Debt and rating

Since its establishment, AREVA has generated and raised the necessary financial resources for its development. These resources have allowed the group: to invest more than 5 billion euros internally, particularly in the following fields:

• the development of mining projects in Canada, the United States and Niger,
• the expansion of its industrial production capacity to meet growing customer demand,
• the construction of new, safer and more efficient plants to replace the aging installed base, and,
• the certification of new technologies;
• to commit external growth in order to back up or strengthen its leadership position on fast growing markets;
• to pay its shareholders 2.4 billion euros in dividends over the period.

This utilization policy for cash resources is consistent with the need to maintain a healthy balance sheet, essential to a long-term business such as nuclear, as demanded by the group's customers and creditors.

Beginning in 2006, and given the level of capital expenditure required to support profitable long-term growth, AREVA had to begin borrowing while preserving a strong balance sheet.