Orano - Annual Activity Report 2024 321 STATEMENTS 6 Consolidated financial statements - financial year ended December 31, 2024 NOT E 1 SIGNIFICANT EVENTS, ESTIMATES, JUDGMENTS AND ACCOUNTING POLICIES 1.1 Significant events of the period Signing of contracts for the return of Japanese nuclear waste On November 29, 2024, Orano and its Japanese partners signed several contracts for the return of all Japanese nuclear waste still stored at the la Hague plant in La Manche. In accordance with the clauses provided for in the contracts, the equivalent in mass and radioactivity of this waste contained in the used fuel elements must be returned to Japan, a solution authorized by the French authorities on November 27, 2024. Between 1981 and 1999, contracts for the processing of used fuel were signed with ten Japanese utilities. These contracts enabled the recycling of fuel elements from Japanese nuclear reactors as well as the packaging of residual waste. 2,793 metric tons of fuel were processed at the Orano la Hague plant. Almost 97% of the total radioactivity has already been returned (see Note 3). Situation in Niger On December 4, 2024, Orano recognized the loss of operational control of its mining subsidiary Somaïr, which it operated and of which it is the majority shareholder in Niger. Indeed, the application of the resolution adopted by the Board of Directors of Somaïr on November 12, 2024 intended to (i) suspend expenses related to production activities to prioritize the payment of salaries, (ii) avoid any deterioration to the financial position of this company, whose sales were unable to resume due to a lack of logistics solutions approved with the Niger authorities, and (iii) preserve the integrity of the industrial plant, was deliberately prevented by the representatives of the Nigerien authorities. This situation follows the decision of the Niger authorities on June 19, 2024 to withdraw the permit granted to Imouraren SA to mine the deposit. The group is also subject to interference from the Nigerien authorities in the governance of Cominak as well as in the conduct and control of operations. In this context and as a result, Orano has deconsolidated the Niger scope, consisting of its stakes in the companies Somaïr (63.4%), Cominak (69%) and Imouraren (63.5%) in the group’s consolidated financial statements with effect from December 1, 2024 (see Note 2). Furthermore, Orano, which had already made a provision of 60 million euros at December 31, 2023, recognized in 2024 additional provisions and asset impairment on this scope in the amount of 193 million euros, classified as other operating expenses (see Note 5). Lastly, and after several attempts at amicable resolutions that remained unsuccessful, Orano initiated the filing of four proceedings against the State of Niger before the competent international courts in order to obtain compensation for its damage. Development of the medical business In 2024, Orano Med achieved significant milestones in its development. On February 12, 2024, RadioMedix, Inc. and Orano Med announced that the United States Food and Drug Administration (FDA) had granted Breakthrough Therapy Designation (BTD) status to the AlphaMedix program, a treatment for neuroendocrine tumors. On September 12, 2024, Orano Med signed a licensing agreement with Sanofi on the marketing rights for AlphaMedix, with Orano Med remaining responsible for its production thanks to its global industrial platform currently under development. On October 17, 2024, Orano Med and Sanofi also signed an agreement to combine their expertise to accelerate the development of next-generation internal vectorized radiotherapies as part of a new entity (Orano Med Theranostics) under the Orano Med brand. Sanofi will acquire a 16% stake in the new entity for an amount of 300 million euros. Development of the “batteries for electric vehicles” program Following the announcement on May 16, 2023 of the partnership between Orano and Chinese group XTC New Energy, a new milestone was reached on December 9, 2024 with the creation of two joint ventures for the production of battery components for All amounts are presented in millions of euros unless otherwise indicated. Certain totals may have rounding differences. INTRODUCTION Orano is a French public limited company (société anonyme) with a Board of Directors domiciled in France and governed by the French Commercial Code. The group offers products and services with high added value throughout the entire nuclear fuel cycle, from raw materials to waste treatment. Its activities, from mining to dismantling, as well as in conversion, enrichment, recycling, logistics and engineering, contribute to the production of low-carbon electricity. Orano SA has issued debt securities listed for trading on the Euronext Paris regulated market; in accordance with Article L. 233-16 of the French Commercial Code, it is therefore required to publish consolidated financial statements. The Orano group consolidated financial statements at December 31, 2024 have been prepared in accordance with IFRS. They were approved by the Board of Directors of Orano SA on February 18, 2025.
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