AREVA in 2007, growth and
profi tability
ACTIVITY AND SUSTAINABLE DEVELOPMENT REPORT AREVA
33, rue La Fayette – 75009 Paris – France Tel.: +33 1 34 96 00 00 – Fax: +33 1 34 96 00 01 www.areva.com
Energy is our future, don’t waste it!
If you only have a moment to devote to this report,
read this.
Our energies have a future.
A future without CO 2
OUR MISSION
Enable everyone to have access to ever cleaner, safer and more economical energy.
OUR STRATEGY
To set the standard in CO
2-free power generation and electricity transmission and distribution.
■
Capitalize on our integrated business model to spearhead the nuclear revival:
– build one third of new nuclear generating capacities;
– make the fuel secure for our current and future customers.
■
Ensure strong and profi table growth in T&D.
■
Expand our renewable energies offering.
With manufacturing facilities in 43 countries and a sales network in more than 100, AREVA offers customers reliable technological solutions for CO
2-free power generation and electricity transmission and distribution. We are the world leader in nuclear power and the only company to cover all industrial activities in this fi eld.
Our 65,000 employees are committed to continuous improvement on a daily basis, making sustainable development the focal point of the group’s industrial strategy.
AREVA’s businesses help meet the 21
stcentury’s greatest challenges: making energy available to all, protecting the planet, and acting responsibly towards future generations.
no.1 worldwide
in the entire nuclear cycle
no.3 worldwide
in electricity transmission and distribution
Backlog
€ 39.83 B
Sales
€ 11.92 B
Operating income
€ 751 M
Net income
€ 743 M
+55.4%
OUR PERFORMANCE IN 2007
+9.8%
+84.6%
+14.5%
Customers
across the globe
Europe and CIS
MANUFACTURING OPERATIONS
Austria, Belgium, France, Germany, Greece, Hungary, Italy, Kazakhstan, the Netherlands, Norway, Poland, Russia, Slovakia, Spain, Sweden, Switzerland, Turkey, United Kingdom
56% of sales 71% of employees
Asia-Pacifi c
MANUFACTURING OPERATIONS Australia, China, India, Indonesia, Japan, Malaysia, Pakistan, Singapore, Thailand
19% of sales
11.5% of employees
Africa and Middle East
MANUFACTURING OPERATIONS Central African Republic, Ivory Coast, Egypt, Namibia, Niger, South Africa, Sudan, United Arab Emirates
8% of sales 4% of employees
North and South America
MANUFACTURING OPERATIONS
Argentina, Brazil, Canada, Chile, Colombia, Mexico, United States, Venezuela
17% of sales
13.5% of employees
The integrated offer
serving energy professionals
CO
2-FREE POWER GENERATION SOLUTIONS
Nucléaire Tr ansmission & Distribution Nuclear Tr ansmission & Distribution
SERVICES
DISTRIBUTION
RENEWABLE ENERGIES
TRANSMISSION
OTHER SOURCES OF ELECTRIC
POWER REACTORS
SOLUTIONS FOR RELIABLE ELECTRICITY TRANSMISSION AND DISTRIBUTION
USED FUEL RECYCLING FUEL
FABRICATION
MINING
ENRICHMENT
CHEMISTRY
AT A GLANCE
• Number 1 worldwide in the front end of the nuclear cycle.
• Production facilities in Europe, North America, Asia and Africa.
• Customers: leading nuclear power plant operators.
STRATEGIC PRIORITIES
• Increase mineral resources and production.
• Replace and expand production capabilities in conversion and enrichment.
• Strengthen positions in fuel fabrication by renewing our product portfolio.
SUSTAINABLE DEVELOPMENT GOALS
• Minimize the environmental impacts of disposal of mill tailings and nitrates and reclaim mine sites after closure.
• Maintain a high level of safety in the use of raw materials and components.
• Reduce greenhouse gas emissions.
• Contribute to the economic and social development of communities in which we do business.
• Continue to monitor employee health.
• Apply eco-design concepts to new products and plant projects.
• Successfully transfer expertise related to changing technologies.
AT A GLANCE
• Number 1 worldwide in pressurized water reactors (in terms of installed capacity) and the only company in the world with four Generation III reactors under construction or on order (EPR).
• World’s leading supplier of nuclear equipment and services.
• Turnkey supplier of wind turbines and biomass power plants.
• Main manufacturing plants in France, Germany and the United States; additional plants in India and Brazil (biomass fi eld).
• Customers: leading operators of electric power reactors, wind farm developers and operators of biomass-based cogeneration plants.
STRATEGIC PRIORITIES
• Successfully complete the fi rst EPR projects (France, Finland, China).
• Broaden the reactor offering by drawing on industrial partners.
• Strengthen engineering capabilities and secure the supply chain.
• In reactor services, offer customers integrated services that optimize their fl eet operations.
• Support R&D efforts on new generations of reactors and their applications.
• Become a recognized player in renewable energies.
SUSTAINABLE DEVELOPMENT GOALS
• Widely institute the use of eco-design approaches for products and services.
• Continue to improve environmental management systems and safety at major construction sites.
AT A GLANCE
• Number 1 worldwide in the treatment and recycling of used nuclear fuel.
• Leader in used fuel transportation and storage.
• Main plant sites: La Hague and Melox, France.
• Customers: leading nuclear plant operators.
STRATEGIC PRIORITIES
• Strengthen used fuel treatment and recycling operations in France.
• Market the technologies owned by the group worldwide.
• Strengthen the leadership position in used nuclear fuel storage.
• Market products and services related to the transportation of fuel and nuclear materials.
SUSTAINABLE DEVELOPMENT GOALS
• Keep the environmental impacts of releases as low as possible.
• Limit the volume of operating waste that does not meet near-surface disposal acceptance criteria.
• Keep worker exposure to radiation as low as reasonably achievable.
• Maintain a high level of nuclear and occupational safety during nuclear materials transportation.
AT A GLANCE
• Number 1 worldwide in market management software and grid management software, number 2 in high voltage products, number 3 in medium voltage products.
• Manufacturing operations in more than 40 countries.
• Customers: 30,000 diversifi ed customers, including integrated utilities, transmission and distribution companies, electricity-intensive industries and other infrastructure companies, and distributors.
STRATEGIC PRIORITIES
• Pursue efforts to improve processes, redeploy manufacturing facilities and optimize the business portfolio.
• Accelerate growth by intensifying marketing and sales and increasing manufacturing capacities, and through selective acquisitions in high-growth regions (China, India, etc.) or in certain market segments (high voltage, automation systems, etc.).
SUSTAINABLE DEVELOPMENT GOALS
• Expand eco-design approaches.
• Reduce direct emissions of greenhouse gases linked to SF6 releases.
• Widely institute environmental management and occupational safety systems.
Nuclear Transmission
& Distribution
Harvesting business synergies for maximum competitiveness
€ 3.14B in sales 26% of consolidated sales
12,577 employees
FRONT END
•
Uranium ore exploration, mining and concentration.
• Uranium conversion and enrichment.
• Nuclear fuel design and fabrication.
€ 2.72B in sales 23% of consolidated sales
16,500 employees
REACTORS AND SERVICES
•
Design and construction of nuclear reactors and other CO
2-free power generation systems.
• Supply of products and services for nuclear power plant maintenance, upgrades and operations.
€ 1.74B in sales 15% of consolidated sales
10,638 employees
BACK END
•
Treatment and recycling of used nuclear fuel.
• Cleanup of nuclear facilities.
• Nuclear logistics.
€ 4.33B in sales 36% of consolidated sales
25,248 employees
TRANSMISSION & DISTRIBUTION
•
Supply of products, systems and services
for electricity transmission and distribution
networks.
Sustainable development is a keystone of AREVA’s industrial strategy for achieving growth that is profi table, socially responsible and respectful of the environment.
To translate this choice into reality, AREVA integrates sustainable development into its management practices via a continuous improvement initiative revolving around ten commitments.
ENVIRONMENTAL PROTECTION Limit our environmental impacts by reducing our consumption of natural resources, controlling our releases and optimizing our waste management.
FINANCIAL PERFORMANCE Ensure the group’s sustainability through long-term profi table growth.
INNOVATION Develop and harness best-in-breed technologies to anticipate customer needs and increase our cost-competitiveness while complying with nuclear safety, occupational safety and environmental protection requirements.
GOVERNANCE Manage our operations responsibly in accordance with the group’s values, and assess and truthfully report on our performance to shareholders and all stakeholders.
CONTINUOUS IMPROVEMENT Implement a continuous improvement initiative based on practices shared throughout the group.
RISK MANAGEMENT AND PREVENTION Establish and maintain the highest level of nuclear and occupational safety in all of the group’s operations to preserve public and worker health, and to protect the environment.
COMMUNITY INVOLVEMENT Participate in the economic and social development of
the communities in which the group operates.
DIALOGUE AND CONSENSUS BUILDING
Establish stakeholder relations based on trust.
COMMITMENT TO EMPLOYEES Promote our employees’
professional development and provide good working conditions.
RESPECT FOR THE ENVIRONMENT
AREVA Way,
a commitment to
sustainable development
ECONOMIC DEVEL
OPMENT
SOCIAL/SOCIETAL EXPECTATIONS
CUSTOMER SATISFACTION Listen to our customers, anticipate their needs, support their growth, and increase and measure their satisfaction.
For more information
REQUEST THE REFERENCE DOCUMENT
www.areva.com
12
Message from the Chairman of the Supervisory Board14
Message from the Chief Executive Offi cer18
Key data22
2007 highlights26
Corporate governance30
Organization of the group32
Share information and shareholder relationsLeader and expert
38
Solutions for CO2-free power generation52
Solutions for reliable electricity transmissionand distribution
To be and to act
58
Governance60
Continuous improvement62
Financial performance64
Innovation66
Customer satisfaction67
Commitment to employees70
Environmental protection73
Risk management and prevention75
Dialogue and consensus building77
Community involvement79
Auditors’ report81
Reporting methodology83
Data verifi ed in 200784
Glossary89
To learn morecontents
Message from Frédéric Lemoine, Chairman of the Supervisory Board
AREVA, embracing
corporate responsibility
With the concept of Global Corporate Responsibility becoming the new imperative, from Davos to
the United Nations, it is only fi tting that I should reaffi rm our awareness of our many responsibilities towards our stakeholders. In this area as in others, I believe that we are among the leaders.
Responsibility towards our customers fi rst, who must meet the challenges of growing demand for energy and who have the right to expect the best of our technologies and know-how.
Responsibility towards our shareholders as well. Most recently, through clear and balanced governance, the Supervisory Board was able to approve a strategic plan prepared by the Executive Board which gives AREVA a clear path forward through 2020, with a more detailed map for the next fi ve years. In a time of great change marked by the dramatic expansion of nuclear power and electricity supply systems, this is highly useful to the company, for it allows us explain our substantial need for fi nancing to our shareholders, now and in the future.
Responsibility, too, towards the national community and our European partners. For AREVA is simultaneously a French success story, owing much to government
initiatives over the past fi fty years, as well as a truly European champion of industry in our partnerships and our markets, and a world leader in all of our businesses.
Responsibility towards our employees, obviously, for they are the source of our success and deserve to share even more in the results. More than 65,000 people worldwide make up a growing and profoundly changing population to which the company is highly attentive and whose representatives to the Supervisory Board, elected by the employees in 2007, very effectively relay their outlook and expectations.
But I am not afraid to say that our most important
responsibility is for the economic development of humanity and the environmental preservation of our planet. I visited many of our 60 industrial sites over the past three years and I think that this feeling is becoming more deeply ingrained in all of us over time. The environmental situation is always on our minds.
In fact, we have entered a new era of environmental awareness all over the world. Climate change is no longer contested and human societies are now intuitively aware that natural resources are imperiled and know that they will
be depleted eventually. This is true in every country, as recent changes in Chinese environmental policy demonstrate. We need to remember that the world’s proven oil reserves represent only forty years of supply, according to the experts, while natural gas may last sixty to a hundred years and coal about two centuries.
Nuclear energy is an answer that should be considered without prejudice. This form of energy has the lowest CO2 emissions – a critical factor in the fi ght against the greenhouse effect. The ore containing this energy, uranium, is plentiful and will be used even more parsimoniously as the century progresses.
Our technologies and research programs focus on recycling used nuclear fuel into fresh fuel, a subject of keen interest to major countries around the world.
While nuclear power is an important solution for the future, it is not the only solution. Other answers are quickly emerging in renewable energies, where AREVA is active in wind power, biomass and fuel cells.
Energy conservation is another area with enormous potential. We are able to make a contribution here as well,
through our electricity transmission and distribution operations, by setting up power systems that are better managed and less conducive to waste.
You will see in this report how all of AREVA’s units are making very appreciable progress in preserving our planet’s resources, including water, paper and energy, and how each of us is working to control our environmental footprint.
Our convictions and our consistency depend on it.
AREVA’s plans depend on it. Our global responsibility depends on it. Our shared future depends on it.
“Our most important responsibility is towards the economic development of humanity and the
environmental preservation
of our planet.”
Message from Anne Lauvergeon, Chief Executive Offi cer
2007: the year everything speeded up…
For those who doubted the nuclear revival, for those who still believed in cheap energy, for those who continued to deny the truth of climate change, reality hit hard in 2007.
The metamorphosis of the energy landscape continued with a speed that took most observers by surprise.
The United States, Canada, the United Kingdom, South Africa, India, China … These major countries worked relentlessly to boost their energy production, spurred by the same concerns: maintaining the competitiveness of their industries and the purchasing power of their citizens, defending the security of energy supply, and fi ghting climate change. In 2007, for the fi rst time in history, a government – that of the United Kingdom – made carbon gas emissions reduction the leading reason for its pro-nuclear power decision.
In this fast changing environment, the AREVA group stepped up the pace of growth even more and is leading the race. Our sales rose by almost 10% in 2007 to 11.9 billion euros. Operating income grew 2.6%
to 751 million euros. And the volume in backlog jumped 55% in just twelve months.
A winning integrated offer
In the nuclear business, our team scored numerous successes, including a contract worth more than 1 billion euros to provide enrichment services to KHNP of South Korea, or the contracts in Sweden to refurbish the Oskarshamn nuclear power plant and extend the service life of the Ringhals 4 power plant. The most signifi cant event in the back end of the cycle was the contract awarded by a new customer, SOGIN of Italy, to treat used fuel from three former nuclear power plants.
These are major deals, but they received less media coverage than our new nuclear power plant orders.
The contract to supply the nuclear steam supply system for the EPR to EDF’s Flamanville 3 unit marked the group’s 100th reactor order. In China, AREVA signed a historic 8 billion euro contract with CGNPC to build two EPRs and supply the materials and services needed to operate them. Also in China, we joined with China National Nuclear Corporation (CNNC) to perform feasibility studies on the construction of a used nuclear fuel treatment and recycling plant. This global agreement secures long lasting roots in a country that is developing one of the largest nuclear programs in the world.
The magnitude of this agreement also confi rms the relevance of our integrated offer covering the entire nuclear cycle and its appeal on international markets.
So far, 80% of our customers have ordered at least three products or services from the group’s value chain.
The Chinese contract also illustrates the advance our EPR system has gained over its competitors of the same generation. This is why, in a booming market and with forecasts for more than 200 new reactors to be built by 2030, I wish to emphasize once more the competitive advantage the OL3 project represents for us. This Finnish EPR, the fi rst of many, gives our team and our
subcontractors a head start in acquiring the expertise needed to sustain the nuclear revival around the globe.
It is also a world class commercial showcase. The nature of the diffi culties encountered during project execution, which were explained with complete transparency, did not in any way alter our customers’ confi dence in this reactor.
“Our success demonstrates the relevance of our
integrated business model, which covers the entire
nuclear cycle.”
Message from Anne Lauvergeon, Chief Executive Offi cer
Notable contracts were also won in the fi eld of renewable energies, which round out our offering of CO2-free power generation solutions. These include an order for six biomass plants in Brazil and Thailand, and a 500 million euro contract to supply offshore wind turbines in Germany. More than ever, our goal is to pursue signifi cant growth on these markets.
The Transmission & Distribution division (T&D) achieved our profi t goals one year ahead of schedule. A sensible marketing strategy yielded numerous contracts in fast growing markets. In China, a fi rst contract in high voltage direct current gave us a foothold in this promising segment. In the Middle East, we multiplied our contracts and strengthened our leadership position in one of the world’s largest markets in terms of growth.
The Canadian aluminum producer Alcan selected our technology to convert alternating current into direct current at some of its Quebec facilities. Overall, the backlog for the T&D business was up a record 40%, while operating margin posted new growth of 9.2%. This improvement is a direct consequence of our repositioning on dynamic markets and the efforts made over the past four years to reduce and adjust our cost structure.
Substantial capital spending
In 2007, we continued to implement the capital investment program launched in previous years.
Above all, we are investing in human capital. More than 11,500 people of diverse backgrounds and national origins joined our team this year. To attract the talent needed for our fast growing businesses, we entered into partnerships with 80 schools and universities around the globe. This paid off, particularly in France, where the Universum survey ranked AREVA the fi fth most desirable employer for the most prestigious engineering schools.
Our production Capex climbed to 1.3 billion euros in 2007. In mining, our program to increase uranium production capacity has shifted into high gear.
In Canada, we began operating the Midwest mine with our partners Denison and OURD Ltd. In Niger, we secured our long-term presence by signing a win-win agreement with the government covering the terms for purchasing uranium from the existing mines and allowing us to mine the Imouraren deposit, discovered by our geologists. AREVA will invest a total of 1 billion euros
to bring this uranium mine, the second largest in the world, into production. In addition to the benefi ts this agreement brings to the economy of Niger, we will continue to support local development through programs in the fi elds of health, education, training and access to water and energy for the local population.
In uranium conversion – the processing step after mining –, AREVA launched the Comurhex II project, with commercial production scheduled to start in 2012.
In enrichment, construction of the Georges Besse II plant continues, on time and within budget.
The T&D division made signifi cant investments as well.
Production capacity and manpower will increase signifi cantly at our high voltage gas insulated switchgear center of competence at Aix-les-Bains, France.
The construction of two new buildings and 120 new hires are slated for 2008. In China, our objective is to double our sales of T&D equipment. We inaugurated the fi fth manufacturing plant for gas insulated switchgear in Suzhou and signed a joint venture agreement with Sunten Electric, making us the leader on the Chinese market for dry transformers.
For high-tech groups such as ours, investment in R&D is critical. Our total R&D spending came to 813 million euros in 2007, or 6.8% of sales – an increase of 21.5%
from 2006. Most of this was allocated to mineral
exploration, certifi cation of the EPR and ultra high voltage.
Strategic development
The development of international partnerships is the most important pillar of the group’s strategy to increase production capacity. We made decisive steps forward in this area in 2007. Our pooling of resources with Mitsubishi Heavy Industries to design an advanced Generation III reactor in the 1,100 MW range took shape with the creation of a joint subsidiary based in Paris, ATMEA.
In used nuclear fuel recycling, we strengthened our partnership with JNFL, another major Japanese nuclear company. In the United States, the Department of Energy awarded a contract to the INRA alliance led by AREVA, Mitsubishi Heavy Industries, JNFL, Washington Group International, BWX Technologies and Battelle to study the development of a used fuel treatment plant and an advanced generation reactor to recycle the fuel. The same approach was used in the T&D business, which formed
an agreement signed with the European Metalworkers Federation (EMF) whose top priority is the equal treatment of employees, irrespective of gender, age, political persuasion, religious beliefs, physical characteristics or ethnic origin. We are determined that this approach will be implemented in every country in which the group operates.
The dialogue established between AREVA and its stakeholders continued with the organization of a second Stakeholders Session. We were the fi rst in the world to create health observatories near our mine sites under the aegis of national authorities. The UN Global Compact recognized our commitment to the fi ght against Aids when it made a case study of our program in Niger. As an extension of the patronage program we set up several years ago, we created a corporate foundation to support local humanitarian initiatives in the fi elds of development, health and childhood. The foundation focuses specifi cally on projects that facilitate universal access to energy.
Meeting the challenges of the 21
stcentury
Because energy is everyone’s concern, because our group is a world leader on rapidly expanding markets, because our integrated offer is unique and admired, AREVA attracted a lot of attention in 2007.
Our brand is thriving, recognized and attractive for our customers, our shareholders and our current and future employees… We are enthusiastically turned to the future in a world that offers AREVA plenty of new opportunities for profi table growth.
a joint venture with Russian aluminum giant UC Rusal.
The T&D division will be the preferred supplier to Rusal for turnkey projects and electrical equipment and services.
Our policy of targeted acquisitions was instrumental in strengthening our production capabilities
in several strategic sectors. Our successful takeover of the Canadian fi rm UraMin, which owns deposits in South Africa, Namibia and the Central African Republic, enables us to secure and diversify our uranium supply.
Production is scheduled to begin in Namibia in 2009.
Following through on our plan to strengthen our position in renewable energies, we acquired a 51% equity interest in Multibrid, a German company specialized in multi- megawatt offshore wind turbines. A few months earlier, our friendly takeover bid on wind turbine manufacturer REpower, in which we already held a 30% interest, was stalled when the Indian group Suzlon outbid us.
Nevertheless, this transaction ended favorably for the group, with our equity interest quadrupling in value.
In the transmission and distribution fi eld, our position on the market for ultra high, high and medium voltage equipment was strengthened by the acquisition of two Italian companies, VEI Power Distribution and Passoni & Villa, which were joined in early 2008 by the Finnish company Nokian Capacitors.
Responsible growth
In 2007, we continued to deploy our AREVA Way total management method, developed as part of our sustainable development policy. Key indicators point to the continuous improvement of our performance. Our action plan led to a reduction in the group’s already limited greenhouse gas emissions from operations as part of an ambitious multi-year emission reduction program.
We also acquired greenhouse gas emission quotas corresponding to the group’s direct emissions for the year.
And we took practical steps to remain carbon neutral in 2008 and beyond, thereby becoming one of the fi rst industrial groups to achieve such a result anywhere in the world.
In employee relations, AREVA wants to build a solid contractual foundation enabling representatives of the employees, management and human resources to work closely together. Our European Work Council is a key player in this dialogue. It took an active role in preparing
“Our policy of targeted
acquisitions was instrumental in strengthening our
production capabilities in
several strategic sectors.”
Key data
SALES BY BUSINESS
36%
Transmission
& Distribution Nuclear
64%
SALES BY REGION Asia-Pacific
19%
8%
Africa and Middle East28%
Europe excluding France17%
North and South America
28%
France
Backlog
€ 39.83 B
+ 55.4 %
The backlog reached a record level of 39.83 billion euros as of December 31, 2007, for 55.4% growth since the end of 2006.
Total R&D spending
€ 813 M
+ 21.5 %
Sales
€ 11.92 B
+ 9.8 %
Consolidated sales came to 11.92 billion euros in 2007, compared with 10.86 billion euros in 2006, an increase of 9.8% in reported data and of 10.4% like-for-like.
This high level of growth comes from strong business in the Reactors and Services division (+15.2%) and the Transmission & Distribution division (+16.7%).
Number of employees
65,583 I +7.3%
The group had 65,583 employees as of the end of 2007, compared with 61,111 employees as of the end of 2006, a 7.3% increase.
This change is mainly due to the growth of the group’s operations and the hiring that went with it. In 2007, 11,514 new employees joined the group.
WORKFORCE BY REGION
4%
Africa and Middle East
49%
France
22%
Europe excluding France
13.5%
North
and South America
11.5%
Asia-Pacific
2006 2007
1.248 2.889
NET OPERATING CAPEX (in €Bn)
Net operating Capex
€ 2.89 B I +56.8%
Net operating Capex for the group was up sharply in 2007, rising 56.8% from 2006 Capex. This change is the result of a sharp increase in Capex in the Front End division attributable to the acquisition of UraMin and continued construction of the Georges-Besse II plant, and increased capital spending in the Transmission & Distribution division with the acquisitions of Passoni & Villa and VEI Distribution.
Dividend
€ 6.77
voted by the Annual General Meeting of Shareholders of April 17, 2008
OPERATING INCOME (in €M)
2006 2007
Operating income
€ 751 M I +84.6%
Operating income came to 751 million euros in 2007, giving operating margin of 6.3% compared with 3.7% in 2006. This increase refl ects improved profi tability in the Front End division and the Reactors and Services division in particular.
407
751
CONSOLIDATED NET INCOME (in €M)
2006 2007
Consolidated net income
€ 743 M I +14.5%
Consolidated net income rose to 743 million euros in 2007, compared with 649 million euros in 2006, i.e.
a 14.5% increase.
649 743
Key data
WATER CONSUMED EXCLUDING COOLING WATER (in millions of m3)
ENERGY CONSUMED EXCLUDING EURODIF (in GWh)
PAPER CONSUMED (in kg per employee)
The installation of a closed loop cooling system at the Chemistry business unit’s Comurhex Malvési site was one of the highlights of 2007.
In just fi ve months of operation, it reduced water consumption by 585,000 m3, bringing the site’s total water consumption down by 36% as a result. From 2006 to 2007, after adjustment of raw data by business, water consumption dropped 14%.
FREQUENCY RATE FOR WORK-RELATED ACCIDENTS WITH LOST TIME FOR AREVA GROUP EMPLOYEES
SEVERITY RATE OF WORK-RELATED ACCIDENTS WITH LOST TIME FOR AREVA GROUP EMPLOYEES For AREVA, occupational safety is an ever-present concern, whether for its own employees or those of its subcontractors. Our goal does not change: zero accident.
In 2007, the group achieved an average accident frequency rate of 3.55, two and half times less than in 2003. The accident severity rate target for 2010 has already been met and even exceeded. However, there were unfortunately six fatal accidents among the group’s employees and subcontractors last year. Audits and action plans have been rolled out to strengthen risk identifi cation and management.
Safety Direct greenhouse gas
emissions
The AREVA group’s direct emissions of greenhouse gases (GHG) in 2007 represented 990,836 metric tons of CO2 equivalent, 18.5%
less than in 2006, after adjustment of raw data by business. Fossil fuels accounted for 36%
of these emissions, while sulfur hexafl uoride (SF6) represented 20% and nitrous oxide (N2O) 39%. SF6 emissions were cut back sharply in 2007 following modifi cations in 2006 to the treatment process for fl uorine vented by the Comurhex Pierrelatte site. N20 emissions come mainly from precipitation and calcining operations in the UO3 production process at the Comurhex Malvési site. Observations made using a continuous monitoring system set up in September 2007 helped partially reduce emissions by improving the furnaces’
operating parameters.
AVERAGE RADIATION
EXPOSURE OF EMPLOYEES AND SUBCONTRACTOR PERSONNEL
The average doses from radiation exposure continued to drop this year. This is a sign of good management of radiation protection in the group.
In 2007, as a result of strong business growth, the Mining business unit became the group’s largest energy consumer. The Treatment busi- ness unit continued to reduce its consump- tion, by 1.6% in absolute terms.
Other notable changes were the Equipment business unit’s ramp-up of Creusot Forge and Eurodif’s drop in consumption due to eco-effi ciency improvements at its facilities. In 2007, a total of 2,925,200 MWh of energy was consumed, excluding Eurodif, repre- senting a 5% reduction in relation to 2006, after adjustment of raw data by business.
Paper consumption continues to drop. Paper reduction programs are being implemented in every one of the group’s entities. By way of example, reconfi guring printers for two-sided printing resulted in the following reductions from 2006 to 2007:
• Comurhex Malvési (Chemistry BU): – 10.4%
less paper purchased due to a 10% reduc- tion in per person consumption;
• Sully-sur-Loire (Nuclear Services BU): – 21.1%
less paper purchased due to a 23.9% reduc- tion in per person consumption; and
• Mâcon (Products BU): – 17.1% less paper purchased due to a 19.7% reduction in per person consumption.
Total tons consumed, after adjustment of raw data by business, dropped 14.7% from 2006 to 2007.
2005 2006 20072007
23.9 20.6 19.4
2005 2006 20072007
2,895 2,806 2,925
2005 2006 20072007
32.5 31
24.6
DIRECT EMISSIONS OF GHG
(in millions of metric tons of CO2 equivalent)
DIRECT GHG EMISSIONS BY DIVISION IN 2007
60%
Front End
24%
T&D
6%
R&S10%
Back End
Radiation protection
J A N U A R Y F E B R U A R Y M A R C H A P R I L M AY
J U N E J U LYA U G U S T S E P T E M B E R O C T O B E R N O V E M B E R D E C E M B E R JANUARYAREVA WINS TWO CONTRACTS FOR A COMBINED VALUE OF AROUND 400 MILLION EUROS for upgrades to unit 2 of the Oskarshamn power plant and life extension of
the Ringhals power plant.
This success strengthens the group’s presence in the Swedish nuclear market.
FEBRUARY
AREVA TO BUILD SIX BIOMASS POWER PLANTS, four in Brazil and two in Thailand, for a total of more than 70 million euros.
The 10 and 12 MW power plants will operate mainly with wood waste and rice husks.
MARCH
BRITISH UTILITY E.ON UK AWARDS CONTRACT TO AREVA for the design, supply, installation and start-up of onshore and offshore substations for two large wind farms.
J A N U A R Y F E B R U A R Y M A R C H A P R I L M AY
J U N E J U LYA U G U S TS E P T E M B E R
O C T O B E R N O V E M B E R D E C E M B E R MAYAREVA L AUNCHES COMURHEX II PROJECT to give the group new ura- nium conversion facilities.
This 610 million euro in- vestment will strengthen AREVA’s world leadership position in conversion.
JUNE
SUPPORTED BY MAJOR EUROPEAN UTILITIES, AREVA applies for generic design acceptance for its EPR from the UK regulatory authorities. The acceptance process will be conducted jointly with EDF.
KHNP OF SOUTH KOREA, one of the world’s leading generators of nuclear power, signs a contract with AREVA valued at more than one billion euros to provide ura- nium enrichment services.
AREVA JOINS WITH UC RUSAL OF RUSSIA, THE WORLD LEADER IN ALUMINUM. The 50/50 joint venture will become the preferred supplier of turnkey projects and electrical equipment and services in the fi eld of electricity transmission and distribution to UC Rusal’s facilities.
AUGUST
AREVA ACQUIRES THE MEDIUM VOLTAGE OPERATIONS OF VEI POWER DISTRIBUTION S.P.A.
This acquisition helps the group strengthen its presence on the global electricity distribution market and become one of the leaders of this segment in Italy and Malaysia.
2007 highlights
APRIL
AREVA WINS A CONTRACT OF MORE THAN 100 MILLION EUROS TO BUILD A GAS- INSULATED HIGH VOLTAGE SUBSTATION in Saudi Arabia and to refurbish 15 other substations.
AREVA ACQUIRES A 51%
STAKE IN MULTIBRID, a designer and manufacturer of multi-megawatt offshore wind turbines. The deal bolsters the group’s stra- tegic position in CO2-free power generation.
AREVA DONGFANG, A SUBSIDIARY OF AREVA AND DEC, receives a letter of intent to supply 18 reactor coolant pumps to Chinese utility CNPEC. The contract is valued at more than 100 million euros.
EDF CONTRACTS WITH AREVA FOR THE NUCLEAR STEAM SUPPLY SYSTEM OF THE FLAMANVILLE EPR IN FRANCE. This is the 100th reactor order for the group and the second EPR under construction in the world.
SEPTEMBER JULY
AREVA SIGNS AN AGREE- MENT TO ACQUIRE PASSONI
& VILLA, a world leader in the manufacture of high voltage bushings active in more than 60 countries. The group is now number three worldwide in this market segment.
AREVA TO DELIVER A POWER SUPPLY SYSTEM TO ALCAN for its new production site in Canada. The contract, valued at more than 100 million euros, calls for the turnkey construction of a high voltage system to convert alternating current into direct current.
AREVA AND JNFL SIGN A GLOBAL PARTNERSHIP AGREEMENT extending their cooperation in the fi eld of used nuclear fuel recycling.
The two groups will jointly strengthen the industrial performance of their sister plants and pool their efforts to promote the closed fuel cycle at the international level.
AREVA AND SOGIN (NUCLEAR PLANT MANAGEMENT COMPANY IN ITALY) SIGN A CONTRACT for more than 250 million euros to treat 235 metric tons of used nuclear fuel.
AREVA SUCCESSFULLY BIDS TO TAKE OVER THE MINING COMPANY URAMIN, an important milestone in its plan to diversify sources and increase production.
The deposits identifi ed in South Africa, Namibia and Central African Republic should result in an annual production of more than 7,000 metric tons of uranium after 2012.
JANUARYFEBRUARYMARCHAPRILMAYJUNEJULYAUGUSTSEPTEMBER
OCTOBERNOVEMBERDECEMBER
2008JANUARY
OCTOBER
AS PART OF THE GLOBAL NUCLEAR ENERGY PARTNERSHIP (GNEP), and a team member(1), AREVA signs a contract with the US Department of Energy (DOE) to study the development of a used nuclear fuel treatment plant and an advanced generation reactor to recycle the fuel. GNEP is arguing in favor of closing the nuclear fuel cycle and recycling materials.
The program should help improve the United States’
energy independence while meeting growing domestic demand for energy.
(1) AREVA, MHI, JNFL, Battelle, BWX Technologies.
HISTORIC PARTNERSHIP AGREEMENT SIGNED IN CHINA BETWEEN AREVA AND CGNPC in civilian nuclear power. The agreement, valued at 8 billion euros, concerns the construction of two EPRs and the supply of all of the mate- rials and services needed for their operation.
DECEMBER
AREVA AND MHI offi cialize the creation of the ATMEA joint venture. This joint company is starting to develop, license and market the 1,100 MW ATMEA1 reactor, designed to meet world demand for mid-range reactors.
AREVA SUBMITS
CERTIFICATION APPLICATION TO THE US NUCLEAR REGULATORY COMMISSION (NRC) for its Generation III+
EPR. The group is the fi rst vendor to join forces with one of its customers(2) for certifi cation, the better to meet its
requirements.
(2) AREVA and the US utility Constellation Energy formed UniStar Nuclear, a joint venture created to promote the EPR technology and to market a fl eet of standardized reactors in the United States.
JOINT VENTURE ASSOCIATES AREVA, DENISON AND OURD LTD announce their decision to start operation of the Midwest mine in Canada. Located in northern Saskatchewan Province, one of the planet’s richest sources of uranium, the ore will be mined in an open pit operation, producing about 14,000 metric tons of uranium.
China is hungry for electricity. The forecasts see demand for an additional 900 to 1,000 gigawatts (GW) by 2020. Nuclear power is expected to meet part of that demand, and China is expected to triple its nuclear generating capacity to 40 GW by 2020.
AREVA WINS CONTRACT OF THE CENTURY WITH INTEGRATED PROPOSAL
NOVEMBER
2007 highlights
JANUARY 2008
AREVA ACQUIRES Finnish company Nokian Capacitors Ltd, thereby strengthening its position on the booming ultra high voltage market.
TOTAL, SUEZ AND AREVA sign a partnership agreement to make an integrated proposal to the United Arab Emirates for nuclear power generation with the supply of two 1,600 MW EPRs and fuel cycle products and services.
QATAR’S GENERAL ELECTRICITY AND WATER CORPORATION, Kahramaa, awarded a contract valued at around 500 million euros to AREVA’s Transmission
& Distribution division, the biggest in its history.
The contract calls for the turnkey supply of 14 gas- insulated substations (GIS) so that it can expand and improve the power grid in the Doha region.
IN NIGER, AREVA RECEIVES GOVERNMENT APPROVAL to launch the project to operate the Imouraren site. The group will double its mining capacities in Niger and create more than 1,400 direct jobs and numerous indirect jobs. In addition, AREVA is raising its purchase prices for uranium from the COMINAK and SOMAÏR mines by about 50% to refl ect higher ore prices.
AREVA ACQUIRES 70%
OF KOBLITZ, a Brazilian supplier of integrated solutions for energy production
and cogeneration (heat and electricity) from renewable sources.
IN THE UNITED STATES, AREVA WINS major nuclear fuel supply contracts from US utilities Constellation Energy, Tennessee Valley Authority (TVA), PPL Corporation and AmerGen Energy Company.
These four contracts represent a combined value of more than 200 million euros.
2007, the year of China
In November, AREVA signed a record-breaking contract in China valued at 8 billion euros – the largest in the history of civilian nuclear power.
The end result: delivery of two EPR type reactors to Chinese utility CGNPC at Taishan, in southern China, and fuel supply over a 15-year period.
Thirty-fi ve percent of the uranium mined by UraMin, a company acquired in July 2007, was sold to CGNPC.
To limit the foreign exchange risk, AREVA made sure that all costs in euros are paid in euros;
the remainder is paid in dollars.
The contract confi rms the relevancy of the group’s business model as the only company in the industry to cover the entire nuclear cycle. It is also a continuation of AREVA’s long history in China.
With 3,000 employees in the country, the group has been a partner to CGNPC for 20 years and built the second generation Daya Bay and Ling Ao power plants operated by the
Guangdong utility.
With this record-breaking contract, both companies are entering a new era and have created a 50/50 joint company to provide project engineering.
AREVA thus maintains control over technology transfer.
Other partnerships were formed as well.
AREVA and China National Nuclear Corporation (CNNC) agreed to carry out feasibility studies for the construction of a used fuel treatment and recycling plant. The two companies have also created a joint company in the fi eld of zirconium, used for fuel assembly cladding.
A promising market for AREVA’s T&D division
AREVA’s Transmission & Distribution division is one of China’s leading suppliers of high and medium voltage switchgear and of safety and monitoring equipment and employs 1,800 people in that country. It has eleven sales offi ces, operates fi ve plants, and has created numerous joint ventures with local partners.In 2007, after inaugurating its fi fth Chinese site, a gas-insulated switchgear manufacturing plant in Suzhou, the Transmission & Distribution division created a 50/50 joint venture with Sunten Electric, thereby becoming the Chinese leader in dry transformers and acquiring the means to double its sales in this segment by 2010.
Beforehand, the Transmission & Distribution division had formed another joint venture with Wuxi Aluminium Technology, a manufacturer of aluminum castings, which are strategic components for gas-insulated switchgear solutions. Because R&D is crucial to T&D’s development, AREVA created
a research center with the University of Tsinghua and concluded a cooperation agreement with the China Electrical Power Research Institute (CEPRI). Through these partnerships, AREVA is strengthening its presence in China and preparing to meet strong demand for electricity transmission and distribution.
Corporate governance
Members appointed by the
shareholders
Frédéric Lemoine(2) Chairman of
the Supervisory Board Term: 2006-2011 Alain Bugat Vice Chairman of the Supervisory Board Term: 2006-2011
Commissariat à l’énergie atomique (CEA)
Represented by Olivier Pagezy Term: 2006-2011 Thierry Desmarest Term: 2006-2011 Oscar Fanjul(2) Term: 2006-2011 Philippe Pradel Term: 2006-2011 Guylaine Saucier(2) Term: 2006-2011
Members representing the French state, appointed by ministerial order
Bruno Bézard Term: 2006-2011 Pierre-Franck Chevet Term: 2007-2011 Gérard Errera Term: 2007-2011 Luc Rousseau Term: 2006-2011
Members
elected by and representing the employees
Jean-Claude Bertrand Term: 2007-2012 Gérard Melet Term: 2007-2012 Alain Vivier-Merle Term: 2007-2012
SUPERVISORY BOARD
(1)(1) As of March 30, 2008.
(2) Following commonly accepted rules of good governance, particularly those of the Bouton Report, individuals who hold less than 10% of the share capital and who have no fi nancial or commercial relationship with the company, either as customer or supplier, are considered independent.
RESPONSIBILITIES The Supervisory Board exercises ongoing control of AREVA’s management by the Executive Board and approves the group’s overall strategy.
The annual and multi-year budgets of AREVA, of its direct subsidiaries and of the group, are submitted to the Supervisory Board for approval.
MAIN ACTIVITIES IN 2007
• Examination of the REpower deal.
• Approval to carry out the Comurhex II conversion plant project.
• Approval to set up a joint venture between AREVA T&D Holding and Sunten.
• Approval of AREVA’s acquisition of UraMin.
• Approval of AREVA’s acquisition of a 51% stake in Multibrid.
• Approval of the 2008-2012 Strategic Action Plan.
• Approval of the 2008 budget proposal.
• Approval of AREVA’s buy out of 70% of Koblitz.
For complete information on the terms of the members of the Supervisory Board, please see our reference document.
12 meetings
84% attendance rate
Strategy committee
RESPONSIBILITIES Responsible for advising the Supervisory Board on the strategic objectives
of the company and for assessing the risks and merits of major strategic decisions proposed by the Executive Board. Ensures enforcement of the group’s strategic policy.
Orders studies as it deems useful and recommends policies as it deems necessary.
MAIN ACTIVITIES IN 2007
• Examination of the 2007-2011 Strategic Action Plan and issuance of concurrence.
• Examination of the REpower affair.
• Issuance of concurrence for acquisition of UraMin.
Audit committee
RESPONSIBILITIES
Assesses and contributes to the defi nition of the group’s accounting, fi nancial and business ethics standards.
Ensures their relevance and effectiveness and verifi es internal control procedures.
Undertakes studies on particular points at the request of the Supervisory Board or on its own initiative.
Reviews the company’s proposed budgets, annual fi nancial statements and multi-year plans.
Examines the conclusions of the statutory auditors so as to assist the Supervisory Board in its monitoring and verifi cation mission.
Recommends successors or term renewals for the statutory auditors.
Examines risk map and assesses resources for risk avoidance.
MAIN ACTIVITIES IN 2007
• Examination of the fi nancial statements for 2006.
• Examination of the status of the OL3 project and of the consolidated fi nancial statements as of June 30, 2007.
• Examination of the 2007 and 2008 budgets.
• Review of the group’s risk map.
• Examination of the 2007 internal audit report and review of the internal audit plan for 2008.
Compensation and nominating committee
RESPONSIBILITIES Makes recommendations to the Supervisory Board on compensation levels, pension and disability plans, and non-cash benefi ts for corporate executives.
Examines the appropriateness and conditions for
implementation of stock purchase plans for executives, management and employees.
Gives its opinion to the Supervisory Board on appointments of corporate offi cers for fi rst-tier subsidiaries of the AREVA group.
Reviews the records of individuals considered for a seat on the Executive Board.
MAIN ACTIVITIES IN 2007
• Issuance of concurrence on the appointment of Mr. Luc Oursel to AREVA’s Executive Board to replace Mr. Vincent Maurel.
• Issuance of concurrence on the 2006 bonus set for the members of the Executive Board and on the updating of their fi xed and variable annual compensation.
• Examination of the mobility policy for senior executives of the AREVA group.
• Decision to use an independent agency to search for at least one additional independent director.
End-of-life-cycle obligations
monitoring committee
RESPONSIBILITIES Helps monitor the dedicated asset portfolio set up to cover future cleanup and dismantling expenses.
Examines estimated future cleanup and dismantling expenses based on a multi-year schedule, methods used to set up, manage and monitor funds earmarked to cover these expenses, and the corresponding fi nancial asset management policy.
MAIN ACTIVITIES IN 2007
• Examination of the estimate of end-of-life-cycle liabilities and earmarked assets as of year-end 2006.
• Examination of the selection criteria used by asset managers for each asset category.
• Examination of the triennial report on the valuation of long-term expenses for licensed nuclear facilities.
• Review of the liability coverage and asset allocation policy and of the revised method for determining the discount rate.
• Examination of the main changes in assumptions to be used to revise
the end-of-life-cycle provisions for the La Hague site.
• Examination of cash fl ow forecasts for 2007, of fi nancial income related to end-of-life-cycle operations and of the current status of dedicated mutual funds.
4 meetings
85% attendance rate
8 meetings
93% attendance rate
3 meetings
100% attendance rate
3 meetings
87% attendance rate
THE AREVA VALUES CHARTER
AREVA’s values are the essence of the group’s sustainable development strategy. They include integrity, an acute sense of professionalism, responsibility, sincerity, partnership, profi tability and customer satisfaction.
Respect for human rights, made clear from the Charter’s preamble, is woven throughout the AREVA Values Charter, which also refers explicitly to the United Nations Global Compact and to the Guidelines for Multinational Enterprises of the Organization for Economic Cooperation and Development. A veritable set of standards that enter into the scope of audits, the Values Charter is applicable to all of the group’s executives and employees. Management is responsible for implementing the Values Charter at every level. The Charter encompasses our values, our action principles and our rules of conduct.
The group’s Business Ethics Advisor, appointed by the Chief Executive Offi cer, advises management in the event of confl icts concerning the application of the Values Charter, designs and oversees training programs in ethics and group values in liaison with AREVA University, and provides leadership for a network of coordinators in the fi rst-tier subsidiaries.
To learn more
• The AREVA Values Charter is available at
www.areva.com
• The principles of the United Nations Global Compact may be found at
www.unglobalcompact.org
• The OECD guidelines for multinational enterprises are available at
www.oecd.org
Corporate governance
EXECUTIVE BOARD
(1)Executive Board members
Anne Lauvergeon Chief Executive Offi cer of AREVA
Term: 2006-2011 Gérald Arbola Chief Operating Offi cer of AREVA
Term: 2006-2011 Didier Benedetti Chief Operating Offi cer of AREVA NC
Term: 2006-2011 Luc Oursel
President and Chief Executive Offi cer of AREVA NP
Term: 2007-2011
RESPONSIBILITIES Full powers are vested in the Executive Board to act on behalf of the company in all circumstances with regard to third parties, excepting powers expressly attributed by law to the Supervisory Board and to the Meetings of the Shareholders.
The Board meets as often as the company’s interests dictate.
SCIENCE AND ETHICS COMMITTEE
RESPONSIBILITIES
AREVA’s Science and Ethics committee supports the group’s reviews of major social issues linked to the energy sector and formulates recommendations to
the Chairman of the Executive Board.
MAIN ACTIVITIES IN 2007
• Nuclear non-proliferation.
• AREVA’s innovation policy.
• The rational in long-term energy choices and the impact of European policy.
• The potential for use of nuclear in the medical fi eld.
• Communications in the fi eld of advanced technology.
INDEPENDENT MEMBERS Roger Balian
Chairman of the Société française de physique, Member of the Académie des sciences
François Balle
Professor at the University of Paris II, former Member of the Conseil supérieur de l’audiovisuel
Geneviève Barrier-Jacob Professor Emeritus at the Faculté Necker-Enfants Malades, former Director of the Samu de Paris emergency medical service and former Vice Chairman of the Comité national consultatif d’éthique Christian de Boissieu Chairman of the Conseil d’analyse économique, Professor at the University of Paris I–Panthéon Sorbonne Édouard Brezin
Professor Emeritus at the Université Pierre et Marie Curie, Member of the Laboratoire de physique théorique de l’École normale supérieure,
Honorary Professor at École Polytechnique, Member of the Académie des sciences
Georges Charpak Nobel Prize in Physics Jean-Marie Colombani Journalist, Chairman of JMC Média François Ewald
Professor at the Conservatoire national des arts et métiers, Chairman of AREVA’s Science and Ethics committee
James Lovelock Companion of Honour, Commander of the Order of the British Empire, Member of the Royal Society, Honorary Visiting Fellow of Green College, Oxford University Roland Masse
Member of the Académie des technologies, former Chairman of the Offi ce de protection contre les rayonnements ionisants (OPRI)
Érik Orsenna Writer, Member of the Académie française Michel Serres
Science historian, Member of the Académie française
Alain Touraine
Sociologist, Chief Scholar at the École des hautes études en sciences sociales
Maurice Tubiana Former Chairman of the Académie de médecine, Member of the Académie des sciences, Honorary Director of the Institut Gustave Roussy, Honorary Chairman of the Centre Antoine-Béclère, Honorary Chairman of AREVA’s Science and Ethics committee
AREVA MEMBERS Anne Lauvergeon Chief Executive Offi cer Alain Bucaille Senior Vice President, Research and Innovation Bernard de Gouttes Chief Legal Counsel Olivier Loubière Business Ethics Advisor MAIN ACTIVITIES IN 2007
• Examination of the REpower project.
• Approval of the Comurhex II project.
• Organization of the Renewable Energies business unit.
• Approval of the 2008-2012 Strategic Action Plan.
• Approval of the acquisition of UraMin.
• Issuance of concurrence on AREVA’s acquisition of a majority interest in Koblitz.
Organization of the group *
Front End
Mining, Chemistry, Enrichment Olivier Mallet Fuel Ralf Güldner
Reactors and Services
Plants Claude Jaouen Equipment Guillaume Dureau Nuclear Services Joël Pijselman
Nuclear Measurement Frédéric Van Heems Consulting and Information Systems Khaled Draz AREVA TA Dominique Mockly Renewable Energies Bertrand Durrande
Back End
Recycling, Logistics, Nuclear Site Value Development Jacques Besnainou Engineering Christian Petit Cleanup Yves Lapierre
Corporate Departments
Transmission
& Distribution
Products Ghislain Lescuyer Service
Philippe Samama Systems Michel Augonnet Automation
Anil Chaudhry (acting) Audit
Marc Andolenko Communications
Jacques-Emmanuel Saulnier Development
Félicité Herzog Finance
Alain-Pierre Raynaud Human Resources Philippe Vivien Information Systems Benoît Tiers
International and Marketing Jean-Jacques Gautrot
Legal Affairs Bernard de Gouttes Protection of Persons and Corporate Assets Thierry d’Arbonneau Purchasing
Patrick Champalaune Research and Innovation Alain Bucaille
Scientifi c Philippe Garderet Senior Manager Career Development and University Robert Pistre
Strategic Risks, Contracts and Claims Management José-Luis Carbonell Strategy
François-Xavier Rouxel Sustainable Development and Continuous Improvement Jean-Pol Poncelet
2
Gérald Arbola Chief Operating Offi cer
Member of the Executive Board
3
Alain-Pierre Raynaud Chief Financial Offi cer
4
Didier Benedetti Chief Operating Offi cer of AREVA NC Member of the Executive Board
5
Philippe Guillemot Chairman and Chief Executive Offi cer of AREVA T&D
6
Luc Oursel
President and Chief Executive Offi cer of AREVA NP Member of the Executive Board
7
Philippe Vivien Senior Executive Vice President, Human Resources
EXECUTIVE COMMITTEE
1
Anne Lauvergeon Chief Executive Offi cer and Chairman of the Executive Board
3 4 7 1 5 2 6
Share information
Trading exchange
Euronext
Market
Euronext Paris – Compartiment A
Index
SBF 120 / MID CAC 100
1,429,108 investment certifi cates listed
Total number of outstanding shares and ICs: 35,442,701
34,013,593 shares
1,429,108 investment certifi cates 1,429,108 voting right certifi cates Codes
ISIN FR: 0004275832 Reuters: CEPFI. A Bloomberg: CEI
Custodian services
CACEIS CT
Investor Relations 14, rue Rouget-de-l’Isle
92130 Issy-les-Moulineaux Cedex 09 France
Tel.: +33 1 57 78 34 44 Fax: +33 1 57 78 34 00
E-mail: actionnariat.ge@caceis.com SHAREHOLDERS
AS OF DECEMBER 31, 2007
Commissariat à l’énergie atomique 79%
French state 5%
Erap 3%
Caisse des Dépôts et Consignations 4%
IC holders (fl oat) 4%
EDF 2%
Framépargne(1) 2%
Total 1%
(1) Framépargne: fund in which AREVA employee shares are held under the Group Savings Plan. Some of the shares (0.89%) are held by Calyon, the bank that ensures the liquidity of the Framépargne fund.
€ 6.77
2007 dividend
The General Meeting of Shareholders of April 17, 2008 approved a dividend of €6.77 per share or investment certifi cate. This dividend corresponds to a distribution rate of 32.3 % of consolidated net income for 2007 and will be paid on June 30, 2008.
IC trading data
2007 2006 2005
Price at December 31 (in euros) 785.0 563.0 405.5
Market capitalization at December 31 (in billions of euros) 27.82 19.95 14.37
High (in euros) 831.5 650.0 460.5
Low (in euros) 552.5 403.0 301.0
Average daily volume (in number of ICs) 7,067 5,255 7,127
Net earnings per share or IC (in euros) 20.96 18.31 29.6
Net dividend (in euros) 6.77 8.46 9.87
€100
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2/29/2008 12/31/2007 12/31/2006
12/31/2005 12/31/2004
12/31/2003 12/31/2002
12/31/2001 9/03/2001
Share information and shareholder relations
IC PRICE SINCE THE GROUP’S ESTABLISHMENT
Since AREVA’s establishment on September 3, 2001 until February 29, 2008, the price of the company’s investment certifi cate has risen by 387.5%, outperforming the CAC 40, which gained 3.5% over the same period, and the EuroStoxx 50 index, which gained 0.9%. In 2007, the investment certifi cate posted growth of 39.06%, compared with 0.69% for the CAC 40 and 6.79% for the EuroStoxx 50 index.
The average daily volume traded was 7,067 ICs in 2007, compared with 5,255 ICs in 2006 and 7,127 ICs in 2005.
In terms of value, the average daily volume traded came to 5.1 million euros in 2007, up from 2.7 million euros in 2006 and 2.5 million euros in 2005.
87%
French state4%
Listed ICs
AREVA IC CAC 40
