28. Loans and borrowings
The following table shows the composition of loans and borrowings as at December 31:
|
31/12/2025 |
31/12/2024 |
||||||||
|
Currency |
Nominal value |
Carrying amount |
Average effective interest in % |
Currency |
Nominal value |
Carrying amount |
Average effective interest in % |
||
|---|---|---|---|---|---|---|---|---|---|---|
Bond |
|
|
|
|
|
|
|
|
||
Fixed interest |
USD |
650,000 |
542,622 |
8.0 |
USD |
650,000 |
608,553 |
8.0 |
||
|
|
|
542,622 |
|
|
|
608,553 |
|
||
|
|
|
|
|
|
|
|
|
||
Private placements |
|
|
|
|
|
|
|
|
||
Fixed interest |
EUR |
102,000 |
101,906 |
1.2 |
EUR |
170,500 |
170,345 |
1.5 |
||
Floating rate interest |
EUR |
164,000 |
163,931 |
3.2 |
EUR |
164,000 |
163,864 |
4.9 |
||
|
|
|
265,837 |
|
|
|
334,208 |
|
||
|
|
|
|
|
|
|
|
|
||
Bank loans |
|
|
|
|
|
|
|
|
||
Loans: |
|
|
|
|
|
|
|
|
||
Fixed interest |
EUR |
156,106 |
156,106 |
1.5 |
EUR |
333,175 |
254,725 |
1.6 |
||
Fixed interest |
CNY |
0 |
0 |
n/a |
CNY |
94,000 |
12,330 |
3.6 |
||
Floating rate interest |
EUR |
740,575 |
735,469 |
4.2 |
EUR |
392,152 |
352,777 |
4.8 |
||
Floating rate interest |
USD |
300,000 |
240,389 |
7.7 |
USD |
350,000 |
313,909 |
8.0 |
||
Operating loans1: |
|
|
|
|
|
|
|
|
||
Floating rate interest |
CNY |
490,000 |
59,566 |
2.7 |
CNY |
410,000 |
53,782 |
3.1 |
||
Floating rate interest |
USD |
13,126 |
11,171 |
6.0 |
USD |
21,721 |
20,798 |
6.6 |
||
|
|
|
1,202,701 |
|
|
|
1,008,322 |
|
||
|
|
|
|
|
|
|
|
|
||
Lease liabilities |
|
|
|
|
|
|
|
|
||
Fixed interest |
EUR |
128,488 |
128,488 |
12.1 |
EUR |
123,862 |
123,862 |
12.0 |
||
|
|
|
128,488 |
|
|
|
123,862 |
|
||
|
|
|
|
|
|
|
|
|
||
Loans from other lenders |
|
|
|
|
|
|
|
|
||
Fixed interest |
EUR |
4,595 |
4,595 |
1.3 |
EUR |
4,972 |
4,949 |
0.7 |
||
Fixed and floating rate interest |
EUR |
25,290 |
25,290 |
0.8 |
EUR |
28,100 |
28,100 |
0.5 |
||
|
|
|
29,885 |
|
|
|
33,049 |
|
||
|
|
|
|
|
|
|
|
|
||
Total |
|
|
2,169,533 |
|
|
|
2,107,994 |
|
||
Thereof current |
|
|
502,122 |
|
|
|
279,449 |
|
||
Thereof non-current |
|
|
1,667,411 |
|
|
|
1,828,545 |
|
||
|
||||||||||
In the 2024 financial year, a bond with a final maturity in January 2032 and a fixed interest rate of 7.950% was issued. Details about this financing are presented in note 35 and note 37.
In the 2025 financial year, a syndicated loan agreement was concluded with the Group’s main banks in the amount of EUR 545,000 thousand. This facility comprises a syndicated bullet loan of EUR 355,000 thousand and a syndicated revolving credit facility of EUR 190,000 thousand. Further details about this financing facility can be found in note 37.
Bank loans of EUR 783,012 thousand (December 31, 2024: EUR 922,462 thousand) are secured by pledged property, plant and equipment in the amount of EUR 985,819 thousand (December 31, 2024: EUR 1,109,094 thousand), and biological assets in the amount of EUR 176,639 thousand (December 31, 2024: EUR 192,217 thousand). In addition, the shares in LD Celulose S.A., Indianópolis, Brazil, were pledged.
Furthermore, of the reported financial liabilities, EUR 11,171 thousand (December 31, 2024: EUR 20,798 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.