From the provided data, we can assess Fortum Oyj’s suitability for issuing hybrid bonds by examining key metrics related to creditworthiness, financial flexibility, and equity cushion.

**Reasoning:**

1.  **Financial Performance and Volatility:**
    *   Revenue increased significantly in 2022 (€8,804M vs €6,422M).
    *   However, the bottom-line profit shows extreme volatility. "Profit Loss Attributable To Owners Of Parent" swung from a profit of €739M in 2021 to a massive loss of €2,416M in 2022. Total "Profit Loss" was -€10,290M in 2022, driven by a huge loss from discontinued operations.
    *   The discontinued operations (likely the Uniper segment) generated a loss of €11,302M in 2022, heavily impacting the equity base and cash flows.

2.  **Equity Cushion:**
    *   "Equity Attributable To Owners Of Parent" fell from €12,131M at the start of 2022 to €7,670M at the end of 2022, a 37% decrease.
    *   Total Equity declined from €13,665M to €7,737M.
    *   This substantial erosion of the equity base weakens the balance sheet, which is a critical factor for subordinated instruments like hybrid bonds that rely on equity credit.

3.  **Cash Flow Generation:**
    *   "Cash Flows From Used In Operating Activities" was -€8,767M in 2022, a drastic negative swing from +€4,970M in 2021. This was heavily influenced by the discontinued operations (-€10,870M).
    *   Continuing operations generated positive cash flow from operating activities (€2,104M), but total free cash flow is strained.
    *   "Cash and Cash Equivalents" dropped from €7,592M to €3,919M.

4.  **Leverage and Debt:**
    *   While specific leverage ratios need to be calculated, the sharp decline in equity against the backdrop of significant financial liabilities (total non-current and current financial liabilities remain high) indicates a substantial increase in leverage.

5.  **Distributions:**
    *   The company paid dividends of €1,013M to parent equity holders in 2022 and is proposing €817M for 2022. This demonstrates a commitment to shareholder returns, but paying out large dividends while the equity base shrinks and overall losses mount is a negative signal for the protection of hybrid bondholders.

**Conclusion:**
The massive loss for the year, the severe erosion of the equity cushion, the extreme volatility from discontinued operations, and the negative total operating cash flow present a high-risk profile. The reduced equity base weakens the structural subordination of a potential hybrid bond, and the financial instability makes the company less suitable for issuing this type of instrument. While continuing operations show some resilience, the consolidated picture is one of significant financial distress.

<answer>Not Suitable</answer>