Fortum's dividend policy updated
FORTUM CORPORATION STOCK EXCHANGE RELEASE 9 April 2013 at 13:20 EEST
Fortum's Board of Directors has decided to update the company's dividend policy. The objective is to introduce an updated, transparent policy that better supports Fortum's long-term strategy and business operations. The new dividend policy will be anchored to the Group's future investment needs, balance sheet strengths and macro-economic environment as well as operational earnings per share growth (without one-offs) in a flexible way.
In the future, Fortum’s dividend policy will be based on the following preconditions:
• The dividend policy ensures that shareholders receive a fair remuneration for their entrusted capital, supported by the company’s long-term strategy that aims at increasing earnings per share and thereby the dividend.
• When proposing the dividend, the Board of Directors looks at a range of factors, including the macro environment, balance sheet strength as well as future investment plans.
Fortum's updated dividend statement is as follows:
Fortum Corporation’s target is to pay a stable, sustainable and over time increasing dividend of 50-80% of earnings per share excluding one-off items.
The updated dividend policy ensures that shareholders receive a fair remuneration without com-promising the company's strategic and operational flexibility.
"In line with our ambition to deliver stable results on our business, the purpose of this new dividend policy is to deliver stable pay-outs to the shareholders of the Group while maintaining a solid capital base", says Fortum's Chairman of the Board Ms. Sari Baldauf .
Fortum's dividend policy was last updated in 2004.
Senior Vice President, Corporate Communications
For additional information, please contact:
Markus Rauramo, CFO, Fortum Corporation, tel. +358 10 452 1909
Helena Aatinen, Senior Vice President, Corporate Communications, Fortum Corporation,
tel. +358 10 452 0480
NASDAQ OMX Helsinki
Fortum's purpose is to create energy that improves life for present and future
generations. We provide sustainable solutions that fulfill the needs for low
emissions, resource efficiency and energy security, and deliver excellent value
to our shareholders. Our activities cover the generation, distribution and
sales of electricity and heat as well as related expert services.
Fortum's operations focus on the Nordic countries, Russia, Poland and the
Baltics. In the future, the integrating European and fast-growing Asian energy
markets provide additional growth opportunities. In 2012, Fortum’s sales
totalled EUR 6.2 billion and comparable operating profit was EUR 1.7 billion.
We employ approximately 10,400 people. Fortum’s shares are quoted on NASDAQ OMX
Further information: www.fortum.com