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 |
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, 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 |
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 |
Total loans EUR 5,874 million
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
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.
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 |
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.