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"f-520": { "value": "-2614000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-521": { "value": "-47000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-522": { "value": "301000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-523": { "value": "4183000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:635400IUIZZIUJSAMF76", "period": 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}, "f-528": { "value": "4183000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-529": { "value": "300000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:NotionalAmount", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2025-01-01T00:00:00", "ifrs-full:BorrowingsByNameAxis": "fort:GreenLoanMember", "unit": "iso4217:EUR" } }, "f-530": { "value": "700000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:NotionalAmount", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2025-01-01T00:00:00", "ifrs-full:BorrowingsByNameAxis": "fort:BankLoanMember", "unit": "iso4217:EUR" } }, "f-531": { "value": "400000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:BorrowingsByNameAxis": "fort:BankLoanMember", "unit": "iso4217:EUR" } }, "f-532": { "value": "284000000.0", "decimals": -6, "dimensions": { "concept": "fort:CashFlowsFromLiquidFundsSeizedByForeignGovernmentsClassifiedAsInvestingActivitiesOfDiscontinuedOperations", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:SignificantInvestmentsInSubsidiariesAxis": "fort:UniperMember", "unit": "iso4217:EUR" } }, "f-533": { "value": "
1 Material accounting policies
1.1 Basic information
Fortum Corporation (the company) is a Finnish public limited liability company domiciled in Espoo,
Finland. Fortum\u2019s shares are traded on Nasdaq Helsinki. Fortum is a Nordic energy company. Our
purpose is to power a world where people, businesses and nature thrive together. We are one of
the cleanest energy producers in Europe and our actions are guided by our ambitious
environmental targets. We generate and deliver clean energy reliably and help industries to
decarbonise their processes and grow. Our core operations in the Nordics comprise of efficient,
CO2-free power generation as well as reliable supply of electricity and district heat to private and
business customers.
These financial statements were approved by the Board of Directors on 17 February 2025. The
Financial Statements are also published in accordance with the European Single Electronic
Format (ESEF) reporting requirement. The audit firm, Deloitte Oy, has provided an independent
auditor\u2019s reasonable assurance report on Fortum\u2019s ESEF Financial Statements in accordance
with ISAE 3000. The ESEF report is available at www.fortum.com/about-us/investors/reports-
and-presentations.
1.2 Basis for preparation
The consolidated financial statements of Fortum Group for the year ended 31 December 2024
have been prepared in accordance with International Financial Reporting Standards (IFRS) and
IFRIC Interpretations as adopted by the European Union. The notes to the consolidated financial
statements also comply with the supplementing requirements of the Finnish accounting and
company legislation.
The consolidated financial statements have been prepared under the historical cost convention,
except for financial assets and financial liabilities (including derivative instruments) that are
valued at fair value through profit and loss or other comprehensive income.
The figures in the consolidated financial statements have been rounded and consequently the
sum of individual figures may deviate from the sum presented. Key figures have been calculated
using exact figures. Unless otherwise indicated, all amounts are presented in millions of euro
(EUR million).
1.3 Principles for consolidation
These consolidated financial statements comprise of the parent company, subsidiaries, joint
ventures and associated companies.
Fortum Group was formed in 1998 by using the pooling-of-interests method for consolidating
Fortum Power and Heat Oy and Fortum Oil and Gas Oy (the latter demerged to Fortum Oil Oy
and Fortum Heat and Gas Oy 1 May 2004). In 2005 Fortum Oil Oy (current Neste Oyj) was
separated from Fortum by distributing 85% of its shares to Fortum\u2019s shareholders and by selling
the remaining 15%. This means that the acquisition cost of Fortum Power and Heat Oy and
Fortum Heat and Gas Oy has been eliminated against the equity of the companies. The
difference has been entered as a decrease in shareholders\u2019 equity.
1.3.1 Subsidiaries
Subsidiaries are defined as companies over which Fortum has control. Control exists when
Fortum is exposed to, or has rights to, variable returns from its involvement with the entity and
has the ability to affect those returns through its power over the entity. See\u00a0Note 3 Acquisitions,
disposals and discontinued operations.
Intercompany transactions, balances and unrealised gains on transactions between Group
companies are eliminated. Unrealised losses are also eliminated unless the transaction provides
evidence of an impairment of the asset transferred.
Where necessary, subsidiaries\u2019 accounting policies have been changed to ensure consistency
with the policies the Group has adopted.
Fortum Group subsidiaries are disclosed in Note 40 Group companies by segment. Group
holding % for companies owned via subsidiaries is based on the Fortum Corporation ownership
% in the direct subsidiary times the ownership % of the direct subsidiary in the indirect
subsidiary/associate/joint venture.
1.3.2 Associates
Associated companies are entities over which the Group has significant influence but not
control, generally accompanying a shareholding of between 20% and 50% of the voting rights.
The Group\u2019s interests in associated companies are accounted for using the equity method of
accounting. See Note\u00a019 Participations in associated companies and joint ventures.
1.3.3 Joint ventures
Joint ventures are arrangements in which the Group has joint control. Joint ventures are
accounted for using the equity method of accounting. See Note 19 Participations in associated
companies and joint ventures.
1.4 Measures for performance
According to the ESMA Guidelines on Alternative Performance Measures, an Alternative
Performance Measure (APM) is understood as a financial measure of historical or future financial
performance, financial position, or cash flows, other than a financial measure defined or
specified in the applicable financial reporting framework.
Fortum uses APMs, such as Comparable operating profit and Comparable EBITDA in the
financial target setting and forecasting, management's follow-up of financial performance of
segments and the Group, as well as for the allocation of resources in the Group's performance
management process. Items affecting comparability are excluded from Comparable operating
profit and Comparable EBITDA and disclosed separately in Fortum's consolidated income
statement to support the transparency of underlying business performance when comparing
results between periods.
Items classified as Items affecting comparability include accounting effects from valuation
according to IFRS not arising from the performance of business operations. Such items include
fair value changes of financial derivatives hedging future cash flows where hedge accounting is
not applied and fair value changes of physical contracts accounted for as derivatives according
to IFRS\u00a09, Financial Instruments.
Further, business performance of operations cannot be compared from one period to another
without adjusting for one-time items relating to capital gains and other related items, such as
transaction costs arising from acquisitions; impacts from acquisition accounting; significant
impairments and reversals of impairments as well as other miscellaneous non-operating items,
such as restructuring and cost management expenses. Such items are also treated as Items
affecting comparability.
According to IFRS 3, Business Combinations, transaction costs related to the acquisitions of
subsidiary shares are recognised in the consolidated income statement. Such costs are
presented in Capital gains and other within Items affecting comparability.
Following the deconsolidation of Russia in 2023, additional APMs excluding Russia are no longer
presented, except for the Financial net debt comparative period in note 14 Additional cash flow
information.
See Note 7 Comparable operating profit and comparable net profit. Definitions are presented in
the section Definitions and reconciliations of key figures.
Fortum\u2019s long-term financial target for capital structure measure is Financial net debt to
comparable EBITDA. See Note 5 Capital risk management.
1.5 Foreign currency transactions and translation
1.5.1 Functional and presentation currency
Items included in the financial statements of each of the Group\u2019s entities are measured using
the currency of the primary economic environment in which the entity operates (the functional
currency). The consolidated financial statements are presented in euros, which is the company\u2019s
functional and presentation currency.
1.5.2 Transactions and balances
Transactions denominated in foreign currencies are translated using the exchange rate at the
date of transaction. Receivables and liabilities denominated in foreign currencies outstanding on
the balance sheet date are translated using the balance sheet date exchange rate. Exchange
rate differences are recognised in the consolidated income statement. Net exchange
differences relating to financing components are recognised in the consolidated income
statement, except when deferred to equity as qualifying cash flow hedges. Translation
differences on financial assets through other comprehensive income are included in Other
equity components in equity.
1.5.3 Group companies
Income statement and cash flow statement of subsidiaries, whose functional currencies are not
euro, are translated into euro using the average exchange rates; whereas the balance sheets of
such subsidiaries are translated into euro using the closing exchange rates on the balance sheet
date. On consolidation, exchange rate differences arising from the translation of net investment
in foreign entities and currency instruments designated as hedges for such investments, are
taken to equity. When a foreign operation is sold, such exchange differences are recognised in
the consolidated income statement as part of the gain or loss on sale. Goodwill and fair value
adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of
the foreign entity and translated at closing rate.
The balance sheet date rate is based on the exchange rate published by the European Central
Bank for the closing date. The average exchange rate is calculated as an average of daily closing
rates from the European Central Bank.
Key exchange rates used in consolidated financial statements
Average rate
Balance sheet date rate
2024
2023
2024
2023
Norway (NOK)
11.6290
11.4248
11.7950
11.2405
Poland (PLN)
4.3058
4.5420
4.2750
4.3395
Sweden (SEK)
11.4325
11.4788
11.4590
11.0960
1.5.4 Associates and joint ventures
Associates and joint ventures, whose measurement and reporting currencies are not euro, are
translated into the Group reporting currency using the same principles as for subsidiaries.
1.6 Other material accounting policies
Fortum describes other material accounting policies in conjunction with the relevant disclosure
information. The table below lists material accounting policies and the financial statement note
where they are presented, as well as the relevant IFRS standard.
Accounting policy
Note
IFRS standard
Subsidiaries
3 Acquisitions, disposals and
discontinued operations
IFRS 3, IFRS 10
Discontinued operations
3 Acquisitions, disposals and
discontinued operations
IFRS 5
Financial instruments
4 Financial risk management
15 Financial assets and liabilities by
categories
16 Financial assets and liabilities by fair
value hierarchy
IAS 32, IFRS 7, IFRS 9, IFRS 13
Segment reporting
6 Segment reporting
IFRS 8, IFRS 15
Revenue recognition
6 Segment reporting
24 Trade and other receivables
IFRS 15
Share-based payments
10 Employee benefits and Board
remuneration
IFRS 2
Earnings per share
13 Earnings and dividend per share
IAS 33
Other shares and participations
15 Financial assets and liabilities by
categories
21 Other non-current assets
IAS 32, IAS 36, IFRS 9
Fair value measurement
16 Financial assets and liabilities by fair
value hierarchy
IFRS 13
Intangible assets
17 Intangible assets
IAS 38
Tangible assets
18 Property, plant and equipment and
right-of-use assets
IAS 16
Joint arrangements
19 Participations in associated
companies and joint ventures
IFRS 11, IAS 28, IFRS 12
Investments in associates
19 Participations in associated
companies and joint ventures
IAS 28, IFRS 12
Impairment testing
20 Impairment testing
IAS 36
Inventories
23 Inventories
IAS 2
Trade receivables
24 Trade and other receivables
IFRS 9
Liquid funds
25 Liquid funds
IAS 7
Borrowings
27 Interest-bearing liabilities
IFRS 9
Income taxes
28 Income taxes on the balance sheet
IAS 12
Assets and liabilities related to
decommissioning of nuclear power
plants and disposal of spent fuel
29 Nuclear-related assets and liabilities
IFRIC 5
Provisions
30 Other provisions
IAS 37
Pensions and similar obligations
31 Pension obligations
IAS 19
Leases
34 Leases
IFRS 16
Contingent liabilities
36 Pledged assets and contingent
liabilities
IAS 37
Events after the balance sheet date
39 Events after the balance sheet date
IAS 1
1.7 Discontinued operations
Russia in 2023
Control over Fortum\u2019s Russian operations was lost on 25 April 2023 following the Russian
Presidential decree No. 302, which enables the authorities to introduce temporary asset
management to assets owned by certain foreign entities in Russia, and the subsequent
nomination of the new external CEO to PAO Fortum. Consequently, in 2023 Fortum\u2019s Russia
segment was deconsolidated, and classified as discontinued operations as required by IFRS 5
Non-current assets held for sale and discontinued operations. Fortum has not had access to
financial or non-financial information from the Russia segment since the first quarter 2023
reporting, and therefore information for the deconsolidation is based on the 31 March 2023
balance sheet.
The deconsolidation in 2023 resulted in EUR 3.6 billion one-time, non-cash negative effect. The
amount consists of the full write-down of the Russian assets of EUR 1.7 billion, and EUR 1.9 billion
negative cumulative translation differences previously recognised in equity. These cumulative
translation differences are recycled from equity to profit and loss on deconsolidation according
to IFRS. The recycling did not have any impact on total equity.
See also Note 2 Critical accounting estimates and judgements and Note 3.3 Discontinued
operations.
1.8 New accounting standards, amendments and
interpretations
New accounting standards, amendments and interpretations effective from 1 January 2024 did
not have a material impact on Fortum's consolidated financial statements.
In April 2024, the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements, which
replaces IAS 1 Presentation of Financial Statements. IFRS 18 introduces new requirements that
target to increase comparability of the financial performance of similar entities and provide
more relevant information and transparency to users. IFRS 18 will change the financial statement
presentation and disclosures, but will not impact the recognition or measurement of items. The
effective date is 1 January 2027, subject to EU endorsement. Fortum is currently analysing the
impact of the new standard.
Other n
ACCOUNTING POLICIES
SUBSIDIARIES
Acquisition of subsidiaries are accounted for using the acquisition method. The consideration
transferred is measured as the aggregate of acquisition date fair values of assets transferred
and liabilities assumed. Identifiable assets acquired and liabilities assumed are measured
initially at acquisition date fair values, irrespective of the extent of any minority interest. The
excess of the cost of acquisition over the fair value of the identifiable net assets acquired is
recorded as goodwill.
Subsidiaries are fully consolidated from the date on which control is transferred to the Group
and are no longer consolidated from the date that control ceases. See Note 1.3 Principles for
consolidation.
DISCONTINUED OPERATIONS
A discontinued operation is a component of the Group that has been disposed of or is
classified as held for sale, and that represents a separate major line of business or
geographical area of operations or is part of a single co-ordinated plan to dispose of such a line
of business or area of operations. The results of discontinued operations are presented
separately in the consolidated income statement.
MATERIAL ACCOUNTING POLICIES
REVENUE RECOGNITION
Fortum's operations comprise the provision of electricity, heating and cooling, gas and waste
management services. Revenue streams can be divided into five groups: power sales to
wholesale markets, power sales to retail customers, heating sales, gas sales and waste
treatment sales.\u00a0
Revenue is recognised when goods are transferred or services are performed, i.e. when a
performance obligation is satisfied and control of the good or service underlying the particular
performance obligations is transferred to the customer. Revenue is shown at the price that
Fortum expects to be entitled to and it is presented net of rebates, discounts, value-added tax
and selective taxes, such as electricity tax. Revenues include effects from physically settled
contracts that were not entered into and do not continue to be held for the purpose of receipt
or delivery of the commodity in accordance with the Group's expected sale, purchase or usage
requirements and thus are within the scope of IFRS 9. see Note 7 Comparable operating profit
and comparable net profit. Accounting policies for the different revenue streams are described
below.
POWER SALES TO WHOLESALE MARKETS AND INDUSTRIAL CUSTOMERS
Physical power sales are recognised on delivery. Sales to wholesale markets are carried out at
a spot price and thus there are no variable elements. Fortum is also selling power to industrial
customers and municipalities through bilateral contracts (Power purchase agreements, PPA's).
These are typically fixed price physical power sales contracts with multi-year duration, which
can extend to over 10 years. There may also be fixed price sale of renewable energy
certificates incorporated into these contracts. Both of these sales are accounted for as
Fortum's ordinary sales and thus not within the scope of IFRS9. Contracts are entered into for
securing steady cash flow and reducing income statement volatility.\u00a0
Revenues are also generated from sale of renewable energy certificates. These include mostly
Guarantees of Origin certificates, which are received free of charge for renewable energy
production. Undelivered certificates are presented in inventories and revenue is recognized
when the certificate is transferred to the customer. See Note 23 Inventories.
POWER SALES TO RETAIL CUSTOMERS
Fortum\u2019s contracts with consumer and business customers cover power sales, while the
distribution service is delivered by the transmission company operating the local network.
There is only one performance obligation, which is to stand-ready to supply electricity to the
customer. The transaction price generally includes both a fixed monthly charge and a variable
fee based on the volume of power supplied. As Fortum\u2019s promise is to stand ready to deliver
electricity, the fixed and variable components are recognised based on the fees chargeable
from the customer. If automated meter reading is not available, power consumption between
the last meter reading and the end of the month is estimated.
HEAT SALES
In many areas the district heating service covers both the distribution and sale of heat. Fortum
is usually responsible for delivering the whole service, even when heat is being produced by a
third party, and is acting as a principal for heat sales as well. There is only one performance
obligation, which is to stand-ready to supply heat to the customer. The fees charged from the
customer generally comprise a fixed monthly charge and a variable fee based on the volume of
heat supplied. As Fortum\u2019s promise is to stand ready to deliver heat, the fixed and variable
components are recognised based on the fees chargeable from the customer. In Poland there
are also areas where Fortum operates only the heat production facilities while some third party
is responsible for the distribution of heat. In these areas the performance obligation is to
supply heat and revenue is recognised based on the volume of heat that Fortum is entitled to
charge from the customer.
GAS SALES
Revenues are generated from sales of gas to retail customers, which are recognised when
delivery takes place and control is transferred to the customer. Contracts generally contain
one performance obligation for which the entire transaction price is recognised.
Gas contracts can also include fixed price components that are recognised in line with the
customer\u2019s actual consumption profile, when the nature of the performance obligation is to
deliver gas instead of standing-ready to deliver gas.
WASTE TREATMENT SALES
Majority of revenue from waste management services arises from fees charged for receiving
waste from customers (i.e. gate fees). The fee is usually determined based on the volume of
waste received, there are no variable elements in pricing. Fortum is required to treat the waste
and this performance obligation is satisfied when treatment has been performed.
Transportation of the waste forms another performance obligation. Fees for waste treatment
and transportation services are separately agreed in the contract and correspond to the price
that would be charged for these services separately. Revenue for transportation service is
recognised when the service has been provided.
Waste treatment sales include also various types of soil and landfill site projects, which mostly
take place at customer sites. Fees charged are invoiced based on payment schedules agreed
with the customer. The customer obtains the benefit of the construction work simultaneously
when the construction work proceeds, and therefore project revenues are recognised over
time. Progress of the construction is best measured either through costs incurred, or the
completed area of the construction site.
NETTING AND INTER-SEGMENT TRANSACTIONS
Generation segment sells portion of its power production to Nord Pool and Consumer
Solutions segment buys its electricity from Nord Pool in Nordic. For these segments
eliminations of sales include eliminations of sales and purchases with Nord Pool that are
netted at Group level on an hourly basis and posted either as revenue or cost depending on if
Fortum is a net seller or net buyer during any particular hour.\u00a0
Intersegment sales, expenses and results for the different business segments are affected by
intragroup deliveries, which are eliminated on consolidation. Inter-segment transactions are
based on commercial terms.
ACCOUNT POLICIES
EARNINGS PER SHARE
Basic earnings per share is calculated by dividing the net profit attributable to the owners of
the parent company by the weighted average number of ordinary shares in issue during the
year, excluding ordinary shares purchased by the Group and held as treasury shares.
DIVIDENDS
Dividends proposed by the Board of Directors are not recognised in the financial statements
until they have been approved by the company's shareholders at the Annual General Meeting.
ACCOUNTING POLICIES
FINANCIAL ASSETS
Fortum classifies its financial assets in the following categories according to IFRS 9: financial
assets at amortised cost, financial assets at fair value through profit or loss and financial
assets at fair value through other comprehensive income. The classification is made at initial
recognition and depends on the financial asset's contractual cash flow characteristics and the
Group's business model for managing them.\u00a0
In order for the financial asset to be classified and measured at amortised cost or fair value
through other comprehensive income, it needs to give rise to cash flows that are solely
payments of the principal and interest on the principal amount outstanding (SPPI). This
assessment is referred to as the SPPI test and is performed at an instrument level. When the
SPPI criteria is not met, financial assets are classified to fair value through profit or loss
category.\u00a0
Financial assets are presented as non-current assets unless they are held for trading, expected
to be realised within 12 months at the closing date or they have a maturity of under 12 months
at closing date. These are classified as current assets.
FINANCIAL ASSETS AT AMORTISED COST
Fortum measures financial assets at amortised cost when the financial asset is included in the
held-to-collect business model with fixed or determinable payments that are payments of
amount outstanding or interest on it. They arise when the Group provides money, goods or
services directly to a debtor. Financial assets at amortised cost include non-derivative financial
assets with fixed or determinable payments that are not quoted in an active market.\u00a0
Financial assets at amortised cost are subject to impairment using expected credit loss (ECL)
model. Gains and losses from derecognition of the asset are recognised in profit and loss.\u00a0
FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS
Financial assets at fair value through profit or loss include financial assets held for trading in
the short term, financial assets designated upon initial recognition irrevocably as fair value
through profit or loss and financial assets mandatorily recognised at fair value through profit or
loss according to IFRS 9. Derivatives are classified as held for trading unless they are
designated as effective hedging instruments.
Gains and losses arising from changes in the fair value are included in the income statement in
the period in which they arise.
FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME
Other equity investments designated at fair value through other comprehensive income are
not subject to impairment assessment and accumulated reserves are not recycled to profit or
loss upon derecognition. Dividends received are recognised in profit and loss.\u00a0
DERECOGNITION
Fortum derecognises financial assets when the rights to receive cash flows from the assets
have expired or when it has substantially transferred the risks and rewards of the assets
outside of the Group.\u00a0
IMPAIRMENT
Fortum recognises an allowance for expected credit losses (ECL) according to IFRS 9 for
financial assets measured at amortised cost. See further information on ECL in Note 4.4.1
Credit quality of major financial assets and in Note 24 Trade and other receivables.
Financial assets measured at fair value through profit or loss are not included in ECL
assessment as they are already measured at fair value. A financial asset is written-off when
there is no reasonable expectation of recovering the contractual cash flows.\u00a0
FINANCIAL LIABILITIES
All financial liabilities are recognised initially at fair value. In the case of loans and borrowings
and payables, incurred transaction costs are deducted. In subsequent periods, all financial
liabilities, except derivatives and financial liabilities which the Group has at initial recognition
irrevocably designated at fair value through profit or loss, are stated at amortised cost; any
difference between proceeds (net of transaction costs) and the redemption value is
recognised as interest cost over the period of the borrowing using the effective interest rate
method.\u00a0
Derivative financial instruments entered into by the Group, that are not designated as hedging
instruments are classified as liabilities at fair value through profit and loss. Amortisation of the
effective interest rate and gains and losses of liabilities are recognised in the income
statement.\u00a0
Group\u2019s financial liabilities include trade and other payables, loans and borrowings and
derivative financial instruments. Borrowings or portion of borrowings being hedged with a fair
value hedge are recognised at fair value through profit or loss. Derecognition of financial
liabilities takes place when the Group has fulfilled the contractual obligations.
ACCOUNTING FOR DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES
Within the ordinary course of business, the Group routinely enters into sale and purchase
transactions for commodities. Contracts that were entered into and continue to be held for the
purpose of receipt or delivery of the commodity in accordance with the Group's expected sale,
purchase or usage requirements are not within the scope of IFRS 9 (\"own use exemption\").
Physical contracts to buy or sell a non-financial item, which are fair valued using the fair value
option to off-set accounting mismatch, or where own use exemption or hedge accounting
cannot be applied are fair valued through the income statement.\u00a0
The Group trades derivatives through exchanges, in which derivatives are cleared through
central clearing parties (CCPs) or clearing banks, as well as over-the-counter (OTC), concluded
directly between counterparties. Trading derivatives through exchanges requires the
exchange of cash (margining payments) with a CCP or clearing bank to cover market risk in the
case of a member default. See further information in Note 4.2 Liquidity and refinancing risk and
in Note 4.4 Credit risk. Exchange-traded derivatives are accounted for either as collateralised-
to-market (CTM) or settled-to-market (STM) derivatives depending on the contractual right
and obligations associated with the variation margin settlement payments. For CTM
derivatives the variation margins paid or received are recognised as collaterals and included
within margin receivables and liabilities in the balance sheet. Accordingly, the paid or received
variation margin of CTM derivatives constitute a separate unit of account from the derivative
contracts which are recognised at fair value in the balance sheet. For STM derivatives, the
variation margins paid or received are accounted for as settlements of the derivative contracts
fair value. Consequently, the fair value of STM derivative contracts in the balance sheet is zero.
The initial margins of STM and CTM derivatives are included within margin receivables and
liabilities. Currently, the majority of exchange-traded derivatives are treated as CTM
derivatives whereas the amount of STM derivatives is immaterial.
Derivatives are initially recognised at fair value on the date a derivative contract is entered into
and are subsequently remeasured at their fair value. Gains and losses resulting from the initial
fair value measurement of a derivative (\u201cday one\u201d gains and losses) are eliminated against the
corresponding derivative asset or liability, if the initial fair value is determined based on
valuation model with input parameters that are unobservable from active markets. For
derivatives whose initial fair value is evidenced by a quoted price in an active market for an
identical contract or based on a valuation technique that uses only data from observable
markets, gains and losses from the initial measurement are accounted for similarly to gains or
losses on the subsequent measurement.
The method of recognising the resulting gain or loss on the subsequent measurement depends
on whether the derivative is designated as a hedging instrument eligible for hedge accounting,
and if so, the nature of the item being hedged. The Group designates certain derivatives as
either: (1) hedges of highly probable forecast transactions (cash flow hedges); (2) hedges of
the fair value of recognised assets or liabilities, or unrecognised firm commitments (fair value
hedge); or (3) hedges of net investments in foreign operations.
The Group documents at the inception of the transaction the relationship between hedging
instruments and hedged items, whether the hedged item is one or several risk components
separately or in aggregation, as well as its risk management objective and strategy for
undertaking various hedge transactions. When applying hedge accounting the Group also
documents its assessment, of whether the derivatives that are used in hedging transactions
are meeting the hedge accounting effectiveness criteria: (1) there is an economic relationship
between the hedged item and the hedging instrument, (2) the effect of credit risk does not
dominate the value changes that result from that economic relationship; and (3) the hedge
ratio of the hedging relationship is the same as applied in the risk management. The Group
also documents its assessment, both at hedge inception and on an ongoing basis, of whether
the derivatives that are used in hedging transactions are highly effective by assessing the
prospective capacity of the derivatives in offsetting changes in fair values or cash flows of
hedged items. Hedge accounting is discontinued only when the hedging relationship ceases to
meet the hedge effectiveness criteria.
CASH FLOW HEDGE
The effective portion of changes in the fair value of derivatives that are designated and qualify
as cash flow hedges are recognised in equity. Gain or loss relating to the ineffective portion is
recognised immediately in the income statement. Amounts accumulated in equity are recycled
in the income statement in the periods when the hedged item will affect profit and loss (e.g.
when the forecasted sale that is hedged takes place). However, when the forecast transaction
that is hedged results in the recognition of a non-financial asset (e.g. inventory) or a liability,
the gains and losses previously deferred in equity are transferred from equity and included in
the initial measurement of the cost of the asset or liability. When a hedge no longer meets the
criteria for hedge accounting, any cumulative gain or loss existing in equity is recognised in the
income statement when the forecast transaction is ultimately also recognised in the income
statement. When a forecasted transaction is no longer expected to occur, the cumulative gain
or loss that was reported in equity is immediately recognised in the income statement.
Fortum hedges its exposure to commodity market risks and applies hedge accounting by risk
components. Hedge accounting is applied to Nordic electricity price risk, where the Nordic
area priced physical electricity delivery is commonly divided into three risk components: (1)
system price risk, (2) electricity price area difference risk (EPAD) and (3) currency risk. For each
of these separate risk components there are specific derivative contracts available, which each
are being effective hedges for the associated risk components. In addition, hedge accounting
is applied to certain gas forward and futures contracts which effectively hedge the cash flows
for future gas deliveries.
FAIR VALUE HEDGE
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are
recorded in the income statement, together with any changes in the fair value of the hedged
asset or liability that are attributable to the hedged risk.\u00a0
If the hedge no longer meets the criteria for hedge accounting, the adjustment to the carrying
amount of a hedged item for which the effective interest method is used is amortised to profit
or loss for the periods until maturity of the hedged item.
NET INVESTMENT HEDGING IN FOREIGN OPERATIONS
Hedges of net investments in foreign operations are accounted for similarly to cash flow
hedges. Any gain or loss on the hedging instrument relating to the effective portion of the
hedge is recognised in equity; the gain or loss relating to the ineffective portion is recognised
immediately in the income statement. Gains and losses accumulated in equity are included in
the income statement when the foreign operation is disposed of.
DERIVATIVES THAT DO NOT QUALIFY FOR HEDGE ACCOUNTING
Certain derivative instruments representing economic hedging relationship do not qualify for
hedge accounting. Unrealised fair value changes of non-hedge accounted commodity
derivatives hedging future cash flow and physical contracts that are accounted for as
derivatives within the scope of IFRS 9 are recognised in items affecting comparability in the
income statement. Gains and losses on interest rate and currency derivative instruments are
recognised in finance costs \u2013 net with corresponding hedge items.
Financial assets and liabilities in the following tables are split into categories in accordance
with IFRS 9. The categories are further divided into classes which are the basis for valuing a
respective asset or liability.
ACCOUNTING POLICIES
Fair value measurements are classified using a fair value hierarchy i.e. Level 1, Level 2 and Level
3 that reflects the significance of the inputs used in making the measurements.
FAIR VALUES UNDER LEVEL 1 MEASUREMENT HIERARCHY
The fair value of financial assets and liabilities classified as Level 1 is based on unadjusted
quoted prices in active markets at the closing date. Level 1 consist e.g. commodity derivatives
traded in active markets.
FAIR VALUES UNDER LEVEL 2 MEASUREMENT HIERARCHY
The fair value of financial assets and liabilities classified as Level 2 is based on observable input
parameters, which are other than quoted prices.\u00a0
The fair value of financial instruments traded in active markets in Level 2 is calculated using
prices derived from quoted market prices at the closing date. Known calculation techniques,
such as estimated discounted cash flows, are used to determine fair value of interest rate and
currency financial instruments. The fair value of interest-rate swaps is calculated as the
present value of the estimated future cash flows. The fair value of forward foreign exchange
contracts is determined using forward exchange market rates at the closing date. Fair values
of options are determined by using option valuation models. The fair value of financial liabilities
is estimated by discounting the future contractual cash flows at the current market interest
rate that is available to the Group for similar financial instruments. The counterparty credit risk
has been taken into account when determining fair value. The credit risk is determined based
on a portfolio valuation in a bilateral approach.
The Group bases the calculation on existing market conditions at each closing date. Financial
instruments used in Fortum are standardised products that are either cleared via exchanges or
widely traded in the market. Credit risk from trading commodity derivatives is mitigated by
clearing trades through exchanges or by limiting trades to OTC counterparties considered to
be creditworthy, or secured by credit worthy guarantees. Financial derivatives are traded with
credit worthy financial institutions with investment grade ratings.
FAIR VALUES UNDER LEVEL 3 MEASUREMENT HIERARCHY
The fair value of financial assets and liabilities classified as Level 3 is based on unobservable
input parameters.\u00a0
Level 3 consist mainly investments in unlisted shares classified as other investments for which
the fair value can't be reliably measured and derivative financial instrument for which the fair
value has been determined using valuation techniques with unobservable inputs. The input
parameters of Level 3 of the fair value hierarchy for equity investments are specified taking
into account economic developments and available industry and corporate data. The
counterparty credit risk has been adjusted when determining the fair value.
ACCOUNTING POLICIES
Intangible assets, except goodwill, are stated at historical cost less accumulated amortisation
and impairment losses; and amortised on a straight-line basis over their expected useful lives.
The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at each
closing date. An asset\u2019s carrying amount is written down to its recoverable amount if the
asset\u2019s carrying amount is greater than its estimated recoverable amount. See further
information on the impairment testing in Note 20 Impairment testing.
GOODWILL
Goodwill represents the excess of the cost of an acquisition over the fair value of the Group's
share of net identifiable assets of the acquired subsidiary, associate or joint venture at the
date of acquisition. Goodwill on acquisitions of subsidiaries is included in intangible assets and
tested annually for impairment. Goodwill on acquisition of associates and joint ventures is
included in investments in associates and joint ventures and is tested for impairment as part of
the overall balance. Goodwill is carried at cost less accumulated impairment losses.
Impairment losses on goodwill are not reversed. Gains and losses on disposal of an entity
include the carrying amount of goodwill relating to the entity sold.
RESEARCH AND DEVELOPMENT COSTS
Generally research and development costs are recognised as expense as incurred and
included in other expenses in the consolidated income statement. If certain criteria are met,
development costs are capitalised as intangible assets and depreciated over the period of the
income streams.
ACCOUNTING POLICIES
Property, plant and equipment mainly include power and heat production-related buildings,
structures and machinery, waterfall rights, and other buildings and machinery.
Property, plant and equipment are stated at historical cost less accumulated depreciation and
impairment losses on the consolidated balance sheet. Historical cost includes expenditure that
is directly attributable to the acquisition of an item. Borrowing costs are included in the cost of
qualified assets. Additionally, the cost of an item of property, plant and equipment includes the
estimated cost of its dismantlement, removal or restoration when there is a contractual
obligation towards a third party, or a legal obligation.
Acquired assets on the acquisition of a new subsidiary are stated at their fair values at the date
of acquisition.\u00a0
See Note 30 Other provisions for information about asset retirement obligations, Note 29
Nuclear-related assets and liabilities, for information about provisions for decommissioning
nuclear power plants and Note 34 Leases, for information about right-of-use assets.
Land, water areas and waterfall rights are not depreciated since they have indefinite useful
lives. Depreciation on other assets is calculated using the straight-line method to allocate their
cost to their residual values over their estimated useful lives, as follows:
Hydro power plant buildings, structures and machinery
40\u201350 years
Thermal power plant buildings, structures and machinery
25 years
Nuclear power plant buildings, structures and machinery
25 years
CHP power plant buildings, structures and machinery
15\u201325 years
Recycling and waste treatment facility buildings, structures and machinery
15\u201340 years
Wind power plant structures and machinery
35 years
District heating network
30\u201340 years
Other buildings and structures
20\u201340 years
Other tangible assets
20\u201340 years
Other machinery and equipment
3\u201320 years
Other non-current investments
5\u201310 years
Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate
asset, as appropriate, only when it is probable that future economic benefits associated with
the item will flow to the Group and the cost of the item can be measured reliably. All other
repairs and maintenance expenses are charged to the income statement during the financial
period in which they are incurred.
The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at each
closing date. An asset\u2019s carrying amount is written down to its recoverable amount if the
asset\u2019s carrying amount is greater than its estimated recoverable amount. See further
information on the impairment testing in Note 20 Impairment testing.
BORROWING COSTS
Borrowing costs directly attributable to the construction of qualifying assets are added to the
cost of those assets. Qualifying assets are assets that take a substantial time to get ready for
their intended use or sale.
ACCOUNTING POLICIES
The Group\u2019s interests in associated companies and joint ventures are accounted for using the
equity method of accounting. Assets acquired and liabilities assumed in the investment in
associates or joint ventures are measured initially at their fair values at the acquisition date.
The excess of the cost of acquisition over the fair value of the Group\u2019s share of the identifiable
net assets acquired is recorded as goodwill.
The Group\u2019s share of its associates or joint ventures post-acquisition profits or losses after tax,
and the expenses related to the adjustments to the fair values of the assets and liabilities
assumed are recognised in the income statement. The cumulative post-acquisition movements
are adjusted against the carrying amount of the investment. The Group\u2019s share of post-
acquisition adjustments to associates or joint ventures equity that has not been recognised in
the associate\u2019s or joint venture\u2019s income statement, is recognised directly in Group\u2019s
shareholder\u2019s equity, and against the carrying amount of the investment.
When the Group\u2019s share of losses in an associate or a joint venture equals or exceeds its
interest in the associate or joint venture, including any other unsecured receivables, the Group
does not recognise further losses, unless it has incurred obligations or made payments on
behalf of the associate or joint venture.
Material unrealised gains on transactions between the Group and its associates or joint
ventures are eliminated to the extent of the Group\u2019s interest in the associate or joint venture.
Material unrealised losses are also eliminated, unless the transaction provides evidence of an
impairment of the asset transferred. Accounting policies of associates or joint ventures have
been changed where necessary to ensure consistency with the policies adopted by the Group.
If financial information for the reporting period is not available, the share of the profit of certain
associated or joint venture companies is included in the consolidated accounts based on the
latest available information.\u00a0
ACCOUNTING POLICIES
The carrying values of goodwill, other intangible assets, property, plant and equipment, right-
of-use assets, and non-financial investments are reviewed regularly for indication of
impairment.\u00a0
Indications of impairment are business-specific and are thus analysed separately by each
segment; and include risks, such as changes in electricity and fuel prices, regulatory/political
risks relating to energy taxes, price regulations, limitations to the lifetime of assets as well as
climate-related transition risks and physical risks.
Impairment testing is performed if there is an indication of impairment; and the asset is written
down to its recoverable amount if its carrying amount is greater than the estimated
recoverable amount.\u00a0
In addition, goodwill and other intangible assets that have an indefinite useful life, and as such
are not subject to amortisation, are tested annually for impairment, even if there is no
indication of impairment. Impairment testing is performed and documented annually in
connection with the long-term forecasting process.
Annual impairment testing is performed on a cash-generating unit level. Fortum defines cash-
generating unit as the smallest group of assets that generate cash flows that are independent
of the cash flows generated by other assets.\u00a0
Goodwill is allocated to cash-generating units that benefit from the synergies of the acquired
goodwill.\u00a0
Fortum uses value in use or fair value less cost of disposal to establish the recoverable amount
of cash-generating units. Value in use is determined by discounting future cash flows expected
to be derived from the use of assets. Fair value less cost of disposal represent the market
approach and is determined with a discounted cash flow model, where the assumptions on
cash flows and discount rate are reflecting the market expectations. The carrying amount of
the cash generating units comprises operating assets, including goodwill and fair value
adjustments arising from acquisitions. Non-financial assets, other than goodwill, that have
been impaired in the past are reviewed for possible reversal of impairment at each reporting
date.
ACCOUNTING POLICIES
Inventories are stated at the lower of cost and net realisable value being the estimated selling
price for the end product, less applicable variable selling expenses and other production costs.
Cost is generally determined using the weighted average cost method.
EMISSION ALLOWANCES AND RENEWABLE ENERGY CERTIFICATES
Inventories include CO2 emission allowances under EU Emission Trading System (EU ETS) and
renewable energy certificates under compulsory quota obligation schemes or voluntary other
trading schemes incentivising the generation of green energy which are in place in Nordics and
Poland. These systems requires power suppliers to obtain renewable energy certificates to
meet their national obligations or suppliers that sells or uses renewable or nuclear energy in its
marketing to verify the origin and proportion of renewable energy sources. Certificates are
issued to producers of renewable energy.\u00a0
CO2 emission allowances in Fortum are used to cover emissions caused by power and heat
production. Currently Fortum receives a share of its CO2 emission allowances for free
according to EU ETS regulation.
Fortum receives the renewable energy certificates for the renewable energy generation in the
Generation segment, but also has quota obligations arising from the retail electricity sales in
the Consumer Solutions segment to return or to cancel renewable energy certificates.
CO2 emission allowances and renewable energy certificates received free of charge are
accounted for at zero nominal value. Purchases of CO2 emissions allowances and renewable
energy certificates which are Fortum's ordinary purchases are accounted for at contracted
purchase price. Purchases of CO2 emission allowances and renewable energy certificates,
which are not Fortum's ordinary expected sales, purchase or usage are accounted for as
derivatives and are recognised at market price applicable at the time of delivery.
CO2 emission cost liability and renewable energy certificate quota obligations are settled by
returning or cancelling the emission allowances and renewable energy certificates. To the
extent that the Group already holds CO2 allowances and renewable energy certificates, the
obligation is measured at the carrying amount of those. Any deficit to cover the settlement
obligation is valued at the current market value of CO2 allowances and renewable energy
certificates. The obligation for these are presented in Other payables with maturity under one
year, see Note 33 Trade and other payables.
The cost for emissions and quota obligation are recognised in the consolidated income
statement within materials and services. Also, purchased CO2 , allowances and renewable
energy certificates are recognised within materials and services, while the corresponding sales
is recognised in net sales. See Notes 6 Segment reporting and 9 Materials and services.
ACCOUNTING POLICIES
Trade receivables comprise revenue from electricity, gas, heat and cooling that has been
delivered, measured, and invoiced, as well as receivables from already delivered but not yet
invoiced energy.
Impairment losses for trade receivables are calculated according to the expected credit loss
(ECL) model. Loss allowances on trade receivables are measured at an amount equal to lifetime
expected credit losses.
An allowance is made on the balance sheet for the expected future credit losses and remains
on the balance sheet until it is written off as a credit loss or reversed. Allowances may remain
on the balance sheet for several years pending the outcome of collection processes and court
proceedings. Write-off policies differ by country depending on local legislation and
assessment of recovery possibilities. For large trade receivables, ECL is calculated for the
individual customer based on the estimated probability of default and expected recovery rate
for the customer. These estimates are derived from available market data when possible, or
based on the customer\u2019s rating. Adjustments are made if there are indications of decreased
creditworthiness, e.g. based on payment behaviour. ECL for trade receivables from small
customers are calculated on portfolio basis by country and business segment. The credit loss
allowances are based on historical analysis of losses when possible, or on average default
rates for customers based on externally available information. These rates are adjusted if there
are any forward-looking indicators showing changes in expected credit losses. Trade
receivables overdue more than 180 days are generally considered to be credit-impaired and
allowances are made for the full amount, adjusted for expected recovery rates.
ACCOUNTING POLICIES
Cash and cash equivalents in Liquid funds include cash in hand, deposits held at call with
banks and other short-term, highly liquid investments with original maturities of three months
or less. Cash and cash equivalents, deposits and commercial papers are measured at
amortised cost.\u00a0
Drawn amount of bank overdrafts are shown within borrowings in current liabilities on the
balance sheet. Trading-related cash collaterals are included in margin receivables and
otherwise restricted cash is treated as short-term interest-bearing receivables.
ACCOUNTING POLICIES
The tax currently payable is based on taxable profit for the year. Taxable profit differs from
profit as reported in the consolidated income statement, because of items of income or
expense that are taxable or deductible in other years and items that are never taxable or
deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been
enacted or substantively enacted by the end of the reporting period.
Deferred tax is provided in full, using the balance sheet approach on temporary differences
arising between the tax bases of assets and liabilities and their carrying amounts in the
consolidated financial statements. However, if the deferred tax arises from initial recognition
of an asset or liability in a transaction other than a business combination that at the time of the
transaction affects neither accounting nor taxable profit or loss, it is not accounted for and at
the time of transaction does not give rise to equal taxable and deductible differences. Deferred
tax is determined using tax rates (and laws) that have been enacted or substantially enacted
by the closing date and are expected to apply when the related deferred tax asset is realised
or the deferred tax liability is settled.
Deferred tax assets are recognised to the extent that it is probable that future taxable profit
will be available against which the temporary differences can be utilised. Deferred tax assets
are set off against deferred tax liabilities if they relate to income taxes levied by the same
taxation authority.
Deferred tax is provided on temporary differences arising from investments in subsidiaries,
associates and joint ventures, except where the timing of the reversal of the temporary
difference is controlled by the Group, and it is probable that the temporary difference will not
be reversed in the foreseeable future.
The Group recognises liabilities for anticipated tax dispute issues based on estimates of
whether additional taxes will be due. No provision will be recognised in the financial
statements if Fortum considers the claims unjustifiable. Therefore, if taxes regarding ongoing
tax disputes have to be paid before final court decisions, they are booked as a receivable.
Where the final outcome of these matters is different from the amounts that were initially
recorded, such differences will impact the income tax and deferred tax provisions in the period
in which such determination is made.
The Group applies the mandatory exception to the recognition and disclosure of deferred
taxes arising from the jurisdictional implementation of the Pillar Two model rules.
ACCOUNTING POLICIES
Fortum owns Loviisa nuclear power plant in Finland. In Fortum's consolidated balance sheet,
Share in the State Nuclear Waste Management Fund and the Nuclear provisions relate to
Loviisa nuclear power plant. Fortum\u2019s share in the State Nuclear Waste Management Fund is
accounted for according to IFRIC 5, Rights to interests arising from decommissioning,
restoration and environmental rehabilitation funds which states that the fund assets are
measured at the lower of fair value or the value of the related liabilities since Fortum does not
have control or joint control over the State Nuclear Waste Management Fund. The Nuclear
Waste Management Fund is managed by governmental authorities. The related provisions are
the provision for decommissioning and the provision for disposal of spent fuel.\u00a0
The fair values of the provisions are calculated according to IAS 37 by discounting the separate
future cash flows, which are based on estimated future costs and actions already taken. The
initial net present value of the provision for decommissioning (at the time of commissioning
the nuclear power plant) has been included in the investment cost and is depreciated over the
estimated operating time of the nuclear power plant. Changes in the technical plans etc.,
which have an impact on the future cash flow of the estimated costs for decommissioning, are
accounted for by discounting the additional costs to the current point in time. The increased
asset retirement cost due to the increased provision for decommissioning is added to
property, plant and equipment and depreciated over the remaining estimated operating time
of the nuclear power plant. For power plant units taken from use the increase is recognised
immediately in the income statement.
The provision for spent fuel covers the future disposal costs for fuel used until the end of the
accounting period. Costs for disposal of spent fuel are expensed during the operating time
based on fuel usage. The impact of the possible changes in the estimated future cash flow for
related costs is recognised immediately in the income statement based on the accumulated
amount of fuel used until the end of the accounting period. The related interest costs due to
unwinding of the provision is recognised in other financial items - net.
The interest income and possible fair valuation effects on the State Nuclear Waste
Management Fund assets are presented in other financial items - net.
Fortum's actual share of the State Nuclear Waste Management Fund, related to Loviisa nuclear
power plant, is higher than the carrying value of the Fund on the balance sheet. The legal
nuclear liability should, according to the Finnish Nuclear Energy Act, be fully covered by
payments and guarantees to the State Nuclear Waste Management Fund. The legal liability is
not discounted while the provisions are, and since the future cash flow is spread over a very
long time horizon, the difference between the legal liability and the provisions are material.
The annual fee to the Fund is based on changes in the legal liability, the return generated in the
State Nuclear Waste Management Fund and incurred costs of taken actions.
Fortum also has minority interests in other nuclear power companies, i.e. Teollisuuden Voima
Oyj (TVO) in Finland and OKG Aktiebolag (OKG) and Forsmarks Kraftgrupp AB (Forsmark) in
Sweden. The minority shareholdings are classified as associated companies and joint ventures
and are consolidated with equity method. Both the Finnish and the Swedish companies are
non-profit making, i.e. electricity production is invoiced to the owners at cost according to
local GAAP. Accounting policies of the associates regarding nuclear-related assets and
liabilities have been changed where necessary to ensure consistency with the policies adopted
by the Group.
ACCOUNTING POLICIES
Provisions are recognised when the Group has a present legal or constructive obligation to a
third party as a result of past events, it is probable that an outflow of resources will be required
to settle the obligation and the amount can be reliably estimated.
Provisions are measured at the present value of the expenditures expected to be required to
settle the obligation at the reporting date using a discount rate that reflects current market
assessment of the time value of money. When risk is not covered in the estimated cash flows,
the discount rate also includes the risks specific to the obligation.
Increase in the provision due to the passage of time and changes in provisions due to changes
in discount rates are recognised as interest expense in the consolidated income statement.
Changes in provisions, except for changes in asset retirement obligations, are recognised in
the consolidated income statement.
ASSET RETIREMENT OBLIGATIONS
Asset retirement obligations for the decommissioning or dismantling of property, plant and
equipment are recognised either when there is a contractual obligation towards a third party
or a legal obligation. The obligation is generally based on detailed cost estimates validated by
external experts.
The asset retirement obligation is recognised as part of the cost of an item of property, plant
and equipment when the asset is put in service. Costs are depreciated over the remainder of
the asset's useful life. Changes in asset retirement obligations are recognised in property,
plant and equipment on the consolidated balance sheet; unless the item of property, plant and
equipment has already been fully depreciated when changes are recognised in the
consolidated income statement.\u00a0
ENVIRONMENTAL PROVISIONS
Environmental provisions are recognised based on the current interpretation of environmental
laws and regulations when it is probable that a present obligation has arisen, and the amount
of such liability can be reliably estimated. The obligation is generally based on detailed cost
estimates validated by external experts.
ACCOUNTING POLICIES
The Group companies have various pension schemes in accordance with the local conditions
and practices in the countries in which they operate. The schemes are generally funded
through payments to insurance companies or pension fund. The Group has both defined
benefit and defined contribution plans.
For defined benefit plans, pension costs are assessed using the projected unit credit method.
The cost of providing pensions is charged to the income statement as to spread the service
cost over the service lives of employees. Current and past service cost, as well as gains or
losses from settlements are reported under personnel costs. The net interest is reported in
financial items.\u00a0
The defined benefit obligation is calculated annually on the balance sheet date and is
measured as the present value of the estimated future cash flows using interest rates of high
quality corporate bonds, or similar, that have terms to maturity approximating to the terms of
the related pension liability. The plan assets for pensions are valued at market value. The net
liability recognised on the balance sheet is the defined benefit obligation at the closing date
less the fair value of plan assets.
Any net asset position that might arise from offsetting the present value of the defined benefit
obligations against the corresponding fair value of plan assets is recognised taking into
account the applicable asset restrictions. Such an asset position is reported in Other non-
current assets on the balance sheet.\u00a0
In the case of a plan amendment, curtailment or settlement (each a \"plan event\") occurring in a
defined benefit plan during an annual reporting period, the current service cost and the net
interest on the net liability or asset are remeasured for the remainder of the reporting period
after the plan event. The actuarial assumptions applicable as of the date of the plan event are
to be used as the basis for such remeasurement. When the benefits of a plan are changed, or
when a plan is curtailed, the resulting change in the present value of the defined benefit
obligation that relates to past service, or the gain or loss related to a curtailment is recognised
immediately in profit or loss. Gains or losses on settlements of defined benefit plans are
recognised when the settlement occurs.
Remeasurements of the net defined benefit liability or asset include actuarial gains and losses
that may arise especially from differences between estimated and actual variations in
underlying assumptions about demographic and financial variables; and, additionally, from
developments in these assumptions as of each reporting date. Additionally included is the
difference between the actual return on plan assets and the interest income on plan assets
contained in the net interest result, as well as any change in the effect of the asset ceiling,
excluding amounts already included in net interest. Remeasurement results and related
deferred taxes are recognised in full in the period in which they occur and are reported in other
comprehensive income.
The Group's contributions to defined contribution plans are charged to the income statement
in the period to which the contributions relate.
ACCOUNTING POLICIES
LESSEE ACCOUNTING
The Group leases mainly office buildings and land areas. The Group recognises all leases, with
the exception of short-term (i.e. lease term less than 12 months) and low value leases as right-
of-use assets with a corresponding lease liability at the date at which the leased asset is
available for use by the Group.
Right-of-use assets and lease liabilities are initially recognised on the consolidated balance
sheet at future fixed lease payments over the lease term. Lease payments are discounted to
present value. Right-of-use assets are depreciated on a straight-line basis over the lease term,
or the useful life of the leased asset if shorter; and reviewed periodically for indication of
impairment.
When the future lease payments are revised due to changes in index-linked considerations or
the lease term changes, the right-of-use asset and the corresponding lease liability is
remeasured. Any differences arising on reassessments are recognised in the consolidated
income statement.\u00a0
Interest expense on lease liabilities is presented within Interest expense in the consolidated
income statement. In the consolidated cash flow statement, the principal portion of the lease
payment is presented under Payments of long-term liabilities, and the interest portion as
Interest paid under Funds from operations. Variable lease payments, as well as costs for leases
not capitalised due to exemptions in the standard, are expensed to consolidated income
statement.
ACCOUNTING POLICIES
PLEDGED ASSETS
Pledged assets are given to a lender as security for a loan, trading or other commitment. If the
borrower or trading party is unable to make the agreed payments, the lender can use the
pledged assets to mitigate its losses. Pledged assets at Fortum mostly consist of securities,
collaterals and real estate mortgages.
CONTINGENT LIABILITIES
A contingent liability is disclosed when there is a possible obligation that arises from past
events and whose existence is only confirmed by one or more doubtful future events; or when
there is an obligation that is not recognised as a liability or provision because it is not probable
that an outflow of resources will be required, or the amount of the obligation cannot be reliably
estimated.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-534": { "value": "
1.1 Basic information
Fortum Corporation (the company) is a Finnish public limited liability company domiciled in Espoo,
Finland. Fortum\u2019s shares are traded on Nasdaq Helsinki. Fortum is a Nordic energy company. Our
purpose is to power a world where people, businesses and nature thrive together. We are one of
the cleanest energy producers in Europe and our actions are guided by our ambitious
environmental targets. We generate and deliver clean energy reliably and help industries to
decarbonise their processes and grow. Our core operations in the Nordics comprise of efficient,
CO2-free power generation as well as reliable supply of electricity and district heat to private and
business customers.
These financial statements were approved by the Board of Directors on 17 February 2025. The
Financial Statements are also published in accordance with the European Single Electronic
Format (ESEF) reporting requirement. The audit firm, Deloitte Oy, has provided an independent
auditor\u2019s reasonable assurance report on Fortum\u2019s ESEF Financial Statements in accordance
with ISAE 3000. The ESEF report is available at www.fortum.com/about-us/investors/reports-
and-presentations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-535": { "value": "Fortum Corporation", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-536": { "value": "Fortum Corporation", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-537": { "value": "public limited liability company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-538": { "value": "Espoo, Finland", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-539": { "value": "Espoo, Finland", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-540": { "value": "Finland", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-541": { "value": "Fortum is a Nordic energy company. Our purpose is to power a world where people, businesses and nature thrive together. We are one of the cleanest energy producers in Europe and our actions are guided by our ambitious environmental targets. We generate and deliver clean energy reliably and help industries to decarbonise their processes and grow. Our core operations in the Nordics comprise of efficient, CO2-free power generation as well as reliable supply of electricity and district heat to private and business customers.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-542": { "value": "These financial statements were approved by the Board of Directors on 17 February 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-543": { "value": "
1.2 Basis for preparation
The consolidated financial statements of Fortum Group for the year ended 31 December 2024
have been prepared in accordance with International Financial Reporting Standards (IFRS) and
IFRIC Interpretations as adopted by the European Union. The notes to the consolidated financial
statements also comply with the supplementing requirements of the Finnish accounting and
company legislation.
The consolidated financial statements have been prepared under the historical cost convention,
except for financial assets and financial liabilities (including derivative instruments) that are
valued at fair value through profit and loss or other comprehensive income.
The figures in the consolidated financial statements have been rounded and consequently the
sum of individual figures may deviate from the sum presented. Key figures have been calculated
using exact figures. Unless otherwise indicated, all amounts are presented in millions of euro
(EUR million).", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-544": { "value": "
The consolidated financial statements of Fortum Group for the year ended 31 December 2024
have been prepared in accordance with International Financial Reporting Standards (IFRS) and
IFRIC Interpretations as adopted by the European Union", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-545": { "value": "
1.3 Principles for consolidation
These consolidated financial statements comprise of the parent company, subsidiaries, joint
ventures and associated companies.
Fortum Group was formed in 1998 by using the pooling-of-interests method for consolidating
Fortum Power and Heat Oy and Fortum Oil and Gas Oy (the latter demerged to Fortum Oil Oy
and Fortum Heat and Gas Oy 1 May 2004). In 2005 Fortum Oil Oy (current Neste Oyj) was
separated from Fortum by distributing 85% of its shares to Fortum\u2019s shareholders and by selling
the remaining 15%. This means that the acquisition cost of Fortum Power and Heat Oy and
Fortum Heat and Gas Oy has been eliminated against the equity of the companies. The
difference has been entered as a decrease in shareholders\u2019 equity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-546": { "value": "
1.3.1 Subsidiaries
Subsidiaries are defined as companies over which Fortum has control. Control exists when
Fortum is exposed to, or has rights to, variable returns from its involvement with the entity and
has the ability to affect those returns through its power over the entity. See\u00a0Note 3 Acquisitions,
disposals and discontinued operations.
Intercompany transactions, balances and unrealised gains on transactions between Group
companies are eliminated. Unrealised losses are also eliminated unless the transaction provides
evidence of an impairment of the asset transferred.
Where necessary, subsidiaries\u2019 accounting policies have been changed to ensure consistency
with the policies the Group has adopted.
Fortum Group subsidiaries are disclosed in Note 40 Group companies by segment. Group
holding % for companies owned via subsidiaries is based on the Fortum Corporation ownership
% in the direct subsidiary times the ownership % of the direct subsidiary in the indirect
subsidiary/associate/joint venture.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-547": { "value": "
1.3.2 Associates
Associated companies are entities over which the Group has significant influence but not
control, generally accompanying a shareholding of between 20% and 50% of the voting rights.
The Group\u2019s interests in associated companies are accounted for using the equity method of
accounting. See Note\u00a019 Participations in associated companies and joint ventures.
1.3.3 Joint ventures
Joint ventures are arrangements in which the Group has joint control. Joint ventures are
accounted for using the equity method of accounting. See Note 19 Participations in associated
companies and joint ventures.
ACCOUNTING POLICIES
The Group\u2019s interests in associated companies and joint ventures are accounted for using the
equity method of accounting. Assets acquired and liabilities assumed in the investment in
associates or joint ventures are measured initially at their fair values at the acquisition date.
The excess of the cost of acquisition over the fair value of the Group\u2019s share of the identifiable
net assets acquired is recorded as goodwill.
The Group\u2019s share of its associates or joint ventures post-acquisition profits or losses after tax,
and the expenses related to the adjustments to the fair values of the assets and liabilities
assumed are recognised in the income statement. The cumulative post-acquisition movements
are adjusted against the carrying amount of the investment. The Group\u2019s share of post-
acquisition adjustments to associates or joint ventures equity that has not been recognised in
the associate\u2019s or joint venture\u2019s income statement, is recognised directly in Group\u2019s
shareholder\u2019s equity, and against the carrying amount of the investment.
When the Group\u2019s share of losses in an associate or a joint venture equals or exceeds its
interest in the associate or joint venture, including any other unsecured receivables, the Group
does not recognise further losses, unless it has incurred obligations or made payments on
behalf of the associate or joint venture.
Material unrealised gains on transactions between the Group and its associates or joint
ventures are eliminated to the extent of the Group\u2019s interest in the associate or joint venture.
Material unrealised losses are also eliminated, unless the transaction provides evidence of an
impairment of the asset transferred. Accounting policies of associates or joint ventures have
been changed where necessary to ensure consistency with the policies adopted by the Group.
If financial information for the reporting period is not available, the share of the profit of certain
associated or joint venture companies is included in the consolidated accounts based on the
latest available information.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-548": { "value": "
1.3.2 Associates
Associated companies are entities over which the Group has significant influence but not
control, generally accompanying a shareholding of between 20% and 50% of the voting rights.
The Group\u2019s interests in associated companies are accounted for using the equity method of
accounting. See Note\u00a019 Participations in associated companies and joint ventures.
ACCOUNTING POLICIES
The Group\u2019s interests in associated companies and joint ventures are accounted for using the
equity method of accounting. Assets acquired and liabilities assumed in the investment in
associates or joint ventures are measured initially at their fair values at the acquisition date.
The excess of the cost of acquisition over the fair value of the Group\u2019s share of the identifiable
net assets acquired is recorded as goodwill.
The Group\u2019s share of its associates or joint ventures post-acquisition profits or losses after tax,
and the expenses related to the adjustments to the fair values of the assets and liabilities
assumed are recognised in the income statement. The cumulative post-acquisition movements
are adjusted against the carrying amount of the investment. The Group\u2019s share of post-
acquisition adjustments to associates or joint ventures equity that has not been recognised in
the associate\u2019s or joint venture\u2019s income statement, is recognised directly in Group\u2019s
shareholder\u2019s equity, and against the carrying amount of the investment.
When the Group\u2019s share of losses in an associate or a joint venture equals or exceeds its
interest in the associate or joint venture, including any other unsecured receivables, the Group
does not recognise further losses, unless it has incurred obligations or made payments on
behalf of the associate or joint venture.
Material unrealised gains on transactions between the Group and its associates or joint
ventures are eliminated to the extent of the Group\u2019s interest in the associate or joint venture.
Material unrealised losses are also eliminated, unless the transaction provides evidence of an
impairment of the asset transferred. Accounting policies of associates or joint ventures have
been changed where necessary to ensure consistency with the policies adopted by the Group.
If financial information for the reporting period is not available, the share of the profit of certain
associated or joint venture companies is included in the consolidated accounts based on the
latest available information.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-549": { "value": "
1.3.3 Joint ventures
Joint ventures are arrangements in which the Group has joint control. Joint ventures are
accounted for using the equity method of accounting. See Note 19 Participations in associated
companies and joint ventures.
ACCOUNTING POLICIES
The Group\u2019s interests in associated companies and joint ventures are accounted for using the
equity method of accounting. Assets acquired and liabilities assumed in the investment in
associates or joint ventures are measured initially at their fair values at the acquisition date.
The excess of the cost of acquisition over the fair value of the Group\u2019s share of the identifiable
net assets acquired is recorded as goodwill.
The Group\u2019s share of its associates or joint ventures post-acquisition profits or losses after tax,
and the expenses related to the adjustments to the fair values of the assets and liabilities
assumed are recognised in the income statement. The cumulative post-acquisition movements
are adjusted against the carrying amount of the investment. The Group\u2019s share of post-
acquisition adjustments to associates or joint ventures equity that has not been recognised in
the associate\u2019s or joint venture\u2019s income statement, is recognised directly in Group\u2019s
shareholder\u2019s equity, and against the carrying amount of the investment.
When the Group\u2019s share of losses in an associate or a joint venture equals or exceeds its
interest in the associate or joint venture, including any other unsecured receivables, the Group
does not recognise further losses, unless it has incurred obligations or made payments on
behalf of the associate or joint venture.
Material unrealised gains on transactions between the Group and its associates or joint
ventures are eliminated to the extent of the Group\u2019s interest in the associate or joint venture.
Material unrealised losses are also eliminated, unless the transaction provides evidence of an
impairment of the asset transferred. Accounting policies of associates or joint ventures have
been changed where necessary to ensure consistency with the policies adopted by the Group.
If financial information for the reporting period is not available, the share of the profit of certain
associated or joint venture companies is included in the consolidated accounts based on the
latest available information.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-550": { "value": "
1.5 Foreign currency transactions and translation
1.5.1 Functional and presentation currency
Items included in the financial statements of each of the Group\u2019s entities are measured using
the currency of the primary economic environment in which the entity operates (the functional
currency). The consolidated financial statements are presented in euros, which is the company\u2019s
functional and presentation currency.
1.5.2 Transactions and balances
Transactions denominated in foreign currencies are translated using the exchange rate at the
date of transaction. Receivables and liabilities denominated in foreign currencies outstanding on
the balance sheet date are translated using the balance sheet date exchange rate. Exchange
rate differences are recognised in the consolidated income statement. Net exchange
differences relating to financing components are recognised in the consolidated income
statement, except when deferred to equity as qualifying cash flow hedges. Translation
differences on financial assets through other comprehensive income are included in Other
equity components in equity.
1.5.3 Group companies
Income statement and cash flow statement of subsidiaries, whose functional currencies are not
euro, are translated into euro using the average exchange rates; whereas the balance sheets of
such subsidiaries are translated into euro using the closing exchange rates on the balance sheet
date. On consolidation, exchange rate differences arising from the translation of net investment
in foreign entities and currency instruments designated as hedges for such investments, are
taken to equity. When a foreign operation is sold, such exchange differences are recognised in
the consolidated income statement as part of the gain or loss on sale. Goodwill and fair value
adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of
the foreign entity and translated at closing rate.
The balance sheet date rate is based on the exchange rate published by the European Central
Bank for the closing date. The average exchange rate is calculated as an average of daily closing
rates from the European Central Bank.
Key exchange rates used in consolidated financial statements
Average rate
Balance sheet date rate
2024
2023
2024
2023
Norway (NOK)
11.6290
11.4248
11.7950
11.2405
Poland (PLN)
4.3058
4.5420
4.2750
4.3395
Sweden (SEK)
11.4325
11.4788
11.4590
11.0960
1.5.4 Associates and joint ventures
Associates and joint ventures, whose measurement and reporting currencies are not euro, are
translated into the Group reporting currency using the same principles as for subsidiaries.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-551": { "value": "
1.5.1 Functional and presentation currency
Items included in the financial statements of each of the Group\u2019s entities are measured using
the currency of the primary economic environment in which the entity operates (the functional
currency). The consolidated financial statements are presented in euros, which is the company\u2019s
functional and presentation currency.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-552": { "value": "
1.7 Discontinued operations
Russia in 2023
Control over Fortum\u2019s Russian operations was lost on 25 April 2023 following the Russian
Presidential decree No. 302, which enables the authorities to introduce temporary asset
management to assets owned by certain foreign entities in Russia, and the subsequent
nomination of the new external CEO to PAO Fortum. Consequently, in 2023 Fortum\u2019s Russia
segment was deconsolidated, and classified as discontinued operations as required by IFRS 5
Non-current assets held for sale and discontinued operations. Fortum has not had access to
financial or non-financial information from the Russia segment since the first quarter 2023
reporting, and therefore information for the deconsolidation is based on the 31 March 2023
balance sheet.
The deconsolidation in 2023 resulted in EUR 3.6 billion one-time, non-cash negative effect. The
amount consists of the full write-down of the Russian assets of EUR 1.7 billion, and EUR 1.9 billion
negative cumulative translation differences previously recognised in equity. These cumulative
translation differences are recycled from equity to profit and loss on deconsolidation according
to IFRS. The recycling did not have any impact on total equity.
See also Note 2 Critical accounting estimates and judgements and Note 3.3 Discontinued
operations.", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-553": { "value": "
2 Critical accounting estimates and judgements
The preparation of IFRS consolidated financial statements requires management to make
estimates and assumptions that affect the reported amounts of assets and liabilities, the
disclosure of contingent assets and liabilities existing at the balance sheet date, as well as the
reported amounts of revenues and expenses during the reporting period.
Estimates and judgements are continually evaluated and are based on historical experience and
other factors, including expectations of future events that are believed to be reasonable under
the circumstances based on, for instance, the analysis of energy policy and the regulatory
environment. These factors can affect the carrying amounts of assets and liabilities, the amount
and timing of earnings recognition, as well as cash flows.
The table below lists the areas where management\u2019s accounting estimates and judgements are
most critical to reported results and financial position; as well as where to find more information
on the areas of critical accounting estimate and judgement.
Critical accounting estimates and judgements
Note
Judgement used in determining the valuation of certain
financial instruments
15 Financial assets and liabilities by categories
16 Financial assets and liabilities by fair value hierarchy
Assumptions used when determining loss of control on
disposal of subsidiaries
2 Critical accounting estimates and judgements
3 Acquisitions, disposals and discontinued operations
Assigned values and useful lives determined for
intangible assets and property, plant and equipment
acquired in a business combination
17 Intangible assets
18 Property, plant and equipment and right-of-use
assets
Assumptions related to impairment testing of property,
plant and equipment and intangible assets as well as
associated companies and joint ventures
17 Intangible assets
18 Property, plant and equipment and right-of-use
assets
19 Participations in associated companies and joint
ventures
20 Impairment testing
Judgement used when assessing the nature of Fortum's
interest in its investees, when considering the
classification of Fortum's joint arrangements, as well as
commitments arising from these arrangements
19 Participations in associated companies and joint
ventures
Estimates used for the recognition and measurement of
deferred tax assets
28 Income taxes on the balance sheet
Assumptions made to determine long-term cash flow
forecasts of estimated costs for provision related to
nuclear production
29 Nuclear-related assets and liabilities
Assumptions made when estimating provisions
30 Other provisions
Assumptions used to determine future pension
obligations
31 Pension obligations
2.1 Russia\u2019s invasion of Ukraine
Russia\u2019s attack on Ukraine in February 2022 has severely impacted Fortum\u2019s current and future
businesses. The main impacts on Fortum\u2019s 2023 financials include the events that led to the
deconsolidation of Fortum\u2019s Russia segment in 2023, as well as the divestment of Uniper to the
German State in 2022.
2.1.1 Deconsolidation of Russia segment in 2023
On 25 April 2023, Fortum\u2019s subsidiary PAO Fortum (Fortum JSC) was put under asset
management in accordance with a Russian Presidential decree No. 302 which introduced a
\u2018temporary\u2019 asset management to assets owned by certain foreign entities in Russia. On 26 April
2023, this caused the forced replacement of the company\u2019s CEO and the Russian authorities
seized control of Fortum\u2019s assets in Russia. The decree and the subsequent forced nomination of
the external CEO to PAO Fortum triggered a control assessment as required by IFRS 10
Consolidated financial statements. Based on the assessment, Fortum\u2019s rights are no longer
substantive as it does not have practical ability to use control over its Russian operations.
Consequently, control was lost on 25 April 2023 and the Russia segment was deconsolidated in
2023. See also Note 3.3 Discontinued operations.
2.1.2 Deferred tax asset
Deferred tax assets at 31 December 2024 include EUR 780 million (2023: EUR 829 million)
recognised in 2023 and 2022 relating to one-time tax impacts realised in Ireland, which resulted
in increased deferred tax assets on tax loss carry forward. The deferred tax asset mainly relates
to impacts caused by the Uniper divestment and Russia deconsolidation, and the utilisation is
subject to future taxable income in Ireland. See Note 28 Income taxes on the balance sheet.
2.2 Macroeconomic environment
In 2024, the power market prices continued volatile. In general, price volatility is expected to
continue with the increasing share of intermittent generation and the occasionally re-
emerging concerns over security of energy supply. The increased geopolitical uncertainty
and fears of escalation of other conflicts can also impact power and other commodity
prices and volatility.
The market volatility and uncertainty increases the estimation uncertainty and management
judgement especially for the cash flows and discount rates applied in impairment testing of non-
current assets, discounting of the provisions and obligations as well as valuation of deferred tax
assets and expected credit losses.
Fortum\u2019s liquidity and refinancing risks are primarily related to the need to finance its business
operations, including margining payments and collaterals issued to enable hedging of
commodity market risk exposures. Higher and more volatile commodity prices increase the net
margining payments toward clearing houses and clearing banks. Fortum mitigates this risk by
entering into over-the-counter (OTC) derivatives contracts directly with bilateral counterparties
without margining requirements. Consequently, credit exposure from hedges with OTC
counterparties has increased.
2.3 Climate-related matters
Fortum\u2019s power generation in the Nordic countries is mainly based on low-carbon hydro and
nuclear power. A minor share of Fortum\u2019s power generation is currently based on onshore wind.
Fortum also has production and distribution of district heating and cooling in Finland and
Poland. These businesses are complemented by the electricity and gas retail business in Poland
and the battery recycling business. Heat is mainly produced at energy-efficient combined heat
and power (CHP) plants. In addition, Fortum is large electricity retailer in the Nordics.
Main climate-related risks facing Fortum include transition risks, such as changes in legislation,
impact on supply or demand, and reputation; as well as physical risks, such as those arising from
extreme weather conditions or changes in long-term weather patterns. For instance, floods will
impact the optimal operation of hydro power plants. Fortum is systematically reducing risks
related to dam safety through long-term investments to secure the discharge capacity in
extreme flood situations. Legislation risk relates to both EU and national climate-related policies
and regulation.
The impacts of climate change are reflected in the consolidated financial statements generally
when specific actions, such as new investments to transition to low-carbon production or to
mitigate climate change have been approved; or when climate-related risks have materialised.
Fortum\u2019s transition plan for climate change includes actions to reduce scope 1, 2 and 3
emissions and to increase low-carbon power generation capacity.
The biggest GHG emission reduction lever for Scope 1 emissions is the exit of coal use in heat
and power production by the end of 2027. See Note 18 Property, plant and equipment and right-
of-use assets for impact to consolidated financial statements. The main lever for reducing Scope
2 emissions is the purchasing of renewable or nuclear-based electricity for own use and Scope 3
emissions will be reduced through supply-chain decarbonisation. Scope 2 and Scope 3 related
actions have not had a material impact on consolidated financial statements in 2024.
To increase low-carbon power generation capacity, Fortum targets to build a ready-to-build
pipeline of new wind and solar plants and to modernise existing nuclear and hydropower plants.
These investments are capitalised in property, plant and equipment. See Note 18 Property, plant
and equipment and right-of-use assets.
Climate-related risks have not had a material impact on consolidated financial statements
in 2024.
The following financial statement items are most relevant when considering the impact of
climate-related matters:
\u2022 Impairment testing: approved actions towards Fortum\u2019s climate risks and targets are reflected
in the assumptions used in the impairment testing, as appropriate. See Note 20 Impairment
testing.
\u2022 Property, plant and equipment: economic lives and book values of property, plant and
equipment reflect approved actions towards Fortum\u2019s climate-related risks and targets. See
Note 18 Property, plant and equipment and right-of-use assets.
\u2022 Nuclear provisions include future costs for decommissioning nuclear power plants, and the
appropriate treatment of spent fuel. See Note 29 Nuclear-related assets and liabilities.
For accounting treatment applied to emission allowances and green certificates, see Note 23
Inventories.
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS: ASSUMPTIONS
REGARDING LOSS OF CONTROL
Fortum reassesses if it controls its subsidiaries if facts and circumstances indicate that there
are changes to the three elements of control: power over the investee, exposure or rights to
variable returns, or the ability to use power over to affect the amount of returns. Therefore, the
date on which control over a subsidiary is lost may require management judgment. With
regards to the deconsolidation of the Russia segment, management has used judgment in
concluding that the Russian Presidential decree issued on 25 April 2023 resulted in loss of
control. See also Note 2 Critical accounting estimates and judgements.
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS: ASSIGNED VALUES
AND USEFUL LIVES IN ACQUISITIONS
In an acquisition acquired intangible and tangible assets are fair valued and their remaining
useful lives are determined. Management believes that the assigned values and useful lives, as
well as the underlying assumptions, are reasonable. Different assumptions and assigned lives
could have a significant impact on the reported amounts.\u00a0
The Group has significant carrying values in property, plant and equipment, intangible assets
and participations in associated companies and joint ventures which are tested for impairment
according to the accounting policy. See further information on the impairment testing in Note
20 Impairment testing.
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
Management is required to make significant judgements when assessing the nature of
Fortum\u2019s interest in its investees and when considering the classification of Fortum\u2019s joint
arrangements. In the classification, emphasis has been put on decision making, legal structure,
financing and risks of the arrangements.
Management judgement is required when testing the carrying amounts for participations in
associated companies and joint ventures for impairment. See Note 20 Impairment testing for
more information.
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS: ASSUMPTIONS
RELATED TO IMPAIRMENT TESTING
Impairment testing is forward-looking and requires management to make certain assumptions.
The recoverable amounts of cash-generating units are determined by discounted cash flow
models. The estimated future cash flows are based on the most recent, long-term forecast in
local currency and long-term assumptions approved by management. Cash flows cover an
explicit forecast period of three years.
The period covered by cash flows is related to the useful lives of the assets being reviewed for
impairment. Cash flow projections beyond the explicit forecast period are estimated by
extrapolating projections using a steady or declining growth rate. The growth rate used to
extrapolate the cash flow projections until the end of assets' useful lives is in line with the
assumed inflation, taking into consideration market outlook forecast.\u00a0
In measuring value in use cash flows related to future investments, such as new plants, are
excluded. However, if the projects have been started, the cash flows, including the cash
outflows for the investment, are included.\u00a0
Preparation of these cash flow estimates requires management to make assumptions relating
to future expectations including the impacts of climate change. Assumptions vary depending
on the business the tested assets are in. Approved actions towards Fortum\u2019s climate targets
are reflected in the assumptions used in the impairment testing.
The discount rates reflect current assessments of the time value of money and relevant market
risk premiums specific to each cash-generating unit, reflecting risks and uncertainties for
which the future cash flow estimates have not been adjusted.
Key assumptions used in impairment testing are presented below, as well as the basis for
determining the value of each assumption. Assumptions are based on internal and external
data that are consistent with observable market information, when applicable.
Key assumptions
Basis for determining the value for key assumptions
Power market development
Historical analysis and prospective forecasting
Regulation framework
Current market setup and regulation as well as expected
development based on info given by regulators
Utilisation of power plants and treatment facilities
Past experience, technical assessment and forecasted
market development
Forecasted maintenance investments and
refurbishments
Past experience, technical assessment and planned
maintenance work
Discount rate
Mostly market based information
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS: ASSUMPTIONS
AND ESTIMATES REGARDING FUTURE TAX CONSEQUENCES
Fortum has deferred tax assets and liabilities which are expected to be realised through the
income statement over the extended periods of time in the future. In calculating the deferred
tax items, Fortum is required to make certain assumptions and estimates regarding the future
tax consequences attributable to differences between the carrying amounts of assets and
liabilities as recorded in the financial statements and their tax basis.
Assumptions made include the expectation that future operating performance for subsidiaries
will be consistent with historical levels of operating results, recoverability periods for tax loss
carryforwards will not change, and that existing tax laws and rates will remain unchanged into
foreseeable future. Fortum believes that it has prudent assumptions in developing its deferred
tax balances.
Fortum continually evaluates the probability of utilising deferred tax assets and considers
various factors that, in addition to the actual and planned earnings of the past, take into
account medium-term and long-term planning. The basis for recognising deferred tax assets is
an estimate by management of the extent to which it is probable that there will be sufficient
taxable profit in the foreseeable future against which the unused tax losses, tax credits and
deductible temporary differences can be offset.
In line with Fortum Tax Principles and accounting rules Fortum determines and evaluates
uncertain tax position by assessing the probability, whether a tax authority or a court in case of
foreseeable litigation will accept the tax treatment. If the probability is below the threshold of
more likely than not, Fortum reflects the effect of the uncertainty in its financial statements
accordingly. Fortum is committed to transparent tax authority relation and assumes that the
tax authority will review the positions and will have full knowledge of all applicable information
when assessing taxation. When needed, Fortum obtains legal opinions to support the
assessment of the tax and accounting treatment.
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS: ASSUMPTIONS
MADE WHEN ESTIMATING PROVISIONS RELATED TO NUCLEAR
PRODUCTION
The provision for future obligations for nuclear waste management including decommissioning
of Fortum's nuclear power plant and related spent fuel is based on long-term cash flow
forecasts of estimated future costs. The main assumptions are technical plans, timing, cost
estimates and discount rate. The technical plans, timing and cost estimates are approved by
governmental authorities.
Any changes in the assumed discount rate would affect the provision. If the discount rate used
would be lowered, the provision would increase. For the power plants where the actual Share
of the State Nuclear Waste Management Fund is higher than the provision an increase in
provisions would be offset by an increase in the recorded share of Fortum's part of the State
Nuclear Waste Management Fund on the balance sheet. The total effect on the income
statement would be positive since the decommissioning part of the provision is treated as an
asset retirement obligation. This situation will prevail as long as the actual Share of the State
Nuclear Waste Management Fund is higher than recognised in the balance sheet and IFRS is
limiting the carrying value of the assets to the amount of the provision since Fortum does not
have control or joint control over the fund.
Both in Finland and in Sweden nuclear operators are legally obligated for the decommissioning
of the plants and the disposal of spent fuel (nuclear waste management). In both countries the
nuclear operators are obligated to secure the funding of nuclear waste management by paying
to government operated nuclear waste funds. The nuclear operators also have to give
securities to guarantee that sufficient funds exist to cover future expenses of
decommissioning of the power plant and the disposal of spent fuel.
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS: ASSUMPTIONS
MADE WHEN ESTIMATING PROVISIONS
Provisions for present obligations require management judgment in determining whether it is
probable that an outflow of economic benefits will be required to settle the obligation.
Estimation is required in determining the value of the obligation as the amount recognised as a
provision is based on the best estimate of unavoidable costs required to settle the obligation
at the end of the reporting period. When estimating unavoidable costs, management may be
required to consider a range of possible outcomes and their associated probabilities, risks and
uncertainties surrounding the events and circumstances, as well as making assumptions of the
timing of payment. Estimation is also required in determining the rate used to discount
provisions to present value. Changes in estimates of timing or amounts of costs required to
settle the obligation may become necessary as time passes and/or more accurate information
becomes available.
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS: ASSUMPTIONS
USED TO DETERMINE FUTURE PENSION OBLIGATIONS
The present value of the pension obligations is based on actuarial calculations that use several
assumptions. Any changes in these assumptions will impact the carrying amount of pension
obligations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-554": { "value": "2 Critical accounting estimates and judgementsThe preparation of IFRS consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities existing at the balance sheet date, as well as the reported amounts of revenues and expenses during the reporting period.Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances based on, for instance, the analysis of energy policy and the regulatory environment. These factors can affect the carrying amounts of assets and liabilities, the amount and timing of earnings recognition, as well as cash flows.The table below lists the areas where management\u2019s accounting estimates and judgements are most critical to reported results and financial position; as well as where to find more information on the areas of critical accounting estimate and judgement.Critical accounting estimates and judgements Note Judgement used in determining the valuation of certain financial instruments15 Financial assets and liabilities by categories16 Financial assets and liabilities by fair value hierarchyAssumptions used when determining loss of control on disposal of subsidiaries 2 Critical accounting estimates and judgements3 Acquisitions, disposals and discontinued operationsAssigned values and useful lives determined for intangible assets and property, plant and equipment acquired in a business combination17 Intangible assets18 Property, plant and equipment and right-of-use assetsAssumptions related to impairment testing of property, plant and equipment and intangible assets as well as associated companies and joint ventures17 Intangible assets18 Property, plant and equipment and right-of-use assets19 Participations in associated companies and joint ventures20 Impairment testingJudgement used when assessing the nature of Fortum's interest in its investees, when considering the classification of Fortum's joint arrangements, as well as commitments arising from these arrangements19 Participations in associated companies and joint venturesEstimates used for the recognition and measurement of deferred tax assets28 Income taxes on the balance sheetAssumptions made to determine long-term cash flow forecasts of estimated costs for provision related to nuclear production29 Nuclear-related assets and liabilitiesAssumptions made when estimating provisions 30 Other provisionsAssumptions used to determine future pension obligations31 Pension obligations2.1 Russia\u2019s invasion of UkraineRussia\u2019s attack on Ukraine in February 2022 has severely impacted Fortum\u2019s current and future businesses. The main impacts on Fortum\u2019s 2023 financials include the events that led to the deconsolidation of Fortum\u2019s Russia segment in 2023, as well as the divestment of Uniper to the German State in 2022.2.1.1 Deconsolidation of Russia segment in 2023On 25 April 2023, Fortum\u2019s subsidiary PAO Fortum (Fortum JSC) was put under asset management in accordance with a Russian Presidential decree No. 302 which introduced a \u2018temporary\u2019 asset management to assets owned by certain foreign entities in Russia. On 26 April 2023, this caused the forced replacement of the company\u2019s CEO and the Russian authorities seized control of Fortum\u2019s assets in Russia. The decree and the subsequent forced nomination of the external CEO to PAO Fortum triggered a control assessment as required by IFRS 10 Consolidated financial statements. Based on the assessment, Fortum\u2019s rights are no longer substantive as it does not have practical ability to use control over its Russian operations. Consequently, control was lost on 25 April 2023 and the Russia segment was deconsolidated in 2023. See also Note 3.3 Discontinued operations.2.1.2 Deferred tax asset Deferred tax assets at 31 December 2024 include EUR 780 million (2023: EUR 829 million) recognised in 2023 and 2022 relating to one-time tax impacts realised in Ireland, which resulted in increased deferred tax assets on tax loss carry forward. The deferred tax asset mainly relates to impacts caused by the Uniper divestment and Russia deconsolidation, and the utilisation is subject to future taxable income in Ireland. See Note 28 Income taxes on the balance sheet.2.2 Macroeconomic environment In 2024, the power market prices continued volatile. In general, price volatility is expected to continue with the increasing share of intermittent generation and the occasionally re-emerging concerns over security of energy supply. The increased geopolitical uncertainty and fears of escalation of other conflicts can also impact power and other commodity prices and volatility.The market volatility and uncertainty increases the estimation uncertainty and management judgement especially for the cash flows and discount rates applied in impairment testing of non-current assets, discounting of the provisions and obligations as well as valuation of deferred tax assets and expected credit losses.Fortum\u2019s liquidity and refinancing risks are primarily related to the need to finance its business operations, including margining payments and collaterals issued to enable hedging of commodity market risk exposures. Higher and more volatile commodity prices increase the net margining payments toward clearing houses and clearing banks. Fortum mitigates this risk by entering into over-the-counter (OTC) derivatives contracts directly with bilateral counterparties without margining requirements. Consequently, credit exposure from hedges with OTC counterparties has increased. 2.3 Climate-related mattersFortum\u2019s power generation in the Nordic countries is mainly based on low-carbon hydro and nuclear power. A minor share of Fortum\u2019s power generation is currently based on onshore wind. Fortum also has production and distribution of district heating and cooling in Finland and Poland. These businesses are complemented by the electricity and gas retail business in Poland and the battery recycling business. Heat is mainly produced at energy-efficient combined heat and power (CHP) plants. In addition, Fortum is large electricity retailer in the Nordics.Main climate-related risks facing Fortum include transition risks, such as changes in legislation, impact on supply or demand, and reputation; as well as physical risks, such as those arising from extreme weather conditions or changes in long-term weather patterns. For instance, floods will impact the optimal operation of hydro power plants. Fortum is systematically reducing risks related to dam safety through long-term investments to secure the discharge capacity in extreme flood situations. Legislation risk relates to both EU and national climate-related policies and regulation.The impacts of climate change are reflected in the consolidated financial statements generally when specific actions, such as new investments to transition to low-carbon production or to mitigate climate change have been approved; or when climate-related risks have materialised.Fortum\u2019s transition plan for climate change includes actions to reduce scope 1, 2 and 3 emissions and to increase low-carbon power generation capacity. The biggest GHG emission reduction lever for Scope 1 emissions is the exit of coal use in heat and power production by the end of 2027. See Note 18 Property, plant and equipment and right-of-use assets for impact to consolidated financial statements. The main lever for reducing Scope 2 emissions is the purchasing of renewable or nuclear-based electricity for own use and Scope 3 emissions will be reduced through supply-chain decarbonisation. Scope 2 and Scope 3 related actions have not had a material impact on consolidated financial statements in 2024.To increase low-carbon power generation capacity, Fortum targets to build a ready-to-build pipeline of new wind and solar plants and to modernise existing nuclear and hydropower plants. These investments are capitalised in property, plant and equipment. See Note 18 Property, plant and equipment and right-of-use assets.Climate-related risks have not had a material impact on consolidated financial statements in 2024.The following financial statement items are most relevant when considering the impact of climate-related matters:\u2022 Impairment testing: approved actions towards Fortum\u2019s climate risks and targets are reflected in the assumptions used in the impairment testing, as appropriate. See Note 20 Impairment testing. \u2022 Property, plant and equipment: economic lives and book values of property, plant and equipment reflect approved actions towards Fortum\u2019s climate-related risks and targets. See Note 18 Property, plant and equipment and right-of-use assets. \u2022 Nuclear provisions include future costs for decommissioning nuclear power plants, and the appropriate treatment of spent fuel. See Note 29 Nuclear-related assets and liabilities.For accounting treatment applied to emission allowances and green certificates, see Note 23 Inventories.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-555": { "value": "
ACCOUNTING POLICIES
SUBSIDIARIES
Acquisition of subsidiaries are accounted for using the acquisition method. The consideration
transferred is measured as the aggregate of acquisition date fair values of assets transferred
and liabilities assumed. Identifiable assets acquired and liabilities assumed are measured
initially at acquisition date fair values, irrespective of the extent of any minority interest. The
excess of the cost of acquisition over the fair value of the identifiable net assets acquired is
recorded as goodwill.
Subsidiaries are fully consolidated from the date on which control is transferred to the Group
and are no longer consolidated from the date that control ceases. See Note 1.3 Principles for
consolidation.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-556": { "value": "
SUBSIDIARIES
Acquisition of subsidiaries are accounted for using the acquisition method. The consideration
transferred is measured as the aggregate of acquisition date fair values of assets transferred
and liabilities assumed. Identifiable assets acquired and liabilities assumed are measured
initially at acquisition date fair values, irrespective of the extent of any minority interest. The
excess of the cost of acquisition over the fair value of the identifiable net assets acquired is
recorded as goodwill.
Subsidiaries are fully consolidated from the date on which control is transferred to the Group
and are no longer consolidated from the date that control ceases. See Note 1.3 Principles for
consolidation.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-558": { "value": "
DISCONTINUED OPERATIONS
A discontinued operation is a component of the Group that has been disposed of or is
classified as held for sale, and that represents a separate major line of business or
geographical area of operations or is part of a single co-ordinated plan to dispose of such a line
of business or area of operations. The results of discontinued operations are presented
separately in the consolidated income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-557": { "value": "
DISCONTINUED OPERATIONS
A discontinued operation is a component of the Group that has been disposed of or is
classified as held for sale, and that represents a separate major line of business or
geographical area of operations or is part of a single co-ordinated plan to dispose of such a line
of business or area of operations. The results of discontinued operations are presented
separately in the consolidated income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-559": { "value": "
3.1 Acquisitions
EUR million
2024
2023
Gross investments in shares in subsidiary companies
0
22
Gross investments in shares in associated companies and joint ventures
19
12
Gross investments in other shares
14
19
Total
33
53
Acquisitions during 2024
There were no material acquisitions in 2024.
Acquisitions during 2023
On 31 August 2023, Fortum acquired the Swedish electricity solutions provider Telge Energi AB
from Telge AB. The total consideration for the entire shareholding in Telge Energi on a cash and
debt-free basis was approximately SEK 450 million (EUR 39 million). The purchase price, net of
cash acquired and other adjustments, was EUR 22 million. Telge Energi AB is included in the
Consumer Solutions segment.", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-560": { "value": "
3.3 Discontinued operations
The Russia segment was classified as discontinued operations in 2023. See also Note 1 Material
accounting policies and Note 2 Critical accounting estimates and judgements. Financial
performance and cash flow information for the discontinued operations is presented until 31
March 2023 for the Russia segment.
3.3.1 Financial performance
The result from discontinued operations is disclosed on one line on the face of the consolidated
income statement. The following table presents breakdown of income statement information for
discontinued operations. Discontinued operations include the Russia segment in 2023. The
deconsolidation of Russian operations in 2023 resulted in EUR 3.6 billion one-time, non-cash
negative effect. The effects of eliminations from internal sales and purchases have been
included in the discontinued operations. The net financial costs are based on the historical
financial costs in the separate companies.
EUR million
2023
Sales
287
Other income
6
Materials and services
-148
Employee benefits
-20
Depreciation and amortisation
-23
Other expenses
-15
Comparable operating profit
86
Deconsolidation effect
-3,608
Items affecting comparability
0
Operating profit
-3,521
Share of profit/loss of associates and joint ventures
26
Finance costs - net
-88
Profit before income tax
-3,584
Income tax expense
2
Net profit from discontinued operations
-3,582
Attributable to:
Owners of the parent
-3,583
Non-controlling interests
1
Earnings per share, discontinued operations, EUR
-3.99
Comparable net profit from discontinued operations
34
Comparable earnings per share, discontinued operations, EUR
0.04
.
3.3.2 Impact from the deconsolidation of Russia
The deconsolidation of Russian operations in 2023 resulted in EUR 3.6 billion one-time, non-cash
negative effect. The amount consists of the full write-down of the Russian assets of EUR 1.7
billion, and EUR 1.9 billion negative cumulative translation differences previously recognised in
equity. These cumulative translation differences are recycled from equity to profit and loss on
deconsolidation according to IFRS. The recycling did not have any impact on total equity. Fortum
has not had access to financial or non-financial information from the Russia segment since the
first quarter 2023 reporting, and therefore information for the deconsolidation is based on the 31
March 2023 balance sheet.
EUR million
31 Mar 2023
Intangible assets
18
Property, plant and equipment and right-of-use assets
896
Participations in associates and joint ventures
221
Interest-bearing receivables
33
Other non-current and current assets
594
Liquid assets
284
Non-controlling interests
-22
Interest-bearing liabilities
-178
Other liabilities
-161
Net assets deconsolidated
1,685
Items recycled to Income statement
-1,922
Deconsolidation effect (negative)
-3,608
3.3.3 Cash flow information
In the cash flow statement, the net cash flows attributable to the operating, investing and
financing activities of the discontinued operations are disclosed separately. The Russian
operations were deconsolidated due to loss of control as opposed to sale (see Note 2 Critical
accounting estimates and judgements), i.e. no consideration has been received for the Russian
operations. Cash flow from investing activities for discontinued operations in 2023 includes
Russia related cash flows netted with liquid funds of EUR 284 million lost through the seizure of
the Russian assets.
EUR million
2023
Net cash from/used in operating activities
109
Net cash from/used in investing activities
-333
Net cash from/used in financing activities
21
Total net decrease/increase in liquid funds
-202
", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-562": { "value": "
4 Financial risk management
Fortum's risk management framework, objectives, organisation and processes as well as a
description of strategic, sustainability, financial and operational risks can be found in the Risk
management section of the Operating and financial review (OFR).
4.1 Commodity market and fuel risks
Fortum\u2019s business is exposed to fluctuations in prices and availability of commodities used in the
production, transmission and sales of energy products. The main exposure is toward electricity
prices and volumes, prices of emissions, and price and availability of fuels. Fortum hedges its
exposure to commodity market risks in order to improve the predictability of the future result by
reducing volatility in earnings while ensuring cash flow risk is at an acceptable level.
Risk management for commodity hedging activities is based on general standards in the
industry and involves the segregation of duties, as well as daily calculation, monitoring and
reporting of results, positions and risks. Controls are in place to ensure exposures are kept
within approved limits and mandates. Hedging involves the use of derivative financial
instruments, as well as fixed-price physical delivery contracts.
4.1.1 Electricity price and volume risk
The exposure to Nordic electricity prices and normal volume fluctuations (e.g. due to weather-
driven demand and supply changes) is the largest commodity market risk exposure for Fortum in
terms of impact to earnings. The exposure arising from outright power production (hydro,
nuclear, and wind production assets) is hedged by entering into electricity derivatives contracts
on exchanges such as Nasdaq Commodities or the European Energy Exchange, as well as
directly with counterparties active in the energy and financial markets. The main objective of
hedging is to reduce the effect of electricity price volatility in earnings while ensuring the cash
flow risk is at an acceptable level, and to increase the predictability of future results. The
Generation segment\u2019s hedging strategies cover several years in the short-, medium-, and long-
term. These hedging strategies are executed within approved mandates and are continuously
evaluated as electricity and other commodity market prices, the hydrological balance and other
relevant parameters change.\u00a0
The Generation segment\u2019s hedging for power sales is performed in EUR on a Nordic level
covering both Finland and Sweden. The currency component of these hedges in the Swedish
entity is currently not hedged. Generation segment\u2019s sensitivity to the Nordic electricity market
price is dependent on the hedge level for a given time period. As per 31 December 2024,
approximately 75% of the Generation segment's estimated Nordic power sales volume was
hedged for the calendar year 2025 with a price of 42 EUR/MWh and approximately 45% for the
calendar year 2026 with a price of 41 EUR/MWh.
4.1.2 Commodity derivatives
The table below discloses Fortum Group's commodity derivatives for which hedge accounting
according to IFRS 9 is applied. The fair values represent the values disclosed on the balance
sheet. See also Note\u00a015 Financial assets and liabilities by categories for accounting principles
and Note 16 Financial assets and liabilities by fair value hierarchy for basis of fair value
estimations.
Commodity derivatives subject to hedge accounting 2024
Volume, TWh
Fair value, EUR million
Under
1\u00a0year
1\u20135
years
Over
5\u00a0years
Total
Positive
Negative
Net
Electricity derivatives
20
21
2
43
445
344
101
Gas derivatives
3
1
0
4
26
7
18
Netting against commodity
exchanges 1)
-128
-128
0
Total
343
224
120
1) Receivables and liabilities against commodity exchanges arising from standard derivative contracts with same delivery
period are netted.
Commodity derivatives subject to hedge accounting 2023
Volume, TWh
Fair value, EUR million
Under
1 year
1\u20135
years
Over 5
years
Total
Positive
Negative
Net
Electricity derivatives
23
18
1
42
439
869
-430
Gas derivatives
3
1
0
4
24
117
-94
Netting against commodity
exchanges 1)
-153
-153
0
Total
309
833
-524
1) Receivables and liabilities against commodity exchanges arising from standard derivative contracts with same delivery
period are netted.
4.1.3 Sensitivity arising from electricity derivatives
The table below presents how a 1 EUR/MWh change in the electricity forward and futures
quotations for the period Fortum has derivatives would impact Fortum\u2019s profit before income
tax and equity. Hedge accounting is applied to most of the hedging strategies using financial
commodity derivatives, with impact of the market price changes of derivatives recognised in
equity.
Impacts are calculated based on the electricity position as of 31 December. Positions are actively
managed in the day-to-day business operations and therefore the sensitivities vary from time to
time. Sensitivity analysis includes only the market risks arising from derivatives i.e. the
underlying physical electricity sales and purchases are not included.
Sensitivity is calculated with the assumption that electricity forward and futures quotations
would change 1 EUR/MWh for the period Fortum has derivatives. Different price change
assumptions can be used to assess the impact on sensitivity analysis analogously, relative to 1
EUR/MWh change presented in the table below.
Sensitivity analysis
+/- 1 EUR/MWh change in electricity forward and futures
quotations, EUR million
Effect
2024
2023
Effect on profit before income tax
-/+
5
1
Effect on equity
-/+
43
42
4.2 Liquidity and refinancing risk
Fortum's business is exposed to liquidity and refinancing risks primarily through the need to
finance the Group\u2019s business operations including margining and collaterals issued for hedging
activities. Trading derivative financial instruments exposes the Group to a liquidity risk
associated with having to provide financial collaterals like cash or bank guarantees. A
downgrade in Fortum\u2019s rating, especially to below investment grade, could trigger
counterparties\u2019 right to demand additional collateral, which would need to be provided via cash
or bank guarantees.
The derivative instruments used by the Group are traded via exchanges and over-the-counter
with selected counterparties based on bilateral agreements. Trading through exchanges
requires the exchange of cash (margining payments) with a clearing house or clearing bank to
cover market risk in the case of a member default and the subsequent close-out of its portfolio.
Under credit support annex agreements some foreign exchange- and interest rate hedges are
collateralized and mark to market changes are impacting liquidity immediately. For non-
collateralized foreign exchange deals the cash flow impact is realized when deals are maturing
and rolled, typically during next 12-month period. Trading over-the-counter also exposes the
Group to liquidity risk in case of a counterparty default. A default could trigger a termination
payment in cases where the net market value of the bilateral contracts is positive for the
counterparty. Margin receivables from commodity hedging and foreign exchange and interest
rate derivatives under Credit Support Annex agreements at balance sheet date were EUR 205
million (2023: 590) and margin liabilities EUR 93 million (2023: 131).
The exposure to margining requirements, termination payments, working capital needs and
contingent collateral outflows is continuously assessed and monitored so that adequate liquidity
is available to cover expected future cash collateral required for margining. There are strict
limits in place which ensure that there are sufficient liquid funds and credit lines available to
cover margining requirements and termination payments also in extreme market scenarios.
Liquidity and refinancing risks are managed through a combination of cash positions and
committed credit and other guarantee facility agreements with the core banks. The maturity
profile of loans is monitored to ensure that there is at all times access to adequate liquidity for
investments, loan maturities and margining required for commodity trading and hedging
activities. Stable maturity profile and interest rate risk profile are reducing the refinancing risk
both in terms of availability and average price of loan portfolio.
Fortum\u2019s business is capital intensive and it has a diversified loan portfolio. Long-term financing
is primarily raised by issuing bonds under Fortum Corporation\u2019s Euro Medium Term Note
programme (EMTN), as well as through bilateral and syndicated loan facilities from a variety of
different financial institutions.
In Fortum, financing is primarily raised on parent company level and funds are distributed
internally through various internal financing arrangements.\u00a0
On 31 December 2024, 90% (2023: 90%) of the Group\u2019s total external loans was raised by the
parent company Fortum Corporation, and remaining 10% by other subsidiaries (2023: 10%).
At the end of 2024, financial net debt was EUR 367 million (2023: 942).\u00a0
On 31 December 2024, loan maturities for the coming twelve-month period amounted to
EUR\u00a0476 million (2023: 1,316) which include EUR 17 million loans from financial institutions and
EUR 105 million commercial paper debt. Maturities in 2025 also include EUR 350 million loans
with no contractual due date.
At the end of the reporting period, the Group\u2019s liquid funds totalled EUR 4,136 million (2023:
4,183).
Maturity of loans
EUR million
2024
2025
476
2026
757
2027
15
2028
522
2029
1,056
2030 and later
1,907
Total
4,733
For more information on loans, see\u00a0Note 27 Interest-bearing liabilities.
Liquid funds, major credit lines and debt programmes 2024
EUR million
Liquid funds
4,136
Committed credit lines
Total facility
Available
amount
Drawn
amount
Fortum Corporation, EUR 2,400 million syndicated credit facility
2,400
2,400
0
Fortum Corporation, EUR 800 million bilateral credit facility
800
800
0
Fortum Corporation, EUR 800 million bilateral credit facility
800
800
0
Fortum Corporation, bilateral overdraft facilities
100
100
0
Total 1)
4,100
4,100
0
1)Additionally, Fortum has uncommitted commercial paper programmes in Finland and Sweden, uncommitted margin
facilities and uncommitted EMTN programme. From the commercial paper programmes EUR 105 million, from the margin
facilities EUR 282 million and from the EMTN programme EUR 2,755 million bonds were outstanding at the end of the
reporting period.
Liquid funds, major credit lines and debt programmes 2023
EUR million
Liquid funds
4,183
Committed credit lines
Total facility
Available
amount
Drawn
amount
Fortum Corporation, EUR 2,400 million syndicated credit facility
2,400
2,400
0
Fortum Corporation, EUR 800 million bilateral credit facility
800
800
0
Fortum Corporation, bilateral overdraft facilities
100
100
0
Total 1)
3,300
3,300
0
1)Additionally, Fortum has uncommitted commercial paper programmes in Finland and Sweden, uncommitted margin
facility and uncommitted EMTN programme. From the commercial paper programmes EUR 174 million, from the margin
facility EUR 376 million and from the EMTN programme EUR 2,750 million bonds were outstanding at the end of the
reporting period.
Maturity analysis of financial liabilities and derivatives
Interest-bearing loans and lease liabilities are the contractual undiscounted cash flows including
principal and interest payments. Trade payables equal the carrying amount as these are due
within 12 months. For gross settled derivatives, the contractual nominal amounts are presented
below and for net settled interest rate swaps the net cash outflows are presented in the same
table.
2024
2023
EUR million
Under
1\u00a0year
1\u20135
years
Over
5\u00a0years
Total
Under
1\u00a0year
1\u20135
years
Over
5\u00a0years
Total
Non-derivatives
Interest-bearing loans, principal and
interest payments
627
2,815
2,300
5,741
1,149
2,676
3,149
6,974
Lease liabilities
18
45
49
112
21
55
56
131
Trade payables
361
361
488
0
0
488
Total non-derivatives
1,006
2,860
2,349
6,214
1,657
2,731
3,205
7,593
Derivatives
Foreign exchange derivatives and cross
currency swaps
Cash inflow (-)
-5,632
-499
0
-6,131
-5,910
-376
0
-6,286
Cash outflow
5,636
492
0
6,128
6,142
387
0
6,529
Interest rate swap liabilities (net
settled)
27
29
0
56
36
51
0
87
Commodity derivatives
Cash inflow (-)
-1,096
-425
-25
-1,546
-1,819
-395
-12
-2,226
Cash outflow
2,021
486
20
2,526
3,392
606
15
4,013
Total derivatives
956
83
-6
1,034
1,842
273
2
2,117
Commodity derivatives traded through exchanges require financial collaterals (like cash or
securities). Fortum has collateral arrangements towards Power Exchanges to cover initial margin
payments of commodity derivatives. Margin receivables are cash/securities posted to exchange
to cover clearing house\u2019s market risk (initial margin) against a default of a member and negative
mark to market values of futures settled through the exchange between counterparties
(variation margin) reducing the counterparty risk versus bilateral trades. These cash collaterals
are constantly fluctuating according to commodity market movements, i.e. if the prices will
increase/decrease, the negative/positive fair value of the commodity derivatives traded through
exchanges need to be covered immediately by posting/receiving cash collateral. Margin
receivables (cash paid) from hedging activities at balance sheet date were EUR 205 million
(2023: 590) and margin liabilities (cash received) EUR 93 million (2023: 131).
4.3 Interest rate risk and currency risk
4.3.1 Interest rate risk
Fortum is exposed to cash flow risk from changes in interest rates mainly from interest-bearing
liabilities, liquid funds and derivatives on a fixed- and floating rate basis.
Fortum manages the interest rate exposure through a duration target of the gross loan portfolio
(excluding lease liabilities and provisions), and cash flow at risk limit of the net loan portfolio.
Fortum uses different types of financing contracts and interest rate derivative contracts to
manage the interest rate exposure, and evaluates and develops the strategies in order to find an
optimal balance between risk and financing cost.
On 31 December 2024, the duration of Fortum\u2019s loan portfolio (including derivatives) was 1.8
years (2023: 1.8). Approximately 58% (2023: 66%) of the loan portfolio was on a floating rate
basis, or fixed rate loans maturing within the next 12-month period. The flow risk, measured as
1% increase in the yield curve in all the tenors and currencies for Fortum\u2019s net loan portfolio for
the coming 12 months, was EUR 22 million positive (2023: 15 positive).
Hedge accounting is used for majority of interest rate derivatives which Fortum is using to
manage loan portfolio. Mainly fair value hedge accounting is applied and thus changes in
interest rates could have only minor impact in consolidated income statement or hedging
reserve as the offsetting fair value of bonds is also recognised to consolidated income
statement. The impact of +1%/ -1% interest rate change from interest rate derivatives was EUR
+7 / -7 million to equity (2023: +9 / -10) and there was no significant impact to consolidated
income statement.
The average interest rate for the total loan portfolio, including derivatives in finance costs, was
3.8% at the balance sheet date (2023: 4.3%). The average interest rate of EUR loans was 3.6%
(2023: 4.0%). The average interest rate for the liquid funds was 3.0% at the balance sheet date
(2023: 3.9%).
There has been ongoing reform of certain floating interest benchmark rates to alternative risk
free rates (ARR) due to the IBOR (Interbank Offered Rates) transition. Fortum Group has interest
rate derivatives in EUR and SEK and sees that the IBOR transition will not have significant
impact on the value and effectiveness of these derivatives.
4.3.2 Currency risk
Fortum\u2019s policy is to hedge major transaction exposures on a local level in the reporting
currency of each legal entity in order to avoid exchange differences in the consolidated income
statement. An exception is Generation segment\u2019s hedging of power sales in Sweden where the
currency component is not hedged. Derivatives are used to hedge existing foreign exchange
risks, not for proprietary trading.
Treasury transaction exposure
2024
2023
EUR million
Net
Position
\u00a0\u00a0Hedge
Open
Net
Position
Hedge
Open
SEK
4,285
-4,283
1
4,877
-4,879
-2
PLN
511
-511
-1
543
-541
1
NOK
447
-448
0
522
-521
1
USD
-96
96
-1
-83
83
0
Other
56
-55
1
1
6
6
Total
5,202
-5,201
1
5,859
-5,853
6
Fortum has cash flows, assets and liabilities in currencies other than EUR and is therefore
exposed to fluctuations in exchange rates. Currency exposures are divided into transaction
exposures (foreign exchange exposures relating to contracted or estimated cash flows and
balance sheet items where changes in exchange rates will have an impact on earnings and cash
flows) and translation exposure (foreign exchange exposure that arises when profits and
balance sheets in foreign entities are consolidated).
Transaction exposures arise mainly from physical and financial trading of commodities, existing
and new investments, external and internal financing and shareholder loans. Contracted cash
flow exposures are hedged to reduce volatility in future cash flows. These hedges normally
consist of currency derivative contracts, which are matched against the underlying future cash
flow according to maturity. Fortum has currency cash flow hedges both with and without hedge
accounting treatment under IFRS. Those currency cash flow hedges for which hedge accounting
is not applied are mainly hedging commodity derivatives and create volatility in operating profit.
There was no significant ineffectiveness arising from cash flow hedges in 2024.
As of 31 December 2024, had EUR been 5% weaker/stronger on closing date, then the impact
from loans, receivables and derivatives to consolidated income statement would have been EUR
-19/+19 million (2023: -17/+17) and group's equity EUR -3/+3 million (2023:\u00a0-3/+3). Income
statement sensitivity resulted from cash flows in SEK and NOK, and equity sensitivity from cash
flows in PLN, SEK and USD.
Translation exposure position includes net investments in foreign subsidiaries and associated
companies. Translation exposures in Fortum are generally not hedged as the majority of these
assets are considered to be long-term strategic holdings. In Fortum, this means mainly entities
operating in Sweden, Norway and Poland, whose base currency is not euro.
Exchange differences arising from the translation of the net investment in foreign entities are
taken to equity. The net effect of exchange differences on equity attributable to equity holders
mainly from SEK, NOK and PLN was EUR -1,010 million (2023: -1,026). For total translation
differences see Consolidated statement of changes in total equity.
Interest rate and currency derivatives by instrument 2024
Notional amount
Fair value
Remaining lifetimes
EUR million
Under
1\u00a0year
1\u20135
years
Over
5\u00a0years
Total
Posi-
tive
Nega-
tive
Net
Hedge accounting
Foreign exchange derivatives
172
124
0
296
6
12
-6
Interest rate swaps
0
2,425
450
2,875
95
54
40
Cross currency swaps
0
116
0
116
3
1
2
Non-hedge accounting
Foreign exchange derivatives
5,430
251
0
5,682
28
22
6
Interest rate swaps
0
13
0
13
0
0
0
Cross currency swaps
24
0
0
24
2
0
2
Total
5,625
2,930
450
9,005
134
89
45
Of which long-term
105
56
48
Short-term
30
32
-3
Interest rate and currency derivatives by instrument 2023
Notional amount
Fair value
Remaining lifetimes
EUR million
Under
1\u00a0year
1\u20135
years
Over 5
years
Total
Posi-
tive
Nega-
tive
Net
Hedge accounting
Foreign exchange derivatives
168
124
0
292
3
15
-12
Interest rate swaps
100
1,300
1,575
2,975
114
83
31
Cross currency swaps
47
73
0
120
3
0
2
Non-hedge accounting
Foreign exchange derivatives
5,689
151
0
5,840
8
234
-226
Interest rate swaps
0
14
0
14
1
0
1
Cross currency swaps
0
24
0
24
1
0
1
Total
6,004
1,686
1,575
9,265
129
333
-204
Of which long-term
115
95
21
Short-term
14
238
-224
4.4 Credit risk
Fortum is exposed to counterparty risk whenever there is a contractual arrangement with an
external counterparty.
Credit risk exposures relating to financial derivative instruments are often volatile and include
both the replacement risk and the settlement risk. Exchange-traded derivatives are cleared
through central clearing parties (CCPs) or through clearing banks while over-the-counter (OTC)
derivative contracts are concluded directly with a number of different counterparties, including
energy wholesalers and retailers, utilities, trading companies, energy companies, industrial end-
users and financial institutions active in the financial and energy markets. Due to Fortum\u2019s net
short position in Nordic power hedges credit exposure tends to increase with the value of
hedges if Nordic power prices decrease. Currency and interest rate derivative counterparties
are limited to investment grade banks and financial institutions. International Swaps and
Derivatives Association (ISDA) Master agreements, which include netting clauses and in some
cases Credit Support Annex agreements, are in place with most of these counterparties. The
majority of commodity derivative counterparties have investment-grade or comparable ratings.
Master agreements, such as those published by ISDA and European Federation of Energy
Traders (EFET), which include netting clauses, are in place with the majority of the
counterparties.
Due to the financing needs and management of liquidity, Fortum has counterparty credit
exposure towards a number of banks and financial institutions in the form of deposits and
towards corporate issuers of commercial papers, mainly in the Nordic market. The majority of
the exposure is towards Fortum\u2019s key relationship banks, which are highly creditworthy
institutions. Investments in commercial papers were all with investment grade issuers at 31
December 2024.
Credit risk relating to customers, suppliers and trading partners is spread across a wide range of
industrial counterparties, energy companies, government and municipal entities, utilities, small
businesses, housing associations and private individuals over a range of geographic regions. The
majority of exposure is in the form of derivative fair values and trade receivables from the sale of
electricity, gas and heat in the Nordic and Polish market.
4.4.1 Credit quality of major financial assets
Fortum recognises loss allowance for expected credit losses (ECL) on financial assets classified
to amortised cost category at each reporting date. The impairment model is applied to financial
assets such as trade receivables, deposits, commercial papers, and loan and other interest-
bearing receivables. See Note 24 Trade and other receivables for details on expected credit
losses recognised for trade receivables.
Expected credit loss is calculated on an individual counterparty basis for deposits, commercial
papers and loan and other interest-bearing receivables. No impairment loss is recognised on
cash in bank accounts since expected credit loss is immaterial due to low risk of default. The risk
of default is evaluated at each reporting date based on credit ratings to determine if credit risk
has increased significantly. The value of collateral and other measures taken to reduce credit
risk (e.g. credit default insurance) is included in the calculation of expected credit losses in the
\u201closs given default\u201d ratio.
A financial asset with an investment-grade rating is assumed to have low credit risk. A change of
credit rating from investment to non-investment grade constitutes a significant increase in
credit risk. If the credit risk on the financial asset has not increased significantly since the initial
recognition, loss allowance equals to 12 month ECL. If the credit risk on the financial asset has
increased significantly since initial recognition, loss allowance equals to the lifetime expected
credit losses.
The loss allowance for interest-bearing receivables totalled EUR 27 million on 31 December 2024
(2023: 1). Amounts for interest-bearing receivables including bank deposits and derivative
financial instruments recognised as assets are presented in the following table.
For derivative financial instruments the counterparty credit risk has been taken into account
when determining fair value. The impact of credit risk is measured on a counterparty basis
through credit value adjustment (CVA) method applying similar inputs and assumptions to which
are used in the measurement of ECL. See also Note 16 Financial assets and liabilities by fair value
hierarchy for basis of fair value estimations.
All counterparties for currency and interest rate derivatives and the majority of counterparties
for bank deposits have an external rating from S&P Global Ratings, Fitch and/or Moody\u2019s credit
agencies. For counterparties rated by more than one rating agency, the lowest rating is used to
determine if it is investment grade.
In the commodity derivatives and commercial paper market, there are a number of
counterparties not rated by S&P Global Ratings, Fitch or Moody\u2019s. For these counterparties,
Fortum assigns an internal rating. The internal rating categories that are considered to be
comparable to investment grade have similar financial metrics or display historical default rates
which correspond to investment grade companies rated by S&P Global Ratings, Fitch or
Moody\u2019s.
Credit quality of major financial assets
2024
2023
EUR million
Carrying
amount
of\u00a0which
past\u00a0due
Carrying
amount
of\u00a0which
past\u00a0due
Receivables with investment grade or comparable
rating
Deposits, commercial papers and cash in bank
accounts
4,089
0
4,122
0
Fair values of interest rate and currency
derivatives
134
0
129
0
Fair values of commodity derivatives on
exchanges
84
0
135
0
Fair values of OTC commodity derivatives
394
0
301
0
Total receivables with investment grade or
comparable rating
4,701
0
4,688
0
Receivables with non-investment grade or
comparable rating
Fair values of OTC commodity derivatives
33
0
39
0
Loan and other interest bearing receivables
1
0
0
0
Total receivables with non-investment grade or
comparable rating
34
0
39
0
Other receivables 1)
Loan receivables from associates and joint
ventures
431
0
644
0
Restricted cash
7
0
13
0
Cash in other bank accounts
47
0
62
0
Total other receivables
485
0
719
0
Total
5,220
0
5,446
0
1) Other receivables include financial assets which have not been divided to investment-grade and non-investment grade or
comparable ratings.
4.4.2 Financial instruments subject to master netting agreements
The following tables present the recognised financial instruments that are offset, or subject to
enforceable master netting arrangements and other similar agreements but not offset. The
column 'net amount' shows the impact on the Group's balance sheet if all netting rights were
exercised.
Netting agreements for financial assets and liabilities 2024
EUR million
Gross
amount
Gross
amount
netted on
the
balance
sheet 1)
Net
amounts
presented
on the
balance
sheet
Conditional
netting
amount
(netting
agreements)
Financial
collateral
received /
pledged
Net
amount
Financial assets
Interest-rate and currency
derivatives
134
0
134
57
69
8
Commodity derivatives
842
331
511
233
4
274
Trade receivables
812
0
812
812
Total
1,788
331
1,457
290
73
1,094
Financial liabilities
Interest-rate and currency
derivatives
89
0
89
57
9
22
Commodity derivatives
796
331
465
233
232
Trade payables
361
0
361
361
Total
1,246
331
915
290
9
616
1)Receivables and liabilities from electricity and other commodity exchanges arising against standard derivative contracts
with same delivery period are netted.
Netting agreements for financial assets and liabilities 2023
EUR million
Gross
amount
Gross
amount
netted on
the
balance
sheet 1)
Net
amounts
presented
on the
balance
sheet
Conditional
netting
amount
(netting
agreements)
Financial
collateral
received /
pledged
Net
amount
Financial assets
Interest-rate and currency
derivatives
129
0
129
80
42
7
Commodity derivatives
990
514
476
343
4
129
Trade receivables
1,120
0
1,120
1,120
Total
2,238
514
1,725
423
46
1,255
Financial liabilities
Interest-rate and currency
derivatives
333
0
333
80
176
76
Commodity derivatives
1,454
514
940
343
597
Trade payables
488
0
488
488
Total
2,274
514
1,760
423
176
1,161
1)Receivables and liabilities from electricity and other commodity exchanges arising against standard derivative contracts
with same delivery period are netted.
15 Financial assets and liabilities by categories
ACCOUNTING POLICIES
FINANCIAL ASSETS
Fortum classifies its financial assets in the following categories according to IFRS 9: financial
assets at amortised cost, financial assets at fair value through profit or loss and financial
assets at fair value through other comprehensive income. The classification is made at initial
recognition and depends on the financial asset's contractual cash flow characteristics and the
Group's business model for managing them.\u00a0
In order for the financial asset to be classified and measured at amortised cost or fair value
through other comprehensive income, it needs to give rise to cash flows that are solely
payments of the principal and interest on the principal amount outstanding (SPPI). This
assessment is referred to as the SPPI test and is performed at an instrument level. When the
SPPI criteria is not met, financial assets are classified to fair value through profit or loss
category.\u00a0
Financial assets are presented as non-current assets unless they are held for trading, expected
to be realised within 12 months at the closing date or they have a maturity of under 12 months
at closing date. These are classified as current assets.
FINANCIAL ASSETS AT AMORTISED COST
Fortum measures financial assets at amortised cost when the financial asset is included in the
held-to-collect business model with fixed or determinable payments that are payments of
amount outstanding or interest on it. They arise when the Group provides money, goods or
services directly to a debtor. Financial assets at amortised cost include non-derivative financial
assets with fixed or determinable payments that are not quoted in an active market.\u00a0
Financial assets at amortised cost are subject to impairment using expected credit loss (ECL)
model. Gains and losses from derecognition of the asset are recognised in profit and loss.\u00a0
FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS
Financial assets at fair value through profit or loss include financial assets held for trading in
the short term, financial assets designated upon initial recognition irrevocably as fair value
through profit or loss and financial assets mandatorily recognised at fair value through profit or
loss according to IFRS 9. Derivatives are classified as held for trading unless they are
designated as effective hedging instruments.
Gains and losses arising from changes in the fair value are included in the income statement in
the period in which they arise.
FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME
Other equity investments designated at fair value through other comprehensive income are
not subject to impairment assessment and accumulated reserves are not recycled to profit or
loss upon derecognition. Dividends received are recognised in profit and loss.\u00a0
DERECOGNITION
Fortum derecognises financial assets when the rights to receive cash flows from the assets
have expired or when it has substantially transferred the risks and rewards of the assets
outside of the Group.\u00a0
IMPAIRMENT
Fortum recognises an allowance for expected credit losses (ECL) according to IFRS 9 for
financial assets measured at amortised cost. See further information on ECL in Note 4.4.1
Credit quality of major financial assets and in Note 24 Trade and other receivables.
Financial assets measured at fair value through profit or loss are not included in ECL
assessment as they are already measured at fair value. A financial asset is written-off when
there is no reasonable expectation of recovering the contractual cash flows.\u00a0
FINANCIAL LIABILITIES
All financial liabilities are recognised initially at fair value. In the case of loans and borrowings
and payables, incurred transaction costs are deducted. In subsequent periods, all financial
liabilities, except derivatives and financial liabilities which the Group has at initial recognition
irrevocably designated at fair value through profit or loss, are stated at amortised cost; any
difference between proceeds (net of transaction costs) and the redemption value is
recognised as interest cost over the period of the borrowing using the effective interest rate
method.\u00a0
Derivative financial instruments entered into by the Group, that are not designated as hedging
instruments are classified as liabilities at fair value through profit and loss. Amortisation of the
effective interest rate and gains and losses of liabilities are recognised in the income
statement.\u00a0
Group\u2019s financial liabilities include trade and other payables, loans and borrowings and
derivative financial instruments. Borrowings or portion of borrowings being hedged with a fair
value hedge are recognised at fair value through profit or loss. Derecognition of financial
liabilities takes place when the Group has fulfilled the contractual obligations.
ACCOUNTING FOR DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES
Within the ordinary course of business, the Group routinely enters into sale and purchase
transactions for commodities. Contracts that were entered into and continue to be held for the
purpose of receipt or delivery of the commodity in accordance with the Group's expected sale,
purchase or usage requirements are not within the scope of IFRS 9 (\"own use exemption\").
Physical contracts to buy or sell a non-financial item, which are fair valued using the fair value
option to off-set accounting mismatch, or where own use exemption or hedge accounting
cannot be applied are fair valued through the income statement.\u00a0
The Group trades derivatives through exchanges, in which derivatives are cleared through
central clearing parties (CCPs) or clearing banks, as well as over-the-counter (OTC), concluded
directly between counterparties. Trading derivatives through exchanges requires the
exchange of cash (margining payments) with a CCP or clearing bank to cover market risk in the
case of a member default. See further information in Note 4.2 Liquidity and refinancing risk and
in Note 4.4 Credit risk. Exchange-traded derivatives are accounted for either as collateralised-
to-market (CTM) or settled-to-market (STM) derivatives depending on the contractual right
and obligations associated with the variation margin settlement payments. For CTM
derivatives the variation margins paid or received are recognised as collaterals and included
within margin receivables and liabilities in the balance sheet. Accordingly, the paid or received
variation margin of CTM derivatives constitute a separate unit of account from the derivative
contracts which are recognised at fair value in the balance sheet. For STM derivatives, the
variation margins paid or received are accounted for as settlements of the derivative contracts
fair value. Consequently, the fair value of STM derivative contracts in the balance sheet is zero.
The initial margins of STM and CTM derivatives are included within margin receivables and
liabilities. Currently, the majority of exchange-traded derivatives are treated as CTM
derivatives whereas the amount of STM derivatives is immaterial.
Derivatives are initially recognised at fair value on the date a derivative contract is entered into
and are subsequently remeasured at their fair value. Gains and losses resulting from the initial
fair value measurement of a derivative (\u201cday one\u201d gains and losses) are eliminated against the
corresponding derivative asset or liability, if the initial fair value is determined based on
valuation model with input parameters that are unobservable from active markets. For
derivatives whose initial fair value is evidenced by a quoted price in an active market for an
identical contract or based on a valuation technique that uses only data from observable
markets, gains and losses from the initial measurement are accounted for similarly to gains or
losses on the subsequent measurement.
The method of recognising the resulting gain or loss on the subsequent measurement depends
on whether the derivative is designated as a hedging instrument eligible for hedge accounting,
and if so, the nature of the item being hedged. The Group designates certain derivatives as
either: (1) hedges of highly probable forecast transactions (cash flow hedges); (2) hedges of
the fair value of recognised assets or liabilities, or unrecognised firm commitments (fair value
hedge); or (3) hedges of net investments in foreign operations.
The Group documents at the inception of the transaction the relationship between hedging
instruments and hedged items, whether the hedged item is one or several risk components
separately or in aggregation, as well as its risk management objective and strategy for
undertaking various hedge transactions. When applying hedge accounting the Group also
documents its assessment, of whether the derivatives that are used in hedging transactions
are meeting the hedge accounting effectiveness criteria: (1) there is an economic relationship
between the hedged item and the hedging instrument, (2) the effect of credit risk does not
dominate the value changes that result from that economic relationship; and (3) the hedge
ratio of the hedging relationship is the same as applied in the risk management. The Group
also documents its assessment, both at hedge inception and on an ongoing basis, of whether
the derivatives that are used in hedging transactions are highly effective by assessing the
prospective capacity of the derivatives in offsetting changes in fair values or cash flows of
hedged items. Hedge accounting is discontinued only when the hedging relationship ceases to
meet the hedge effectiveness criteria.
CASH FLOW HEDGE
The effective portion of changes in the fair value of derivatives that are designated and qualify
as cash flow hedges are recognised in equity. Gain or loss relating to the ineffective portion is
recognised immediately in the income statement. Amounts accumulated in equity are recycled
in the income statement in the periods when the hedged item will affect profit and loss (e.g.
when the forecasted sale that is hedged takes place). However, when the forecast transaction
that is hedged results in the recognition of a non-financial asset (e.g. inventory) or a liability,
the gains and losses previously deferred in equity are transferred from equity and included in
the initial measurement of the cost of the asset or liability. When a hedge no longer meets the
criteria for hedge accounting, any cumulative gain or loss existing in equity is recognised in the
income statement when the forecast transaction is ultimately also recognised in the income
statement. When a forecasted transaction is no longer expected to occur, the cumulative gain
or loss that was reported in equity is immediately recognised in the income statement.
Fortum hedges its exposure to commodity market risks and applies hedge accounting by risk
components. Hedge accounting is applied to Nordic electricity price risk, where the Nordic
area priced physical electricity delivery is commonly divided into three risk components: (1)
system price risk, (2) electricity price area difference risk (EPAD) and (3) currency risk. For each
of these separate risk components there are specific derivative contracts available, which each
are being effective hedges for the associated risk components. In addition, hedge accounting
is applied to certain gas forward and futures contracts which effectively hedge the cash flows
for future gas deliveries.
FAIR VALUE HEDGE
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are
recorded in the income statement, together with any changes in the fair value of the hedged
asset or liability that are attributable to the hedged risk.\u00a0
If the hedge no longer meets the criteria for hedge accounting, the adjustment to the carrying
amount of a hedged item for which the effective interest method is used is amortised to profit
or loss for the periods until maturity of the hedged item.
NET INVESTMENT HEDGING IN FOREIGN OPERATIONS
Hedges of net investments in foreign operations are accounted for similarly to cash flow
hedges. Any gain or loss on the hedging instrument relating to the effective portion of the
hedge is recognised in equity; the gain or loss relating to the ineffective portion is recognised
immediately in the income statement. Gains and losses accumulated in equity are included in
the income statement when the foreign operation is disposed of.
DERIVATIVES THAT DO NOT QUALIFY FOR HEDGE ACCOUNTING
Certain derivative instruments representing economic hedging relationship do not qualify for
hedge accounting. Unrealised fair value changes of non-hedge accounted commodity
derivatives hedging future cash flow and physical contracts that are accounted for as
derivatives within the scope of IFRS 9 are recognised in items affecting comparability in the
income statement. Gains and losses on interest rate and currency derivative instruments are
recognised in finance costs \u2013 net with corresponding hedge items.
Financial assets and liabilities in the following tables are split into categories in accordance
with IFRS 9. The categories are further divided into classes which are the basis for valuing a
respective asset or liability.
Financial assets by category 2024
Amortised cost
Fair\u00a0value\u00a0through\u00a0profit\u00a0or\u00a0loss
Fair\u00a0value
through\u00a0other
comprehensive
income
EUR million
Note
Hedge\u00a0accounting,
fair\u00a0value\u00a0hedges
Non-hedge
accounting
Other
financial\u00a0assets
Net investment and
Cash\u00a0flow hedges
Total
financial\u00a0assets
Financial instruments in non-current assets
Other non-current assets
21
99
139
238
Derivative financial instruments
4
Commodity derivatives
83
79
162
Interest rate and currency derivatives
79
5
21
105
Long-term interest-bearing receivables
22
431
431
Total financial instruments in non-current assets
530
79
87
139
100
935
Financial instruments in current assets
Derivative financial instruments
4
Commodity derivatives
85
264
349
Interest rate and currency derivatives
26
4
30
Trade receivables
24
812
812
Other receivables
24
195
195
Short-term interest-bearing receivables
22
70
213
283
Liquid funds
25
4,136
4,136
Total financial instruments in current assets
5,212
0
111
213
268
5,804
Total
5,742
79
198
352
368
6,739
Financial assets by category 2023
Amortised cost
Fair\u00a0value\u00a0through\u00a0profit\u00a0or\u00a0loss
Fair\u00a0value
through\u00a0other
comprehensive
income
EUR million
Note
Hedge\u00a0accounting,
fair\u00a0value\u00a0hedges
Non-hedge
accounting
Other
financial\u00a0assets
Net investment and
Cash\u00a0flow hedges
Total
financial\u00a0assets
Financial instruments in non-current assets
Other non-current assets
21
78
123
201
Derivative financial instruments
4
Commodity derivatives
42
59
101
Interest rate and currency derivatives
92
2
21
115
Long-term interest-bearing receivables
22
644
644
Total financial instruments in non-current assets
722
92
45
123
80
1,061
Financial instruments in current assets
Derivative financial instruments
4
Commodity derivatives
124
251
375
Interest rate and currency derivatives
7
7
14
Trade receivables
24
1,120
1,120
Other receivables
24
167
167
Short-term interest-bearing receivables
22
64
325
389
Liquid funds
25
4,183
4,183
Total financial instruments in current assets
5,534
0
131
325
257
6,247
Total
6,256
92
176
448
337
7,309
Financial liabilities by category 2024
Amortised cost
Fair\u00a0value\u00a0through\u00a0profit\u00a0or\u00a0loss
Fair\u00a0value
through\u00a0other
comprehensive
income
EUR million
Note
Hedge accounting,
fair\u00a0value hedges 1)
Non-hedge
accounting
Other financial
liabilities
Net\u00a0investment
and\u00a0Cash\u00a0flow
hedges
Lease liabilities
Total financial
liabilities
Financial instruments in non-current liabilities
Interest-bearing liabilities
27
3,268
990
78
4,336
Derivative financial instruments
4
Commodity derivatives
104
61
165
Interest rate and currency derivatives
54
0
2
56
Total financial instruments in non-current liabilities
3,268
1,044
104
63
78
4,557
Financial instruments in current liabilities
Interest-bearing liabilities
27
200
275
16
492
Derivative financial instruments
4
Commodity derivatives
137
163
300
Interest rate and currency derivatives
22
11
32
Trade payables
33
361
361
Other liabilities
33
136
136
Total financial instruments in current liabilities
697
0
159
275
173
16
1,321
Total
3,965
1,044
263
275
236
94
5,878
1)Fair valued part of bond in fair value hedge relationship.
Financial liabilities by category 2023
Amortised cost
Fair\u00a0value\u00a0through\u00a0profit\u00a0or\u00a0loss
Fair\u00a0value
through\u00a0other
comprehensive
income
EUR million
Note
Hedge accounting,
fair\u00a0value hedges 1)
Non-hedge
accounting
Other financial
liabilities
Net\u00a0investment
and\u00a0Cash\u00a0flow
hedges
Lease liabilities
Total financial
liabilities
Financial instruments in non-current liabilities
Interest-bearing liabilities
27
3,502
973
97
4,573
Derivative financial instruments
4
Commodity derivatives
49
73
121
Interest rate and currency derivatives
83
2
10
95
Total financial instruments in non-current liabilities
3,502
1,056
50
83
97
4,789
Financial instruments in current liabilities
Interest-bearing liabilities
27
941
376
21
1,337
Derivative financial instruments
4
Commodity derivatives
58
761
819
Interest rate and currency derivatives
232
6
238
Trade payables
33
488
488
Other liabilities
33
213
213
Total financial instruments in current liabilities
1,641
0
290
376
767
21
3,093
Total
5,143
1,056
340
376
849
118
7,882
16 Financial assets and liabilities by fair value
hierarchy
ACCOUNTING POLICIES
Fair value measurements are classified using a fair value hierarchy i.e. Level 1, Level 2 and Level
3 that reflects the significance of the inputs used in making the measurements.
FAIR VALUES UNDER LEVEL 1 MEASUREMENT HIERARCHY
The fair value of financial assets and liabilities classified as Level 1 is based on unadjusted
quoted prices in active markets at the closing date. Level 1 consist e.g. commodity derivatives
traded in active markets.
FAIR VALUES UNDER LEVEL 2 MEASUREMENT HIERARCHY
The fair value of financial assets and liabilities classified as Level 2 is based on observable input
parameters, which are other than quoted prices.\u00a0
The fair value of financial instruments traded in active markets in Level 2 is calculated using
prices derived from quoted market prices at the closing date. Known calculation techniques,
such as estimated discounted cash flows, are used to determine fair value of interest rate and
currency financial instruments. The fair value of interest-rate swaps is calculated as the
present value of the estimated future cash flows. The fair value of forward foreign exchange
contracts is determined using forward exchange market rates at the closing date. Fair values
of options are determined by using option valuation models. The fair value of financial liabilities
is estimated by discounting the future contractual cash flows at the current market interest
rate that is available to the Group for similar financial instruments. The counterparty credit risk
has been taken into account when determining fair value. The credit risk is determined based
on a portfolio valuation in a bilateral approach.
The Group bases the calculation on existing market conditions at each closing date. Financial
instruments used in Fortum are standardised products that are either cleared via exchanges or
widely traded in the market. Credit risk from trading commodity derivatives is mitigated by
clearing trades through exchanges or by limiting trades to OTC counterparties considered to
be creditworthy, or secured by credit worthy guarantees. Financial derivatives are traded with
credit worthy financial institutions with investment grade ratings.
FAIR VALUES UNDER LEVEL 3 MEASUREMENT HIERARCHY
The fair value of financial assets and liabilities classified as Level 3 is based on unobservable
input parameters.\u00a0
Level 3 consist mainly investments in unlisted shares classified as other investments for which
the fair value can't be reliably measured and derivative financial instrument for which the fair
value has been determined using valuation techniques with unobservable inputs. The input
parameters of Level 3 of the fair value hierarchy for equity investments are specified taking
into account economic developments and available industry and corporate data. The
counterparty credit risk has been adjusted when determining the fair value.
Financial assets
Level 1
Level 2
Level 3
Netting 1)
Total
EUR million
Note
2024
2023
2024
2023
2024
2023
2024
2023
2024
2023
In non-current assets
Other investments 2)
21
139
123
139
123
Derivative financial instruments
Commodity derivatives
4
Hedge accounting
3
0
76
59
0
0
0
0
79
59
Non-hedge accounting
6
10
57
14
21
20
0
-1
83
42
Interest rate and currency derivatives
4
Hedge accounting
100
113
100
113
Non-hedge accounting
5
2
5
2
Total in non-current assets
9
10
237
188
159
143
0
-1
405
339
In current assets
Derivative financial instruments
Commodity derivatives
4
Hedge accounting
198
200
184
160
0
0
-117
-110
264
251
Non-hedge accounting
199
408
90
33
0
4
-205
-320
85
124
Interest rate and currency derivatives
4
Hedge accounting
4
7
4
7
Non-hedge accounting
26
7
26
7
Interest-bearing receivables 3)
22, 27
213
325
0
0
213
325
Total in current assets
610
933
304
206
0
4
-322
-430
592
714
Total in assets
619
943
541
394
159
147
-322
-431
997
1,053
1) Receivables and liabilities from electricity and other commodity standard derivative contracts against exchanges with same delivery period are netted.
2)Other investments includes shares in unlisted companies.
3)Interest-bearing receivables, Level 1, include collateral arrangement covering margin requirement.
Financial liabilities
Level 1
Level 2
Level 3
Netting 1)
Total
EUR million
Note
2024
2023
2024
2023
2024
2023
2024
2023
2024
2023
In non-current liabilities
Interest-bearing liabilities 2)
27
990
973
990
973
Derivative financial instruments
Commodity derivatives
4
Hedge accounting
2
14
59
58
0
0
0
0
61
73
Non-hedge accounting
42
11
51
30
11
9
0
-1
104
49
Interest rate and currency derivatives
4
Hedge accounting
56
93
56
93
Non-hedge accounting
0
2
0
2
Total in non-current liabilities
44
26
1,156
1,156
11
9
0
-1
1,211
1,189
In current liabilities
Interest-bearing liabilities
27
275
376
275
376
Derivative financial instruments
Commodity derivatives
4
Hedge accounting
187
606
93
264
0
0
-117
-110
163
761
Non-hedge accounting
245
238
92
138
6
2
-205
-320
137
58
Interest rate and currency derivatives
4
Hedge accounting
11
6
11
6
Non-hedge accounting
22
232
22
232
Total in current liabilities
432
844
492
1,016
6
2
-322
-430
608
1,432
Total in liabilities
476
870
1,649
2,172
17
11
-322
-431
1,820
2,621
1)Receivables and liabilities from standard electricity and other commodity derivative contracts against exchanges with same delivery period are netted.
2)Fair valued part of bonds when hedge accounting is applied (fair value hedge).
At the end of December 2024, the net fair value of commodity derivatives was EUR 46 million,
including assets of EUR 511 million and liabilities of EUR 465 million (2023: EUR -464 million,
including assets of EUR 476 million and liabilities of EUR 940 million). The change from
December 2023 mainly relates to impacts from decreased commodity market prices and
maturity of contracts.
Net fair value amount of interest rate and currency derivatives was EUR 45 million, including
assets EUR 134 million and liabilities EUR 89 million. Fortum has cash collateral agreements with
some counterparties. At the end of December 2024, Fortum had received EUR 69 million and
paid EUR 9 million from foreign exchange and interest rate derivatives under Credit Support
Annex agreements.
There were no transfers in or out of levels 1, 2 or 3 during 2024. Gains and losses of level 3 items
in consolidated income statement are presented mainly in items affecting comparability. See
Note\u00a07 Comparable operating profit and comparable net profit.
Changes in fair value hierarchy Level 3
2024
2023
EUR million
Assets
Liabilities
Assets
Liabilities
Opening balance 1 January
147
11
648
5
Purchases and additions
14
0
17
0
Sales and disposals
0
0
-4
0
Settlements and realised gains/losses in
income statement
-4
-2
-13
-1
Unrealised gains/losses in income statement
2
8
-67
7
Deconsolidation of subsidiary companies 1)
0
0
-433
0
Carrying amount at 31 December
160
17
147
11
1)Deconsolidation of Russian operations in April 2023
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-561": { "value": "
4 Financial risk management
Fortum's risk management framework, objectives, organisation and processes as well as a
description of strategic, sustainability, financial and operational risks can be found in the Risk
management section of the Operating and financial review (OFR).
4.1 Commodity market and fuel risks
Fortum\u2019s business is exposed to fluctuations in prices and availability of commodities used in the
production, transmission and sales of energy products. The main exposure is toward electricity
prices and volumes, prices of emissions, and price and availability of fuels. Fortum hedges its
exposure to commodity market risks in order to improve the predictability of the future result by
reducing volatility in earnings while ensuring cash flow risk is at an acceptable level.
Risk management for commodity hedging activities is based on general standards in the
industry and involves the segregation of duties, as well as daily calculation, monitoring and
reporting of results, positions and risks. Controls are in place to ensure exposures are kept
within approved limits and mandates. Hedging involves the use of derivative financial
instruments, as well as fixed-price physical delivery contracts.
4.1.1 Electricity price and volume risk
The exposure to Nordic electricity prices and normal volume fluctuations (e.g. due to weather-
driven demand and supply changes) is the largest commodity market risk exposure for Fortum in
terms of impact to earnings. The exposure arising from outright power production (hydro,
nuclear, and wind production assets) is hedged by entering into electricity derivatives contracts
on exchanges such as Nasdaq Commodities or the European Energy Exchange, as well as
directly with counterparties active in the energy and financial markets. The main objective of
hedging is to reduce the effect of electricity price volatility in earnings while ensuring the cash
flow risk is at an acceptable level, and to increase the predictability of future results. The
Generation segment\u2019s hedging strategies cover several years in the short-, medium-, and long-
term. These hedging strategies are executed within approved mandates and are continuously
evaluated as electricity and other commodity market prices, the hydrological balance and other
relevant parameters change.\u00a0
The Generation segment\u2019s hedging for power sales is performed in EUR on a Nordic level
covering both Finland and Sweden. The currency component of these hedges in the Swedish
entity is currently not hedged. Generation segment\u2019s sensitivity to the Nordic electricity market
price is dependent on the hedge level for a given time period. As per 31 December 2024,
approximately 75% of the Generation segment's estimated Nordic power sales volume was
hedged for the calendar year 2025 with a price of 42 EUR/MWh and approximately 45% for the
calendar year 2026 with a price of 41 EUR/MWh.
4.1.2 Commodity derivatives
The table below discloses Fortum Group's commodity derivatives for which hedge accounting
according to IFRS 9 is applied. The fair values represent the values disclosed on the balance
sheet. See also Note\u00a015 Financial assets and liabilities by categories for accounting principles
and Note 16 Financial assets and liabilities by fair value hierarchy for basis of fair value
estimations.
Commodity derivatives subject to hedge accounting 2024
Volume, TWh
Fair value, EUR million
Under
1\u00a0year
1\u20135
years
Over
5\u00a0years
Total
Positive
Negative
Net
Electricity derivatives
20
21
2
43
445
344
101
Gas derivatives
3
1
0
4
26
7
18
Netting against commodity
exchanges 1)
-128
-128
0
Total
343
224
120
1) Receivables and liabilities against commodity exchanges arising from standard derivative contracts with same delivery
period are netted.
Commodity derivatives subject to hedge accounting 2023
Volume, TWh
Fair value, EUR million
Under
1 year
1\u20135
years
Over 5
years
Total
Positive
Negative
Net
Electricity derivatives
23
18
1
42
439
869
-430
Gas derivatives
3
1
0
4
24
117
-94
Netting against commodity
exchanges 1)
-153
-153
0
Total
309
833
-524
1) Receivables and liabilities against commodity exchanges arising from standard derivative contracts with same delivery
period are netted.
4.1.3 Sensitivity arising from electricity derivatives
The table below presents how a 1 EUR/MWh change in the electricity forward and futures
quotations for the period Fortum has derivatives would impact Fortum\u2019s profit before income
tax and equity. Hedge accounting is applied to most of the hedging strategies using financial
commodity derivatives, with impact of the market price changes of derivatives recognised in
equity.
Impacts are calculated based on the electricity position as of 31 December. Positions are actively
managed in the day-to-day business operations and therefore the sensitivities vary from time to
time. Sensitivity analysis includes only the market risks arising from derivatives i.e. the
underlying physical electricity sales and purchases are not included.
Sensitivity is calculated with the assumption that electricity forward and futures quotations
would change 1 EUR/MWh for the period Fortum has derivatives. Different price change
assumptions can be used to assess the impact on sensitivity analysis analogously, relative to 1
EUR/MWh change presented in the table below.
Sensitivity analysis
+/- 1 EUR/MWh change in electricity forward and futures
quotations, EUR million
Effect
2024
2023
Effect on profit before income tax
-/+
5
1
Effect on equity
-/+
43
42
4.2 Liquidity and refinancing risk
Fortum's business is exposed to liquidity and refinancing risks primarily through the need to
finance the Group\u2019s business operations including margining and collaterals issued for hedging
activities. Trading derivative financial instruments exposes the Group to a liquidity risk
associated with having to provide financial collaterals like cash or bank guarantees. A
downgrade in Fortum\u2019s rating, especially to below investment grade, could trigger
counterparties\u2019 right to demand additional collateral, which would need to be provided via cash
or bank guarantees.
The derivative instruments used by the Group are traded via exchanges and over-the-counter
with selected counterparties based on bilateral agreements. Trading through exchanges
requires the exchange of cash (margining payments) with a clearing house or clearing bank to
cover market risk in the case of a member default and the subsequent close-out of its portfolio.
Under credit support annex agreements some foreign exchange- and interest rate hedges are
collateralized and mark to market changes are impacting liquidity immediately. For non-
collateralized foreign exchange deals the cash flow impact is realized when deals are maturing
and rolled, typically during next 12-month period. Trading over-the-counter also exposes the
Group to liquidity risk in case of a counterparty default. A default could trigger a termination
payment in cases where the net market value of the bilateral contracts is positive for the
counterparty. Margin receivables from commodity hedging and foreign exchange and interest
rate derivatives under Credit Support Annex agreements at balance sheet date were EUR 205
million (2023: 590) and margin liabilities EUR 93 million (2023: 131).
The exposure to margining requirements, termination payments, working capital needs and
contingent collateral outflows is continuously assessed and monitored so that adequate liquidity
is available to cover expected future cash collateral required for margining. There are strict
limits in place which ensure that there are sufficient liquid funds and credit lines available to
cover margining requirements and termination payments also in extreme market scenarios.
Liquidity and refinancing risks are managed through a combination of cash positions and
committed credit and other guarantee facility agreements with the core banks. The maturity
profile of loans is monitored to ensure that there is at all times access to adequate liquidity for
investments, loan maturities and margining required for commodity trading and hedging
activities. Stable maturity profile and interest rate risk profile are reducing the refinancing risk
both in terms of availability and average price of loan portfolio.
Fortum\u2019s business is capital intensive and it has a diversified loan portfolio. Long-term financing
is primarily raised by issuing bonds under Fortum Corporation\u2019s Euro Medium Term Note
programme (EMTN), as well as through bilateral and syndicated loan facilities from a variety of
different financial institutions.
In Fortum, financing is primarily raised on parent company level and funds are distributed
internally through various internal financing arrangements.\u00a0
On 31 December 2024, 90% (2023: 90%) of the Group\u2019s total external loans was raised by the
parent company Fortum Corporation, and remaining 10% by other subsidiaries (2023: 10%).
At the end of 2024, financial net debt was EUR 367 million (2023: 942).\u00a0
On 31 December 2024, loan maturities for the coming twelve-month period amounted to
EUR\u00a0476 million (2023: 1,316) which include EUR 17 million loans from financial institutions and
EUR 105 million commercial paper debt. Maturities in 2025 also include EUR 350 million loans
with no contractual due date.
At the end of the reporting period, the Group\u2019s liquid funds totalled EUR 4,136 million (2023:
4,183).
Maturity of loans
EUR million
2024
2025
476
2026
757
2027
15
2028
522
2029
1,056
2030 and later
1,907
Total
4,733
For more information on loans, see\u00a0Note 27 Interest-bearing liabilities.
Liquid funds, major credit lines and debt programmes 2024
EUR million
Liquid funds
4,136
Committed credit lines
Total facility
Available
amount
Drawn
amount
Fortum Corporation, EUR 2,400 million syndicated credit facility
2,400
2,400
0
Fortum Corporation, EUR 800 million bilateral credit facility
800
800
0
Fortum Corporation, EUR 800 million bilateral credit facility
800
800
0
Fortum Corporation, bilateral overdraft facilities
100
100
0
Total 1)
4,100
4,100
0
1)Additionally, Fortum has uncommitted commercial paper programmes in Finland and Sweden, uncommitted margin
facilities and uncommitted EMTN programme. From the commercial paper programmes EUR 105 million, from the margin
facilities EUR 282 million and from the EMTN programme EUR 2,755 million bonds were outstanding at the end of the
reporting period.
Liquid funds, major credit lines and debt programmes 2023
EUR million
Liquid funds
4,183
Committed credit lines
Total facility
Available
amount
Drawn
amount
Fortum Corporation, EUR 2,400 million syndicated credit facility
2,400
2,400
0
Fortum Corporation, EUR 800 million bilateral credit facility
800
800
0
Fortum Corporation, bilateral overdraft facilities
100
100
0
Total 1)
3,300
3,300
0
1)Additionally, Fortum has uncommitted commercial paper programmes in Finland and Sweden, uncommitted margin
facility and uncommitted EMTN programme. From the commercial paper programmes EUR 174 million, from the margin
facility EUR 376 million and from the EMTN programme EUR 2,750 million bonds were outstanding at the end of the
reporting period.
Maturity analysis of financial liabilities and derivatives
Interest-bearing loans and lease liabilities are the contractual undiscounted cash flows including
principal and interest payments. Trade payables equal the carrying amount as these are due
within 12 months. For gross settled derivatives, the contractual nominal amounts are presented
below and for net settled interest rate swaps the net cash outflows are presented in the same
table.
2024
2023
EUR million
Under
1\u00a0year
1\u20135
years
Over
5\u00a0years
Total
Under
1\u00a0year
1\u20135
years
Over
5\u00a0years
Total
Non-derivatives
Interest-bearing loans, principal and
interest payments
627
2,815
2,300
5,741
1,149
2,676
3,149
6,974
Lease liabilities
18
45
49
112
21
55
56
131
Trade payables
361
361
488
0
0
488
Total non-derivatives
1,006
2,860
2,349
6,214
1,657
2,731
3,205
7,593
Derivatives
Foreign exchange derivatives and cross
currency swaps
Cash inflow (-)
-5,632
-499
0
-6,131
-5,910
-376
0
-6,286
Cash outflow
5,636
492
0
6,128
6,142
387
0
6,529
Interest rate swap liabilities (net
settled)
27
29
0
56
36
51
0
87
Commodity derivatives
Cash inflow (-)
-1,096
-425
-25
-1,546
-1,819
-395
-12
-2,226
Cash outflow
2,021
486
20
2,526
3,392
606
15
4,013
Total derivatives
956
83
-6
1,034
1,842
273
2
2,117
Commodity derivatives traded through exchanges require financial collaterals (like cash or
securities). Fortum has collateral arrangements towards Power Exchanges to cover initial margin
payments of commodity derivatives. Margin receivables are cash/securities posted to exchange
to cover clearing house\u2019s market risk (initial margin) against a default of a member and negative
mark to market values of futures settled through the exchange between counterparties
(variation margin) reducing the counterparty risk versus bilateral trades. These cash collaterals
are constantly fluctuating according to commodity market movements, i.e. if the prices will
increase/decrease, the negative/positive fair value of the commodity derivatives traded through
exchanges need to be covered immediately by posting/receiving cash collateral. Margin
receivables (cash paid) from hedging activities at balance sheet date were EUR 205 million
(2023: 590) and margin liabilities (cash received) EUR 93 million (2023: 131).
4.3 Interest rate risk and currency risk
4.3.1 Interest rate risk
Fortum is exposed to cash flow risk from changes in interest rates mainly from interest-bearing
liabilities, liquid funds and derivatives on a fixed- and floating rate basis.
Fortum manages the interest rate exposure through a duration target of the gross loan portfolio
(excluding lease liabilities and provisions), and cash flow at risk limit of the net loan portfolio.
Fortum uses different types of financing contracts and interest rate derivative contracts to
manage the interest rate exposure, and evaluates and develops the strategies in order to find an
optimal balance between risk and financing cost.
On 31 December 2024, the duration of Fortum\u2019s loan portfolio (including derivatives) was 1.8
years (2023: 1.8). Approximately 58% (2023: 66%) of the loan portfolio was on a floating rate
basis, or fixed rate loans maturing within the next 12-month period. The flow risk, measured as
1% increase in the yield curve in all the tenors and currencies for Fortum\u2019s net loan portfolio for
the coming 12 months, was EUR 22 million positive (2023: 15 positive).
Hedge accounting is used for majority of interest rate derivatives which Fortum is using to
manage loan portfolio. Mainly fair value hedge accounting is applied and thus changes in
interest rates could have only minor impact in consolidated income statement or hedging
reserve as the offsetting fair value of bonds is also recognised to consolidated income
statement. The impact of +1%/ -1% interest rate change from interest rate derivatives was EUR
+7 / -7 million to equity (2023: +9 / -10) and there was no significant impact to consolidated
income statement.
The average interest rate for the total loan portfolio, including derivatives in finance costs, was
3.8% at the balance sheet date (2023: 4.3%). The average interest rate of EUR loans was 3.6%
(2023: 4.0%). The average interest rate for the liquid funds was 3.0% at the balance sheet date
(2023: 3.9%).
There has been ongoing reform of certain floating interest benchmark rates to alternative risk
free rates (ARR) due to the IBOR (Interbank Offered Rates) transition. Fortum Group has interest
rate derivatives in EUR and SEK and sees that the IBOR transition will not have significant
impact on the value and effectiveness of these derivatives.
4.3.2 Currency risk
Fortum\u2019s policy is to hedge major transaction exposures on a local level in the reporting
currency of each legal entity in order to avoid exchange differences in the consolidated income
statement. An exception is Generation segment\u2019s hedging of power sales in Sweden where the
currency component is not hedged. Derivatives are used to hedge existing foreign exchange
risks, not for proprietary trading.
Treasury transaction exposure
2024
2023
EUR million
Net
Position
\u00a0\u00a0Hedge
Open
Net
Position
Hedge
Open
SEK
4,285
-4,283
1
4,877
-4,879
-2
PLN
511
-511
-1
543
-541
1
NOK
447
-448
0
522
-521
1
USD
-96
96
-1
-83
83
0
Other
56
-55
1
1
6
6
Total
5,202
-5,201
1
5,859
-5,853
6
Fortum has cash flows, assets and liabilities in currencies other than EUR and is therefore
exposed to fluctuations in exchange rates. Currency exposures are divided into transaction
exposures (foreign exchange exposures relating to contracted or estimated cash flows and
balance sheet items where changes in exchange rates will have an impact on earnings and cash
flows) and translation exposure (foreign exchange exposure that arises when profits and
balance sheets in foreign entities are consolidated).
Transaction exposures arise mainly from physical and financial trading of commodities, existing
and new investments, external and internal financing and shareholder loans. Contracted cash
flow exposures are hedged to reduce volatility in future cash flows. These hedges normally
consist of currency derivative contracts, which are matched against the underlying future cash
flow according to maturity. Fortum has currency cash flow hedges both with and without hedge
accounting treatment under IFRS. Those currency cash flow hedges for which hedge accounting
is not applied are mainly hedging commodity derivatives and create volatility in operating profit.
There was no significant ineffectiveness arising from cash flow hedges in 2024.
As of 31 December 2024, had EUR been 5% weaker/stronger on closing date, then the impact
from loans, receivables and derivatives to consolidated income statement would have been EUR
-19/+19 million (2023: -17/+17) and group's equity EUR -3/+3 million (2023:\u00a0-3/+3). Income
statement sensitivity resulted from cash flows in SEK and NOK, and equity sensitivity from cash
flows in PLN, SEK and USD.
Translation exposure position includes net investments in foreign subsidiaries and associated
companies. Translation exposures in Fortum are generally not hedged as the majority of these
assets are considered to be long-term strategic holdings. In Fortum, this means mainly entities
operating in Sweden, Norway and Poland, whose base currency is not euro.
Exchange differences arising from the translation of the net investment in foreign entities are
taken to equity. The net effect of exchange differences on equity attributable to equity holders
mainly from SEK, NOK and PLN was EUR -1,010 million (2023: -1,026). For total translation
differences see Consolidated statement of changes in total equity.
Interest rate and currency derivatives by instrument 2024
Notional amount
Fair value
Remaining lifetimes
EUR million
Under
1\u00a0year
1\u20135
years
Over
5\u00a0years
Total
Posi-
tive
Nega-
tive
Net
Hedge accounting
Foreign exchange derivatives
172
124
0
296
6
12
-6
Interest rate swaps
0
2,425
450
2,875
95
54
40
Cross currency swaps
0
116
0
116
3
1
2
Non-hedge accounting
Foreign exchange derivatives
5,430
251
0
5,682
28
22
6
Interest rate swaps
0
13
0
13
0
0
0
Cross currency swaps
24
0
0
24
2
0
2
Total
5,625
2,930
450
9,005
134
89
45
Of which long-term
105
56
48
Short-term
30
32
-3
Interest rate and currency derivatives by instrument 2023
Notional amount
Fair value
Remaining lifetimes
EUR million
Under
1\u00a0year
1\u20135
years
Over 5
years
Total
Posi-
tive
Nega-
tive
Net
Hedge accounting
Foreign exchange derivatives
168
124
0
292
3
15
-12
Interest rate swaps
100
1,300
1,575
2,975
114
83
31
Cross currency swaps
47
73
0
120
3
0
2
Non-hedge accounting
Foreign exchange derivatives
5,689
151
0
5,840
8
234
-226
Interest rate swaps
0
14
0
14
1
0
1
Cross currency swaps
0
24
0
24
1
0
1
Total
6,004
1,686
1,575
9,265
129
333
-204
Of which long-term
115
95
21
Short-term
14
238
-224
4.4 Credit risk
Fortum is exposed to counterparty risk whenever there is a contractual arrangement with an
external counterparty.
Credit risk exposures relating to financial derivative instruments are often volatile and include
both the replacement risk and the settlement risk. Exchange-traded derivatives are cleared
through central clearing parties (CCPs) or through clearing banks while over-the-counter (OTC)
derivative contracts are concluded directly with a number of different counterparties, including
energy wholesalers and retailers, utilities, trading companies, energy companies, industrial end-
users and financial institutions active in the financial and energy markets. Due to Fortum\u2019s net
short position in Nordic power hedges credit exposure tends to increase with the value of
hedges if Nordic power prices decrease. Currency and interest rate derivative counterparties
are limited to investment grade banks and financial institutions. International Swaps and
Derivatives Association (ISDA) Master agreements, which include netting clauses and in some
cases Credit Support Annex agreements, are in place with most of these counterparties. The
majority of commodity derivative counterparties have investment-grade or comparable ratings.
Master agreements, such as those published by ISDA and European Federation of Energy
Traders (EFET), which include netting clauses, are in place with the majority of the
counterparties.
Due to the financing needs and management of liquidity, Fortum has counterparty credit
exposure towards a number of banks and financial institutions in the form of deposits and
towards corporate issuers of commercial papers, mainly in the Nordic market. The majority of
the exposure is towards Fortum\u2019s key relationship banks, which are highly creditworthy
institutions. Investments in commercial papers were all with investment grade issuers at 31
December 2024.
Credit risk relating to customers, suppliers and trading partners is spread across a wide range of
industrial counterparties, energy companies, government and municipal entities, utilities, small
businesses, housing associations and private individuals over a range of geographic regions. The
majority of exposure is in the form of derivative fair values and trade receivables from the sale of
electricity, gas and heat in the Nordic and Polish market.
4.4.1 Credit quality of major financial assets
Fortum recognises loss allowance for expected credit losses (ECL) on financial assets classified
to amortised cost category at each reporting date. The impairment model is applied to financial
assets such as trade receivables, deposits, commercial papers, and loan and other interest-
bearing receivables. See Note 24 Trade and other receivables for details on expected credit
losses recognised for trade receivables.
Expected credit loss is calculated on an individual counterparty basis for deposits, commercial
papers and loan and other interest-bearing receivables. No impairment loss is recognised on
cash in bank accounts since expected credit loss is immaterial due to low risk of default. The risk
of default is evaluated at each reporting date based on credit ratings to determine if credit risk
has increased significantly. The value of collateral and other measures taken to reduce credit
risk (e.g. credit default insurance) is included in the calculation of expected credit losses in the
\u201closs given default\u201d ratio.
A financial asset with an investment-grade rating is assumed to have low credit risk. A change of
credit rating from investment to non-investment grade constitutes a significant increase in
credit risk. If the credit risk on the financial asset has not increased significantly since the initial
recognition, loss allowance equals to 12 month ECL. If the credit risk on the financial asset has
increased significantly since initial recognition, loss allowance equals to the lifetime expected
credit losses.
The loss allowance for interest-bearing receivables totalled EUR 27 million on 31 December 2024
(2023: 1). Amounts for interest-bearing receivables including bank deposits and derivative
financial instruments recognised as assets are presented in the following table.
For derivative financial instruments the counterparty credit risk has been taken into account
when determining fair value. The impact of credit risk is measured on a counterparty basis
through credit value adjustment (CVA) method applying similar inputs and assumptions to which
are used in the measurement of ECL. See also Note 16 Financial assets and liabilities by fair value
hierarchy for basis of fair value estimations.
All counterparties for currency and interest rate derivatives and the majority of counterparties
for bank deposits have an external rating from S&P Global Ratings, Fitch and/or Moody\u2019s credit
agencies. For counterparties rated by more than one rating agency, the lowest rating is used to
determine if it is investment grade.
In the commodity derivatives and commercial paper market, there are a number of
counterparties not rated by S&P Global Ratings, Fitch or Moody\u2019s. For these counterparties,
Fortum assigns an internal rating. The internal rating categories that are considered to be
comparable to investment grade have similar financial metrics or display historical default rates
which correspond to investment grade companies rated by S&P Global Ratings, Fitch or
Moody\u2019s.
Credit quality of major financial assets
2024
2023
EUR million
Carrying
amount
of\u00a0which
past\u00a0due
Carrying
amount
of\u00a0which
past\u00a0due
Receivables with investment grade or comparable
rating
Deposits, commercial papers and cash in bank
accounts
4,089
0
4,122
0
Fair values of interest rate and currency
derivatives
134
0
129
0
Fair values of commodity derivatives on
exchanges
84
0
135
0
Fair values of OTC commodity derivatives
394
0
301
0
Total receivables with investment grade or
comparable rating
4,701
0
4,688
0
Receivables with non-investment grade or
comparable rating
Fair values of OTC commodity derivatives
33
0
39
0
Loan and other interest bearing receivables
1
0
0
0
Total receivables with non-investment grade or
comparable rating
34
0
39
0
Other receivables 1)
Loan receivables from associates and joint
ventures
431
0
644
0
Restricted cash
7
0
13
0
Cash in other bank accounts
47
0
62
0
Total other receivables
485
0
719
0
Total
5,220
0
5,446
0
1) Other receivables include financial assets which have not been divided to investment-grade and non-investment grade or
comparable ratings.
4.4.2 Financial instruments subject to master netting agreements
The following tables present the recognised financial instruments that are offset, or subject to
enforceable master netting arrangements and other similar agreements but not offset. The
column 'net amount' shows the impact on the Group's balance sheet if all netting rights were
exercised.
Netting agreements for financial assets and liabilities 2024
EUR million
Gross
amount
Gross
amount
netted on
the
balance
sheet 1)
Net
amounts
presented
on the
balance
sheet
Conditional
netting
amount
(netting
agreements)
Financial
collateral
received /
pledged
Net
amount
Financial assets
Interest-rate and currency
derivatives
134
0
134
57
69
8
Commodity derivatives
842
331
511
233
4
274
Trade receivables
812
0
812
812
Total
1,788
331
1,457
290
73
1,094
Financial liabilities
Interest-rate and currency
derivatives
89
0
89
57
9
22
Commodity derivatives
796
331
465
233
232
Trade payables
361
0
361
361
Total
1,246
331
915
290
9
616
1)Receivables and liabilities from electricity and other commodity exchanges arising against standard derivative contracts
with same delivery period are netted.
Netting agreements for financial assets and liabilities 2023
EUR million
Gross
amount
Gross
amount
netted on
the
balance
sheet 1)
Net
amounts
presented
on the
balance
sheet
Conditional
netting
amount
(netting
agreements)
Financial
collateral
received /
pledged
Net
amount
Financial assets
Interest-rate and currency
derivatives
129
0
129
80
42
7
Commodity derivatives
990
514
476
343
4
129
Trade receivables
1,120
0
1,120
1,120
Total
2,238
514
1,725
423
46
1,255
Financial liabilities
Interest-rate and currency
derivatives
333
0
333
80
176
76
Commodity derivatives
1,454
514
940
343
597
Trade payables
488
0
488
488
Total
2,274
514
1,760
423
176
1,161
1)Receivables and liabilities from electricity and other commodity exchanges arising against standard derivative contracts
with same delivery period are netted.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-563": { "value": "
4.1 Commodity market and fuel risks
Fortum\u2019s business is exposed to fluctuations in prices and availability of commodities used in the
production, transmission and sales of energy products. The main exposure is toward electricity
prices and volumes, prices of emissions, and price and availability of fuels. Fortum hedges its
exposure to commodity market risks in order to improve the predictability of the future result by
reducing volatility in earnings while ensuring cash flow risk is at an acceptable level.
Risk management for commodity hedging activities is based on general standards in the
industry and involves the segregation of duties, as well as daily calculation, monitoring and
reporting of results, positions and risks. Controls are in place to ensure exposures are kept
within approved limits and mandates. Hedging involves the use of derivative financial
instruments, as well as fixed-price physical delivery contracts.
4.1.1 Electricity price and volume risk
The exposure to Nordic electricity prices and normal volume fluctuations (e.g. due to weather-
driven demand and supply changes) is the largest commodity market risk exposure for Fortum in
terms of impact to earnings. The exposure arising from outright power production (hydro,
nuclear, and wind production assets) is hedged by entering into electricity derivatives contracts
on exchanges such as Nasdaq Commodities or the European Energy Exchange, as well as
directly with counterparties active in the energy and financial markets. The main objective of
hedging is to reduce the effect of electricity price volatility in earnings while ensuring the cash
flow risk is at an acceptable level, and to increase the predictability of future results. The
Generation segment\u2019s hedging strategies cover several years in the short-, medium-, and long-
term. These hedging strategies are executed within approved mandates and are continuously
evaluated as electricity and other commodity market prices, the hydrological balance and other
relevant parameters change.\u00a0
The Generation segment\u2019s hedging for power sales is performed in EUR on a Nordic level
covering both Finland and Sweden. The currency component of these hedges in the Swedish
entity is currently not hedged. Generation segment\u2019s sensitivity to the Nordic electricity market
price is dependent on the hedge level for a given time period. As per 31 December 2024,
approximately 75% of the Generation segment's estimated Nordic power sales volume was
hedged for the calendar year 2025 with a price of 42 EUR/MWh and approximately 45% for the
calendar year 2026 with a price of 41 EUR/MWh.
4.1.2 Commodity derivatives
The table below discloses Fortum Group's commodity derivatives for which hedge accounting
according to IFRS 9 is applied. The fair values represent the values disclosed on the balance
sheet. See also Note\u00a015 Financial assets and liabilities by categories for accounting principles
and Note 16 Financial assets and liabilities by fair value hierarchy for basis of fair value
estimations.
Commodity derivatives subject to hedge accounting 2024
Volume, TWh
Fair value, EUR million
Under
1\u00a0year
1\u20135
years
Over
5\u00a0years
Total
Positive
Negative
Net
Electricity derivatives
20
21
2
43
445
344
101
Gas derivatives
3
1
0
4
26
7
18
Netting against commodity
exchanges 1)
-128
-128
0
Total
343
224
120
1) Receivables and liabilities against commodity exchanges arising from standard derivative contracts with same delivery
period are netted.
Commodity derivatives subject to hedge accounting 2023
Volume, TWh
Fair value, EUR million
Under
1 year
1\u20135
years
Over 5
years
Total
Positive
Negative
Net
Electricity derivatives
23
18
1
42
439
869
-430
Gas derivatives
3
1
0
4
24
117
-94
Netting against commodity
exchanges 1)
-153
-153
0
Total
309
833
-524
1) Receivables and liabilities against commodity exchanges arising from standard derivative contracts with same delivery
period are netted.
4.1.3 Sensitivity arising from electricity derivatives
The table below presents how a 1 EUR/MWh change in the electricity forward and futures
quotations for the period Fortum has derivatives would impact Fortum\u2019s profit before income
tax and equity. Hedge accounting is applied to most of the hedging strategies using financial
commodity derivatives, with impact of the market price changes of derivatives recognised in
equity.
Impacts are calculated based on the electricity position as of 31 December. Positions are actively
managed in the day-to-day business operations and therefore the sensitivities vary from time to
time. Sensitivity analysis includes only the market risks arising from derivatives i.e. the
underlying physical electricity sales and purchases are not included.
Sensitivity is calculated with the assumption that electricity forward and futures quotations
would change 1 EUR/MWh for the period Fortum has derivatives. Different price change
assumptions can be used to assess the impact on sensitivity analysis analogously, relative to 1
EUR/MWh change presented in the table below.
Sensitivity analysis
+/- 1 EUR/MWh change in electricity forward and futures
quotations, EUR million
Effect
2024
2023
Effect on profit before income tax
-/+
5
1
Effect on equity
-/+
43
42
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-564": { "value": "
4.2 Liquidity and refinancing risk
Fortum's business is exposed to liquidity and refinancing risks primarily through the need to
finance the Group\u2019s business operations including margining and collaterals issued for hedging
activities. Trading derivative financial instruments exposes the Group to a liquidity risk
associated with having to provide financial collaterals like cash or bank guarantees. A
downgrade in Fortum\u2019s rating, especially to below investment grade, could trigger
counterparties\u2019 right to demand additional collateral, which would need to be provided via cash
or bank guarantees.
The derivative instruments used by the Group are traded via exchanges and over-the-counter
with selected counterparties based on bilateral agreements. Trading through exchanges
requires the exchange of cash (margining payments) with a clearing house or clearing bank to
cover market risk in the case of a member default and the subsequent close-out of its portfolio.
Under credit support annex agreements some foreign exchange- and interest rate hedges are
collateralized and mark to market changes are impacting liquidity immediately. For non-
collateralized foreign exchange deals the cash flow impact is realized when deals are maturing
and rolled, typically during next 12-month period. Trading over-the-counter also exposes the
Group to liquidity risk in case of a counterparty default. A default could trigger a termination
payment in cases where the net market value of the bilateral contracts is positive for the
counterparty. Margin receivables from commodity hedging and foreign exchange and interest
rate derivatives under Credit Support Annex agreements at balance sheet date were EUR 205
million (2023: 590) and margin liabilities EUR 93 million (2023: 131).
The exposure to margining requirements, termination payments, working capital needs and
contingent collateral outflows is continuously assessed and monitored so that adequate liquidity
is available to cover expected future cash collateral required for margining. There are strict
limits in place which ensure that there are sufficient liquid funds and credit lines available to
cover margining requirements and termination payments also in extreme market scenarios.
Liquidity and refinancing risks are managed through a combination of cash positions and
committed credit and other guarantee facility agreements with the core banks. The maturity
profile of loans is monitored to ensure that there is at all times access to adequate liquidity for
investments, loan maturities and margining required for commodity trading and hedging
activities. Stable maturity profile and interest rate risk profile are reducing the refinancing risk
both in terms of availability and average price of loan portfolio.
Fortum\u2019s business is capital intensive and it has a diversified loan portfolio. Long-term financing
is primarily raised by issuing bonds under Fortum Corporation\u2019s Euro Medium Term Note
programme (EMTN), as well as through bilateral and syndicated loan facilities from a variety of
different financial institutions.
In Fortum, financing is primarily raised on parent company level and funds are distributed
internally through various internal financing arrangements.\u00a0
On 31 December 2024, 90% (2023: 90%) of the Group\u2019s total external loans was raised by the
parent company Fortum Corporation, and remaining 10% by other subsidiaries (2023: 10%).
At the end of 2024, financial net debt was EUR 367 million (2023: 942).\u00a0
On 31 December 2024, loan maturities for the coming twelve-month period amounted to
EUR\u00a0476 million (2023: 1,316) which include EUR 17 million loans from financial institutions and
EUR 105 million commercial paper debt. Maturities in 2025 also include EUR 350 million loans
with no contractual due date.
At the end of the reporting period, the Group\u2019s liquid funds totalled EUR 4,136 million (2023:
4,183).
Maturity of loans
EUR million
2024
2025
476
2026
757
2027
15
2028
522
2029
1,056
2030 and later
1,907
Total
4,733
For more information on loans, see\u00a0Note 27 Interest-bearing liabilities.
Liquid funds, major credit lines and debt programmes 2024
EUR million
Liquid funds
4,136
Committed credit lines
Total facility
Available
amount
Drawn
amount
Fortum Corporation, EUR 2,400 million syndicated credit facility
2,400
2,400
0
Fortum Corporation, EUR 800 million bilateral credit facility
800
800
0
Fortum Corporation, EUR 800 million bilateral credit facility
800
800
0
Fortum Corporation, bilateral overdraft facilities
100
100
0
Total 1)
4,100
4,100
0
1)Additionally, Fortum has uncommitted commercial paper programmes in Finland and Sweden, uncommitted margin
facilities and uncommitted EMTN programme. From the commercial paper programmes EUR 105 million, from the margin
facilities EUR 282 million and from the EMTN programme EUR 2,755 million bonds were outstanding at the end of the
reporting period.
Liquid funds, major credit lines and debt programmes 2023
EUR million
Liquid funds
4,183
Committed credit lines
Total facility
Available
amount
Drawn
amount
Fortum Corporation, EUR 2,400 million syndicated credit facility
2,400
2,400
0
Fortum Corporation, EUR 800 million bilateral credit facility
800
800
0
Fortum Corporation, bilateral overdraft facilities
100
100
0
Total 1)
3,300
3,300
0
1)Additionally, Fortum has uncommitted commercial paper programmes in Finland and Sweden, uncommitted margin
facility and uncommitted EMTN programme. From the commercial paper programmes EUR 174 million, from the margin
facility EUR 376 million and from the EMTN programme EUR 2,750 million bonds were outstanding at the end of the
reporting period.
Maturity analysis of financial liabilities and derivatives
Interest-bearing loans and lease liabilities are the contractual undiscounted cash flows including
principal and interest payments. Trade payables equal the carrying amount as these are due
within 12 months. For gross settled derivatives, the contractual nominal amounts are presented
below and for net settled interest rate swaps the net cash outflows are presented in the same
table.
2024
2023
EUR million
Under
1\u00a0year
1\u20135
years
Over
5\u00a0years
Total
Under
1\u00a0year
1\u20135
years
Over
5\u00a0years
Total
Non-derivatives
Interest-bearing loans, principal and
interest payments
627
2,815
2,300
5,741
1,149
2,676
3,149
6,974
Lease liabilities
18
45
49
112
21
55
56
131
Trade payables
361
361
488
0
0
488
Total non-derivatives
1,006
2,860
2,349
6,214
1,657
2,731
3,205
7,593
Derivatives
Foreign exchange derivatives and cross
currency swaps
Cash inflow (-)
-5,632
-499
0
-6,131
-5,910
-376
0
-6,286
Cash outflow
5,636
492
0
6,128
6,142
387
0
6,529
Interest rate swap liabilities (net
settled)
27
29
0
56
36
51
0
87
Commodity derivatives
Cash inflow (-)
-1,096
-425
-25
-1,546
-1,819
-395
-12
-2,226
Cash outflow
2,021
486
20
2,526
3,392
606
15
4,013
Total derivatives
956
83
-6
1,034
1,842
273
2
2,117
Commodity derivatives traded through exchanges require financial collaterals (like cash or
securities). Fortum has collateral arrangements towards Power Exchanges to cover initial margin
payments of commodity derivatives. Margin receivables are cash/securities posted to exchange
to cover clearing house\u2019s market risk (initial margin) against a default of a member and negative
mark to market values of futures settled through the exchange between counterparties
(variation margin) reducing the counterparty risk versus bilateral trades. These cash collaterals
are constantly fluctuating according to commodity market movements, i.e. if the prices will
increase/decrease, the negative/positive fair value of the commodity derivatives traded through
exchanges need to be covered immediately by posting/receiving cash collateral. Margin
receivables (cash paid) from hedging activities at balance sheet date were EUR 205 million
(2023: 590) and margin liabilities (cash received) EUR 93 million (2023: 131).
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-565": { "value": "
Exchange differences arising from the translation of the net investment in foreign entities are
taken to equity. The net effect of exchange differences on equity attributable to equity holders
mainly from SEK, NOK and PLN was EUR -1,010 million (2023: -1,026). For total translation
differences see Consolidated statement of changes in total equity.", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-566": { "value": "
4.4 Credit risk
Fortum is exposed to counterparty risk whenever there is a contractual arrangement with an
external counterparty.
Credit risk exposures relating to financial derivative instruments are often volatile and include
both the replacement risk and the settlement risk. Exchange-traded derivatives are cleared
through central clearing parties (CCPs) or through clearing banks while over-the-counter (OTC)
derivative contracts are concluded directly with a number of different counterparties, including
energy wholesalers and retailers, utilities, trading companies, energy companies, industrial end-
users and financial institutions active in the financial and energy markets. Due to Fortum\u2019s net
short position in Nordic power hedges credit exposure tends to increase with the value of
hedges if Nordic power prices decrease. Currency and interest rate derivative counterparties
are limited to investment grade banks and financial institutions. International Swaps and
Derivatives Association (ISDA) Master agreements, which include netting clauses and in some
cases Credit Support Annex agreements, are in place with most of these counterparties. The
majority of commodity derivative counterparties have investment-grade or comparable ratings.
Master agreements, such as those published by ISDA and European Federation of Energy
Traders (EFET), which include netting clauses, are in place with the majority of the
counterparties.
Due to the financing needs and management of liquidity, Fortum has counterparty credit
exposure towards a number of banks and financial institutions in the form of deposits and
towards corporate issuers of commercial papers, mainly in the Nordic market. The majority of
the exposure is towards Fortum\u2019s key relationship banks, which are highly creditworthy
institutions. Investments in commercial papers were all with investment grade issuers at 31
December 2024.
Credit risk relating to customers, suppliers and trading partners is spread across a wide range of
industrial counterparties, energy companies, government and municipal entities, utilities, small
businesses, housing associations and private individuals over a range of geographic regions. The
majority of exposure is in the form of derivative fair values and trade receivables from the sale of
electricity, gas and heat in the Nordic and Polish market.
4.4.1 Credit quality of major financial assets
Fortum recognises loss allowance for expected credit losses (ECL) on financial assets classified
to amortised cost category at each reporting date. The impairment model is applied to financial
assets such as trade receivables, deposits, commercial papers, and loan and other interest-
bearing receivables. See Note 24 Trade and other receivables for details on expected credit
losses recognised for trade receivables.
Expected credit loss is calculated on an individual counterparty basis for deposits, commercial
papers and loan and other interest-bearing receivables. No impairment loss is recognised on
cash in bank accounts since expected credit loss is immaterial due to low risk of default. The risk
of default is evaluated at each reporting date based on credit ratings to determine if credit risk
has increased significantly. The value of collateral and other measures taken to reduce credit
risk (e.g. credit default insurance) is included in the calculation of expected credit losses in the
\u201closs given default\u201d ratio.
A financial asset with an investment-grade rating is assumed to have low credit risk. A change of
credit rating from investment to non-investment grade constitutes a significant increase in
credit risk. If the credit risk on the financial asset has not increased significantly since the initial
recognition, loss allowance equals to 12 month ECL. If the credit risk on the financial asset has
increased significantly since initial recognition, loss allowance equals to the lifetime expected
credit losses.
The loss allowance for interest-bearing receivables totalled EUR 27 million on 31 December 2024
(2023: 1). Amounts for interest-bearing receivables including bank deposits and derivative
financial instruments recognised as assets are presented in the following table.
For derivative financial instruments the counterparty credit risk has been taken into account
when determining fair value. The impact of credit risk is measured on a counterparty basis
through credit value adjustment (CVA) method applying similar inputs and assumptions to which
are used in the measurement of ECL. See also Note 16 Financial assets and liabilities by fair value
hierarchy for basis of fair value estimations.
All counterparties for currency and interest rate derivatives and the majority of counterparties
for bank deposits have an external rating from S&P Global Ratings, Fitch and/or Moody\u2019s credit
agencies. For counterparties rated by more than one rating agency, the lowest rating is used to
determine if it is investment grade.
In the commodity derivatives and commercial paper market, there are a number of
counterparties not rated by S&P Global Ratings, Fitch or Moody\u2019s. For these counterparties,
Fortum assigns an internal rating. The internal rating categories that are considered to be
comparable to investment grade have similar financial metrics or display historical default rates
which correspond to investment grade companies rated by S&P Global Ratings, Fitch or
Moody\u2019s.
Credit quality of major financial assets
2024
2023
EUR million
Carrying
amount
of\u00a0which
past\u00a0due
Carrying
amount
of\u00a0which
past\u00a0due
Receivables with investment grade or comparable
rating
Deposits, commercial papers and cash in bank
accounts
4,089
0
4,122
0
Fair values of interest rate and currency
derivatives
134
0
129
0
Fair values of commodity derivatives on
exchanges
84
0
135
0
Fair values of OTC commodity derivatives
394
0
301
0
Total receivables with investment grade or
comparable rating
4,701
0
4,688
0
Receivables with non-investment grade or
comparable rating
Fair values of OTC commodity derivatives
33
0
39
0
Loan and other interest bearing receivables
1
0
0
0
Total receivables with non-investment grade or
comparable rating
34
0
39
0
Other receivables 1)
Loan receivables from associates and joint
ventures
431
0
644
0
Restricted cash
7
0
13
0
Cash in other bank accounts
47
0
62
0
Total other receivables
485
0
719
0
Total
5,220
0
5,446
0
1) Other receivables include financial assets which have not been divided to investment-grade and non-investment grade or
comparable ratings.
4.4.2 Financial instruments subject to master netting agreements
The following tables present the recognised financial instruments that are offset, or subject to
enforceable master netting arrangements and other similar agreements but not offset. The
column 'net amount' shows the impact on the Group's balance sheet if all netting rights were
exercised.
Netting agreements for financial assets and liabilities 2024
EUR million
Gross
amount
Gross
amount
netted on
the
balance
sheet 1)
Net
amounts
presented
on the
balance
sheet
Conditional
netting
amount
(netting
agreements)
Financial
collateral
received /
pledged
Net
amount
Financial assets
Interest-rate and currency
derivatives
134
0
134
57
69
8
Commodity derivatives
842
331
511
233
4
274
Trade receivables
812
0
812
812
Total
1,788
331
1,457
290
73
1,094
Financial liabilities
Interest-rate and currency
derivatives
89
0
89
57
9
22
Commodity derivatives
796
331
465
233
232
Trade payables
361
0
361
361
Total
1,246
331
915
290
9
616
1)Receivables and liabilities from electricity and other commodity exchanges arising against standard derivative contracts
with same delivery period are netted.
Netting agreements for financial assets and liabilities 2023
EUR million
Gross
amount
Gross
amount
netted on
the
balance
sheet 1)
Net
amounts
presented
on the
balance
sheet
Conditional
netting
amount
(netting
agreements)
Financial
collateral
received /
pledged
Net
amount
Financial assets
Interest-rate and currency
derivatives
129
0
129
80
42
7
Commodity derivatives
990
514
476
343
4
129
Trade receivables
1,120
0
1,120
1,120
Total
2,238
514
1,725
423
46
1,255
Financial liabilities
Interest-rate and currency
derivatives
333
0
333
80
176
76
Commodity derivatives
1,454
514
940
343
597
Trade payables
488
0
488
488
Total
2,274
514
1,760
423
176
1,161
1)Receivables and liabilities from electricity and other commodity exchanges arising against standard derivative contracts
with same delivery period are netted.
Trade receivables
Ageing analysis of trade receivables
2024
2023
EUR million
Gross
Expected
credit
loss
allowance
Expected
credit
loss rate,
%
Gross
Expected
credit
loss
allowance
Expected
credit
loss rate,
%
Not past due
776
7
1
1,066
12
1
Past due 1\u201330 days
34
2
6
56
2
4
Past due 31\u201390 days
4
1
25
6
2
33
Past due 91\u2013180 days
2
1
76
3
3
100
Past due more than 181 days
44
36
83
33
25
76
Total
859
48
6
1,164
44
4
Changes in expected credit loss allowance
EUR million
2024
2023
1 January
44
78
Expected credit loss allowance recognised during the year
5
14
Deconsolidation of subsidiary companies
0
-38
Write-offs
-2
-2
Translation differences and other changes
0
-7
31 December
48
44
Trade receivables by currency (Gross)
EUR million
2024
2023
EUR
272
401
PLN
288
278
SEK
179
257
NOK
120
215
Other
0
13
Total
859
1,164
Trade receivables are arising from a large number of customers mainly in EUR, PLN, SEK and
NOK mitigating the concentration of risk.
For further information regarding credit risk management and credit risks, see Counterparty and
credit risks in the Operating and financial review and Note\u00a04.4 Credit risk.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-567": { "value": "
5 Capital risk management
At the beginning of February 2024, the Fortum Board of Directors resolved on clarifications to
Fortum\u2019s strategy.
Fortum\u2019s long-term financial targets are:
\u2022 To ensure a credit rating of at least BBB, Financial net debt-to-Comparable EBITDA can be a
maximum of 2.0\u20132.5 times.
\u2022 For the period of 2025\u20132027, Fortum\u2019s capital expenditure is expected to be approximately
EUR 1.4 billion (excluding acquisition) of which annual growth capital expenditure is expected
to be EUR 150\u2013300 million and annual maintenance capital expenditure EUR 250 million.
\u2022 To ensure required returns for any potential new investments, Fortum continues to be
selective and applies earlier set investment criteria; project based WACC + 150\u2013400
investment hurdles depending on technology or investment project, as well as environmental
targets.
\u2022 Fortum\u2019s dividend policy - a payout ratio of 60\u201390% of comparable EPS. The payout ratio will
be used so that the upper end of the range of the pay-out ratio is applied in situations with a
strong balance sheet and low investments, while the lower end of the range would be applied
with high leverage and/or significant investments and high capital expenditure.
On 2 November 2023, Fortum initiated an efficiency programme targeting to reduce annual fixed
costs by EUR 100 million gradually until the end of 2025.
Comparable EBITDA is defined as an alternative performance measure and used as a component
in the capital structure target \u2019Financial net debt-to-Comparable EBITDA\u2019.
On 25 March 2024, S&P Global Ratings (S&P) upgraded Fortum\u2019s current long-term credit rating
to BBB+ with Stable Outlook. The previous rating was BBB with Stable Outlook.
On 18 March 2024, Fitch Ratings (Fitch) affirmed Fortum\u2019s current long-term credit rating at BBB
with stable outlook.
Financial net debt/comparable EBITDA ratio
EUR million
Note
2024
2023
+ Interest-bearing liabilities
4,828
5,909
- Liquid funds
4,136
4,183
- Collateral arrangement
213
325
- Margin receivables
205
590
+ Margin liabilities
93
131
+/- Net margin liabilities/receivables
-111
-459
Financial net debt
27
367
942
Operating profit
1,325
1,662
+ Depreciation and amortisation
379
359
EBITDA
1,704
2,021
- Items affecting comparability
-147
-118
Comparable EBITDA from continuing operations
1,556
1,903
Financial net debt/comparable EBITDA
0.2
0.5
See\u00a0Note 7 Comparable operating profit and comparable net profit for details on items affecting
comparability, and Note 27 Interest-bearing liabilities, including further details of the financing
and liquidity status and see Definitions\u00a0and\u00a0reconciliations\u00a0of\u00a0key\u00a0figures.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-568": { "value": "
6 Segment reporting
MATERIAL ACCOUNTING POLICIES
REVENUE RECOGNITION
Fortum's operations comprise the provision of electricity, heating and cooling, gas and waste
management services. Revenue streams can be divided into five groups: power sales to
wholesale markets, power sales to retail customers, heating sales, gas sales and waste
treatment sales.\u00a0
Revenue is recognised when goods are transferred or services are performed, i.e. when a
performance obligation is satisfied and control of the good or service underlying the particular
performance obligations is transferred to the customer. Revenue is shown at the price that
Fortum expects to be entitled to and it is presented net of rebates, discounts, value-added tax
and selective taxes, such as electricity tax. Revenues include effects from physically settled
contracts that were not entered into and do not continue to be held for the purpose of receipt
or delivery of the commodity in accordance with the Group's expected sale, purchase or usage
requirements and thus are within the scope of IFRS 9. see Note 7 Comparable operating profit
and comparable net profit. Accounting policies for the different revenue streams are described
below.
POWER SALES TO WHOLESALE MARKETS AND INDUSTRIAL CUSTOMERS
Physical power sales are recognised on delivery. Sales to wholesale markets are carried out at
a spot price and thus there are no variable elements. Fortum is also selling power to industrial
customers and municipalities through bilateral contracts (Power purchase agreements, PPA's).
These are typically fixed price physical power sales contracts with multi-year duration, which
can extend to over 10 years. There may also be fixed price sale of renewable energy
certificates incorporated into these contracts. Both of these sales are accounted for as
Fortum's ordinary sales and thus not within the scope of IFRS9. Contracts are entered into for
securing steady cash flow and reducing income statement volatility.\u00a0
Revenues are also generated from sale of renewable energy certificates. These include mostly
Guarantees of Origin certificates, which are received free of charge for renewable energy
production. Undelivered certificates are presented in inventories and revenue is recognized
when the certificate is transferred to the customer. See Note 23 Inventories.
POWER SALES TO RETAIL CUSTOMERS
Fortum\u2019s contracts with consumer and business customers cover power sales, while the
distribution service is delivered by the transmission company operating the local network.
There is only one performance obligation, which is to stand-ready to supply electricity to the
customer. The transaction price generally includes both a fixed monthly charge and a variable
fee based on the volume of power supplied. As Fortum\u2019s promise is to stand ready to deliver
electricity, the fixed and variable components are recognised based on the fees chargeable
from the customer. If automated meter reading is not available, power consumption between
the last meter reading and the end of the month is estimated.
HEAT SALES
In many areas the district heating service covers both the distribution and sale of heat. Fortum
is usually responsible for delivering the whole service, even when heat is being produced by a
third party, and is acting as a principal for heat sales as well. There is only one performance
obligation, which is to stand-ready to supply heat to the customer. The fees charged from the
customer generally comprise a fixed monthly charge and a variable fee based on the volume of
heat supplied. As Fortum\u2019s promise is to stand ready to deliver heat, the fixed and variable
components are recognised based on the fees chargeable from the customer. In Poland there
are also areas where Fortum operates only the heat production facilities while some third party
is responsible for the distribution of heat. In these areas the performance obligation is to
supply heat and revenue is recognised based on the volume of heat that Fortum is entitled to
charge from the customer.
GAS SALES
Revenues are generated from sales of gas to retail customers, which are recognised when
delivery takes place and control is transferred to the customer. Contracts generally contain
one performance obligation for which the entire transaction price is recognised.
Gas contracts can also include fixed price components that are recognised in line with the
customer\u2019s actual consumption profile, when the nature of the performance obligation is to
deliver gas instead of standing-ready to deliver gas.
WASTE TREATMENT SALES
Majority of revenue from waste management services arises from fees charged for receiving
waste from customers (i.e. gate fees). The fee is usually determined based on the volume of
waste received, there are no variable elements in pricing. Fortum is required to treat the waste
and this performance obligation is satisfied when treatment has been performed.
Transportation of the waste forms another performance obligation. Fees for waste treatment
and transportation services are separately agreed in the contract and correspond to the price
that would be charged for these services separately. Revenue for transportation service is
recognised when the service has been provided.
Waste treatment sales include also various types of soil and landfill site projects, which mostly
take place at customer sites. Fees charged are invoiced based on payment schedules agreed
with the customer. The customer obtains the benefit of the construction work simultaneously
when the construction work proceeds, and therefore project revenues are recognised over
time. Progress of the construction is best measured either through costs incurred, or the
completed area of the construction site.
NETTING AND INTER-SEGMENT TRANSACTIONS
Generation segment sells portion of its power production to Nord Pool and Consumer
Solutions segment buys its electricity from Nord Pool in Nordic. For these segments
eliminations of sales include eliminations of sales and purchases with Nord Pool that are
netted at Group level on an hourly basis and posted either as revenue or cost depending on if
Fortum is a net seller or net buyer during any particular hour.\u00a0
Intersegment sales, expenses and results for the different business segments are affected by
intragroup deliveries, which are eliminated on consolidation. Inter-segment transactions are
based on commercial terms.
6.1 Business and segment structure
Fortum discloses segment information in a manner consistent with internal reporting to
Fortum\u2019s Board of Directors and Fortum Leadership Team, led by the President and CEO. Fortum
segments are based on the type of business operation.
The business units are classified into the following reportable segments under IFRS:
\u2022 The Generation segment includes the Hydro Generation, Nuclear Generation, Corporate
Customers and Markets, and Renewables and Decarbonisation business units.
\u2022 The Consumer Solutions segment includes the Consumer Solutions business unit.
\u2022 The Other Operations segment includes the Circular Solutions business unit, Innovation and
Venturing activities, enabling functions and corporate management.
6.2 Definitions for segment information
Fortum\u2019s segment information discloses the financial measurements used in financial target
setting and forecasting, management\u2019s follow up of financial performance and allocation of
resources in the Group\u2019s performance management process. See Note 1.4 Measures for
performance.
Segment reporting is based on the same accounting policies as Fortum Group.
\"Description
6.3 Segment information
Consolidated income statement
Generation 1)
Consumer Solutions
Other Operations
Total Continuing Operations
EUR million
Note
2024
2023
2024
2023
2024
2023
2024
2023
Power sales
3,234
3,889
2,635
3,219
5
9
5,873
7,117
Heat sales
502
481
0
0
25
31
527
512
Gas sales
0
0
386
422
0
0
386
422
Waste treatment sales
11
7
0
0
212
226
223
234
Other sales
48
43
53
125
355
281
456
450
Sales
3,795
4,420
3,073
3,766
596
548
7,464
8,734
Internal eliminations
-307
-394
-5
-20
-157
-99
-469
-514
Netting of Nord Pool transactions 2)
-1,196
-1,510
External sales
3,488
4,026
3,068
3,745
439
449
5,800
6,711
Comparable EBITDA
1,421
1,874
161
108
-26
-80
1,556
1,903
Depreciation and amortisation
-204
-196
-85
-70
-90
-93
-379
-359
Comparable operating profit
1,218
1,679
76
38
-116
-173
1,178
1,544
Impairment charges and reversals
0
0
0
0
-17
0
-17
0
Capital gains and other related items
3
0
2
0
1
183
1
183
4
Changes in fair values of derivatives hedging future cash flow
-107
366
46
-254
0
0
-61
111
Other
-7
12
0
0
50
-9
43
3
Items affecting comparability
7
-115
380
46
-253
216
-8
147
118
Operating profit
1,103
2,058
122
-215
100
-181
1,325
1,662
Comparable share of profit of associates and joint ventures
7, 19
-26
7
0
0
-3
0
-30
7
Share of profit of associates and joint ventures
19
22
59
0
0
-3
0
19
59
1)Power sales, both internal and external, include effects from realised hedging contracts. Effect on sales can be negative or positive depending on the average contract price and the realised spot price. Power sales in Fortum contains realised result from
commodity derivatives, which have not had hedge accounting status under IFRS 9, but have been considered operatively as hedges. Power sales also include sale of renewable energy certificates EUR 149 million (2023: 97).
2)Sales and purchases with Nord Pool Spot are netted at Group level on an hourly basis and posted either as revenue or cost depending on whether Fortum is a net seller or net buyer during any particular hour.
Gross investments / divestments
Generation
Consumer Solutions
Other Operations
Total Continuing Operations
EUR million
Note
2024
2023
2024
2023
2024
2023
2024
2023
Gross investments in shares
3
0
5
0
22
33
26
33
53
Capital expenditure
17, 18
355
450
71
81
57
81
483
611
Gross divestments of shares
3
34
0
0
0
751
4
785
4
Segment assets and liabilities
Generation
Consumer Solutions
Other operations
Total
EUR million
Note
2024
2023
2024
2023
2024
2023
2024
2023
Non-interest-bearing assets
7,000
6,864
1,061
1,311
302
1,094
8,362
9,269
Participations in associates and joint ventures
19
1,189
1,000
1
0
71
59
1,260
1,059
Eliminations
-126
-105
Total segment assets
8,188
7,864
1,061
1,311
373
1,153
9,496
10,223
Interest-bearing receivables
22
714
1,033
Deferred tax assets
28
845
958
Other assets
2,116
2,342
Liquid funds
25
4,136
4,183
Total assets
17,307
18,739
Segment liabilities
581
601
337
472
151
313
1,068
1,387
Eliminations
-126
-105
Total segment liabilities
942
1,282
Deferred tax liabilities
28
386
428
Other liabilities
1,998
2,621
Total liabilities included in capital employed
3,325
4,331
Interest-bearing liabilities
27
4,828
5,909
Total equity
9,154
8,499
Total equity and liabilities
17,307
18,739
Comparable operating profit including comparable share of profit of associates and joint ventures and Comparable return on net assets
Generation
Consumer Solutions
EUR million
Note
2024
2023
2024
2023
Comparable operating profit
1,218
1,679
76
38
Comparable share of profit of associates and joint ventures
7, 19
-26
7
0
0
Comparable operating profit including comparable share of profit/loss of associates and joint ventures
1,191
1,686
76
38
Segment assets
8,188
7,864
1,061
1,311
Segment liabilities
581
601
337
472
Comparable net assets
7,608
7,263
725
838
Comparable net assets average 1)
7,425
6,959
683
847
Comparable return on net assets, %
16.0
24.2
11.2
4.5
1)Average net assets are calculated using the opening balance of the financial\u00a0year and each quarter\u2019s closing value.
Employees
Generation
Consumer Solutions
Other operations
Total Continuing Operations
2024
2023
2024
2023
2024
2023
2024
2023
Number of employees 31 December
2,053
1,758
1,118
1,281
1,295
2,186
4,466
5,225
Average number of employees
1,968
1,735
1,176
1,232
2,158
2,237
5,301
5,205
6.4 Group-wide disclosures
The Group\u2019s operating segments operate mainly in the Nordic countries and Poland. The
Group\u2019s domicile is Finland.
The table below presents sales by geographical area based on customer location. Capital
expenditure, assets and personnel are reported where assets and personnel are located.
Participations in associates and joint ventures are not presented by location since these
companies may have business in several geographical areas.
Due to the large number of customers and the variety of business activities, there is no
individual customer whose business volume is material to Fortum\u2019s total business volume.
Sales by geographical area based on customer location
EUR million
2024
2023
Nordics
4,084
4,957
Poland
1,473
1,437
Other
242
316
Total
5,800
6,711
Nordic power production is not presented by country since Nordic power production is mainly
sold through Nord Pool.\u00a0
Capital expenditure by country
EUR million
2024
2023
Finland
242
371
Sweden
144
137
Norway
17
19
Poland
61
67
Other
20
17
Total
483
611
Non-current assets by country
EUR million
2024
2023
Finland
2,929
3,280
Sweden
3,932
3,918
Norway
343
370
Poland
610
591
Other and eliminations
65
154
Total
7,880
8,314
Non-current assets include intangible assets, property, plant and equipment and right-of-use
assets as well as participations in associates and joint ventures.
Number of employees on 31 December\u00a0by country
2024
2023
Finland
2,189
2,682
Sweden
931
1,038
Norway
316
350
Poland
779
717
Other
251
438
Total
4,466
5,225
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-570": { "value": "
MATERIAL ACCOUNTING POLICIES
REVENUE RECOGNITION
Fortum's operations comprise the provision of electricity, heating and cooling, gas and waste
management services. Revenue streams can be divided into five groups: power sales to
wholesale markets, power sales to retail customers, heating sales, gas sales and waste
treatment sales.\u00a0
Revenue is recognised when goods are transferred or services are performed, i.e. when a
performance obligation is satisfied and control of the good or service underlying the particular
performance obligations is transferred to the customer. Revenue is shown at the price that
Fortum expects to be entitled to and it is presented net of rebates, discounts, value-added tax
and selective taxes, such as electricity tax. Revenues include effects from physically settled
contracts that were not entered into and do not continue to be held for the purpose of receipt
or delivery of the commodity in accordance with the Group's expected sale, purchase or usage
requirements and thus are within the scope of IFRS 9. see Note 7 Comparable operating profit
and comparable net profit. Accounting policies for the different revenue streams are described
below.
POWER SALES TO WHOLESALE MARKETS AND INDUSTRIAL CUSTOMERS
Physical power sales are recognised on delivery. Sales to wholesale markets are carried out at
a spot price and thus there are no variable elements. Fortum is also selling power to industrial
customers and municipalities through bilateral contracts (Power purchase agreements, PPA's).
These are typically fixed price physical power sales contracts with multi-year duration, which
can extend to over 10 years. There may also be fixed price sale of renewable energy
certificates incorporated into these contracts. Both of these sales are accounted for as
Fortum's ordinary sales and thus not within the scope of IFRS9. Contracts are entered into for
securing steady cash flow and reducing income statement volatility.\u00a0
Revenues are also generated from sale of renewable energy certificates. These include mostly
Guarantees of Origin certificates, which are received free of charge for renewable energy
production. Undelivered certificates are presented in inventories and revenue is recognized
when the certificate is transferred to the customer. See Note 23 Inventories.
POWER SALES TO RETAIL CUSTOMERS
Fortum\u2019s contracts with consumer and business customers cover power sales, while the
distribution service is delivered by the transmission company operating the local network.
There is only one performance obligation, which is to stand-ready to supply electricity to the
customer. The transaction price generally includes both a fixed monthly charge and a variable
fee based on the volume of power supplied. As Fortum\u2019s promise is to stand ready to deliver
electricity, the fixed and variable components are recognised based on the fees chargeable
from the customer. If automated meter reading is not available, power consumption between
the last meter reading and the end of the month is estimated.
HEAT SALES
In many areas the district heating service covers both the distribution and sale of heat. Fortum
is usually responsible for delivering the whole service, even when heat is being produced by a
third party, and is acting as a principal for heat sales as well. There is only one performance
obligation, which is to stand-ready to supply heat to the customer. The fees charged from the
customer generally comprise a fixed monthly charge and a variable fee based on the volume of
heat supplied. As Fortum\u2019s promise is to stand ready to deliver heat, the fixed and variable
components are recognised based on the fees chargeable from the customer. In Poland there
are also areas where Fortum operates only the heat production facilities while some third party
is responsible for the distribution of heat. In these areas the performance obligation is to
supply heat and revenue is recognised based on the volume of heat that Fortum is entitled to
charge from the customer.
GAS SALES
Revenues are generated from sales of gas to retail customers, which are recognised when
delivery takes place and control is transferred to the customer. Contracts generally contain
one performance obligation for which the entire transaction price is recognised.
Gas contracts can also include fixed price components that are recognised in line with the
customer\u2019s actual consumption profile, when the nature of the performance obligation is to
deliver gas instead of standing-ready to deliver gas.
WASTE TREATMENT SALES
Majority of revenue from waste management services arises from fees charged for receiving
waste from customers (i.e. gate fees). The fee is usually determined based on the volume of
waste received, there are no variable elements in pricing. Fortum is required to treat the waste
and this performance obligation is satisfied when treatment has been performed.
Transportation of the waste forms another performance obligation. Fees for waste treatment
and transportation services are separately agreed in the contract and correspond to the price
that would be charged for these services separately. Revenue for transportation service is
recognised when the service has been provided.
Waste treatment sales include also various types of soil and landfill site projects, which mostly
take place at customer sites. Fees charged are invoiced based on payment schedules agreed
with the customer. The customer obtains the benefit of the construction work simultaneously
when the construction work proceeds, and therefore project revenues are recognised over
time. Progress of the construction is best measured either through costs incurred, or the
completed area of the construction site.
NETTING AND INTER-SEGMENT TRANSACTIONS
Generation segment sells portion of its power production to Nord Pool and Consumer
Solutions segment buys its electricity from Nord Pool in Nordic. For these segments
eliminations of sales include eliminations of sales and purchases with Nord Pool that are
netted at Group level on an hourly basis and posted either as revenue or cost depending on if
Fortum is a net seller or net buyer during any particular hour.\u00a0
Intersegment sales, expenses and results for the different business segments are affected by
intragroup deliveries, which are eliminated on consolidation. Inter-segment transactions are
based on commercial terms.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-569": { "value": "
MATERIAL ACCOUNTING POLICIES
REVENUE RECOGNITION
Fortum's operations comprise the provision of electricity, heating and cooling, gas and waste
management services. Revenue streams can be divided into five groups: power sales to
wholesale markets, power sales to retail customers, heating sales, gas sales and waste
treatment sales.\u00a0
Revenue is recognised when goods are transferred or services are performed, i.e. when a
performance obligation is satisfied and control of the good or service underlying the particular
performance obligations is transferred to the customer. Revenue is shown at the price that
Fortum expects to be entitled to and it is presented net of rebates, discounts, value-added tax
and selective taxes, such as electricity tax. Revenues include effects from physically settled
contracts that were not entered into and do not continue to be held for the purpose of receipt
or delivery of the commodity in accordance with the Group's expected sale, purchase or usage
requirements and thus are within the scope of IFRS 9. see Note 7 Comparable operating profit
and comparable net profit. Accounting policies for the different revenue streams are described
below.
POWER SALES TO WHOLESALE MARKETS AND INDUSTRIAL CUSTOMERS
Physical power sales are recognised on delivery. Sales to wholesale markets are carried out at
a spot price and thus there are no variable elements. Fortum is also selling power to industrial
customers and municipalities through bilateral contracts (Power purchase agreements, PPA's).
These are typically fixed price physical power sales contracts with multi-year duration, which
can extend to over 10 years. There may also be fixed price sale of renewable energy
certificates incorporated into these contracts. Both of these sales are accounted for as
Fortum's ordinary sales and thus not within the scope of IFRS9. Contracts are entered into for
securing steady cash flow and reducing income statement volatility.\u00a0
Revenues are also generated from sale of renewable energy certificates. These include mostly
Guarantees of Origin certificates, which are received free of charge for renewable energy
production. Undelivered certificates are presented in inventories and revenue is recognized
when the certificate is transferred to the customer. See Note 23 Inventories.
POWER SALES TO RETAIL CUSTOMERS
Fortum\u2019s contracts with consumer and business customers cover power sales, while the
distribution service is delivered by the transmission company operating the local network.
There is only one performance obligation, which is to stand-ready to supply electricity to the
customer. The transaction price generally includes both a fixed monthly charge and a variable
fee based on the volume of power supplied. As Fortum\u2019s promise is to stand ready to deliver
electricity, the fixed and variable components are recognised based on the fees chargeable
from the customer. If automated meter reading is not available, power consumption between
the last meter reading and the end of the month is estimated.
HEAT SALES
In many areas the district heating service covers both the distribution and sale of heat. Fortum
is usually responsible for delivering the whole service, even when heat is being produced by a
third party, and is acting as a principal for heat sales as well. There is only one performance
obligation, which is to stand-ready to supply heat to the customer. The fees charged from the
customer generally comprise a fixed monthly charge and a variable fee based on the volume of
heat supplied. As Fortum\u2019s promise is to stand ready to deliver heat, the fixed and variable
components are recognised based on the fees chargeable from the customer. In Poland there
are also areas where Fortum operates only the heat production facilities while some third party
is responsible for the distribution of heat. In these areas the performance obligation is to
supply heat and revenue is recognised based on the volume of heat that Fortum is entitled to
charge from the customer.
GAS SALES
Revenues are generated from sales of gas to retail customers, which are recognised when
delivery takes place and control is transferred to the customer. Contracts generally contain
one performance obligation for which the entire transaction price is recognised.
Gas contracts can also include fixed price components that are recognised in line with the
customer\u2019s actual consumption profile, when the nature of the performance obligation is to
deliver gas instead of standing-ready to deliver gas.
WASTE TREATMENT SALES
Majority of revenue from waste management services arises from fees charged for receiving
waste from customers (i.e. gate fees). The fee is usually determined based on the volume of
waste received, there are no variable elements in pricing. Fortum is required to treat the waste
and this performance obligation is satisfied when treatment has been performed.
Transportation of the waste forms another performance obligation. Fees for waste treatment
and transportation services are separately agreed in the contract and correspond to the price
that would be charged for these services separately. Revenue for transportation service is
recognised when the service has been provided.
Waste treatment sales include also various types of soil and landfill site projects, which mostly
take place at customer sites. Fees charged are invoiced based on payment schedules agreed
with the customer. The customer obtains the benefit of the construction work simultaneously
when the construction work proceeds, and therefore project revenues are recognised over
time. Progress of the construction is best measured either through costs incurred, or the
completed area of the construction site.
NETTING AND INTER-SEGMENT TRANSACTIONS
Generation segment sells portion of its power production to Nord Pool and Consumer
Solutions segment buys its electricity from Nord Pool in Nordic. For these segments
eliminations of sales include eliminations of sales and purchases with Nord Pool that are
netted at Group level on an hourly basis and posted either as revenue or cost depending on if
Fortum is a net seller or net buyer during any particular hour.\u00a0
Intersegment sales, expenses and results for the different business segments are affected by
intragroup deliveries, which are eliminated on consolidation. Inter-segment transactions are
based on commercial terms.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-571": { "value": "
Employees
Generation
Consumer Solutions
Other operations
Total Continuing Operations
2024
2023
2024
2023
2024
2023
2024
2023
Number of employees 31 December
2,053
1,758
1,118
1,281
1,295
2,186
4,466
5,225
Average number of employees
1,968
1,735
1,176
1,232
2,158
2,237
5,301
5,205
Number of employees on 31 December\u00a0by country
2024
2023
Finland
2,189
2,682
Sweden
931
1,038
Norway
316
350
Poland
779
717
Other
251
438
Total
4,466
5,225
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-572": { "value": "Finland", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-574": { "value": "
The table below presents sales by geographical area based on customer location. Capital
expenditure, assets and personnel are reported where assets and personnel are located.
Participations in associates and joint ventures are not presented by location since these
companies may have business in several geographical areas.
Due to the large number of customers and the variety of business activities, there is no
individual customer whose business volume is material to Fortum\u2019s total business volume.
Sales by geographical area based on customer location
EUR million
2024
2023
Nordics
4,084
4,957
Poland
1,473
1,437
Other
242
316
Total
5,800
6,711
Nordic power production is not presented by country since Nordic power production is mainly
sold through Nord Pool.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-573": { "value": "
The table below presents sales by geographical area based on customer location. Capital
expenditure, assets and personnel are reported where assets and personnel are located.
Participations in associates and joint ventures are not presented by location since these
companies may have business in several geographical areas.
Due to the large number of customers and the variety of business activities, there is no
individual customer whose business volume is material to Fortum\u2019s total business volume.
Sales by geographical area based on customer location
EUR million
2024
2023
Nordics
4,084
4,957
Poland
1,473
1,437
Other
242
316
Total
5,800
6,711
Nordic power production is not presented by country since Nordic power production is mainly
sold through Nord Pool.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-575": { "value": "
8 Other expenses
EUR million
2024
2023
Operation and maintenance costs
107
111
IT and telecommunication costs
110
104
Other
294
381
Total
511
595
The major components recorded in other expenses are the external operation and maintenance
costs of power and heat plants. Other includes expenses relating to properties and other
operative expenses.
Auditors\u2019 fees
EUR million
2024
2023
Audit fees
2.0
2.3
Audit-related assignments
0.5
0.4
Tax assignments
0.0
0.1
Other assignments
0.0
0.1
Total
2.5
2.8
Deloitte Oy is the appointed auditor until the next Annual General Meeting in 2025.
Audit fees include fees for the audit of the consolidated financial statements, review of interim
reports, as well as fees for the audit of Fortum Corporation and its subsidiaries. In 2024 the audit
fees also include the limited assurance of the sustainability statement. Audit-related
assignments include fees for other assurance and associated services related to the audit. Other
assignments consist of advisory services.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-576": { "value": "
8 Other expenses
EUR million
2024
2023
Operation and maintenance costs
107
111
IT and telecommunication costs
110
104
Other
294
381
Total
511
595
The major components recorded in other expenses are the external operation and maintenance
costs of power and heat plants. Other includes expenses relating to properties and other
operative expenses.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-577": { "value": "
Auditors\u2019 fees
EUR million
2024
2023
Audit fees
2.0
2.3
Audit-related assignments
0.5
0.4
Tax assignments
0.0
0.1
Other assignments
0.0
0.1
Total
2.5
2.8
Deloitte Oy is the appointed auditor until the next Annual General Meeting in 2025.
Audit fees include fees for the audit of the consolidated financial statements, review of interim
reports, as well as fees for the audit of Fortum Corporation and its subsidiaries. In 2024 the audit
fees also include the limited assurance of the sustainability statement. Audit-related
assignments include fees for other assurance and associated services related to the audit. Other
assignments consist of advisory services.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-579": { "value": "
9 Materials and services
EUR million
2024
2023
Materials 1)
2,531
3,083
Materials purchased from associated companies and joint ventures
626
603
Other
138
122
Total
3,295
3,808
1) Materials include renewable energy certificate purchases EUR 66 million (2023: 78) and CO2 emission rights purchases
EUR 67 million (2023: 68).
Materials consists mainly of purchased electricity and gas including renewable energy
certificates for retail sales and heat production and also fuels including CO2 emission rights used
for power and heat production. Electricity purchase from Nord Pool is netted at Group level on
an hourly basis and posted either as revenue or cost depending on if Fortum is a net seller or net
buyer during any particular hour. See Note\u00a06 Segment reporting and Note 23 Inventories.
Materials purchased from associates and joint ventures consist of nuclear and hydropower
purchased at production cost (including interest costs and production taxes). Taxes related to
nuclear and hydro production are included in taxes paid through purchases from associates and
joint ventures. See Note\u00a038 Related party transactions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-578": { "value": "
9 Materials and services
EUR million
2024
2023
Materials 1)
2,531
3,083
Materials purchased from associated companies and joint ventures
626
603
Other
138
122
Total
3,295
3,808
1) Materials include renewable energy certificate purchases EUR 66 million (2023: 78) and CO2 emission rights purchases
EUR 67 million (2023: 68).
Materials consists mainly of purchased electricity and gas including renewable energy
certificates for retail sales and heat production and also fuels including CO2 emission rights used
for power and heat production. Electricity purchase from Nord Pool is netted at Group level on
an hourly basis and posted either as revenue or cost depending on if Fortum is a net seller or net
buyer during any particular hour. See Note\u00a06 Segment reporting and Note 23 Inventories.
Materials purchased from associates and joint ventures consist of nuclear and hydropower
purchased at production cost (including interest costs and production taxes). Taxes related to
nuclear and hydro production are included in taxes paid through purchases from associates and
joint ventures. See Note\u00a038 Related party transactions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-580": { "value": "
10 Employee benefits and Board remuneration
EUR million
2024
2023
Wages and salaries
364
324
Pensions
Defined contribution plans
53
47
Defined benefit plans
4
3
Social security costs
41
37
Share-based incentives
6
6
Other employee costs
18
19
Total
485
436
The compensation package for Fortum\u2019s employees consists of salaries, fringe benefits, short-
term incentives, profit sharing paid to the Personnel Fund (in Finland) and long-term incentives.
For further information on pensions, see Note 31 Pension obligations.
10.1 Short-term incentives
Short-term incentive (STI) programme is designed to support the achievement of the Group\u2019s
financial and other relevant targets on an annual basis. As a main principle, all employees are
covered by the programme or alternatively by a business specific arrangement.
The Board of Directors determines annually the performance criteria and award levels for the
Fortum Leadership Team (FLT). They can vary from year to year to reflect business priorities.
The target incentive potential is 20% and the maximum incentive potential is 40% of the annual
base salary. The Board of Directors assesses the performance of the President and CEO and the
members of the Fortum Leadership Team on a regular basis.
Awards for other employees are based on a combination of Group, unit and individual or team
targets. The targets are set in annual performance discussions held at the beginning of
each\u00a0year. Awards under the STI programme are paid fully in cash.
10.2 Long-term incentives
The purpose of long-term incentive programmes is to support the delivery of sustainable long-
term performance, align the interests of management with those of shareholders, and support in
committing and retaining key individuals.
LTI programme provides participants with the opportunity to earn company shares. Under the
LTI programme, and subject to the decision of the Board of Directors, a new LTI plan
commences annually. The Board of Directors approves participation of the Fortum Leadership
Team members in each annually commencing LTI plan. Subject to a decision by the Board of
Directors, the President and CEO is authorised to decide on individual participants and potential
maximum awards for other participants than the Fortum Leadership Team in accordance with
the nomination guidelines approved by the Board of Directors. Participation in the LTI plan
precludes the individual from being a member in the Fortum Personnel Fund.
Each LTI plan begins with a three-year earnings period, during which participants may earn
share rights if the performance criteria set by the Board of Directors are fulfilled. If the minimum
performance criteria are not met, no shares will be awarded. If performance is exceptionally
good and the targets approved by the Board of Directors are achieved, the combined gross
value of all variable compensation cannot exceed 120% of the person\u2019s annual salary in any
calendar\u00a0year. After the earnings period has ended and the relevant taxes and other
employment-related expenses have been deducted, participants are paid the net balance in the
form of shares.
The share awards are not subject to a lock-up period. However, Fortum Leadership Team
members aggregate ownership of Fortum shares has to be greater than or equal to their annual
salary. Those members whose aggregate ownership of Fortum shares does not yet fulfil the
shareholding requirement are required to retain at least 50% of the shares received until the
required level of shareholding is met.
The Restricted share programme is supplementing the current LTI programme. The Restricted
share programme is following the main terms and conditions of the general LTI programme with
the exception that the allocated shares will be delivered after the three-year plan period
independent of performance measures, subject to continued employment. The Restricted share
programme is designated for special purposes defined by the Board of Directors, such as
retention.
The Board of Directors has the right to revise the targets set in the incentive plans, deviate from
the payment based on achievement of the set earnings criteria, or to discontinue any ongoing
incentive plan.
The share plans under the LTI arrangement are accounted for as equity-settled arrangements.
The participants receive the earned reward in shares. The reward is recognised as an expense
during the earnings period with a corresponding increase in equity. The social charges related to
the arrangement payable by the employer are accrued as a liability. The liabilities for share-
based plans including social charges at the end of the\u00a0year 2024 was EUR 8 million (2023: 9),
including EUR 7 million (2023: 8) recorded in equity.
At\u00a0year end 2024, approximately 120 key employees are participants in at least one of the
ongoing LTI plans.
Shares granted
The following table presents changes in the number of share awards:
Number of shares
2024
2023
1 January
1,458,811
1,396,189
Granted
1,117,235
781,214
Settled
-52,292
-86,287
Expired or forfeited
-472,431
-632,305
Outstanding 31 December
2,051,323
1,458,811
Expired or forfeited shares included in 2023 the impact from the remuneration restrictions of
Fortum Leadership Team members according to the terms of the Solidium bridge financing
facility with the Finnish state as well as the impact of FLT members voluntarily waiving the
shares not subject to those restrictions.
10.3 Employee Share Savings programme
The objective of Fortum's Employee Share Savings (ESS) programme is to motivate employees
to invest in Fortum shares and retain ownership in the company.
The programme consists of annually commencing savings periods and the annual launch of each
period is separately resolved by the Board of Directors. The participants of the programme
invest a part of their monthly salary in Fortum shares, and based on this investment they will, as
a gross reward, be granted one matching share for each two purchased savings shares after
approximately three years from the beginning of the respective savings period. The
prerequisites for receiving matching shares are that the participant holds the purchased savings
shares until the end of the holding period, and that his or her employment has not ended before
the end of the holding period.
Each plan consists of one-year savings period followed by two-year holding period. Shares are
purchased quarterly with the accumulated savings at the market price, after the release of
Fortum\u2019s interim reports. The programme is accounted for as an equity-settled transaction, and
the cost related to matching shares is recognised as an expense during the vesting period.
10.4 Fortum Personnel Fund
The Fortum Personnel Fund (for employees in Finland only) has been in operation since 2000.
The Board of Directors determines the criteria for the fund\u2019s annual profit-sharing bonus.
Members of the personnel fund are the permanent and fixed-term employees of the Group.
The profit-sharing received by the fund is distributed equally between the members. Each
employee\u2019s share is divided into a tied amount and an amount available for withdrawal. It is
possible to transfer a maximum of 15% of capital from the tied amount to the amount available
for withdrawal each\u00a0year.
The fund\u2019s latest financial\u00a0year ended at 30 April\u00a02024 and the fund then had a total of 2,794
members (2023: 2,611). In\u00a0the end of April 2024 Fortum contributed EUR 1.2 million (2023: 0.0) to
the personnel fund as an annual profit-sharing bonus based on the financial results of 2023. The
combined amount of members\u2019 shares in the fund was EUR 18 million (2023: 16).
10.5 The President and CEO and the Fortum Leadership Team
remuneration
In the end of 2024 Fortum Leadership Team consists of eleven members, including the President
and CEO. The following table presents the total remuneration of the President and CEO and the
FLT and takes into account the changes in FLT during the\u00a0year. The expenses are shown on
accrual basis.
On 6 September 2022, Fortum announced that it had agreed with the Finnish State on a bridge
financing arrangement. In accordance with the Solidium bridge financing facility with the Finnish
State, Fortum Leadership Team members are not be paid any short- or long-term incentives
accumulated in 2022 and 2023, nor could they participate in 2023 ESS plan. In addition, FLT
members have also voluntarily waived the shares that are not subject to restrictions of the
bridge financing facility and that were scheduled for delivery in spring 2024, thus no shares were
delivered in 2024. However, costs for these plans were accrued over the vesting period. In 2023
2,677 shares (net) were delivered to one FLT member based on participation in the restricted
share plan 2020\u20132022 and the executive agreement.
In 2024, with regard to 2022 Employee Share Savings plan, 599 (2023: 628) matching shares
were delivered to FLT members.
Management remuneration
2024
2023
EUR thousand
Markus
Rauramo,
President and
CEO
Other FLT
members
Markus
Rauramo,
President and
CEO
Other FLT
members
Salaries and fringe benefits
1,586
3,844
1,613
3,369
Short-term incentives
239
660
0
0
Long-term incentives
459
668
798
1,134
Pensions (statutory)
296
776
280
619
Pensions (voluntary)
315
718
315
830
Social security expenses
42
273
58
194
Total
2,937
6,938
3,064
6,146
The annual defined contribution for the President and CEO Markus Rauramo's supplementary
pension arrangement is 20% of the annual fixed compensation. The annual fixed compensation
consists of base salary and fringe benefits. The President and CEO's retirement age is
determined in accordance with the Finnish Employees\u2019 Pension Act. In case his managing
director service agreement is terminated before the retirement age, the President and CEO is
entitled to retain the funds that have accrued in the pension arrangement up to that time.
Retirement age of other members of FLT is typically determined in accordance with the local
legislation. Additionally, for three members the retirement age is 63. According to Group policy,
all new supplementary pension arrangements are defined contribution plans. In general FLT
members have supplementary defined contribution pension plan, except for two members who
are in the Fortum Pension Fund (defined benefit plan). The pension premium for supplementary
defined contribution plan for FLT members is 20% of the annual base salary. In the end of 2024,
a pension liability of EUR 222 thousand (2023: 270) was recognised on the balance sheet related
to the defined benefit plans.
In the event that Fortum decides to give notice of termination to the President and CEO, he is
entitled to the salary for the notice period (6\u00a0months) and a severance pay equal to 6\u00a0months\u2019
salary. For other FLT members, the notice period for both parties is 6 months, and in case the
company terminates the contract, members are usually entitled to the salary for the notice
period and a severance pay equal to 6 months\u2019 salary.
10.6 Board of Directors and management shareholding
On 31 December\u00a02024, the members of the Board of Directors owned a total of 48,015 shares
(2023: 30,334), which corresponds to 0.01% (2023: 0.00%) of the company\u2019s shares and voting
rights.
Number of shares held by members of the Board of Directors
2024
2023
Board members at 31 December 2024
Mikael Silvennoinen, Chair
13,515
9,497
Essimari Kairisto, Deputy Chair
5,360
2,872
Ralf Christian
4,050
2,270
Luisa Delgado
4,050
2,270
Jonas Gustavsson
3,065
1,285
Marita Niemel\u00e4
3,065
1,285
Teppo Paavola
8,780
7,000
Johan S\u00f6derstr\u00f6m
3,065
1,285
Vesa-Pekka Takala
3,065
1,285
Former Board members
Maija Strandberg
N/A
1,285
Total
48,015
30,334
The President and CEO and other members of the FLT owned a total of 229,623 (2023: 223,463),
which corresponds to approximately 0.03% (2023: 0.02%) of the company\u2019s shares and voting
rights.
Number of shares held by members of the Fortum Leadership Team
2024
2023
FLT members at 31 December 2024
Markus Rauramo
115,997
115,162
Nebahat Albayrak
3,557
3,438
Eveliina Dahl
3,414
2,859
Bernhard G\u00fcnther
1,392
767
Mikael Lemstr\u00f6m
15,155
15,021
Petra Lundstr\u00f6m
14,314
13,617
Simon-Erik Ollus
7,664
6,838
Mikael R\u00f6nnblad
20,887
20,685
Nora Steiner-Forsberg
2,091
1,615
Peter Stranneg\u00e5rd
4,380
3,292
Tiina Tuomela
40,772
40,169
Total
229,623
223,463
10.7 Board remuneration
The Board of Directors comprises five to ten members who are elected at the Annual General
Meeting for a one-year term of office, which expires at the end of the first Annual General
Meeting following the election. The Board of Directors consists of nine members at the end of
2024.
The Annual General meeting confirms the\u00a0yearly compensation for the Board of Directors. Board
members are not offered any long-term incentive benefits or participation in other incentive
schemes. There are no pension arrangements for the Board members. Social security costs in
2024 were EUR 51 thousand (2023: 39).
Fees for the Board of Directors
EUR thousand
2024
2023
Annual fee for the Board work
Chair
128.2
88.8
Deputy Chair
79.4
63.3
Chair of the Audit and Risk Committee 1) 2)
N/A
63.3
Members
56.8
43.1
Fixed fee for the Committee work
Chair of the Audit and Risk Committee 1) 2)
22.6
N/A
Member of the Audit and Risk Committee
5.4
3.0
Chair of the People and Remuneration Committee 1)
22.6
5.0
Member of the People and Remuneration Committee
5.4
2.0
Chair of the Technology and Investment Committee 1)
22.6
5.0
Member of the Technology and Investment Committee
5.4
2.0
1)If simultaneously the Chair or Deputy Chair of the Board, the fixed fee of a Committee member is paid.
2)From 2024 onwards, the fee for Chair of the Audit and Risk Committee is paid as fixed fee for Committee work instead of
annual fee.
For Chair or member of any additional Committee established by a Board decision, only meeting
fees are paid.
Every member of the Board of Directors receives a fixed\u00a0annual fee for the Board work and a
meeting fee for each meeting attended. The annual fee for the Board work is paid in company
shares and in cash in such a way that approximately 40% of the amount of the annual fee is
payable in shares acquired on behalf and in the name of the Board members, and the remainder
in cash. The company pays the costs and the transfer tax related to the purchase of the
company shares.
A meeting fee of EUR 1,000 is paid for Board and Committee meetings, or EUR 2,000 in case the
member travels to the meeting outside his/her country of residence. When a member
participates in the meeting via remote connection, or for the decisions that are confirmed
without convening a meeting, the meeting fee will be EUR 1,000. Fixed fees for the Committee
work and the meeting fees are paid fully in cash.
The travel expenses of Board members are compensated in accordance with the company\u2019s
travel policy.
Compensation for the Board of Directors
EUR thousand
2024
2023
Board members at 31 December 2024
Mikael Silvennoinen
Chair from 13 April 2023, Chair of the People and
Remuneration Committee
167
125
Essimari Kairisto
Deputy Chair from 13 April 2023, Chair of the Audit and
Risk Committee
118
107
Ralf Christian
Chair of the Technology and Investment Committee
109
87
Luisa Delgado
91
73
Jonas Gustavsson
Member of the Board from 13 April 2023
90
69
Marita Niemel\u00e4
Member of the Board from 13 April 2023
82
59
Teppo Paavola
94
78
Johan S\u00f6derstr\u00f6m
Member of the Board from 13 April 2023
79
57
Vesa-Pekka Takala
Member of the Board from 13 April 2023
83
67
Former Board members
Anja McAlister
Deputy Chair until 13 April 2023
N/A
5
Veli-Matti
Reinikkala
Chair until 13 April 2023
N/A
10
Philipp R\u00f6sler
Member of the Board until 13 April 2023
N/A
4
Maija Strandberg
Member of the Board from 13 April 2023 - until 25 March
2024
5
78
Annette Stube
Member of the Board until 13 April 2023
N/A
11
Kimmo Viertola
Member of the Board until 13 April 2023
N/A
6
Total
916
836
31 Pension obligations
ACCOUNTING POLICIES
The Group companies have various pension schemes in accordance with the local conditions
and practices in the countries in which they operate. The schemes are generally funded
through payments to insurance companies or pension fund. The Group has both defined
benefit and defined contribution plans.
For defined benefit plans, pension costs are assessed using the projected unit credit method.
The cost of providing pensions is charged to the income statement as to spread the service
cost over the service lives of employees. Current and past service cost, as well as gains or
losses from settlements are reported under personnel costs. The net interest is reported in
financial items.\u00a0
The defined benefit obligation is calculated annually on the balance sheet date and is
measured as the present value of the estimated future cash flows using interest rates of high
quality corporate bonds, or similar, that have terms to maturity approximating to the terms of
the related pension liability. The plan assets for pensions are valued at market value. The net
liability recognised on the balance sheet is the defined benefit obligation at the closing date
less the fair value of plan assets.
Any net asset position that might arise from offsetting the present value of the defined benefit
obligations against the corresponding fair value of plan assets is recognised taking into
account the applicable asset restrictions. Such an asset position is reported in Other non-
current assets on the balance sheet.\u00a0
In the case of a plan amendment, curtailment or settlement (each a \"plan event\") occurring in a
defined benefit plan during an annual reporting period, the current service cost and the net
interest on the net liability or asset are remeasured for the remainder of the reporting period
after the plan event. The actuarial assumptions applicable as of the date of the plan event are
to be used as the basis for such remeasurement. When the benefits of a plan are changed, or
when a plan is curtailed, the resulting change in the present value of the defined benefit
obligation that relates to past service, or the gain or loss related to a curtailment is recognised
immediately in profit or loss. Gains or losses on settlements of defined benefit plans are
recognised when the settlement occurs.
Remeasurements of the net defined benefit liability or asset include actuarial gains and losses
that may arise especially from differences between estimated and actual variations in
underlying assumptions about demographic and financial variables; and, additionally, from
developments in these assumptions as of each reporting date. Additionally included is the
difference between the actual return on plan assets and the interest income on plan assets
contained in the net interest result, as well as any change in the effect of the asset ceiling,
excluding amounts already included in net interest. Remeasurement results and related
deferred taxes are recognised in full in the period in which they occur and are reported in other
comprehensive income.
The Group's contributions to defined contribution plans are charged to the income statement
in the period to which the contributions relate.
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS: ASSUMPTIONS
USED TO DETERMINE FUTURE PENSION OBLIGATIONS
The present value of the pension obligations is based on actuarial calculations that use several
assumptions. Any changes in these assumptions will impact the carrying amount of pension
obligations.
Fortum\u2019s pension arrangements
Finland
The statutory pension benefits (as determined in Employee\u2019s Pension Act /TyEL) in Finland
provide the employees\u2019 pension coverage for old age, disability and death of a family provider.
The benefits are insured with an insurance company, and determined to be defined contribution
plans.
In addition, the Group has historical old-age and survivor pension benefits with the Fortum
Pension Fund covering a limited number of people. The Fortum Pension Fund is a closed fund
managed by a Board, consisting of both employers' and employees' representatives. The
promised benefit is defined in the rules of the Fund, mostly at a maximum of 66% of the salary
basis. The salary basis is an average of the ten last years' salaries, which are indexed by a
common salary index to the accounting year. After retirement the benefits payable are indexed
yearly with the TyEL-index.
The Fund is operating under the regulation from the Financial Supervisory Authority (FSA). The
liability has to be fully covered according to the regulations. The national benefit obligation
related to the defined benefit plans is calculated so that the promised benefit is fully funded
until retirement.
Other countries
As of December 2024, there were no material defined benefit pension arrangements in Fortum\u2019s
other operating countries.
Main risks relating to defined benefit plans
Typical risk factors for defined benefit plans are changes in discount rates, risks related to other
actuarial assumptions, as well as investment and volatility risks.
Change in discount rate
The discount rate used to calculate the defined benefit obligation (according to IFRS) depends on
the value of corporate bond yields as at the reporting date. A decrease in yields increases the
benefit obligation that is often only partially offset by an increase in the value of fixed income
holdings.
Risk related to other actuarial assumptions
Assumptions for future inflation, salary levels and mortality are used for actuarial calculations.
Should the actual outcome differ from these assumptions, the liability may change.
Investment and volatility risk
Pension plan assets are allocated to different asset classes based on the statutory legislation or
investment strategy of the corresponding pension plan. Depending on the pension plan,
underlying investment management plans are updated on a regular basis. If the return of the
fund\u2019s assets is not enough to cover the raise in liability and benefit payments over the financial
year, the employer has to fund the deficit with contributions, unless the fund has sufficient
covering.
Movement in the net defined benefit liability
Defined\u00a0benefit
obligation
Fair\u00a0value
of\u00a0plan\u00a0assets
Net\u00a0defined\u00a0benefit
asset(-)/liability(+)
EUR million
2024
2023
2024
2023
2024
2023
1 January
263
267
-273
-280
-9
-14
Included in consolidated income statement 1)
Current service cost
1
1
0
0
2
2
Settlements
-1
-2
3
3
2
1
Net interest
8
9
-9
-10
0
-1
8
9
-5
-7
3
2
Included in OCI
Remeasurement gains(-)/losses(+)
-4
7
-15
1
-20
9
Actuarial gains/losses arising from changes
in financial assumptions
-1
2
0
0
-1
2
Actuarial gains/losses arising from
experience adjustments
-3
5
0
0
-3
5
Return on plan assets (excluding amounts
included in net interest expense)
0
0
-15
1
-15
1
Exchange rate differences and other changes
-3
-3
3
2
0
-1
-8
4
-12
4
-20
7
Other
Contributions paid by/to the employer
0
0
-2
-2
-2
-2
Benefits paid
-15
-15
15
15
0
0
Acquisitions of subsidiary companies
0
1
0
-2
0
-1
Deconsolidation of subsidiary companies 2)
0
-3
0
0
0
-3
31 December
249
263
-277
-273
-28
-9
Present value of funded defined obligation
249
263
Fair value of plan assets
-277
-273
Funded status
-28
-10
Present value of unfunded obligation
0
0
Net liability arising from defined benefit
obligation
-28
-9
Pension assets included in other non-current
assets on the balance sheet
40
20
Pension obligations on the balance sheet
12
10
1)Net interest is presented in financial items in the income statement. The rest of costs related to defined benefit plans are
included in staff costs (row defined benefits plans in the staff cost specification in Note 10 Employee benefits and Board
remuneration).
2)See Note 3 Acquisitions, disposals and discontinued operations.
In 2023 changes during the year include Russia until 31 March 2023.
No contribution is expected to be paid during 2025.
Fair value of plan assets
2024
2023
EUR million
Quoted
Unquoted
Total
Quoted
Unquoted
Total
Equity instruments
77
7
84
79
5
85
Debt instruments
117
39
155
104
40
144
Cash and cash equivalents
0
14
14
0
18
18
Real estate
0
11
11
0
12
12
Other assets
0
12
12
0
12
12
Total
194
83
277
184
89
273
A specification of plan assets has not been available for pension plans financed through an
insurance company. In these cases, the fair value of plan assets has been included in other
assets.
The actual return on plan assets totalled EUR 22 million (2023: 9).
Amounts recognised on the balance sheet by country 2024
EUR million
Finland
Other
countries
Total
Present value of funded obligations
193
55
249
Fair value of plan assets
-226
-51
-277
Deficit(+)/surplus(-)
-33
4
-28
Present value of unfunded obligations
0
0
0
Net asset(-)/liability(+) on the balance sheet
-33
5
-28
Pension asset included in non-current assets
33
7
40
Pension obligations on the balance sheet
0
11
12
Amounts recognised on the balance sheet by country 2023
EUR million
Finland
Other
countries
Total
Present value of funded obligations
207
56
263
Fair value of plan assets
-220
-53
-273
Deficit(+)/surplus(-)
-13
3
-10
Present value of unfunded obligations
0
0
0
Net asset(-)/liability(+) on the balance sheet
-13
3
-9
Pension asset included in non-current assets
14
6
20
Pension obligations on the balance sheet
1
9
10
The principal actuarial assumptions used in Finland
%
2024
2023
Discount rate
3.2
3.3
Future salary increases
3.0
2.4
Future pension increases
2.1
2.4
Rate of inflation
1.9
2.2
The discount rate in Finland is based on high quality European corporate bonds with maturity
that best reflects the estimated term of the defined benefit pension plans.
The discount, inflation, salary growth and pension growth rates, as well as mortality are the key
assumptions when calculating defined benefit obligations. Changes in the key actuarial
assumptions would lead to the following changes in the present value of the defined benefit
obligations:
Sensitivity of defined benefit obligation to changes in assumptions
Change in the assumption
Impact to the pension obligation
increase(+)/decrease(-)
0.5% increase in discount rate
-5.7%
0.5% decrease in discount rate
6.3%
0.5% increase in benefit
5.8%
0.5% decrease in benefit
-5.3%
0.5% increase in salary growth rate
0.2%
0.5% decrease in salary growth rate
-0.2%
10% increase in mortality
-3.7%
10% decrease in mortality
3.8%
A 10% decrease in mortality would result in higher life expectancy of beneficiaries, depending of
the age of each individual beneficiary. At the end of 2024, the life expectancy of a 63-year-old
male retiree would increase by approximately one year, if mortality were to decrease by 10%.
The sensitivities indicated are computed based on the same methods and assumptions used to
determine the present value of the defined benefit obligations. If one of the actuarial
assumptions is changed for the purpose of computing the sensitivity of results to changes in
that assumption, all other actuarial assumptions are included in the computation unchanged.
Potential correlation effects between the individual actuarial assumptions are not taken into
account when computing sensitivities. When considering sensitivities, it must be noted that the
change in the present value of the defined benefit obligations resulting from changing multiple
actuarial assumptions simultaneously is not necessarily equivalent to the cumulative effect of
the individual sensitivities.
Maturity profile of the undiscounted defined benefit obligation on 31
December 2024
EUR million
Future\u00a0benefit
payments
Maturity under 1 year
15
Maturity between 1 and 5 years
60
Maturity between 5 and 10 years
69
Maturity between 10 and 20 years
116
Maturity between 20 and 30 years
68
Maturity over 30 years
30
The weighted average duration of defined benefit obligation at 31 December 2024 is 15 years.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-581": { "value": "
10.2 Long-term incentives
The purpose of long-term incentive programmes is to support the delivery of sustainable long-
term performance, align the interests of management with those of shareholders, and support in
committing and retaining key individuals.
LTI programme provides participants with the opportunity to earn company shares. Under the
LTI programme, and subject to the decision of the Board of Directors, a new LTI plan
commences annually. The Board of Directors approves participation of the Fortum Leadership
Team members in each annually commencing LTI plan. Subject to a decision by the Board of
Directors, the President and CEO is authorised to decide on individual participants and potential
maximum awards for other participants than the Fortum Leadership Team in accordance with
the nomination guidelines approved by the Board of Directors. Participation in the LTI plan
precludes the individual from being a member in the Fortum Personnel Fund.
Each LTI plan begins with a three-year earnings period, during which participants may earn
share rights if the performance criteria set by the Board of Directors are fulfilled. If the minimum
performance criteria are not met, no shares will be awarded. If performance is exceptionally
good and the targets approved by the Board of Directors are achieved, the combined gross
value of all variable compensation cannot exceed 120% of the person\u2019s annual salary in any
calendar\u00a0year. After the earnings period has ended and the relevant taxes and other
employment-related expenses have been deducted, participants are paid the net balance in the
form of shares.
The share awards are not subject to a lock-up period. However, Fortum Leadership Team
members aggregate ownership of Fortum shares has to be greater than or equal to their annual
salary. Those members whose aggregate ownership of Fortum shares does not yet fulfil the
shareholding requirement are required to retain at least 50% of the shares received until the
required level of shareholding is met.
The Restricted share programme is supplementing the current LTI programme. The Restricted
share programme is following the main terms and conditions of the general LTI programme with
the exception that the allocated shares will be delivered after the three-year plan period
independent of performance measures, subject to continued employment. The Restricted share
programme is designated for special purposes defined by the Board of Directors, such as
retention.
The Board of Directors has the right to revise the targets set in the incentive plans, deviate from
the payment based on achievement of the set earnings criteria, or to discontinue any ongoing
incentive plan.
The share plans under the LTI arrangement are accounted for as equity-settled arrangements.
The participants receive the earned reward in shares. The reward is recognised as an expense
during the earnings period with a corresponding increase in equity. The social charges related to
the arrangement payable by the employer are accrued as a liability. The liabilities for share-
based plans including social charges at the end of the\u00a0year 2024 was EUR 8 million (2023: 9),
including EUR 7 million (2023: 8) recorded in equity.
At\u00a0year end 2024, approximately 120 key employees are participants in at least one of the
ongoing LTI plans.
Shares granted
The following table presents changes in the number of share awards:
Number of shares
2024
2023
1 January
1,458,811
1,396,189
Granted
1,117,235
781,214
Settled
-52,292
-86,287
Expired or forfeited
-472,431
-632,305
Outstanding 31 December
2,051,323
1,458,811
Expired or forfeited shares included in 2023 the impact from the remuneration restrictions of
Fortum Leadership Team members according to the terms of the Solidium bridge financing
facility with the Finnish state as well as the impact of FLT members voluntarily waiving the
shares not subject to those restrictions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-582": { "value": "
10.5 The President and CEO and the Fortum Leadership Team
remuneration
In the end of 2024 Fortum Leadership Team consists of eleven members, including the President
and CEO. The following table presents the total remuneration of the President and CEO and the
FLT and takes into account the changes in FLT during the\u00a0year. The expenses are shown on
accrual basis.
On 6 September 2022, Fortum announced that it had agreed with the Finnish State on a bridge
financing arrangement. In accordance with the Solidium bridge financing facility with the Finnish
State, Fortum Leadership Team members are not be paid any short- or long-term incentives
accumulated in 2022 and 2023, nor could they participate in 2023 ESS plan. In addition, FLT
members have also voluntarily waived the shares that are not subject to restrictions of the
bridge financing facility and that were scheduled for delivery in spring 2024, thus no shares were
delivered in 2024. However, costs for these plans were accrued over the vesting period. In 2023
2,677 shares (net) were delivered to one FLT member based on participation in the restricted
share plan 2020\u20132022 and the executive agreement.
In 2024, with regard to 2022 Employee Share Savings plan, 599 (2023: 628) matching shares
were delivered to FLT members.
Management remuneration
2024
2023
EUR thousand
Markus
Rauramo,
President and
CEO
Other FLT
members
Markus
Rauramo,
President and
CEO
Other FLT
members
Salaries and fringe benefits
1,586
3,844
1,613
3,369
Short-term incentives
239
660
0
0
Long-term incentives
459
668
798
1,134
Pensions (statutory)
296
776
280
619
Pensions (voluntary)
315
718
315
830
Social security expenses
42
273
58
194
Total
2,937
6,938
3,064
6,146
The annual defined contribution for the President and CEO Markus Rauramo's supplementary
pension arrangement is 20% of the annual fixed compensation. The annual fixed compensation
consists of base salary and fringe benefits. The President and CEO's retirement age is
determined in accordance with the Finnish Employees\u2019 Pension Act. In case his managing
director service agreement is terminated before the retirement age, the President and CEO is
entitled to retain the funds that have accrued in the pension arrangement up to that time.
Retirement age of other members of FLT is typically determined in accordance with the local
legislation. Additionally, for three members the retirement age is 63. According to Group policy,
all new supplementary pension arrangements are defined contribution plans. In general FLT
members have supplementary defined contribution pension plan, except for two members who
are in the Fortum Pension Fund (defined benefit plan). The pension premium for supplementary
defined contribution plan for FLT members is 20% of the annual base salary. In the end of 2024,
a pension liability of EUR 222 thousand (2023: 270) was recognised on the balance sheet related
to the defined benefit plans.
In the event that Fortum decides to give notice of termination to the President and CEO, he is
entitled to the salary for the notice period (6\u00a0months) and a severance pay equal to 6\u00a0months\u2019
salary. For other FLT members, the notice period for both parties is 6 months, and in case the
company terminates the contract, members are usually entitled to the salary for the notice
period and a severance pay equal to 6 months\u2019 salary.
10.6 Board of Directors and management shareholding
On 31 December\u00a02024, the members of the Board of Directors owned a total of 48,015 shares
(2023: 30,334), which corresponds to 0.01% (2023: 0.00%) of the company\u2019s shares and voting
rights.
Number of shares held by members of the Board of Directors
2024
2023
Board members at 31 December 2024
Mikael Silvennoinen, Chair
13,515
9,497
Essimari Kairisto, Deputy Chair
5,360
2,872
Ralf Christian
4,050
2,270
Luisa Delgado
4,050
2,270
Jonas Gustavsson
3,065
1,285
Marita Niemel\u00e4
3,065
1,285
Teppo Paavola
8,780
7,000
Johan S\u00f6derstr\u00f6m
3,065
1,285
Vesa-Pekka Takala
3,065
1,285
Former Board members
Maija Strandberg
N/A
1,285
Total
48,015
30,334
The President and CEO and other members of the FLT owned a total of 229,623 (2023: 223,463),
which corresponds to approximately 0.03% (2023: 0.02%) of the company\u2019s shares and voting
rights.
Number of shares held by members of the Fortum Leadership Team
2024
2023
FLT members at 31 December 2024
Markus Rauramo
115,997
115,162
Nebahat Albayrak
3,557
3,438
Eveliina Dahl
3,414
2,859
Bernhard G\u00fcnther
1,392
767
Mikael Lemstr\u00f6m
15,155
15,021
Petra Lundstr\u00f6m
14,314
13,617
Simon-Erik Ollus
7,664
6,838
Mikael R\u00f6nnblad
20,887
20,685
Nora Steiner-Forsberg
2,091
1,615
Peter Stranneg\u00e5rd
4,380
3,292
Tiina Tuomela
40,772
40,169
Total
229,623
223,463
10.7 Board remuneration
The Board of Directors comprises five to ten members who are elected at the Annual General
Meeting for a one-year term of office, which expires at the end of the first Annual General
Meeting following the election. The Board of Directors consists of nine members at the end of
2024.
The Annual General meeting confirms the\u00a0yearly compensation for the Board of Directors. Board
members are not offered any long-term incentive benefits or participation in other incentive
schemes. There are no pension arrangements for the Board members. Social security costs in
2024 were EUR 51 thousand (2023: 39).
Fees for the Board of Directors
EUR thousand
2024
2023
Annual fee for the Board work
Chair
128.2
88.8
Deputy Chair
79.4
63.3
Chair of the Audit and Risk Committee 1) 2)
N/A
63.3
Members
56.8
43.1
Fixed fee for the Committee work
Chair of the Audit and Risk Committee 1) 2)
22.6
N/A
Member of the Audit and Risk Committee
5.4
3.0
Chair of the People and Remuneration Committee 1)
22.6
5.0
Member of the People and Remuneration Committee
5.4
2.0
Chair of the Technology and Investment Committee 1)
22.6
5.0
Member of the Technology and Investment Committee
5.4
2.0
1)If simultaneously the Chair or Deputy Chair of the Board, the fixed fee of a Committee member is paid.
2)From 2024 onwards, the fee for Chair of the Audit and Risk Committee is paid as fixed fee for Committee work instead of
annual fee.
For Chair or member of any additional Committee established by a Board decision, only meeting
fees are paid.
Every member of the Board of Directors receives a fixed\u00a0annual fee for the Board work and a
meeting fee for each meeting attended. The annual fee for the Board work is paid in company
shares and in cash in such a way that approximately 40% of the amount of the annual fee is
payable in shares acquired on behalf and in the name of the Board members, and the remainder
in cash. The company pays the costs and the transfer tax related to the purchase of the
company shares.
A meeting fee of EUR 1,000 is paid for Board and Committee meetings, or EUR 2,000 in case the
member travels to the meeting outside his/her country of residence. When a member
participates in the meeting via remote connection, or for the decisions that are confirmed
without convening a meeting, the meeting fee will be EUR 1,000. Fixed fees for the Committee
work and the meeting fees are paid fully in cash.
The travel expenses of Board members are compensated in accordance with the company\u2019s
travel policy.
Compensation for the Board of Directors
EUR thousand
2024
2023
Board members at 31 December 2024
Mikael Silvennoinen
Chair from 13 April 2023, Chair of the People and
Remuneration Committee
167
125
Essimari Kairisto
Deputy Chair from 13 April 2023, Chair of the Audit and
Risk Committee
118
107
Ralf Christian
Chair of the Technology and Investment Committee
109
87
Luisa Delgado
91
73
Jonas Gustavsson
Member of the Board from 13 April 2023
90
69
Marita Niemel\u00e4
Member of the Board from 13 April 2023
82
59
Teppo Paavola
94
78
Johan S\u00f6derstr\u00f6m
Member of the Board from 13 April 2023
79
57
Vesa-Pekka Takala
Member of the Board from 13 April 2023
83
67
Former Board members
Anja McAlister
Deputy Chair until 13 April 2023
N/A
5
Veli-Matti
Reinikkala
Chair until 13 April 2023
N/A
10
Philipp R\u00f6sler
Member of the Board until 13 April 2023
N/A
4
Maija Strandberg
Member of the Board from 13 April 2023 - until 25 March
2024
5
78
Annette Stube
Member of the Board until 13 April 2023
N/A
11
Kimmo Viertola
Member of the Board until 13 April 2023
N/A
6
Total
916
836
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-589": { "value": "
11 Finance costs\u00a0\u2013 net
EUR million
Note
2024
2023
Interest expense
Borrowings
-233
-286
Leasing and other interest expenses
-3
-2
Capitalised borrowing costs
18
10
20
Total
-226
-269
Interest income
Loan receivables and deposits
189
153
Other interest income 1)
45
12
Total
234
165
Other financial items \u2013 net
Return from nuclear fund
29
85
31
Nuclear fund adjustment
40
34
Unwinding of nuclear provisions
-38
-63
Fair value changes, impairments and reversals
-27
-3
Unwinding of discounts on other provisions and pension obligations
30, 31
1
0
Other financial expenses and income
-13
-33
Total
47
-34
Finance costs \u2013 net
55
-138
EUR million
2024
2023
Finance costs \u2013 net
55
-138
Adjustments to finance costs \u2013 net
Return from nuclear fund
-85
-31
Nuclear fund adjustment
-40
-34
Unwinding of nuclear provisions
38
63
Fair value changes, impairments, reversals and other adjustments 1)
-5
3
Comparable finance costs \u2013 net
-36
-137
1)Other adjustments in 2024 include EUR 19 million interest income from tax authorities on tax payment and EUR 13 million
interest income from a settlement of a commercial dispute. See Note 37 Legal actions and official proceedings.
See Definitions and reconciliations of key figures.
Interest expenses on borrowings totalled EUR 233 million (2023: 286) including interest
expenses on loans of EUR 211 million (2023: 246), and EUR 22 million (2023: 40) interest cost \u2013
net from derivatives hedging the loan portfolio. In 2023 interest expenses on loans included EUR
41 million relating to the Finnish State bridge financing.
Interest income on loan receivables and deposits, EUR 189 million (2023: 153), includes EUR 162
million (2023: 133) from deposits and cash, and EUR 27 million (2023: 21) interest income from
shareholder loan receivables and other loan receivables. Other interest income EUR 45 million
(2023: 12) includes EUR 19 million interest income from tax authorities on tax payment, EUR
13 million interest income from a settlement of a commercial dispute and EUR 13 million
mainly from commodity trading collaterals.
Return from nuclear fund, nuclear fund adjustment and unwinding of nuclear provisions relate to
the Loviisa nuclear plant. For additional information see Note\u00a029 Nuclear-related assets and
liabilities.
Other financial expenses and income were EUR -13 million (2023: -33), In 2023 other financial
expenses included EUR -15 million costs relating to the Finnish State bridge financing.
Interest rate and currency derivatives in finance costs\u00a0\u2013 net
EUR million
2024
2023
Interest rate and cross currency swaps
Interest expenses on borrowings
-10
-7
Exchange rate difference from derivatives
5
-1
Rate difference in fair value gains and losses on financial instruments 1)
15
40
Total fair value change of interest rate derivatives in finance costs - net
10
31
Foreign exchange derivatives
Interest expenses on borrowings
-12
-33
Exchange rate difference from derivatives
145
-156
Rate difference in fair value gains and losses on financial instruments
1
5
Total fair value change of currency derivatives in finance costs - net
134
-184
Total
144
-153
1)Fair value gains and losses on financial instruments include fair value change of hedging derivatives in fair value hedge
relationship to EUR 15 million (2023:\u00a041).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-588": { "value": "
11 Finance costs\u00a0\u2013 net
EUR million
Note
2024
2023
Interest expense
Borrowings
-233
-286
Leasing and other interest expenses
-3
-2
Capitalised borrowing costs
18
10
20
Total
-226
-269
Interest income
Loan receivables and deposits
189
153
Other interest income 1)
45
12
Total
234
165
Other financial items \u2013 net
Return from nuclear fund
29
85
31
Nuclear fund adjustment
40
34
Unwinding of nuclear provisions
-38
-63
Fair value changes, impairments and reversals
-27
-3
Unwinding of discounts on other provisions and pension obligations
30, 31
1
0
Other financial expenses and income
-13
-33
Total
47
-34
Finance costs \u2013 net
55
-138
EUR million
2024
2023
Finance costs \u2013 net
55
-138
Adjustments to finance costs \u2013 net
Return from nuclear fund
-85
-31
Nuclear fund adjustment
-40
-34
Unwinding of nuclear provisions
38
63
Fair value changes, impairments, reversals and other adjustments 1)
-5
3
Comparable finance costs \u2013 net
-36
-137
1)Other adjustments in 2024 include EUR 19 million interest income from tax authorities on tax payment and EUR 13 million
interest income from a settlement of a commercial dispute. See Note 37 Legal actions and official proceedings.
See Definitions and reconciliations of key figures.
Interest expenses on borrowings totalled EUR 233 million (2023: 286) including interest
expenses on loans of EUR 211 million (2023: 246), and EUR 22 million (2023: 40) interest cost \u2013
net from derivatives hedging the loan portfolio. In 2023 interest expenses on loans included EUR
41 million relating to the Finnish State bridge financing.
Interest income on loan receivables and deposits, EUR 189 million (2023: 153), includes EUR 162
million (2023: 133) from deposits and cash, and EUR 27 million (2023: 21) interest income from
shareholder loan receivables and other loan receivables. Other interest income EUR 45 million
(2023: 12) includes EUR 19 million interest income from tax authorities on tax payment, EUR
13 million interest income from a settlement of a commercial dispute and EUR 13 million
mainly from commodity trading collaterals.
Return from nuclear fund, nuclear fund adjustment and unwinding of nuclear provisions relate to
the Loviisa nuclear plant. For additional information see Note\u00a029 Nuclear-related assets and
liabilities.
Other financial expenses and income were EUR -13 million (2023: -33), In 2023 other financial
expenses included EUR -15 million costs relating to the Finnish State bridge financing.
Interest rate and currency derivatives in finance costs\u00a0\u2013 net
EUR million
2024
2023
Interest rate and cross currency swaps
Interest expenses on borrowings
-10
-7
Exchange rate difference from derivatives
5
-1
Rate difference in fair value gains and losses on financial instruments 1)
15
40
Total fair value change of interest rate derivatives in finance costs - net
10
31
Foreign exchange derivatives
Interest expenses on borrowings
-12
-33
Exchange rate difference from derivatives
145
-156
Rate difference in fair value gains and losses on financial instruments
1
5
Total fair value change of currency derivatives in finance costs - net
134
-184
Total
144
-153
1)Fair value gains and losses on financial instruments include fair value change of hedging derivatives in fair value hedge
relationship to EUR 15 million (2023:\u00a041).", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-587": { "value": "
11 Finance costs\u00a0\u2013 net
EUR million
Note
2024
2023
Interest expense
Borrowings
-233
-286
Leasing and other interest expenses
-3
-2
Capitalised borrowing costs
18
10
20
Total
-226
-269
Interest income
Loan receivables and deposits
189
153
Other interest income 1)
45
12
Total
234
165
Other financial items \u2013 net
Return from nuclear fund
29
85
31
Nuclear fund adjustment
40
34
Unwinding of nuclear provisions
-38
-63
Fair value changes, impairments and reversals
-27
-3
Unwinding of discounts on other provisions and pension obligations
30, 31
1
0
Other financial expenses and income
-13
-33
Total
47
-34
Finance costs \u2013 net
55
-138
EUR million
2024
2023
Finance costs \u2013 net
55
-138
Adjustments to finance costs \u2013 net
Return from nuclear fund
-85
-31
Nuclear fund adjustment
-40
-34
Unwinding of nuclear provisions
38
63
Fair value changes, impairments, reversals and other adjustments 1)
-5
3
Comparable finance costs \u2013 net
-36
-137
1)Other adjustments in 2024 include EUR 19 million interest income from tax authorities on tax payment and EUR 13 million
interest income from a settlement of a commercial dispute. See Note 37 Legal actions and official proceedings.
See Definitions and reconciliations of key figures.
Interest expenses on borrowings totalled EUR 233 million (2023: 286) including interest
expenses on loans of EUR 211 million (2023: 246), and EUR 22 million (2023: 40) interest cost \u2013
net from derivatives hedging the loan portfolio. In 2023 interest expenses on loans included EUR
41 million relating to the Finnish State bridge financing.
Interest income on loan receivables and deposits, EUR 189 million (2023: 153), includes EUR 162
million (2023: 133) from deposits and cash, and EUR 27 million (2023: 21) interest income from
shareholder loan receivables and other loan receivables. Other interest income EUR 45 million
(2023: 12) includes EUR 19 million interest income from tax authorities on tax payment, EUR
13 million interest income from a settlement of a commercial dispute and EUR 13 million
mainly from commodity trading collaterals.
Return from nuclear fund, nuclear fund adjustment and unwinding of nuclear provisions relate to
the Loviisa nuclear plant. For additional information see Note\u00a029 Nuclear-related assets and
liabilities.
Other financial expenses and income were EUR -13 million (2023: -33), In 2023 other financial
expenses included EUR -15 million costs relating to the Finnish State bridge financing.
Interest rate and currency derivatives in finance costs\u00a0\u2013 net
EUR million
2024
2023
Interest rate and cross currency swaps
Interest expenses on borrowings
-10
-7
Exchange rate difference from derivatives
5
-1
Rate difference in fair value gains and losses on financial instruments 1)
15
40
Total fair value change of interest rate derivatives in finance costs - net
10
31
Foreign exchange derivatives
Interest expenses on borrowings
-12
-33
Exchange rate difference from derivatives
145
-156
Rate difference in fair value gains and losses on financial instruments
1
5
Total fair value change of currency derivatives in finance costs - net
134
-184
Total
144
-153
1)Fair value gains and losses on financial instruments include fair value change of hedging derivatives in fair value hedge
relationship to EUR 15 million (2023:\u00a041).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-586": { "value": "
11 Finance costs\u00a0\u2013 net
EUR million
Note
2024
2023
Interest expense
Borrowings
-233
-286
Leasing and other interest expenses
-3
-2
Capitalised borrowing costs
18
10
20
Total
-226
-269
Interest income
Loan receivables and deposits
189
153
Other interest income 1)
45
12
Total
234
165
Other financial items \u2013 net
Return from nuclear fund
29
85
31
Nuclear fund adjustment
40
34
Unwinding of nuclear provisions
-38
-63
Fair value changes, impairments and reversals
-27
-3
Unwinding of discounts on other provisions and pension obligations
30, 31
1
0
Other financial expenses and income
-13
-33
Total
47
-34
Finance costs \u2013 net
55
-138
EUR million
2024
2023
Finance costs \u2013 net
55
-138
Adjustments to finance costs \u2013 net
Return from nuclear fund
-85
-31
Nuclear fund adjustment
-40
-34
Unwinding of nuclear provisions
38
63
Fair value changes, impairments, reversals and other adjustments 1)
-5
3
Comparable finance costs \u2013 net
-36
-137
1)Other adjustments in 2024 include EUR 19 million interest income from tax authorities on tax payment and EUR 13 million
interest income from a settlement of a commercial dispute. See Note 37 Legal actions and official proceedings.
See Definitions and reconciliations of key figures.
Interest expenses on borrowings totalled EUR 233 million (2023: 286) including interest
expenses on loans of EUR 211 million (2023: 246), and EUR 22 million (2023: 40) interest cost \u2013
net from derivatives hedging the loan portfolio. In 2023 interest expenses on loans included EUR
41 million relating to the Finnish State bridge financing.
Interest income on loan receivables and deposits, EUR 189 million (2023: 153), includes EUR 162
million (2023: 133) from deposits and cash, and EUR 27 million (2023: 21) interest income from
shareholder loan receivables and other loan receivables. Other interest income EUR 45 million
(2023: 12) includes EUR 19 million interest income from tax authorities on tax payment, EUR
13 million interest income from a settlement of a commercial dispute and EUR 13 million
mainly from commodity trading collaterals.
Return from nuclear fund, nuclear fund adjustment and unwinding of nuclear provisions relate to
the Loviisa nuclear plant. For additional information see Note\u00a029 Nuclear-related assets and
liabilities.
Other financial expenses and income were EUR -13 million (2023: -33), In 2023 other financial
expenses included EUR -15 million costs relating to the Finnish State bridge financing.
Interest rate and currency derivatives in finance costs\u00a0\u2013 net
EUR million
2024
2023
Interest rate and cross currency swaps
Interest expenses on borrowings
-10
-7
Exchange rate difference from derivatives
5
-1
Rate difference in fair value gains and losses on financial instruments 1)
15
40
Total fair value change of interest rate derivatives in finance costs - net
10
31
Foreign exchange derivatives
Interest expenses on borrowings
-12
-33
Exchange rate difference from derivatives
145
-156
Rate difference in fair value gains and losses on financial instruments
1
5
Total fair value change of currency derivatives in finance costs - net
134
-184
Total
144
-153
1)Fair value gains and losses on financial instruments include fair value change of hedging derivatives in fair value hedge
relationship to EUR 15 million (2023:\u00a041).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-585": { "value": "
11 Finance costs\u00a0\u2013 net
EUR million
Note
2024
2023
Interest expense
Borrowings
-233
-286
Leasing and other interest expenses
-3
-2
Capitalised borrowing costs
18
10
20
Total
-226
-269
Interest income
Loan receivables and deposits
189
153
Other interest income 1)
45
12
Total
234
165
Other financial items \u2013 net
Return from nuclear fund
29
85
31
Nuclear fund adjustment
40
34
Unwinding of nuclear provisions
-38
-63
Fair value changes, impairments and reversals
-27
-3
Unwinding of discounts on other provisions and pension obligations
30, 31
1
0
Other financial expenses and income
-13
-33
Total
47
-34
Finance costs \u2013 net
55
-138
EUR million
2024
2023
Finance costs \u2013 net
55
-138
Adjustments to finance costs \u2013 net
Return from nuclear fund
-85
-31
Nuclear fund adjustment
-40
-34
Unwinding of nuclear provisions
38
63
Fair value changes, impairments, reversals and other adjustments 1)
-5
3
Comparable finance costs \u2013 net
-36
-137
1)Other adjustments in 2024 include EUR 19 million interest income from tax authorities on tax payment and EUR 13 million
interest income from a settlement of a commercial dispute. See Note 37 Legal actions and official proceedings.
See Definitions and reconciliations of key figures.
Interest expenses on borrowings totalled EUR 233 million (2023: 286) including interest
expenses on loans of EUR 211 million (2023: 246), and EUR 22 million (2023: 40) interest cost \u2013
net from derivatives hedging the loan portfolio. In 2023 interest expenses on loans included EUR
41 million relating to the Finnish State bridge financing.
Interest income on loan receivables and deposits, EUR 189 million (2023: 153), includes EUR 162
million (2023: 133) from deposits and cash, and EUR 27 million (2023: 21) interest income from
shareholder loan receivables and other loan receivables. Other interest income EUR 45 million
(2023: 12) includes EUR 19 million interest income from tax authorities on tax payment, EUR
13 million interest income from a settlement of a commercial dispute and EUR 13 million
mainly from commodity trading collaterals.
Return from nuclear fund, nuclear fund adjustment and unwinding of nuclear provisions relate to
the Loviisa nuclear plant. For additional information see Note\u00a029 Nuclear-related assets and
liabilities.
Other financial expenses and income were EUR -13 million (2023: -33), In 2023 other financial
expenses included EUR -15 million costs relating to the Finnish State bridge financing.
Interest rate and currency derivatives in finance costs\u00a0\u2013 net
EUR million
2024
2023
Interest rate and cross currency swaps
Interest expenses on borrowings
-10
-7
Exchange rate difference from derivatives
5
-1
Rate difference in fair value gains and losses on financial instruments 1)
15
40
Total fair value change of interest rate derivatives in finance costs - net
10
31
Foreign exchange derivatives
Interest expenses on borrowings
-12
-33
Exchange rate difference from derivatives
145
-156
Rate difference in fair value gains and losses on financial instruments
1
5
Total fair value change of currency derivatives in finance costs - net
134
-184
Total
144
-153
1)Fair value gains and losses on financial instruments include fair value change of hedging derivatives in fair value hedge
relationship to EUR 15 million (2023:\u00a041).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-584": { "value": "
11 Finance costs\u00a0\u2013 net
EUR million
Note
2024
2023
Interest expense
Borrowings
-233
-286
Leasing and other interest expenses
-3
-2
Capitalised borrowing costs
18
10
20
Total
-226
-269
Interest income
Loan receivables and deposits
189
153
Other interest income 1)
45
12
Total
234
165
Other financial items \u2013 net
Return from nuclear fund
29
85
31
Nuclear fund adjustment
40
34
Unwinding of nuclear provisions
-38
-63
Fair value changes, impairments and reversals
-27
-3
Unwinding of discounts on other provisions and pension obligations
30, 31
1
0
Other financial expenses and income
-13
-33
Total
47
-34
Finance costs \u2013 net
55
-138
EUR million
2024
2023
Finance costs \u2013 net
55
-138
Adjustments to finance costs \u2013 net
Return from nuclear fund
-85
-31
Nuclear fund adjustment
-40
-34
Unwinding of nuclear provisions
38
63
Fair value changes, impairments, reversals and other adjustments 1)
-5
3
Comparable finance costs \u2013 net
-36
-137
1)Other adjustments in 2024 include EUR 19 million interest income from tax authorities on tax payment and EUR 13 million
interest income from a settlement of a commercial dispute. See Note 37 Legal actions and official proceedings.
See Definitions and reconciliations of key figures.
Interest expenses on borrowings totalled EUR 233 million (2023: 286) including interest
expenses on loans of EUR 211 million (2023: 246), and EUR 22 million (2023: 40) interest cost \u2013
net from derivatives hedging the loan portfolio. In 2023 interest expenses on loans included EUR
41 million relating to the Finnish State bridge financing.
Interest income on loan receivables and deposits, EUR 189 million (2023: 153), includes EUR 162
million (2023: 133) from deposits and cash, and EUR 27 million (2023: 21) interest income from
shareholder loan receivables and other loan receivables. Other interest income EUR 45 million
(2023: 12) includes EUR 19 million interest income from tax authorities on tax payment, EUR
13 million interest income from a settlement of a commercial dispute and EUR 13 million
mainly from commodity trading collaterals.
Return from nuclear fund, nuclear fund adjustment and unwinding of nuclear provisions relate to
the Loviisa nuclear plant. For additional information see Note\u00a029 Nuclear-related assets and
liabilities.
Other financial expenses and income were EUR -13 million (2023: -33), In 2023 other financial
expenses included EUR -15 million costs relating to the Finnish State bridge financing.
Interest rate and currency derivatives in finance costs\u00a0\u2013 net
EUR million
2024
2023
Interest rate and cross currency swaps
Interest expenses on borrowings
-10
-7
Exchange rate difference from derivatives
5
-1
Rate difference in fair value gains and losses on financial instruments 1)
15
40
Total fair value change of interest rate derivatives in finance costs - net
10
31
Foreign exchange derivatives
Interest expenses on borrowings
-12
-33
Exchange rate difference from derivatives
145
-156
Rate difference in fair value gains and losses on financial instruments
1
5
Total fair value change of currency derivatives in finance costs - net
134
-184
Total
144
-153
1)Fair value gains and losses on financial instruments include fair value change of hedging derivatives in fair value hedge
relationship to EUR 15 million (2023:\u00a041).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-583": { "value": "
11 Finance costs\u00a0\u2013 net
EUR million
Note
2024
2023
Interest expense
Borrowings
-233
-286
Leasing and other interest expenses
-3
-2
Capitalised borrowing costs
18
10
20
Total
-226
-269
Interest income
Loan receivables and deposits
189
153
Other interest income 1)
45
12
Total
234
165
Other financial items \u2013 net
Return from nuclear fund
29
85
31
Nuclear fund adjustment
40
34
Unwinding of nuclear provisions
-38
-63
Fair value changes, impairments and reversals
-27
-3
Unwinding of discounts on other provisions and pension obligations
30, 31
1
0
Other financial expenses and income
-13
-33
Total
47
-34
Finance costs \u2013 net
55
-138
EUR million
2024
2023
Finance costs \u2013 net
55
-138
Adjustments to finance costs \u2013 net
Return from nuclear fund
-85
-31
Nuclear fund adjustment
-40
-34
Unwinding of nuclear provisions
38
63
Fair value changes, impairments, reversals and other adjustments 1)
-5
3
Comparable finance costs \u2013 net
-36
-137
1)Other adjustments in 2024 include EUR 19 million interest income from tax authorities on tax payment and EUR 13 million
interest income from a settlement of a commercial dispute. See Note 37 Legal actions and official proceedings.
See Definitions and reconciliations of key figures.
Interest expenses on borrowings totalled EUR 233 million (2023: 286) including interest
expenses on loans of EUR 211 million (2023: 246), and EUR 22 million (2023: 40) interest cost \u2013
net from derivatives hedging the loan portfolio. In 2023 interest expenses on loans included EUR
41 million relating to the Finnish State bridge financing.
Interest income on loan receivables and deposits, EUR 189 million (2023: 153), includes EUR 162
million (2023: 133) from deposits and cash, and EUR 27 million (2023: 21) interest income from
shareholder loan receivables and other loan receivables. Other interest income EUR 45 million
(2023: 12) includes EUR 19 million interest income from tax authorities on tax payment, EUR
13 million interest income from a settlement of a commercial dispute and EUR 13 million
mainly from commodity trading collaterals.
Return from nuclear fund, nuclear fund adjustment and unwinding of nuclear provisions relate to
the Loviisa nuclear plant. For additional information see Note\u00a029 Nuclear-related assets and
liabilities.
Other financial expenses and income were EUR -13 million (2023: -33), In 2023 other financial
expenses included EUR -15 million costs relating to the Finnish State bridge financing.
Interest rate and currency derivatives in finance costs\u00a0\u2013 net
EUR million
2024
2023
Interest rate and cross currency swaps
Interest expenses on borrowings
-10
-7
Exchange rate difference from derivatives
5
-1
Rate difference in fair value gains and losses on financial instruments 1)
15
40
Total fair value change of interest rate derivatives in finance costs - net
10
31
Foreign exchange derivatives
Interest expenses on borrowings
-12
-33
Exchange rate difference from derivatives
145
-156
Rate difference in fair value gains and losses on financial instruments
1
5
Total fair value change of currency derivatives in finance costs - net
134
-184
Total
144
-153
1)Fair value gains and losses on financial instruments include fair value change of hedging derivatives in fair value hedge
relationship to EUR 15 million (2023:\u00a041).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-590": { "value": "
12 Income tax expense
12.1 Profit before tax by country
EUR million
2024
2023
Finland
528
934
Sweden
309
652
Poland
85
-66
Ireland
233
-51
Netherlands
265
160
Other
-21
-45
Total
1,399
1,583
Profit before tax by country represents the respective countries\u2019 part of total profit before tax
for Fortum Group according to IFRS, based on the same accounting principles as consolidated
financial statements. This means that the respective country profits include items such as share
of profits from associates and joint ventures, effects of accounting for derivatives under IFRS
standards and other group-level consolidation adjustments, which are not included in taxable
profits in the local subsidiaries.
12.2 Major components of income tax expense by country
EUR million
2024
2023
Current taxes
Finland
-126
-157
Sweden
-88
-122
Poland
-13
-6
Ireland
0
0
Netherlands
-2
-2
Other
-9
-6
Total
-238
-293
Deferred taxes
Finland
11
-13
Sweden
22
-3
Poland
-9
35
Ireland
-36
163
Netherlands
-20
36
Other 1)
18
32
Total
-14
249
Adjustments recognised for current tax of prior periods
Finland
11
-8
Sweden
0
0
Poland
3
-18
Ireland
0
0
Netherlands
0
1
Other
0
0
Total
13
-25
Income tax expense
-239
-69
1) Includes tax rate differential on interest on group internal loan treated as equity.
12.3 Income tax rate reconciliation
The table below explains the difference between the enacted tax rate in Finland compared to
the tax rate in the consolidated income statement.
EUR million
2024
%
2023
%
Profit before tax
1,399
1,583
Tax calculated at nominal Finnish tax rate
-280
20.0
-317
20.0
Differences in tax rates in other jurisdictions
4
-0.3
-16
1.0
Tax exempt capital gains
47
-3.4
1
0.0
Other items impacting comparable tax expense
-3
0.2
225
-14.2
Tax exempt income and other non-deductible
expenses
4
-0.3
10
-0.6
Share of profit of associates and joint ventures
3
-0.2
12
-0.8
Tax effects of changes in value and non-
recognition of deferred taxes
-5
0.4
-5
0.3
Other items
-3
0.2
20
-1.2
Adjustments recognised for taxes of prior periods
-5
0.4
2
-0.2
Income tax expense
-239
17.1
-69
4.3
Key tax indicators:
\u2022 The weighted average applicable income tax rate for 2024 is 19.7% (2023: 21.0%).
\u2022 The effective income tax rate in the income statement for 2024 is 17.1% (2023: 4.3%).
\u2022 The comparable effective income tax rate for 2024 is 19.1% (2023: 19.1%).
See Note 7 Comparable operating profit and comparable net profit and\u00a0Definitions and
reconciliations of key figures.
The major items affecting the effective income tax rate are as follows:
\u2022 Tax exempt capital gains mainly generated from the divestment of the recycling and waste
business in 2024 reduced the rate by 3.4% (2023: 0.0%)
\u2022 Other items impacting comparable tax expense in 2024 are primarily related to the
impairment of shares in the Netherlands. In 2023, items impacting comparable tax expense
were mainly realised in Ireland and the Netherlands as a consequence of the write-down of
Russia-related loans, which led to an increase in the deferred tax asset on tax loss
carryforward in Ireland. These items decreased the rate by 0.2% (2023: 14.2%).
\u2022 Other items include EUR 8 million related to the tax rate differential on interest on group
internal loan treated as equity, being interest income in Ireland at 12.5% and the corresponding
interest expense taxable at 20% in Finland. The item decreased the rate by 0.6% (2023: 1.5%).
12.4 Reconciliation of comparable income taxes
EUR million
2024
2023
Income tax expense
-239
-69
Adjustments to income tax expense
20
-201
Comparable income tax expense
-219
-269
12.5 Pillar Two model rules
The Group is within the scope of the OECD Pillar Two model rules for global minimum tax. Pillar
Two legislation was enacted in Finland, domicile of Fortum Oyj and came into effect from 1
January 2024. This legislation was also enacted or substantially enacted as of 2024 in the
following Fortum\u2019s operative countries: Sweden, the Netherlands, Ireland, Denmark, Belgium,
the United Kingdom, Switzerland, Spain, France, Germany and Norway.
Under the legislation, the Group is liable to pay a top-up tax for the difference between its so
called GloBE effective tax rate per jurisdiction calculated based on Pillar Two rules and the
defined 15% minimum rate, if the Transitional Safe Harbour rules included in Pillar Two legislation
are not met.
28 Income taxes on the balance sheet
ACCOUNTING POLICIES
The tax currently payable is based on taxable profit for the year. Taxable profit differs from
profit as reported in the consolidated income statement, because of items of income or
expense that are taxable or deductible in other years and items that are never taxable or
deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been
enacted or substantively enacted by the end of the reporting period.
Deferred tax is provided in full, using the balance sheet approach on temporary differences
arising between the tax bases of assets and liabilities and their carrying amounts in the
consolidated financial statements. However, if the deferred tax arises from initial recognition
of an asset or liability in a transaction other than a business combination that at the time of the
transaction affects neither accounting nor taxable profit or loss, it is not accounted for and at
the time of transaction does not give rise to equal taxable and deductible differences. Deferred
tax is determined using tax rates (and laws) that have been enacted or substantially enacted
by the closing date and are expected to apply when the related deferred tax asset is realised
or the deferred tax liability is settled.
Deferred tax assets are recognised to the extent that it is probable that future taxable profit
will be available against which the temporary differences can be utilised. Deferred tax assets
are set off against deferred tax liabilities if they relate to income taxes levied by the same
taxation authority.
Deferred tax is provided on temporary differences arising from investments in subsidiaries,
associates and joint ventures, except where the timing of the reversal of the temporary
difference is controlled by the Group, and it is probable that the temporary difference will not
be reversed in the foreseeable future.
The Group recognises liabilities for anticipated tax dispute issues based on estimates of
whether additional taxes will be due. No provision will be recognised in the financial
statements if Fortum considers the claims unjustifiable. Therefore, if taxes regarding ongoing
tax disputes have to be paid before final court decisions, they are booked as a receivable.
Where the final outcome of these matters is different from the amounts that were initially
recorded, such differences will impact the income tax and deferred tax provisions in the period
in which such determination is made.
The Group applies the mandatory exception to the recognition and disclosure of deferred
taxes arising from the jurisdictional implementation of the Pillar Two model rules.
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS: ASSUMPTIONS
AND ESTIMATES REGARDING FUTURE TAX CONSEQUENCES
Fortum has deferred tax assets and liabilities which are expected to be realised through the
income statement over the extended periods of time in the future. In calculating the deferred
tax items, Fortum is required to make certain assumptions and estimates regarding the future
tax consequences attributable to differences between the carrying amounts of assets and
liabilities as recorded in the financial statements and their tax basis.
Assumptions made include the expectation that future operating performance for subsidiaries
will be consistent with historical levels of operating results, recoverability periods for tax loss
carryforwards will not change, and that existing tax laws and rates will remain unchanged into
foreseeable future. Fortum believes that it has prudent assumptions in developing its deferred
tax balances.
Fortum continually evaluates the probability of utilising deferred tax assets and considers
various factors that, in addition to the actual and planned earnings of the past, take into
account medium-term and long-term planning. The basis for recognising deferred tax assets is
an estimate by management of the extent to which it is probable that there will be sufficient
taxable profit in the foreseeable future against which the unused tax losses, tax credits and
deductible temporary differences can be offset.
In line with Fortum Tax Principles and accounting rules Fortum determines and evaluates
uncertain tax position by assessing the probability, whether a tax authority or a court in case of
foreseeable litigation will accept the tax treatment. If the probability is below the threshold of
more likely than not, Fortum reflects the effect of the uncertainty in its financial statements
accordingly. Fortum is committed to transparent tax authority relation and assumes that the
tax authority will review the positions and will have full knowledge of all applicable information
when assessing taxation. When needed, Fortum obtains legal opinions to support the
assessment of the tax and accounting treatment.
28.1 Deferred taxes on the balance sheet
2024
2023
EUR million
1 Jan
Change
31 Dec
1 Jan
Change
31 Dec
Deferred tax assets
958
-113
845
933
24
958
Deferred tax liabilities
-428
42
-386
-152
-276
-428
Net deferred taxes
530
-71
459
782
-252
530
Deferred tax assets are recognised to the extent it is probable that future taxable profit will be
available against which the unused tax losses, unused tax credits and deductible temporary
differences can be utilised in the relevant jurisdictions. As of 31 December 2024, Fortum has
recognised deferred tax assets of EUR 845 million (2023: EUR 958 million).
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to
offset current tax assets against current tax liabilities and when the deferred income taxes
relate to the same fiscal authority.
Movement in deferred tax assets and liabilities 2024
EUR million
Intangible assets
Property, plant and
equipment and
right-of-use assets
Pension obligations
Provisions
Derivative financial
instruments
Tax losses and
interest carry-
forward
Other
Net deferred taxes
1 January 2024
-61
-452
-2
-12
90
915
52
530
Charged to income statement
4
2
0
-12
11
9
-27
-14
Charged to other comprehensive income
0
0
-4
0
-114
0
0
-118
Exchange rate differences, reclassifications and other changes
3
5
0
1
-1
-14
-7
-13
Disposals 1)
0
81
0
-5
0
-3
0
74
31 December 2024
-55
-365
-5
-28
-14
907
19
459
1)Disposals of subsidiary companies in 2024 included the divestment of the recycling and waste business. See\u00a0Note 3.2 Disposals.
Movement in deferred tax assets and liabilities 2023
EUR million
Intangible assets
Property, plant and
equipment and
right-of-use assets
Pension obligations
Provisions
Derivative financial
instruments
Tax losses and
interest carry-
forward
Other
Net deferred taxes
1 January 2023
-54
-530
-3
-19
589
753
46
782
Charged to income statement
0
7
0
9
-15
202
64
266
Charged to other comprehensive income
0
0
2
0
-475
0
0
-474
Exchange rate differences, reclassifications and other changes
-6
10
0
-1
-9
-39
-6
-51
Disposals 1)
-2
61
-1
-2
0
0
-51
6
31 December 2023
-61
-452
-2
-12
90
915
52
530
1)Disposals of subsidiary companies in 2023 included EUR 10 million from the deconsolidation of Russian operations in April 2023. See Note\u00a03.3 Discontinued operations.
The net change in deferred taxes during 2024 is primarily due to a decrease in deferred tax
related to derivatives in other comprehensive income. The deferred tax asset on tax loss carry
forward is mainly in Ireland, resulting from the Uniper divestment in 2022 and Russia-related
impairments in 2022 and 2023. Fortum has prepared a comprehensive forecast to assess the
future profitability of the Irish legal entity holding the loss carried forward, and has relied on this
estimate to support the value of the deferred tax asset, which amounts to EUR 780 million at 31
December 2024. The utilisation of tax losses in Ireland in 2024 was in line with the estimate.
Expiry of tax losses and interest carried forward and recognised
deferred tax assets
2024
2023
EUR million
Tax losses
and interest
carried
forward
Deferred
tax asset
Tax losses
and interest
carried
forward
Deferred
tax asset
Tax losses carried forward without expiration date 1)
6,369
813
6,724
852
Tax losses carried forward with expiration date
9
2
12
2
Total
6,378
815
6,735
855
Interest carried forward without expiration date
108
25
97
24
Interest carried forward with expiration date
322
67
175
36
Total
430
92
272
61
1)Majority relates to Ireland resulting from the Uniper divestment in 2022 and Russia-related impairments in 2022 and 2023.
Deferred tax assets are recognised for tax losses carried forward and interest carried forward to
the extent that the realisation of the related tax benefit through future profits is probable. The
decrease in tax losses carried forward is primarily due to losses recognised in Ireland. The
increase in interest carried forwards is mostly attributed to the rise in interest rates on loans,
mainly in Sweden, where interest cost deduction is limited by local legislation.
Unrecognised deferred tax
The amount of temporary differences, tax losses carried forward, interest carried forward, and
tax credits for which no deferred tax asset was recognised due to uncertainty of utilisation:
EUR million
2024
2023
Temporary differences
997
1,129
Tax losses carried forward
280
140
Interest carried forward
84
97
Tax credits
5
5
Total
1,366
1,371
The unrecognised amounts in deductible temporary differences, interest carried forward and tax
losses carried forward were materially formed in 2023 by the following transactions: in Finland,
EUR 475 million was related to the write-down of Russian shares, and in the Netherlands, EUR
746 million was due to Russia-related loan impairments.
Deferred tax liabilities were continued to be not recognised on temporary differences of EUR 23
million (2023: 23) relating to investments in subsidiaries as Fortum can control the reversal
effect, and it is probable that temporary differences will not be reversed in the foreseeable
future.
28.2 Income tax receivables and liabilities
Income tax receivables, EUR 101 million (2023: 59), and income tax liabilities, EUR -93 million
(2023: -43), fluctuate due to corporate income taxes accrued and paid mainly in relation to the
financial year, as well as in relation to previous years payments in various legal entities in
accordance with local tax law requirements.
Income tax receivables in Belgium decreased by EUR 36 million as a result of positive ruling in
the legal case on tax disputes on income tax assessments for the\u00a0year 2008. See Note 37 Legal
actions and official proceedings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-591": { "value": "
EARNINGS PER SHARE
Basic earnings per share is calculated by dividing the net profit attributable to the owners of
the parent company by the weighted average number of ordinary shares in issue during the
year, excluding ordinary shares purchased by the Group and held as treasury shares.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-592": { "value": "
DIVIDENDS
Dividends proposed by the Board of Directors are not recognised in the financial statements
until they have been approved by the company's shareholders at the Annual General Meeting", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-593": { "value": "
13.1 Earnings per share
Earnings per share, basic
2024
2023
Profit attributable to owners of the parent, continuing operations (EUR million)
1,164
1,514
Profit attributable to owners of the parent, total Fortum (EUR million)
1,164
-2,069
Weighted average number of shares (thousand)
897,264
897,264
\u00a0
Basic earnings per share, continuing operations (EUR)
1.30
1.68
Basic earnings per share, total Fortum (EUR)
1.30
-2.31
As Fortum currently has no dilutive instruments outstanding, diluted earnings per share is the
same as basic earnings per share.
Comparable earnings per share
2024
2023
Comparable net profit, continuing (EUR million)
900
1,150
Comparable net profit, total Fortum (EUR million)
900
1,184
Weighted average number of shares (thousand)
897,264
897,264
\u00a0
Comparable earnings per share, continuing operations (EUR)
1.00
1.28
Comparable earnings per share, total Fortum (EUR)
1.00
1.32
See Definitions and reconciliations of key figures.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-594": { "value": "
13.2 Dividend per share
The Board of Directors proposes that a dividend of EUR 1.40 per share be paid for the financial
year 2024. The proposed dividend of EUR 1.40 per share comprises EUR 0.90 which corresponds
to 90% payout of the Group\u2019s comparable earnings per share (EPS) of EUR 1.00 and EUR 0.50 as
a special dividend. Based on the number of shares registered as at 10 February 2025, the total
amount of dividend would be EUR 1,256 million. These Financial statements do not reflect this
dividend.
A dividend for 2023 of EUR 1.15 per share, amounting to a total of EUR 1,032 million, was decided
in the Annual General Meeting on 25 March 2024. The dividend was paid in two instalments. The
first dividend instalment of EUR 0.58 per share was paid on 5 April 2024, amounting to a total of
EUR 520 million. The second dividend instalment of EUR 0.57 per share, amounting to a total of
EUR 511 million, was paid on 9 October 2024.
A dividend for 2022 of EUR 0.91 per share, amounting to a total of EUR 817 million, was decided
in the Annual General Meeting on 13 April 2023. The dividend was paid in two instalments. The
first dividend instalment of EUR 0.46 per share was paid on 24 April 2023, amounting to a total
of EUR 413 million. The second dividend instalment of EUR 0.45 per share, amounting to a total
of EUR 404 million, was paid on 10 October 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-595": { "value": "1.40", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-596": { "value": "1256000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-597": { "value": "1.15", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-598": { "value": "1032000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParentRelatingToPriorYears", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-599": { "value": "0.91", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-600": { "value": "817000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParentRelatingToPriorYears", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-601": { "value": "
14 Additional cash flow information
14.1 Change in financial net debt
EUR million
Note
2024
2023
Financial net debt, beginning of the period
942
1,084
Russia impact on Financial net debt, beginning of the period
\u2014
43
Financial net debt excl. Russia, beginning of the period
942
1,127
Net cash flow:
Comparable EBITDA
1,556
1,903
Non-cash and other items
-89
129
Paid net financial costs and dividends received
25
-59
Income taxes paid
-196
-454
Change in working capital
95
191
Capital expenditures
-472
-576
Acquisitions
-33
-53
Divestments and proceeds from sale of property, plant and equipment
767
17
Change in interest-bearing receivables
-44
22
Dividends to the owners of the parent
-1,032
-817
Other financing activities
2
19
Net cash flow, continuing operations ('-' increase in financial net debt)
580
322
Foreign exchange rate differences and other changes
5
137
Financial net debt, end of the period
27
367
942
14.2 Additional cash flow information
Non-cash and other items
Non-cash and other items EUR -89 million (2023: 129) mainly relate to realised foreign exchange
gains and losses EUR -78 million (2023: 186) and change in liability to return emission rights
EUR\u00a0-8\u00a0million (2023: -32) offset by EUR 58 million income from a settlement of a commercial
dispute. In 2023 non-cash and other items included also paid commitment fee for Solidium
bridge loan facility EUR\u00a0\u201139\u00a0million.
Change in working capital
EUR million
2024
2023
Change in interest-free receivables, decrease(+)/increase(-)
243
348
Change in inventories, decrease(+)/increase(-)
-17
-14
Change in interest-free liabilities, decrease(-)/increase(+)
-131
-143
Total
95
191
Capital expenditure in cash flow
EUR million
Note
2024
2023
Capital expenditure
17, 18
483
611
Change in not yet paid investments, decrease(+)/increase(-)
-2
-16
Capitalised borrowing costs
-10
-20
Total
472
576
Acquisition of shares in cash flow
Acquisition of shares, net of cash acquired, amounted to EUR 33 million (2023: 53). In 2023
Fortum acquired the Swedish electricity solutions provider Telge Energi AB. For further
information see Note\u00a03 Acquisitions, disposals and discontinued operations.
Divestment of shares in cash flow
EUR million
Note
2024
2023
Proceeds from sales of subsidiaries, net of cash disposed
3
726
1
Proceeds from sales and capital returns of associates and joint ventures
3, 19
38
0
Proceeds from sales of other investments
3
0
3
Total
764
5
In 2024, Fortum completed the divestment of its recycling and waste business to Summa Equity.
The net cash flow received from the transaction was approximately EUR 720 million. Fortum
concluded also the sale of the remaining 43.75% share of its 185 MW Indian solar power
portfolio. The total proceeds was EUR 33 million.
There were no material divestments during 2023.
For further information, see\u00a0Note 3 Acquisitions, disposals and discontinued operations.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-602": { "value": "-89000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherAdjustmentsForNoncashItems", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-603": { "value": "129000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherAdjustmentsForNoncashItems", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-605": { "value": "
15 Financial assets and liabilities by categories
ACCOUNTING POLICIES
FINANCIAL ASSETS
Fortum classifies its financial assets in the following categories according to IFRS 9: financial
assets at amortised cost, financial assets at fair value through profit or loss and financial
assets at fair value through other comprehensive income. The classification is made at initial
recognition and depends on the financial asset's contractual cash flow characteristics and the
Group's business model for managing them.\u00a0
In order for the financial asset to be classified and measured at amortised cost or fair value
through other comprehensive income, it needs to give rise to cash flows that are solely
payments of the principal and interest on the principal amount outstanding (SPPI). This
assessment is referred to as the SPPI test and is performed at an instrument level. When the
SPPI criteria is not met, financial assets are classified to fair value through profit or loss
category.\u00a0
Financial assets are presented as non-current assets unless they are held for trading, expected
to be realised within 12 months at the closing date or they have a maturity of under 12 months
at closing date. These are classified as current assets.
FINANCIAL ASSETS AT AMORTISED COST
Fortum measures financial assets at amortised cost when the financial asset is included in the
held-to-collect business model with fixed or determinable payments that are payments of
amount outstanding or interest on it. They arise when the Group provides money, goods or
services directly to a debtor. Financial assets at amortised cost include non-derivative financial
assets with fixed or determinable payments that are not quoted in an active market.\u00a0
Financial assets at amortised cost are subject to impairment using expected credit loss (ECL)
model. Gains and losses from derecognition of the asset are recognised in profit and loss.\u00a0
FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS
Financial assets at fair value through profit or loss include financial assets held for trading in
the short term, financial assets designated upon initial recognition irrevocably as fair value
through profit or loss and financial assets mandatorily recognised at fair value through profit or
loss according to IFRS 9. Derivatives are classified as held for trading unless they are
designated as effective hedging instruments.
Gains and losses arising from changes in the fair value are included in the income statement in
the period in which they arise.
FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME
Other equity investments designated at fair value through other comprehensive income are
not subject to impairment assessment and accumulated reserves are not recycled to profit or
loss upon derecognition. Dividends received are recognised in profit and loss.\u00a0
DERECOGNITION
Fortum derecognises financial assets when the rights to receive cash flows from the assets
have expired or when it has substantially transferred the risks and rewards of the assets
outside of the Group.\u00a0
IMPAIRMENT
Fortum recognises an allowance for expected credit losses (ECL) according to IFRS 9 for
financial assets measured at amortised cost. See further information on ECL in Note 4.4.1
Credit quality of major financial assets and in Note 24 Trade and other receivables.
Financial assets measured at fair value through profit or loss are not included in ECL
assessment as they are already measured at fair value. A financial asset is written-off when
there is no reasonable expectation of recovering the contractual cash flows.\u00a0
FINANCIAL LIABILITIES
All financial liabilities are recognised initially at fair value. In the case of loans and borrowings
and payables, incurred transaction costs are deducted. In subsequent periods, all financial
liabilities, except derivatives and financial liabilities which the Group has at initial recognition
irrevocably designated at fair value through profit or loss, are stated at amortised cost; any
difference between proceeds (net of transaction costs) and the redemption value is
recognised as interest cost over the period of the borrowing using the effective interest rate
method.\u00a0
Derivative financial instruments entered into by the Group, that are not designated as hedging
instruments are classified as liabilities at fair value through profit and loss. Amortisation of the
effective interest rate and gains and losses of liabilities are recognised in the income
statement.\u00a0
Group\u2019s financial liabilities include trade and other payables, loans and borrowings and
derivative financial instruments. Borrowings or portion of borrowings being hedged with a fair
value hedge are recognised at fair value through profit or loss. Derecognition of financial
liabilities takes place when the Group has fulfilled the contractual obligations.
ACCOUNTING FOR DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES
Within the ordinary course of business, the Group routinely enters into sale and purchase
transactions for commodities. Contracts that were entered into and continue to be held for the
purpose of receipt or delivery of the commodity in accordance with the Group's expected sale,
purchase or usage requirements are not within the scope of IFRS 9 (\"own use exemption\").
Physical contracts to buy or sell a non-financial item, which are fair valued using the fair value
option to off-set accounting mismatch, or where own use exemption or hedge accounting
cannot be applied are fair valued through the income statement.\u00a0
The Group trades derivatives through exchanges, in which derivatives are cleared through
central clearing parties (CCPs) or clearing banks, as well as over-the-counter (OTC), concluded
directly between counterparties. Trading derivatives through exchanges requires the
exchange of cash (margining payments) with a CCP or clearing bank to cover market risk in the
case of a member default. See further information in Note 4.2 Liquidity and refinancing risk and
in Note 4.4 Credit risk. Exchange-traded derivatives are accounted for either as collateralised-
to-market (CTM) or settled-to-market (STM) derivatives depending on the contractual right
and obligations associated with the variation margin settlement payments. For CTM
derivatives the variation margins paid or received are recognised as collaterals and included
within margin receivables and liabilities in the balance sheet. Accordingly, the paid or received
variation margin of CTM derivatives constitute a separate unit of account from the derivative
contracts which are recognised at fair value in the balance sheet. For STM derivatives, the
variation margins paid or received are accounted for as settlements of the derivative contracts
fair value. Consequently, the fair value of STM derivative contracts in the balance sheet is zero.
The initial margins of STM and CTM derivatives are included within margin receivables and
liabilities. Currently, the majority of exchange-traded derivatives are treated as CTM
derivatives whereas the amount of STM derivatives is immaterial.
Derivatives are initially recognised at fair value on the date a derivative contract is entered into
and are subsequently remeasured at their fair value. Gains and losses resulting from the initial
fair value measurement of a derivative (\u201cday one\u201d gains and losses) are eliminated against the
corresponding derivative asset or liability, if the initial fair value is determined based on
valuation model with input parameters that are unobservable from active markets. For
derivatives whose initial fair value is evidenced by a quoted price in an active market for an
identical contract or based on a valuation technique that uses only data from observable
markets, gains and losses from the initial measurement are accounted for similarly to gains or
losses on the subsequent measurement.
The method of recognising the resulting gain or loss on the subsequent measurement depends
on whether the derivative is designated as a hedging instrument eligible for hedge accounting,
and if so, the nature of the item being hedged. The Group designates certain derivatives as
either: (1) hedges of highly probable forecast transactions (cash flow hedges); (2) hedges of
the fair value of recognised assets or liabilities, or unrecognised firm commitments (fair value
hedge); or (3) hedges of net investments in foreign operations.
The Group documents at the inception of the transaction the relationship between hedging
instruments and hedged items, whether the hedged item is one or several risk components
separately or in aggregation, as well as its risk management objective and strategy for
undertaking various hedge transactions. When applying hedge accounting the Group also
documents its assessment, of whether the derivatives that are used in hedging transactions
are meeting the hedge accounting effectiveness criteria: (1) there is an economic relationship
between the hedged item and the hedging instrument, (2) the effect of credit risk does not
dominate the value changes that result from that economic relationship; and (3) the hedge
ratio of the hedging relationship is the same as applied in the risk management. The Group
also documents its assessment, both at hedge inception and on an ongoing basis, of whether
the derivatives that are used in hedging transactions are highly effective by assessing the
prospective capacity of the derivatives in offsetting changes in fair values or cash flows of
hedged items. Hedge accounting is discontinued only when the hedging relationship ceases to
meet the hedge effectiveness criteria.
CASH FLOW HEDGE
The effective portion of changes in the fair value of derivatives that are designated and qualify
as cash flow hedges are recognised in equity. Gain or loss relating to the ineffective portion is
recognised immediately in the income statement. Amounts accumulated in equity are recycled
in the income statement in the periods when the hedged item will affect profit and loss (e.g.
when the forecasted sale that is hedged takes place). However, when the forecast transaction
that is hedged results in the recognition of a non-financial asset (e.g. inventory) or a liability,
the gains and losses previously deferred in equity are transferred from equity and included in
the initial measurement of the cost of the asset or liability. When a hedge no longer meets the
criteria for hedge accounting, any cumulative gain or loss existing in equity is recognised in the
income statement when the forecast transaction is ultimately also recognised in the income
statement. When a forecasted transaction is no longer expected to occur, the cumulative gain
or loss that was reported in equity is immediately recognised in the income statement.
Fortum hedges its exposure to commodity market risks and applies hedge accounting by risk
components. Hedge accounting is applied to Nordic electricity price risk, where the Nordic
area priced physical electricity delivery is commonly divided into three risk components: (1)
system price risk, (2) electricity price area difference risk (EPAD) and (3) currency risk. For each
of these separate risk components there are specific derivative contracts available, which each
are being effective hedges for the associated risk components. In addition, hedge accounting
is applied to certain gas forward and futures contracts which effectively hedge the cash flows
for future gas deliveries.
FAIR VALUE HEDGE
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are
recorded in the income statement, together with any changes in the fair value of the hedged
asset or liability that are attributable to the hedged risk.\u00a0
If the hedge no longer meets the criteria for hedge accounting, the adjustment to the carrying
amount of a hedged item for which the effective interest method is used is amortised to profit
or loss for the periods until maturity of the hedged item.
NET INVESTMENT HEDGING IN FOREIGN OPERATIONS
Hedges of net investments in foreign operations are accounted for similarly to cash flow
hedges. Any gain or loss on the hedging instrument relating to the effective portion of the
hedge is recognised in equity; the gain or loss relating to the ineffective portion is recognised
immediately in the income statement. Gains and losses accumulated in equity are included in
the income statement when the foreign operation is disposed of.
DERIVATIVES THAT DO NOT QUALIFY FOR HEDGE ACCOUNTING
Certain derivative instruments representing economic hedging relationship do not qualify for
hedge accounting. Unrealised fair value changes of non-hedge accounted commodity
derivatives hedging future cash flow and physical contracts that are accounted for as
derivatives within the scope of IFRS 9 are recognised in items affecting comparability in the
income statement. Gains and losses on interest rate and currency derivative instruments are
recognised in finance costs \u2013 net with corresponding hedge items.
Financial assets and liabilities in the following tables are split into categories in accordance
with IFRS 9. The categories are further divided into classes which are the basis for valuing a
respective asset or liability.
Financial assets by category 2024
Amortised cost
Fair\u00a0value\u00a0through\u00a0profit\u00a0or\u00a0loss
Fair\u00a0value
through\u00a0other
comprehensive
income
EUR million
Note
Hedge\u00a0accounting,
fair\u00a0value\u00a0hedges
Non-hedge
accounting
Other
financial\u00a0assets
Net investment and
Cash\u00a0flow hedges
Total
financial\u00a0assets
Financial instruments in non-current assets
Other non-current assets
21
99
139
238
Derivative financial instruments
4
Commodity derivatives
83
79
162
Interest rate and currency derivatives
79
5
21
105
Long-term interest-bearing receivables
22
431
431
Total financial instruments in non-current assets
530
79
87
139
100
935
Financial instruments in current assets
Derivative financial instruments
4
Commodity derivatives
85
264
349
Interest rate and currency derivatives
26
4
30
Trade receivables
24
812
812
Other receivables
24
195
195
Short-term interest-bearing receivables
22
70
213
283
Liquid funds
25
4,136
4,136
Total financial instruments in current assets
5,212
0
111
213
268
5,804
Total
5,742
79
198
352
368
6,739
Financial assets by category 2023
Amortised cost
Fair\u00a0value\u00a0through\u00a0profit\u00a0or\u00a0loss
Fair\u00a0value
through\u00a0other
comprehensive
income
EUR million
Note
Hedge\u00a0accounting,
fair\u00a0value\u00a0hedges
Non-hedge
accounting
Other
financial\u00a0assets
Net investment and
Cash\u00a0flow hedges
Total
financial\u00a0assets
Financial instruments in non-current assets
Other non-current assets
21
78
123
201
Derivative financial instruments
4
Commodity derivatives
42
59
101
Interest rate and currency derivatives
92
2
21
115
Long-term interest-bearing receivables
22
644
644
Total financial instruments in non-current assets
722
92
45
123
80
1,061
Financial instruments in current assets
Derivative financial instruments
4
Commodity derivatives
124
251
375
Interest rate and currency derivatives
7
7
14
Trade receivables
24
1,120
1,120
Other receivables
24
167
167
Short-term interest-bearing receivables
22
64
325
389
Liquid funds
25
4,183
4,183
Total financial instruments in current assets
5,534
0
131
325
257
6,247
Total
6,256
92
176
448
337
7,309
Financial liabilities by category 2024
Amortised cost
Fair\u00a0value\u00a0through\u00a0profit\u00a0or\u00a0loss
Fair\u00a0value
through\u00a0other
comprehensive
income
EUR million
Note
Hedge accounting,
fair\u00a0value hedges 1)
Non-hedge
accounting
Other financial
liabilities
Net\u00a0investment
and\u00a0Cash\u00a0flow
hedges
Lease liabilities
Total financial
liabilities
Financial instruments in non-current liabilities
Interest-bearing liabilities
27
3,268
990
78
4,336
Derivative financial instruments
4
Commodity derivatives
104
61
165
Interest rate and currency derivatives
54
0
2
56
Total financial instruments in non-current liabilities
3,268
1,044
104
63
78
4,557
Financial instruments in current liabilities
Interest-bearing liabilities
27
200
275
16
492
Derivative financial instruments
4
Commodity derivatives
137
163
300
Interest rate and currency derivatives
22
11
32
Trade payables
33
361
361
Other liabilities
33
136
136
Total financial instruments in current liabilities
697
0
159
275
173
16
1,321
Total
3,965
1,044
263
275
236
94
5,878
1)Fair valued part of bond in fair value hedge relationship.
Financial liabilities by category 2023
Amortised cost
Fair\u00a0value\u00a0through\u00a0profit\u00a0or\u00a0loss
Fair\u00a0value
through\u00a0other
comprehensive
income
EUR million
Note
Hedge accounting,
fair\u00a0value hedges 1)
Non-hedge
accounting
Other financial
liabilities
Net\u00a0investment
and\u00a0Cash\u00a0flow
hedges
Lease liabilities
Total financial
liabilities
Financial instruments in non-current liabilities
Interest-bearing liabilities
27
3,502
973
97
4,573
Derivative financial instruments
4
Commodity derivatives
49
73
121
Interest rate and currency derivatives
83
2
10
95
Total financial instruments in non-current liabilities
3,502
1,056
50
83
97
4,789
Financial instruments in current liabilities
Interest-bearing liabilities
27
941
376
21
1,337
Derivative financial instruments
4
Commodity derivatives
58
761
819
Interest rate and currency derivatives
232
6
238
Trade payables
33
488
488
Other liabilities
33
213
213
Total financial instruments in current liabilities
1,641
0
290
376
767
21
3,093
Total
5,143
1,056
340
376
849
118
7,882
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-604": { "value": "
15 Financial assets and liabilities by categories
ACCOUNTING POLICIES
FINANCIAL ASSETS
Fortum classifies its financial assets in the following categories according to IFRS 9: financial
assets at amortised cost, financial assets at fair value through profit or loss and financial
assets at fair value through other comprehensive income. The classification is made at initial
recognition and depends on the financial asset's contractual cash flow characteristics and the
Group's business model for managing them.\u00a0
In order for the financial asset to be classified and measured at amortised cost or fair value
through other comprehensive income, it needs to give rise to cash flows that are solely
payments of the principal and interest on the principal amount outstanding (SPPI). This
assessment is referred to as the SPPI test and is performed at an instrument level. When the
SPPI criteria is not met, financial assets are classified to fair value through profit or loss
category.\u00a0
Financial assets are presented as non-current assets unless they are held for trading, expected
to be realised within 12 months at the closing date or they have a maturity of under 12 months
at closing date. These are classified as current assets.
FINANCIAL ASSETS AT AMORTISED COST
Fortum measures financial assets at amortised cost when the financial asset is included in the
held-to-collect business model with fixed or determinable payments that are payments of
amount outstanding or interest on it. They arise when the Group provides money, goods or
services directly to a debtor. Financial assets at amortised cost include non-derivative financial
assets with fixed or determinable payments that are not quoted in an active market.\u00a0
Financial assets at amortised cost are subject to impairment using expected credit loss (ECL)
model. Gains and losses from derecognition of the asset are recognised in profit and loss.\u00a0
FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS
Financial assets at fair value through profit or loss include financial assets held for trading in
the short term, financial assets designated upon initial recognition irrevocably as fair value
through profit or loss and financial assets mandatorily recognised at fair value through profit or
loss according to IFRS 9. Derivatives are classified as held for trading unless they are
designated as effective hedging instruments.
Gains and losses arising from changes in the fair value are included in the income statement in
the period in which they arise.
FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME
Other equity investments designated at fair value through other comprehensive income are
not subject to impairment assessment and accumulated reserves are not recycled to profit or
loss upon derecognition. Dividends received are recognised in profit and loss.\u00a0
DERECOGNITION
Fortum derecognises financial assets when the rights to receive cash flows from the assets
have expired or when it has substantially transferred the risks and rewards of the assets
outside of the Group.\u00a0
IMPAIRMENT
Fortum recognises an allowance for expected credit losses (ECL) according to IFRS 9 for
financial assets measured at amortised cost. See further information on ECL in Note 4.4.1
Credit quality of major financial assets and in Note 24 Trade and other receivables.
Financial assets measured at fair value through profit or loss are not included in ECL
assessment as they are already measured at fair value. A financial asset is written-off when
there is no reasonable expectation of recovering the contractual cash flows.\u00a0
FINANCIAL LIABILITIES
All financial liabilities are recognised initially at fair value. In the case of loans and borrowings
and payables, incurred transaction costs are deducted. In subsequent periods, all financial
liabilities, except derivatives and financial liabilities which the Group has at initial recognition
irrevocably designated at fair value through profit or loss, are stated at amortised cost; any
difference between proceeds (net of transaction costs) and the redemption value is
recognised as interest cost over the period of the borrowing using the effective interest rate
method.\u00a0
Derivative financial instruments entered into by the Group, that are not designated as hedging
instruments are classified as liabilities at fair value through profit and loss. Amortisation of the
effective interest rate and gains and losses of liabilities are recognised in the income
statement.\u00a0
Group\u2019s financial liabilities include trade and other payables, loans and borrowings and
derivative financial instruments. Borrowings or portion of borrowings being hedged with a fair
value hedge are recognised at fair value through profit or loss. Derecognition of financial
liabilities takes place when the Group has fulfilled the contractual obligations.
ACCOUNTING FOR DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES
Within the ordinary course of business, the Group routinely enters into sale and purchase
transactions for commodities. Contracts that were entered into and continue to be held for the
purpose of receipt or delivery of the commodity in accordance with the Group's expected sale,
purchase or usage requirements are not within the scope of IFRS 9 (\"own use exemption\").
Physical contracts to buy or sell a non-financial item, which are fair valued using the fair value
option to off-set accounting mismatch, or where own use exemption or hedge accounting
cannot be applied are fair valued through the income statement.\u00a0
The Group trades derivatives through exchanges, in which derivatives are cleared through
central clearing parties (CCPs) or clearing banks, as well as over-the-counter (OTC), concluded
directly between counterparties. Trading derivatives through exchanges requires the
exchange of cash (margining payments) with a CCP or clearing bank to cover market risk in the
case of a member default. See further information in Note 4.2 Liquidity and refinancing risk and
in Note 4.4 Credit risk. Exchange-traded derivatives are accounted for either as collateralised-
to-market (CTM) or settled-to-market (STM) derivatives depending on the contractual right
and obligations associated with the variation margin settlement payments. For CTM
derivatives the variation margins paid or received are recognised as collaterals and included
within margin receivables and liabilities in the balance sheet. Accordingly, the paid or received
variation margin of CTM derivatives constitute a separate unit of account from the derivative
contracts which are recognised at fair value in the balance sheet. For STM derivatives, the
variation margins paid or received are accounted for as settlements of the derivative contracts
fair value. Consequently, the fair value of STM derivative contracts in the balance sheet is zero.
The initial margins of STM and CTM derivatives are included within margin receivables and
liabilities. Currently, the majority of exchange-traded derivatives are treated as CTM
derivatives whereas the amount of STM derivatives is immaterial.
Derivatives are initially recognised at fair value on the date a derivative contract is entered into
and are subsequently remeasured at their fair value. Gains and losses resulting from the initial
fair value measurement of a derivative (\u201cday one\u201d gains and losses) are eliminated against the
corresponding derivative asset or liability, if the initial fair value is determined based on
valuation model with input parameters that are unobservable from active markets. For
derivatives whose initial fair value is evidenced by a quoted price in an active market for an
identical contract or based on a valuation technique that uses only data from observable
markets, gains and losses from the initial measurement are accounted for similarly to gains or
losses on the subsequent measurement.
The method of recognising the resulting gain or loss on the subsequent measurement depends
on whether the derivative is designated as a hedging instrument eligible for hedge accounting,
and if so, the nature of the item being hedged. The Group designates certain derivatives as
either: (1) hedges of highly probable forecast transactions (cash flow hedges); (2) hedges of
the fair value of recognised assets or liabilities, or unrecognised firm commitments (fair value
hedge); or (3) hedges of net investments in foreign operations.
The Group documents at the inception of the transaction the relationship between hedging
instruments and hedged items, whether the hedged item is one or several risk components
separately or in aggregation, as well as its risk management objective and strategy for
undertaking various hedge transactions. When applying hedge accounting the Group also
documents its assessment, of whether the derivatives that are used in hedging transactions
are meeting the hedge accounting effectiveness criteria: (1) there is an economic relationship
between the hedged item and the hedging instrument, (2) the effect of credit risk does not
dominate the value changes that result from that economic relationship; and (3) the hedge
ratio of the hedging relationship is the same as applied in the risk management. The Group
also documents its assessment, both at hedge inception and on an ongoing basis, of whether
the derivatives that are used in hedging transactions are highly effective by assessing the
prospective capacity of the derivatives in offsetting changes in fair values or cash flows of
hedged items. Hedge accounting is discontinued only when the hedging relationship ceases to
meet the hedge effectiveness criteria.
CASH FLOW HEDGE
The effective portion of changes in the fair value of derivatives that are designated and qualify
as cash flow hedges are recognised in equity. Gain or loss relating to the ineffective portion is
recognised immediately in the income statement. Amounts accumulated in equity are recycled
in the income statement in the periods when the hedged item will affect profit and loss (e.g.
when the forecasted sale that is hedged takes place). However, when the forecast transaction
that is hedged results in the recognition of a non-financial asset (e.g. inventory) or a liability,
the gains and losses previously deferred in equity are transferred from equity and included in
the initial measurement of the cost of the asset or liability. When a hedge no longer meets the
criteria for hedge accounting, any cumulative gain or loss existing in equity is recognised in the
income statement when the forecast transaction is ultimately also recognised in the income
statement. When a forecasted transaction is no longer expected to occur, the cumulative gain
or loss that was reported in equity is immediately recognised in the income statement.
Fortum hedges its exposure to commodity market risks and applies hedge accounting by risk
components. Hedge accounting is applied to Nordic electricity price risk, where the Nordic
area priced physical electricity delivery is commonly divided into three risk components: (1)
system price risk, (2) electricity price area difference risk (EPAD) and (3) currency risk. For each
of these separate risk components there are specific derivative contracts available, which each
are being effective hedges for the associated risk components. In addition, hedge accounting
is applied to certain gas forward and futures contracts which effectively hedge the cash flows
for future gas deliveries.
FAIR VALUE HEDGE
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are
recorded in the income statement, together with any changes in the fair value of the hedged
asset or liability that are attributable to the hedged risk.\u00a0
If the hedge no longer meets the criteria for hedge accounting, the adjustment to the carrying
amount of a hedged item for which the effective interest method is used is amortised to profit
or loss for the periods until maturity of the hedged item.
NET INVESTMENT HEDGING IN FOREIGN OPERATIONS
Hedges of net investments in foreign operations are accounted for similarly to cash flow
hedges. Any gain or loss on the hedging instrument relating to the effective portion of the
hedge is recognised in equity; the gain or loss relating to the ineffective portion is recognised
immediately in the income statement. Gains and losses accumulated in equity are included in
the income statement when the foreign operation is disposed of.
DERIVATIVES THAT DO NOT QUALIFY FOR HEDGE ACCOUNTING
Certain derivative instruments representing economic hedging relationship do not qualify for
hedge accounting. Unrealised fair value changes of non-hedge accounted commodity
derivatives hedging future cash flow and physical contracts that are accounted for as
derivatives within the scope of IFRS 9 are recognised in items affecting comparability in the
income statement. Gains and losses on interest rate and currency derivative instruments are
recognised in finance costs \u2013 net with corresponding hedge items.
Financial assets and liabilities in the following tables are split into categories in accordance
with IFRS 9. The categories are further divided into classes which are the basis for valuing a
respective asset or liability.
Financial assets by category 2024
Amortised cost
Fair\u00a0value\u00a0through\u00a0profit\u00a0or\u00a0loss
Fair\u00a0value
through\u00a0other
comprehensive
income
EUR million
Note
Hedge\u00a0accounting,
fair\u00a0value\u00a0hedges
Non-hedge
accounting
Other
financial\u00a0assets
Net investment and
Cash\u00a0flow hedges
Total
financial\u00a0assets
Financial instruments in non-current assets
Other non-current assets
21
99
139
238
Derivative financial instruments
4
Commodity derivatives
83
79
162
Interest rate and currency derivatives
79
5
21
105
Long-term interest-bearing receivables
22
431
431
Total financial instruments in non-current assets
530
79
87
139
100
935
Financial instruments in current assets
Derivative financial instruments
4
Commodity derivatives
85
264
349
Interest rate and currency derivatives
26
4
30
Trade receivables
24
812
812
Other receivables
24
195
195
Short-term interest-bearing receivables
22
70
213
283
Liquid funds
25
4,136
4,136
Total financial instruments in current assets
5,212
0
111
213
268
5,804
Total
5,742
79
198
352
368
6,739
Financial assets by category 2023
Amortised cost
Fair\u00a0value\u00a0through\u00a0profit\u00a0or\u00a0loss
Fair\u00a0value
through\u00a0other
comprehensive
income
EUR million
Note
Hedge\u00a0accounting,
fair\u00a0value\u00a0hedges
Non-hedge
accounting
Other
financial\u00a0assets
Net investment and
Cash\u00a0flow hedges
Total
financial\u00a0assets
Financial instruments in non-current assets
Other non-current assets
21
78
123
201
Derivative financial instruments
4
Commodity derivatives
42
59
101
Interest rate and currency derivatives
92
2
21
115
Long-term interest-bearing receivables
22
644
644
Total financial instruments in non-current assets
722
92
45
123
80
1,061
Financial instruments in current assets
Derivative financial instruments
4
Commodity derivatives
124
251
375
Interest rate and currency derivatives
7
7
14
Trade receivables
24
1,120
1,120
Other receivables
24
167
167
Short-term interest-bearing receivables
22
64
325
389
Liquid funds
25
4,183
4,183
Total financial instruments in current assets
5,534
0
131
325
257
6,247
Total
6,256
92
176
448
337
7,309
Financial liabilities by category 2024
Amortised cost
Fair\u00a0value\u00a0through\u00a0profit\u00a0or\u00a0loss
Fair\u00a0value
through\u00a0other
comprehensive
income
EUR million
Note
Hedge accounting,
fair\u00a0value hedges 1)
Non-hedge
accounting
Other financial
liabilities
Net\u00a0investment
and\u00a0Cash\u00a0flow
hedges
Lease liabilities
Total financial
liabilities
Financial instruments in non-current liabilities
Interest-bearing liabilities
27
3,268
990
78
4,336
Derivative financial instruments
4
Commodity derivatives
104
61
165
Interest rate and currency derivatives
54
0
2
56
Total financial instruments in non-current liabilities
3,268
1,044
104
63
78
4,557
Financial instruments in current liabilities
Interest-bearing liabilities
27
200
275
16
492
Derivative financial instruments
4
Commodity derivatives
137
163
300
Interest rate and currency derivatives
22
11
32
Trade payables
33
361
361
Other liabilities
33
136
136
Total financial instruments in current liabilities
697
0
159
275
173
16
1,321
Total
3,965
1,044
263
275
236
94
5,878
1)Fair valued part of bond in fair value hedge relationship.
Financial liabilities by category 2023
Amortised cost
Fair\u00a0value\u00a0through\u00a0profit\u00a0or\u00a0loss
Fair\u00a0value
through\u00a0other
comprehensive
income
EUR million
Note
Hedge accounting,
fair\u00a0value hedges 1)
Non-hedge
accounting
Other financial
liabilities
Net\u00a0investment
and\u00a0Cash\u00a0flow
hedges
Lease liabilities
Total financial
liabilities
Financial instruments in non-current liabilities
Interest-bearing liabilities
27
3,502
973
97
4,573
Derivative financial instruments
4
Commodity derivatives
49
73
121
Interest rate and currency derivatives
83
2
10
95
Total financial instruments in non-current liabilities
3,502
1,056
50
83
97
4,789
Financial instruments in current liabilities
Interest-bearing liabilities
27
941
376
21
1,337
Derivative financial instruments
4
Commodity derivatives
58
761
819
Interest rate and currency derivatives
232
6
238
Trade payables
33
488
488
Other liabilities
33
213
213
Total financial instruments in current liabilities
1,641
0
290
376
767
21
3,093
Total
5,143
1,056
340
376
849
118
7,882
16 Financial assets and liabilities by fair value
hierarchy
ACCOUNTING POLICIES
Fair value measurements are classified using a fair value hierarchy i.e. Level 1, Level 2 and Level
3 that reflects the significance of the inputs used in making the measurements.
FAIR VALUES UNDER LEVEL 1 MEASUREMENT HIERARCHY
The fair value of financial assets and liabilities classified as Level 1 is based on unadjusted
quoted prices in active markets at the closing date. Level 1 consist e.g. commodity derivatives
traded in active markets.
FAIR VALUES UNDER LEVEL 2 MEASUREMENT HIERARCHY
The fair value of financial assets and liabilities classified as Level 2 is based on observable input
parameters, which are other than quoted prices.\u00a0
The fair value of financial instruments traded in active markets in Level 2 is calculated using
prices derived from quoted market prices at the closing date. Known calculation techniques,
such as estimated discounted cash flows, are used to determine fair value of interest rate and
currency financial instruments. The fair value of interest-rate swaps is calculated as the
present value of the estimated future cash flows. The fair value of forward foreign exchange
contracts is determined using forward exchange market rates at the closing date. Fair values
of options are determined by using option valuation models. The fair value of financial liabilities
is estimated by discounting the future contractual cash flows at the current market interest
rate that is available to the Group for similar financial instruments. The counterparty credit risk
has been taken into account when determining fair value. The credit risk is determined based
on a portfolio valuation in a bilateral approach.
The Group bases the calculation on existing market conditions at each closing date. Financial
instruments used in Fortum are standardised products that are either cleared via exchanges or
widely traded in the market. Credit risk from trading commodity derivatives is mitigated by
clearing trades through exchanges or by limiting trades to OTC counterparties considered to
be creditworthy, or secured by credit worthy guarantees. Financial derivatives are traded with
credit worthy financial institutions with investment grade ratings.
FAIR VALUES UNDER LEVEL 3 MEASUREMENT HIERARCHY
The fair value of financial assets and liabilities classified as Level 3 is based on unobservable
input parameters.\u00a0
Level 3 consist mainly investments in unlisted shares classified as other investments for which
the fair value can't be reliably measured and derivative financial instrument for which the fair
value has been determined using valuation techniques with unobservable inputs. The input
parameters of Level 3 of the fair value hierarchy for equity investments are specified taking
into account economic developments and available industry and corporate data. The
counterparty credit risk has been adjusted when determining the fair value.
Financial assets
Level 1
Level 2
Level 3
Netting 1)
Total
EUR million
Note
2024
2023
2024
2023
2024
2023
2024
2023
2024
2023
In non-current assets
Other investments 2)
21
139
123
139
123
Derivative financial instruments
Commodity derivatives
4
Hedge accounting
3
0
76
59
0
0
0
0
79
59
Non-hedge accounting
6
10
57
14
21
20
0
-1
83
42
Interest rate and currency derivatives
4
Hedge accounting
100
113
100
113
Non-hedge accounting
5
2
5
2
Total in non-current assets
9
10
237
188
159
143
0
-1
405
339
In current assets
Derivative financial instruments
Commodity derivatives
4
Hedge accounting
198
200
184
160
0
0
-117
-110
264
251
Non-hedge accounting
199
408
90
33
0
4
-205
-320
85
124
Interest rate and currency derivatives
4
Hedge accounting
4
7
4
7
Non-hedge accounting
26
7
26
7
Interest-bearing receivables 3)
22, 27
213
325
0
0
213
325
Total in current assets
610
933
304
206
0
4
-322
-430
592
714
Total in assets
619
943
541
394
159
147
-322
-431
997
1,053
1) Receivables and liabilities from electricity and other commodity standard derivative contracts against exchanges with same delivery period are netted.
2)Other investments includes shares in unlisted companies.
3)Interest-bearing receivables, Level 1, include collateral arrangement covering margin requirement.
Financial liabilities
Level 1
Level 2
Level 3
Netting 1)
Total
EUR million
Note
2024
2023
2024
2023
2024
2023
2024
2023
2024
2023
In non-current liabilities
Interest-bearing liabilities 2)
27
990
973
990
973
Derivative financial instruments
Commodity derivatives
4
Hedge accounting
2
14
59
58
0
0
0
0
61
73
Non-hedge accounting
42
11
51
30
11
9
0
-1
104
49
Interest rate and currency derivatives
4
Hedge accounting
56
93
56
93
Non-hedge accounting
0
2
0
2
Total in non-current liabilities
44
26
1,156
1,156
11
9
0
-1
1,211
1,189
In current liabilities
Interest-bearing liabilities
27
275
376
275
376
Derivative financial instruments
Commodity derivatives
4
Hedge accounting
187
606
93
264
0
0
-117
-110
163
761
Non-hedge accounting
245
238
92
138
6
2
-205
-320
137
58
Interest rate and currency derivatives
4
Hedge accounting
11
6
11
6
Non-hedge accounting
22
232
22
232
Total in current liabilities
432
844
492
1,016
6
2
-322
-430
608
1,432
Total in liabilities
476
870
1,649
2,172
17
11
-322
-431
1,820
2,621
1)Receivables and liabilities from standard electricity and other commodity derivative contracts against exchanges with same delivery period are netted.
2)Fair valued part of bonds when hedge accounting is applied (fair value hedge).
At the end of December 2024, the net fair value of commodity derivatives was EUR 46 million,
including assets of EUR 511 million and liabilities of EUR 465 million (2023: EUR -464 million,
including assets of EUR 476 million and liabilities of EUR 940 million). The change from
December 2023 mainly relates to impacts from decreased commodity market prices and
maturity of contracts.
Net fair value amount of interest rate and currency derivatives was EUR 45 million, including
assets EUR 134 million and liabilities EUR 89 million. Fortum has cash collateral agreements with
some counterparties. At the end of December 2024, Fortum had received EUR 69 million and
paid EUR 9 million from foreign exchange and interest rate derivatives under Credit Support
Annex agreements.
There were no transfers in or out of levels 1, 2 or 3 during 2024. Gains and losses of level 3 items
in consolidated income statement are presented mainly in items affecting comparability. See
Note\u00a07 Comparable operating profit and comparable net profit.
Changes in fair value hierarchy Level 3
2024
2023
EUR million
Assets
Liabilities
Assets
Liabilities
Opening balance 1 January
147
11
648
5
Purchases and additions
14
0
17
0
Sales and disposals
0
0
-4
0
Settlements and realised gains/losses in
income statement
-4
-2
-13
-1
Unrealised gains/losses in income statement
2
8
-67
7
Deconsolidation of subsidiary companies 1)
0
0
-433
0
Carrying amount at 31 December
160
17
147
11
1)Deconsolidation of Russian operations in April 2023
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-606": { "value": "
ACCOUNTING POLICIES
FINANCIAL ASSETS
Fortum classifies its financial assets in the following categories according to IFRS 9: financial
assets at amortised cost, financial assets at fair value through profit or loss and financial
assets at fair value through other comprehensive income. The classification is made at initial
recognition and depends on the financial asset's contractual cash flow characteristics and the
Group's business model for managing them.\u00a0
In order for the financial asset to be classified and measured at amortised cost or fair value
through other comprehensive income, it needs to give rise to cash flows that are solely
payments of the principal and interest on the principal amount outstanding (SPPI). This
assessment is referred to as the SPPI test and is performed at an instrument level. When the
SPPI criteria is not met, financial assets are classified to fair value through profit or loss
category.\u00a0
Financial assets are presented as non-current assets unless they are held for trading, expected
to be realised within 12 months at the closing date or they have a maturity of under 12 months
at closing date. These are classified as current assets.
FINANCIAL ASSETS AT AMORTISED COST
Fortum measures financial assets at amortised cost when the financial asset is included in the
held-to-collect business model with fixed or determinable payments that are payments of
amount outstanding or interest on it. They arise when the Group provides money, goods or
services directly to a debtor. Financial assets at amortised cost include non-derivative financial
assets with fixed or determinable payments that are not quoted in an active market.\u00a0
Financial assets at amortised cost are subject to impairment using expected credit loss (ECL)
model. Gains and losses from derecognition of the asset are recognised in profit and loss.\u00a0
FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS
Financial assets at fair value through profit or loss include financial assets held for trading in
the short term, financial assets designated upon initial recognition irrevocably as fair value
through profit or loss and financial assets mandatorily recognised at fair value through profit or
loss according to IFRS 9. Derivatives are classified as held for trading unless they are
designated as effective hedging instruments.
Gains and losses arising from changes in the fair value are included in the income statement in
the period in which they arise.
FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME
Other equity investments designated at fair value through other comprehensive income are
not subject to impairment assessment and accumulated reserves are not recycled to profit or
loss upon derecognition. Dividends received are recognised in profit and loss.\u00a0
DERECOGNITION
Fortum derecognises financial assets when the rights to receive cash flows from the assets
have expired or when it has substantially transferred the risks and rewards of the assets
outside of the Group.\u00a0
IMPAIRMENT
Fortum recognises an allowance for expected credit losses (ECL) according to IFRS 9 for
financial assets measured at amortised cost. See further information on ECL in Note 4.4.1
Credit quality of major financial assets and in Note 24 Trade and other receivables.
Financial assets measured at fair value through profit or loss are not included in ECL
assessment as they are already measured at fair value. A financial asset is written-off when
there is no reasonable expectation of recovering the contractual cash flows.\u00a0
FINANCIAL LIABILITIES
All financial liabilities are recognised initially at fair value. In the case of loans and borrowings
and payables, incurred transaction costs are deducted. In subsequent periods, all financial
liabilities, except derivatives and financial liabilities which the Group has at initial recognition
irrevocably designated at fair value through profit or loss, are stated at amortised cost; any
difference between proceeds (net of transaction costs) and the redemption value is
recognised as interest cost over the period of the borrowing using the effective interest rate
method.\u00a0
Derivative financial instruments entered into by the Group, that are not designated as hedging
instruments are classified as liabilities at fair value through profit and loss. Amortisation of the
effective interest rate and gains and losses of liabilities are recognised in the income
statement.\u00a0
Group\u2019s financial liabilities include trade and other payables, loans and borrowings and
derivative financial instruments. Borrowings or portion of borrowings being hedged with a fair
value hedge are recognised at fair value through profit or loss. Derecognition of financial
liabilities takes place when the Group has fulfilled the contractual obligations.
ACCOUNTING FOR DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES
Within the ordinary course of business, the Group routinely enters into sale and purchase
transactions for commodities. Contracts that were entered into and continue to be held for the
purpose of receipt or delivery of the commodity in accordance with the Group's expected sale,
purchase or usage requirements are not within the scope of IFRS 9 (\"own use exemption\").
Physical contracts to buy or sell a non-financial item, which are fair valued using the fair value
option to off-set accounting mismatch, or where own use exemption or hedge accounting
cannot be applied are fair valued through the income statement.\u00a0
The Group trades derivatives through exchanges, in which derivatives are cleared through
central clearing parties (CCPs) or clearing banks, as well as over-the-counter (OTC), concluded
directly between counterparties. Trading derivatives through exchanges requires the
exchange of cash (margining payments) with a CCP or clearing bank to cover market risk in the
case of a member default. See further information in Note 4.2 Liquidity and refinancing risk and
in Note 4.4 Credit risk. Exchange-traded derivatives are accounted for either as collateralised-
to-market (CTM) or settled-to-market (STM) derivatives depending on the contractual right
and obligations associated with the variation margin settlement payments. For CTM
derivatives the variation margins paid or received are recognised as collaterals and included
within margin receivables and liabilities in the balance sheet. Accordingly, the paid or received
variation margin of CTM derivatives constitute a separate unit of account from the derivative
contracts which are recognised at fair value in the balance sheet. For STM derivatives, the
variation margins paid or received are accounted for as settlements of the derivative contracts
fair value. Consequently, the fair value of STM derivative contracts in the balance sheet is zero.
The initial margins of STM and CTM derivatives are included within margin receivables and
liabilities. Currently, the majority of exchange-traded derivatives are treated as CTM
derivatives whereas the amount of STM derivatives is immaterial.
Derivatives are initially recognised at fair value on the date a derivative contract is entered into
and are subsequently remeasured at their fair value. Gains and losses resulting from the initial
fair value measurement of a derivative (\u201cday one\u201d gains and losses) are eliminated against the
corresponding derivative asset or liability, if the initial fair value is determined based on
valuation model with input parameters that are unobservable from active markets. For
derivatives whose initial fair value is evidenced by a quoted price in an active market for an
identical contract or based on a valuation technique that uses only data from observable
markets, gains and losses from the initial measurement are accounted for similarly to gains or
losses on the subsequent measurement.
The method of recognising the resulting gain or loss on the subsequent measurement depends
on whether the derivative is designated as a hedging instrument eligible for hedge accounting,
and if so, the nature of the item being hedged. The Group designates certain derivatives as
either: (1) hedges of highly probable forecast transactions (cash flow hedges); (2) hedges of
the fair value of recognised assets or liabilities, or unrecognised firm commitments (fair value
hedge); or (3) hedges of net investments in foreign operations.
The Group documents at the inception of the transaction the relationship between hedging
instruments and hedged items, whether the hedged item is one or several risk components
separately or in aggregation, as well as its risk management objective and strategy for
undertaking various hedge transactions. When applying hedge accounting the Group also
documents its assessment, of whether the derivatives that are used in hedging transactions
are meeting the hedge accounting effectiveness criteria: (1) there is an economic relationship
between the hedged item and the hedging instrument, (2) the effect of credit risk does not
dominate the value changes that result from that economic relationship; and (3) the hedge
ratio of the hedging relationship is the same as applied in the risk management. The Group
also documents its assessment, both at hedge inception and on an ongoing basis, of whether
the derivatives that are used in hedging transactions are highly effective by assessing the
prospective capacity of the derivatives in offsetting changes in fair values or cash flows of
hedged items. Hedge accounting is discontinued only when the hedging relationship ceases to
meet the hedge effectiveness criteria.
CASH FLOW HEDGE
The effective portion of changes in the fair value of derivatives that are designated and qualify
as cash flow hedges are recognised in equity. Gain or loss relating to the ineffective portion is
recognised immediately in the income statement. Amounts accumulated in equity are recycled
in the income statement in the periods when the hedged item will affect profit and loss (e.g.
when the forecasted sale that is hedged takes place). However, when the forecast transaction
that is hedged results in the recognition of a non-financial asset (e.g. inventory) or a liability,
the gains and losses previously deferred in equity are transferred from equity and included in
the initial measurement of the cost of the asset or liability. When a hedge no longer meets the
criteria for hedge accounting, any cumulative gain or loss existing in equity is recognised in the
income statement when the forecast transaction is ultimately also recognised in the income
statement. When a forecasted transaction is no longer expected to occur, the cumulative gain
or loss that was reported in equity is immediately recognised in the income statement.
Fortum hedges its exposure to commodity market risks and applies hedge accounting by risk
components. Hedge accounting is applied to Nordic electricity price risk, where the Nordic
area priced physical electricity delivery is commonly divided into three risk components: (1)
system price risk, (2) electricity price area difference risk (EPAD) and (3) currency risk. For each
of these separate risk components there are specific derivative contracts available, which each
are being effective hedges for the associated risk components. In addition, hedge accounting
is applied to certain gas forward and futures contracts which effectively hedge the cash flows
for future gas deliveries.
FAIR VALUE HEDGE
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are
recorded in the income statement, together with any changes in the fair value of the hedged
asset or liability that are attributable to the hedged risk.\u00a0
If the hedge no longer meets the criteria for hedge accounting, the adjustment to the carrying
amount of a hedged item for which the effective interest method is used is amortised to profit
or loss for the periods until maturity of the hedged item.
NET INVESTMENT HEDGING IN FOREIGN OPERATIONS
Hedges of net investments in foreign operations are accounted for similarly to cash flow
hedges. Any gain or loss on the hedging instrument relating to the effective portion of the
hedge is recognised in equity; the gain or loss relating to the ineffective portion is recognised
immediately in the income statement. Gains and losses accumulated in equity are included in
the income statement when the foreign operation is disposed of.
DERIVATIVES THAT DO NOT QUALIFY FOR HEDGE ACCOUNTING
Certain derivative instruments representing economic hedging relationship do not qualify for
hedge accounting. Unrealised fair value changes of non-hedge accounted commodity
derivatives hedging future cash flow and physical contracts that are accounted for as
derivatives within the scope of IFRS 9 are recognised in items affecting comparability in the
income statement. Gains and losses on interest rate and currency derivative instruments are
recognised in finance costs \u2013 net with corresponding hedge items.
Financial assets and liabilities in the following tables are split into categories in accordance
with IFRS 9. The categories are further divided into classes which are the basis for valuing a
respective asset or liability.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-607": { "value": "
Fortum classifies its financial assets in the following categories according to IFRS 9: financial
assets at amortised cost, financial assets at fair value through profit or loss and financial
assets at fair value through other comprehensive income. The classification is made at initial
recognition and depends on the financial asset's contractual cash flow characteristics and the
Group's business model for managing them.\u00a0
In order for the financial asset to be classified and measured at amortised cost or fair value
through other comprehensive income, it needs to give rise to cash flows that are solely
payments of the principal and interest on the principal amount outstanding (SPPI). This
assessment is referred to as the SPPI test and is performed at an instrument level. When the
SPPI criteria is not met, financial assets are classified to fair value through profit or loss
category.\u00a0
Financial assets are presented as non-current assets unless they are held for trading, expected
to be realised within 12 months at the closing date or they have a maturity of under 12 months
at closing date. These are classified as current assets.
FINANCIAL ASSETS AT AMORTISED COST
Fortum measures financial assets at amortised cost when the financial asset is included in the
held-to-collect business model with fixed or determinable payments that are payments of
amount outstanding or interest on it. They arise when the Group provides money, goods or
services directly to a debtor. Financial assets at amortised cost include non-derivative financial
assets with fixed or determinable payments that are not quoted in an active market.\u00a0
Financial assets at amortised cost are subject to impairment using expected credit loss (ECL)
model. Gains and losses from derecognition of the asset are recognised in profit and loss.\u00a0
FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS
Financial assets at fair value through profit or loss include financial assets held for trading in
the short term, financial assets designated upon initial recognition irrevocably as fair value
through profit or loss and financial assets mandatorily recognised at fair value through profit or
loss according to IFRS 9. Derivatives are classified as held for trading unless they are
designated as effective hedging instruments.
Gains and losses arising from changes in the fair value are included in the income statement in
the period in which they arise.
FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME
Other equity investments designated at fair value through other comprehensive income are
not subject to impairment assessment and accumulated reserves are not recycled to profit or
loss upon derecognition. Dividends received are recognised in profit and loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-608": { "value": "
FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS
Financial assets at fair value through profit or loss include financial assets held for trading in
the short term, financial assets designated upon initial recognition irrevocably as fair value
through profit or loss and financial assets mandatorily recognised at fair value through profit or
loss according to IFRS 9. Derivatives are classified as held for trading unless they are
designated as effective hedging instruments.
Gains and losses arising from changes in the fair value are included in the income statement in
the period in which they arise.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-609": { "value": "
DERECOGNITION
Fortum derecognises financial assets when the rights to receive cash flows from the assets
have expired or when it has substantially transferred the risks and rewards of the assets
outside of the Group.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-610": { "value": "
IMPAIRMENT
Fortum recognises an allowance for expected credit losses (ECL) according to IFRS 9 for
financial assets measured at amortised cost. See further information on ECL in Note 4.4.1
Credit quality of major financial assets and in Note 24 Trade and other receivables.
Financial assets measured at fair value through profit or loss are not included in ECL
assessment as they are already measured at fair value. A financial asset is written-off when
there is no reasonable expectation of recovering the contractual cash flows.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-611": { "value": "
FINANCIAL LIABILITIES
All financial liabilities are recognised initially at fair value. In the case of loans and borrowings
and payables, incurred transaction costs are deducted. In subsequent periods, all financial
liabilities, except derivatives and financial liabilities which the Group has at initial recognition
irrevocably designated at fair value through profit or loss, are stated at amortised cost; any
difference between proceeds (net of transaction costs) and the redemption value is
recognised as interest cost over the period of the borrowing using the effective interest rate
method.\u00a0
Derivative financial instruments entered into by the Group, that are not designated as hedging
instruments are classified as liabilities at fair value through profit and loss. Amortisation of the
effective interest rate and gains and losses of liabilities are recognised in the income
statement.\u00a0
Group\u2019s financial liabilities include trade and other payables, loans and borrowings and
derivative financial instruments. Borrowings or portion of borrowings being hedged with a fair
value hedge are recognised at fair value through profit or loss. Derecognition of financial
liabilities takes place when the Group has fulfilled the contractual obligations.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-614": { "value": "
ACCOUNTING FOR DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES
Within the ordinary course of business, the Group routinely enters into sale and purchase
transactions for commodities. Contracts that were entered into and continue to be held for the
purpose of receipt or delivery of the commodity in accordance with the Group's expected sale,
purchase or usage requirements are not within the scope of IFRS 9 (\"own use exemption\").
Physical contracts to buy or sell a non-financial item, which are fair valued using the fair value
option to off-set accounting mismatch, or where own use exemption or hedge accounting
cannot be applied are fair valued through the income statement.\u00a0
The Group trades derivatives through exchanges, in which derivatives are cleared through
central clearing parties (CCPs) or clearing banks, as well as over-the-counter (OTC), concluded
directly between counterparties. Trading derivatives through exchanges requires the
exchange of cash (margining payments) with a CCP or clearing bank to cover market risk in the
case of a member default. See further information in Note 4.2 Liquidity and refinancing risk and
in Note 4.4 Credit risk. Exchange-traded derivatives are accounted for either as collateralised-
to-market (CTM) or settled-to-market (STM) derivatives depending on the contractual right
and obligations associated with the variation margin settlement payments. For CTM
derivatives the variation margins paid or received are recognised as collaterals and included
within margin receivables and liabilities in the balance sheet. Accordingly, the paid or received
variation margin of CTM derivatives constitute a separate unit of account from the derivative
contracts which are recognised at fair value in the balance sheet. For STM derivatives, the
variation margins paid or received are accounted for as settlements of the derivative contracts
fair value. Consequently, the fair value of STM derivative contracts in the balance sheet is zero.
The initial margins of STM and CTM derivatives are included within margin receivables and
liabilities. Currently, the majority of exchange-traded derivatives are treated as CTM
derivatives whereas the amount of STM derivatives is immaterial.
Derivatives are initially recognised at fair value on the date a derivative contract is entered into
and are subsequently remeasured at their fair value. Gains and losses resulting from the initial
fair value measurement of a derivative (\u201cday one\u201d gains and losses) are eliminated against the
corresponding derivative asset or liability, if the initial fair value is determined based on
valuation model with input parameters that are unobservable from active markets. For
derivatives whose initial fair value is evidenced by a quoted price in an active market for an
identical contract or based on a valuation technique that uses only data from observable
markets, gains and losses from the initial measurement are accounted for similarly to gains or
losses on the subsequent measurement.
The method of recognising the resulting gain or loss on the subsequent measurement depends
on whether the derivative is designated as a hedging instrument eligible for hedge accounting,
and if so, the nature of the item being hedged. The Group designates certain derivatives as
either: (1) hedges of highly probable forecast transactions (cash flow hedges); (2) hedges of
the fair value of recognised assets or liabilities, or unrecognised firm commitments (fair value
hedge); or (3) hedges of net investments in foreign operations.
The Group documents at the inception of the transaction the relationship between hedging
instruments and hedged items, whether the hedged item is one or several risk components
separately or in aggregation, as well as its risk management objective and strategy for
undertaking various hedge transactions. When applying hedge accounting the Group also
documents its assessment, of whether the derivatives that are used in hedging transactions
are meeting the hedge accounting effectiveness criteria: (1) there is an economic relationship
between the hedged item and the hedging instrument, (2) the effect of credit risk does not
dominate the value changes that result from that economic relationship; and (3) the hedge
ratio of the hedging relationship is the same as applied in the risk management. The Group
also documents its assessment, both at hedge inception and on an ongoing basis, of whether
the derivatives that are used in hedging transactions are highly effective by assessing the
prospective capacity of the derivatives in offsetting changes in fair values or cash flows of
hedged items. Hedge accounting is discontinued only when the hedging relationship ceases to
meet the hedge effectiveness criteria.
CASH FLOW HEDGE
The effective portion of changes in the fair value of derivatives that are designated and qualify
as cash flow hedges are recognised in equity. Gain or loss relating to the ineffective portion is
recognised immediately in the income statement. Amounts accumulated in equity are recycled
in the income statement in the periods when the hedged item will affect profit and loss (e.g.
when the forecasted sale that is hedged takes place). However, when the forecast transaction
that is hedged results in the recognition of a non-financial asset (e.g. inventory) or a liability,
the gains and losses previously deferred in equity are transferred from equity and included in
the initial measurement of the cost of the asset or liability. When a hedge no longer meets the
criteria for hedge accounting, any cumulative gain or loss existing in equity is recognised in the
income statement when the forecast transaction is ultimately also recognised in the income
statement. When a forecasted transaction is no longer expected to occur, the cumulative gain
or loss that was reported in equity is immediately recognised in the income statement.
Fortum hedges its exposure to commodity market risks and applies hedge accounting by risk
components. Hedge accounting is applied to Nordic electricity price risk, where the Nordic
area priced physical electricity delivery is commonly divided into three risk components: (1)
system price risk, (2) electricity price area difference risk (EPAD) and (3) currency risk. For each
of these separate risk components there are specific derivative contracts available, which each
are being effective hedges for the associated risk components. In addition, hedge accounting
is applied to certain gas forward and futures contracts which effectively hedge the cash flows
for future gas deliveries.
FAIR VALUE HEDGE
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are
recorded in the income statement, together with any changes in the fair value of the hedged
asset or liability that are attributable to the hedged risk.\u00a0
If the hedge no longer meets the criteria for hedge accounting, the adjustment to the carrying
amount of a hedged item for which the effective interest method is used is amortised to profit
or loss for the periods until maturity of the hedged item.
NET INVESTMENT HEDGING IN FOREIGN OPERATIONS
Hedges of net investments in foreign operations are accounted for similarly to cash flow
hedges. Any gain or loss on the hedging instrument relating to the effective portion of the
hedge is recognised in equity; the gain or loss relating to the ineffective portion is recognised
immediately in the income statement. Gains and losses accumulated in equity are included in
the income statement when the foreign operation is disposed of.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-613": { "value": "
ACCOUNTING FOR DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES
Within the ordinary course of business, the Group routinely enters into sale and purchase
transactions for commodities. Contracts that were entered into and continue to be held for the
purpose of receipt or delivery of the commodity in accordance with the Group's expected sale,
purchase or usage requirements are not within the scope of IFRS 9 (\"own use exemption\").
Physical contracts to buy or sell a non-financial item, which are fair valued using the fair value
option to off-set accounting mismatch, or where own use exemption or hedge accounting
cannot be applied are fair valued through the income statement.\u00a0
The Group trades derivatives through exchanges, in which derivatives are cleared through
central clearing parties (CCPs) or clearing banks, as well as over-the-counter (OTC), concluded
directly between counterparties. Trading derivatives through exchanges requires the
exchange of cash (margining payments) with a CCP or clearing bank to cover market risk in the
case of a member default. See further information in Note 4.2 Liquidity and refinancing risk and
in Note 4.4 Credit risk. Exchange-traded derivatives are accounted for either as collateralised-
to-market (CTM) or settled-to-market (STM) derivatives depending on the contractual right
and obligations associated with the variation margin settlement payments. For CTM
derivatives the variation margins paid or received are recognised as collaterals and included
within margin receivables and liabilities in the balance sheet. Accordingly, the paid or received
variation margin of CTM derivatives constitute a separate unit of account from the derivative
contracts which are recognised at fair value in the balance sheet. For STM derivatives, the
variation margins paid or received are accounted for as settlements of the derivative contracts
fair value. Consequently, the fair value of STM derivative contracts in the balance sheet is zero.
The initial margins of STM and CTM derivatives are included within margin receivables and
liabilities. Currently, the majority of exchange-traded derivatives are treated as CTM
derivatives whereas the amount of STM derivatives is immaterial.
Derivatives are initially recognised at fair value on the date a derivative contract is entered into
and are subsequently remeasured at their fair value. Gains and losses resulting from the initial
fair value measurement of a derivative (\u201cday one\u201d gains and losses) are eliminated against the
corresponding derivative asset or liability, if the initial fair value is determined based on
valuation model with input parameters that are unobservable from active markets. For
derivatives whose initial fair value is evidenced by a quoted price in an active market for an
identical contract or based on a valuation technique that uses only data from observable
markets, gains and losses from the initial measurement are accounted for similarly to gains or
losses on the subsequent measurement.
The method of recognising the resulting gain or loss on the subsequent measurement depends
on whether the derivative is designated as a hedging instrument eligible for hedge accounting,
and if so, the nature of the item being hedged. The Group designates certain derivatives as
either: (1) hedges of highly probable forecast transactions (cash flow hedges); (2) hedges of
the fair value of recognised assets or liabilities, or unrecognised firm commitments (fair value
hedge); or (3) hedges of net investments in foreign operations.
The Group documents at the inception of the transaction the relationship between hedging
instruments and hedged items, whether the hedged item is one or several risk components
separately or in aggregation, as well as its risk management objective and strategy for
undertaking various hedge transactions. When applying hedge accounting the Group also
documents its assessment, of whether the derivatives that are used in hedging transactions
are meeting the hedge accounting effectiveness criteria: (1) there is an economic relationship
between the hedged item and the hedging instrument, (2) the effect of credit risk does not
dominate the value changes that result from that economic relationship; and (3) the hedge
ratio of the hedging relationship is the same as applied in the risk management. The Group
also documents its assessment, both at hedge inception and on an ongoing basis, of whether
the derivatives that are used in hedging transactions are highly effective by assessing the
prospective capacity of the derivatives in offsetting changes in fair values or cash flows of
hedged items. Hedge accounting is discontinued only when the hedging relationship ceases to
meet the hedge effectiveness criteria.
CASH FLOW HEDGE
The effective portion of changes in the fair value of derivatives that are designated and qualify
as cash flow hedges are recognised in equity. Gain or loss relating to the ineffective portion is
recognised immediately in the income statement. Amounts accumulated in equity are recycled
in the income statement in the periods when the hedged item will affect profit and loss (e.g.
when the forecasted sale that is hedged takes place). However, when the forecast transaction
that is hedged results in the recognition of a non-financial asset (e.g. inventory) or a liability,
the gains and losses previously deferred in equity are transferred from equity and included in
the initial measurement of the cost of the asset or liability. When a hedge no longer meets the
criteria for hedge accounting, any cumulative gain or loss existing in equity is recognised in the
income statement when the forecast transaction is ultimately also recognised in the income
statement. When a forecasted transaction is no longer expected to occur, the cumulative gain
or loss that was reported in equity is immediately recognised in the income statement.
Fortum hedges its exposure to commodity market risks and applies hedge accounting by risk
components. Hedge accounting is applied to Nordic electricity price risk, where the Nordic
area priced physical electricity delivery is commonly divided into three risk components: (1)
system price risk, (2) electricity price area difference risk (EPAD) and (3) currency risk. For each
of these separate risk components there are specific derivative contracts available, which each
are being effective hedges for the associated risk components. In addition, hedge accounting
is applied to certain gas forward and futures contracts which effectively hedge the cash flows
for future gas deliveries.
FAIR VALUE HEDGE
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are
recorded in the income statement, together with any changes in the fair value of the hedged
asset or liability that are attributable to the hedged risk.\u00a0
If the hedge no longer meets the criteria for hedge accounting, the adjustment to the carrying
amount of a hedged item for which the effective interest method is used is amortised to profit
or loss for the periods until maturity of the hedged item.
NET INVESTMENT HEDGING IN FOREIGN OPERATIONS
Hedges of net investments in foreign operations are accounted for similarly to cash flow
hedges. Any gain or loss on the hedging instrument relating to the effective portion of the
hedge is recognised in equity; the gain or loss relating to the ineffective portion is recognised
immediately in the income statement. Gains and losses accumulated in equity are included in
the income statement when the foreign operation is disposed of.
DERIVATIVES THAT DO NOT QUALIFY FOR HEDGE ACCOUNTING
Certain derivative instruments representing economic hedging relationship do not qualify for
hedge accounting. Unrealised fair value changes of non-hedge accounted commodity
derivatives hedging future cash flow and physical contracts that are accounted for as
derivatives within the scope of IFRS 9 are recognised in items affecting comparability in the
income statement. Gains and losses on interest rate and currency derivative instruments are
recognised in finance costs \u2013 net with corresponding hedge items.
Financial assets and liabilities in the following tables are split into categories in accordance
with IFRS 9. The categories are further divided into classes which are the basis for valuing a
respective asset or liability.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-612": { "value": "
ACCOUNTING FOR DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES
Within the ordinary course of business, the Group routinely enters into sale and purchase
transactions for commodities. Contracts that were entered into and continue to be held for the
purpose of receipt or delivery of the commodity in accordance with the Group's expected sale,
purchase or usage requirements are not within the scope of IFRS 9 (\"own use exemption\").
Physical contracts to buy or sell a non-financial item, which are fair valued using the fair value
option to off-set accounting mismatch, or where own use exemption or hedge accounting
cannot be applied are fair valued through the income statement.\u00a0
The Group trades derivatives through exchanges, in which derivatives are cleared through
central clearing parties (CCPs) or clearing banks, as well as over-the-counter (OTC), concluded
directly between counterparties. Trading derivatives through exchanges requires the
exchange of cash (margining payments) with a CCP or clearing bank to cover market risk in the
case of a member default. See further information in Note 4.2 Liquidity and refinancing risk and
in Note 4.4 Credit risk. Exchange-traded derivatives are accounted for either as collateralised-
to-market (CTM) or settled-to-market (STM) derivatives depending on the contractual right
and obligations associated with the variation margin settlement payments. For CTM
derivatives the variation margins paid or received are recognised as collaterals and included
within margin receivables and liabilities in the balance sheet. Accordingly, the paid or received
variation margin of CTM derivatives constitute a separate unit of account from the derivative
contracts which are recognised at fair value in the balance sheet. For STM derivatives, the
variation margins paid or received are accounted for as settlements of the derivative contracts
fair value. Consequently, the fair value of STM derivative contracts in the balance sheet is zero.
The initial margins of STM and CTM derivatives are included within margin receivables and
liabilities. Currently, the majority of exchange-traded derivatives are treated as CTM
derivatives whereas the amount of STM derivatives is immaterial.
Derivatives are initially recognised at fair value on the date a derivative contract is entered into
and are subsequently remeasured at their fair value. Gains and losses resulting from the initial
fair value measurement of a derivative (\u201cday one\u201d gains and losses) are eliminated against the
corresponding derivative asset or liability, if the initial fair value is determined based on
valuation model with input parameters that are unobservable from active markets. For
derivatives whose initial fair value is evidenced by a quoted price in an active market for an
identical contract or based on a valuation technique that uses only data from observable
markets, gains and losses from the initial measurement are accounted for similarly to gains or
losses on the subsequent measurement.
The method of recognising the resulting gain or loss on the subsequent measurement depends
on whether the derivative is designated as a hedging instrument eligible for hedge accounting,
and if so, the nature of the item being hedged. The Group designates certain derivatives as
either: (1) hedges of highly probable forecast transactions (cash flow hedges); (2) hedges of
the fair value of recognised assets or liabilities, or unrecognised firm commitments (fair value
hedge); or (3) hedges of net investments in foreign operations.
The Group documents at the inception of the transaction the relationship between hedging
instruments and hedged items, whether the hedged item is one or several risk components
separately or in aggregation, as well as its risk management objective and strategy for
undertaking various hedge transactions. When applying hedge accounting the Group also
documents its assessment, of whether the derivatives that are used in hedging transactions
are meeting the hedge accounting effectiveness criteria: (1) there is an economic relationship
between the hedged item and the hedging instrument, (2) the effect of credit risk does not
dominate the value changes that result from that economic relationship; and (3) the hedge
ratio of the hedging relationship is the same as applied in the risk management. The Group
also documents its assessment, both at hedge inception and on an ongoing basis, of whether
the derivatives that are used in hedging transactions are highly effective by assessing the
prospective capacity of the derivatives in offsetting changes in fair values or cash flows of
hedged items. Hedge accounting is discontinued only when the hedging relationship ceases to
meet the hedge effectiveness criteria.
CASH FLOW HEDGE
The effective portion of changes in the fair value of derivatives that are designated and qualify
as cash flow hedges are recognised in equity. Gain or loss relating to the ineffective portion is
recognised immediately in the income statement. Amounts accumulated in equity are recycled
in the income statement in the periods when the hedged item will affect profit and loss (e.g.
when the forecasted sale that is hedged takes place). However, when the forecast transaction
that is hedged results in the recognition of a non-financial asset (e.g. inventory) or a liability,
the gains and losses previously deferred in equity are transferred from equity and included in
the initial measurement of the cost of the asset or liability. When a hedge no longer meets the
criteria for hedge accounting, any cumulative gain or loss existing in equity is recognised in the
income statement when the forecast transaction is ultimately also recognised in the income
statement. When a forecasted transaction is no longer expected to occur, the cumulative gain
or loss that was reported in equity is immediately recognised in the income statement.
Fortum hedges its exposure to commodity market risks and applies hedge accounting by risk
components. Hedge accounting is applied to Nordic electricity price risk, where the Nordic
area priced physical electricity delivery is commonly divided into three risk components: (1)
system price risk, (2) electricity price area difference risk (EPAD) and (3) currency risk. For each
of these separate risk components there are specific derivative contracts available, which each
are being effective hedges for the associated risk components. In addition, hedge accounting
is applied to certain gas forward and futures contracts which effectively hedge the cash flows
for future gas deliveries.
FAIR VALUE HEDGE
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are
recorded in the income statement, together with any changes in the fair value of the hedged
asset or liability that are attributable to the hedged risk.\u00a0
If the hedge no longer meets the criteria for hedge accounting, the adjustment to the carrying
amount of a hedged item for which the effective interest method is used is amortised to profit
or loss for the periods until maturity of the hedged item.
NET INVESTMENT HEDGING IN FOREIGN OPERATIONS
Hedges of net investments in foreign operations are accounted for similarly to cash flow
hedges. Any gain or loss on the hedging instrument relating to the effective portion of the
hedge is recognised in equity; the gain or loss relating to the ineffective portion is recognised
immediately in the income statement. Gains and losses accumulated in equity are included in
the income statement when the foreign operation is disposed of.
DERIVATIVES THAT DO NOT QUALIFY FOR HEDGE ACCOUNTING
Certain derivative instruments representing economic hedging relationship do not qualify for
hedge accounting. Unrealised fair value changes of non-hedge accounted commodity
derivatives hedging future cash flow and physical contracts that are accounted for as
derivatives within the scope of IFRS 9 are recognised in items affecting comparability in the
income statement. Gains and losses on interest rate and currency derivative instruments are
recognised in finance costs \u2013 net with corresponding hedge items.
Financial assets and liabilities in the following tables are split into categories in accordance
with IFRS 9. The categories are further divided into classes which are the basis for valuing a
respective asset or liability.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-615": { "value": "
16 Financial assets and liabilities by fair value
hierarchy
ACCOUNTING POLICIES
Fair value measurements are classified using a fair value hierarchy i.e. Level 1, Level 2 and Level
3 that reflects the significance of the inputs used in making the measurements.
FAIR VALUES UNDER LEVEL 1 MEASUREMENT HIERARCHY
The fair value of financial assets and liabilities classified as Level 1 is based on unadjusted
quoted prices in active markets at the closing date. Level 1 consist e.g. commodity derivatives
traded in active markets.
FAIR VALUES UNDER LEVEL 2 MEASUREMENT HIERARCHY
The fair value of financial assets and liabilities classified as Level 2 is based on observable input
parameters, which are other than quoted prices.\u00a0
The fair value of financial instruments traded in active markets in Level 2 is calculated using
prices derived from quoted market prices at the closing date. Known calculation techniques,
such as estimated discounted cash flows, are used to determine fair value of interest rate and
currency financial instruments. The fair value of interest-rate swaps is calculated as the
present value of the estimated future cash flows. The fair value of forward foreign exchange
contracts is determined using forward exchange market rates at the closing date. Fair values
of options are determined by using option valuation models. The fair value of financial liabilities
is estimated by discounting the future contractual cash flows at the current market interest
rate that is available to the Group for similar financial instruments. The counterparty credit risk
has been taken into account when determining fair value. The credit risk is determined based
on a portfolio valuation in a bilateral approach.
The Group bases the calculation on existing market conditions at each closing date. Financial
instruments used in Fortum are standardised products that are either cleared via exchanges or
widely traded in the market. Credit risk from trading commodity derivatives is mitigated by
clearing trades through exchanges or by limiting trades to OTC counterparties considered to
be creditworthy, or secured by credit worthy guarantees. Financial derivatives are traded with
credit worthy financial institutions with investment grade ratings.
FAIR VALUES UNDER LEVEL 3 MEASUREMENT HIERARCHY
The fair value of financial assets and liabilities classified as Level 3 is based on unobservable
input parameters.\u00a0
Level 3 consist mainly investments in unlisted shares classified as other investments for which
the fair value can't be reliably measured and derivative financial instrument for which the fair
value has been determined using valuation techniques with unobservable inputs. The input
parameters of Level 3 of the fair value hierarchy for equity investments are specified taking
into account economic developments and available industry and corporate data. The
counterparty credit risk has been adjusted when determining the fair value.
Financial assets
Level 1
Level 2
Level 3
Netting 1)
Total
EUR million
Note
2024
2023
2024
2023
2024
2023
2024
2023
2024
2023
In non-current assets
Other investments 2)
21
139
123
139
123
Derivative financial instruments
Commodity derivatives
4
Hedge accounting
3
0
76
59
0
0
0
0
79
59
Non-hedge accounting
6
10
57
14
21
20
0
-1
83
42
Interest rate and currency derivatives
4
Hedge accounting
100
113
100
113
Non-hedge accounting
5
2
5
2
Total in non-current assets
9
10
237
188
159
143
0
-1
405
339
In current assets
Derivative financial instruments
Commodity derivatives
4
Hedge accounting
198
200
184
160
0
0
-117
-110
264
251
Non-hedge accounting
199
408
90
33
0
4
-205
-320
85
124
Interest rate and currency derivatives
4
Hedge accounting
4
7
4
7
Non-hedge accounting
26
7
26
7
Interest-bearing receivables 3)
22, 27
213
325
0
0
213
325
Total in current assets
610
933
304
206
0
4
-322
-430
592
714
Total in assets
619
943
541
394
159
147
-322
-431
997
1,053
1) Receivables and liabilities from electricity and other commodity standard derivative contracts against exchanges with same delivery period are netted.
2)Other investments includes shares in unlisted companies.
3)Interest-bearing receivables, Level 1, include collateral arrangement covering margin requirement.
Financial liabilities
Level 1
Level 2
Level 3
Netting 1)
Total
EUR million
Note
2024
2023
2024
2023
2024
2023
2024
2023
2024
2023
In non-current liabilities
Interest-bearing liabilities 2)
27
990
973
990
973
Derivative financial instruments
Commodity derivatives
4
Hedge accounting
2
14
59
58
0
0
0
0
61
73
Non-hedge accounting
42
11
51
30
11
9
0
-1
104
49
Interest rate and currency derivatives
4
Hedge accounting
56
93
56
93
Non-hedge accounting
0
2
0
2
Total in non-current liabilities
44
26
1,156
1,156
11
9
0
-1
1,211
1,189
In current liabilities
Interest-bearing liabilities
27
275
376
275
376
Derivative financial instruments
Commodity derivatives
4
Hedge accounting
187
606
93
264
0
0
-117
-110
163
761
Non-hedge accounting
245
238
92
138
6
2
-205
-320
137
58
Interest rate and currency derivatives
4
Hedge accounting
11
6
11
6
Non-hedge accounting
22
232
22
232
Total in current liabilities
432
844
492
1,016
6
2
-322
-430
608
1,432
Total in liabilities
476
870
1,649
2,172
17
11
-322
-431
1,820
2,621
1)Receivables and liabilities from standard electricity and other commodity derivative contracts against exchanges with same delivery period are netted.
2)Fair valued part of bonds when hedge accounting is applied (fair value hedge).
At the end of December 2024, the net fair value of commodity derivatives was EUR 46 million,
including assets of EUR 511 million and liabilities of EUR 465 million (2023: EUR -464 million,
including assets of EUR 476 million and liabilities of EUR 940 million). The change from
December 2023 mainly relates to impacts from decreased commodity market prices and
maturity of contracts.
Net fair value amount of interest rate and currency derivatives was EUR 45 million, including
assets EUR 134 million and liabilities EUR 89 million. Fortum has cash collateral agreements with
some counterparties. At the end of December 2024, Fortum had received EUR 69 million and
paid EUR 9 million from foreign exchange and interest rate derivatives under Credit Support
Annex agreements.
There were no transfers in or out of levels 1, 2 or 3 during 2024. Gains and losses of level 3 items
in consolidated income statement are presented mainly in items affecting comparability. See
Note\u00a07 Comparable operating profit and comparable net profit.
Changes in fair value hierarchy Level 3
2024
2023
EUR million
Assets
Liabilities
Assets
Liabilities
Opening balance 1 January
147
11
648
5
Purchases and additions
14
0
17
0
Sales and disposals
0
0
-4
0
Settlements and realised gains/losses in
income statement
-4
-2
-13
-1
Unrealised gains/losses in income statement
2
8
-67
7
Deconsolidation of subsidiary companies 1)
0
0
-433
0
Carrying amount at 31 December
160
17
147
11
1)Deconsolidation of Russian operations in April 2023
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-616": { "value": "
ACCOUNTING POLICIES
Fair value measurements are classified using a fair value hierarchy i.e. Level 1, Level 2 and Level
3 that reflects the significance of the inputs used in making the measurements.
FAIR VALUES UNDER LEVEL 1 MEASUREMENT HIERARCHY
The fair value of financial assets and liabilities classified as Level 1 is based on unadjusted
quoted prices in active markets at the closing date. Level 1 consist e.g. commodity derivatives
traded in active markets.
FAIR VALUES UNDER LEVEL 2 MEASUREMENT HIERARCHY
The fair value of financial assets and liabilities classified as Level 2 is based on observable input
parameters, which are other than quoted prices.\u00a0
The fair value of financial instruments traded in active markets in Level 2 is calculated using
prices derived from quoted market prices at the closing date. Known calculation techniques,
such as estimated discounted cash flows, are used to determine fair value of interest rate and
currency financial instruments. The fair value of interest-rate swaps is calculated as the
present value of the estimated future cash flows. The fair value of forward foreign exchange
contracts is determined using forward exchange market rates at the closing date. Fair values
of options are determined by using option valuation models. The fair value of financial liabilities
is estimated by discounting the future contractual cash flows at the current market interest
rate that is available to the Group for similar financial instruments. The counterparty credit risk
has been taken into account when determining fair value. The credit risk is determined based
on a portfolio valuation in a bilateral approach.
The Group bases the calculation on existing market conditions at each closing date. Financial
instruments used in Fortum are standardised products that are either cleared via exchanges or
widely traded in the market. Credit risk from trading commodity derivatives is mitigated by
clearing trades through exchanges or by limiting trades to OTC counterparties considered to
be creditworthy, or secured by credit worthy guarantees. Financial derivatives are traded with
credit worthy financial institutions with investment grade ratings.
FAIR VALUES UNDER LEVEL 3 MEASUREMENT HIERARCHY
The fair value of financial assets and liabilities classified as Level 3 is based on unobservable
input parameters.\u00a0
Level 3 consist mainly investments in unlisted shares classified as other investments for which
the fair value can't be reliably measured and derivative financial instrument for which the fair
value has been determined using valuation techniques with unobservable inputs. The input
parameters of Level 3 of the fair value hierarchy for equity investments are specified taking
into account economic developments and available industry and corporate data. The
counterparty credit risk has been adjusted when determining the fair value.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-619": { "value": "
17 Intangible assets
ACCOUNTING POLICIES
Intangible assets, except goodwill, are stated at historical cost less accumulated amortisation
and impairment losses; and amortised on a straight-line basis over their expected useful lives.
The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at each
closing date. An asset\u2019s carrying amount is written down to its recoverable amount if the
asset\u2019s carrying amount is greater than its estimated recoverable amount. See further
information on the impairment testing in Note 20 Impairment testing.
GOODWILL
Goodwill represents the excess of the cost of an acquisition over the fair value of the Group's
share of net identifiable assets of the acquired subsidiary, associate or joint venture at the
date of acquisition. Goodwill on acquisitions of subsidiaries is included in intangible assets and
tested annually for impairment. Goodwill on acquisition of associates and joint ventures is
included in investments in associates and joint ventures and is tested for impairment as part of
the overall balance. Goodwill is carried at cost less accumulated impairment losses.
Impairment losses on goodwill are not reversed. Gains and losses on disposal of an entity
include the carrying amount of goodwill relating to the entity sold.
RESEARCH AND DEVELOPMENT COSTS
Generally research and development costs are recognised as expense as incurred and
included in other expenses in the consolidated income statement. If certain criteria are met,
development costs are capitalised as intangible assets and depreciated over the period of the
income streams.
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS: ASSIGNED VALUES
AND USEFUL LIVES IN ACQUISITIONS
In an acquisition acquired intangible and tangible assets are fair valued and their remaining
useful lives are determined. Management believes that the assigned values and useful lives, as
well as the underlying assumptions, are reasonable. Different assumptions and assigned lives
could have a significant impact on the reported amounts.\u00a0
The Group has significant carrying values in property, plant and equipment, intangible assets
and participations in associated companies and joint ventures which are tested for impairment
according to the accounting policy. See further information on the impairment testing in Note
20 Impairment testing.
Goodwill
Other
Total
EUR million
2024
2023
2024
2023
2024
2023
Cost 1 January
249
417
962
929
1,212
1,346
Translation differences and other adjustments
-9
-11
-36
-28
-45
-39
Acquisition of subsidiary companies
0
11
0
14
0
25
Capital expenditure
0
0
80
92
80
92
Disposals
0
0
-22
-16
-22
-16
Deconsolidation of subsidiary companies 1)
-34
-167
-35
-43
-69
-210
Reclassifications
0
0
8
14
8
14
Cost 31 December
207
249
957
962
1,164
1,212
\u00a0
Accumulated depreciation 1 January
0
167
569
521
569
689
Translation differences and other adjustments
0
0
-26
-17
-26
-17
Disposals
0
0
-21
-15
-21
-15
Deconsolidation of subsidiary companies 1)
0
-167
-24
-25
-24
-192
Depreciation for the year
0
0
108
105
108
105
Impairment charges
1
0
8
0
9
0
Accumulated depreciation 31 December
1
0
614
569
615
569
Carrying amount 31 December
206
249
343
393
549
643
1) See Note 3 Acquisitions, disposals and discontinued operations.
In 2023 changes during the year include Russia until 31 March 2023.
Goodwill in groups of cash-generating units
Goodwill is allocated to operating segments corresponding to groups of cash-generating units
that benefit from the synergies of the acquired goodwill. See\u00a0Note\u00a06 Segment reporting.
EUR million
2024
2023
Consumer Solutions
205
214
Recycling and Waste
0
35
Total
206
249
Other intangible assets
Other intangible assets include customer contracts, and costs for software products and
software licenses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-618": { "value": "
17 Intangible assets
ACCOUNTING POLICIES
Intangible assets, except goodwill, are stated at historical cost less accumulated amortisation
and impairment losses; and amortised on a straight-line basis over their expected useful lives.
The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at each
closing date. An asset\u2019s carrying amount is written down to its recoverable amount if the
asset\u2019s carrying amount is greater than its estimated recoverable amount. See further
information on the impairment testing in Note 20 Impairment testing.
GOODWILL
Goodwill represents the excess of the cost of an acquisition over the fair value of the Group's
share of net identifiable assets of the acquired subsidiary, associate or joint venture at the
date of acquisition. Goodwill on acquisitions of subsidiaries is included in intangible assets and
tested annually for impairment. Goodwill on acquisition of associates and joint ventures is
included in investments in associates and joint ventures and is tested for impairment as part of
the overall balance. Goodwill is carried at cost less accumulated impairment losses.
Impairment losses on goodwill are not reversed. Gains and losses on disposal of an entity
include the carrying amount of goodwill relating to the entity sold.
RESEARCH AND DEVELOPMENT COSTS
Generally research and development costs are recognised as expense as incurred and
included in other expenses in the consolidated income statement. If certain criteria are met,
development costs are capitalised as intangible assets and depreciated over the period of the
income streams.
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS: ASSIGNED VALUES
AND USEFUL LIVES IN ACQUISITIONS
In an acquisition acquired intangible and tangible assets are fair valued and their remaining
useful lives are determined. Management believes that the assigned values and useful lives, as
well as the underlying assumptions, are reasonable. Different assumptions and assigned lives
could have a significant impact on the reported amounts.\u00a0
The Group has significant carrying values in property, plant and equipment, intangible assets
and participations in associated companies and joint ventures which are tested for impairment
according to the accounting policy. See further information on the impairment testing in Note
20 Impairment testing.
Goodwill
Other
Total
EUR million
2024
2023
2024
2023
2024
2023
Cost 1 January
249
417
962
929
1,212
1,346
Translation differences and other adjustments
-9
-11
-36
-28
-45
-39
Acquisition of subsidiary companies
0
11
0
14
0
25
Capital expenditure
0
0
80
92
80
92
Disposals
0
0
-22
-16
-22
-16
Deconsolidation of subsidiary companies 1)
-34
-167
-35
-43
-69
-210
Reclassifications
0
0
8
14
8
14
Cost 31 December
207
249
957
962
1,164
1,212
\u00a0
Accumulated depreciation 1 January
0
167
569
521
569
689
Translation differences and other adjustments
0
0
-26
-17
-26
-17
Disposals
0
0
-21
-15
-21
-15
Deconsolidation of subsidiary companies 1)
0
-167
-24
-25
-24
-192
Depreciation for the year
0
0
108
105
108
105
Impairment charges
1
0
8
0
9
0
Accumulated depreciation 31 December
1
0
614
569
615
569
Carrying amount 31 December
206
249
343
393
549
643
1) See Note 3 Acquisitions, disposals and discontinued operations.
In 2023 changes during the year include Russia until 31 March 2023.
Goodwill in groups of cash-generating units
Goodwill is allocated to operating segments corresponding to groups of cash-generating units
that benefit from the synergies of the acquired goodwill. See\u00a0Note\u00a06 Segment reporting.
EUR million
2024
2023
Consumer Solutions
205
214
Recycling and Waste
0
35
Total
206
249
Other intangible assets
Other intangible assets include customer contracts, and costs for software products and
software licenses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-617": { "value": "
17 Intangible assets
ACCOUNTING POLICIES
Intangible assets, except goodwill, are stated at historical cost less accumulated amortisation
and impairment losses; and amortised on a straight-line basis over their expected useful lives.
The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at each
closing date. An asset\u2019s carrying amount is written down to its recoverable amount if the
asset\u2019s carrying amount is greater than its estimated recoverable amount. See further
information on the impairment testing in Note 20 Impairment testing.
GOODWILL
Goodwill represents the excess of the cost of an acquisition over the fair value of the Group's
share of net identifiable assets of the acquired subsidiary, associate or joint venture at the
date of acquisition. Goodwill on acquisitions of subsidiaries is included in intangible assets and
tested annually for impairment. Goodwill on acquisition of associates and joint ventures is
included in investments in associates and joint ventures and is tested for impairment as part of
the overall balance. Goodwill is carried at cost less accumulated impairment losses.
Impairment losses on goodwill are not reversed. Gains and losses on disposal of an entity
include the carrying amount of goodwill relating to the entity sold.
RESEARCH AND DEVELOPMENT COSTS
Generally research and development costs are recognised as expense as incurred and
included in other expenses in the consolidated income statement. If certain criteria are met,
development costs are capitalised as intangible assets and depreciated over the period of the
income streams.
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS: ASSIGNED VALUES
AND USEFUL LIVES IN ACQUISITIONS
In an acquisition acquired intangible and tangible assets are fair valued and their remaining
useful lives are determined. Management believes that the assigned values and useful lives, as
well as the underlying assumptions, are reasonable. Different assumptions and assigned lives
could have a significant impact on the reported amounts.\u00a0
The Group has significant carrying values in property, plant and equipment, intangible assets
and participations in associated companies and joint ventures which are tested for impairment
according to the accounting policy. See further information on the impairment testing in Note
20 Impairment testing.
Goodwill
Other
Total
EUR million
2024
2023
2024
2023
2024
2023
Cost 1 January
249
417
962
929
1,212
1,346
Translation differences and other adjustments
-9
-11
-36
-28
-45
-39
Acquisition of subsidiary companies
0
11
0
14
0
25
Capital expenditure
0
0
80
92
80
92
Disposals
0
0
-22
-16
-22
-16
Deconsolidation of subsidiary companies 1)
-34
-167
-35
-43
-69
-210
Reclassifications
0
0
8
14
8
14
Cost 31 December
207
249
957
962
1,164
1,212
\u00a0
Accumulated depreciation 1 January
0
167
569
521
569
689
Translation differences and other adjustments
0
0
-26
-17
-26
-17
Disposals
0
0
-21
-15
-21
-15
Deconsolidation of subsidiary companies 1)
0
-167
-24
-25
-24
-192
Depreciation for the year
0
0
108
105
108
105
Impairment charges
1
0
8
0
9
0
Accumulated depreciation 31 December
1
0
614
569
615
569
Carrying amount 31 December
206
249
343
393
549
643
1) See Note 3 Acquisitions, disposals and discontinued operations.
In 2023 changes during the year include Russia until 31 March 2023.
Goodwill in groups of cash-generating units
Goodwill is allocated to operating segments corresponding to groups of cash-generating units
that benefit from the synergies of the acquired goodwill. See\u00a0Note\u00a06 Segment reporting.
EUR million
2024
2023
Consumer Solutions
205
214
Recycling and Waste
0
35
Total
206
249
Other intangible assets
Other intangible assets include customer contracts, and costs for software products and
software licenses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-621": { "value": "
ACCOUNTING POLICIES
Intangible assets, except goodwill, are stated at historical cost less accumulated amortisation
and impairment losses; and amortised on a straight-line basis over their expected useful lives.
The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at each
closing date. An asset\u2019s carrying amount is written down to its recoverable amount if the
asset\u2019s carrying amount is greater than its estimated recoverable amount. See further
information on the impairment testing in Note 20 Impairment testing.
GOODWILL
Goodwill represents the excess of the cost of an acquisition over the fair value of the Group's
share of net identifiable assets of the acquired subsidiary, associate or joint venture at the
date of acquisition. Goodwill on acquisitions of subsidiaries is included in intangible assets and
tested annually for impairment. Goodwill on acquisition of associates and joint ventures is
included in investments in associates and joint ventures and is tested for impairment as part of
the overall balance. Goodwill is carried at cost less accumulated impairment losses.
Impairment losses on goodwill are not reversed. Gains and losses on disposal of an entity
include the carrying amount of goodwill relating to the entity sold.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-620": { "value": "
ACCOUNTING POLICIES
Intangible assets, except goodwill, are stated at historical cost less accumulated amortisation
and impairment losses; and amortised on a straight-line basis over their expected useful lives.
The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at each
closing date. An asset\u2019s carrying amount is written down to its recoverable amount if the
asset\u2019s carrying amount is greater than its estimated recoverable amount. See further
information on the impairment testing in Note 20 Impairment testing.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-622": { "value": "
GOODWILL
Goodwill represents the excess of the cost of an acquisition over the fair value of the Group's
share of net identifiable assets of the acquired subsidiary, associate or joint venture at the
date of acquisition. Goodwill on acquisitions of subsidiaries is included in intangible assets and
tested annually for impairment. Goodwill on acquisition of associates and joint ventures is
included in investments in associates and joint ventures and is tested for impairment as part of
the overall balance. Goodwill is carried at cost less accumulated impairment losses.
Impairment losses on goodwill are not reversed. Gains and losses on disposal of an entity
include the carrying amount of goodwill relating to the entity sold.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-623": { "value": "
RESEARCH AND DEVELOPMENT COSTS
Generally research and development costs are recognised as expense as incurred and
included in other expenses in the consolidated income statement. If certain criteria are met,
development costs are capitalised as intangible assets and depreciated over the period of the
income streams.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-624": { "value": "
Goodwill
Other
Total
EUR million
2024
2023
2024
2023
2024
2023
Cost 1 January
249
417
962
929
1,212
1,346
Translation differences and other adjustments
-9
-11
-36
-28
-45
-39
Acquisition of subsidiary companies
0
11
0
14
0
25
Capital expenditure
0
0
80
92
80
92
Disposals
0
0
-22
-16
-22
-16
Deconsolidation of subsidiary companies 1)
-34
-167
-35
-43
-69
-210
Reclassifications
0
0
8
14
8
14
Cost 31 December
207
249
957
962
1,164
1,212
\u00a0
Accumulated depreciation 1 January
0
167
569
521
569
689
Translation differences and other adjustments
0
0
-26
-17
-26
-17
Disposals
0
0
-21
-15
-21
-15
Deconsolidation of subsidiary companies 1)
0
-167
-24
-25
-24
-192
Depreciation for the year
0
0
108
105
108
105
Impairment charges
1
0
8
0
9
0
Accumulated depreciation 31 December
1
0
614
569
615
569
Carrying amount 31 December
206
249
343
393
549
643
1) See Note 3 Acquisitions, disposals and discontinued operations.
In 2023 changes during the year include Russia until 31 March 2023.
Land\u00a0and\u00a0waterfall\u00a0rights
Buildings\u00a0and structures
Machinery, equipment and
other
Advances paid and
construction\u00a0in progress
Total
EUR million
2024
2023
2024
2023
2024
2023
2024
2023
2024
2023
Cost 1 January
2,433
2,429
2,626
3,406
5,868
7,525
485
513
11,413
13,872
Translation differences and other adjustments
-71
7
-26
-37
-52
-120
-6
0
-155
-150
Capital expenditure 1)
0
6
1
9
2
10
402
515
404
539
Additions to right-of-use assets
4
3
12
13
13
10
0
0
29
27
Decreases in right-of-use assets
-1
0
-1
-2
-1
-1
0
0
-3
-4
Nuclear asset retirement cost
0
0
0
0
31
10
0
0
31
10
Disposals
-1
-7
-22
-19
-74
-42
-3
-3
-99
-69
Deconsolidation of subsidiary companies 2)
-15
-6
-205
-895
-1,127
-1,850
-49
-49
-1,396
-2,800
Reclassifications
1
0
169
151
259
326
-437
-491
-8
-13
Cost 31 December
2,351
2,433
2,555
2,626
4,918
5,868
393
485
10,216
11,413
\u00a0
Accumulated depreciation 1 January
7
5
1,447
1,989
3,341
4,612
5
0
4,800
6,606
Translation differences and other adjustments
0
0
-14
-31
-34
-91
0
0
-47
-122
Disposals
0
0
-21
-18
-74
-40
-3
-3
-98
-61
Deconsolidation of subsidiary companies 2)
-2
0
-122
-564
-657
-1,334
0
-1
-780
-1,900
Depreciation for the year
3
2
76
71
190
194
1
9
271
277
Accumulated depreciation 31 December
9
7
1,366
1,447
2,767
3,341
3
5
4,145
4,800
Carrying amount 31 December
2,342
2,425
1,188
1,179
2,151
2,527
390
481
6,070
6,612
1) Includes EUR 1 million (2023: 3) of other asset retirement costs.
2) See Note 3 Acquisitions, disposals and discontinued operations.
In 2023 changes during the year included Russia until 31 March 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-625": { "value": "
18 Property, plant and equipment and right-of-use
assets
ACCOUNTING POLICIES
Property, plant and equipment mainly include power and heat production-related buildings,
structures and machinery, waterfall rights, and other buildings and machinery.
Property, plant and equipment are stated at historical cost less accumulated depreciation and
impairment losses on the consolidated balance sheet. Historical cost includes expenditure that
is directly attributable to the acquisition of an item. Borrowing costs are included in the cost of
qualified assets. Additionally, the cost of an item of property, plant and equipment includes the
estimated cost of its dismantlement, removal or restoration when there is a contractual
obligation towards a third party, or a legal obligation.
Acquired assets on the acquisition of a new subsidiary are stated at their fair values at the date
of acquisition.\u00a0
See Note 30 Other provisions for information about asset retirement obligations, Note 29
Nuclear-related assets and liabilities, for information about provisions for decommissioning
nuclear power plants and Note 34 Leases, for information about right-of-use assets.
Land, water areas and waterfall rights are not depreciated since they have indefinite useful
lives. Depreciation on other assets is calculated using the straight-line method to allocate their
cost to their residual values over their estimated useful lives, as follows:
Hydro power plant buildings, structures and machinery
40\u201350 years
Thermal power plant buildings, structures and machinery
25 years
Nuclear power plant buildings, structures and machinery
25 years
CHP power plant buildings, structures and machinery
15\u201325 years
Recycling and waste treatment facility buildings, structures and machinery
15\u201340 years
Wind power plant structures and machinery
35 years
District heating network
30\u201340 years
Other buildings and structures
20\u201340 years
Other tangible assets
20\u201340 years
Other machinery and equipment
3\u201320 years
Other non-current investments
5\u201310 years
Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate
asset, as appropriate, only when it is probable that future economic benefits associated with
the item will flow to the Group and the cost of the item can be measured reliably. All other
repairs and maintenance expenses are charged to the income statement during the financial
period in which they are incurred.
The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at each
closing date. An asset\u2019s carrying amount is written down to its recoverable amount if the
asset\u2019s carrying amount is greater than its estimated recoverable amount. See further
information on the impairment testing in Note 20 Impairment testing.
BORROWING COSTS
Borrowing costs directly attributable to the construction of qualifying assets are added to the
cost of those assets. Qualifying assets are assets that take a substantial time to get ready for
their intended use or sale.
Land\u00a0and\u00a0waterfall\u00a0rights
Buildings\u00a0and structures
Machinery, equipment and
other
Advances paid and
construction\u00a0in progress
Total
EUR million
2024
2023
2024
2023
2024
2023
2024
2023
2024
2023
Cost 1 January
2,433
2,429
2,626
3,406
5,868
7,525
485
513
11,413
13,872
Translation differences and other adjustments
-71
7
-26
-37
-52
-120
-6
0
-155
-150
Capital expenditure 1)
0
6
1
9
2
10
402
515
404
539
Additions to right-of-use assets
4
3
12
13
13
10
0
0
29
27
Decreases in right-of-use assets
-1
0
-1
-2
-1
-1
0
0
-3
-4
Nuclear asset retirement cost
0
0
0
0
31
10
0
0
31
10
Disposals
-1
-7
-22
-19
-74
-42
-3
-3
-99
-69
Deconsolidation of subsidiary companies 2)
-15
-6
-205
-895
-1,127
-1,850
-49
-49
-1,396
-2,800
Reclassifications
1
0
169
151
259
326
-437
-491
-8
-13
Cost 31 December
2,351
2,433
2,555
2,626
4,918
5,868
393
485
10,216
11,413
\u00a0
Accumulated depreciation 1 January
7
5
1,447
1,989
3,341
4,612
5
0
4,800
6,606
Translation differences and other adjustments
0
0
-14
-31
-34
-91
0
0
-47
-122
Disposals
0
0
-21
-18
-74
-40
-3
-3
-98
-61
Deconsolidation of subsidiary companies 2)
-2
0
-122
-564
-657
-1,334
0
-1
-780
-1,900
Depreciation for the year
3
2
76
71
190
194
1
9
271
277
Accumulated depreciation 31 December
9
7
1,366
1,447
2,767
3,341
3
5
4,145
4,800
Carrying amount 31 December
2,342
2,425
1,188
1,179
2,151
2,527
390
481
6,070
6,612
1) Includes EUR 1 million (2023: 3) of other asset retirement costs.
2) See Note 3 Acquisitions, disposals and discontinued operations.
In 2023 changes during the year included Russia until 31 March 2023.
Property, plant and equipment that are subject to restrictions in the form of real estate
mortgages amount to EUR 166 million (2023: 163). See Note 36 Pledged assets and contingent
liabilities.
Borrowing costs of EUR 10 million were capitalised in 2024 (2023: 20). The interest rate used for
capitalising borrowing costs varied from 4% to 8% (2023: 2%\u20138%). For constructions financed by
the Group, a uniform rate may be used based on interest rates of financial liabilities, including
leases.
Property, plant and equipment includes right-of-use assets from leases in which Fortum acts as
the lessee. See Note\u00a034 Leases.
Climate-related matters
Economic lives and book values of property, plant and equipment reflect approved actions
towards Fortum\u2019s climate-related targets; as well as maintenance-related capital expenditure to
protect Fortum\u2019s assets towards climate-related risk, such as investments in hydropower plant
dam safety.
Fortum has coal-fired power generation in the Meri-Pori power plant in Finland and the Zabrze
and Czestochowa CHPs in Poland.
Fortum is investing approximately EUR 300 million during 2023\u20132027 in projects within the
Espoo Clean Heat programme to drive decarbonisation and build sustainable waste heat
solutions in the Helsinki metropolitan area, of which EUR 77 million was capitalised in 2024
(2023: 31). In 2024, the construction of an electric boiler/heat storage began in the Nuijala area
and the construction of heat pumps began in the Kolabacken and Hepokorpi area; and in April
Fortum closed the last coal-fired unit used for district heat production in the Suomenoja CHP.
The closure did not have a material impact on consolidated financial statements.
With regards to the Meri-Pori power plant, the plant\u2019s production capacity is reserved from 1
April 2024 to 31 December 2026 for severe disruption and emergencies to guarantee security of
supply in the electricity system in Finland. The economic life and book value of the Meri-Pori
power plant reflect Fortum\u2019s coal exit plans.
With regards to the Czestochowa CHP, Fortum is investing approximately EUR 100 million in the
plant\u2019s decarbonisation during 2024\u20132026, of which EUR 3 million was capitalised in 2024.
Fortum will continue evaluating alternatives for the decarbonisation of the Zabrze CHP plant to
initiate a modernisation programme and to meet the coal exit by 2027 target.
To increase low-carbon power generation capacity, Fortum has invested EUR 360 million during
2021\u20132024 to the Pjelax wind farm in Finland, of which EUR 28 million capitalised in 2024 (2023:
219); and approximately EUR 1,000 million between 2023\u20132050 on Loviisa, Finland nuclear
power plant lifetime extension, of which EUR 54 million was capitalised in 2024 (2023: 22).
With regards to investments in hydropower modernisation and plant dam safety, Fortum is
investing, for example, in Sweden approximately EUR 59 million (SEK 650 million) for an
extensive rebuild of the Forshuvud hydropower plant during 2021\u20132025; over EUR 60 million
(SEK 700 million) during 2023\u20132030 to modernise Untra; as well as approximately EUR 20 million
(SEK 250 million) during 2024\u20132026 to modernise and increase production capacity at Malta. In
2024, total of EUR 130 million (2023: 103) was capitalised relating to hydro production, mainly
maintenance, legislation and productivity investments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-627": { "value": "
ACCOUNTING POLICIES
Property, plant and equipment mainly include power and heat production-related buildings,
structures and machinery, waterfall rights, and other buildings and machinery.
Property, plant and equipment are stated at historical cost less accumulated depreciation and
impairment losses on the consolidated balance sheet. Historical cost includes expenditure that
is directly attributable to the acquisition of an item. Borrowing costs are included in the cost of
qualified assets. Additionally, the cost of an item of property, plant and equipment includes the
estimated cost of its dismantlement, removal or restoration when there is a contractual
obligation towards a third party, or a legal obligation.
Acquired assets on the acquisition of a new subsidiary are stated at their fair values at the date
of acquisition.\u00a0
See Note 30 Other provisions for information about asset retirement obligations, Note 29
Nuclear-related assets and liabilities, for information about provisions for decommissioning
nuclear power plants and Note 34 Leases, for information about right-of-use assets.
Land, water areas and waterfall rights are not depreciated since they have indefinite useful
lives. Depreciation on other assets is calculated using the straight-line method to allocate their
cost to their residual values over their estimated useful lives, as follows:
Hydro power plant buildings, structures and machinery
40\u201350 years
Thermal power plant buildings, structures and machinery
25 years
Nuclear power plant buildings, structures and machinery
25 years
CHP power plant buildings, structures and machinery
15\u201325 years
Recycling and waste treatment facility buildings, structures and machinery
15\u201340 years
Wind power plant structures and machinery
35 years
District heating network
30\u201340 years
Other buildings and structures
20\u201340 years
Other tangible assets
20\u201340 years
Other machinery and equipment
3\u201320 years
Other non-current investments
5\u201310 years
Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate
asset, as appropriate, only when it is probable that future economic benefits associated with
the item will flow to the Group and the cost of the item can be measured reliably. All other
repairs and maintenance expenses are charged to the income statement during the financial
period in which they are incurred.
The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at each
closing date. An asset\u2019s carrying amount is written down to its recoverable amount if the
asset\u2019s carrying amount is greater than its estimated recoverable amount. See further
information on the impairment testing in Note 20 Impairment testing.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-626": { "value": "
ACCOUNTING POLICIES
Property, plant and equipment mainly include power and heat production-related buildings,
structures and machinery, waterfall rights, and other buildings and machinery.
Property, plant and equipment are stated at historical cost less accumulated depreciation and
impairment losses on the consolidated balance sheet. Historical cost includes expenditure that
is directly attributable to the acquisition of an item. Borrowing costs are included in the cost of
qualified assets. Additionally, the cost of an item of property, plant and equipment includes the
estimated cost of its dismantlement, removal or restoration when there is a contractual
obligation towards a third party, or a legal obligation.
Acquired assets on the acquisition of a new subsidiary are stated at their fair values at the date
of acquisition.\u00a0
See Note 30 Other provisions for information about asset retirement obligations, Note 29
Nuclear-related assets and liabilities, for information about provisions for decommissioning
nuclear power plants and Note 34 Leases, for information about right-of-use assets.
Land, water areas and waterfall rights are not depreciated since they have indefinite useful
lives. Depreciation on other assets is calculated using the straight-line method to allocate their
cost to their residual values over their estimated useful lives, as follows:
Hydro power plant buildings, structures and machinery
40\u201350 years
Thermal power plant buildings, structures and machinery
25 years
Nuclear power plant buildings, structures and machinery
25 years
CHP power plant buildings, structures and machinery
15\u201325 years
Recycling and waste treatment facility buildings, structures and machinery
15\u201340 years
Wind power plant structures and machinery
35 years
District heating network
30\u201340 years
Other buildings and structures
20\u201340 years
Other tangible assets
20\u201340 years
Other machinery and equipment
3\u201320 years
Other non-current investments
5\u201310 years
Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate
asset, as appropriate, only when it is probable that future economic benefits associated with
the item will flow to the Group and the cost of the item can be measured reliably. All other
repairs and maintenance expenses are charged to the income statement during the financial
period in which they are incurred.
The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at each
closing date. An asset\u2019s carrying amount is written down to its recoverable amount if the
asset\u2019s carrying amount is greater than its estimated recoverable amount. See further
information on the impairment testing in Note 20 Impairment testing.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-628": { "value": "All other
repairs and maintenance expenses are charged to the income statement during the financial
period in which they are incurred.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-629": { "value": "
BORROWING COSTS
Borrowing costs directly attributable to the construction of qualifying assets are added to the
cost of those assets. Qualifying assets are assets that take a substantial time to get ready for
their intended use or sale.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-632": { "value": "
19 Participations in associated companies and joint
ventures
ACCOUNTING POLICIES
The Group\u2019s interests in associated companies and joint ventures are accounted for using the
equity method of accounting. Assets acquired and liabilities assumed in the investment in
associates or joint ventures are measured initially at their fair values at the acquisition date.
The excess of the cost of acquisition over the fair value of the Group\u2019s share of the identifiable
net assets acquired is recorded as goodwill.
The Group\u2019s share of its associates or joint ventures post-acquisition profits or losses after tax,
and the expenses related to the adjustments to the fair values of the assets and liabilities
assumed are recognised in the income statement. The cumulative post-acquisition movements
are adjusted against the carrying amount of the investment. The Group\u2019s share of post-
acquisition adjustments to associates or joint ventures equity that has not been recognised in
the associate\u2019s or joint venture\u2019s income statement, is recognised directly in Group\u2019s
shareholder\u2019s equity, and against the carrying amount of the investment.
When the Group\u2019s share of losses in an associate or a joint venture equals or exceeds its
interest in the associate or joint venture, including any other unsecured receivables, the Group
does not recognise further losses, unless it has incurred obligations or made payments on
behalf of the associate or joint venture.
Material unrealised gains on transactions between the Group and its associates or joint
ventures are eliminated to the extent of the Group\u2019s interest in the associate or joint venture.
Material unrealised losses are also eliminated, unless the transaction provides evidence of an
impairment of the asset transferred. Accounting policies of associates or joint ventures have
been changed where necessary to ensure consistency with the policies adopted by the Group.
If financial information for the reporting period is not available, the share of the profit of certain
associated or joint venture companies is included in the consolidated accounts based on the
latest available information.\u00a0
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
Management is required to make significant judgements when assessing the nature of
Fortum\u2019s interest in its investees and when considering the classification of Fortum\u2019s joint
arrangements. In the classification, emphasis has been put on decision making, legal structure,
financing and risks of the arrangements.
Management judgement is required when testing the carrying amounts for participations in
associated companies and joint ventures for impairment. See Note 20 Impairment testing for
more information.
19.1 Principal associated companies and joint ventures
Forsmarks
Kraftgrupp\u00a0AB
Kemijoki\u00a0Oy
OKG AB
TVO\u00a0Oyj
Nature of the
relationship
Co-owned
nuclear company
Co-owned\u00a0
hydro company
Co-owned
nuclear company
Co-owned
nuclear company
Classification
Associated
company
Associated
company
Associated
company
Joint venture
Segment
Generation
Generation
Generation
Generation
Domicile
Sweden
Finland
Sweden
Finland
Ownership interest, % 1)
26
58
46
26
Votes, %
26
28
46
26
1)Kemijoki and TVO have different series of shares. The ownership interest varies due to the changes in equity assigned to
the different share series. In 2024 there were no changes in the ownership interests in Kemijoki and TVO.
Shareholdings in power production companies
Power plants are often built jointly with other power producers. Under the consortium agreements,
each owner is entitled to electricity in proportion to its share of ownership, or other agreements,
and each owner is liable for an equivalent portion of costs. The production companies are not
profit making, since the owners purchase electricity at production cost, including interest cost and
production taxes. The share of profit of these companies is mainly IFRS adjustments (e.g.
accounting for nuclear-related assets and liabilities) and depreciations on fair value adjustments
from historical acquisitions since the companies are not profit making under local accounting
principles.
Fortum has material shareholdings in such power production companies (mainly nuclear and
hydro) that are consolidated using equity method either as associated companies (Forsmarks
Kraftgrupp AB, Kemijoki Oy and OKG) or as joint venture (Teollisuuden Voima Oyj (TVO)).\u00a0
In Sweden, nuclear production company shareholdings are 25.5% ownership of the shares in
Forsmarks Kraftgrupp AB and 45.5% ownership of the shares in OKG AB. Excluding non-
controlling interests in the subsidiaries, Fortum\u2019s participation in the companies are 22.2% and
43.4% respectively, which reflects the share of electricity produced that Fortum can sell further
to the market. The minority part of the electricity purchased is invoiced further to each minority
owner according to their respective shareholding and treated as pass-through.
In Finland, Fortum has an ownership in power production company TVO that has two series of
shares which entitle the shareholders to electricity produced in the different power plants
owned by TVO. Shares in series A entitle to electricity produced in nuclear power plants
Olkiluoto 1 and 2 and Fortum owns 26.6% of these shares. Series\u00a0B entitles to electricity
produced in Olkiluoto 3 and Fortum\u2019s ownership in this share series is 25.0%.
See also Note\u00a029 Nuclear-related assets and liabilities.
The most significant hydro production company shareholding is 63.8% of the hydro shares and
26.7% of the monetary shares in Kemijoki Oy. Each owner of hydro shares is entitled to the
hydropower production in proportion to its hydro shareholding.
Summarised financial information of the principal associated
companies in 2024
EUR million
Forsmarks
Kraftgrupp\u00a0AB
Kemijoki\u00a0Oy
OKG AB
Balance sheet
31 Dec 2023
31 Dec 2023
31 Dec 2023
Non-current assets
1,570
487
800
Current assets
1,379
37
185
Non-current liabilities
2,769
323
868
Current liabilities
143
149
104
Equity
38
52
13
Attributable to the owners of the parent
38
52
13
Statement of comprehensive income
1 Jan 2023 -
31 Dec 2023
1 Jan 2023 -
31 Dec 2023
1 Jan 2023 -
31 Dec 2023
Sales
556
97
319
Profit or loss
8
1
1
Attributable to the owners of the parent
8
1
1
Total comprehensive income
8
1
1
Attributable to the owners of the parent
8
1
1
Reconciliation to carrying amount in Fortum Group
Group's interest in the equity of the associate 1 January
8
30
6
Change in share of profit and OCI items
2
0
0
Group's interest in the equity of the associate
31 December
10
30
6
Fair values on acquisitions and different accounting
principles 1)
269
145
-6
Carrying amount 31 December
279
174
0
1) Impact of different accounting principles include mainly IFRS adjustments for nuclear-related assets and liabilities,
capitalised borrowing costs and fair value adjustment for the acquired assets and liabilities. Fortum records its share of
nuclear-related assets and liabilities in its nuclear associated companies according to equity method. The basis for
recognition is similar as for Loviisa power plant, see accounting principles in Note\u00a029 Nuclear-related assets and
liabilities. In 2024 the amount for Forsmark also includes the effect from conversion of shareholder loans to equity.
Summarised financial information of the principal associated
companies in 2023
EUR million
Forsmarks
Kraftgrupp\u00a0AB
Kemijoki\u00a0Oy
OKG AB
Balance sheet
31 Dec 2022
31 Dec 2022
31 Dec 2022
Non-current assets
1,907
497
811
Current assets
1,345
12
165
Non-current liabilities
3,108
312
892
Current liabilities
113
145
71
Equity
31
52
13
Attributable to the owners of the parent
31
52
13
Statement of comprehensive income
1 Jan 2022 -
31 Dec 2022
1 Jan 2022 -
31 Dec 2022
1 Jan 2022 -
31 Dec 2022
Sales
596
69
298
Profit or loss
0
1
1
Attributable to the owners of the parent
0
1
1
Total comprehensive income
0
1
1
Attributable to the owners of the parent
0
1
1
Reconciliation to carrying amount in Fortum Group
Group's interest in the equity of the associate 1 January
8
30
6
Change in share of profit and OCI items
0
0
0
Group's interest in the equity of the associate
31 December
8
30
6
Fair values on acquisitions and different accounting
principles 1)
91
147
-6
Carrying amount 31 December
99
176
0
1) Impact of different accounting principles include mainly IFRS adjustments for nuclear-related assets and liabilities,
capitalised borrowing costs and fair value adjustment for the acquired assets and liabilities. Fortum records its share of
nuclear-related assets and liabilities in its nuclear associated companies according to equity method. The basis for
recognition is similar as for Loviisa power plant, see accounting principles in Note\u00a029 Nuclear-related assets and
liabilities.
Summarised financial information of the principal joint ventures
2024
2023
EUR million
TVO Oyj
TVO Oyj
Balance sheet
30\u00a0Sep\u00a02024
30 Sep 2023
Non-current assets
8,140
8,375
Current assets
1,034
916
of which cash and cash equivalents
366
313
Non-current liabilities
5,956
6,472
of which non-current interest-bearing liabilities
4,658
5,223
Current liabilities
974
579
of which current financial liabilities
704
300
Equity
2,244
2,241
Attributable to the shareholders of the company
2,244
2,241
Statement of comprehensive income
1\u00a0Oct\u00a02023\u00a0-
30\u00a0Sep\u00a02024
1\u00a0Jan\u00a02023\u00a0-
30\u00a0Sep\u00a02023
Sales
990
587
Depreciation and amortisation
-249
-116
Interest income
128
26
Interest expense
-194
-104
Income tax expense or income
0
0
Profit or loss
79
67
Other comprehensive income
-29
-16
Total comprehensive income
50
51
Attributable to the shareholders of the company
50
51
Reconciliation to carrying amount in Fortum Group
Group's interest in the equity of the joint venture at 1 January
572
564
Change in share of profit and OCI items
6
8
Group's interest in the equity of the joint venture 31 December
578
572
Fair values on acquisitions and different accounting principles 1)
-18
-18
Carrying amount 31 December
561
554
1) Impact of different accounting principles include mainly IFRS adjustments for nuclear-related assets and liabilities.
Fortum records its share of nuclear-related assets and liabilities in its nuclear associated companies according to equity
method. The basis for recognition is similar as for Loviisa power plant, see accounting principles in\u00a0Note\u00a029 Nuclear-
related assets and liabilities.
19.2 Participations in and share of profits from associated
companies and joint ventures
Participations in associated companies and joint ventures on the
balance sheet
EUR million
2024
2023
Principal associates
453
276
Principal joint ventures
561
554
Other associates
52
51
Other joint ventures
194
179
Total
1,260
1,059
Changes in participation during the\u00a0year
2024
2023
EUR million
Associated
companies
Joint
ventures
Associated
companies
Joint
ventures
Opening balance 1 January
326
733
421
828
Investments
0
19
0
12
Share of profit of associates and joint ventures
-7
26
24
61
Dividend income received
-1
-12
-1
-15
Divestments and capital returns
0
-21
0
0
Deconsolidation of subsidiary companies 1)
0
0
-105
-116
Reclassifications
193
7
-7
0
OCI items in associates and joint ventures
-2
-24
-2
-17
Translation differences and other adjustments
-4
28
-4
-19
Carrying amount at 31 December
505
755
326
733
1) See Note 3 Acquisitions, disposals and discontinued operations.
The reclassifications in 2024 mainly relate to shareholder loans in Forsmark being converted to
equity and thus reclassified to \u2018Participations in associates and joint ventures\u2019. This conversion
did not have any cash flow impact.
In 2023 changes during the year included Russia until 31 March 2023. In 2023 Deconsolidation of
subsidiary companies included EUR -221 million related to Russia.
For information about investments and divestments of shares in associated companies and joint
ventures, see Note\u00a03 Acquisitions, disposals and discontinued operations.
Share of profit of associates and joint ventures
EUR million
2024
2023
Principal associates
\u00a0 Forsmarks Kraftgrupp AB
9
17
\u00a0 Kemijoki Oy
-2
-1
\u00a0 OKG AB
-17
7
Principal associates, total
-10
23
Principal joint ventures
\u00a0 TVO Oyj
20
25
Principal joint ventures, total
20
25
Other associates
3
1
Other joint ventures
6
9
Total
19
59
Comparable share of profit of associates and joint ventures
EUR million
2024
2023
Share of profit of associates and joint ventures
19
59
Adjustments to share of profit of associates and joint ventures
-49
-52
Comparable share of profit of associates and joint ventures
-30
7
The comparable share of profits of associates and joint ventures was impacted by updated cost
estimates for the Swedish nuclear waste-related provisions in co-owned nuclear companies.
Associated companies and joint ventures by segment
Entity Name
Country
Segment
Group
holding %
AskKauko Oy
Finland
O
16.5
Battery Intelligence Oy
Finland
O
32.9
Kemijoki Oy
Finland
G
28.3
Posiva Oy
Finland
G
40.0
Puro.earth Oy
Finland
O
16.6
Sallila Energia Oy
Finland
O
46.0
Teollisuuden Voima Oyj
Finland
G
25.8
Turun Seudun Energiantuotanto Oy
Finland
G
53.5
Turun Seudun Kaukol\u00e4mp\u00f6 Oy
Finland
G
30.0
Assam Bio Refinery Private Limited
India
O
40.3
Fortum Charge & Drive India Private Limited
India
G
59.0
Nordic Wind B.V.
Netherlands
G
20.0
Fortum Nordkraft Vind DA
Norway
G
50.0
Linnvasselv Kraftlag SA
Norway
G
50.0
Bl\u00e5sj\u00f6n Kraft AB
Sweden
G
50.0
Forsmarks Kraftgrupp Aktiebolag
Sweden
G
25.5
Horrmundsvalla Kraftaktiebolag
Sweden
G
50.0
OKG Aktiebolag
Sweden
G
45.5
Stensj\u00f6n Kraft AB
Sweden
G
50.0
T\u00e5sans Kraftaktiebolag
Sweden
G
40.0
Vattenkraftens Milj\u00f6fond Sverige AB
Sweden
G
22.6
V\u00e4sa Kraftaktiebolag
Sweden
G
50.0
\u00c5ngefallen Kraft AB
Sweden
G
50.0
South Clyde Energy Recovery Holdings Limited
United Kingdom
O
50.0
Russian companies consolidated earlier as associated companies or
joint ventures
Entity Name 1)
Fortum-New Generation 4 Limited Liability Company
TGC1 Territorial Generating Company 1
Ural energy retail LLC
1) Entity names as of March 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-631": { "value": "
19 Participations in associated companies and joint
ventures
ACCOUNTING POLICIES
The Group\u2019s interests in associated companies and joint ventures are accounted for using the
equity method of accounting. Assets acquired and liabilities assumed in the investment in
associates or joint ventures are measured initially at their fair values at the acquisition date.
The excess of the cost of acquisition over the fair value of the Group\u2019s share of the identifiable
net assets acquired is recorded as goodwill.
The Group\u2019s share of its associates or joint ventures post-acquisition profits or losses after tax,
and the expenses related to the adjustments to the fair values of the assets and liabilities
assumed are recognised in the income statement. The cumulative post-acquisition movements
are adjusted against the carrying amount of the investment. The Group\u2019s share of post-
acquisition adjustments to associates or joint ventures equity that has not been recognised in
the associate\u2019s or joint venture\u2019s income statement, is recognised directly in Group\u2019s
shareholder\u2019s equity, and against the carrying amount of the investment.
When the Group\u2019s share of losses in an associate or a joint venture equals or exceeds its
interest in the associate or joint venture, including any other unsecured receivables, the Group
does not recognise further losses, unless it has incurred obligations or made payments on
behalf of the associate or joint venture.
Material unrealised gains on transactions between the Group and its associates or joint
ventures are eliminated to the extent of the Group\u2019s interest in the associate or joint venture.
Material unrealised losses are also eliminated, unless the transaction provides evidence of an
impairment of the asset transferred. Accounting policies of associates or joint ventures have
been changed where necessary to ensure consistency with the policies adopted by the Group.
If financial information for the reporting period is not available, the share of the profit of certain
associated or joint venture companies is included in the consolidated accounts based on the
latest available information.\u00a0
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
Management is required to make significant judgements when assessing the nature of
Fortum\u2019s interest in its investees and when considering the classification of Fortum\u2019s joint
arrangements. In the classification, emphasis has been put on decision making, legal structure,
financing and risks of the arrangements.
Management judgement is required when testing the carrying amounts for participations in
associated companies and joint ventures for impairment. See Note 20 Impairment testing for
more information.
19.1 Principal associated companies and joint ventures
Forsmarks
Kraftgrupp\u00a0AB
Kemijoki\u00a0Oy
OKG AB
TVO\u00a0Oyj
Nature of the
relationship
Co-owned
nuclear company
Co-owned\u00a0
hydro company
Co-owned
nuclear company
Co-owned
nuclear company
Classification
Associated
company
Associated
company
Associated
company
Joint venture
Segment
Generation
Generation
Generation
Generation
Domicile
Sweden
Finland
Sweden
Finland
Ownership interest, % 1)
26
58
46
26
Votes, %
26
28
46
26
1)Kemijoki and TVO have different series of shares. The ownership interest varies due to the changes in equity assigned to
the different share series. In 2024 there were no changes in the ownership interests in Kemijoki and TVO.
Shareholdings in power production companies
Power plants are often built jointly with other power producers. Under the consortium agreements,
each owner is entitled to electricity in proportion to its share of ownership, or other agreements,
and each owner is liable for an equivalent portion of costs. The production companies are not
profit making, since the owners purchase electricity at production cost, including interest cost and
production taxes. The share of profit of these companies is mainly IFRS adjustments (e.g.
accounting for nuclear-related assets and liabilities) and depreciations on fair value adjustments
from historical acquisitions since the companies are not profit making under local accounting
principles.
Fortum has material shareholdings in such power production companies (mainly nuclear and
hydro) that are consolidated using equity method either as associated companies (Forsmarks
Kraftgrupp AB, Kemijoki Oy and OKG) or as joint venture (Teollisuuden Voima Oyj (TVO)).\u00a0
In Sweden, nuclear production company shareholdings are 25.5% ownership of the shares in
Forsmarks Kraftgrupp AB and 45.5% ownership of the shares in OKG AB. Excluding non-
controlling interests in the subsidiaries, Fortum\u2019s participation in the companies are 22.2% and
43.4% respectively, which reflects the share of electricity produced that Fortum can sell further
to the market. The minority part of the electricity purchased is invoiced further to each minority
owner according to their respective shareholding and treated as pass-through.
In Finland, Fortum has an ownership in power production company TVO that has two series of
shares which entitle the shareholders to electricity produced in the different power plants
owned by TVO. Shares in series A entitle to electricity produced in nuclear power plants
Olkiluoto 1 and 2 and Fortum owns 26.6% of these shares. Series\u00a0B entitles to electricity
produced in Olkiluoto 3 and Fortum\u2019s ownership in this share series is 25.0%.
See also Note\u00a029 Nuclear-related assets and liabilities.
The most significant hydro production company shareholding is 63.8% of the hydro shares and
26.7% of the monetary shares in Kemijoki Oy. Each owner of hydro shares is entitled to the
hydropower production in proportion to its hydro shareholding.
Summarised financial information of the principal associated
companies in 2024
EUR million
Forsmarks
Kraftgrupp\u00a0AB
Kemijoki\u00a0Oy
OKG AB
Balance sheet
31 Dec 2023
31 Dec 2023
31 Dec 2023
Non-current assets
1,570
487
800
Current assets
1,379
37
185
Non-current liabilities
2,769
323
868
Current liabilities
143
149
104
Equity
38
52
13
Attributable to the owners of the parent
38
52
13
Statement of comprehensive income
1 Jan 2023 -
31 Dec 2023
1 Jan 2023 -
31 Dec 2023
1 Jan 2023 -
31 Dec 2023
Sales
556
97
319
Profit or loss
8
1
1
Attributable to the owners of the parent
8
1
1
Total comprehensive income
8
1
1
Attributable to the owners of the parent
8
1
1
Reconciliation to carrying amount in Fortum Group
Group's interest in the equity of the associate 1 January
8
30
6
Change in share of profit and OCI items
2
0
0
Group's interest in the equity of the associate
31 December
10
30
6
Fair values on acquisitions and different accounting
principles 1)
269
145
-6
Carrying amount 31 December
279
174
0
1) Impact of different accounting principles include mainly IFRS adjustments for nuclear-related assets and liabilities,
capitalised borrowing costs and fair value adjustment for the acquired assets and liabilities. Fortum records its share of
nuclear-related assets and liabilities in its nuclear associated companies according to equity method. The basis for
recognition is similar as for Loviisa power plant, see accounting principles in Note\u00a029 Nuclear-related assets and
liabilities. In 2024 the amount for Forsmark also includes the effect from conversion of shareholder loans to equity.
Summarised financial information of the principal associated
companies in 2023
EUR million
Forsmarks
Kraftgrupp\u00a0AB
Kemijoki\u00a0Oy
OKG AB
Balance sheet
31 Dec 2022
31 Dec 2022
31 Dec 2022
Non-current assets
1,907
497
811
Current assets
1,345
12
165
Non-current liabilities
3,108
312
892
Current liabilities
113
145
71
Equity
31
52
13
Attributable to the owners of the parent
31
52
13
Statement of comprehensive income
1 Jan 2022 -
31 Dec 2022
1 Jan 2022 -
31 Dec 2022
1 Jan 2022 -
31 Dec 2022
Sales
596
69
298
Profit or loss
0
1
1
Attributable to the owners of the parent
0
1
1
Total comprehensive income
0
1
1
Attributable to the owners of the parent
0
1
1
Reconciliation to carrying amount in Fortum Group
Group's interest in the equity of the associate 1 January
8
30
6
Change in share of profit and OCI items
0
0
0
Group's interest in the equity of the associate
31 December
8
30
6
Fair values on acquisitions and different accounting
principles 1)
91
147
-6
Carrying amount 31 December
99
176
0
1) Impact of different accounting principles include mainly IFRS adjustments for nuclear-related assets and liabilities,
capitalised borrowing costs and fair value adjustment for the acquired assets and liabilities. Fortum records its share of
nuclear-related assets and liabilities in its nuclear associated companies according to equity method. The basis for
recognition is similar as for Loviisa power plant, see accounting principles in Note\u00a029 Nuclear-related assets and
liabilities.
Summarised financial information of the principal joint ventures
2024
2023
EUR million
TVO Oyj
TVO Oyj
Balance sheet
30\u00a0Sep\u00a02024
30 Sep 2023
Non-current assets
8,140
8,375
Current assets
1,034
916
of which cash and cash equivalents
366
313
Non-current liabilities
5,956
6,472
of which non-current interest-bearing liabilities
4,658
5,223
Current liabilities
974
579
of which current financial liabilities
704
300
Equity
2,244
2,241
Attributable to the shareholders of the company
2,244
2,241
Statement of comprehensive income
1\u00a0Oct\u00a02023\u00a0-
30\u00a0Sep\u00a02024
1\u00a0Jan\u00a02023\u00a0-
30\u00a0Sep\u00a02023
Sales
990
587
Depreciation and amortisation
-249
-116
Interest income
128
26
Interest expense
-194
-104
Income tax expense or income
0
0
Profit or loss
79
67
Other comprehensive income
-29
-16
Total comprehensive income
50
51
Attributable to the shareholders of the company
50
51
Reconciliation to carrying amount in Fortum Group
Group's interest in the equity of the joint venture at 1 January
572
564
Change in share of profit and OCI items
6
8
Group's interest in the equity of the joint venture 31 December
578
572
Fair values on acquisitions and different accounting principles 1)
-18
-18
Carrying amount 31 December
561
554
1) Impact of different accounting principles include mainly IFRS adjustments for nuclear-related assets and liabilities.
Fortum records its share of nuclear-related assets and liabilities in its nuclear associated companies according to equity
method. The basis for recognition is similar as for Loviisa power plant, see accounting principles in\u00a0Note\u00a029 Nuclear-
related assets and liabilities.
19.2 Participations in and share of profits from associated
companies and joint ventures
Participations in associated companies and joint ventures on the
balance sheet
EUR million
2024
2023
Principal associates
453
276
Principal joint ventures
561
554
Other associates
52
51
Other joint ventures
194
179
Total
1,260
1,059
Changes in participation during the\u00a0year
2024
2023
EUR million
Associated
companies
Joint
ventures
Associated
companies
Joint
ventures
Opening balance 1 January
326
733
421
828
Investments
0
19
0
12
Share of profit of associates and joint ventures
-7
26
24
61
Dividend income received
-1
-12
-1
-15
Divestments and capital returns
0
-21
0
0
Deconsolidation of subsidiary companies 1)
0
0
-105
-116
Reclassifications
193
7
-7
0
OCI items in associates and joint ventures
-2
-24
-2
-17
Translation differences and other adjustments
-4
28
-4
-19
Carrying amount at 31 December
505
755
326
733
1) See Note 3 Acquisitions, disposals and discontinued operations.
The reclassifications in 2024 mainly relate to shareholder loans in Forsmark being converted to
equity and thus reclassified to \u2018Participations in associates and joint ventures\u2019. This conversion
did not have any cash flow impact.
In 2023 changes during the year included Russia until 31 March 2023. In 2023 Deconsolidation of
subsidiary companies included EUR -221 million related to Russia.
For information about investments and divestments of shares in associated companies and joint
ventures, see Note\u00a03 Acquisitions, disposals and discontinued operations.
Share of profit of associates and joint ventures
EUR million
2024
2023
Principal associates
\u00a0 Forsmarks Kraftgrupp AB
9
17
\u00a0 Kemijoki Oy
-2
-1
\u00a0 OKG AB
-17
7
Principal associates, total
-10
23
Principal joint ventures
\u00a0 TVO Oyj
20
25
Principal joint ventures, total
20
25
Other associates
3
1
Other joint ventures
6
9
Total
19
59
Comparable share of profit of associates and joint ventures
EUR million
2024
2023
Share of profit of associates and joint ventures
19
59
Adjustments to share of profit of associates and joint ventures
-49
-52
Comparable share of profit of associates and joint ventures
-30
7
The comparable share of profits of associates and joint ventures was impacted by updated cost
estimates for the Swedish nuclear waste-related provisions in co-owned nuclear companies.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-630": { "value": "
19 Participations in associated companies and joint
ventures
ACCOUNTING POLICIES
The Group\u2019s interests in associated companies and joint ventures are accounted for using the
equity method of accounting. Assets acquired and liabilities assumed in the investment in
associates or joint ventures are measured initially at their fair values at the acquisition date.
The excess of the cost of acquisition over the fair value of the Group\u2019s share of the identifiable
net assets acquired is recorded as goodwill.
The Group\u2019s share of its associates or joint ventures post-acquisition profits or losses after tax,
and the expenses related to the adjustments to the fair values of the assets and liabilities
assumed are recognised in the income statement. The cumulative post-acquisition movements
are adjusted against the carrying amount of the investment. The Group\u2019s share of post-
acquisition adjustments to associates or joint ventures equity that has not been recognised in
the associate\u2019s or joint venture\u2019s income statement, is recognised directly in Group\u2019s
shareholder\u2019s equity, and against the carrying amount of the investment.
When the Group\u2019s share of losses in an associate or a joint venture equals or exceeds its
interest in the associate or joint venture, including any other unsecured receivables, the Group
does not recognise further losses, unless it has incurred obligations or made payments on
behalf of the associate or joint venture.
Material unrealised gains on transactions between the Group and its associates or joint
ventures are eliminated to the extent of the Group\u2019s interest in the associate or joint venture.
Material unrealised losses are also eliminated, unless the transaction provides evidence of an
impairment of the asset transferred. Accounting policies of associates or joint ventures have
been changed where necessary to ensure consistency with the policies adopted by the Group.
If financial information for the reporting period is not available, the share of the profit of certain
associated or joint venture companies is included in the consolidated accounts based on the
latest available information.\u00a0
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
Management is required to make significant judgements when assessing the nature of
Fortum\u2019s interest in its investees and when considering the classification of Fortum\u2019s joint
arrangements. In the classification, emphasis has been put on decision making, legal structure,
financing and risks of the arrangements.
Management judgement is required when testing the carrying amounts for participations in
associated companies and joint ventures for impairment. See Note 20 Impairment testing for
more information.
19.1 Principal associated companies and joint ventures
Forsmarks
Kraftgrupp\u00a0AB
Kemijoki\u00a0Oy
OKG AB
TVO\u00a0Oyj
Nature of the
relationship
Co-owned
nuclear company
Co-owned\u00a0
hydro company
Co-owned
nuclear company
Co-owned
nuclear company
Classification
Associated
company
Associated
company
Associated
company
Joint venture
Segment
Generation
Generation
Generation
Generation
Domicile
Sweden
Finland
Sweden
Finland
Ownership interest, % 1)
26
58
46
26
Votes, %
26
28
46
26
1)Kemijoki and TVO have different series of shares. The ownership interest varies due to the changes in equity assigned to
the different share series. In 2024 there were no changes in the ownership interests in Kemijoki and TVO.
Shareholdings in power production companies
Power plants are often built jointly with other power producers. Under the consortium agreements,
each owner is entitled to electricity in proportion to its share of ownership, or other agreements,
and each owner is liable for an equivalent portion of costs. The production companies are not
profit making, since the owners purchase electricity at production cost, including interest cost and
production taxes. The share of profit of these companies is mainly IFRS adjustments (e.g.
accounting for nuclear-related assets and liabilities) and depreciations on fair value adjustments
from historical acquisitions since the companies are not profit making under local accounting
principles.
Fortum has material shareholdings in such power production companies (mainly nuclear and
hydro) that are consolidated using equity method either as associated companies (Forsmarks
Kraftgrupp AB, Kemijoki Oy and OKG) or as joint venture (Teollisuuden Voima Oyj (TVO)).\u00a0
In Sweden, nuclear production company shareholdings are 25.5% ownership of the shares in
Forsmarks Kraftgrupp AB and 45.5% ownership of the shares in OKG AB. Excluding non-
controlling interests in the subsidiaries, Fortum\u2019s participation in the companies are 22.2% and
43.4% respectively, which reflects the share of electricity produced that Fortum can sell further
to the market. The minority part of the electricity purchased is invoiced further to each minority
owner according to their respective shareholding and treated as pass-through.
In Finland, Fortum has an ownership in power production company TVO that has two series of
shares which entitle the shareholders to electricity produced in the different power plants
owned by TVO. Shares in series A entitle to electricity produced in nuclear power plants
Olkiluoto 1 and 2 and Fortum owns 26.6% of these shares. Series\u00a0B entitles to electricity
produced in Olkiluoto 3 and Fortum\u2019s ownership in this share series is 25.0%.
See also Note\u00a029 Nuclear-related assets and liabilities.
The most significant hydro production company shareholding is 63.8% of the hydro shares and
26.7% of the monetary shares in Kemijoki Oy. Each owner of hydro shares is entitled to the
hydropower production in proportion to its hydro shareholding.
Summarised financial information of the principal associated
companies in 2024
EUR million
Forsmarks
Kraftgrupp\u00a0AB
Kemijoki\u00a0Oy
OKG AB
Balance sheet
31 Dec 2023
31 Dec 2023
31 Dec 2023
Non-current assets
1,570
487
800
Current assets
1,379
37
185
Non-current liabilities
2,769
323
868
Current liabilities
143
149
104
Equity
38
52
13
Attributable to the owners of the parent
38
52
13
Statement of comprehensive income
1 Jan 2023 -
31 Dec 2023
1 Jan 2023 -
31 Dec 2023
1 Jan 2023 -
31 Dec 2023
Sales
556
97
319
Profit or loss
8
1
1
Attributable to the owners of the parent
8
1
1
Total comprehensive income
8
1
1
Attributable to the owners of the parent
8
1
1
Reconciliation to carrying amount in Fortum Group
Group's interest in the equity of the associate 1 January
8
30
6
Change in share of profit and OCI items
2
0
0
Group's interest in the equity of the associate
31 December
10
30
6
Fair values on acquisitions and different accounting
principles 1)
269
145
-6
Carrying amount 31 December
279
174
0
1) Impact of different accounting principles include mainly IFRS adjustments for nuclear-related assets and liabilities,
capitalised borrowing costs and fair value adjustment for the acquired assets and liabilities. Fortum records its share of
nuclear-related assets and liabilities in its nuclear associated companies according to equity method. The basis for
recognition is similar as for Loviisa power plant, see accounting principles in Note\u00a029 Nuclear-related assets and
liabilities. In 2024 the amount for Forsmark also includes the effect from conversion of shareholder loans to equity.
Summarised financial information of the principal associated
companies in 2023
EUR million
Forsmarks
Kraftgrupp\u00a0AB
Kemijoki\u00a0Oy
OKG AB
Balance sheet
31 Dec 2022
31 Dec 2022
31 Dec 2022
Non-current assets
1,907
497
811
Current assets
1,345
12
165
Non-current liabilities
3,108
312
892
Current liabilities
113
145
71
Equity
31
52
13
Attributable to the owners of the parent
31
52
13
Statement of comprehensive income
1 Jan 2022 -
31 Dec 2022
1 Jan 2022 -
31 Dec 2022
1 Jan 2022 -
31 Dec 2022
Sales
596
69
298
Profit or loss
0
1
1
Attributable to the owners of the parent
0
1
1
Total comprehensive income
0
1
1
Attributable to the owners of the parent
0
1
1
Reconciliation to carrying amount in Fortum Group
Group's interest in the equity of the associate 1 January
8
30
6
Change in share of profit and OCI items
0
0
0
Group's interest in the equity of the associate
31 December
8
30
6
Fair values on acquisitions and different accounting
principles 1)
91
147
-6
Carrying amount 31 December
99
176
0
1) Impact of different accounting principles include mainly IFRS adjustments for nuclear-related assets and liabilities,
capitalised borrowing costs and fair value adjustment for the acquired assets and liabilities. Fortum records its share of
nuclear-related assets and liabilities in its nuclear associated companies according to equity method. The basis for
recognition is similar as for Loviisa power plant, see accounting principles in Note\u00a029 Nuclear-related assets and
liabilities.
Summarised financial information of the principal joint ventures
2024
2023
EUR million
TVO Oyj
TVO Oyj
Balance sheet
30\u00a0Sep\u00a02024
30 Sep 2023
Non-current assets
8,140
8,375
Current assets
1,034
916
of which cash and cash equivalents
366
313
Non-current liabilities
5,956
6,472
of which non-current interest-bearing liabilities
4,658
5,223
Current liabilities
974
579
of which current financial liabilities
704
300
Equity
2,244
2,241
Attributable to the shareholders of the company
2,244
2,241
Statement of comprehensive income
1\u00a0Oct\u00a02023\u00a0-
30\u00a0Sep\u00a02024
1\u00a0Jan\u00a02023\u00a0-
30\u00a0Sep\u00a02023
Sales
990
587
Depreciation and amortisation
-249
-116
Interest income
128
26
Interest expense
-194
-104
Income tax expense or income
0
0
Profit or loss
79
67
Other comprehensive income
-29
-16
Total comprehensive income
50
51
Attributable to the shareholders of the company
50
51
Reconciliation to carrying amount in Fortum Group
Group's interest in the equity of the joint venture at 1 January
572
564
Change in share of profit and OCI items
6
8
Group's interest in the equity of the joint venture 31 December
578
572
Fair values on acquisitions and different accounting principles 1)
-18
-18
Carrying amount 31 December
561
554
1) Impact of different accounting principles include mainly IFRS adjustments for nuclear-related assets and liabilities.
Fortum records its share of nuclear-related assets and liabilities in its nuclear associated companies according to equity
method. The basis for recognition is similar as for Loviisa power plant, see accounting principles in\u00a0Note\u00a029 Nuclear-
related assets and liabilities.
19.2 Participations in and share of profits from associated
companies and joint ventures
Participations in associated companies and joint ventures on the
balance sheet
EUR million
2024
2023
Principal associates
453
276
Principal joint ventures
561
554
Other associates
52
51
Other joint ventures
194
179
Total
1,260
1,059
Changes in participation during the\u00a0year
2024
2023
EUR million
Associated
companies
Joint
ventures
Associated
companies
Joint
ventures
Opening balance 1 January
326
733
421
828
Investments
0
19
0
12
Share of profit of associates and joint ventures
-7
26
24
61
Dividend income received
-1
-12
-1
-15
Divestments and capital returns
0
-21
0
0
Deconsolidation of subsidiary companies 1)
0
0
-105
-116
Reclassifications
193
7
-7
0
OCI items in associates and joint ventures
-2
-24
-2
-17
Translation differences and other adjustments
-4
28
-4
-19
Carrying amount at 31 December
505
755
326
733
1) See Note 3 Acquisitions, disposals and discontinued operations.
The reclassifications in 2024 mainly relate to shareholder loans in Forsmark being converted to
equity and thus reclassified to \u2018Participations in associates and joint ventures\u2019. This conversion
did not have any cash flow impact.
In 2023 changes during the year included Russia until 31 March 2023. In 2023 Deconsolidation of
subsidiary companies included EUR -221 million related to Russia.
For information about investments and divestments of shares in associated companies and joint
ventures, see Note\u00a03 Acquisitions, disposals and discontinued operations.
Share of profit of associates and joint ventures
EUR million
2024
2023
Principal associates
\u00a0 Forsmarks Kraftgrupp AB
9
17
\u00a0 Kemijoki Oy
-2
-1
\u00a0 OKG AB
-17
7
Principal associates, total
-10
23
Principal joint ventures
\u00a0 TVO Oyj
20
25
Principal joint ventures, total
20
25
Other associates
3
1
Other joint ventures
6
9
Total
19
59
Comparable share of profit of associates and joint ventures
EUR million
2024
2023
Share of profit of associates and joint ventures
19
59
Adjustments to share of profit of associates and joint ventures
-49
-52
Comparable share of profit of associates and joint ventures
-30
7
The comparable share of profits of associates and joint ventures was impacted by updated cost
estimates for the Swedish nuclear waste-related provisions in co-owned nuclear companies.
Associated companies and joint ventures by segment
Entity Name
Country
Segment
Group
holding %
AskKauko Oy
Finland
O
16.5
Battery Intelligence Oy
Finland
O
32.9
Kemijoki Oy
Finland
G
28.3
Posiva Oy
Finland
G
40.0
Puro.earth Oy
Finland
O
16.6
Sallila Energia Oy
Finland
O
46.0
Teollisuuden Voima Oyj
Finland
G
25.8
Turun Seudun Energiantuotanto Oy
Finland
G
53.5
Turun Seudun Kaukol\u00e4mp\u00f6 Oy
Finland
G
30.0
Assam Bio Refinery Private Limited
India
O
40.3
Fortum Charge & Drive India Private Limited
India
G
59.0
Nordic Wind B.V.
Netherlands
G
20.0
Fortum Nordkraft Vind DA
Norway
G
50.0
Linnvasselv Kraftlag SA
Norway
G
50.0
Bl\u00e5sj\u00f6n Kraft AB
Sweden
G
50.0
Forsmarks Kraftgrupp Aktiebolag
Sweden
G
25.5
Horrmundsvalla Kraftaktiebolag
Sweden
G
50.0
OKG Aktiebolag
Sweden
G
45.5
Stensj\u00f6n Kraft AB
Sweden
G
50.0
T\u00e5sans Kraftaktiebolag
Sweden
G
40.0
Vattenkraftens Milj\u00f6fond Sverige AB
Sweden
G
22.6
V\u00e4sa Kraftaktiebolag
Sweden
G
50.0
\u00c5ngefallen Kraft AB
Sweden
G
50.0
South Clyde Energy Recovery Holdings Limited
United Kingdom
O
50.0
Russian companies consolidated earlier as associated companies or
joint ventures
Entity Name 1)
Fortum-New Generation 4 Limited Liability Company
TGC1 Territorial Generating Company 1
Ural energy retail LLC
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-633": { "value": "
20 Impairment testing
ACCOUNTING POLICIES
The carrying values of goodwill, other intangible assets, property, plant and equipment, right-
of-use assets, and non-financial investments are reviewed regularly for indication of
impairment.\u00a0
Indications of impairment are business-specific and are thus analysed separately by each
segment; and include risks, such as changes in electricity and fuel prices, regulatory/political
risks relating to energy taxes, price regulations, limitations to the lifetime of assets as well as
climate-related transition risks and physical risks.
Impairment testing is performed if there is an indication of impairment; and the asset is written
down to its recoverable amount if its carrying amount is greater than the estimated
recoverable amount.\u00a0
In addition, goodwill and other intangible assets that have an indefinite useful life, and as such
are not subject to amortisation, are tested annually for impairment, even if there is no
indication of impairment. Impairment testing is performed and documented annually in
connection with the long-term forecasting process.
Annual impairment testing is performed on a cash-generating unit level. Fortum defines cash-
generating unit as the smallest group of assets that generate cash flows that are independent
of the cash flows generated by other assets.\u00a0
Goodwill is allocated to cash-generating units that benefit from the synergies of the acquired
goodwill.\u00a0
Fortum uses value in use or fair value less cost of disposal to establish the recoverable amount
of cash-generating units. Value in use is determined by discounting future cash flows expected
to be derived from the use of assets. Fair value less cost of disposal represent the market
approach and is determined with a discounted cash flow model, where the assumptions on
cash flows and discount rate are reflecting the market expectations. The carrying amount of
the cash generating units comprises operating assets, including goodwill and fair value
adjustments arising from acquisitions. Non-financial assets, other than goodwill, that have
been impaired in the past are reviewed for possible reversal of impairment at each reporting
date. \u00a0
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS: ASSUMPTIONS
RELATED TO IMPAIRMENT TESTING
Impairment testing is forward-looking and requires management to make certain assumptions.
The recoverable amounts of cash-generating units are determined by discounted cash flow
models. The estimated future cash flows are based on the most recent, long-term forecast in
local currency and long-term assumptions approved by management. Cash flows cover an
explicit forecast period of three years.
The period covered by cash flows is related to the useful lives of the assets being reviewed for
impairment. Cash flow projections beyond the explicit forecast period are estimated by
extrapolating projections using a steady or declining growth rate. The growth rate used to
extrapolate the cash flow projections until the end of assets' useful lives is in line with the
assumed inflation, taking into consideration market outlook forecast.\u00a0
In measuring value in use cash flows related to future investments, such as new plants, are
excluded. However, if the projects have been started, the cash flows, including the cash
outflows for the investment, are included.\u00a0
Preparation of these cash flow estimates requires management to make assumptions relating
to future expectations including the impacts of climate change. Assumptions vary depending
on the business the tested assets are in. Approved actions towards Fortum\u2019s climate targets
are reflected in the assumptions used in the impairment testing.
The discount rates reflect current assessments of the time value of money and relevant market
risk premiums specific to each cash-generating unit, reflecting risks and uncertainties for
which the future cash flow estimates have not been adjusted.
Key assumptions used in impairment testing are presented below, as well as the basis for
determining the value of each assumption. Assumptions are based on internal and external
data that are consistent with observable market information, when applicable.
Key assumptions
Basis for determining the value for key assumptions
Power market development
Historical analysis and prospective forecasting
Regulation framework
Current market setup and regulation as well as expected
development based on info given by regulators
Utilisation of power plants and treatment facilities
Past experience, technical assessment and forecasted
market development
Forecasted maintenance investments and
refurbishments
Past experience, technical assessment and planned
maintenance work
Discount rate
Mostly market based information
Annual impairment testing
Annual impairment testing was performed as at 31 December 2024. The recoverable amounts of
the cash generating units were greater than their carrying values and therefore no impairments
were booked.
Fortum generally uses value in use to establish the recoverable amount of cash generating units
and this approach was applied in the impairment testing of Consumer Solutions and Heating and
Cooling Finland, whereas in Heating and Cooling Poland the recoverable amount is defined using
the fair value less cost of disposal approach.\u00a0
Heating and Cooling Finland impairment testing includes the cash flows for Espoo Clean Heat
project for which the investment decision was made in June 2023. Espoo Clean Heat drives
decarbonisation and builds sustainable waste heat solutions in the Helsinki metropolitan area
with a target of coal-free district heat production by 2025 and carbon-neutrality before 2030. As
part of a collaboration project with Microsoft, Fortum will capture sustainable waste heat from
their new data centres and use in the district heating.
Fortum has two CHP plants in Poland; Czestochowa CHP plant that uses coal and biomass as an
energy source and\u00a0a multi-fuel Zabrze CHP plant that uses refuse-derived fuel (RDF) and coal.
Fortum targets to exit coal generation by the end of 2027. In line with this target, Fortum
announced in October 2024 that it will invest approximately EUR 100 million in the Czestochowa
plant\u2019s retrofit. The investment will take place over a period from the fourth quarter of 2024 until
the fourth quarter of 2026. The cash flows in impairment testing reflect this investment. The
detailed coal exit path covering also the Zabrze CHP plant has not been decided upon and thus
the value in use cannot be defined. Recoverable amount is defined based on fair value approach
reflecting external market view. The discount rate used is defined as post-tax.
See allocation of goodwill to cash-generating units in Note\u00a017 Intangible assets. See also Note\u00a02
Critical accounting estimates and judgements.
The discount rates used in impairment testing by cash generating units were as follows:
Discount rate %
2024
2023
Consumer Solutions
pre-tax
12.4
10.8
Heating and Cooling Finland
pre-tax
6.9
7.9
Heating and Cooling Poland
post-tax
8.2
9.8
The Group has considered the sensitivity of key assumptions as part of the impairment testing
for goodwill and indefinite-lived intangible assets. When doing this, any consequential effect of
the change on the other variables has also been considered. The calculations are most sensitive
to changes in estimated future EBITDA levels, and changes in discount rate. Management
estimates that no reasonably possible change in the discount rate used, or in future earnings
would cause the carrying amount to exceed its recoverable amount.
Impairment of the Russian assets in discontinued operations
Fortum\u2019s Russian assets were written down in two stages in 2022 and 2023 following the war in
Ukraine, the consequential geopolitical tensions and seizure of the Russian assets.
As a result of the Presidential decree (No. 302) issued by Russia on 25 April 2023 and the seizure
of Fortum\u2019s Russian assets, the company lost control of its Russian operations. Following the
loss of control, the remaining Russian assets were fully written down in Fortum\u2019s 2023 financials,
resulting in a loss of EUR 1.7 billion in discontinued operations.
Total impairment charges in 2022 for the Russia cash generating unit amounted to EUR 1.7
million.
See also Note\u00a02 Critical accounting estimates and judgements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-635": { "value": "
ACCOUNTING POLICIES
The carrying values of goodwill, other intangible assets, property, plant and equipment, right-
of-use assets, and non-financial investments are reviewed regularly for indication of
impairment.\u00a0
Indications of impairment are business-specific and are thus analysed separately by each
segment; and include risks, such as changes in electricity and fuel prices, regulatory/political
risks relating to energy taxes, price regulations, limitations to the lifetime of assets as well as
climate-related transition risks and physical risks.
Impairment testing is performed if there is an indication of impairment; and the asset is written
down to its recoverable amount if its carrying amount is greater than the estimated
recoverable amount.\u00a0
In addition, goodwill and other intangible assets that have an indefinite useful life, and as such
are not subject to amortisation, are tested annually for impairment, even if there is no
indication of impairment. Impairment testing is performed and documented annually in
connection with the long-term forecasting process.
Annual impairment testing is performed on a cash-generating unit level. Fortum defines cash-
generating unit as the smallest group of assets that generate cash flows that are independent
of the cash flows generated by other assets.\u00a0
Goodwill is allocated to cash-generating units that benefit from the synergies of the acquired
goodwill.\u00a0
Fortum uses value in use or fair value less cost of disposal to establish the recoverable amount
of cash-generating units. Value in use is determined by discounting future cash flows expected
to be derived from the use of assets. Fair value less cost of disposal represent the market
approach and is determined with a discounted cash flow model, where the assumptions on
cash flows and discount rate are reflecting the market expectations. The carrying amount of
the cash generating units comprises operating assets, including goodwill and fair value
adjustments arising from acquisitions. Non-financial assets, other than goodwill, that have
been impaired in the past are reviewed for possible reversal of impairment at each reporting
date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-634": { "value": "
ACCOUNTING POLICIES
The carrying values of goodwill, other intangible assets, property, plant and equipment, right-
of-use assets, and non-financial investments are reviewed regularly for indication of
impairment.\u00a0
Indications of impairment are business-specific and are thus analysed separately by each
segment; and include risks, such as changes in electricity and fuel prices, regulatory/political
risks relating to energy taxes, price regulations, limitations to the lifetime of assets as well as
climate-related transition risks and physical risks.
Impairment testing is performed if there is an indication of impairment; and the asset is written
down to its recoverable amount if its carrying amount is greater than the estimated
recoverable amount.\u00a0
In addition, goodwill and other intangible assets that have an indefinite useful life, and as such
are not subject to amortisation, are tested annually for impairment, even if there is no
indication of impairment. Impairment testing is performed and documented annually in
connection with the long-term forecasting process.
Annual impairment testing is performed on a cash-generating unit level. Fortum defines cash-
generating unit as the smallest group of assets that generate cash flows that are independent
of the cash flows generated by other assets.\u00a0
Goodwill is allocated to cash-generating units that benefit from the synergies of the acquired
goodwill.\u00a0
Fortum uses value in use or fair value less cost of disposal to establish the recoverable amount
of cash-generating units. Value in use is determined by discounting future cash flows expected
to be derived from the use of assets. Fair value less cost of disposal represent the market
approach and is determined with a discounted cash flow model, where the assumptions on
cash flows and discount rate are reflecting the market expectations. The carrying amount of
the cash generating units comprises operating assets, including goodwill and fair value
adjustments arising from acquisitions. Non-financial assets, other than goodwill, that have
been impaired in the past are reviewed for possible reversal of impairment at each reporting
date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-636": { "value": "
21 Other non-current assets
EUR million
2024
2023
Other investments
139
123
Interest-free receivables
99
78
Total
238
201
Other investments includes shares in unlisted companies. Interest-free receivables mainly
include prepaid expenses.
22 Interest-bearing receivables
2024
2023
EUR million
Carrying
amount
Fair value 1)
Carrying
amount
Fair value 1)
Long-term loan receivables from associates and
joint ventures
431
431
644
670
Total long-term interest-bearing receivables
431
431
644
670
Collateral arrangement
213
213
325
325
Other short-term interest-bearing receivables
70
70
64
64
Total short-term interest-bearing receivables
283
283
389
389
Total
714
714
1,033
1,059
1)Fair values do not include accrued interest.
Long-term interest-bearing receivables include receivables from associated companies and joint
ventures of EUR 431 million (2023: 644). These receivables include EUR 352 million (2023: 546)
from Swedish nuclear companies, Forsmarks Kraftgrupp AB and OKG AB, which are mainly
funded with shareholder loans, pro-rata to each shareholder\u2019s ownership. The decrease mainly
relates to shareholder loans in Forsmark being converted to equity during 2024 and thus
reclassified to \u2018Participations in associates and joint ventures\u2019. This conversion did not have any
cash flow impact.
Other short-term interest-bearing receivables include EUR 62 million (2023: 51) collateral for
default fund. See Note\u00a027 Interest-bearing liabilities.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-637": { "value": "
23 Inventories
ACCOUNTING POLICIES
Inventories are stated at the lower of cost and net realisable value being the estimated selling
price for the end product, less applicable variable selling expenses and other production costs.
Cost is generally determined using the weighted average cost method.
EMISSION ALLOWANCES AND RENEWABLE ENERGY CERTIFICATES
Inventories include CO2 emission allowances under EU Emission Trading System (EU ETS) and
renewable energy certificates under compulsory quota obligation schemes or voluntary other
trading schemes incentivising the generation of green energy which are in place in Nordics and
Poland. These systems requires power suppliers to obtain renewable energy certificates to
meet their national obligations or suppliers that sells or uses renewable or nuclear energy in its
marketing to verify the origin and proportion of renewable energy sources. Certificates are
issued to producers of renewable energy.\u00a0
CO2 emission allowances in Fortum are used to cover emissions caused by power and heat
production. Currently Fortum receives a share of its CO2 emission allowances for free
according to EU ETS regulation.
Fortum receives the renewable energy certificates for the renewable energy generation in the
Generation segment, but also has quota obligations arising from the retail electricity sales in
the Consumer Solutions segment to return or to cancel renewable energy certificates.
CO2 emission allowances and renewable energy certificates received free of charge are
accounted for at zero nominal value. Purchases of CO2 emissions allowances and renewable
energy certificates which are Fortum's ordinary purchases are accounted for at contracted
purchase price. Purchases of CO2 emission allowances and renewable energy certificates,
which are not Fortum's ordinary expected sales, purchase or usage are accounted for as
derivatives and are recognised at market price applicable at the time of delivery.
CO2 emission cost liability and renewable energy certificate quota obligations are settled by
returning or cancelling the emission allowances and renewable energy certificates. To the
extent that the Group already holds CO2 allowances and renewable energy certificates, the
obligation is measured at the carrying amount of those. Any deficit to cover the settlement
obligation is valued at the current market value of CO2 allowances and renewable energy
certificates. The obligation for these are presented in Other payables with maturity under one
year, see Note 33 Trade and other payables.
The cost for emissions and quota obligation are recognised in the consolidated income
statement within materials and services. Also, purchased CO2 , allowances and renewable
energy certificates are recognised within materials and services, while the corresponding sales
is recognised in net sales. See Notes 6 Segment reporting and 9 Materials and services.
EUR million
2024
2023
Raw materials and supplies
298
256
Emission rights and renewable energy certificates
70
83
Other
53
114
Total
420
452
Raw materials and supplies mainly consist of fuels consumed in the production process, or in the
rendering of services; and include, in particular, uranium, nuclear fuel rods and coal.", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-638": { "value": "
ACCOUNTING POLICIES
Inventories are stated at the lower of cost and net realisable value being the estimated selling
price for the end product, less applicable variable selling expenses and other production costs.
Cost is generally determined using the weighted average cost method.
EMISSION ALLOWANCES AND RENEWABLE ENERGY CERTIFICATES
Inventories include CO2 emission allowances under EU Emission Trading System (EU ETS) and
renewable energy certificates under compulsory quota obligation schemes or voluntary other
trading schemes incentivising the generation of green energy which are in place in Nordics and
Poland. These systems requires power suppliers to obtain renewable energy certificates to
meet their national obligations or suppliers that sells or uses renewable or nuclear energy in its
marketing to verify the origin and proportion of renewable energy sources. Certificates are
issued to producers of renewable energy.\u00a0
CO2 emission allowances in Fortum are used to cover emissions caused by power and heat
production. Currently Fortum receives a share of its CO2 emission allowances for free
according to EU ETS regulation.
Fortum receives the renewable energy certificates for the renewable energy generation in the
Generation segment, but also has quota obligations arising from the retail electricity sales in
the Consumer Solutions segment to return or to cancel renewable energy certificates.
CO2 emission allowances and renewable energy certificates received free of charge are
accounted for at zero nominal value. Purchases of CO2 emissions allowances and renewable
energy certificates which are Fortum's ordinary purchases are accounted for at contracted
purchase price. Purchases of CO2 emission allowances and renewable energy certificates,
which are not Fortum's ordinary expected sales, purchase or usage are accounted for as
derivatives and are recognised at market price applicable at the time of delivery.
CO2 emission cost liability and renewable energy certificate quota obligations are settled by
returning or cancelling the emission allowances and renewable energy certificates. To the
extent that the Group already holds CO2 allowances and renewable energy certificates, the
obligation is measured at the carrying amount of those. Any deficit to cover the settlement
obligation is valued at the current market value of CO2 allowances and renewable energy
certificates. The obligation for these are presented in Other payables with maturity under one
year, see Note 33 Trade and other payables.
The cost for emissions and quota obligation are recognised in the consolidated income
statement within materials and services. Also, purchased CO2 , allowances and renewable
energy certificates are recognised within materials and services, while the corresponding sales
is recognised in net sales. See Notes 6 Segment reporting and 9 Materials and services.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-639": { "value": "ALLOWANCES AND RENEWABLE ENERGY CERTIFICATES
Inventories include CO2 emission allowances under EU Emission Trading System (EU ETS) and
renewable energy certificates under compulsory quota obligation schemes or voluntary other
trading schemes incentivising the generation of green energy which are in place in Nordics and
Poland. These systems requires power suppliers to obtain renewable energy certificates to
meet their national obligations or suppliers that sells or uses renewable or nuclear energy in its
marketing to verify the origin and proportion of renewable energy sources. Certificates are
issued to producers of renewable energy.\u00a0
CO2 emission allowances in Fortum are used to cover emissions caused by power and heat
production. Currently Fortum receives a share of its CO2 emission allowances for free
according to EU ETS regulation.
Fortum receives the renewable energy certificates for the renewable energy generation in the
Generation segment, but also has quota obligations arising from the retail electricity sales in
the Consumer Solutions segment to return or to cancel renewable energy certificates.
CO2 emission allowances and renewable energy certificates received free of charge are
accounted for at zero nominal value. Purchases of CO2 emissions allowances and renewable
energy certificates which are Fortum's ordinary purchases are accounted for at contracted
purchase price. Purchases of CO2 emission allowances and renewable energy certificates,
which are not Fortum's ordinary expected sales, purchase or usage are accounted for as
derivatives and are recognised at market price applicable at the time of delivery.
CO2 emission cost liability and renewable energy certificate quota obligations are settled by
returning or cancelling the emission allowances and renewable energy certificates. To the
extent that the Group already holds CO2 allowances and renewable energy certificates, the
obligation is measured at the carrying amount of those. Any deficit to cover the settlement
obligation is valued at the current market value of CO2 allowances and renewable energy
certificates. The obligation for these are presented in Other payables with maturity under one
year, see Note 33 Trade and other payables.
The cost for emissions and quota obligation are recognised in the consolidated income
statement within materials and services. Also, purchased CO2 , allowances and renewable
energy certificates are recognised within materials and services, while the corresponding sales
is recognised in net sales. See Notes 6 Segment reporting and 9 Materials and services.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmissionRightsExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-640": { "value": "
24 Trade and other receivables
ACCOUNTING POLICIES
Trade receivables comprise revenue from electricity, gas, heat and cooling that has been
delivered, measured, and invoiced, as well as receivables from already delivered but not yet
invoiced energy.
Impairment losses for trade receivables are calculated according to the expected credit loss
(ECL) model. Loss allowances on trade receivables are measured at an amount equal to lifetime
expected credit losses.
An allowance is made on the balance sheet for the expected future credit losses and remains
on the balance sheet until it is written off as a credit loss or reversed. Allowances may remain
on the balance sheet for several years pending the outcome of collection processes and court
proceedings. Write-off policies differ by country depending on local legislation and
assessment of recovery possibilities. For large trade receivables, ECL is calculated for the
individual customer based on the estimated probability of default and expected recovery rate
for the customer. These estimates are derived from available market data when possible, or
based on the customer\u2019s rating. Adjustments are made if there are indications of decreased
creditworthiness, e.g. based on payment behaviour. ECL for trade receivables from small
customers are calculated on portfolio basis by country and business segment. The credit loss
allowances are based on historical analysis of losses when possible, or on average default
rates for customers based on externally available information. These rates are adjusted if there
are any forward-looking indicators showing changes in expected credit losses. Trade
receivables overdue more than 180 days are generally considered to be credit-impaired and
allowances are made for the full amount, adjusted for expected recovery rates.
EUR million
2024
2023
Trade receivables
812
1,120
Accrued income and prepaid expenses
134
72
Other
61
95
Total
1,007
1,286
Change in accrued income and prepaid expenses relates to the short-term receivable from the
Finnish State Nuclear Waste Management Fund, EUR 65 million, see Note 29 Nuclear-related
assets and liabilities. Other category includes mainly other current interest free receivables.
Trade receivables
Ageing analysis of trade receivables
2024
2023
EUR million
Gross
Expected
credit
loss
allowance
Expected
credit
loss rate,
%
Gross
Expected
credit
loss
allowance
Expected
credit
loss rate,
%
Not past due
776
7
1
1,066
12
1
Past due 1\u201330 days
34
2
6
56
2
4
Past due 31\u201390 days
4
1
25
6
2
33
Past due 91\u2013180 days
2
1
76
3
3
100
Past due more than 181 days
44
36
83
33
25
76
Total
859
48
6
1,164
44
4
Changes in expected credit loss allowance
EUR million
2024
2023
1 January
44
78
Expected credit loss allowance recognised during the year
5
14
Deconsolidation of subsidiary companies
0
-38
Write-offs
-2
-2
Translation differences and other changes
0
-7
31 December
48
44
Trade receivables by currency (Gross)
EUR million
2024
2023
EUR
272
401
PLN
288
278
SEK
179
257
NOK
120
215
Other
0
13
Total
859
1,164
Trade receivables are arising from a large number of customers mainly in EUR, PLN, SEK and
NOK mitigating the concentration of risk.
For further information regarding credit risk management and credit risks, see Counterparty and
credit risks in the Operating and financial review and Note\u00a04.4 Credit risk.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-641": { "value": "
ACCOUNTING POLICIES
Trade receivables comprise revenue from electricity, gas, heat and cooling that has been
delivered, measured, and invoiced, as well as receivables from already delivered but not yet
invoiced energy.
Impairment losses for trade receivables are calculated according to the expected credit loss
(ECL) model. Loss allowances on trade receivables are measured at an amount equal to lifetime
expected credit losses.
An allowance is made on the balance sheet for the expected future credit losses and remains
on the balance sheet until it is written off as a credit loss or reversed. Allowances may remain
on the balance sheet for several years pending the outcome of collection processes and court
proceedings. Write-off policies differ by country depending on local legislation and
assessment of recovery possibilities. For large trade receivables, ECL is calculated for the
individual customer based on the estimated probability of default and expected recovery rate
for the customer. These estimates are derived from available market data when possible, or
based on the customer\u2019s rating. Adjustments are made if there are indications of decreased
creditworthiness, e.g. based on payment behaviour. ECL for trade receivables from small
customers are calculated on portfolio basis by country and business segment. The credit loss
allowances are based on historical analysis of losses when possible, or on average default
rates for customers based on externally available information. These rates are adjusted if there
are any forward-looking indicators showing changes in expected credit losses. Trade
receivables overdue more than 180 days are generally considered to be credit-impaired and
allowances are made for the full amount, adjusted for expected recovery rates.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-643": { "value": "
EUR million
2024
2023
Trade receivables
812
1,120
Accrued income and prepaid expenses
134
72
Other
61
95
Total
1,007
1,286
Change in accrued income and prepaid expenses relates to the short-term receivable from the
Finnish State Nuclear Waste Management Fund, EUR 65 million, see Note 29 Nuclear-related
assets and liabilities. Other category includes mainly other current interest free receivables.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-642": { "value": "
EUR million
2024
2023
Trade receivables
812
1,120
Accrued income and prepaid expenses
134
72
Other
61
95
Total
1,007
1,286
Change in accrued income and prepaid expenses relates to the short-term receivable from the
Finnish State Nuclear Waste Management Fund, EUR 65 million, see Note 29 Nuclear-related
assets and liabilities. Other category includes mainly other current interest free receivables.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-644": { "value": "
Ageing analysis of trade receivables
2024
2023
EUR million
Gross
Expected
credit
loss
allowance
Expected
credit
loss rate,
%
Gross
Expected
credit
loss
allowance
Expected
credit
loss rate,
%
Not past due
776
7
1
1,066
12
1
Past due 1\u201330 days
34
2
6
56
2
4
Past due 31\u201390 days
4
1
25
6
2
33
Past due 91\u2013180 days
2
1
76
3
3
100
Past due more than 181 days
44
36
83
33
25
76
Total
859
48
6
1,164
44
4
Changes in expected credit loss allowance
EUR million
2024
2023
1 January
44
78
Expected credit loss allowance recognised during the year
5
14
Deconsolidation of subsidiary companies
0
-38
Write-offs
-2
-2
Translation differences and other changes
0
-7
31 December
48
44
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-645": { "value": "
25 Liquid funds
ACCOUNTING POLICIES
Cash and cash equivalents in Liquid funds include cash in hand, deposits held at call with
banks and other short-term, highly liquid investments with original maturities of three months
or less. Cash and cash equivalents, deposits and commercial papers are measured at
amortised cost.\u00a0
Drawn amount of bank overdrafts are shown within borrowings in current liabilities on the
balance sheet. Trading-related cash collaterals are included in margin receivables and
otherwise restricted cash is treated as short-term interest-bearing receivables.
EUR million
2024
2023
Cash at bank and in hand
1,713
2,087
Deposits and securities with maturity under 3 months
2,332
2,096
Cash and cash equivalents
4,045
4,183
Deposits and commercial papers with maturity more than 3 months but less than
12 months
90
0
Total
4,136
4,183
The Group\u2019s liquid funds totalled EUR 4,136 million (2023: 4,183). Liquid funds totalling EUR
4,090 million (2023: 4,122) are placed with counterparties that have an investment grade credit
rating.
The average interest rate for the liquid funds was 3.0% at the balance sheet date (2023: 3.9%).
Fortum had undrawn committed credit facilities of EUR 4,000 million, including the Core
revolving credit facility of EUR 2,400 million (EUR 2,206 million from June 2025 onwards), with
maturity in June 2027 and two EUR 800 million bilateral revolving credit facilities with maturity in
June 2026 and January 2027. In addition, Fortum has EUR 100 million committed overdraft limits
that are valid until further notice.
For further information regarding credit risk management and credit risks, see Note\u00a04.4 Credit
risk.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-647": { "value": "
ACCOUNTING POLICIES
Cash and cash equivalents in Liquid funds include cash in hand, deposits held at call with
banks and other short-term, highly liquid investments with original maturities of three months
or less. Cash and cash equivalents, deposits and commercial papers are measured at
amortised cost.\u00a0
Drawn amount of bank overdrafts are shown within borrowings in current liabilities on the
balance sheet. Trading-related cash collaterals are included in margin receivables and
otherwise restricted cash is treated as short-term interest-bearing receivables.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-646": { "value": "
ACCOUNTING POLICIES
Cash and cash equivalents in Liquid funds include cash in hand, deposits held at call with
banks and other short-term, highly liquid investments with original maturities of three months
or less. Cash and cash equivalents, deposits and commercial papers are measured at
amortised cost.\u00a0
Drawn amount of bank overdrafts are shown within borrowings in current liabilities on the
balance sheet. Trading-related cash collaterals are included in margin receivables and
otherwise restricted cash is treated as short-term interest-bearing receivables.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-648": { "value": "
26 Share capital
2024
2023
Number of registered shares at 1 January and 31 December
897,264,465
897,264,465
Share capital, EUR million, 1 January and 31 December
3,046
3,046
Fortum Corporation has one class of shares. By the end of 2024, a total of 897,264,465 shares
had been issued. Each share entitles the holder to one vote at the Annual General Meeting. All
shares entitle holders to an equal dividend. At the end of 2024 Fortum Corporation\u2019s share
capital, paid in its entirety and entered in the trade register, was EUR 3,046,185,953.00.
Fortum Corporation\u2019s shares are listed on Nasdaq Helsinki. The trading code is FORTUM. Fortum
Corporation\u2019s shares are in the Finnish book entry system maintained by Euroclear Finland Ltd.
Details on the President and CEO and other members of the Fortum Leadership Team\u2019s
shareholdings is presented in Note\u00a010 Employee benefits and Board remuneration.
26.1 Authorisations from the Annual General Meeting 2024
In 2024, the Annual General Meeting decided to authorise the Board of Directors to decide on
the repurchase and disposal of the company\u2019s own shares up to 20,000,000 shares, which
corresponded to approximately 2.23% of all the shares in the company. Only the unrestricted
equity of the company can be used to repurchase own shares on the basis of the
authorisation. These authorisations are effective until the next Annual General Meeting and, in
any event, for a period no longer than 18 months. These authorisations had not been used as
per 17 February 2025.
26.2 Convertible bond loans and bonds with warrants
Fortum Corporation has not issued any convertible bonds or bonds with attached warrants,
which would entitle the bearer to subscribe for Fortum shares. The Board of Directors of Fortum
Corporation has no unused authorisations from the General Meeting of shareholders to issue
convertible bond loans or bonds with warrants or increase the company\u2019s share capital.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-650": { "value": "
27 Interest-bearing liabilities
Financial net debt
EUR million
2024
2023
+ Interest-bearing liabilities
4,828
5,909
- Liquid funds
4,136
4,183
- Collateral arrangement
213
325
- Margin receivables
205
590
+Margin liabilities
93
131
+/- Net margin liabilities/receivables
-111
-459
Financial net debt
367
942
Interest-bearing liabilities of EUR 4,828 million includes Fortum\u2019s collateral arrangement to the
Nordic Power Exchange totalling EUR 275 million (2023: 376). Equalling amount is included in
short-term interest-bearing receivables of which collateral relating to margin requirement EUR
213 million (2023: 325) is netted from the Financial net debt in the Collateral arrangement row.
However, the collateral for default fund EUR 62 million (2023: 51) is not netted from the Financial
net debt. See Note\u00a022 Interest-bearing receivables.
Interest-bearing liabilities
EUR million
2024
2023
Non-current loans
4,258
4,475
Current loans
476
1,316
Total loans
4,733
5,791
Non-current lease liabilities
78
97
Current lease liabilities
16
21
Total lease liabilities
94
118
Total
4,828
5,909
EUR million
2024
2023
Bonds
2,755
2,736
Loans from financial institutions
374
589
Reborrowing from the Finnish State Nuclear Waste Management Fund
951
951
Lease liabilities
78
97
Other long-term interest-bearing liabilities
178
200
Total long-term interest-bearing liabilities
4,336
4,573
Current portion of loans from financial institutions
17
717
Commercial paper liabilities
105
174
Current portion of lease liabilities
16
21
Collateral arrangement liabilities
350
376
Other short-term interest-bearing liabilities
3
50
Total short-term interest-bearing liabilities
492
1,337
Total
4,828
5,909
Loans
Repricing
EUR million
Effective
interest
rate, %
Carrying
amount
2024
Under
1 year
1\u20135
years
Over
5 years
Fair
value
2024 5)
Carrying
amount
2023
Fair
value
2023 5)
Bonds
3.1
2,755
0
1,990
765
2,757
2,736
2,729
Loans\u00a0from\u00a0financial\u00a0
institutions 1)
5.4
390
390
0
0
396
1,306
1,314
Reborrowing from the
Finnish State Nuclear
Waste Management
Fund 2)
4.4
951
951
0
0
953
951
952
Other long-term loans
5.7
179
145
0
34
179
200
199
Total long-term loans 3)
3.7
4,274
1,486
1,990
799
4,284
5,192
5,194
Collateral arrangement
liabilities
2.2
350
350
0
0
350
376
376
Commercial paper
liabilities
3.8
105
105
0
0
105
174
174
Other short-term loans
1.2
3
3
0
0
3
50
50
Total short-term loans
2.6
459
459
0
0
459
599
599
Total 4)
3.6
4,733
1,945
1,990
799
4,743
5,791
5,793
1) Effective interest rate includes periodized cost of undrawn revolving credit facilities.
2)The reborrowing from the Finnish State Nuclear Waste Management Fund includes the part relating to Loviisa nuclear
power plant as well as borrowing done through TVO.
3)Includes current portion of long-term loans of EUR 17 million (2023: 717).
4)The average interest rate on loans and derivatives was 3.8% (2023: 4.3%).
5)Fair values do not include accrued interest.
In May, Fortum extended the EUR 800 million bilateral revolving credit facility maturing in June
2025 by one year, with a new maturity date in June 2026.
In June, Fortum signed its first green loan under the company\u2019s Green Finance Framework. The
EUR 300 million green loan is aimed to refinance renewable energy and energy efficiency
projects. The loan period is five years, and it has a one-year extension option by the lender. The
loan partly refinanced a bank loan of EUR 700 million of which Fortum prepaid EUR 400 million in
June. Fortum extended the EUR 2,400 million Core revolving credit facility by two years with new
maturity in June 2027. After the original due date in June 2025 the facility size will be EUR 2,206
million.
In December, Fortum prepaid EUR 500 million bullet loan originally maturing in February 2025
(with one-year Fortum's extension option). Additionally, Fortum signed a new bilateral EUR 800
million revolving credit facility with maturity in January 2027.
Total current loans, EUR 476 million (2023: 1,316), include the current portion of long-term loans,
EUR 17 million (2023: 717), and short-term loans EUR 459 million (2023: 599).
Current portion of long-term loans, EUR 17 million, consist of maturing loans from financial
institutions.
Short-term loans, EUR 459 million, include EUR 350 million collateral arrangements and use of
commercial paper programmes of EUR 105 million.
The average interest rate for the portfolio of EUR loans was 3.6% at the balance sheet date
(2023: 4.0%). The average interest rate on total loans and derivatives was 3.8% at the balance
sheet date (2023 : 4.3%).
For more information, see Note\u00a04 Financial risk management, Note\u00a034 Leases, Note\u00a036 Pledged
assets and contingent liabilities and Note\u00a038 Related party transactions.
Reconciliation of interest-bearing liabilities
Non-cash changes
EUR million
1 Jan 2024
Deconsolidation of
subsidiary
companies
Cash flow from
financing activities
Non-cash collateral
arrangement
Valuation
differences/
Change in
consolidation
Lease liabilities
31 Dec 2024
Bonds
2,736
19
2,755
Reborrowing from the Finnish State Nuclear Waste Management Fund
951
951
Financial and other interest-bearing liabilities
2,105
-953
-100
-23
1,028
Lease liabilities
118
-25
-22
23
94
Total
5,909
-25
-975
-100
-4
23
4,828
Non-cash changes
EUR million
1 Jan 2023
Deconsolidation of
subsidiary
companies
Cash flow from
financing activities 1)
Non-cash collateral
arrangement
Valuation
differences/
Change in
consolidation
Lease liabilities
31 Dec 2023
Bonds
2,634
58
43
2,736
Reborrowing from the Finnish State Nuclear Waste Management Fund
918
33
951
Financial and other interest-bearing liabilities
4,113
-173
-1,705
-152
22
2,105
Lease liabilities
119
-5
-20
23
118
Total
7,785
-178
-1,634
-152
65
23
5,909
1) Repayments and borrowings from continuing and discontinued operations.
Bond issues
Issued/Maturity
Interest
basis
Interest
rate, %
Effective
interest,\u00a0%
Currency
Nominal
value
million
Carrying
amount
EUR
million
Fortum Corporation EUR 6,000 million EMTN Programme 1)
2019/2026
Fixed
1.625
1.638
EUR
750
741
2023/2028
Fixed
4.000
4.078
EUR
500
505
2019/2029
Fixed
2.125
2.247
EUR
750
744
2023/2033
Fixed
4.500
4.537
EUR
650
668
2013/2043
Fixed
3.500
3.719
EUR
100
97
Total carrying amount 31 December 2024
2,755
1)EMTN = Euro Medium Term Note", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-649": { "value": "
27 Interest-bearing liabilities
Financial net debt
EUR million
2024
2023
+ Interest-bearing liabilities
4,828
5,909
- Liquid funds
4,136
4,183
- Collateral arrangement
213
325
- Margin receivables
205
590
+Margin liabilities
93
131
+/- Net margin liabilities/receivables
-111
-459
Financial net debt
367
942
Interest-bearing liabilities of EUR 4,828 million includes Fortum\u2019s collateral arrangement to the
Nordic Power Exchange totalling EUR 275 million (2023: 376). Equalling amount is included in
short-term interest-bearing receivables of which collateral relating to margin requirement EUR
213 million (2023: 325) is netted from the Financial net debt in the Collateral arrangement row.
However, the collateral for default fund EUR 62 million (2023: 51) is not netted from the Financial
net debt. See Note\u00a022 Interest-bearing receivables.
Interest-bearing liabilities
EUR million
2024
2023
Non-current loans
4,258
4,475
Current loans
476
1,316
Total loans
4,733
5,791
Non-current lease liabilities
78
97
Current lease liabilities
16
21
Total lease liabilities
94
118
Total
4,828
5,909
EUR million
2024
2023
Bonds
2,755
2,736
Loans from financial institutions
374
589
Reborrowing from the Finnish State Nuclear Waste Management Fund
951
951
Lease liabilities
78
97
Other long-term interest-bearing liabilities
178
200
Total long-term interest-bearing liabilities
4,336
4,573
Current portion of loans from financial institutions
17
717
Commercial paper liabilities
105
174
Current portion of lease liabilities
16
21
Collateral arrangement liabilities
350
376
Other short-term interest-bearing liabilities
3
50
Total short-term interest-bearing liabilities
492
1,337
Total
4,828
5,909
Loans
Repricing
EUR million
Effective
interest
rate, %
Carrying
amount
2024
Under
1 year
1\u20135
years
Over
5 years
Fair
value
2024 5)
Carrying
amount
2023
Fair
value
2023 5)
Bonds
3.1
2,755
0
1,990
765
2,757
2,736
2,729
Loans\u00a0from\u00a0financial\u00a0
institutions 1)
5.4
390
390
0
0
396
1,306
1,314
Reborrowing from the
Finnish State Nuclear
Waste Management
Fund 2)
4.4
951
951
0
0
953
951
952
Other long-term loans
5.7
179
145
0
34
179
200
199
Total long-term loans 3)
3.7
4,274
1,486
1,990
799
4,284
5,192
5,194
Collateral arrangement
liabilities
2.2
350
350
0
0
350
376
376
Commercial paper
liabilities
3.8
105
105
0
0
105
174
174
Other short-term loans
1.2
3
3
0
0
3
50
50
Total short-term loans
2.6
459
459
0
0
459
599
599
Total 4)
3.6
4,733
1,945
1,990
799
4,743
5,791
5,793
1) Effective interest rate includes periodized cost of undrawn revolving credit facilities.
2)The reborrowing from the Finnish State Nuclear Waste Management Fund includes the part relating to Loviisa nuclear
power plant as well as borrowing done through TVO.
3)Includes current portion of long-term loans of EUR 17 million (2023: 717).
4)The average interest rate on loans and derivatives was 3.8% (2023: 4.3%).
5)Fair values do not include accrued interest.
In May, Fortum extended the EUR 800 million bilateral revolving credit facility maturing in June
2025 by one year, with a new maturity date in June 2026.
In June, Fortum signed its first green loan under the company\u2019s Green Finance Framework. The
EUR 300 million green loan is aimed to refinance renewable energy and energy efficiency
projects. The loan period is five years, and it has a one-year extension option by the lender. The
loan partly refinanced a bank loan of EUR 700 million of which Fortum prepaid EUR 400 million in
June. Fortum extended the EUR 2,400 million Core revolving credit facility by two years with new
maturity in June 2027. After the original due date in June 2025 the facility size will be EUR 2,206
million.
In December, Fortum prepaid EUR 500 million bullet loan originally maturing in February 2025
(with one-year Fortum's extension option). Additionally, Fortum signed a new bilateral EUR 800
million revolving credit facility with maturity in January 2027.
Total current loans, EUR 476 million (2023: 1,316), include the current portion of long-term loans,
EUR 17 million (2023: 717), and short-term loans EUR 459 million (2023: 599).
Current portion of long-term loans, EUR 17 million, consist of maturing loans from financial
institutions.
Short-term loans, EUR 459 million, include EUR 350 million collateral arrangements and use of
commercial paper programmes of EUR 105 million.
The average interest rate for the portfolio of EUR loans was 3.6% at the balance sheet date
(2023: 4.0%). The average interest rate on total loans and derivatives was 3.8% at the balance
sheet date (2023 : 4.3%).
For more information, see Note\u00a04 Financial risk management, Note\u00a034 Leases, Note\u00a036 Pledged
assets and contingent liabilities and Note\u00a038 Related party transactions.
Reconciliation of interest-bearing liabilities
Non-cash changes
EUR million
1 Jan 2024
Deconsolidation of
subsidiary
companies
Cash flow from
financing activities
Non-cash collateral
arrangement
Valuation
differences/
Change in
consolidation
Lease liabilities
31 Dec 2024
Bonds
2,736
19
2,755
Reborrowing from the Finnish State Nuclear Waste Management Fund
951
951
Financial and other interest-bearing liabilities
2,105
-953
-100
-23
1,028
Lease liabilities
118
-25
-22
23
94
Total
5,909
-25
-975
-100
-4
23
4,828
Non-cash changes
EUR million
1 Jan 2023
Deconsolidation of
subsidiary
companies
Cash flow from
financing activities 1)
Non-cash collateral
arrangement
Valuation
differences/
Change in
consolidation
Lease liabilities
31 Dec 2023
Bonds
2,634
58
43
2,736
Reborrowing from the Finnish State Nuclear Waste Management Fund
918
33
951
Financial and other interest-bearing liabilities
4,113
-173
-1,705
-152
22
2,105
Lease liabilities
119
-5
-20
23
118
Total
7,785
-178
-1,634
-152
65
23
5,909
1) Repayments and borrowings from continuing and discontinued operations.
Bond issues
Issued/Maturity
Interest
basis
Interest
rate, %
Effective
interest,\u00a0%
Currency
Nominal
value
million
Carrying
amount
EUR
million
Fortum Corporation EUR 6,000 million EMTN Programme 1)
2019/2026
Fixed
1.625
1.638
EUR
750
741
2023/2028
Fixed
4.000
4.078
EUR
500
505
2019/2029
Fixed
2.125
2.247
EUR
750
744
2023/2033
Fixed
4.500
4.537
EUR
650
668
2013/2043
Fixed
3.500
3.719
EUR
100
97
Total carrying amount 31 December 2024
2,755
1)EMTN = Euro Medium Term Note", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-651": { "value": "
The tax currently payable is based on taxable profit for the year. Taxable profit differs from
profit as reported in the consolidated income statement, because of items of income or
expense that are taxable or deductible in other years and items that are never taxable or
deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been
enacted or substantively enacted by the end of the reporting period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-652": { "value": "
Deferred tax is provided in full, using the balance sheet approach on temporary differences
arising between the tax bases of assets and liabilities and their carrying amounts in the
consolidated financial statements. However, if the deferred tax arises from initial recognition
of an asset or liability in a transaction other than a business combination that at the time of the
transaction affects neither accounting nor taxable profit or loss, it is not accounted for and at
the time of transaction does not give rise to equal taxable and deductible differences. Deferred
tax is determined using tax rates (and laws) that have been enacted or substantially enacted
by the closing date and are expected to apply when the related deferred tax asset is realised
or the deferred tax liability is settled.
Deferred tax assets are recognised to the extent that it is probable that future taxable profit
will be available against which the temporary differences can be utilised. Deferred tax assets
are set off against deferred tax liabilities if they relate to income taxes levied by the same
taxation authority.
Deferred tax is provided on temporary differences arising from investments in subsidiaries,
associates and joint ventures, except where the timing of the reversal of the temporary
difference is controlled by the Group, and it is probable that the temporary difference will not
be reversed in the foreseeable future.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-653": { "value": "
28.1 Deferred taxes on the balance sheet
2024
2023
EUR million
1 Jan
Change
31 Dec
1 Jan
Change
31 Dec
Deferred tax assets
958
-113
845
933
24
958
Deferred tax liabilities
-428
42
-386
-152
-276
-428
Net deferred taxes
530
-71
459
782
-252
530
Deferred tax assets are recognised to the extent it is probable that future taxable profit will be
available against which the unused tax losses, unused tax credits and deductible temporary
differences can be utilised in the relevant jurisdictions. As of 31 December 2024, Fortum has
recognised deferred tax assets of EUR 845 million (2023: EUR 958 million).
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to
offset current tax assets against current tax liabilities and when the deferred income taxes
relate to the same fiscal authority.
Movement in deferred tax assets and liabilities 2024
EUR million
Intangible assets
Property, plant and
equipment and
right-of-use assets
Pension obligations
Provisions
Derivative financial
instruments
Tax losses and
interest carry-
forward
Other
Net deferred taxes
1 January 2024
-61
-452
-2
-12
90
915
52
530
Charged to income statement
4
2
0
-12
11
9
-27
-14
Charged to other comprehensive income
0
0
-4
0
-114
0
0
-118
Exchange rate differences, reclassifications and other changes
3
5
0
1
-1
-14
-7
-13
Disposals 1)
0
81
0
-5
0
-3
0
74
31 December 2024
-55
-365
-5
-28
-14
907
19
459
1)Disposals of subsidiary companies in 2024 included the divestment of the recycling and waste business. See\u00a0Note 3.2 Disposals.
Movement in deferred tax assets and liabilities 2023
EUR million
Intangible assets
Property, plant and
equipment and
right-of-use assets
Pension obligations
Provisions
Derivative financial
instruments
Tax losses and
interest carry-
forward
Other
Net deferred taxes
1 January 2023
-54
-530
-3
-19
589
753
46
782
Charged to income statement
0
7
0
9
-15
202
64
266
Charged to other comprehensive income
0
0
2
0
-475
0
0
-474
Exchange rate differences, reclassifications and other changes
-6
10
0
-1
-9
-39
-6
-51
Disposals 1)
-2
61
-1
-2
0
0
-51
6
31 December 2023
-61
-452
-2
-12
90
915
52
530
1)Disposals of subsidiary companies in 2023 included EUR 10 million from the deconsolidation of Russian operations in April 2023. See Note\u00a03.3 Discontinued operations.
The net change in deferred taxes during 2024 is primarily due to a decrease in deferred tax
related to derivatives in other comprehensive income. The deferred tax asset on tax loss carry
forward is mainly in Ireland, resulting from the Uniper divestment in 2022 and Russia-related
impairments in 2022 and 2023. Fortum has prepared a comprehensive forecast to assess the
future profitability of the Irish legal entity holding the loss carried forward, and has relied on this
estimate to support the value of the deferred tax asset, which amounts to EUR 780 million at 31
December 2024. The utilisation of tax losses in Ireland in 2024 was in line with the estimate.
Expiry of tax losses and interest carried forward and recognised
deferred tax assets
2024
2023
EUR million
Tax losses
and interest
carried
forward
Deferred
tax asset
Tax losses
and interest
carried
forward
Deferred
tax asset
Tax losses carried forward without expiration date 1)
6,369
813
6,724
852
Tax losses carried forward with expiration date
9
2
12
2
Total
6,378
815
6,735
855
Interest carried forward without expiration date
108
25
97
24
Interest carried forward with expiration date
322
67
175
36
Total
430
92
272
61
1)Majority relates to Ireland resulting from the Uniper divestment in 2022 and Russia-related impairments in 2022 and 2023.
Deferred tax assets are recognised for tax losses carried forward and interest carried forward to
the extent that the realisation of the related tax benefit through future profits is probable. The
decrease in tax losses carried forward is primarily due to losses recognised in Ireland. The
increase in interest carried forwards is mostly attributed to the rise in interest rates on loans,
mainly in Sweden, where interest cost deduction is limited by local legislation.
Unrecognised deferred tax
The amount of temporary differences, tax losses carried forward, interest carried forward, and
tax credits for which no deferred tax asset was recognised due to uncertainty of utilisation:
EUR million
2024
2023
Temporary differences
997
1,129
Tax losses carried forward
280
140
Interest carried forward
84
97
Tax credits
5
5
Total
1,366
1,371
The unrecognised amounts in deductible temporary differences, interest carried forward and tax
losses carried forward were materially formed in 2023 by the following transactions: in Finland,
EUR 475 million was related to the write-down of Russian shares, and in the Netherlands, EUR
746 million was due to Russia-related loan impairments.
Deferred tax liabilities were continued to be not recognised on temporary differences of EUR 23
million (2023: 23) relating to investments in subsidiaries as Fortum can control the reversal
effect, and it is probable that temporary differences will not be reversed in the foreseeable
future.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-654": { "value": "
28.2 Income tax receivables and liabilities
Income tax receivables, EUR 101 million (2023: 59), and income tax liabilities, EUR -93 million
(2023: -43), fluctuate due to corporate income taxes accrued and paid mainly in relation to the
financial year, as well as in relation to previous years payments in various legal entities in
accordance with local tax law requirements.
Income tax receivables in Belgium decreased by EUR 36 million as a result of positive ruling in
the legal case on tax disputes on income tax assessments for the\u00a0year 2008. See Note 37 Legal
actions and official proceedings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-655": { "value": "101000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentTaxAssetsCurrent", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-656": { "value": "59000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentTaxAssetsCurrent", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-657": { "value": "
29 Nuclear-related assets and liabilities
ACCOUNTING POLICIES
Fortum owns Loviisa nuclear power plant in Finland. In Fortum's consolidated balance sheet,
Share in the State Nuclear Waste Management Fund and the Nuclear provisions relate to
Loviisa nuclear power plant. Fortum\u2019s share in the State Nuclear Waste Management Fund is
accounted for according to IFRIC 5, Rights to interests arising from decommissioning,
restoration and environmental rehabilitation funds which states that the fund assets are
measured at the lower of fair value or the value of the related liabilities since Fortum does not
have control or joint control over the State Nuclear Waste Management Fund. The Nuclear
Waste Management Fund is managed by governmental authorities. The related provisions are
the provision for decommissioning and the provision for disposal of spent fuel.\u00a0
The fair values of the provisions are calculated according to IAS 37 by discounting the separate
future cash flows, which are based on estimated future costs and actions already taken. The
initial net present value of the provision for decommissioning (at the time of commissioning
the nuclear power plant) has been included in the investment cost and is depreciated over the
estimated operating time of the nuclear power plant. Changes in the technical plans etc.,
which have an impact on the future cash flow of the estimated costs for decommissioning, are
accounted for by discounting the additional costs to the current point in time. The increased
asset retirement cost due to the increased provision for decommissioning is added to
property, plant and equipment and depreciated over the remaining estimated operating time
of the nuclear power plant. For power plant units taken from use the increase is recognised
immediately in the income statement.
The provision for spent fuel covers the future disposal costs for fuel used until the end of the
accounting period. Costs for disposal of spent fuel are expensed during the operating time
based on fuel usage. The impact of the possible changes in the estimated future cash flow for
related costs is recognised immediately in the income statement based on the accumulated
amount of fuel used until the end of the accounting period. The related interest costs due to
unwinding of the provision is recognised in other financial items - net.
The interest income and possible fair valuation effects on the State Nuclear Waste
Management Fund assets are presented in other financial items - net.
Fortum's actual share of the State Nuclear Waste Management Fund, related to Loviisa nuclear
power plant, is higher than the carrying value of the Fund on the balance sheet. The legal
nuclear liability should, according to the Finnish Nuclear Energy Act, be fully covered by
payments and guarantees to the State Nuclear Waste Management Fund. The legal liability is
not discounted while the provisions are, and since the future cash flow is spread over a very
long time horizon, the difference between the legal liability and the provisions are material.
The annual fee to the Fund is based on changes in the legal liability, the return generated in the
State Nuclear Waste Management Fund and incurred costs of taken actions.
Fortum also has minority interests in other nuclear power companies, i.e. Teollisuuden Voima
Oyj (TVO) in Finland and OKG Aktiebolag (OKG) and Forsmarks Kraftgrupp AB (Forsmark) in
Sweden. The minority shareholdings are classified as associated companies and joint ventures
and are consolidated with equity method. Both the Finnish and the Swedish companies are
non-profit making, i.e. electricity production is invoiced to the owners at cost according to
local GAAP. Accounting policies of the associates regarding nuclear-related assets and
liabilities have been changed where necessary to ensure consistency with the policies adopted
by the Group.
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS: ASSUMPTIONS
MADE WHEN ESTIMATING PROVISIONS RELATED TO NUCLEAR
PRODUCTION
The provision for future obligations for nuclear waste management including decommissioning
of Fortum's nuclear power plant and related spent fuel is based on long-term cash flow
forecasts of estimated future costs. The main assumptions are technical plans, timing, cost
estimates and discount rate. The technical plans, timing and cost estimates are approved by
governmental authorities.
Any changes in the assumed discount rate would affect the provision. If the discount rate used
would be lowered, the provision would increase. For the power plants where the actual Share
of the State Nuclear Waste Management Fund is higher than the provision an increase in
provisions would be offset by an increase in the recorded share of Fortum's part of the State
Nuclear Waste Management Fund on the balance sheet. The total effect on the income
statement would be positive since the decommissioning part of the provision is treated as an
asset retirement obligation. This situation will prevail as long as the actual Share of the State
Nuclear Waste Management Fund is higher than recognised in the balance sheet and IFRS is
limiting the carrying value of the assets to the amount of the provision since Fortum does not
have control or joint control over the fund.
Both in Finland and in Sweden nuclear operators are legally obligated for the decommissioning
of the plants and the disposal of spent fuel (nuclear waste management). In both countries the
nuclear operators are obligated to secure the funding of nuclear waste management by paying
to government operated nuclear waste funds. The nuclear operators also have to give
securities to guarantee that sufficient funds exist to cover future expenses of
decommissioning of the power plant and the disposal of spent fuel.
29.1 Nuclear-related assets and liabilities for consolidated
nuclear power plants
EUR million
2024
2023
Carrying values on the balance sheet
Nuclear provisions
1,117
1,058
Fortum's share in the State Nuclear Waste Management Fund
1,117
1,058
Short-term receivable from the State Nuclear Waste Management Fund
65
0
Fortum's share of the fair value of the net assets in the State Nuclear Waste
Management Fund
1,253
1,197
Share of fund not recognised on the balance sheet
70
139
Nuclear provision and fund accounted according to IFRS
Nuclear provisions include the provision for decommissioning and the provision for disposal of
spent fuel. The carrying value of the nuclear provisions, calculated according to IAS 37,
increased by EUR 58 million compared to 31 December 2023, totalling EUR 1,117 million at 31
December 2024.
Fortum's share of the State Nuclear Waste Management Fund is from an IFRS perspective
overfunded by EUR 70 million, since Fortum's share of the Fund on 31 December 2024 was EUR
1,253 million, while the carrying value on the balance sheet was EUR 1,117 million and the short-
term receivable from the fund EUR 65 million. The Fund on Fortum's balance sheet can at
maximum be equal to the amount of the provisions according to IFRS. As long as the Fund is
overfunded from an IFRS perspective, the other financial items - net, is adjusted positively if the
provisions increase more than the Fund, and negatively if the provision decreases below the
actual value of the fund.
Legal liability for Loviisa nuclear power plant
The legal liability on 31 December 2024, decided by the Ministry of Economic Affairs and
Employment in December 2024, was EUR 1,272 million.
The legal liability is based on a cost estimate, which is updated every year; and a technical plan,
which is updated every three years. The legal liability is determined by assuming that the
decommissioning would start at the beginning of the year following the assessment year and
discounting is not applied in determining the amount.
Fortum\u2019s share in the Finnish Nuclear Waste Management Fund
According to Nuclear Energy Act, Fortum is obligated to contribute funds in full to the State
Nuclear Waste Management Fund to cover the legal liability. Fortum contributes funds to the
Finnish State Nuclear Waste Management Fund based on the yearly funding obligation target
decided by the governmental authorities in connection with the decision of size of the legal
liability. The current funding obligation target decided in December 2024 is EUR 1,228 million.
The Ministry of Economic Affairs and Employment took into consideration in approving the
funding target, the transfer of costs relating to decommissioning of the encapsulation plant and
closure of the final disposal repository from Fortum to Posiva during 2025. Posiva is jointly
owned by Fortum and TVO.
Nuclear provisions
EUR million
2024
2023
1 January
1,058
966
Increase in provisions
51
69
Provision used
-31
-41
Unwinding of discount
38
63
31 December
1,117
1,058
Fortum's share in the State Nuclear Waste Management Fund
1,117
1,058
Borrowing from the State Nuclear Waste Management Fund
Participants in the Finnish State Nuclear Waste Management Fund are allowed to borrow from
the fund according to certain rules. Fortum uses the right to borrow back and has pledged
shares in Kemijoki Oy as security for the loans. The loans are renewed every three years. See
Note 27 Interest-bearing liabilities and Note 36 Pledged assets and contingent liabilities.
29.2 Nuclear power plants in associated companies and joint
ventures
OKG, Forsmark and TVO are non-profit making companies, i.e. electricity production is invoiced
to the owners at cost. Invoiced cost is accounted for according to local GAAP. In addition to the
invoiced electricity production cost, Fortum makes IFRS adjustments to comply with Fortum's
accounting principles. These adjustments include also Fortum's share of the companies' nuclear
waste funds and nuclear provisions.
The tables below present the 100% figures relating to nuclear funds and provisions for the
companies as well as Fortum's net share.
TVO's total nuclear related assets and liabilities (100%)
EUR million
2024
2023
Carrying values in TVO with Fortum assumptions
Nuclear provisions
1,673
1,614
Share of the State Nuclear Waste Management Fund
1,246
1,199
Net amount
-427
-415
of which Fortum's net share consolidated with equity method
-107
-104
TVO's legal liability and actual share of the State Nuclear Waste Management
Fund
Liability for nuclear waste management according to the Nuclear Energy Act
1,960
1,918
Share in the State Nuclear Waste Management Fund
1,525
1,458
Share of the fund not recognised on the balance sheet
279
259
TVO's legal liability, provision and share of the fund are based on the same principles as described
above for Loviisa nuclear power plant. The liabilities and shares in the Fund are calculated and
recorded separately for OL1/OL2 plant units and OL3 plant unit, as the corresponding total cost
estimates are prepared separately. Commercial operation for OL3 started on 1 May 2023. This
meant, among other things, that capitalisation of project costs was stopped and amortisation was
started.
The difference between TVO's share in the State Nuclear Waste Management Fund and the
carrying value of the TVO's share in the Fund is due to IFRIC 5, which requires that the carrying
amount of the share in the State Nuclear Waste Management Fund is the lower of fair value or
the value of the related liability. On 31 December 2024 the OL1/OL2 plant units' share in the
Fund is higher than the provision according to IFRS. The OL3 plant unit's share in the Fund is on
the other hand lower than the provision according to IFRS. TVO's share of the Finnish State
Nuclear Waste Management Fund is from an IFRS perspective overfunded by EUR 279 million (of
which Fortum's share is EUR 74 million), since TVO's share of the Fund on 31 December 2024
was EUR 1,525 million and the carrying value on the consolidated balance sheet with Fortum
assumptions was EUR 1,246 million.
Participants in the Finnish State Nuclear Waste Management Fund are allowed to borrow from
the fund according to certain rules. Fortum is using the right to reborrow funds through TVO
based on its ownership. See more information in Note 27 Interest-bearing liabilities.
OKG\u2019s and Forsmark\u2019s total nuclear related assets and liabilities (100%)
EUR million
2024
2023
OKG's and Forsmark's nuclear-related assets and liabilities with Fortum
assumptions
Nuclear provisions
5,064
5,001
Share in the Swedish Nuclear Waste Fund
3,590
3,506
Net amount
-1,474
-1,495
\u00a0 of which Fortum's net share consolidated with equity method
-476
-472
In Sweden, Svensk K\u00e4rnbr\u00e4nslehantering AB (SKB), a company owned by the nuclear
operators, takes care of all nuclear waste management-related activities on behalf of nuclear
operators. SKB receives its funding from the Swedish Nuclear Waste Fund, which in turn is
financed by the nuclear operators.
Nuclear waste fees and guarantees are normally updated every three years by governmental
decision after a proposal from the Swedish Radiation Safety Authority (SSM). The proposal is
based on cost estimates done by SKB and the license holders. An updated technical plan for
nuclear waste management was decided by SKB in December 2022. In January 2022, the
Swedish government decided the waste fees and guarantees for 2022\u20132023. In December 2023,
the Swedish Government decided on nuclear waste fees and guarantees in accordance with the
proposal from the National Debt Office, for the year 2024. In December 2024, the Swedish
Government decided on nuclear waste fees and guarantees in accordance with the proposal
from the National Debt Office, for the year 2025. Nuclear waste fees paid by licensees with a
unit/units that are still in operation are currently based on future costs with the assumed lifetime
of 50 years for each unit of a nuclear power plant. The fee is calculated in relation to the energy
delivered.
Nuclear-related guarantees
In addition to nuclear waste fees nuclear power companies provide guarantees for any
uncovered liability and unexpected events.
For more information regarding Fortum's guarantees given on behalf of nuclear companies, see
Note\u00a036 Pledged assets and contingent liabilities.
30 Other provisions
ACCOUNTING POLICIES
Provisions are recognised when the Group has a present legal or constructive obligation to a
third party as a result of past events, it is probable that an outflow of resources will be required
to settle the obligation and the amount can be reliably estimated.
Provisions are measured at the present value of the expenditures expected to be required to
settle the obligation at the reporting date using a discount rate that reflects current market
assessment of the time value of money. When risk is not covered in the estimated cash flows,
the discount rate also includes the risks specific to the obligation.
Increase in the provision due to the passage of time and changes in provisions due to changes
in discount rates are recognised as interest expense in the consolidated income statement.
Changes in provisions, except for changes in asset retirement obligations, are recognised in
the consolidated income statement.
ASSET RETIREMENT OBLIGATIONS
Asset retirement obligations for the decommissioning or dismantling of property, plant and
equipment are recognised either when there is a contractual obligation towards a third party
or a legal obligation. The obligation is generally based on detailed cost estimates validated by
external experts.
The asset retirement obligation is recognised as part of the cost of an item of property, plant
and equipment when the asset is put in service. Costs are depreciated over the remainder of
the asset's useful life. Changes in asset retirement obligations are recognised in property,
plant and equipment on the consolidated balance sheet; unless the item of property, plant and
equipment has already been fully depreciated when changes are recognised in the
consolidated income statement.\u00a0
ENVIRONMENTAL PROVISIONS
Environmental provisions are recognised based on the current interpretation of environmental
laws and regulations when it is probable that a present obligation has arisen, and the amount
of such liability can be reliably estimated. The obligation is generally based on detailed cost
estimates validated by external experts.
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS: ASSUMPTIONS
MADE WHEN ESTIMATING PROVISIONS
Provisions for present obligations require management judgment in determining whether it is
probable that an outflow of economic benefits will be required to settle the obligation.
Estimation is required in determining the value of the obligation as the amount recognised as a
provision is based on the best estimate of unavoidable costs required to settle the obligation
at the end of the reporting period. When estimating unavoidable costs, management may be
required to consider a range of possible outcomes and their associated probabilities, risks and
uncertainties surrounding the events and circumstances, as well as making assumptions of the
timing of payment. Estimation is also required in determining the rate used to discount
provisions to present value. Changes in estimates of timing or amounts of costs required to
settle the obligation may become necessary as time passes and/or more accurate information
becomes available.
EUR million
Asset
retirement
Environmental
remediation
and
similar
Other
Total
1 January 2024
23
28
76
127
Increase in provisions
2
2
10
13
Provisions used
0
-1
-16
-17
Unused provisions reversed
0
0
-11
-12
Exchange\u00a0rate differences\u00a0and other
changes\u00a0\u00a0\u00a0\u00a0\u00a0
0
0
0
-1
Deconsolidation of subsidiary companies
0
-27
0
-27
31 December 2024
24
2
58
84
\u00a0\u00a0
Of which current provisions
0
0
3
3
Of which non-current provisions
24
2
55
81
Decrease during the year is mainly related to the sale of the recycling and waste business.
Provisions for asset retirement obligations consist of obligations for conventional and renewable
energy power plants. The majority of the provision is estimated to be used within 5\u201310 years.\u00a0
For provisions for decommissioning, and provision for disposal of spent fuel for nuclear
production, see Note 29 Nuclear-related assets and liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-658": { "value": "
ACCOUNTING POLICIES
Fortum owns Loviisa nuclear power plant in Finland. In Fortum's consolidated balance sheet,
Share in the State Nuclear Waste Management Fund and the Nuclear provisions relate to
Loviisa nuclear power plant. Fortum\u2019s share in the State Nuclear Waste Management Fund is
accounted for according to IFRIC 5, Rights to interests arising from decommissioning,
restoration and environmental rehabilitation funds which states that the fund assets are
measured at the lower of fair value or the value of the related liabilities since Fortum does not
have control or joint control over the State Nuclear Waste Management Fund. The Nuclear
Waste Management Fund is managed by governmental authorities. The related provisions are
the provision for decommissioning and the provision for disposal of spent fuel.\u00a0
The fair values of the provisions are calculated according to IAS 37 by discounting the separate
future cash flows, which are based on estimated future costs and actions already taken. The
initial net present value of the provision for decommissioning (at the time of commissioning
the nuclear power plant) has been included in the investment cost and is depreciated over the
estimated operating time of the nuclear power plant. Changes in the technical plans etc.,
which have an impact on the future cash flow of the estimated costs for decommissioning, are
accounted for by discounting the additional costs to the current point in time. The increased
asset retirement cost due to the increased provision for decommissioning is added to
property, plant and equipment and depreciated over the remaining estimated operating time
of the nuclear power plant. For power plant units taken from use the increase is recognised
immediately in the income statement.
The provision for spent fuel covers the future disposal costs for fuel used until the end of the
accounting period. Costs for disposal of spent fuel are expensed during the operating time
based on fuel usage. The impact of the possible changes in the estimated future cash flow for
related costs is recognised immediately in the income statement based on the accumulated
amount of fuel used until the end of the accounting period. The related interest costs due to
unwinding of the provision is recognised in other financial items - net.
The interest income and possible fair valuation effects on the State Nuclear Waste
Management Fund assets are presented in other financial items - net.
Fortum's actual share of the State Nuclear Waste Management Fund, related to Loviisa nuclear
power plant, is higher than the carrying value of the Fund on the balance sheet. The legal
nuclear liability should, according to the Finnish Nuclear Energy Act, be fully covered by
payments and guarantees to the State Nuclear Waste Management Fund. The legal liability is
not discounted while the provisions are, and since the future cash flow is spread over a very
long time horizon, the difference between the legal liability and the provisions are material.
The annual fee to the Fund is based on changes in the legal liability, the return generated in the
State Nuclear Waste Management Fund and incurred costs of taken actions.
Fortum also has minority interests in other nuclear power companies, i.e. Teollisuuden Voima
Oyj (TVO) in Finland and OKG Aktiebolag (OKG) and Forsmarks Kraftgrupp AB (Forsmark) in
Sweden. The minority shareholdings are classified as associated companies and joint ventures
and are consolidated with equity method. Both the Finnish and the Swedish companies are
non-profit making, i.e. electricity production is invoiced to the owners at cost according to
local GAAP. Accounting policies of the associates regarding nuclear-related assets and
liabilities have been changed where necessary to ensure consistency with the policies adopted
by the Group.
ACCOUNTING POLICIES
Provisions are recognised when the Group has a present legal or constructive obligation to a
third party as a result of past events, it is probable that an outflow of resources will be required
to settle the obligation and the amount can be reliably estimated.
Provisions are measured at the present value of the expenditures expected to be required to
settle the obligation at the reporting date using a discount rate that reflects current market
assessment of the time value of money. When risk is not covered in the estimated cash flows,
the discount rate also includes the risks specific to the obligation.
Increase in the provision due to the passage of time and changes in provisions due to changes
in discount rates are recognised as interest expense in the consolidated income statement.
Changes in provisions, except for changes in asset retirement obligations, are recognised in
the consolidated income statement.
ASSET RETIREMENT OBLIGATIONS
Asset retirement obligations for the decommissioning or dismantling of property, plant and
equipment are recognised either when there is a contractual obligation towards a third party
or a legal obligation. The obligation is generally based on detailed cost estimates validated by
external experts.
The asset retirement obligation is recognised as part of the cost of an item of property, plant
and equipment when the asset is put in service. Costs are depreciated over the remainder of
the asset's useful life. Changes in asset retirement obligations are recognised in property,
plant and equipment on the consolidated balance sheet; unless the item of property, plant and
equipment has already been fully depreciated when changes are recognised in the
consolidated income statement.\u00a0
ENVIRONMENTAL PROVISIONS
Environmental provisions are recognised based on the current interpretation of environmental
laws and regulations when it is probable that a present obligation has arisen, and the amount
of such liability can be reliably estimated. The obligation is generally based on detailed cost
estimates validated by external experts.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-659": { "value": "
30 Other provisions
ACCOUNTING POLICIES
Provisions are recognised when the Group has a present legal or constructive obligation to a
third party as a result of past events, it is probable that an outflow of resources will be required
to settle the obligation and the amount can be reliably estimated.
Provisions are measured at the present value of the expenditures expected to be required to
settle the obligation at the reporting date using a discount rate that reflects current market
assessment of the time value of money. When risk is not covered in the estimated cash flows,
the discount rate also includes the risks specific to the obligation.
Increase in the provision due to the passage of time and changes in provisions due to changes
in discount rates are recognised as interest expense in the consolidated income statement.
Changes in provisions, except for changes in asset retirement obligations, are recognised in
the consolidated income statement.
ASSET RETIREMENT OBLIGATIONS
Asset retirement obligations for the decommissioning or dismantling of property, plant and
equipment are recognised either when there is a contractual obligation towards a third party
or a legal obligation. The obligation is generally based on detailed cost estimates validated by
external experts.
The asset retirement obligation is recognised as part of the cost of an item of property, plant
and equipment when the asset is put in service. Costs are depreciated over the remainder of
the asset's useful life. Changes in asset retirement obligations are recognised in property,
plant and equipment on the consolidated balance sheet; unless the item of property, plant and
equipment has already been fully depreciated when changes are recognised in the
consolidated income statement.\u00a0
ENVIRONMENTAL PROVISIONS
Environmental provisions are recognised based on the current interpretation of environmental
laws and regulations when it is probable that a present obligation has arisen, and the amount
of such liability can be reliably estimated. The obligation is generally based on detailed cost
estimates validated by external experts.
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS: ASSUMPTIONS
MADE WHEN ESTIMATING PROVISIONS
Provisions for present obligations require management judgment in determining whether it is
probable that an outflow of economic benefits will be required to settle the obligation.
Estimation is required in determining the value of the obligation as the amount recognised as a
provision is based on the best estimate of unavoidable costs required to settle the obligation
at the end of the reporting period. When estimating unavoidable costs, management may be
required to consider a range of possible outcomes and their associated probabilities, risks and
uncertainties surrounding the events and circumstances, as well as making assumptions of the
timing of payment. Estimation is also required in determining the rate used to discount
provisions to present value. Changes in estimates of timing or amounts of costs required to
settle the obligation may become necessary as time passes and/or more accurate information
becomes available.
EUR million
Asset
retirement
Environmental
remediation
and
similar
Other
Total
1 January 2024
23
28
76
127
Increase in provisions
2
2
10
13
Provisions used
0
-1
-16
-17
Unused provisions reversed
0
0
-11
-12
Exchange\u00a0rate differences\u00a0and other
changes\u00a0\u00a0\u00a0\u00a0\u00a0
0
0
0
-1
Deconsolidation of subsidiary companies
0
-27
0
-27
31 December 2024
24
2
58
84
\u00a0\u00a0
Of which current provisions
0
0
3
3
Of which non-current provisions
24
2
55
81
Decrease during the year is mainly related to the sale of the recycling and waste business.
Provisions for asset retirement obligations consist of obligations for conventional and renewable
energy power plants. The majority of the provision is estimated to be used within 5\u201310 years.\u00a0
For provisions for decommissioning, and provision for disposal of spent fuel for nuclear
production, see Note 29 Nuclear-related assets and liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-661": { "value": "
ENVIRONMENTAL PROVISIONS
Environmental provisions are recognised based on the current interpretation of environmental
laws and regulations when it is probable that a present obligation has arisen, and the amount
of such liability can be reliably estimated. The obligation is generally based on detailed cost
estimates validated by external experts.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEnvironmentRelatedExpenseExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-660": { "value": "
ENVIRONMENTAL PROVISIONS
Environmental provisions are recognised based on the current interpretation of environmental
laws and regulations when it is probable that a present obligation has arisen, and the amount
of such liability can be reliably estimated. The obligation is generally based on detailed cost
estimates validated by external experts.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-662": { "value": "
ACCOUNTING POLICIES
The Group companies have various pension schemes in accordance with the local conditions
and practices in the countries in which they operate. The schemes are generally funded
through payments to insurance companies or pension fund. The Group has both defined
benefit and defined contribution plans.
For defined benefit plans, pension costs are assessed using the projected unit credit method.
The cost of providing pensions is charged to the income statement as to spread the service
cost over the service lives of employees. Current and past service cost, as well as gains or
losses from settlements are reported under personnel costs. The net interest is reported in
financial items.\u00a0
The defined benefit obligation is calculated annually on the balance sheet date and is
measured as the present value of the estimated future cash flows using interest rates of high
quality corporate bonds, or similar, that have terms to maturity approximating to the terms of
the related pension liability. The plan assets for pensions are valued at market value. The net
liability recognised on the balance sheet is the defined benefit obligation at the closing date
less the fair value of plan assets.
Any net asset position that might arise from offsetting the present value of the defined benefit
obligations against the corresponding fair value of plan assets is recognised taking into
account the applicable asset restrictions. Such an asset position is reported in Other non-
current assets on the balance sheet.\u00a0
In the case of a plan amendment, curtailment or settlement (each a \"plan event\") occurring in a
defined benefit plan during an annual reporting period, the current service cost and the net
interest on the net liability or asset are remeasured for the remainder of the reporting period
after the plan event. The actuarial assumptions applicable as of the date of the plan event are
to be used as the basis for such remeasurement. When the benefits of a plan are changed, or
when a plan is curtailed, the resulting change in the present value of the defined benefit
obligation that relates to past service, or the gain or loss related to a curtailment is recognised
immediately in profit or loss. Gains or losses on settlements of defined benefit plans are
recognised when the settlement occurs.
Remeasurements of the net defined benefit liability or asset include actuarial gains and losses
that may arise especially from differences between estimated and actual variations in
underlying assumptions about demographic and financial variables; and, additionally, from
developments in these assumptions as of each reporting date. Additionally included is the
difference between the actual return on plan assets and the interest income on plan assets
contained in the net interest result, as well as any change in the effect of the asset ceiling,
excluding amounts already included in net interest. Remeasurement results and related
deferred taxes are recognised in full in the period in which they occur and are reported in other
comprehensive income.
The Group's contributions to defined contribution plans are charged to the income statement
in the period to which the contributions relate.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-663": { "value": "
32 Other non-current liabilities
EUR million
2024
2023
Connection fees
69
70
Other
55
53
Total
123
122
Connection fees include refundable fees paid by the customer when connected to district
heating network in Finland. Connection fees were refundable until 2013.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-666": { "value": "
33 Trade and other payables
EUR million
2024
2023
Trade payables
361
488
Accrued expenses and deferred income
Accrued personnel expenses
92
102
Accrued interest expenses
100
97
Contract liabilities
1
25
Other accrued expenses and deferred income
109
143
Other liabilities
VAT-liability
57
51
Current tax liability
94
44
Advances received
12
20
Emission right liability and renewable energy certificate quota obligation 1)
88
104
Other
40
108
Total
956
1,181
1)For additional information see Note 23 Inventories.
The management considers that the amount of trade and other payables approximates fair
value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-665": { "value": "
33 Trade and other payables
EUR million
2024
2023
Trade payables
361
488
Accrued expenses and deferred income
Accrued personnel expenses
92
102
Accrued interest expenses
100
97
Contract liabilities
1
25
Other accrued expenses and deferred income
109
143
Other liabilities
VAT-liability
57
51
Current tax liability
94
44
Advances received
12
20
Emission right liability and renewable energy certificate quota obligation 1)
88
104
Other
40
108
Total
956
1,181
1)For additional information see Note 23 Inventories.
The management considers that the amount of trade and other payables approximates fair
value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-664": { "value": "
33 Trade and other payables
EUR million
2024
2023
Trade payables
361
488
Accrued expenses and deferred income
Accrued personnel expenses
92
102
Accrued interest expenses
100
97
Contract liabilities
1
25
Other accrued expenses and deferred income
109
143
Other liabilities
VAT-liability
57
51
Current tax liability
94
44
Advances received
12
20
Emission right liability and renewable energy certificate quota obligation 1)
88
104
Other
40
108
Total
956
1,181
1)For additional information see Note 23 Inventories.
The management considers that the amount of trade and other payables approximates fair
value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-667": { "value": "
EUR million
2024
2023
Trade payables
361
488
Accrued expenses and deferred income
Accrued personnel expenses
92
102
Accrued interest expenses
100
97
Contract liabilities
1
25
Other accrued expenses and deferred income
109
143
Other liabilities
VAT-liability
57
51
Current tax liability
94
44
Advances received
12
20
Emission right liability and renewable energy certificate quota obligation 1)
88
104
Other
40
108
Total
956
1,181
1)For additional information see Note 23 Inventories.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-668": { "value": "
34 Leases
ACCOUNTING POLICIES
LESSEE ACCOUNTING
The Group leases mainly office buildings and land areas. The Group recognises all leases, with
the exception of short-term (i.e. lease term less than 12 months) and low value leases as right-
of-use assets with a corresponding lease liability at the date at which the leased asset is
available for use by the Group.
Right-of-use assets and lease liabilities are initially recognised on the consolidated balance
sheet at future fixed lease payments over the lease term. Lease payments are discounted to
present value. Right-of-use assets are depreciated on a straight-line basis over the lease term,
or the useful life of the leased asset if shorter; and reviewed periodically for indication of
impairment.
When the future lease payments are revised due to changes in index-linked considerations or
the lease term changes, the right-of-use asset and the corresponding lease liability is
remeasured. Any differences arising on reassessments are recognised in the consolidated
income statement.\u00a0
Interest expense on lease liabilities is presented within Interest expense in the consolidated
income statement. In the consolidated cash flow statement, the principal portion of the lease
payment is presented under Payments of long-term liabilities, and the interest portion as
Interest paid under Funds from operations. Variable lease payments, as well as costs for leases
not capitalised due to exemptions in the standard, are expensed to consolidated income
statement.
Amounts recognised in consolidated financial statements
Lessee
EUR million
2024
2023
In consolidated income statement
Depreciation, of which
-23
-19
Land
-2
-2
Buildings and structures
-13
-11
Machinery and equipment
-7
-6
Interest expense on lease liabilities
-2
-2
Expense relating to short-term leases within Other expenses
-4
-6
On consolidated balance sheet
Additions to right-of-use assets, of which
29
27
Land
4
4
Buildings and structures
12
13
Machinery and equipment
13
10
Disposal of subsidiary companies, of which 1)
-24
-4
Land
-3
-3
Buildings and structures
-14
-1
Machinery and equipment
-7
0
Carrying amount of right-of-use assets, of which
101
122
Land
51
53
Buildings and structures
37
54
Machinery and equipment
12
15
Lease liabilities
94
118
In consolidated cash flow statement
Cash outflow for leases
-24
-21
1) See Note 3 Acquisitions, disposals and discontinued operations.
Maturity of undiscounted lease liabilities
EUR million
2024
Due within one year
18
Due after one year and within five years
45
Due after five years
49
Total
112
See Note 4 Financial risk management, Note 18 Property, plant and equipment and right-of-use
assets, and Note\u00a027 Interest-bearing liabilities for more information.", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-669": { "value": "
ACCOUNTING POLICIES
LESSEE ACCOUNTING
The Group leases mainly office buildings and land areas. The Group recognises all leases, with
the exception of short-term (i.e. lease term less than 12 months) and low value leases as right-
of-use assets with a corresponding lease liability at the date at which the leased asset is
available for use by the Group.
Right-of-use assets and lease liabilities are initially recognised on the consolidated balance
sheet at future fixed lease payments over the lease term. Lease payments are discounted to
present value. Right-of-use assets are depreciated on a straight-line basis over the lease term,
or the useful life of the leased asset if shorter; and reviewed periodically for indication of
impairment.
When the future lease payments are revised due to changes in index-linked considerations or
the lease term changes, the right-of-use asset and the corresponding lease liability is
remeasured. Any differences arising on reassessments are recognised in the consolidated
income statement.\u00a0
Interest expense on lease liabilities is presented within Interest expense in the consolidated
income statement. In the consolidated cash flow statement, the principal portion of the lease
payment is presented under Payments of long-term liabilities, and the interest portion as
Interest paid under Funds from operations. Variable lease payments, as well as costs for leases
not capitalised due to exemptions in the standard, are expensed to consolidated income
statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-671": { "value": "
35 Capital and other commitments
Capital and other commitments are contractual or regulatory obligations that are not recognised
as liabilities on the consolidated balance sheet, or disclosed as contingent liabilities.
35.1 Capital commitments
At 31 December 2024, Fortum had EUR 465 million (2023: 292) capital commitments for the
acquisition of property, plant and equipment and intangible assets. The increase in capital
commitments is mainly due to an increase in Loviisa lifetime extension related investments and
the start of Czestochowa CHP de-carbonization project in Poland in late 2024.
35.2 Other commitments to associates and joint ventures
Teollisuuden Voima Oyj (TVO) built Olkiluoto 3, the nuclear power plant funded through external
loans, share issues and shareholder loans according to shareholders' agreement between the
owners of TVO. At end of December 2024, Fortum had EUR 157 million (2023: 232) outstanding
receivables regarding Olkiluoto 3, The change is due to part of the shareholder loans being
converted to equity. TVO shareholder loan is classified as participation in joint ventures. For
more information, see\u00a0Note 29 Nuclear-related assets and liabilities.
Fortum has formed a joint venture with Green Investment Group to build the South Clyde waste-
to-energy plant in Glasgow, Scotland. At 31 December 2024, Fortum had an outstanding
commitment of EUR 56 million (2023: 40) to the joint venture, which is funded by external loans,
share issues and shareholder loans.
35.3 Other commitments
In June 2018, the Swedish Parliament approved the legislation regarding Sweden\u2019s national
strategy for implementation of the EU\u2019s Water Framework Directive. The largest hydro
companies created a common hydro-power fund to finance large parts of the environmental
actions needed. The fund will have a total financial cap of SEK 10 billion to be paid over a 20-year
period, and the largest operators will contribute to the fund proportionately based on their
respective market share of hydro-power production. Fortum's share is 23% of the funds' total
financing.\u00a0
In May 2022, Fennovoima announced that it had terminated the contract for the delivery of the
nuclear power plant with RAOS Project Oy and withdrew the construction license application.
Currently, Fortum is financing certain costs of Voimaosakeyhti\u00f6 SF.
ACCOUNTING POLICIES
PLEDGED ASSETS
Pledged assets are given to a lender as security for a loan, trading or other commitment. If the
borrower or trading party is unable to make the agreed payments, the lender can use the
pledged assets to mitigate its losses. Pledged assets at Fortum mostly consist of securities,
collaterals and real estate mortgages.
CONTINGENT LIABILITIES
A contingent liability is disclosed when there is a possible obligation that arises from past
events and whose existence is only confirmed by one or more doubtful future events; or when
there is an obligation that is not recognised as a liability or provision because it is not probable
that an outflow of resources will be required, or the amount of the obligation cannot be reliably
estimated.
36.1 Pledged assets
For debt
Fortum has pledged shares in Kemijoki as a security for the reborrowing from the Finnish State
Nuclear Waste Management Fund for the Loviisa nuclear power plant part, amounting to EUR
718 million (2023: 718).
Real estate mortgages total EUR 41 million (2023: 41).
For other commitments
Pledges assets include securities of EUR 213 million (2023: 325) to the Nordic Power Exchange
(Nasdaq Commodities), margin receivables of EUR 205 million (2023: 590) and restricted cash of
EUR 7 million (2023: 13). Margin receivables consist of cash collaterals for trading in
commodities exchanges, as well as foreign exchange and interest rate derivatives under Credit
Support Annex agreements.
Fortum has pledged real estate mortgages in Pyh\u00e4koski hydro plant as security to the Ministry
of Economic Affairs and Employment amounting to EUR 125 million (2023: 122). These are given
as a security for the uncovered part of the legal liability and unexpected events relating to future
costs for decommissioning and disposal of spent fuel in Loviisa nuclear power plant. According
to the Nuclear Energy Act, Fortum is obligated to contribute the funds in full to the State Nuclear
Waste Management Fund to cover the legal liability. Any uncovered legal liability relates to
periodising of the payments to the fund. The size of the securities given is updated yearly in the
second quarter based on the decisions regarding the legal liabilities and the funding target
which are determined at the end of the previous year. See Note 29 Nuclear-related assets and
liabilities.
On behalf of others
Pledged assets on behalf of others consist of restricted cash of EUR 62 million (2023: 51) posted
as collateral toward Nasdaq Clearing AB covering Fortum\u2019s required contribution to the
Commodity Market Default Fund (default fund). The default fund is a mutualised fund whereby
all participants on the Nordic power exchange (OMX Nasdaq Commodities) post collateral in
relation to their exposure on the market in order to cover potential defaults by members which
may cause losses exceeding the members' own collateral. See\u00a0Note 22 Interest-bearing
receivables.
36.2 Contingent liabilities
In relation to divestment of shareholdings, Fortum has entered into indemnification agreements,
which cover the customary representations and warranties, as well as environmental damage
and tax contingencies. Any obligations that may exist are covered in the first instance by
provisions of the companies sold before Fortum itself is required to make any payments.
Moreover, the Fortum Group has commitments under which it assumes joint and several liability
arising from its interests in non-corporate commercial partnerships and consortia in which it
participates.
Fortum's 100% owned subsidiary Fortum Heat and Gas Oy has a contingent liability, based on
the Finnish Companies Act's (734/1978) Chapter 14a Paragraph 6, with Neste Oyj following the
demerger of Fortum Oil and Gas Oy in 2004.
36.3 Guarantees relating to Nuclear operations
With respect to the activities of the Swedish nuclear power plants, the companies of the
Swedish nuclear units have issued guarantees for OKG and Forsmark to governmental
authorities in accordance with the Swedish law. There are two types of guarantees given. The
Financing Amount is given to cover Fortum's share of the uncovered part in the Nuclear Waste
Fund, assuming no further production and that no further nuclear waste fees are paid in. The
uncovered amount is calculated by the authorities and is based on the difference between the
expected costs and the funds to cover these costs at the time of the calculation. The
Supplementary Amount constitutes a guarantee for deficits that can arise as a result of
unplanned events. The amounts for the guarantees are normally updated every third year by
governmental decision. In addition, the licensees are responsible for all costs related to the
disposal of low-level radioactive waste.
In Finland, guarantees are given based on the Nuclear Energy act to cover the unfunded portion
of the nuclear waste management obligation, unexpected events and also an additional
statutory protected share, if the additional share is not covered with fund surplus and profit of
the fund.
The guarantee given on behalf of Teollisuuden Voima Oyj to the Ministry of Economic Affairs and
Employment amounts to EUR 151 million (2023: 142). The guarantee covers the unpaid legal
liability due to periodisation as well as risks for unexpected future costs.
Owners of nuclear facilities in Finland and Sweden have statutory liabilities for damages
resulting from accidents occurring in those nuclear facilities and for accidents involving any
radioactive substance connected to the operation of those facilities. Third-party liability relating
to nuclear accidents is strictly under the plant operator\u2019s responsibility.
In Finland, as the operator of the Loviisa power plant, Fortum has a statutory liability insurance
policy of approximately EUR 1.2 billion.
In Sweden, the operator of a nuclear power plant in operation is required to have a liability
insurance or other financial cover in the amount equivalent to EUR 1.2 billion per site.
The necessary insurances for the nuclear power plants have been purchased. Similar insurance
policies are in place also for the operators where Fortum has minority interest. In Sweden the
government requires additional collaterals, for which parent company guarantees have been
issued.
For information regarding nuclear-related assets and liabilities see Note 29 Nuclear-related
assets and liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-670": { "value": "
35 Capital and other commitments
Capital and other commitments are contractual or regulatory obligations that are not recognised
as liabilities on the consolidated balance sheet, or disclosed as contingent liabilities.
35.1 Capital commitments
At 31 December 2024, Fortum had EUR 465 million (2023: 292) capital commitments for the
acquisition of property, plant and equipment and intangible assets. The increase in capital
commitments is mainly due to an increase in Loviisa lifetime extension related investments and
the start of Czestochowa CHP de-carbonization project in Poland in late 2024.
35.2 Other commitments to associates and joint ventures
Teollisuuden Voima Oyj (TVO) built Olkiluoto 3, the nuclear power plant funded through external
loans, share issues and shareholder loans according to shareholders' agreement between the
owners of TVO. At end of December 2024, Fortum had EUR 157 million (2023: 232) outstanding
receivables regarding Olkiluoto 3, The change is due to part of the shareholder loans being
converted to equity. TVO shareholder loan is classified as participation in joint ventures. For
more information, see\u00a0Note 29 Nuclear-related assets and liabilities.
Fortum has formed a joint venture with Green Investment Group to build the South Clyde waste-
to-energy plant in Glasgow, Scotland. At 31 December 2024, Fortum had an outstanding
commitment of EUR 56 million (2023: 40) to the joint venture, which is funded by external loans,
share issues and shareholder loans.
35.3 Other commitments
In June 2018, the Swedish Parliament approved the legislation regarding Sweden\u2019s national
strategy for implementation of the EU\u2019s Water Framework Directive. The largest hydro
companies created a common hydro-power fund to finance large parts of the environmental
actions needed. The fund will have a total financial cap of SEK 10 billion to be paid over a 20-year
period, and the largest operators will contribute to the fund proportionately based on their
respective market share of hydro-power production. Fortum's share is 23% of the funds' total
financing.\u00a0
In May 2022, Fennovoima announced that it had terminated the contract for the delivery of the
nuclear power plant with RAOS Project Oy and withdrew the construction license application.
Currently, Fortum is financing certain costs of Voimaosakeyhti\u00f6 SF.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-672": { "value": "
PLEDGED ASSETS
Pledged assets are given to a lender as security for a loan, trading or other commitment. If the
borrower or trading party is unable to make the agreed payments, the lender can use the
pledged assets to mitigate its losses. Pledged assets at Fortum mostly consist of securities,
collaterals and real estate mortgages.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCollateralExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-673": { "value": "
CONTINGENT LIABILITIES
A contingent liability is disclosed when there is a possible obligation that arises from past
events and whose existence is only confirmed by one or more doubtful future events; or when
there is an obligation that is not recognised as a liability or provision because it is not probable
that an outflow of resources will be required, or the amount of the obligation cannot be reliably
estimated.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-674": { "value": "
36.1 Pledged assets
For debt
Fortum has pledged shares in Kemijoki as a security for the reborrowing from the Finnish State
Nuclear Waste Management Fund for the Loviisa nuclear power plant part, amounting to EUR
718 million (2023: 718).
Real estate mortgages total EUR 41 million (2023: 41).
For other commitments
Pledges assets include securities of EUR 213 million (2023: 325) to the Nordic Power Exchange
(Nasdaq Commodities), margin receivables of EUR 205 million (2023: 590) and restricted cash of
EUR 7 million (2023: 13). Margin receivables consist of cash collaterals for trading in
commodities exchanges, as well as foreign exchange and interest rate derivatives under Credit
Support Annex agreements.
Fortum has pledged real estate mortgages in Pyh\u00e4koski hydro plant as security to the Ministry
of Economic Affairs and Employment amounting to EUR 125 million (2023: 122). These are given
as a security for the uncovered part of the legal liability and unexpected events relating to future
costs for decommissioning and disposal of spent fuel in Loviisa nuclear power plant. According
to the Nuclear Energy Act, Fortum is obligated to contribute the funds in full to the State Nuclear
Waste Management Fund to cover the legal liability. Any uncovered legal liability relates to
periodising of the payments to the fund. The size of the securities given is updated yearly in the
second quarter based on the decisions regarding the legal liabilities and the funding target
which are determined at the end of the previous year. See Note 29 Nuclear-related assets and
liabilities.
On behalf of others
Pledged assets on behalf of others consist of restricted cash of EUR 62 million (2023: 51) posted
as collateral toward Nasdaq Clearing AB covering Fortum\u2019s required contribution to the
Commodity Market Default Fund (default fund). The default fund is a mutualised fund whereby
all participants on the Nordic power exchange (OMX Nasdaq Commodities) post collateral in
relation to their exposure on the market in order to cover potential defaults by members which
may cause losses exceeding the members' own collateral. See\u00a0Note 22 Interest-bearing
receivables.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-675": { "value": "
36.2 Contingent liabilities
In relation to divestment of shareholdings, Fortum has entered into indemnification agreements,
which cover the customary representations and warranties, as well as environmental damage
and tax contingencies. Any obligations that may exist are covered in the first instance by
provisions of the companies sold before Fortum itself is required to make any payments.
Moreover, the Fortum Group has commitments under which it assumes joint and several liability
arising from its interests in non-corporate commercial partnerships and consortia in which it
participates.
Fortum's 100% owned subsidiary Fortum Heat and Gas Oy has a contingent liability, based on
the Finnish Companies Act's (734/1978) Chapter 14a Paragraph 6, with Neste Oyj following the
demerger of Fortum Oil and Gas Oy in 2004.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-676": { "value": "
38 Related party transactions
38.1 The Finnish State and companies owned by
the Finnish State
At the end of 2024, the Finnish State owned 51.26% of the company\u2019s shares (2023: 51.26%).
On 30 October 2023, Fortum announced that an agreement has been signed with the National
Emergency Supply Agency (NESA). Under this agreement, NESA reserves the production of the
Meri-Pori power plant for severe disruption and emergencies to guarantee security of supply in
the electricity system in Finland. The agreement period is from 1 April 2024 until 31 December
2026.
Fortum had a bridge financing arrangement with the Finnish State from September 2022 until
March 2023. In 2023, interest expenses and fees relating to the bridge loan facility amounted to
EUR 56 million and were recognised in Finance costs - net.
The Finnish Parliament has authorised the Government to reduce the Finnish State\u2019s holding in
Fortum Corporation to no less than 50.1% of the share capital and voting rights.
All transactions between Fortum and other companies owned by the Finnish State are on arm\u2019s
length basis.
38.2 Board of Directors and Fortum Leadership Team
The key management personnel of the Fortum Group are the members of Fortum Leadership
Team and the Board of Directors.
Fortum has not been involved in any material transactions with members of the Board of
Directors or Fortum Leadership Team. No loans exist to any member of the Board of Directors or
Fortum Leadership Team at 31 December\u00a02024.
The total compensation (including pension benefits and social costs) for the key management
personnel for 2024 was EUR 11 million (2023: 10). See Note\u00a010 Employee benefits and Board
remuneration for further information on the Board of Directors and Fortum Leadership Team
remuneration and shareholdings.
38.3 Associated companies and joint ventures
In the ordinary course of business, Fortum engages in transactions with associated companies,
joint ventures, and other related parties. These transactions are on the same commercial terms
as they would be with third parties, except for some associates and joint ventures, as noted
below.
Fortum owns shareholdings in associated companies and joint ventures which own hydro and
nuclear power plants. Under consortium agreements, each owner is entitled to electricity in
proportion to its share of ownership, or based on other agreement. In turn, each owner is liable
for an equivalent portion of costs, regardless of output. These associated companies and joint
ventures are not profit making since the owners purchase electricity at production cost,
including interest costs and production taxes. See Note\u00a019 Participations in associated
companies and joint ventures.
38.4 Balances and transactions with related parties
Transactions with associates and joint ventures
Associated
companies
Joint ventures
Total
EUR million
2024
2023
2024
2023
2024
2023
Sales
0
2
9
9
9
12
Purchases
351
314
270
288
622
602
Other income
0
0
0
-3
0
-3
Interest income on loan receivables
17
13
7
5
24
18
Interest expense on loan payables
0
0
10
8
10
8
Balances with associates and joint ventures
Associated
companies
Joint ventures
Total
EUR million
2024
2023
2024
2023
2024
2023
Receivables
Long-term interest-bearing loan receivables
358
551
73
93
431
644
Trade and other receivables
2
3
24
27
26
30
Liabilities
Long-and short-term loan payables
0
7
232
232
232
239
Trade and other payables
7
15
69
57
75
72
See also Note\u00a029 Nuclear-related assets and liabilities and Note\u00a036 Pledged assets and
contingent liabilities for details on commitments related to associates and joint ventures.\u00a0
38.5 Pension funds
At 31 December 2024, Fortum has a pension fund in Finland, which is a stand-alone legal entity
managing pension assets related to part of the pension coverage in Finland. In 2024, there were
no contribution to these pension plans (2023: 0). See Note 31 Pension obligations.
The assets in the pension fund in Finland include Fortum shares representing 0.04% (2023:
0.04%) of the company\u2019s outstanding shares. The loan granted by Fortum\u2019s Finnish pension fund
has been secured by real estate mortgages of EUR 41 million (2023: 41). See Note 36 Pledged
assets and contingent liabilities.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-677": { "value": "
39 Events after the balance sheet date
There have been no material events after the balance sheet date.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-678": { "value": "
40 Group companies by segment
G = Generation
1) Shares held by the parent company
CS = Consumer Solutions
O = Other Operations
Group holding % for companies owned via subsidiaries is based on the Fortum Corporation
ownership % in the direct subsidiary times the ownership % of the direct subsidiary in the
indirect subsidiary/associate/joint venture as of 31 December 2024.
Subsidiaries by segment
Entity Name
Domicile
Segment
Group
holding, %
Br\u00e4ndskogen Vindkraft Ab Oy
Finland
G
100.0
EX-KE Oy
Finland
CS
100.0
Fortum Alku Oy
Finland
O
100.0
Fortum Asiakaspalvelu Oy
Finland
CS
100.0
Fortum Assets Oy
Finland
O
100.0
Fortum Battery Recycling Oy
Finland
O
100.0
Fortum Bio Oy
Finland
O
100.0
Fortum Clean Oy
Finland
O
100.0
1)
Fortum Heat and Gas Oy
Finland
O
100.0
1)
Fortum Kasvu Oy
Finland
O
100.0
Fortum Markets Oy
Finland
CS
100.0
Fortum Norm Oy
Finland
O
100.0
1)
Fortum Power and Heat Holding Oy
Finland
G
100.0
Fortum Power and Heat Oy
Finland
G, O
100.0
1)
Fortum Real Estate Oy
Finland
O
100.0
1)
Fortum Renewables Oy
Finland
G
100.0
Fortum RES Oy
Finland
O
100.0
Fortum TwoGether Oy
Finland
G
100.0
1)
Frosart Oy
Finland
G
100.0
Honkamaan Tuulivoima Oy
Finland
G
100.0
Jeppo Vindkraft Ab Oy
Finland
G
100.0
Kalax Solkraft Ab/Oy
Finland
G
100.0
Katajam\u00e4en Tuulivoima Oy
Finland
G
100.0
Kemi\u00f6nsaaren Aurinkovoima Oy
Finland
G
100.0
Koillis-Pohjan Energiantuotanto Oy
Finland
G
100.0
Korvenniityn Aurinkovoima Oy
Finland
G
100.0
Kotapalon Tuulivoima Oy
Finland
G
100.0
Kurikan Tuulivoima Oy
Finland
G
100.0
Entity Name
Domicile
Segment
Group
holding, %
Lamminnevan Tuulivoima Oy
Finland
G
100.0
Lautam\u00e4en Tuulivoima Oy
Finland
G
100.0
Marttilan Aurinkovoima Oy
Finland
G
100.0
Molpe Vindkraft Ab/Oy
Finland
G
100.0
Norrsarvlax Solkraft Ab/Oy
Finland
G
100.0
N\u00e4rpes Vindkraft Ab/Oy
Finland
G
100.0
Oy Pauken Ab
Finland
O
100.0
Oy Tersil Ab
Finland
O
100.0
Oy Tertrade Ab
Finland
O
100.0
Penkkisuon Tuulivoima Oy
Finland
G
100.0
Pennalan Aurinkovoima Oy
Finland
G
100.0
Pjelax Vindkraft Ab/Oy
Finland
G
60.0
Poikel Vindkraft Ab/Oy
Finland
G
100.0
Tarvasjoen Aurinkovoima Oy
Finland
G
100.0
Virolahden Aurinkovoima Oy
Finland
G
100.0
Yliken Aurinkovoima Oy
Finland
G
100.0
Barry Danmark ApS
Denmark
O
100.0
Fortum CFS Eesti OU
Estonia
O
100.0
Fortum France S.A.S
France
G
100.0
Fortum Batterie Recycling GmbH
Germany
O
100.0
Fortum Service Deutschland GmbH
Germany
G, O
100.0
MAWAL Energie GmbH
Germany
O
100.0
SALWAL Energie GmbH
Germany
O
100.0
Fortum Insurance Limited
Guernsey
O
100.0
Fortum India Private Limited
India
G
100.0
Solar One Energy Private Limited
India
G
100.0
SolarXL Alpha Energy Private Limited
India
G
100.0
SolarXL Beta Energy Private Limited
India
G
100.0
SolarXL Delta Energy Private Limited
India
G
100.0
SolarXL Gamma Energy Private Limited
India
G
100.0
SolarXL Zeta Energy Private Limited
India
G
100.0
PT Fortum Energy Solution
Indonesia
G
95.0
Fortum eNext Ireland Ltd
Ireland
G
100.0
Fortum Finance Ireland Designated Activity Company
Ireland
O, G
100.0
1)
Fortum P&H Ireland Limited
Ireland
O
100.0
Fortum Participation Limited
Ireland
O
100.0
Fortum 2 B.V.
Netherlands
G
100.0
Fortum 3 B.V.
Netherlands
O
100.0
Fortum Energy Holding B.V.
Netherlands
CS, G, O
100.0
1)
Fortum H&C B.V.
Netherlands
G
100.0
Entity Name
Domicile
Segment
Group
holding, %
Fortum Holding B.V.
Netherlands
O
100.0
1)
Fortum Power Holding B.V.
Netherlands
O
100.0
Fortum Russia B.V.
Netherlands
O
100.0
Fortum SAR B.V.
Netherlands
G
100.0
Fortum Star B.V.
Netherlands
G
100.0
India Sun B.V.
Netherlands
G
100.0
PolarSolar B.V.
Netherlands
G
100.0
Yustek Holding B.V.
Netherlands
O
100.0
Fortum Consumer Solutions AS
Norway
CS, G, O
100.0
Fortum Hedging AS
Norway
G
100.0
Fortum Str\u00f8m AS
Norway
CS
100.0
Tellier Service AS
Norway
CS
100.0
Fortum Marketing and Sales Polska S.A.
Poland
CS
100.0
Fortum Network Cz\u0119stochowa Sp. z o.o.
Poland
G
100.0
Fortum Network P\u0142ock Sp. z o.o.
Poland
G
100.0
Fortum Network Wroc\u0142aw Sp. z o.o.
Poland
G
100.0
Fortum Power and Heat Polska Sp. z o.o.
Poland
G
100.0
Fortum Service Poland Sp. z o.o.
Poland
O
100.0
Fortum Silesia SA
Poland
G
100.0
Fortum Sprzeda\u017c Sp. z o.o.
Poland
CS
100.0
Escandinava de Electricidad S.L.U
Spain
CS
100.0
Alvret Solpark AB
Sweden
G
100.0
Bank\u00e4lla Solpark AB
Sweden
G
100.0
Bergsveden Solpark AB
Sweden
G
100.0
Blybergs Kraftaktiebolag
Sweden
G
66.7
Borgvik Vindkraft AB
Sweden
G
100.0
Br\u00e4nn\u00e4lven Kraft AB
Sweden
G
67.0
Fortum 1 AB
Sweden
O
100.0
Fortum Fastigheter AB
Sweden
O
100.0
Fortum F\u00f6rnyelsebar Sverige 2 AB
Sweden
G
100.0
Fortum F\u00f6rnyelsebar Sverige 3 AB
Sweden
G
100.0
Fortum F\u00f6rnyelsebar Sverige 4 AB
Sweden
G
100.0
Fortum F\u00f6rnyelsebar Sverige 5 AB
Sweden
G
100.0
Fortum F\u00f6rnyelsebar Sverige 6 AB
Sweden
G
100.0
Fortum F\u00f6rnyelsebar Sverige 7 AB
Sweden
G
100.0
Fortum F\u00f6rnyelsebar Sverige 8 AB
Sweden
G
100.0
Fortum F\u00f6rnyelsebar Sverige 9 AB
Sweden
G
100.0
Fortum F\u00f6rnyelsebar Sverige AB
Sweden
G
100.0
Fortum Gr\u00f6n AB
Sweden
O
100.0
Fortum Markets AB
Sweden
CS
100.0
Entity Name
Domicile
Segment
Group
holding, %
Fortum Power AB
Sweden
O
100.0
1)
Fortum Produktionsn\u00e4t AB
Sweden
G
100.0
Fortum Sverige AB
Sweden
G, O
100.0
Fortum Sweden AB
Sweden
O
100.0
Fortum Vindkraft Sverige 3 AB
Sweden
G
100.0
Fortum Vindkraft Sverige 4 AB
Sweden
G
100.0
Fortum Vindkraft Sverige 8 AB
Sweden
G
100.0
Klinth\u00f6gen Vindkraft AB
Sweden
G
100.0
Kl\u00f6verkullen Vindkraft AB
Sweden
G
100.0
Mellansvensk Kraftgrupp Aktiebolag
Sweden
G
86.9
Nya Bullerforsen Kraft AB
Sweden
G
65.9
Ore\u00e4lvens Kraftaktiebolag
Sweden
G
65.0
S\u00e4var Vindkraft AB
Sweden
G
100.0
Uddeholm Kraft Aktiebolag
Sweden
G
100.0
V\u00e4rmlandskraft-OKG-del\u00e4garna Aktiebolag
Sweden
G
73.3
Fortum Energy Limited
United Kingdom
O
100.0
Fortum O&M (UK) Limited
United Kingdom
O
100.0
Fortum Ratcliffe Limited
United Kingdom
O
100.0
IVO Energy Limited
United Kingdom
O
100.0
Valo Ventures I LP Fund
USA
O
99.0
Russian companies consolidated earlier as subsidiaries
Entity Name 1)
Fortum Wind Energy Joint Stock Company
Fortum-New Generation 3 Limited Liability Company
Fortum-New Generation 5 Limited Liability Company
Joint Stock Company Chelyabenergoremont
LLC Bugulchanskaya Solar power station
PAO Fortum Russia
Ural Heat Networks Company Joint Stock Company
Wind Power Assets Management LLC
Ulyanovsk Wind Farm LLC
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:635400IUIZZIUJSAMF76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }