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  "documentTitle": "Melrose | Results Presentation Deck | 37 slides",
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  "authorName": "Melrose Industries PLC",
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  "presentationDate": "2023-03-01 00:00:00",
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      "kind": "list",
      "text": "Year end net debt¹ of £1.14 billion, better than expectations\nParticularly strong cash generation in the second half of the year",
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      "text": "1. Described in the glossary to the Preliminary Announcement and considered by the Board to be a key measure of performance\n2. Melrose includes Aerospace and the continuing central cost centre; Dowlais comprises the Automotive, Powder Metallurgy and Hydrogen businesses\n3. Calculated excluding EBITDA from equity accounted investments",
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      "text": "Reconciliation of net debt¹\n£m\n2022\nGroup\nNet debt¹ brought forward\n(950)\nAdverse foreign exchange and other non-cash movements\n(61)\nNet cash flow from acquisition and disposal related activities\n461\nFree cash flow¹ in the year\n(8)\nDividends paid to shareholders\n(77)\nBuy back of own shares\n(504)\nNet debt¹ at 31 December 2022\n(1,139)",
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      "text": "Free cash flow¹\nCash flow\n£m\n2022\nMelrose²\n2022\nDowlais²\n2022\nGroup\nAdjusted EBITDA³\n293\n515\n808\nLease obligation payments\n(29)\n(22)\n(51)\nNon-cash impact from loss-making contracts\n(24)\n(16)\n(40)\nMovement in working capital\n(147)\n(31)\n(178)\nAdjusted operating cash flow (pre-capex)\n93\n446\n539\nNet capital expenditure\n(72)\n(222)\n(294)\nDefined benefit pension contributions - ongoing\n(23)\n(36)\n(59)\nTrading net other\n58\n(15)\n43\nDividend income from equity accounted\ninvestments\n59\n59\nRestructuring\n(53)\n(83)\n(136)\nCash generated before interest and tax\n3\n149\n152\nNet interest and net tax paid\n(175)\nCash flow from operations discontinued in the year\n15\nFree cash flow¹\n(8)\nAdjusted free cash flow¹\n128",
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