Net leverage ratio

As of September 30, 2017, the outstanding balance of our consolidated total borrowings and total cash and cash equivalents - as defined under our 2017 Amended Senior Credit Facility - resulted in a Net Total Debt to Consolidated Annualized EBITDA ratio of 3.1x (June 30, 2017: 3.4x). As per our 2017 Amended Senior Credit Facility, our Consolidated Annualized EBITDA continues to include certain unrealized synergies with regards to both the acquisition of BASE and SFR BeLux, while our Net Total Debt now excludes any lease-related liabilities versus €165.9 million reflected in our Q2 2017 net leverage ratio. Our current net leverage ratio is significantly below the springing maintenance covenant of 6.0x and the incurrence test of 4.5x net senior leverage.