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Notes

  1. Cameco Corporation
  2. Significant accounting policies
  3. Accounting standards
  4. Determination of fair values
  5. Use of estimates and judgments
  6. Acquisitions
  7. Accounts receivable
  8. Inventories
  9. Property, plant and equipment
  10. Goodwill and intangible assets
  11. Long-term receivables, investments and other
  12. Equity-accounted investees
  13. Accounts payable and accrued liabilities
  14. Short-term debt
  15. Long-term debt
  16. Other liabilities
  17. Provisions
  1. Share capital
  2. Employee benefit expense
  3. Finance costs
  4. Other expense
  5. Income taxes
  6. Per share amounts
  7. Statements of cash flows
  8. Share-based compensation plans
  9. Pension and other post-retirement benefits
  10. Financial instruments and related risk management
  11. Capital management
  12. Segmented information
  13. Group entities
  14. Joint operations
  15. Related parties
  16. Subsequent event

28. Capital management

Cameco’s capital structure reflects our vision and the environment in which we operate. We seek growth through development and expansion of existing assets by acquisition. Our capital resources are managed to support achievement of our goals. The overall objectives for managing capital in 2013 remained unchanged from the prior comparative period.

Cameco’s management considers its capital structure to consist of bank overdrafts, long-term debt, short-term debt (net of cash and cash equivalents and short-term investments), non-controlling interest and shareholders’ equity.

The capital structure at December 31 was as follows:

  2013  (Revised – note 3) 
2012 
Bank overdrafts $41,226  $ – 
Long-term debt [note 15] 1,293,383  1,292,440 
Short-term debt [note 14] 50,230  67,090 
Cash and cash equivalents (229,135) (749,499)
Short-term investments –  (49,535)
Net debt 1,155,704  560,496 
Non-controlling interest 1,129  580 
Shareholders’ equity 5,348,265  4,941,384 
Total equity 5,349,394  4,941,964 
Total capital $6,505,098  $5,502,460 

Cameco is bound by certain covenants in its general credit facilities. These covenants place restrictions on total debt, including guarantees, and set minimum levels for net worth. As of December 31, 2013, Cameco met these requirements.

The terms of NUKEM’s revolving loan facility contain a financial covenant that places restrictions on total debt and working capital balances. The facility also requires Cameco, as guarantor, to maintain a minimum credit rating. As of December 31, 2013 the Company is in compliance with all requirements under this facility.