AREVA takes further measures to strengthen its financial structure
GROUP / RESULTS
October 07, 2014
Following the downward revision of its financial outlook by 2016, AREVA takes new measures to strengthen the group’s financial structure and manage debt.
Three types of measures are involved:
- a cumulative reduction in the level of capital expenditure for the 2015-2016 period of 200 million euros. Gross capital expenditure are brought back to less than 1 billion euros per year on average over this period, versus 1.1 billion euros previously, while preserving strategic and safety capital expenditure;
- the disposal of non-strategic activities or minority stakes in projects totaling a minimum of 450 million euros by the end of 2016 (including the disposal of the minority stake in the Euronimba iron mine project in Guinea, now in progress);
- subject to market conditions, the launch of a “hybrid bond” issue in the near future to help prepare for the refinancing of upcoming maturities.
Luc Oursel, Chief Executive Officer of AREVA, said “The work on AREVA’s recovery continues despite the ongoing unfavorable market environment. These new measures reflect the group’s determination to continue to strengthen its financial structure, supplementing the efforts of the past three years to improve operating performance.”