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Annual Report and Accounts2019 Annual report and accounts 2019 FINANCIAL HIGHLIGHTS Revenue Cash generated from operations €1,805m €1,094m 1,893 1,927 1,958 1,401 1500 1,842 1,805 1,244 1,226 1,314 1,094 1200 900 600 300 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 0 EBITDA1 Capital expenditure2 €1,220m €151m 1500 1,250 1,200 1,220 Enrichment Sites 1,125 1,170 1200 €108m 2000 900 1500 Tails Management Facility 1500 600 €43m 1200 1000 900 300 2015 2016 2017 2018 2019 500 600 0 300 0 0 European Enrichment Sites €77.9m 1500 USA 1200 3 4 Enrichment Site Net income/(loss) 900 Net debt 600 €345.1m post-exceptionals 300 TMF €163.8m €8m 0 €928m 2,828 2,618 €565m pre-exceptionals €527m 565 2,105 515 511 452 1,371 284 928 2015 2016 2017 2018 2019 8 2015 2016 2017 2018 2019 3000 (456) 2500 600 2000 500 1 EBITDA is defined as earnings before exceptional items, interest (including400 other finance costs), taxation, depreciation, amortisation and joint venture results. 1500 2 Capital expenditure includes net cash flows from investing activities (excluding300 interest received) and capital accruals (included in working capital payables). 1000 3 Net result in 2016 was net income of €283.8 million pre-exceptional items and net loss of €456.3 million post-exceptional items. 4 Net debt comprises loans and borrowings (current and non-current) plus obligations200 under finance leases less cash and cash equivalents and short term deposits.500 100 0 0 CHAIRMAN’S FOREWORD In 2019 we achieved robust underlying1 financial results, safe and strong performances and agreed important new business with our customers. This comes against a backdrop of market and geopolitical challenges. In 2020, Urenco celebrates the 50th anniversary of the Treaty of Almelo, the international agreement that set up the company. Global enrichment market Political environment Our people With nuclear energy providing We are well prepared for the UK’s Our employees’ development is vital approximately 10% of the world’s withdrawal from the European Union (EU) for the continued long-term success of electricity2, it is vital that the nuclear and Euratom Treaty. We have ensured our Urenco. We are constantly developing industry receives a cost effective and products are in the right locations across the internal training and progression diverse supply of uranium enrichment the world and have built up our stock of programmes we offer. A key project in services as an integral part of the nuclear critical items. 2019 was a refresh of our values and fuel cycle. Nuclear is the world’s second Germany is continuing to phase out brand to reflect our future direction. largest source of low-carbon power3 and nuclear power. We are in regular contact, The result was based on the views of Urenco has a key role in sustaining this. and communicating transparently, our employees and our main external The enrichment market remains with the German authorities. We are stakeholders. challenging, with lower prices increasingly confident that we are demonstrating We are also strongly committed to reflected in the reduced value of our our long-term, sustainable commitment investing in apprentices and new contract order book. Enriched uranium to our operations in Germany and the graduates. We now have more than 50 inventories mean that the market has positive contribution they make to the working across the organisation. Our excess capacity. We have adjusted the German economy, particularly in relation global education initiative, the Richie operation of our enrichment facilities to the retention of skills and advanced programme, continues to thrive and we to take account of the current market technology. are strengthening our partnerships with demand and are efficiently using uranium In the United States, we are engaging the schools involved. feed. Enriched uranium inventories are with policy makers, on the nuclear fuel Our new Chief Executive Officer (CEO), forecast to decrease in the mid-term. cycle and the future of uranium mining Boris Schucht, joined us in May from In 2019, we accepted new business at in the country. We are carefully analysing 50Hertz in Germany and brings years of levels that will enable us to reinvest in our the debates to determine any potential experience in the energy sector in Europe. enrichment facilities. We have once again impact they may have on our business 2020 will be my final year as Chairman fulfilled all of our delivery commitments activities and will continue to maintain of Urenco having joined the Board in and our customer satisfaction our deliveries to US customers and others 2009. In 2020 we will also be celebrating remains high. around the world. 50 years of Urenco. This is a significant achievement and preparations are Our positioning underway to celebrate this milestone. We are a geographically diverse supplier with the benefit of four enrichment In my 11 years on the Board, I have been facilities in the UK, Germany, the proud of and continuously impressed by Netherlands and the USA. This gives the energy, expertise and commitment of us unique expertise, diversity of supply our employees, whom I thank on behalf and the ability to manage market and of the Board. Urenco has a bright future geopolitical risks. Our additional services and I look forward to seeing the company in responsible nuclear stewardship continue to service the nuclear industry and the production of stable isotopes, for the next 50 years. strengthen our position as a global leader in the nuclear industry. Stephen Billingham, CBE Chairman 1 Underlying financial results relates to the financial results pre-exceptional items recorded in 2019. 2 https://www.world-nuclear.org/information-library/current-and-future-generation/nuclear-power-in-the-world-today.aspx 3 https://www.world-nuclear.org/information-library/current-and-future-generation/nuclear-power-in-the-world-today.aspx 2 Urenco Annual report and accounts 2019 Strategic report Governance Financial statements I have been proud of and “continuously impressed by the energy, expertise and commitment of our employees.” Urenco Annual report and accounts 2019 3 When I joined Urenco in May 2019, I was asked what I believed to be “the key elements of a successful business. I said a healthy and collaborative company culture, with strong leadership, employee empowerment and accountability. This is what I plan to do. ” 4 Urenco Annual report and accounts 2019 Strategic report Governance Financial statements CHIEF EXECUTIVE OFFICER’S REVIEW Boris Schucht reflects on a productive year for Urenco, in which progress has been made in developing our strategy and culture to strengthen future performance and ensure we continue to deliver for our customers. What are the highlights for 2019? Our innovation included completing the Our three-year Strategy 2020 has construction of our Tails Management concluded. It delivered more than the Facility in June, a billion euro investment target €300 million in cumulative cash in deconverting the by-product of our savings and efficiencies across the enrichment services for long-term business, redefined our commercial storage pending reuse or re-enrichment. strategy and we signed important new It is now in active commissioning. This customer contracts. Our core business facility demonstrates our commitment remains uranium enrichment. In addition to sustainability and is an important we can provide uranium oxide, conversion milestone in showing our expertise in services, natural uranium, enriched responsible nuclear stewardship. uranium product and inventory storage We progressed plans to develop future and management. This year we also fuels for peaceful purposes, following opened a representative office in Beijing, customer demand to enable power China with the plan to grow our business station reactors to operate more in this market. efficiently. For our employees, we held our first Celebrating U event in Austria – a new recognition programme to encourage the retention of future leaders with Urenco (page 12). The development and wellbeing of employees has been a particular focus all year, with a number of health and fitness initiatives being run at each site and training delivered on mental health first aid and diversity and inclusion. Above: Tails Management Facility Capenhurst, UK Urenco Annual report and accounts 2019 5 Chief Executive Officer’s review continued We are transitioning our strategy “and culture to suit the new market dynamics and keep our financial performance robust.” How is Urenco looking financially? How did Urenco’s operations What about the risks facing Urenco? Revenue was down compared to 2018 perform? Although nuclear power continues to grow but EBITDA remained in line, while Net Safety remains our core value and the key globally, there remains a ‘question mark’ Income was impacted by exceptional priority across our organisation. This year about its competitiveness in Urenco’s items. Overall, however, we have there were two Lost Time Incidents (LTIs) traditional markets, which will impact the achieved another year of robust financial and seven Medical Treatment Injuries future level of demand for enrichment performance. Revenue, EBITDA and (MTIs), resulting in a Total Recordable services. Net Income pre-exceptional items all Incident Rate (TRIR) of 0.39. This is a Considering the recent global remained strong and in line with our disappointing increase on last year, but commitments to develop net zero carbon expectations, driven by the current it gives us the opportunity to further economies and the drive to reduce order book and our strong operational improve our safety through safety days, reliance on fossil fuels, it is essential for performance. increased training and safety stand nuclear to retain a strong position within In 2019 our earnings were impacted by downs. Urenco measures its safety culture the energy mix. on the DuPont Bradley Curve, a proven two exceptional items.
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