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Financial structure ► Net Debt/EBITDA ratio of 2.98x • Slight reduction vs 30 June 2018 (3.01x) • In line with target ► Average cost of debt after hedging reduced to 2.6% • vs 2.9% in FY 2017-18 ► Average weighted maturity of 3.6 years vs 2.2 years at 30 June 2018 • 4.7 years excluding now-refinanced Jan 20 maturity ► Strong liquidity • €525m cash on top of €930m earmarked for Jan 20 bond • €850m in undrawn credit lines 3.01x 2.98x 30 June 2018 30 June 2019 1 Based on net debt at the end of the period and last twelve months’ EBTIDA 28 NET DEBT / EBITDA RATIO1
