Invest in the business

Our business is highly cash generative and we have an excellent track record in working capital management.

Free cashflow

€ million



  • We have a great track record in cash flow generation
  • We have reduced our working capital by c. €754 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 6.5-7.5 percent of revenue, mostly on revenue-generating assets (5.5% - 6.5% until 2019 before the adoption of IFRS 16) 
  • Our target range for net debt to comparable EBITDA is 1.5 to 2.0 times; as at the end of 2019, this ratio was 1.5 times
  • Our progressive dividend policy has a target pay-out range of 35 percent to 45 percent of EPS