News / 5.5.2014

Helen Group’s profits fell as a result of mild weather in the early part of the year

Helen Group’s turnover for the review period stood at EUR 276 million. The turnover decreased by EUR 53 million on the previous year as a result of the exceptionally mild weather in February and March. 

The proceeds from district heat sales fell by 19% and those from electricity sales by 15% on the year before.

The Group’s profitability deteriorated, but remained at a good level, however. Profit before appropriations amounted to EUR 91 million (EUR 124 million), and the solvency ratio was 61% (65%). The total costs before financial items fell by 10%.

At 2,256 GWh, the volume of electric energy sold decreased by 12%. Electricity distribution in Helsinki amounted to 1,205 GWh, showing a drop of 3%. At 2,578 GWh, the energy volume of district heat was down by 19%.

At the end of March, the Helen Group had 1,456 permanent employees (1,503).

Investments on the increase

The Helen Group investments for the review period stood at EUR 23 million (EUR 18 million).

The Group’s planned investments in 2014 will amount to EUR 130 million. Helsingin Energia’s development programme will be launched during 2014. We will also start to make preparations for the investments to be required by the Environmental Liability Directive of the European Parliament and of the Council. The rest of the investments will mainly be related to normal production, distribution and district heating operations, as well as to expansions and refurbishments of the tunnel and district cooling networks.

The positive signals on economic recovery in Europe are not sufficient to improve the Helen Group’s growth outlook for the rest of the year. Forecasting of the electricity market, fuel price trends and the cost effects of emissions trading includes significant elements of uncertainty. The Helen Group’s profits will be  below the previous year’s level, but will nevertheless remain at a reasonably good evel.

Helen Group’s interim report comprises Helsingin Energia and its holdings in subsidiaries and associated companies.

The most significant events in the first quarter of 2014

  • Helen Sähköverkko Oy came on top in its reference group in an international benchmarking study on the quality and reliability of electricity supply, organised by the International Distribution Benchmarking Consortium (IDBC).

  • Helsingin Energia is expanding its district cooling network in Taka-Töölö and Meilahti. The construction work was started in February 2014 and will be completed in March 2015.

  • The environmental impact statement on increasing the use of biofuels in energy production in Helsinki was completed. The contents of the report were presented in a public meeting at the end of March.

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