The French energy group.

Capital expenditure

Purchases of property, plant and equipment including prepayments
relating to payments to ETC in advance of contracted cascade
deliveries, which will be supplied in future periods.


The arrangement of centrifuges connected in parallel and in series
is termed a “cascade”. In a uranium enrichment plant several
cascades are operated in parallel to form an “operational unit”
producing one U235 assay. Various operational units form one
enrichment plant.


URENCO ChemPlants, a subsidiary company of URENCO, is
responsible for the construction and operation of the Tails
Management Facility at URENCO’s UK site at Capenhurst.


Capenhurst Nuclear Services Limited. This company has taken
responsibility for storage of certain uranic materials on behalf of the
Nuclear Decommissioning Authority at the Capenhurst facility in the


This is the process of removing the volatile fluorine component from
uranium hexafluoride to make stable uranium oxide (U3O8). URENCO
has chosen to use U3O8 as the long-term retrievable storage form of


Earnings before interest (including other finance costs), taxation,
depreciation and amortisation and joint venture results (or income
from operating activities plus depreciation and amortisation, plus
joint venture results).


The step taken in the nuclear fuel cycle that increases the
concentration of U235, relative to U238, in order to make uranium
usable as a fuel for light water reactors.

Enrichment Group

A collective name for URENCO Enrichment Company Ltd
and its subsidiaries namely: URENCO UK Ltd (UUK); URENCO
Nederland B.V. (UNL); URENCO Deutschland GmbH (UD) and


Enrichment Technology Company Limited.


The European Atomic Energy Community, established in 1957
by members of the European Union.


Enriched Uranium Product, i.e. UF6 enriched, typically, to between
3% and 5% U235 content.


Natural or reprocessed uranium, converted to UF6, and fed into the
cascades for enrichment.


The ratio of Funds From Operations (FFO) to Total Adjusted Debt
(TAD), where FFO is operating cash flow before working capital
changes, and TAD is Net Debt plus Decommissioning and Tails
provisions and Retirement Benefit Obligations.

Gas centrifuge

Gas centrifugation is a uranium enrichment process which uses the
gas centrifuge to accelerate molecules so that particles of different
masses are physically separated along the radius of a rotating
container. This increases the proportion of the useful U235 isotope.

Global Reporting Initiative (GRI)

The GRI is the reporting framework which provides guidance
on sustainability performance reporting.


The International Atomic Energy Agency is the world’s central
intergovernmental forum for scientific and technical co-operation in
the nuclear field.


International Accounting Standards.


International Financial Reporting Standards.

Joint Committee

The committee of representatives of the governments of the
Netherlands, the United Kingdom and Germany that oversees
URENCO’s compliance with the Treaty of Almelo.

Louisiana Energy Services LLC

Parent company for URENCO USA; 100% owned by the URENCO

Net assets

Total assets less total liabilities.

Net debt

Loans and borrowings (current and non-current) plus obligations
under finance leases less cash and cash equivalents.

Net finance costs

Finance costs less finance income.

Net interest

Net finance costs excluding income and costs on non-designated
hedges and excluding capitalised borrowing costs.

Nuclear fuel supply chain

The multiple steps that convert uranium as it is extracted from the
earth to nuclear fuel for use in power plants. Uranium enrichment is
one step in the nuclear fuel supply chain.

Order book

Contracted and agreed business estimated on the basis of
“requirements” and “fixed commitment” contracts.

Supplier of choice

Increasing available capacity and experience of new operating
environments facilitates first class service delivery and the flexibility
to meet the changing needs of our customers. This will enable
URENCO to be considered the “supplier of choice” by our


Separative Work Unit. The standard measure of the effort required
to increase the concentration of the fissionable U235 isotope.

Tails (Depleted UF6)

Uranium hexafluoride that contains a lower concentration than the
natural concentration (0.711%) of the U235 isotope.

Tails Management Facility (TMF)

The facility managed by URENCO ChemPlants that will manage
the deconversion of tails to stable uranium oxide (U3O8). Currently
under construction at URENCO’s UK site in Capenhurst, UK, it
will consist of a number of associated storage, maintenance
and residue processing facilities to support URENCO’s long-term
strategy for the management of tails.

Treaty of Almelo

In the early 1970s the German, Dutch and British governments
signed the Treaty of Almelo, an agreement under which the
three partners would jointly develop the centrifuge process of
uranium enrichment.

Treaty of Cardiff

In July 2005 the German, Dutch, British and French governments
signed the Treaty of Cardiff, an agreement between the four
governments to supervise the collaboration between URENCO and
Areva in their joint venture, ETC.

Treaty of Washington

In July 1992 the German, Dutch, British and United States of
America governments signed the Treaty of Washington, an
agreement which was required in order to permit the establishment
of the National Enrichment Facility.


Tonnes of Separative Work.


Tonnes of Separative Work per annum.


Revenue from the sale of goods and services.


URENCO Enrichment Company Limited.


The Generally Accepted Accounting Practice in the UK.


A fairly abundant metallic element. Approximately 993 of every
1,000 uranium atoms are U238. The remaining seven atoms are
U235 (0.711%), which is used in today’s nuclear power stations to
generate energy by fission.

Uranium hexafluoride (UF6)

All enrichment processes today work with gaseous material;
therefore uranium is converted to UF6.


URENCO’S enrichment facility in New Mexico, US, owned and
operated by Louisiana Energy Services LLC.


Nuclear Regulatory Commission – the United States Nuclear


The fissionable uranium isotope found in natural uranium.

U235 Assay

The weight percent of U235 atoms in uranium presented as a
percentage of U235 atoms divided by all uranium atoms.


The non-fissionable uranium isotope that makes up most of natural


Uranium oxide, the most stable form of uranium.

Working capital

Inventories, trade and other receivables, and cash and cash
equivalents, less the current portion of trade and other payables.