Where will the Areva cataclysm? A week before the presentation of its 2014 results, scheduled for March 4, the French nuclear champion was forced to unveil Monday, February 23 a net loss of 4.9 billion euros, higher than the 4 billion mentioned by Friday, February 20 Le Figaro and Opinion The announcement is anything but trivial: this loss, partly due to new provisions of the Finnish EPR and multiple asset impairments, represents more than 50% of total Group sales (8.3 billion in 2014), and even far beyond the stock market valuation of Areva (3.6 billion).
Beyond the numbers, it is the question of the viability of the group that is now posed. All lights are bright red: the activity is frown, with 2014 sales down 8%, mining and renewable energy divisions even showing a drop of 24%. Areva remains strangled by gross debt of 7 billion euros (4.7 by removing the 2 billion cash), which led the Standard ‘Poor’s to downgrade an end to BB + rating in November, representing an investment “speculative” . Result: Pending capital increase more and more likely, the Areva work never ends not flowing, with a fall of 55% in a year
Should we now stop. costs and scuttle the ship? “The group is in danger of death, as in the days of Alstom woes of its turbines, certify an industry expert. The urgency is to regain control over the conduct of major programs, and completely review the organization of group. ” The transverse structure, called E’P (Engineering and Projects) is particularly criticized. “A state within a state, more concerned than pure engineering contract compliance and customer service” continues the source.
But Areva, which will announce its competitiveness plan and new strategic roadmap March 4, can not do without a more comprehensive reflection on its position: “The integrated model for Nespresso defended by Anne Lauvergeon, with this group of mines to reprocessing, lived, strikes a familiar group. A 8 billion in revenue, Areva is a small player in the market, which can not be good everywhere. “
A comparison with other members of the team of France’s nuclear, EDF head, seems inevitable. Areva consider, according to Reuters, to spin its activities related to new power projects internationally and processing of spent fuel, in order to bring EDF. The Energy Minister, Segolene Royal, confirmed on 23 February that the group’s future happen by “synergies” with EDF and the CEA.
Vincent lamigeon ChallengeSoir