Quarterly summary of events

Since Q1/2022 we have gathered the major events and announcements during the quarter to this page.

Pre January-March 2022 Interim Report

Geopolitical situation

On 24 February 2022, Russia started a widespread invasion into Ukraine. As a consequence, the US, the EU and the UK amongst others have imposed sanctions targeting Russia’s ability to access capital and financial markets, sanctioning numerous individuals and banks; as well as trading in general. These sanctions and counter sanctions as well as further reactions by the US, the EU and the UK could impact Fortum’s operations in Russia. Below are the most relevant publications on Fortum’s Russia business.

Annual Review 2021 published

Fortum's annual reporting entity in 2021 includes CEO's Business Review, Financials (including the Financial Statements and Operating and Financial Review), Governance, Remuneration, Tax Footprint and Sustainability. View the reports at www.fortum.com/annualreport2021.

Annual General Meeting 2022

The Annual General Meeting of Fortum Corporation was held at the company headquarters in Espoo, Finland on 28 March 2022 under special arrangements. The Annual General Meeting resolved that a dividend of EUR 1.14 per share will be paid for the financial year 2021. The record date of the dividend payment was 30 March 2022 and the dividend was be paid on 6 April 2022. Read about all decisions of the AGM

Other announcements during Q1/2022

On 4 January 2022, Fortum announced that to manage any further market volatility and significant commodity price increases, Fortum’s subsidiary Uniper has taken precautionary measures to secure additional liquidity and financial flexibility primarily for the winter season. Fortum provided Uniper with intra-group financing, comprising a shareholder loan and parent company guarantee up to EUR 8 billion on arm’s length terms. Uniper has drawn the company’s existing EUR 1.8 billion revolving credit facility in full, and Uniper agreed with the German state-owned KfW-Bank on a short-term revolving credit facility of up to EUR 2 billion. Read the release

On 18 January 2022, Fortum announced cooperation in wind power generation in Russia with Bank GPB. For this purpose, a 1.3-GW portfolio of wind projects was transferred from the Fortum-Rusnano wind investment fund (50/50 joint venture) to a joint venture established with Bank GPB. Upon the transfer, the joint venture of Fortum-Rusnano wind investment fund was dissolved. Read the release

On 1 February 2022, the Fortum and Uniper joint organisation for the Nordic hydro and physical trading operations was launched as part of the three strategic cooperation areas to ensure focused and effective implementation of the Group strategy. Fortum took responsibility for Uniper’s hydropower asset management in Sweden as well as physical trading optimisation and dispatch activities in the Nordics. The ownership of Uniper’s hydropower assets stays with Uniper. The new organisation manages the 3rd largest CO2-free power portfolio in Europe and consist of some 400 employees. Read the release

On 4 February 2022, Fortum announced that it had won the right from Solar Energy Corporation of India (SECI) to build two solar power parks with a total capacity of 600 MW in Karnataka, India. Read the release On 16 March 2022, Fortum participated in another solar auction in India and announced that it had won the right from Gujarat Urja Vikas Nigam Limited (GUVNL) to build a solar project with a total capacity of 200 MW in Gujarat. These projects are planned to be developed together with a partner and are expected to be commissioned by 2024. Read the release

On 21 February 2022, Uniper announced that Uniper’s Board of Management resolved to propose to its Annual General Meeting, taking place on 18 May 2022, a dividend payment for the financial year 2021 of EUR 0.07 per share (2020: EUR 1.37) corresponding to a total planned dividend of approximately EUR 26 million (2020: EUR 501 million). In the same ad hoc release, Uniper also provided earnings guidance for 2022. Read the release

On 3 March 2022, Fortum announced that it had decided to apply for new operating license for both units at the nuclear power plant in Loviisa, Finland until the end of 2050. If approved, the plant is expected to generate up to 170 terawatt-hours of CO2-free electricity over the course of the lifetime extension. Investments related to continuing of operations and lifetime extension will amount to an estimated one billion euros until 2050. Fortum submitted the Loviisa nuclear power plant operating licence application to the Finnish Government on 18.3.2022. Read the release

On March 3 2022, Fortum announced that it had decided to discontinue the strategic assessment for the electricity retail business Consumer Solutions and the Polish district heating business. Fortum will continue to develop the business as part of the Group. Moreover, Fortum will evaluate alternatives for further decarbonisation of the Polish assets. Fortum Group is committed to carbon neutrality of its European power and heat generation at the latest by 2035. Read the release

On 14 March 2022, Fortum announced that S&P Global Ratings (S&P) has placed Fortum’s and its subsidiary Uniper’s long-term BBB ratings on CreditWatch Negative. Since 2018, Fortum and Uniper have had the investment-grade rating of BBB from S&P. The underlying reasons for the CreditWatch Negative are severe geopolitical tensions and uncertainty following Russia’s attack on Ukraine and the risk of possible curtailments of gas supplies from Russia. Read the release

On 17 March 2022, Fortum and Microsoft announced world’s largest collaboration to heat homes, services and businesses with sustainable waste heat from new data centre region in the Helsinki metropolitan area in Finland. The concept makes use of Fortum’s existing district heating infrastructure, the second largest in Finland, for heat capture and distribution. The infrastructure includes about 900 km underground pipes that transfer heat to approximately 250,000 users. Once the new data centre region’s waste heat capture is in operation, a total of about 60% of the area’s heating will be generated by climate-friendly waste heat. Read the release

On 22 March 2022, Fortum announced that it had signed an agreement to sell its 50% ownership in the district heating company Fortum Oslo Varme AS in Norway to an investor consortium comprising Hafslund Eco, Infranode and HitecVision. The total consideration for Fortum’s share is approximately NOK 10 billion on a cash and debt free basis (approximately EUR 1 billion based on current currency rate) and as part of the transaction, Fortum will deconsolidate a related NOK 2 billion loan from the City of Oslo. The consideration is based on a 100% enterprise value of NOK 20 billion (approximately EUR 2 billion based on current currency rate). Fortum expects to record a tax-exempt capital gain of approximately EUR 0.6 billion in the City Solutions segment’s results in connection with closing of the transaction. The transaction is subject to approval by the Oslo City Council (Bystyret), necessary regulatory approvals and fulfilment of the customary closing conditions. The closing of the transactions is expected during the second quarter of 2022. Read the release

On 3 May 2022, Fortum announced that following Russia’s attack and the war in Ukraine and the consequential geopolitical tensions, uncertainties and risks, Fortum will record pre-tax impairments of approximately EUR 2.1 billion related to the company’s Russian operations in its first quarter 2022 results. The impairments include approximately EUR 0.3 billion related to fixed assets and goodwill for Fortum’s Russia segment and approximately EUR 0.6 billion for fixed assets from Uniper segment’s Russian subsidiary Unipro. These will be recorded as items affecting comparability. Further, impairments of approximately EUR 0.2 billion related to Fortum’s ownership in TGC-1 and renewables joint ventures will be recorded in the share of profits from associated companies and joint ventures. As announced already in 7 March 2022, impairments of approximately 1.0 billion related to Uniper’s outstanding receivable related for the Nord Stream 2 project, will be recorded in Fortum’s first quarter 2022 results in other financial items -net. The value of the net assets in Russia after the impairments totals EUR 3.3 billion. The impairments will be recorded in Fortum’s first quarter 2022 results and will have no effect on the Group’s cash flow, comparable operating profit or comparable net profit.

Transactions in Q1/2021

Comparable operating profit Q1/2021 included

  • EUR 2 million from the sale of the Sørfjord wind park in January 2021 (Generation segment)
  • EUR 17 million from the sale of the 116-MW Capacity Supply Agreement (CSA) backed solar power project to the joint venture with the Russian Direct Investment Fund (RDIF) (Russia segment)

Operating profit Q1/2021 included

  • EUR 50 million tax-exempt capital gain of from the divestment of eight small hydropower plants in Sweden (Generation segment)

January−March 2022 Interim Report webcast/teleconference

The January–March 2022 Interim Report will be published on 12 May approx. at 9:00 EEST. The webcast/teleconference will be held on the same day at 11:00 EEST. Link to webcast

Teleconference numbers:

Finland: +358 9 8171 0310
UK: +44 333 3000 804
United States: +1 631 9131 422

PIN: 87118603#

Financial calendars for 2022

  • Silent period prior to January–March Interim Report: 12 Apr–12 May 2022
  • January–March Interim Report: 12 May 2022 at approx. 9.00 EEST
  • Silent period prior to January–June Half year Financial Report: 13 Jul–12 Aug 2022
  • January–June Half year Financial Report: 12 Aug 2022 at approx. 9.00 EEST
  • Silent period prior to January–September Interim Report: 11 Oct–10 Nov 2022
  • January–September Interim Report: 10 Nov 2022 at approx. 9.00 EET

Uniper’s financial reporting dates

  • January–March Quarterly Statement: 3 May 2022
  • January–June Interim Report: 2 Aug 2022
  • January–September Quarterly Statement: 3 Nov 2022
Contact by phone

Contact Fortum's IR team