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 2022
*) Uniper’s drawn RCF of EUR 1,800 million has an ultimate contractual maturity in 2025 and is consequently shown here for the year 2025. However, this facility has been classified as current liability on the balance sheet due to planned earlier repayment.
Total loans EUR 13,838 million
- Average interest for EUR loans 0.7% (2021: 0.6%)
- Average interest for Fortum Group loan portfolio including derivatives hedging financial net was 1.0 % (2021: 1.3%)
- Lower average interest for Fortum Group loan portfolio including derivatives due to closing of RUB hedges
Liquidity on 31 March 2022
Short-term financing, EUR million | ||||
---|---|---|---|---|
Commercial Paper Programmes | Total amount | Outstanding | Available | |
Finnish CP Programme, EUR 1,000 million | 1,000 | 857 | 143 | |
Swedish CP Programme, SEK 10,000 million | 967 | 619 | 348 | |
Uniper CP Programme, EUR 1,800 million* | 1,800 | 379 | 0 | |
Total | 3,767 | 1,855 | 491 | |
Liquid Funds and Committed Credit Lines | ||||
Committed Credit Lines | Total amount | Outstanding | Available | Maturity |
Short-term | ||||
Bilateral Overdraft Facilities, EUR 100 million | 100 | 0 | 100 | Valid until further notice |
Bilateral Credit Facility, EUR 800 million | 800 | 0 | 800 | December 2022** |
Syndicated Credit Facility, EUR 3,000 million | 3,000 | 0 | 3,000 | July 2022 |
Long-term | ||||
Syndicated Credit Facility, EUR 1,750 million | 1,750 | 1,750 | 0 | June 2023 |
Uniper Syndicated Credit Facility, EUR 1,800 million | 1,800 | 1,800 | 0 | September 2025 |
Uniper Bilateral Credit Facility, EUR 2,000 million | 2,000 | 0 | 2,000 | April 2023 |
Total | 9,450 | 3,550 | 5,900 | |
Liquid funds | Total amount | |||
Fortum | 2,523 | |||
Uniper segment | 3,897 | |||
Total | 6,419 | |||
of which in Russia | 242 | |||
Total Liquid Funds and Committed Financing | 12,319 |
*Link to Uniper EUR 1,800 million syndicated credit facility: available only for undrawn syndicated credit facility amount. Since whole Uniper syndicated credit facility was in use, no Uniper CP limit available as of 31 March 2022.
**With an option to extend the maturity by one year.
EMTN programme of EUR 8 billion as at 31 March 2022
Notes | Amount | Carrying amount | Interest rate | Maturity | Rating/Listing |
---|---|---|---|---|---|
Fixed rate | MEUR | MEUR | |||
XS0825855751 | 1 000 | 1,006 | 2,250 % | 9/2022 | Yes/Yes |
XS1956028168 | 1 000 | 997 | 0,875 % | 2/2023 | Yes/Yes |
XS1956037664 | 750 | 738 | 1,625 % | 2/2026 | Yes/Yes |
XS1956027947 | 750 | 734 | 2,125 % | 2/2029 | Yes/Yes |
XS0939100524 | 100 | 97 | 3,500 % | 6/2043 | No/Yes |
Floating rate | MSEK | MEUR | |||
XS0945849577 | 1,000 | 97 | Floating | 6/2023 | No/No |
Total | EUR 3,669 million |
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 2016-2021
EUR million or as indicated | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
---|---|---|---|---|---|---|
Capital employed | 30,885 | 26,239 | 19,929 | 18,170 | 18,172 | 18,649 |
Interest bearing net-debt | N/A | N/A | 5,260 | 5,509 | 988 | -48 |
Net cash from operating activities | 4,970 | 2,555 | 1,575 | 804 | 993 | 621 |
ROCE, % | N/A | N/A | 10.0 | 6.7 | 7.1 | 4.0 |
Interest coverage | 27.3 | 8.0 | 10.0 | 8.7 | 4.6 | |
Interest coverage including capitalised borrowing costs | -12.7 | 18.6 | 7.5 | 9.2 | 7.8 | 4.1 |
Funds from operations/interest-bearing net debt, % | -9.4 | N/A | 32.2 | 26.8 | 83.9 | -1,503.4 |
Gearing, % | 6 | 45 | 40 | 46 | 7 | 0 |
Comparable net debt/EBITDA | 0.2 | 2.9 |
Fortum's current credit rating
Rating agency | Credit rating | Rating valid from | Latest report |
---|---|---|---|
S&P Global Rating | BBB/Outlook Negative | 16 May 2022 | Download (16 May 2022) |
Fitch Ratings | BBB/Outlook Negative | 23 June 2022 | Download (23 June 2022) |
The older credit rating reports are available in reports and presentations archive.