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
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