The committed existing credit facility is for € 285 million and expires in March 2011. The arrangement provides for the facility to be reduced by € 20 million each year. Agreements have been made with the four banks that the ratio of net debt to operating result plus depreciation and amortisation (EBITDA) must not exceed 3.0. It has also been agreed that Macintosh Retail Group’s interest coverage ratio needs to be at least 3.0. The basis for the calculation of these ratios is continuing operations for a 12-month rolling period.
Definitions have been set jointly with the banks concerned, involving a number of adjustments to the published figures.
In the case of the adjusted net debt to EBITDA ratio, this was 1.9 at year-end 2009, an improvement on the comparable 2008 figure of 2.6. The Interest coverage ratio also strengthened, from 4.0 at year-end 2008 to 5.9 at year-end 2009. This means that Macintosh Retail Group remains well within the limits set by its lending banks.
For Brantano UK, Brantano Belgium and Macintosh Intragroup Services, credit facilities exist of € 9.8 million.