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 |
|
|
|
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 |
