USEC Inc

USEC Inc (United States)
CREDIT SNAPSHOT 07/27/09
01 DEBT DISTRIBUTION
02 BONDS
03 INCOME STATEMENT
04 CASH FLOW
05 BALANCE SHEET
06 COVERAGE RATIOS
07 LEVERAGE RATIOS
08 ENTERPRISE VALUE
09 RETURN ON CAPITAL
e-mail snapshotzh@gmail.com 10 RECOVERY & TANGIBLE NET WORTH
blog www.zerohedge.com 11 ACCOUNTING RED FLAGS
12 LATEST SEC FILINGS
13 LEGAL DISCLAIMER
USU US Equity
equity ticker: USU US capitalisation (USD in millions):
bond ticker: USU stock price USD 6.19
sector: Basic Materials shares outstanding (million) 112.35
subgroup: Non-Ferrous Metals market capitalisation (USD mm) 695
company description: total debt 575

USEC Inc. is a global energy company that
cash + marketable securities 38
supplies low enriched uranium ("LEU") for
commercial nuclear power plants. The Company, other capital 0
through its subsidiary, operates a uranium
enterprise value (excl. cash) 1,233
enrichment facility in Kentucky.
current EV / TTM EBITDA 13.9x
The company's next report is expected for 8/5/2009 (type:

Estimated).
USEC Inc has 2,978 employees. www.usec.com
The distribution of this report is restricted. Important information concerning these restrictions and legal disclaimer is set forth at the end of this report.
01 USEC Inc www.zerohedge.com
facility
amount
issuer Rtg debt type & details coupon mat crncy amount issue date
out (mm)
(mm)
bUSEC INC NR Bond, convertible, sr unsecured, fixed 3.000% 10/1/2014 USD 575 - 9/28/2007
DEBT DISTRIBUTION
Total amount out of instruments listed above (USD in MM) 575 Cash (MM) 38
Total debt (MM) 575 Total Number of Debt Instruments (for the issuer and its subs) 2
Loans Bonds
700
600
500
400
300
200
100
0
>2032
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
Moody's Ratings Standard & Poor's Ratings
Outlook NEG 04/11/07 Outlook NEG 09/26/07
Issuer N/A LT Foreign Currency Issuer B- 06/27/06
Senior Secured Debt N/A LT Local Currency Issuer B- 06/27/06
LT Corp Family B3 04/11/07 ST Foreign Currency Issuer NR 10/26/00
Bank Loan Debt WR 10/16/02 ST Local Currency Issuer NR 10/26/00
Senior Unsecured Debt Caa2 04/11/07
Subordinated Debt N/A
Short Term WR 03/31/00

USD in millions Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 05 06 07 08
03/31/09 12/31/08
Revenues 343 249 590 432 506 1,559 1,849 1,928 1,615
COGS 305 186 542 354 463 1,330 1,512 1,641 1,386
COGS % of Revenues 88.7% 74.5% 91.8% 81.9% 91.7% 85.3% 81.8% 85.1% 85.8%
SG&A 36 45 42 43 46 155 158 173 165
SG&A % of Revenues 10.5% 17.9% 7.0% 9.9% 9.1% 10.0% 8.6% 9.0% 10.2%
INCOME STATEMENT
EBITDA 14 30 13 42 3 109 215 154 99
Interest Expense 6 5 4 2 1 40 15 17 17
EBT -3 14 3 34 -4 34 164 98 47
Net Income 4 11 8 25 -2 22 106 97 49
EBITDA Margin 3.9% 12.0% 2.2% 9.7% 0.7% 7.0% 11.7% 8.0% 6.1%
EBIT Margin 0.8% 7.6% 1.2% 8.2% -0.7% 4.8% 9.7% 6.0% 4.0%
13.7%
EBITDA Margin EBIT Margin

12.8%
12.0%
11.8%
11.7%
11.4%
9.7%
9.7%
8.2%
8.0%
7.8%
7.6%
7.5%
7.4%
7.0%
6.1%
6.0%
5.8%
5.7%
5.5%
5.2%
4.8%
4.2%
4.0%
3.9%
3.4%
2.9%
2.2%
1.2%
0.8%
0.7%
-0.7%
Q4 06 Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 02 03 04 05 06 07 08
-4.6%
-9.2%
03/31/09 12/31/08
TTM INCOME STATEMENT
TTM Revenues 1,806 1,844 1,800 1,615 1,777 1,559 1,849 1,928 1,615
TTM EBITDA 132 172 103 99 88 109 215 154 99
TTM D&A 41 42 39 34 31 35 37 40 34
TTM EBIT 91 129 64 64 58 74 179 115 64
TTM Interest Expense 20 23 23 17 12 40 15 17 17
TTM EBT 71 107 41 47 46 34 164 98 47
TTM Net Income 62 86 49 49 42 22 106 97 49
TTM Revenues
TTM Revenues TTM EBITDA
EBITDA
215
1,928
1,844
1,849
1,806
1,800
1,777
1,615
1,615
172
1,559
154
132
109
103
99
99
88
Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 05 06 07 08 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 05 06 07 08
TTM EBT TTM Interest Expense TTM D&A
37
15
42
40
23
41 17
35
20 39 34 164 34
31
107 23 17 12 40 98 17
71
41 47 46 34 47
Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 05 06 07 08
03/31/09 12/31/08
Cash from Operations (CFO) 21 -191 -14 79 24 189 278 109 -105
CASH FLOW
Cash from Investing (CFI) -92 -108 -120 -158 -138 -26 -80 -170 -477
Free Cash Flow (CFO + CFI) -71 -299 -134 -78 -114 163 199 -61 -582
Cash from Financing Activities -10 -3 -11 -32 -97 -78 -286 776 -56
Cash from Operations (CFO) Free Cash Flow (CFO + CFI)
400
300
200
100
0
-100 Q4 06 Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 02 03 04 05 06 07 08
-200
-300
-400
-500
-600
-700
03/31/09 12/31/08
TTM Cash from Operations (CFO) 42 22 29 -105 -102 189 278 109 -105
TTM Cash from Invest. (CFI) -242 -328 -420 -477 -523 -26 -80 -170 -477
TTM Capex -213 -299 -381 -442 -468 -26 -45 -137 -442
TTM D&A -41 -42 -39 -34 -31 -35 -37 -40 -34
TTM Free Cash Flow (CFO + CFI) -199 -306 -391 -582 -625 163 199 -61 -582
TTM Cash from Financing Activities 766 762 -26 -56 -142 -78 -286 776 -56
TTM CFO - Capital Expenditures -170 -277 -351 -547 -569 163 233 -28 -547
TTM CASH FLOW
TTM EBITDA - Capital Expenditures -81 -128 -278 -343 -379 83 171 17 -343
TTM EBITDA - Capex - Change in WC -81 -127 -277 -343 -378 82 169 17 -343
TTM EBITDA-Capex-WC-CshIntEx-CshTax-CshDiv -190 -255 -389 -408 -440 -36 43 -92 -408
TTM CFO/Total Debt 5.9% 3.1% 4.2% -15.6% -17.7% 43.0% 185.4% 15.1% -15.6%
TTM FCF/Total Debt -27.9% -43.0% -55.7% -86.8% -108.7% 37.1% 132.3% -8.4% -86.8%
TTM Capex TTM D&A TTM Cash from Invest. (CFI) TTM EBITDA - Capital Expenditures
171
-41
-42
-39
-34
-31
-26
-35
-26
-45
-37
-40
-34
-80
-137
83
-170
-213
-242
17
-299
-328
-381
-420
-442
-442
-468
-477
-477
-523
-81
-128
-278
-343 -343
-379
Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 05 06 07 08
Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 05 06 07 08
TTM EBITDA - Capex - Change in WC TTM EBITDA-Capex-WC-CshIntEx-CshTax-CshDiv
200
100
0
Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 05 06 07 08
-100
-200
-300
-400
-500
03/31/09 12/31/08
Cash 805 504 359 249 38 259 171 886 249
Marketable Securities / ST Investments
Accounts & Notes Receivable 243 113 246 154 259 257 216 253 154
Inventories & Unbilled Receivables 1,188 1,221 1,258 1,232 1,089 974 900 1,153 1,232
Net Fixed Assets 396 482 593 736 864 171 190 292 736
75% of Accounts Receivable 182 84 185 116 195 193 162 190 116
30% of Inventories & Unbill. Rec. 356 366 377 370 327 292 270 346 370
10% of Net Fixed Assets 40 48 59 74 86 17 19 29 74
Collateral (Liquidation) Asset Value 1,383 1,003 980 807 646 761 622 1,451 807
BALANCE SHEET
Working Capital 1,468 1,394 1,302 1,174 1,039 863 984 1,715 1,174
Net Other Long Term Assets & Liabs. 24 24 13 -173 -164 24 -38 28 -173
Total Borrowings (includes ST Borrowings) 715 712 701 671 575 439 150 725 671
Net Debt -90 209 343 422 537 180 -21 -161 422
Collateral Asset Value / Total Borrowings 193.3% 140.7% 139.7% 120.4% 112.3% 173.4% 414.9% 200.1% 120.4%
explanations and definitions:

The approximation we use to calculate a company's total Collateral (Liquidation) Asset Value (for an asset based liquidation scenario) is calculated as the sum of
Cash plus Marketable Securities / Short-Term Investments plus assets with the following valuation rates applied:
75% of stated Accounts Receivable
30% of stated Inventory
10% of stated Net Fixed Assets.
Although we acknowledge that some industries and individual situations demand clearly different assumptions we nevertheless think this is a useful approximation
across all industries covered, if only as a starting point for further individual in-depth analysis.
75% of Accounts Receivable 30% of Inventories & Unbill. Rec. Working Capital
10% of Net Fixed Assets
1,715
59 1,468
86 1,394
40 29 1,302
74 74
17 1,174 1,174
48
19 1,039 984
377 346 863
356 327 292
370 270 370
366
182 185 195 193 162 190

84 116 116
Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 05 06 07 08 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 05 06 07 08
Net Other Long Term Assets & Liabs. Total Borrowings (includes ST Borrowings) Net Debt
24 24 24 28
13
725
715
712
701
671
671
-38
575
537
439
422
422
343
209
180
150
-90
-21
-161
Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 05 06 07 08
-164
-173 -173
Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 05 06 07 08
Collateral Asset Value / Total Borrowings
414.9%
As of 12/31/2008 the Pension Plan of USEC Inc was underfunded by USD -

224mm. The discount rate used for the company's Pension Plan liabilities is
193.3% 200.1% 6.21%.
173.4% As of 12/31/2008 the Post Retirement Benefits Plan of USEC Inc was
140.7% 139.7% underfunded by USD -168mm. The discount rate used for the company's Post
120.4% 112.3% 120.4%
Retirement Benefits liabilities is 5.96%.
Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 05 06 07 08
COVERAGE RATIOS
03/31/09 12/31/08
TTM EBITDA / TOTAL INTEREST 6.7x 7.6x 4.4x 5.7x 7.7x 2.7x 14.9x 9.1x 5.7x
TTM EBITDAR / TOTAL INTEREST+RENT 4.9x 5.7x 3.5x 4.1x 4.7x 2.4x 9.5x 6.5x 4.1x
TTM EBITDA-CAPEX / TOTAL INTEREST NM NM NM NM NM 2.1x 11.8x 1.0x NM
TTM EBITDAR-CAPEX / TOTAL INTEREST+RENT NM NM NM NM NM 1.8x 7.6x 1.0x NM

TTM TOTAL INTEREST: For all coverage ratio calculations we use the Total Interest figure which in addition to Interest Expense also includes Capitalized Interest
Expenses. We think this gives a better view of the economic reality than the simple Interest Expense figure.
TTM EBITDA / TOTAL INTEREST TTM EBITDAR / TOTAL INTEREST+RENT

9.5x
14.9x
6.5x
9.1x 5.7x
7.6x 7.7x 4.9x 4.7x

6.7x 4.1x 4.1x
5.7x 5.7x 3.5x
4.4x
2.4x
2.7x
Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 05 06 07 08 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 05 06 07 08
TTM EBITDA-CAPEX / TOTAL INTEREST TTM EBITDAR-CAPEX / TOTAL INTEREST+RENT

7.6x
11.8x
1.8x
2.1x
1.0x
1.0x
0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x
Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 05 06 07 08 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 05 06 07 08
03/31/09 12/31/08
NET DEBT / TTM EBITDA NM 1.2x 3.3x 4.3x 6.1x 1.6x NM NM 4.3x
TOTAL DEBT / TTM EBITDA 5.4x 4.2x 6.8x 6.8x 6.5x 4.0x 0.7x 4.7x 6.8x
LEVERAGE RATIOS
TOTAL DEBT / TTM EBITDA-CAPEX NM NM NM NM NM 5.3x 0.9x 42.2x NM
Rentadj. TOT DEBT / TTM EBITDAR 5.6x 4.3x 6.9x 6.9x 6.6x 4.4x 1.0x 4.9x 6.9x
Rentadj. TOT DEBT / TTM EBITDAR-CAPEX NM NM NM NM NM 5.6x 1.2x 31.0x NM
HAIRCUT EBITDA MULTIPLE / TOTAL DEBT 58.0% 75.8% 46.2% 46.3% 48.4% 78.3% 452.3% 67.1% 46.3%
TOTAL DEBT / TTM EBIT 7.9x 5.5x 11.0x 10.4x 10.0x 5.9x 0.8x 6.3x 10.4x

Rent adj. Total Debt/TTM EBITDAR: This ratio is calculated by dividing the Rent Adjusted Total Debt figure (Total Debt plus 8 times TTM Rental
Expenses) by EBITDAR (TTM EBITDA plus TTM Rental Expenses).
HAIRCUT EBITDA MULTIPLE / TOTAL DEBT: We adjust TTM EBITDA to 70% of its stated value, multiply the result with 4.5 as an assumed exit multiple and relate
the resulting figure (the haircut EBITDA multiple) to the TOTAL DEBT number. This ratio should reflect the situation of an issuer's liquidation, whereby the assets can
be sold at a reduced EBITDA multiple.
NET DEBT / TTM EBITDA TOTAL DEBT / TTM EBITDA TOTAL DEBT / TTM EBITDA-CAPEX
42.2x
6.1x
4.3x 4.3x
3.3x
1.6x
1.2x
6.8x 6.8x 6.5x 6.8x
5.4x 5.3x 4.7x
4.2x 4.0x
0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.9x
0.7x 0.0x
Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 05 06 07 08 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 05 06 07 08
HAIRCUT EBITDA MULTIPLE / TOTAL DEBT Rentadj. TOT DEBT / TTM EBITDAR
Rentadj. TOT DEBT / TTM EBITDAR-CAPEX
452.3%
31.0x
6.9x 6.9x 6.6x 6.9x

75.8% 78.3% 5.6x 5.6x
58.0% 67.1% 4.3x 4.4x 4.9x
46.2% 46.3% 48.4% 46.3%
1.2x
1.0x
0.0x 0.0x 0.0x 0.0x 0.0x 0.0x
Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 05 06 07 08 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 05 06 07 08
TOTAL DEBT / TTM EBIT
11.0x
10.4x 10.4x
10.0x
7.9x
6.3x
5.9x
5.5x
0.8x
Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 05 06 07 08
03/31/09 12/31/08
ENTERPRISE VALUE
EV / TTM EBITDA 2.4x 5.2x 9.2x 9.4x 12.2x 11.1x 5.0x 5.4x 9.4x
EV / TTM EBIT 3.5x 6.9x 14.8x 14.4x 18.7x 16.4x 6.1x 7.3x 14.4x
Enterprise Value 321 885 945 924 1,076 1,214 1,087 834 924
TOTAL DEBT 715 712 701 671 575 439 150 725 671
Equity Market Cap 409 676 602 500 534 1,034 1,108 994 500
EV / TTM EBITDA
EV / TTM EBIT
18.7x
12.2x
11.1x 16.4x
14.8x 14.4x 14.4x
9.2x 9.4x 9.4x
5.2x 5.4x
5.0x
6.9x 7.3x
6.1x
2.4x
3.5x
Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 05 06 07 08
Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 05 06 07 08
TOTAL DEBT EV - TOTAL DEBT Equity Market Cap
1,108
1,034
994
775
501
243
173
253
253
109
676
937
602
534
500 500
725
715
712
701
671
671
409
575
439
150
Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 05 06 07 08
-394
Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 05 06 07 08
USU US stock closing price
25
20
15
10
0
Aug/99
Aug/00
Aug/01
Aug/02
Aug/03
Aug/04
Aug/05
Aug/06
Aug/07
Aug/08
Nov/99
Nov/00
Nov/01
Nov/02
Nov/03
Nov/04
Nov/05
Nov/06
Nov/07
Nov/08
Mai/00
Mai/01
Mai/02
Mai/03
Mai/04
Mai/05
Mai/06
Mai/07
Mai/08
Mai/09
Feb/00
Feb/01
Feb/02
Feb/03
Feb/04
Feb/05
Feb/06
Feb/07
Feb/08
Feb/09
03/31/09 12/31/08
Adjusted Cap Rate 19.53% 9.91% 0 4.93% 3.83% 3.37% 10.02% 8.08% 3.74%
RETURN ON CAPITAL
Tangible Capital 1,216 1,527 1,669 1,578 1,695 1,076 957 1,141 1,578
Total Intangibles 7 7 7 7 7 11 7 7 7
Pre-tax ROIC 7.5% 8.5% 3.8% 4.1% 3.4% 6.9% 18.7% 10.1% 4.1%
After-tax ROIC (effective tax rate) 4.4% 4.6% 2.8% 4.1% 11.6% 7.4% 2.8%
After-tax ROIC (assumed tax rate) 4.9% 5.5% 2.5% 2.6% 2.2% 4.5% 12.1% 6.5% 2.6%
WACD (Pre-tax) 2.8% 3.2% 3.3% 2.6% 2.0% 9.1% 9.7% 2.3% 2.6%

Adjusted Cap Rate: This ratio shows EBIT reduced by an assumed tax rate of 35% and adjusted for Net Non-Operating and Extraordinary Losses (Gains) - averaged
over the last 5 years - divided by the Enterprise Value.
Tangible Capital: Starting with the Total Book Capital the Tangible Capital figure is calculated by subtracting Intangibles, Cash and Marketable Securities as well as
Short Term Investments.
We calculate three different ROIC (Return on Invested Capital) figures:
Pre-Tax ROIC: this ratio relates the trailing twelve months (TTM) EBIT to Tangible Capital as defined above.
After-tax ROIC (effective tax rate): here EBIT is corrected by the company's effective tax rate as stated in it's latest financials, giving an after-tax ROIC rate.
After-tax ROIC (assumed tax rate): here EBIT is corrected by an assumed tax rate of 35%, giving a modified after-tax ROIC rate.
WACD (Pre-Tax): This rate is defined as trailing twelve months (TTM) TOTAL INTEREST EXPENSE divided by Total Borrowings.
Adjusted Cap Rate After-tax ROIC (assumed tax rate)
12.1%
19.5%
6.5%
9.9% 10.0% 5.5%
4.9%
8.1% 4.5%
4.8% 4.9% 2.5% 2.6% 2.6%

3.8% 3.7% 2.2%
3.4%
Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 05 06 07 08 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 05 06 07 08
WACD (Pre-tax)
9.7%
9.1%
3.2% 3.3%
2.8% 2.6% 2.6%
2.3%
2.0%
Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 05 06 07 08
10
DEFAULT ESTIMATE USEC Inc www.zerohedge.com
Average Bond Spread (in BPoints (1)) N/A
Estimated Bond Recovery Rate (2)
Resulting Tolerable Default Rate (3)

We calculate estimated default and recovery rates to be used in other credit models (f.i. for the valuation of CDOs or similar structures) as follows:
(1) Average Bond Spread: Average Spread of all bonds listed on page 2 of this report.
(2) Estimated Bond Recovery Rate: To calculate this rate we first divide the total debt amount into bond debt and loan debt that is senior to bond debt. As an
approximation for the total amount of bond debt we use the sum of the amounts outstanding of all bonds listed on page 1 of this report. The total debt figure is reduced
by this sum, giving us an approximate figure for debt that is senior to bond debt. We then calculate a collateral asset coverage figure for the bond debt by starting with
the Collateral Asset Value (as defined on page 5 of this report) which we reduce by the amount of senior debt ahead of the bonds. The remaining Collateral Asset Value
is then divided by the approximate bond debt amount as defined above, giving an estimated recovery value on a collateral asset basis. We apply the same logic to an
EBITDA multiple ratio (as on page 7 of this report) and get a second recovery estimate based on the EBITDA multiple. The higher of the 2 estimates is used as the
"Estimated Bond Recovery Rate".
(3) Resulting Tolerable Default Rate: The implied default rate calculated using the Market Spread (1) and the Estimated Recovery Rate (2). With the given Market
Spread and Estimated Recovery Rate it defines the maximum tolerable default probability for the risk premium paid in the form of Spread. Please note: This rate will
only be displayed when it is greater than 0% and lower than 30% as we believe it is not meaningful ('NM') out of this range.
Although we acknowledge that the calculated results are by no means exact, we think they make for a good estimate in the valuation of credit structures when individual
default and recovery rates for single issuers are to be used.
TANGIBLE NET WORTH ESTIMATE
03/31/09 12/31/08
Total Assets 3,203 2,906 3,024 3,055 2,988 2,081 1,861 3,088 3,055
Total Liabilites 1,890 1,580 1,691 1,893 1,824 1,173 875 1,778 1,893
Total Intangibles 7 7 7 7 7 11 7 7 7
Tangible Net Worth 1,306 1,319 1,327 1,156 1,157 897 979 1,303 1,156
Rent Debt (8x Annual Rental Expense) 74 74 74 74 74 86 73 66 74
Underfunded Pension & Post Ret. Liab. -177 -135 -87 -392
Discount on Hard Assets 1,248 1,317 1,476 1,563 1,605 900 855 1,134 1,563
Adjusted Tangible Net Worth -16 -72 -223 -481 -521 -267 -84 16 -873
03/31/09 12/31/08
(CFO-Net Income)/Revenues 4.7% -80.9% -3.8% 12.5% 5.1% 10.7% 9.3% 0.7% -9.5%
yoy Revenue Growth -26.2% 18.0% -7.0% -30.0% 47.3% 10.0% 18.6% 4.3% -16.3%
Gross Margin 11.3% 25.5% 8.2% 18.1% 8.3% 14.7% 18.2% 14.9% 14.2%
Days Sales Outstanding 49 22 50 35 53 60 43 48 35
Days Sales of Inventory 240 242 255 279 224 228 178 219 279
Soft Assets 572 587 568 685 737 348 360 503 685
ACCOUNTING RED FLAGS
Unbilled Receivables - - - - - - - - -
Deferred / Unearned Revenue - - - - - - - - -
Allowance for Doubtful Accounts - 0 - - - - - - 0
TTM Dividends Paid 0 0 0 0 0 47 0 0 0
TTM Preferred Dividends 0 0 0 0 0 0 0 0 0
Net Change in Capital Stock 0 0 0 0 -1 9 3 215 0
Non-Capex CFI (CFI less Capex) 0 0 -10 -25 -21 0 -35 -33 -35
Gross Margin yoy Revenue Growth (CFO-Net Income)/Revenues
60.0%
40.0%
47.3%
20.0% 31%
13.4%
18.0%
10.0%
18.6%
26%
1.3%
4.3%
21%
16%
13%
18%
12%
11%
18%
11%
14%
15%
18%
15%
14%
8%
8%
7%
16% 17%
0.0% 10% 13% 11%
7% 9%
-26.2%
-7.0%
-1.9%
-16.3%
5% 5%
-30.0%
0% 1%
-4%
-20.0% -11% -10%
-40.0%
-60.0%
-80.0%
-74%
-81%
-100.0%
Days Sales Outstanding Days Sales of Inventory

279
279
260
255
242
240
237
228
228
224
223
219
219
206
189
178
178
0
Q4 06 Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 02 03 04 05 06 07 08
Auditor Information:
Current auditor PRICEWATERHOUSECOOPERS (as of 24.2.2009)
Auditor's opinion Unqualified
Auditor's opinion - Definitions
Not Audited / Unaudited No tests were performed to verify amounts in financial statements. Typically applied to interim statement.
Partially audited Not all statements were audited. Auditor may specifically give opinion on one or two statements.
Unqualified Auditor declares, without reservation, that the financial statements fairly represent the company's financial position at
a point in time and that the statements conform in all material respects to GAAP.
Qualified: Limited Scope An aspect of the company's financial statements could not be verified, such as a portion of inventory not counted.
Qualified: Inconsistent Standards Accounting standards were not applied consistently between periods.
Qualified: not GAAP Standard accounting principles for the country were not followed. Typically related to a unique line item and uses the
phrase 'except for.'
Qualified: uncertainty Doubt exists related to a material balance sheet item, such as value of investment or collectability of major
receivable; or auditor doubts going concern ability of company. This opinion usually employs the phrase 'subject to.'
Disclaimer Auditor refuses to state opinion on financial statements, typically due to lack of sufficient documentation provided by
company and/or subsidiaries.
Quarterly Report (Form Type 10-Q) end of period
Form 10-Q -- Quarterly report http://www.sec.gov/Archives/edgar/data/1065059/000095013309001489/w73871e10vq.htm 03/31/09

LATEST SEC FILINGS
Annual Report (Form Type 10-K) end of period
Form 10-K -- Annual report http://www.sec.gov/Archives/edgar/data/1065059/000095013309000485/w72878e10vk.htm 12/31/08
Form 10-K/A -- Annual report http://www.sec.gov/Archives/edgar/data/1065059/000095013308000885/w50598e10vkza.htm 12/31/07
Form 10-K/A -- Annual report http://www.sec.gov/Archives/edgar/data/1065059/000095013305003416/w11419e10vkza.htm 12/31/04
Form 10-KT -- Transition report http://www.sec.gov/Archives/edgar/data/1065059/000095013303000682/w83838e10vkt.htm 12/31/02
Form 10-K/A -- Annual report http://www.sec.gov/Archives/edgar/data/1065059/000095013302003280/w64082a1e10vkza.htm 06/30/02
Special Events & Material News (Form Type 8-K) filing date
Form 8-K -- Current report http://www.sec.gov/Archives/edgar/data/1065059/000129993309002236/htm_32835.htm 05/18/09
Form 8-K -- Current report http://www.sec.gov/Archives/edgar/data/1065059/000095013309000210/w72226ae8vk.htm 02/05/09
Prospectus (Form Type 42..) filing date
Form 424B5 -- Prospectus [Rule 424(b)(5) http://www.sec.gov/Archives/edgar/data/1065059/000095013307003963/w39464b2e424b5.htm 09/25/07
Form 424B3 -- Prospectus [Rule 424(b)(3) http://www.sec.gov/Archives/edgar/data/1065059/000095017200001831/0000950172-00-001831-0001.txt 11/06/00
Form 424B1 -- Prospectus [Rule 424(b)(1) http://www.sec.gov/Archives/edgar/data/1065059/0000950133-98-002706.txt 07/23/98

This research report was prepared by Zerohedge. The information herein has been obtained from, and any opinions herein
are based upon, sources believed to be reliable, but Zerohedge does not represent that it is accurate or complete and it
should not be relied upon as such. All opinions, forecasts and estimates herein reflect our judgement on the date of this report
and are subject to change without notice.
This document may not be reproduced, distributed or published without the prior consent of Zerohedge.

USEC Inc

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USEC Inc

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USEC Inc (United States)

CREDIT SNAPSHOT 07/27/09

12 LATEST SEC FILINGS

equity ticker: USU US capitalisation (USD in millions):

bond ticker: USU stock price USD 6.19

sector: Basic Materials shares outstanding (million) 112.35

subgroup: Non-Ferrous Metals market capitalisation (USD mm) 695

company description: total debt 575

The company's next report is expected for 8/5/2009 (type:

Moody's Ratings Standard & Poor's Ratings

Outlook NEG 04/11/07 Outlook NEG 09/26/07

Issuer N/A LT Foreign Currency Issuer B- 06/27/06

Senior Secured Debt N/A LT Local Currency Issuer B- 06/27/06

LT Corp Family B3 04/11/07 ST Foreign Currency Issuer NR 10/26/00

Bank Loan Debt WR 10/16/02 ST Local Currency Issuer NR 10/26/00

Senior Unsecured Debt Caa2 04/11/07

Subordinated Debt N/A

Short Term WR 03/31/00

SG&A 36 45 42 43 46 155 158 173 165

EBITDA 14 30 13 42 3 109 215 154 99

Net Income 4 11 8 25 -2 22 106 97 49

EBITDA Margin EBIT Margin

TTM Interest Expense 20 23 23 17 12 40 15 17 17

TTM EBT 71 107 41 47 46 34 164 98 47

TTM Net Income 62 86 49 49 42 22 106 97 49

TTM EBT TTM Interest Expense TTM D&A

Cash from Operations (CFO) Free Cash Flow (CFO + CFI)

TTM EBITDA - Capex - Change in WC TTM EBITDA-Capex-WC-CshIntEx-CshTax-CshDiv

Cash 805 504 359 249 38 259 171 886 249

Marketable Securities / ST Investments

10% of Net Fixed Assets 40 48 59 74 86 17 19 29 74

explanations and definitions:

182 185 195 193 162 190

Collateral Asset Value / Total Borrowings

As of 12/31/2008 the Pension Plan of USEC Inc was underfunded by USD -

TTM EBITDA-CAPEX / TOTAL INTEREST NM NM NM NM NM 2.1x 11.8x 1.0x NM

TTM EBITDAR-CAPEX / TOTAL INTEREST+RENT NM NM NM NM NM 1.8x 7.6x 1.0x NM

explanations and definitions:

TTM EBITDA / TOTAL INTEREST TTM EBITDAR / TOTAL INTEREST+RENT

7.6x 7.7x 4.9x 4.7x

TTM EBITDA-CAPEX / TOTAL INTEREST TTM EBITDAR-CAPEX / TOTAL INTEREST+RENT

TOTAL DEBT / TTM EBITDA-CAPEX NM NM NM NM NM 5.3x 0.9x 42.2x NM

Rentadj. TOT DEBT / TTM EBITDAR-CAPEX NM NM NM NM NM 5.6x 1.2x 31.0x NM

explanations and definitions:

6.9x 6.9x 6.6x 6.9x

TOTAL DEBT / TTM EBIT

TOTAL DEBT EV - TOTAL DEBT Equity Market Cap

USU US stock closing price

explanations and definitions:

Adjusted Cap Rate After-tax ROIC (assumed tax rate)

4.8% 4.9% 2.5% 2.6% 2.6%

Average Bond Spread (in BPoints (1)) N/A

Estimated Bond Recovery Rate (2)

Resulting Tolerable Default Rate (3)

explanations and definitions:

Rent Debt (8x Annual Rental Expense) 74 74 74 74 74 86 73 66 74

Days Sales Outstanding 49 22 50 35 53 60 43 48 35

Deferred / Unearned Revenue - - - - - - - - -

Allowance for Doubtful Accounts - 0 - - - - - - 0

TTM Dividends Paid 0 0 0 0 0 47 0 0 0

TTM Preferred Dividends 0 0 0 0 0 0 0 0 0

Net Change in Capital Stock 0 0 0 0 -1 9 3 215 0

Gross Margin yoy Revenue Growth (CFO-Net Income)/Revenues