Investor Presentaiton
STRIX TECHNOLOGY
Net Debt
Investor Presentation | FY2021 Final Results
Net debt
At 31 December 2021
Net debt/ adjusted EBITDA (1)
ratio at 31 December 2021
Net working capital draw from
trough to peak
£51.2m
1.3x
£37.2m at 31 December 2020
1.0x at 31 December 2020
£11.3m
£37.2m at 31 December 2020
Cash and facility headroom
At 31 December 2021
Bank covenant requirement:
Net debt/ adjusted EBITDA (2) ratio
Maximum intra year 2021 working
capital draw
£28.8m
With facility termination date of
October 2025
<2.5x
for period ending 31 December
2021
39%
of cash and facility headroom at 31
December 2021
1
Net debt excludes the impact of IFRS 16 lease liabilities, pension liabilities, deferred taxes and earn-out provisions on satisfaction of performance conditions. As at 31 December 2021, IFRS16 lease liabilities equated to £3.4m, and amounts accrued for
performance and employment earn out provisions equated to £5.8m & £1.7m, respectively.
2 For Bank covenant purposes, the net debt/adjusted EBITDA ratio is calculated pre-IFRS16 adjustments following its adoption by the Group on 1 January 2019.
Strix
TECHNOLOGY
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