Hafslund ASA, owned by Fortum to 34.09%, today announced it has completed the
sale of 35 million shares in Renewable Energy Corporation (REC) at NOK 138 per
share. After this transaction, Hafslund still owns 70.4 million shares in REC.
As a consequence, Fortum will book a gain of approximately EUR 180 million,
corresponding to roughly EUR 0.20 per share, in its first quarter result.
REC was listed on the Oslo Exchange on 9 May 2006 and the value of its share
has increased significantly since Hafslund's original investment. According to
Fortum's accounting principles, the increase in the value of REC shares has
been booked directly into equity proportionally to the company's ownership in
Hafslund. Resulting from Hafslund's realisation of REC shares, Fortum will book
a gain into its Profit/Loss statement as profit from associated companies.
Hafslund today also announced it will propose a special dividend of NOK 15 per
share to be distributed subject to an AGM decision in May. Fortum's share of
the special dividend is approximately EUR 120 million.
Senior Vice President, Corporate Communications
Juha Laaksonen, CFO, Fortum Corporation, + 358 50 4524519
Helsinki Stock Exchange