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Fortum CEO says sale of company’s Russian assets only possible in theory

Fortum has lost control of its Russian operations, with its Q2 2023 financials not covering the Russian segment

MOSCOW, May 11. /TASS/. The sale of Fortum’s Russian assets after its transfer under the temporary management is only possible in theory, Chief Executive Officer of the Finnish energy concern Markus Rauramo told a teleconference on Thursday, adding that the change of management complicates the process.

"In theory we can sell it [assets] but of course [the fact] that the management has been taken over by the Russian government will complicate things there," he said.

Earlier reports said that the Finnish energy concern was writing off Russian assets after the transfer of shares of its subsidiary in Russia under the temporary management by the Federal Property Management Agency, and it estimated the loss from Russian projects at 2 bln euro. Fortum records impairments of the company’s Russian assets of 1.7 bln euro in the second quarter of 2023, whereas deconsolidation-related translation differences after Russian enterprises were purchased in 2008 are estimated at 1.9 bln euro.

According to Rauramo, the company’s total investment in Russia amounts to around 6 bln euro considering the initial purchase of shares. Investments were financed from the money flow generated in Russia. The Russian segment’s EBITDA has surpassed 4 bln euro since 2008.

Fortum has lost control of its Russian operations, with its Q2 2023 financials not covering the Russian segment, the company stresses.

As of the end of March 2023, the total capital of Fortum amounted to 9.8 bln euro.

On April 25, Russian President Vladimir Putin signed a decree, according to which 83.73% of Unipro shares owned by Germany’s Uniper, as well as 98.23% of Fortum shares owned by Fortum, should be transferred to the temporary management of the Federal Property Management Agency. This measure was taken in response to the unfriendly actions by a number of countries on Russia. Later boards of directors of Unipro and Fortum reelected the energy firms’ chief officers at the request of the Federal Property Management Agency.

On May 5, the company declared that the introduction of temporary share management violated international rights and the rights of Fortum as a foreign investor. The energy concern is preparing to take necessary actions to protect its ownership rights within the framework of international legislation.

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