However, on the basis of our view of below-average asset quality and funding and liquidity constraints for SDFC, we add back GBP274 million of debt to SDL's retail operations.
However, SDFC's board has three non-executive directors among its six members.
We use our proxy retail-only EBITDA of GBP80.8 million excluding marketing contribution from SDFC. We also strip out the GBP1.3 billion non-recourse securitisation financing outside the group under SDFC as we assume that consumer finance can be arranged or structured by a third-party bank or in a joint venture after restructuring.
- Significant improvements in asset-quality metrics translating into improved profitability within SDFC