Investor Relations

Financing at Wienerberger

A strong capital base, a balanced maturity profile and ample liquidity reserves. Learn more about how Wienerberger is financed.

Investor Relations

Wienerberger AG

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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.”

CFO Gerhard Hanke

Gerhard Hanke

CFO

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:

Key financial indicator 31/12/2019 31/12/2020 Threshold
Net debt/EBITDA 1.4 1.6 <3.9

Wienerberger’s credit rating

Wienerberger AG is rated by the international rating agency Moody's:

    Moody’s Rating
Corporate Family   Ba1/negative
Corporate bonds   Ba1/negative

Short-term liabilities

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 liabilities

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. 

Bonds ISIN Coupon Volume Term Redemption
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

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