Stock exchange release

Fortum’s January–December 2021 Financial Statements Bulletin: Outstanding performance under extraordinary and volatile market conditions

03 March 2022, 9:00 EET

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This release is a summary of Fortum’s 2021 Financial Statements Bulletin. The complete report is attached to this release as a PDF file. It is also available on the company's website at

October–December 2021

  • Comparable EBITDA was EUR 1,416 (1,247) million
  • Comparable operating profit was EUR 1,070 (928) million
  • Operating profit was EUR 2,012 (458) million, mainly impacted by changes in fair values of non-hedge-accounted derivatives
  • Comparable share of profits of associates and joint ventures was EUR 27 (63) million
  • Comparable earnings per share were EUR 0.78 (0.69)
  • Earnings per share were EUR 0.95 (0.43)
  • Cash flow from operating activities totalled EUR 1,576 (763) million
  • Due to very volatile commodity markets with unprecedentedly high prices, Fortum and its subsidiary Uniper took precautionary measures to secure additional liquidity and financial flexibility

January–December 2021

  • Comparable EBITDA was EUR 3,817 (2,434) million
  • Comparable operating profit was EUR 2,536 (1,344) million
  • Operating profit was EUR -588 (1,599) million, mainly impacted by changes in fair values of non-hedge-accounted derivatives partly offset by capital gains from divestments
  • Comparable share of profits of associates and joint ventures was EUR 154 (656) million. The comparison period includes Uniper for the fourth quarter of 2019 and first quarter of 2020
  • Comparable earnings per share were EUR 2.00 (1.67)
  • Earnings per share were EUR 0.83 (2.05)
  • Cash flow from operating activities totalled EUR 4,970 (2,555) million
  • Financial net debt-to-comparable EBITDA ratio for 2021 at 0.2 times, clearly below the target level of <2 times
  • On 2 July, Fortum concluded the sale of its district heating business in the Baltics for a total consideration of approximately EUR 710 million
  • On 20 September, Fortum concluded the sale of its 50% ownership in Stockholm Exergi Holding AB for a total consideration of EUR 2.9 billion
  • S&P and Fitch upgraded rating outlook to “stable”, BBB rating reaffirmed
  • Fortum's Board of Directors proposes a dividend of EUR 1.14 (1.12) per share

Summary of outlook

  • The Generation segment’s Nordic generation hedges: approximately 75% at EUR 34 per MWh for 2022, and approximately 50% at EUR 31 per MWh for 2023
  • The Uniper segment’s Nordic generation hedges: approximately 80% at EUR 18 per MWh for 2022, approximately 60% at EUR 18 per MWh for 2023 and approximately 20% at EUR 30 per MWh for 2024
  • Capital expenditure, including maintenance but excluding acquisitions, is expected to be approximately EUR 1,500 million in 2022

Key figures*

EUR million IV/2021 IV/2020 2021 2020
Sales 50,079 21,279 112,400 49,015
Operating profit 2,012 458 -588 1,599
Share of profit/loss of associates and joint ventures 40 113 192 656
Net profit 1,003 411 -114 1,855
Net profit (after non-controlling interests) 842 379 739 1,823
Earnings per share, EUR 0.95 0.43 0.83 2.05
Net cash from operating activities 1,576 763 4,970 2,555
EUR million IV/2021 IV/2020 2021 2020
EBITDA 1,416 1,247 3,817 2,434
Operating profit 1,070 928 2,536 1,344
Share of profit/loss of associates and joint ventures 27 63 154 656
Net profit (after non-controlling interests) 693 610 1,778 1,483
Earnings per share, EUR 0.78 0.69 2.00 1.67
EUR million 31 Dec 2021 31 Dec 2020
Financial net debt (at period-end) 789 7,023
Adjusted net debt (at period-end) 3,227 9,784
Financial net debt/comparable EBITDA 0.2 2.9

* Uniper has been consolidated as a subsidiary from 31 March 2020. Previously, Uniper's contribution to the income statement was recognised in the Share of profit/loss of associates and joint ventures.

Fortum’s President and CEO Markus Rauramo:

Fortum has published a statement by its President and CEO Markus Rauramo’s on the Group’s Russian businesses following Russia’s invasion on Ukraine. Please see the separate Investor News published this morning on 3 March 2022.


“2021 was in many ways an extraordinary year in the energy business. We have experienced a rare combination of circumstances leading to unprecedented developments in the commodity market. During these turbulent times Fortum Group held course. We successfully continued the implementation of our strategy with active portfolio rotation and accelerated decarbonisation, and produced another great set of operative results.

After the drop in 2020, energy consumption in our market areas increased as economies recovered and societies learned to cope with the Covid-19 pandemic. Market conditions were characterised by colder weather during the first half of the year, below-normal European wind and Nordic hydro conditions, as well as increasing EU emission allowance prices. It was gas that was in the driver’s seat for the energy commodities. Lower-than-average gas storage levels coupled with tight LNG and pipeline supplies caused unprecedented volatility and a price rally in the second half of the year in Europe.

The higher power and gas prices have clearly impacted both our business and results in many ways. Both our Uniper and Generation segments significantly contributed to the Group’s comparable operating profit, which increased by 89%. Uniper’s gas business benefitted from the extraordinary market developments with volatile and rising prices despite additional liquidity requirements while the Generation segment significantly gained from the higher power prices supported by successful physical and financial optimisation. In the fourth quarter, the segment’s achieved power price reached its highest quarterly level since 2009. Record-high nuclear and higher hydro volumes also contributed to the upsurge. The results of our Russia segment were supported by sales gains and higher power prices. Our City Solutions segment also produced a sound result improvement especially in power and heat sales year-on-year. Whilst large parts of the business benefitted from these developments, Consumer Solutions suffered from high electricity purchase costs due to the very high power prices in the fourth quarter and the intensifying competition in the Nordic market.

The extremely volatile commodity markets with record-high gas prices in December also caused a sharp increase in the margining requirements of Uniper’s trading business. At the beginning of 2022, Uniper took precautionary financing measures including credit arrangements from Fortum and the German state-owned KfW Bank to ensure liquidity and financial flexibility, and to manage any further market volatility. These efforts were positively noted as S&P Global Ratings rating agency in January 2022 affirmed Fortum’s and Uniper’s long-term ratings of BBB with a stable outlook.

In this turbulent operating environment, we have kept our strategic priorities clear. Our goals for 2021 were to strengthen the balance sheet, to further decarbonise our portfolio, and to drive profitable growth while balancing it with our dividend and financial position.

Actions taken during the year included the divestments of mainly district heating assets, such as Stockholm Exergi (50%) and the Baltic district heating business as well as the 500 megawatts of solar power capacity in India. The total consideration recorded for divested assets amounted to more than EUR 4 billion in 2021, securing a strong balance sheet and bringing our financial net debt-to-comparable EBITDA to 0.2 times, significantly below our set target level of <2 times.

We also continued working towards our climate targets to be carbon neutral in our European generation at the latest by 2035 and in all operations by 2050. Within less than one year, we have been able to announce accelerated coal phase-out of six of our coal-fired power plants in Germany and the UK compared to the original timetable. In Russia, our Chelyabinsk CHP-2 plant is transitioning from the use of coal to gas, ending the use of coal in the Fortum Russia segment by the end of 2022. Towards the end of the year, we also set a reduction target for the Group’s indirect emissions, i.e. Scope 3, which is -35% by 2035.

At the same time, we strengthened our position in CO2-free power generation. Over the year, we commissioned a total of almost 600 MW of new wind and solar capacity in Russia and announced our first joint wind power project of 380 MW in Finland together with Uniper. In addition, we have won the right to build a total of 2 GW of wind and solar power capacity in the coming years in national auctions.

2021 was also the year in which Fortum and Uniper grew closer together. We announced new cooperation in the three strategic areas of Nordic hydro and physical trading optimisation, wind and solar development, as well as hydrogen; the ambition is to create value for both companies, and, in particular, for our customers. We made management changes and announced more diverse leadership teams at both Fortum and Uniper.

As a group, our strategy execution will continue with the same determination and focus this year. We will continue to drive profitable growth and to further deepen the cooperation between Fortum and Uniper. Today we have also announced the decision to submit an application for a new operating licence for our nuclear power plant in Loviisa in Finland. In addition to financial, political and societal aspects, the EU taxonomy was a key factor that we took into account when preparing the decision – it is central in guiding investments towards sustainable and clean activities.

Based on the solid results of 2021 and the outlook for future years, Fortum's Board of Directors is proposing to the Annual General Meeting a dividend of EUR 1.14 per share for the financial year 2021. The proposal is in line with Fortum’s dividend policy to pay a stable, sustainable, and over time increasing dividend.

I would like to thank our customers for their continued trust and cooperation, and all the employees of the Fortum Group for their unwavering commitment towards our shared purpose of driving the change for a cleaner world. This year has been challenging in many ways, and I am proud of what we have achieved as a Group. Together, we are securing a fast and reliable transition to a carbon-neutral economy.”

Dividend distribution proposal

The distributable funds of Fortum Corporation as at 31 December 2021 amounted to EUR 5,747,917,222 including the profit for the financial period 2021 of EUR 1,816,026,744. The company’s liquidity is good and the dividend proposed by the Board of Directors will not compromise the company’s liquidity.

The Board of Directors proposes to the Annual General Meeting that a dividend of EUR 1.14 per share be paid for the year 2021.

Based on the number of registered shares as at 2 March 2022, the total amount of dividend would be EUR 1,013 million. The Board of Directors proposes that the remaining part of the distributable funds be retained in the shareholders’ equity.

Annual General Meeting 2022

Fortum's Annual General Meeting 2022 is planned to be held on 28 March 2022 and the possible dividend-related dates are:

  • The ex-dividend date: 29 March 2022
  • The record date for dividend payment: 30 March 2022
  • The dividend payment date: 6 April 2022

Espoo, 2 March 2022

Fortum Corporation
Board of Directors


A combined live webcast/teleconference for media, investors, and analysts will be arranged online at on 3 March 2022 at 11:00 EET.

To participate in the teleconference and Q&A, dial in using the numbers below:

FI: +358 9 817 10310
UK: +44 333 300 0804
US: +1 631 913 1422

PIN: 70762280#

Further information:

Investor Relations and Financial Communications: Ingela Ulfves, tel. +358 40 515 1531, Rauno Tiihonen, tel. +358 10 453 6150, Carlo Beck, tel. +49 172 751 2480, Nora Hallberg, tel. +358 40 720 1775, Pirjo Lifländer, tel. +358 40 643 3317, and investors [at] fortum [dot] com

Media: Fortum News Desk, tel. +358 040 198 2843

Financial calendar in 2022

Fortum’s Financial Statements and Operating and Financial Review for 2021 will be published during week 10 at the latest.

Fortum will publish three interim reports in 2022:

  • January–March on 12 May 2022 at approximately 9.00 EEST
  • January–June on 12 August 2022 at approximately 9.00 EEST
  • January–September 10 November 2022 at approximately 9.00 EET

Uniper published its 2021 Annual Report on 23 February 2022.

Uniper will publish its interim reports in 2022:

  • Financial Results January–March 2022 on 3 May 2022
  • Financial Results January–June 2022 on 2 August 2022
  • Financial Results January–September 2022 on 3 November 2022


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More information, including detailed quarterly information, is available at