Here in the recap tab, we want to have a look at the debts facilities post recapitalization, i.e. once the recap has been included in year three. So for the senior debts, how are we going to do this? Because at the moment, we don't have any recap debts in the base case recap tab. And also how do we look at it if we turn the recap switch off, if the recap switch is off, we won't have any post recap debt. Well, we can do it by linking to the data tables at the bottom of the base case recap tab. Let's go have a look at that. So here it is, and we've got a pre recap debt figure and a post recap debt figure. They're both the same at the moment because we haven't finished the model. We will link to the post recap figure, same for the unsecured notes, and then cash will link up as well.

And then we can total up the total debt and then calculate the net debt.

Now when I copy this to the right, what we'd expect to see when the model's finished is that the debt would be coming gradually down, gradually down as it's gradually paid off, but then all of a sudden in the recap year, it will shoot up again. We're not gonna see that yet because the model's not finished, but we will see it later. So here's the old debt just gradually being paid off.

Let's just check the multiples for this. So I'm going to link to the senior debt, divide it by the adjusted EBITDA that's on the base case recap tab. It's up near the top in the income statements. Here's our adjusted EBITDA. I'm just going to lock onto the row 31.

I can then copy that down to the unsecured notes, copy it down to the total debt. I'd love to copy it down to the net debt, but unfortunately it links to the cash. So I'll just move that from row 51 to 52. Now again, what would I expect to see from the multiples? I'd like to see them gradually coming down, but then shooting up in year three. It's not happening at the moment because we haven't finished the model. We haven't got the recap debt in the base case recap tab. So we'll come back and we'll see this later on. And we should see those numbers spiking in year three.