Areva, the French giant atom, gave up one of his main goals in 2014 and suspended all financial outlook (AFP / File / Charly Triballeau)
Faced with persistent difficulties on the nuclear market, the French giant Areva atom waived Tuesday in one of its main objectives in 2014 and suspended all its financial outlook for the next two years.
This announcement is the latest in a series of setbacks in the nuclear group, in addition to its financial and operational issues, is engaged in an overhaul of its governance.
It also coincides with the confirmation by the EDF electrician deferred for one year, 2017, the start of the new generation EPR under construction at Flamanville (Manche) reactor, designed by Areva .
This year, the group said nuclear power not guarantee its goal of a free operating cash flow “close to balance” his preferred performance indicator, in a statement issued before the close of trading.
87% -owned by public capital, he explained that some customers are receipts “may be carried over to 2015″.
Areva has however confirmed its forecast of a 10% decline in its organic revenues this year and a 7% gross operating surplus margin.
In 2015 and 2016, all financial prospects are suspended pending their revision, namely organic sales growth of approximately 4 to 5% per year and free operating cash flow close to balance in 2015 and “significantly positive” in 2016.
“Areva suspends its financial outlook for fiscal 2015 and 2016, pending their findings,” the group said.
He attributes the cause delays to construction of the EPR under construction at Olkiluoto (Finland), which is expected to enter service in 2018, nine years late, as well as delays in restarting Japanese reactors stopped since the Fukushima disaster in 2011.
Japan gave early November agreed to revive two of them.
– New perspectives for 2015-2017 –
Areva cited as “the impact on the free operating cash flow in 2015 and beyond, the new completion schedule of the project Olkiluoto 3 and the inability to date to adapt the pace of payments with the customer “and” the shift in the timing of restarting Japanese reactors. ”
It also invokes “the revision of assumptions launch schedule new reactor construction of export contracts in the recycling and international projects” and “continued weak market services installed base. ”
Areva plans to introduce new financial perspectives for the period 2015-2017 “by the publication of results for the year 2014,” scheduled for 25 February 2015.
Under financial pressure, the specialist of the atom had been forced this summer to revise downward its business forecasts, profitability and cash flow for the year, after a net loss of EUR 694 million in first half.
Then, to avoid a downgrade of its credit rating, he announced in early October its intention to reduce its investment of an additional 200 million euros over the period 2015-2016 and to sell more of assets to strengthen its financial structure.
He said Tuesday work to “strengthen its performance plan.”
Faced with these difficulties, the state shareholder decided to land Chairman of the Supervisory Board, Pierre Blayau, shortly after the start of illness CEO Luc Oursel.
He called to rescue the former head of automotive group PSA Philippe Varin, who spearheads the future board of directors of the group once officially recorded the change in the mode of governance, while Senior management should be provided by the current number two Philippe Knoche.
According to the magazine Challenges, Areva could also soon announce a major profit warning, with a net loss of over 1 billion euros over the year, while the state would consider injecting 2 billion euros in the group, along with “the creation of a hive society (…) to house and outsource the ultra-making activities at the same time unpredictable.”
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