EBITDA of 824.6 million is down from 2021 (971.1 million) due to increased short term costs as the business repositions itself for current and future growth opportunities. Our UK enrichment facility is located in Capenhurst. Boris Schucht, Chief Executive of Urenco Group, commenting on the full year results, said: 2021 was a positive year for Urenco. UK. [1][2] Urenco uses centrifuge enrichment technology. In the current year, sales deliveries have been relatively closer to the year end when compared to the prior year, resulting in higher trade receivables balances. Terms and Conditions | The Full Year 2022 Audited Financial Results are available on the Urenco website, Contact This has led to visible growth in the long term demand for our enrichment services. Section 172 of the Companies Act 2006 requires a director of a company to act in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole. At Urenco, we firmly believe that nuclear power has a key role, alongside renewables, in the clean energy transition through making a valuable contribution to reliable, low carbon electricity generation and the future production of hydrogen. Urenco Inc. and Urenco USA Inc. Urenco Inc. and Urenco USA Inc., both Delaware registered companies, are based in Arlington, USA. This press release is not intended to be read as the Groups statutory accounts as defined in section 435 of the Companies Act 2006. Our order book extends to the 2030s with a value as at 31 December 2021 of 8.7 billion based on /$ of 1 : 1.14 (31 December 2020: 9.0 billion based on /$ of 1 : 1.22), providing visibility and financial stability of future revenues. The supply chain itself can be subdivided into four key . During Canadas Fall Economic Statement, SMRs were included amongst clean energy technologies eligible for a new investment tax credit. The invasion of Ukraine has had repercussions around the world. Modern Slavery Act, Income from operating activities (pre-exceptional items), Income from operating activities (post-exceptional items), Earnings per share (post-exceptional items), Year: In addition to the need to use low carbon technologies to combat climate change, there is now a focus on energy independence and security of energy supply. EBITDA and net income lower at 971.1 million and 364.5 million respectively (2020: 1,088.1 million; 505.3 million), in line with management expectations. 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Our online annual sustainability report highlights our achievements in delivering for a net zero world. +44 1753 660 660, BenedictGuilfoyle The decrease in net income reflects the impact of lower EBITDA and higher tax expenses recognised in 2021, resulting in a reduced net income margin of 21.8% compared to 31.2% in the prior year (pre-exceptional items). London 9 March 2023 Urenco Group (Urenco), an international supplier of uranium enrichment services and nuclear fuel cycle products, today announces its results for the full year ended 31 December 2022. Information contained in this release is based on the 2022 Consolidated Financial Statements of the Urenco Group, which were authorised for issue by the Board of Directors on 8 March 2023. Bloomberg Markets live from New York, focused on bringing you the most important global business and breaking markets news and information as it happens. Its current production capacity is 5,100 tSW/a. Do you consent to this website placing cookies on your device? Nuclear liabilities and the associated provisions, together with underlying macroeconomic assumptions and the required funding capability, are kept under constant review by Urenco. Urenco ChemPlants owns and will operate our most recent nuclear new build, Urencos Tails Management Facility. The areas that we focus on are education, the environment, healthy living and culture. Any forward-looking statements contained within this release are inherently subject to risks and uncertainties. Our order book value as of 31 December 2022 was 10.8 billion, based on /$ of 1 : 1.07 (31 December 2021: 8.7 billion based on /$ of 1 : 1.14). The exceptional charge in 2020 arose due to lower discount rates applied to nuclear provisions in the US. Urenco is an international supplier of enrichment services and fuel cycle products with sustainability at the core of its business. URENCO USA, however, is fairly new and, as such, is dealing with things that most new companies deal with. We sponsored and hosted the opening Welcome Reception of the World Nuclear Symposium 2022 at the Victoria and Albert Museum in London. Applications for the 2023 scholarship programme will open in the first quarter of 2023. In 2021 Richard Nourse retired from the Board as UK appointed Non-Executive Director and was replaced by Michael Harrison. Through our strategy, Urenco is committed to maintaining our position as a trusted global industry leader, making a valuable contribution to a sustainable net zero carbon future as a reliable nuclear fuel supplier. Boris Schucht, Chief Executive of Urenco Group, commenting on the results, said: Urencos full year results for 2022 demonstrate our dedication and resilience in the face of geopolitical and economic uncertainty. Significant support for the nuclear industry at the federal level was provided by the US Congress in the Inflation Reduction Act of 2022 (IRA) and the implementation of the Bipartisan Infrastructure Laws Civil Nuclear Credit (CNC) program. Revenue for the year ended 31 December 2021 was 1,669.3 million, a decrease of 30.8 million (1.8%) on the 1,700.1 million in 2020. The costs associated with changes to inventories of finished goods and SWU assets for 2021 were 89.0 million, an increase of 50.3 million from 38.7 million in 2020. We invite you to find out more about our enrichment facilities via our virtual tour. US Decommissioning Trust established and 482.1 million invested as of 31 December 2022. Depreciation and amortisation are adjusted to remove elements of such charges included in changes to inventories and SWU assets and net costs of nuclear provisions. Urenco ChemPlants operates our new Tails Management Facility in the UK, which deconverts the by-product of enrichment into a more stable form for long term storage for future enrichment or final disposal. This surname is the 66,980 th most commonly held last name on a global scale, borne by approximately 1 in 980,299 people. Information about our Section 172 Statement can be found on our governance page. Urenco Inc. and Urenco USA Inc. Urenco Inc. and Urenco USA Inc., both Delaware registered companies, are based in Arlington, USA. Vattenfall, meanwhile, has announced that it is launching a year-long study to assess the interest of constructing SMRs. Justin was a Managing Director and . In California, PG&E became the first utility to receive a conditional award of credits valued up to $1.1 billion from the CNC program. Urenco also owns a 50% interest in Enrichment Technology Company[nl] (ETC), a company jointly owned with Areva. (ii). Central Technology Group, responsible for enhancing the operation of Urencos centrifuge technology, is also based at Urenco Deutschland. The case was expected to be ready by the end of 1985 but was delayed because Urenco argued that, despite having enriched uranium of Namibian origin since 1980, it was impossible to tell where specific consignments came from. In March 2009, there were protests about the largest-ever load of depleted uranium hexafluoride (.mw-parser-output .template-chem2-su{display:inline-block;font-size:80%;line-height:1;vertical-align:-0.35em}.mw-parser-output .template-chem2-su>span{display:block;text-align:left}.mw-parser-output sub.template-chem2-sub{font-size:80%;vertical-align:-0.35em}.mw-parser-output sup.template-chem2-sup{font-size:80%;vertical-align:0.65em}DUF6) being transported from Germany to the Siberian town Seversk. Urenco Limited is an unusual corporation controlled by government and private sector interests in Europe. I am very grateful for the determination and hard work of our employees and the strength of our business partnerships in achieving this, especially during a time of challenge due to COVID-19. Our aim is to help these institutions deliver better experiences and, we hope, outcomes for the students they serve. In reality, these contracts do not relate to the disposal of waste, but to the sale of depleted uranium tails, which are re-enriched to natural uranium equivalent. Our UK enrichment facility is located in Capenhurst. In a reversal on its no new build policy, Japans Prime Minister ordered the development and construction of next-generation nuclear power plants. The government will also pursue talks aimed at extending Borsseles operation beyond its previously agreed 2033 closure date. From their low point of US$34/SWU in August 2018, they have been on an upward trajectory with a recent steep increase reaching US$125/SWU by the end of December 2022, as reported by UxC. Entry for this year's scholarshipprogramme has closed, winnerswill be announced on or around May 1, 2022. Our online annual sustainability report highlights our achievements in delivering for a net zero world. As a result, more countries are turning to nuclear or expanding their existing nuclear supply. This is the clearest signal yet that Canada considers nuclear power to be on par with other low carbon technologies. Tax paid in the period was 146.4 million (2020: 36.1 million) due to the timing and phasing of cash payments which can often span multiple years. Play a key role in reaching the world's net zero targets. ISO 9001-2015 Certificate of Approval | Do you consent to this website placing cookies on your device? Watch our latest corporate film - chapter four. Urenco's subsidiary, Urenco Enrichment Company, responsible for sales, supply and logistics, is primarily based here along with other business functions. The IRA provides a wide range of provisions to support the nuclear sector, including a production tax credit that will support continued operation of existing nuclear power plants with an estimated value of up to $30 billion over the next 10 years. Revenue increased to 1,716.5 million (2021: 1,669.3 million), reflecting increased SWU volumes sold and higher realised prices. You can find out more by reading our cookies policy. Depreciation and amortisation for 2021 was broadly flat at 331.0 million, compared to 328.6 million for 2020. URENCO Profile and History. Watch our latest corporate film - chapter four. Urenco is an international supplier of enrichment services and fuel cycle products with sustainability at the core of its business. These were affected by variations in the renewable and fossil fuel mix available in the public supply. Watch our latest corporate film - chapter four. Urenco Stable Isotopes draws on our expertise and capabilities in centrifuge technology to produce stable isotopes for medical, industrial and research applications. Bloomberg Markets European Close. The treaty's three contracting partiesGermany, the Netherlands, and the United Kingdomhave been responsible for protecting the firm's highly sensitive centrifuge enrichment technology. Buckinghamshire. We are in contact with our customer and other stakeholders in Ukraine, offering our support. Dec. 04, 2014 03:23PM PST. Our core business will remain the provision of enrichment services and fuel cycle products from our four global sites. URENCO Limited provides uranium enrichment services. Emilie Isaacs, Head of Government Affairs, delivered a speech and took part in a plenary session at the International Youth Nuclear Congress (IYNC) 2022 in Koriyama, Japan. Located in southeastern New Mexico, UUSA plays an essential role in the nuclear fuel supply chain. In early 1974, Khan joined the Project-706 uranium enrichment programme, launched by Munir Ahmad Khan under Zulfikar Ali Bhutto, Pakistani Prime Minister at that time. Total provisions as at 31 December 2020 were 2,728.7 million (2020: 2,355.7 million), of which 3.6 million (2020: 5.2 million) was included in current liabilities. Further details on the calculation of EBITDA are set out in note 4 to the Groups Consolidated Financial Statements contained in the Annual Report and Accounts. This release and the information contained within it does not constitute an offering of securities or otherwise constitute an invitation or inducement to underwrite, subscribe for or otherwise acquire securities in any company within the Urenco Group. >95% of Managers will undergo training on Inclusive Leadership by end of 2023. The Nuclear Regulatory Commission has launched a special inspection at the Urenco USA uranium enrichment facility in Eunice, New Mexico, to review the circumstances involving a March 2 event during which construction vehicles entered a controlled area before appropriate physical barriers were in place. The Dutch Cabinet has approved the construction of two large reactors, preferably at the existing Borssele nuclear plant. These internships provide students with the opportunity to learn about the nuclear industry while working on projects that will enrich their knowledge in their field of study. Our customers typically supply us with natural uranium, uranium hexafluoride, which we then enrich to international specifications, using centrifuge technology designed and deployed by Urenco. To aid this commitment, France has drafted legislation to streamline bureaucracy for administrative permits needed to build new nuclear power plants and is also in the process of fully renationalising EDF by increasing its shareholding in the company from 84% to 100%. Watch our latest corporate film - chapter four. Later, he took over the project, and established a facility that produced highly enriched uranium (HEU). We worked hard to increase key stakeholder understanding of the nuclear industry and Urencos role in achieving net zero carbon emissions. Urenco serves customers worldwide. It is a key strategic national asset to the USA, operated by a dedicated US workforce and under US nuclear regulation. As a reminder, the previous administration had a nuclear-free policy that suspended the construction of the above units, cancelled plans for more units and ruled out life extensions for the existing fleet. He holds the title Lord. Terms and Conditions | Urenco Owners Look to Hold IPO. 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