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20.2 Notes to the consolidated financial statements for the year ended December 31, 2016
FINANCIAL INFORMATION CONCERNING ASSETS,
FINANCIAL POSITION AND FINANCIAL PERFORMANCE
20
Buy-back of interests in Société d’Enrichissement du Tricastin
Holding
At the end of 2016, AREVA bought back part of the minority interests of SET
Holding, amounting to 7% of the capital, from certain minority shareholders.
Buy-back of interests in Eurodif
At the end of 2016, AREVA bought back part of the interests in Eurodif’s capital
from certain minority shareholders.
Buy-back of interests in AREVA Solar Inc.
In December 2016, AREVA bought back all of the minority interests in AREVA
Solar from Agave.
AREVA TA capital increase
On December 7, 2016, during the Extraordinary General Meeting of AREVA TA
Shareholders, a capital increase accompanied by the cancellation of the preemptive
subscription right of minority interests for the benefit of AREVA SA was decided.
The percentage of the group’s interest thus went from 83.6% to 85.1%.
Note 3 describes transactions that were ongoing at year-end 2016 and are expected
to be finalized in 2017.
2.3. 2015 TRANSACTIONS
Creation of the Adwen joint venture
OnMarch 9, 2015, AREVA andGamesa signed final agreements to create Adwen, a
joint venture in the field of offshore wind. Held in equal shares by the two companies,
Adwen is taking over AREVA’s wind energy operations. The joint venture will design,
manufacture, install, commission and maintain offshore wind turbines.
NOTE 3.
ITEMS RELATED TO OPERATIONS SOLD, DISCONTINUED OR HELD FOR SALE
The following operations meet the criteria of IFRS 5 for classification as “operations
sold, discontinued or held for sale” at December 31, 2016.
p
Wind Energy
The Adwen joint venture was created onMarch 9, 2015 in partnership with Gamesa,
the Spanish onshore wind energy specialist. It is held in equal shares by AREVA
and Gamesa.
Consistent with its objective of refocusing on the nuclear fuel cycle operations,
AREVA announced that at the conclusion of a three-month competitive process
designed to solicit and assess proposals from potential third-party investors, the
company’s Board of Directors had given authority to management to exercise the
option to sell its 50% interest in Adwen’s capital signed on June 17, 2016 with
Gamesa.
This sale’s option was exercised on September 14, 2016, and the sale was
completed on January 5, 2017. Adwen was classified as an asset held for sale at
December 31, 2016.
p
Nuclear Measurements
On July 1, 2016, AREVA announced the completion of the sales of its subsidiaries
Canberra Industries Inc. and Canberra France S.A.S., which specialize in
radioactivity detection and measurement instrumentation, to the industrial group
Mirion Technologies Inc.
The capital gain from this sale came to 132 million euros.
p
Solar Energy
At December 31, 2015, the solar energy operating segment of AREVA was
substantially shut down due to the fact that the last project under execution – the
Reliance Project involving a 125-MWe solar field in Dhursar, India – was then in the
process of being suspended and that discussions with a potential buyer begun in
2015 had been unsuccessful. The operations were thus classified as discontinued
operations. On January 16, 2016, AREVA and its customer Reliance effectively
ended their reciprocal obligations concerning this project (construction of the power
plant andmaintenance). At December 31, 2016, there were no projects in progress
or under contractual guarantee in the scope of the Solar operations. The only
remaining entities in this scope are non-operating legal entities held for sale or to be
liquidated as soon as regulatory requirements, particularly tax-related requirements,
permit. The Solar operations are thus kept in “discontinued operations”.
p
New NP
Following the memorandum of understanding signed on July 28, 2016, AREVA,
AREVA NP and EDF signed a share purchase agreement on November 15, 2016
which sets the terms and conditions for the sale of an interest giving EDF exclusive
control of an entity tentatively called “NewNP”, a wholly owned subsidiary of AREVA
NP, which will combine the industrial operations of the design and supply of nuclear
reactors and equipment, fuel assemblies and services to the installed base of the
group.
The sales price for 100% of the capital of New NP was set at 2.5 billion euros,
excluding any price adjustments and/or supplements.
The contracts related to the OL3 project and the means needed to complete the
project, along with the responsibility attached to outstanding contracts related to
parts forged at the Creusot plant and possibly to contracts not outstanding but for
which serious anomalies might be identified and not yet resolved by the closing
of the New NP sale, will be kept within AREVA NP and will thus remain within the
group’s consolidation scope.
The contractual obligations which would be chargeable to New NP in the event of
the discovery of anomalies resulting froma failure in the quality control of equipment
manufacturing at the Creusot plant and, possibly, at the Saint-Marcel and Jeumont
plants will continue to be guaranteed by AREVA.
The transaction is expected to close by the end of 2017, subject in particular
to the receipt of favorable findings from the French nuclear safety authority ASN
on the subject of the results of tests concerning the primary cooling system of
the Flamanville 3 reactor; the completion and satisfactory conclusion of quality
audits at the Creusot, Saint-Marcel and Jeumont plants; and the approval of the
competent authorities which regulate business mergers and nuclear safety. In
addition, the completion of the transaction is conditioned on the transfer of AREVA
NP’s operations, excluding the OL3 contract and certain component contracts (see
note 1.1), to the New NP entity.
2016 AREVA
REFERENCE DOCUMENT
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