Fortum warns of uncertainties regarding Russia exit, incl. regulatory approvals

MOSCOW. Feb 8 (Interfax) - Fortum will need more time to complete its exit from Russia due to "significant uncertainties," including regulatory approvals, related to the ongoing divestment process, the Finnish energy company reported on Tuesday.

Due to the increasingly complex operating environment and prolonged uncertainty regarding Fortum's Russian operations, the company will record additional pre-tax impairments of about 990 million euros related to its Russia segment in its fourth quarter 2022 results.

This includes about 550 million euros related to fixed assets for Fortum's Russia segment, about 250 million euros related to Fortum's ownership in TGC-1 and joint ventures and 190 million euros in write downs mainly related to wind assets.

The impairments will not have any effect on the group's cash flow, comparable operating profit or comparable net profit, Fortum said.