Financial framework and outlook

Financial strategy

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 structure

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'sMoody's
Long-termBBB+Baa2
Outlookstable outlook
stable outlook
Short-termA-2--
Last updated22 June 201621 June 2016

PostNL manages its financial risk position along a cash flow to debt and a debt to EBITDA ratio.

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