This indicator provides information about Cameco’s annual revenue, operating costs, employee wages and benefits, payments to providers of capital, payments to governments, community investments and economic value retained.
|Employee wages and benefits||599,731||653,582||453,242||462,164||464,021|
|Payments to providers of capital||159,991||206,550||201,587||224,073||236,344|
|Payments to government||63,222||30,616||35,906||96,357||233,716|
|Economic value retained||271,456||286,956||9,768||17,103||-64,522|
All figures in Canadian dollars (1,000s).
In 2011, we adopted IFRS for Canadian publicly accountable enterprises. Amounts relating to the year ended December 31, 2010 have been revised using IFRS for comparative purposes.
As of 2013, IFRS 11 – Joint Arrangements requires that we account for our former interest in Bruce Power Limited Partnership using equity accounting. Our results for 2012 and 2013 have been revised for comparative purposes; however, our results prior to 2012 have not been revised. We divested our interest in BPLP effective January 1, 2014.
What it means
In 2014, revenue decreased slightly from 2013 as we reduced sales volume in our NUKEM and fuel services segments in response to market conditions, resulting in lower sales revenue. The decrease was partially offset by higher revenues in our uranium business as a result of a higher average realized price for our product.
Operating costs decreased in 2014, primarily as a result of decreased spending on exploration, and research and development.
Employee wages and benefits
Employee wages and benefits, including pension and share based compensation costs, were generally on par with the previous year.
Payments to shareholders and bondholders (providers of capital)
There was a slight increase in these payments due to an early redemption fee of $12 million on our series C debentures, and a slight increase in interest from a new debt issuance in June 2014.
Payments to governments (taxes)
In addition to the regular income taxes we pay, cash payments are also required related to our dispute with the Canada Revenue Agency (CRA).
While we are confident that we will be successful in our case with the CRA, the Canadian Income Tax Act includes provisions that require larger companies to pay 50% of the reassessed cash tax plus related interest and penalties at the time of reassessment. In 2014, payments to government increased, largely due to the receipt of reassessments related to the 2008 and 2009 tax years and the resulting payment to the CRA for 50% of the cash taxes, interest and penalties reassessed. For more information about our CRA case and payments made, please see page 29 of our 2014 annual management’s discussion and analysis.