Areva - Reference Document 2016

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9.2 Situation and activities of the company and its subsidiaries by business segment during the year OPERATING AND FINANCIAL REVIEW

CASH FLOWS RELATED TO END-OF-LIFECYCLE OPERATIONS

9.2.6.4.

relating to these operations were recognized on specific lines of the statement of income, the statement of cash flows and the statement of financial position devoted to “operations sold, discontinued or held for sale”. In 2016, the flows related to the end-of-lifecycle operations of operations “sold, discontinued or held for sale” amounted to -33 million euros (see 9.2.2).

The majority of end-of-lifecycle operations concern operations included in the consolidation scope of New AREVA Holding (Mining, Chemistry-Enrichment, Back End) and to a lesser extent that of AREVA NP. At December 31, 2016, the flows

9.2.6.5. CONSOLIDATED STATEMENT OF CASH FLOWS The condensed consolidated statement of cash flows is presented below.

Change 2016/2015

(in millions of euros)

2016

2015

Cash flow from operations before interest and taxes

(693)

(643)

-50 -91

Interest expense and taxes paid

(2)

89

Cash flow from operations after interest and taxes Change in working capital requirement Cash from operating activities Cash related to investing activities Cash related to financing activities INCREASE (DECREASE) IN NET CASH Net cash at the beginning of the period NET CASH AT THE END OF THE YEAR Cash from operations sold, discontinued or held for sale

(695)

(554)

-141

100

111

-11

(595)

(442)

-153

25

(64)

+89

1,207 (597)

(758)

+1,965 -1,016

419

41

(811) 1,556

852 -811

745 786

745

41

The table below presents the statement of cash flows of operations sold, discontinued or held for sale:

Discontinued operation

2016

2015

Operations held for sale

Operations sold

(in millions of euros)

Solar Energy New NP NewCo AREVA TA

Total

Total

Net cash flow from operating activities Net cash flow from investing activities Net cash flow from financing activities

(55) 306 (10)

(95)

35

720

30

634

899

1

(142) (115)

(543) (729)

(10)

(390) (878)

(916)

(84) (11)

61

463 (26) 419

Other changes

(1)

70

(22)

-

36

CHANGE IN NET CASH

240

(189)

(152)

(575)

80

(597)

CASH FROM OPERATING ACTIVITIES Net cash flow related to operating activities went from -442 million euros in 2015 to -595 million euros in 2016. This change is due to the decrease in cash provided by operations associated with the increase in interest paid. CASH RELATED TO INVESTING ACTIVITIES Net cash flow from investing activities totaled 25 million euros in 2016, compared with -64 million euros in 2015.

CASH RELATED TO FINANCING ACTIVITIES Net cash flow from financing activities totaled 1.207 billion euros in 2016, compared with -758 million euros in 2015. This change is explained in particular by the draws on bilateral lines of credit and the RCF on January 5 and 6, 2016 in the total amount of 2.045 billion euros.

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2016 AREVA REFERENCE DOCUMENT