Table:
|  | FY19 £m | FY18 £m | Change (As reported) |
| --- | --- | --- | --- |
| Free Cash Flow | 54.9 | 92.4 | -£37.5m |
| Net Debt | 288.5 | 501.1 |  |
| Net Debt:EBITDA as per financing agreements | 1.8x | 2.3x |  |
| ROIC | 14.4% | 15.6% | -120bps |
Paragraphs:
Performance
Free Cash Flow was £54.9m in FY19 compared to £92.4m in FY18, the decrease primarily reflecting the impact of US cash flows. This represents a conversion rate of 36% of Adjusted EBITDA (FY18: 45%). Excluding the US cash flows, Free Cash Flow Conversion increased to 47% from 33% in FY18, driven by improved EBITDA, lower working capital outflows, lower interest costs and lower exceptional cashflows.
Several other factors had a specific impact on cash flow during FY19. These included the effects of the disposal of the US business and associated capital restructuring, as well as the timing of dividend payments.
Net Debt decreased to £288.5m from £501.1m at the end of FY18. The Group’s Net Debt:EBITDA leverage as measured under financing agreements was 1.8x at year end. This compared to 1.9x at the end of March 2019 and 2.3x at the end of September 2018. This outturn includes the increased debt associated with the Freshtime acquisition completed in early September 2019. As at 27 September 2019, the Group had committed facilities of £506m with a weighted average maturity of 4.0 years.
ROIC was 14.4% for the 12 months ended 27 September 2019, compared to 15.6% for the 12 months ended 28 September 2018. The reduction was primarily driven by increased investment, in particular the timing of the acquisition of Freshtime and was so impacted by an increased tax rate.
Question:
What factors had a specific impact on cash flow during FY19?
Answer: the effects of the disposal of the US business and associated capital restructuring, as well as the timing of dividend payments.