Notes
- Cameco Corporation
- Significant accounting policies
- Accounting standards
- Determination of fair values
- Use of estimates and judgments
- Acquisitions
- Accounts receivable
- Inventories
- Property, plant and equipment
- Goodwill and intangible assets
- Long-term receivables, investments and other
- Equity-accounted investees
- Accounts payable and accrued liabilities
- Short-term debt
- Long-term debt
- Other liabilities
- Provisions
- Share capital
- Employee benefit expense
- Finance costs
- Other expense
- Income taxes
- Per share amounts
- Statements of cash flows
- Share-based compensation plans
- Pension and other post-retirement benefits
- Financial instruments and related risk management
- Capital management
- Segmented information
- Group entities
- Joint operations
- Related parties
- Subsequent event
29. Segmented information
Cameco has four reportable segments: uranium, fuel services, electricity and NUKEM. The uranium segment involves the exploration for, mining, milling, purchase and sale of uranium concentrate. The fuel services segment involves the refining, conversion and fabrication of uranium concentrate and the purchase and sale of conversion services. The electricity segment involves the generation and sale of electricity. The NUKEM segment acts as a market intermediary between uranium producers and nuclear-electric utilities.
Cameco’s reportable segments are strategic business units with different products, processes and marketing strategies.
Accounting policies used in each segment are consistent with the policies outlined in the summary of significant accounting policies. Segment revenues, expenses and results include transactions between segments incurred in the ordinary course of business. These transactions are priced on an arm’s length basis and are eliminated on consolidation.
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A. Business segments
Uranium | Fuel services | NUKEM | (i) Electricity |
(i) Adjustments |
Other | Total | |
---|---|---|---|---|---|---|---|
Revenue | $1,632,508 | $319,157 | $464,592 | $432,857 | $(432,857) | $22,466 | $2,438,723 |
Expenses | |||||||
Cost of products and services sold | 869,137 | 240,746 | 419,771 | 245,374 | (245,374) | 19,584 | 1,549,238 |
Depreciation and amortization | 212,881 | 26,241 | 25,459 | 70,721 | (70,721) | 18,175 | 282,756 |
Cost of sales | 1,082,018 | 266,987 | 445,230 | 316,095 | (316,095) | 37,759 | 1,831,994 |
Gross profit (loss) | 550,490 | 52,170 | 19,362 | 116,762 | (116,762) | (15,293) | 606,729 |
Administration | – | – | 15,240 | – | – | 169,736 | 184,976 |
Impairment charge | 70,159 | – | – | – | – | – | 70,159 |
Exploration | 72,833 | – | – | – | – | – | 72,833 |
Research and development | – | – | – | – | – | 7,302 | 7,302 |
Loss on sale of assets | 6,766 | – | – | – | – | – | 6,766 |
Finance costs | – | – | 7,936 | 8,532 | (8,532) | 54,185 | 62,121 |
Losses (gains) on derivatives | – | – | (10,215) | – | – | 72,185 | 61,970 |
Finance income | – | – | (69) | (5,941) | 5,941 | (6,898) | (6,967) |
Share of earnings from BPLP | – | – | – | – | (109,553) | – | (109,553) |
Share of loss (earnings) from equity-accounted investees | 1,033 | 13,074 | – | – | – | (3,240) | 10,867 |
Other expense | 16,587 | – | – | 4,618 | (4,618) | 1,739 | 18,326 |
Earnings (loss) before income taxes | 383,112 | 39,096 | 6,470 | 109,553 | – | (310,302) | 227,929 |
Income tax recovery | (89,758) | ||||||
Net earnings | $317,687 | ||||||
Capital expenditures for the year | $635,152 | $10,499 | $133,924 | $ – | $ – | $ – | $779,575 |
Uranium | Fuel services | (i) Electricity |
(i) Adjustments |
Other | Total | |
---|---|---|---|---|---|---|
|
||||||
Revenue | $1,571,105 | $291,042 | $470,018 | $(470,018) | $28,513 | $1,890,660 |
Expenses | ||||||
Cost of products and services sold | 883,741 | 223,022 | 228,847 | (228,847) | 26,500 | 1,133,263 |
Depreciation and amortization | 172,914 | 26,902 | 69,678 | (69,678) | 17,565 | 217,381 |
Cost of sales | 1,056,655 | 249,924 | 298,525 | (298,525) | 44,065 | 1,350,644 |
Gross profit (loss) | 514,450 | 41,118 | 171,493 | (171,493) | (15,552) | 540,016 |
Administration | – | – | – | – | 180,900 | 180,900 |
Impairment charge | 168,000 | – | – | – | – | 168,000 |
Exploration | 97,260 | – | – | – | – | 97,260 |
Research and development | – | – | – | – | 9,301 | 9,301 |
Gain on sale of assets | (1,660) | – | – | – | – | (1,660) |
Finance costs | – | – | 14,788 | (14,788) | 67,654 | 67,654 |
Gains on derivatives | – | – | – | – | (41,416) | (41,416) |
Finance income | – | – | (6,446) | 6,446 | (13,934) | (13,934) |
Share of earnings from BPLP | – | – | – | (157,846) | – | (157,846) |
Share of loss (earnings) from equity-accounted investees | 3,230 | 3,054 | – | – | (388) | 5,896 |
Other expense (income) | 35,746 | – | 5,305 | (5,305) | (11,000) | 24,746 |
Earnings (loss) before income taxes | 211,874 | 38,064 | 157,846 | – | (206,669) | 201,115 |
Income tax recovery | (50,641) | |||||
Net earnings | $251,756 | |||||
Capital expenditures for the year | $1,232,654 | $15,284 | $ – | $ – | $ – | $1,274,938 |
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B. Geographic segments
Revenue is attributed to the geographic location based on the location of the entity providing the services. The Company’s revenue from external customers is as follows:
2013 | (revised – note 3) 2012 |
|
---|---|---|
Canada | $191,398 | $270,834 |
Germany | 232,296 | – |
United States | 2,015,029 | 1,619,826 |
$2,438,723 | $1,890,660 |
The Company’s non-current assets, excluding deferred tax assets and financial instruments, by geographic location are as follows:
2013 | (revised – note 3) 2012 |
|
---|---|---|
Canada | $3,868,871 | $3,658,615 |
United States | 371,705 | 336,534 |
Germany | 105,293 | – |
Australia | 645,952 | 702,585 |
Other | 243,203 | 212,517 |
$5,235,024 | $4,910,251 |