Credit facilities and rating

Fortum's business is capital intensive and the Group has a regular need to raise financing. Fortum has a diversified loan portfolio mainly consisting of long-term financing in EUR and SEK currencies. Long-term financing is primarily raised by issuing bonds under Fortum’s Euro Medium Term Note programme as well as through bilateral and syndicated loan facilities from a variety of different financial institutions. Financing is primarily raised on parent company level and distributed internally through various internal financing arrangements.

Debt structure and maturity profile

 

Breakdown of Group Loans and borrowings on 30 June 2019

Debt portfolio on 30 June 2019

Pie of the Group's breakdown of debt Bar graph of Group debt maturity profile

Total interest-bearing debt EUR 6,623 million

  • Average interest 2.2% (2018: 2.4%)
  • Portfolio mainly in EUR and SEK with average interest cost 1.4% (2018: 1.7%)
  • EUR 769 million (2018: 686) swapped to RUB, average interest cost including cost for hedging 8.5% (2018: 8.3%)

Liquidity on 30 June 2019

Short term financing, MEUR

Remaining

Outstanding

Total

Commercial Paper programmes

 

 

 

Finnish CP programme

910

90

1 000

SEK 10,000 million Swedish CP programme

947

0

947

 

1,857

90

1,947

Liquid Funds and committed credit lines

Available

Outstanding

Total

Committed credit lines

 

 

 

Short term (valid until further notice)

50

0

50

Long term (valid until June 2023)

1,750

0

1,750

Total

1,800

0

1,800

Liquid funds

1,297

 

 

   of which in Russia

133

 

 

Total liquid funds and committed financing

3,097

 

 

Bonds issued

EMTN programme of EUR 8 billion
30 June 2019

Currency/
million

EUR million

Carrying amount, EUR million

Interest %

Maturity date

ISIN code

Rating/
listing

EUR 500

500

511

4.000

24.05.2021

XS0629937409

yes/yes

EUR 1,000

1,000

1,042

2.250

06.09.2022

XS0825855751

yes/yes

EUR 1,000

1,000

997

0.875

27.02.2023

XS1956028168

yes/yes

EUR 750

750

762

1.625

27.02.2026

XS1956037664

yes/yes

EUR 750

750

762

2.125

27.02.2029

XS1956027947

yes/yes

EUR 100

100

97

3.500

03.06.2043

XS0939100524

no/yes

SEK 1,000

95

95

Floating

27.06.2023

XS0945849577

no/no

TOTAL

4,195

4,266

       

Terms and conditions

Terms and conditions for these bonds issued under the EMTN programme can be found on the Luxembourg Stock Exchange.

Fortum Oyj's bonds or credit facilities do not include any financial covenants such as restrictions on the amount of debt or limits on ratios relating to interest cover or capitalisation. The notes listed above have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States or to or for the account or benefit of U.S. persons except pursuant to an exception from such registration.

Credit rating

Fortum's current rating

Rating agency

Credit rating

Valid from

Standard & Poor's

BBB/CreditWatch Negative

9 October 2019

Fitch Ratings

BBB/Rating Watch Negative

9 October 2019

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Line graph of group credit rating history