OREANDA-NEWS. Fortum Interim Report January-March 2016: Satisfactory results, considering continuously weak power prices.

January-March 2016, continuing operations
- Comparable operating profit EUR 275 (343) million, -20%
- Operating profit EUR 369 (350) million, of which EUR 94 (7) million relates to items affecting comparability
- Earnings per share EUR 0.37 (0.33), +12%, of which EUR 0.08 (0.01) related to items affecting comparability. Earnings per share in the corresponding period of 2015, including the effect from discontinued operations, were EUR 0.40
- Cash flow from operating activities totalled EUR 375 (516) million, -27%
- Fortum completed its multi-year investment programme in Russia
- Fortum acquired the Polish electricity and gas sales company Grupa DUON S.A.
- Fortum sold its 665-MW Tobolsk CHP plant in Russia
- Fortum launched a new vision, strategic cornerstones and updated financial targets
- Fortum business structure reorganised and new Executive Management Team in place as of 1 April 2016
 
Summary of outlook
- Fortum continues to expect the annual electricity demand to grow in the Nordic countries by approximately 0.5% on average in the coming years
- Power and Technology segment's Nordic generation hedges: for the rest of 2016, approximately 60% hedged at approximately EUR 30 per MWh; for 2017, approximately 30% hedged at approximately EUR 28 per MWh
- Operating profit level (EBIT) for the Russia segment, RUB 18.2 billion, is targeted to be reached during 2017-2018. The euro-denominated result level will be volatile, due to the translation effect