Areva - Reference Document 2016

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9.2 Situation and activities of the company and its subsidiaries by business segment during the year OPERATING AND FINANCIAL REVIEW

9.2.6.2. COMPARATIVE TABLE OF OPERATING CASH FLOWS AND CONSOLIDATED CASH FLOWS The group analyzes cash flows from operating activities separately from flows relating to end-of-lifecycle operations and other cash flows. RECONCILIATION OF OPERATING CASH FLOWS AND CONSOLIDATED CASH FLOWS The following table distinguishes operating cash flows from the other cash flows presented in the consolidated statement of cash flows for 2016.

End-of-lifecycle operations (1)

(in millions of euros)

Operating

Other (2)

Total

EBITDA (i)

(684)

Income from the sale of non-current operating assets and other non-cash operating items (ii) Cash flow from operations after interest and taxes (i + ii)

6

(678)

0

(17)

(695)

Change in working capital requirement (iii)

95

-

5

100

Net cash flow from operating activities (i + ii + iii) Cash from (used in) investing activities, net of disposals (iv)

(583)

0

(12)

(595)

(7)

- -

32

25

Net cash from (used in) financing activities (v)

-

1,207

1,207

Impact of changes in consolidation scope, rates and securities held for trading (vi)

- -

- -

2

2

Net cash from discontinued operations (vii) Cash flow (i + ii + iii + iv + v + vi+ vii)

(597)

(597)

(590) 41 (1) Expenses for end-of-lifecycle operations incurred on-site and for final waste disposal, cash flows from the financial asset portfolio earmarked for end-of-lifecycle operations, and cash flows resulting from the signature of agreements with third parties relating to the funding by such parties of a share of the end-of-lifecycle operations are reclassified in the consolidation scope of operations held for sale. (2) That is, non-operating cash flows unrelated to end-of-lifecycle operations and mainly corresponding to financial cash flows, including cash flows related to exceptional external growth operations, dividends paid, and cash flows of a tax nature. 0 631

OPERATING CASH FLOW

9.2.6.3.

2016 AND 2015

Change in operating working capital requirement (WCR)

EBITDA

Net operating CAPEX Operating cash flow

(in millions of euros)

2016

2015

2016

2015

2016

2015

2016

2015

TOTAL REPORTED

(684)

(630)

95

166

(7)

(12)

(590)

(475)

EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION (EBITDA) EBITDA fell 54million euros, to -684million euros, from2015 to 2016. This indicator mainly reflects the expenses related to the Olkiluoto 3 EPR project in Finland (“OL3”), but its changemainly reflects corporate costs not passed through to the subsidiaries (see 9.2.5.4). CHANGE IN OPERATING WORKING CAPITAL REQUIREMENT (OPERATING WCR) The change in WCR evolved negatively from 2015 to 2016, mainly in connection with the evolution of the Olkiluoto 3 EPR project in Finland (“OL3”).

NET OPERATING CAPEX The net operating CAPEX of the continuing operations amounted to -7million euros in 2016, down from 2015. OPERATING CASH FLOW Taking into account the items described above, the operating cash flow of the continuing operations fell 115 million euros, to -590 million euros, from 2015 to 2016.

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2016 AREVA REFERENCE DOCUMENT