French state-controlled nuclear group Areva reported a 2 billion euro 2015 net loss, saying half was due to additional provisions for its Finland reactor project and the rest to restructuring and impairments related to market conditions.Chief Executive Officer Philippe Knoche said in a statement on Friday that 2016 was funded and that the 5 billion euro ($5.53 billion) capital increase promised by the French government would be launched in the coming months.Areva said revenue rose 1.9 percent like-for-like to 4.2 billion euros last year. Earnings before interest, tax, depreciation and amortisation (EBITDA) rose to 685 million euros from 471 million a year earlier. The net loss narrowed to 2.04 billion euros from 4.83 billion in 2014. Analysts polled by Reuters had on average expected a net loss of 690 million euros, EBITDA of 578 million euros and revenue of 7.34 billion euros.
Reuters 26th Feb 2016 read more »
French state-controlled nuclear firm Areva postponed the publication of its results on Thursday after securing a 1.1 billion euro ($1.2 billion) bridging loan to make an upcoming bond repayment. Le Monde newspaper said the government had strong-armed six reluctant banks – Societe Generale, Credit Agricole, BNP Paribas, Natixis, Credit Mutuel and HSBC – into extending the credit line, citing unidentified sources. Without the credit, Areva’s board could not sign off on the 2015 accounts in the certainty that the firm could continue as a going concern, as it lacked the funds to meet a 975 million euro bond repayment on Sept. 23.
Reuters 25th Feb 2016 read more »
Areva, the troubled French nuclear reactor maker, has delayed the publication of its 2015 results by a day as it seeks to finalise a 1.1bn euro loan with six banks that should shore up its stressed balance sheet. The company, once the pride of France, has been plunged into crisis by the downturn in the nuclear industry following the 2011 Fukushima disaster, and acute difficulties with some of its projects, led by one in Finland. Areva said delaying its 2015 results until Friday – when it is expected to report its fifth successive annual loss – would allow the company to finalise documentation about the 1.1bn bridge loan. The loan will help bolster Areva’s finances ahead of a rescue package involving the French government and EDF, the French electricity utility that also builds nuclear power plants. State-controlled Areva reported a record 4.8bn euro net loss for 2014, forcing it into bailout talks with the government and EDF. In December, Areva’s credit rating was downgraded by Standard & Poor’s to B+ – four notches below investment grade. The rating agency said the “large net loss” expected for 2015 “further underscores its unsustainable capital structure”.
FT 25th Feb 2016 read more »