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卡梅科(CCJ) - 2023 Q2 - Quarterly Report
CCJCameco(CCJ)2023-08-01 16:00
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Financial Performance - Net earnings for the three months ended June 30, 2023, were 13.693million,comparedto13.693 million, compared to 83.937 million for the same period in 2022[6] - Revenue from products and services for the six months ended June 30, 2023, was 1.168billion,upfrom1.168 billion, up from 955.615 million in the same period in 2022[8] - Gross profit for the six months ended June 30, 2023, was 277.152million,comparedto277.152 million, compared to 142.757 million in the same period in 2022[8] - Earnings per common share (basic and diluted) for the six months ended June 30, 2023, were 0.31,unchangedfromthesameperiodin2022[8]−TotalcomprehensiveincomeforthesixmonthsendedJune30,2023,was0.31, unchanged from the same period in 2022[8] - Total comprehensive income for the six months ended June 30, 2023, was 128.756 million, compared to 89.998millioninthesameperiodin2022[6]−NetearningsforthesixmonthsendedJune30,2023,were89.998 million in the same period in 2022[6] - Net earnings for the six months ended June 30, 2023, were 132.66 million, compared to 124.22millioninthesameperiodin2022[15]−TotalcomprehensiveincomeforthesixmonthsendedJune30,2023,was124.22 million in the same period in 2022[15] - Total comprehensive income for the six months ended June 30, 2023, was 128.76 million, compared to 89.99millioninthesameperiodin2022[15]−RevenueforthethreemonthsendedJune30,2023was89.99 million in the same period in 2022[15] - Revenue for the three months ended June 30, 2023 was 13.693 million, compared to 83.979millionforthesameperiodin2022[68]−RevenueforthesixmonthsendedJune30,2023was83.979 million for the same period in 2022[68] - Revenue for the six months ended June 30, 2023 was 132.662 million, compared to 124.329millionforthesameperiodin2022[68]−NetearningsforthethreemonthsendedJune30,2023,were124.329 million for the same period in 2022[68] - Net earnings for the three months ended June 30, 2023, were 13,693, compared to 83,937inthesameperiodin2022[103][104]−Totalrevenueforthequarterwas83,937 in the same period in 2022[103][104] - Total revenue for the quarter was 955.6 million, with Uranium Fuel contributing 769.6million(80.5769.6 million (80.5% of total revenue) and Services contributing 174.6 million (18.3%)[112] - Gross profit for the quarter was 142.8million,withUraniumFuelgenerating142.8 million, with Uranium Fuel generating 78.0 million and Services generating 66.6million[112]−Netearningsforthequarterwere66.6 million[112] - Net earnings for the quarter were 124.2 million, after accounting for income tax expense of 25.2million[112]CashandLiquidity−CashandcashequivalentsasofJune30,2023,were25.2 million[112] Cash and Liquidity - Cash and cash equivalents as of June 30, 2023, were 2.453 billion, up from 1.143billionatDecember31,2022[13]−NetcashprovidedbyoperationsforthesixmonthsendedJune30,2023,was1.143 billion at December 31, 2022[13] - Net cash provided by operations for the six months ended June 30, 2023, was 302.07 million, compared to 273.74millioninthesameperiodin2022[19]−CashandcashequivalentsattheendoftheperiodonJune30,2023,were273.74 million in the same period in 2022[19] - Cash and cash equivalents at the end of the period on June 30, 2023, were 2.45 billion, compared to 1.06billiononJune30,2022[19]−CashandcashequivalentsasofJune30,2023were1.06 billion on June 30, 2022[19] - Cash and cash equivalents as of June 30, 2023 were 2.45396 billion, compared to 1.143674billionasofDecember31,2022[81]AssetsandLiabilities−TotalcurrentassetsasofJune30,2023,were1.143674 billion as of December 31, 2022[81] Assets and Liabilities - Total current assets as of June 30, 2023, were 3.593 billion, compared to 3.321billionatDecember31,2022[13]−Long−termdebtasofJune30,2023,was3.321 billion at December 31, 2022[13] - Long-term debt as of June 30, 2023, was 497.774 million, down from 997millionatDecember31,2022[13]−Totalshareholders′equityattributabletoequityholdersasofJune30,2023,was997 million at December 31, 2022[13] - Total shareholders' equity attributable to equity holders as of June 30, 2023, was 5.974 billion, up from 5.836billionatDecember31,2022[13]−Accountsreceivabledecreasedby5.836 billion at December 31, 2022[13] - Accounts receivable decreased by 106.445 million in the three months ended June 30, 2023, compared to a decrease of 4.234millioninthesameperiodin2022[69]−Inventories,supplies,andprepaidexpensesdecreasedby4.234 million in the same period in 2022[69] - Inventories, supplies, and prepaid expenses decreased by 129.521 million in the three months ended June 30, 2023, compared to a decrease of 39.245millioninthesameperiodin2022[69]−Long−termdebthadacarryingvalueof39.245 million in the same period in 2022[69] - Long-term debt had a carrying value of (997,000) and a fair value of (1,014,010)asofDecember31,2022[93]−ThefairvalueofCameco′slong−termdebtisdeterminedusingquotedmarketyieldsrangingfrom3.2(1,014,010) as of December 31, 2022[93] - The fair value of Cameco's long-term debt is determined using quoted market yields ranging from 3.2% to 5.0% as of the reporting date[95] Inventory and Cost of Sales - Cost of sales for the six months ended June 30, 2023, was 891.809 million, up from 812.858millioninthesameperiodin2022[8]−Camecoexpensed812.858 million in the same period in 2022[8] - Cameco expensed 796,178,000 of inventory as cost of sales for the six months ended June 30, 2023, compared to 670,771,000inthesameperiodof2022[40]−AsofJune30,2023,Camecohad670,771,000 in the same period of 2022[40] - As of June 30, 2023, Cameco had 479,264,000 worth of uranium concentrate inventory, down from 537,426,000atDecember31,2022[40]−Cameco′stotalinventoryvaluedecreasedto537,426,000 at December 31, 2022[40] - Cameco's total inventory value decreased to 633,397,000 as of June 30, 2023, from 664,698,000atDecember31,2022[40]JointVenturesandInvestments−Camecohasa40664,698,000 at December 31, 2022[40] Joint Ventures and Investments - Cameco has a 40% interest in Joint Venture Inkai LLP, a joint arrangement with Kazatomprom, located in Kazakhstan[21] - JV Inkai, in which Cameco holds a 40% interest, reported net earnings of 110,888,000 for the six months ended June 30, 2023, up from 88,228,000inthesameperiodof2022[45]−Cameco′sshareofJVInkai′snetassetswas88,228,000 in the same period of 2022[45] - Cameco's share of JV Inkai's net assets was 209,869,000 as of June 30, 2023, down from 260,609,000atDecember31,2022[45]−Cameco′sownershipstakeintheCigarLakeuraniummineincreasedto54.547260,609,000 at December 31, 2022[45] - Cameco's ownership stake in the Cigar Lake uranium mine increased to 54.547% from 50.025% after acquiring an additional 4.522% interest for 101,681,000[36][37] - The acquisition of the additional interest in Cigar Lake Joint Venture would have added 296,000 pounds to Cameco's share of production if it had occurred at the beginning of 2022[32] - Cameco recorded a bargain purchase gain of 22,802,000fromtheacquisitionofadditionalinterestinCigarLakeJointVenture[39]−CamecoenteredintoastrategicpartnershipwithBrookfieldRenewablePartnerstoacquirea4922,802,000 from the acquisition of additional interest in Cigar Lake Joint Venture[39] - Cameco entered into a strategic partnership with Brookfield Renewable Partners to acquire a 49% interest in Westinghouse Electric Company[110] Operations and Production - The Company's operations at McArthur River/Key Lake resumed in November 2022 after being suspended in 2018[22] - The Company operates the world's largest commercial refinery in Blind River, Ontario, and controls a significant portion of the world's UF6 primary conversion capacity in Port Hope, Ontario[23] - Cameco loaned 5,400,000 pounds of uranium concentrate to Orano Canada Inc., with 1,828,999 pounds repaid as of June 30, 2023[41] - Cameco expensed 25,693,000 in care and maintenance costs for the six months ended June 30, 2023, compared to 111,732,000in2022[101]−Revenuefortheuraniumsegmentwas111,732,000 in 2022[101] - Revenue for the uranium segment was 368,308 for the three months ended June 30, 2023, compared to 447,226inthesameperiodin2022[103][104]−Revenueforthefuelservicessegmentwas447,226 in the same period in 2022[103][104] - Revenue for the fuel services segment was 113,459 for the three months ended June 30, 2023, compared to 98,928inthesameperiodin2022[103][104]−UraniumsalesintheAmericasforthesixmonthsendedJune30,2023,were98,928 in the same period in 2022[103][104] - Uranium sales in the Americas for the six months ended June 30, 2023, were 433,401, contributing significantly to total revenue[55] - Fixed-price contracts accounted for 307,865ofuraniumsalesforthesixmonthsendedJune30,2023[55]−CamecopurchaseduraniumconcentratefromJVInkaifor307,865 of uranium sales for the six months ended June 30, 2023[55] - Cameco purchased uranium concentrate from JV Inkai for 93.4 million (68.4millionUS)inQ22023,asignificantincreasefrom68.4 million US) in Q2 2023, a significant increase from 44.5 million (35.0millionUS)inthesameperiodin2022[113]−CamecoreceivedacashdividendfromJVInkaiof35.0 million US) in the same period in 2022[113] - Cameco received a cash dividend from JV Inkai of 113.6 million (83.1millionUS)inQ22023,slightlyhigherthan83.1 million US) in Q2 2023, slightly higher than 104.9 million (82.9millionUS)inQ22022[114]Share−BasedCompensationandEquity−Share−basedcompensationforthesixmonthsendedJune30,2023,was82.9 million US) in Q2 2022[114] Share-Based Compensation and Equity - Share-based compensation for the six months ended June 30, 2023, was 1.76 million, compared to 1.58millioninthesameperiodin2022[15]−Totalshare−basedcompensationexpensesforthethreemonthsendedJune30,2023were1.58 million in the same period in 2022[15] - Total share-based compensation expenses for the three months ended June 30, 2023 were 2.045 million, compared to 1.708millionforthesameperiodin2022[73]−Totalshare−basedcompensationexpensesforthesixmonthsendedJune30,2023were1.708 million for the same period in 2022[73] - Total share-based compensation expenses for the six months ended June 30, 2023 were 3.807 million, compared to 3.290millionforthesameperiodin2022[73]−Thecompanygranted232,160PSUsduringthequarterwithaweightedaveragefairvalueof3.290 million for the same period in 2022[73] - The company granted 232,160 PSUs during the quarter with a weighted average fair value of 37.30 per unit[75] - The company granted 292,553 RSUs during the quarter with a weighted average fair value of 37.30perunit[76]−CommonsharesoutstandingasofJune30,2023,were433,308,237,with2,263,804stockoptionsexercisableupto2027[50]−Weightedaveragenumberofcommonsharesoutstandingin2023was432,974,012,comparedto398,308,899in2022[67]TaxesandProvisions−Thecompanyexpectstorecover37.30 per unit[76] - Common shares outstanding as of June 30, 2023, were 433,308,237, with 2,263,804 stock options exercisable up to 2027[50] - Weighted average number of common shares outstanding in 2023 was 432,974,012, compared to 398,308,899 in 2022[67] Taxes and Provisions - The company expects to recover 209,125,000 in cash taxes, interest, and penalties related to a tax dispute with Canada Revenue Agency[41] - Deferred tax assets as of June 30, 2023, were 944,375,000,downfrom944,375,000, down from 984,071,000 as of December 31, 2022[62] - The Supreme Court of Canada dismissed the CRA's appeal, resolving the 2003, 2005, and 2006 tax years in the company's favor[64] - Total provisions decreased slightly to 1,046,471asofJune30,2023,from1,046,471 as of June 30, 2023, from 1,071,030 at the beginning of the year[49] Financing and Transactions - In 2022, Cameco secured a bridge loan facility of 280million(US)andtermloanstotaling280 million (US) and term loans totaling 600 million (US) to fund its share of a purchase price[115] - Cameco issued 34,057,250 common shares in a public offering to help fund the acquisition[115] - Transaction costs of 51.7millionwereincludedinsuppliesandprepaidexpensesasofJune30,2023,upfrom51.7 million were included in supplies and prepaid expenses as of June 30, 2023, up from 41.2 million at the end of 2022[116] Foreign Exchange and Derivatives - Foreign exchange losses for the three months ended June 30, 2023, were (43,578),comparedtogainsof(43,578), compared to gains of 21,372 in the same period in 2022[61] - Foreign currency contracts had a fair value of (48,251)asofDecember31,2022,comparedto(48,251) as of December 31, 2022, compared to (6,618) as of June 30, 2023[99] - Interest rate contracts had a fair value of (7,284)asofDecember31,2022,comparedto(7,284) as of December 31, 2022, compared to (8,035) as of June 30, 2023[99] Other Financial Metrics - Additions to property, plant, and equipment for the six months ended June 30, 2023, were 66.90million,comparedto66.90 million, compared to 66.07 million in the same period in 2022[19] - Dividends from equity-accounted investee for the six months ended June 30, 2023, were 113.64million,comparedto113.64 million, compared to 104.94 million in the same period in 2022[19] - Deferred sales increased to 70,266asofJune30,2023,comparedto70,266 as of June 30, 2023, compared to 66,845 as of December 31, 2022[47] - Product loans increased significantly to 120,135asofJune30,2023,upfrom120,135 as of June 30, 2023, up from 78,094 as of December 31, 2022[47] - Finance costs for the six months ended June 30, 2023, totaled 46,342,upfrom46,342, up from 39,099 in the same period in 2022[60]