annual-and-sustainability-report-2014

Quarterly overviewQuarterly overview2013 2014Amounts in SEK million Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4Income statement itemsNet sales 49,732 38,308 37,057 47,156 45,912 36,575 34,734 48,725EBITDA 15,783 8,736 9,609 9,424 16,588 3,890 8,438 12,120Operating profit (EBIT) 10,837 -25,842 4,893 3,895 11,832 -1,637 -19,436 7,045Underlying operating profit 11,656 5,399 4,074 7,007 9,075 4,086 2,750 8,223Financial income 158 163 384 711 690 623 577 697Financial expenses -2,634 -2,823 -2,146 -2,850 -2,391 -2,044 -1,939 -2,257Profit before tax 8,361 -28,502 3,131 1,756 10,131 -3,058 -20,798 5,485Profit for the period 6,195 -23,259 1,538 1,983 8,205 -2,323 -18,065 3,900– of which, attributable to owners of the Parent Company 6,241 -23,707 1,570 2,227 8,111 -1,830 -18,122 3,663– of which, attributable to non-controlling interests -46 448 -32 -244 94 -493 57 237Cash flow itemsFunds from operations (FFO) 12,598 5,999 6,743 6,548 10,792 3,854 5,008 12,476Cash flow from operating activities 4,760 11,474 13,695 7,914 7,487 8,333 9,992 14,333Free cash flow 2,750 8,363 10,214 2,252 4,685 4,330 6,083 8,136Balance sheet itemsCash and cash equivalents and short-term investments 38,981 35,082 29,590 27,261 35,301 30,147 35,794 45,068Equity 152,527 127,691 122,796 130,718 145,725 142,387 123,864 128,462– of which, attributable to owners of the Parent Company 143,625 117,858 114,152 120,370 134,852 131,567 111,603 115,260– of which, attributable to non-controlling interests 8,902 9,833 8,644 10,348 10,873 10,820 12,261 13,202Interest-bearing liabilities 139,813 139,687 129,065 126,488 121,588 116,618 120,680 125,928Net debt 99,494 104,249 99,033 98,998 85,694 85,872 83,403 79,473Adjusted net debt 152,101 162,503 157,996 162,590 147,296 156,124 151,464 158,291Provisions 111,274 115,168 114,864 118,166 117,640 128,560 128,478 138,567Noninterest-bearing liabilities 109,504 104,369 100,997 110,112 107,222 98,184 90,207 103,476Capital employed, average 315,136 302,084 288,959 302,743 303,207 296,908 282,390 293,992Balance sheet total 513,118 486,915 467,722 485,484 492,175 485,749 463,229 496,433Key ratiosIn % unless otherwise stated. (x) means times.Operating margin 21.8 - 67.5 13.2 8.3 25.8 -4.5 -56.0 14.5Operating margin 2 23.4 14.1 11.0 14.9 19.8 11.2 7.9 16.9Return on equity 6.8 - 11.7 - 7.6 - 11.4 -9.9 8.4 -8.0 -6.9Return on capital employed 5.7 - 4.2 - 1.7 - 2.1 -1.7 6.4 -1.9 -0.7Return on capital employed 2 8.7 9.3 9.5 9.3 8.4 8.2 8.1 8.2EBIT interest cover, (x) 2.8 - 4.1 - 0.7 - 0.7 -0.6 3.3 -0.6 -0.1EBIT interest cover, (x) 2 4.2 6.3 4.2 4.1 3.9 4.2 4.2 5.0FFO interest cover, (x) 6.0 6.9 6.5 5.4 5.4 5.5 5.5 7.2FFO interest cover, net, (x) 7.1 5.7 7.0 6.2 6.2 5.0 7.3 10.1FFO/gross debt 24.5 26.0 28.6 25.2 24.7 24.0 21.7 25.5FFO/net debt 34.5 34.9 37.3 32.2 35.1 32.5 31.4 40.4FFO/adjusted net debt 22.6 22.4 23.4 19.6 20.4 17.9 17.3 20.3Equity/total assets 29.7 26.2 26.3 26.9 29.6 29.3 26.7 25.9Gross debt/equity 91.7 109.4 105.1 96.8 83.4 81.9 97.4 98.0Net debt/equity 65.2 81.6 80.7 75.7 58.8 60.3 67.3 61.9Gross debt/gross debt plus equity 47.8 52.2 51.2 49.2 45.5 45.0 49.4 49.5Net debt/EBITDA, (x) 2.2 2.3 2.2 2.3 1.9 2.2 2.2 1.9Adjusted net debt/EBITDA, (x) 3.3 3.6 3.6 3.7 3.3 4.0 4.0 3.9Other informationInvestments 5,300 6,566 6,486 9,409 5,254 6,044 7,890 9,844Electricity generation, TWh 52.2 41.8 40.0 47.7 50.1 39.7 36.8 46.2Sales of electricity, TWh 58.3 45.6 44.6 54.8 56.5 46.6 42.5 53.4Sales of heat, TWh 14.0 5.8 2.8 7.7 9.1 4.7 2.5 7.8Sales of gas, TWh 25.3 9.7 4.8 16.0 18.4 7.0 4.8 15.3Number of employees, full-time equivalents 32,721 32,467 32,077 31,819 31,261 30,544 30,332 30,181Vattenfall Annual and sustainability report 2014 145