INVESTOR PRESENTATION - Including FY 17 Results - AA plc
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INVESTOR PRESENTATION Including FY 17 Results
FUNDAMENTALS
PROVIDING SERVICES TO AA MEMBERS SINCE 1905
Brought under
common
Founded by Patrols on 35% share Launched Patrols issued ownership with DriveTech and
motoring bicycles and of 2m cars on the Roadwatch and with diagnostics Saga in the Auto Windshields IPO
enthusiasts uniforms road Relay equipment Acromas Group acquired 26 June
1905 1907 1909 1912 1939 1949 1973 1992 1999 2003 2004 2007 2009 2010 2014
1st AA insurance Launched New fleet Launched AA members Acquired by BSM acquired,
policy AA Routes and to enable four AA Driving voted to private equity launch Home
AA Stars wheel patrols School demutualize the groups CVC and Services
AA and join Permira Fund
Centrica Group
2
THE LEADERSHIP TEAM
Bob Mackenzie Martin Clarke
Executive Chairman Chief Financial Officer
Previously Chairman and CEO of National Car Parks Previously Partner and Global Head of Consumer for
and its subsidiary Green Flag Permira
Prior to that CEO of Sea Containers Prior roles at Cinven, Silverfleet and
and Chairman of PHS Group board member of New Look and Gala Coral
Mike Lloyd Janet Connor
Commercial Director Restructuring and Insurance Director
Previously Partner at Oliver Wyman focused on Previously Managing Director at More Than; MD at
Consumer Service businesses in FS, Energy, Home, Ageas-owned over-50s broker RIAS from 2006 to 2011
TV and Telecoms Accountable for Insurance Underwriter and Membership
Responsible for Roadside Assistance and Insurance policies and governance
Services, marketing and digital functions
Oliver Kunc Kirsty Ross
Operations Director Membership Services Director
Previously Managing Director of Central Heating Previously Strategy and Innovations Director;
Installations at British Gas; prior roles at Barclays, BA Principal at Oliver Wyman
and LEK consulting Responsible for Motoring Services, Media and Driving
Responsible for operations including patrols, School businesses, connected car strategy and
deployment, call centres and technical development Group strategy
3
ROADSIDE ASSISTANCE AT THE CORE
Roadside Assistance Insurance Services Driving Services Trading Revenue
4%
Consumer Broking Driving Schools
14%
3.3m paid personal Members Leading insurance broker Largest driving school in the
UK (by pupils)
Average income per Members Predominantly motor and
£158 home AA and BSM brands 79%
82% retention 1.9m policies 10% of pupils in highly
Roadside Assistance
fragmented market
Average income per policy Insurance Services
B2B £70 2,607 instructors franchised Driving Services
10.0m business customers
Home Services DriveTech Trading EBITDA
Largely pay-for-use
Developing home emergency Provides driver awareness
Average income per B2B 4%
position training, fleet management
customer £20 17%
and driver training
Financial Services
AA-branded partnership with
Bank of Ireland
79%
100k products in first full year
4
RESILIENT AND CASH GENERATIVE BUSINESS MODEL
£m Trading EBITDA Revenue
931 943 979 971 974 984 973 940
893
755 794 808
369 371 366 395 423 430 415 403
273 292 334
219
Year to Year to 13 months FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17
Dec 2005 Dec 2006 to Jan 2008
£m Operating cash flow Cash Conversion
102% 100% 101%
94% 92%
433 431 420
371 371
FY13 FY14 FY15 FY16 FY17
Note: 2005, 2006, 2008 and 2009 unaudited; FY 17 excludes Ireland business disposed of in August 2016.
5
MARKET LEADERSHIP AND HIGH BARRIERS TO ENTRY
Widely recognised and trusted brand Consumer market share
Others
50% of households hold an AA product 19%
Unique deployment IP 40%
GF
14%
3,000 patrols; average tenure 12 years
attending 10,000 breakdowns per day RAC
27%
82% of breakdowns repaired at roadside
3.6m B2B market share
B2B 2.4m
0.7m 67% 63%
Consumer 50%
Motor Fleets and Leasing AVA
manufacturers
Source: Industry sources;
Note: The number of breakdowns for GreenFlag is last year’s number
6
A TRUSTED BRAND BASED ON EXCELLENT SERVICE LEVELS
Which? total test score Call handling 80% in 20 seconds
Major providers
Repair rate 82%
74%
App usage >22%
Average call time
LONG TERM STRATEGIC PARTNERS Contract wins in the last two years: Lex Autolease, Porsche, Volkswagen Group Recent renewals or extended contracts: Alphabet, Barclaycard Buying Group, BT,G4S,Hertz, Isuzu, Lexus, Lotus, MG, Northgate, Subaru, South West Ambulance Trust, Toyota, Venson, Vauxhall
STRONG BRAND IN INSURANCE
Insurance Services
Core insurance revenue breakdown Brand consideration for switching Motor Insurance
Other
9% 40%
Direct Line
35%
Unprompted awareness (%)
Aviva
Motor 30%
Home Admiral
39% 52%
25%
Churchill
20%
Tesco LV= AA
15%
Axa
No 1 motor insurance broker in the UK private 10% Swinton
Hastings Direct
car insurance market Saga
Esure
5% MoreTh>n
No 2 private home insurance broker in the UK
0%
0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 22%
Consideration (%)
Source: GfK FRS Study September 2016
9RELATIVE RESILIENCE OF MEMBERSHIP BUT CHALLENGES IN RECENT YEARS
Under-investment in
AA Members (m) AA Membership vs GDP Growth UK GDP growth (%)
systems, brand and
capabilities 5.0 20%
Legacy of short-term
decision making 4.0 15%
Membership run-up and
reduction following
Premium position not demutalisation
3.0 10%
underpinned by marketing,
US savings and
advertising, proposition loan crisis Financial
Oil Crisis
2.0 crisis 5%
IT platform dated and
constraining growth
1.0 0%
(except Deployment
system)
0.0 -5%
1975 1980 1985 1990 1995 2000 2005 2010 2015
10STRATEGY TO TRANSFORM THE AA
Grow our core Roadside Assistance business
Reverse long standing decline
Strengthen the AA to become the pre-
eminent membership services Refresh advertising and marketing
organisation in the UK Evolve new channels for Membership growth
Strengthen our B2B positioning
Revolutionise the customer Expand our technology capability
experience through investing in the Strengthen IT systems and processes
brand and embracing new
technologies Realise the potential of digitalisation
Develop our connected car positing
Reduce Group borrowings and the Build on our brand
associated interest costs Widen reach of AA Insurance through Underwriter
Grow AA financial services position
11THE UK’S PRE-EMINENT MEMBERSHIP SERVICES ORGANISATION
Market leader Resilient,
with a high return
trust brand business model
Clear strategy to Platform for revenue
transform the AA for a growth and accelerated
digital age cash generation
12FY 17 RESULTS 28 March 2017
DEFINITIONS
The following definitions apply throughout
• Trading Revenue: Revenue excluding discontinued operations, business disposed of and exceptional revenue items
• Trading EBITDA (earnings before interest, tax, depreciation and amortisation): excludes exceptional items, items not
allocated to a segment and the Ireland discontinued business
• Cash conversion: net cash flow from continuing operating activities before tax and exceptional items divided by Trading
EBITDA
• Continuing adjusted basic EPS: Earnings per share excluding discontinued operations adjusts for a number of one-offs of
which the largest are exceptional items, items not allocated to a segment, and exceptional finance costs
• Personal Members and Business Customers: measured as the number at the period end
• IPT: Insurance Premium Tax
14Headlines Bob Mackenzie
AGENDA Financials Martin Clarke
Strategy Bob Mackenzie
15HEADLINES
GOOD PROGRESS TO DATE IN YEAR 2 OF THE TRANSFORMATION
Transformation gaining momentum
Results in Strong Growth in paid personal Members
line with cash
expectations generation App used in 22% of personal breakdowns
Call outs up 5% but costs partially offset
Productivity improved
Cost of Total dividends First motor insurance policy growth since 2008
borrowings of 9.3p
reduced recommended Cost savings on target
Normalised capex levels in sight
A platform for sustainable growth
The UK’s pre-eminent Membership services organisation
17FINANCIALS
FINANCIAL HEADLINES
Trading Revenue up 1.6% at £940m despite IPT increase
• Roadside up 2.5% to £742m
Trading EBITDA up 0.2% at £403m
• Roadside up 1.1% to £365m
Trading EBITDA margin 42.9% (FY 16: 43.5%)
Adjusted EPS 21.3p (FY 16: 21.8p)
Cash conversion 92% (FY 16: 101%)
Net debt of £2,704m (6.7x Trading EBITDA) post refinancing in December
Total dividends of 9.3p per share recommended
In line with market expectations
19P&L
£m FY17 FY16 YoY Items not allocated to segment reflect
pension and share based payments
Trading Revenue 940 925 +2%
Exceptional items mainly restructuring
activities and provision for potential refund
Trading EBITDA 403 402 - of customers with duplicate breakdown
Items not allocated to a segment (20) (18) +11% cover
Depreciation & amortisation (67) (51) +31% Increase in depreciation and amortisation
due to elevated capex and roll out of first
Exceptional operating items including impairment (32) (36) -11%
phase of IT transformation spend
Operating profit 284 297 -4%
Increase in PBT primarily reflects the
Net finance cost (184) (288) -36% decline in net finance cost due to the
Profit before tax 100 9 +91 absence of one-off costs from the prior
year refinancing
Tax expense (26) (10) +160%
Tax expense reflects current tax charge of
Profit/(loss) for the period from continuing 74 (1) +75
operations
£20m; effective tax rate of 22%
Basic EPS – continuing operations 12.2 (0.2) +12.4 Adjusted basic EPS of 21.3p, marginally
down on prior year due to increased
Adj Basic EPS –continuing operations 21.3 21.8 -2%
share capital
20ROADSIDE ASSISTANCE
Trading Revenue +2.5% to £742m FY17 FY16 YoY H117 FY on
H1
Personal paid Members + 0.1% Personal Members (‘000s) 3,540 3,673 -4% 3,599 -2%
• Retention 82% (FY 16: 81%)
Average income per Member (£) 148 141 +5% 145 +2%
• Average income +1.3% to £158 (net of
3.5% uplift in IPT) Personal paid¹ Members (‘000s) 3,335 3,331 - 3,321 -
• Ancillary revenue +17% Average income per paid¹ Member (£) 158 156 +1% 157 +1%
B2B customers down 2% due to Business customers (‘000s) 9,976 10,216 -2% 10,179 -2%
decline in bank holdings Average income per business customer (£) 20 18 +11% 19 +5%
• Average income +11%
Breakdowns attended (‘000s)² 3,635 3,459 +5% 1,759 n/a
Trading EBITDA +1.1% to £365m
• Revenue growth partially offset by 5%
increase in number of breakdowns
attended
21INSURANCE SERVICES
Insurance Broking Insurance FY on
Broking FY17 FY16 YoY H117 H1
Trading Revenue flat at £131m - lower core insurance and
Total insurance 1,879 2,074 -9% 1,962 -4%
Home Services offset by increased Financial Services policies (‘000s)
Trading EBITDA down £2m to £76m
Motor policies 594 592 - 572 +4%
• Increased aggregator spend
(‘000s)
• Managed decline in Home Services policies
Home insurance 857 899 -5% 891 -4%
Growth in motor policies – first since 2008
policies (‘000s)
• Successful retention and direct sales initiatives
• Incremental policies through in-house underwriter Average income 70 63 +11% 67 +4%
per policy (£)
Financial Services
Financial
Credit cards, loans, savings and mortgages Services
Performance to plan: 100k products sold Products (‘000s) 100 33 +203% 82 +22%
In-house Underwriter Underwriter
Motor launched January 2016 – progressing well Motor policies 115 na na 25 +360%
(‘000s)
Home launched August 2016 – on track
22DRIVING SERVICES
FY on
Trading Revenue down 2% to £67m FY17 FY16 YoY H117 H1
Stabilisation of driving school franchisees reflects Driving 2,607 2,574 +1% 2,516 +4%
improvements to product portfolio Instructors
DriveTech police speed awareness courses down
Trading EBITDA up £1m to £20m
Cost savings support EBITDA
23STRONG OPERATIONAL CASHFLOW £m FY17 FY16 Net cash flows before tax and exceptional items¹ 371 406 Tax, exceptional items and discontinued operations (26) (25) Net operating cash flows 345 381 Transformation capex (41) (54) Underlying IT capex (17) (18) Non-IT capex (13) (13) Capex accruals - 10 Capital repayment of finance lease net of disposal proceeds (25) (23) Proceeds from the sale of Ireland (net of cash disposed of) 99 - Other (6) (15) Net cash flows before refinancing, purchase of own shares, interest and dividends 342 268 Refinancing transactions (102) (183) Purchase of own shares 0 (22) Interest paid (143) (178) Dividend paid (55) (21) Net increase/(decrease) in cash and cash equivalents 42 (136) ¹Continuing Operations 24
DEBT STRUCTURE
Gross debt: £2,848m
Leverage net debt/EBITDA 6.7x
£700m
Blended cost of debt 4.63%
£570m
£500m £500m following pay down of £106m of
STF in August and refinance in
£348m
December
£211m
£175m
Weighted average maturity just
£55m
under 5 years
Senior Class A1 Class A4 Class A3 Class A5 Class A2 Class B2 Cash
Term notes notes notes notes notes notes
Run rate cash interest cover*
Facility above 3x
Interest 5.00% 4.72% 3.78% 4.25% 2.88% 6.27% 5.50% Class A FCF to DSCR** 3.3x
rate (covenant > 1.35x)
Effective 2019 2018 2019 2020 2022 2025 2022
maturity Class B FCF to DSCR** 2.3X
Note: Fixed interest rates with LIBOR hedged for Senior Term Facility
(covenant > 1.0x)
Senior debt all investment grade
*Run rate cash interest: Trading EBITDA
**Free cash flow: debt service cover ratio 25PENSIONS
IAS 19 Group pension deficit of £395m (31 Jan 16: £296m)
• Driven by decline in corporate bond yields
Anticipate significant increase in triennial review valuation of UK scheme deficit from £202m
(31 March 2013) due to reduction in long term gilt yields
Proposed move from final salary to modified career average (CARE) defined benefit
• Mitigate the high cost to the business
• Reduce our exposure to pension risks
• Remain competitive within our industry
• Create a more consistent pension offering across our employees
Commenced 60 day consultation on 20 March and engaged with the IDU (the AA’s recognised
union)
If implemented, these changes would be taken into account in agreeing the deficit cash
funding plan with the pension trustees
Deficit reduction plan expected to be finalised by end of June 2017
26FINANCIAL IMPLICATIONS OF THE TRANSFORMATION
Investment in marketing and brand - £10m plus additional spend on the product proposition
Post-transformation capex run rate £45m - IT c.£10m; property and equipment c.£10m; net vehicle
costs c.£25m
Restructuring costs - £45m over three years
Cost savings - at least £40m in respect of the FY15 cost base from FY19
Progressive dividend
A platform for growth
Driving growth in revenue, earnings and free cash flow
27STRATEGY
BUILDING MOMENTUM IN YEAR 2 OF TRANSFORMATION
The Strategic Priorities The Time Line
Strengthen the AA’s foundations Year 1 FY16 Stronger foundations delivered
Revolutionise customer experience Year 2 FY17 Momentum for change created
Reduce Group borrowings and the Year 3 FY18 Realise the transformation
associated interest costs
Year 4 FY19 Delivering growth
Transforming the AA into the UK’s pre-eminent Membership organisation
29IT SYSTEMS TRANSFORMATION (1) AA Help
Support systems
Installed new IT infrastructure and applications AA Help2
Throughout back office functions and call centres
Service delivery and AA Help 2
New version of AA Help rolled out
All patrols have new communications devices
Insurer hosted pricing
Implementation in next few months
Will transform our pricing agility
30IT SYSTEMS TRANSFORMATION (2)
CRM Digital
Integrating system specifications for duplicate cover New commercial website launched in May
Roadside rollout under way but marketing element My AA launched in January
brought forward Roadside app continuing to grow
Receptiveness to tailored rewards communication
Pulling forward main insurance system
Mitchells & Butlers membership benefit redemptions Breakdowns using the app (%)
25.0%
20.0%
Christmas peak 15.0%
10.0%
5.0%
0.0%
31ROADSIDE - GROWTH IN PERSONAL MEMBERSHIP VOLUMES
Growth in paid personal membership Monthly paid new business volumes
numbers since April with acceleration in H2
Retention improved to 82% (81%) YoY growth (%)
• Number of calls to Stay AA continued to drop
14% growth in new business volumes - 19%
in second half
• Reinvigorated marketing approach
• Improved digital capabilities Average revenue per member
• Smaller price increases (net of IPT)
• Advertising gaining traction Average revenue per Member (£)
IPT (%)* 158
• Membership benefits clearer 156
150 10%
Average revenue per member up 1.3% to 138
5%
£158 driven by ancillary revenue increase
• Price rises held back by significant IPT increase 0%
FY 14 FY 15 FY 16 FY 17
* Standard rate of IPT at calendar year end
32ROADSIDE – ANCILLARY SALES INCREASE
Ancillary revenue up 17% Battery sales rolling trend
• Battery sales up
• Fuel Assist and Key Assist sales up
• Tyre replacements and parts a future focus
Battery sales volumes up 27%, driven by
• Improved product range
• Investment in battery testing equipment
• Price guarantee for customers
Battery sales conversion
33ROADSIDE - PRODUCTIVITY IMPROVEMENTS
Which? Recommended Rolling 12 month variable cost per case*
provider for 11th
successive year
Auto Express best breakdown cover winner
2016
1st 4th 5th
Improved productivity from investment
Fix time per job (minutes)
• Roadside technology
• Communications
• Deployment system
5% increase in breakdowns attended
• £11m increase in total roadside operations costs
• Partially offset by £5m of cost savings
*Inflation adjusted
34MOTOR INSURANCE – REVERSING THE DECLINE
First growth in motor insurance policies Motor insurance policies in force
since 2008
• Stabilised retention
• Growth in new business volumes
In-house underwriter is a key driver of new
business
• 115k policies written by end of January 17
• Vast majority of policies for non-existing AA
insurance customers AA underwritten policies by origin
Home insurance launched in August; 25k
policies underwritten by end of January 2017 Has never been an AA insurance
28% customer
Early signs are promising but too early for 55%
Was once previously an AA
insurance customer
material financial contribution
17% An existing AA insurance customer
35CONNECTED CAR - TRIAL LEADS TO LAUNCH OF CAR GENIE
AA Connect 10k car trial: 1/3 of problems could
be identified before a breakdown
Pre-registration for next generation device ‘Car
Genie’ is now open
Proven capability to improve service and reduce
costs
• Better prognostics and diagnostics
• More accurate deployment and faster repair
Also using data for targeted motor insurance
sales
Benefits for Members such as accident assist,
vehicle location, driving monitoring
36IN SUMMARY – OUR ACHIEVEMENTS
Strengthened and modernised
Reversing long standing decline in Membership
Results in line with expectations despite Improving Roadside service levels and efficiency
increased IPT and callouts Modernising back office and customer interface
Transformation entering its final phase Re-engaging with customers through marketing
Enriching the Membership proposition
Upside from full benefits still to come
Retaining B2B contracts
Free cash flow generation to accelerate Developing our connected car positioning
Built on our Brand beyond Roadside
Platform to realise the potential of our
brand, technologies and market Reversing long standing decline in motor insurance
leadership Growing Underwriter and FS business
Refreshing Driving Services and Home Services
First step in international markets in India
Reduced the cost of borrowing
Cost of debt reduced to 4.6% from 6.1% at IPO
Maturities extended
37The UK’s pre-eminent Membership services organisation
APPENDIX
REVENUE
% of
£m FY17 FY16 Change Group
Roadside Assistance 742 724 +2.5% 79% Increase in average revenue per customer and
B2B revenue
Insurance Services 131 131 - 14% Lower policy numbers offset by higher income
per policy
Driving Services 67 68 -1.5% 7% Lower speed awareness courses
Insurance 0 2 - - Launch of in-house Underwriter offset by
Underwriting impact of deferred broker commission
Trading revenue 940 925 +1.6%
Revenue from - 10
business disposed of
Exceptional revenue (7) -
provision
Total revenue 933 935 -0.2%
40TRADING EBITDA
% of
£m FY17 FY16 Change Group¹
Roadside Assistance 365 361 +1.1% 79% EBITDA up 1.1%
Revenue growth partly offset by increased
breakdown incidents
Insurance Services 76 78 -2.6% 17% Increased aggregator spend
Lower contributions from Home Services
Driving Services 20 19 +5.3% 4% Increase driven by efficiency savings
Insurance (1) - -
Underwriting
Head office costs (57) (56) -1.8% Incremental IT licensing costs partially offset
by cost savings
Total Trading 403 402 +1.6%
EBITDA
1 % of Group pre head office costs
41SEGMENTAL ANALYSIS
YoY YoY
Roadside Assistance FY17 Change Insurance Services FY17 Change
Trading Revenue (£m) 742 +2.5% Trading Revenue (£m) 131 -
Trading EBITDA (£m) 365 +1.1% Trading EBITDA (£m) 76 -2.6%
Paid personal Members (‘000s) 3,335 +0.1% Policy numbers (‘000s) 1,879 -9.4%
Business customers (‘000s) 9,976 -2.3% Average income per policy (£) 70 +11.1%
Average income per paid personal 158 +1.3%
Member (£)
Breakdowns attended (‘000s) 3,635 +5.1% YoY
Driving Services FY17 Change
Trading Revenue (£m) 67 -1.5%
Trading EBITDA (£m) 20 +5.3%
Driving school instructors 2,607 +1.3%
42PROFIT AND LOSS¹
£m FY17 FY16
Revenue 933 935
Cost of sales (341) (337)
Gross profit 592 598
Admin and marketing including JVs and associates (308) (301)
Operating profit 284 297
Trading EBITDA 403 402
Items not allocated to a segment (20) (18)
Depreciation & amortisation (67) (51)
Impairment of investment in joint venture (1) -
Exceptional operating items (31) (36)
Operating profit 284 297
Net finance costs (184) (288)
Profit before tax 100 9
Tax expense (26) (10)
Profit/(loss) for the period from continuing 74 (1)
operations
Basic EPS – continuing operations (p/share) 12.2 (0.2)
Adj Basic EPS –continuing operations (p/share) 21.3 21.8
¹ Continuing operations
43BALANCE SHEET
£m FY17 FY16
Goodwill and other intangible assets 1,283 1,298
Property, plant and equipment 131 122
Investments in joint ventures and associates 10 10
Deferred tax assets 62 52
Non-current assets 1,486 1,482
Inventories 6 5
Trade and other receivables 195 172
Cash and cash equivalents 211 166
Current assets 412 343
Total assets 1,898 1,825
Trade and other payables (520) (518)
Current tax payable (11) (7)
Provisions (19) (8)
Current liabilities (550) (533)
Borrowings and loans (2,819) (2,920)
Finance lease obligations (20) (21)
Defined benefit pension scheme liabilities (395) (296)
Provisions (11) (7)
Insurance technical provisions (16) (4)
Non-current liabilities (3,261) (3,248)
Total liabilities (3,811) (3,781)
Net liabilities (1,913) (1,956)
44CASH FLOW
£m FY17 FY16
Operating profit including discontinued operations 368 305
Depreciation and amortisation 68 54
Profit on sale of Ireland (77) -
Other items 15 12
Cash exceptional items 15 37
Change in working capital (8) 12
Operating cash flow before tax and exceptional items 381 420
Cash exceptional items (15) (37)
Tax paid (21) (2)
Net cash flows from operating activities 345 381
Investing activities
Capital expenditure (71) (75)
Proceeds from the sale of Ireland 99 -
Other investing activities 19 4
Net cash flows use in investing activities 47 (71)
Financing activities
Refinancing transactions (102) (183)
Purchase of own shares - (22)
Interest paid on borrowings (143) (178)
Payment of finance lease capital (43) (34)
Payment of finance lease interest (7) (8)
Dividends paid (55) (21)
Net cash flows from financing activities (350) (446)
Net increase/(decrease) in cash and cash equivalents 42 (136)
45DEBT PACKAGE
Run rate cash
Expected Interest interest Principal at 31 Principal at 31
maturity date rate (£m) Jan 17 (£m) Jan 16 (£m)
Senior Term Facility 31 January 2019 5.00% 17.4 348 454
Class A1 notes 31 July 2018 4.72% 8.3 175 475
Class A2 notes 31 July 2025 6.27% 31.4 500 500
Class A3 notes 31 July 2020 4.25% 21.3 500 500
Class A4 notes 31 July 2019 3.78% 2.1 55 250
Class A5 notes 31 January 2022 2.88% 20.1 700 -
Class B2 notes 31 July 2022 5.50% 31.4 570 735
4.63% 131.8 2,848 2,914
Ring fenced cash and cash equivalents 136 94
Non ring fenced cash and cash equivalents 75 72
Total cash and cash equivalents¹ 211 166
Class A Net Debt: Trading EBITDA2 5.2x 5.0x
(STF & Class A notes less ring fenced cash)
Class B2 Net Debt: Trading EBITDA2 6.7x 6.9x
(WBS debt less ring fenced cash)
Total Net Debt : Trading EBITDA3 (total debt less total cash) 6.7x 7.0x
Class A FCF DSCR 3.3x 3.6x
Class B FCF DSCR 2.3x 2.4x
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