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Segmented information
12 Months Ended
Dec. 31, 2022
Disclosure Of Operating Segments [Abstract]  
Segmented information
29.
 
Segmented information
Cameco has two reportable segments: uranium and fuel services. Cameco's reportable segments are strategic business units
with different products, processes and marketing strategies.
 
The uranium segment involves the exploration for, mining, milling,
purchase and sale of uranium concentrate. The fuel services segment involves the refining, conversion and fabrication of
uranium concentrate and the purchase and sale of conversion services.
 
Cost of sales in the uranium segment includes care and maintenance costs for our operations that have had production
suspensions as well as operational readiness costs for our operations that are resuming operations. Operational readiness
costs include costs to complete critical projects, perform maintenance readiness checks, and recruit and train sufficient mine
and mill personnel before beginning operations. Cameco expensed $
218,439,000
 
of care and maintenance and operational
readiness costs during the year (2021 - $
209,556,000
 
of care and maintenance costs). Included in this amount in 2021 is
$
40,359,000
 
relating to care and maintenance costs for operations suspended as a result of COVID-19 and the related impact
of increased purchasing activity at a higher cost than produced pounds. This had a negative impact on gross profit in the
uranium segment.
Accounting policies used in each segment are consistent with the policies outlined in the summary of significant accounting
policies.
A.
 
Business segments - 2022
For the year ended December 31, 2022
Uranium
Fuel
services
Other
Total
Revenue
$
1,480,146
$
365,063
$
22,794
$
1,868,003
Expenses
Cost of products and services sold
1,223,558
215,660
18,118
1,457,336
Depreciation and amortization
135,800
32,618
8,958
177,376
Cost of sales
1,359,358
248,278
27,076
1,634,712
Gross profit (loss)
120,788
116,785
(4,282)
233,291
Administration
-
-
172,029
172,029
Exploration
10,578
-
-
10,578
Research and development
-
-
12,175
12,175
Other operating expense (income)
25,845
(2,901)
-
22,944
(Gain) loss on disposal of assets
726
(212)
-
514
Finance costs
-
-
85,728
85,728
Loss on derivatives
-
-
72,949
72,949
Finance income
-
-
(37,499)
(37,499)
Share of earnings from equity-accounted investee
(93,988)
-
-
(93,988)
Other income
(22,802)
-
(74,132)
(96,934)
Earnings (loss) before income taxes
200,429
119,898
(235,532)
84,795
Income tax recovery
(4,469)
Net earnings
89,264
Capital expenditures for the year
$
101,547
$
39,736
$
2,198
$
143,481
For the year ended December 31, 2021
Uranium
Fuel
services
Other
Total
Revenue
$
1,054,993
$
404,277
$
15,714
$
1,474,984
Expenses
Cost of products and services sold
1,028,816
242,574
11,245
1,282,635
Depreciation and amortization
134,629
43,344
12,442
190,415
Cost of sales
1,163,445
285,918
23,687
1,473,050
Gross profit (loss)
(108,452)
118,359
(7,973)
1,934
Administration
-
-
127,566
127,566
Exploration
8,016
-
-
8,016
Research and development
-
-
7,168
7,168
Other operating income
(8,407)
-
-
(8,407)
(Gain) loss on disposal of assets
(2,886)
6,689
-
3,803
Finance costs
-
-
76,612
76,612
Gain on derivatives
-
-
(12,529)
(12,529)
Finance income
-
-
(6,804)
(6,804)
Share of earnings from equity-accounted investee
(68,283)
-
-
(68,283)
Other expense (income)
-
301
(21,654)
(21,353)
Earnings (loss) before income taxes
(36,892)
111,369
(178,332)
(103,855)
Income tax recovery
(1,201)
Net loss
(102,654)
Capital expenditures for the year
$
72,786
$
22,792
$
3,206
$
98,784
B.
 
Geographic segments
Revenue is attributed to the geographic location based on the location of the entity providing the services. The Company’s
revenue from external customers is as follows:
2022
2021
Canada
$
994,534
$
704,719
United States
873,469
770,265
$
1,868,003
$
1,474,984
The Company’s non-current assets, excluding deferred tax assets and financial instruments, by geographic location
are as follows:
2022
2021
Canada
$
3,042,533
$
3,100,285
Australia
397,678
395,223
United States
80,352
131,683
Kazakhstan
38
46
Germany
6
11
$
3,520,607
$
3,627,248
C.
 
Major customers
Cameco relies on a small number of customers to purchase a significant portion of its uranium concentrates and uranium
conversion services. During 2022, revenues from one customer of Cameco’s uranium and fuel services segments represented
approximately $
227,846,000
 
(2021 - $
166,068,000
), approximately
12
% (2021 -
11
%) of Cameco’s total revenues from these
segments.
As customers are relatively few in number, accounts receivable from any individual customer may periodically
exceed 10% of accounts receivable depending on delivery schedule.