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  "documentTitle": "Melrose | Mergers and Acquisitions Presentation Deck | 46 slides",
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  "authorName": "Melrose Industries PLC",
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      "text": "Cash generation since acquisition (pre-interest and tax)¹ £1.2bn¹ GKN businesses",
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      "text": "All GKN businesses cash generative in Melrose ownership Melrose (Aerospace) £0.4bn Automotive Group2 (DemergerCo) £0.8bn",
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      "text": "Since acquisition, the GKN businesses have generated £1.2 billion¹ of surplus cash after £0.7 billion of restructuring and £0.5 billion of pension contributions",
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      "text": "Expected further lifetime cash inflow of c.£18.5 billion on 19 Aerospace engine contracts (NPV³ of c.£5 billion)",
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      "text": "All GKN businesses have been cash positive on a stand alone basis with their cash generation qualities transformed since acquisition",
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      "text": "The capital structure for DemergerCo is intended to be similarly conservative to that employed by Melrose currently",
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      "text": "1. £1.2 billion of cash generated in the GKN businesses, post-restructuring, post-pension contributions and pre-interest and tax\n2. Comprises the Automotive, Powder Metallurgy and Hydrogen group of businesses\n3. Using a foreign exchange rate of USD:GBP of 1.30:1 and calculated using the midpoint between a debt related discount rate of 5% (NPV c.£7 billion) and a GKN Aerospace pretax weighted average cost of capital discount rate of 10% consistent with data in the Melrose Industries PLC 2021 Annual Report (NPV c.£3.5 billion)",
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      "text": "5. All GKN businesses have self-funded their restructuring projects from operational cash generation",
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      "text": "Key point 5: Cash generation dynamics transformed",
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