Capital structure
Our long-term capital structure target is for adjusted net interest-bearing net debt not to exceed three times cash flows from operating activities.
Adjusted net debt is defined as net debt for accounting purposes plus 50% of hybrid capital maturing in 3005 and 0% of hybrid capital maturing in 3010, the latter issued in January 2011. This is in line with the net debt effect that Standard & Poor's adds to each of the hybrid capital issues for a BBB+ rating, which is DONG Energy's minimum rating.