PostNL's financial framework is based on:
- Steering for a solid balance sheet with a positive consolidated equity
- Aiming at a leverage ratio (adjusted net debt/EBITDA) not exceeding 2.0x
- Strict cash flow management.
Capital management is focused on the following components of the current capital structure:
- targeting a leverage ratio (adjusted net debt/EBITDA) not exceeding 2.0x;
- structural availability of € 300 - € 400 million of undrawn committed facilities out of our revolving credit facility;
- structural funding via a combination of public and bank debt, with a risk-weighted mix of fixed and floating interest;
- cash pooling systems that ensure optimal cash requirements for the PostNL Group by facilitating centralised funding and surplus cash concentration at group level;
- tax-optimal internal and external funding focused on optimising the cost of capital for PostNL, within boundaries that are sustainable on a long-term basis.
Credit ratings PostNL
|Standard & Poor's||Moody's|
|Last updated||22 June 2016||21 June 2016|
PostNL manages its financial risk position along a cash flow to debt and a debt to EBITDA ratio.