Arab Today, arab today france\s areva sees 2011 loss of up to 16 bn euros
Last Updated : GMT 18:28:16
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.

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 Fadi explains secrets of  Nancy Ajram's newlook

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook
Arab Today, arab today Egyptian tourist guide explains types of tourism

GMT 18:28 2017 Saturday ,25 February

Egyptian tourist guide explains types of tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Iran complying with nuclear deal

GMT 07:14 2017 Saturday ,25 February

Iran complying with nuclear deal
Arab Today, arab today Zainab al-Maliki reveals herTV presenter models

GMT 18:12 2017 Friday ,24 February

Zainab al-Maliki reveals herTV presenter models

GMT 12:25 2017 Thursday ,23 February

Bharti Airtel buys Telenor's India operations

GMT 10:47 2017 Thursday ,23 February

Saudi Aramco may offer discounted shares to citizens

GMT 06:25 2017 Thursday ,23 February

Bupa Arabia sponsors SMEA forum

GMT 06:11 2017 Thursday ,23 February

Football: Turkish company wins Qatar World Cup contract

GMT 05:46 2017 Thursday ,23 February

SABIC net profits fall in 2016

GMT 21:01 2017 Wednesday ,22 February

Saudi Aramco mulls offering citizens discounted shares
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Actress Lobna Abdel Aziz proud of her career

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 10:20 2017 Thursday ,23 February

Brazil's top diplomat resigns

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
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