Areva - Reference Document 2016

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20.2 Notes to the consolidated financial statements for the year ended December 31, 2016 FINANCIAL INFORMATION CONCERNING ASSETS, FINANCIAL POSITION AND FINANCIAL PERFORMANCE

With AREVA’s support, EDF has engaged in discussions with strategic investors expressing an interest in acquiring a stake in NewNP’s capital. The interest acquired by EDF, which could be as much as 75% of the capital under the terms of the share purchase agreement signed on November 15, 2016, would thus be reduced to a target interest of at least 51% of the capital, giving it exclusive control. At the end of the restructuring, AREVA and NewCo will no longer hold any interest in New NP. NewCo As explained in note 1, the proposed capital increase of NewCo was approved by NewCo’s shareholders on February 3, 2017. The completion of this capital increase is subject to fulfillment of the conditions accompanying the European Commission’s authorization, in conformance with European regulations on State aid. The French State’s acquisition of NewCo capital will lead to the dilution and loss of control of AREVA SA. Since the General Meeting of AREVA SA Shareholders convened on December 15, 2016, AREVA believed that the conditions for application of IFRS 5 “Non-current assets held for sale and discontinued operations” had been fulfilled: the loss of AREVA SA’s control of NewCo is considered to be highly probable at December 31, 2016. p

p AREVA TA As part of its refocusing on the nuclear fuel cycle operations, the company announced on December 17, 2015 and confirmed on January 27, 2016 the plan to sell AREVA TA, a company specialized in the design, construction, commissioning and operational readiness of compact nuclear reactors for marine propulsion and nuclear research facilities. On December 15, 2016, the company signed a share purchase agreement for all of its shares in AREVA TA with a consortium of buyers composed of the Agence des participations de l’État (APE, 50.32% of the capital), the Commissariat à l’énergie atomique et aux énergies renouvelables (CEA, 20.32%), and DCNS (20.32%). EDF will keep its 9.03% interest in the capital. The sale, for which the plan has already been the subject of consultation with employee representative bodies and which has been approved by AREVA’s governance, is scheduled to close in March or April 2017, subject in particular to the publication of the ministerial orders related to the sale and the absence of any unfavorable significant event with an impact of more than 55 million euros on the value of the company’s equity. On the date of completion of the sale, the French State will control AREVA TA. In addition, AREVA TA sold its subsidiary Elta (see note 2). The capital loss on the sale amounts to 10million euros and is included in the “Net income fromoperations held for sale” line hereunder.

NET INCOME AND NET CASH FROM OPERATIONS SOLD, DISCONTINUED OR HELD FOR SALE

(in millions of euros)

2016

2015

Net income from operations sold Net income after tax from disposals Net income from discontinued operations Net income from operations held for sale

(65) 131 (16)

(240)

59

(115) (474) (770) (127)

(415) (365)

Net income from operations sold, discontinued or held for sale

Net cash from operations sold

240

Net cash from discontinued operations Net cash from operations held for sale

(189) (647) (597)

0

546 419

Net cash from operations sold, discontinued or held for sale

Financial Year 2016

Operations sold

Discontinued operation

Operations held for sale

(in millions of euros)

Solar Energy

New NP

NewCo AREVA TA

Total

Revenue

72

-

3,101

4,012

353

7,538

Operating income after share in net income of joint ventures and associates

88

(18)

73

450

46 13

640

Net financial income

1

2 0

(54) (41) (21)

(537) (337) (425)

(575) (429) (365)

Income tax

(23)

(28)

Net income for the period

66

(16)

31

Operations sold include guarantees granted by AREVA to Adwen and the Nuclear Measurements operations. Operating income from the solar operations includes (18) million euros of currency translation reserves recycled through profit and loss.

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2016 AREVA REFERENCE DOCUMENT

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