Stock exchange release

Fortum's divestment of heat operations outside Stockholm in Sweden completed

31 March 2011, 12:38 EEST

Fortum's divestment of heat operations outside Stockholm to Macquarie European Infrastructure Fund II (MEIFII) and Macquarie Power and Infrastructure Corporation (MPIC) was completed today. The Stockholm City Board and the Swedish Competition Authority have given their approval to the transaction.

Fortum divests its district heat operations and heat production facilities with a gross sales price of approximately EUR 220 million. The major part of the divested operations was owned by Fortum's subsidiary Fortum Värme in which the city of Stockholm has a 50% economic interest. Fortum books a sales gain with a minor effect on EPS in the first quarter 2011. The sales gain is presented in Heat Division. 

Fortum divested the operations in order to be better able to concentrate on combined power and heat production and on developing its district heat businesses in the Stockholm area. The transaction comprised 11 different heat operations including both municipal district heating and industrial partnerships. All the operations are located in the central parts of Sweden and three are co-owned with the local municipality. The divested businesses' heat sales in 2010 were 1.4 terawatt-hours. Sales totaled EUR 82 million and EBITDA was EUR 22 million. The businesses 84 employees will now move over to the new owner.

Fortum Corporation
Anne Brunila
Executive Vice President, Corporate Relations and Sustainability

Further information:
Per Langer, Executive Vice President, Fortum
Jens Bjöörn, Head of Communications, Fortum Värme, tel. +46 702 98 41 25

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