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Quarterly Results Archive

QUARTERLY REPORTS

2011 Q2

Segmented Information

Cameco has three reportable segments: uranium, fuel services and electricity. The uranium segment involves the exploration for, mining, milling, purchase and sale of uranium concentrate. The fuel services segment involves the refining, conversion and fabrication of uranium concentrate and the purchase and sale of conversion services. The electricity segment involves the generation and sale of electricity.

Cameco's reportable segments are strategic business units with different products, processes and marketing strategies.

Accounting policies used in each segment are consistent with the policies outlined in the summary of significant accounting policies.

(a) 

Business Segments

For the three months ended June 30, 2011
  Uranium Fuel Services Electricity Other Total
           
Revenue $256,261  $69,606 $99,224 $614  $425,705 
           
Expenses          
  Products and services sold 148,139  51,094 68,752 74  268,059 
  Depreciation, depletion and amortization 22,449  5,947 16,845 4,517  49,758 
Cost of sales 170,588  57,041 85,597 4,591  317,817 
Gross profit (loss) 85,673  12,565 13,627 (3,977) 107,888 
           
  Exploration 17,133  –  17,133 
  Cigar Lake remediation 1,395  –  1,395 
  Loss on sale of assets 719  –  719 
  Share of loss from equity-accounted investees 1,951  373 –  2,324 
  Other income (352) –  (352)
  Non-segmented expenses         36,319 
Earnings (loss) before income taxes 64,827  12,192 13,627 (3,977) 50,350 
  Income tax recovery         (873)
Net earnings         $51,223 
For the three months ended June 30, 2010
  Uranium Fuel Services Electricity Other Total
           
Revenue $359,113  $72,949 $113,349 $644  $546,055 
           
Expenses          
  Products and services sold 196,905  50,468 58,640 110  306,123 
  Depreciation, depletion and amortization 35,143  4,383 15,644 4,904  60,074 
Cost of sales 232,048  54,851 74,284 5,014  366,197 
Gross profit (loss) 127,065  18,098 39,065 (4,370) 179,858 
           
  Exploration 17,743  –  17,743 
  Cigar Lake remediation 5,126  –  5,126 
  Gain on sale of assets (51) –  (51)
  Share of loss from equity-accounted investees 1,117  748 –  1,865 
  Other income (628) –  (628)
  Non-segmented expenses         106,444 
Earnings (loss) before income taxes 103,758  17,350 39,065 (4,370) 49,359 
  Income tax recovery         (18,714)
Net earnings         $68,073 
For the six months ended June 30, 2011
  Uranium Fuel Services Electricity Other Total
           
Revenue $553,568  $118,915 $206,632 $850  $879,965 
           
Expenses          
  Products and services sold 322,792  89,089 124,828 74  536,783 
  Depreciation, depletion and amortization 44,798  10,439 34,558 9,076  98,871 
Cost of sales 367,590  99,528 159,386 9,150  635,654 
Gross profit (loss) 185,978  19,387 47,246 (8,300) 244,311 
           
  Exploration 34,958  –  34,958 
  Cigar Lake remediation 4,447  –  4,447 
  Loss on sale of assets 695  –  695 
  Share of loss from equity-accounted investees 3,866  1,150 –  5,016 
  Other income (4,975) –  (4,975)
  Non-segmented expenses         60,553 
Earnings (loss) before income taxes 146,987  18,237 47,246 (8,300) 143,617 
  Income tax expense         2,934 
Net earnings         $140,683 
For the six months ended June 30, 2010
  Uranium Fuel Services Electricity Other Total
           
Revenue $660,906  $130,936 $237,822 $1,107  $1,030,771 
           
Expenses          
  Products and services sold 362,574  83,397 108,955 137  555,063 
  Depreciation, depletion and amortization 63,925  6,734 31,671 9,922  112,252 
Cost of sales 426,499  90,131 140,626 10,059  667,315 
Gross profit (loss) 234,407  40,805 97,196 (8,952) 363,456 
           
  Exploration 32,910  –  32,910 
  Cigar Lake remediation 7,839  –  7,839 
  Loss on sale of assets 183  –  183 
  Share of loss from equity-accounted investees 1,372  1,467 –  2,839 
  Other income (2,633) –  (2,633)
  Non-segmented expenses         114,045 
Earnings (loss) before income taxes 194,736  39,338 97,196 (8,952) 208,273 
  Income tax recovery         (2,081)
Net earnings         $210,354