Orano - Annual Activity Report 2024 352 6 STATEMENTS Consolidated financial statements - financial year ended December 31, 2024 and an analytical approach for shutdowns and WRP operations (quantification resulting from the estimated cost of each planned operation: volume and cost of work units required, collection of estimates from subcontractors, etc.). The dismantling scenarios adopted by Orano are compliant with the French Environmental Code, which imposes the shortest possible time between the final shutdown of the facility and its dismantling under economically acceptable conditions and in compliance with the principles set out in the French Code of Public Health. The group measures its provisions on the basis of a reference scenario, which notably defines the final state of the site. When Orano considers that the industrial reuse of buildings after the decommissioning of facilities is compatible with possible industrial use, the provisions exclude the cost of their deconstruction. In some situations, however, Orano provides for the dismantling of the buildings and so sets aside the associated costs. Orano also provides for the cost of treating radiologically marked soils when characterization studies of these soils make such operations likely. Main opportunities and uncertainties In view of the duration of the end-of-lifecycle operations, the main opportunities and uncertainties cited as examples below are taken into account as they occur: ● opportunities: ● gains generated by the learning curve and industrial standardization of operating procedures, ● in-depth investigations on the condition of the facilities using new technologies in order to reduce the uncertainty related to initial facility conditions, and ● receipt of an exemption or a release threshold allowing the recycling of very low activity metallic materials resulting from the dismantling of facilities in the Front End segment; ● uncertainties: ● revision of scenarios of certain WRP projects at la Hague during the qualifi cation of waste retrieval processes, ● differences between the expected initial conditions of the legacy facilities and the actual initial conditions, ● changes in regulations, particularly in terms of safety, security, and respect for the environment, and ● change in fi nancial parameters (discount and inflation rates). Consideration of identified risks and unforeseen events The technical cost of end-of-lifecycle operations is backed up by consideration of: ● a baseline scenario that takes operating experience into account; ● amounts for risks identified through risk analyses conducted in accordance with the Orano standards and updated regularly as the projects advance; and ● amounts to cover unidentified risks. Measurement of provisions for long-term waste management and monitoring of storage sites after their closure Orano sets aside a provision for expenses related to radioactive waste in its possession. These expenses include: ● disposal and surface storage of very low-level waste (VLLW) and low-level and medium-level short-lived waste (LL-SLW and ML-SLW) from facilities dismantling; ● the warehousing, disposal, and underground storage of longlived low-level waste (LL-LLW); ● the warehousing, disposal, and storage of high- and mediumlevel long-lived waste (HL-LLW and ML-LLW) in deep geological repositories; and ● the share of post-closure monitoring costs of the various ANDRA storage sites. The volumes of waste giving rise to provisions include packages relating to legacy waste, all waste coming from the dismantling of facilities, and HL-LLW and ML-LLW technological waste from the operation of facilities. These volumes are periodically reviewed in line with the data declared within the framework of the national waste inventory. The measurement of the provision related to the long-term management of HL-LLW and ML-LLW is based on the assumption that a deep geological repository (subsequently referred to as CIGEO) will be built. It draws on the cost at completion of 25 billion euros set in the Ministerial Order of January 15, 2016 (gross value not discounted, under the economic conditions prevailing at December 31, 2011). This order notably takes into account the cost estimate of the project established by ANDRA, the ASN opinion and the observations made by nuclear operators. In application of this order, it is expected that the cost of the CIGEO project may be updated as the key stages in its development are completed (authorization of creation, commissioning, end of the “pilot industrial phase”, safety reviews), in accordance with the ASN opinion. On January 15, 2018, the ASN also issued its opinion on the CIGEO safety options file, finding that the project had reached satisfactory overall technological maturity at the safety options file stage and requesting additional elements of demonstration regarding the bituminous waste safety options. This cost at completion, after adjustment to the economic conditions prevailing at December 31, 2024 and discounting, has been covered by a provision for the amount of the estimated share of financing that will ultimately be borne by the group and the proportion of waste existing at the closure, and waste generated by dismantling operations. The breakdown of funding between nuclear operators depends on many factors, including the volume and nature of the waste sent by each operator, the timing of the shipment of waste and the design of the underground facility. For sensitivity analysis purposes, an increase of 1 billion euros in the amount of the CIGEO project estimate by value before discounting would result in an additional expense at present value of approximately +27 million euros for Orano, based on the methodology used to establish the existing provision.
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