Orano - Annual Activity Report 2024 396 6 FINANCIAL STATEMENTS Company financial statements - financial year ended December 31, 2024 Notes to the annual financial statements The notes hereunder supplement the statement of financial position for the financial year ended December 31, 2024, showing total assets of 12,669,761 thousand euros, and the income statement, showing a profit of 221,327 thousand euros. These statements cover the 12-month period from January 1 to December 31, 2024. These notes to the financial statements include: ● highlights of the financial year; ● accounting policies and principles; ● changes in accounting methods; ● notes to the statement of financial position; ● notes to the income statement; and ● additional information. These notes and tables form an integral part of the annual financial statements to December 31, 2024, approved by the Board of Directors on February 18, 2025. NOTE 1 CONTEXT OF THE STATEMENTS AND SIGNIFICANT EVENTS OF THE PERIOD NOTE 2 ACCOUNTING POLICIES AND PRINCIPLES 1.1 Orano SA capital increase subscribed by the French State The Board of Directors of Orano SA, on October 24, 2024, duly noted the completion of a capital increase with preemptive subscription rights for a total amount of 299,999,952 euros, through the creation and issue of 9,146,340 new ordinary shares with a par value of 0.50 euros each and an issue premium of 32.30 euros per share. This transaction, decided by the General Meeting of October 9, 2024, was fully subscribed and paid up in cash by the French State. Following its completion, Orano SA is 90.33% owned by the French State and JNFL and MHI each have a 4.83% stake. 1.2 Financing During 2022, Orano refinanced its syndicated revolving credit facility (RCF) in advance for a total amount of 880 million euros with a margin indexed to environmental and governance criteria. This confirmed syndicated credit facility, taken out with a pool of 10 banks, with a 5-year maturity, had a first 1-year extension option exercised in 2023 and a second 1-year extension option exercised during the first half of 2024. As part of its EMTN program and the refinancing of its debt, on March 12, 2024, Orano carried out a bond issue for an amount of 500 million euros with a 7-year maturity (maturing in March 2031) with an annual coupon of 4.00% (yield of 4.086% at issue). The annual financial statements of Orano SA for the year ended December 31, 2024 were prepared in accordance with French accounting standards as defined in Articles 121-1 to 121-5 et seq. of the French GAAP (plan comptable général). The accounting policies were applied in compliance with the French Commercial Code, the Accounting Decree of November 29, 1983, ANC Regulation No. 2014-03 and ANC Regulation No. 2018-07 related to the redrafting of the French GAAP applicable at year-end. 2.1 Valuation of property, plant and equipment and intangible assets Property, plant and equipment and intangible assets are valued at their acquisition or production cost, including start-up expenses. They are depreciated based on the approach deemed most representative of the loss of economic value of each component, with each component depreciated based on its own useful life. Depreciation is calculated using the straight-line method and rates normally applicable to these categories of assets. The maximum depreciation periods are as follows: ● five years for off-the-shelf software; ● ten years for building improvements and office furniture; ● five years for office equipment and IT hardware. This depreciation may be supplemented for certain assets when the value in use falls below its net carrying amount. The resulting net carrying amount may be considered to be economically justified.
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