TIDM44ZP
RNS Number : 8448F
Urenco Finance N.V.
12 March 2020
news release
Date: 12 March 2020
Urenco Group - Full Year 2019 Audited Financial Results
Productive year with robust results and further reduction in net
debt
London - 12 March 2020 - 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 2019.
-- Strong operating cash flow generation of EUR1,094.3 million,
with continued reduction of net financial debt to EUR928.1 million
(32.3% reduction year-on-year), down from EUR2.8 billion at the end
of 2015.
-- Revenue of EUR1,804.5 million (down 7.8% year-on-year).
-- EBITDA of EUR1,219.6 million (in line with 2018), driven by
our current order book and strong operational performance.
-- Net income of EUR7.6 million impacted by exceptional items
due to impairment of USA operations (EUR446.0 million post-tax) and
increase in nuclear provisions as a result of lower discount rates
(EUR111.2 million post-tax).
Financial Highlights (EURm) 2019 2018
----------------------------------------------------------- -------- --------
Revenue 1,804.5 1,957.7
EBITDA (i) 1,219.6 1,200.4
EBITDA margin % 67.6% 61.3%
Income from operating activities (pre-exceptional items) 850.2 826.5
Exceptional items (pre-tax) (ii) (643.0) -
Income from operating activities (post-exceptional items) 207.2 826.5
Net income (pre-exceptional items) 564.8 511.3
Exceptional items (post-tax) (ii) (557.2) -
Net income (post-exceptional items) 7.6 511.3
Earnings per share (post-exceptional items) 0.1 3.0
Capital expenditure (iii) 151.4 183.1
Cash generated from operating activities 1,094.3 1,401.0
=========================================================== ======== ========
(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 2019 Annual Report and Accounts.
(ii) Exceptional items comprise impairment of USA operations
(EUR500.0 million pre-tax, EUR446.0 million post-tax) and increase
in nuclear provisions as a result of lower discount rates (EUR143.0
million pre-tax, EUR111.2 million post-tax).
(iii) Capital expenditure includes net cash flows from investing
activities (excluding interest received) and capital accruals
(included in working capital payables).
Boris Schucht, Chief Executive of Urenco Group, commenting on
the full year results, said:
"2019 was a productive year. We accepted new business at levels
which will enable us to reinvest in our enrichment facilities and
reduced our net financial debt to its lowest level since it peaked
in 2015. Our revenue, EBITDA and net income before exceptional
items all remained robust. We once again met 100% of our customer
deliveries while providing a record volume of enrichment
services.
We continue to experience challenges in the enrichment market.
As a result of this, we recorded an impairment against the carrying
value of our US operations in 2019 of EUR446 million (post tax) due
to the market being forecast to recover more slowly than previously
predicted. However, there is scope for optimism, as the spot
enrichment price has recovered by 38%, reaching US$47/SWU by the
end of October 2019 from its lowest point of US$34/SWU in August
2018.
Our four-year strategy concluded at the end of 2019, with the
achievements including more than EUR300 million in cumulative cash
savings and efficiencies, a redefined commercial strategy and an
extended customer order book. We are refreshing our strategy and
launching a new organisational culture project, which we are
confident will further secure our long-term future.
An exciting milestone in 2019 was the completed construction of
our EUR1 billion state-of-the-art Tails Management Facility in the
UK. Active commissioning of the TMF is ongoing and, when
operational, it will help Urenco responsibly manage the by-product
of our enrichment services. Another significant investment, the
extension of our Stable Isotopes facility in the Netherlands, will
be opened in 2020. This will enable us to enrich non-uranic
elements which are used in scientific and medical applications,
including the treatment of serious illnesses.
In 2020 we are celebrating 50 years of successful operation. We
have our sights set firmly on the next 50 years. We are proud to
continue to serve the nuclear industry, making a key contribution
to sustainable energy generation in a low-carbon world."
Financial Results
Revenue for the year ended 31 December 2019 was EUR1,804.5
million, a decrease of 7.8% on the EUR1,957.7 million in 2018. Both
SWU revenues and uranium related sales were lower in 2019 by
EUR53.5 million and EUR74.6 million respectively. For SWU revenues,
volumes were slightly higher than the previous year but with lower
average unit revenues. By contrast, uranium related sales
experienced significantly lower volumes but with higher realised
unit prices. Other revenues decreased by EUR25.1 million compared
to 2018, primarily as a result of lower sales at Urenco Nuclear
Stewardship and losses associated with uranium related commodity
contracts.
EBITDA for 2019 was EUR1,219.6 million, an increase of EUR19.2
million (1.6%) from EUR1,200.4 million in 2018, corresponding to an
EBITDA margin of 67.6% for 2019 (2018: 61.3% in 2018), with the
EBITDA margin in 2018 being adversely impacted by the triennial
review of nuclear liabilities carried out in that year.
EBITDA for 2019 reflects the different mix in customer
deliveries between the two years satisfied from in-year production
and inventories (2019: EUR(5.5) million, 2018: EUR(146.5) million).
In 2019 EBITDA also benefited from lower net costs of nuclear
provisions (EUR19.4 million) and lower other operating and
administrative expenses (EUR12.0 million).
The net costs of nuclear provisions (before exceptional items)
were EUR154.7 million in 2019 compared to EUR174.1 million in 2018,
a decrease of EUR19.4 million. The net costs for tails provisions
in 2019 were EUR8.2 million more than those for 2018. The net costs
for decommissioning provisions in 2019 decreased by EUR66.8 million
primarily due to a lower charge for additional provisions of EURnil
million (2018: EUR65.9 million), with 2018 reflecting the triennial
review of nuclear liabilities, together with a slightly higher
release of provisions in the year of EUR9.7 million (2018: EUR8.8
million) associated with cylinder assets. The net costs for other
nuclear provisions in 2019 increased by EUR39.2 million primarily
as a result of changes to the forecasts for future re-enrichment of
low assay feed.
Other operating and administrative expenses were EUR424.7
million in 2019 compared to EUR436.7 million in 2018, a decrease of
EUR12.0 million.
Exceptional items totalling EUR643.0 million on a pre-tax basis
(EUR557.2 million post-tax) were reported in 2019 (2018: EURnil).
The total net income tax credit associated with the exceptional
items was EUR85.8 million (2018: EURnil).
The majority of the charge relates to an impairment of the
carrying value of the US operations of EUR500.0 million (EUR446.0
million post-tax), as a result of further downward pressure on
long-term price forecasts for uncontracted SWU volumes, compared
with those assumed at the time of the construction of the US
operations and also since the impairment charge recorded in 2016.
These pressures are due to a combination of factors, including
premature closure of nuclear reactors due to economic reasons,
primarily in unregulated markets, excess capacity in global
enrichment and the build-up of surplus inventories.
In addition, an exceptional charge of EUR143.0 million on a
pre-tax basis (EUR111.2 million post-tax) arose due to the increase
in the value of nuclear provisions held by the European enrichment
businesses following a revision to the discount rates applied to
the provisions due to continued downward pressure on real interest
rates in Europe. Of the EUR143.0 million, EUR111.3 million relates
to tails provisions and EUR31.7 million relates to decommissioning
provisions.
Depreciation and amortisation for 2019 was EUR356.2 million
(2018: EUR329.2 million), with the higher charge in 2019 reflecting
adverse impacts from movements in foreign exchange rates in
addition to an increase in the depreciation of decommissioning
assets following the triennial review carried out in 2018.
Income from operating activities post-exceptional items was
EUR207.2 million (2018: EUR826.5 million) and Income from operating
activities pre-exceptional items was EUR850.2 million (2018:
EUR826.5 million).
Net finance costs for 2019 were EUR107.1 million, compared to
EUR106.0 million for 2018. The net finance costs on borrowings
(including the impact of interest rate/cross currency interest rate
swaps) were EUR5.8 million higher at EUR81.1 million, reflecting
the EUR9.9 million of costs associated with the repurchase and
cancellation of EUR215.6 million of February 2021 Eurobonds.
Underlying net finance costs were lower reflecting the lower levels
of net debt in 2019, although this is partially offset by the lower
levels of interest income on cash balances.
In 2019 the pre-exceptional tax expense was EUR178.3 million (an
effective tax rate (ETR) of 24.0%), a decrease of EUR30.9 million
over the tax expense of EUR209.2 million for 2018 (ETR: 29.0%). The
decrease in the ETR arose primarily from the impact of non-taxable
and non-deductible amounts, including foreign exchange financing
gains and losses that are excluded from tax under the UK Disregard
Regulations.
The post-exceptional tax expense of EUR92.5 million reflects the
pre-exceptional expense of EUR178.3 million after the benefit of
the EUR85.8 million net credit associated with the exceptional
items.
Net income after exceptional items was EUR7.6 million in 2019
(2018: EUR511.3 million).
Net income before exceptional items was EUR564.8 million in
2019, an increase of EUR53.5 million (10.5%) compared to the 2018
net income of EUR511.3 million. The net income margin before
exceptional items for 2019 was 31.3% compared to 26.1% for
2018.
Operating cash flow before movements in working capital was
EUR1,288.3 million (2018: EUR1,293.8 million) and cash generated
from operating activities was EUR1,094.3 million (2017: EUR1,401.0
million). The lower cash flows from operating activities primarily
result from lower revenues and adverse movements in working capital
compared to 2018.
Tax paid in the period was EUR141.5 million (2018: EUR119.3
million) due to the timing and phasing of cash payments which can
often span multiple years.
In 2019 Group capital expenditure(1) was EUR151.4 million (2018:
EUR183.1 million), reflecting a lower level of expenditure on both
core enrichment assets and the TMF (2019: EUR43.0 million, 2018:
EUR76.0 million). Expenditure on core enrichment assets is now
broadly at a level forecast as part of our strategy and appropriate
to maintain the existing fleet of enrichment asset for the near to
mid-term. Completion of construction of the TMF was achieved in
late 2018 and active commissioning is ongoing.
Net cash outflow from financing activities was EUR1,101.8
million (2018: EUR681.8 million) which includes the placement of
EUR464.1 million in short term deposits, the majority of which
mature in March 2020. In 2019 the Group repurchased and cancelled
EUR215.6 million of the February 2021 Eurobonds for a price of
EUR225.5 million (104.6%). The transaction was completed in January
2019 for a total amount of EUR230.5 million, which included EUR5.0
million of accrued interest on these Eurobonds. As at 31 December
2019, a nominal amount of EUR534.4 million remained outstanding on
the February 2021 Eurobonds. In March 2019, EUR300.0 million in
dividends for the year ended 31 December 2018 were paid to
shareholders (2018: EUR300.0 million).
As at 31 December 2019, the Group held short-term deposits and
cash and cash equivalents of EUR787.3 million (31 December 2018:
EUR531.2 million). Net debt decreased to EUR928.1 million (2018:
EUR1,370.9 million) including lease liabilities of EUR22.0m (2018:
EURnil). The Group's debt is rated by Moody's (Baa1/Stable) and
Standard & Poor's (BBB+/Stable); these external ratings were
unchanged during 2019.
Total provisions as at 31 December 2019 were EUR2,187.0 million
(2018: EUR1,776.5 million) of which EUR9.2 million (2018: EUR7.5
million) was included in current liabilities. In 2019, additional
provisions and the unwinding of discounts were EUR612.2 million
(including the impact of the change in discount rates), while
utilisation and release of provisions (including exchange
differences) were EUR201.7 million. Nuclear liabilities and the
associated provisions, together with underlying macro-economic
assumptions and the required funding capability, are kept under
constant review by Urenco.
____________
(1) Capital expenditure of EUR151.4 million includes net cash
flows from investing activities (excluding interest received) of
EUR145.3 million and capital accruals of EUR6.1 million (included
in working capital payables).
Order Book
Our order book extends to the 2030s with a value as at 31
December 2019 of EUR10.6 billion based on EUR/$ of 1 : 1.12 (31
December 2018: approximately EUR11.9 billion based on EUR/$ of 1 :
1.15), providing visibility and financial stability of future
revenues.
Outlook
Uranium enrichment is the heart of our business, complemented by
services which benefit our customers and utilise our technology and
core expertise. We continue to explore growing markets: in
enrichment services through our new representative office in China;
in Stable Isotopes through our extended facility in the
Netherlands; and in nuclear stewardship through our two UK
subsidiaries dedicated to this area, Urenco Nuclear Stewardship
Limited and Urenco ChemPlants Limited.
The principal risks and uncertainties to which Urenco is exposed
remain broadly in line with those disclosed in 2018. Our contract
order book leaves us well-placed to meet challenges from the
enrichment market. We have accepted new business at levels which
give us optimism that customers understand the importance of having
a market that can promote reinvestment. Enriched uranium
inventories have led to excess capacity in the market, and we
forecast they will further decrease in the mid-term.
Policy decisions in some European countries and North America
support the nuclear industry, with investment in current reactors
and delays to phase-outs of capacity. Investment in new nuclear is
most pronounced in Asia, where the industry is growing rapidly. Our
broad offering, and the large geographic reach of our four
facilities, enables us to meet this demand and make a strong
contribution to the need for sustainable energy globally to meet
climate change goals.
We are also continuously monitoring and mitigating geopolitical
challenges. Our sites are prepared for the UK's full withdrawal
from the European Union and Euratom. We are confident we will
continue to meet our global customer commitments and remain a
long-term supportive partner to the nuclear industry.
Board
Boris Schucht, Chief Executive, joined Urenco in May 2019,
replacing Thomas Haeberle.
--S --
Contact
Jayne Hallett
Director of Corporate Communications
+44 1753 660 660
Michael Zdanowski
Madano +44 20 7593 4000
michael.zdanowski@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
SWU assets 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 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 and charges/reversals of expected credit losses on financial
assets.
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
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 2019 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
2018 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
2019 2019 2019 2018
Result for Exceptional items Result for the year Result for
the year (post in year (pre exceptional items) the year
exceptional items)
EURm EURm EURm EURm
-------------------------- ------------------------- -------------------- -------------------------- -------------
Revenue 1,804.5 - 1,804.5 1,957.7
-------------------------- ------------------------- -------------------- -------------------------- -------------
Changes to inventories of
work in progress,
finished goods and SWU
assets (5.5) - (5.5) (146.5)
Raw costs of materials
and consumables used (13.0) - (13.0) (14.5)
Net costs of nuclear
provisions (297.7) (143.0) (154.7) (174.1)
Employee costs (168.4) - (168.4) (160.3)
Depreciation and
amortisation (356.2) - (356.2) (329.2)
Impairment of USA
operations (500.0) (500.0) - -
Restructuring provision
release 2.9 - 2.9 2.3
Other expenses (264.8) - (264.8) (311.7)
Share of results of joint
venture 5.4 - 5.4 2.8
Income / (loss) from
operating activities 207.2 (643.0) 850.2 826.5
Finance income 74.3 - 74.3 68.7
Finance costs (181.4) - (181.4) (174.7)
-------------------------- ------------------------- -------------------- -------------------------- -------------
Income / (loss) before
tax 100.1 (643.0) 743.1 720.5
Income tax (expense) /
credit (92.5) 85.8 (178.3) (209.2)
Net income / (loss) for
the year attributable to
the owners of the
Company 7.6 (557.2) 564.8 511.3
Earnings per share EUR EUR EUR EUR
========================== ========================= ==================== ========================== =============
Basic earnings per share 0.1 (3.3) 3.4 3.0
========================== ========================= ==================== ========================== =============
RECONCILIATION OF INCOME FROM OPERATING ACTIVITIES TO EBITDA
2019 2018
Result for the year Result for
(pre exceptional items) the year
EURm EURm
------------------------------------------------------------------ ------ ---------------
Income from operating activities (post exceptionals) 207.2 826.5
Exceptional items 643.0 -
--------------------------------------------------------- -------- -----------------
Income from operating activities (pre exceptionals) 850.2 826.5
Depreciation and amortisation 356.2 329.2
Depreciation in inventories and SWU assets (1.5) 45.8
Depreciation within net costs of nuclear provisions 20.1 1.7
Joint venture result (5.4) (2.8)
--------------------------------------------------------- -------- -----------------
EBITDA 1,219.6 1,200.4
========================================================= ======== =================
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
2019 2018
Restated(i)
EURm EURm
------------------------------------------------------------------------ ---------------- -----------------------
Net income for the year attributable to the owners of the Company 7.6 511.3
Other comprehensive income / (loss):
Items that have been or may be reclassified subsequently to the income
statement
Cash flow hedges - transfers to revenue(i) 40.2 44.9
Cash flow hedges - mark to market losses(i) (23.6) (98.1)
Movements on cost of hedging reserve (15.6) (14.0)
Deferred tax (expense) / income on financial instruments(i) (2.8) 20.1
Current tax (expense) / income on financial instruments(i) (5.8) 41.5
Exchange differences on hedge reserves (12.2) 3.6
------------------------------------------------------------------------- ---------------- -----------------------
Total movements to hedging reserve(i) (19.8) (2.0)
Exchange differences on foreign currency translation of foreign
operations 48.3 126.7
Net investment hedge - mark to market gains(i) 39.7 (75.7)
Deferred tax income / (expense) on financial instruments(i) 2.5 (1.4)
Current tax income / (expense) on financial instruments(i) 5.2 (14.9)
Share of joint venture exchange differences on foreign currency
translation of foreign operations 0.1 (0.4)
------------------------------------------------------------------------- ---------------- -----------------------
Total movements to foreign currency translation reserve 95.8 34.3
Items that will not be reclassified subsequently to the income
statement
Actuarial (losses) / gains on defined benefit pension schemes (16.9) 51.1
Deferred tax income / (expenses) on actuarial (losses) / gains 1.8 (8.9)
Current tax income on actuarial losses 1.3 -
Share of joint venture actuarial (losses) / gains on defined benefit
pension schemes (3.8) 8.2
Exchange differences - 0.9
Total movements to retained earnings (17.6) 51.3
Other comprehensive income 58.4 83.6
Total comprehensive income for the year attributable to the owners of
the Company 66.0 594.9
========================================================================= ================ =======================
(i) To appropriately present the accumulation of gains/losses of hedging instruments in net
investment hedges and the related deferred tax and current tax in the foreign currency translation
reserve under IFRS 9 Financial Instruments, the mark to market gains and losses and related
deferred tax and current tax of EUR363.0 million in respect of net investment hedges for the
year ended 31 December 2018 have been removed from the hedging reserve and recognised in the
foreign currency translation reserve. In addition, hedging reserves have been restated for
the year ended 31 December 2018 by combining the hedging reserve with the cost of hedging
reserve.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31 December 31 December 1 January
2019 2018 2018
Restated(i) Restated(i)
EURm EURm EURm
-------------------------------------------------------------- ------------ ------------- -------------
Assets
Non-current assets
Property, plant and equipment, including right-of-use assets 4,570.8 4,961.9 4,900.5
Investment property 6.5 6.1 6.8
Intangible assets 24.5 34.6 44.4
Investments including joint venture 21.2 18.9 7.5
Restricted cash 3.5 4.3 7.6
Derivative financial instruments 145.3 197.9 284.7
Deferred tax assets 183.1 166.1 207.2
Contract assets 5.2 - -
-------------------------------------------------------------- ------------ ------------- -------------
4,960.1 5,389.8 5,458.7
-------------------------------------------------------------- ------------ ------------- -------------
Current assets
Inventories 128.8 135.0 213.5
SWU assets 289.5 241.9 332.4
Contract assets 11.1 - -
Trade and other receivables 263.2 218.8 234.3
Derivative financial instruments 7.1 14.3 22.0
Income tax recoverable 89.0 44.6 77.8
Short term bank deposits 464.1 - -
Cash and cash equivalents 323.2 531.2 59.1
-------------------------------------------------------------- ------------ ------------- -------------
1,576.0 1,185.8 939.1
-------------------------------------------------------------- ------------ ------------- -------------
Total assets 6,536.1 6,575.6 6,397.8
============================================================== ============ ============= =============
Equity and liabilities
Equity attributable to the owners of the Company
Share capital 237.3 237.3 237.3
Additional paid in capital 16.3 16.3 16.3
Retained earnings 1,310.0 1,620.0 1,356.8
Hedging reserves - restated(i) 18.7 38.5 40.5
Foreign currency translation - restated(i) 303.5 207.7 173.4
-------------------------------------------------------------- ------------ ------------- -------------
Total equity 1,885.8 2,119.8 1,824.3
-------------------------------------------------------------- ------------ ------------- -------------
Non-current liabilities
Trade and other payables - 41.4 -
Interest bearing loans and borrowings 1,693.4 1,902.1 1,888.8
Lease liabilities 19.6 - -
Provisions 2,177.8 1,769.0 1,499.3
Contract liabilities 53.5 50.1 28.2
Derivative financial instruments 142.7 158.1 120.1
Deferred tax liabilities 99.4 97.7 94.7
Retirement benefit obligations 65.2 46.0 97.3
4,251.6 4,064.4 3,728.4
-------------------------------------------------------------- ------------ ------------- -------------
Current liabilities
Trade and other payables 250.6 255.4 436.6
Interest bearing loans and borrowings - - 275.0
Lease liabilities 2.4 - -
Provisions 9.2 7.5 15.3
Contract liabilities 59.6 62.1 1.6
Derivative financial instruments 36.1 33.8 52.6
Income tax payable 40.8 32.6 64.0
398.7 391.4 845.1
-------------------------------------------------------------- ------------ ------------- -------------
Total liabilities 4,650.3 4,455.8 4,573.5
-------------------------------------------------------------- ------------ ------------- -------------
Total equity and liabilities 6,536.1 6,575.6 6,397.8
============================================================== ============ ============= =============
(i) The amounts in the hedging reserve in respect of the net
investment hedges as at 1 January 2018 and for the year ended 31
December 2018 have been removed from the hedging reserve and
recognised in the foreign currency translation reserve. In addition
hedging reserves have been restated for the year ended 31 December
2018 by combining the hedging reserve with the cost of hedging
reserve. Total equity as at 1 January 2018 and 31 December 2018
remains unchanged.
Registered Number 01022786
The financial statements were approved by the Board of Directors
and authorised for issue on 11 March 2020.
They were signed on its behalf by:
Boris Schucht Ralf ter Haar
Chief Executive Officer Chief Financial Officer
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Foreign
Additional currency Attributable
paid in Retained Hedging translation to the owners
Share capital capital earnings reserves reserve of the Company
EURm EURm EURm EURm EURm EURm
---------------- --------------- --------------- --------------- --------------- --------------- ---------------
As at 31
December 2018 237.3 16.3 1,620.0 38.5 207.7 2,119.8
Income for the
year - - 7.6 - - 7.6
Other
comprehensive
income /
(loss) - - (17.6) (19.8) 95.8 58.4
---------------- --------------- --------------- --------------- --------------- --------------- ---------------
Total
comprehensive
income /
(loss) - - (10.0) (19.8) 95.8 66.0
Equity
dividends paid - - (300.0) - - (300.0)
---------------- --------------- --------------- --------------- --------------- --------------- ---------------
As at 31
December 2019 237.3 16.3 1,310.0 18.7 303.5 1,885.8
================ =============== =============== =============== =============== =============== ===============
Foreign
currency
Additional Hedging translation Attributable
paid in Retained reserves reserve to the owners
Share capital capital earnings Restated (i) Restated (i) of the Company
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 - - 0.6 363.0 (363.0) 0.6
---------------- --------------- --------------- --------------- --------------- --------------- ---------------
Revised as at 1
January 2018 237.3 16.3 1,357.4 40.5 173.4 1,824.9
Income for the
year - - 511.3 - - 511.3
Other
comprehensive
income /
(loss) - - 51.3 (2.0) 34.3 83.6
---------------- --------------- --------------- --------------- --------------- --------------- ---------------
Total
comprehensive
income /
(loss) - - 562.6 (2.0) 34.3 594.9
Equity
dividends paid - - (300.0) - - (300.0)
---------------- --------------- --------------- --------------- --------------- --------------- ---------------
As at 31
December 2018 237.3 16.3 1,620.0 38.5 207.7 2,119.8
================ =============== =============== =============== =============== =============== ===============
(i) To appropriately present the accumulation of gains/losses of
hedging instruments in net investment hedges and the related
deferred tax and current tax in the foreign currency translation
reserve under IFRS 9 Financial Instruments, the mark to market
gains and losses and related deferred tax and current tax of
EUR363.0 million in respect of net investment hedges for the year
ended 31 December 2018 have been removed from the hedging reserve
and recognised in the foreign currency translation reserve. In
addition, hedging reserves have been restated for the year ended 31
December 2018 by combining the hedging reserve with the cost of
hedging reserve.
CONSOLIDATED CASH FLOW STATEMENT
2019 2018
EURm EURm
--------------------------------------------------------------------------------------------- ---------- --------
Income before tax 100.1 720.5
Adjustments to reconcile Group income before tax to net cash flows from operating activities:
Share of joint venture results (5.4) (2.8)
Depreciation and amortisation 356.2 329.2
Exceptional items 643.0 -
Finance income (74.3) (68.7)
Finance costs 181.4 174.7
Loss on disposal/write offs of property, plant and equipment 1.2 0.4
Increase in provisions 86.1 140.5
Operating cash flows before movements in working capital 1,288.3 1,293.8
(Increase)/decrease in inventories (6.4) 64.0
(Increase)/decrease in SWU assets (63.3) 93.4
(Increase)/decrease in receivables and other debtors (39.9) 11.7
Decrease in payables and other creditors (84.4) (61.9)
Cash generated from operating activities 1,094.3 1,401.0
Income taxes paid (141.5) (119.3)
---------------------------------------------------------------------------------------------- ---------- --------
Net cash flow from operating activities 952.8 1,281.7
Investing activities
Interest received 47.9 59.8
Purchases of property, plant and equipment (142.1) (183.0)
Purchases of intangible assets (3.1) -
Increase in investment (0.1) (0.1)
---------------------------------------------------------------------------------------------- ---------- --------
Net cash flow from investing activities (97.4) (123.3)
Financing activities
Interest paid (124.9) (130.3)
Proceeds in respect of settlement of debt hedges 4.6 26.1
Dividends paid to equity holders (300.0) (300.0)
Proceeds from new borrowings - 455.2
Placement of short-term deposits (464.1) -
Repayment of borrowings (215.6) (732.8)
Repayment of lease liabilities (1.8) -
---------------------------------------------------------------------------------------------- ---------- --------
Net cash flow from financing activities (1,101.8) (681.8)
---------------------------------------------------------------------------------------------- ---------- --------
Net (decrease)/increase in cash and cash equivalents (246.4) 476.6
---------------------------------------------------------------------------------------------- ---------- --------
Cash and cash equivalents at 1 January 531.2 59.1
Effect of foreign exchange rate changes 38.4 (4.5)
Cash and cash equivalents at 31 December 323.2 531.2
============================================================================================== ========== ========
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END
FR VFLFFBXLXBBE
(END) Dow Jones Newswires
March 12, 2020 03:00 ET (07:00 GMT)
Urenco 24 (LSE:44ZP)
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