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 31 March 2023

Breakdown of loans, excl. Russia, EUR million	31 Mar 2023
EUR Bonds	1,550
SEK Bonds	89
Financial institutions	1,320
Other long-term debt	1,104
Short-term debt	1,811
Total	5,874

Loan portfolio and average interest rate on 31 March 2023

Maturity of loans, excl. Russia, EUR million	31 Mar 2023
2023	2,398
2024	736
2025	8
2026	734
2027	17
2028 and later	1,982
TOTAL	5,874

Liquid funds and maturity profile, excl. Russia

Total loans EUR 5,874 million

Average interest for EUR loans 3.2% (2022: 3.1%)
Average interest for Fortum loan portfolio including derivatives hedging financial net was 3.9% (2022: 3.7%)

Liquidity on 31 March 2023

Liquid Funds and Committed Credit Lines, EUR million
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 2023
Syndicated Credit Facility, EUR 3,100 million	3,100	500	2,600	June 2023*
Long-term
Syndicated Credit Facility, EUR 2,400 million	2,400	0	2,400	June 2025**
Total	6,400	500	5,900

Liquid funds	Total amount
Fortum, excl. Russia	3,445
Total Liquid Funds and Committed Financing, excluding Russia	9,345

* With 6+6 months extension options by Fortum
** With 1+1 year extension options by the lenders

EMTN programme of EUR 8 billion as at 31 March 2023

Notes	Amount	Carrying amount	Interest rate	Maturity	Rating/Listing
Fixed rate	MEUR	MEUR
XS1956037664	750	717	1,625 %	2/2026	Yes/Yes
XS1956027947	750	736	2,125 %	2/2029	Yes/Yes
XS0939100524	100	97	3,500 %	6/2043	No/Yes

Floating rate	MSEK	MEUR
XS0945849577	1,000	89	Floating	6/2023	No/No

Total		1,639

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 2017-2022

EUR million or as indicated	2022	2021	2020	2019	2018	2017
Capital employed	15,522	30,885	26,239	19,929	18,170	18,172
Interest bearing net-debt	N/A	N/A	N/A	5,260	5,509	988
Financial net debt	1,084	789	7,023	4,833
Net cash from operating activities, total Fortum	-8,767	4,970	2,555	1,575	804	993
ROCE, %	N/A	N/A	N/A	10.0	6.7	7.1
Interest coverage	-75.5	-12.7	27.3	8.0	10.0	8.7
Interest coverage including capitalised borrowing costs	-72.2	-9.4	18.6	7.5	9.2	7.8
Funds from operations/interest-bearing net debt, %	N/A	N/A	N/A	32.2	26.8	83.9
Financial net debt/comparable EBITDA, continuing operations excl. Russia	0.6	N/A
Gearing, %	14	6	45	40	46	7
Comparable net debt/EBITDA	N/A	N/A	N/A	3.0	3.6	0.8

Fortum's current credit rating

Rating agency	Credit rating	Rating valid from	Latest report
S&P Global Ratings	BBB/Outlook Stable	9 March 2023	9 March 2023 Download
Fitch Ratings	BBB/Outlook Stable	21 March 2023	3 May 2023 Download

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