Financing Instruments
NORMA Group generally strives to achieve a diversification of its financing instruments in order to reduce risks. These also include prolongation of repayment obligations and an even distribution of the maturity profile.
Promissory note loans
Promissory note loans (PNL) have been used several times for the refinancing, in recent years. The wide investor base and the low effort required for the documentation, in particular, make it an interesting instrument.
As of Dec 31, 2024 (in EUR million)
| 2025 | 2026 | 2028 | 2030 | |
|---|---|---|---|---|
| PNL II | -27.0 | |||
| PNL III | -41.5 | |||
| PNL IV | -38.0 | -55.5 | -26.5 | |
| Total (in EUR million) | -27.0 | -79.5 | -55.5 | -26.5 |
Syndicated Bank Loan and Bilateral Loan
NORMA Group's syndicated bank loan is regularly adjusted (Amend & Extend) or replaced by a new bank loan. In particular, the flexibility respectively draw repayment of the individual component make the product attractive.
As of Dec 31, 2024 (in EUR / USD million)
| 2026 | 2027 | 2028 | 2029 | |
|---|---|---|---|---|
| Syndicated Loan EUR | -91,0 | |||
| Syndicated Loan USD | 117,4 | |||
| Bilateral Loan | -0.2 | -0.2 | -0.4 | -0.1 |
| Total in EUR milllion | -208.6 | -0.2 | -0.4 | -0.1 |
ABS / Factoring / Reverse Factoring
NORMA Group uses these programs in addition to its diversified financing mix in order to flexibly exploit opportunities to improve the net operating cash flow on the one hand and to reduce the leverage ratio on the other hand.
Volume as of Dec 31, 2024: 53 EUR million
| Americas | Europe | APAC | |
|---|---|---|---|
| ABS | Yes | Yes | No |
| Factoring | Yes | Yes | No |
| Reverse Factoring | Yes | Yes | No |
Commercial Paper (CP) Program
Commercial Paper (short CP) is a short-term bearer bond (Inhaberschuldverschreibungen) with a money market character. The total volume of the program covers EUR 300 Million. NORMA Group effectively draws up to EUR 50 Million in individual different tranches. If there is liquidity requirement CP’s can be issued on a short-term notice. There is no obligation to issue CP’s for NORMA Group. The running time of the CP’s could be between seven days and one year. The costs are typically lower compared to money market loans. CP’s are usually issued with a discounted amount and repaid at nominal value.
As of December 31, 2024, the commercial paper program was used as a source of refinancing with a volume of EUR 0 million (2023: EUR 0 million).
Credit Lines
Lines are held for a short-term, medium-sized needs. These can be used for (small) acquisitions or replace other component in the financing mix, which will not be continued.
Committed Revolving Credit Line Volume
NORMA Group has a high level of financial flexibility thanks to a committed revolving credit line with national and international credit institutions in the amount of EUR 100 million. This line volume was not drawn as of December 31, 2024.