Results for the first half of 2012: performance materializes as “Action 2016” plan is rolled out
GROUPE / FINANCE
July 26, 2012
- Backlog rises 4.8% year on year to €45.2bn
- Significant revenue growth to €4.329bn, up 8.3% vs. H1 2011
- Strong increase in EBITDA* to €725m: +€508m vs. H1 2011
- Marked improvement in FCF** to -€591m: +€328m vs. H1 2011
- Net debt stable for the half year***
- Positive operating income and net income to owners of the parent
- Financial outlook for 2012 revised upwards
The Supervisory Board of the AREVA group met today under the chairmanship of Jean-Cyril Spinetta to examine the financial statements submitted by the Executive Board for the period ended June 30, 2012.
Concerning the results, Luc Oursel, Chief Executive Officer, stated: “The results for the first half of 2012 demonstrate the effectiveness of our ‘Action 2016’ plan, in particular with a sharp rise in EBITDA* and a significant improvement in free operating cash flow after capex. Moreover, net debt remains stable even though the Group invested more than 900 million euros in strategic projects and in improvements to safety and to competitiveness of industrial assets.
Several factors made this first phase towards restoring the Group’s financial performance possible:
- revenue growth in the nuclear businesses together with the ramp-up of operations in renewable energies, with the Group continuing to benefit from the strong visibility provided by its backlog, which has also grown over the past twelve months;
- ongoing efforts begun in late 2011 to reduce operating costs, with savings measures at the end of June 2012 implemented for nearly 20% of the objective set for the Group through 2015, on an annual basis, another 45% of the objective being secured in addition.
- execution ahead of schedule in our asset disposal program, with 961 million euros mainly collected during the first half year and the objective of at least 1.2 billion euros for the 2012-2013 period to be met this year with the recently announced disposal of La Mancha Resources for about 315 million Canadian dollars.
After booking provisions, in accordance with the principle of prudent management, in two areas (construction of the Olkiluoto 3 EPR reactor and the Bakouma and Ryst Kuil mining sites), the Group reports positive operating income and positive net income for the first half of 2012.
In view of this encouraging performance in the first half of 2012 and early achievement of certain objectives of our ‘Action 2016’ plan, we are able to revise our financial outlook upwards for the year 2012 as a whole.”
* Restated for the impact related to Siemens (penalty received of 648 million euros) in the first half of 2011 and for the impact of the asset disposal plan (capital gain of 92 million euros) in the first half of 2012.
** Restated for impacts related to Siemens (net disbursement of 1.031 billion euros) in the first half of 2011 and for the impact of the asset disposal plan (capital gain of 115 million euros) in the first half of 2012.
*** Restated for the reclassification of net debt from La Mancha Resources Inc. to discontinued operations in the amount of 95 million euros.