News / 23.10.2014

Interim report: Profitability good despite drop in turnover

Helen Group’s turnover in the period 1 January – 30 September 2014 was EUR 564 (635) mill. 

Profit before appropriations was EUR 126 (153) mill. Turnover fell from the previous year by EUR 71 mill. due to the exceptionally mild start to the year and trends in the electricity market. The Group’s profitability remained good despite a slight drop compared to the previous year. The Group’s equity ratio was 56 (56)%.

Helen Group’s result will remain relatively good this year, even though a drop on the year before is anticipated. The growth outlook for the remainder of the year depends on the economic development in Europe and at home. Forecasting electricity market and fuel price development and the effect of emissions trading on costs is subject to considerable uncertainty.

Energy sales slightly down

District heating sales revenues fell by 7% and electricity sales revenues by 17% on the previous year. The energy volumes of district heating fell by 5% and those of electricity sales fell by 7%. Electricity distribution in Helsinki fell by 1%.

Investments in renewable energy 

The Group’s planned investments in 2014 will amount to EUR 130 mill. During 2014, implementation of Helsingin Energia’s development programme ‘Towards a Carbon-Neutral Future’ is continuing, as well as preparations for the investments required by the EU industrial emissions directive. Other investments will be mostly related to normal production, distribution and district heating operations and expansion and basic improvements to the tunnel and district cooling networks.

Helsingin Energia to be incorporated as a new company

Helsinki City Council decided to incorporate the Helsingin Energia concern as a new company on 4 June 2014. Helsingin Energia's current business operations, with the exception of outdoor lighting services, will transfer to the newly established company on 1 January 2015. The company name will be Helen Oy.

Important events in the third quarter of 2014

  • Preparations for using pellets as fuel have continued at Salmisaari. The silos for storing pellets have been installed.

  • Helen Sähköverkko Oy won an award in the medium-sized companies category of the ’Vastuullinen kesäduuni' [’Responsible summer job’] campaign.

  • Helsingin Energia’s innovation ’Asumismukavuutta ja energiatehokkuutta kaupunkilaisille’ [’Comfortable living and energy efficiency for city residents’] won the Finnish Energy Industries competition entitled ’Asiakasteko- ja innovaatiokilpailu’ [Customer action and innovation]. The innovation permits more efficient utilisation of heating in buildings.

  • Helsingin Energia is building Finland’s largest solar power plant to date in Suvilahti, Helsinki. The dedicated panels in the new power plant were sold out in a few days. The great interest provided the impetus for launching the planning for the next project.

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

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