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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||Amount||Used amount|
September 30, 2016
Commercial paper program
|€ 1.0 billion|
US$ 2.0 billion
€ 1.8 billion
Revolving credit facilities
|€ 1.5 billion|
|Other committed bank lines||€ 0.1 billion||€ 0.0 billion|
Debt issuance program
|€ 6.0 billion|
€ 2.2 billion
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).KGaA Schließen
Operating Debt Coverage
Interest Coverage Ratio
1Figure cannot be calculated due to our positive net financial position.