Debt and rating

Between 2001 and the end of 2009, AREVA has generated 7 billion euros in operating cash flow. This generation of cash has enabled 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,
  • expansion of its industrial production capacity to meet growing customer demand,
  • construction of new, safer and more efficient plants to replace the aging installed base, and,
  • certification of new technologies;
• to commit a total of 1.1 billion euros net to 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.

Cumulative from Dec. 31, 2001 to Dec. 31, 2008
In billions of euros

(1) Operating cash flow before Capex operating cash flow before acquisition of property, plant & equipment and intangible assets
(2) Capex: acquisition of property, plant & equipment and intangible assets
(3) Other: miscellaneous financial transactions
(4) Excluding Siemens put on 34% participation in AREVA NP

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.