INTERIM REPORT 1 JANUARY - 30 JUNE 2000 - OPERATING PROFIT FOR SECOND QUARTER MORE THAN DOUBLED

Six months in brief
 
 
- Net sales increased by 35% in the second quarter and the result was good. Operating
profit for April - June more than doubled from the previous year. Operating profit for
January - June increased to EUR 422 million (EUR 344 million).
 
 
- The acquisition of Stora Enso’s power assets, together with the related financing
arrangements, was finalised.
 
 
- Fortum announced that it would focus its key business operations on Northern Europe
and as a consequence divest its power assets in the UK and Ireland. After the review
period we announced that we would also divest the power assets in Hungary.
 
 
- Mikael Lilius was appointed as President and CEO as of 1 September 2000.