Orano - Annual Activity Report 2024 373 STATEMENTS 6 Consolidated financial statements - financial year ended December 31, 2024 The breakdown by type of hedging strategy of currency derivatives can be analyzed as follows: (in millions of euros) December 31, 2024 December 31, 2023 Notional amounts in absolute value Market value Notional amounts in absolute value Market value Cash flow hedges 4,201 (172) 4,982 8 Forward exchange transactions and currency swaps 4,201 (172) 4,982 8 Fair value hedges 480 18 886 12 Forward exchange transactions and currency swaps 78 2 396 4 Cross-currency swaps 401 16 490 8 Derivatives not qualifying as hedges 231 - 201 (1) Forward exchange transactions and currency swaps 231 - 201 (1) TOTAL 4,912 (154) 6,070 19 Liquidity risk Liquidity risk is managed by the Financing and Treasury Operations Department (“DOFT”), which provides the appropriate short- and long-term financing resources. Cash management optimization is based on a centralized system to provide liquidity and manage cash surpluses. This management is provided by the DOFT chiefly through cash-pooling agreements and intragroup loans, subject to local regulations. Cash is managed to optimize income while ensuring that the financial instruments used are liquid. To meet its commitments and ensure longer-term operating continuity, at December 31, 2024, Orano had a gross cash position of 1,273 million euros (see Note 20) and cash management financial assets of 658 million euros (see Note 15). The group also has a syndicated credit facility with a pool of ten international banks in the amount of 880 million euros maturing in May 2028, with two one-year extension options. Counterparty risk Orano is exposed to counterparty risk in respect of cash deposits with banks and the use of derivatives to hedge its risks. To minimize this risk, Orano deals with a diversified group of leading counterparties selected according to their investment grade ratings awarded by Standard & Poor’s and Moody’s. Interest rate risk Orano hedges its exposure to changes in the value of its fixed-rate debt through the use of fixed/variable interest rate swaps. DERIVATIVES SET UP TO HEDGE INTEREST RATE RISK AT DECEMBER 31, 2024 (in millions of euros) Total Notional amounts by maturity date Market value (1) <1 year 1 to 2 years 2 to 3 years 3 to 4 years 4 to 5 years >5 years INTEREST RATE SWAPS – EUR VARIABLE LENDER 100 - 100 - - - - (2) EUR variable payer / EUR variable recipient 100 - 100 - - - - (2) TOTAL 100 - 100 - - - - (2) (1) Foreign exchange portion.
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