lenzing.com

Note 29. Financial liabilities

The following table shows the composition of financial liabilities as at December 31:

Financial liabilities
EUR '000

 

31/12/2022

31/12/2021

 

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

290,110

1.5

EUR

362,500

361,965

1.5

Floating rate interest

EUR

219,000

218,640

1.2

EUR

219,000

218,526

1.1

Floating rate interest1

USD

65,000

60,941

0.8

USD

65,000

57,350

0.8

 

 

 

569,691

 

 

 

637,841

 

 

 

 

 

 

 

 

 

 

Bank loans

 

 

 

 

 

 

 

 

Loans:

 

 

 

 

 

 

 

 

Fixed interest

EUR

428,809

428,809

1.1

EUR

428,809

428,809

1.0

Fixed interest

USD

140,602

111,972

3.0

USD

91,457

69,287

2.8

Floating rate interest

EUR

140,412

139,586

0.8

EUR

139,779

139,779

0.2

Floating rate interest1

USD

1,000,000

911,729

4.1

USD

789,000

670,175

2.2

Operating loans2:

 

 

 

 

 

 

 

 

Floating rate interest

IDR

156,333,686

9,463

9.8

IDR

0

0

0.0

Floating rate interest

CNY

250,000

33,976

3.7

CNY

250,000

34,612

4.0

Floating rate interest

USD

4,876

4,572

7.2

USD

0

0

0.0

 

 

 

1,640,106

 

 

 

1,342,661

 

 

 

 

 

 

 

 

 

 

Lease liabilities

 

 

 

 

 

 

 

 

Fixed interest

EUR

69,590

69,590

10.2

EUR

63,475

63,475

9.0

 

 

 

69,590

 

 

 

63,475

 

 

 

 

 

 

 

 

 

 

Loans from other lenders

 

 

 

 

 

 

 

 

Fixed interest

EUR

10,603

10,603

0.7

EUR

8,622

8,622

0.7

Fixed and floating rate interest

EUR

30,005

30,005

0.6

EUR

33,813

33,813

0.6

Floating rate interest

BRL

12,445

2,236

10.4

BRL

93,279

14,748

3.9

 

 

 

42,843

 

 

 

57,183

 

 

 

 

 

 

 

 

 

 

Total

 

 

2,322,230

 

 

 

2,101,161

 

Thereof current

 

 

250,282

 

 

 

120,125

 

Thereof non-current

 

 

2,071,948

 

 

 

1,981,036

 

1)

The underlying contracts are linked to the USD-LIBOR reference interest rate as of the balance sheet date and have not yet been switched to an alternative reference interest rate.

2)

Revolving credit agreements and overdrafts

In the 2012 financial year, the Lenzing Group issued private placements with an issue volume of EUR 200,000 thousand. The terms cover 4 and 7 years with fixed and floating interest rates, respectively, as well as a term of 10 years with fixed interest. The average term is approximately 6 years. The Lenzing Group repaid EUR 40,500 thousand of the existing private placements as scheduled in 2016. In the 2015 financial year, the Lenzing Group reached an agreement to refinance its private placements with a corresponding volume increase. Existing private placements of EUR 89,500 thousand were terminated and re-issued at extended terms. Additional private placements of EUR 60,500 thousand were also issued. Overall these transactions involved the issue of private placements totaling EUR 150,000 thousand, which have an average term of 7 years. In the 2022 financial year EUR 72,000 thousand (2021: EUR 56,000 thousand) were 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 2020, a loan of EUR 200,000 thousand was arranged with Oesterreichische Kontrollbank. A term of 3 to 7 years with fixed and floating interest rates was agreed.

In 2021, a loan of EUR 160,000 thousand was arranged with Oesterreichische Kontrollbank. A term of 2 to 7 years with fixed and floating interest rates was agreed.

The financing for the construction of the dissolving wood pulp plant in Brazil was secured in the form of loans in the 2020 financial year (volume in USD 1,147,200 thousand). As at December 31, 2022, EUR 1,023,700 thousand (December 31, 2021: EUR 739,462 thousand) of the loans were used. These liabilities are collateralized by pledged property, plant and equipment in the amount of EUR 34,922 thousand (December 31, 2021: EUR 9,558 thousand) and biological assets in the amount of EUR 127,735 thousand (December 31 2021: EUR 95,767 thousand). In addition, the shares in LD Celulose S.A., Indianópolis, Brazil were pledged for the financing of the pulp mill. Details on the existing financial covenants are explained in note 36.

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.

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