the Company's turnover
The Company's turnover in 2011 amounted to USD 3.84 billion.
The Company has traditionally been an exporter and has a stable positive foreign trade balance. In 2011 this indicator remained almost at the level of 2010 and equalled USD 2.94 billion, while total export volume reached USD 3.39 billion.
Sales, USD mln
||2011 on 2010, %|
|export of uranium production, total||2,897||3,252||3,339||102.7|
|commercial supplies of uranium production||2,011||2,313||2,330||100.7|
|import of HEU-LEU feed material||37||58||108||186.2|
|Foreign trade balance||2,642||2,996||2,941||98.2|
The volume of exported uranium production is considered to be one of the key indicators of the Company's performance. The major components of the export activities are commercial supplies of uranium production and supplies under the HEU-LEU Agreement.
commercial supplies of uranium production
Despite the Fukushima accident, which resulted in a series of cancelled deliveries under the contracts with Japanese customers and a reduction in option orders by other contractors, the Company retained the positive growth in the exports of uranium production through the flexible pricing policy and efficient communication with contractors. Compared to 2010, the volume of commercial export of uranium products in 2011 increased in value terms, even if insignificantly, and equalled USD 2.33 billion or 69% of the total export volume.
A 7.4% increase in export in 2011 over 2010 in value terms under the HEU-LEU Agreement resulted from a rise in prices of enrichment services and LEU feed material. In the reporting year the Company has fully fulfilled the budgetary targets of the State Atomic Energy Corporation ROSATOM for transferring export earnings into the federal budget.
The volume of other exports, including the supplies of equipment and providing services under the contract for providing technical assistance in construction of the 4th construction stage of the 500 SWU/year gas centrifuge uranium enrichment plant in China, decreased by 20% on 2010 because this contract has been executed.
The purchase of the uranium raw material for the purposes of the export programme accounts for the largest segment in the Company's import. In 2011 import volume of uranium raw material amounted to USD 322 million, or 72% of the total import.
Import of low-enriched uranium feed material (LEU FM) under the HEU-LEU Agreement is carried out in accordance with the programme of transporting LEU FM from the US to Russia and schedule for returning LEU FM to Russia during the period until 2014.