Cash to shareholders
Our business is highly cash generative and we have an excellent track record in working capital management.
- c. €2.4bn cash returned to our shareholders in the last 15 years
We have a great track record in cash flow generation. We have reduced our working capital by €608 million since 2008 with increased focus as well as setting up structures such as the Shared Services Centre.
- We have a disciplined approach to capital expenditure, investing about 5.5-6.5 percent of revenue, mostly on revenue-generating assets
- Our target range for net debt to comparable EBITDA is 1.5 to 2.0 times; as at the end of 2015, this ratio was 1.5 times
- Our progressive dividend policy has a target pay-out range of 35 percent to 45 percent of EPS
All of this is instrumental in generating cash, reducing financing costs and returning cash to our shareholders.
- 5.5-6.5% target range of revenue - disciplined approach to capital expenditure
- 1.5x net debt / comparable EBITDA achieved by the end of 2015
- 40.0 eurocents of dividends per share in 2015* (+11% vs. 2014)
* Board of Directors’ proposal to be approved by AGM