1. 03.05.2013
Ticker: Fortum OYJ Benchmark:
Currency: Helsinki: FUM1V, Currency: EUR OMXHCap (HEXP)
Sector: Utilities Industry: Electric Utilities Year:
Telephone 358-10-4511 Revenue (M) Business Segments in EUR Sales (M) Geographic Segments in EUR Sales (M)
Website www.fortum.com No of Employees Power Generation 2119 Nordic 4641
Address P.O. Box 1 Espoo, 00048 Finland Heat 1610 Russia 1029
Share Price Performance in EUR Distribution 1033 Poland 220
Price 14.53 1M Return -4.8% Russian Operations 1030 Other European Countries 200
52 Week High 15.66 6M Return 5.3% Markets 667 Estonia 69
52 Week Low 12.02 52 Wk Return -4.9% Other 203 Sweden
52 Wk Beta 0.73 YTD Return 9.4% Netting of Nord Pool Transactions -503 Norway
Credit Ratings
Bloomberg IG5
S&P A- Date 27.11.2012 Outlook NEG
Moody's A2 Date 15.07.2005 Outlook NEG
Fitch A- Date 05.10.2009 Outlook NEG
Valuation Ratios
12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E
P/E 12.8x 15.4x 8.3x 8.9x 11.2x 11.7x 11.2x
EV/EBIT 12.8x 15.0x 12.4x 12.4x - - -
EV/EBITDA 10.0x 11.5x 9.3x 8.9x 8.6x 8.6x 8.4x
P/S 3.1x 3.2x 2.4x 2.0x 2.0x 2.0x 1.9x
P/B 2.1x 2.4x 1.5x 1.2x 1.2x 1.2x 1.2x
Div Yield 5.3% 4.4% 6.1% 7.1% 6.8% 6.7% 6.5%
Profitability Ratios %
12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E
Gross Margin - - - - 43.6 41.9 43.5
EBITDA Margin 42.9 38.0 38.9 38.3 38.6 37.5 37.3
Operating Margin 33.5 29.0 29.0 27.5 27.8 26.4 26.0
Profit Margin 24.1 20.6 28.7 22.9 18.1 17.2 17.3
Return on Assets 6.5 6.2 7.9 5.9 5.0 4.8 4.2
Return on Equity 16.4 16.0 19.8 14.2 11.1 10.4 10.2
Leverage and Coverage Ratios
12/09 12/10 12/11 12/12
Current Ratio 1.2 0.7 1.1 1.1 Current Capitalization in EUR
Quick Ratio 0.8 0.4 0.6 0.7 Common Shares Outstanding (M) 888.4
EBIT/Interest 7.6 9.3 6.3 5.7 Market Capitalization (M) 12908.0
Tot Debt/Capital 0.4 0.5 0.4 0.4 Cash and ST Investments (M) 1719.0
Tot Debt/Equity 0.8 0.8 0.8 0.8 Total Debt (M) 9152.0
Eff Tax Rate % 17.4 16.2 16.4 4.6 Preferred Equity (M) 0.0
LT Investments in Affiliate Companies (M) 0.0
Investments (M) 667.0
Enterprise Value (M) 21008.0
Fortum Oyj provides a full range of energy related products and services. The
Company's activities cover the generation, distribution, and sale of electricity and heat
and steam, as well as the operation of power plants, and energy-related services.
Fortum operates worldwide but mainly in Northern Europe.
FUM1V FH
6'159
10'313
Company Analysis - Overview
31%
22%14%
14%
9%
3%
7%
Power Generation
Heat
Distribution
Russian Operations
Markets
Other
Netting of Nord Pool Transactions
75%
17%
4% 3%1%
Nordic
Russia
Poland
Other European Countries
Estonia
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

2. Fortum OYJ
Target price in EUR
Date Buy Hold Sell Date Price Target Price Broker Analyst Recommendation Target Date
30-Apr-13 40% 31% 29% 3-May-13 14.53 14.86 JPMorgan NATHALIE F CASALI neutral 14.00 2-May-13
29-Mar-13 44% 28% 28% 2-May-13 14.02 14.86 AlphaValue MYRIAM COHEN buy 18.00 2-May-13
28-Feb-13 46% 26% 29% 1-May-13 14.11 14.90 Inderes JUHA KINNUNEN buy 16.00 27-Apr-13
31-Jan-13 50% 21% 29% 30-Apr-13 14.11 14.90 Pohjola Bank Plc (ESN) HENRI PARKKINEN accumulate 16.00 26-Apr-13
31-Dec-12 52% 21% 27% 29-Apr-13 14.02 14.90 Goldman Sachs DEBORAH WILKENS Buy/Neutral 19.00 26-Apr-13
30-Nov-12 53% 22% 25% 26-Apr-13 14.06 14.95 Macquarie ROBERT SCHRAMM-FUCHS outperform 16.00 26-Apr-13
31-Oct-12 50% 25% 25% 25-Apr-13 14.19 15.15 Nordea Equity Research PASI VAISANEN buy 17.00 26-Apr-13
28-Sep-12 53% 25% 22% 24-Apr-13 14.26 15.18 Handelsbanken KARRI RINTA reduce 14.00 26-Apr-13
31-Aug-12 56% 21% 24% 23-Apr-13 14.13 15.18 FIM SANNA KAJE accumulate 16.00 26-Apr-13
31-Jul-12 56% 18% 26% 22-Apr-13 13.95 15.18 Evli Bank Plc MARKKU JARVINEN accumulate 16.00 26-Apr-13
29-Jun-12 51% 20% 29% 19-Apr-13 13.93 15.28 Exane BNP Paribas BENJAMIN LEYRE outperform 18.00 26-Apr-13
31-May-12 46% 29% 26% 18-Apr-13 13.64 15.28 Barclays PETER BISZTYGA underweight 13.52 26-Apr-13
17-Apr-13 13.77 15.30 Danske Markets ANTTI KOSKIVUORI hold 14.00 26-Apr-13
16-Apr-13 13.88 15.39 Deutsche Bank JAMES BRAND hold 13.00 25-Apr-13
15-Apr-13 15.01 15.50 Morgan Stanley EMMANUEL TURPIN Equalwt/In-Line 15.00 25-Apr-13
12-Apr-13 15.03 15.50 ABG Sundal Collier PETTER NYSTROM buy 18.00 25-Apr-13
11-Apr-13 15.12 15.50 SEB Enskilda JUHA ISO-HERTTUA sell 12.60 25-Apr-13
10-Apr-13 15.39 15.50 Carnegie TIMO HEINONEN hold 25-Apr-13
9-Apr-13 15.14 15.50 S&P Capital IQ CLIVE ROBERTS hold 14.00 25-Apr-13
8-Apr-13 15.09 15.50 DNB Markets HAAKON LEVY buy 16.50 25-Apr-13
5-Apr-13 15.35 15.50 Pareto Securities TEEMU VAINIO buy 15.50 22-Apr-13
4-Apr-13 15.34 15.50 Commerzbank Corporates & Markets TANJA MARKLOFF reduce 13.00 18-Apr-13
3-Apr-13 15.25 15.50 Raymond James EMMANUEL RETIF outperform 15.60 17-Apr-13
2-Apr-13 15.29 15.36 Credit Suisse ZOLTAN FEKETE neutral 14.20 22-Mar-13
1-Apr-13 14.75 15.36 Kepler Capital Markets INGO BECKER hold 15.00 22-Mar-13
29-Mar-13 14.75 15.36 HSBC ADAM DICKENS underweight 14.00 21-Mar-13
28-Mar-13 14.75 15.36 Main First Bank AG ANDREAS THIELEN underperform 14.50 15-Feb-13
27-Mar-13 14.83 15.49 Berenberg Bank TEAM COVERAGE hold 14.30 5-Feb-13
26-Mar-13 14.77 15.49 EVA Dimensions AUSTIN BURKETT underweight 17-Jan-13
25-Mar-13 14.91 15.49 Swedbank PETRI KARHUNKOSKI strong buy 18.50 7-Nov-12
Company Analysis - Analysts Ratings
Buy and Sell Recommendations vs Price and Target Price
46%
51% 56% 56% 53% 50% 53% 52% 50% 46% 44% 40%
29% 20%
18% 21% 25%
25% 22% 21% 21% 26% 28%
31%
26% 29% 26% 24% 22% 25% 25% 27% 29% 29% 28% 29%
0%
20%
40%
60%
80%
100%
mai.12 juin.12 juil.12 août.12 sept.12 oct.12 nov.12 déc.12 janv.13 févr.13 mars.13 avr.13
BrokerRecommendation
0
5
10
15
20
25
Price
Buy Hold Sell Price Target Price
Brokers' Target Price
0
2
4
6
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JPMorgan
AlphaValue
Inderes
PohjolaBank
Plc(ESN)Goldman
Sachs
Macquarie
NordeaEquity
Research
Handelsbanken
FIM
EvliBankPlc
ExaneBNP
Paribas
Barclays
Danske
Markets
DeutscheBank
MorganStanley
ABGSundal
Collier
SEBEnskilda
Carnegie
S&PCapitalIQ
DNBMarkets
Pareto
SecuritiesCommerzbank
Corporates&Raymond
James
CreditSuisse
KeplerCapital
Markets
HSBC
MainFirstBank
AGBerenberg
BankEVA
Dimensions
Swedbank
CACheuvreux
Natixis
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3. 03.05.2013
Fortum OYJ
Ownership Statistics Geographic Ownership Distribution
Shares Outstanding (M) 888.4 Finland 87.55%
Float United States 3.04%
Short Interest (M) Luxembourg 2.10%
Short Interest as % of Float Norway 1.22%
Days to Cover Shorts Sweden 1.20%
Institutional Ownership 68.42% Unknown Country 0.98%
Retail Ownership 31.55% Switzerland 0.80%
Insider Ownership 0.03% Others 3.11%
Institutional Ownership Distribution
Government 77.70%
Investment Advisor 12.93%
Insurance Company 5.49%
Other 2.14%
Pricing data is in EUR Others 1.74%
Top 20 Owners:
Holder Name Position Position Change Market Value % of Ownership Report Date Source Country
REPUBLIC OF FINLAND 450'932'988 0 6'552'056'316 50.76% 31.10.2012 Research FINLAND
ILMARINEN MUTUAL PEN 13'467'550 0 195'683'502 1.52% 31.10.2012 Research FINLAND
VARMA MUTUAL PENSION 8'324'300 0 120'952'079 0.94% 31.10.2012 Research FINLAND
FINLAND STATE PENSIO 7'268'387 0 105'609'663 0.82% 31.10.2012 Research FINLAND
SOCIAL INSUR INSTITU 7'195'896 0 104'556'369 0.81% 31.10.2012 Research FINLAND
BLACKROCK 6'511'764 -700 94'615'931 0.73% 01.05.2013 ULT-AGG UNITED STATES
CITY OF KURIKKA 6'203'500 0 90'136'855 0.70% 31.10.2012 Research FINLAND
MANDATUM LIFE INSURA 4'954'834 0 71'993'738 0.56% 31.10.2012 Research FINLAND
STATE STREET 4'874'884 23'704 70'832'065 0.55% 02.05.2013 ULT-AGG UNITED STATES
VANGUARD GROUP INC 4'864'048 -144'664 70'674'617 0.55% 31.03.2013 MF-AGG UNITED STATES
PICTET ASSET MANAGEM 4'732'124 -630'470 68'757'762 0.53% 31.01.2013 MF-AGG BRITAIN
NORDEA INVESTMENT FU 4'540'294 -134'003 65'970'472 0.51% 28.03.2013 MF-AGG FINLAND
OPPENHEIMERFUNDS INC 3'359'544 0 48'814'174 0.38% 28.02.2013 MF-AGG UNITED STATES
DEUTSCHE BANK AG 3'081'997 -526'406 44'781'416 0.35% 31.03.2013 MF-AGG GERMANY
LOCAL GOVERNMENT PEN 2'951'403 0 42'883'886 0.33% 31.10.2012 Research FINLAND
ING INTERNATIONAL AD 2'829'932 273'154 41'118'912 0.32% 31.01.2013 MF-AGG LUXEMBOURG
SWISS NATIONAL BANK 2'669'409 0 38'786'513 0.30% 31.10.2012 Research SWITZERLAND
SOCIETY OF SWEDISH L 2'195'400 0 31'899'162 0.25% 31.10.2012 Research FINLAND
OP DELTA FUND 2'160'000 0 31'384'800 0.24% 31.10.2012 Research FINLAND
OP-FOCUS NON UCITS F 2'075'000 0 30'149'750 0.23% 31.10.2012 Research n/a
Top 5 Insiders:
Holder Name Position Position Change Market Value % of Ownership Report Date Source
KUULA TAPIO TEUVO 101'232 1'470'901 0.01% 31.12.2011 Co File
KARTTINEN TIMO 55'015 799'368 0.01% 31.12.2011 Co File
LAAKSONEN JUHA OLAVI 40'861 593'710 0.01% 31.12.2011 Co File
FRISK MIKAEL 28'473 413'713 0.00% 31.12.2011 Co File
LANGER PER 12'751 185'272 0.00% 31.12.2011 Co File
Company Analysis - Ownership
Ownership Type
68%
32%
0%
Institutional Ownership Retail Ownership Insider Ownership
Geographic Ownership
88%
3%
2%
1%
1%
1% 1%
3%
Finland United States Luxembourg
Norway Sweden Unknown Country
Switzerland Others
Institutional Ownership
78%
5%
2%2%
13%
Government Investment Advisor Insurance Company
Other Others
TOP 20 ALL
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4. Fortum OYJ
Financial information is in EUR (M)
Periodicity: 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E
Income Statement
Revenue 11'148 11'392 3'835 3'877 4'491 4'479 5'636 5'435 6'296 6'161 6'159 6'344 6'470 6'698
- Cost of Goods Sold
Gross Income 2'766 2'708 2'914
- Selling, General & Admin Expenses 10'234 10'150 2'731 2'631 3'116 3'025 3'903 3'687 4'571 4'450 4'529
(Research & Dev Costs) 38 35 26 14 17 21 27 30 30 38 41
Operating Income 945 1'318 1'195 1'347 1'455 1'541 1'817 1'822 1'827 1'789 1'696 1'766 1'710 1'742
- Interest Expense 357 320 260 203 176 220 330 211 152 231 220
- Foreign Exchange Losses (Gains) -1 -1 -185 0 -2 -3
- Net Non-Operating Losses (Gains) -419 -185 -27 -123 43 -613 -361 -22 60 -670 -99
Pretax Income 1'008 1'184 962 1'267 1'421 1'934 1'850 1'636 1'615 2'228 1'575 1'514 1'482 1'540
- Income Tax Expense 269 325 259 331 301 326 254 285 261 366 72
Income Before XO Items 739 859 703 936 1'120 1'608 1'596 1'351 1'354 1'862 1'503
- Extraordinary Loss Net of Tax 0 0 -589 -474 0 0 0 0 0 0
- Minority Interests 73 90 33 52 49 56 54 39 54 93 94
Diluted EPS Before XO Items 0.78 1.00
Net Income Adjusted* 666 769 1'227 936 1'053 1'320 1'538 1'312 1'394 1'319 1'287 1'150 1'115 1'158
EPS Adjusted 0.79 0.91 1.44 1.09 1.20 1.48 1.73 1.48 1.57 1.48 1.45 1.29 1.25 1.30
Dividends Per Share 0.31 0.42 0.58 1.12 1.26 0.77 1.00 1.00 1.00 1.00 1.00 1.00 0.97 0.94
Payout Ratio % 39.4 46.3 75.5 110.9 104.5 44.2 57.6 67.7 68.3 50.2 63.0 0.77 0.78 0.73
Total Shares Outstanding 846 849 870 875 887 887 888 888 888 888 888
Diluted Shares Outstanding 851 859 862 888 887 891 888 888 888 888 888
EBITDA 1'613 1'842 1'583 1'754 1'884 1'992 2'332 2'332 2'390 2'395 2'360 2'446 2'429 2'496
*Net income excludes extraordinary gains and losses and one-time charges.
Equivalent Estimates
Company Analysis - Financials I/IV
Fiscal Year
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

5. Periodicity: 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E
Balance Sheet
Total Current Assets 3086 2390 2354 2055 1736 1886 3761 2549 2529 2788 2884
+ Cash & Near Cash Items 591 439 145 788 157 100 1'321 890 556 731 963
+ Short Term Investments 1 327
+ Accounts & Notes Receivable 1'281 951 1'047 716 1'052 840 849 784 943 689 914
+ Inventories 504 551 654 256 329 285 444 447 387 528 428
+ Other Current Assets 709 449 508 295 198 334 1'147 428 643 840 579
Total Long-Term Assets 14'874 14'172 15'213 13'075 15'103 15'788 16'517 17'292 19'435 20'210 21'744
+ Long Term Investments 121 124 1'296 1'104 781 835 742 918 1'149 1'196 1'384
Gross Fixed Assets 19'157 17'764 18'499 15'311 17'411 17'612 18'133 19'459 22'125 23'476 24'984
Accumulated Depreciation 6'445 6'132 6'574 5'135 5'940 6'269 5'995 6'604 7'504 8'242 8'487
+ Net Fixed Assets 12'712 11'632 11'925 10'176 11'471 11'343 12'138 12'855 14'621 15'234 16'497
+ Other Long Term Assets 2'041 2'416 1'992 1'795 2'851 3'610 3'637 3'519 3'665 3'780 3'863
Total Current Liabilities 3'934 2'688 2'466 2'048 1'568 1'763 2'090 2'133 3'384 2'438 2'649
+ Accounts Payable 689 449 570 262 844 272 343 317 435 443 558
+ Short Term Borrowings 2'134 1'225 790 828 442 605 980 857 862 925 1'078
+ Other Short Term Liabilities 1'111 1'014 1'106 958 282 886 767 959 2'087 1'070 1'013
Total Long Term Liabilities 6'698 7'236 7'451 5'671 7'110 7'260 9'777 9'217 9'838 10'399 11'158
+ Long Term Borrowings 4'306 4'840 4'450 3'118 4'060 4'288 6'520 6'002 6'520 6'845 7'699
+ Other Long Term Borrowings 2'392 2'396 3'001 2'553 3'050 2'972 3'257 3'215 3'318 3'554 3'459
Total Liabilities 10'632 9'924 9'917 7'719 8'678 9'023 11'867 11'350 13'222 12'837 13'807
+ Long Preferred Equity 0 0 0 0 0 0 0 0 0 0 0
+ Minority Interest 1'432 232 150 260 253 292 457 457 532 529 616
+ Share Capital & APIC 2'938 2'927 2'948 2'976 3'023 3'040 3'134 3'119 3'119 3'119 3'119
+ Retained Earnings & Other Equity 2'958 3'479 4'552 4'175 4'885 5'319 4'820 4'915 5'091 6'513 7'086
Total Shareholders Equity 7'328 6'638 7'650 7'411 8'161 8'651 8'411 8'491 8'742 10'161 10'821
Total Liabilities & Equity 17'960 16'562 17'567 15'130 16'839 17'674 20'278 19'841 21'964 22'998 24'628
Book Value Per Share 6.97 7.55 8.62 8.17 8.91 9.43 8.96 9.04 9.24 10.84 11.49 11.70 11.98 12.38
Tangible Book Value Per Share 6.77 7.38 8.49 8.08 8.80 9.33 8.52 8.60 8.77 10.35 10.99
Company Analysis - Financials II/IV
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

6. Periodicity: 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E
Cash Flows
Net Income 666 769 1'259 1'358 1'071 1'552 1'542 1'312 1'300 1'769 1'409 1'143 1'102 1'142
+ Depreciation & Amortization 668 524 388 407 429 451 515 510 563 606 664
+ Other Non-Cash Adjustments 82 170 84 -268 -211 -384 47 423 -464 -863 -520
+ Changes in Non-Cash Capital 88 111 27 -93 -178 51 -102 19 38 101 -171
Cash From Operating Activities 1'504 1'574 1'758 1'404 1'111 1'670 2'002 2'264 1'437 1'613 1'382
+ Disposal of Fixed Assets 120 142 60 30 83 14 37 48 7 15 13
+ Capital Expenditures -649 -550 -335 -346 -485 -592 -1'018 -845 -1'134 -1'285 -1'422 -1'204 -1'037 -879
+ Increase in Investments -1 -27 0 -1 -21 -4 -1 -2
+ Decrease in Investments 7 9 4 11 1 29 0 1
+ Other Investing Activities -855 608 -465 1'063 -884 -56 -1'300 -176 25 445 281
Cash From Investing Activities -1'378 182 -736 757 -1'306 -609 -2'282 -974 -1'102 -825 -1'128
+ Dividends Paid -220 -264 -357 -506 -987 -1'122 -1'198 -888 -888 -888 -888
+ Change in Short Term Borrowings 605 -233 -265 -384 32 -37 551 -215 191 -278 168
+ Increase in Long Term Borrowings 804 1'622 319 28 1'263 942 5'550 2'168 924 951 1'375
+ Decrease in Long Term Borrowings -1'200 -1'788 -865 -706 -803 -417 -3'479 -2'711 -912 -365 -669
+ Increase in Capital Stocks 1 22 95 22 49 17 4 2
+ Decrease in Capital Stocks 0 -30 -175
+ Other Financing Activities 29 -1'267 -237 28 1 -108 -27 -25 -10 -33
Cash From Financing Activities 19 -1'908 -1'310 -1'518 -476 -791 1'320 -1'671 -710 -590 -47
Net Changes in Cash 145 -152 -288 643 -671 270 1'040 -381 -375 198 207
Free Cash Flow (CFO-CAPEX) 855 1'024 1'423 1'058 626 1'078 984 1'419 303 328 -40 681 727 921
Free Cash Flow To Firm 1'117 1'256 1'613 1'208 765 1'261 1'269 1'593 430 521 170
Free Cash Flow To Equity 1'184 767 672 26 1'201 1'580 3'643 709 513 651 847
Free Cash Flow per Share 1.01 1.21 1.67 1.21 0.71 1.21 1.11 1.60 0.34 0.37 -0.05
Company Analysis - Financials III/IV
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7. Periodicity: 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E
Ratio Analysis
Valuation Ratios
Price Earnings 7.9x 9.0x 17.3x 15.6x 17.7x 17.7x 8.8x 12.8x 15.4x 8.3x 8.9x 11.2x 11.7x 11.2x
EV to EBIT 13.3x 9.7x 14.3x 12.8x 16.3x 20.8x 11.1x 12.8x 15.0x 12.4x 12.4x
EV to EBITDA 7.8x 6.9x 10.8x 9.9x 12.6x 16.1x 8.6x 10.0x 11.5x 9.3x 8.9x 8.6x 8.6x 8.4x
Price to Sales 0.5x 0.6x 3.0x 3.6x 4.2x 6.1x 2.4x 3.1x 3.2x 2.4x 2.0x 2.0x 2.0x 1.9x
Price to Book 0.9x 1.1x 1.6x 1.9x 2.4x 3.3x 1.7x 2.1x 2.4x 1.5x 1.2x 1.2x 1.2x 1.2x
Dividend Yield 5.0% 5.1% 4.3% 7.1% 5.8% 2.5% 6.6% 5.3% 4.4% 6.1% 7.1% 6.8% 6.7% 6.5%
Profitability Ratios
Gross Margin 43.6% 41.9% 43.5%
EBITDA Margin 14.5% 16.2% 41.3% 45.2% 42.0% 44.5% 41.4% 42.9% 38.0% 38.9% 38.3% 38.6% 37.5% 37.3%
Operating Margin 8.5% 11.6% 31.2% 34.7% 32.4% 34.4% 32.2% 33.5% 29.0% 29.0% 27.5% 27.8% 26.4% 26.0%
Profit Margin 6.0% 6.8% 32.8% 35.0% 23.8% 34.7% 27.4% 24.1% 20.6% 28.7% 22.9% 18.1% 17.2% 17.3%
Return on Assets 4.1% 4.5% 7.4% 8.3% 6.7% 9.0% 8.1% 6.5% 6.2% 7.9% 5.9% 5.0% 4.8% 4.2%
Return on Equity 11.7% 12.5% 18.1% 18.5% 14.2% 19.1% 18.9% 16.4% 16.0% 19.8% 14.2% 11.1% 10.4% 10.2%
Leverage & Coverage Ratios
Current Ratio 0.78 0.89 0.95 1.00 1.11 1.07 1.80 1.20 0.75 1.14 1.09
Quick Ratio 0.48 0.52 0.48 0.73 0.77 0.72 1.04 0.78 0.44 0.58 0.71
Interest Coverage Ratio (EBIT/I) 2.63 4.12 4.60 6.64 8.27 7.00 5.18 7.56 9.27 6.30 5.65
Tot Debt/Capital 0.47 0.48 0.41 0.35 0.36 0.36 0.47 0.45 0.46 0.43 0.45
Tot Debt/Equity 0.88 0.91 0.68 0.53 0.55 0.57 0.89 0.81 0.84 0.76 0.81
Others
Asset Turnover 0.69 0.66 0.22 0.24 0.28 0.26 0.30 0.27 0.30 0.27 0.26
Accounts Receivable Turnover 9.37 10.21 3.84 4.40 5.08 4.73 6.67 6.66 7.29 7.55 7.68
Accounts Payable Turnover
Inventory Turnover
Effective Tax Rate 26.7% 27.4% 26.9% 26.1% 21.2% 16.9% 13.7% 17.4% 16.2% 16.4% 4.6%
Company Analysis - Financials IV/IV
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

8. FORTUM OYJ E.ON SE RWE AG EDF GDF SUEZ
ALPIQ HOLDIN-
REG
ENEL SPA
VEOLIA
ENVIRONNE
VERBUND AG DRAX GROUP PLC AES CORP NATIONAL GRID PL CENTRICA PLC SSE PLC UNITED UTILITIES
12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 03/2012 12/2012 03/2012 03/2012
16.69 19.80 36.47 17.91 20.35 160.53 3.30 11.10 21.49 660.50 13.98 828.00 394.30 1'575.00 816.00
08.05.2012 14.09.2012 12.09.2012 03.07.2012 21.08.2012 07.05.2012 14.01.2013 04.05.2012 03.05.2012 20.02.2013 03.05.2013 02.05.2013 23.04.2013 03.05.2013 14.08.2012
12.81 12.42 25.83 13.39 14.05 102.73 2.02 7.38 14.50 390.00 9.52 636.00 301.20 1'286.00 617.50
23.07.2012 08.02.2013 19.04.2013 29.11.2012 01.03.2013 14.02.2013 24.07.2012 16.11.2012 25.07.2012 25.07.2012 14.11.2012 25.07.2012 22.06.2012 25.07.2012 21.05.2012
2'859'551 13'805'210 2'227'976 2'094'980 3'340'397 6'903 20'827'018 5'111'028 149'497 142'171 503'763 2'276'433 4'044'482 640'795 1'354'891
14.52 13.98 27.72 17.84 16.66 118.00 2.95 10.61 16.25 622.00 13.97 826.00 377.30 1'571.00 745.00
-13.0% -29.4% -24.0% -0.4% -18.2% -26.5% -10.5% -4.4% -24.4% -5.8% -0.1% -0.2% -4.3% -0.3% -8.7%
13.3% 12.5% 7.3% 33.2% 18.5% 14.9% 46.1% 43.8% 12.1% 59.5% 46.7% 29.9% 25.3% 22.2% 20.6%
888.4 1'906.8 614.7 1'846.7 2'357.3 27.2 9'403.4 507.8 347.4 401.6 744.3 3'701.0 5'199.0 944.7 681.8
12'899 27'964 16'991 32'975 40'186 3'208 27'759 5'539 5'646 2'500 10'415 30'292 19'573 15'150 5'080
8'777.0 25'944.0 19'946.0 64'501.0 57'552.0 5'270.0 66'539.0 17'001.6 4'321.1 90.7 21'373.0 23'025.0 5'328.0 6'245.6 5'855.2
- - - - - - - - - - 78.0 - - - -
616.0 3'862.0 1'613.0 4'854.0 11'462.0 106.0 16'387.0 1'973.6 641.0 - 2'945.0 7.0 - - -
963.0 6'097.0 5'276.0 22'307.0 11'383.0 1'359.0 9'891.0 5'547.8 121.7 401.7 2'666.0 2'723.0 938.0 189.2 321.2
20'999 51'673 33'274 80'023 97'817 7'225 100'794 18'967 10'456 2'189 32'145 51'227 23'963 20'396 10'907
LFY 6'159.0 132'093.0 50'771.0 72'729.0 97'038.0 12'710.0 82'699.0 29'438.5 3'174.3 1'779.8 18'141.0 13'832.0 23'942.0 31'723.9 1'564.9
LTM 6'249.0 132'093.0 50'771.0 72'729.0 97'038.0 12'710.0 82'699.0 29'438.5 3'198.8 1'779.8 18'159.0 13'605.0 23'942.0 31'337.3 1'595.1
CY+1 6'344.3 111'418.7 53'546.9 73'749.5 81'162.0 10'925.5 81'744.2 25'737.4 3'271.5 1'868.2 18'518.2 14'417.8 24'542.4 31'332.2 1'644.4
CY+2 6'470.1 112'638.7 53'803.9 75'979.2 81'900.2 10'724.5 82'556.8 25'914.5 3'175.8 2'138.0 19'017.8 15'066.6 25'538.9 31'732.5 1'699.0
LFY 3.6x 0.4x 0.7x 1.0x 1.0x 0.6x 1.2x 0.6x 3.4x 1.1x 1.6x 3.3x 0.9x 0.6x 6.8x
LTM 3.5x 0.4x 0.7x 1.0x 1.0x 0.6x 1.2x 0.6x 3.3x 1.1x 1.6x 3.4x 0.9x 0.6x 6.7x
CY+1 3.4x 0.5x 0.6x 1.1x 1.1x 0.6x 1.1x 0.7x 3.1x 1.3x 1.7x 3.6x 1.0x 0.7x 6.5x
CY+2 3.3x 0.4x 0.6x 1.1x 1.0x 0.5x 1.0x 0.6x 3.2x 1.2x 1.6x 3.5x 0.9x 0.7x 6.4x
LFY 2'360.0 8'443.0 9'055.0 14'342.0 18'401.0 1'200.0 16'150.0 2'684.9 1'228.2 298.4 4'807.0 4'777.0 3'698.0 1'946.8 900.0
LTM 2'413.0 8'443.0 9'201.0 14'342.0 18'401.0 1'200.0 16'150.0 2'684.9 1'211.8 298.4 4'807.0 4'991.0 3'698.0 2'073.9 905.1
CY+1 2'446.0 9'554.8 8'828.3 15'982.1 13'786.8 800.0 16'053.9 2'213.2 1'136.3 200.5 5'011.5 5'042.9 3'965.5 2'208.6 980.8
CY+2 2'428.7 9'754.7 8'597.0 17'030.6 13'928.0 714.5 16'053.2 2'294.5 1'035.4 245.5 5'271.0 5'419.3 4'200.6 2'356.2 1'021.8
LFY 9.3x 6.0x 3.9x 5.1x 5.1x 6.3x 6.3x 6.7x 8.7x 6.3x 6.2x 9.6x 5.9x 9.5x 11.9x
LTM 9.1x 6.0x 3.9x 5.1x 5.1x 6.3x 6.3x 6.7x 8.8x 6.3x 6.2x 9.2x 5.9x 9.0x 11.8x
CY+1 8.8x 5.3x 3.9x 5.0x 6.2x 7.5x 5.4x 7.6x 9.0x 12.2x 6.4x 10.2x 6.1x 10.0x 10.9x
CY+2 8.8x 5.2x 4.0x 4.8x 6.0x 8.2x 5.1x 7.3x 9.9x 10.5x 6.0x 9.8x 5.6x 9.6x 10.7x
LFY - 1.81 1.95 2.06 1.33 -38.43 0.09 0.01 1.10 0.44 1.24 0.51 0.26 1.29 0.47
LTM 1.48 1.14 2.13 1.80 0.71 -38.43 0.09 0.02 1.00 0.44 -1.21 0.64 0.25 0.25 0.48
CY+1 1.29 1.32 3.89 1.74 1.36 9.13 0.33 0.46 1.02 0.25 1.28 0.54 0.28 1.14 0.39
CY+2 1.25 1.39 3.48 1.92 1.42 8.18 0.34 0.64 0.96 0.30 1.37 0.56 0.30 1.18 0.41
LFY 9.8x 12.3x 13.0x 9.9x 23.4x - 32.1x 589.1x 16.3x 14.1x - 13.0x 15.3x 63.9x 15.7x
LTM - 7.7x 13.0x 9.9x 12.5x - - - 16.5x 14.2x - 15.2x 14.5x 14.3x 15.2x
CY+1 11.2x 10.6x 7.1x 10.3x 12.3x 12.9x 9.0x 23.0x 15.9x 25.4x 10.9x 15.3x 13.6x 13.8x 19.0x
CY+2 11.7x 10.1x 8.0x 9.3x 11.7x 14.4x 8.8x 16.5x 16.9x 20.6x 10.2x 14.9x 12.7x 13.3x 18.1x
1 Year (0.0%) 16.9% 3.3% 11.4% 7.0% (9.0%) 6.6% 3.0% 4.8% (3.1%) 7.2% (3.6%) 4.9% 12.0% 3.4%
5 Year 7.1% 16.4% 4.1% 6.1% 7.2% (0.5%) 9.1% (2.9%) (0.1%) 11.2% 6.6% 8.6% 10.5% 18.0% (5.1%)
1 Year (1.5%) 97.8% 9.3% 1.7% 14.5% 28.1% (5.6%) 5.9% 26.6% (10.6%) (2.6%) (1.4%) 11.7% 4.9% 0.0%
5 Year 3.4% (5.3%) 3.1% (1.7%) 20.7% 0.2% 10.7% (6.3%) 2.3% (10.0%) 4.0% 7.5% 8.1% 5.7% 0.9%
LTM 38.6% 6.4% 18.1% 19.7% 19.0% 9.4% 19.5% 9.1% 37.9% 16.8% 26.5% 36.7% 15.4% 6.6% 56.7%
CY+1 38.6% 8.6% 16.5% 21.7% 17.0% 7.3% 19.6% 8.6% 34.7% 10.7% 27.1% 35.0% 16.2% 7.0% 59.6%
CY+2 37.5% 8.7% 16.0% 22.4% 17.0% 6.7% 19.4% 8.9% 32.6% 11.5% 27.7% 36.0% 16.4% 7.4% 60.1%
Total Debt / Equity % 86.0% 74.2% 134.6% 249.4% 96.3% 107.5% 181.0% 237.7% 96.9% 6.1% 467.8% 249.2% 89.9% 136.2% 331.8%
Total Debt / Capital % 44.8% 40.1% 54.8% 67.7% 44.7% 51.3% 55.6% 65.1% 45.9% 5.8% 73.8% 71.3% 47.3% 57.7% 76.8%
Total Debt / EBITDA 3.793x 3.073x 2.168x 4.497x 3.128x 4.392x 4.120x 6.332x 3.510x 0.304x 4.446x 4.830x 1.441x 2.961x 6.606x
Net Debt / EBITDA 3.080x 2.351x 1.594x 2.942x 2.509x 3.259x 3.508x 4.266x 3.424x -1.042x 3.892x 4.193x 1.187x 2.530x 6.438x
EBITDA / Int. Expense 7.867x 2.900x 7.250x 5.871x 7.199x 6.218x 5.508x 3.201x 6.094x 19.503x 2.856x 2.040x 7.441x 3.881x 2.853x
S&P LT Credit Rating A- A- BBB+ A+ A *- - BBB+ BBB+ A- - BB- A- A- A- -
S&P LT Credit Rating Date 27.11.2012 27.07.2012 27.07.2012 17.01.2012 29.01.2013 - 08.03.2012 24.11.2000 21.09.2009 - 17.05.2011 24.08.2007 29.05.2009 21.08.2009 -
Moody's LT Credit Rating A2 A3 A3 Aa3 A1 - Baa2 Baa1 A3 - Ba3 Baa1 A3 A3 -
Moody's LT Credit Rating Date 15.07.2005 05.10.2011 19.07.2011 14.01.2009 03.07.2012 - 05.11.2012 07.02.2012 12.04.2013 - 28.11.2011 12.01.2007 21.06.2006 22.09.2009 -
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