Orano - Annual Activity Report 2024 323 STATEMENTS 6 Consolidated financial statements - financial year ended December 31, 2024 1.3 Accounting policies 1.3.1. Basis of preparation Pursuant to European Regulation 1606/2002 of July 19, 2002, on international accounting standards, the Orano consolidated financial statements at December 31, 2024 were prepared in accordance with international accounting standards as published by the International Accounting Standard Board (IASB) and approved by the European Union as of December 31, 2024. They include IAS (International Accounting Standards), IFRS (International Financial Reporting Standards) and the interpretations issued by the IFRS Interpretations Committee (IFRS-IC) and by the former Standing Interpretations Committee (SIC). The IFRS standards and interpretations as adopted in the European Union are available on the website: http://ec.europa.eu/finance/ company-reporting/standards-interpretations/index_fr.htm. The group has not adopted in advance any standards, amendments or interpretations published by the IASB whose implementation was not mandatory in 2024. The consolidated financial statements have been prepared on a historical cost basis, with the exception of derivative instruments and certain financial assets, which have been measured at fair value. Financial liabilities (excluding derivatives) are measured on the amortized cost principle. Greenhouse gas emission allowances The Orano group is subject to a greenhouse gas emission allowance scheme system at its industrial site in la Hague. In accordance with ANC Regulation 2014-03, the group recognizes: ● a provision if the greenhouse gas emissions for the financial year are higher than the emission allowances held by the entity. This provision corresponds to the cost of acquiring the allowances required to offset this deficit; or ● a stock of unused allowances if the greenhouse gas emissions for the financial year are lower than the emission allowances held by the entity. This stock is valued at the historical cost of the allowances acquired. Standards, amendments and interpretations published by the IASB but not adopted by the European Union as at January 1, 2024 ● IFRS 18 “Presentation and Disclosure in Financial Statements”; ● IFRS 19 “Information to be provided by Subsidiaries without Public Accountability”; ● amendment to IFRS 9 and IFRS 7 “Classification and Measurement of Financial Instruments”; ● amendment to IAS 21 “Lack of exchangeability”; ● 2024 annual improvements relating to IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7; ● IFRS IC decision on the classification of cash flows related to variation margin calls on ‘collateralized-to-market’ contracts (IAS 7); ● IFRS IC decision on the recognition of revenue from tuition fees (IFRS 15); and ● IFRS IC decision on guarantees issued on obligations of other entities (potentially IFRS 9, 15, 17 or IAS 37). Amendments and interpretations that came into force on January 1, 2024 ● amendment to IAS 1 “Presentation of Financial Statements – Classification of Liabilities as Current or Non-Current”; ● amendment to IFRS 16 “Lease liability in a sale and leaseback”; ● amendment to IAS 7 and IFRS 7 “Supplier finance arrangements”; ● IFRS IC decision on mergers between a parent and its subsidiary in separate financial statements (IFRS 3, IAS 27); ● IFRS IC decision on payments contingent on continued employment during handover periods (IFRS 3); ● IFRS IC decision on climate-related commitments (IAS 37); and ● IFRS IC decision on disclosure of revenues and expenses for reportable segments (IFRS 8). These amendments have no significant impact on the annual financial statements. 1.3.2. Financial statement presentation rules Current and non-current assets and liabilities The assets and liabilities constituting working capital requirement in the normal business cycle are classified as current in the consolidated statement of financial position. Other assets and liabilities are classified as current or non-current depending on whether their maturity is greater or lesser than one year from the reporting date. Other operating income and expenses Income and expenses that, by nature, are unusual, abnormal, or infrequent are included in other operating income and expenses. This heading includes: ● impairment and reversals of impairment for loss of value; ● gains or losses on disposals of non-financial assets; ● changes in provisions for end-of-lifecycle operations on discontinued facilities caused by changes in cost estimates; ● dismantling and waste treatment and retrieval costs, as well as changes in the corresponding provisions; ● the effects of restructuring plans; and ● the effects of amendments to pension plans and other postemployment benefits.
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