Urenco Annual Report 2022

8 Urenco Annual report and accounts 2022 Performance in 2022 We have continued our strong financial, operational and sustainability performance, despite the turbulent geopolitical environment. This is thanks to the adaptability and hard work of our employees during 2022, that enabled us to swiftly react to the new found market conditions. Revenue increased to €1,716.5 million (2021: €1,669.3 million). EBITDA and net income fell slightly at €824.6 million and €285.1 million respectively (2021: €971.1 million; €364.5 million). Net income post-exceptional was up at €1,173.2 million due to reversal of an impairment of €888.1 million. Cash generated from operating activities was strong at €1,133.7 million (2021:€1,027.6 million), net cash was €627.2 million (2021: net debt €11.5 million). As a consequence of the improved enrichment market, in 2022 we have reversed impairment charges recorded against our US operations. This is encouraging, although stable policy frameworks and guidance, as well as longer term customer arrangements are required to enable us to invest in our business to meet expected future demand. Our order book extends into the 2030s and has grown by roughly 24% in 2022 with an approximate value of €10.8 billion and continues to provide Urenco with visibility and financial stability of future revenues. Urenco is committed to maintaining its position as a trusted global industry leader; contributing to a sustainable net zero and secure energy future.We will do this by operating safely and forming partnerships to deliver measurable positive impacts; being a respected strategic partner and an organisation in which every member of our workforce feels informed, included and inspired. It is our top priority to keep our people, our communities and the environment safe and secure from harm and maintain the reputation of our industry, products and services.We are proud to maintain a strong safety record to the highest standards. These standards are supported by strong regulation in the nuclear industry itself. While our employee and contractor safety performance benchmarks compared well to our external peers, in actual terms in 2022 it declined. Our Total Recordable Injury Rate (TRIR) was 0.445 resulting in 11 total recordable injuries, compared to a rate of 0.274 and six total recordable injuries in 2021. None of these were nuclear-related, but we take slips, trips and falls and other incidents seriously, and in response we will continue to ensure that we have the best practices in place to ensure a safe working environment. In 2023 we will strengthen existing measures and implement, where needed, new inclusive measures to ensure safety, involving all of our people and suppliers and improving communications, guidance and exercises. We are pleased with our progress on sustainability this year (pages 26 to 36). For example, our efforts to support decarbonisation included enriching enough uranium to generate an estimated 780,000 GWh of electricity from nuclear power, avoiding approximately 320million tonnes of carbon emissions and once again meeting 100%of our customer deliveries 1 . Under our refreshed strategy, we have focussed on operational and sustainability enhancements to each of our sites: • Almelo (the Netherlands) has been prepared for the capacity programme. In addition, a solar power installation has started at the site, with a capacity of 2.7 MW. Plans are in progress at all other sites for solar installations over the next two years. • Eunice (USA) has made significant improvements to equipment reliability, reduced maintenance backlog, and created a Plant Health Committee to oversee critical equipment issues and a Project Review Committee to manage capital investments and long-range planning. The site is preparing to restart the centrifuge assembly building in support of the capacity programme. As part of our culture programme, Eunice has also continued to be a strong leader and advocate of our inclusion and diversity goals. Strategic report 01 1 Asaproportionofthenuclearcarbonoffsetascalculatedbythe IEA.