Areva reveals first half results

21 September 2005

French energy services company Areva has announced its results for the first half.

With current operating income slightly down at €368 million its nuclear division in fact came in showing a 5.9% rise.

The Reactors & Services division had first half 2005 sales revenue of €1039 million compared with €961 million in the first half of 2004, an increase of 8.3%.

Operating income for the division rose to €32 million compared with €25 million in the previous year. Areva also noted that the seasonality of the nuclear services business was particularly favorable in the first half of 2005, attenuating the hike in expenses for marketing and sales and research and development brought on by the major business development effort in China and the start of the licensing process for the EPR in the United States. In addition, the division is no longer affected by the losses of the “Mechanical Engineering” business, which was restructured in 2004.

Operating free cash flow was up by €66 million due to the one-time favorable contribution of prepayments received for projects.

For the entire year, the division’s sales revenue is expected to rise above that of 2004 as projects in the reactors business ramp up.

Overall operating income remained stable at 8.0% of sales revenue.

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