What is the source of your 11.2bn cash? Dec 2019 annual report says 488m euros?
The 2bn does need to be accounted for however i think its only around 1bn as URW owns a 46% interest in the JV so would have needed to fund roughly half of the 2bn they paid themself.
Happy to stand corrected on either of the above.
Media Reports, page-52
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