QUARTERLY NET SALES BY SEGMENTS

FORTUM GROUP


QUARTERLY NET SALES BY SEGMENTS

MEUR                    Q1/04  Q4/03  Q3/03  Q2/03  Q1/03    2003 Q1/2004 
			    				       	     Last 
								   twelve
								   months
Power Generation          564    624    524    573    960   2 681   2 285
Heat                      361    292    132    182    358     964     967
Distribution              206    187    143    160    198     688     696
Markets                   419    422    322    332    558   1 634   1 495
Oil Refining            1 303  1 382  1 349  1 265  1 697   5 693   5 299
Oil Retail                531    553    543    521    586   2 203   2 148
Shipping and Oil other    101     65     62     87     94     308     315
Other                      20     25     24     22     22      93      91
Eliminations             -682   -713   -572   -707   -880  -2 872  -2 674
Total                   2 823  2 837  2 527  2 435  3 593  11 392  10 622

QUARTERLY OPERATING PROFIT BY SEGMENTS

MEUR                    Q1/04  Q4/03  Q3/03  Q2/03  Q1/03    2003 Q1/2004  
							             Last
								   twelve
								   months
Power Generation          228    193     82    116    212     603     619
Heat                      107     80     -6     22     77     173     203
Distribution               87     58     47     61     81     247     253
Markets                    10     17     13     12     -7      35      52
Oil Refining               93     57     89     51     84     281     290
Oil Retail                  6     -2     21     10     15      44      35
Shipping and Oil other     44     24      9     19     27      79      96
Other                     -13     -7    -16     -5    -14     -42     -41
Total                     562    420    239    286    475   1 420   1 507

QUARTERLY NON-RECURRING ITEMS IN OPERATING PROFIT BY SEGMENTS

MEUR                    Q1/04  Q4/03  Q3/03  Q2/03  Q1/03   2003  Q1/2004
							             Last
								   twelve
								   months
Power Generation           24      2      3     -      -1      4       29
Heat                       -       1     -4     -      -      -3       -3
Distribution               -      -      -1     20      1     20       19
Markets                    -      -      -      -      -      -        -
Oil Refining               10     14     14    -17      3     14       21
Oil Retail                 -      -       1     -      -       1        1
Shipping and Oil other     -1      2     -      -1     -1     -        -
Other                      -      15     -5     12      2     24       22
Total                      33     34      8     14      4     60       89

QUARTERLY DEPRECIATION, AMORTISATION AND WRITE-DOWNS BY SEGMENTS

MEUR                    Q1/04  Q4/03  Q3/03  Q2/03  Q1/03  2003   Q1/2004
							             Last
								   twelve
								   months
Power Generation           28     29     27     29     31   116       113
Heat                       29     31     29     28     28   116       117
Distribution               33     33     35     38     37   143       139
Markets                     4      4      3      4      3    14        15
Oil Refining               18     21     20     20     19    80        79
Oil Retail                  7     18      8      7      8    41        40
Shipping and Oil other      2      2      4      4      4    14        12
Other                      -       5      2      4      3    14        11         
Total                     121    143    128    134    133   538       526

QUARTERLY INVESTMENTS INCLUDING ACQUISITIONS BY SEGMENTS

MEUR                    Q1/04  Q4/03  Q3/03  Q2/03  Q1/03  2003   Q1/2004
							             Last
								   twelve
								   months
Power Generation           15     35     23    290     38   386       363
Heat                       23     45     37     62     14   158       167
Distribution               14     98     17    201     23   339       330
Markets                     2      2     -      26     -     28        30
Oil Refining               30     37     16     21     23    97       104
Oil Retail                  4     15      8      8      5    36        35
Shipping and Oil other     16      7     23     35      6    71        81
Other                       4      8      4      6      3    21        22
Total                     108    247    128    649    112 1 136     1 132

QUARTERLY NET ASSETS BY SEGMENTS

MEUR                       Mar 31  Dec 31  Sept 30 June 30  Mar 31
			     2004    2003     2003    2003    2003
Power Generation            6 166   6 391    6 391   6 276   6 380
Heat                        2 445   2 466    2 342   2 302   2 359
Distribution                3 095   3 129    3 089   3 046   3 179
Markets                       157      23       57     124      71
Oil Refining                1 105   1 003    1 052   1 075   1 154
Oil Retail                    280     329      329     285     321
Shipping and Oil other        152     133      150     139     114
Other                          73      45       58      59      59
Eliminations                   -8      -8       -9     -10     -30
Total                      13 465  13 511   13 459  13 296  13 607

RETURN ON NET ASSETS  BY SEGMENTS
%                       
			Mar 31  Dec 31  Sept 30 June 30  Mar 31   Q1/2004
			  2004    2003     2003    2003    2003      Last
								   twelve
							           months
Power Generation          14.5     9.5      8.6    10.3    13.3       9.8
Heat                      17.4     7.3      5.3     8.5    13.1       8.5
Distribution              11.2     7.9      8.1     9.0    10.2       8.1
Markets                   44.4    55.2     32.7    12.7   -49.6      60.2
Oil Refining              35.3    26.2     27.4    24.5    30.1      26.9
Oil Retail                 7.9    13.8     19.4    16.0    18.4      11.3
Shipping and Oil other   123.5    56.7     52.0    66.7    78.5      69.8

RETURN ON NET ASSETS EXCLUDING NON-RECURRING ITEMS  BY SEGMENTS

%                       Mar 31  Dec 31  Sept 30 June 30  Mar 31   Q1/2004
			  2004    2003     2003    2003    2003      Last
								   twelve
							           months
Power Generation          13.0     9.4      8.5    10.4    13.3       9.3
Heat                      17.4     7.5      5.5     8.5    13.1       8.6
Distribution              11.2     7.2      7.2     7.7    10.0       7.5
Markets                   44.4    55.2     32.7    12.7   -49.6      60.2
Oil Refining              31.5    24.9     27.4    27.0    29.0      25.0
Oil Retail                 7.9    13.5     19.0    16.0    18.4      11.0
Shipping and Oil other   126.3    56.7     53.9    69.6    81.5      69.8

Return on net assets, % = Operating profit on a yearly level/average
net assets.

Oil Retail - sales volumes in Finland

1,000 m3               Q1/04     Q4/03    Q3/03     Q2/03    Q1/03
Gasoline               159.6     175.8    196.4     192.4    165.2
Diesel oil             242.4     253.3    242.8     243.1    237.3
Light fuel oil         271.7     279.2    226.4     202.2    301.8
Heavy fuel oil         105.4     102.5     90.0      87.9    130.2

1,000 m3                2003       LTM
Gasoline               729.8     724.2
Diesel oil             976.5     981.6
Light fuel oil        1009.6     979.5
Heavy fuel oil         410.6     385.8


Oil Retail - sales volumes in the Baltic Rim countries

1,000 m3                I/04     IV/03   III/03     II/03     I/03
Gasoline               145.3     149.3    141.2     130.1    119.1
Diesel oil              60.8      66.6     74.9      46.3     49.5
Light fuel oil           1.5       1.3      0.7       0.8      0.2
Heavy fuel oil           0.0       0.0      0.0       0.0      0.0

1,000 m3                2003       LTM
Gasoline               539.7     565.9
Diesel oil             237.3     248.6
Light fuel oil           3.0       4.3
Heavy fuel oil           0.0       0.0

Deliveries by Shipping

1,000 t      Q1/04    Q4/03     Q3/03     Q2/03     Q1/03      LTM
Crude        5,798    5,471     6,229     6,145     6,533   23,643
oil
Products     3,295    3,547     3,162     3,587     3,263   13,591


About Us

Fortum is a leading clean-energy company that provides its customers with electricity, heating and cooling as well as smart solutions to improve resource efficiency. We want to engage our customers and society to join the change for a cleaner world. We employ some 8,000 professionals in the Nordic and Baltic countries, Russia, Poland and India, and 62% of our electricity generation is CO2 free. In 2016, our sales were EUR 3.6 billion. Fortum's share is listed on Nasdaq Helsinki. www.fortum.com

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