Annual Report 2013 | Suomeksi |

28 Interest-bearing liabilities

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Accounting policies + -
Borrowings are recognised initially at fair value less transaction costs incurred. In subsequent periods, they are stated at amortised cost; any difference between proceeds (net of transaction costs) and the redemption value is recognised as interest cost over the period of the borrowing using the effective interest method. Borrowings or portion of borrowings being hedged with a fair value hedge are recognised at fair value.
EUR million 2013 2012
Bonds 4,736 5,342
Loans from financial institutions 752 869
Finance lease liabilities 21 23
Other long-term interest-bearing debt 1,467 1,465
Total long-term interest-bearing debt 6,976 7,699
Current portion of long-term bonds 1,103 499
Current portion of loans from financial institutions 106 114
Current portion of other long-term interest-bearing debt 59 31
Current portion of financial lease liabilities 2 2
Commercial papers 718 228
Other short-term interest-bearing debt 154 204
Total short-term interest bearing debt 2,142 1,078
Total interest-bearing debt 9,118 8,777
Interest-bearing liabilities moved to assets held for sale -20 -
Total 9,098 8,777
Interest-bearing debt 1)
Repricing
EUR million Effective
interest
rate, %
Carrying
amount
2013
Under
1 year
1-5 years Over 5
years
Fair
value
2013
Carrying
amount
2012
Fair
value
2012
Bonds 3.7 5,839 2,017 1,483 2,339 6,232 5,841 6,239
Loans from financial institutions 3.3 858 584 72 202 916 983 1,062
Other long-term interest-bearing debt 2) 1.2 1,549 1,545 - 4 1,572 1,521 1,566
Total long-term interest-bearing debt 3) 3.2 8,246 4,146 1,555 2,545 8,720 8,345 8,867
Commercial papers 0.8 718 718 - - 719 228 228
Other short-term interest-bearing debt 0.4 154 154 - - 154 204 204
Total short-term interest-bearing debt 0.7 872 872 0 0 873 432 432
Total interest-bearing debt 4) 3.0 9,118 5,018 1,555 2,545 9,593 8,777 9,299
1) Including interest-bearing liabilities, EUR 20 million, in Liabilities related to assets held for sale at 31 December 2013 (2012: 0).
2) Includes loans from State Nuclear Waste Management Fund and Teollisuuden Voima Oyj EUR 995 million (2012: 940), financial leases EUR 23 million (2012: 25), loans from Finnish pension institutions EUR 198 million (2012: 228) and other loans EUR 333 million (2012: 328).
3) Including current portion of long-term debt.
4) The average interest rate on loans and derivatives on 31 December 2013 was 3.6% (2012: 4.5%).
The interest-bearing debt increased in 2013 by EUR 341 million to EUR 9,118 million (2012: 8,777). The amount of short-term financing increased with EUR 440 million, and at the end of the year the amount of short term financing was EUR 872 million (2012: 432).
On 13 March 2013, Fortum issued two 5 year bonds under its existing Euro Medium Term Note programme. The total nominal value of the bonds is SEK 3,150 million (about EUR 376 million) consisting of SEK 2,000 million at floating rate and SEK 1,150 million at 2.75% fixed interest rate. In April Fortum increased the amount of re-borrowing from the Finnish nuclear waste fund and Teollisuuden Voima by EUR 55 million to EUR 995 million. In the second quarter Fortum issued three new bonds: one 30 year EUR 100 million bond at fixed interest rate 3.5% and two SEK denominated bonds of 1 billion each (in total about EUR 231 million) at floating rate maturing 2018 and 2023. In June the amount of Fortum's Revolving Credit Facility (RCF) was lowered from EUR 2.5 billion to EUR 2.0 billion. The amount of the facility is EUR 2 billion until July 2016 and EUR 1.9 billion until July 2017. During the third quarter OAO Fortum repaid bilateral loans of RUB 3,057 million (approximately EUR 72 million). During the last quarter Fortum repaid a maturing EUR 500 million bond.
For more information please see
Note 3 Financial risk management,
Note 35 Pledged assets
and Note 38 Contingent liabilities.
28.1 Bond issues
Issued/Maturity Interest basis Interest
rate, %
Effective interest, % Currency Nominal
million
Carrying amount
EUR
million
Fortum Oyj EUR 8,000 million EMTN Programme 1)
2006/2016 Fixed 4.500 4.615 EUR 750 748
2007/2014 Fixed 4.700 4.764 SEK 2,600 293
2009/2014 Fixed 4.625 4.714 EUR 750 750
2009/2014 Fixed 5.250 5.400 NOK 500 60
2009/2017 Fixed 6.125 6.240 NOK 500 60
2009/2019 Fixed 6.000 6.095 EUR 750 745
2010/2015 Floating Stibor 3M+0.95 SEK 3,100 350
2010/2015 Fixed 3.125 3.235 SEK 3,100 350
2011/2021 Fixed 4.000 4.123 EUR 500 530
2012/2017 Floating Stibor 3M+1.2 SEK 1,000 113
2012/2017 Fixed 3.250 3.260 SEK 1,750 197
2012/2022 Fixed 2.250 2.344 EUR 1,000 967
2013/2018 Fixed 2.750 2.855 SEK 1,150 129
2013/2018 Floating Stibor 3M+1.0 SEK 3,000 338
2013/2023 Floating Stibor 3M+1.13 SEK 1,000 113
2013/2043 Fixed 3.500 3.719 EUR 100 96
Total outstanding carrying amount 31 December 2013 5,839
1) EMTN = Euro Medium Term Note
28.2 Finance lease liabilities
On 31 December 2013 Fortum had a small number of finance lease agreements for machinery and equipment.
Present value of finance lease liabilities
EUR million 2013 2012
Minimum lease payments 24 28
Less future finance charges 1 3
Total 23 25
Maturity of minimum lease payments
EUR million 2013 2012
Less than 1 year 2 3
1-5 years 22 25
Over 5 years - -
Total 24 28
Maturity of finance lease liabilities
EUR million 2013 2012
Less than 1 year 2 2
1-5 years 21 23
Over 5 years - -
Total 23 25
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