Investor Presentaiton

FINANCIAL OVERVIEW Cash Flow Cash Flow £m VICTORIA PLC FY18 FY17 FY16 Operating profit (pre-exceptional) Add back: Depreciation 48.8 33.7 21.9 15.9 12.0 10.4 EBITDA 64.7 45.7 32.3 Other non-cash adjustments (0.2) (0.5) (0.2) Movement in working capital (0.2) (1.6) 0.1 Operating free cash flow (pre-exceptional) 64.3 43.6 32.2 Capital expenditure (14.1) (10.8) (10.2) Proceeds of asset disposals 2.1 0.2 1.0 Interest (6.7) (3.6) (3.2) Tax Net free cash inflow (10.6) (5.7) (3.2) 35.0 23.7 16.6 25

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