Capital management is focused on the following components of the current capital structure:

  • Targeting a leverage ratio (adjusted net debt/EBITDA) not exceeding 2.0 (outcome 2023: 1.7)
  • Structural availability of €100 million to €200 million of undrawn committed facilities out of our revolving credit facility (reference is made to note 4.4)
  • 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.