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. €700 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 (6.5% - 7.5% from 2019 onwards due to 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 2018, this ratio was 0.6 times
  • Our progressive dividend policy has a target pay-out range of 35 percent to 45 percent of EPS