Financial policy
incl. Framework Agreement Dutch state
Financial framework
- FFO/Net debt: Minimum 15%
- FFO Interest cover: Minimum 3.5
- Net debt/capitalization: Maximum 60%
- Solid A rating profile
- Comply with regulatory criteria for the network operators
Dividend Policy
- Stable dividend
- Pay-out: 45% of after-tax profit, adjusted for periodic reimbursement on loans recognized through equity and incidental items, unless CAPEX or financial criteria require higher retained earnings
- Minimum solvency of 30%
General principles
- Part of overall policy and strategy
- Balance between protection of debt providers’ and shareholder returns
- Financial strength and discipline
- Maintain cushion relative to regulatory criteria
- Flexibility to grow and invest
- Transparent reporting
- No structural subordination