Financial policy

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