Orano - Annual Activity Report 2024 370 6 STATEMENTS Consolidated financial statements - financial year ended December 31, 2024 Transactions between the parent company Orano SA and its subsidiaries, as well as those between the group’s subsidiaries and joint activities, are eliminated on consolidation, and are therefore not presented in the tables below. Related-party transactions presented below include: ● current transactions with non-consolidated companies, associates, joint ventures, and companies controlled by the French State; and ● the gross compensation and benefits granted to directors and members of the Executive Committee. Relations with the French State and state-owned companies At December 31, 2024, the French State owned a majority stake in the share capital of Orano. Consequently, the French State has the ability to control the decisions requiring the approval of shareholders. In accordance with the laws applicable to all companies in which the French State is a shareholder, Orano is subject to certain control procedures, in particular the economic and financial control of the French State, the control procedures of the Court of Auditors and the Parliament, and audits of the General Inspectorate of Finance. The group has close relationships with companies controlled by the French State, including: ● transactions with the CEA concern the dismantling of the CEA’s nuclear facilities, services associated with the operation of certain workshops and R&D contracts; ● transactions with AREVA relate in particular to tax and IT services provided by Orano; ● transactions with EDF concern the front end of the nuclear fuel cycle (uranium sales, conversion and enrichment services) and the back end of the cycle (used fuel shipping, storage, treatment and recycling services). The group has a master treatment/ recycling agreement known as the “ATR Contract” with EDF, which specifies the terms of the industrial cooperation between them in the field of treatment/recycling until 2040. As part of this agreement, in October 2024, Orano and EDF signed an implementation contract defining the technical and financial conditions for this master agreement for the 2024-2026 period. ● transactions carried out by Andra (French national agency for the management of radioactive waste) cover the management, operation and monitoring of low- and medium-level radioactive waste storage facilities at the Andra centers in the Manche and Aube departments. Associates and joint ventures ETC is one of the group’s significant joint ventures (see Note 14). ETC’s main activity is to build, assemble and install centrifuges and associated piping systems enabling its customers to enrich uranium. ETC is also involved in the design of ultracentrifugation enrichment plants to meet its customers’ needs and in project management for the construction of these facilities. Orano buys the centrifuges and associated engineering services for its Georges Besse II enrichment plant, for its extension under construction and for its stable isotope laboratory from ETC. AT DECEMBER 31, 2023 (in millions of euros) Interests held by the French State Associates and joint ventures Total Operating income 2,329 53 2,382 Operating expenses 65 85 150 Trade receivables and other 279 117 396 Trade payables and other (1) 3,285 14 3,298 (1) Balances including IFRS 15 restatements. NOTE 28 RELATED-PARTY TRANSACTIONS AT DECEMBER 31, 2024 (in millions of euros) Interests held by the French State Associates and joint ventures Total Operating income 2,737 49 2,786 Operating expenses 86 86 172 Trade receivables and other 432 166 598 Trade payables and other (1) 3,654 8 3,663 (1) Balances including IFRS 15 restatements.
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