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  "documentTitle": "Sainsbury's | Credit Presentation Deck | 25 slides",
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  "authorName": "Sainsbury's Bank",
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  "presentationDate": "2021-06-01 00:00:00",
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  "notes": "The chart uses a waterfall-style bridge to illustrate the reduction target.",
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      "kind": "chart",
      "text": "Net debt exc. Lease liabilities",
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      "text": "Previous net debt reduction of £750m+ from 18/19 to 22/23 updated to £950m+ reduction by 22/23. Medium leverage reduction target: Net debt/EBITDA less than 3x",
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      "text": "1 Net debt definition excludes derivatives not linked to borrowings, and includes perpetual securities as debt. 2 Net debt (inc. perpetual securities) on a post-IFRS 16 basis divided by Group underlying EBITDA. Net debt/ EBITDA for FY20/21 was 3.4 times",
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