TIDM44ZP
RNS Number : 9444S
Urenco Finance N.V.
15 March 2019
news release
15 March 2019
Urenco Group - Full Year 2018 Audited Financial Results
Revenue broadly in line with prior year; slight fall in EBITDA
and net income
London - 15 March 2019 - Urenco Group ("Urenco" or "the Group"),
an international supplier of uranium enrichment services and
nuclear fuel cycle products, today announces its results for the
full year ended 31 December 2018.
Summary
-- Robust financial and operational performance, improved safety and good progress on strategic implementation.
-- Revenue broadly in line with 2017 (up 1.6% year-on-year) supported by established contract order book and
increased SWU and uranium related sales.
-- EBITDA reflects strong underlying business performance and cost discipline, down 3.9% year-on-year due to higher
costs of nuclear provisions.
-- Net income down 0.7% year-on-year, reflecting lower EBITDA; offset by slightly lower financing and taxation
costs.
-- Strong operating cash generation (up 6.6% year-on-year) and reduction in net debt (down 34.9% year-on-year).
-- UK Tails Management Facility (TMF) operations planned to start in 2019.
Financial Highlights (EURm) 2018 2017
------------------------------------------ -------- --------
Revenue 1,957.7 1,926.9
EBITDA(i), (ii) 1,200.4 1,249.5
EBITDA margin % 61.3% 64.8%
Income from operating activities 826.5 871.8
Net income 511.3 514.9
Earnings per share 3.0 3.1
Capital expenditure 183.1 299.5
Cash generated from operating activities 1,401.0 1,314.1
========================================== ======== ========
(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 net costs of nuclear
provisions. Further details on the calculation of EBITDA are set
out in note 4 to the Group's Consolidated Financial Statements
contained in the 2018 Annual Report and Accounts.
(ii) There were no exceptional items in 2018 or 2017.
Thomas Haeberle, Chief Executive of Urenco Group, commenting on
the full year results, said:
"During 2018 Urenco achieved robust financial and operational
results, improved safety, and good progress in all areas of our
strategy.
A strong order book and increased SWU and uranium related sales
have supported a 1.6% increase in revenue. EBITDA and net income
are slightly reduced (3.9% and 0.7% respectively) reflecting
increased costs for nuclear provisions, partially offset by good
cost discipline. We have continued to reduce debt; down by over 50%
in three years.
We are in the third year of our strategy and remain on track to
realise our target cost savings by the end of 2019. We are signing
new customer contracts and are making good progress on several new
business opportunities. In 2019 we also plan to see our new Tails
Management Facility (TMF) commence operations.
The global enrichment market remains challenging and current
price levels would not support reinvestment in our enrichment
facilities.
We are proud of the key role we play in the nuclear fuel cycle
and the sustainable benefits we deliver to a low carbon economy.
Customers remain our priority, and once again we met every delivery
thanks to the work of our committed and engaged employees.
At the end of March, I will step down as CEO and retire from
Urenco. My successor, Boris Schucht, joins us from 50Hertz, the
North-East German Transmission System Operator. I am confident that
Urenco will continue to prosper under his leadership. Urenco is
well positioned to meet the market and geopolitical challenges,
innovate to explore opportunities for growth, and empower employees
to use their expertise to drive efficiency and continued positive
change across our business."
Financial Results
Revenue for the year ended 31 December 2018 was EUR1,957.7
million, an increase of 1.6% on the EUR1,926.9 million in 2017. SWU
revenues were up by EUR17.8 million and uranium related sales were
up by EUR62.3 million. For both SWU revenues and uranium related
sales the favourable movements were primarily driven by higher
volumes with average unit revenues broadly in line with 2017. Other
net movements in revenue decreased by EUR49.3 million compared to
2017, primarily as a result of lower net fair value gains
associated with uranium related commodity contracts and marginally
lower sales at Urenco Nuclear Stewardship.
EBITDA for 2018 was EUR1,200.4 million, a decrease of EUR49.1
million (3.9%) from EUR1,249.5 million in 2017. This resulted
principally from higher net costs of nuclear provisions (EUR53.6
million) together with higher reported other operating and
administrative expenses (EUR26.3 million), which more than offset
the margin impact from increased revenue.
The net costs of nuclear provisions were EUR174.1 million in
2018 compared to EUR120.5 million in 2017, an increase of EUR53.6
million as a result of an increase in the net costs for each of
tails, decommissioning and other nuclear provisions.
The net costs for tails provisions in 2018 were EUR2.8 million
higher than those for 2017. This increase was due to the lower
costs of new tails provisions created (EUR54.5 million) being more
than offset by lower releases from the tails provisions (EUR57.3
million). The costs of new tails provisions created in 2018 of
EUR144.7 million were lower than the costs of EUR199.2 million in
2017, largely driven by the volume of new tails generated during
the year and the 2017 uplift in deconversion cost estimates not
being repeated in 2018. There was a EUR29.2 million release from
the tails provision (2017: EUR86.5 million), as a result of
optimisation of operations and the impact of the reduction in
higher assay tails associated with enrichment services
contracts.
The net costs for decommissioning provisions in 2018 increased
by EUR42.3 million primarily due to a charge for
additional provisions of EUR65.9 million (2017: EUR18.4 million)
following the triennial review of nuclear liabilities undertaken in
2018, offset by releases of provisions in the year of EUR8.8
million (2017: EUR3.6 million) associated with cylinder
inventories.
The net costs for other nuclear provisions in 2018 increased by
EUR8.5 million as a result of optimisation of the operations and
changes to the forecasts for future re-enrichment of low assay
feed.
Other operating and administrative expenses were EUR583.2
million in 2018 compared to EUR556.9 million in 2017, an increase
of EUR26.3 million. 2017 benefited from a one-time gain of EUR15.6
million associated with the closure of the UK defined benefit
pension scheme to further accrual and in 2018 a provision for a
potential bad debt associated with a specific customer has been
made of EUR17.3 million (2017: nil). Adjusting for these two
factors, our other operating and administrative expenses are
broadly in line with our Strategy 2020 ambition and our cost
discipline has continued to mitigate the impact of inflationary
pressures as well as additional costs associated with the
development of our business.
The EBITDA margin for 2018 was 61.3% compared to 64.8% in 2017.
The EBITDA margin in 2018 was adversely impacted by the triennial
review of nuclear liabilities referred to above.
Depreciation and amortisation for 2018 was EUR329.2 million,
compared to EUR343.3 million for 2017.
In 2018 there were no exceptional items (2017: nil) and,
therefore, there is no associated income tax impact for 2018 (2017:
nil).
Income from operating activities for 2018 decreased by EUR45.3
million to EUR826.5 million compared to last year (2017: EUR871.8
million).
Net finance costs for 2018 were EUR106.0 million, compared to
EUR140.1 million for 2017 with the reduction largely due to lower
net cost on borrowings (EUR52.4 million) which were partially
offset by higher losses due to foreign exchange movements (EUR19.8
million). The net finance costs on borrowings (including the impact
of interest rate/cross currency interest rate swaps) were lower at
EUR75.3 million (2017: EUR127.7 million) reflecting lower levels of
net debt in 2018.
In 2018 the tax expense was EUR209.2 million (an effective tax
rate (ETR) of 29.0%), a decrease of EUR7.6 million over the tax
expense of EUR216.8 million for 2017 (ETR: 29.6%). The tax expense
for 2017 included a credit of EUR74.0 million related to previously
unrecognised US deferred tax assets resulting from the impact that
the increased centrifuge and associated equipment lifetimes will
have on future depreciation. There was also a deferred tax charge
of EUR85.1 million from the write down of previously recognised US
deferred tax assets which has been revalued to reflect a reduction
in average US Federal and New Mexico state corporate tax rates from
38.84% to 25.66%, effective from 1 January 2018. Excluding the
impact of these two deferred tax items the 2017 tax expense would
have been EUR205.7 million (ETR: 28.1%) compared to the tax expense
of EUR209.2 million for 2018 (ETR: 29.0%).
In 2018 net income was EUR511.3 million, a decrease of EUR3.6
million (0.7%) compared to the 2017 net income of EUR514.9 million.
The net income margin for 2018 was 26.1% compared to 26.7% for
2017. The decrease in net income reflects the impact of lower
EBITDA, offset by lower depreciation and net finance costs and a
lower income tax expense.
Cash flow
Operating cash flow before movements in working capital was
EUR1,293.8 million (2017: EUR1,188.3 million) and cash generated
from operating activities was EUR1,401.0 million (2017: EUR1,314.1
million). Higher cash flows from operating activities result from
higher revenues and lower spend on the storage and disposal of
tails, partially offset by a less favourable movement in working
capital compared to 2017.
Tax paid in the period was EUR119.3 million (2017: EUR122.9
million).
In 2018 the Group invested a total of EUR183.1 million (2017:
EUR299.5 million), reflecting a lower level of expenditure on core
enrichment assets in line with our strategy and the decline in the
level of investment in TMF (2018: EUR76.0 million, 2017: EUR184.4
million). Construction of the TMF was completed in late 2018 and
operations planned to commence in 2019. Capital expenditure is
expected to fall further in future years following the completion
of the TMF and lower levels of investment required in new
enrichment capacity.
Capital structure and funding
Net debt decreased to EUR1,370.9 million (2017: EUR2,104.7
million). Net debt to total asset ratio remained strong at 20.8%
(2017: 32.9%), well within the Group's target ratio of less than
60%.
Urenco repaid its remaining loan (EUR100.0 million) from the
European Investment Bank (EIB) on maturity in March
2018, having prepaid other EIB loans (EUR319.6 million) in
December 2017. During 2018, Urenco utilised its one year bilateral
loans, each of EUR90 million, with four of Urenco's relationship
banks. These loans were fully repaid and the facilities expired by
the year end. In January 2019 the Group also completed the
repurchase and cancellation of EUR215.6 million of its 2021
Eurobonds.
The Group targets an FFO/TAD ratio that results in a strong
investment grade credit rating. The FFO/TAD ratio was 34.3% (2017:
30.5%) as EBITDA, the main component of FFO, has decreased by
EUR49.1 million while net debt has decreased by EUR733.8 million.
The Group's debt is rated by Moody's (Baa1/Stable) and Standard
& Poor's (BBB+/Stable); these external ratings were unchanged
during 2018.
In 2018, EUR300.0 million in dividends for the year ended 31
December 2017 were paid to shareholders (2017: EUR300.0 million).
The Board has approved that dividends of EUR300.0 million be paid
on 20 March 2019.
Order Book
Our order book contains orders extending into the 2030s with an
approximate value at 31 December 2018 of EUR11.9 billion based on
EUR/$ of 1 : 1.15 (2017: approximately EUR12.7 billion based on
EUR/$ of 1 : 1.20).
Outlook
Urenco's strategy ensures our organisation has a broad and
sustainable offering for the nuclear industry. Enrichment remains
our core activity and we continue to explore new markets. The
expansion of our Stable Isotopes capacity will enable us to serve a
growing global market and provide a solid return on our investment.
Our expertise in nuclear stewardship will broaden the services we
offer to the nuclear industry.
Our contract order book remains strong, with further business
secured during 2018. Excess inventories of enriched uranium, which
have been contributing to pricing pressures, are decreasing. Market
conditions remain challenging and current price levels would not
support reinvestment in our enrichment facilities. There is an
increasing global demand for sustainable, low carbon energy. As a
leader in the nuclear industry, we are well positioned to meet this
need.
The principal risks and uncertainties to which Urenco is exposed
remain broadly in line with those disclosed in 2017.
We have made robust preparations for the various geopolitical
challenges facing Urenco. The actions we have taken in relation to
the UK's withdrawal from the European Union and Euratom mean we
will meet our customer commitments. We acknowledge the ongoing
political debate in Germany about nuclear energy and are confident
that we can continue to demonstrate that we are a long term,
sustainable operator in the country and are an integral part of
Germany's highly impressive technological capabilities. We are
actively tracking developments in US trade policy and will continue
to provide a secure supply to the country's utilities from our
facility in New Mexico.
Board
Thomas Haeberle, Chief Executive of Urenco, will step down and
retire from his post in March 2019. He will be succeeded by Boris
Schucht. Mr Schucht joins Urenco from 50Hertz, the North-East
German Transmission System Operator, where he has held the position
of Chief Executive Officer since 2010. Mr Schucht previously held a
number of senior executive positions within the energy sector
across Europe, including WEMAG AG and the Vattenfall Group.
--S --
Contact
Jayne Hallett
Director of Corporate Communications
+44 1753 660 660
Evan Byrne
Madano +44 20 7593 4000
evan.byrne@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 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 net costs of nuclear
provisions.
Net costs of nuclear provisions - The net costs charged to the
income statement associated with the creation and release of provisions
for tails, decommissioning and re-enrichment of low assay feed.
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 costs/income 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.
Other operating and administrative expenses - Expenses comprising
Changes to inventories, Raw materials and consumables, Employee
costs, Restructuring charges, and Other expenses, but excluding
the Net costs of nuclear provisions and any associated elements
of depreciation.
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(3) O(8) or the UF(6) component of EUP.
Urenco Nuclear Stewardship Limited - Previously named Capenhurst
Nuclear Services Limited.
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 2018
Consolidated Financial Statements of the Urenco Group, which were
authorised for the issue by the Board of Directors on 14 March
2019. The auditor's report on the 2018 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.
CONSOLIDATED INCOME STATEMENT
2018 2017
Result for the
Result for the year
year re-presented (i)
EURm EURm
-------------------------------------- --------------- ------------------
Revenue
1,957.7 1,926.9
-------------------------------------- --------------- ------------------
Changes to inventories of work
in progress and finished goods (146.5) (124.6)
Raw costs of materials and
consumables used (14.5) (12.0)
Net costs of nuclear provisions(i) (174.1) (120.5)
Employee costs (160.3) (149.7)
Depreciation and amortisation (329.2) (343.3)
Restructuring charges 2.3 4.7
Other expenses(i) (311.7) (317.3)
Share of results of joint venture 2.8 7.6
Income from operating activities 826.5 871.8
Finance income 68.7 107.8
Finance costs (174.7) (247.9)
--------------------------------------- --------------- ------------------
Income before tax 720.5 731.7
Income tax expense (209.2) (216.8)
Net income for the year attributable
to the owners of the Company 511.3 514.9
Earnings per share EUR EUR
====================================== =============== ==================
Basic earnings per share 3.0 3.1
======================================= =============== ==================
(i) To increase the clarity of the income statement the Group
has combined into a new line item titled "Net costs of nuclear
provisions" six different line items that were previously presented
separately or within "Other expenses". These were Tails provisions
created of EUR144.7 million in 2018 (2017: EUR199.2 million) and
release of tails provisions, creating and release of
decommissioning provisions and creating and release of provisions
for re-enrichment of low assay feed for a total net cost of EUR29.4
million in 2018 (2017: net credit EUR78.7 million).
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
2018 2017
EURm EURm
---------------------------------------------------------- ------- --------
Net income for the year attributable to the owners
of the Company 511.3 514.9
Other comprehensive income/(loss):
Items that have been or may be reclassified subsequently
to the income statement
Cash flow hedges - transfers to revenue 44.9 82.1
Cash flow hedges - mark to market (losses)/gains (98.1) 152.1
Net investment hedge - mark to market (losses)/gains (75.7) 146.2
Deferred tax income/(expense) on financial instruments 16.0 (42.5)
Current tax income/(expense) on financial instruments 26.6 (11.7)
Exchange differences on hedge reserve 3.7 12.8
---------------------------------------------------------- ------- --------
Total movements to hedging reserve (82.6) 339.0
Movements in cost of hedging reserve (14.0) -
Deferred tax income on cost of hedging reserve 2.7 -
Exchange difference on cost of hedging reserve (0.1) -
---------------------------------------------------------- ------- --------
Total movements on cost of hedging reserve (i) (11.4) -
Exchange differences on foreign currency translation
of foreign operations 126.7 (291.6)
Share of joint venture exchange differences on foreign
currency translation of foreign operations (0.4) (0.1)
---------------------------------------------------------- ------- --------
Total movements to foreign currency translation reserve 126.3 (291.7)
Items that will not be reclassified subsequently to
the income statement
Actuarial gains on defined benefit pension schemes 51.1 26.0
Deferred tax expense on actuarial gains (8.9) (5.1)
Share of joint venture actuarial gains/(losses) on
defined benefit pension schemes 8.2 (2.1)
Exchange differences 0.9 -
Utility partner payments - (0.1)
Total movements to retained earnings 51.3 18.7
Other comprehensive income 83.6 66.0
Total comprehensive income for the year attributable
to the owners of the Company 594.9 580.9
========================================================== ======= ========
(i) The cost of hedging reserve is a new separate component of
equity set up following the adoption of IFRS 9 from 1 January
2018.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
2018 2017
(re-presented(i)
)
EURm EURm
------------------------------------------ -------- -----------------
Assets
Non-current assets
Property, plant and equipment 4,961.9 4,900.5
Investment property 6.1 6.8
Intangible assets 34.6 44.4
Investments including joint venture 18.9 7.5
Financial assets 4.3 7.6
Derivative financial instruments 197.9 284.7
Deferred tax assets 166.1 207.2
------------------------------------------- -------- -----------------
5,389.8 5,458.7
------------------------------------------ -------- -----------------
Current assets
Inventories 135.0 213.5
SWU assets 241.9 332.4
Trade and other receivables 218.8 234.3
Derivative financial instruments 14.3 22.0
Income tax recoverable 44.6 77.8
Cash and cash equivalents 531.2 59.1
------------------------------------------- -------- -----------------
1,185.8 939.1
------------------------------------------ -------- -----------------
Total assets 6,575.6 6,397.8
=========================================== ======== =================
Equity and liabilities
Equity attributable to the owners of the
Company
Share capital 237.3 237.3
Additional paid in capital 16.3 16.3
Retained earnings 1,620.0 1,356.8
Hedging reserve (419.7) (322.5)
Cost of hedging reserve 3.2 -
Foreign currency translation reserve 662.7 536.4
------------------------------------------- -------- -----------------
Total equity 2,119.8 1,824.3
------------------------------------------- -------- -----------------
Non-current liabilities
Trade and other payables 41.4 -
Interest bearing loans and borrowings 1,902.1 1,888.8
Provisions 1,769.0 1,499.3
Retirement benefit obligations 46.0 97.3
Contract liabilities 50.1 28.2
Derivative financial instruments 158.1 120.1
Deferred tax liabilities 97.7 94.7
4,064.4 3,728.4
------------------------------------------ -------- -----------------
Current liabilities
Trade and other payables 255.4 436.6
Interest bearing loans and borrowings - 275.0
Provisions 7.5 15.3
Derivative financial instruments 33.8 52.6
Income tax payable 32.6 64.0
Contract liabilities 62.1 1.6
------------------------------------------- -------- -----------------
391.4 845.1
------------------------------------------ -------- -----------------
Total liabilities 4,455.8 4,573.5
------------------------------------------- -------- -----------------
Total equity and liabilities 6,575.6 6,397.8
=========================================== ======== =================
(i) From 1 January 2018 SWU inventories are classified under a
separate line of SWU assets following the adoption of IFRS 15.
Previously these were included under Inventories. In addition,
deferred income has been renamed as contract liabilities. The
presentation of the comparative financial information for the year
ended 31 December 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 14 March 2019.
They were signed on its behalf by:
Dr Thomas Haeberle Ralf ter Haar
Chief Executive Officer Chief Financial Officer
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 237.3 16.3 1,356.8 (322.5) - 536.4 1,824.3
Adjustment for IFRS
9 transition - - 0.6 (14.6) 14.6 - 0.6
-------------------- ---------- ------------- ----------- ----------- ------------- ------------- -------------
Revised as at 1
January
2018 237.3 16.3 1,357.4 (337.1) 14.6 536.4 1,824.9
Income for the year - - 511.3 - - - 511.3
Other comprehensive
income/ (loss) - - 51.3 (82.6) (11.4) 126.3 83.6
-------------------- ---------- ------------- ----------- ----------- ------------- ------------- -------------
Total comprehensive
income/(loss) - - 562.6 (82.6) (11.4) 126.3 594.9
Equity dividends
paid - - (300.0) - - - (300.0)
-------------------- ---------- ------------- ----------- ----------- ------------- ------------- -------------
As at 31 December
2018 237.3 16.3 1,620.0 (419.7) 3.2 662.7 2,119.8
==================== ========== ============= =========== =========== ============= ============= =============
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 1 January
2017 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/ (loss) - - 18.7 339.0 - (291.7) 66.0
-------------------- ---------- ------------- ----------- ----------- ------------- ------------- -------------
Total comprehensive
income/(loss) - - 533.6 339.0 - (291.7) 580.9
Equity dividends
paid - - (300.0) - - - (300.0)
-------------------- ---------- ------------- ----------- ----------- ------------- ------------- -------------
As at 31 December
2017 237.3 16.3 1,356.8 (322.5) - 536.4 1,824.3
==================== ========== ============= =========== =========== ============= ============= =============
CONSOLIDATED CASH FLOW STATEMENT
2018 2017
(re-presented(i)
)
EURm EURm
----------------------------------------------------- ---- -------- -------------------
Income before tax 720.5 731.7
Adjustments to reconcile Group income before
tax to net cash inflows from operating activities:
Share of joint venture results (2.8) (7.6)
Depreciation and amortisation 329.2 343.3
Finance income (68.7) (107.8)
Finance costs 174.7 247.9
Loss on disposal/write offs of property,
plant and equipment 0.4 12.0
Increase/(decrease) in provisions 140.5 (31.2)
Operating cash flows before movements in
working capital 1,293.8 1,188.3
Decrease/(increase) in inventories 64.0 (59.2)
Decrease in SWU assets 93.4 17.7
Decrease in receivables and other debtors 11.7 159.0
(Decrease)/increase in payables and other
creditors (61.9) 8.3
Cash generated from operating activities 1,401.0 1,314.1
Income taxes paid (119.3) (122.9)
----------------------------------------------------------- -------- -------------------
Net cash flow from operating activities 1,281.7 1,191.2
Investing activities
Interest received 59.8 81.6
Proceeds from sale of property, plant and
equipment - 0.1
Purchases of property, plant and equipment (183.0) (299.3)
Purchase of intangible assets - -
Increase in investment (0.1) (0.2)
----------------------------------------------------------- -------- -------------------
Net cash flow from investing activities (123.3) (217.8)
Financing activities
Interest paid (130.3) (209.9)
Proceeds/(payments) in respect of settlement
of debt hedges 26.1 (6.8)
Dividends paid to equity holders (300.0) (300.0)
Proceeds from new borrowings 455.2 378.8
Maturity of short-term deposits - 1.6
Repayment of borrowings (732.8) (1,027.7)
----------------------------------------------------------- -------- -------------------
Net cash flow from financing activities (681.8) (1,164.0)
----------------------------------------------------------- -------- -------------------
Net increase/(decrease) in cash and cash
equivalents 476.6 (190.6)
----------------------------------------------------------- -------- -------------------
Cash and cash equivalents at 1 January 59.1 251.7
Effect of foreign exchange rate changes (4.5) (2.0)
Cash and cash equivalents at 31 December 531.2 59.1
=========================================================== ======== ===================
(i) During 2018 the movements in Inventories of EUR64.0 million
(2017: EUR(59.2) million) and in SWU assets of EUR93.4 million
(2017: EUR17.7 million) are presented on two line items within Cash
generated from operating activities. In 2017 this was presented
under Increase in inventories for a total amount of EUR(41.5)
million. The presentation of the comparative financial information
for the year ended 31 December 2017 has been re-presented to be on
a consistent basis.
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END
FR DZLFFKXFFBBZ
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から 12 2023 まで 12 2024
