A good year for Savon Voima – investments at a record level

Julkaistu 01.03.2018 - Kategoriassa Tiedote

Savon Voima Group's net sales totalled EUR 184.1 million (EUR 184.8 million) last year. The operating profit of the Savon Voima Group increased by 20.6 per cent to EUR 37.1 million (EUR 30.8 million). The operating margin improved by 12.4 per cent to EUR 71.2 million (EUR 63.4 million). Investments grew on the previous year, amounting to EUR 64.4 million (EUR 57.2 million) last year.

The improved performance was attributable to the long-term development of the production structure towards zero emission production forms and to investments in energy-efficient production. The results were also boosted by the improved efficiency of operating processes and the rise in electricity distribution prices.  Extreme weather disturbances such as storms were avoided and therefore electricity distribution network repair costs were lower than in the previous years.

Despite the measures carried out on the power production portfolio, the profitability of electricity generation will face a challenging situation in the next few years. We will need to enhance the efficiency of the cost structure in order to maintain competitiveness.

The Group’s investments totalled EUR 64.4 million (EUR 57.2 million), of which the share of investments in the weather resilience of the electricity distribution reached a record high: EUR 54.0 million (EUR 46.5 million in 2016), corresponding to about 65 per cent of the net sales of electricity distribution operations. Our ongoing investment programme to improve supply by renovating and modernising electricity network vulnerable to weather disturbances continues: this year and in the next few years in the form of annual investments of about EUR 50 million.   

Electricity distribution prices were raised on 1 April 2017 by an average of six per cent. This was necessary in order to enable planned investments required for the weather resilient electricity network. However, the average price of sold electric power fell last year, and we reduced the energy fee for district heat by 1–4.5 per cent, depending on the district heating network. In addition, we did not charge our customers for the power charge of district heat in November. In energy generation, fuels procured close to our production plants accounted for over 96 per cent of production.

The Board of Directors of Savon Voima proposes to the annual general meeting that a dividend of EUR 9.5 million (EUR 8.9 million) be paid to the owner municipalities.  

– Responsible and reliable long-term development calls for strong finances, which require good economic performance. Good performance is also important for the regional economy as it enables a significant investment programme and profit distribution to the owner municipalities, says Arto Sutinen, CEO of the Savon Voima Group.


Financial performance, MEUR 2017 2016 2015
Net sales 184.1 184.8 185.8
Depreciation and value adjustments 34.1 32.6 29.2
Operating profit 37.1 30.8 8.1
Profit before extraordinary items 35.0 29.8 7.2
Profit for the financial year 27.4 26.1 3.8
Key figures % of net sales % % %
Operating profit 20.2 16.7 4.4
Profit before extraordinary items 19.0 16.1 3.9
Other key figures % % %
Return on equity 7.8 7.9 1.2
Return on capital invested 8.8 7.5 2.3
Equity ratio 73.0 68.6 70.5
Quick ratio 0.8 1.2 0.8
Investments in total, MEUR 64.4 57.2 53.6
Investments in electricity distribution, MEUR 54.0 46.5 36.6
Investments in district heat, MEUR 6.7 8.5 14.7
Increase in connection fees, MEUR 1.7 1.6 1.5

Savon Voima Group’s environmental and sustainability report for last year will be published on 1 April 2018.


Arto Sutinen, CEO, Savon Voima Oyj
email: arto.sutinen@savonvoima.fi
tel. +358 44 703 3130

Savon Voima is an energy group that provides a diverse range of energy services. The company’s business operations include electricity sales, electricity generation and distribution, production and distribution of district heat, and diverse portfolio management services in the energy sector. Our district heat is truly local energy from the province of Savo, and we take the responsibility for the entire energy chain. The Group’s net sales amount to about EUR 184 million (2017) and we employ some 180 energy industry professionals. The Group is fully owned by the 20 municipalities in our area of operations, and our headquarters are located in the Rissala enterprise village in Siilinjärvi, close to the town of Kuopio.

Savon Voima Oyj

PL 1024
(Kapteeninväylä 5)
70901 Toivala

017 224 400

Maksuttomat 24H- vikapalvelunumerot:

0800 307 400

0800 307 800

Vaihde 017 223 111

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