Clock - Uranium Supply Crunch and Critical ... - Andrew Johns

Uranium Canada Research | Page 33 of 87Exhibit 50: Financial StatementsC$000s (Fiscal year-end Dec-31) 2011A 2012E 2013E 2014EIncome StatementRevenue 2,384,404 2,371,830 2,653,081 2,823,996Operating Expenses (1,337,963) (1,387,034) (1,473,686) (1,638,606)SG&A, Forex (253,400) (271,084) (256,084) (256,084)Mineral Write-offs 0 0 0 0Other 1,096 15,401 3,040 3,040EBITDA 794,137 729,112 926,351 932,345DD&A (274,835) (212,538) (209,192) (239,099)EBIT 519,302 516,574 717,159 693,246Interest income (expense) (57,143) (31,838) (42,450) (42,450)Tax recovery (expense) (11,755) 14,673 9,963 14,900Net Income 450,404 499,410 684,671 665,697Weighted Avg. S/O ('000s) 394,662 394,967 394,967 394,967Adj. EPS (C$/sh; basic) 1.28 1.24 1.73 1.69Cash FlowOperating 731,677 929,930 893,864 904,796Investing (528,030) (1,052,339) (485,861) (347,494)Financing (188,607) (224,318) (208,100) (208,100)Net Change in Cash (net FX) 22,658 (347,461) 199,903 349,202CFPS (C$/sh; w/o WC) 1.94 1.67 2.26 2.29Cash (EOP) 399,279 51,818 251,720 600,922Balance SheetCurrent Assets 2,585,334 2,042,711 2,242,613 2,591,815Non-current Assets 5,216,497 5,945,955 6,222,624 6,331,019Total Assets 7,801,831 7,988,666 8,465,237 8,922,834Current Liabilities 708,019 596,906 596,906 596,906Non-current Liabilities 1,988,307 1,959,390 1,909,390 1,859,390Total Liabilities 2,696,326 2,556,296 2,506,296 2,456,296Deficit, other comp income (loss) 46,548 29,053 29,053 29,053Shareholder Equity 5,058,957 5,403,317 5,929,888 6,437,485Total Liabilities + Equity 7,801,831 7,988,666 8,465,237 8,922,834Source: Raymond James Ltd., Cameco Corp.Raymond James Ltd. | 2200 – 925 West Georgia Street | Vancouver BC Canada V6C 3L2