Associated British Foods | Results Presentation Deck | 70 slides · slide 67

list/bullet: priority always to invest in our businesses, both organically and by acquisition investment at appropriate pace and wherever attractive returns on capital can be generated considerable opportunities, both ov list/bullet: financial leverage consistently below 1.0x and substantial net cash balances at both half and full year ends surplus capital may be returned to shareholders by specia

The slide explicitly details the hierarchy of capital usage: investment first, then return of capital.