Annual Report 2014 | 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 2014 2013
Bonds 4,088 4,736
Loans from financial institutions 576 752
Other long‑term interest‑bearing debt 1,216 1,464
Total long‑term interest‑bearing debt 5,881 6,952
Current portion of long‑term bonds 660 1,103
Current portion of loans from financial institutions 146 102
Current portion of other long‑term interest‑bearing debt 10 30
Commercial papers 0 718
Other short‑term interest‑bearing debt 287 154
Total short‑term interest bearing debt 1,103 2,106
Total interest‑bearing debt 6,983 9,058
Interest‑bearing liabilities moved to assets held for sale 0 ‑20
Total 6,983 9,038
Interest‑bearing debt 1)
Repricing
EUR million Effective
interest
rate, %
Carrying
amount
2014
Under
1 year
1‑5 years Over 5
years
Fair
value
2014
Carrying
amount
2013
Fair
value
2013
Bonds 3.3 4,748 1,192 1,858 1,698 5,093 5,839 6,232
Loans from financial institutions 2.8 722 462 70 190 777 854 912
Other long‑term interest‑bearing debt 2) 1.3 1,226 1,226 1,296 1,494 1,515
Total long‑term interest‑bearing
debt 3)
2.9 6,696 2,880 1,928 1,888 7,166 8,187 8,659
Commercial papers 718 719
Other short‑term interest‑bearing debt 0.0 287 287 287 154 154
Total short‑term interest‑bearing debt 0.0 287 287 0 0 287 871 873
Total interest‑bearing debt 4) 2.8 6,983 3,167 1,928 1,888 7,453 9,058 9,532
1) Including interest‑bearing liabilities, EUR 0 million, in Liabilities related to assets held for sale at 31 December 2014 (2013: 20).
2) Includes loans from State Nuclear Waste Management Fund and Teollisuuden Voima Oyj EUR 1,040 million (2013: 995), loans from Finnish pension institutions EUR 78 million (2013: 198) and other loans EUR 108 million (2013: 301).
3) Including current portion of long‑term debt.
4) The average interest rate on loans and derivatives on 31 December 2014 was 3.7% (2013: 3.6%).
The interest‑bearing debt decreased in 2014 by EUR 2,075 million to EUR 6,983 million (2013: 9,058). The amount of short‑term financing decreased with EUR 584 million, and at the end of the year the amount of short‑term financing was EUR 287 million (2013: 871).
In March Fortum increased the amount of re‑borrowing from the Finnish nuclear waste fund and Teollisuuden Voima by EUR 45 million to EUR 1,040 million. During the first quarter Fortum repaid a maturing EUR 750 million bond. In the second quarter Fortum repaid two bonds equivalent to EUR 350 million (SEK 2,600 million and NOK 500 million) and EUR 95 million of pension loans. In the third quarter OAO Fortum repaid bilateral debt RUB 2 billion (EUR 41 million). Fortum Värme Holding prepaid SEK 1,7 billion (EUR 182 million) to Fortum Oyj who prepaid the same amount to the City of Stockholm. Both loans were originally due in December 2015.
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 750 749
2009/2017 Fixed 6.125 6.240 NOK 500 55
2009/2019 Fixed 6.000 6.095 EUR 750 746
2010/2015 Floating Stibor
3M+0.95
SEK 3,100 330
2010/2015 Fixed 3.125 3.235 SEK 3,100 330
2011/2021 Fixed 4.000 4.123 EUR 500 528
2012/2017 Floating Stibor
3M+1.2
SEK 1,000 106
2012/2017 Fixed 3.250 3.260 SEK 1,750 186
2012/2022 Fixed 2.250 2.344 EUR 1,000 1,074
2013/2018 Fixed 2.750 2.855 SEK 1,150 122
2013/2018 Floating Stibor
3M+1.0
SEK 3,000 319
2013/2023 Floating Stibor
3M+1.13
SEK 1,000 106
2013/2043 Fixed 3.500 3.719 EUR 100 96
Total outstanding carrying amount 31 December 2014 4,748
1) EMTN = Euro Medium Term Note

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