The group intends to maintain a constant leverage ratio through returning excess capital to shareholders via dividends and share buybacks, on a semi-annual basis. The target leverage ratio is 2.0x, Net Debt1 to EBITDA2.

The group maintains the flexibility to utilise its revolving credit facility to fund dividend payments to shareholders whilst remaining in line with the target leverage level.

1) Net Debt defined as current and non-current bank borrowings less cash and cash equivalents.
2) EBITDA defined as EBITDA excluding special items and adjusted for lease expenses applying IAS 17 Leases.