Banking Covenants

These covenants relate to Petra's banking facilities (Absa, IFC, Investec, Nedbank and RMB)

The following ratios are measured twice annually.

Maintenance Covenants Distribution Covenants
Covenant 12 months to 30 June 2016 12 months to 30 Jun 2016 12 months to 31 Dec 2016 12 months to 30 Jun 2017 12 months to 31 Dec 2017 and thereafter All periods
Actual Required ratio Required ratio Required ratio Required ratio Required ratio
Net debt1 to EBITDA 2.8x ≤3.1x (Revised
from ≤2.5x)
≤2.8x (Revised
from ≤2.5x)
≤2.5x ≤2.5x ≤2.0x
EBITDA to net finance charges 4.2x ≥3.7x (Revised
from ≥4.0x)
≥3.85x (Revised from ≥4.0x) ≥4.0x ≥4.0x ≥6.0x
Net debt1 to Book Equity 0.5x ≤0.6x (Revised
from ≤0.75x)
≤0.6x (Revised
from ≤0.5x)
≤0.6x (Revised
from ≤0.5x)
≤0.5x ≤2.0x

1. Net debt is Consolidated Debt per published results, plus the guarantee for the BEE Partners loan facilities of ZAR1,303 million as at 30 June 2016(30 June 2015: ZAR1,163)