- Start by estimating the equity and debt base from Fortum’s 2022 figures provided.
- Equity Attributable To Owners Of Parent 2023-01-01: 7,670,000,000 EUR
- Noncontrolling Interests 2023-01-01: 67,000,000 EUR
- Total Equity (as per table): 7,737,000,000 EUR
- Liabilities (Total Liabilities): 14,? The provided Liabilities 2023-01-01: 5,784,000,000 EUR (noncurrent) plus current liabilities etc. But the key is total capital base = debt + equity. From the data, Noncurrent Liabilities 2023-01-01: 5,784,000,000 EUR and Current Liabilities 2023-01-01: 11,? However, the “Liabilities” 2023-01-01: 5,784,000,000 EUR seems to be noncurrent liabilities; total liabilities plus equity equals assets 23,642,000,000 EUR? The given "Assets" 2023-01-01: 23,642,000,000 EUR and "Equity" 2023-01-01: 7,737,000,000 EUR. Therefore total liabilities = Assets - Equity = 23,642,000,000 - 7,737,000,000 = 15,905,000,000 EUR.
- So total debt (often defined as interest-bearing debt) isn’t directly given, but we can approximate total adjusted capital = debt + equity. If we take debt as total liabilities minus non-interest-bearing liabilities, but complexity arises. In such questions, the cap is 15% of total adjusted capital. The user asks extent to utilize hybrid bonds relative to cap. If equity is 7.737b and debt around 15.905b - 7.737b = 8.168b. Then total adjusted capital = 8.168 + 7.737 = 15.905b. 15% of 15.905b = 2.386b. The value of hybrids qualifies as part of debt for capital ratio. We need to choose percent of hybrids to issue (as a share of capital) not exceeding 15% equity credit cap. If the cap is 15%, we could use up to 15% of total adjusted capital in hybrid instruments to maximize equity credit. But question provides options 0,25,50,75,100. The cap is 15% so the maximum credit would be 15% if allowed; since options are multiples of 25%, pick the option closest that does not exceed cap: 0% or 25%? 25% would exceed 15% cap. The instruction: "to what extent should this company utilize hybrid bonds relative to S&P cap" So answer should be 0% because you cannot use more than 15%, which would be under 25% option; the closest allowed discrete option that respects cap is 0%. However perhaps the intention is to choose 25%? But cap is 15%, so 25% would exceed cap. So we answer 0%.

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