Credit facilities
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 structure and maturity profile
Breakdown of Group debt on 31 December 2017 | Maturity profile and average interest rate on 31 December 2017 |
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Total interest-bearing debt EUR 4,885 million
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Average interest 3.6% (2016: 3.5%)
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Portfolio mainly in EUR and SEK with average interest cost 2.4% (2016: 2.1%)
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EUR 773 million (2016: 805) swapped to RUB, average interest cost including cost for hedging 11.4% (2016: 11.4%)
Liquidity on 31 December 2017
Short term financing, MEUR | Remaining | Outstanding | Total |
---|---|---|---|
Commercial paper programmes | |||
Finnish CP programme | 500 | 0 | 500 |
SEK 5,000 M Swedish CP programme | 508 | 0 | 508 |
1,008 | 0 | 1,008 |
Liquid Funds and committed credit lines | Available | Outstanding | Total |
---|---|---|---|
Committed credit lines | |||
Short term (valid until further notice) | 50 | 0 | 50 |
Long term (valid until June 2021, excl. committed credit facilities for Fortum's offer for Uniper shares) | 1,750 | 0 | 1,750 |
1,800 | 0 | 1,800 | |
Liquid funds | 3,897 | ||
of which in Russia | 246 | ||
Total liquid funds and committed financing | 5,697 |