Helen’s interim report for 1 January – 31 March 2015

The Helen Group met its financial targets in the early part of the year and achieved a good result although district heat revenues were down due to the mild winter. Helen continued to invest in increasing renewable energy. Finland’s largest solar power plant started production, and the first customers in Kalasatama received the new home automation devices.

Helen’s result was in line with plans. Turnover totalled EUR 260 million and operating profit stood at EUR 86 million. Due to a very mild winter, district heat sales fell by 8% on the previous year to 2,367 GWh. District cooling sales increased by 11% to 21 GWh. Helen will continue to strongly increase its district cooling business.

The electricity sales volume grew by 3% (2,350 GWh). Electricity distribution in Helsinki fell by 2% to 1,179 GWh.

Helen’s key figures 1 January – 31 March 2015

 

Turnover   (EUR mill.)

260

Operating profit  (EUR mill.)

86

Balance sheet total  (EUR mill.)

2,714

Return on equity (%)

4

Return on investment (%)

3

Equity ratio   (%)

69

Investments   (EUR mill.)

29

Personnel

1,380

 

The Helen Group’s figures include the parent company Helen Ltd, Helen’s subsidiaries, and shares in associated companies. The main part of the business operations of the Helsingin Energia public utility transferred to Helen Ltd on 31 December 2014. Helen’s figures are not comparable with those of the Helsingin Energia public utility.

Key events in the period under review

• Finland’s largest solar power plant in the Helsinki district of Suvilahti was completed and started solar power production. The owners of the 1,200 designated panels of the solar power plant receive the solar power for their own use.

• The pellet equipment at the Salmisaari power plant was completed, and some of the coal has been replaced with pellets as from the beginning of 2015.

• Helen’s environmental impact assessment (EIA) on the increased use of biofuels in Helsinki was awarded as the best EIA in 2014.

• The smart homes pilot area in the Helsinki district of Kalasatama was the first to introduce the HIMA home automation systems delivered by Helen and ABB, enabling up 15 per cent smaller electricity and water consumption. Customers can monitor the consumption data online in real time, also on mobile devices when out and about.

• Helen’s public charging points for electric vehicles were introduced as part of the nationwide charging network of Virtapiste.

• Upgrade of the 100 kV switching substation of Helen Sähköverkko Oy was completed.

• The modernisation and power upgrade project on the Mankala hydropower plant was launched.

Investing in renewable energy

Helen continued its investments to increase the use of biofuels. At Hanasaari, the construction work on a pellet system was started. After completion, coal can be replaced with wood pellets with a share of some 5–7 per cent. Corresponding equipment was taken into use at the Salmisaari power plant at the end of 2014.

Helen also made modernisation investments to improve security of supply and the availability of production plants and energy distribution networks. 

The low level of the market price of electricity and the fuel price trend will pose challenges to the profit trend for the rest of the year. Helen's result is forecast to reach the level estimated prior to incorporation, or approx. EUR 60-80 mill.

Over the spring, Helen will be drafting a report for significant production plant investments in order to meet the emission reduction and renewable energy targets set by the City of Helsinki. These investment solutions will have a significant impact on Helen’s future earnings potential.

Helen’s interim report includes the parent company Helen Ltd, Helen’s subsidiaries, and shares in associated companies.

Published: 04.05.2015 08:40

Sanna Jääskeläinen
Communications Manager
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