Financing
Corporate finance and financial risk management, including monitoring of financial risks and execution of financing and financial risk related transactions, are centralized to Treasury, which operates under VR as a service center for all group companies.
Main funding arrangements of VR:
- 300m€ green bond, maturing in 2029
- Sustainability-linked revolving credit facility of 200m€, maturing in 2026
- Domestic 300m€ commercial paper programme
Main responsibilities of corporate finance and financial risk management:
- External and internal funding
- Capital structure management
- Market risk, liquidity risk, credit and counterparty risk management
- Cash and liquidity management
- Relationship management towards banks, investors, credit rating agencies
The Group’s financial targets set by the Board are:
- Comparable return on capital employed (ROCE) of > 7%
- Net debt to EBITDA of < 3.0x in the long-term
