Fortum: Pro forma figures relating to acquiring shares in Hafslund

Fortum Corporation STOCK EXCHANGE RELEASE 1 (2)
10 May 2004


Fortum: Pro forma figures relating to acquiring shares in Hafslund

The following pro forma figures state the impact of acquiring
Hafslund shares on the income statement and balance sheet during
the last twelwe months. Figures are unaudited.

Income Statement (Last twelve months ended March 31, 2004)
Fortum Group
(unaudited) Fortum Hafslund Adjust- Pro Forma
Group Group 1) ments
(EUR millions except share
related data)

Net sales 10 622 997 2) - 11 619
Expenses -8 589 -758 3) - -9 347
Depreciation, amortisation
and write-downs -526 -120 -21 4) -667
Operating profit 1 507 119 -21 1 605
Financial income and
expenses -246 -95 -33 5) -374
Profit before taxes 1 261 24 -54 1 231
Income taxes -365 -12 14 6) -363
Minority interests -76 -1 - -77
Net profit for the period 820 11 -40 791

Earnings per share 0.97 0.94

Fortum Group
Balance Sheet Fortum Hafslund Adjust- Pro Forma
(as of March 31, 2004) Group Group 1) ments

(EUR millions except share
related data)

ASSETS

Intangible and tangible assets 11 602 1 833 533 4) 13 968
Other long-term investments 2 449 187 -271 7) 2 365
Current assets 2 056 385 - 2 441
Cash and cash equivalents 203 31 - 234
Total 16 310 2 436 9) 262 19 008


SHAREHOLDERS' EQUITY AND LIABILITIES

Shareholders' equity 6 376 681 -681 7) 6 376
Minority interests 245 42 - 287
Interest-bearing liabilities 5 479 1 453 835 8) 7 767
Interest-free liabilities 4 210 260 108 4) 4 578
Total 16 310 2 436 262 19 008


Interest-bearing net debt,
EUR million 5 276 1 422 835 8) 7 533
Gearing, % 80 113


1) Hafslund Group information is based on the Financial Statements
presented in the Annual Report 2003 and the First Quarter 2004 report
multiplied by the euro exchange rate on May 7, 2004 EUR 1.00 =
8.1367 NOK. Before the assumed transaction Fortum ownership in
Hafslund is 34.09%. In the consolidated Financial Statements of Fortum
Hafslund Group has been consolidated according to the equity method.
The pro forma information has been presented as if the acquisition of
the remaining 65.91% had taken place on April 1,2003.

2) Net sales includes the Operating revenues and Other operating
revenues according to the Profit and loss account of Hafslund.

3) Expenses includes the Profit from share investments and associated
companies which has been included in Total financial items below
Operating profit in the Profit and loss account of Hafslund.

4) Highly preliminary allocations of the difference between
the acquisition cost and the Group's share of the book value of
the assets and liabilities of Hafslund Group, the deferred taxes and
the depreciation and amortisation on those allocations.

5) Adjustments reflect the acquisition debt as if it had been incurred
on April 1, 2003 and the related increase in interest expense based
on the Norwegian Krona interest rates May 7, 2004 and a margin.

6) Tax effect of the increase in interest expense resulting from
the incurrence of acquisition debt and the deferred taxes on
the depreciation of allocated goodwill.

7) Elimination of the Fortum Group's share of equity according to
the acquisition cost method as if the acquisition had taken place
April 1, 2003, and the reversal of the effect coming from the
consolidation of the 34.09% shareholding of Hafslund Group according
to the equity method.

8) Adjustments reflect acquisition debt and costs as if it had been
incurred on April 1, 2003. The acquisition debt as if it had been
incurred in Norwegian krona and was translated into euro at the exchange
rate on May 7, 2004 ( EUR 1.00 = NOK 8.1367).

9) According to the definitions of the key figures of Hafslund,
the interest-bearing net debt is calculated net of interest-bearing
receivables and liquid funds while according to the Fortum definition
the interest-bearing net debt is calculated net of cash and cash
equivalents only. Interest-bearing net debt of Hafslund is calculated
according to the Fortum principles net of cash and cash equivalents
only assuming the change of net interest-bearing debt amounting to
NOK 381 million as disclosed in the First Quarter 2004 report of
Hafslund.

Fortum Corporation
Carola Teir-Lehtinen
Senior Vice President, Corporate Communications

For further information, please contact:

Juha Laaksonen, Chief Financial Officer, +358 10 45 24519

Distribution:
Helsinki Exchanges
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