Our financing strategy is aimed at ensuring the solvency of the Heidelberg Group at all times. By implementation of a balanced diversification of financing instruments and of the maturity profile, liquidity risks should be limited and capital costs should be optimized.

The financing structure of Heidelberg currently consists of capital market instruments (a corporate bond with a term until May 2022 and a convertible bond with a term untill March 2022), a syndicated credit facility and other instruments and promotional loans, e.g. of the European Investment Bank (EIB). In Financial Year 2017/2018, the revolving credit facility was extended ahead of schedule until March 2023.

With the agreed range of instruments, Heidelberg currently is operating with total credit facilities of around € 670 million.

OVERVIEW OF FUNDING SOURCES

The financing structure of Heidelberg has a balanced maturity profile and is based on diversified financing instruments, showing a successful track record of refinancing activities in the recent years. It consists of the following main components:

• € 320 million Revolving Credit Facility, maturity March 2023

• € 17 million Convertible Bond, maturity March 2022

• € 150 million Corporate Bond, maturity May 2022

• € 94 million EIB loan, maturity 2024, amortizing

• € 86 million other financing instruments, amortizing

As at January, 2020