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.

Breakdown of loans and borrowings on 30 September 2019

Breakdown of debt graph

 

Debt maturity profile 30 September 2019

Debt aturity profile graph

 

Liquidity on 30 September 2019

Likvidity table

 

EMTN programme of EUR 8 billion

 

Bonds table

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.

Key ratios

EUR million or as indicated 2018 2017 2016 2015 2014
Capital employed 18,170 18,172 18,649 19,870 17,918
Interest bearing net-debt 5,509 988 -48 -2,195 4,217
Capital expenditure and gross investments in shares, % of sales 89.1 40.2 39.5 18.1 17.7
Net cash from operating activities 804 993 621 1,381 1,762
ROCE, % 6.7 7.1 4.0 22.7 19.5
Interest coverage 10.0 8.7 4.6 27.6 19.9
Interest coverage including capitalised borrowing costs 9.2 7.8 4.1 21.5 15.7
Funds from operations/interest-bearing net debt, % 26.8 83.9 -1,503.4 -59.7 42.9
Gearing, % 46 7 0 -16 39
Comparable net debt/EBITDA 3.6 0.8 0.0 -1.7 2.3

 

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