French nuclear engineering group Framatome reported revenue of almost €4.1bn ($4.4bn) in 2023, with an organic increase of 9.1% compared with 2022. The growth was driven by the development of EPR projects in France and the UK and by an increase in service activities for EDF in France. New orders reached €4.bn in 2023, with significant successes for services to the installed fleet and fuel fabrication in Europe and North America.
Earnings before interest, tax, depreciation & amortisation (EBITDA) was €598m, an increase of 4.7% compared with 2022. Framatome said the execution of projects was well controlled, and optimisation of overhead costs continued. "Production in plants was in line with customer commitments despite supply chain tensions."
It added that 2022 was marked by the ramp-up of design engineering work for the first serial production forgings of the EPR2 programme in France. Investments had been launched within the scope of the ramp-up in production of an industrial programme linked to the EPR2 programme. These related to manufacturing and assembly activities for the primary and auxiliary equipment components.
The Installed Base Business Unit executed several primary component replacement operations for EDF on the French fleet including replacement of elbows for the Saint-Laurent-des-Eaux and Chinon NPPs, and for Eskom in South Africa (replacement of the steam generators of Koeberg unit 1). The unit strengthened its position on the highly competitive North American market. Equipment was successfully delivered to the Angra 3 project in Brazil and to Bruce Power in Canada.
The Instrumentation & Control Business Unit continued to grow, driven by new build and modernisation projects in France, the UK and Central Europe. However, losses were recorded in North America giving rise to remedial actions. Framatome Grenoble (formerly Rolls-Royce Civil Nuclear), acquired at the end of 2021 and specializing in engineering and the development of I&C systems across the globe, merged with Framatome SAS at the end of 2023.
The Projects & Components Business Unit activities were supported by the completion of weld repair work on the main secondary circuit and hot tests on the Flamanville 3 EPR. In the UK, several of the primary components for Hinkley Point C were delivered (the reactor vessel head on site and factory delivery of the first steam generators) and the fabrication of forged parts and equipment for the Sizewell C project “is well underway”.
The Fuel Business Unit signed major contracts in the Czech Republic and Bulgaria to supply fuel to VVER reactors and continues to implement actions to increase market share in Europe and North America.
