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Finance Strategy
The Group’s finance strategy builds on the principles and aims of financial management. In addition to the interests of shareholders, the strategy also takes lender requirements into account. The goal is for the Group to maintain its financial flexibility and low cost of capital by ensuring a high degree of continuity and predictability for investors.
A key component of this strategy is a target rating of “BBB+”, which is managed via a dynamic performance metric known as funds from operations to debt (FFO to debt), calculated on a rolling 12-month basis. Our strategy additionally includes a sustained dividend policy and clear priorities regarding the use of excess liquidity, which will initially be used for investing in the operating business and to fund a portion of our pension liabilities. Once this has been achieved, we would aim to improve our rating to “A–” before using liquidity for additional dividend payments or share repurchases.
