Fortum to sell its 10% ownership in Hafslund Produksjon to Svartisen

FORTUM CORPORATION INVESTOR NEWS 13 JUNE 2018 9:00 EEST

Fortum has agreed to sell its 10% ownership in Hafslund Produksjon Holding AS to Svartisen Holding AS, a Norwegian company owned by the Finnish energy companies Vantaan Energia Oy, Oy Turku Energia – Åbo Energi Ab and Oulun Seudun Sähkö. As part of the restructuring of the Hafslund ownership in 2017, Fortum acquired the ownership in Hafslund Produksjon.

The sales price for the shares is approximately EUR 160 million and the transaction is expected to close in June 2018. Fortum expects to book a sales gain of approximately EUR 75 million in the Generation segment in the second quarter 2018 results.

"Our minority share in Hafslund Produksjon has been a financial investment and is thus not a core asset for Fortum. We are focusing on cash flow generation and operational efficiency, and will continue to evaluate possibilities to optimise our asset portfolio," says Markus Rauramo, CFO at Fortum. 

Hafslund Produksjon is a hydropower production company operating in Southern Norway. In 2017, the company's production amounted to 3.2 TWh.

Fortum Corporation

Ingela Ulfves
Vice President, Investor Relations and Financial Communications

Additional information:

Ingela Ulfves, VP, IR and Financial Communications, tel. +358 40 515 1531
Måns Holmberg, Manager, IR and Financial Communications, tel. +358 44 518 1518
Rauno Tiihonen, IR Manager, tel. +358 10 453 6150

Distribution:

Nasdaq Helsinki
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Fortum

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 9,000 professionals in the Nordic and Baltic countries, Russia, Poland and India. In 2017, our sales were EUR 4.5 billion. Fortum's share is listed on Nasdaq Helsinki. www.fortum.com