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4.1.
RISK MANAGEMENT AND COVERAGE
11
4.1.1. Risk management
11
4.1.2. Risk coverage and insurance
13
4.2.
RISKS RELATED TO THE RESTRUCTURING PLAN 14
4.2.1. Risks related to implementation
of the restructuring plan
14
4.2.2. Risks related to the non-execution or delay
of the AREVA and NewCo capital increases
14
4.2.3. Risks related to the non-execution or delay
of the sale of AREVA NP’s operations
15
4.2.4. Risks related to third-party agreements
for the change of NewCo control
15
4.3.
LEGAL RISKS
16
4.3.1. Regulatory risk
16
4.3.2. Contractual and commercial risks
19
4.3.3. Risks and disputes involving AREVA
20
4.4.
INDUSTRIAL AND ENVIRONMENTAL RISKS
21
4.4.1. Nuclear risks
22
4.4.2. Chemical risk management
27
4.4.3. Other environmental risk
28
4.5.
OPERATIONAL RISKS
28
4.5.1. Risk of interruption in the supply chain
for products or services
28
4.5.2. Risk of default by suppliers, subcontractors,
partners and customers
28
4.5.3. Risk associated with dependency
on the group’s customers
29
4.5.4. Risk related to the information system
29
4.5.5. Unscheduled work in the production
of products and services sold
29
4.5.6. Supplier concentration in the procurement chain
30
4.5.7. Risks related to anomalies detected in
the framework of quality audits of nuclear
component manufacturing
30
4.5.8. Risks related to implementation
of the performance plan
30
4.6.
RISK RELATED TO MAJOR PROJECTS
30
4.6.1. New reactor construction contracts
31
4.6.2. AREVA’s industrial projects
31
4.7.
LIQUIDITY AND MARKET RISKS
31
4.7.1. Liquidity risk
31
4.7.2. Foreign exchange risk
32
4.7.3. Interest rate risk
32
4.7.4. Risk on shares and other financial instruments
33
4.7.5. Risks associated with uranium, enrichment
and conversion
33
4.7.6. Risk on other commodities
33
4.7.7. Counterparty risk related to the use of derivatives
and to the investment of cash
34
4.8.
OTHER RISK
34
4.8.1. Political and economic conditions
34
4.8.2. Risks related to the group’s structure
35
4.8.3. Industrial risks related to climate change
36
4.8.4. Human resources risk
36
04
RISK
FACTORS
10
2016 AREVA
REFERENCE DOCUMENT