PRESS RELEASE 4.1.2012
Fortum has received an income tax assessment of over SEK 400 million (EUR 40
million) from the Swedish tax authority STA in addition to the amount of SEK
1.9 billion (EUR 180 million) already paid for 2009. The claim is mainly
related to Fortum's restructuring in 2004 - 2005. Fortum considers the claim
unjustifiable and will appeal the STA decision.
According to STA, Fortum would have to pay additional income taxes for the year
2009 for the reallocation of the loans in Swedish subsidiaries in 2005. The
claim is based on the change in tax regulation as of 2009. Based on the new
rules and requirements, STA reassessed Fortum's business reasons in 2005 for
the reallocation of old loans. STA has not questioned the interest rates of the
loans charged to the Swedish entities.
Fortum carried out a considerable restructuring in Sweden and in Finland in
2004 - 2005 in connection with the listing and sales of Neste Oil shares in
2005. The result of the transactions had no impact on the income generated by
Fortum's Swedish subsidiaries. In 2009, the total amount of Fortum's income and
other taxes amounted to SEK 3.2 billion (EUR 299 million) in Sweden.
"We want to serve our customers and create a sustainable long-term commitment
and business also in Sweden, where Fortum is one of the biggest corporate tax
payers. In our industrial investments and financing, we act on the long term
basis and respecting laws and regulations" says Juha Laaksonen, CFO, Fortum
As an international company with capital intensive business Fortum needs to
manage its funding for the total business and for the whole Group. Therefore,
it is essential for Fortum to have a well-balanced capital structure to support
the businesses and to meet the laws and rules in all of the countries in which
In 2006 - 2009, Fortum paid income taxes totalling SEK 6.3 billion (EUR 649
million) in Sweden. In 2010, Fortum was one of the largest corporate tax payers
in Sweden and the largest in Finland. In 2010, Fortum paid corporate taxes of
EUR 183 million in Finland.
For additional information:
Juha Laaksonen, Executive Vice President and Chief Financial Officer,
Fortum Corporation, tel. +358 10 452 4519
Fortum's purpose is to create energy that improves life for present and future
generations. We provide sustainable solutions that fulfil the needs for low
emissions, resource efficiency and energy security, and deliver excellent value
to our shareholders. Our activities cover the generation, distribution and
sales of electricity and heat as well as related expert services.
Fortum's operations focus on the Nordic countries, Russia, Poland and Baltic
Rim area. In the future, the integrating European and fast-growing Asian energy
markets provide additional growth opportunities. In 2010, Fortum’s sales
totalled EUR 6.3 billion and comparable operating profit was EUR 1.8 billion.
We employ approximately 10,500 people. Fortum’s shares are quoted on NASDAQ OMX