Cameco Corporation - CCO.t

Cameco Corporation - CCO.t is one of the world's largest uranium producers accounting for about 18% of the world's production from its mines in Canada, the US and Kazakhstan. Cameco holds premier land positions in the world's most promising areas for new uranium discoveries.

On February 5, 2016 the company released Numbers

Cameco reports fourth quarter and 2015 financial results

 delivered on annual guidance amid weak market conditions

 solid uranium segment results, record annual revenue and average realized price owing to a weaker Canadian dollar

 record annual uranium production on the back of strong results at Cigar Lake

 write-down of $210 million in the fourth quarter related to our Rabbit Lake operation

Cameco (TSX: CCO; NYSE: CCJ) today reported its consolidated financial and operating results for the fourth quarter and year ended December 31, 2015 in accordance with International Financial Reporting Standards (IFRS).

“In 2015, the company continued to perform well, in the context of the global challenges our industry faces,” said president and CEO, Tim Gitzel. “But despite the challenges, we continued to concentrate on the aspects of our business that are within our control, which has led us to once again deliver on, and in some cases exceed, our annual guidance.

“We are still waiting on a market recovery that was expected to come sooner, but we’ve learned to put those expectations aside and prepare for whatever comes our way. Looking ahead, our strategy is to continue focusing our capital on tier-one assets, because it’s those world-class, low-cost mines that will position us to quickly respond when the market calls for more production. And we believe that the question is not ‘if’ the market will make that call, but ‘when’, as we continue to see a bright long-term outlook for the nuclear industry.”

THREE MONTHS ENDED YEAR ENDED HIGHLIGHTS DECEMBER 31 DECEMBER 31

($ MILLIONS EXCEPT WHERE INDICATED)

 2015 2014 CHANGE 2015 2014 CHANGE

Revenue 975 889 10% 2,754 2,398 15%

Gross profit 282 251 12% 697 638 9%

Net earnings (loss) attributable to equity holders (10) 73 (114)% 65 185 (65)%

$ per common share (diluted) (0.03) 0.18 (114)% 0.16 0.47 (65)%

Adjusted net earnings (non-IFRS, see page 8) 151 205 (26)% 344 412 (17)%

$ per common share (adjusted and diluted) 0.38 0.52 (27)% 0.87 1.04 (16)%

Cash provided by operations (after working capital changes) 503 236 113% 450 480 (6)%

Average realized prices Uranium ($US/lb)

 46.36 50.57 (8)% 45.19 47.53 (5)% 

($Cdn/lb) 61.24 56.78 8% 57.58 52.37 10%

Fuel Services ($Cdn/kgU) 21.88 16.92 29% 23.37 19.70 19%

NUKEM ($Cdn/lb) 52.22 52.12 - 48.82 44.90 9%

The 2015 annual financial statements have been audited; however, the 2014 and 2015 fourth quarter financial information presented is unaudited. You can find a copy of our 2015 annual management’s discussion and analysis (MD&A), and our 2015 audited financial statements, on our website at cameco.com.

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