Investor Presentaiton
EXECUTIVE SUMMARY
FINANCIAL LEVERAGE REFLECTS LARGE ACQUISITIONS
Net debt evolution (£'m)
273.8
Cash Flow
£m
258.7
(35.0)
19.9
VICTORIA PLC
31 Mar
1 Apr
2018
2017
Operating profit (pre-excep)
48.8
33.7
Add back: Depreciation
15.9
12.0
EBITDA
64.7
45.7
89.6
184.2
Other non-cash adjustments
Movement in working capital
(0.2)
(0.5)
(0.2)
(1.6)
Net debt
1 April
2017
Acquisition
related
expenditure
Pro-forma Free cash flow
opening
position
Other
exceptional and March 2018
non-underlying
items
Net debt 31
Operating Free cash flow (pre-excep)
64.3
43.6
Evolution of Net Debt (£'m)
Capital expenditure (maintenance)
(14.1)
(10.8)
258.7
Proceeds of asset disposals
2.1
0.2
2.68x
Interest
(6.7)
(3.6)
1.63x
1.85x
89.6
12.1
Tax
(10.6)
(5.8)
Net free cash inflow
35.0
23.7
FY16
FY17
FY18
Net Debt
Net debt/ EBITDA (bank covenant basis)
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