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GLP Financial Policy

Financial Policy

GLP’s Financial Policy (“Policy”) is approved by the GLP Board of Directors and reviewed by the Audit Committee on a quarterly basis.

GLP’s strategy is underpinned by a robust balance sheet, strong liquidity and modest leverage so key financial performance indicators are frequently reviewed and updated depending on business requirements and/or economic conditions to meet this strategy.

This Policy governs how GLP manages its financial risks such as interest rate risk, debt maturity profile, foreign exchange risk and liquidity risk. Our financial performance is benchmarked against set targets on a regular basis as set out in the financial risk management framework.

GLP is committed to maintain an investment grade credit rating of at least BBB / Baa2 and has incorporated key financial metrics defined by our credit rating agencies into the Board approved Policy.  Such financial metrics are measured and tracked quarterly with results communicated back to the Board. 

KEY FINANCIAL METRICS:

Financial Metrics Target
1. Funds from Operations / Total Debt

More than 10%

2. Interest Coverage ratio

More than 2.5x

3. Consolidated Net Leverage ratio

Less than 45%

 

FINANCIAL RISK MANAGEMENT FRAMEWORK:

Financial Risk Management Framework

Interest Rate Risk

  • Maintain a mix of fixed and variable rate debt
  • Manage interest cost at competitive levels

Debt Profile

  • Ensure weighted average debt maturity > 3 years
  • Ensure encumbered debt < 50% of total debt

FX Risk

  • Eliminate transactional FX exposure by hedging once transaction is committed
  • Maintain natural hedge for translational FX exposures

Liquidity Risk

  • Maintain sufficient facilities headroom to cater for black swan events
  • Maintain access to diversified sources of capital

 

Definitions of Financial Metrics:

  • 1. Funds from Operations / Total Debt, which is defined as Adjusted EBITDA1 less Cash Interest and Taxes paid2 divided by Total Debt3
  • 2. Interest Coverage ratio, which is defined as Adjusted EBITDA1 divided by Cash Interest paid4
  • 3. Consolidated Net Leverage ratio, which is defined Consolidated Net Debt divided by Consolidated Total Assets less Cash

 

Notes:

  • 1. Adjusted EBITDA includes our pro-rata share of EBITDA from joint ventures and associates, as well as monetized fair value gains
  • 2. Cash Interest and Taxes paid includes our pro-rata share of interest and taxes paid at joint ventures and associates
  • 3. Total Debt includes our pro-rata share of debt from joint ventures and associates
  • 4. Cash Interest paid includes our pro-rata share of interest paid at joint ventures and associates

 

*Updated as at June 2020

 

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