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9.3 Events subsequent to year-end closing for 2016
OPERATING AND FINANCIAL REVIEW
09
9.3.
EVENTS SUBSEQUENT TO YEAR-END CLOSING
FOR 2016
On January 5, 2017, AREVA’s interest in Adwen was sold. Gamesa is taking
over AREVA’s offshore wind energy operations (see Section 20.2.
Notes to the
consolidated financial statements
, note 3.) AREVA’s off-balance-sheet commitments
are taken over by Gamesa. AREVA retains the obligations for indemnification
according to the new terms.
On January 10, 2017, the European Commission gave its consent to the French
State to participate in the capital increases of AREVA SA and of NewCo (see
Section 20.2.
Notes to the consolidated financial statements
, Note 1.1).
On February 3, 2017, the CombinedGeneral Meeting of Shareholders approved the
capital increase reserved for the French State in the total amount of 2 billion euros.
In addition, the par value of the AREVA SA share was reduced from 3.80 euros
to 0.25 euro.
On February 21, 2017, in accordance with the terms of the Share Purchase
Agreement (SPA) signed on January 5, 2017, Adwen sent a notice to AREVA and
Gamesa following the identification of quality problems on the fleet of wind turbines
installed offshore. More in-depth, technical counter-examinations will be necessary in
the comingmonths to determine the financial impact, the division of responsibilities,
and the solutions. In the absence of such information, no additional provision was
recognized at December 31, 2016. Based on Adwen’s estimates, which have not
been verified by AREVA at this stage, the maximum exposure would be 70 million
euros and would fall within the cap of guarantees given to Adwen, provided for
that purpose by the share purchase agreement (see Section 20.2.
Notes to the
consolidated financial statements
, Note 24).
The memorandum of understanding and the shareholders’ agreement concerning
NewCo signed by JNFL, MHI, the Commissariat of State shareholding and AREVA
entered into effect on March 21.
On March 19, 2017, AREVA carried out the sale of its majority interest in AREVA TA
to a consortium of buyers consisting of the Agence des Participations de l’État
(APE), the Commissariat à l’énergie atomique et aux énergies alternatives (CEA) and
DCNS. The parties signed a share purchase agreement on December 15, 2016.
2016 AREVA
REFERENCE DOCUMENT
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