URENCO Trading Update for 2011
26 January 2012
Steady performance across all operations underpinned by strong order book
Operational Highlights
• Increased enrichment capacity by 12.5% year on year to 14,600 tSWU
• Continue on track to achieve capacity of 18,000 tSW/a by 2015
• Maintain a strong order book in excess of €20 billion and extending beyond 2025
• Completed Tails Management Facility site preparation works in UK
• Expect continued growth for 2012 due to strong order book
Operating update
2011 has been a challenging year for the nuclear sector following the events of Fukushima in Japan and the cessation of the nuclear power programme in Germany. Although this has had an impact on our business, we remain confident of the nuclear industry’s future, as it is an important part of the energy mix, in a world with increasing demand for low carbon energy.
URENCO’s operational performance was steady and capacity expansion has enabled us to meet all order deliveries in 2011. We have now completed the expansion programmes at our plants in the UK and Germany and are focussing on bringing capacity online in the United States. Our aim is to achieve Group capacity of 18,000 tSW/a by 2015.
URENCO's enrichment production capacity reached 14,600 tonnes of separative work per annum (tSW/a) at the end of December 2011, up 12.3% year on year with 2H 2011 up 8.2% on 1H 2011.
URENCO’s liquidity position continues to be good with significant forward cover from its committed funding facilities through to 2013. In the first half of 2011, the syndicated bank facility of €500 million maturing in 2012 was replaced with a syndicated and bilateral facility totalling €750 million maturing in 2016. In addition to the bank facility, the company also has access to an EIB facility to fund its growth strategy.
Board changes
On 1 December 2011, URENCO announced the appointment of Dr John Hood as Chairman designate of the URENCO Group. Dr Hood has taken up his appointment as from 1 January 2012 succeeding Mr Christopher Clark CBE, who is retiring after having served two consecutive three year terms since 2005.
Outlook
URENCO’s order book remains strong, with limited impact expected from the events in Japan. Currently, forward orders stand at more than €20 billion and extend beyond 2025. This good visibility of future revenues successfully underpins URENCO’s strategy. We expect to see continued growth in 2012.
URENCO will report its financial results for the year ending 31 December 2011 on 4 April 2012.
- Ends –
Contact:
Name: Sam Waller
Title: Investor Relations
Direct Tel: +44 (0) 1753 660 660
Email:
sam.waller@urenco.comName: Jayne Hallett
Title: Head of Group Communications
Direct Tel: +44 (0) 1753 660 600
Email:
jayne.hallett@urenco.comName: Andrew Mitchell / Carole Cable
Title: Brunswick Group
Direct Tel: +44 (0) 20 7404 5959
Email:
urenco@brunswickgroup.comNotes to Editors
The URENCO Group
URENCO is an international supplier of enrichment services with its head office based close to London, UK. With plants in Germany, the Netherlands, the UK and in the US, it operates in a pivotal area of the nuclear fuel supply chain which enables the sustainable generation of electricity for consumers around the world.
Utilising URENCO’s own world leading centrifuge technology, URENCO provides safe, cost-effective and reliable uranium enrichment services for civil power generation within a framework of high environmental, social and corporate responsibility standards. Currently URENCO fulfils around 29% of the global enrichment market, and the goal is to continue to build market share, with the aim of establishing URENCO as the leading global supplier of enrichment and enrichment technology.
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