"AREVA at a glance" brochure
"2010 figures" economic, social, societal and environmental data
Health and Safety Policy 2011-2013
"AREVA in 2010" Report on responsible growth
"Chalon/Saint-Marcel : rapport environnemental, social et sociétal 2009" [FR]
AREVA's response to the Carbon Disclosure Projetc 2010
AREVA and the Global Compact 2010
AREVA WAY, a continuous improvement process
Values charter
Financial performance
AREVA experienced yet another year of income growth in 2010, fueled by strong recurring business and thriving major projects. Reported revenue rose 6.7% to 9.104 billion euros in the Nuclear and Renewables businesses. The backlog rose to 44.2 billion euros, giving the group more than ten years of visibility.
| CONSOLIDATED STATEMENT OF INCOME Nuclear and Renewables operations excluding T&D - (millions of euros) (en millions d’euros) | 2010 | 2009 |
|---|---|---|
| Reported revenue | 9,104 | 8,529 |
| Operating income | (423) | 97 |
| % of reported revenue | (4.6%) | 1.1% |
| Net financial income | (314) | 187 |
| Share in net income of associates | 153 | (152) |
| Taxes | 334 | 138 |
| Net income from discontinued operations | 1,236 | 267 |
| Net income attributable to minority interests | 103 | (15) |
| Net income attributable to owners of the parent | 883 | 552 |
In 2010, AREVA’s consolidated revenue rose 6.7% to 9.104 billion euros (+ 5.1% growth like-for-like) compared with 2009. The Mining-Front End business group and the Reactors & Services business group were the leading growth engines, with revenue growth of 6.7% and 8.9% respectively. Foreign exchange had a positive impact of 141 million euros and the scope of consolidation remained stable over the period.
The group’s backlog came to 44.2 billion euros at December 31, 2010, up 2.0% in relation to December 31, 2009. The backlog grew in the Mining-Front End and Renewable Energies BGs. Installed Base Services operations held up well, replenishing the backlog for the Reactors & Services BG. The agreement with the Indian utility NPCIL concerning the construction of two EPR™ reactors and fuel cycle supply for 25 years was not recorded in the backlog at December 31, 2010.
Net income attributable to equity owners of the parent came to 883 million euros in 2010, an increase of 331 million euros compared with 2009. Basic earnings per share amounted to €2.49, compared with €1.56 in 2009.
| CONSOLIDATED BALANCE SHEET Nuclear and Renewables operations excluding T&D - (millions of euros) | 2010 | 2009 |
|---|---|---|
| ASSETS | ||
| Net goodwill | 4,625 | 4,366 |
| Property, plant and equipment and intangible assets | 9,901 | 8,576 |
| End-of-life-cycle assets (third party share) | 252 | 275 |
| Financial assets earmarked for end-of-life-cycle obligations | 5,582 | 5,351 |
| Investments in associates | 988 | 1,635 |
| Other non-current financial assets | 477 | 860 |
| Deferred taxes (assets – liabilities) | 474 | 150 |
| Working capital requirement (WCR) | (92) | (62) |
| Net assets from operations held for sale | 832 | 5,649 |
| LIABILITIES | ||
| Equity | 8,664 | 6,648 |
| Minority interests | 915 | 926 |
| Provisions for end-of-life-cycle obligations – third party share | 252 | 275 |
| Provisions for end-of-life-cycle obligations – AREVA share | 5,563 | 5,385 |
| Other current and non-current provisions | 3,064 | 2,911 |
| Net borrowings | 3,672 | 6,193 |
| Liabilities of operations held for sale | - | 3,685 |
| Other assets and liabilities | 909 | 777 |
| Summary balance sheet total | 23,039 | 26,800 |
The group’s net financial debt comes to 3.672 billion euros at December 31, 2010 compared with 6.193 billion euros at December 31, 2009. The 2.521-billion euro reduction is due to the cash generated by the disposal of the Transmission & Distribution business (3.124 billion euros), by the transactions on Safran securities in the amount of 636 million euros, by the 900-million euro capital increase, which helped largely off set the free operating cash flow described above, as well as by the payment of dividends for 2009 to AREVA SA shareholders in the amount of 250 million euros.
These amounts should be compared with equity of 9.578 billion euros at December 31, 2010, compared with 7.574 billion at year-end 2009.
The group’s gearing thus went from 45% in 2009 to 28% in 2010, illustrating the notable strengthening of the group’s balance sheet. As part of this process, AREVA’s Supervisory Board will not propose to the Annual General Meeting of Shareholders the payment of a dividend for 2010.
In addition, the group’s liquidity was reinforced in 2010 by a fourth bond issue of 750 million euros. Excluding the debt to Siemens, the group has no major reimbursement due before 2016.
| CONSOLIDATED STATEMENT OF CASH FLOWS Nuclear and Renewables operations excluding T&D - (millions of euros) | 2010 | 2009 |
|---|---|---|
| EBITDA | 703 | 584 |
| % of reported revenue | 7.7% | 6.8% |
| Net gain on sale of non-current operating assets and other non-cash items | (19) | 314 |
| Change in operating WCR | 239 | 105 |
| Net operating Capex | (2,013) | (1,294) |
| Free operating cash-fl ow before tax | (1,090) | (919) |
| End-of-life-cycle obligations | (103) | (124) |
| Dividends paid by AREVA | (312) | (309) |
| Change in net debt from discontinued operations | 3,124 | (351) |
| Other (taxes, dividends from associates, etc.) | 901 | 1,099 |
| Change in net cash (debt) | 2,521 | 694 |
| Net cash (debt) | (3,672) | (6,193) |
