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Solid half-year margins Improved 2019 outlook


Robust operating performance
  • Revenue slightly down at €1,654 million (-4.4% compared with the first half of 2018 on a like-for-like basis) following an unfavorable annual sequencing of Mining deliveries in the first half and punctual 2018 effects in Back End 
  • Solid operating performance with an EBITDA margin of 24.4% boosted by the momentum of the cost reduction plan
Net income attributable to owners of the parent benefitting from return on earmarked assets
  • Net income attributable to owners of the parent of +€259 million, translating the operating performance and the return on assets earmarked for end-of-lifecycle commitments in the first half of 2019
  • Adjusted net1 income  attributable to owners of the parent of -€111 million, excluding earmarked assets
  • These results are impacted by the cost of buying out partial bond issuance and by the share cost of foreign exchange hedging
Stable net cash flow and reinforced liquidity 
  • Net cash flow2  of -€59 million, in line with the first half of 2018
  • First Orano bond issuance in the amount of €750 million combined with a partial buyback of existing debt, enabling to improve debt profile
Improved financial outlook3
  • 2019 revenue will stabilize or grow slightly (versus stable)
  • Expected 2019 EBITDA margin between 21% and 24% (versus 20% to 23%)
  • 2020 objectives confirmed


The Orano Board of Directors met yesterday and approved the financial statements closed on June 30, 2019. When asked about the results, Philippe Knoche, Chief Executive Officer, stated:
Orano posted robust results for the first half of 2019 driven by the firm monitoring of our risks, in challenging markets, and, by the continued implementation of our performance plan. The favorable financial market conditions enabled the good valuation of our assets earmarked for end-of-lifecycle commitments and significantly contributed to the positive net income. The group demonstrated its ability to return to solid growth. To sustain this dynamic, it was able to obtain new financing in the markets. Thanks to the commitment of our teams and our customers’ support, Orano is on a positive trend and has improved its outlook for the year.” 


See appendix 2 
Net cash flow from company operations. Definition in Appendix 2.
Compared to the outlook released March 1, 2019

Read the entire Press Release

  • Press Release - 2019 Half-year results
  • Recording of the Presentation Half-year results for 2019


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Press Office
+33 (0)1 34 96 12 15
Contact Investisseur
Delon Stéphanie

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