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  "documentTitle": "Melrose | Results Presentation Deck | 29 slides",
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  "authorName": "Melrose Industries PLC",
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  "presentationDate": "2023-09-01 00:00:00",
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      "text": "Net debt of £553 million in line with expectations\nLeverage¹ reduced to 1.5x at 30 June 2023 in line with expectations, and moving towards 1x at 2023 year end (prior to share buybacks)\nWorking capital movements consistent with sales growth of 15%: inventory up 10%, receivables & payables up 6%",
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      "text": "1. Described in the glossary to the 2023 Interim Financial Statements and considered by the Board to be a key measure of performance\n2. Includes £17 million of finance costs on demerger settled net debt\n3. Includes £16 million of demerger related costs unpaid at 30 June 2023, reversed through non-cash movements",
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      "text": "Free cash flow¹\nCash flow £m H1 2023\nAdjusted¹ operating profit 159\nDepreciation and amortisation 71\nLease obligation payments (16)\nNon-cash impact from loss-making contracts (13)\nMovement in working capital:\nInventory (53)\nReceivables & payables (116)\nAdjusted operating cash flow (pre-capex)¹ 32\nNet capital expenditure (40)\nDefined benefit pension contributions – ongoing (2)\nTrading net other (6)\nRestructuring (53)\nFree cash flow pre-interest and tax¹ (69)\nNet interest and net tax paid (49)\nFree cash flow¹ (118)\nAdjusted free cash flow¹ (65)",
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      "text": "Reconciliation of net debt¹\n£m H1 2023\nNet debt¹ as at 1 January 2023 (1,139)\nNet cash outflow from Dowlais businesses to date of demerger² (54)\nReduction in net debt following the demerger of Dowlais 885\nDemerger related costs and pension buy-in³ (118)\nDividends paid to shareholders (61)\nProforma net debt¹ as at 1 January 2023 (487)\nFree cash flow in the period (118)\nForeign exchange and other non-cash movements³ 52\nNet debt¹ at 30 June 2023 (553)",
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      "text": "Melrose Group cash generation: leverage¹ reducing",
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