TIDM44ZP
RNS Number : 8996G
Urenco Finance N.V.
07 March 2018
news release
7 March 2018
URENCO Group - Full Year Audited Financial Results
Increase in Revenue and EBITDA supported by our established
contract order book
London - 7 March 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
full year ended 31 December 2017.
Summary
-- Increase in revenue (EUR1,926.9 million, up 1.8%
year-on-year) and EBITDA (EUR1,249.5 million, up 6.8% year-on-year)
supported by established contract order book.
-- Net income benefitting from lower depreciation charges and
lower finance costs due to lower levels of foreign exchange
volatility.
-- Continued strong operating cash generation of EUR1,314.1
million and reduction in net debt to EUR2,104.7 million.
-- Contract order book extending to the second half of the next
decade with an approximate value of EUR12.7 billion, providing
protection in the short to medium term against prevailing market
challenges and pricing pressures.
-- Commissioning of UK Tails Management Facility (TMF) expected
in late 2018, following construction delays.
-- Long-term strategy implementation progressing well with cost
reductions on target to achieve EUR300 million in cumulative cash
savings by the end of 2019.
Financial Highlights (EURm) 2017 2016
-------------------------------------------------------------------- -------- --------
Revenue 1,926.9 1,893.0
EBITDA(i), (ii) 1,249.5 1,170.0
EBITDA margin % 64.8% 61.8%
Income from operating activities (pre-exceptional items) 871.8 693.2
Exceptional items pre-tax (ii) - (793.0)
Income / (loss) from operating activities (post-exceptional items) 871.8 (99.8)
Net income / (loss) 514.9 (456.3)
Earnings per share 3.1 (2.7)
Capital expenditure 299.3 407.6
Cash generated from operating activities 1,314.1 1,226.0
==================================================================== ======== ========
(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 other expenses.
(ii) Exceptional items pre-tax comprise impairment of the USA
operations (EUR760.0m) and restructuring provisions (EUR33.0m).
Thomas Haeberle, Chief Executive of URENCO Group, commenting on
the full year results, said:
"In 2017, URENCO delivered a good operational performance,
strong financial results, and an improved safety performance
following reduced lost time incidents. EBITDA was up, reflecting an
increased level of sales and lower operating and administrative
expenses. There was an increase in net income as a result of lower
depreciation charges and lower finance costs.
We are continuing to optimise our business to mitigate against
the pricing and demand challenges in the global enrichment market
together with political uncertainties in the UK and Germany. As we
complete our strategy's initial implementation period we are on
track to achieve EUR300 million in cumulative cash savings by the
end of 2019. We are also pursuing growth opportunities in new
markets, expanding our technical capabilities and broadening our
services to the nuclear industry.
We have maintained our 100% record for customer deliveries, our
2017 employee survey showed a highly committed and engaged
workforce, and 95% of stakeholders who responded to our 2017
reputation review had a very good or good opinion of URENCO.
The enrichment market may be challenging, but global demand for
a continuous and secure supply of low carbon energy means we are
optimistic that the civil nuclear industry will continue to grow.
We are well placed to meet this increased demand due to the
expertise and high level of engagement of our people, our secure
and diverse supply, and our flexibility to reliably provide our
customers with their essential products."
Financial Results
Revenue for the year ended 31 December 2017 was EUR1,926.9
million, an increase of 1.8% on the EUR1,893.0 million in 2016. SWU
revenues after currency hedges were down by EUR1.5 million and
uranium related sales were lower by EUR16.7 million. For both SWU
revenues and uranium related sales, the benefits from higher
volumes were more than offset by the impact of lower average unit
revenues. Other net movements in revenue increased by EUR52.1
million compared to 2016, primarily as a result of net fair value
gains associated with uranium related commodity contracts and
higher sales at URENCO Nuclear Stewardship.
EBITDA for 2017 was EUR1,249.5 million, an increase of 6.8% over
EUR1,170.0 million in 2016. This resulted from increased revenue,
lower other operating and administrative expenses and slightly
higher net costs for tails provisions.
Other operating and administrative expenses were EUR48.2 million
lower than in 2016 reflecting improved operations from the
implementation of our strategy and a credit of EUR15.6 million on
the closure of the UK defined benefit pension scheme to further
accrual.
The net costs for tails provisions were EUR2.6 million higher in
2017 compared to 2016. This was due to EUR59.6 million higher costs
of new tails provisions created, offset by EUR57.0 million higher
releases from the tails provision. The cost of new tails provisions
created of EUR199.2 million were higher than the costs of EUR139.6
million in 2016, largely driven by new tails generated during the
year and an increase in tails deconversion costs. There was a
EUR85.3 million release from the tails provisions (2016: EUR28.3
million) following a review of underlying assumptions, optimisation
of operations and the impact of the reduction in higher assay tails
associated with enrichment services contracts.
The EBITDA margin for 2017 was 64.8% (2016: 61.8%) reflecting
the benefits of net fair value gains on commodity contracts and
lower operating costs, which more than offset the adverse impact of
the increased net tails provisions and the higher proportion of
lower margin uranium related sales in 2017.
Depreciation and amortisation for 2017 was EUR343.3 million, a
decrease of EUR146.1 million on the charge of EUR489.4 million for
2016. This was the result of two key factors: lower depreciation on
the USA operations as a result of the EUR760.0 million pre-tax
impairment charge taken in 2016; and an increase in the estimated
useful life of centrifuges and associated equipment across all
enrichment sites.
Income from operating activities before exceptional items for
2017 increased by EUR178.6 million to EUR871.8 million compared to
last year (2016: EUR693.2 million before exceptional items;
EUR(99.8) million after exceptional items).
In 2017 there were no exceptional items compared to the EUR793.0
million pre-tax loss reported in 2016. The exceptional items in
2016 comprised an impairment of the carrying value of the USA
operations of EUR760.0 million and a restructuring provision of
EUR33.0 million.
Net finance costs for 2017 were EUR140.1 million, compared to
EUR272.0 million for 2016. In 2017 the impact of the retranslation
of unhedged loan balances was a loss of EUR10.3 million (2016:
EUR110.2 million loss) reflecting increased hedging and lower
foreign exchange movements. In addition, a gain associated with
ineffective cash flow hedges was incurred of EUR5.5 million (2016:
EUR16.6 million loss). The net finance costs on borrowings
(including the impact of interest rate/cross currency interest rate
swaps) were lower at EUR127.7 million (2016: EUR134.8 million)
reflecting lower levels of net debt in 2017.
In 2017 the tax expense was EUR216.8 million (an effective tax
rate (ETR) of 29.6%) an increase of EUR79.4 million over the
pre-exceptional tax expense of EUR137.4 million for 2016 (ETR:
32.6%). The tax expense for 2017 includes a credit of EUR74.0
million related to previously unrecognised US deferred tax assets
resulting from the impact that the increase in lifetimes of
centrifuges and associated equipment will have on future
depreciation. There is also a deferred tax charge of EUR85.1
million from the write down of previously recognised US deferred
tax assets which have 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 impacts of the deferred tax items, the tax charge
would have been EUR205.7 million (ETR: 28.1%) compared to the
pre-exceptional tax expense of EUR137.4 million for 2016 (ETR:
32.6%). The decrease in the ETR is being driven by three factors:
i) changes in the relative proportions of profits and losses
generated across the four jurisdictions in which URENCO operates;
ii) 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; and iii) the impact of
adjustments in respect of prior years.
In 2017 net income was EUR514.9 million an increase of EUR231.1
million compared to 2016 net income before exceptional items of
EUR283.8 million (2016 net loss post exceptional items: EUR456.3
million). The net income margin for 2017 was 26.7% compared to the
2016 net income margin before exceptional items of 15.0%. This
increase in net income is attributable to the impact of the
increased EBITDA, lower depreciation costs and lower net finance
costs which more than offset a higher income tax expense.
Cash flow
Operating cash flows before movements in working capital was
EUR1,188.3 million (2016: EUR1,242.2 million) and cash generated
from operating activities was EUR1,314.1 million (2016: EUR1,226.0
million). This was a result of higher revenues, lower operating
costs and a favourable net working capital movement offset by
increased spending on the deconversion, storage and disposal of
tails during 2017.
Tax paid in the period was EUR122.9 million (2016: EUR117.1
million). Net cash flows from operating activities were EUR1,191.2
million (2016: EUR1,108.9 million).
The Group invested a total of EUR299.3 million in 2017 (2016:
EUR407.6 million), reflecting a lower level of expenditure on core
enrichment assets following completion of the US plant and the
ongoing investment in TMF of EUR184.4 million (2016: EUR229.0
million). As reported in the 2017 interim results, the TMF has
experienced construction delays and continues to face risks in
terms of schedule and final cost. As a result, commissioning of the
facility is forecast for late 2018. Capital expenditure is expected
to fall further in future years following the completion of the TMF
and lower investment required in new enrichment activity.
Capital structure and funding
Net debt decreased to EUR2,104.7 million (2016: EUR2,618.3
million). The Group's net debt to total asset ratio remained strong
at 32.9% (2016: 36.6%) well within the Group's target ratio of less
than 60%.
In May 2017, EUR362.3 million of euro bonds were repaid at
maturity and a term loan of EUR112.4 million was repaid in December
2017. URENCO prepaid EUR319.6 million of EIB debt in December 2017
with the remaining EUR100 million loan maturing in March 2018. New
one year bilateral loans have been arranged, each of EUR90 million,
with four of URENCO's relationship banks. The maturity of the
five-year EUR750 million revolving credit facility signed in 2016
has been extended to 2022.
The Group's debt is rated by Moody's (Baa1/Stable) and Standard
& Poor's (BBB+/Stable), these external ratings were unchanged
during 2017.
In 2017 the final dividend for the year ended 31 December 2016
of EUR300.0 million was paid (dividend paid in 2016 for the year
ended 31 December 2015: EUR350.0 million). The final dividend for
2017 of EUR300.0 million has been approved and will be paid to
shareholders on 26 March 2018.
Order Book
Our order book contains orders extending to the second half of
the next decade. The value of URENCO's order book at 31 December
2017 was approximately EUR12.7 billion based on EUR/$ of 1 : 1.20
(2016: approximately EUR15.5 billion based on EUR/$ of 1 :
1.05).
Outlook
URENCO's long-term strategy is to broaden the range of services
it offers while remaining a reliable and sustainable partner to the
global nuclear industry, providing customers with the highest level
of service, quality and expertise.
URENCO's established contract order book continues to provide
long-term visibility and financial stability of future revenues.
This provides protection in the medium term against prevailing
pricing pressures and market conditions. However, the presence of
excess inventories of enriched uranium product is contributing to
market pricing pressures. If sustained into the middle and long
term, the Group could experience lower profit margins and reduced
cash flow. URENCO is confident that through the implementation of
its strategy it will deliver sustained commercial success. URENCO
also remains confident that the global nuclear industry will grow
and that the Group is well-positioned to support it for years to
come.
The principal risks and uncertainties to which URENCO is exposed
are disclosed in the annual financial statements for the year ended
31 December 2017 and these are broadly the same as those disclosed
in 2016.
The UK's exit from the European Union and Euratom presents
significant uncertainty for URENCO's business and we continue to
work with the UK Government to ensure an orderly transition. The
Group's geographical diversity - with enrichment facilities in
Germany, the Netherlands, the UK and the USA - means our business
is well placed to continue to deliver on its commitments to
customers.
--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 civil 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.
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.
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.
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 2017
Consolidated Financial Statements of the URENCO Group, which were
authorised for the 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 2016 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
2017 2016 2016 2016
Result Result
for the for the
Result year (pre Exceptional year (post
for exceptional items exceptional
the items) in year items)
year (re-presented (re-presented(ii) (re-presented
(i) (ii) ) ) (ii) )
EURm EURm EURm EURm
------------------------------- --------- --------------- ------------------- ---------------
Revenue from sales
of goods and services 1,926.9 1,893.0 - 1,893.0
-------------------------------- --------- --------------- ------------------- ---------------
Changes to inventories
of work in progress
and finished goods (124.6) (38.0) - (38.0)
Raw materials and
consumables used (12.0) (13.0) - (13.0)
Tails provision created (199.2) (139.6) - (139.6)
Employee costs (ii) (149.7) (169.6) - (169.6)
Depreciation and amortisation (343.3) (489.4) - (489.4)
Impairment of US operations - - (760.0) (760.0)
Restructuring charges 4.7 - (33.0) (33.0)
Other expenses (238.6) (349.8) - (349.8)
Share of results of
joint venture 7.6 (0.4) - (0.4)
Income/(loss) from
operating activities 871.8 693.2 (793.0) (99.8)
Finance income 107.8 112.7 - 112.7
Finance costs (247.9) (384.7) - (384.7)
-------------------------------- --------- --------------- ------------------- ---------------
Income/(loss) before
tax 731.7 421.2 (793.0) (371.8)
Income tax (expense)/income (216.8) (137.4) 52.9 (84.5)
Net income/(loss)
for the year attributable
to the owners of the
Company 514.9 283.8 (740.1) (456.3)
Earnings/(loss) per EUR EUR EUR EUR
share
=============================== ========= =============== =================== ===============
Basic earnings/(loss)
per share 3.1 1.7 (4.4) (2.7)
================================ ========= =============== =================== ===============
(i) In 2017 there were no exceptional items.
(ii) Employee costs that are capital in nature were previously
presented as a charge within the "Employee costs" line with an
equal and opposite credit recognised within the "Work performed by
the Group and capitalised" line for amounts capitalised (year ended
31 December 2017: EUR14.7 million, year ended 31 December 2016:
EUR14.7 million) presented as a separate line item to "Employee
costs". In the year ended 31 December 2017 both the charge and
capitalised credit were presented net within the "Employee costs"
line. The presentation of the comparative financial information for
the year ended 31 December 2016 has been re-presented to be on a
consistent basis with no change to reported profit.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
2017 2016
EURm EURm
--------------------------------------- -------- --------
Net income/(loss) for the year
attributable to the owners of
the Company 514.9 (456.3)
Other comprehensive income/(loss):
Items that have been or may
be reclassified subsequently
to the income statement
Cash flow hedges - transfers
to revenue 82.1 105.1
Cash flow hedges - mark to market
gains/(losses) 152.1 (206.4)
Net investment hedge - mark
to market gains/(losses) 146.2 (343.1)
Deferred tax (charge)/income
on financial instruments (42.5) 10.2
Current tax (charge)/income
on financial instruments (11.7) 6.8
Exchange differences on hedge
reserve 12.8 53.6
---------------------------------------- -------- --------
Total movements to hedging reserve 339.0 (373.8)
Exchange differences on foreign
currency translation of foreign
operations (291.6) 371.5
Share of joint venture exchange
differences on foreign currency
translation of foreign operations (0.1) 1.1
---------------------------------------- -------- --------
Total movements to foreign currency
translation reserve (291.7) 372.6
Items that will not be reclassified
subsequently to the income statement
Actuarial gains/(losses) on
defined benefit pension schemes 26.0 (87.4)
Deferred tax (expense)/income
on actuarial gains/(losses) (5.1) 14.7
Current tax income on actuarial
losses - 0.5
Share of joint venture actuarial
losses on defined benefit pension
schemes (2.1) (7.0)
Utility partner payments (0.1) (0.3)
Deferred tax income on utility
partner payments - 0.1
---------------------------------------- -------- --------
Total movements to retained
earnings 18.7 (79.4)
Other comprehensive income/(loss) 66.0 (80.6)
Total comprehensive income/(loss)
for the year attributable to
the owners of the Company 580.9 (536.9)
======================================== ======== ========
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
2017 2016
EURm EURm
--------------------------------------- -------- --------
Assets
Non-current assets
Property, plant and equipment 4,900.5 5,282.8
Investment property 6.8 7.4
Intangible assets 44.4 40.9
Investments including joint
venture 7.5 1.1
Financial assets 7.6 9.0
Derivative financial instruments 284.7 153.2
Deferred tax assets 207.2 373.3
---------------------------------------- -------- --------
5,458.7 5,867.7
--------------------------------------- -------- --------
Current assets
Inventories 545.9 550.2
Trade and other receivables 234.3 409.7
Derivative financial instruments 22.0 56.7
Income tax receivable 77.8 12.0
Short term bank deposits - 1.6
Cash and cash equivalents 59.1 251.7
---------------------------------------- -------- --------
939.1 1,281.9
--------------------------------------- -------- --------
Total assets 6,397.8 7,149.6
======================================== ======== ========
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 1,356.8 1,123.2
Hedging reserve (322.5) (661.5)
Foreign currency translation
reserve 536.4 828.1
---------------------------------------- -------- --------
Total equity 1,824.3 1,543.4
---------------------------------------- -------- --------
Non-current liabilities
Trade and other payables - 40.8
Interest bearing loans and borrowings 1,888.8 2,350.7
Provisions 1,499.3 1,491.9
Retirement benefit obligations 97.3 142.8
Deferred income 28.2 38.5
Derivative financial instruments 120.1 319.7
Deferred tax liabilities 94.7 39.0
3,728.4 4,423.4
--------------------------------------- -------- --------
Current liabilities
Trade and other payables 436.6 442.5
Interest bearing loans and borrowings 275.0 520.9
Provisions 15.3 18.8
Derivative financial instruments 52.6 175.4
Income tax payable 64.0 23.6
Deferred income 1.6 1.6
---------------------------------------- -------- --------
845.1 1,182.8
--------------------------------------- -------- --------
Total liabilities 4,573.5 5,606.2
---------------------------------------- -------- --------
Total equity and liabilities 6,397.8 7,149.6
======================================== ======== ========
Registered Number 01022786
The financial statements were approved by the Board of Directors
and authorised for issue on 6 March 2018.
Dr Thomas Haeberle Ralf ter Haar
Chief Executive Officer Chief Financial Officer
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Attributable
Foreign to the
Additional currency owners
Share paid Retained Hedging translation of the
capital in capital earnings reserves reserve Company
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
===================== ========== ============= =========== =========== ============= =============
Attributable
Foreign to the
Additional currency owners
Share paid Retained Hedging translation of the
capital in capital earnings reserves reserve Company
EURm EURm EURm EURm EURm EURm
--------------------- ---------- ------------- ----------- ----------- ------------- -------------
As at 1 January
2016 237.3 16.3 2,008.9 (287.7) 455.5 2,430.3
Loss for the year - - (456.3) - - (456.3)
Other comprehensive
(loss)/income - - (79.4) (373.8) 372.6 (80.6)
--------------------- ---------- ------------- ----------- ----------- ------------- -------------
Total comprehensive
income/(loss) - - (535.7) (373.8) 372.6 (536.9)
Equity dividends
paid - - (350.0) - - (350.0)
--------------------- ---------- ------------- ----------- ----------- ------------- -------------
As at 31 December
2016 237.3 16.3 1,123.2 (661.5) 828.1 1,543.4
===================== ========== ============= =========== =========== ============= =============
CONSOLIDATED CASH FLOW STATEMENT
2017 2016
EURm EURm
--------------------------------------- ---------- --------
Income/(loss) before tax 731.7 (371.8)
Adjustments to reconcile Group
income before tax to net cash
inflows from operating activities:
Share of joint venture results (7.6) 0.4
Depreciation and amortisation 343.3 489.4
Impairment of US operations - 760.0
Restructuring costs - 33.0
Finance income (107.8) (112.7)
Finance costs 247.9 384.7
Loss on disposal/write offs of
property, plant and equipment 12.0 1.6
Increase in provisions (31.2) 57.6
Operating cash flows before movements
in working capital 1,188.3 1,242.2
Increase in inventories (41.5) (92.2)
Decrease/(increase) in receivables
and other debtors 159.0 (24.4)
Increase in payables and other
creditors 8.3 100.4
Cash generated from operating
activities 1,314.1 1,226.0
Income taxes paid (122.9) (117.1)
---------------------------------------- ---------- --------
Net cash flow from operating
activities 1,191.2 1,108.9
Investing activities
Interest received 81.6 70.3
Proceeds from sale of property,
plant and equipment 0.1 0.4
Purchases of property, plant
and equipment (299.3) (407.6)
Increase in investment (0.2) (0.2)
---------------------------------------- ---------- --------
Net cash flow from investing
activities (217.8) (337.1)
Financing activities
Interest paid (209.9) (212.6)
Payments in respect of settlement
of debt hedges (6.8) -
Dividends paid to equity holders (300.0) (350.0)
Proceeds from new borrowings 378.8 366.4
Maturity/(placement) of short
term deposits 1.6 (1.6)
Repayment of borrowings (1,027.7) (728.7)
---------------------------------------- ---------- --------
Net cash flow from financing
activities (1,164.0) (926.5)
---------------------------------------- ---------- --------
Net decrease in cash and cash
equivalents (190.6) (154.7)
---------------------------------------- ---------- --------
Cash and cash equivalents at
1 January 251.7 391.3
Effect of foreign exchange rate
changes (2.0) 15.1
Cash and cash equivalents at
31 December 59.1 251.7
======================================== ========== ========
This information is provided by RNS
The company news service from the London Stock Exchange
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