Orano - Annual Activity Report 2024 427 MISCELLANEOUS INFORMATION 7 Financial glossary 7.9 Financial glossary Net operating working capital requirement (Operating WCR) Operating WCR represents all of the current assets and liabilities related directly to operations. It includes the following items: ● net inventories and work in progress; ● net trade accounts receivable and related accounts; ● contract assets; ● advances paid; ● other operating accounts receivable, accrued income and prepaid expenses; and ● minus: trade payables, contract liabilities, other operating debts, and expenses payable. Note: It does not include non-operating receivables and payables such as income tax liabilities, receivables on disposals of noncurrent assets, and debts incurred to purchase non-current assets. Backlog The backlog is determined on the basis of firm orders, excluding unconfirmed options, using the contractually set prices for the fixed component of the backlog and, for the variable component, the market prices based on the forecast price curves prepared and updated by Orano. Orders in hedged foreign currencies are valued at the exchange rate hedged; non-hedged orders are valued at the exchange rate in effect on the last day of the period. With respect to long-term contracts in progress at the closing date, for which revenue is recognized in accordance with the percentageof-completion, the amount included in the backlog corresponds to the difference between the forecast revenue of the contract at completion and the revenue already recognized for this contract; it therefore includes indexation assumptions and contract price revision assumptions taken into account by the group to value the forecast revenue at completion. Net cash flow from company operations Net cash flow from company operations is equal to the sum of the following items: ● operating cash flow; ● cash flow from end-of-lifecycle operations; ● change in non-operating receivables and liabilities; ● repayment of lease liabilities; ● financial income paid; ● tax on financial income paid; ● dividends paid to minority shareholders of consolidated subsidiaries; ● net cash flow from operations sold, discontinued, and held for sale, and cash flow from the sale of those operations; ● acquisitions and disposals of current and non-current financial assets, with the exception of bank deposits held for margin calls on derivative instruments or collateral backed by structured financing and cash management financial assets. Net cash flow from company operations thus corresponds to the change in net debt (i) with the exception of transactions with Orano SA shareholders, accrued interest not due yet for the financial year and currency translation differences, and (ii) including the accrued interest not due from financial year N-1. Operating cash flow (OCF) Operating cash flow (OCF) represents the amount of cash flows generated by operating activities before corporate income tax and taking into account the cash flows that would have occurred in the absence of offsetting between the payment of corporate income tax and the repayment of the research tax credit receivable. It is equal to the sum of the following items: ● EBITDA; ● plus the decrease or minus the increase in operating working capital requirement between the beginning and the end of the period (excluding reclassifications, currency translation differences, and changes in consolidation scope); ● minus capital expenditure, net of changes in accounts payable related to non-current assets; ● plus sales of property, plant and equipment, and intangible assets included in operating income, net of changes in receivables on the sale of non-current assets; ● plus prepayments received from customers during the period on non-current assets; ● plus acquisitions (or disposals) of consolidated companies (excluding equity associates), net of the cash acquired.
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