Orano - Annual Activity Report 2024 51 SITUATION AND ACTIVITIES OF THE COMPANY AND ITS SUBSIDIARIES DURING THE PAST FINANCIAL YEAR 2 Financial situation of the Company and the group during the past financial year Net financial income (expense) Net financial income amounted to an expense of -307 million euros at December 31, 2024, compared with -202 million euros at December 31, 2023. The drop in net financial income is mainly due to a decrease in the yield on earmarked assets to cover end-of-lifecycle obligations, plus an unfavorable effect from changes in discount rates on end-of-lifecycle liabilities and obligations in 2024. (in millions of euros) 2024 2023 Cost of net financial debt [(expense)/income] (95) (111) Other financial income and expense (212) (91) of which share related to end-of-lifecycle operations 11 173 of which share not related to end-of-lifecycle operations (224) (263) NET FINANCIAL INCOME (EXPENSE) (307) (202) Adjusted net financial income amounted to an expense of -336 million euros in 2024, compared with -392 million euros in 2023. This favorable change is mainly due to a decrease in the cost of financial debt, foreign exchange gains and the favorable carryforward on foreign exchange hedging instruments. Income tax The tax expense in the financial year was -54 million euros at December 31, 2024, compared with -109 million euros at December 31, 2023. The net adjusted tax expense amounted to -62 million euros at the end of December 2024, compared with -114 million euros in 2023. Net income attributable to non-controlling interests Net income attributable to non-controlling interests at December 31, 2024 was +78 million euros, compared with +105 million euros at December 31, 2023. It consists mainly of the contribution of minority shareholders in mining and enrichment activities. Net income attributable to owners of the parent Net income attributable to owners of the parent was +633 million euros in 2024, compared with +217 million euros for 2023. This improvement of +416 million euros is mainly due to the one-off and exceptional contribution of contracts signed in November 2024 with Japanese electric utilities for the return of their nuclear waste and favorable price/mix effects in Mining and Front End activities. The following table reconciles reported net income attributable to owners of the parent with adjusted net income attributable to owners of the parent, accounting for the financial impacts of endof-lifecycle obligations: RECONCILIATION OF REPORTED NET INCOME ATTRIBUTABLE TO OWNERS OF THE PARENT TO ADJUSTED NET INCOME ATTRIBUTABLE TO OWNERS OF THE PARENT (in millions of euros) 2024 2023 Change 2024/2023 REPORTED NET INCOME ATTRIBUTABLE TO OWNERS OF THE PARENT 633 217 +416 Unwinding expenses on end-of-lifecycle liabilities 401 405 -4 Impact of changes in discount and inflation rates on end-of-lifecycle obligations 109 60 +49 Return on earmarked assets (538) (656) +118 Tax impact of adjustments (8) (5) -3 ADJUSTED NET INCOME ATTRIBUTABLE TO OWNERS OF THE PARENT * 597 22 +575 * The definition of adjusted net income attributable to owners of the parent can be found in Section 7.9 Financial glossary. Adjusted net income attributable to owners of the parent amounted to +597 million euros at December 31, 2024, compared with +22 million euros in 2023.
RkJQdWJsaXNoZXIy NzMxNTcx