28. Management of capital

The Group manages its capital through a balanced financial policy, which aims at providing both relevant funding capabilities for business development and securing a relevant financial structure and liquidity.

The Group’s capital management policy takes into consideration the following key elements:

• business performance together with applicable investments and development plans,
• debt repayment schedule,
• financial market environment,
• distribution policy to the Group’s shareholders.

In order to combine these factors the Group periodically establishes a framework for the financial structure. The Group regards capital as the total of equity and net financial debt. The Group monitors capital on the basis of net financial debt and net financial debt to EBITDAaL ratio (see Note 3).