We aim to maintain a responsible capital structure to support our business operations and finance capital expenditures.
Equity and debt are balanced to remain within the frame of a safe financial structure and good credit standing. Since 2014, our external funding needs are sourced from our majority shareholder Orange S.A. Such a policy allows for synergies in processes and cost efficiencies, as Orange S.A. is one of the largest telecom companies in Europe with ready access to a broad range of financing sources. The funding is provided on an ‘arm’s length’ basis, supported by market benchmarks. All our entire debt is denominated in the local currency and is insensitive to currency fluctuations and vast majority of it is hedged to fixed interest rate.
At the end of 2021 the duration of debt stood at 3.4 years on average. This is allowing us to maintain a balance between optimal costs and stable financial structure. Our leverage is closely monitored and the ratio of net financial debt to adjusted EBITDAaL is a key measure of financial structure and liquidity.
