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Annual Report 2018

Stock Spirits Group uses alternative performance measures as key financial indicators to assess underlying performance of the Group. These include adjusted EBITDA, free cashflow and basic              EPS. For the proforma numbers see page 48. The narrative in the Annual Report & Accounts includes these alternative measures and an explanation is set out in note 7 of the financial statements      on page 126.

Leverage for 2018 is the net debt as per page 153 of the financial statements as at 30 September 2018 divided by proforma 12 months Adjusted EBITDA for the 12 months to 30 September 2018      as per page 51. Leverage for 2017 is as reported in the Annual Report & Accounts for 2017 as at 31 December 2017.


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Strategic review


Independent auditor's report

Financial statements

Shareholders' information