附件99.1
tsx:cco 纽交所:ccj |
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网址:cameco.com 货币:Cdn(除非另有说明) |
2121 – 11th Street West, Saskatoon, Saskatchewan, S700万 1J3 Canada
电话:306-956-6200 传真: 306-956-6201
Cameco报告第三季度业绩;改善运营表现支持分红增长;随着核电需求增长,前景不断增强;长期合同活动势头强劲;强劲的年度展望;Cameco处于良好位置
加拿大萨斯卡通,2024年11月7日 . . . . . . . . . . . . . . . .
Cameco (TSX:CCO;纽交所:CCJ) 今天根据国际财务报告准则(IFRS)报告了截至2024年9月30日的第三季度的综合财务和运营结果。
“我们第三季度各业务板块的运营表现强劲,支持我们恢复到一流成本结构,”Cameco的总裁兼首席执行官Tim Gitzel表示。“回顾季度收益,可能会有很大波动,但明显存在着改善运营表现和现金流产生的潜在趋势,得益于稳定和上升的市场价格。除了美元走强的影响外,我们对Cameco和Westinghouse的财务前景依然强劲且不变。为认识到我们再次达到”一流""成本结构 一流 环境 一流 production rate and the continued strengthening of the industry’s long-term prospects, our board of directors declared an increased 2024 annual dividend of $0.16 per common share. We are also recommending a dividend growth plan to our board of directors, under which we expect to at least double last year’s dividend of $0.12 per common share, to $0.24 per common share, over the fiscal periods 2024 through 2026, subject to annual consideration by our board.
“Our disciplined strategy aligns our marketing, operational, and financially focused decisions. From a marketing perspective, we have contracts in both our uranium and fuel services segments that have deliveries spanning more than a decade. However, in a market where we are seeing sustained, positive momentum for nuclear energy, we are continuing to be selective in committing our unencumbered, tier-one, in-ground uranium inventory and UF6 conversion capacity under long-term contracts, to capture greater upside for many years to come.
“The marketing element of our strategy guides our operational decisions to ensure our supply aligns with our commitments, so we balance our production rates, inventory position, long-term purchases, product loans, and near-term market purchases in order to deliver full-cycle value. This past quarter was a good example of that prudent management of our supply sources, with our 2024 uranium production outlook increasing from 22.4 million pounds (our share) of uranium, to up to 23.1 million pounds (our share) of uranium, thanks to strong production from McArthur River/Key Lake. The higher production level for 2024 is fully committed within our contract portfolio and allows us to rebalance our other supply sources, including a partial offset of the increase in Saskatchewan by lower production and purchases from JV Inkai, where we now expect production of 7.7 million pounds (100% basis) of uranium, down about 600,000 pounds of uranium from last year due to the ongoing acid supply challenges in Kazakhstan.
营销和运营决策为我们的策略的财务要素奠定了基础,我们期望实现强劲的现金流生成,以支持我们保守的资本分配优先事项。这些优先事项包括专注于债务管理,正如我们在2024年进行的谨慎再融资活动所表明的那样,并且提前偿还了用于收购西屋公司的大部分贷款。
我们继续看到政府、行业和公众对核能的积极转变,得到了最新公告的支持,其中包括公用事业公司、反应堆开发商和工业能源用户之间的合作,他们现在正在提供财务支持,以确保未来能够获得清洁、可靠和可扩展的核电。凭借我们在燃料和反应堆生命周期中的资产和投资,Cameco作为具有多个长期资产、可靠司法管辖区、经过验证的运营经验和强劲资产负债表的负责任商业供应商,处于独特的有利位置,以受益于这些顺风等因素,我们相信我们的纪律策略将使我们实现“为'清洁空气'注能”的愿景,这样做反映了我们的价值观,包括致力于解决我们认为将使我们的业务可持续发展的风险和机会。 一线资产 在可靠司法管辖区,我们在燃料和反应堆生命周期中的资产和投资,经过验证的运营经验以及稳健的资产负债表,使我们能够执行我们的策略。在核能看到持续积极势头的市场,我们相信我们的纪律策略将使我们实现我们“为'清洁空气'注能”的愿景,这样做反映了我们的价值观,包括致力于解决我们认为将使我们的业务可持续发展的风险和机会。 清洁空气 世界”,反映了我们的价值观,包括致力于解决我们认为将使我们的业务可持续发展的风险和机会。
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• | 股息: 董事会宣布2024年度每普通股派息0.16美元,将于2024年12月13日支付给截至2024年11月27日的股东。董事会定期审议宣布年度股息的决定,考虑到我们的现金流、财务状况、战略和其他相关因素,包括与我们收益周期性质的合适协调。为了表彰我们 一流 生产率,并符合我们资本配置框架的原则,我们已向董事会建议考虑分红增长计划。根据我们的计划,我们预计在2024年至2026年的财政期间,每普通股至少增加0.04美元,以实现2023年股利翻倍,从每普通股0.12美元增加到每普通股0.24美元。2022年,董事会将股息提高了50%,以反映我们的财务表现预期改善,因为我们开始过渡到我们的一流一流 运行速率。 |
• | 购买会计影响的财务结果: 第三季度的结果反映了销售量的正常季度变化,以及由于持续的运输挑战,Joint Venture Inkai (JV Inkai) 的延迟销售,并且对威斯汀豪斯购买会计的持续影响。净收益为7百万美元,调整后净亏损为3百万美元,调整后的息税折旧摊销前利润(EBITDA)为3.08亿美元。在本年头九个月,净收益为36百万美元,调整后净收益为1.15亿美元,低于2023年;而调整后的息税折旧摊销前利润(EBITDA)为10亿美元,高于2023年。调整后的净收益和调整后的息税折旧摊销前利润(EBITDA)是 非国际财务报告准则 指标,请参看第5页。 |
• | Strong 2024 financial outlook: We continue to expect strong cash flow generation. Due to the continued strengthening of the US dollar, we have updated our exchange rate assumption to reflect the average rate 今年迄今为止的交付总量 in 2024 of $1.00 (US) for $1.35 (Cdn) (previously $1.00 (US) for $1.30 (Cdn)). As a result, our expected uranium average realized price increased to $77.80 per pound (previously $74.70 per pound), driving up several financial outlook metrics, including estimated consolidated revenue for the year, which is now expected to be about $3.01 billion to $3.16 billion (previously $2.85 billion to $30亿), and our outlook for our share of Westinghouse’s 2024 adjusted EBITDA, which is now expected to be between $460 million and $530 million (previously $445 million to $51000万). See 2024年展望 in our third quarter MD&A for more information. Adjusted EBITDA attributable to Westinghouse is a 非国际财务报告准则 measure, see page 5. |
• | 铀板块表现强劲: 在我们的铀板块中,第三季度和本年度前九个月的产量表现强劲。相比去年,更高的营业收入和毛利润主要是由于销售量增加以及加币平均实现价格上涨所致。本季度的交付量为730万磅,高于2023年同期,而2080万磅的交付量略低于去年同期,这是由于正常季度波动导致的,尽管仍符合我们年度管理层讨论与分析报告中揭示的交付模式。我们对铀交付量的年度预期在3200万至3400万磅之间的区间保持不变。详见我们第三季度的管理层讨论与分析报告获取更多信息。 今年迄今为止的交付总量 2024年铀产量展望提升: 我们将2024年的产量展望调至3700万磅(我们的份额最高2310万磅)的铀,以配合市场的积极势头,履行我们的长期合同承诺。由于Key Lake磨矿厂的稳定运行速率,我们现在预计该厂将在2024年生产1900万磅(100%基础)的铀(之前为1800万磅铀),部分抵消了从JV Inkai的预期产量和采购的下调。2024年的市场和承诺采购预期已经进行调整,以考虑我们从JV Inkai获得剩余部分2024年产量的时间的不确定性增加。我们已经交付或者承诺了大部分预期的2024年市场采购,但可能会寻找额外的机会以补充我们的库存。详见铀 我们的第三季度管理层讨论与分析报告获取更多信息。 |
• | 2024年铀产量展望提升: 我们将2024年的产量展望调至3700万磅(我们的份额最高2310万磅)的铀,以配合市场的积极势头,履行我们的长期合同承诺。由于Key Lake磨矿厂的稳定运行速率,我们现在预计该厂将在2024年生产1900万磅(100%基础)的铀(之前为1800万磅铀),部分抵消了从JV Inkai的预期产量和采购的下调。2024年的市场和承诺采购预期已经进行调整,以考虑我们从JV Inkai获得剩余部分2024年产量的时间的不确定性增加。我们已经交付或者承诺了大部分预期的2024年市场采购,但可能会寻找额外的机会以补充我们的库存。详见 展望 2024年 in our third quarter MD&A for more information. |
• | Inkai production lower than previously expected: At JV Inkai, production for the third quarter was similar to last year, but lower for the first nine months of this year compared to the same period in 2023, due to differences in the annual mine plan, a shift in the acidification schedule for new wellfields, and unstable acid supply throughout the year. Maximum annual expected production is now estimated to be approximately 7.7 million pounds (100% basis) of uranium, as the previous target of 8.3 million pounds of uranium was contingent upon receipt of sufficient volumes of sulfuric acid in accordance with a specific schedule and is now deemed unachievable. The first shipment containing approximately 2.3 million pounds of our share of Inkai’s 2024 production has arrived at the Canadian port and is expected to arrive at the Blind River refinery before the end of 2024. The timing for the shipment of our remaining share of 2024 production is uncertain, and our allocation of this year’s planned production from JV Inkai remains under discussion. The timing of deliveries from JV Inkai impacts our share of earnings from equity-accounted investee and the timing of receipt of our share of dividends. An updated NI 43-101 technical report for the Inkai mine is being finalized and is expected to be filed under Cameco’s profile on SEDAR+ within 45 days of this release. Changes to the mineral reserves, production profile, costs, sensitivities, environmental and regulatory matters, and other scientific and technical information will be updated in the relevant sections of the report. |
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• | Solid adjusted EBITDA from Westinghouse: While Westinghouse reported a net loss of $57 million (our share), for the third quarter compared to $47 million (our share) in the second quarter, adjusted EBITDA was $122 million, compared to $121 million in the second quarter. Due to normal variability in the timing of its customer requirements, and delivery and outage schedules, we expect to see stronger performance from the Westinghouse segment in the fourth quarter, with higher expected cash flows. Purchase accounting, which required the revaluation of Westinghouse’s inventory and other assets at the time of acquisition, and the expensing of certain 非营运性 收购相关的过渡成本继续影响季度收入和我们2024年的收入前景。请参见展望 2024年 和 我们从Westinghouse的收入 有关更多信息,请查看我们第三季度MD&A。 |
• | 选择性的长期合同,保持对更高价格的敞口: As of September 30, 2024, we had commitments requiring delivery of an average of about 29 million pounds per year from 2024 through 2028. We also have contracts in our uranium and fuel services segments that span more than a decade, and in our uranium segment, many of those contracts benefit from market-related pricing mechanisms. In addition, we have a large and growing pipeline of business under discussion both 在公司平台上,未偿贷款余额(中国外)指在特定日期,国际市场上逾期30天的未偿贷款余额。 和 off-market, which we expect will help further build our long-term contract portfolio. |
• | Maintaining financial discipline and balanced liquidity to execute on strategy: |
• | Strong balance sheet: As of September 30, 2024, we had $197 million in cash and cash equivalents and $1.3 billion in total debt, demonstrating our ability to maintain liquidity while prioritizing repayment of our term loan debt. In addition, we have a $1.0 billion undrawn credit facility, which matures October 1, 2028. We continue to expect strong cash flow generation in 2024. |
• | 专注于减少债务由于我们的风险管理财务纪律和强大的现金头寸,在第三季度,我们继续优先考虑偿还用于 Westinghouse 收购的浮动利率贷款,偿还了剩余3亿美元中的另外1亿美元。 我们计划继续优先考虑偿还剩余的2亿美元贷款本金,同时平衡我们的流动性和现金头寸。 |
• | 保持财务灵活性我们计划在第四季度提交新的基础申请文件,因为现有的申请文件在十月份到期。 |
• | 执行团队变动: 自2024年10月7日起,David Doerksen被任命为高级副总裁兼首席营销官,负责国际营销团队的发展和执行 Cameco 营销策略,Lisa Aitken则被任命为营销副总裁。 |
综合财务业绩
亮点 | 三个月 截至9月30日 |
九个月 截至9月30日 |
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(单位:百万美元,除非另有说明) |
2024 | 2023 | 变化 | 2024 | 2023 | 变化 | ||||||||||||||||||
营业收入 |
721 | 575 | 25 | % | 1,953 | 1,744 | 12 | % | ||||||||||||||||
毛利润 |
171 | 152 | 13 | % | 533 | 429 | 24 | % | ||||||||||||||||
归属于股东的净利润 |
7 | 148 | (95 | )% | 36 | 281 | (87 | )% | ||||||||||||||||
每普通股(基本)的美元 |
0.02 | 0.34 | (94 | )% | 0.08 | 0.65 | (88 | )% | ||||||||||||||||
每普通股(摊薄)的美元 |
0.02 | 0.34 | (94 | )% | 0.08 | 0.65 | (88 | )% | ||||||||||||||||
调整后的净利润(亏损)(ANE) (非IFRS, 见第5页) |
(3 | ) | 137 | >(100 | )% | 115 | 249 | (54 | )% | |||||||||||||||
每股普通股的美元(调整和摊薄) |
(0.01 | ) | 0.32 | >(100 | )% | 0.26 | 0.57 | (54 | )% | |||||||||||||||
调整后EBITDA(非IFRS,请参见第5页) |
308 | 234 | 32 | % | 992 | 511 | 94 | % | ||||||||||||||||
经营活动提供的现金流量(经营资本变动后) |
52 | 185 | (72 | )% | 376 | 487 | (23 | )% |
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2023年9月30日和2024年9月30日结束的三个月和九个月财务信息未经审计。
精选分部亮点
三个月 截至9月30日 |
九个月 截至9月30日 |
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亮点 |
2024 | 2023 | 变化 | 2024 | 2023 | 变化 | ||||||||||||||||||||||||
铀 |
生产量(百万磅) | 4.3 | 3.0 | 43% | 17.3 | 11.9 | 45% | |||||||||||||||||||||||
销售量(百万磅) | 7.3 | 7.0 | 4% | 20.8 | 22.2 | (6)% | ||||||||||||||||||||||||
平均实现价格1 | (美元/磅 | ) | 60.18 | 52.57 | 14% | 58.28 | 48.62 | 20% | ||||||||||||||||||||||
(加币/磅 | ) | 82.33 | 70.30 | 17% | 78.97 | 65.40 | 21% | |||||||||||||||||||||||
营业收入 | 600 | 489 | 23% | 1,642 | 1,452 | 13% | ||||||||||||||||||||||||
毛利润 | 154 | 139 | 11% | 467 | 349 | 34% | ||||||||||||||||||||||||
所得税前利润 | 171 | 218 | (22)% | 615 | 474 | 30% | ||||||||||||||||||||||||
Adjusted EBITDA2 | 240 | 224 | 7% | 790 | 601 | 31% | ||||||||||||||||||||||||
燃料服务 |
生产量(百万千克铀) | 3.2 | 2.0 | 60% | 9.9 | 9.6 | 3% | |||||||||||||||||||||||
销售量(百万千克铀) | 3.5 | 2.1 | 67% | 7.9 | 7.8 | 1% | ||||||||||||||||||||||||
平均实现价格 3 | ($ | 加币/千克铀 | ) | 34.54 | 39.87 | (13)% | 39.17 | 37.44 | 5% | |||||||||||||||||||||
营业收入 | 120 | 86 | 40% | 311 | 291 | 7% | ||||||||||||||||||||||||
所得税前利润 | 17 | 28 | (39)% | 71 | 97 | (27)% | ||||||||||||||||||||||||
Adjusted EBITDA2 | 28 | 36 | (22)% | 96 | 121 | (21)% | ||||||||||||||||||||||||
调整后的EBITDA利润率(%)2 | 23 | 42 | (45)% | 31 | 42 | (26)% | ||||||||||||||||||||||||
Westinghouse |
营业收入 | 726 | — | 不适用 | 2,052 | — | 不适用 | |||||||||||||||||||||||
(our share) |
净损失 | (57 | ) | — | 不适用 | (227 | ) | — | 不适用 | |||||||||||||||||||||
Adjusted EBITDA2 | 122 | — | 不适用 | 320 | — | 不适用 |
1 | 铀的平均实现价格是通过铀精矿销售收入、运输和存储费用除以销售的铀精矿体积来计算。 |
2 | 非IFRS 测量,请参见第5页。 |
3 | Fuel services average realized price is calculated as revenue from the sale of conversion and fabrication services, including fuel bundles and reactor components, transportation and storage fees divided by the volumes sold. |
The table below shows the costs of produced and purchased uranium incurred in the reporting periods (see 非国际财务报告准则 measures starting on page 5). These costs do not include care and maintenance costs, selling costs such as royalties, transportation and commissions, nor do they reflect the impact of opening inventories on our reported cost of sales.
THREE MONTHS ENDED SEPTEMBER 30 |
NINE MONTHS ENDED SEPTEMBER 30 |
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($CDN/LB) |
2024 | 2023 | 变化 | 2024 | 2023 | 变化 | ||||||||||||||||||
产出 |
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现金成本 |
29.21 | 32.37 | (10 | )% | 20.90 | 25.60 | (18 | )% | ||||||||||||||||
非现金 |
10.40 | 12.24 | (15 | )% | 9.66 | 11.92 | (19 | )% | ||||||||||||||||
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Total production cost 1 |
39.61 | 44.61 | (11 | )% | 30.56 | 37.52 | (19 | )% | ||||||||||||||||
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产量(百万磅)1 |
4.3 | 3.0 | 43 | % | 17.3 | 11.9 | 45 | % | ||||||||||||||||
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购买 |
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现金成本 |
109.59 | 79.14 | 38 | % | 100.13 | 69.88 | 43 | % | ||||||||||||||||
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购买数量(百万磅)1 |
1.8 | 0.8 | >100 | % | 6.2 | 5.0 | 24 | % | ||||||||||||||||
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总计 |
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生产和购买成本 |
60.26 | 51.88 | 16 | % | 48.91 | 47.09 | 4 | % | ||||||||||||||||
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产量和购买数量(百万磅) |
6.1 | 3.8 | 61 | % | 23.5 | 16.9 | 39 | % | ||||||||||||||||
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1 | Due to equity accounting, our share of production from JV Inkai is shown as a purchase at the time of delivery. These purchases will fluctuate during the quarters and timing of purchases will not match production. There were no purchases during the quarter. In the first nine months of 2024, we purchased 1.2 million pounds at a purchase price per pound of $128.42 ($95.63 (US)). |
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非IFRS 我们使用一系列的财务指标来评估我们业务线的表现,具体如下所述。其中一些指标是根据GAAP(国际财务报告准则)计算的,而其他一些指标在GAAP下没有标准化的含义,因此这些指标可能与其他公司使用的类似指标不可比较。投资者可能会发现这些指标有用,其中包括财务指标和
The 非国际财务报告准则 measures referenced in this document are supplemental measures, which are used as indicators of our financial performance. Management believes that these 非国际财务报告准则 measures provide useful supplemental information to investors, securities analysts, lenders and other interested parties in assessing our operational performance and our ability to generate cash flows to meet our cash requirements. These measures are not recognized measures under IFRS, do not have standardized meanings, and are therefore may not be comparable to similarly titled measures presented by other companies. Accordingly, these measures should not be considered in isolation or as a substitute for the financial information reported under IFRS. We are not able to reconcile our forward-looking 非国际财务报告准则 由于我们无法预测离散项目的时间和金额,从而显著影响我们的IFRS结果,因此我们不能提供准确指导。
以下是 非国际财务报告准则 本文件中使用的指标。
调整后净利润
调整后净利润是指我们归属于股东的净利润,经过调整后的 非营运性 或者 非现金投资和筹资活动: items such as gains and losses on derivatives and adjustments to reclamation provisions flowing through other operating expenses, that we believe do not reflect the underlying financial performance for the reporting period. Other items may also be adjusted from time to time. We adjust this measure for certain of the items that our equity-accounted investees make in arriving at other 非国际财务报告准则 measures. Adjusted net earnings is one of the targets that we measure to form the basis for a portion of annual employee and executive compensation (see Measuring our results in our 2023 annual MD&A).
In calculating ANE we adjust for derivatives. We do not use hedge accounting under IFRS and, therefore, we are required to report gains and losses on all hedging activity, both for contracts that close in the period and those that remain outstanding at the end of the period. For the contracts that remain outstanding, we must treat them as though they were settled at the end of the reporting period (按市场价重新计算的)。 然而,我们认为根据国际财务报告准则(IFRS)要求报告的收益和损失未能恰当反映我们对套期保值活动的意图,因此,在计算我们的ANE时进行调整以更好地反映适用报告期间我们的套期保值计划的影响。请参见 汇率期货 ,了解有关我们2023年年度管理层讨论与分析的更多信息。
我们还调整了对直接流经收益的回收准备条款的变化。每个季度,我们都需要根据新的现金流估计、贴现和通货膨胀率更新所有运营的回收准备条款。这通常会导致资产折旧义务资产的调整,除了回收准备金余额。 当某项运营的资产因减值而被注销时,例如我们兔子湖和美国ISR运营的情况,该调整直接记录在损益表中的“其他营业费用(收入)”中。 有关更多信息,请参见我们中期财务报表的附注10。该金额已从我们的ANE措施中排除。
由于威斯汀豪斯的所有权发生变更,被Cameco和Brookfield收购时,威斯汀豪斯的存货在收购日基于市场价格重新估值。随着这些数量的销售,威斯汀豪斯产品和服务成本反映这些市场价值,而不考虑其历史成本。我们在这些成本中的份额包括在股权投资企业收益中,并记录在投资者信息的产品和服务成本中(请参见财务报表的附注7)。由于这笔费用是 非现金 不属于正常业务范围,仅因所有权变更而发生,我们已从我们的ANE措施中排除了我们的份额。
西屋公司还支出了一些与收购有关的过渡成本 非营运性 各收购方同意支付一些与收购有关的过渡成本,这导致支付的购买价格减少。我们分担的这部分成本已包含在以权益法核算的投资者盈利中,并记录在投资信息中的其他费用中(请参阅财务基本报表附注7)。由于这笔费用超出正常业务经营范围,且仅由于所有权变更而发生,我们已将我们的份额排除在我们的ANE指标之外。
- 5 -
为更好地理解这些指标,下表详细说明了调整后的净收益与2024年第三季度和前九个月的净收益之间的关系,并将其与2023年同期进行了比较。
三个月 截至9月30日 |
九个月 截至9月30日 |
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(百万美元) |
2024 | 2023 | 2024 | 2023 | ||||||||||||
归属于普通股股东的净收入 |
7 | 148 | 36 | 281 | ||||||||||||
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调整 |
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衍生工具调整 |
(28 | ) | 41 | 19 | — | |||||||||||
库存购买会计调整(净税前) |
— | — | 50 | — | ||||||||||||
与收购相关的转型成本(净税前) |
5 | — | 24 | — | ||||||||||||
其他营业费用(收入)的调整 |
5 | (48 | ) | (12 | ) | (42 | ) | |||||||||
调整所得税 |
8 | (4 | ) | (2 | ) | 10 | ||||||||||
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调整后的净收益(损失) |
(3 | ) | 137 | 115 | 249 | |||||||||||
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以下表格显示了什么导致了调整后净收益的变化 (非IFRS 指标,请参见上文)2024年第三季度和前九个月与2023年同期相比。
三个月 截至9月30日 |
九个月 截至9月30日 |
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(以百万美元计) |
国际财务报告准则 | 调整后 | 国际财务报告准则 | 调整后 | ||||||||||||||
2023年净利润 |
148 | 137 | 281 | 249 | ||||||||||||||
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各部分毛利润变化 |
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(我们通过从营业收入中扣除产品和服务的成本,折旧和摊销(D&A),减去套期保值收益来计算毛利润) |
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铀 |
销量变化的影响 | 6 | 6 | (22 | ) | (22 | ) | |||||||||||
更高的实现价格(美元) | 74 | 74 | 270 | 270 | ||||||||||||||
外汇对实现价格的影响 | 14 | 14 | 12 | 12 | ||||||||||||||
更高的成本 | (78 | ) | (78 | ) | (139 | ) | (139 | ) | ||||||||||
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铀的变化 | 16 | 16 | 121 | 121 | ||||||||||||||
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燃料服务 |
销量变化的影响 | 9 | 9 | 2 | 2 | |||||||||||||
加元实现价格较高(较低) | (19 | ) | (19 | ) | 14 | 14 | ||||||||||||
成本降低(增加) | 13 | 13 | (32 | ) | (32 | ) | ||||||||||||
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燃料服务变化 | 3 | 3 | (16 | ) | (16 | ) | ||||||||||||
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其他变动 |
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行政开支降低 |
15 | 15 | 11 | 11 | ||||||||||||||
勘探和研发支出增加 |
(2 | ) | (2 | ) | (10 | ) | (10 | ) | ||||||||||
清理准备金变化 |
(66 | ) | (13 | ) | (40 | ) | (10 | ) | ||||||||||
股权投资收益减少 |
(66 | ) | (61 | ) | (176 | ) | (102 | ) | ||||||||||
衍生产品收益或损失变动 |
68 | (1 | ) | (23 | ) | (4 | ) | |||||||||||
汇率期货收益或损失变动 |
(68 | ) | (68 | ) | — | — | ||||||||||||
较低的融资收入 |
(30 | ) | (30 | ) | (75 | ) | (75 | ) | ||||||||||
更高的融资成本 |
(12 | ) | (12 | ) | (48 | ) | (48 | ) | ||||||||||
所得税收入或费用变动 |
3 | 15 | 13 | 1 | ||||||||||||||
其他 |
(2 | ) | (2 | ) | (2 | ) | (2 | ) | ||||||||||
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净收益(亏损)- 2024 |
7 | (3 | ) | 36 | 115 | |||||||||||||
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EBITDA
EBITDA 被定义为归属于股权持有人的净利润,调整为涵盖公司的资本和税收结构相关成本,包括折旧和摊销、财务收入、财务成本(包括折旧)和所得税。EBITDA 中包括我们在股权会计投资者中的份额。
调整后的EBITDA
调整后的 EBITDA 被定义为 EBITDA,再根据期间发生的某些费用或收益的影响进行调整,这些费用或收益要么不反映底层业务表现,要么影响评估业务经营表现的能力。这些调整包括 ANE 定义中提到的金额。
- 6 -
在计算调整后的 EBITDA 时,我们还会调整我们的股权会计投资者业绩中包含的项目,这些项目不是用于得出我们的 ANE 指标的调整项目。这些项目被报告为投资者财务信息中的其他费用部分,不代表基础业务。主要包括与收购相关的交易、整合和重组成本。
公司未来可能会实现类似收益或发生类似支出。
调整后的 EBITDA 比率
调整后的 EBITDA 比率被定义为适当期间的调整后的 EBITDA 除以营业收入。
EBITDA、调整后的 EBITDA 和调整后的 EBITDA 比率均为 非国际财务报告准则 衡量措施使我们和其他用户能够从管理角度评估业务运营结果,而不考虑我们的资本结构。
为了更好地理解这些措施,下面的表格对2024年第三季度和头九个月的净收益与EBITDA和调整后的EBITDA进行了调和。
2024年9月30日结束的季度:
燃料 | ||||||||||||||||||||
(百万美元) |
铀 | 服务项目 | 西屋电气 | 其他。 | TOTAL | |||||||||||||||
归属股东的净收益(损失) |
171 | 17 | (57 | ) | (124 | ) | 7 | |||||||||||||
折旧和摊销 |
59 | 11 | — | 1 | 71 | |||||||||||||||
财务收益 |
— | — | — | (4 | ) | (4 | ) | |||||||||||||
财务成本 |
— | — | — | 35 | 35 | |||||||||||||||
所得税 |
— | — | — | 38 | 38 | |||||||||||||||
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230 | 28 | (57 | ) | (54 | ) | 147 | ||||||||||||||
股权投资调整 |
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折旧和摊销 |
2 | — | 93 | — | ||||||||||||||||
财务开支 |
— | — | 54 | — | ||||||||||||||||
所得税 |
3 | — | (2 | ) | — | |||||||||||||||
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股权投资净调整 |
5 | — | 145 | — | 150 | |||||||||||||||
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EBITDA |
235 | 28 | 88 | (54 | ) | 297 | ||||||||||||||
衍生品损失 |
— | — | — | (28 | ) | (28 | ) | |||||||||||||
其他营业费用 |
5 | — | — | — | 5 | |||||||||||||||
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5 | — | — | (28 | ) | (23 | ) | ||||||||||||||
股权投资者权益调整 |
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收购相关过渡成本 |
— | — | 7 | — | ||||||||||||||||
其他支出 |
— | — | 27 | — | ||||||||||||||||
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股权投资者权益净调整 |
— | — | 34 | — | 34 | |||||||||||||||
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Adjusted EBITDA |
240 | 28 | 122 | (82 | ) | 308 | ||||||||||||||
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- 7 -
2023年9月30日结束的季度
燃料 | ||||||||||||||||
(百万美元) |
铀 | 服务项目 | 其他。 | TOTAL | ||||||||||||
净利润(亏损)归属于股东 |
218 | 28 | (98 | ) | 148 | |||||||||||
折旧和摊销 |
47 | 8 | 1 | 56 | ||||||||||||
财务收益 |
— | — | (34 | ) | (34 | ) | ||||||||||
财务成本 |
— | — | 23 | 23 | ||||||||||||
所得税 |
— | — | 41 | 41 | ||||||||||||
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265 | 36 | (67 | ) | 234 | ||||||||||||
权益法下的调整 |
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折旧和摊销 |
2 | — | — | |||||||||||||
所得税 |
5 | — | — | |||||||||||||
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权益法下的净调整 |
7 | — | — | 7 | ||||||||||||
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EBITDA |
272 | 36 | (67 | ) | 241 | |||||||||||
衍生品收益 |
— | — | 41 | 41 | ||||||||||||
其他经营收入 |
(48 | ) | — | — | (48 | ) | ||||||||||
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Adjusted EBITDA |
224 | 36 | (26 | ) | 234 | |||||||||||
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2024年9月30日结束的9个月:
燃料 | ||||||||||||||||||||
(百万美元) |
铀1 | 服务项目 | 西屋 | 其他。 | TOTAL | |||||||||||||||
归属于股东的净收益(损失) |
615 | 71 | (227 | ) | (423 | ) | 36 | |||||||||||||
折旧和摊销 |
148 | 25 | — | 4 | 177 | |||||||||||||||
财务收益 |
— | — | — | (18 | ) | (18 | ) | |||||||||||||
财务成本 |
— | — | — | 117 | 117 | |||||||||||||||
所得税 |
— | — | — | 87 | 87 | |||||||||||||||
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763 | 96 | (227 | ) | (233 | ) | 399 | ||||||||||||||
权益投资者的调整 |
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折旧和摊销 |
12 | — | 267 | — | ||||||||||||||||
财务收益 |
— | — | (3 | ) | — | |||||||||||||||
财务开支 |
— | — | 172 | — | ||||||||||||||||
所得税 |
27 | — | (50 | ) | — | |||||||||||||||
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股权投资公司的净调整 |
39 | — | 386 | — | 425 | |||||||||||||||
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EBITDA |
802 | 96 | 159 | (233 | ) | 824 | ||||||||||||||
衍生品收益 |
— | — | — | 19 | 19 | |||||||||||||||
其他经营收入 |
(12 | ) | — | — | — | (12 | ) | |||||||||||||
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(12 | ) | — | — | 19 | 7 | |||||||||||||||
股权投资公司的调整 |
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存货购买会计 |
— | — | 66 | — | ||||||||||||||||
收购相关的过渡成本 |
— | — | 32 | — | ||||||||||||||||
其他支出 |
— | — | 63 | — | ||||||||||||||||
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股权投资关联的净调整 |
— | — | 161 | — | 161 | |||||||||||||||
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Adjusted EBITDA |
790 | 96 | 320 | (214 | ) | 992 | ||||||||||||||
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- 8 -
截至2023年9月30日的九个月:
燃料 | ||||||||||||||||
(百万美元) |
铀1 | 服务项目 | 其他。 | TOTAL | ||||||||||||
归属于股东的净收益(损失) |
474 | 97 | (290 | ) | 281 | |||||||||||
折旧和摊销 |
147 | 24 | 3 | 174 | ||||||||||||
财务收益 |
— | — | (93 | ) | (93 | ) | ||||||||||
财务成本 |
— | — | 69 | 69 | ||||||||||||
所得税 |
— | — | 100 | 100 | ||||||||||||
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621 | 121 | (211 | ) | 531 | ||||||||||||
股权投资调整 |
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折旧和摊销 |
6 | — | — | |||||||||||||
所得税 |
16 | — | — | |||||||||||||
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股权投资净调整 |
22 | — | — | 22 | ||||||||||||
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EBITDA |
643 | 121 | (211 | ) | 553 | |||||||||||
其他经营收入 |
(42 | ) | — | — | (42 | ) | ||||||||||
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Adjusted EBITDA |
601 | 121 | (211 | ) | 511 | |||||||||||
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每磅现金成本, 非现金 每磅成本和每磅总成本玈生产和购买的铀
每磅现金成本, 非现金投资和筹资活动: 成本,玈生产和购买的铀预算每磅总成本为 非国际财务报告准则 这些标准是衡量我们铀业绩表现的重要标准。这些指标不一定代表根据IFRS核定的营业利润或现金流。
为了更好地理解这些措施,下表将这些措施与2024年第三季度和前九个月的产品销售成本、折旧和摊销进行了对比。
三个月 截至9月30日 |
九个月 截至9月30日 |
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(单位:百万美元) |
2024 | 2023 | 2024 | 2023 | ||||||||||||
产品销售成本 |
386.5 | 304.6 | 1,027.0 | 959.1 | ||||||||||||
添加 / (减去) |
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特许权使用费 |
(38.4 | ) | (22.3 | ) | (88.5 | ) | (61.0 | ) | ||||||||
维护费用 |
(13.4 | ) | (12.1 | ) | (37.3 | ) | (35.2 | ) | ||||||||
其他销售成本 |
(2.9 | ) | (3.0 | ) | (12.2 | ) | (7.1 | ) | ||||||||
存货的变化 |
(8.9 | ) | (106.8 | ) | 93.4 | (201.8 | ) | |||||||||
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生产现金成本(a) |
322.9 | 160.4 | 982.4 | 654.0 | ||||||||||||
添加/(减去) |
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折旧和摊销 |
59.3 | 47.1 | 147.5 | 147.2 | ||||||||||||
维护和保养成本 |
(0.2 | ) | (0.8 | ) | (0.6 | ) | (3.4 | ) | ||||||||
存货的变化 |
(14.4 | ) | (9.6 | ) | 20.2 | (2.0 | ) | |||||||||
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总生产成本(b) |
367.6 | 197.1 | 1,149.5 | 795.8 | ||||||||||||
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铀产量及购买量(百万磅) (c) |
6.1 | 3.8 | 23.5 | 16.9 | ||||||||||||
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每磅现金成本(a ÷ c) |
52.93 | 42.21 | 41.80 | 38.70 | ||||||||||||
每磅总成本(b ÷ c) |
60.26 | 51.88 | 48.91 | 47.09 | ||||||||||||
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管理层讨论和分析(MD&A)以及财务报表
第三季度MD&A和未经审计的简明综合中期财务报表,详细解释了截至2024年9月30日的三个和九个月的运营结果,与去年同期进行了比较。本新闻公告应该与这些文件一起阅读,以及我们的经过审计的截至2023年12月31日年度财务报表和附注,第一季度、第二季度和年度MD&A,以及我们最近的年度信息表格一起阅读,在cameco.com官网,sedarplus.ca上的SEDA+,以及sec.gov/edgar.shtml上的EDGAR。
合格人员
关于我们的材料特性麦克阿瑟河/凯莱克,西嘎湖和英凯的技术和科学信息在本文件中讨论,并获得以下具备NI目的的合格人员的批准43-101:
麦克阿瑟河/凯莱克 | 西嘎湖 | |
• 麦克阿瑟河总经理Greg Murdock,cameco |
• 西嘎湖总经理Kirk Lamont,cameco | |
• 凯莱克总经理Daley McIntyre,cameco |
英凯 | |
• Cameco哈萨克斯坦技术服务副总经理Sergey Ivanov |
Caution about forward-looking information
This news release includes statements and information about our expectations for the future, which we refer to as forward-looking information. Forward-looking information is based on our current views, which can change significantly, and actual results and events may be significantly different from what we currently expect. Examples of forward-looking information in this news release include: our view that our third quarter operational performance supports our return to a tier-one cost structure, and that there is a trend of improving operational performance and cash flow generation, backed by stable and rising market prices; our financial outlook for both Cameco and Westinghouse; our expectation of continued strengthening of the industry’s long term prospects; our recommended dividend growth plan and expectations regarding dividend payments, and increases through 2026; our perception of sustained, positive momentum for nuclear energy, and our ability to capture greater upside in future years; our view that our strategy will align with our commitments, permitting us to deliver fully-cycle value; our 2024 uranium production outlook; our ability to rebalance our supply sources; our production expectations for JV Inkai; our expectation of strong cash flow generation, and intention to prioritize debt management and reduction while maintaining liquidity and strong cash flow generation; our perception of a positive shift in government, industry and public support for nuclear energy, and continuing financial support for access to nuclear power; our belief that Cameco is uniquely positioned to benefit from those developments; our expected ability to achieve our vision, including a commitment to make our business sustainable over the long term; our expected uranium average realized prices, production and deliveries and outlook for our share of Westinghouse’s 2024 adjusted EBITDA, as well as its performance and cash flows; expected Key Lake Mill and JV Inkai production levels, and timing of shipments and deliveries; the expected timing of the finalization and filing of a new technical report for the Inkai mine; our expectations regarding the building of our long-term contract portfolio and pipeline of business under discussion; our intention to file a new base shelf prospectus in the fourth quarter; and the timing of our third quarter conference call and announcement of our 2024 fourth quarter and annual results.
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可能导致不同结果的重要风险包括:铀供应、需求、长期合同和价格出现意外变化;由于社会观念和目标变化而导致核能和铀的消费需求变化;我们对核能的观点、增长概况和好处存在可能被证明不正确的风险; 我们可能无法在预期时间内实现计划生产水平,或者所涉成本超出预期;Inkai 的生产水平可能因硫酸氢钠数量不足或其他原因而未能达到预期水平,或者在预期时点交付其生产,Westinghouse 企业生产中可能出现的风险有潜在的生产中断、实施其业务目标、遵守许可或质量保证要求,或者可能无法实现预期增长;我们可能因任何原因无法满足销售承诺的风险;我们企业可能出现的生产中断风险,包括与全球供应链中断、全球经济不确定性、政治动荡、劳资关系问题和运营风险有关的风险;我们可能无法以与我们的环境、社会、治理和其他价值观一致的方式实施业务目标的风险;我们正在追求的策略可能失败,或者我们可能无法成功执行;Westinghouse 可能无法以符合其或我们的环境、社会、治理和其他价值观为一致的方式实施其业务目标的风险;我们新的基本发行安排说明书或Inkai 矿的技术报告可能因意外原因而延迟;我们可能无法在截至2026年为期间的普通股上支付目前预期金额的股息,以及我们可能延迟宣布未来财务业绩的风险。
在提供前瞻性信息时,我们做出了重大假设,这些假设可能会被证明不正确,包括:铀的需求、供应、消费、长期合同、核能需求增长及全球对核能的公众接受程度和价格;我们的生产、采购、销售、交付及成本;我们未来计划和预测所依据的市场条件和其他因素;我们合同管道的讨论;Inkai 生产、其是否收到足够的硫酸量,以及我们计划生产的分配和交付时间;对于 Westinghouse 的生产、采购、销售、交付及成本的假设,业务中断、以及其计划和策略的成功;我们计划和策略的成功,包括计划生产;没有新的不利政府法规、政策或决定;我们的业务不会因生产中断(包括与供应中断、经济或政治不确定性和波动、劳资关系问题、基础设施老化和运营风险有关的中断)导致重大不利后果的假设;关于 Westinghouse 调整后的 EBITDA 的假设;我们的新基准待售文件和 Inkai 矿山的新技术报告不会因意外原因延迟提交;我们普通股的年度股息将于预期的金额宣布并支付至 2026 年,以及我们能够如期公布未来财务业绩。
请还要查看我们 2023 年度 MD&A、2024 年第一和第二季度 MD&A 以及我们最近的年度信息表,以了解可能导致实际结果与我们目前预期大幅不同的其他重大风险,以及我们所做的其他重要假设。前瞻性信息旨在帮助您了解管理层对我们近期和长远前景的当前观点,并可能不适用于其他目的。除非证券法要求,否则我们不一定会更新这些信息。
业绩会
我们诚邀您参加我们2024年11月7日(星期四)上午8:00举行的第三季度电话会议。
电话会议将向所有投资者和媒体开放。要参加电话会议,请拨打电话 (844) 763-8274 (加拿大和美国)或(647) 484-8814. 运营商将帮助接通您的电话。会议电话的幻灯片和实时网络直播将通过cameco.com上的链接提供。请在电话会议当天查看我们主页上的链接。
会议程序的录音版本将提供:
• | 稍后在我们的网站cameco.com上提供 |
• | 在东部时间2024年12月7日午夜前,可以拨打电话 (855) 访问发帖视图669-9658 (加拿大/美国免费电话)或(412) 317-0088 (国际长途)(密码7713061) |
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2024年第四季度和年度报告发布日期
我们计划在2025年2月20日开市前宣布我们2024年第四季度和年度的财务和营运业绩。公告日期可能会有变动。
简介
Cameco是全球最大的一家铀燃料供应商之一,为清洁空气的世界注入能量。我们的竞争优势基于我们对世界最大高品位储量的控股所有权 ,一个洁净空气 世界。我们的竞争力基于我们对世界最大高品位储量的控股所有权和 低成本 在核燃料循环的各个环节进行业务运营,包括拥有西屋电气公司和全球激光浓缩等公司的股权投资。世界各地的供电公司依赖于Cameco为他们提供全球核燃料解决方案,以支持安全、可靠、无碳的核电发电。我们的股票在多伦多和纽约证券交易所交易。我们的总部位于加拿大萨斯喀彻温省的萨斯卡通市。
在本新闻稿中使用的‘我们’‘我们的’‘公司’和Cameco指的是Cameco公司及其子公司,除非另有说明。
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投资者咨询:
科里·科斯
306-716-6782
cory_kos@cameco.com
媒体询问:
Veronica Baker
306-385-5541
veronica_baker@cameco.com
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