Urenco Annual Report 2022

1 Urenco Annual report and accounts 2022 Contents About this report Forward looking statements – this document may include certain forward looking statements,beliefs or opinions, including statements with respect to Urenco’s business,financial condition and results of operations. These forward looking statements can be identified by the use of forward looking terminology, including the terms‘believes’,‘plans’, ‘anticipates’,‘targets’,‘aims’,‘continues’, ‘expects’,‘extends’,‘hopes’,‘may’,‘will’, ‘would’,‘could’or‘should’,or, in each case,their negative or other various or comparable terminology. These statements are made by the Urenco Limited Directors in good faith based on the information available to them at the date of this report and reflect the Urenco Limited Directors’beliefs and expectations.By their nature,these statements involve risk and uncertainty because they relate to events and depend on circumstances that may or may not occur in the future.Anumber of factors could cause actual results and developments to differ materially from those expressed or implied by the forward looking statements, including, without limitation,those factors set out under‘Risks and risk management’on pages 44 to 49 of this document. No representation or warranty is made that any of these statements or forecasts will come to pass or that any forecast results will be achieved.Forward looking statements speak only as at the date of this document and Urenco and its advisers expressly disclaim any obligations or undertaking to release any update of,or revisions to,any forward looking statements in this document.No statement in the document is intended to be,or intended to be construed as,a profit forecast or profit estimate.As a result,you are cautioned not to place any undue reliance on such forward looking statements. 01 Strategic report Our operations, strategy, business model and performance during 2022 02 Business model 04 Chairman’s foreword 06 Chief Executive Officer’s review 10 Markets overview 14 Our strategy; priority focus areas 20 Capacity programme 24 Next generation fuels 26 Sustainability 37 Culture 40 Stakeholder engagement 44 Risks and risk management 50 Group Finance Report 56 The Executive Committee 58 The Board of Directors 02 Governance Our approach to corporate governance and how we have applied this in 2022 62 Corporate Governance 66 Audit Committee Report 72 Sustainability Committee Report 73 Remuneration Report 80 Directors’ Report 84 Directors’ Responsibilities Statement 03 Financial statements The audited financial statements of Urenco for the year ended 31 December 2022. 88 Independent Auditor’s Report 97 Consolidated Income Statement 98 Consolidated Statement of Comprehensive Income 99 Consolidated Statement of Financial Position 100 Consolidated Statement of Changes in Equity 101 Consolidated Cash Flow Statement 102 Notes to the Consolidated Financial Statements 163 Company Financial Statements 180 Glossary 182 Contact listing p12 Stable Isotopes lab inAlmelo,the Netherlands. p22 Preparation container transport from autoclave,Gronau,Germany p33 Solar panels at ourAlmelo site