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Financial outlook OPERATING VERTICALS REVENUES1 ► FY 2019-20: between €1,280m and €1,320m CASH CAPEX ► FY 2019-20 to FY 2021-22: average of €400m2 per year DISCRETIONARY FREE CASH FLOW3 ► FY 2021-22: around €500m LEVERAGE ► Maintain investment grade rating ► Net debt / EBITDA below 3.0x DISTRIBUTION ► Stable to progressing dividend ► At least €100m shares repurchased by June 2022 1 Based on current perimeter and € / $ rate of 1.14; 2 Inc. cash outflows related to ECA loan repayments and capital lease payments; 3 Net cash flow from operating activities less Cash Capex less Interest and Other fees paid net of interest received. Based on a €/$ rate assumption of 1.14, 33 excluding hedging impact and based on current perimeter.
