Breakdown of loans on 30 September 2020
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 maturity profile 30 September 2020
Liquidity on 30 September 2020
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.
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
