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Achievements in 2007

Click here to see our Achievements in 2008.

UEC’s long-term strategy is to sustain growth through investment, and during 2007 a number of key objectives were achieved in support of this.

  • UEC enjoyed another successful year. Deliveries of enrichment services increased by 6% to 10,000 tSW and UEC sold 2,350 tonnes of feed (UF6). Deliveries of Enriched Uranium Product (EUP) containing over 800 tU are included in these figures. UEC’s overall mix of sales demonstrates its flexible approach in support of its customers’ broader requirements. Although the average price per SWU fell during 2007, this was largely due to movements in the USD/euro exchange rates. UEC’s overall results were strong; turnover, EBITDA and net profit grew by 15%, 10% and 12% respectively.
  • Plant expansion continued across Europe. By the end of 2007, installed enrichment capacity increased to 9,600 tSW/a, an increase of over 600 tonnes (almost 7%). However, it was necessary to overcome some challenges to successfully achieve this expansion. A delay in the supply of cascades and in licensing was mitigated by flexing cascade installation between the UEC operational sites. Investments in new capacity were almost €330 million (before group margin eliminations) in 2007, an increase of over €40 million compared to 2006.
  • URENCO strengthened its position as a long-term stable supplier. During the last 12 months, UEC increased its order book to €15 billion (2006: €12 billion). The pressures in the market place, driven by concerns about supply, are still in place. In this market, UEC plays a vital role in partnering its customers through long-term commitments and price certainty.
  • Flexibility is one of URENCO’s core values and UEC has continued to explore with customers ways in which it can expand the range of services and products it provides. This approach has included developing the supply of EUP in addition to toll enriching. UEC is well placed to optimise its access to the markets and respond to customer needs. The level of customer satisfaction with these services was reviewed during the year through the Ipsos MORI customer survey. The overall ratings were very positive and it is clear that customers value the long-term, flexible support offered. The results of the survey confirm that UEC is ‘customer oriented, proactive, and helpful’. UEC is proud of this result, and readily accepts the challenge to partner its customers into the future.
  • Significant steps have been made in the alignment of processes across all sites. Continued progress will enhance efficiency and flexibility, moving further to a ‘best-in-class’ approach. This project will continue to evolve given the inter-connectivity and complexity of the different processes involved. However, a number of processes have already been aligned and a clear action plan has been developed for future alignment. UEC also continues to provide expertise to the National Enrichment Facility, to ensure consistency and promote best practice throughout the Group.
  • UEC continued to focus on controlling costs and driving efficiencies throughout the organisation. As a result, total cost per SWU rose only marginally (1.6%) in spite of increased staffing and training costs in advance of new capacity coming online from UEC’s expansion projects, and a higher than normal purchase of containers in order to take advantage of favourable market prices

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