Orano - Annual Activity Report 2024 77 RISKS, CONTROL AND DUTY OF VIGILANCE PLAN 3 Risk factors As Orano’s activities are now governed by the new metallurgy collective agreement that came into force on January 1, 2024, the group has gradually integrated these changes, supporting all employees. As part of its commitment to fairness, prevention, well-being and employee involvement, Orano has decided to carry out a groupwide review of employee benefits to ensure that all employees, wherever they are based, enjoy a minimum level of social protection. A key milestone in this initiative was reached on October 23, 2024, with the signing of the “Working With Cancer” Charter. Through this approach, the group is affirming its commitment to improving support for its employees, promoting healthy behaviors, strengthening support for employees affected by a cancer diagnosis, and making its actions part of a global drive for wellbeing in the workplace. 3.3.3.3 Health and occupational safety risks Description of the risk In the course of their activities, the group’s employees, service providers or subcontractors may be exposed to radiological, chemical and conventional risks. The main risks are as follows: ● a serious or fatal accident of an employee of the group or of an external company; ● contamination or irradiation of an employee of the group or an external company; and ● a lack of physical protection in the work environment and during business travel. The occurrence of such events could lead to court proceedings against the group that could adversely impact its reputation and result in the payment of significant damages. In 2024, the group saw a slight improvement in its workplace accident rate with lost time compared to financial year 2023 with an accident frequency rate with lost time of 1.1%. The occurrence of such events could lead to court proceedings against the group that could adversely impact its reputation and result in the payment of significant damages. Risk management measures Following the implementation of the group’s new Nuclear and Industrial Safety – Health – Occupational Safety – Radiation protection – Environment policy for 2024-2026, the main actions in 2024 focused on: ● the continued deployment of the preventive health attitude program for employees; ● the strengthening of a dynamic health prevention system (vaccination campaigns, signature of the Working With Cancer Charter including all international employees, etc.); ● strengthening of the radiation protection and workplace safety culture, in particular through the integration of these areas into the safety culture self-assessments; and ● capitalizing on feedback from events right down to the weakest signals, and sharing best practices. The actions carried out and the measures taken to prevent major risks taken by the group are detailed in Section 3.4.2 and Section 4.3.1.2 of the 2024 Annual Activity Report. 3.3.4 Financial risks for the group Orano has an organization dedicated to implementing financial risk management policies approved by Executive Management for centralized management of the exposure to foreign exchange, commodity, interest rate and liquidity risks. 3.3.4.1 Risks related to the group’s ability to finance its organic and external growth Description of the risk In a buoyant environment, thanks to the new prospects for nuclear energy in France and around the world, enabling us to meet the challenges of climate change and sovereignty, the group has defined a strategic roadmap with major investment and growth projects. The group’s ability to refinance its existing debt or raise the funds necessary to achieve its strategic roadmap could be affected if conditions for access to capital markets become difficult in the event of unfavorable changes in the macroeconomic situation, or a downgrade of Orano’s rating by rating agencies. This would have a significant adverse impact on the financial situation of the group. Risk management measures In line with these development challenges and associated financing needs, the group systematically monitors its level of debt in terms of amount and maturity to ensure its liquidity and its ability to obtain new financing under the best possible conditions. To this end, the group has diversified sources of financing, financing itself directly on the bond and money markets or from banks. In addition, the group’s shareholders are careful to maintain Orano’s financial structure in line with its capacity to meet future investment and financing needs. As an illustration, at the end of 2024 the group carried out a capital increase of 300 million euros, fully subscribed by the French State, confirming as a well-informed shareholder and investor its desire to strengthen and support the development of its nuclear industry, a driver of the energy transition and an essential guarantee of France’s sovereignty.
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