Breakdown of loans on 31 March 2021
EUR Bonds EUR 4,139 million
SEK Bonds EUR 98 million
Financial institutions EUR 2,562 million
Other long-term debt EUR 1,647 million
Short-term debt EUR 1,465 million
Total EUR 9,910 million
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.
Loan portfolio and average interest rate on 31 March 2021
Total loans EUR 9,910 million
- Average interest for EUR loans 0.9% (2020: 0.9%).
- Average interest for Fortum Group loan portfolio including derivatives hedging financial net was 1.5% (2020: 1.5%). EUR 652 million (2020: 634) was swapped to RUB with average interest 6.5% (2020: 6.2%) including cost for hedging.
Liquidity on 31 March 2021
| Short-term financing, EUR million | ||||
|---|---|---|---|---|
| Commercial Paper Programmes | Total amount | Outstanding | Remaining | |
| Finnish CP Programme, EUR 1,000 million | 1,000 | 276 | 724 | |
| Swedish CP Programme, SEK 10,000 million | 977 | 235 | 741 | |
| Uniper CP Programme, EUR 1,800 million | 1,800 | 125 | 1,675 | |
| Total | 3,777 | 636 | 3,140 | |
| Liquid Funds and Committed Credit Lines | ||||
| Committed Credit Lines | Total amount | Outstanding | Remaining | Maturity |
| Short-term | ||||
| Bilateral Overdraft Facilities, EUR 100 million | 100 | 0 | 100 | Valid until further notice |
| Syndicated Credit Facility, EUR 1,450 million | 1,450 | 0 | 1,450 | November 2021* |
| Long-term | ||||
| Syndicated Credit Facility, EUR 1,750 million | 1,750 | 0 | 1,750 | June 2023 |
| Uniper Syndicated Credit Facility, EUR 1,800 million | 1,800 | 0 | 1,800 | September 2025 |
| Total | 5,100 | 0 | 5,100 | |
| Liquid funds | Total amount | |||
| In Fortum Corporation | 2,681 | |||
| In Uniper | 917 | |||
| Total | 3,598 | |||
| of which in Russia | 410 | |||
| Total Liquid Funds and Committed Financing | 8,698 |
* With an option to extend the maturity by one year.
EMTN programme of EUR 8 billion as of 31 March 2021
| Notes | Amount | Carrying amount | Interest rate | Maturity | Rating/Listing |
|---|---|---|---|---|---|
| Fixed rate | MEUR | MEUR | |||
| XS0629937409 | 500 | 501 | 4,000 % | 5/2021 | Yes/Yes |
| XS0825855751 | 1 000 | 1 021 | 2,250 % | 9/2022 | Yes/Yes |
| XS1956028168 | 1 000 | 999 | 0,875 % | 2/2023 | Yes/Yes |
| XS1956037664 | 750 | 762 | 1,625 % | 2/2026 | Yes/Yes |
| XS1956027947 | 750 | 760 | 2,125 % | 2/2029 | Yes/Yes |
| XS0939100524 | 100 | 97 | 3,500 % | 6/2043 | No/Yes |
| Floating rate | MSEK | MEUR | |||
| XS0945849577 | 1,000 | 98 | Floating | 6/2023 | No/No |
| Total | EUR 4,237 million |
Terms and conditions for these bonds issued under the EMTN programme can be found on the Luxembourg Stock Exchange.
Key ratios 2014-2020
| EUR million or as indicated | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|
| Capital employed | 26,239 | 19,929 | 18,170 | 18,172 | 18,649 | 19,870 | 17,918 |
| Interest bearing net-debt | N/A | 5,260 | 5,509 | 988 | -48 | -2,195 | 4,217 |
| Net cash from operating activities | 2,555 | 1,575 | 804 | 993 | 621 | 1,381 | 1,762 |
| ROCE, % | N/A | 10.0 | 6.7 | 7.1 | 4.0 | 22.7 | 19.5 |
| Interest coverage | 27.3 | 8.0 | 10.0 | 8.7 | 4.6 | 27.6 | 19.9 |
| Interest coverage including capitalised borrowing costs | 18.6 | 7.5 | 9.2 | 7.8 | 4.1 | 21.5 | 15.7 |
| Funds from operations/interest-bearing net debt, % | N/A | 32.2 | 26.8 | 83.9 | -1,503.4 | -59.7 | 42.9 |
| Gearing, % | 45 | 40 | 46 | 7 | 0 | -16 | 39 |
| Comparable net debt/EBITDA | N/A | 3.0 | 3.6 | 0.8 | 0.0 | -1.7 | 2.3 |
Fortum's current credit rating
| Rating agency | Credit rating | Rating valid from | Latest report |
|---|---|---|---|
| Standard & Poor's | BBB/Outlook Stable | 5 July 2021 | Download |
| Fitch Ratings | BBB/Outlook Stable | 28 June 2021 | Download |
The older credit rating reports are available in reports and presentations archive.
Fortum's credit rating history
