Financial results

The group reported consolidated revenue of 1.979 billion euros in the 1st quarter of 2011, for 2.2% growth compared with the 1st quarter of 2010 (+ 2.7% like for like¹). The increase was driven by the Mining / Front End Business Group (+ 20.8% LFL¹). Revenue from outside France rose 12.0% to 1.22 billion euros and represented 62% of total revenue. The impacts of foreign exchange2 and changes in consolidation scope were negligible during the period.

The March 11 events in Japan had no significant impact on the group’s performance in the 1st quarter of 2011.

It should be noted that revenue may vary significantly from one quarter to the next in the nuclear operations. Quarterly data should not be viewed as a reliable basis for annual projections.

The group’s backlog of 43.5 billion euros at March 31, 2011 was stable in relation to March 31, 2010. The growth in the backlog of the Mining / Front End and Renewable Energies Business Groups offset the partial depletion of the backlog in the Reactors & Services and Back End Business Groups as contracts were completed.

¹ Like-for-like, i.e. at constant exchange rates and consolidation scope

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The group reported consolidated revenue of 1.979 billion euros in the 1st quarter of 2011, for 2.2% growth compared with the 1st quarter of 2010 (+ 2.7% like for like¹). The increase was driven by the Mining / Front End Business Group (+ 20.8% LFL¹). Revenue from outside France rose 12.0% to 1.22 billion euros and represented 62% of total revenue. The impacts of foreign exchange2 and changes in consolidation scope were negligible during the period.

The March 11 events in Japan had no significant impact on the group’s performance in the 1st quarter of 2011.

It should be noted that revenue may vary significantly from one quarter to the next in the nuclear operations. Quarterly data should not be viewed as a reliable basis for annual projections.

The group’s backlog of 43.5 billion euros at March 31, 2011 was stable in relation to March 31, 2010. The growth in the backlog of the Mining / Front End and Renewable Energies Business Groups offset the partial depletion of the backlog in the Reactors & Services and Back End Business Groups as contracts were completed.

¹ Like-for-like, i.e. at constant exchange rates and consolidation scope

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• Backlog: €44.2bn, up 2.0%
• Revenues: €9.104bn, up 6.7%
• Operating income excluding particular items: €532m, up €201m
• Operating income: - €423m
• Net income group share: €883m, i.e. €2.49 per share 
• Reduction in €2.521bn in debt: net debt of €3.672bn at year-end

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• Revenue growth to €6.168bn: + 6.3%
• Backlog growth to €42.7bn: + 2.2%

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• Backlog of €44.1bn: +€1.2bn compared with June 30, 2009
• Revenue of €4.158bn: +6.4% compared with 1st half 2009
• Operating income excl. particular items: €213m, for a 5.1% margin
• Operating income: -€485m
• Net income group share: €843m including the €1.27bn gain on the sale of the
  T&D business
• Earnings per share: €23.82
• Net debt of €5.152bn: down €1.041bn from December 31, 2009

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Following the establishment of AREVA’s new organization, effective January 28, 2010, business segment information is provided by Business Group (BG): Mining/Front End, Reactors & Services, Back End, and Renewable Energies.

The group’s first quarter 2010 consolidated revenue rose 6.5% to 1.936 billion euros (+8.4% LFL¹) compared with the first quarter of 2009. Growth was driven by the Reactors & Services Business Group (+18.0% LFL). Revenue from exports was up 16.6% to 1.089 billion
euros, representing 56.2% of total revenue. Foreign exchange² had a negative impact of 26 million euros. Changes in consolidation scope were negligible during the period.

It should be noted that revenue may vary significantly from one quarter to the next in the nuclear operations. Accordingly, quarterly data should not be viewed as a reliable indicator of annual trends.

The group’s backlog of 43.6 billion euros at March 31, 2010 was stable in relation to December 31, 2009. Growth in the backlog of the Reactors & Services Business Group helped offset the drawdown of the backlog in the Back End Business Group as contracts were completed.

For the full year of 2010, the group confirms its outlook for significant backlog and revenue growth, rising operating income, and a strong increase in net income attributable to owners of the parent.

¹ Like-for-like, i.e. at constant exchange rates and consolidation scope
² Currency translation

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• For the group as a whole, including Transmission & Distribution
  • - Backlog: €49.4bn (+2.5%)
  • - Revenues: €14bn (+6.4%)
  • - Operating income: €501m (+20.1%)
• Nuclear and Renewable Energies perimeter:
  • - Backlog: €43.3bn (+1.8%)
  • - Strong revenue growth: +5.4% to €8.5bn
  • - Operating income before provision for the Finnish project in the first half of 2009: €647m
  • - Operating income: €97m, for a €240m increase from 2008
• Net income attributable to equity holders of the parent: €552m, i.e. €15.59 per share
• Net debt: €6,193m
• Pro forma net debt, including net cash to be received from the sale of T&D in 2010: €3,022m
• Dividend of €7.06 per share to be proposed during the Annual General Meeting of Shareholders of April 29, 2010

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• Disposal of the Transmission & Distribution division
• Strong installed base business in Nuclear and Renewable Energies:
  • Despite a weak economic environment, the backlog at year-end 2009 is up 2% to 43.3 billion euros (€B), incl. more than €1B in Renewables
  • Strong revenue growth in 2009: +5.4% to €8.5B
  • 2010 outlook: significant growth in backlog and in revenue

• Revenue growth to €6.168bn: + 6.3%
• Backlog growth to €42.7bn: + 2.2%

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• Backlog of €44.1bn: +€1.2bn compared with June 30, 2009
• Revenue of €4.158bn: +6.4% compared with 1st half 2009
• Operating income excl. particular items: €213m, for a 5.1% margin
• Operating income: -€485m
• Net income group share: €843m including the €1.27bn gain on the sale of the
  T&D business
• Earnings per share: €23.82
• Net debt of €5.152bn: down €1.041bn from December 31, 2009

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• Backlog of orders as of June 30, 2009: 48.9 billion euro, a 28% increase compared to June 30, 2008
• First half 2009 sales revenue: 6.5 billion euro, up 6%

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First quarter 2009 revenue was up 8.5% compared with the same period last year, to 3.003 billion euros. At constant exchange rates and consolidation scope, growth came to 3.9%.

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• Order book: 48.2 billion Euros, up by 21.1%
• Revenue: 13.2 billion Euros, up by 10.4%
• Operating revenue:
  • operating revenue prior to additional fees on the Finnish OL3 contract: 1,166 million Euros, i.e. an operating margin of 8.9%.
  • additional fee on the OL3 contract: 749 million Euros
  • Operating profits: 417 million Euros, or 3.2% operating margin.
• Group net profit/loss: 589 million Euros, or 16,62€ per share.
• Net debt of 3,450 million Euros, before accounting for the SIEMENS sales option*.
• Dividend offered to shareholders of 7.05€ at the time of the General Assembly of April 30, 2009.

* Based on the 2007 SIEMENS put valuation of 2,049 million Euros.

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Excellent business volume:

• Backlog as of December 31, 2008: +21.1% to 48.2 billion euros
• 2008 revenue: +10.4% to 13.2 billion euros

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The group cleared revenue of 9.1 billion euros over the first nine months of 2008, up 12.9% (+13.9% LFL1) compared with the same period in 2007. Revenue outside France was up 12.7% to 6.5 billion euros or 71% of total revenue.

• Growth was recorded in all of the group's businesses, driven most notably by operations in Reactors and Services (+21.0% in reported data and +24.7% LFL1) and in Transmission & Distribution (+14.3% in reported data and +13.3% LFL1).

Compared with the first nine months of 2007, foreign exchange had a negative impact of 225 million euros, primarily due to changes in the U.S. dollar in relation to the euro. The consolidation scope had an impact of +152 million euros, corresponding mainly to acquisitions made in the Transmission & Distribution division and in renewable energies.

• Revenue for the third quarter of 2008 was up 9.0% (+9.7% LFL1) from that of third quarter 2007, to 2.9 billion euros. Foreign exchange had a negative impact of 70 million euros, partially offset by the consolidation scope impact of +54 million euros. In particular, revenue from Reactors and Services operations was up 10.6% (+13.1% LFL1), while that of Transmission & Distribution operations was up 17.0% (+16.0% LFL1).

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• Operating income: 539 million euros
• Net income attributable to equity holders of the parent: up 465 million euros to 760 million euros, i.e. 21.45 euros per share
• Net debt of 2.385 billion euros, i.e. 30.1% of equity (26.2% at 12/31/2007)
• For 2008 as a whole, the group confirms its outlook for a sharp increase in backlog and in revenue and rising operating income

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As of June 30, 2008, AREVA’s backlog stood at 38.1 billion euro, for 13.6% growth since June 30, 2007, with 9.9% growth in Nuclear and 40.7% growth in Transmission & Distribution.

• In Nuclear, the backlog came to 32.3 billion euro as of the end of June 2008. In the front end of the cycle, AREVA signed multi-year contracts in the first half of the year with Japanese and American utilities and with EDF, for a combined total of more than 1 billion euro. Of note in the back end of the cycle is the contract AREVA signed with the U.S. Department of Energy to build a MOX fuel fabrication facility.
• In Transmission & Distribution, the backlog came to 5.8 billion euro as of the end of period. A total of 3.2 billion euro in orders was booked in the first half, an increase of 20.0% year-on-year. The division won several important contracts, most notably a contract with Dubai Electricity (more than 130 million euro), a contract with National Grid and RTE for the renovation of the IFA 2000 grid interconnection between France and Great Britain (more than 60 million euro), and, in the industrial field, a contract with Rio Tinto Alcan (close to 65 million euro).

The group cleared revenue of 6.2 billion euro in the first half of 2008, up 14.8% (+16.0% like-for-like1) compared with the first half of 2007. Sales outside France were up 14.3% to 4.2 billion euro or 68.6% of total sales; the latter were stable compared with the first half of 2007.

• IAll businesses were up, with growth of 15.9% in Nuclear operations (+18.6% LFL1) – particularly in Reactors and Services (+31.3% LFL1) – and 13.0% growth in Transmission & Distribution operations (+12.0% LFL1). Foreign exchange had a negative impact of 155 million euro, primarily due to the change in the U.S. dollar in relation to the euro. Changes in the consolidated group had a positive impact of 97 million euro, mainly reflecting acquisitions in the Transmission & Distribution division and in Renewable Energies.
• Sales revenue for the 2nd quarter of 2008 rose to 3.4 billion euro, for growth of 17.1% (+17.3% like-for-like1) compared with the 2nd quarter of 2007. Foreign exchange had a negative impact of 85 million euro and changes in consolidation had a positive impact of 79 million euro. The Nuclear divisions were up 16.6% (+18.4% LFL1) and the Transmission & Distribution division was up 17.8% (+15.6% LFL1).

For 2008, the AREVA group confirms all of its expectations, including strong growth in backlog and in sales revenue.

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First quarter 2008 revenue was up 12.1% year-on-year, to 2.769 billion euros. Like-for-like (at constant exchange rates and consolidation scope), growth came to 14.5%. Foreign exchange had a negative impact of 2.5%, or -69 million euros, mainly due to currency translation tied to the US dollar drop compared with the euro. The consolidation scope had a positive impact of +0.7% or 18 million euros, chiefly as a result of the consolidation of VEI Distribution (specializing in medium voltage distribution) and Passoni & Villa (world leader in the manufacture of high voltage bushings) in the Transmission & Distribution division.

The main growth engines for first quarter revenue were the Reactors and Services division and the Back End division, with growth of 29.7% (+36.8% LFL1) and 13.8% (+14.1% LFL1) respectively.

The main growth engines for first quarter revenue were the Reactors and Services division and the Back End division, with growth of 29.7% (+36.8% LFL1) and 13.8% (+14.1% LFL1) respectively.

As a reminder, the group points out that:

• revenue can vary significantly from one quarter to the next in the nuclear businesses, and quarterly operations should therefore not be taken as a reliable basis for annual projections;
• the foreign exchange impact mentioned in this release comes from the translation of subsidiary accounts into the group’s unit of account, and primarily reflects the US dollar in relation to the euro. AREVA also points out that its foreign exchange hedging policy for commercial operations aims to shield profitability from fluctuations in exchange rates in relation to the euro.

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