The following table shows the composition of financial liabilities as at December 31:
|
31/12/2023 |
31/12/2022 |
||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Currency |
Nominal value |
Carrying amount |
Average effective interest in % |
Currency |
Nominal value |
Carrying amount |
Average effective interest in % |
||||
Private placements |
|
|
|
|
|
|
|
|
||||
Fixed interest |
EUR |
290,500 |
290,229 |
1.5 |
EUR |
290,500 |
290,110 |
1.5 |
||||
Floating rate interest |
EUR |
219,000 |
218,753 |
4.2 |
EUR |
219,000 |
218,640 |
1.2 |
||||
Floating rate interest1 |
USD |
65,000 |
58,824 |
1.9 |
USD |
65,000 |
60,941 |
0.8 |
||||
|
|
|
567,805 |
|
|
|
569,691 |
|
||||
|
|
|
|
|
|
|
|
|
||||
Bank loans |
|
|
|
|
|
|
|
|
||||
Loans: |
|
|
|
|
|
|
|
|
||||
Fixed interest |
EUR |
474,775 |
353,345 |
1.5 |
EUR |
428,809 |
428,809 |
1.1 |
||||
Fixed interest |
USD |
147,200 |
108,439 |
3.3 |
USD |
140,602 |
111,972 |
3.0 |
||||
Fixed interest |
CNY |
117,015 |
14,905 |
4.1 |
CNY |
0 |
0 |
n/a |
||||
Floating rate interest |
EUR |
311,813 |
256,426 |
2.1 |
EUR |
140,412 |
139,586 |
0.8 |
||||
Floating rate interest1 |
USD |
1,000,000 |
816,483 |
6.9 |
USD |
1,000,000 |
911,729 |
4.1 |
||||
Operating loans2: |
|
|
|
|
|
|
|
|
||||
Floating rate interest |
IDR |
0 |
0 |
n/a |
IDR |
156,333,686 |
9,463 |
9.8 |
||||
Floating rate interest |
CNY |
390,000 |
49,676 |
3.4 |
CNY |
250,000 |
33,976 |
3.7 |
||||
Floating rate interest |
USD |
98,254 |
88,619 |
8.1 |
USD |
4,876 |
4,572 |
7.2 |
||||
|
|
|
1,687,892 |
|
|
|
1,640,106 |
|
||||
|
|
|
|
|
|
|
|
|
||||
Lease liabilities |
|
|
|
|
|
|
|
|
||||
Fixed interest |
EUR |
142,107 |
142,107 |
16.9 |
EUR |
69,590 |
69,590 |
10.2 |
||||
|
|
|
142,107 |
|
|
|
69,590 |
|
||||
|
|
|
|
|
|
|
|
|
||||
Loans from other lenders |
|
|
|
|
|
|
|
|
||||
Fixed interest |
EUR |
9,926 |
9,790 |
0.7 |
EUR |
10,603 |
10,603 |
0.7 |
||||
Fixed and floating rate interest |
EUR |
28,100 |
28,100 |
0.6 |
EUR |
30,005 |
30,005 |
0.6 |
||||
Floating rate interest |
BRL |
0 |
0 |
n/a |
BRL |
12,445 |
2,236 |
10.4 |
||||
|
|
|
37,890 |
|
|
|
42,843 |
|
||||
|
|
|
|
|
|
|
|
|
||||
Total |
|
|
2,435,694 |
|
|
|
2,322,230 |
|
||||
Thereof current |
|
|
528,992 |
|
|
|
250,282 |
|
||||
Thereof non-current |
|
|
1,906,702 |
|
|
|
2,071,948 |
|
||||
|
||||||||||||
In the 2015 financial year, the Lenzing Group issued fixed and variable rate private placements of EUR 150,000 thousand, which have an average term of seven years, as part of the refinancing and volume expansion. In the 2022 financial year, an amount of EUR 72,000 thousand was repaid.
In the 2019 financial year, the Lenzing Group issued further private placements with an issue volume of EUR 375,000 thousand and USD 45,000 thousand. A term of 5 to 15 years with fixed and floating interest rates was agreed.
In the 2020 financial year, the Lenzing Group issued further private placements with an issue volume of EUR 114,000 thousand and USD 20,000 thousand. Terms of 5 to 7 years with fixed and floating interest rates were agreed.
In 2023, a loan of EUR 100,000 thousand was arranged with the participation of Oesterreichische Kontrollbank. A term of six years with fixed and floating interest rates was agreed.
In the 2018, 2019, 2020 and 2021 financial years, financing totaling EUR 501,500 thousand was raised from Oesterreichische Kontrollbank AG. A term of two to seven years with fixed and floating interest rates was agreed. In the 2023 financial year, this financing was extended by two years.
As of December 31, 2023, liabilities to banks for the financing of the pulp mill in Brazil amounted to EUR 924,922 thousand (December 31, 2022: EUR 1,023,700 thousand). Of these, EUR 758,869 thousand (December 31, 2022: EUR 34,922 thousand) are collateralized by pledged property, plant and equipment and EUR 204,856 thousand (December 31, 2022: EUR 127,735 thousand) are collateralized by biological assets. In addition, the shares in LD Celulose S.A., Indianópolis, Brazil, were pledged for the financing of the pulp mill. Details of this financing can be found in note 35.
Furthermore, of the reported financial liabilities, EUR 53,259 thousand (December 31, 2022: EUR 37,853 thousand) are secured by receivables.
The next interest rate adjustment for the floating rate loans and partially fixed rate loans will take place within the next six months, depending on the loan agreement. The conditions for loans that can be utilized multiple times (revolving loans) are fixed for a certain period and generally carry floating interest rates.
Other loans primarily involve obligations to the Austrian fund for the promotion of research in industry (“Forschungsförderungsfonds der gewerblichen Wirtschaft”) and the ERP fund as well as loans from non-controlling shareholders.