Helsinki Central Railway Station


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 > 8%
  • Net debt to EBITDA of < 3.0x in the long-term
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