Financial structure

See all elements comprising the financial structure of the AREVA Group, such as cash flow, capital employed and capital profitability.

Net debt of 3,022 million euros

The net cash position (debt) is defined as:

The sum of the "cash flow and cash equivalents" and "other current financial assets"
Less "current and non-current financial debts".

Current and non-current financial debts include the current put value held by Siemens.

Based on the 2007 valuation of the debt to Siemens (2,049 million euros, plus accrued interest) the group’s net debt came to 6,193 million euros at December 31, 2009, compared with 5,499 million euros at December 31, 2008. This increase is due mainly to the impact from the negative free operating cash flow, the payment of dividends, the increase in net debt from discontinued operations (T&D), offset by cash generated by the sale of GDF-Suez and Total shares.

On a pro forma basis (including net cash to be received from the sale of T&D), the group’s net debt stood at 3,022 million euros.

These amounts should be compared with equity of 7,574 million euros at December 31, 2009 (including 990 million euros contribution from the T&D division before cancellation of the AREVA T&D shares held by AREVA), compared with 7,292 million at year-end 2008.

Dividend of 7.06 euros proposed by the General Assembly

The Supervisory Committee proposed a dividend to the General Assembly of 7.06 euros on April 29, 2010 for the fiscal year 2009. This dividend, corresponding to a distribution rate of 45% of the group's net profits for 2009, will be paid out on June 30^th, 2010.