Financing at wienerberger

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.

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.

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 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, 2020, and 2023 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. 

In December 2021, wienerberger concluded an agreement for a € 250 million loan with a nine-year term which also included a sustainability component based on the ESG rating awarded by a sustainability rating agency. This financing transaction was implemented with four long-standing partner banks and with refinancing by Oesterreichische Kontrollbank.