Capital structure

Disclaimer for Accessing Debt Issue Documents

The presentations, releases, prospectuses and other information contained on this website (the 'Documentation') do not constitute an offer of or an invitation by RELX Group or any subsidiary in RELX Group (the 'Company') to subscribe for or purchase any securities (the 'Securities'). The Documentation should not be considered a recommendation by the Company to subscribe for or purchase any Securities. Furthermore, the Documentation speaks only as of its date, and the Company has no obligation or intention to update the Documentation. The reproduction or distribution of the Documentation may be restricted by law in certain jurisdictions. Persons who access the Documentation are required to inform themselves about and to observe any such restrictions as well as make their own determination with regard to any investment in any Securities.

Do you agree to the above terms?
Yes
No
You must agree to the terms above to view content in this section
The capital structure is managed to support the Group’s objective of maximising long-term shareholder value through appropriate security of funding, ready access to debt and capital markets, cost-effective borrowing and flexibility to fund business and acquisition opportunities while maintaining appropriate leverage to ensure an efficient capital structure. Over the long-term, the Group seeks to maintain cash flow conversion of 90% or higher and credit metrics that are consistent with a solid investment grade credit rating. The typical credit metrics are net debt to EBITDA, on a pensions and lease adjusted and unadjusted basis, and free cash flow as a percentage of net debt. The Group’s uses of free cash flow over the longer-term balance the dividend policy, selective acquisitions and share repurchases, while retaining the balance sheet strength to maintain access to cost-effective sources of borrowing.



(1) Net debt / EBITDA is on a pension and lease adjusted basis and calculated in US dollars, and figures for June are on a last twelve month basis.