Debt Structure
As of 31 December 2019, Corporate Net Debt to EBITDA at 3x before Fox acquisition, 3.2x after Fox acquisition
Focus on fleet financing
With respect to the fleet debt, that the Group considered to be asset backed, the different financings have been optimized since July 2014 with increased maturities and reduced interest costs. In addition, the Group is protected against the risk of increasing interest rates by two interest rate swap agreements with an aggregate nominal principal amount of €1,600 million.
