Our goal is to continue to keep the ratio of net indebtedness to equity (gearing ratio) below 20% in the coming years and ensure that it does not exceed 60% in general.
If justified by extraordinary financing grounds or specific market circumstances, we can rise above this maximum level under certain conditions. The equity ratio should exceed 35%.
In the year under review (2018), the equity ratio was 45.3% and the gearing ratio 9.1%.
Continental always strives for a balanced maturity profile of its liabilities in order to be able to repay the amounts due each year from free cash flow as far as possible. Other than short-term maturities, which are usually rolled on to the next year, the repayment of the € 500.0 million bond maturing in February 2019 and of the €600.0 million and €750.0 million bonds maturing in February and September 2020 is on the agenda for 2019 and 2020. The €500.0 million and €600.0 million bonds issued in September 2019 mature in September 2023 respectively in June 2025.
| Bond | WKN | Volume in Euro | Maturity |
|---|---|---|---|
| 2019 | A1Z7C3 | 500,000,000 | February 19, 2019 (redeemed) |
| 2020 | A2DARM | 600,000,000 | February 5, 2020 |
| 2020 | A1X3B7 | 750,000,000 | September 9, 2020 |
| 2023 | A2YPE5 | 500,000,000 | September 12, 2023 |
| 2025 | A2YPAE | 600,000,000 | June 27, 2025 |
