February 22, 2021

Framatome reports 2020 financial results

February 22, 2021 – Framatome, an international leader in nuclear energy, today reported financial results for its fiscal year ending December 31, 2020.

(millions of euros) 2019 2020 Organic Variance (%)
Revenue 3 377 3 295 -3.1
EBITDA (1) 523 561 +6.4
Cash flow generated by operations 284 276 -3.1

Order intake totaled 2,869 million euros in 2020, with major successes related to Installed Base and Instrumentation and Control activities in Europe and North America.

Revenue was 3,295 million euros, an organic reduction of 3.1% compared to 2019. The negative impact of the COVID-19 pandemic was significant for the Installed Base Business Unit and the schedules of some component replacement projects; however, the workload with customers sustained the activities.

The earnings before interest, tax, depreciation and amortization (EBITDA) were 561 million euros, an organic increase of 6.4% from 2019, due to successful project execution and continued efforts to reduce costs.

The Installed Base Business Unit improved its performance in the competitive U.S. market and continued equipment deliveries from Germany to the Angra 3 project in Brazil.

The Instrumentation and Control Business Unit continued to grow its activities in the U.K., Eastern Europe and the U.S. for new builds and existing reactor refurbishments for customers’ operations.

Investments made in production processes and quality plans resulted in the Projects and Component Manufacturing (PCM) Business Unit improving deliveries of steam generators and heavy equipment for new projects.

The growth in PCM was led by the Hinkley Point C EPR project in the U.K. and deliveries for the Flamanville 3 project in France. These projects were executed according to contracts.

The Fuel Business Unit benefited from well-maintained production levels and fuel assembly deliveries for U.S. utilities and the Sizewell reactor in the U.K.

Offsetting the adverse effect of COVID-19, the resilience of the fuel assembly manufacturing activities in France, Germany and the United States, enabled EBITDA to rebound. This growth, and the execution of the plan to reduce operational and structural costs, reinforced Framatome's results.

 

[1] The EDF Group disclosed Framatome’s EBITDA of 527M€ in 2019 and 534M€ in 2020. Framatome’s stand-alone figures accounts for non-recurrent and some intercompany adjustments.