Right, so let's have a look at adjustments to be made to EBIT and EBITDA for the sake of credit analysis. And what we have to bear in mind here is that these adjustments need to be consistent with the adjustments we did to total debt. If you remember to total debt, we did not make an adjustment for pension liabilities because that was in surplus, so we should be making that now. And we also did no adjustment for non-pension liabilities, because they are not legally binding the same way as pensions are. So we're gonna start with EBIT and what are we gonna do here? Well, we're gonna start, of course, with our operating income. We're gonna add back our non-recurring expenses, but then we also have to consider that 18.6 lease cost. But what do we have to add back in terms of that? Well, it can't be the entire thing. We're on the EBIT level, so we're only going to add back the interest part of this. So we're gonna multiply that 18.6. We're gonna go up in the model and we're gonna use the Moody's operating lease interest portion percentage, 33% of the lease cost is expected to be interest under Moody's assumptions.

So we got that back and we get 83.5. And now we make our adjustment to EBITDA. Again, we start with operating income, add back our non-recurring expenses. We add back, of course, our amortization. We add back our depreciation. And then finally, we add back the entire operating lease expense of 18.6. So that's now both the interest and the depreciation part of the operating lease adjustment, and we get EBITDA of 139.9. You can just copy that across throughout the model.