Inside information: Russia has issued a new presidential decree with implications on Fortum’s assets

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:

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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