Investor Presentaiton
FINANCE
Disciplined allocation of capital
Capital Allocation Framework in Practice
MAINTAINING OPTIMAL CAPITAL STRUCTURE PROVIDES FOR SHAREHOLDER RETURNS & REINVESTMENT
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Strengthen Balance Sheet
Required if capital structure
too leveraged
Demonstrated discipline in
constraining capex where
necessary for debt reduction
Funding plan premised on
achieving optimal capital
structure
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Returns To Shareholders
Base plans when in optimal
capital structure incorporate
shareholder returns
.
Reinvestment
High hurdles applied to growth
investment
Maintain competitive advantages,
grow invested capital over time
Investment Committee ranks business
cases on financial & strategic metrics:
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ROIC accretive
Group strategic objectives
Portfolio approach to reinvestment
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Ongoing review of outlook &
investment plans
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