2014 Half-year results
GROUP / RESULTS
August 01, 2014
- Backlog: €44.9bn (+€3.5bn vs. 12/31/2013 thanks to the treatment-recycling agreement with EDF)
- Negative net income attributable to equity owners of the parent (-€694m):
. Losses in discontinued renewable activities (-€373m)
. One-off impact of treatment-recycling agreement with EDF (-€95m)
. Provisions and assets impairment
- Positive free operating cash flow despite lower activity level
. Revenue: €3.889bn (-12.4% LFL)
. EBITDA1: €256m (-€231m vs. H1 2013)
. Free operating cash flow1: €98m (+€256m vs. H1 2013)
- Strengthened recovery actions in an unfavorable economic environment
. 2015 cost reduction objective secured and raised to €1.2bn by 2016
. Capital expenditure reduced over 2014-16
- Revised financial outlook
The Supervisory Board of AREVA, meeting yesterday under the chairmanship of Pierre Blayau, examined the financial statements for the period ended June 30, 2014 submitted by the Executive Board. Chief Executive Officer Luc Oursel offered the following comments on the results:
“The group posted a net loss in the first half of the year. This is the consequence of losses recorded in renewables operations, additional project-related provisions, asset write-downs and a nuclear market environment that has still deteriorated.
Our backlog has strengthened thanks to the signing of the agreement through 2020 with EDF for used fuel treatment and MOX fuel production. Though it has a short-term adverse impact on the group’s results, it provides these operations with long-term visibility and strengthens our strategic partnership with EDF.
Despite a decline in revenue that was greater than anticipated, the group achieved positive free operating cash flow, an increase compared with the first half of 2013. The success of our recovery actions partially offset the downturn in activity. These actions will be reinforced in the second half of the year to adapt to market conditions.
The group continues to restructure its operations in renewable energies by entering into partnerships in promising markets, such as offshore wind and energy storage, and by discontinuing loss-making operations, such as concentrated solar power.”
(1) Restated for asset disposals (Duisburg and Euriware)