Financing Strategy

Financing Strategy and Maturity Profile

Our financing strategy aims to support value-adding growth of the Continental Corporation while at the same time complying with an equity and liabilities structure adequate for the risks and rewards of our business.

In general, the gearing ratio should be below 20% in the coming years and 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 reporting year 2019, it was 37.3% and the gearing ratio 25.6%.

Maturity of Bonds and Syndicated Loans

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 € 600.0 million and €750.0 million bonds maturing in February and September 2020 is on the agenda for 2020.

The €500.0 million and €600.0 million bonds issued in September 2019 mature in September 2023 respectively in June 2025. The two €750.0 million  bonds issued in May 2020 will mature in November 2023 and in August 2026, respectively. The €625.0 million bond issued in June 2020 will mature in September 2024. 

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BondWKNVolume in EuroMaturity
2020A2DARM
600,000,000
February 5, 2020 (redeemed)
2020A1X3B7
750,000,000
September 9, 2020 (redeemed)
2023A2YPE5500,000,000September 12, 2023
2023A28XTQ
750,000,000November 27, 2023
2024A28YEC
625,000,000
September 25, 2024
2025A2YPAE600,000,000June 27, 2025
2026A28XTR750,000,000August 27, 2026