Areva 2014 1st quarter revenue

Luc Oursel, Chief Executive Officer, offered the following comments on the group’s performance in the first quarter of 2014: “Following the marked growth of the nuclear operations in 2013, thanks in particular to the strength of recurring activities and the contribution of exceptional items such as significant uranium sales volumes and non-recurring foreign contracts, revenue in the first quarter of the year fell sharply, as we had anticipated. A strong seasonal effect will materialize in 2014, with greater activity to be expected in the second half of the year.

As indicated when releasing 2013 annual results, the current economic environment is still unfavorable, with market prices deteriorating in the front end of the cycle and lackluster demand from customers for installed base services. Nonetheless, we are confident in the group’s ability to generate revenue in line with our target for this year.”

AREVA’s operations generated consolidated revenue of 1.781 billion euros in the first quarter of 2014, a decrease of 18.1% (-17.3 % like for like) compared with the same period in 2013. The Front End Business Group (BG) reported strong growth of +59.0% (+59.8% like for like). Revenue was down in the Mining, Reactors & Services, Back End and Renewable Energies BGs, at -63.0% (-62.3% like for like), -14.1% (-12.5% like for like), -41.7% (-41.6% like for like) and -38.2% (-34.6% like for like) respectively. Foreign exchange had a negative impact of 18 million euros over the period, while the change in consolidation scope had a negative impact of 3 million euros.

The group’s backlog reached 40.2 billion euros at March 31, 2014, a decrease of 2.9% compared with December 31, 2013 and of 8.8% year on year.

I. Comments on backlog and revenue by Business Group

Renewable Energies Business Group

The Renewable Energies BG had 53 million euros in backlog at March 31, 2014. In the Renewable Energies BG, revenue from Bioenergy totaled 18 million euros in the first quarter of 2014, a decrease compared with the same period in 2013 (-38.2% in reported data, -34.6% like for like) due to a lower level of business in Europe. Foreign exchange had a negative impact of 2 million euros.

II. Information performance on the group's financial position:

Renewable Energies Business Group

• On January 20, 2014, AREVA and GAMESA announced that they had entered into exclusive negotiations for the creation of a 50/50 joint venture destined to be a European champion to become a global leader in the offshore wind field.
• On the Global Tech 1 project, additional costs were recorded, mainly due to delays experienced over the winter during the offshore installation and turbine testing phase, which were attributable to the supplier of electrical access to the wind farm, to the late availability of a ship, and to particularly severe weather conditions.