Areva's renewables ops expand operating loss in H1

Aug 1, 2014 - French nuclear group Areva (EPA:AREVA) said on Friday that the operating loss of its renewables business had widened to EUR 19 million (USD 25.4m) in the first half of 2014 from EUR 8 million a year back.

The division’s loss before interest, tax, depreciation and amortisation nearly doubled to EUR 15 million from EUR 8 million because of the bioenergy operations’ weaker performance during the six-month period.

The renewables business experienced an 18.1% drop in first-half revenue to EUR 32 million on the same reason. Order backlog amounted to EUR 40 million as at the end of June, 2014.

Commenting on the results, CEO Luc Oursel said that Areva continues to restructure its renewable energy activities by agreeing partnerships in markets like offshore wind and energy storage. At the same time, the company is discontinuing loss-making operations as in the field of concentrated solar power (CSP).

Overall, the group registered a EUR-373-million loss from discontinued renewable energy activities during the first half, including losses at completion of wind and solar contracts. The comparable deficit from a year back was EUR 41 million.

(EUR 1.0 = USD 1.338)

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