The following ratios are measured twice annually.
|Maintenance Covenants||Distribution Covenants|
|Covenant||12 months to 31 Dec 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|
|Net debt1 to EBITDA||2.7x||≤2.8x
|EBITDA to net finance charges||4.1x|| ≥3.85x
(Revised from ≥4.0x)
|Net debt1 to Book Equity||0.6x||≤0.6x
1. Net debt is Consolidated Debt per published results, plus the guarantee for the BEE Partners loan facilities of ZAR1,381 million as at 31 December 2016 (30 June 2016: ZAR1,303 million).