TIDM44ZP
RNS Number : 9854W
Urenco Finance N.V.
07 August 2018
news release
7 August 2018
URENCO Group - Half Year Unaudited Financial Results
London - 7 August 2018 - URENCO Group ("URENCO" or "the Group"),
an international supplier of uranium enrichment services and
nuclear fuel cycle products, today announces its results for the
half year ended 30 June 2018.
Summary
-- Revenue and EBITDA in line with management expectations,
reflecting strong operational performance - revenue down EUR39.5
million (-4.9% on half year 2017) and EBITDA up EUR3.2 million
(+0.7% on half year 2017).
-- Net income down by EUR65.3 million (-26.1% on half year 2017)
primarily due to higher net income tax in H1 2018 compared to H1
2017.
-- Contract order book has an approximate value of EUR12.1
billion, providing visibility of future short to medium term cash
flows.
-- Construction of UK Tails Management Facility (TMF) nearing
completion; commissioning commenced.
-- Continued strong progress to deliver on our strategic
objectives through cost savings and new business contracts.
Financial highlights Six months to June 2018 Six months to
(EUR million) (unaudited) June 2017
(unaudited)
------------------------------------------ ------------------------ --------------
Revenue 771.9 811.4
EBITDA(i) 494.0 490.8
EBITDA margin - % 64.0% 60.5%
Income from operating activities 331.6 297.9
Net income 184.5 249.8
Net income margin - % 23.9% 30.8%
Capital expenditure 96.3 151.2
Cash generated from operating activities 457.7 599.8
========================================== ======================== ==============
(i) EBITDA is earnings before exceptional items, interest
(including other finance costs), taxation, depreciation and
amortisation and joint venture results. Depreciation and
amortisation are adjusted to remove elements of such charges
included in changes to inventories and other expenses. EBITDA is
reconciled to income from operating activities on page 7.
Thomas Haeberle, Chief Executive of URENCO Group, commenting on
the half year results, said:
"The half year results in 2018 reflect a strong operational
performance and positive progress in the delivery of our strategic
objectives, with support provided by our long established contract
order book. We have maintained our focus on safety performance and
implemented initiatives to further enhance our safety culture.
Revenue is down for the first six months of 2018 compared to
half year 2017 driven by lower prices after currency hedges. EBITDA
is slightly improved, reflecting lower revenues being more than
offset by reduced costs. The phasing of revenue between the first
and second half of 2018 is expected to be broadly similar to that
in 2017, with the second half of the year predicted to account for
the majority of sales. The continued challenging market conditions
and pricing pressures are reflected in new contracts and
consequently in the contract order book value that will be
delivered in future periods.
Global demand for a continuous and secure supply of low carbon
energy provides the opportunity for growth in the nuclear industry.
URENCO is well positioned to support this growth. However, the
market needs a sustainable pricing structure to allow for the
necessary investments so that, in the longer term, we can continue
to supply the market from our diverse enrichment sites.
The challenging market conditions reinforce the importance of
our strategic objectives. Good progress has been made in each key
pillar of our strategy, supporting the long term success of our
business. We are on track to realise EUR300 million in cumulative
cash savings by the end of 2019 resulting from the successful
reduction of operating costs and capital spending. We have signed
new contracts to maintain our global customer base and continue to
explore several possible new business ventures.
Our micro-modular U-Battery received funding from the UK
Government demonstrating U-Battery's commercial and technical case
in addressing energy and decarbonisation challenges in the UK and
globally.
The TMF project is nearing completion, commissioning has
commenced, with commercial operation anticipated to start in 2019.
Investment in this facility demonstrates our commitment to uranium
stewardship by safely and responsibly managing depleted
uranium.
I would like to thank our employees for their commitment, strong
operational performance and the successful implementation of our
strategy."
Financial Results
Revenue for the six months ended 30 June 2018 was EUR771.9
million, a decrease of 4.9% on the EUR811.4 million for the same
period last year. SWU revenues after currency hedges were down by
EUR34.5 million as the impact of marginally higher volumes was more
than offset by lower average unit revenues. Uranium related sales
were down by EUR2.0 million due to lower volumes despite slightly
higher average unit revenues being achieved. Other revenue
decreased by EUR3.0 million compared to the same period last year.
Overall, the phasing of revenue between the first half and second
half of 2018 is expected to show a similar level of seasonality to
that experienced in 2017, with the second half of the year still
expected to account for the majority of sales.
EBITDA was EUR494.0 million for the first half of 2018, EUR3.2
million higher than the same period last year (H1 2017: EUR490.8
million), corresponding to an EBITDA margin of 64.0% (H1 2017:
60.5%). The EBITDA result reflects the adverse impact from revenue
being more than offset by lower operating and administrative
expenses and lower net costs for tails provisions in the first half
of 2018.
Other operating and administrative expenses in H1 2018 were
lower by EUR31.6 million compared to H1 2017 reflecting a lower
average unit cost of sales as a result of both the sales mix
realised in the period and the continued good progress from the
ongoing implementation of our strategy. The costs for H1 2017 also
benefited from a one-time credit associated with the closure of the
UK defined benefit scheme to further accrual.
The net cost for tails provisions was EUR11.1 million lower in
the first six months of 2018 compared to the same period for 2017.
This was due to EUR31.3 million lower costs of new tails provisions
created, offset by EUR20.2 million lower releases from the tails
provision. The cost of new tails provisions created of EUR71.3
million was lower than the same period for 2017 (H1 2017: EUR102.6
million) as a result of a lower volume of new tails generated and
the increase in tails deconversion costs recorded during H1 2017.
The EUR20.2 million lower release from the tails provision was due
to a EUR21.9 million release from the tails provisions in the first
half of 2018 compared to EUR42.1 million for H1 2017. The releases
from tails provision are associated with ongoing optimisation of
operations and reductions in higher assay tails associated with
enrichment services contracts.
Depreciation and amortisation for the half year 2018 was
EUR161.0 million, a decrease of EUR12.4 million on the EUR173.4
million for the half year 2017. This reduction was driven by lower
depreciation on US denominated assets due to the weakening of US
dollar average exchange rates compared to H1 2017.
Net finance costs for the six months ended 30 June 2018 were
EUR75.1 million, compared to EUR49.7 million for the same period
last year. Where practicable, relevant loan balances are swapped
using cross currency swaps and these swaps are placed in accounting
hedge relationships. Where this is not possible the retranslation
of the relevant unhedged loan balances (denominated in US dollars
and euros but held by a sterling functional currency entity)
generate gains/losses as a result of foreign exchange movements in
the period. In H1 2018 the impact of this was a loss of EUR28.6
million (H1 2017: loss of EUR0.4 million) reflecting relevant
unhedged balances and movements in foreign exchange rates and a
EUR27.2 million one-off non-cash charge for unhedged cumulative
foreign exchange losses that should have been recognised in the
income statement in prior periods from 2014. A tax credit of EUR1.8
million relating to this non-cash charge has been recognised in the
Income Statement tax line. In addition, a loss associated with
ineffective cash flow hedges (including the impact of credit risk)
was incurred of EUR1.7 million (H1 2017: EUR14.8 million gain). The
finance costs on borrowings (including the impact of cross currency
interest rate swaps) were lower at EUR39.5 million (H1 2017:
EUR62.2 million) reflecting lower levels of net debt in 2018. The
other key elements of net finance costs were broadly in line with
the costs incurred in the prior period, notably capitalised
interest of EUR24.2 million (H1 2017: EUR25.9 million) and the
unwinding of discounting on provisions of EUR29.5 million (H1 2017:
EUR27.8 million).
In the first half of 2018 the tax expense was EUR72.0 million
(corresponding to an effective tax rate (ETR) of 28.1%), an
increase of EUR73.6 million over the tax credit of EUR1.6 million
for the first half of 2017 (ETR: -0.6%). The increase in tax
expense is broadly driven by the inclusion of a EUR74.0 million
credit in the first half of 2017 associated with the recognition of
previously unrecognised deferred tax assets resulting from the
impact that the increased lifetime for centrifuges and associated
equipment will have on future depreciation. The tax expense was
also higher due to foreign exchange financing gains and losses that
are excluded from tax under the UK Disregard Regulations. These
items were partially offset by changes in the relative proportions
of profits and losses generated across the four jurisdictions in
which URENCO operates and the reduction in corporate income tax
rates in the US and UK.
In the six months ended 30 June 2018 there were no exceptional
items (H1 2017: nil).
Net income was EUR184.5 million for the half year 2018, a
decrease of EUR65.3 million compared to the half year 2017 net
income of EUR249.8 million. The net income margin for H1 2018 was
23.9% compared to the H1 2017 net income margin of 30.8%. This
decrease in net income is largely attributable to the higher income
tax expenses incurred in the first half of 2018 compared to the
same period for 2017.
Cash generated from operating activities (before tax) in the
first half of 2018 was EUR457.7 million compared to EUR599.8
million in the first half of 2017. This primarily reflects lower
revenue and adverse movements in working capital, particularly
receivables where the movement in H1 2017 was particularly
favourable due to the high receivables closing balance at the end
of 2016. Tax paid in the period was EUR98.1 million (H1 2017:
EUR98.3 million). Net cash flow from operating activities was
EUR359.6 million compared to EUR501.5 million in H1 2017.
The Group invested EUR96.3 million for the construction of
property, plant and equipment and intangible assets in H1 2018 (H1
2017: EUR151.2 million) of which 47.9% (H1 2017: 71.0%) was
associated with the TMF in the UK, and the remainder across the
Group's enrichment facilities. Construction of the TMF facility is
nearing completion and commissioning has started.
Net cashflow from financing activities in the period included
the final dividend for the year ended 31 December 2017 of EUR300.0
million, which was paid in full in March 2018 (31 December 2016:
EUR300.0 million, paid in March 2017). In March 2018, a EUR100.0
million financing facility provided by the European Investment Bank
(EIB) was repaid and during the period EUR105.0 million was
borrowed under bilateral facilities.
As at 30 June 2018, the Group held cash and cash equivalents of
EUR26.4 million (31 December 2017: EUR59.1 million) and net debt
was EUR2,152.7 million (31 December 2017: EUR2,104.7 million). Net
debt increased by EUR48.0 million primarily because net cash flow
from operating activities of EUR359.6 million was lower than cash
outflows relating to capital expenditure of EUR96.3 million and the
payment of the final dividend for 2017 of EUR300.0 million.
The Company's debt ratings were reconfirmed in April 2018 by
Moody's (Baa1/Stable) and S&P Global Ratings (BBB+/Stable).
Outlook
Market conditions continue to be challenging due to surplus
inventory indicating ongoing pricing pressures in the short to
medium term. Our order book extends to the 2030s with a value as at
30 June 2018 of EUR12.1 billion based on EUR/$ of 1:1.17 (31
December 2017: approximately EUR12.7 billion based on EUR/$ of
1:1.20), providing visibility and financial stability of future
revenues.
The global nuclear industry is expected to grow and new reactors
are being built. Nuclear energy has an important role to play in
meeting a growing demand for affordable electricity from reliable
and low carbon sources to meet important climate change
targets.
URENCO is well positioned to support this growth and meet our
customers' changing needs through our portfolio of products and
services, expertise and technology.
We continue to monitor the various political uncertainties that
will impact our business. Work has progressed to prepare for the
UK's withdrawal from the European Union and EURATOM treaty. We are
working with the UK government, EURATOM, and other key stakeholders
to ensure there is minimum disruption to our business and
customers. Our ability to provide services from sites in mainland
Europe, the UK and the USA - and detailed plans to mitigate
potential risks - will ensure a continuous, secure supply to our
customers.
The principal risks and uncertainties to which the Group is
exposed are the same as those disclosed in the Group's annual
financial statements for the year ended 31 December 2017.
Board
Mel Kroon will succeed George Verberg, who retires as
Non-Executive Director on the URENCO Board, and will take up his
position in September.
--S --
Contact
Jayne Hallett
Director of Corporate Communications
+44 1753 660 660
Oliver Buckley
Madano +44 20 7593 4000
oliver.buckley@madano.com
About URENCO Group
URENCO is an international supplier of enrichment services and
fuel cycle products with its head office based close to London, UK.
With plants in Germany, the Netherlands, the UK and in the USA, it
operates in a pivotal area of the nuclear fuel supply chain which
enables the sustainable generation of electricity for consumers
around the world.
Using centrifuge technology designed and developed by URENCO,
the URENCO Group provides safe, cost-effective and reliable uranium
enrichment services for power generation within a framework of high
environmental, social and corporate responsibility standards.
For more information, please visit www.urenco.com
Definitions
Capital Expenditure - Reflects investment in property, plant and
equipment plus the prepayments in respect of fixed asset and intangible
asset purchases for the period.
EBITDA - Earnings before exceptional items, interest (including
other finance costs), taxation, depreciation and amortisation and
joint venture results (or income from operating activities plus
depreciation and amortisation, plus joint venture results). Depreciation
and amortisation are adjusted to remove elements of such charges
already included in changes to inventories and other expenses.
EUP - Enriched Uranium Product, i.e. UF(6) enriched, typically,
to between 3% and 5% U(235) content.
Net Debt - Loans and borrowings (current and non-current) plus
obligations under finance leases less cash and cash equivalents
and short term deposits.
Net Finance Costs - Finance costs less finance income net of capitalised
borrowing costs and including expected credit losses and reversals
of expected credit losses on financial assets and including gains
and losses of non-designated hedges.
Net Income - Income for the year attributable to equity holders
of the parent.
Order Book - Contracted and agreed business estimated on the basis
of "requirements" and "fixed commitment" contracts.
Revenue - Revenue from sale of goods and services and net fair
value gains/losses on commodity contracts.
Separative Work Unit (SWU) - The standard measure of the effort
required to increase the concentration of the fissionable U(235)
isotope.
Tails (Depleted UF(6) ) - Uranium hexafluoride that contains a
lower concentration than the natural concentration (0.711%) of
U(235) isotope.
Uranium Related Sales - Sales of uranium in the form of UF(6) ,
U(3O8) or the UF(6) component of EUP.
Disclaimer
This press release is not intended to be read as the Group's
statutory accounts as defined in section 435 of the Companies Act
2006. Information contained in this release is based on the 2017
Consolidated Financial Statements of the URENCO Group, which were
authorised for issue by the Board of Directors on 6 March 2018. The
auditor's report on the 2017 Consolidated Financial Statements of
the Group was unqualified and did not contain a statement under
section 498 of the Companies Act 2006. The Group's 2017 statutory
accounts have been delivered to the registrar of companies.
This release and the information contained within it does not
constitute an offering of securities or otherwise constitute an
invitation or inducement to underwrite, subscribe for or otherwise
acquire securities in any company within the URENCO Group.
Any forward-looking statements contained within this release are
inherently subject to risks and uncertainties. Actual results may
differ materially from those expressed or implied by such
forward-looking statements and, accordingly, any person reviewing
this release should not rely on such forward-looking
statements.
INTERIM CONDENSED CONSOLIDATED INCOME STATEMENT
Six months ended Year ended
30 June 31 December
2018 2017 2017
Result for
the year
Unaudited Unaudited Audited
EURm EURm EURm
======================================= ========== ========== =============
Revenue from sales of goods and
services 771.9 811.4 1,926.9
---------- ---------- -------------
Changes to inventories of finished
goods, work in progress and contract
assets (4.4) (50.5) (124.6)
Raw materials and consumables
used (7.2) (6.5) (12.0)
Tails provision created (71.3) (102.6) (199.2)
Employee costs (79.4) (75.4) (149.7)
Depreciation and amortisation (161.0) (173.4) (343.3)
Restructuring provision release 0.2 - 4.7
Other expenses (114.0) (105.1) (238.6)
Share of joint venture results (3.2) - 7.6
---------- ---------- -------------
Income from operating activities 331.6 297.9 871.8
Finance income 47.5 74.0 107.8
Finance costs (122.6) (123.7) (247.9)
Income before tax 256.5 248.2 731.7
Income tax (expense)/income (72.0) 1.6 (216.8)
---------- ---------- -------------
Net income for the period/year
attributable to the owners of
the Company 184.5 249.8 514.9
========== ========== =============
Earnings per share: EUR EUR EUR
Basic earnings per share 1.1 1.5 3.1
RECONCILIATION OF INCOME FROM OPERATING ACTIVITIES TO
EBITDA(i)
Six months ended Year ended
30 June 31 December
2018 2017 2017
Result for
the year
Unaudited Unaudited Audited
EURm EURm EURm
=================================== ========== ========== =============
Income from operating activities 331.6 297.9 871.8
Depreciation and amortisation 161.0 173.4 343.3
Add: depreciation in inventories
and contract assets 0.2 15.9 34.0
Add: depreciation expensed within
other expenses (2.0) 3.6 8.0
Joint venture results 3.2 - (7.6)
---------- ---------- -------------
EBITDA 494.0 490.8 1,249.5
---------- ---------- -------------
(i) EBITDA is defined as earnings before exceptional items,
interest (including other finance costs), taxation, depreciation
and amortisation and joint venture results.
INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
Six months ended Year ended
30 June 31 December
2018 2017 2017
Unaudited Unaudited Audited
EURm EURm EURm
================================================== ========== ========== =============
Net income 184.5 249.8 514.9
Other comprehensive income/(loss):
Items that may be reclassified subsequently
to the income statement
Cash flow hedges - transfers to revenue 11.3 42.7 82.1
Cash flow hedges - mark to market (49.2) 67.7 152.1
Net investment hedge - mark to market 34.9 84.0 146.2
Deferred tax income/(charge) on hedges 6.8 (19.8) (42.5)
Current tax income/(charge) on hedges 14.0 (6.4) (11.7)
Exchange differences on hedge reserve 0.8 8.0 12.8
---------- ---------- -------------
Total movements to hedging reserves 18.6 176.2 339.0
Cost of hedging - Basis spread and forward
points 10.0 - -
Deferred tax on cost of hedging (2.9) - -
Exchange differences on cost of hedging
reserve 0.3 - -
---------- ---------- -------------
Total movements to cost of hedging reserve 7.4 - -
Exchange differences on foreign currency
translation of foreign operations 43.8 (188.1) (291.6)
Share of joint venture exchange difference
on foreign currency translation of foreign
operations (0.2) - (0.1)
---------- ---------- -------------
Total movements to foreign currency translation
reserve 43.6 (188.1) (291.7)
Items that will not be reclassified subsequently
to the income statement
Actuarial gains on defined benefit pension
schemes 33.1 10.9 26.0
Deferred tax expense on actuarial gains (5.3) (1.9) (5.1)
Share of joint venture actuarial gains/(losses)
on defined benefit pension schemes 3.9 - (2.1)
Utility partner payments - - (0.1)
Total movements to retained earnings 31.7 9.0 18.7
Other comprehensive income/(loss) 101.3 (2.9) 66.0
Total comprehensive income relating to
the period/year attributable to the owners
of the Company 285.8 246.9 580.9
========== ========== =============
INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL
POSITION
30 June 31 December 30 June 2017
2018 2017 Unaudited
Unaudited Audited EURm
EURm EURm Restated
Restated (i) (i)
======================================= =========== ============== =============
ASSETS
Non-current assets
Property, plant and equipment 4,930.5 4,900.5 5,043.6
Investment property 6.6 6.8 7.0
Intangible assets 41.3 44.4 36.6
Investments including joint venture 8.4 7.5 1.2
Financial assets 4.2 7.6 8.8
Derivative financial instruments 212.5 284.7 204.7
Deferred tax assets 186.6 207.2 364.6
5,390.1 5,458.7 5,666.5
----------- -------------- -------------
Current assets
Inventories 153.5 213.5 145.3
Contract Assets 339.8 332.4 382.8
Trade and other receivables 220.1 234.3 179.6
Derivative financial instruments 16.2 22.0 5.0
Income tax recoverable 86.5 77.8 39.8
Cash and cash equivalents 26.4 59.1 52.2
842.5 939.1 804.7
----------- -------------- -------------
TOTAL ASSETS 6,232.6 6,397.8 6,471.2
=========== ============== =============
EQUITY AND LIABILITIES
Equity attributable to owners
of the Company
Share capital 237.3 237.3 237.3
Additional paid in capital 16.3 16.3 16.3
Retained earnings 1,272.6 1,356.8 1,082.0
Hedging reserve (374.6) (322.5) (485.3)
Cost of hedging reserve 78.1 - -
Foreign currency translation
reserve 580.0 536.4 640.0
----------- -------------- -------------
Total equity 1,809.7 1,824.3 1,490.3
----------- -------------- -------------
Non-current liabilities
Trade and other payables - - 30.2
Interest bearing loans and borrowings 1,896.4 1,888.8 2,193.9
Provisions 1,575.0 1,499.3 1,516.0
Retirement benefit obligations 67.6 97.3 110.1
Deferred income 39.3 28.2 37.9
Derivative financial instruments 112.0 120.1 203.4
Deferred tax liabilities 104.3 94.7 33.6
3,794.6 3,728.4 4,125.1
----------- -------------- -------------
Current liabilities
Trade and other payables 296.6 436.6 322.6
Interest bearing loans and borrowings 282.7 275.0 449.7
Provisions 8.0 15.3 17.7
Derivative financial instruments 39.1 52.6 63.7
Income tax payable - 64.0 0.5
Deferred income 1.9 1.6 1.6
----------- -------------- -------------
628.3 845.1 855.8
----------- -------------- -------------
Total liabilities 4,422.9 4,573.5 4,980.9
----------- -------------- -------------
TOTAL EQUITY AND LIABILITIES 6,232.6 6,397.8 6,471.2
=========== ============== =============
(i) From 1 January 2018 SWU inventories are classified under a
separate line of 'Contract assets' following the adoption of IFRS
15. Previously these were included under Inventories. The
presentation of the comparative financial information for the year
ended 31 December 2017 and for the six months ended 30 June 2017
has been restated to be on a consistent basis.
Registered Number 01022786
The financial statements were approved by the Board of Directors
and authorised for issue on 6 August 2018.
Dr Thomas Haeberle Ralf ter Haar
Chief Executive Officer Chief Financial Officer
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN
EQUITY
Attributable
Foreign to the
Additional Cost currency owners
Share paid in Retained Hedging of hedging translation of the
capital capital earnings reserves reserve reserve Company
EURm EURm EURm EURm EURm EURm EURm
===================== ========== ============= =========== =========== ============ ============= =============
As at 31 December
2017
(Audited) 237.3 16.3 1,356.8 (322.5) - 536.4 1,824.3
Adjustment for IFRS
9
transition - - (0.4) (70.7) 70.7 - (0.4)
---------- ------------- ----------- ----------- ------------ ------------- -------------
Revised as at 1
January
2018 237.3 16.3 1,356.4 (393.2) 70.7 536.4 1,823.9
Income for the
period - - 184.5 - - - 184.5
Other comprehensive
income - - 31.7 18.6 7.4 43.6 101.3
---------- ------------- ----------- ----------- ------------ ------------- -------------
Total comprehensive
income - - 216.2 18.6 7.4 43.6 285.8
Equity dividend paid - - (300.0) - - - (300.0)
--------------------- ---------- ------------- ----------- ----------- ------------ ------------- -------------
As at 30 June 2018
(Unaudited) 237.3 16.3 1,272.6 (374.6) 78.1 580.0 1,809.7
===================== ========== ============= =========== =========== ============ ============= =============
Attributable
Foreign to the
Additional Cost currency owners
Share paid in Retained Hedging of hedging translation of the
capital capital earnings reserves reserve reserve Company
EURm EURm EURm EURm EURm EURm EURm
===================== ========== ============= =========== =========== ============ ============= =============
As at 31 December
2016
(Audited) 237.3 16.3 1,123.2 (661.5) - 828.1 1,543.4
Income for the
period - - 249.8 - - - 249.8
Other comprehensive
income - - 9.0 176.2 - (188.1) (2.9)
---------- ------------- ----------- ----------- ------------ ------------- -------------
Total comprehensive
income - - 258.8 176.2 - (188.1) 246.9
Equity dividend paid - - (300.0) - - - (300.0)
--------------------- ---------- ------------- ----------- ----------- ------------ ------------- -------------
As at 30 June 2017
(Unaudited) 237.3 16.3 1,082.0 (485.3) - 640.0 1,490.3
===================== ========== ============= =========== =========== ============ ============= =============
Attributable
Foreign to the
Additional Cost currency owners
Share paid in Retained Hedging of hedging translation of the
capital capital earnings reserves reserve reserve Company
EURm EURm EURm EURm EURm EURm EURm
===================== ========== ============= =========== =========== ============ ============= =============
As at 31 December
2016
(Audited) 237.3 16.3 1,123.2 (661.5) - 828.1 1,543.4
Income for the year - - 514.9 - - - 514.9
Other comprehensive
income - - 18.7 339.0 - (291.7) 66.0
---------- ------------- ----------- ----------- ------------ ------------- -------------
Total comprehensive
income - - 533.6 339.0 - (291.7) 580.9
Equity dividend paid - - (300.0) - - - (300.0)
--------------------- ---------- ------------- ----------- ----------- ------------ ------------- -------------
As at 31 December
2017
(Audited) 237.3 16.3 1,356.8 (322.5) - 536.4 1,824.3
===================== ========== ============= =========== =========== ============ ============= =============
Hedging reserve
The hedging reserve is a separate component of equity used to
record changes in the fair values of cash flow hedging instruments
and net investment hedges in accordance with the Group's accounting
policy.
Cost of hedging reserve (new reserve following adoption of IFRS
9)
The cost of hedging reserve is a separate component of equity
used to record changes in the fair value of the currency basis
spread as included in the fair value of financial instruments that
are in a hedge relationship and the changes in the fair value of
the forward points of forward foreign exchange contracts that are
hedging future revenue. From 1 January 2018, it is a requirement
under the newly adopted accounting standard IFRS 9 to disclose the
cost of hedging reserve as a separate component of equity.
Foreign currency translation reserve
The foreign currency translation reserve is used to record
exchange differences arising from the translation of the financial
statements of foreign subsidiaries and the parent entity into the
euro presentational currency.
INTERIM CONDENSED CONSOLIDATED CASH FLOW STATEMENT
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2018 2017 2017
Unaudited Unaudited Audited
EURm EURm EURm
Restated Restated
(i) (i)
============================================== =========== =========== =============
Income before tax 256.5 248.2 731.7
Adjustments to reconcile Group income
before tax to net cash inflows from
operating activities:
Share of joint venture results 3.2 - (7.6)
Depreciation and amortisation 161.0 173.4 343.3
Finance income (47.5) (74.0) (107.8)
Finance cost 122.6 123.7 247.9
Loss on write off of property, plant
and equipment - 0.4 12.0
Increase in provisions 28.1 (2.4) (31.2)
Operating cash flows before movements
in working capital 523.9 469.3 1,188.3
Decrease/(increase) in inventories 44.6 21.4 (59.2)
(Increase)/ decrease in contract assets (5.4) (28.5) 17.7
Decrease in receivables and other debtors 13.0 217.9 159.0
(Decrease)/increase in payables and
other creditors (118.4) (80.3) 8.3
----------- ----------- -------------
Cash generated from operating activities 457.7 599.8 1,314.1
Income taxes paid (98.1) (98.3) (122.9)
----------- ----------- -------------
Net cash flow from operating activities 359.6 501.5 1,191.2
----------- ----------- -------------
Investing activities
Interest received 38.6 57.7 81.6
Proceeds from sale of property, plant
and equipment - - 0.1
Purchases of property, plant and equipment (96.2) (151.0) (299.3)
Purchase of intangible assets (0.1) (0.2) -
Increase in investment (0.1) - (0.2)
----------- ----------- -------------
Net cash flow used in investing activities (57.8) (93.5) (217.8)
----------- ----------- -------------
Financing activities
Interest paid (67.3) (108.2) (209.9)
Receipts/(payments) in respect of settlement
of debt hedges 26.1 (6.8) (6.8)
Dividends paid to equity holders (300.0) (300.0) (300.0)
Proceeds from new borrowings 105.0 204.1 378.8
Placement of short-term deposits - - 1.6
Repayment of borrowings (100.0) (396.8) (1,027.7)
-----------
Net cash flow from financing activities (336.2) (607.7) (1,164.0)
----------- ----------- -------------
Net decrease in cash and cash equivalents (34.4) (199.7) (190.6)
Cash and cash equivalents and short-term
deposits at beginning of period/year 59.1 253.3 251.7
Effect of foreign exchange rate changes 1.7 (1.4) (2.0)
----------- ----------- -------------
Cash and cash equivalents at end of
the period/year 26.4 52.2 59.1
=========== =========== =============
(i) From 1 January 2018 Decrease/(increase) in SWU inventories
are classified under a separate line 'Decrease/(increase) in
contract assets' following the adoption of IFRS 15. Previously
these were included under 'Decrease/(increase) in inventories'. The
presentation of the comparative financial information for the six
months ended 30 June 2017 and for the year ended 31 December 2017
has been restated to be on a consistent basis.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IR LLFFDTTIRIIT
(END) Dow Jones Newswires
August 07, 2018 02:00 ET (06:00 GMT)
Urenco 24 (LSE:44ZP)
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