Morgan Advanced Materials

Cash Flow Half Year 2023

For half year ended 30 June 2023


1H 2023


1H 2022


Cash generated from continuing operations 12.9 45.2
Net capital expenditure (24.0) (22.5)
Net interest on cash and borrowings (4.5) (2.7)
Tax paid (15.8) (15.3)
Lease payments and interest (5.7) (5.7)
Free cash flow before acquisitions, disposals and dividends1 (37.1) (1.0)
Dividends paid to external plc shareholders (19.1) (16.5)
Net cash flows from other investing and financing activities (2.4) (2.6)
Exchange movement and other non-cash movements (1.4) (9.5)
Opening net debt1 excluding lease liabilities (148.5) (46.7)
Closing net debt1 excluding lease liabilities (208.5) (76.3)
Closing lease liabilities (49.2) (52.2)
Closing net debt1 (257.7) (128.5)


1. Definitions of these non-GAAP measures can be found in the glossary of terms on page 43, reconciliations of the statutory results to the adjusted measures can be found on pages 16 to 20.

1. Comparative information has been restated to present the increase and reduction in borrowings separately.

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