Orano - Annual Activity Report 2024 417 FINANCIAL STATEMENTS 6 Statutory Auditors’ report on the Company financial statements for the financial year ended December 31, 2024 However, certain activities have a finite useful life (for example due to the finite mineral resources in the active or unused mines or the limited duration of the operating permits in nuclear activities); in this case, the cash flows taken into account to measure their value in use are not discounted to infinity, but rather to the end of their expected useful life. This impairment is calculated on the basis of the share of the net assets held at the end of the year. Receivables from equity investments are carried at their nominal amount. These investments are impaired, where applicable, to take the subsidiary’s financial position into account. Estimating the value in use of equity interests requires management to exercise significant judgment in the choice of measurement methods and items to consider, which may be historical (particularly equity values) or projected (cash flow assumptions). Given the significant amount of equity interests, the judgment used to estimate values in use and the sensitivity of these values to changes in the data and assumptions on which they are based, we deemed the measurement of equity interests and related receivables to be a key audit matter. How our audit addressed this risk Our audit procedures mainly consisted in: ● examining, on the basis of the information provided by management, the measurement methods used by the Company; ● comparing the data used to test the equity interests for impairment with the subsidiaries’ accounting data, where applicable; ● gaining an understanding of the methodology and assumptions used to determine the value in use of the equity interests when said value takes into account the subsidiaries’ projected profitability; ● verifying the arithmetical accuracy of the value in use calculations used by the Company; ● assessing, with the help of our experts, the sensitivity of the estimates of value in use used in the assumptions (particularly cash flow, discount rates and the long-term growth rate); ● assessing the recoverability of the related receivables in light of the analyses performed on the equity interests; and ● verifying the appropriateness of the disclosures provided in Notes 1.3, 2.2, 5.3 and 5.4 to the financial statements. Specific verifications In accordance with professional standards applicable in France, we have also performed the specific verifications required by French legal and regulatory provisions. Information given in the management report and in the other documents provided to the shareholders with respect to the Company’s financial position and the financial statements We have no matters to report as to the fair presentation and the consistency with the financial statements of the information given in the Board of Directors’ management report and in the other documents provided to the shareholders with respect to the Company’s financial position and the financial statements. We attest to the fair presentation and the consistency with the financial statements of the information about the payment terms referred to in Article D.441-6 of the French Commercial Code. Report on corporate governance We attest that the section of the Board of Directors’ report relating to corporate governance sets out the information required by Articles L.225-37-4 and L.22-10-10 of the French Commercial Code. Other disclosures In accordance with French law, we have verified that the required information concerning the purchase of investments and controlling interests has been properly disclosed in the management report. Other verifications and information pursuant to legal and regulatory requirements Appointment of the Statutory Auditors We were appointed Statutory Auditors of Orano by the Annual General Meeting of May 24, 2018. At December 31, 2024, PricewaterhouseCoopers Audit and KPMG SA were in the seventh consecutive year of their engagement.
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