Onedb, answer no. As I read it fcf is from the operational activities before paying down the debt. Nevertheless the FCF is substantial and imv will be great again in the second half. Just need the market to work that out and rerate the sp.
Hinckley B nuclear reactor was shut down yesterday as part of the governments plans to increase our dependency on gas and ensure prices remain high for the forseeable future. Nothing wrong with the plant said the site manager !
Did we ever buy Footasylum in the first place for £90m when clearly it was worth significantly less. i.e the £37.5m we sold it for? Could it be that one of our founders was related to the major shareholders in Foot and they were going downhill fast? Pleased it has gone - imv it was one of the few mistakes PC made. Clean start for the new ceo and dim future for Foot imv.
Here's the thing, had sfb been producing as planned over the last 18 months the gas would have been sold for much less than it is worth now , so unwittingly through incompetence the team here have done themselves a favour! However the key unknowns are what the company have signed up to for the hedge deferral and the gas volumes that can be extracted and when. The stakes here keep getting higher and higher - it seems GL likes a gamble !!
In January , I said if things go well they could be producing in July and clearly things are not going well. It looks like August to me. As for the hedge discussions they probably went along the lines -'we can't pay you and if you put us in administration the project will be further delayed - so your best option is q1 next year . pretty please'.
City likes the results! I think the fuel hedging is fixed going forwards and if you consider the growth in routes,high demand and ultra low cost model this has a very bright future albeit a dim today!.
Nothing for shareholders to worry about here any losses can most likely be recouped via a legal action based on the many deliberate misleading rns statements issued by the BOD during the construction period when their on site team will have been producing project plans with differing dates imv.