Progress report on the financial outlook for 2015 and on AREVA’s financing plan
December 17, 2015
The AREVA Board of Directors met today to examine the group’s financial outlook for 2015:
• Net cash flow from operating activities1 , initially expected to fall within the range of -1.7 billion euros and -1.3 billion euros, is now expected to be about -1.2 billion euros, excluding the competitiveness plan and related implementation costs, i.e. about -0.9 billion euros including net savings already been generated by the plan.
• Efforts to preserve cash enabled the group to foresee a postponement of drawing on its credit lines to early 2016, versus the 3rd quarter of 2015 as previously anticipated.
• Net income will show a heavy loss, impacted by the provision for restructuring announced on July 30 and by a supplemental provision for losses at completion in the Reactors & Services operations and for wind and solar projects.
The Board of Directors also reviewed the financial component of the group’s transformation plan:
• The group’s restructuring and the related financing plan will be specified during the publication of 2015 results at the latest.
• Negotiations with EDF pertaining to the sale of a majority share of AREVA NP are making progress, with a view to a conclusion in the early part of next year.
• In addition, concerning the process to sell Canberra, firm offers will be submitted before the end of the year for a planned sale in 2016.
• Lastly, consistent with AREVA’s strategy of refocusing on cycle operations, the group and its shareholders have begun discussions on the sale of AREVA TA while preserving the integrity of its operations. Based on the scenario currently being examined, the State would become the direct majority shareholder alongside other existing shareholders interested in this. This proposal is in the preliminary stage. It would require dialogue with the social bodies and approval by AREVA's governing bodies.
Upcoming events and publications
February 25, 2016 - 07:30:00 AM CET: Press release - 2015 revenue and annual results
1 Data at constant consolidation scope and foreign exchange, excluding the impact of asset disposals, equity-based transactions and refinancing