4. Key events and transactions
The following key events and transactions took place in the year ended December 31, 2024.
Chilled carton production changes in China
The Group has moved its production of chilled carton from Shanghai to the same location as its aseptic carton facilities in Suzhou. Production at the Group’s new, leased chilled carton production plant started in the second quarter of 2024. The move of the chilled carton production has resulted in the recognition of impairment losses and restructuring expenses in the total amount of €22.0 million (pre-tax) in the year ended December 31, 2024.
The Group is in the process of selling the production plant in Shanghai. The sale is expected to complete in 2025. For more information, see note 9.
Refinancing transactions
On May 8, 2024, the Group issued unsecured Schuldscheindarlehen (“SSD”, a private German debt placement) totaling €450 million. On June 28, 2024, the Group accessed new senior unsecured credit facilities consisting of a five-year €50 million term loan and two committed Euro revolving credit facilities in the total amount of €500 million.
The proceeds from the SSD and the new term loan, together with available cash, were used on June 28, 2024 to prepay the Group’s €550 million term loan that was due in June 2025. In connection with this, the related €300 million committed multi-currency revolving credit facility was terminated.
On September 18, 2024, the Group repaid the €100.0 million draw-down of an unsecured credit facility that was made in the last quarter of 2023, using available cash.
On November 29, 2024, the Group signed a €550 million unsecured bridge loan facility agreement. The facility can be accessed until June 2025, when the Group’s €550 million of senior unsecured notes is due for repayment.
See note 23 for additional details.
Changes in the Group Executive Board and the Board of Directors
Fabio Grazioli joined the Group Executive Board as Chief Supply Chain Officer on November 15, 2024. The former Chief Supply Chain Officer, Ian Wood, left the Group as of December 31, 2023.
Thomas Dittrich was elected to the Board of Directors at the Annual General Meeting on April 23, 2024. Andreas Umbach was re-elected as the chair of the Board of Directors for another one-year term. He has announced that he will not stand for re-election at the 2025 Annual General Meeting. The Board of Directors will nominate Ola Rollén for election as chair at the 2025 Annual General Meeting.