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MarketScreener Homepage  >  Equities  >  NASDAQ OMX HELSINKI LTD.  >  Fortum Oyj    FORTUM   FI0009007132

FORTUM OYJ

(FORTUM)
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Fortum second-quarter operating profit drops 11%, Russia weighs

08/19/2020 | 01:51am EST
FILE PHOTO: Finnish energy company Fortum sign is seen at their headquarters in Espoo

Finland's biggest utility Fortum reported an 11% fall in its underlying second-quarter operating profit on Wednesday, dented by low power prices and the impact of the new coronavirus on its Russian business.

Fortum, in which the Finnish state owns a 50.8% stake, said its second-quarter operating profit fell from a year ago to 207 million euros ($247 million), missing the 301 million euros expected by analysts in a Refinitiv poll.

Fortum said Nordic spot power prices dropped 84% from a year ago because of high reservoir water levels in Scandinavia, although hedging reduced the hit.

Fortum said it has hedged 85% of its Nordic power generation at 34 euros per megawatt-hour for 2020 and approximately 65% at 33 euros/MWh for 2021.

The impact of the coronavirus was limited in Nordics, but the situation was different in Russia, Fortum said.

"In Russia, power consumption declined notably as a result of COVID-19 and lower demand from the oil and gas industries, pushing down the electricity market price," Fortum Chief Executive Markus Rauramo said in a statement.

The second-quarter results were the first to incorporate Fortum's holdings in German utility Uniper, of which it now owns 75%.

"My number one short-term priority will be to have a joint strategy for the consolidated group by the end of the year," said Rauramo, who officially took over as Fortum CEO on July 1.

Shares in Fortum fell 3.8% in morning trading.

($1 = 0.8379 euros)

By Tarmo Virki


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
FORTUM OYJ 0.11% 19.05 End-of-day quote.-13.50%
LONDON BRENT OIL 2.12% 48.24 End-of-day quote.-27.74%
UNIPER SE 0.99% 28.66 End-of-day quote.-3.83%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) -0.82% 75.2837 End-of-day quote.23.37%
WTI 2.65% 45.315 End-of-day quote.-26.33%
WÄRTSILÄ OYJ -0.30% 8.056 End-of-day quote.-17.97%
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Financials
Sales 2020 53 504 M 64 686 M 64 686 M
Net income 2020 1 868 M 2 259 M 2 259 M
Net Debt 2020 7 759 M 9 380 M 9 380 M
P/E ratio 2020 9,12x
Yield 2020 5,73%
Capitalization 16 904 M 20 376 M 20 437 M
EV / Sales 2020 0,46x
EV / Sales 2021 0,35x
Nbr of Employees 19 983
Free-Float 47,2%
Chart FORTUM OYJ
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Technical analysis trends FORTUM OYJ
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 20
Average target price 18,68 €
Last Close Price 19,03 €
Spread / Highest target 37,2%
Spread / Average Target -1,87%
Spread / Lowest Target -32,7%
EPS Revisions
Managers
NameTitle
Markus Heikki Erdem Rauramo President & Chief Executive Officer
Matti Juhani Lievonen Chairman
Timo Tapani Karttinen Chief Financial Officer
Kim Juhani Ignatius Independent Non-Executive Director
Tiina Marjukka Tuomela Director & Executive VP-Generation Division
Sector and Competitors
1st jan.Capitalization (M$)
FORTUM OYJ-13.50%20 376
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ENEL S.P.A.17.65%101 928
IBERDROLA, S.A.23.37%83 639
ORSTED A/S62.41%76 035
DUKE ENERGY CORPORATION1.35%68 635