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EPR™: discover the advanced reactor
Nuclear reactors
Operating income and net earnings
Excluding the 550 million euros provision recognized in the first half of 2009 on the OL3 contract in Finland, operating income reached 647 million euros for an operating margin of 7.6%, stable compared to 2008.
For the full year, the group had operating income of 97 million euros, compared with a loss of 143 million euros in 2008. This performance chiefly reflects a stronger contribution from the Front End division, buoyed by a significant increase in capital gains from the sale of minority stakes in industrial assets.
Operating income of €647M before OL3 provision (recognized in the first half of 2009), compared with €606M in 2008
Operating income of €97m, compared with €(143)M in 2008
Operating income by division for the Nuclear and Renewable Energies businesses:
- Operating income for the Front End division came to 659 million euros (19.0% of revenue), compared with 453 million euros in 2008 (13.5% of revenue). The increase is attributable in part to the increase in the average price of uranium sold by AREVA, the positive impact of optimization plans in Mining, which helped lower the average production cost, and of the disposal of minority stakes in the Imouraren project. The positive contribution to operating income of the disposal of minority interests in Georges Besse II was identical in 2009 and 2008 at 191 million euros.
- Excluding the OL3 provision recognized in the first half of the year, the Reactors & Services division, which includes Renewable Energies operations, reported operating income of (76) million euros, down from 61 million euros in 2008. This change mainly reflects the reorganization and restructuring of certain projects (including measures triggered by the default of an industrial partner in Renewable Energies), and continued spending at a significant level on Research and Development and ongoing support for major projects.
- The Back End division reported operating income of 235 million euros, with operating margin essentially stable at 14.4% (compared with 15.4% in 2008).
Operating income for 2009 by division
| in millions of euros | 2009 | 2008 |
|---|---|---|
| Front End | 659 | 453 |
| Reactors & Services | (626) | (688) |
| Back End | 235 | 261 |
| Corporates & others | (171) | (170) |
| Total | 97 | (143) |
Net income attributable to equity holders of the parent: €552M
Net income attributable to equity holders of the parent came to 552 million euros in 2009, compared with 589 million euros in 2008. The change is mostly due to the drop in net income from associates and from discontinued operations, offset by the improvement in operating income and in financial income.
- Financial income rose 181 million euros compared with 2008, to a total of 187 million euros. This performance reflects gains on the sale of Total and GDF-Suez shares (2008 included a gain on the sale of REpower shares);
- Tax income rose 29 million euros from 2008 to 2009, to a total of 138 million euros;
- The share in net income from associates (in particular STMicroelectronics and Eramet) was down 308 million euros compared with 2008.
