Financing Strategy

Financing Strategy and Maturity Profile

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%.

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 € 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 also on the agenda for 2019 and 2020. The €500.0 million bond issued in September 2019 matures in September 2023.

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BondWKNVolume in EuroMaturity
2019A1Z7C3
500,000,000
February 19, 2019 (redeemed)
2020A2DARM
600,000,000
February 5, 2020
2020A1X3B7
750,000,000
September 9, 2020
2023A2YPE5500,000,000September 12, 2023