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2018 results above expectations

Very positive net cash flow

  • Net cash flow1 of 158 million euros, benefiting from good operating momentum, particularly on the Front End of the cycle and in exports (vs. -254 million euros in 2017, excluding contribution to earmarked funds)
  • Reduction in the group's debt, with a 0.7 billion euro decline in net debt (2.3 billion euros, compared to 3.0 billion euros at end-2017)

Operating performance above expectations

  • EBITDA margin proving resilient (22.7% vs. an initial target between 19% and 22%), supported by the strong contribution of the Value 2020 performance plan over the year, in a context of moderate decline in revenue (3,623 million euros;  -5.7% like-for-like1
  • Sharp improvement in operating income, in connection with reversals of provisions and no impairments over the period (517 million euros, an increase of +565 million euros)

Increase in adjusted net income attributable to owners of the parent2

  • Adjusted net income attributable to owners of the parent was 72 million euros
    (vs. -421 million euros in 2017), reflecting the improvement in operating income
  • Net income attributable to owners of the parent was -544 million euros (vs. -252 million euros in 2017), strongly impacted by the return on assets earmarked for end-of-lifecycle commitments, due to unfavorable market conditions


The Board of Directors of Orano, meeting yesterday, approved the financial statements for the period ended December 31, 2018. When asked about the results, Philippe Knoche, Chief Executive Officer, stated:

In its first full financial year, Orano has achieved the positive net cash flow target that it set in 2015, supported by the successful execution of its performance plan. This enables the group to start deleveraging. In a stabilizing market, as illustrated by the price trends for uranium and conversion, Orano also won nearly 2 billion euros in new orders, specifically in Asia, which makes up 24% of its revenue. These results confirm our customers confidence, as well as our group's capacity to be successful over the long-term and to be a major player on the world nuclear stage - an industry of the future."


1 Defined in Appendix 2.

2 New performance indicator to reflect Orano’s industrial performance independently of the impact of the financial markets and regulatory changes related to of end-of-lifecycle commitments defined in Appendix 2.

Read the entire Press Release

  • Press Release - 2018 Annual Results
  • Recording of the 2018 Annual Results Presentation

Consult all Publications and regulated Information

  • Publications and regulated Information


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