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Sustainable Finance

We have made a name for ourselves as a pioneer in ‘green’ financing.
Since 2019 we have been linking all long-term elements of our corporate financing to a sustainability component. This means that, depending on how we score in the ESG categories of Environmental, Social and Governance, our financing costs will either decrease or increase.

EcoVadis rating as a benchmark for sustainability

We have linked several financing instruments to the development of our sustainability rating. This is how ecologically and socially responsible business operations also have a financial pay-off for us, for example through reduced interest rates or avoided compensation payments.

The sustainability rating prepared by the EcoVadis rating agency is applicable. In its assessment, EcoVadis considers the categories of environment, labor and human rights as well as integrity and procurement. The respective scores are weighted differently in the final result, taking into account the sector to which a company belongs. The 21 assessment criteria make up a maximum score of 100 points. Some of the aspects taken into account are energy and water consumption, CO2 emissions as well as anti-corruption protection and social practices of suppliers.

Increase to 66 points

We have increased our rating by 8 points compared to the previous year. With a current score of 66 points, we are among the top 25% of all the companies rated by EcoVadis. In the industry category “Manufacture of general-purpose machinery”, we are even among the top 10%.

Our goal is to achieve Gold status in 2023. We would thus rank among the best 5% of all companies rated by EcoVadis.

  • 2019
    51points
  • 2020
    55points
  • 2021
    58points
  • 2022
    66points
  • Total financing volume
    1.4billion
    linked to a sustainability component

Thanks to the increase of our EcoVadis rating to 66 points, we benefit, in terms of our sustainable financing instruments, from a reduction in our interest rate of up to 5 basis points. In addition, the latest improvement in our rating has also enabled us to avoid compensation payments. If we had failed to achieve a certain minimum score, we would have paid a pre-defined sum to UniCredit Bank, which uses this money to support sustainable projects.

We will invest the funds we have saved in internal → climate protection projects at our own sites, for example in energy-efficiency measures and in our own generation of renewable energy.

Convertible bond*

  • In September 2020 we issued a convertible bond, to which we linked a sustainability component in the form of a separate interest derivative.
  • The interest derivative is linked to our EcoVadis sustainability rating.
  • If we do not achieve two specified ratings improvements, we will have to pay a certain sum to UniCredit Bank AG, which uses this money to support sustainable projects.
  • The improvement targets are: at least 62 points by October 2022 and at least 66 points by October 2024.
  • Term: 5.3 years
  • Coupon: 0.75%
  • Conversion premium: 40%
  • Total amount
    150m

* The convertible bond has been placed with qualified institutional buyers (QIBs) only and the information above does not constitute an offer or a solicitation of an offer to purchase securities of the Company or any of its subsidiaries in the United States of America, Germany or any other jurisdiction.

Sustainability Schuldschein loans

  • In June 2019 we were the world's first company to issue a sustainability-oriented Schuldschein loan for € 200 million. The threshold for reducing the interest rate by 2 basis points is 62 points.
  • In March 2020 we issued an additional sustainability Schuldschein loan to the tune of € 115 million, also with a sustainability component. The threshold for reducing the interest rate by 2 basis points is 62 points.
  • Issue of a third sustainability Schuldschein in the amount of € 200 million in December 2020. The threshold for reducing the interest rate by 5 basis points is 66 points.
  • Interest rates are dependent on our EcoVadis sustainability ranking.
  • Total amount
    515m

Syndicated loan with sustainability component

  • Interest rate linked to the EcoVadis sustainability rating
  • Threshold for reducing the interest rate: 62 points
  • Maturity date: August 7, 2024
  • Total amount
    750m
    cash credit line: € 500 m and guarantee line: € 250 m

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