The following table presents GrandVision’s net debt, as well as the net debt leverage, as of and for the periods indicated.
Excluding the impact of any borrowings associated with and any adjusted EBITDA amounts attributable to any major acquisitions, GrandVision aims to maintain a leverage ratio (net debt over adjusted EBITDA for the last 12 months) of equal to or less than 2.0.
in millions of EUR
Cash and cash equivalents
Adjusted EBITDA (last twelve months)
Net debt leverage (times)
At year-end 2018, GrandVision's net debt decreased from €832 million in 2017 to €743 million.
The net debt leverage ratio was lowered to 1.3 times adjusted EBITDA (2017: 1.5 times). The decrease in net debt was driven by the lower level of acquisitions in 2018 combined with a higher operating cash flow compared to the previous year.