ASF - 2002 annual report - Vinci

8
7,5
7
6,5
6
5,5
4,0
3,5
3,0
2,5
2,0
Net debt to EBITDA ratio
2002
5
2000 2001 2002 2003 2004 2005 2006
EBITDA/Net interest expense*
2002
2000 2001 2002 2003 2004 2005 2006
* excluding capitalized interest
2005 target
2002 actual
Dividend policy
After marking a pause in 2001 due
to the changes in ownership structure,
the Group is returning to its
previous dividend policy. At the
Annual General Meeting, the
Group will recommend distributing
40% of 2002 net income, in line with
what had been announced in March
2002.
Going forward, the Group will aim
to gradually raise the payout rate,
as long as this does not compromise
the balance sheet ratios discussed
above, and depending on the
level of necessary development
expenditure.
8
7
6
%
7,15
Financial Strategy
Risk exposure
Interest rate risk:
Average debt servicing cost
6,85
At December 31, 2002, foreign currency
debts totaling €307.3 million
had been swapped for euro-denominated
debt and fixed rate debt of
€311.4 million had been swapped
for floating rate debt. Further to currency
swaps put in place by CNA in
recent years, all of ASF’s borrowings
are euro-denominated.
Fixed-rate CNA loans have nominal
interest rates ranging from 4.37% to
13.95%. Floating-rate CNA loans
are based on market rates or are
indexed to inflation. The average
nominal rate for CNA loans was
6.10% in 2002 compared with
6.28% in 2001.
6,43
1999 2000 2001 2002
10-11
6,10