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

7. Acquisitions

  • A. NUKEM Energy GmbH (NUKEM)

    On January 9, 2013, Cameco completed the acquisition of NUKEM from Advent International and other shareholders, through the purchase of all the outstanding shares for cash consideration of $148,302,000 (US).

    While Cameco received the economic benefit of owning NUKEM as of January 1, 2012, the results of NUKEM have been consolidated with the results of Cameco commencing on January 9, 2013. NUKEM is one of the world’s leading traders and brokers of nuclear fuel products and services. The acquisition complements Cameco’s business by strengthening our position in nuclear fuel markets and improving our access to unconventional and secondary sources of supply.

    In accordance with the acquisition method of accounting, the purchase price was allocated to the underlying assets and liabilities assumed based on their fair values at the date of acquisition. Fair values were determined based on discounted cash flows and quoted market prices. The values assigned to the net assets acquired were as follows:

    Net assets acquired (USD)  
    Cash and cash equivalents $12,974 
    Accounts receivable 43,529 
    Other working capital 5,172 
    Inventories 165,280 
    Intangible assets 87,535 
    Accounts payable and accrued liabilities (68,464)
    Long-term debt (116,922)
    Provisions (15,514)
    Deferred tax liabilities (53,665)
    Goodwill 88,377 
    Total $148,302 

    An advisory fee of $2,980,000 has been included in administration expense in the consolidated statement of earnings for the year ended December 31, 2013.