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| Name | Symbol | Market | Type |
|---|---|---|---|
| Urenco 24 | LSE:44ZP | London | Medium Term Loan |
| Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 107.298 | 0 | 00:00:00 |
TIDM44ZP
RNS Number : 3165I
Urenco Finance N.V.
08 August 2019
news release 8 August 2019 Urenco Group - Half Year Unaudited Financial Results
London - 8 August 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 half year ended 30 June 2019.
Summary
-- Revenue up EUR32.7 million (4.2% increase on H1 2018) and EBITDA up EUR88.9 million (18.0% increase on H1 2018) due to favourable phasing of deliveries and continued strong operational performance.
-- Net income up by EUR89.0 million primarily due to improved EBITDA performance.
-- Strong cash generation from operating activities of EUR463.3 million (1.2% increase on H1 2018) and successful tender to buy back EUR215.6 million of Eurobonds.
-- Contract order book has an approximate value of EUR11.2 billion (EUR11.9 billion as at 31 December 2018), providing visibility of future short to medium term cash flows.
-- Strong safety performance with improved safety culture and no work-related lost-time injuries for 20 months.
-- Continuing to deliver on our strategic objectives through cost savings, increased global reach and exploration of new business opportunities.
-- The long term market outlook for enrichment continues to be challenging but Urenco remains well positioned to support future growth in the nuclear industry.
Hot Features
Premium
Financial highlights Six months to June 2019 Six months to
(EUR million) (unaudited) June 2018
(unaudited)
------------------------------------------ ------------------------ --------------
Revenue 804.6 771.9
EBITDA(i) 582.9 494.0
EBITDA margin - % 72.4% 64.0%
Income from operating activities 418.9 331.6
Net income 273.5 184.5
Net income margin - % 34.0% 23.9%
Capital expenditure 54.2 96.3
Cash generated from operating activities 463.3 457.7
========================================== ======================== ==============
(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. EBITDA is reconciled to income from operating activities on page 7.
Boris Schucht, Chief Executive of Urenco Group, commenting on the half year results, said:
"Urenco's half year results for 2019 reflect our strong financial and operational performance, in addition to the positive progress made in the delivery of our strategic objectives. We continue to focus on enhancing our impressive safety performance, minimising the environmental impact of our operations and further promoting the safe and inclusive nature of our culture across the organisation.
Revenue is up in the first six months of 2019 compared to 2018 reflecting the phasing of deliveries, with the second half of the year expected to account for a similar level of sales as the first six months of 2019. EBITDA is favourable due to higher revenue and lower total costs. Net income also increased reflecting the higher EBITDA together with lower net finance costs, partially offset by higher tax charges. The enrichment market remains challenging, with ongoing pricing pressures increasingly reflected in the decreasing value of our contract order book.
Nuclear plays an important role in meeting the global demand for a continuous and secure supply of low carbon energy. Urenco is well positioned to support this through our strategy. We will ensure we remain a global leader in enrichment services and are exploring new opportunities in Eastern Europe and Asia in particular. We are also looking to increase our business in the back-end of the nuclear fuel cycle, including decommissioning activities, through our UK subsidiary Urenco Nuclear Stewardship. This is complemented by the work of Urenco ChemPlants which will operate our new Tails Management Facility and manage the by-product of our enrichment services. I enjoyed meeting a significant number of our customers and other stakeholders at a celebration in June marking its completed construction.
Since joining Urenco in May 2019 I have been getting to know the company - its employees, its facilities, stakeholders and our core business. I have spent time understanding the challenges and opportunities facing the company as we approach 50 successful years of operation. I have been very impressed by the commitment of all of our employees and am confident that Urenco will continue to be a long term supplier to our global customers and support the nuclear industry in providing a reliable source of sustainable, low carbon energy."
Financial Results
Revenue for the six months ended 30 June 2019 was EUR804.6 million, an increase of EUR32.7 million (4.2%) on the EUR771.9 million for the same period last year. SWU revenues were up by EUR78.8 million due to higher volumes which more than offset slightly lower realised hedged SWU prices. Uranium related sales were down by EUR32.7 million, with both volumes and prices lower than the same period last year. Other net movements in revenue showed a decrease of EUR13.4 million compared to the same period last year, primarily as a result of lower sales at Urenco Nuclear Stewardship. Overall, revenues for the first half and second half of 2019 are expected to be at a broadly similar level, which contrasts slightly with previous years where the second half of the year accounted for the majority of sales.
EBITDA and Net Income margins are at a higher level in the first half of 2019 compared to the first half of 2018, as a result of a combination of factors. These higher levels of margin are unlikely to be repeated in the second half of the year.
EBITDA for the first half of 2019 was EUR582.9 million, an increase of EUR88.9 million (18.0%) from the same period last year (H1 2018: EUR494.0 million), corresponding to an EBITDA margin of 72.4% (H1 2018: 64.0%). The increase in EBITDA is principally due to the margin impact from increased revenue together with reduced net costs of nuclear provisions (EUR25.6 million) and lower other operating and administrative expenses (EUR30.6 million).
The net costs of nuclear provisions were EUR18.0 million for the six months ended 30 June 2019, a decrease of EUR25.6 million (H1 2018: EUR43.6 million) primarily as a result of lower net costs for tails provisions partially offset by higher costs for other nuclear provisions. The net costs for tails provisions in the first half of 2019 were EUR30.8 million lower than those for the same period last year. This decrease was due to 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 the first half of 2019 decreased by EUR4.6 million primarily driven by releases of provisions associated with cylinder inventories. The net costs for other nuclear provisions in the first half of 2019 increased by EUR9.8 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 in H1 2019 were lower by EUR30.6 million (H1 2019: EUR203.7 million, H1 2018: EUR234.3 million) reflecting a lower average unit cost of sales as a result of both the sales mix realised in the period and the continued management of costs across our business.
Depreciation and amortisation for the six months ended 30 June 2019 was EUR171.4 million, compared to EUR161.0 million for the half year 2018.
In the six months ended 30 June 2019 there were no exceptional items (H1 2018: nil).
Net finance costs for the six months ended 30 June 2019 were EUR51.4 million, compared to EUR75.1 million for the same period last year, with the reduction largely due to lower losses incurred in the period as a result of foreign exchange movements. The net finance costs on borrowings (including the impact of interest rate/cross currency interest rate swaps) were higher at EUR45.0 million (H1 2018: EUR39.5 million) due to the premium of EUR9.9 million paid on the early redemption of certain bonds due in February 2021 (which completed in January), with the underlying costs reflecting the lower levels of net debt in the first half of 2019.The other key elements of net finance costs were capitalised interest of EUR30.1 million (H1 2018: EUR24.2 million) and the unwinding of discounting on provisions of EUR34.3 million (H1 2018: EUR29.5 million).
In the first half of 2019 the tax expense was EUR94.0 million (an effective tax rate (ETR) of 25.6%), an increase of EUR22.0 million over the tax expense of EUR72.0 million for H1 2018 (ETR: 28.1%). The increase in tax expense arose primarily as a result of the increase in accounting income before tax, partially offset by changes in the amount of foreign exchange financing gains and losses that are excluded from tax under the UK Disregard Regulations.
In the first six months of 2019 net income was EUR273.5 million, an increase of EUR89.0 million (48.2%) compared to net income of EUR184.5 million in the same period of 2018. The net income margin for H1 2019 was 34.0% compared to 23.9% for H1 2018. The increase in net income reflects the impact of higher EBITDA, with lower net finance costs in the period being offset by a higher tax expense.
Operating cash flow before movements in working capital was EUR593.1 million (H1 2018: EUR523.9 million) and cash generated from operating activities was EUR463.3 million (H1 2018: EUR457.7 million). Higher cash flows from operating activities result from higher revenues and lower cash operating costs, partially offset by a less favourable movement in working capital compared to H1 2018.
Tax paid in the period was EUR112.2 million (H1 2018: EUR98.1 million) with the increase principally driven by higher net tax payments in the UK, partially offset by lower net tax payments in the Netherlands. Accordingly, net cash flow from operating activities after tax was EUR351.1 million compared to EUR359.6 million in H1 2018.
In the first six months of 2019 the Group invested a total of EUR54.2 million (H1 2018: EUR96.3 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 the Tails Management Facility (TMF) (H1 2019: EUR20.6 million, H1 2018: EUR46.1 million).
Net cash outflow from financing activities was EUR753.2 million (H1 2018: EUR336.2 million) which includes the placement of EUR175.0 million in short terms deposits, the majority of which mature in March 2020. In January 2019 Urenco announced a tender offer which resulted in a repurchase of EUR215.6 million of our EUR750.0 million bond due in February 2021. The total amount paid in January 2019 to the bond holders was EUR230.5 million, which included accrued interest of EUR5.0 million and at the purchase price of 104.6%, a premium of EUR9.9 million. Hedge instruments associated with the bonds that were repaid were closed out resulting in cash proceeds of EUR4.2 million. In March 2019, EUR300.0 million in dividends for the year ended 31 December 2018 were paid to shareholders (2018: EUR300.0 million).
Total provisions as at 30 June 2019 were EUR1,810.4 million (31 December 2018: EUR1,776.5 million) of which EUR6.0 million (31 December 2018: EUR7.5 million) was included in current liabilities. In H1 2019, additional provisions and the unwinding of discounts were EUR171.0 million, while utilisation and release of provisions (including exchange differences) were EUR137.2 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.
As at 30 June 2019, the Group held cash and cash equivalents of EUR109.5 million (31 December 2018: EUR531.2 million) as cash was utilised in the repurchase of the bonds in January 2019, and EUR175.0 million placed in short term deposits. Net debt was EUR1,428.7 million (31 December 2018: EUR1,370.9 million).
The Company's debt ratings were reconfirmed in April 2019 by Moody's (Baa1/Stable) and S&P Global Ratings (BBB+/Stable).
Outlook
Market conditions remain challenging and current price levels would not support reinvestment in our enrichment facilities. Our order book extends to the 2030s with a value as at 30 June 2019 of EUR11.2 billion based on EUR/$ of 1 : 1.14 (31 December 2018: approximately EUR11.9 billion based on EUR/$ of 1 : 1.15), providing visibility and financial stability of future revenues.
Since 2011, the global enrichment market has been in a state of oversupply and high levels of inventory. We believe that enriched uranium inventories will start to decrease and, therefore, that the uranium enrichment market will improve. However, the timeframe in which this will occur and the extent to which the market recovers remain uncertain.
There is an increasing global demand for sustainable, low carbon energy. Energy demand is set to grow by more than 25%[1] by 2040 and nuclear has a key role to play to meet long-term climate goals under the Paris Agreement.
As a leader in the nuclear industry with a clear strategy for the future, we are well positioned to meet this need. We are unique in the world enrichment market in having four enrichment facilities in four different countries. This gives us the expertise, diversity of supply and the capacity to manage the market risks and ensure we continue to serve our customers long into the future.
We also continue to monitor the various political uncertainties that could impact our business. We are prepared for the UK's withdrawal from the European Union and EURATOM treaty. Stock, equipment and other materials have been built up to continue production at our UK site, agreements are in place to satisfy customer needs in case transport is disrupted and export licences are arranged post Brexit.
Urenco has provided input to the US Department of Commerce investigation into the potential impacts of imported uranium, in all its forms, on US national security. This followed the launch of a section 232 investigation conducted under the authority of the Trade Expansion Act of 1962. We welcome the decision by the President of the United States that imports of uranium do not impact national security and there will be no immediate remedy imposed on this basis. We will closely monitor the findings of a Working Group established to develop recommendations for reviving and expanding US domestic nuclear fuel production, expected to report in October, and will continue to demonstrate that our involvement in the US uranium market is in the best interests of our US customers.
Board
Thomas Haeberle retired as Chief Executive Officer in March 2019. Stephen Billingham (Chairman) acted as Chief Executive Officer in April 2019. Boris Schucht was appointed Chief Executive Officer in May 2019 when he joined from 50Hertz, the North-East German Transmission System Operator.
--S --
Contact
Jayne Hallett Michael Zdanowski Director of Communications, PR Communications, Madano & Sustainability +44 20 7593 4000 Urenco Michael.zdanowski@madano.com +44 1753 660 660
About Urenco Group
Urenco is an international supplier of enrichment services and fuel cycle products with its head office based close to London, UK. With plants in Germany, the Netherlands, the UK and in the USA, it operates in a pivotal area of the nuclear fuel supply chain which enables the sustainable generation of electricity for consumers around the world.
Using centrifuge technology designed and developed by Urenco, the Urenco Group provides safe, cost-effective and reliable uranium enrichment services for power generation within a framework of high environmental, social and corporate responsibility standards.
For more information, please visit www.urenco.com
Click here to view the full press release as a PDF
Click here to view the full Interim Financial Statements as a PDF
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 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 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.
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 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.
INTERIM CONDENSED CONSOLIDATED INCOME STATEMENT
Six months ended Year ended
30 June 31 December
2019 2018 2018
Unaudited Unaudited Audited
Represented
(i)
EURm EURm EURm
======================================== ========== ============ =============
Revenue from sales of goods and
services 804.6 771.9 1,957.7
---------- ------------ -------------
Changes to inventories of finished
goods and work in progress and
SWU assets 30.2 (4.4) (146.5)
Raw costs of materials and consumables
used (5.1) (7.2) (14.5)
Net costs of nuclear provisions (18.0) (43.6) (174.1)
Employee costs (89.4) (79.4) (160.3)
Depreciation and amortisation (171.4) (161.0) (329.2)
Restructuring provision release 2.9 0.2 2.3
Other expenses (136.0) (141.7) (311.7)
Share of results of joint venture 1.1 (3.2) 2.8
---------- ------------ -------------
Income from operating activities 418.9 331.6 826.5
Finance income 39.9 47.5 68.7
Finance costs (91.3) (122.6) (174.7)
Income before tax 367.5 256.5 720.5
Income tax expense (94.0) (72.0) (209.2)
---------- ------------ -------------
Net income for the period / year
attributable to the owners of
the Company 273.5 184.5 511.3
Earnings per share: EUR EUR EUR
Basic earnings per share 1.6 1.1 3.0
(i) The Group has re-presented the results for the six months ended 30 June 2018 by combining into one line item titled "Net costs of nuclear provisions" six different line items for a total cost of EUR43.6 million. Previously these were presented separately for tails provisions created at a cost of EUR71.3 million and a net credit of EUR27.7 million was presented in other expenses. The net credit represented release of tails provisions, creating and release of decommissioning provisions and creating and release of provisions for re-enrichment of low assay feed.
RECONCILIATION OF INCOME FROM OPERATING ACTIVITIES TO EBITDA(ii)
Six months ended Year ended
30 June 31 December
2019 2018 2018
Unaudited Unaudited Audited
EURm EURm EURm
======================================== ================= ========== ========
Income from operating activities 418.9 331.6 826.5
Depreciation and amortisation 171.4 161.0 329.2
Depreciation in inventories and SWU
assets (12.2) 0.2 45.8
Depreciation expensed within net costs
of nuclear provisions 5.9 (2.0) 1.7
Joint venture results (1.1) 3.2 (2.8)
----------------- ---------- --------
EBITDA(ii) 582.9 494.0 1,200.4
----------------- ---------- --------
(ii) EBITDA is defined as 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.
INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Six months ended Year ended 31 December
30 June
2019 2018 2018
Unaudited Unaudited Audited
Restated(i) Restated(i)
EURm EURm EURm
===================================================================== ================= ============ ============
Net income 273.5 184.5 511.3
Other comprehensive (loss) / income:
Items that may be reclassified subsequently to the income statement
Cash flow hedges - transfers to revenue(i) 8.4 29.1 44.9
Cash flow hedges - mark to market losses(i) (45.9) (49.2) (98.1)
Movements on cost of hedge reserve 3.2 (7.8) (14.0)
Deferred tax income on financial instruments(i) 4.3 7.5 20.1
Current tax income on financial instruments 7.4 22.4 41.5
Exchange differences on hedge reserves(i) 1.6 1.1 3.6
----------------- ------------ ------------
Total movements to hedging reserves(i) (21.0) 3.1 (2.0)
Exchange differences on foreign currency translation of foreign
operations 2.3 43.8 126.7
Net investment hedge - mark to market (losses)/gains(i) (18.2) 34.9 (75.7)
Deferred tax income on financial instruments(i) 0.6 (3.6) (1.4)
Current tax income on financial instruments (1.6) (8.4) (14.9)
Share of joint venture exchange difference on foreign currency
translation of foreign operations - (0.2) (0.4)
----------------- ------------ ------------
Total movements to foreign currency translation reserve (16.9) 66.5 34.3
Items that will not be reclassified subsequently to the income
statement
Actuarial (losses) / gains on defined benefit pension schemes (8.1) 33.1 51.1
Deferred tax income / (expense) on actuarial (losses) / gains 1.6 (5.3) (8.9)
Share of joint venture actuarial (losses) / gains on defined benefit
pension schemes (1.2) 3.9 8.2
Exchange differences 3.0 - 0.9
Total movements to retained earnings (4.7) 31.7 51.3
Other comprehensive (loss) / income (42.6) 101.3 83.6
Total comprehensive income relating to the period/year attributable
to the owners of the Company 230.9 285.8 594.9
================= ============ ============
(i) To appropriately reflect the accumulation of gains/losses of hedging instruments in net investment hedges and the related deferred tax in the foreign currency translation reserve under IFRS 9 Financial Instruments, the mark to market gains and losses and related deferred tax in respect of net investment hedges for both the six months ended 30 June 2018 and year end 31 December 2018 have been removed from the hedging reserve and recognised in the foreign currency translation reserve. In addition, hedging reserves have been re-presented for both the six months ended 30 June 2018 and year end 31 December 2018 by combining the hedging reserve with the cost of hedging reserve. Further details of both are shown in note 10 of the Interim Financial Statements.
INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
30 June 2019 31 December 2018 30 June 2018
Unaudited Audited Unaudited
Re-presented (i) Re-presented (i)
EURm EURm EURm
ASSETS
Non-current assets
Property, plant and equipment 4,922.6 4,961.9 4,930.5
Investment property 6.0 6.1 6.6
Intangible assets 31.3 34.6 41.3
Investments including joint venture 18.9 18.9 8.4
Financial assets 5.2 4.3 4.2
Derivative financial instruments 166.1 197.9 212.5
Deferred tax assets 133.9 166.1 186.6
5,284.0 5,389.8 5,390.1
------------- ----------------- -----------------
Current assets
Inventories 139.3 135.0 153.5
SWU assets 284.4 241.9 339.8
Trade and other receivables 215.6 218.8 220.1
Derivative financial instruments 3.6 14.3 16.2
Income tax recoverable 108.5 44.6 86.5
Short term bank deposits 175.0 - -
Cash and cash equivalents 109.5 531.2 26.4
1,035.9 1,185.8 842.5
------------- ----------------- -----------------
TOTAL ASSETS 6,319.9 6,575.6 6,232.6
============= ================= =================
EQUITY AND LIABILITIES
Equity attributable to owners of the Company
Share capital 237.3 237.3 237.3
Additional paid in capital 16.3 16.3 16.3
Retained earnings 1,588.8 1,620.0 1,272.6
Hedging reserves - restated(i) 17.5 38.5 43.6
Foreign currency translation reserve - re-stated(i) 190.8 207.7 239.9
------------- ----------------- -----------------
Total equity 2,050.7 2,119.8 1,809.7
------------- ----------------- -----------------
Non-current liabilities
Trade and other payables - 41.4 -
Interest bearing loans and borrowings 1,691.6 1,902.1 1,896.4
Lease liabilities 19.2 - -
Provisions 1,804.4 1,769.0 1,575.0
Retirement benefit obligations 61.6 46.0 67.6
Contract liabilities 62.0 50.1 39.3
Derivative financial instruments 174.5 158.1 112.0
Deferred tax liabilities 96.5 97.7 104.3
3,909.8 4,064.4 3,794.6
------------- ----------------- -----------------
Current liabilities
Trade and other payables 245.7 255.4 296.6
Interest bearing loans and borrowings - - 282.7
Lease liabilities 2.4 - -
Provisions 6.0 7.5 8.0
Derivative financial instruments 44.3 33.8 39.1
Income tax payable 34.0 32.6 -
Contract liabilities 27.0 62.1 1.9
359.4 391.4 628.3
------------- ----------------- -----------------
Total liabilities 4,269.2 4,455.8 4,422.9
------------- ----------------- -----------------
TOTAL EQUITY AND LIABILITIES 6,319.9 6,575.6 6,232.6
============= ================= =================
(i) The amounts in the hedging reserve in respect of the net investment hedges for both the six months ended 30 June 2018 and 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 re-presented for both the six months ended 30 June 2018 and year ended 31 December 2018 by combining the hedging reserve with the cost of hedging reserve. Total equity as at 30 June 2018 and 31 December 2018 remains unchanged. Further details of both are shown in note 10 of the Interim Financial Statements.
Registered Number 01022786
The financial statements were approved by the Board of Directors and authorised for issue on 7 August 2019.
Boris Schucht Ralf ter Haar Chief Executive Officer Chief Financial Officer
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Foreign
Additional Hedging currency Attributable
paid in Retained reserves translation to the owners
Share capital capital earnings reserve of the Company
Restated(i) Restated(i)
EURm EURm EURm EURm EURm EURm
================ =============== =============== =============== =============== =============== ===============
As at 31
December 2018
(Audited) 237.3 16.3 1,620.0 38.5 207.7 2,119.8
Income for the
period - - 273.5 - - 273.5
Other
comprehensive
income - - (4.7) (21.0) (16.9) (42.6)
--------------- --------------- --------------- --------------- --------------- ---------------
Total
comprehensive
income - - 268.8 (21.0) (16.9) 230.9
Equity dividend
paid - - (300.0) - - (300.0)
---------------- --------------- --------------- --------------- --------------- --------------- ---------------
As at 30 June
2019
(Unaudited) 237.3 16.3 1,588.8 17.5 190.8 2,050.7
================ =============== =============== =============== =============== =============== ===============
Foreign
Additional Hedging currency Attributable
paid in Retained reserves translation to the owners
Share capital capital earnings reserve of the Company
Restated(i) Restated(i)
EURm EURm EURm EURm EURm EURm
================ =============== =============== =============== =============== =============== ===============
As at 31
December 2017
(Audited) 237.3 16.3 1,356.8 (322.5) 536.4 1,824.3
Adjustment for
IFRS 9
transition - - (0.4) 363.0 (363.0) (0.4)
--------------- --------------- --------------- --------------- --------------- ---------------
Revised as at 1
January 2018 237.3 16.3 1,356.4 40.5 173.4 1,823.9
Income for the
period - - 184.5 - - 184.5
Other
comprehensive
income - - 31.7 3.1 66.5 101.3
--------------- --------------- --------------- --------------- --------------- ---------------
Total
comprehensive
income - - 216.2 3.1 66.5 285.8
Equity dividend
paid - - (300.0) - - (300.0)
---------------- --------------- --------------- --------------- --------------- --------------- ---------------
As at 30 June
2018
(Unaudited) 237.3 16.3 1,272.6 43.6 239.9 1,809.7
================ =============== =============== =============== =============== =============== ===============
(i) To appropriately reflect 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 in respect of net investment hedges for both the six months ended 30 June 2018 and year end 31 December 2018 have been removed from the hedging reserve and recognised in the foreign currency translation reserve. In addition, hedging reserves have been re-presented for both the six months ended 30 June 2018 and year end 31 December 2018 by combining the hedging reserve with the cost of hedging reserve. Further details of both are shown in note 10 of the Interim Financial Statements.
Foreign currency translation reserve
The foreign currency translation reserve is used to record exchange differences arising from the translation of the financial statements of foreign subsidiaries and the parent entity into the euro presentational currency and the fair value movements on net investment hedges.
INTERIM CONDENSED CONSOLIDATED CASH FLOW STATEMENT
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2019 2018 2018
Unaudited Unaudited Audited
EURm EURm EURm
Income before tax 367.5 256.5 720.5
Adjustments to reconcile Group income
before tax to net cash inflows from
operating activities:
Share of joint venture results (1.1) 3.2 (2.8)
Depreciation and amortisation 171.4 161.0 329.2
Finance income (39.9) (47.5) (68.7)
Finance cost 91.3 122.6 174.7
Loss on write off of property, plant
and equipment 0.2 - 0.4
Increase in provisions 3.7 28.1 140.5
Operating cash flows before movements
in working capital 593.1 523.9 1,293.8
Decrease in inventories 1.1 44.6 64.0
(Increase) / decrease in SWU assets (41.4) (5.4) 93.4
Decrease in receivables and other
debtors 1.8 13.0 11.7
Decrease in payables and other creditors (91.3) (118.4) (61.9)
----------- ----------- -------------
Cash generated from operating activities 463.3 457.7 1,401.0
Income taxes paid (112.2) (98.1) (119.3)
----------- ----------- -------------
Net cash flow from operating activities 351.1 359.6 1,281.7
----------- ----------- -------------
Investing activities
Interest received 29.6 38.6 59.8
Purchases of property, plant and
equipment (54.2) (96.2) (183.0)
Purchase of intangible assets - (0.1) -
Increase in investment - (0.1) (0.1)
----------- ----------- -------------
Net cash flow used in investing activities (24.6) (57.8) (123.3)
----------- ----------- -------------
Financing activities
Interest paid (66.0) (67.3) (130.3)
Proceeds in respect of settlement
of debt hedges 4.2 26.1 26.1
Dividends paid to equity holders (300.0) (300.0) (300.0)
Proceeds from new borrowings - 105.0 455.2
Placement of short-term deposits (175.0) - -
Repayment of lease liabilities (0.8) - -
Repayment of borrowings (215.6) (100.0) (732.8)
Net cash flow from financing activities (753.2) (336.2) (681.8)
----------- ----------- -------------
Net (decrease) / increase in cash
and cash equivalents (426.7) (34.4) 476.6
Cash and cash equivalents at beginning
of period/year 531.2 59.1 59.1
Effect of foreign exchange rate changes 5.0 1.7 (4.5)
----------- ----------- -------------
Cash and cash equivalents at end
of the period/year 109.5 26.4 531.2
=========== =========== =============
[1] International Energy Agency, World Energy Outlook 2018: https://www.iea.org/weo2018/
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END
IR DMGGRVNVGLZM
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