2024 financial outlook confirmed
Regulatory News:
Orano:
Revenue and EBITDA almost stable compared to the first half
of 2023. Operating income affected by the risk in Niger, impacting
the Mining business
- Revenue of €2,272 million down by -1.0% (like-for-like)
- EBITDA at €459 million (compared to €482 million in the first
half of 2023) and EBITDA margin of 20.2% (compared to 21.0% in the
first half of 2023), a temporary decrease over the first half as
expected in the Back End and impacted by the situation in
Niger
- Operating income at €12 million (compared to €260 million in
the first half of 2023) reflecting the deteriorated condition of
mining operations in Niger
Lower net income attributable to owners of the parent,
impacted by the situation in Niger
- Adjusted net income attributable to owners of the parent1 has
fallen to -€162 million (from -€45 million in the first half of
2023), due to provisions made for the Mining business
- Net income attributable to owners of the parent stands at -€133
million (down from +€117 million in the first half of 2023),
reflecting the same effects
Temporarily slightly higher net debt
- Net cash flow of -€148 million (compared to -€189 million in
the first half of 2023), penalized by unfavorable seasonal factors
during the first half of the year
- Net debt totaling -€1.59 billion (compared to -€1.48 billion at
the end of 2023)
2024 financial outlook confirmed
- Revenue stable around €4.8 billion
- EBITDA to revenue rate maintained between 22% and 24%
- Positive net cash flow
The Orano Board of Directors met yesterday and approved the
financial statements closed on June 30, 2024. When asked about the
results, Nicolas Maes, Chief Executive Officer, said:
“At the end of June 2024, the group is in line with its
development roadmap and notes the deteriorated situation affecting
mining operations in Niger, connected to the evolving local
geopolitical context, while ensuring its delivery commitments to
its customers. In a favorable nuclear market, the group has
confirmed its end-of-year outlook which consists of continuing to
reduce its debt while accelerating its investment program. The
Orano teams are working hard on the construction of the nuclear
industry of tomorrow and the development of new activities in
nuclear medicine and the battery value chain by ensuring the group
is aligned with the key issues of decarbonization, health and
energy sovereignty.”
______________________________ 1 See definition in Appendix
1.
I. Analysis of group key financial data
It should be noted that the activity of the various segments and
their contribution to the group’s results may vary significantly
from one half-year to another, in particular due to changes in the
backlog scheduling of orders or production programs during the
year. For instance, in 2024, a significant portion of income and
operating cash flow will be generated in the second half of the
year.
Table of key financial data
In millions of euros
H1 2024
H1 2023
Change
Revenue
2,272
2,296
-€24 M
Operating income
12
260
-€248 M
EBITDA
459
482
-€23 M
Adjusted net income
attributable to owners of the parent
(162)
(45)
-€117 M
Net income attributable to
owners of the parent
(133)
117
-€250 M
Operating cash flow
90
(23)
+€113 M
Net cash flow from company
operations
(148)
(189)
+€41 M
In millions of euros
June 30,
2024
Dec. 31,
2023
Change
Backlog
31,067
30,764
+€303 M
(Net debt) / Net cash
(1,589)
(1,479)
-€110 M
The financial indicators are defined in the financial glossary
in Appendix 1 – Definitions.
Backlog
Order intake for the first half of 2024 amounts to €1,289
million, of which 67% for export.
At June 30, 2024, Orano’s backlog amounted to €31.1
billion and represents more than six years of revenue.
Revenue
Orano revenue is relatively stable at €2,272 million at
June 30, 2024, compared to €2,296 million at June 30, 2023 (-1.0%;
-1.0% like-for-like).
The share of revenue generated with international customers was
41.4% in the first half of 2024, compared to 47.7% during the first
half of 2023.
- Mining segment revenue totals €795 million, up +7.9%
compared to June 30, 2023 (+8.5% on a like-for-like basis). It
benefited from a favorable mix effect compared to the first half of
2023, in addition to a positive price effect linked to the increase
in uranium prices, partly offset by an expected decrease in volumes
sold over the period.
- Front End revenue stands at €567 million, down -7.8%
compared to the first half of 2023 (-8.2% like-for-like), due to an
unfavorable volume effect related to the backlog scheduling of
orders, offset in part by a positive price effect.
- Back End revenue, which includes the Recycling, Nuclear
Packages and Services, Dismantling and Services activities, as well
as Projects, totaled €903 million, down -3.6% compared to June 30,
2023 (-3.6% like-for-like). This decrease is mainly due to an
adverse volume effect given the timing of the scheduled shutdown of
la Hague Treatment - Recycling plant during the first half of the
year associated with the replacement of major equipment.
- Revenue from Corporate and other activities, consisting
primarily of Orano Med, amounted to €7 million, compared to €8
million at June 30, 2023.
Operating income
Orano’s operating income was €12 million, a decrease of
€248 million compared with June 30, 2023. This change can be
analyzed, by activity, as follows:
- Lower operating income for the Mining segment, which
stands at -€36 million, down from €146 million at June 30, 2023.
This change reflects the deteriorated situation in Niger in
connection with the local geopolitical context. This impact offsets
the favorable price / mix effects recorded on revenue.
- A decrease in Front End operating income, which totals
€125 million, compared with €149 million in the first half of 2023.
This decrease is explained by a 2023 comparable basis boosted by
the reversal of a provision for impairment and masks (i) a
favorable price / mix effect on contracts and (ii) to a lesser
extent, an improvement in production.
- Lower operating income for the Back End segment, which
totals -€52 million, compared to -€19 million at June 30, 2023.
This change reflects the same effects as those recorded on
revenue.
- A decrease in operating income for Corporate and other
activities, which stands at -€24 million, compared to -€17
million at the end of June 2023. This change is mainly due to the
increase in Orano Med’s expenditure, in accordance with its
development plan.
Adjusted net income attributable to owners of the
parent
Adjusted net income attributable to owners of the parent
reflects Orano’s industrial performance independently of the impact
of the financial markets on the return on earmarked assets (which
must be appreciated over the long term) and of regulatory changes
or of discount rates related to end-of-lifecycle commitments. The
definition of adjusted net income attributable to owners of the
parent is provided in Appendix 1 of this document.
Adjusted net income attributable to owners of the parent
was -€162 million as of June 30, 2024, compared with -€45 million
at June 30, 2023.
Based on the operating income discussed above, adjusted net
income attributable to owners of the parent is obtained by adding
the following main items:
- Adjusted financial income, which stands at -€155 million
at June 30, 2024, compared with -€201 million at June 30, 2023.
This improvement is attributable to (i) a decrease in the cost of
financial debt, (ii) foreign exchange gains and (iii) the favorable
premiums/discounts on foreign exchange hedging instruments.
- The adjusted net tax expense, which is -€46 million,
compared with -€57 million in the first half of 2023.
- Net income attributable to non-controlling interests,
which stands at +€24 million, compared to -€47 million in the first
half of 2023, in connection with the share of income attributable
to minority shareholders.
Net income attributable to owners of the parent
Reported net income attributable to owners of the parent
is -€133 million at June 30, 2024, compared with +€117 million at
June 30, 2023.
In addition to the decrease in adjusted net income, mainly due
to Mining business provisions partly offset by an improvement in
financial income and net income attributable to non-controlling
interests, there was a lower return on earmarked end-of-lifecycle
assets between the two half-years.
The following table reconciles the adjusted net income
attributable to owners of the parent with the reported net income
attributable to owners of the parent by reintegrating the financial
impacts related to end-of-lifecycle commitments:
In millions of euros
June 30, 2024
June 30,
2023
Change
Adjusted net income
attributable to owners of the parent
(162)
(45)
-€117 M
Unwinding expenses on
end-of-lifecycle liabilities
(200)
(203)
+€3 M
Impact of changes in
end-of-lifecycle operation discount rates
(94)
(59)
-€35 M
Return on earmarked assets
322
423
-€101 M
Tax impact of adjustments
0
0
€0 M
Published net income
attributable to owners of the parent
(133)
117
-€250 M
Operating cash flow
Orano’s EBITDA at June 30, 2024 stands at €459 million,
down compared with June 30, 2023 when it stood at €482 million.
Between the two periods, the improved Mining and Front End value
and margin rate were offset in full by the unfavorable seasonality
of the results of the Treatment - Recycling activity in the Back
End. The EBITDA margin on revenue is 20.2% at the end of June 2024,
compared to 21.0% for the first half of 2023.
The change in operating WCR is €31 million, representing
a positive contribution of +€181 million compared to the change
during the first half of 2023. This increase is mainly due to
pre-financing received on larger Back End contracts.
Net investments amount to €401 million at June 30, 2024,
compared to €355 million at June 30, 2023. Most of this €46 million
increase is due to the start of the George Besse II capacity
extension project in the enrichment sector.
Orano’s operating cash flow rises to €90 million during
the first half of 2024, compared to -€23 million in the first half
of 2023.
Net cash flow from company operations
Based on the operating cash flow of €90 million, the net cash
flow from company operations is obtained by adding:
- the cash cost on financial transactions of -€102 million, up
compared to the end of June 2023 (-€91 million), related to an
increase in interest on customer advances;
- cash consumption linked to end-of-lifecycle operations of -€11
million (compared with -€6 million at June 30, 2023);
- tax cash of -€40 million, up compared to the end of June 2023
(-€30 million), related to a comparable basis benefiting from the
liquidation of an overpayment; and
- other items totaling -€84 million, up compared to the end of
June 2023 (-€39 million), primarily attributable to changes in cash
from foreign exchange hedging transactions and a loan to an
equity-accounted subsidiary.
Net cash flow from company operations thus amounts to
-€148 million for the first half of 2024, compared to -€189 million
for the first half of 2023.
Net financial debt and cash
At June 30, 2024, Orano has €1.8 billion in cash, plus €0.3
billion in cash management current financial assets.
This cash position is strengthened by an undrawn syndicated
credit facility of €880 million, maturing at the end of May
2029.
The group’s net financial debt occasionally totals €1.59 billion
at June 30, 2024, compared with €1.48 billion at December 31,
2023.
II. Events since the last publication
- The events that occurred in Niger on July 26, 2023 led to an
interruption, for several months, in the import of critical inputs
(reagents such as soda ash, carbonate, nitrates, sulfur) and other
parts and products necessary for Somaïr’s activity the country's
only uranium mine in operation. Since then, Orano’s teams have
remained committed to finding new supply corridors and ensuring
business continuity. This mobilization enabled the resumption of
production at the Somaïr ore processing plant in the first quarter
of 2024 after several months of early maintenance, as well as the
continuation of ore extraction at the mine. However, Somaïr’s sales
were unable to resume due to a lack of logistics solutions approved
with the Niger authorities. While the security of supply for
Orano’s customers remains ensured thanks to the diversity of its
supply sources, this blockage is placing Somaïr in financial
difficulty and weighing on its ability to continue its operations.
In addition, with current market conditions, including a favorable
increase in the price of uranium, making it possible to once again
consider a commissioning of the Imouraren deposit, Orano submitted
to the State of Niger in early 2024 and in response to the request
of the authorities, a concrete technical proposal for the
development of this deposit. On June 20, 2024, the State of Niger
decided to withdraw Imouraren SA's license to exploit the deposit.
Orano has acknowledged the Nigerien authorities' decision. Orano’s
priority is to protect its rights and establish a dialogue with the
State of Niger to continue this project. Lastly, the Cominak
remediation project continued over the period in accordance with
the group’s commitments and original schedule.
- The Nuclear Policy Council (CPN or Conseil de politique
nucléaire in French) meeting of February 26, chaired by the
President of the French Republic, approved the main guidelines of
the French policy for the back end of the cycle, heralding the
prospect of significant investments in the la Hague site. These
guidelines were confirmed on March 7 during a visit to la Hague
site by the Minister of the Economy, Finance and Industrial and
Digital Sovereignty and the Minister Delegate for Industry and
Energy. In order to continue the treatment-recycling strategy
beyond 2040, a sustainability/resilience program will define the
conditions for the extension of existing plants and the launch of
studies for new plants.
- On February 28, 2024, Orano and SHINE Technologies, an American
company specializing in sustainable energy solutions, signed a
memorandum of understanding to develop jointly in the United States
an industrial pilot implementing technology for the treatment and
recycling of used fuels from light water reactors. This agreement
is a first step towards contributing to the rebirth on American
soil of an industrial sector dedicated to the processing and
recycling of used nuclear fuels.
- On March 21, 2024, Orano and Supernova Invest announced the
launch of Orano Venture Fund, an investment fund dedicated to
sovereign and sustainable industrial transition. Funded with €50
million from Orano, it will primarily support high-potential French
and European start-ups in the fields of the circular economy and
advanced industrial technologies, in order to address
decarbonization goals.
- On June 6, 2024, Orano Med, a pioneer in the development of
targeted alpha-therapies in oncology, inaugurated its first ATLab
(Alpha Therapy Laboratory), located in the United States in
Brownsburg, near Indianapolis (Indiana). This first
industrial-scale pharmaceutical establishment, dedicated to the
production of lead-212 therapies developed by Orano Med and their
distribution, is a major step towards the provision of these
promising new treatments for patients in therapeutic impasse in
North America.
III. Financial outlook for 2024
The group’s financial outlook for 2024 is confirmed.
Orano's targets for the end of the year:
- revenue stable at around €4.8 billion;
- EBITDA to revenue rate between 22% and 24%;
- positive net cash flow.
About Orano
As a recognized international operator in the field of nuclear
materials, Orano delivers solutions to address present and future
global energy and health challenges.
Its expertise and mastery of cutting-edge technologies enable
Orano to offer its customers high value-added products and services
throughout the entire fuel cycle.
Every day, the Orano group’s 17,500 employees draw on their
skills, unwavering dedication to safety and constant quest for
innovation, with the commitment to develop know-how in the
transformation and control of nuclear materials, for the climate
and for a healthy and resource-efficient world, now and
tomorrow.
Orano, giving nuclear energy its full value.
Upcoming events
July 26, 2024 - 09:00 a.m. CEST Webcast and
conference call 2024 Half-year results
To access the results presentation, which will be held today at
9:00 am (Paris time), please follow the links below:
French version:
https://channel.royalcast.com/landingpage/orano-fr/20240726_1/
English version:
https://channel.royalcast.com/landingpage/orano-en/20240726_1/
Note
Status of the 2024 half-year financial statements with regard
to the audit:
The half-year consolidated financial statements have been
reviewed. The limited review report is in the process of being
issued.
Important information
This document and the information it contains do not constitute
an offer to sell or buy or a solicitation to sell or buy Orano’s
debt securities in the United States or in any other country.
This document contains forward-looking statements relative to
Orano’s financial position, results, operations, strategy and
outlook. These statements may include indications, forecasts and
estimates as well as the assumptions on which they are based, and
statements related to projects, objectives and expectations
concerning future operations, products and services or future
performance. These forward-looking statements may generally be
identified by the use of the future or conditional tenses, or
forward-looking terms such as “expect”, “anticipate”, “believe”,
“plan”, “could”, “predict” or “estimate”, as well as other similar
terms. Although Orano’s management believes that these
forward-looking statements are based on reasonable assumptions,
bearers of Orano shares are hereby advised that these
forward-looking statements are subject to numerous risks and
uncertainties that are difficult to foresee and generally beyond
Orano’s control, which may mean that the expected results and
developments differ significantly from those expressed, induced or
forecast in the forward-looking statements and information. These
risks include those developed or identified in Orano’s public
documents, including those listed in Orano’s Annual Activity Report
for 2023 (available online on Orano’s website: www.orano.group).
The attention of bearers of Orano shares is drawn to the fact that
the realization of all or part of these risks is likely to have a
significant unfavorable impact on Orano. Thus, these
forward-looking statements do not constitute guarantees as to
Orano’s future performance. These forward-looking statements can be
assessed only as of the date of this document. Orano makes no
commitment to update the forward-looking statements and
information, except as required by applicable laws and
regulations.
Appendix 1 - Definitions
- Like-for-like (LFL): at constant exchange rates and
consolidation scope.
- Net operating working capital requirement (Net operating
WCR):
Net operating WCR represents all of the current assets and
liabilities related directly to operations. It includes the
following items:
- net inventories and work in progress;
- net trade accounts receivable and related accounts;
- contract assets;
- advances paid;
- other accounts receivable, accrued income and prepaid
expenses;
- less: trade payables and related accounts, contract liabilities
and accrued liabilities.
Note: Net operating WCR does not include non-operating
receivables and payables such as income tax liabilities, amounts
receivable on the sale of non-current assets, and liabilities in
respect of the purchase of non-current assets.
The backlog is determined on the basis of firm orders, excluding
unconfirmed options, using the contractually set prices for the
fixed component of the backlog and, for the variable component, the
market prices based on the forecast price curves prepared and
updated by Orano. Orders in hedged foreign currencies are valued at
the rate hedged. Non-hedged orders are valued at the rate in effect
on the last day of the period. With respect to long-term contracts
in progress at the closing date, for which revenue is recognized in
accordance with the percentage-of-completion, the amount included
in the backlog corresponds to the difference between the forecast
revenue of the contract at completion and the revenue already
recognized for this contract; it therefore includes indexation
assumptions and contract price revision assumptions taken into
account by the group to value the forecast revenue at
completion.
- Net cash flow from company operations:
Net cash flow from company operations is equal to the sum of the
following items:
- operating cash flow;
- cash flow from end-of-lifecycle operations;
- change in non-operating receivables and liabilities;
- repayment of lease liabilities;
- financial income;
- tax on financial income;
- dividends paid to minority shareholders of consolidated
subsidiaries;
- net cash flow from operations sold, discontinued and held for
sale, and cash flow from the sale of those operations;
- acquisitions and disposals of current and non-current financial
assets, with the exception of bank deposits held for margin calls
on derivative instruments or collateral backed by structured
financing and cash management financial assets.
The net cash flow from company operations thus corresponds to
the change in net debt (i) with the exception of transactions with
the shareholders of Orano SA, accrued interest not yet due for the
financial year and currency translation adjustments, and (ii)
including accrued interest not yet due for financial year N-1.
- Operating cash flow (OCF):
Operating cash flow (OCF) represents the amount of cash flows
generated by operating activities before corporate taxes and taking
into account the cash flows that would have occurred in the absence
of offsetting between the payment of income taxes and the repayment
of the research tax credit receivable. It is equal to the sum of
the following items:
- EBITDA;
- plus the decrease or minus the increase in operating working
capital requirement between the beginning and the end of the period
(excluding reclassifications, currency translation differences and
changes in consolidation scope);
- minus acquisitions of property, plant and equipment and
intangible assets, net of changes in accounts payable related to
fixed assets;
- plus proceeds from disposals of property, plant and equipment
and intangible assets included in operating income, net of changes
in receivables on the disposal of non-current assets;
- plus prepayments received from customers during the period on
non-current assets;
- plus acquisitions (or disposals) of consolidated companies
(excluding equity associates), net of the cash acquired.
Net debt is defined as the sum of all short and long-term
borrowings, less cash and cash equivalents, financial instruments
recorded on the assets side of the balance sheet including
borrowings, bank deposits constituted for margin calls on
derivative instruments and collateral backed by structured
financing and cash management financial assets.
EBITDA is equal to operating income restated for net
depreciation, amortization and operating provisions (excluding net
impairment of current assets) as well as net gain on disposal of
property, plant and equipment and intangible assets, gains and
losses on asset leases and effects of takeovers and losses of
control. EBITDA is restated as follows:
- to reflect the cash flows related to employee benefits
(benefits paid and contribution to coverage assets) in lieu of the
service cost recognized;
- exclude the cost of end-of-lifecycle operations for the group’s
nuclear facilities (dismantling, retrieval and conditioning of
waste) carried out during the financial year.
- Cash flows from end-of-lifecycle operations:
This indicator encompasses all of the cash flows linked to
end-of-lifecycle operations and to assets earmarked to cover those
operations. It is equal to the sum of the following items:
- revenue from the portfolio of earmarked assets, cash from
disposals of earmarked assets;
- full and final payments received for facility dismantling;
- minus acquisitions of earmarked assets;
- minus cash spent during the year on end-of-lifecycle
operations;
- minus full and final payments paid for facility
dismantling.
- Adjusted net income attributable to owners of the
parent:
This indicator is used to reflect Orano’s industrial performance
independently of the impact of financial markets and regulatory
changes in respect of end-of-lifecycle commitments. It comprises
net income attributable to owners of the parent, adjusted for the
following items:
- return on earmarked assets;
- impact of changes in discount and inflation rates;
- unwinding expenses on end-of-lifecycle operations (regulated
scope);
- significant impacts of regulatory changes on end-of-lifecycle
commitment estimates (adjustment impacting operating income);
- related tax effects.
Appendix 2 - Income statement
In millions of euros
June 30, 2024
June 30, 2023
Change
H1 2024
/H1 2023
Revenue
2,272
2,296
-€24 M
Cost of sales
(1,902)
(1,963)
+€61 M
Gross margin
369
333
+€36 M
Research and development
expenses
(63)
(62)
-€1 M
Marketing and sales expense
(16)
(17)
+€1 M
General and administrative
expenses
(63)
(58)
-€5 M
Other operating income and
expenses
(214)
64
-€278 M
Operating income
12
260
-€248 M
Share in net income of joint
ventures and associates
3
1
+€2 M
Operating income after share
in net income of joint ventures and associates
16
261
-€245 M
Financial income from cash and
cash equivalents
28
6
+€22 M
Cost of gross debt
(76)
(62)
-€14 M
Cost of net debt
(47)
(56)
+€9 M
Other financial income and
expense
(80)
16
-€96 M
Net financial income
(expense)
(127)
(40)
-€87 M
Income tax
(46)
(57)
+€11 M
Net income for the
period
(157)
164
-€321 M
Of which net income attributable
to non-controlling interests
(24)
47
-€71 M
Of which net income
attributable to owners of the parent
(133)
117
-€250 M
Appendix 3 - Consolidated statement of cash
flows
In millions of euros
June 30,
2024
June 30,
2023
Change
H1 2024
/H1 2023
Cash flow from operations
before interest and taxes
301
380
-€79 M
Net interest and taxes paid
(96)
(81)
-€15 M
Cash flow from operations
after interest and tax
205
299
-€94 M
Change in working capital
requirement
42
(132)
+€174 M
Net cash flow from operating
activities
247
167
+€80 M
Net cash flow from investing
activities
(398)
(236)
-€162 M
Net cash flow from financing
activities
652
(106)
+€758 M
Effect of exchange rate
changes
9
(4)
+€13 M
Increase (decrease) in net
cash
511
(179)
+€690 M
Net cash at the beginning of the
period
1,230
798
+€432 M
Net cash at the end of the
period
1,741
618
+€1,123 M
Short-term bank facilities and
current accounts in credit
39
64
-€25 M
Cash and cash
equivalents
1,780
683
+€1,097 M
Current financial liabilities
1,231
177
+€1,054 M
Available net cash
549
506
+€43 M
Appendix 4 - Condensed balance sheet
In millions of euros
June 30, 2024
Dec. 31, 2023
Net goodwill
1,322
1,294
Property, plant and equipment
(PP&E) and intangible assets
10,449
10,211
Operating working capital
requirement – assets
3,330
3,051
Net cash
1,780
1,278
Deferred tax assets
94
97
End-of-lifecycle assets
8,295
8,170
Other assets
577
497
Total assets
25,846
24,599
Equity
1,685
1,937
Employee benefits
513
514
Provisions for end-of-lifecycle
operations
8,824
8,508
Other provisions
2,874
2,776
Operating working capital
requirement – liabilities
7,702
7,338
Financial liabilities
3,628
2,961
Other liabilities
621
566
Total liabilities
25,846
24,599
Appendix 5 - Orano key figures
In millions of euros
June 30,
2024
June 30,
2023
Change
H1 2024
/H1 2023
Revenue
2,272
2,296
-€24 M
of which:
Mining
795
737
+€58 M
Front End
567
615
-€48 M
Back End
903
936
-€33 M
Corporate & other activities
*
7
8
-€1 M
EBITDA
459
482
-€23 M
of which:
Mining
243
205
+€38 M
Front End
190
177
+€13 M
Back End
41
107
-€66 M
Corporate & other activities
*
(15)
(7)
-€8 M
Operating income
12
260
-€248 M
of which:
Mining
(36)
146
-€110 M
Front End
125
149
-€24 M
Back End
(52)
(19)
-€33 M
Corporate & other activities
*
(24)
(17)
-€7 M
Operating cash flow
90
(23)
+€113 M
of which:
Mining
122
51
+€71 M
Front End
68
124
-€56 M
Back End
22
(87)
+€109 M
Corporate & other activities
*
(122)
(111)
-€11 M
- Change in revenue at constant scope and exchange rates
(like-for-like basis):
In millions of euros
June 30,
2024
June 30,
2023
Change
H1 2024
/H1 2023
Change
H1 2024
/H1 2023
In %
In % lfl basis
Revenue
2,272
2,296
-1.0%
-1.0%
of which:
Mining
795
737
+7.9%
+8.5%
Front End
567
615
-7.8%
-8.2%
Back End
903
936
-3.6%
-3.6%
Corporate & other activities
*
7
8
-6.2%
-5.9%
* “Corporate and other activities” notably includes the
Corporate and Orano Med activities.
Appendix 6 - Sensitivity
- Update of the sensitivity of Orano’s net cash flow
generation to market indicators
As part of the update of its trajectories, the group has updated
its sensitivities in relation to the generation of cash flow from
company operations, which are presented below:
Annual averages over the
periods concerned
(in millions of euros)
2025-2028
period
Change in the US dollar/Euro
rate: +/- 10 cents
+30
-33
Sensitivity cushioned by
foreign exchange hedges
subscribed
Change in the price of one
pound of uranium: +/- 5
USD/lb
+4
Sensitivity cushioned by the
backlog
Change in the price of one
enrichment service unit: +/-
5
USD/SWU
+/-1
Sensitivity cushioned by the
backlog
These sensitivities were assessed independently from one
another.
Appendix 7 - Effects of adjustments on
components of Adjusted Net Income
In millions of euros
June 30, 2024
June 30,
2023
Change
H1 2024
/H1 2023
Operating income
12
260
-€248 M
Share in net income of joint ventures and
associates
3
1
+€2 M
Adjusted financial income
(155)
(201)
+€46 M
Adjusted income tax
(46)
(57)
-€11 M
Net income attributable to non-controlling
interests
24
(47)
+€71 M
Adjusted net income attributable to
owners of the parent
(162)
(45)
-€117 M
Breakdown of pre-tax adjusted net
income
Reported financial income
(127)
(40)
-€87 M
Change in fair value through profit or
loss of earmarked assets
272
382
-€110 M
Dividends received
48
39
+€9 M
Income from receivables and accretion
gains on hedging assets
2
2
€0 M
Impact of changes in discount rates and
inflation rates
(94)
(59)
-€35 M
Unwinding expenses on end-of-lifecycle
operations
(200)
(203)
+€3 M
Total adjustments in financial
income
28
161
-€133 M
Adjusted financial income
(155)
(201)
+€46 M
Income tax on reported results
(46)
(57)
+€11 M
Effect of tax adjustments
0
0
€0 M
Adjusted income tax
(46)
(57)
+€11 M
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240725859201/en/
Press office +33 (0)1 34 96 12 15 press@orano.group
Investor Relations Marc Quesnoy investors@orano.group