Financing at Wienerberger
A strong capital base, a balanced maturity profile and ample liquidity reserves. Learn more about how Wienerberger is financed.
We are pursuing clear targets with our financial policies: the establishment of an adequate liquidity position, a strong capital structure and unrestricted access to capital and credit markets. The finances of the Wienerberger Group are regulated centrally by the holding company using a balanced combination of financial instruments.
Wienerberger’s financial policies
The basis of Wienerberger’s finances is its strong internal financing power, resulting from the sustainable generation of free cash flow and a healthy equity base. Over the past years, we have improved our mid and long-term financial structures, reduced costs and broadened our scope to act financially.
“Wienerberger’s financial policies are focused on clear targets. We want to ensure sufficient liquidity, develop a strong capital structure and maintain unrestricted access to capital and credit markets.”
By determining the duration of our financial liabilities, we are establishing a balanced maturity profile, avoiding the need to refinance.
We are committed to adhering to strict, financial criteria and are thereby striving towards a debt repayment period (net debt/ EBITDA) of less than 2.5 years by the end of the year.
Key financial indicators
Wienerberger’s key financial indicators, which have a significant impact on our bank covenants and our rating, have been developing at a sound and satisfactory level. This is reflected in the debt repayment period (net debt/EBITDA), which has remained well below the threshold even after the call of the hybrid bond in December 2020 and the corresponding reclassification to financial liabilities:
Wienerberger’s credit rating
Wienerberger AG is rated by the international rating agency Moody's:
Wienerberger’s short-term interest-bearing financial liabilities comprise a commercial paper program and various credit lines. The fixed-interest commercial paper program enables us to flexibly cover short-term financing needs of up to € 200 million. The maturities are agreed upon with the investors and range between one week and one year.
In 2018, we concluded a revolving credit line of € 400 million with ten banks. It is available for general corporate financing purposes. Having been extended twice, it runs until November 2025.
Long-term interest-bearing financial liabilities primarily comprise corporate bonds. Wienerberger’s corporate bonds currently outstanding were issued in 2018 and 2020 with maturities of 5 and 6 years. All Wienerberger bonds are listed on the Vienna Stock Exchange. For current price information, please refer to: The Vienna Stock Exchange.
In December 2019, Wienerberger concluded an agreement for a € 170 million loan with an eight-year term which, for the first time, included a sustainability component based on the ESG rating awarded by a sustainability rating agency. This financing transaction was implemented with five long-standing partner banks and with refinancing by Oesterreichische Kontrollbank.
In the course of the Covid-19 pandemic, several long-term bank loans in a total amount of € 145 million were taken out to secure a comfortable level of liquidity in the first half of 2020. The loans will be redeemed through amortization by 2023.
At the end of 2020, Wienerberger called 100% of the hybrid capital, which had been outstanding at various interest rate levels since 2007. The 2014 hybrid bond was redeemed at the earliest possible call date on February 9, 2021.
|Wienerberger bond 2018||AT0000A20F93||2.00%||250 million Euros||6 years||02/05/2024|
|Wienerberger bond 2020||AT000042GLA0||2.750%||400 million Euros||5 years||04/06/2025|