FORTUM CORPORATION INSIDE INFORMATION 26 APRIL 2023 AT 9:25
Russia has issued a new presidential decree which enables the authorities to
introduce temporary asset management to assets owned by certain foreign entities
in Russia. At this point Fortum has not received official confirmation from the
Russian authorities and the company is currently investigating the situation.
According to a press release by the Russian Federal Agency for State Property
Management, Rosimushchestvo, it has been appointed as an interim asset manager,
which exercises the powers of the owner, but has no right to dispose of the
property. Fortum's current understanding is that the new decree does not affect
the title (registered ownership) of the assets and companies in Russia. However,
it remains unclear how this affects e.g. Fortum's Russian operations or the
ongoing divestment process.
In the decree, temporary management was introduced in relation to Fortum's
shares in the Russian subsidiary PAO Fortum (Fortum JSC). The book value of
Fortum's holdings (including holdings in TGC-1) in Russia was EUR 1.7 billion as
of 31 December 2022.
Fortum will publish further confirmed relevant information once available.
Fortum Corporation
Ingela Ulfves
Vice President, Investor relations and Financial Communications
Further information:
Investors and analysts:
Ingela Ulfves, Vice President, Investor Relations and Financial Communications,
tel. +358 40 515 1531
Rauno Tiihonen, Manager, Investor Relations, tel. +358 10 453 6150
Media:
Fortum News Desk, tel. +358 40 198 2843
Distribution:
Nasdaq Helsinki
Main media
www.fortum.com
Fortum
Fortum is a Nordic energy company. Our purpose is to power a world where people,
businesses and nature thrive together. We are one of the cleanest energy
producers in Europe and our actions are guided by our ambitious environmental
targets. We generate and deliver clean energy reliably and help industries to
decarbonise their processes and grow. Our core operations in the Nordics
comprise of efficient, CO2-free power generation as well as reliable supply of
electricity and district heat to private and business customers. For our ~5 000
employees, we commit to be a safe, and inspiring workplace. Fortum's share is
listed on Nasdaq Helsinki. fortum.com (https://www.fortum.com)