Investor's target leverage is between five and ten percent of total assets over a business cycle.
Given the nature of our business, leverage can fluctuate above and below the desired level over time. However, leverage should not exceed 25 percent over any longer periods of time. Our leverage policy allows us to capture opportunities in the market and support our holdings, while taking our tax status into consideration.
Debt financing of the subsidiaries within Patricia Industries is arranged on an independent, ring-fenced basis and hence not included in Investor’s net debt. Within Patricia Industries, Investor guarantees SEK 0.7 bn. of 3 Scandinavia’s external debt, but this is not included in Investor’s net debt.