Net debt and leverage

In 2015, GrandVision extended its €1.2 billion 5-year revolving credit facility by one year. The new final maturity date is September 2020. The facility can be extended by an additional year.

The following table presents GrandVision’s net debt, as well as the net debt leverage, as of and for the periods indicated. Excluding the impact of any borrowings associated with and any adjusted EBITDA amounts attributable to any major acquisitions, GrandVision aims to maintain a leverage ratio (net debt over adjusted EBITDA for the last twelve months) of equal to or less than 2.0.

Borrowings

in millions of EUR
(unless stated otherwise)

2015

2014

Total borrowings

1,038

1,053

Cash and cash equivalents

- 99

- 134

Derivatives (liabilities)

3

4

Derivatives (assets)

- 1

- 1

Net debt

941

922

Adjusted EBITDA (last twelve months)

512

449

Net debt leverage (times)

1.8

2.1

While net debt increased slightly from €922 million to €941 million, net debt leverage ratio improved to 1.8 times adjusted EBITDA at year-end 2015, compared to 2.1 times in 2014. The increase in net debt was driven by the US acquisition, the purchase of €50 million of treasury shares at the initial public offering in February 2016 as well as the interim dividend payment of €35 million in September 2015.