Financing
Teollisuuden Voima Oyj is an unlisted public limited liability company that produces electricity for its shareholders at cost.
According to TVO's Articles of Association, the shareholders bear the annual costs of the Company in proportion to their shareholding. The Company seeks to have an equity ratio of at least 25 percent in the long run.
TVO's business is capital-intensive and the Company regularly faces the need to obtain debt financing. TVO has a diversified credit portfolio consisting primarily of long and short-term financing denominated in euro. TVO operates in both national and international money and capital markets.
For long-term financing, TVO has issued notes under a note programme (EMTN) it has established. The value of the programme is EUR 5.0 billion. The short-term financing of the Company also consists of various bilateral and syndicated credit facilities with several different financing institutions.
The Company has one domestic commercial paper programme of EUR 1,000 million for short-term borrowing.
TVO's financial situation has evolved as planned. The Company's liquidity and financial position are stable and it has taken out loans according to plans.