EBITDA, after National Enrichment Facility start-up costs, rose 2% from a year earlier. Although volumes of Separative Work Unit (SWU) deliveries were higher during the first half of the year (+5%), revenue was lower due to the impact of foreign exchange movements on the hedged SWU sales price, which according to our five year rolling hedging policy naturally lags behind the actual exchange rate, and lower volume of feed deliveries. Average production costs fell by around 8% compared with the first half of 2008. Despite lower revenue, net income rose 13% due to the reduced average production costs, a lower depreciation charge and reduced net finance costs.

The reported first half results include pre-tax non-capitalised start-up costs of EUR26 million (2008: EUR25 million) relating to the National Enrichment Facility in New Mexico, US.

Capacity expansion continued in the first six months of 2009 with an additional 300tSW of production capacity brought on line at our sites in Germany and the Netherlands. Construction work continues to progress in the US and the National Enrichment Facility, our fourth enrichment site, is anticipated to be ready for operations by the end of the year.

Investments in new capacity in Europe and at the National Enrichment Facility totalled EUR357 million in the first half of the year (2008: EUR361 million), supported by our strong forward order book of more than EUR18.5 billion, which extends beyond 2025.

Urenco’s liquidity position remains strong with significant forward cover from its committed funding facilities to well into 2010, with a $150 million US private placement concluded during the period. The funds will be used to finance Urenco’s ongoing expansion programme and to refinance some existing debt on maturity.

Net cash flow from operating activities was up on the first half of 2008, resulting from lower working capital requirements.

Outlook

Urenco will continue to make significant investments in the second half of 2009 as the group builds additional enrichment capacity to support long-term demand from its customers. The National Enrichment Facility is progressing well and is expected to be ready for operations by the end of the year. Continued strong performance from Urenco’s existing operations is expected during the remainder of the year.

Helmut Engelbrecht, chief executive of the Urenco, commenting on the half-year results said:

“Urenco’s operations delivered another strong performance in the first half of 2009. Net income and EBITDA both increased compared to the same period a year earlier, and good progress was achieved across all of our capacity expansion projects.

Urenco’s goal is to continue to build market share, with the aim of establishing Urenco as the leading global supplier of enrichment services to nuclear utilities all over the world. We look forward to the opening of the National Enrichment Facility in New Mexico, which we anticipate to be ready for operations by the end of the year. The opening of the plant will represent a significant milestone for Urenco and on behalf of the Board I would like to thank our employees for their ongoing effort and dedication in delivering on our expansion projects in both Europe and the US.

Our forward order book remains strong, and we expect 2009 to be another successful year for the Group.”