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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
With AREVA’s support, EDF has engaged in discussions with strategic investors
expressing an interest in acquiring a stake in NewNP’s capital. The interest acquired
by EDF, which could be as much as 75% of the capital under the terms of the share
purchase agreement signed on November 15, 2016, would thus be reduced to a
target interest of at least 51% of the capital, giving it exclusive control. At the end of
the restructuring, AREVA and NewCo will no longer hold any interest in New NP.
p
NewCo
As explained in note 1, the proposed capital increase of NewCo was approved by
NewCo’s shareholders on February 3, 2017. The completion of this capital increase
is subject to fulfillment of the conditions accompanying the European Commission’s
authorization, in conformance with European regulations on State aid.
The French State’s acquisition of NewCo capital will lead to the dilution and loss
of control of AREVA SA.
Since the General Meeting of AREVA SA Shareholders convened on December 15,
2016, AREVA believed that the conditions for application of IFRS 5 “Non-current
assets held for sale and discontinued operations” had been fulfilled: the loss of
AREVA SA’s control of NewCo is considered to be highly probable at December 31,
2016.
p
AREVA TA
As part of its refocusing on the nuclear fuel cycle operations, the company
announced on December 17, 2015 and confirmed on January 27, 2016 the plan
to sell AREVA TA, a company specialized in the design, construction, commissioning
and operational readiness of compact nuclear reactors for marine propulsion and
nuclear research facilities.
On December 15, 2016, the company signed a share purchase agreement for all of
its shares in AREVA TA with a consortium of buyers composed of the Agence des
participations de l’État (APE, 50.32% of the capital), the Commissariat à l’énergie
atomique et aux énergies renouvelables (CEA, 20.32%), and DCNS (20.32%). EDF
will keep its 9.03% interest in the capital.
The sale, for which the plan has already been the subject of consultation with
employee representative bodies and which has been approved by AREVA’s
governance, is scheduled to close in March or April 2017, subject in particular to
the publication of the ministerial orders related to the sale and the absence of any
unfavorable significant event with an impact of more than 55 million euros on the
value of the company’s equity. On the date of completion of the sale, the French
State will control AREVA TA.
In addition, AREVA TA sold its subsidiary Elta (see note 2). The capital loss on the
sale amounts to 10million euros and is included in the “Net income fromoperations
held for sale” line hereunder.
NET INCOME AND NET CASH FROM OPERATIONS SOLD, DISCONTINUED OR HELD FOR SALE
(in millions of euros)
2016
2015
Net income from operations sold
(65)
(240)
Net income after tax from disposals
131
59
Net income from discontinued operations
(16)
(115)
Net income from operations held for sale
(415)
(474)
Net income from operations sold, discontinued or held for sale
(365)
(770)
Net cash from operations sold
240
(127)
Net cash from discontinued operations
(189)
0
Net cash from operations held for sale
(647)
546
Net cash from operations sold, discontinued or held for sale
(597)
419
Financial Year 2016
(in millions of euros)
Operations
sold
Discontinued
operation
Operations held for sale
Total
Solar Energy
New NP
NewCo AREVA TA
Revenue
72
-
3,101
4,012
353
7,538
Operating income after share in net income of joint
ventures and associates
88
(18)
73
450
46
640
Net financial income
1
2
(54)
(537)
13
(575)
Income tax
(23)
0
(41)
(337)
(28)
(429)
Net income for the period
66
(16)
(21)
(425)
31
(365)
Operations sold include guarantees granted by AREVA to Adwen and the Nuclear Measurements operations.
Operating income from the solar operations includes (18) million euros of currency translation reserves recycled through profit and loss.
200
2016 AREVA
REFERENCE DOCUMENT