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

NOTE 22. MINORITY INTERESTS

The largest minority interests were as follows:

(in millions of euros)

December 31, 2016 December 31, 2015

Katco

109

126 184

SET and SET Holding

82 68

Somaïr

65

Imouraren (*)

(285)

(129)

AREVA TA

18 18

11 18

Sofidif Other

(20) (10)

(41) 235

TOTAL

(*) Imouraren is held by ANC Expansion, itself held by CFMM (see note 36).

The percentages of the principal minority interests are mentioned in note 36.

AREVA believes it has an implicit obligation to ensure continuity of operation of Eurodif and its subsidiaries; consequently, AREVA recognizes all of these companies’ losses and negative net equity in “net income attributable to owners of the part” and in “equity attributable to owners of the parent”.

NOTE 23. EMPLOYEE BENEFITS

Change in the discount rate and other financial assumptions at December 31, 2016 The group’s discount rate for the Eurozone was set at 1.50%, compared with 2.15% at year-end 2015. The long-term inflation assumption for the Eurozone was set at 1.5%. The group’s key benefits The “CAFC plan” set up in 2012 is an early retirement plan consisting of a working time account with matching contributions from the employer for personnel who work at night or in certain jobs identified in the agreement. The system is partially covered by an insurance policy. The population of eligible beneficiaries is open. The group’s second most material early retirement system (called “TB6”) is also located in France. The beneficiaries are employees who work at night or in certain types of jobs identified in the agreement. Medical coverage partially funded by the employer during the retirement period is currently in effect in some companies in France. The population of eligible beneficiaries is open.

Depending on the prevailing laws and practices of each country, the group’s companies make severance payments to their retiring employees based on their compensation and seniority. Long-service medals and early retirement pensions are paid in France and in Germany, while supplemental pensions contractually guarantee a given level of income to certain employees. Some of the group’s companies also grant other post-retirement benefits, such as the reimbursement of medical expenses. These defined benefit plans are recognized in accordance with the accounting method defined in note 1.3.15. The group calls on independent actuaries for a valuation of its commitments each year. In some companies, these commitments are covered in whole or in part by contracts with insurance companies or pension funds. In such cases, the obligations and the covering assets are valued independently. The difference between the commitment and the fair value of the covering assets is either a funding surplus or a deficit. A provision is recognized in the event of a deficit, and an asset is recognized in the event of a surplus, subject to specific conditions.

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2016 AREVA REFERENCE DOCUMENT