nuclear-news

French nuclear entity Areva reports big 2013 net loss

http://www.menafn.com/1093778868/French-nuclear-entity-Areva-reports-big-2013-net-loss?src=RSS

MENAFN – Kuwait News Agency (KUNA) – 01/03/2014

(MENAFN – Kuwait News Agency (KUNA)) French nuclear entity Areva on Thursday reported a net 2013 loss of USD 678 million dollars (Euros 494 million) after heavy provisions for work underway in Finland and renewable energy losses.

In 2012, Areva had reported a net loss of just under USD 135 million, calculated at today’s exchange rates.

The company said in a statement that sales had reached Euros 9.24 billion, up over 6.4 percent on a comparable structure basis over the previous year.
Areva stock plunged by almost 12 percent on the Paris Stock Exchange after the release of the results and shares were trading at 19.56 Euros and heading downward.

At one point, Areva has lost over 17 percent of its value on the Paris Stock Exchange.

Areva said that “despite the uncertain short-term environment” the outlook was good for positive free operating cash-flow this year and it predicted a significant cash-flow increase in 2015-2016.
Areva is a French government-controlled entity, with some minority outside investors on board.
Kuwait Investment Authority (KIA) has a 4.8 percent stake in Areva for several years now.

More information here

“In 1986, the KIA’s London based subsidiary, the Kuwait Investment Office (KIO), bought control of Torras Hostench, a Spanish paper maker. Torras subsequently took over a number of other companies to become Grupo Torras in June 1988. KIO invested about $2.5 billion in building up the company and another $1.8 billion to shore it up after the end of Spain’s 1980s economic boom and the annexation of Kuwait by Iraq. However in December 1992 Grupo Torras entered receivership among accusations of fraud, and Kuwait’s investment was a total loss. One of its projects was the Gate of Europe twin towers in Madrid, which was still incomplete when the company collapsed.^[4]“

http://en.wikipedia.org/wiki/Kuwait_Investment_Authority

March 2, 2014 - Posted by arclight2011part2 | Uncategorized