Notes to Consolidated Financial Statements

For the years ended December 31, 2014 and 2013

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

29. 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 2014 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:

  2014  2013 
Bank overdraft $ —  $41,226 
Long-term debt [note 16] 1,491,198  1,293,383 
Short-term debt [note 14] $ —  50,230 
Cash and cash equivalents (566,583) (229,135)
Net debt 924,615  1,155,704 
Non-controlling interest 160  1,129 
Shareholders’ equity 5,443,644  5,348,265 
Total equity 5,443,804  5,349,394 
Total capital $6,368,419  $6,505,098 

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, 2014, 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, 2014 the Company is in compliance with all requirements under this facility.