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