Husqvarna’s target is to have a seasonally adjusted net debt in proportion to earnings before interest, tax, depreciations and amortizations (EBITDA) not to exceed 2.5 in the long-term.
This target for financial indebtedness may be adjusted in the event of changes to the macroeconomic situation, or allowed to deviate for a shorter period of time due to acquisitions. Seasonality adjusted net debt, when assessing the capital structure target, is defined as a 4 quarter rolling net debt adjusted for IAS 19 revaluation impact on pension liabilities. Dividend shall normally exceed 40% of income for the year.
|Net pension liabilities||1,395||1,835|
|Other interest-bearing liabilities||6,952||7,504|
|Less: liquid funds and other interest-bearing assets||-1,972||-2,105|
|Net debt 1)||6,375||7,234|
|Net debt, excluding net pension liabilities||4,980||5,399|
|1) As reported.|