Creditor Relations



Creditor Relations

A trusting dialogue

As a family-owned family-equity company the Haniel Holding Company is not listed on a stock exchange – however, we do have a capital-market orientation. This is because stable access to borrowed capital plays a vital role in our conservative approach to financing. Our cooperation with lenders is characterised by a spirit of equal treatment, openness and trust. For that reason, our aim is to provide our investors and financial service providers with all relevant information on developments at the Haniel Holding Company in a timely and comprehensive manner.


Financial strategy

Stable, flexible financing

Our long-term financing requirements are covered through equity and subordinated loans from our shareholders. In addition, we obtain financing via the capital market and through long-term, bilateral credit facilities.

A conservative market value gearing and balanced cash flows at the Holding Company level are part and parcel of financial management that is “enkelfähig”.

Within the framework of our conservative financial strategy, we continue to consider the level of net financial liabilities of up to EUR 1 billion as appropriate at present. We analyse this debt target regularly depending on the development of the Holding Company’s cash flows and the portfolio’s market value. Net financial liabilities amounted to EUR 337 million as at 30 June 2019.



Objective: a stable investment-grade rating

For secure and attractive access to the capital markets, we would like to provide our investors an external opinion as to our creditworthiness in the form of a rating; this is also important for the relevant analyses. Our objective is to permanently maintain our investment-grade ratings, and we believe that we are equipped to do so going forward.

In 2019 Deutsche Bundesbank again classified Haniel in a class synonymous with eligibility for central bank collateral. Additionally, Haniel now has an investment-grade rating from all commissioned rating agencies.


Moody’s Investors Service (Moody’s)

Moody’s confirmed our long-term issuer rating from Ba1 to Baa3 in April 2019, with a “stable” outlook.


Scope Ratings AG (Scope)

In April 2019, Scope confirmed our creditworthiness with a long-term issuer rating of BBB- with a “stable” outlook.



Securing liquidity for the long term

In order to cover our liquidity needs in the long term, we use a diversified borrowing mix that includes bank and capital market financing. We take care to ensure that we have a balanced maturity structure for the financial instruments we conclude and that we have sufficient free lines of credit. We regularly renew our bilateral credit facilities without financial covenants. Haniel issues commercial paper and bonds on the capital market as a key component of its financial strategy.

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