Quarterly Reports - 2012 - Q4
- achieved annual sales targets—record fourth quarter deliveries
- exceeded annual production target
- recorded a $168 million write-down on Kintyre project
- solid progress at Cigar Lake—on track for first production in 2013
- continued to grow the company by completing three key acquisitions
Cameco (TSX: CCO; NYSE: CCJ) today reported its consolidated financial and operating results for the fourth quarter and year ended December 31, 2012.
"2012 was a busy and challenging year; but we again delivered solid results," said Tim Gitzel, president and CEO. "Our focus in 2013 will be on execution and reducing costs without compromising on our values.
"We are confident in a positive future for our industry based on its fundamentals. On the demand side, new reactor construction continues in China and there are strong indications that additional plants will be coming back on line in Japan. On the supply side, about 24 million pounds of annual uranium supply will be removed from the market after 2013 with the end of the Russian highly enriched uranium agreement. We are also seeing new mine projects delayed or cancelled due to the prevailing uncertainty in our markets. Cameco remains committed to nuclear energy. We see a great opportunity to grow our business and build value for shareholders and are working to realize it."
Please note, in some instances, the discussion regarding NUKEM's outlook for 2013 on the conference call and in the transcripts references a 3 - 5% EBITDA margin. However, the reference should have been to a 3 - 5% gross margin. Please see page 52 of our annual MD&A for more information.