French technology company Areva has revealed its 2004 financial results showing sales up by 35% to €11,109 million. Operating income went up by a whopping 79% to €613 million compared with €342 million in 2003 and follows a 90% jump in operating income in 2003.
The nuclear business delivered €581 million, some 8.8% of sales compared with €523 million in 2003, resulting mainly from stronger performance in the Reactors & Services division.
Executive Chair Anne Lauvergeon commented that Areva had improved its financial performance year on year since its formation in 2001. In 2004, the group’s consolidated net profit rose 10% to €428 million and operating income also rose sharply, partly due to a strong performance in the nuclear business, where margins rose more than a full percentage point higher than for 2003. Sales rose to €9,802 million in the energy business, up 43.5% compared with 2003 and operating income came to €612 million in the energy business, up 17% compared with the €523 million reported in 2003.
Areva anticipates continued growth in revenue for 2005, Lauvergeon, insists the group is ready to come to market saying, "It is the job of management to be ready (to float when the government decides)." The French government has set a deadline of before the end of the summer to sell 35% - 40% of Areva in a partial privatisation that could value the group at €10 billion.