Earnings report archives

• Backlog: €39.8 billion, up 55%
• Sales revenue: €11.9 billion, up 9.8% (up 10.4% like-for-like)
• Operating income: €751 million, i.e. 6.3% operating margin, up 2.6 points compared with 2006
• Net income attributable to equity holders of the parent: €743 million (€20.95 per share), up from €649 million in 2006 (€18.31 per share)
• Net debt: €1.954 billion, linked to the acquisition of UraMin
• Dividend: €6.77, to be proposed to the Annual General Meeting of Shareholders convening on April 17, 2008

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• Backlog at December 31, 2007: €39.8 billion, up by 55% from year-end 2006
• 2007 sales revenue: €11.9 billion, up by 9.8% (+10.4% like-for-like1)

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• Steady growth of 9-month sales revenue, at €8.066 billion (+6.8% like-for-like), including €2.692 billion in the 3rd quarter, i.e. +7.6% like-for-like.
• The group confirms its strong sales revenue growth objective for 2007.

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• Sales revenue: €5.373 billion, up by 6.7%
• Operating income: €207 million, i.e. 3.9% operating margin, up 1.6 point compared with H1 2006
• Consolidated net income: €295 million, i.e. €8.31 per share in H1 2007 against €6.92 per share in H1 2006, a 20% increase
• More than €33 billion in backlog, a 31% increase since year-end 2006

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• First half 2007 sales revenue: up 6.7% to €5.4 billion
• Backlog at June 30, 2007: €33.5 billion, or three years of sales revenue

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• Q1-2007 sales revenue stable at €2.47 billion
• Outlook : AREVA anticipates a significant increase in sales revenue for 2007

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• Backlog up by 24.6% to 25.6 billion euros
• Steady growth of sales revenue: + 7.3%1 to 10.863 billion euros
• Operating income of 407 million euros: excellent divisional performance and constitution of a significant provision for the OL3 project
• Dividend proposed to Annual General Meeting of Shareholders : 8.46 euros per share

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2006 Sales: €10.863 billion, up 7.3% from 2005

Organic growth of 6.7%, of which:

• Nuclear operations: +2.9%
• Transmission & Distribution: +15.2%

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• Sales revenues for the first nine months of 2006 are up by 8.1% to €7,556 million (+7.4% like-for-like)
• Nuclear operations are up by 5.2% (+4.7% like-for-like), reflecting strong performance in the Front End division
• Transmission & Distribution division is up by 14.0% (+12.9% like-for-like)

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• Sales revenue of €5,036M up by 5.7% (5.1% like-for-like)
• Operating income of €115M, i.e. 2.3% of sales revenue
• Nuclear operations
  - Operating income of €73M (2.2% of sales)
  - Operating income up before impact of OL3 contract (TVO, Finland)
  - Significant provision connected with the OL3 contract
• Transmission & Distribution
  - Successful recovery
  - Operating income of €101M before restructuring expenses (5.9% of sales) and of €72M after restructuring expenses (4.2% of sales)
• Consolidated net income of €245M
• Free operating cash flow of -€40M

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• Nuclear business up slightly: 1.3% organic growth
• Organic growth of 13.9% for the Transmission & Distribution Division
• The AREVA group reports first half 2006 sales revenue of €5,036 million, up from €4,764 million for the same period in 2005, representing 5.7% growth in terms of reported data. Organic growth was 5.1%.
• Nuclear operations reported first half 2006 revenue of €3,334 million, up 1.6% from the first half of 2005 (+1.3% like-for-like), marked by:
  - net growth of 12.9%* for the Front End Division, mainly attributable to uranium deliveries and enrichment services;
  - the contribution the contribution from reactor projects in Finland (OL3), China (Ling Ao-Phase II) and France (Flamanville 3 EPR), which boosted sales for the Reactors and Services Division by 2.7%*, despite the downturn in sales of reactor services;
  - a 14.4% drop in the Back End Division, primarily in the used fuel treatment business.
  - The Transmission and Distribution Division recorded sales revenue of €1,701 million, representing strong organic growth of 13.8%, consistent with the increase in orders booked in the second half of 2005. Orders for the first half of 2006 were up by 17.5% like-for-like compared with those of the first half of 2005.

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• Buoyant nuclear operations: up 11.6% like-for-like
• Strong organic growth of the Transmission and Distribution Division: up 16.6%
  The AREVA group's first quarter 2006 sales was €2,476 million, compared with €2,186 million for the same period in 2005, representing 13.3% growth in terms of reported data. Organic growth was 13.0%.
• Nuclear operations posted sales of €1,660 million, up 11.5% (up 11.6% like-for-like), and buoyant business volume marked by:
  - net growth for the Front End Division (+20.4%*), with 60% coming from volume-product mix effects and 40% from favorable price effects, especially for uranium supply and enrichment services;
  - the contribution from the OL3 (Finland), Ling Ao-Phase II (China) and Flamanville 3 EPR (France) reactor projects, which boosted the Reactors and Services Division's sales by 13.2%*;
  - a slight decrease in the Back End Division (-2.5%*).
  - The Transmission and Distribution Division posted sales of €817 million, representing strong organic growth (up 16.6%*), consistent with the increase in orders recorded in 2005. Orders booked in the first quarter of 2006 were up by 15.4% like-for-like (up 25.4% in reported data) compared with the first quarter of 2005.
• Outlook: For 2006, the Group expects net growth in sales, like-for-like, although not at the particularly high levels of the first quarter.

(1) i.e. at constant consolidation scope, accounting method, and foreign exchange rate.

Foreign exchange movements between the first quarter 2005 and the first quarter 2006 totaled a positive €49 million. The consolidation effect had a negative impact of €19 million between the two accounting periods.

* Organic growth, i.e. constant consolidation scope, accounting method and foreign exchange.

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• Organic growth of sales revenue maintained, at +3.7%
• Current operating income stable at 7.4% of sales, with net improvement in the T&D division 
• Operating income stable at €551M (5.4% of sales)
• Net income up sharply at €1,049M, due in particular to the sale of FCI
• Increased dividend proposed to the General Meeting of Shareholders: €9.87 per share or investment certificate
  
  The Supervisory Board of the AREVA group met today under the chairmanship of Frédéric Lemoine to examine the financial statements for 2005, as submitted by the Executive Board on March 2, 2006. 
  
  Anne Lauvergeon, Chairman of the Executive Board, offered the following comments:  
  
  "Net income more than doubled in 2005. Excluding the net gain from the disposal of our FCI Connectors Division, the net result increased by 15%. One should note that the company was sold under excellent financial and social terms, thus rewarding our success in reorganizing the business. This strategic move allowed the group to focus now on its core business: energy.
  
  The operating objectives we set for ourselves were largely achieved in 2005. We had foreseen the nuclear revival and are now ready to meet the demand. Our EPR model has already been selected by Finnish utility TVO and French utility EDF, as well as by U.S. utility Constellation. Our recurring nuclear business continues to grow, reinforcing our leadership position in Europe and the United States. The optimization plan for the T&D Division is beginning to bear fruit: new orders were up 13% and current operating margin rose by two points over the year.
  
  Our strategic goals are clear. We want to leverage our integrated model covering the entire nuclear cycle to strengthen our position as world leader in the nuclear industry. We are aiming for one-third of the world market in 2010 and double-digit operating margin. We must step up the pace in Transmission & Distribution with internal and external growth to rank as one of the most profitable companies in this industry".

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• 2005 sales were up 3.1%* in reported data: €10,125 millions
• Nuclear operations were buoyant (4.6% organic growth)
• Following the one-time peak in 2004 sales (up 11.8%), the Transmission & Distribution division is maintaining a good level of business: +2.0% organic growth
• Connectors: deconsolidation retroactive to January 1, 2005

Following the November 3, 2005 sale of FCI to the investment fund Bain Capital, and in accordance with IFRS standard 5, the Connectors division was deconsolidated retroactively to January 1, 2005. The division's net income up to the date of the sale and the net income from the sale will appear on a separate line of the income statement. The division's sales are no longer included in the AREVA group's sales, retroactive to January 1, 2005.
The AREVA group's sales revenue for the year rose to 10,125 million euros, compared with 9,821 million euros in 2004, adjusted for the Connectors division, representing 3.1% growth in terms of reported data. Organic growth was up 3.7% for 2005.

The nuclear divisions posted organic growth of 4.6%, signaled by:
- growth in the Front End division (+5.2%**) linked to the favorable price effect for uranium supplies and to climbing volumes in all of the division's businesses;
- new projects in Finland, France and China and strong performance in services, the growth driver for the Reactors & Services division (+10.8%**);
- the drop in sales for the Back End division (-2.9%**) following the 2004 completion of the support contract with Japanese customer JNFL; a contract extension for 2006 and 2007 was signed in late 2005.

The Transmission & Distribution division recorded organic growth of 2.0%. The 5.8% increase in the second half of 2005 over 2004 offsets the downturn in the first half of 2005 compared with the same period in 2004, when a one-time peak was observed. New orders rose by 13.1% like-for-like over the period, resulting in a large backlog at the end of 2005.

For the fourth quarter of 2005, the group recorded growth of 2.4% in reported data compared with the fourth quarter of 2004, and organic growth of 1.8%. Foreign exchange rate differences had a positive impact of 69 million euros.

Outlook: For 2006, the group expects sales revenue to rise like-for-like in all of its businesses.

(1) Change at 12/31/2005 in relation to 12/31/2004, adjusted for the Connectors division.
(2) Organic growth i.e at constant consolidation scope, accounting method, and foreign exchange rate.

Note: Amounts are annual totals. Quarterly data is presented in the appendix.

Exchange rate differences between 2004 and 2005 had a positive impact of 51 million euros. The effect of consolidation between the two periods was -97.6 million euros. Only the Front End division was impacted by IFRS adoption, in the amount of -32.9 million euros from 2004 (reported) to 2005 (reported).
* Change at 12/31/2005 in relation to 12/31/2004, adjusted for the Connectors division.
** Organic growth i.e at constant consolidation scope, accounting method, and foreign exchange rate.

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• Sales revenues are up 3.4% for the first nine months of the year (4.5% in organic growth)
• Buoyant nuclear business (up 6.2% like-for-like)
• Connectors: deconsolidation retroactive to January 1, 2005

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• Current operating income stable at 8.0% of sales revenue
• Operating income slightly down at €368M (6.8% of sales)
• Nuclear : Up by 5.9%
• T&D: decrease due to increasing expenses of the optimization plan
• Connectors: up by 22%, excluding non-recurring items
• Consolidated net income up slightly to €301M (+2.7%)
• High level of operating free cash flow [1] : €535M
• The cash position calculated according to IFRS indicates net debt of €416M as of June 30, 2005

The Supervisory Board of the AREVA group met on September 19 under the chairmanship of Frédéric Lemoine to examine the financial statements for the first half of 2005 provided by the Executive Board.

[1] Operating free cash flow before income tax = EBITDA (excluding end-of-life-cycle obligations) + Change in operating WCR - Operating CAPEX. In accordance with the reporting system set up for 2004 annual results, the cash flows linked to end-of-life-cycle operations are presented separately. Therefore, operating cash flow for H1 2004 is €727M, versus €706M in reported data.

[2] like-for-like = at constant consolidation scope and exchange rates 

[3] Net cash / (debt) IFRS = Cash and cash equivalents + Other current financial assets - Borrowings due in less than or more than one year. Shares classified as "Securities available for sale" (Total, Alcatel, SG, etc.) are now excluded from the adjusted net cash position calculation.

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• Sales are up 1.1% compared with the first half of 2004 (up 2.6% like-for-like (1))
• The € (17.3) M impact of IFRS adoption is limited to the Front End division
• Nuclear Power: up 4.4% (up 5.5% like-for-like (1)), driven by the Front End and Reactors & Services divisions
• T&D: down 3.9% (-2.1% like-for-like (1)) due to the one-time peak observed in early 2004
• Connectors stable: - Sales are stable (+0.3% like-for-like (1)): Automotive performed well, while the communication market continued to be a difficult one

(1) Constant consolidation scope, accounting standards/procedures, and exchange rate.

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• Sales growth of 3.6% compared with the 1st quarter of 2004 (growth of 4.8% like-for-like (1))
• IFRS impact limited to method of recording uranium trades: €(5)M
• Nuclear Power: up 10.0%, driven by the Reactors & Services division
• T&D: down 6.0% due to a one-time peak in the first quarter of 2004
• Connectors: Stable sales revenue despite a weak market in communications, computer and consumer electronics market

(1) At constant consolidation scope, accounting standards / procedures, and foreign exchange.

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• Sales up 35%: €11,109m
  - Impact from T&D acquisition in January 2004: +35%
  - Internal growth: +4.1%
• Operating income up 79%: €613m
  - Recovery confirmed in the Connectors business: €80m (6.2% of sales)
  - Increase in the Nuclear business: €581m (8.8% of sales)
  - Low profitability in the T&D business: €31m (1% of sales)
• Consolidated net income up 10%: €428m
• Positive net cash position: €689m
• Dividend proposed to the General Meeting of Shareholders 9.59 euros

AREVA's Supervisory Board, chaired by Mr. Philippe Pontet, met today to review the financial statements for 2004 as submitted by the Executive Board on March 2, 2005.

(1) Excluding T&D restructuring expenses, charged to goodwil (€142m)

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• Sales were up 34.6% compared with 2003
• Like-for-like, growth was 4.1%
• Energy Nuclear Power: stable (+ 0.5% like-for-like(1)) with fewer fuel deliveries
• T&D: + 11.8%, with booked orders up 12.9%, indicating renewed customer confidence
• Connectors: Growth of 6.5% like-for-like

(1) On a like-for-like (l-f-l) basis

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Sales growth of 31,6% over the first nine months of 2004. +1,4% like-for-like (1)

• Energy :
  - Nuclear Power : -2,5% like-for-like (1) over the first nine months due to delivery timing differences in the Front End
  - T&D: +6,9% like-for-like (1) over the first nine months
  - Connectors : . 8,0% growth like-for-like (1) over the nine months combined

(1) at constant consolidation scope and exchange rates. The €/$ exchange rate had a negative impact of €169 million groupwide.

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• Sale revenue: up 29%, reflecting integration of the T&D division
• Operating Income increases to €327 million, representing 6.1% of sales
• Nuclear: operating income is up
• T & D: lower operating income before restructuring expenses
• Connectors: operating income back in the black
• Consolidated net income: €243 million
• Operating cash flow2: exceptionally high during this half year
• Balance sheet remains strong: net cash position = €894 million as of June 30, 2004 after T&D purchase price payment

AREVA's Supervisory Board, chaired by Mr. Philippe Pontet, has reviewed the financial statements for the first half of 2004, submitted by the Executive Board on September 15, 2004.

(1) Recasted, unaudited financial data integrating the Transmission & Distribution division acquired on January 9, 2004

(2) EBITDA + changes in operating working capital requirement - net operating CAPEX - net income on sales of operating assets
(3)Cash position at book value + marketable securities - debt.

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• Revenues up by 29% due to the consolidation of the T&D business
• Nuclear: - 2.5% on a l-f-l basis[1] related to an unfavourable comparison effect over the period
• T&D: +7.4% on a l-f-l basis[1] through a strong recovery in the 2nd quarter (+21.2% on a l-f-l basis[1])
• Connectors: Growth of 8.6% on a l-f-l basis[1] over the period

(1)Like-for-like (l-f-l) basis

AREVA group revenues for the 1st half of 2004 amounted to €5,339 million as against €4,138 million in the 1st half of 2003 that is up by 29%. The main reason for this strong growth is the acquisition of the Transmission and Distribution division that was consolidated into the group's accounts at the beginning of January 2004.

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• Increase in sales revenues due to the integration of the activities of T&D
• Nuclear: drop of 9.8% on a like-for-like basis (1) due to an unfavorable base comparison with the first quarter of 2003
• T&D: drop of 4.4% on a like-for-like basis (1) and strong growth in new orders of 13%
• Connectors: Growth of 8.3% on a like-for-like basis (1)

Sales revenues for the AREVA group for the first quarter of 2004 amounted to 2,410 million euro, as opposed to 1,930 million euro for the first quarter of 2003, i.e. an increase of 24.9%. A comparison of foreign exchange rate fluctuations between these two periods shows a negative impact of 94 million euro.

(1) On a like-for-like (l-f-l) basis

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• Operating income up 90%: €342M (4,1% of sales)
• Consolidated net income up 62%: €389M
• Net cash up sharply: €1,236M
• Operating margin in Energy operations: €523M (7.7% of sales)
• Connectors' operating income before restructuring back in the black: +€21M (1.6% of sales)
• Net dividend recommendation to general assembly: €6.20

(1) i.e. at constant consolidation scope and exchange rate.

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• Nuclear: 10% increase on a like-for-like with a sustained activity in the United States
• Connectors: 3% drop on a like-for-like basis in a still dull telecom market

AREVA Group consolidated sales revenues at September 30, 2003 totaled 5,872 million euros, compared with 5,881 million euros for the first nine months of 2002, down 0.2%. On a comparable basis, sales revenues would have posted a 6.7% increase:
+10.0% for Nuclear, led by continuing growth in the Front-End and Reactors & Services divisions
-3.3% for Connectors, affected by persistent weakness in the communication / data / consumer markets.

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• Consolidated sales revenues up 3.9%
• Operating income before restructuring up 23%
• Nuclear: growth in volumes and continued high operating margin (8.1% of sales)
• Connectors: operating break even for the second quarter of 2003, before restructuring costs

The Supervisory Board of the AREVA Group, meeting on this date under the chairmanship of Philippe Pontet, reviewed the accounts for the first half of 2003 as approved by the Management Board on September 10th.

[1] Cash and marketable securities + Current account of non consolidated subsidiaries - financial debt

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• Nuclear : Year off to a strong start
• Connectors : Excellent results in the automative industry do not offset the decline in telecom & electrical equipment

The AREVA group posted revenue of 1,930 million euros in the first quarter of 2003, compared with 1,763 million euros in Q1 2002, for 9.5% growth. Overall revenue growth excluding acquisitions and divestitures was 9.8%, with sales to the nuclear industry rising 17% and connector sales falling 11.3%. The decline in the USD/EUR exchange rate from Q1 2002 to Q1 2003 reduced sales by €80m, or 4.5% (1) of annual revenue.

(1) This impact was –€52m for Nuclear business (or –3.9%) and –€28m (-7%) for Connectors.

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• Growth in operating income : + 48 %
• Group share net income increased : 240 M€
• Net cash position (1) increased : 1 085 M€
• Nuclear: Increase in operating income : + 56 %
• Connectors: Reduction in operating loss before restructuring costs
• Net dividend proposed at the Meeting of Shareholders : 6,20 euros

(1) Cash and cash equivalents - financial debts.

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Sales revenues for the AREVA Group for 2002 totaled 8,265 million euros compared with 8,901 million euros in 2001, i.e a drop of 7.1%, including a decrease of 3.6% for nuclear and 20.7% for connectors.

On a like-for-like basis, and before non-recurring payments for 2001 at the Back End of the cycle (1), the organic growth of the nuclear business rose by 3.8%. The decrease in the connectors business (- 20.7%) reflects the strong slump in the telecommunication infrastructure market, which has remained depressed, especially in the United States.

(1) See Appendix 1, which shows a breakdown by quarter.

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• Nuclear : Sales revenues up 3.6%, in line with expectations
• Connectors : Further slump in the telecom market affects third quarter sales

In the first nine months of 2002, AREVA posted sales totaling 5,881 million euros compared with 6,155 in 2001, a 4.4% decrease. This is the balance of a 2.7% growth in nuclear, offset by the decline in connectors, where sales have fallen by nearly 25% compared with 2001. On a like-for-like basis*, sales in the first nine months totaled 5,762 million euros compared with 6,195 million euros in 2001, a 7.0% decrease: -1.6% in Nuclear and -24.7% in Connectors.

* Consolidation of Siemens nuclear business (February 2001), Acquisition of Duke Engineering & Services (May 2002), Acquisition of Canberra (February 2001) and sale of Clemessy (September 2001)

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• Nuclear: Improved operating income in Nuclear business
• Components: In a difficult context, connectors business operating loss decreases from 2nd half 2001

Increased synergise within the Group

AREVA group's Supervisory Board, chaired by Pascal Colombani, reviewed the accounts for the first half of 2002 presented by Anne Lauvergeon, Chairman of the Executive Board, on October 15, 2002. Commenting on these results, she noted:

"AREVA group's results are in progress. In Nuclear Energy's three business lines, operating income has improved over the previous six months, consistent with the objectives set at the beginning of the year for double-digit growth. Since January 2002, the group has announced a large number of contracts in the US, as well as in Switzerland, Germany and the UK, illustrating the effectiveness of our sales force.

In Connectors, operating losses were reduced by nearly two-thirds from the 2 nd half of 2001, largely as a result of intense and ongoing restructuring since September 2001. However, we are still faced with a huge task, given the continuing slump in the Connectors / Telecom market. In line with the strategy defined with the Supervisory Board, the return to profitability remains the major objective.

I would also like to emphasize the strength of our balance sheet, reflecting our capacity to meet dismantling commitments and our strong positive net cash position. For the full year, we forecast significant growth in operating income based on a strong performance from Nuclear and on cost reductions throughout the group".

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• Nuclear: Sales hold steady
• Components: Sharp decline in connector/telecom-data market throughout 2001 stabilizes in the first half of 2002.

Sales revenues for the AREVA group in the first half of 2002 totaled 3,982 million euros, a decline of 6.3% from the 4,251 million euros recorded in the same period of 2001. This changes reflects growth of 2.3% in nuclear activities as well as a new deterioration in the connectors division, which was down 29% from 2001. Restated for changes in consolidation*, first-half sales revenues fell 9.1% to 3,930 million euros versus 4,325 million euros in 2001.

* Consolidation of Siemens nuclear business (February 2001), Acquisition of Duke Engineering & Services (May 2002), Acquisition of Canberra (February 2001) and sale of Clemessy (September 2001)

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• Nuclear : Dynamic start to year
• Components : Business stabilized in relation to 4th quarter 2001

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• Nuclear : Strong Growth in Operating Income (+76%)
• Components : Decline in Connectors and Extraordinary Amortization of Goodwill

* Before extraordinary amortization of goodwill

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The AREVA Management Board presented the accounts of CEA-Industrie for the first half of 2001 to the Supervisory Board on 15 October 2001. CEA-Industrie became AREVA on 3, September 2001. AREVA now unites the forces of CEA-Industrie, COGEMA, FRAMATOME ANP and FCI.

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