Fortum will sell its 50 per cent stake in the Finnish district heating company Riihimäen Kaukolämpö Oy to the City of Riihimäki (40 per cent) and to Riihimäen Kaukolämpö Oy (10 per cent). Until now, Fortum and the City of Riihimäki have each owned half of the company. The transaction is subject to a favourable decision by the Riihimäki City Council.
For Fortum, the transaction is part of its efficiency programme launched in October 2012. In its heat business, Fortum is focusing on combined heat and power production and on distribution and sales of district heat in larger centres and units. Fortum expects to finalise the divestment by the end of the year 2013. The divestment has a minor impact on Fortum’s financial performance and the gain will be booked in the Heat Division’s fourth-quarter 2013 results. The total sales price is EUR 11 million.
Riihimäen Kaukolämpö Oy operates in the Riihimäki economic region, supplying district heat and natural gas to its customers. The company’s sales in 2012 were about EUR 11 million and district heat sales about 190 GWh. The sourcing of basic energy for district heat is primarily based on long-term agreements made with companies operating in the region.
Fortum Corporation
Corporate Communications
Additional information:
Jouni Haikarainen, Vice President, Fortum, Heat Division, Finland, tel. +358 40 709 5690
Fortum
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 the Baltics. In the future, the integrating European and fast-growing Asian energy markets provide additional growth opportunities. In 2012, Fortum’s sales totalled EUR 6.2 billion and comparable operating profit was EUR 1.7 billion. We employ approximately 10,400 people. Fortum’s shares are quoted on NASDAQ OMX Helsinki.
Additional information: www.fortum.com