By achieving these objectives, the group will maintain a strong balance sheet, high earnings, and solid cash flows. It is the group’s policy to maintain a strong balance sheet. This is a guarantee of security for its customers and enables the group to enter into major contracts, especially in connection with new reactor sales. It is also essential to the success of its businesses and to the financing of future investments.
AREVA has set up provisions for its end-of-life-cycle liabilities and created a dedicated financial portfolio to cover all of its estimated end-of-life-cycle expenses when they come due. A special committee of the Supervisory Board monitors the dedicated asset portfolio and our coverage of future end-of-lifecycle expenses. Maintaining strong and recurring operating cash flow allows the group to fund its capital expenditures and create value for its shareholders. Towards that end, the group will continue to improve productivity and expects to achieve double-digit operating margin by 2012.