2024-02-07 16:45:22 ET
Fortum Oyj (FOJCF)
Q4 2023 Results Conference Call
February 07, 2024 4:00 AM ET
Company Participants
Ingela Ulfves - Head, IR
Markus Rauramo - CEO
Tiina Tuomela - CFO
Conference Call Participants
Artem Beletski - SEB
Harry Wyburd - BNP Paribas Exane
Ingo Becker - Kepler Cheuvreux
James Brand - Deutsche Bank
John Campbell - Bank of America
Louis Boujard - ODDO BHF
Pasi Vaisanen - Nordea
Pavan Mahbubani - JP Morgan
Piotr Dzieciolowski - Citibank
Wanda Serwinowska - UBS
Presentation
Ingela Ulfves
Good morning, everyone, and warm welcome to Fortum's joint webcast and news conference for the investor community and media on our full year '23 financial results. My name is Ingela Ulfves and I'm the Head of Investor Relations at Fortum. This event is being recorded and a replay will be provided on our website later today.
With me here in the studio are our CEO, Markus Rauramo; and our CFO, Tiina Tuomela. Markus and Tiina will present Fortum's financial statements for '23 and the group's performance. This morning, we also provided some clarifications to our strategy focus, and Markus will also go through that. After the presentations we'll open up for questions.
Okay. I now hand over to Markus to start.
Markus Rauramo
Thank you very much Ingela; a warm welcome to our investor call also from my side. I will start by going through our performance. Then talk about our strategy and execution including the clarifications we have announced this morning, as well as market fundamentals and development. After that, Tiina will tell you more in detail how this turned into results in the fourth quarter and for the full year 2023.
Let me now start with the highlights of the year 2023. Last year was very much about stabilizing Fortum's operations. Despite the volatile market environment we strengthened our financial position and our financial performance was solid. Our hedging provides visibility -- stability against the very volatile prices and we have developed our risk management through a new risk framework. Our balance sheet is strong with very low leverage. In May we returned to the bond markets, which normalized our funding structure and balanced our debt maturity profile.
We closed our books on our Russian operations for good due to the Russian authorities unlawful seizure of our Russian assets, we lost control, impaired the assets in full and deconsolidated the Russia segment. As Russia's actions are a crude violation of the international investment protection treaties, and deprive Fortum of its shareholder rights, we sent a notice of dispute to initiate claims against Russia.
Our Generation fleet ran well and we've got Olkiluoto 3 online in May following good availabilities and higher generation volumes from our power generation and lower share from condensing generation our specific emissions for power generation decreased to 16 grams per kilowatt hour from previous year's already low level of 25 grams per kilowatt hour. With this measure, we now rank number two as the second cleanest utility in Europe....
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Fortum Oyj (FOJCF) Q4 2023 Earnings Call Transcript