BAKU, Azerbaijan, March 16
Trend:
Сonsolidated revenue of Kazakhstan’s Kazatomprom National Atomic Company was 691.01 billion tenge ($1.3 million) in 2021, an increase of 18 percent compared to 2020, Trend reports citing the company.
The company said this primarily due to an increase in the average realized price associated with an increase in the spot price for U3O8 and the weakening of KZT against USD in 2021. This revenue increase was also supported by a slight increase in sales volume in 2021 in comparison to 2020.
Operating profit in 2021 was 238.2 billion tenge ($465.3 million), an increase of 6 percent compared to 2020. The increase was mainly due to an increase in average realized price.
Net profit in 2021 was 220.02 billion tenge ($429.7 million), a decrease of 1 percent compared to 2020.
In 2020 the gain from disposal of joint venture UEC was 22.06 billion tenge ($43.03 million). In 2021, the Company sold 49 percent of its interest in Ortalyk LLP, while Kazatomprom retains a controlling 51 percent interest, according to which, under IFRS, the financial effect of this transaction is reflected in cash flows and equity in the Financial Statements.
Adjusted EBITDA totalled 349.6 billion tenge ($682.8 million) in 2021, an increase of 7 percent compared to 2020 due to a higher operating profit, as well as an increase in the EBITDA of JVs and associates.
Attributable EBITDA was 275.8 billion tenge ($538.7 million) in 2021, a decrease of 7 percent compared to 2020 mainly due to the sale of 49 percent share in Ortalyk LLP.
Operating cash flows totalled 118.7 billion tenge ($231.8 million), a decrease of 27 percent compared to 161.5 billion tenge ($161.5 million) in 2020 mainly due to:
- a 96.4 billion ($188.3 million) increase in cash receipts from customers during 2021 compared to 2020, due to growth in the average realized price associated with an increase in the spot price for U3O8 and change in timing of the sales schedules for 2020-2021; and
- a 122.7 billion ($239.6 million) increase in payments for accounts payable to suppliers during the 2020 due to the weakening of the KZT against the USD and an increase in the spot price for U3O8 purchased from JVs and associates;
- a 24.2 billion ($47.3 million) increase in 2021 inflows from VAT refunds from the budget in 2021;
- a 38.5 billion ($ 75.3 million) increase in 2021 of income tax paid in 2021, of which a one-time effect of 33.4 billion ($65.3 million) is a capital gain tax on sale of 49 percent share in Ortalyk LLP.
Kazatomprom is the world's largest producer of uranium, with the Company’s attributable production representing approximately 24% of global primary uranium production in 2021. The Group benefits from the largest reserve base in the industry and operates, through its subsidiaries, JVs and Associates, 26 deposits grouped into 14 mining assets.
All of the Company’s mining operations are located in Kazakhstan and extract uranium using ISR technology with a focus on maintaining industry-leading health, safety and environment standards.
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