Investor Presentaiton
Stable gearing supports M&A strategy
RHI MAGNESITA
€443 million 2023 M&A programme funded by operating cash flow and India equity raise
Net debt and liquidity
€m
2.6x
1.181
1.014
2021
2.3x
2.3x
1.121 1.168
1.304 1.304
389
507
2022
Debt amortisation profile
€m5
2023
Liquidity¹
561
Net debt²
EBITDA³
Leverage4
Undrawn RCF
Cash and cash equivalents
Debt
◆ Pro forma leverage of 2.3x4 (2022: 2.3x), within target
gearing range for compelling M&A
• Leverage expected to be controlled within 2.0-2.5x
range in 2024
◆ Total capital allocated to M&A in 2023 was €443
million, including consideration, net debt assumed
and working capital investments
◆ The Group has significant available liquidity of
€1,304 million (2022: €1,121 million) and a long-
dated amortisation profile, with average cost of debt
of c.334bps including swaps and 69% at fixed
interest rates
1,304
600
812
549
608
600
704
239
149
192
70
Liquidity
2024 2025 2026
2027
212
2028
After
IFRS 16
Investor Presentation | March 2024
1. Includes €600m undrawn RCF, matures in 2028.
2. Includes IFRS 16 leases of €70m - net debt excluding leases is €1,234m for 2023.
3. Adjusted L12M EBITDA of €561m which includes €18m pro forma M&A contribution
4. Includes IFRS 16 Leases of €70m and pro forma 12 month EBITDA contribution from recently acquired
businesses prior to acquisition date.
5. €60m of 2024 maturities are rollable into 2025
34View entire presentation