Ann: Contract Awards, page-46

@sabine
I'm not sure they have all the datapoints, but this is broadly what I think they have done:

Dec20 Jun21 (per 12Jul sale note)
Cash 171 145
Debt 209 260 (I've used Financial Debt excluding lease liability as NRW note explicitly state Interest bearing debt)
Net Debt 38 115

So Net Debt has gone up by ~77m of which ~50m is PGX cash purchase costs, and ~18m is Apr21 Dividend.

They seem to have assumed the remainder is FCF which is ~-10m but IMO that excludes CAPEX (and they pointed out ~35m for FY21 of which ~27m was spent in 1H) and also movements in receivables/payables and also ~7m in rent (or lease costs).

FCF is not profit, but a relatively flat FCF would imply Cashflow from Operating activities is much lower than 1H which was ~92m (again movement in payables/receivables may explain this, or even as they implied some sort of settlement on Wartsila.....although anything upward of 10m is a material item to announce to the market IMO). Note that operating cashflow may have been used against PGX's other payables/loan facilities** but unclear until we see accounts.

I'm also not sure how they came up with the impact to Civil (15m) & Mining (12m)...perhaps extrapolating from 1H (Civil ~50m, Mining ~20m)

** I recall seeing a note to PGX's accounts indicating a 'insurance bond facility' for ~32m from Asset Insure + ~22m from NAB but this did not seem to be reflected on the balance sheet. At the time given it was not on the balance sheet, I thought it was some surety bond they needed to provide in order to work on these major projects and PGX either paid for this facility to keep it off balance sheet

Ah well, more will be revealed when accounts are published