Arab Today, arab today france\s areva sees 2011 loss of up to 16 bn euros
Last Updated : GMT 15:04:52
Arab Today, arab today
Arab Today, arab today

France\'s Areva sees 2011 loss of up to 1.6 bn euros

Arab Today, arab today

Arab Today, arab today France\'s Areva sees 2011 loss of up to 1.6 bn euros

Paris - AFP

French nuclear energy giant Areva warned Monday its 2011 operating loss may top 1.6 billion euros ($2.1 billion) as the Fukushima nuclear disaster hit the value of its mining assets, and launched a major cost-cutting drive. Announcing 2.4 billion euros in provisions, Areva said it planned to sell 1.2 billion euros in assets, slash investments by one-third over the next five years to 7.7 billion euros and squeeze costs to regain its competitive footing. \"To improve economic competitiveness, the group identified and will implement a series of initiatives aimed at reducing operating costs (up to one billion euros in annual savings targeted by 2015 i.e. about 10 percent of the cost basis),\" it said in a statement. It did not announce how its \"Action 2016\" plan would affect employment. Areva is a world leader in the field of nuclear energy but the outlook for the sector has been clouded by a switch in sentiment in some countries, notably in Germany, in the light of the disaster at Fukushima in Japan. Areva, in which the French state has a majority holding and is considered a jewel of French industry, said it nevertheless still expects organic revenue growth of 3.0-6.0 percent next year leading to operating earnings of 750 million euros. Operational earnings should hit 1.25 billion in 2013. \"Considering the expected growth in electric consumption, Areva is convinced that the outlook for nuclear and renewable energy development remains strong in the coming years, even if expansion of the global installed base of nuclear reactors is postponed to a certain extent compared with forecasts available before the Fukushima accident,\" chief executive Luc Oursel said in a statement. The main provision concerned a 1.46-billion-euro charge for its 2007 acquisition of UraMin, which including previous write downs wipes out the 1.8 billion euros it paid in 2007 for the mines in Namibia, the Central African Republic and South Africa. The provision includes charges due to a later start up of the mines due to lower demand in the wake of the Fukushima accident, a lower expected sale price, and increased development costs as the sites may not be as rich in uranium as thought. Some 100 million in charges related to impairment of value of production sites due to reduced workload following Fukushima. Another 800 million euros in provisions were taken for contingencies and expenses that may entail future cash outflows, including 150 million euros for the behind schedule construction of a latest generation nuclear reactor in Finland.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today france\s areva sees 2011 loss of up to 16 bn euros Arab Today, arab today france\s areva sees 2011 loss of up to 16 bn euros

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today france\s areva sees 2011 loss of up to 16 bn euros Arab Today, arab today france\s areva sees 2011 loss of up to 16 bn euros

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today unveils Joon - the 'millenials' airline

GMT 13:36 2017 Saturday ,23 September

unveils Joon - the 'millenials' airline
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today US-made bomb used in fatal strike

GMT 10:16 2017 Saturday ,23 September

US-made bomb used in fatal strike
Arab Today, arab today Saudi Arabia to unblock internet calling apps

GMT 11:31 2017 Wednesday ,20 September

Saudi Arabia to unblock internet calling apps
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today All eyes on May as she prepares

GMT 10:16 2017 Friday ,22 September

All eyes on May as she prepares
Arab Today, arab today Puerto Rico, Virgin Islands brace

GMT 12:01 2017 Wednesday ,20 September

Puerto Rico, Virgin Islands brace
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Carmakers face billions in European

GMT 12:37 2017 Saturday ,23 September

Carmakers face billions in European
Arab Today, arab today Mercedes pumps 1 bln euros    

GMT 06:04 2017 Friday ,22 September

Mercedes pumps 1 bln euros    
Arab Today, arab today Lebleba is preoccupied in filming 'Back Street'

GMT 08:56 2017 Thursday ,21 September

Lebleba is preoccupied in filming 'Back Street'
Arab Today, arab today France hopeful of persuading Trump

GMT 06:21 2017 Wednesday ,20 September

France hopeful of persuading Trump

GMT 08:59 2017 Wednesday ,20 September

Youssra prepares for launching her program

GMT 18:09 2017 Thursday ,21 September

China lifts 10-year travel ban

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 19:18 2017 Monday ,18 September

5,000 'Dieselgate' deaths in Europe per year

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 18:03 2017 Thursday ,21 September

Alarm over flesh-eating ulcer cases

GMT 06:49 2017 Friday ,22 September

O'Leary: Could ground more planes

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday