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      "text": "1. Described in the glossary to the Preliminary Announcement and considered by the Board to be a key measure of performance\n2. Included in the Melrose proforma net debt shown in the demerger circular\n3. Not included in the Melrose proforma net debt shown in the demerger circular, but announced post year-end\n4. Agreed a buyout of one of the two UK Pension Plans within Aerospace, for c.£45 million, with a pension annuity provider (more details included in the appendix)\n5. Leverage per the new bank facility documents, calculated using the last twelve months adjusted EBITDA to 31 December 2022, including proforma central costs\n6. Comprises the Automotive, Powder Metallurgy and Hydrogen businesses",
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      "text": "Net debt¹ at\n31 December\n2022\n£1,139m",
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      "text": "c.£0.45bn\nNet Debt",
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