Sustainable
funding

In 2019, Aciturri formalized a syndicated loan by several banks, which was qualified as sustainable financing by Banco Santander, the agent bank.

Four sustainability indicators were established which, in the bank's opinion, demonstrate the company's involvement in sustainability. Meeting the targets associated with these indicators determined that the financing would be rated as "sustainable" for the following 12 months in 2019, 2020 and 2021.

In December 2021, Banco Santander and Aciturri reviewed these key indicators, agreeing to reduce them to three, and establishing for each of them more demanding targets for the 2022 financial year, as shown in the following table. In this case, for the debt to be classified as sustainable (sustainable loan) it is necessary to meet at least one of the three indicators, and not have a severe controversy (structural or recurring problem in terms of sustainability, issue of high environmental or social impact, with high risk for the business, or high number of problems or incidents not resolved in an effective and satisfactory manner).

The bank appoints an independent third party of recognized prestige as sustainability auditor, who analyzes the indicators' achievement. Compliance, at year-end, with the agreed objectives ensures the qualification of the financing obtained as Sustainable Financing for the following twelve months.

"Aciturri has achieved the required targets for all indicators, which ensures the maintenance of the sustainable funding rating."

INDICATOR 11GOAL2019202020212022MOTIVATION
ENERGY INTENSITY RATIO
<0,68 GJ/K€
0.49
0.66
0.87
0.64
It measures the effectiveness of the actions implemented to reduce the environmental impact of the organization.
CONTROL OF CO2
(SCOPES 1 AND 2)
<0,045 tCO2/K€
0.045
0.045
0.047
0.043
It enables the company to play an active role in the fight against climate change.
ACCIDENT FREQUENCY RATE
<0.065
0.060
0.052
0.056
0.054
It shows Aciturri’s commitment to the safety of its employees.

11. The indicators and goals were initially set for sustainable financing purposes: % of unlimited contracts > 80% | energy intensity ratio < 0.75 GJ/K€ | CO2 emissions control (Scope 1 and 2) < 0.05 tCO2/K€ | accident frequency rate < 0.10. In 2022, these indicators have been revised, removing the one for the unlimited contracting rate and reducing the targets for the other three indicators.

previous section
next section

Sustainability Report 2022