Helen Group’s financial statements 2013: good results in a difficult market situation

The Helen Group reported strong financial results. Despite a fall in turnover, operating profit remained at a good level. The share of emission-free energy sources increased during the year when Helsingin Energia acquired a significant share of Swedish hydropower. Carbon dioxide emissions decreased by five per cent. 

Helen Group’s turnover in 2013 decreased by EUR 19 million to EUR 878 million. The Group’s operating profit stood at EUR 239 million (EUR 236 million), accounting for 27% of turnover. Profit before appropriations came to EUR 227 million (EUR 222 million).

Helsingin Energia produces electricity, heat and cooling for its customers at power plants located in Helsinki and through its power assets. Energy-efficient combined heat and power generation, produced at power plants in the Helsinki region, accounted for 68% of the electricity procured and 87% of the heat produced. The share of emission-free production forms in Helsingin Energia’s total electricity procurement increased during the year along with the hydropower capacity acquired from Sweden. Hydropower accounted for over nine per cent, 660 GWh, of Helsingin Energia’s total electricity procurement. Carbon dioxide emissions from energy production in Helsinki fell by about five per cent, i.e. by 150,000 tonnes, to approximately 3.3 million tonnes.

Helsingin Energia’s total electricity sales, 7.5 TWh, were realised at the previous year’s level. The amount of district heat production fell as a result of the warmer than average temperatures during the year. In 2013, district heat sales stood at 6.4 TWh, which is five per cent down on the previous year. The production of energy-efficient district cooling that utilises, e.g. cold sea water, continued to grow. District cooling production amounted to 116 GWh, 34 per cent more than the year before.

Investments bring energy efficiency and reduced emissions

The sizeable investments in the introduction of renewable energy sources, related to Helsingin Energia’s development programme ‘Towards a carbon neutral future’, were in the planning stage in 2013 and had not had time to raise total investments.  

The Helen Group’s investments in 2013 stood at EUR 108 million (EUR 130 million). Several modernisation projects to improve production capacity and energy efficiency were carried out at Helsingin Energia’s power plants. Heating plants were modified to produce fewer emissions. Investments to improve Helen Sähköverkko Oy’s security of electricity supply totalled EUR 37.5 million.

CEO Pekka Manninen: investments will increase as from 2014 - The Helen Group’s performance stayed at a good level although the economic situation in Europe also has an impact on Finland. Forecasting of the electricity market, fuel price trends and the cost effects of emissions trading continues to include significant elements of uncertainty. As from 2014, along with the implementation of our development programme ‘Towards a carbon neutral future’, our investments will increase to a considerable extent, and this will have an adverse effect on our financial results, explains CEO Pekka Manninen of Helsingin Energia.

Annual report online Helen Group’s annual report is already available at helen.fi/vuosikertomus 

Published: 28.02.2014 08:54

Sanna Jääskeläinen
Communications Manager
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