Peachtree 2008 Annual Report Download - page 9

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9
•Net debt / EBITDA: 1.7x
–Covenant <3.0x EBITDA
•PBIT / Interest: 10.1x
–Covenant >4.0x EBITA
•£850m committed bank facilities
–£750m expiring 2011
–£100m expiring 2010
•Deferred income growing
–Tied to underlying subscription
revenue
–Provides future revenue stream
•Strong working capital control
Strong balance sheet
Balance sheet
£m
Sept
2008
Sept
2007
Goodwill and intangibles 2,049.2 1,767.6
Property, plant and equipment 140.5 130.5
Net deferred tax (21.6) (5.9)
Net working capital 47.8 38.6
Deferred income (352.2) (300.2)
Tax liabilities (69.2) (56.3)
Retirement benefit obligations (3.9) (5.3)
Acquisition deferred consideration (2.6) (8.5)
1,788.0 1,560.5
Net debt (541.0) (509.7)
Net assets 1,247.0 1,050.8