The Group's objective is to create value for shareholders and to support the Group's future development by maintaining an adequate level of capitalization allowing cost-effective access to external sources of finance.
Particular attention is given to the debt-equity ratio and to the debt-EBITDA ratio when seeking to achieve the Group's earnings and cash generation targets.
A number of covenants relating to credit facilities and loans must also be observed. These call for:
-a ratio of 1 or less between net financial position and equity;
-a ratio of 3.5 or less between net financial position and EBITDA.
The historic trend in the value of the Group's covenants is as follows:
|
|
|
Net financial position/
|
Net financial position/
|
|
December 31
|
|
Shareholders' equity
|
EBITDA
|
|
2009
|
|
0.4
|
1.70
|
|
2008
|
|
0.5
|
1.96
|
|
2007
|
|
0.3
|
1.42
|
|
2006
|
|
0.3
|
1.38
|
|
2005
|
|
0.3
|
1.30
|
|
2004
|
|
0.4
|
1.60
|