Net cash (debt)

Net debt of €1.954 billion (excluding Siemens put option)
The group had net debt of €1.954 billion at December 31, 2007, compared with net cash of €251 million at year-end 2006. Including Siemens' put option, net debt comes to €4.003 billion at year-end 2007.

 Earmarked assets cover the provisions for end-of-life-cycle operations
Provisions related to end-of-life-cycle operations came to €5.075 billion at year-end 2007, compared with €4.585 billion at year-end 2006. AREVA's share of these liabilities is €2.582 billion. The portfolio of financial assets earmarked to finance end-of-life-cycle operations came to €2.873 billion at December 31, 2007.

 A dividend of €6.77 per share or investment certificate proposed to the Annual General Meeting of Shareholders
For 2007, the Supervisory Board will recommend a dividend of €6.77 per share or investment certificate for approval by the Annual General Meeting of Shareholders convened on April 17, 2008. This dividend corresponds to a distribution rate of 32.3% of AREVA's consolidated net income for 2007 and was paid on June 30, 2008.

Capital employed and ROACE

The return on average capital employed (ROACE) was 13.7% in 2007. This 0.4 point increase from 2006 to 2007 mainly reflects the increase in net operating income and a substantial increase in capital employed, impacted by growing Capex and working capital requirements.

In €M	12/31/2007	12/31/2006
Average capital employed*	4,264	2,315
Net operating income**	583	308
ROACE***	13.7%	13.3%

* Capital employed = Net tangible and intangible assets plus Operating WCR minus Provisions for contingencies and losses
** Net operating income = Operating income minus pro forma income tax 
*** ROACE = Net operating income (NOPAT) / average capital employed (beginning - end of period)