Credit and Capacity Maps
(5) Cash Flow Drivers 
The margin over funding fluctuates between low, positive to low negative
for most of the period. Combined with low asset growth of 2 to 3% this
results in cash flows close to balance for most of the period but with
some surpluses in the later years
(6) Financing Drivers
For most of the period Bushmead is raising new debt for an evenly-balanced
mix of interest and capital expenditure. Bushmead starts with both interest
and capex equal to 75% of operating cash flow. By 2012 both capex and
interest are equal to operating cash flow resulting in considerable new
borrowings. By 2032 both capex and interest have fallen to 50% of cash
flow resulting in no additional funding requirement
(7) Asset Cover x Repayment Ability
Adjusted net leverage stays around the 20 to 25% level throughout. In
terms of EBITDA debt starts at a multiple of 7 and finishes at 7 but in
the intervening period peaks at 16 times in 2012 and only really falls
after 2022
(8) Debt Servicing x Repayment Ability
Repayment ability as measured by the LLCR (30) gradually and progressively
improves from an inadequate 0.7 to an acceptable 1.0 by 2027. Annual interest
cover is more volatile and fluctuates between 1.0 and 1.7 with the main
improvement in the later years.
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