Anleihe & Rating ( Hero)
Bonds & Rating

Securing liquidity, minimizing risks

The financial management of the K+S Group follows three overriding objectives:

  • secure liquidity and manage it efficiently throughout the company,
  • to maintain and optimize the ability to finance,
  • to reduce financial risks also by using financial instruments.

Through centralized cash management, we control liquidity and optimize cash flows within the company. In order to maintain our financing capability and to achieve favorable costs for debt and equity, we aim to achieve a long-term capital structure based on the criteria and ratios for an investment grade rating. We manage our capital structure on the basis of the following key figures:

Key figures for managing the capital structure

Key figures for managing the capital structure:1

  Value 2023 Value 2022 Value 2021 Value 2020 Value 2019
Net financial liabilities/ EBITDA - 2 2 0.6 7.2 4.9
Net debt/equity (in %) 19.0 3 12.4 34.4 209.5 101.6
Equity ratio (in %) 68.6 67.9 60.3 26.5 42.4

1 For the years 2019 to 2020, the figures relate to the continuing and discontinued operations of the K+S Group; from 2021, the figures relate to the continuing operations of the K+S Group.
2 There are no net financial liabilities as of December 31, 2022.
3 Net debt also includes non-current provisions for mining obligations due in more than 10 years in the amount of €972.6 million. Excluding these obligations from net debt, the key indicator amounts to 4.1%.

Currency and interest rate management is carried out centrally for all major Group companies. Derivative financial instruments are only concluded with banks of good credit standing, spread across several banks to reduce the default risk and monitored regularly.


Rating agencies assess the creditworthiness of companies - their so-called credit rating. A rating describes the assessment of a company's ability to meet its future interest and repayment obligations on time. The higher the rating, the lower the estimated potential risk. A company with a good rating can therefore generally borrow capital on the capital market at better terms than a company with a weak rating.

Current rating classification

Rating agency Rating Outlook Date of the last update
Standard & Poor's BBB- stable June 5, 2023

You will find more information on the rating definitions at Standard & Poor's.


K+S Aktiengesellschaft issued a corporate bond on the capital market on July 11, 2018 and June 19, 2024. This enables longer-term financing at attractive conditions and offers lenders an interesting investment opportunity.

  June 2024 bond
WKN/ISIN: A38E2 / XS2844398482
Listing: Stock exchange Luxembourg
Issue volume: 500 million EUR
Outstanding volume: 500 million EUR
Denomination: 100,000 EUR
Issue price: 99.147
Interest coupon: 4.250%
Maturity: June 19, 2029 *

* or earlier due to 3-months par call



Your contact persons on bonds

Julia Bock
Head of Investor Relations
Nathalie Frost
Senior Investor Relations Manager
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