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  "documentTitle": "Melrose | Results Presentation Deck | 39 slides",
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  "presentationDate": "2021-09-01 00:00:00",
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  "notes": "Uses a scenario table to project potential capital return amounts based on target leverage ratios.",
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      "kind": "callout",
      "text": "5. The Melrose Balance Sheet has spare capacity for a further significant Return of Capital next year",
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      "text": "Net debt at 30 June 2021 significantly reduced to £300 million, leverage of 0.5x EBITDA. Proforma net debt at 30 June 2021 is £1,029 million and Proforma leverage at 30 June 2021 is 1.5x post announced Return of Capital. The Melrose Balance Sheet is currently more conservative than the life time average of 2.0x to 2.5x leverage.",
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      "text": "1. Described in the glossary... 2. Calculated using H1 adjusted EBITDA... 3. Calculated using the number of shares...",
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      "text": "Potential size of Capital Return next year based on various leverage scenarios",
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      "text": "Melrose key financial numbers: Balance Sheet currently more conservative than normal",
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