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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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  "presentationDate": "2022-09-01 00:00:00",
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      "text": "Net debt¹ of £1,294 million at closing exchange rates of US $1.22 and €1.16\nWorking capital increased by £195 million in the first half due to selectively funding growth, supply chain inefficiencies and normal seasonal impacts\nWith Sterling weakening, particularly against the US Dollar, at current exchange rates this adds £100 million to £150 million to net debt¹ since the beginning of the year. This does not materially impact the bank leverage calculation which is calculated using like-for-like exchange rates",
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      "text": "1. Described in the glossary to the 2022 Interim Financial Statements and considered by the Board to be a key measure of performance\n2. Calculated excluding EBITDA from equity accounted investments",
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      "text": "Free cash flow¹\nCash flow £m\nGroup H1 2022\nAdjusted EBITDA² 349\nLease obligation payments (24)\nPositive non-cash impact from loss-making contracts (17)\nMovement in working capital (195)\nAdjusted operating cash flow (pre-capex) 113\nNet capital expenditure¹ (79)\nNet interest and tax paid (95)\nDefined benefit pension contributions – ongoing contributions (11)\nTrading net other (24)\nDividend income from equity accounted investments 29\nCash flows from operations discontinued in the Period 16\nAdjusted free cash flow¹ (51)\nRestructuring (53)\nFree cash flow¹ (104)",
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      "text": "Reconciliation of opening to closing net debt¹\nReconciliation of net debt¹ £m\nGroup H1 2022\nNet debt¹ brought forward (950)\nAdverse foreign exchange movement (67)\nNet debt¹ at 30 June 2022 foreign exchange rates (1,017)\nNet cash flow from acquisition and disposal related activities (10)\nFree cash flow¹ in the Period (104)\nDividends paid to shareholders (44)\nBuy back of own shares (119)\nNet debt¹ at 30 June 2022 (1,294)",
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      "kind": "title",
      "text": "Interim results: Melrose Group cash generation in the first half",
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