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:
- 300 MEUR green bond, maturing in 2029
- Sustainability-linked revolving credit facility of 200 MEUR, maturing in 2029 with one-year extension option
-
Credit facility of 100 MEUR, which can be extended until July 2027.
- Domestic 300 MEUR 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 > 8%
- Net debt to EBITDA of < 3.0x in the long-term