2005 Unaudited Financial Results & Presentation
27 March 2006
Highlights
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Continued profit growth – EBITDA1 increased by 21% to €459 million in 2005. Net profit2 for 2005 reached €166 million, driven by increased revenue and efficiency gains in both the enrichment and technology businesses
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Strong cashflow generated by operations – operating cashflow increased significantly to €352 million (2004: €208 million), funding a substantial part of URENCO’s on-going capital investment programme
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Capital investments continue – over €300 million was invested in technology and new enrichment capacity in 2005, with European capacity increasing by over 10% during the year. Further investments will be made in Europe together with URENCO’s plans to build it’s fourth enrichment plant in the US, the National Enrichment Facility (NEF)
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Financial position further strengthened – the Group’s financial position has further improved in 2005, with Net Debt3/EBITDA improving to 1.4 at year end 2005. URENCO received an A1 credit rating issued by Moody’s Investors Service and successfully issued its inaugural Eurobond for €300 million at the end of 2005.
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Order book sees significant growth – the Group’s forward order book has increased by 50% in 2005, rising to over €6 billion, reflecting URENCO’s strengthening market position
Commenting on the 2005 results, Helmut Engelbrecht, Chief Executive of URENCO Group said:
“2005 was another successful year for URENCO with an excellent financial performance exceeding our targets and with important new foundations laid for future growth. Our forward order book is strong and grew significantly in the period, up from €4 billion in 2004, to over €6 billion by the end of 2005. Including the proposed NEF plant, which is subject to licence, the order book stands at over €7.5 billion. This robust position underpins our plans for future growth and investment.”
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