Friday, February 26, 2016

For the fifth consecutive year, Areva records atomic loss – L’Express

Five years of famine. Areva posted a net loss of 2 billion euros in 2015, signing its fifth consecutive year in the red. The nuclear group in difficulty also said Friday that “significant progress” had been made in the talks aimed to resolve its dispute with the Finnish group TVO for the construction of an EPR reactor in Finland (OL3).

If this agreement with TVO materializes, it could break the deadlock for Areva, and allow the nuclear group out of the difficulties, with additional provisions.

greater loss forecast

The bailout goes through a massive recapitalization of EUR 5 billion and the Areva NP (construction subsidiary and reactor services) to EDF. But the French electrician refuses to assume the financial risks linked to the OL3 project, which combines additional costs and delays, and that is the subject of an international arbitration between Areva and TVO. Even if it is reduced compared to 2014 (-4.8 billion euros), the net loss is greater than that expected by the consensus of analysts surveyed by Bloomberg.

The nuclear group in difficulty, which had postponed the publication of its accounts 24 hours Thursday because of the conclusion of a financing agreement with its banks, also declined by 10.6% its order book to 29 billion euros.

Revenue (which no longer includes the Areva NP activity) has instead increased by 6.2% to EUR 4.2 billion, as the operational performance indicators.


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