Investor Presentaiton
Free Cash Flow and Return on Capital Employed
9M 2019 working capital build-up
(USD mn)
En+ Group free cash flow and capex
(USD mn)
Ent
GROUP
2,796
Working capital,
as at 31 Dec. 2018
(344)
163
2,4081
(669)
544
(400)
(269)
(739) 1
(556)
1,230
967
(183)
2,266
(33)
(349)
794
173
Capex 2
Other financial
FCF
4
634
inventories
receivables
Decrease in Increase in trade Increase in trade
Working capital,
as at 30
September 2019
payables
OpCF and
dividends
Net interest
from associates
Power
■Metals
and JVs
Return on Capital Employed
5
23%
23%
23%
24%
25%
23%
26%
23%
22%
2017
2018
9M 2018
En+ Group Metals segment Power segment
expenses 3
■Dividends from associates and JVs
23%
17%
15%
9M 2019
12345
Note: Due to rounding, numbers may not add up precisely to the totals provided, percentages may not precisely reflect the absolute figures, and percent change calculations may differ.
(1) Before consolidation adjustments.
(2) Capital expenditure represents cash flow related to investing activities - acquisition of property, plant and equipment and intangible assets, adjusted for one-off acquisition of assets.
(3) Restructuring fee, expenses related to issuance of shares and payments from settlement of derivative instruments.
(4) Calculated as operating cash flow less net interest paid and less capital expenditure adjusted for payments from settlement of derivative instruments plus dividends from associates and joint ventures.
(5) Calculation of Return on Capital Employed: (a) Return is a sum of Adj. EBITDA, Dividends from the jointly controlled entities and other associates and Interest received; (b) Capital Employed is a sum of Loans and borrowings and Equity; (c) For Power segment: return excludes
dividends from Metals segment while equity excludes investment in Metals segment.
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