Bonds & rating
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, irrespective of the current non-investment grade rating. We manage our capital structure on the basis of the following key figures:

Key figures for managing the capital structure

  Value 2021* Value 2020 Value 2019 Value 2018 Value 2017
Net financial debt / EBITDA 0.6 7.2 4.9 5.3 5.2
Net debt / equity (in %) 34.1 209.5 101.6 107.2 99.5
Net debt ratio (in %) 60.6 26.5 42.4 41.6 42.7

* For the years 2017 to 2020, the figures relate to the continuing and discontinued operations of the K+S Group. For the year 2021, the figures relate to the continuing operations of the K+S Group.

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

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 BB+ positive

November 25, 2022

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

Bonds

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

  July 2018 bond
WKN/ISIN: A2N BE7/
XS1854830889
Listing: Stock exchange Luxembourg
Issue volume: 600 million EUR
Outstanding volume: 280.600 million EUR
Denomination: 100,000 EUR
Issue price: 100.000
Interest coupon: 3.250%
Maturity: July 18, 2024 *

* or earlier due to 3-months-par-call

Detailed information and bond prospectus can be found here.

Contact

Your contact persons on bonds

Bock julia.bock@k-plus-s.com
Julia Bock
Head of Investor Relations
Frost nathalie.frost@k-plus-s.com
Nathalie Frost
Senior Investor Relations Manager
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Shares & bonds