French nuclear fuel cycle company Orano (formerly Areva) said in its annual report that revenues were down by €225m to €3.62bn, but that net cash flow was €158m, up from a loss of €254m in 2017, while the group’s debt fell from €3bn to €2.3bn. More specifically, mining revenue was €1.12bn, down 11.8%. Front-end revenue was €846m, down 5.2%, and back-end revenue, including recycling, logistics, dismantling and services, was unchanged from 2017 at €1.63m. However, operating income increased in all three areas, up €286m to €393m for mining operations, €56m for front-end up from €14m in 2017, and €140m for back-end up from €71m.
The Orano Board of Directors on 1 March approved the financial statements for the period ended December 31, 2018. CEO Philippe Knoche said Orano had “achieved the positive net cash flow target that it set in 2015, supported by the successful execution of its performance plan”. He noted: “This enables the group to start deleveraging. In a stabilising market, as illustrated by the price trends for uranium and conversion, Orano also won nearly €2 billion in new orders, specifically in Asia, which makes up 24% of its revenue. These results confirm our customers confidence, as well as our group's capacity to be successful over the long-term and to be a major player on the world nuclear stage - an industry of the future."
