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 on 30 September 2020

 

Breakdown of loans 30092020

Debt maturity profile 30 September 2020

 

Maturity profile 30092020

Liquidity on 30 September 2020

 

Liquidity 30092020

 

EMTN programme of EUR 8 billion

 

 

Bonds Q3 2020

Terms and conditions

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

Key ratios

EUR million or as indicated 2019 2018 2017 2016 2015 2014
Capital employed 19,929 18,170 18,172 18,649 19,870 17,918
Interest bearing net-debt 5,260 5,509 988 -48 -2,195 4,217
Net cash from operating activities 2,015 804 993 621 1,381 1,762
ROCE, % 10.0 6.7 7.1 4.0 22.7 19.5
Interest coverage 8.0 10.0 8.7 4.6 27.6 19.9
Interest coverage including capitalised borrowing costs 7.5 9.2 7.8 4.1 21.5 15.7
Funds from operations/interest-bearing net debt, % 32.2 26.8 83.9 -1,503.4 -59.7 42.9
Gearing, % 40 46 7 0 -16 39
Comparable net debt/EBITDA 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 Negative 19 March 2020 Download
Fitch Ratings BBB/Outlook Negative 7 April 2020 Download

The older credit rating reports are available in reports and presentations archive.

Fortum's credit rating history

Fortum credit rating history