December 21, 2017
Hinkley Point C project orders
Orders for the supply of uranium and conversion and enrichment services for the Hinkley Point C (HPC) project, which were on hold since early 2017 in line with the conditions detailed in the AREVA press release of July 27, 2017, have been added to the backlog of NewCo.
The addition to the backlog follows the removal of all conditions subsequent for the contracts in question during the second half of this year.
The first deliveries for these orders will be made in the 2020s.
NewCo financial outlook
Net cash flow from company operations and 2017 liquidity
NewCo has confirmed that it anticipates a net cash flow from company operations of between -1.5 and -1 billion euros in 2017. Given the latest estimates available, the Group notes that NewCo's net cash flow from operations for the period should be near the more favorable limit of this range.
As a result, the net cash position expected at December 31, 2017 should be close to the upper end of the range announced, i.e. between 1.5 and 2 billion euros.
NewCo's objective is to generate positive net cash flow from company operations starting in the 2018 financial year. This 2018 objective should be confirmed in the framework of the presentation of the 2017 results, scheduled for March 29, 2018.
Provisional publication schedule
As a reminder, in order to establish the scope of the tax consolidation in France around NewCo as of September 1, 2017, it was decided that the date of closing of the financial year would be changed temporarily. The closing of the financial year beginning January 1, 2017 was brought forward to August 31, 2017 (eight months). The return to a December 31 closing is scheduled as of the financial year beginning September 1, 2017 (four months).
At the time of the December 31, 2017 closing, NewCo will therefore prepare its statutory and consolidated financial statements for the financial year from September 1, 2017 to December 31, 2017. Consolidated financial statements as at December 31, 2017 covering the whole of 2017, i.e. a 12-month period, will also be prepared on a voluntary basis.
Given this simultaneous publication of the financial statements for the period from September 1, 2017 to December 31, 2017 (four months) and of the financial statements for the financial year from January 1, 2017 to December 31, 2017 (12 months), NewCo's 2017 Annual Results and the 2018 Outlook will be published on March 29, 2018.
Temporary name of the entity which combines all of the operations of AREVA related to the nuclear fuel cycle, whose legal name is New AREVA Holding.
See the AREVA press release of 27 July 2017.
Exclusive of the proceeds from the capital increase to be subscribed by the Japanese investors, expected by the beginning of 2018.