083	2,371	2,197	1,799	2,083	2,371	2,197	1,799
Total comprehensive income attributable to
Owners of the parent	2,083	2,368	2,199	1,815	2,083	2,368	2,199	1,815
Non-controlling interests	0	3	-2	-16	0	3	-2	-16
	2,083	2,371	2,197	1,799	2,083	2,371	2,197	1,799

Condensed consolidated cash flow statement

	Q1	Q1-Q2	Q1-Q3		Q1	Q1-Q2	Q1-Q3
	2014	2014	2014	2014	2014	2014	2014	2014
EUR million	restated	restated	restated	restated	old	old	old	old
Cash flow from operating activities
Net profit for the period	312	508	566	1,089	2,255	2,502	2,587	3,161
Adjustments:
Income tax expenses	62	89	92	143	86	124	134	199
Finance costs-net	62	109	163	210	64	113	169	217
Share of profit of associates and joint ventures	-69	-107	-108	-146	-72	-109	-111	-149
Depreciation, amortisation and impairment charges	97	193	288	376	149	280	407	526
Operating profit before depreciations (EBITDA)
	463	792	1,001	1,673	2,483	2,909	3,185	3,954
Non-cash flow items and divesting activities	-14	-53	-34	-244	-1,864	-1,921	-1,903	-2,111
Interest received	27	44	62	99	27	44	62	99
Interest paid	-126	-237	-275	-323	-128	-241	-281	-330
Dividends received	0	48	57	58	1	48	57	58
Realised foreign exchange gains and losses and other
financial items	76	153	213	349	76	153	213	349
Taxes	20	-45	-111	-163	-29	-95	-164	-211
Funds from operations	446	702	912	1,447	567	897	1,170	1,808
Change in working capital	-40	97	99	-42	0	125	140	-46
Total net cash from operating activities continuing
operations	405	799	1,011	1,406
Total net cash from operating activities discontinued
operations	161	222	298	356
Total net cash from operating activities	566	1,022	1,310	1,762	566	1,022	1,310	1,762
Cash flow from investing activities
Capital expenditures	-123	-257	-422	-622	-162	-330	-524	-768
Acquisitions of shares	-1	-27	-60	-69	-1	-27	-60	-69
Proceeds from sales of fixed assets	2	10	18	26	2	10	18	26
Divestments of shares	1	97	97	473	2,425	2,686	2,687	3,062
Proceeds from the interest-bearing receivables relating to
divestments	0	0	0	0	77	131	131	131
Shareholder loans to associated companies and joint
ventures	46	223	420	425	46	223	420	425
Change in other interest-bearing receivables	1	13	5	8	1	13	5	8
Total net cash used in investing activities from
continuing operations	-74	59	58	241
Total net cash used in investing activities from
discontinued operations	2,461	2,648	2,619	2,574
Total net cash used in investing activities	2,387	2,706	2,677	2,816	2,387	2,706	2,677	2,816
Cash flow before financing activities	2,953	3,727	3,987	4,578	2,953	3,727	3,987	4,578
Cash flow from financing activities
Proceeds from long-term liabilities	47	46	48	50	47	46	48	50
Payments of long-term liabilities	-753	-1,224	-1,450	-1,480	-773	-1,244	-1,469	-1,499
Change in short-term liabilities	-494	-658	-667	-580	-494	-658	-667	-580
Dividends paid to the owners of the parent	0	-977	-977	-977	0	-977	-977	-977
Other financing items	-1	-7	9	-1	-1	-7	9	-1
Total net cash used in financing activities from
continuing operations	-1,201	-2,820	-3,037	-2,988
Total net cash used in financing activities from
discontinued operations	-19	-19	-19	-19
Total net cash used in financing activities	-1,220	-2,839	-3,057	-3,007	-1,220	-2,839	-3,057	-3,007
Total net increase(+) / decrease(-) in liquid funds	1,734	888	929	1,571	1,734	888	929	1,571
Liquid funds at the beginning of the period	1,265	1,265	1,265	1,265	1,265	1,265	1,265	1,265
Foreign exchange differences in liquid funds	-10	4	-16	-70	-10	4	-16	-70
Liquid funds at the end of the period	2,989	2,157	2,178	2,766	2,989	2,157	2,178	2,766

Key ratios

	March 31	June 30	Sept 30	Dec 31	March 31	June 30	Sept 30	Dec 31
	2014	2014	2014	2014	2014	2014	2014	2014
	restated	restated	restated	restated	old	old	old	old
EBITDA total Fortum, EUR million	2,483	2,909	3,185	3,954	2,483	2,909	3,185	3,954
EBITDA continuing operations, EUR million	463	792	1,001	1,673
Comparable EBITDA total Fortum, EUR million	627	1,009	1,317	1,873	627	1,009	1,317	1,873
Comparable EBITDA continuing operations, EUR million	456	758	1,000	1,457
Earnings per share total Fortum Group (basic) EUR	2.53	2.81	2.91	3.55	2.53	2.81	2.91	3.55
Earnings per share continuing operations (basic), EUR	0.35	0.57	0.63	1.22
Earnings per share discontinued operations (basic), EUR	2.18	2.24	2.28	2.33
Capital employed, EUR million	20,033	18,675	18,305	17,918	20,033	18,675	18,305	17,918
Interest-bearing net debt, EUR million	4,838	5,008	4,790	4,217	4,838	5,008	4,790	4,217
Interest-bearing net debt without Värme financing, EUR million	3,765	4,136	4,152	3,664	3,765	4,136	4,152	3,664
Capital expenditure and gross investments in shares total Fortum, EUR million	135	315	581	843	135	315	581	843
Capital expenditure and gross investments in shares
continuing operations, EUR million	111	255	492	695
Capital expenditure total Fortum, EUR million	134	288	521	774	134	288	521	774
Capital expenditure continuing operations, EUR million	110	228	432	626
Return on capital employed total Fortum, % 1)	20.8	19.2	17.4	19.5	20.8	19.2	17.4	19.5
Return on shareholders' equity total Fortum, % 1)	30.9	28.7	26.4	30.0	30.9	28.7	26.4	30.0
Net debt / EBITDA total Fortum 1)	1.1	1.3	1.3	1.1	1.1	1.3	1.3	1.1
Comparable net debt / EBITDA total Fortum 1)	1.9	2.5	2.7	2.3	1.9	2.5	2.7	2.3
Comparable net debt / EBITDA without Värme financing total Fortum 1)	1.5	2.0	2.4	2.0	1.5	2.0	2.4	2.0
Interest coverage total Fortum	45.6	28.7	21.7	19.9	45.6	28.7	21.7	19.9
Interest coverage including capitalised borrowing costs total
Fortum	38.1	23.2	17.0	15.7	38.1	23.2	17.0	15.7
Funds from operations /interest-bearing net debt total Fortum, % 1)
Funds from operations /interest-bearing net debt without	42.3	32.7	31.1	42.9	42.3	32.7	31.1	42.9
Värme financing total Fortum, % 1)	54.4	39.6	35.8	49.3	54.4	39.6	35.8	49.3
Gearing, %	40	44	42	39	40	44	42	39
Equity per share, EUR	13.63	12.86	12.67	12.23	13.63	12.86	12.67	12.23
Equity-to-assets ratio, %	52	52	52	51	52	52	52	51
Number of employees total Fortum	8,770	8,846	8,701	8,592	8,770	8,846	8,701	8,592
Number of employees continuing operations	8,304	8,462	8,321	8,202
Average number of employees total Fortum	9,054	8,939	8,888	8,821	9,054	8,939	8,888	8,821
Average number of employees continuing operations	8,335	8,353	8,364	8,329
Average number of shares, 1 000 shares	888,367	888,367	888,367	888,367	888,367		888,367 888,367	888,367
Diluted adjusted average number of shares, 1 000 shares	888,367	888,367	888,367	888,367	888,367		888,367 888,367	888,367
Number of registered shares, 1 000 shares	888,367	888,367	888,367	888,367	888,367		888,367 888,367	888,367

4

1) Quarterly figures are annualised except items affecting comparability.

For definitions, see Note 23 of the interim report Q4/2014.

Segment information

Sales	Q1	Q1-Q2	Q1-Q3		Q1	Q1-Q2	Q1-Q3
	2014	2014	2014	2014	2014	2014	2014	2014
EUR million	restated	restated	restated	restated	old	old	old	old
Power sales excluding indirect taxes	861	1,551	2,267	3,102	843	1,525	2,234	3,057
Heating sales	289	431	524	753	289	431	524	753
Network transmissions	0	0	0	0	287	426	546	710
Other sales	58	111	163	233	54	108	162	230
Total	1,208	2,094	2,955	4,088	1,473	2,489	3,466	4,751

Sales by segment	Q1	Q1-Q2	Q1-Q3		Q1	Q1-Q2	Q1-Q3
	2014	2014	2014	2014	2014	2014	2014	2014
EUR million	restated	restated	restated	restated	old	old	old	old
Power and Technology	586	1,072	1,568	2,156	586	1,072	1,568	2,156
- of which internal	39	55	62	85	39	55	62	85
Heat, Electricity Sales and Solutions	446	715	939	1,332	446	715	939	1,332
- of which internal	18	22	26	34	18	22	26	34
Russia	333	567	774	1,055	333	567	774	1,055
- of which internal	0	0	0	0	0	0	0	0
Distribution					300	449	578	751
- of which internal					4	9	12	17
Other	14	28	42	58	14	28	42	58
- of which internal	12	23	33	44	12	23	33	44
Netting of Nord Pool transactions	-133	-234	-301	-422	-133	-234	-301	-422
Eliminations	-37	-55	-66	-91	-72	-108	-134	-179
Total	1,208	2,094	2,955	4,088	1,473	2,489	3,466	4,751
Discontinued operations	300	449	578	751
Eliminations*	-35	-53	-68	-89
Total	1,473	2,489	3,466	4,751

*Sales to and from discontinued operations

Comparable operating profit by segment	Q1	Q1-Q2	Q1-Q3		Q1	Q1-Q2	Q1-Q3
	2014	2014	2014	2014	2014	2014	2014	2014
EUR million	restated	restated	restated	restated	old	old	old	old
Power and Technology	251	434	601	877	251	434	601	877
Heat, Electricity Sales and Solutions	48	59	55	104	48	59	55	104
Russia	73	102	102	161	73	102	102	161
Distribution					119	164	200	266
Other	-14	-27	-43	-57	-14	-27	-43	-57
Total	358	568	715	1,085	477	732	915	1,351
Discontinued operations	119	164	200	266
Total	477	732	915	1,351

Operating profit by segment	Q1	Q1-Q2	Q1-Q3		Q1	Q1-Q2	Q1-Q3
	2014	2014	2014	2014	2014	2014	2014	2014
EUR million	restated	restated	restated	restated	old	old	old	old
Power and Technology	262	413	537	855	262	413	537	855
Heat, Electricity Sales and Solutions	45	112	116	337	45	112	116	337
Russia	73	101	102	161	73	101	102	161
Distribution					1,968	2,030	2,066	2,132
Other	-14	-28	-44	-58	-14	-28	-44	-58
Total	366	599	712	1,296	2,333	2,629	2,778	3,428
Discontinued operations	1,968	2,030	2,066	2,132
Total	2,333	2,629	2,778	3,428

Non-recurring items by segment	Q1	Q1-Q2	Q1-Q3		Q1	Q1-Q2	Q1-Q3
	2014	2014	2014	2014	2014	2014	2014	2014
EUR million	restated	restated	restated	restated	old	old	old	old
Power and Technology	1	6	6	52	1	6	6	52
Heat, Electricity Sales and Solutions	1	54	61	254	1	54	61	254
Russia	0	0	0	0	0	0	0	0
Distribution					1,850	1,865	1,865	1,865
Other	0	0	0	0	0	0	0	0
Total	1	59	67	305	1,851	1,925	1,933	2,171
Discontinued operations	1,850	1,865	1,865	1,865
Total	1,851	1,925	1,933	2,171

Other items affecting comparability by segment	Q1 2014	Q1-Q2 2014	Q1-Q3 2014	2014	Q1 2014	Q1-Q2 2014	Q1-Q3 2014	2014
EUR million	restated	restated	restated	restated	old	old	old	old
Power and Technology	10	-27	-70	-73	10	-27	-70	-73
Heat, Electricity Sales and Solutions	-4	-1	0	-20	-4	-1	0	-20
Russia	0	0	0	0	0	0	0	0
Distribution					-1	1	1	0
Other	0	0	0	0	0	0	0	0
Total	6	-29	-70	-94	5	-28	-69	-94
Discontinued operations	-1	1	1	0
Total	5	-28	-69	-94

Comparable EBITDA by segment	Q1	Q1-Q2	Q1-Q3		Q1	Q1-Q2	Q1-Q3
	2014	2014	2014	2014	2014	2014	2014	2014
EUR million	restated	restated	restated	restated	old	old	old	old
Power and Technology	282	496	692	998	282	496	692	998
Heat, Electricity Sales and Solutions	74	109	130	204	74	109	130	204
Russia	113	177	217	304	113	177	217	304
Distribution					171	251	318	416
Other	-13	-24	-39	-49	-13	-24	-39	-49
Total	456	758	1,000	1,457	627	1,009	1,317	1,873
Discontinued operations	171	251	318	416
Total	627	1,009	1,317	1,873

Depreciation, amortisation and impairment charges by segment	Q1 2014	Q1-Q2 2014	Q1-Q3 2014	2014	Q1 2014	Q1-Q2 2014	Q1-Q3 2014	2014
EUR million	restated	restated	restated	restated	old	old	old	old
Power and Technology	31	61	91	121	31	61	91	121
Heat, Electricity Sales and Solutions	25	50	75	100	25	50	75	100
Russia	40	79	119	147	40	79	119	147
Distribution					52	87	118	150
Other	1	3	4	8	1	3	4	8
Total	97	193	289	377	150	281	407	526
Discontinued operations	52	87	118	150
Total	150	281	407	526

Share of profit/loss in associates and joint ventures by
segment	Q1	Q1-Q2	Q1-Q3		Q1	Q1-Q2	Q1-Q3
	2014	2014	2014	2014	2014	2014	2014	2014
EUR million	restated	restated	restated	restated	old	old	old	old
Power and Technology	-10	-20	-27	-14	-10	-20	-27	-14
Heat, Electricity Sales and Solutions	57	63	63	88	57	63	63	88
Russia	14	32	36	35	14	32	36	35
Distribution					3	3	3	3
Other	9	32	35	37	9	32	35	37
Total	69	107	108	146	72	109	111	149
Discontinued operations	3	3	3	3
Total	72	109	111	149

Participation in associates and joint ventures by
segment	March 31	June 30	Sept 30	Dec 31	March 31	June 30	Sept 30	Dec 31
	2014	2014	2014	2014	2014	2014	2014	2014
EUR million	restated	restated	restated	restated	old	old	old	old
Power and Technology	882	862	859	859	882	862	859	859
Heat, Electricity Sales and Solutions	532	606	623	523	532	606	623	523
Russia	444	507	472	326	444	507	472	326
Distribution					54	0	0	0
Other	463	346	364	319	463	346	364	319
Assets related to discontinued operations	54	0	0	0
Total	2,374	2,321	2,318	2,027	2,374	2,321	2,318	2,027

6

Capital expenditure by segment	Q1	Q1-Q2	Q1-Q3		Q1	Q1-Q2	Q1-Q3
	2014	2014	2014	2014	2014	2014	2014	2014
EUR million	restated	restated	restated	restated	old	old	old	old
Power and Technology	35	72	137	197	35	72	137	197
Heat, Electricity Sales and Solutions	13	27	56	86	13	27	56	86
Russia	58	129	234	340	58	129	234	340
Distribution					25	60	89	147
Other	3	0	5	3	3	0	5	3
Total	110	228	432	626	134	288	521	774
Discontinued operations	25	60	89	147
Total	134	288	521	774

Gross investments in shares by segment	Q1	Q1-Q2	Q1-Q3		Q1	Q1-Q2	Q1-Q3
	2014	2014	2014	2014	2014	2014	2014	2014
EUR million	restated	restated	restated	restated	old	old	old	old
Power and Technology	0	0	1	2	0	0	1	2
Heat, Electricity Sales and Solutions	0	0	29	37	0	0	29	37
Russia	1	27	27	27	1	27	27	27
Distribution					0	0	0	0
Other	0	0	3	4	0	0	3	4
Total	1	27	60	69	1	27	60	69
Discontinued operations	0	0	0	0
Total	1	27	60	69

Gross divestments of shares by segment	Q1	Q1-Q2	Q1-Q3		Q1	Q1-Q2	Q1-Q3
	2014	2014	2014	2014	2014	2014	2014	2014
EUR million	restated	restated	restated	restated	old	old	old	old
Power and Technology	1	1	1	67	1	1	1	67
Heat, Electricity Sales and Solutions	0	136	136	446	0	136	136	446
Russia	0	1	1	0	0	1	1	0
Distribution					2,501	2,681	2,682	2,681
Other	0	2	2	2	0	2	2	2
Total	1	139	140	515	2,502	2,820	2,821	3,196
Discontinued operations	2,501	2,681	2,682	2,681
Total	2,502	2,820	2,821	3,196

Net assets by segment	March 31	June 30	Sept 30	Dec 31	March 31	June 30	Sept 30	Dec 31
	2014	2014	2014	2014	2014	2014	2014	2014
EUR million	restated	restated	restated	restated	old	old	old	old
Power and Technology	6,276	6,113	6,083	6,001	6,276	6,113	6,083	6,001
Heat, Electricity Sales and Solutions	2,365	2,176	2,188	2,112	2,365	2,176	2,188	2,112
Russia	3,619	3,870	3,670	2,597	3,619	3,870	3,670	2,597
Distribution					2,872	2,642	2,634	2,615
Other	374	354	338	496	374	354	338	496
Total	12,634	12,513	12,279	11,206
Net assets related to discontinued operations	2,872	2,642	2,634	2,615
Total	15,505	15,155	14,913	13,820	15,505	15,155	14,913	13,820

Comparable return on net assets by segment		Dec 31	Dec 31
		2014	2014
%		restated	old
Power and Technology		14.2	14.2
Heat, Electricity Sales and Solutions		8.7	8.7
Russia		5.6	5.6
Distribution			9.3
Other		-5.8	-5.8
Discontinued operations (Distribution)		9.3

Return on net assets by segment	Dec 31	Dec 31
	2014	2014
%	restated	old
Power and Technology	13.6	13.6
Heat, Electricity Sales and Solutions	19.1	19.1
Russia	5.6	5.6
Distribution		73.6
Other	-5.3	-5.3
Discontinued operations (Distribution)	73.6

Assets by segment	March 31	June 30	Sept 30	Dec 31	March 31	June 30	Sept 30	Dec 31
EUR million	2014 restated	2014 restated	2014 restated	2014 restated	2014 old	2014 old	2014 old	2014 old
Power and Technology	7,300	7,062	7,071	7,064	7,300	7,062	7,071	7,064
Heat, Electricity Sales and Solutions	2,962	2,648	2,616	2,650	2,962	2,648	2,616	2,650
Russia	3,893	4,114	3,904	2,769	3,893	4,114	3,904	2,769
Distribution					3,012	2,715	2,712	2,707
Other	485	509	482	643	485	509	482	643
Discontinued operations (Distribution)	3,012	2,715	2,712	2,707
Eliminations	-244	-178	-151	-186	-244	-178	-151	-186
Assets included in Net assets	17,407	16,870	16,635	15,647	17,407	16,870	16,635	15,647
Interest-bearing receivables	2,531	2,296	2,101	2,045	2,531	2,296	2,101	2,045
Deferred taxes	118	116	126	98	118	116	126	98
Other assets	628	589	599	818	628	589	599	818
Cash and cash equivalents	2,989	2,157	2,178	2,766	2,989	2,157	2,178	2,766
Total assets	23,673	22,030	21,640	21,375	23,673	22,030	21,640	21,375

Liabilities by segment	March 31	June 30	Sept 30	Dec 31	March 31	June 30	Sept 30	Dec 31
	2014	2014	2014	2014	2014	2014	2014	2014
EUR million	restated	restated	restated	restated	old	old	old	old
Power and Technology	1,024	949	988	1,063	1,024	949	988	1,063
Heat, Electricity Sales and Solutions	597	472	429	538	597	472	429	538
Russia	275	244	234	172	275	244	234	172
Distribution					140	73	78	92
Other	111	155	145	147	111	155	145	147
Discontinued operations (Distribution)	140	73	78	92
Eliminations	-244	-178	-151	-186	-244	-178	-151	-186
Liabilities included in Net assets	1,902	1,716	1,722	1,827	1,902	1,716	1,722	1,827
Deferred tax liabilities	1,332	1,297	1,265	1,159	1,332	1,297	1,265	1,159
Other liabilities	406	342	345	470	406	342	345	470
Total liabilities included in Capital employed	3,640	3,355	3,331	3,456	3,640	3,355	3,331	3,456
Interest-bearing liabilities	7,827	7,166	6,969	6,983	7,827	7,166	6,969	6,983
Total equity	12,207	11,509	11,336	10,935	12,207	11,509	11,336	10,935
Total equity and liabilities	23,673	22,030	21,640	21,375	23,673	22,030	21,640	21,375

Number of employees	March 31	June 30	Sept 30	Dec 31	March 31	June 30	Sept 30	Dec 31
	2014	2014	2014	2014	2014	2014	2014	2014
	restated	restated	restated	restated	old	old	old	old
Power and Technology	1,672	1,791	1,678	1,639	1,672	1,791	1,678	1,639
Heat, Electricity Sales and Solutions	1,960	1,947	1,862	1,807	1,960	1,947	1,862	1,807
Russia	4,169	4,189	4,253	4,213	4,169	4,189	4,253	4,213
Distribution					466	384	380	390
Other	503	535	528	543	503	535	528	543
Total	8,304	8,462	8,321	8,202	8,770	8,846	8,701	8,592
Discontinued operations	466	384	380	390
Total	8,770	8,846	8,701	8,592

Average number of employees	Q1	Q1-Q2	Q1-Q3		Q1	Q1-Q2	Q1-Q3
	2014	2014	2014	2014	2014	2014	2014	2014
	restated	restated	restated	restated	old	old	old	old
Power and Technology	1,695	1,681	1,697	1,685	1,695	1,681	1,697	1,685
Heat, Electricity Sales and Solutions	1,952	1,960	1,943	1,913	1,952	1,960	1,943	1,913
Russia	4,165	4,172	4,188	4,196	4,165	4,172	4,188	4,196
Distribution					719	585	524	492
Other	524	541	537	536	524	541	537	536
Total	8,335	8,353	8,364	8,329	9,054	8,939	8,888	8,821
Discontinued operations	719	585	524	492
Total	9,054	8,939	8,888	8,821

Power sales	Q1	Q1-Q2	Q1-Q3		Q1	Q1-Q2	Q1-Q3
	2014	2014	2014	2014	2014	2014	2014	2014
EUR million	restated	restated	restated	restated	old	old	old	old
Power sales in the EU and Norway	643	1,150	1,691	2,344	625	1,124	1,658	2,299
Power sales in Russia	218	401	576	758	218	401	576	758
Total	861	1,551	2,267	3,102	843	1,525	2,234	3,057

Power sales by area *	Q1	Q1-Q2	Q1-Q3		Q1	Q1-Q2	Q1-Q3
	2014	2014	2014	2014	2014	2014	2014	2014
TWh	restated	restated	restated	restated	old	old	old	old
Finland	6.0	11.0	16.0	21.6	6.0	11.0	16.0	21.6
Sweden	8.2	14.1	20.0	28.2	8.2	14.1	20.0	28.2
Russia	7.1	12.9	18.7	26.5	7.1	12.9	18.7	26.5
Other countries	1.1	2.1	2.8	3.8	1.1	2.1	2.8	3.8
Total	22.4	40.2	57.5	80.1	22.4	40.2	57.5	80.1

* Including gross volumes of Electricity Sales business.