Debt Information

Net debt

As at 30th June 2012, the net debt was £397m.

Credit ratings

Ladbrokes has credit ratings from the following agencies:

Ladbrokes’ liquidity profile – available debt facilities

At 31 December 2011

Facilities information

Covenants

All Ladbrokes’ committed bank facilities share the same financial covenants:

• less than 3.50x net debt to EBITDA
• more than 3.0x EBITDA to net finance costs

These covenants are calculated semi-annually.
EBITDA includes profit associated with High Rollers business division.

As at 30 June 2012 the ratios for covenant calculation purposes were:

• 1.44x net debt to EBITDA
• 8.62x EBITDA to net finance costs

Relevant accounting policies

Summary of relevant accounting policies: Leases Financial assets and financial liabilities Financial guarantee contracts Derecognition of financial assets and liabilities Derivative financial instruments and hedge accounting Loans and receivables Interest bearing loans and borrowings Foreign currency translation Finance costs and income
Note 23 of 2011 Annual Report Interest bearing loans and borrowings
Note 24 of 2011 Annual Report Financial risk management objectives and policies Interest rate risk Foreign currency risk Credit risk Liquidity risk
Note 25 of 2011 Annual Report Financial instruments Table of assets and liabilities Financial guarantee contracts
Note 26 of 2011 Annual Report Net debt

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