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

9.2.7. BALANCE SHEET ITEMS

CONDENSED BALANCE SHEET

(in millions of euros)

December 31, 2016 December 31, 2015

Assets Net goodwill

-

1,272 9,290 6,300

Net property, plant and equipment and intangible assets Assets earmarked for end-of-lifecycle operations

67

-

Investments in joint ventures and associates

10

100 573 112

Other non-current assets

234

Deferred taxes (assets – liabilities) Operating working capital requirement Assets of operations held for sale Shareholders’ equity and liabilities Equity attributable to owners of the parent

1

(109)

(2,718)

27,032

7,076

(3,417)

(2,516)

Minority interests

(10)

235

Provisions for end-of-lifecycle operations (AREVA share) Provisions for end-of-lifecycle operations (third party share)

- -

6,743

178

Other current and non-current provisions

2,064 1,473

5,683 6,323 5,320

Net borrowings

Liabilities of operations held for sale

27,391

Other assets and liabilities

(265)

39

TOTAL – CONDENSED BALANCE SHEET

27,235

22,005

NON-CURRENT ASSETS

9.2.7.2. OPERATING WORKING CAPITAL REQUIREMENT AREVA’s operating working capital requirement (operating WCR) was negative (resource), at -109million euros at December 31, 2016, comparedwith -2.718 billion euros a year earlier. This change is due mainly to the adoption of IFRS 5 for the operations of NewCo, AREVA TA and New NP. NET CASH (DEBT) The group’s net financial debt totaled 1.473 billion euros at December 31, 2016, compared with 6.323 billion euros at December 31, 2015. This apparent reduction in net debt is due mainly to the adoption of IFRS 5 for the operations of NewCo, AREVA TA and New NP. In fact, in view of the adoption of that standard, NewCo’s debt (bond debt and financing of the Georges Besse II plant) is considered to be external debt. 9.2.7.3.

9.2.7.1.

Net goodwill Net goodwill went from 1.272 billion euros at December 31, 2015 to 0 at December 3, 2016. This decrease is due to the adoption of IFRS 5 for the operations of NewCo, AREVA TA and New NP. Net property, plant and equipment and intangible assets Net property, plant and equipment and intangible assets went from 9.290 billion euros at December 31, 2015 to 67 million euros at December 31, 2016. This decrease is due mainly to the adoption of IFRS 5 for the operations of NewCo, AREVA TA and New NP. Other non-current assets Other non-current financial assets went from573million euros in 2015 to 234million euros in 2016, principally due to the adoption of IFRS 5 for the operations of NewCo, AREVA TA and New NP. Loans to affiliates included a shareholder loan to Adwen in the amount of 229 million euros.

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2016 AREVA REFERENCE DOCUMENT