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.
Liquidity on 30 September 2019
EMTN programme of EUR 8 billion
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.
|EUR million or as indicated||2018||2017||2016||2015||2014|
|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|
|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|
|Comparable net debt/EBITDA||3.6||0.8||0.0||-1.7||2.3|