Hi Shark,Yes, it shows on page 152 on 2022 Annual Report. Stated...

Hi Shark,

Yes, it shows on page 152 on 2022 Annual Report. Stated below,

Loan covenants
Under the terms of the syndicated facility agreement, the Group is required to comply with the following
financial covenants:
• Net leverage ratio is lower than 3.50x
• Interest coverage ratio is higher than 3.00x
Interest coverage ratio is calculated under the terms of our Syndicated Facility Agreement.

In 2023 report, the net debt is 920M and EBITDA is 343M, which comes to x2.7. However the managment declares it is x2.4 on presentation. For interest coverage ratio, it doesn't mention about it, but I made a calculation from the annual report as (EBIT 203M / Bank Interest Expense 42M = 4.8)

In 2024, I am expecting the net debt to go up to 1,000M if they pay full dividends and EBITDA remains around 350M, it comes to x2.85. Since the EBITDA can be very similar to 2023, so I expect the same EBIT or higher due to lower Depreciation and Amortization from aquisitions, Interest Rate Expense should increase about 20M (2% increase times 1000M debt). Interest Coverage ratio may be around 2024 EBIT 200M / Bank Interest Expense 62M = x3.22.

However, interest coverage ratio has thier own calculation in the agreement, it may not be as I did above.

Overall, capital raising doesn't seem urgent, they can use dividends to pay off some debts.