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Vestas Wind Systems A/S
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== '''Financial Risk Management''' == * Vestas has a comprehensive policy for managing financial risks, which is an integral part of its operating activities. Financial risks are monitored and managed centrally, and the Treasury Policy outlines the objectives and policies for financial risk management. The policy sets limits for various financial risks and only allows the use of derivatives to hedge commercial exposures, avoiding speculative transactions. * The Board and Executive Management regularly assess Vestas' capital structure to achieve the necessary flexibility and stability for strategic development while maintaining a target net interest-bearing debt/EBITDA ratio below 1x. * Vestas manages liquidity risks in line with the Treasury Policy to ensure sufficient financial resources to meet financial obligations. This includes managing financial resources through cash, money market deposits, credit facilities, and marketable securities. * In 2022, Vestas established a EUR 3,000m EMTN programme to strengthen liquidity and long-term funding access. The company has a EUR 2,000m committed revolving multi-currency credit facility and uncommitted money market facilities to manage short-term liquidity. * To further enhance funding, Vestas issued two EUR 500m sustainability-linked bonds with maturities in 2029 and 2034 and drew EUR 475m from a green loan facility granted by the European Investment Bank to support research, development, and innovation activities. The EMTN programme still has a capacity of EUR 2,000m.
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