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Even the French are affected

March 2, 2012

French nuclear giant Areva reports massive loss




French nuclear energy giant Areva suffered a massive loss in 2011.

This reflects how difficult a year it has been for the world's nuclear industry after the accident at Japan's Fukushima Daiichi nuclear power plant last March.

Areva announced on Thursday that its losses last year reached 2.4 billion euros, or about 3.2 billion dollars.

The loss is mainly due to a massive decline in the appraised value of the company's uranium mining venture in Africa.

Areva says the production of plutonium-mixed fuel for Japan have also stalled since the March 11th disaster.

The effect of the Fukushima accident is forcing the world's leading nuclear conglomerate to scale down its businesses.

Areva is due to lay off up to 1,500 workers in Germany, following the country's decision to phase out nuclear powe


Fukushima disaster pushes France's Areva to record loss

(AFP) – 21 hours ago  -


PARIS — French nuclear energy giant Areva reported Thursday a record loss for 2011 after taking massive provisions in the aftermath of Japan's Fukushima disaster but reaffirmed its forecasts to 2016.

Areva said that, with the Fukushima meltdown jeopardising the outlook for the whole nuclear industry, it had to write down the value of key assets, such as its uranium mines, by some two billion euros.

The result was a 2.42 billion euros loss compared with a 2010 net profit of 883 million euros.

In December, Areva warned that it would take a hit of 1.46 billion euros to cover the revaluation of its Uramin unranium mines to 410 million euros, about a fifth of their purchase price in 2007.

Other provisions in 2011 covered the dismantling of nuclear installations, slower activity as a result of the Fukushima disaster and delays at its Olkiluoto project in Finland.

The results are the worst since Areva was formed in 2001 from the merging of Cogema, Framatome and CEA Industrie.

The group said that despite the loss, it still expected organic sales growth of 3.0 to 6.0 percent in 2012 and 2013, increasing to 5.0 to 8.0 percent in 2015 and 2016.

Areva also said that it had agreed the sale of its 26 percent stake in the Eramet mining company to state investment fund FSI for 776 million euros.

The disposal is part of planned sales worth up to 1.2 billion euros this year and next which it announced as part of efforts to strengthen its finances.


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