2013-07-19 08:00:00 CEST
2013-07-19 08:00:04 CEST
REGLERAD INFORMATION
Fortum - Interim report (Q1 and Q3)
Fortum Corporation interim report Q2 2013 - Good operational performance in the second quarter
Espoo, Finland, 2013-07-19 08:00 CEST (GLOBE NEWSWIRE) -- FORTUM CORPORATION
INTERIM REPORT 19 July 2013 at 9.00 EEST
April−June 2013
• Comparable operating profit EUR 298 (284) million, +5%
• Operating profit EUR 438 (286) million, of which EUR 140 (2) million
relates to items affecting comparability
• Earnings per share EUR 0.35 (0.21), +67%, of which EUR 0.12 (0.00) per
share relates to items affecting comparability
January−June 2013
• Comparable operating profit EUR 948 (938) million, +1%
• Operating profit EUR 1,041 (1,025) million, of which EUR 93 (87) million
relates to items affecting comparability
• Earnings per share EUR 0.80 (0.77), +4%, of which EUR 0.08 (0.10) per
share relates to items affecting comparability
• Efficiency programme progressed well and according to plan
• Assessment of the electricity distribution business continued
Key figures II/13 II/12* I-II/13 I-II/12 2012* LTM**
*
--------------------------------------------------------------------------------
Sales, EUR million 1,327 1,284 3,318 3,185 6,159 6,292
--------------------------------------------------------------------------------
Operating profit, EUR million 438 286 1,041 1,025 1,874 1,890
--------------------------------------------------------------------------------
Comparable operating profit, 298 284 948 938 1,752 1,762
EUR million
--------------------------------------------------------------------------------
Profit before taxes, EUR 388 238 947 893 1,586 1,640
million
--------------------------------------------------------------------------------
Earnings per share, EUR 0.35 0.21 0.80 0.77 1.59 1.63
--------------------------------------------------------------------------------
Net cash from operating 400 319 1,046 872 1,382 1,556
activities, EUR million
--------------------------------------------------------------------------------
Shareholders' equity per 10.89 10.50 11.30 N/A
share, EUR
--------------------------------------------------------------------------------
Interest-bearing net debt 8,035 7,420 7,814 N/A
(at end of period), EUR
million
--------------------------------------------------------------------------------
Average number of shares, 888,367 888,367 888,367 888,367
1,000s
--------------------------------------------------------------------------------
Key financial ratios 2012* LTM**
-----------------------------------------------
Return on capital employed, % 10.2 10.5
-----------------------------------------------
Return on shareholders' equity, % 14.6 15.4
-----------------------------------------------
Net debt/EBITDA 3.1 3.1
-----------------------------------------------
Comparable net debt/EBITDA 3.2 3.3
-----------------------------------------------
*) Comparative period figures for 2012 presented in the interim report are
restated due to an accounting change for pensions; see page 4.
**) Last twelve months
Outlook
• Fortum currently expects the annual electricity demand growth in the
Nordic countries to be on average 0.5% in the coming years.
• Capital expenditure guidance: EUR 1.1-1.4 billion in 2013 and EUR 0.9-1.1
billion in 2014.
• Power Division's Nordic generation hedges: For the rest of the calendar
year 2013, 75% hedged at EUR 45 per MWh, and for the 2014 calendar year, 50%
hedged at EUR 42 per MWh.
• Fortum's goal is to achieve an operating income (EBIT level) of about EUR
500 million run-rate in its Russia division during 2015.
FORTUM'S CFO MARKUS RAURAMO
”Fortum's second-quarter operational performance was good in all divisions.
Total comparable operating profit amounted to EUR 298 million and net cash flow
from operating activities to EUR 400 million. The ongoing efficiency programme
has proceeded well according to plan - our costs have reduced, working capital
improved and we have divested a number of non-core assets. This gives
additional support to our operations going forward.
Europe's challenging economic situation has continued. Industrial demand has
continued to decline, however, this has been offset by an increase in
non-industrial consumption. The present low electricity prices and forwards
have also narrowed the energy sector's operating field.
In the beginning of July, the European Parliament approved the so-called
backloading proposal, i.e. the decision to withhold the auctioning of excess
carbon credits concerning the EU Emissions Trading Scheme (EU ETS). The
decision making process is now continuing and the Council and the Parliament
will have to find a final agreement before all the details are known and
backloading can be executed. It is assumed that this will take the rest of the
year and that execution can take place during the first half of 2014. This is
the first step in strengthening the European carbon market and establishing a
clear price signal for CO2-free energy production. However, Fortum considers a
more profound renovation of emissions trading necessary. The carbon market has
to be strengthened by setting an ambitious emissions reduction target for 2030
in order to support the long-term investment environment, and by making a
structural reform of the scheme, e.g. by establishing an allowance supply
adjustment mechanism.
With regard to the Swedish hydro tax, at the end of April Fortum filed a
complaint with the EU Commission to find out whether the construction of the
tax is in line with the EU tax and state aid regulations. Taxes on electricity
should not be levied for production, and different tax rates for different
production technologies may constitute state aid − just as the so-called
windfall tax would in Finland. The EU Commission informed Fortum in June that
it will investigate the Swedish case more in detail.
Fortum continues to explore future alternatives for its electricity
distribution business. The assessment is progressing as planned, and our aim is
to complete it by the end of 2013. In addition, we announced that Fortum is
assessing the future alternatives for its coal-fired condensing power plant in
Inkoo, Finland.
New investments were formally finalised with the inaugurations of the first
waste-to-energy CHP plant in the Baltics in Klaipeda, Lithuania, and the
biofuel-fired CHP plant in Järvenpää, Finland. We also aim to gain experience
in different solar technologies and in operating in the Indian power market.
This ambition progressed with the acquisition of a 5-MW photo-voltaic solar
power plant in Rajasthan, India. Fortum also agreed to extend its district
heating network in Tartu, Estonia. We now own the whole district heating
network of Tartu.
In the coming months, we will continue to emphasise customers, sustainability
and safety as the cornerstones in our daily operations, and we will continue to
work together in our ambition to reach our strategic goal as the next
generation energy company.”
EFFICIENCY PROGRAMME 2013-2014
Fortum started an efficiency programme in 2012 in order to maintain and
strengthen its strategic flexibility and competitiveness and to enable the
company to reach its financial targets in the future.
The aim is to improve the company's cash flow by more than approximately EUR 1
billion during 2013-2014 by reducing capital expenditures (capex) by EUR
250-350 million, divesting approximately EUR 500 million of non-core assets,
reducing fixed costs and focusing on working capital efficiency.
Capex in 2013 will be EUR 1.1-1.4 billion and in 2014 EUR 0.9-1.1 billion. At
the end of 2014, the cost run-rate will be approximately EUR 150 million lower
compared to 2012, including growth projects.
If headcount reductions are needed, Fortum seeks to limit redundancies by using
natural rotation and retirement whenever possible. The assessments will
therefore be done at a unit level.
The programme has proceeded well and according to plan. During January-June,
additional cost reductions were achieved. The divestments of small power plants
in Sweden were also completed. In addition, as part of the efficiency
programme's disposals, Fortum disclosed in June that it will sell its minority
holding in Härjeåns Kraft Ab and Infratek ASA.
RESTATEMENT RELATED TO IFRS CHANGES IN PENSION ACCOUNTING
Fortum is applying an amended IFRS standard for pensions as of 1 January 2013.
Adoption of the new standard is done retrospectively and comparative
information for 2012 is therefore restated to reflect the change (Note 2). The
change had only a minor impact on Fortum's financial results and financial
position; however, it reduced the equity by EUR 124 million as of 1 January
2012. The restated comparative figures for the year 2012 are presented in the
attachment to the first-quarter interim report.
FINANCIAL RESULTS
April−June
In the second quarter of 2013, Group sales were EUR 1,327 (1,284) million.
Comparable operating profit totalled EUR 298 (284) million and the reported
operating profit totalled EUR 438 (286) million. Fortum's operating profit for
the period was affected by non-recurring items, an IFRS accounting treatment
(IAS 39) of derivatives mainly used for hedging Fortum's power production and
nuclear fund adjustments amounting to EUR 140 (2) million.
The share of profits from associates in the second quarter was EUR 33 (26)
million. The share of profits from Hafslund and TGC-1 are based on the
companies' published first-quarter interim reports; however, the share of
profits for TGC-1 fourth-quarter 2011 results were also included in the second
quarter of 2012.
Sales by division
EUR million II/13 II/12 I-II/13 I-II/12 2012 LTM
-------------------------------------------------------------------------------
Power 547 535 1,211 1,190 2,415 2,436
-------------------------------------------------------------------------------
Heat 283 321 912 946 1,628 1,594
-------------------------------------------------------------------------------
Russia 251 198 595 508 1,030 1,117
-------------------------------------------------------------------------------
Distribution* 230 223 572 531 1,070 1,111
-------------------------------------------------------------------------------
Electricity Sales* 153 135 415 382 722 755
-------------------------------------------------------------------------------
Other 15 29 31 73 137 95
-------------------------------------------------------------------------------
Netting of Nord Pool transactions -98 -88 -286 -276 -503 -513
-------------------------------------------------------------------------------
Eliminations -54 -69 -132 -169 -340 -303
-------------------------------------------------------------------------------
Total 1,327 1,284 3,318 3,185 6,159 6,292
-------------------------------------------------------------------------------
* Part of the Electricity Solutions and Distribution Division
Comparable operating profit by division
EUR million II/13 II/12 I-II/13 I-II/12 2012 LTM
----------------------------------------------------------------
Power 210 222 513 564 1,146 1,095
----------------------------------------------------------------
Heat 11 24 181 186 271 266
----------------------------------------------------------------
Russia 20 4 61 52 68 77
----------------------------------------------------------------
Distribution* 60 51 197 161 320 356
----------------------------------------------------------------
Electricity Sales* 13 11 28 20 39 47
----------------------------------------------------------------
Other -16 -28 -32 -45 -92 -79
----------------------------------------------------------------
Total 298 284 948 938 1,752 1,762
----------------------------------------------------------------
* Part of the Electricity Solutions and Distribution Division
Operating profit by division
EUR million II/13 II/12 I-II/13 I-II/12 2012 LTM
----------------------------------------------------------------
Power 337 214 600 582 1,175 1,193
----------------------------------------------------------------
Heat 8 21 183 235 344 292
----------------------------------------------------------------
Russia 21 15 61 63 79 77
----------------------------------------------------------------
Distribution* 61 52 197 169 331 359
----------------------------------------------------------------
Electricity Sales* 26 11 31 22 39 48
----------------------------------------------------------------
Other -15 -27 -31 -46 -94 -79
----------------------------------------------------------------
Total 438 286 1,041 1,025 1,874 1,890
----------------------------------------------------------------
* Part of the Electricity Solutions and Distribution Division
January−June
In January-June, Group sales were EUR 3,318 (3,185) million. Comparable
operating profit totalled EUR 948 (938) million and the reported operating
profit totalled EUR 1,041 (1,025) million. Fortum's operating profit for the
period was affected by non-recurring items, an IFRS accounting treatment (IAS
39) of derivatives mainly used for hedging Fortum's power production and
nuclear fund adjustments amounting to EUR 93 (87) million.
The share of profits of associates and joint ventures was EUR 62 (19) million.
The increase comes mainly from TGC-1. The share of profits from Hafslund and
TGC-1 are based on the companies' published fourth-quarter 2012 and
first-quarter 2013 interim reports.
The Group's net financial expenses increased to EUR 156 (151) million. Net
financial expenses were negatively affected by changes in the fair value of
financial instruments of EUR 6 (8) million.
Profit before taxes was EUR 947 (893) million.
Taxes for the period totalled EUR 181 (166) million. The tax rate according to
the income statement was 19.2% (18.5%). The tax rate, excluding mainly the
impact of the share of profits of associated companies and joint ventures as
well as non-taxable capital gains, was 20.6% (21.1%).
The profit for the period was EUR 766 (727) million. Fortum's earnings per
share were EUR 0.80 (0.77), of which EUR 0.08 (0.10) per share relates to items
affecting comparability.
Non-controlling (minority) interests amounted to EUR 51 (43) million. These are
mainly attributable to Fortum Värme Holding AB, in which the city of Stockholm
has a 50% economic interest.
FINANCIAL POSITION AND CASH FLOW
Cash flow
In January-June 2013, total net cash from operating activities increased by EUR
174 (8) million to EUR 1,046 (872) million, mainly due to a decrease in working
capital. Capital expenditures decreased by EUR 30 million to EUR 547 (577)
million. Proceeds from divestments totalled EUR 40 (310) million. Cash flow
before financing activities, i.e. dividend distributions and financing,
decreased by EUR 59 million to EUR 520 (579) million. The strong SEK (Swedish
krona) during the first half of the year had a negative impact on the cash flow
through realised net foreign exchange losses related to the rollover of foreign
exchange contract hedging loans to Fortum's Swedish subsidiaries. Realised
foreign exchange gains and losses were EUR -139 (-113) million.
During the reporting period, dividends totalling EUR 888 million were paid on
19 April 2013 using the cash and cash equivalents.
Assets and capital employed
Total assets decreased by EUR 587 million to EUR 23,974 (24,561 at year-end
2012) million. Non-current assets decreased by EUR 425 million from EUR 21,677
million to EUR 21,252 million. The majority, EUR 246 million, was a result of
the decreased value of property, plants and equipment due to the weakening
Russian rouble, Swedish krona and other currencies. The decrease in current
assets was EUR 162 million, totalling EUR 2,722 million. The decrease relates
mainly to the decrease in trade and other receivables, totalling EUR 445
million, which is offset by an increase of EUR 217 million in derivative
financial instruments, and an increase of EUR 65 million in cash and cash
equivalents and an increase of EUR 57 million in assets held for sale relating
to contracted divestments.
Capital employed was EUR 19,348 (19,420 at year-end 2012) million, a decrease
of EUR 72 million. The decrease was due to the lower amount of total assets,
EUR 587 million, and a EUR 515 million decrease in interest-free liabilities.
Equity
Total equity was EUR 10,285 (10,643 at year-end 2012) million, of which equity
attributable to owners of the parent company totalled EUR 9,671 (10,040)
million and non-controlling interests EUR 614 (603) million.
The decrease in equity attributable to owners of the parent company totalled
EUR 369 million and is mainly due to the payment of the dividends totalling EUR
888 million, net profit of EUR 715 million for the period and translation
differences of EUR -268 million.
Financing
Net debt increased during January-June by EUR 221 million to EUR 8,035 (7,814
at year-end 2012) million mainly as a result of the dividend payment of EUR 888
million in April.
During the second quarter Fortum issued three new bonds with a total value of
about 330 million. The amount of Fortum's Revolving Credit Facility (RCF) was
lowered from EUR 2,5 billion to 2,0 billion and a majority of the facility was
extended from 2016 to 2017.
At the end of June 2013, the Group's liquid funds totalled EUR 1,028 (963 at
year-end 2012) million. Liquid funds include cash and bank deposits held by OAO
Fortum amounting to EUR 162 (128 at year-end 2012) million. In addition to the
liquid funds, Fortum had access to approximately EUR 2.2 billion of undrawn
committed credit facilities.
The Group's net financial expenses during January-June 2013 were EUR 156 (151)
million. Net financial expenses include changes in the fair value of financial
instruments of EUR -6 (-8) million.
Fortum Corporation's long-term credit rating with S&P was A- (negative outlook).
In February, Fortum decided to terminate the rating relationship with Moody's
Investors Service. Moody's had an A2 rating with a negative outlook. As of
April, Fortum and Fitch Ratings entered into an agreement. Fitch will provide a
rating of Fortum Corporation and any subsequently issued securities issued
under Fortum's EMTN programme. Fitch's current long-term issuer default rating
of Fortum Corporation is A- (negative outlook).
Key figures
For the last twelve months, net debt to EBITDA was 3.1 (3.1 at year-end 2012)
and comparable net debt to EBITDA 3.3 (3.2), impacted by EUR 888 million in
dividend payments. Gearing was 78% (73%) and the equity-to-assets ratio 43%
(43%). Equity per share was EUR 10.89 (11.30). For the last twelve months,
return on capital employed was 10.5% (10.2%) and return on equity 15.4%
(14.6%).
OUTLOOK
Key drivers and risks
Fortum's financial results are exposed to a number of strategic, political,
financial and operational risks. The key factor influencing Fortum's business
performance is the wholesale price of electricity in the Nordic region. The key
drivers behind the wholesale price development in the Nordic region are the
supply-demand balance, fuel and CO2 emissions allowance prices as well as the
hydrological situation. The completion of Fortum's investment programme in
Russia is also one key driver to the company's result growth, due to the
increase in production volumes.
The continued global economic uncertainty and Europe's sovereign-debt crisis
has kept the outlook for economic growth unpredictable. The overall economic
uncertainty impacts commodity and CO2 emission allowance prices, and this could
maintain downward pressure on the Nordic wholesale price for electricity in the
short term. In the Russian business, the key factors are the regulation around
the heat business and further development of electricity and capacity markets.
Operational risks related to the investment projects in the current investment
programme are still valid. In all regions, fuel prices and power plant
availability also impact the profitability. In addition, increased volatility
in exchange rates due to financial turbulence could have both translation and
transaction effects on Fortum's financials, especially through the SEK and RUB.
In the Nordic countries, also the regulatory and fiscal environment for the
energy sector has added risks for utility companies.
Nordic market
Despite macroeconomic uncertainty, electricity will continue to gain a higher
share of the total energy consumption. Fortum currently expects the average
annual growth rate in electricity consumption to be 0.5%, while the growth rate
for the nearest years will largely be determined by macroeconomic development
in Europe and especially in the Nordic countries.
During the second quarter of 2013, the prices of coal, oil and CO2 weakened.
The forward prices of electricity for the upcoming twelve months in the Nordic
area and in Germany decreased as well.
In mid-July 2013, the future quotation for coal (ICE Rotterdam) for the rest of
2013 was around USD 79 per tonne, and the price for CO2 for year 2013 about EUR
4 per tonne.
In mid-July 2013, the electricity forward price in Nord Pool for the rest of
2013 was around EUR 39 per MWh. For 2014, the price was around EUR 36 per MWh
and for 2015 around EUR 34 per MWh. In Germany, the electricity forward price
for the rest of 2013 was around EUR 39 per MWh and for 2014 EUR 38 per MWh.
In mid-July 2013, Nordic water reservoirs were about 5 TWh below the long-term
average and 12 TWh below the corresponding level of 2012.
Power
The Power Division's Nordic power price typically depends on such factors as
hedge ratios, hedge prices, spot prices, availability and utilisation of
Fortum's flexible production portfolio, and currency fluctuations. Excluding
the potential effects from the changes in the power generation mix, a 1 EUR/MWh
change in the Power Division's Nordic power sales (achieved) price will result
in an approximately EUR 45 million change in Fortum's annual comparable
operating profit. In addition, the comparable operating profit of the Power
Division will be affected by the possible thermal power generation volumes and
its profits.
The ongoing Swedish nuclear investment programmes, lasting for several years,
will enhance safety, improve availability and increase the capacity of the
current nuclear fleet. The implementation of the investment programmes could,
however, affect availability. Fortum's power procurement costs from co-owned
nuclear companies are affected by these investment programmes through increased
depreciation and finance costs of associated companies.
Russia
The generation capacity built after 2007 under the Russian Government's
Capacity Supply Agreements (CSA - “new capacity”) receives guaranteed capacity
payments for a period of 10 years. Prices for capacity under CSA are defined in
order to ensure a sufficient return on investments.
Capacity not under CSA competes in the competitive capacity selection (CCS -
“old capacity”). The capacity selection for 2013 was held at the end of 2012.
The majority of Fortum's power plants were selected in the auction, with a
capacity price level close to the level received in 2012. Approximately 10%
(265 MW) of the old capacity was not allowed to participate in the selection
for 2013, due to tightened technical requirements. It will, however, receive
capacity payments at the capacity market price for 2013.
The Russia Division's new capacity will be a key driver for earnings growth in
Russia as it will bring income from new volumes sold and also receive
considerably higher capacity payments than the old capacity. However, the
received capacity payment will differ depending on the age, location, size and
type of the plants as well as seasonality and availability. The return on the
new capacity is guaranteed as regulated in the CSA. The regulator will review
the earnings from the electricity-only market after three years and six years,
after the commissioning of a unit, and could revise the CSA payments
accordingly. CSA payments can vary somewhat annually because they are linked to
Russian Government long-term bonds with 8 to 10 years maturity.
Fortum estimates that the commissioning of the Nyagan unit 2 will take place at
the end of 2013 and that Nyagan 3 will be finalised at the end of 2014 at the
latest. This will optimise the investment with regard to both capital and
operational expenditures, received electricity sales and capacity payments. The
capacity payments for Nyagan unit 3 will start as of 1 January 2015. In
accordance with the CSA terms, no penalties for unit 3 will be claimed before 1
January 2016.
The last two units of Fortum's Russian investment programme that are also under
construction will be built in Chelyabinsk instead of Tyumen, as originally
planned. The units are to be constructed at the Chelyabinsk GRES power plant.
These last new units of the CSA agreement are planned to be constructed by the
end of 2014. In addition, Fortum plans to modernise and upgrade the existing
equipment of the power plant.
The value of the remaining part of the investment programme, calculated at the
exchange rates prevailing at the end of June 2013, is estimated to be
approximately EUR 490 million as of July 2013. The main reasons for why the
value has not changed compared to the end of March are the cost increases
related to construction work and equipment purchases at the Chelyabinsk GRES
power plant.
After completing the on-going investment programme by the end of 2014, Fortum's
goal is to achieve an operating profit level (EBIT) of about EUR 500 million
run-rate in its Russia Division during 2015 and to create positive economic
added value in Russia.
A commission for heat business development has been set up by the Russian
Government. The top priorities will be issues regarding heat regulation,
centralised district heating and co-generation efficiency.
In February 2013, the Board of Russia's Federal Tariff Service (FTS) adopted a
decision according to which the wholesale gas price for industrial consumers is
to be decreased by 3% as of the second quarter 2013, compared to first quarter.
Since the beginning of 2013, wholesale gas prices (except private household and
industrial consumers) have been reviewed quarterly. The Russian Government
decided to increase the gas prices as of the beginning 1 July 2013; the
increase in 2013 is expected to be approximately 15% compared to 2012.
Capital expenditure and divestments
Fortum currently expects its capital expenditure in 2013 to be EUR 1.1-1.4
billion and in 2014 EUR 0.9-1.1 billion, excluding potential acquisitions. The
annual maintenance capital expenditure is estimated to be about EUR 500-550
million in 2013, somewhat below the level of depreciation.
Taxation
The effective corporate tax rate for Fortum in 2013 is estimated to be 19-21%,
excluding the impact of the share of profits of associated companies and joint
ventures, non-taxable capital gains and non-recurring items. In Finland, a plan
to reduce the corporate tax rate from 24.5% to 20% as of 1 January 2014 has
been presented. The decrease would cause a one-time positive effect that would
be booked in the fourth quarter 2013. In Sweden, the corporate tax rate was
decreased from 26.3% to 22% as of 1 January 2013.
The process to update the real estate taxation values for the year 2013 is
ongoing in Sweden and is expected to be finalised in the third quarter 2013.
Based on the latest Swedish Government budget proposal, it is estimated that
Fortum's costs would increase by approximately EUR 40 million in 2013 compared
to 2012. The update is done on a six-year cycle. At the end of April, Fortum
filed a complaint with the EU Commission on the Swedish hydro tax to find out
whether the construction of the tax is in line with the EU tax and state aid
regulations. The EU Commission informed Fortum in June that it will investigate
the case in more detail.
In March 2013, the Finnish Government announced that the planned so-called
windfall tax, to be introduced in 2014, will be cut to EUR 50 million from EUR
170 million.
Hedging
At the end of June 2013, approximately 75% of the Power Division's estimated
Nordic power sales volume was hedged at approximately EUR 45 per MWh for the
rest of the calendar year 2013. The corresponding figures for the calendar year
2014 were about 50% at approximately EUR 42 per MWh.
The hedge price for the Power Division's Nordic generation excludes hedging of
the condensing power margin. In addition, the hedge ratio excludes the
financial hedges and physical volume of Fortum's coal-condensing generation as
well as the division's imports from Russia.
The reported hedge ratios may vary significantly, depending on Fortum's actions
on the electricity derivatives markets. Hedges are mainly financial contracts,
most of them Nord Pool forwards.
DIVIDEND PAYMENT
The Annual General Meeting 2013 decided to pay a dividend of EUR 1.00 per share
for 2012. The record date for the dividend was 12 April 2013, and the dividend
payment date was 19 April 2013.
Espoo, 18 July 2013
Fortum Corporation
Board of Directors
Further information:
Markus Rauramo, CFO, tel. +358 10 452 1909
Fortum's Investor Relations, Sophie Jolly, tel. +358 10 453 2552, Rauno
Tiihonen, tel. +358 10 453 6150, Janna Haahtela, tel. +358 10 453 2538 and
investors@fortum.com
The condensed interim financial statements have been prepared in accordance
with International Accounting Standard (IAS) 34, Interim Financial Reporting,
as adopted by the EU. The interim financials have not been audited.
Publication of financial results in 2013:
- Interim Report January - September on 23 October 2013 at approximately
9:00 EEST
Distribution:
NASDAQ OMX Helsinki
Key media
www.fortum.com
More information, including detailed quarterly information, is available on
Fortum's website at www.fortum.com/investors.
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