Fortum will record a roughly €200m impact from its renewables operations in Russia in the first quarter of 2022.
Fortum is the biggest wind power developer in Russia through joint ventures.
The company stated impairments of approximately €200m related to Fortum’s ownership in TGC-1 and renewables joint ventures will be recorded in the share of profits from associated companies and joint ventures.
Overall Fortum will record pre-tax impairments of approximately €2.1bn related to the company’s Russian operations in its first quarter 2022 results.
They include approximately €300m related to fixed assets and goodwill for Fortum’s Russia segment
The value of the net assets in Russia after the impairments totals €3.3bn.
The impairments will be recorded in Fortum’s first quarter 2022 results and will have no effect on the group’s cash flow, comparable operating profit or comparable net profit.
Fortum will publish its interim report for January-March 2022 on 12 May 2022.