AmazonScience/document-haystack

1Net debt and liquidity2As at 31 December 2023, adjusted net debt 7 was £3,290.9m and represented an adjusted net debt 7 to underlying EBITDA 5 ratio of 3.3x 3(3.1x proforma 3). The Group has drawn down £295m on the revolving credit facility at 31 December 2023 (2022:£nil). 4Par value5£m6Issue costs/ 7Premium8£m9Total10£m11Term loans (3,420.5) 64.8 (3,356.4)12Interest accrual (1.6) – (1.6)13(3,422.1) 64.8 (3,358.0)14Cash 400.615Net debt (2,957 .4)16Cash held on behalf of customers (196.8)17Fair value of swaps held against debt instruments (85.6)18Other debt related items* 224.819Lease liabilities (275.9)20Adjusted net debt (3,290.9)21* Other debt related items include balances held with payment service providers, deposits and other similar items22Refinancing23On 1 March 2024, the Group raised an additional £300m of borrowings under a bank loan facility and used the proceeds to repay all 24amounts drawn under the Group’s revolving credit facility. Concurrently, the commitments available under the Group’s revolving credit 25facility (disclosed in Note 36) were increased by £45m further increasing the Group’s available liquidity. As such, the Group’s revolving 26credit facility now has total commitments of £635m which, as at 1 March 2024, was completely undrawn save £5m carved out for letters 27of credit and guarantees.28Going Concern29In adopting the going concern basis of preparation in the financial statements, the Directors have considered the current trading 30performance of the Group, the financial forecasts and the principal risks and uncertainties. In addition, the Directors have considered 31all matters discussed in connection with the long-term viability statement including the modelling of ‘severe but plausible’ downside 32scenarios such as legislation changes impacting the Group’s Online business and severe data privacy and cybersecurity breaches.33Given the level of the Group’s available cash post the recent extension of certain financing facilities (see Note 36) and the forecast 34covenant headroom even under the sensitised downside scenarios, the Directors believe that the Group and the Company are well 35placed to manage the risks and uncertainties that it faces. As such, the Directors have a reasonable expectation that the Group and the 36Company will have adequate financial resources to continue in operational existence, for at least 12 months (being the going concern 37assessment period) from date of approval of the financial statements, and have, therefore, considered it appropriate to adopt the going 38concern basis of preparation in the financial statements.39Notes401. 2023 and 2022 statutory results are audited, with the tables presented relating to continuing operations and including both statutory and non-statutory measures.412. Growth on a constant currency basis is calculated by translating both current and prior year performance at the 2023 exchange rates.423. Proforma references include all 2022 and 2023 acquisitions as is they had been part of the Group since 1 January 2022.434. Contribution represents gross profit less marketing costs and is a key performance metric used by the Group, particularly in Online.445. EBITDA is earnings before interest, tax, depreciation and amortisation, share based payments and share of JV income. EBITDA is stated pre separately disclosed items.456. Stated pre separately disclosed items.467. Adjusted net debt excludes the DPA settlement of £585.0m. Leverage also excludes any benefit from future BetMGM EBITDA or the payments due to acquire the minority 47interests in Entain CEE.48Entain plc Annual Report 2023 77491 Overview 8  S trategic report 88 Governance 140 F inancial statements50Chief Financial 51Officer’s Review52The secret object #5 is a "towel".