Fortum says to write off 1.7 bln euros of Russian assets - News Archive - PRIME Business News Agency - All News Politics Economy Business Wire Financial Wire Oil Gas Chemical Industry Power Industry Metals Mining Pulp Paper Agro Commodities Transport Automobile Construction Real Estate Telecommunications Engineering Hi-Tech Consumer Goods Retail Calendar Our Features Interviews Opinions Press Releases

Fortum says to write off 1.7 bln euros of Russian assets

HELSINKI, May 11 (PRIME) -- Finland's energy company Fortum will write off for 1.7 billion euros of Russian assets now under control of the Federal State Property Management Agency and will deconsolidate the country's segment of the business, the company said in a statement on Thursday.

"Following the loss of control, the Russia segment will be deconsolidated and the Russian assets will be fully written down in FortumТs second quarter 2023 financials. Fortum will record an estimated impairment of approximately 1.7 billion euros equaling the remaining book value, which will negatively impact the groupТs equity. The impairment loss will be partially tax deductible," the company said.

Fortum, that invested about 6 billion euros in Russia, will stop reporting on the Russian business from AprilЦJune, CEO Markus Rauramo said as cited in the statement.

In April, Russian President Vladimir Putin approved temporary nationalization of stakes in power companies Fortum and Unipro and their management by the Federal State Property Management Agency.

End

11.05.2023 09:36
 
 
Share |
To report an error select text and press Ctrl+Enter
 
 
Central Bank Official Rate
1W 1M 1Y
USD
EUR 104.3024 +0.2403 05 oct
USD 99.4555 +0.1878 05 oct
Stock Market Indices
1D 1W 1M 1Y
MICEX
micex 3154.97 +0.35 18:50 04 oct
Stock Quotes in RUR
1D 1W 1M 1Y
GAZP
gazp 165.50 -0.75 18:27 04 oct
lkoh 6740.00 -0.21 18:27 04 oct
rosn 543.10 +0.78 18:27 04 oct
sber 258.85 -0.31 18:27 04 oct
MICEX Ruble Trading
1D 1W 1M 1Y
USDTD
EURTD 104.1000 +0.3475 14:59 04 oct
USDTD 99.6875 +0.4300 17:44 04 oct