Financials and Competitors Research on Cameco

Financials and Competitors Research On Cameco
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Financial section
In 2021, Cameco’s annual net loss was $103 million and an adjusted net loss of $98 million compared to an annual net loss of $53 million and an adjusted net loss of $66 million in 2020. However, the company was profitable in 2019 as the net earnings were $74 million. The Coronavirus (COVID-19) pandemic worsened profitability in 2020 and 2021, with losses on foreign exchange impacting realized prices and higher costs on uranium leading to net losses (Cameco, 2020). The gross profit fell substantially from $106,449,000 in 2020 to $1,934,000 in 2021, decreasing the gross profit margin.  
Cash and cash equivalents were the largest shares of current assets, $1,247,447,000 in 2021 and $918,382,000 in 2020, while property, plant, and equipment are the largest shares of non-current assets. The total assets (liabilities plus equity) declined in 2021. One of the main challenges the company is facing is volatility and sensitivity to risks, which affects cash receipts and earnings (SEC, 2021). The short-term investments more than tripled in 2021 to $84,906,000 from $24,985,000 in 2020, but the long-term receivables, investments, and others declined from $652,042,000 to $577,527,000. 
 In shareholder’s equity, the share capital increased from $1,869,710,000 in 2020 to $1,903,357,000 in 2021, but the contribution surplus and retained earnings declined. The net cash provided by operations increased from $56,889 000 in 2020 to $458,288 0000 in 2021, even as the net loss was higher in 2021. On the other hand, the net cash used in investing declined from $101,029,000 in 2020 to $80,298,000 in 2021, and this was mainly because of a decrease in long-term receivables investments that increased from $907,000 to $73,050,000 in 2021. proceeds from the sale of property, plant, and equipment were $679,000 in 2019, but then fell to $511,000 in 2020 and increased more than tenfold to $5,357,000 in 2021 (SEC, 2021).
Cameco suspended uranium production at the McArthur River and Key Lake in January 2018 after uranium prices had fallen drastically since the Japanese Fukushima disaster in 2011 (Johnson, 2022). In 2021, it operated 75% below capacity, and losses increased partly because of changes in the uranium market. However, Cameco has focused on reviving the McArthur River and Key Lake operations and increasing uranium production by more than 5 million pounds (Johnson, 2022). Resuming operations at McArthur River in 2022 targets increasing the company’s profits. After suspending operations in the McArthur mine, Cameco loaned 5,400,000 pounds of uranium concentrate to Orano Canada Inc., one of its joint venture partners. Orano will repay uranium concentrate latest December 31, 2023 (SEC, 2021).
Competitors
Cameco’s main competitors include Kazatomprom, Orano, and Uranium One. Kazatomprom is a Kazakhstani-based company and the world’s largest uranium producer. Cameco has expanded uranium expl...