Creditor Relations

As a high-rated borrower, Henkel is able to raise funds using all the available options. Bonds serve the purpose of long-term financial sourcing. Our short to medium term requirements are covered by commercial paper. Bank loans are basically used in countries in which a central financing of affiliated companies is restricted or unfavorable, e.g. due to tax issues. The following table shows the different funding sources available to Henkel, together with their used and total volume.

Funding Sources

AmountUsed amount
December 31, 2019
Commercial paper program
(legal framework for issuing commercial papers)
€ 2.0 billion
US$ 2.0 billion

€ 1.4 billion

Revolving credit facility

€ 1.5 billion

Other committed bank lines

€ 0.1 billion

€ 0.0 billion

Debt issuance program
(legal framework for issuing senior bonds)

€ 6.0 billion

€ 2.5 billion

Aggregate of all loan services available on call from one or several banks as cover for an immediate credit requirement.?

Financial Glossary Schlie?en

Bank Policy Statement

As banks are strategic business partners for Henkel, the allocation of bank business follows a structured approach. Corporate Finance at Henkel AG & Co KGaA coordinates globally all banking relationships and has the authority to establish guidelines for all relevant processes in that respect. Any external bank transactions have to be effected as far as possible in a fully integrated, automated process, thus ensuring that highest standards of security are being followed.

Abbreviation for “Kommanditgesellschaft auf Aktien.” A KGaA is a company with a legal identity ?(legal entity) in which at least one partner has unlimited liability with respect to the company’s creditors ?(personally liable partner), while the liability for such debts of the other partners participating in the share-based capital stock is limited to their share capital ?(limited shareholders).?

Financial Glossary Schlie?en

Financial Ratios201520162017120182


Operating Debt Coverage






Interest Coverage Ratio






Equity Ratio






1 Prior-year figures amended (please refer to annual report 2018 pages 140 and 141). ?
2 Prior-year figures amended (please refer to annual report 2019 pages 154 to 157). ??
3 First-time application of IFRS 16 "Leasing".

Financial metric indicating the ratio of equity to total capital. It expresses the share of total assets financed out of equity ?(owners’ capital) rather than debt capital ?(provided by lenders). Serves to assess the financial stability and independence of a company.?

Financial Glossary Schlie?en
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