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French Nuclear Company Orano Upgraded to 'BB+' on Improved Liquidity and Capital Structure; Outlook Stable
Research Update: French Nuclear Company Orano Upgraded To 'BB+' On Improved Liquidity And Capital Structure; Outlook Stable Primary Credit Analyst: Christophe Boulier, Paris (39) 02-72111-226; [email protected] Secondary Contact: Andrey Nikolaev, CFA, Paris (33) 1-4420-7329; [email protected] Table Of Contents Overview Rating Action Rationale Outlook Ratings Score Snapshot Issue Ratings--Recovery Analysis Related Criteria Ratings List WWW.STANDARDANDPOORS.COM/RATINGSDIRECT APRIL 5, 2018 1 Research Update: French Nuclear Company Orano Upgraded To 'BB+' On Improved Liquidity And Capital Structure; Outlook Stable Overview • Orano has reported EBITDA of close to €1 billion for 2017, despite challenging industry conditions, and its recent restructuring and capital increases have improved its liquidity and capital structure. • We think Orano will continue to focus on cost-cutting and generate moderately positive free operating cash flow, enabling it to reduce net debt in 2018-2020. • Consequently, we are upgrading Orano to 'BB+' from 'BB'. • The stable outlook reflects our view that Orano will be able to reduce adjusted debt to EBITDA to below 5.5x in 2019-2020 despite challenging industry conditions, supported by its sizeable, long-term order backlog. Rating Action On April 5, 2018, S&P Global Ratings raised its long-term issuer credit rating on France-based nuclear services group Orano to 'BB+' from 'BB'. The outlook is stable. We also raised our ratings on Orano's senior unsecured bonds to 'BB+' from 'BB'. Although we expect substantial recovery (70%-90%; rounded estimate 85%) on the bonds in the event of a default, the recovery rating is capped at '3' due to the bonds' unsecured nature and issuance by a company rated in the 'BB' category. -
IMT Atlantique, Orano, Naval Group Et L'irsn Reconduisent La Chaire
Le 15/05/2018 Communiqué de presse IMT Atlantique, Orano, Naval Group et l’IRSN reconduisent la chaire RESOH avec l’Andra pour nouveau partenaire Lancée en 2012, par IMT Atlantique et ses trois partenaires Orano, Naval Group et l’IRSN, la chaire de recherche et d’enseignement RESOH « REcherche en Sûreté Organisation Hommes » constitue une démarche innovante. Elle réunit des exploitants du nucléaire et l’institut d’expertise d’appui de l’Autorité de sûreté autour d’une volonté commune de réfléchir et d’agir au service d’une performance industrielle « sûre ». La convention signée au début de l’année 2018 reconduit la chaire RESOH jusqu’en octobre 2022 et marque l’arrivée d’un nouveau partenaire, l’Andra (Agence nationale pour la gestion des déchets radioactifs). La chaire RESOH-2 s’appuiera sur les acquis et l’originalité de RESOH-1, qui a permis d’initier des collaborations inédites en matière de recherche et des discussions entre les acteurs de la sûreté nucléaire. Ce projet met l’accent sur les relations inter-organisationnelles et marque la volonté de ne pas isoler la sûreté nucléaire des autres formes de performance industrielle, faisant ainsi émerger le concept de « performance industrielle sûre ». RESOH-2 reprend et approfondit les 3 axes de recherche initialement définis, avec la volonté de renforcer les liens transversaux entre ces différents domaines : • Gestion des projets complexes, • Pilotage de la valeur des relations de sous-traitance (engagements contractuels, travailler ensemble). • Relations contrôleur-contrôlé et gestion de l’équilibre entre sécurité réglée et sécurité gérée. Cette seconde étape est aussi l’occasion de capitaliser sur la connaissance des sites des partenaires industriels et de valider l’investissement de terrain effectué pour appréhender la complexité d’équipements tels que La Hague, le chantier de construction des sous-marins nucléaires d’attaque de classe Barracuda, ou des activités d’expertise de l’IRSN (Institut de Radioprotection et de Sûreté Nucléaire). -
Recueil Des Actes Administratifs De La Manche
PREFET DE LA MANCHE RECUEIL DES ACTES ADMINISTRATIFS DE LA MANCHE DOCUMENTATION ET INFORMATIONS JANVIER 2020 Le contenu intégral des textes et/ou les documents et plans annexés peut être consulté auprès du service sous le timbre duquel la publication est réalisée et sur le site Internet de la préfecture : http://www.manche.gouv.fr Rubrique : Publications - Annonces et avis - Recueil des actes administratifs 2 SOMMAIRE CABINET DU PREFET ..................................................................................................................................................................................... 3 Arrêté n° 19-588 du 20 décembre 2019 portant attribution de la médaille d’honneur du Travail - Promotion du 01 janvier 2020 .................... 3 Arrêté n° 20-001 du 6 janvier 2020 modifiant l’arrêté préfectoral accordant la médaille d’honneur Agricole, promotion du 1er janvier 2020 ..................................................................................................................................................................................................... 14 Arrêté n° 20-002 du 6 janvier 2020 modifiant l’arrêté préfectoral portant attribution de la médaille d’honneur Régionale, Départementale et Communale, promotion du 1er janvier 2020 ...................................................................................................................... 14 SOUS-PREFECTURE DE CHERBOURG ...................................................................................................................................................... -
French Implementation Report of PARCOM Recommendation 91/4 on Radioactive Discharges
French Implementation Report of PARCOM Recommendation 91/4 on radioactive discharges Radioactive Substances Series 2019 French Implementation Report of PARCOM Recommendation 91/4 on radioactive discharges EXECUTIVE SUMMARY INTRODUCTION PART I – GENERAL INFORMATION 1 The organization of nuclear safety and radiation protection control in France ...................... 8 1.1 State structures ................................................................................................................ 8 1.1.1 Parliament ............................................................................................................... 8 1.1.2 The Government ...................................................................................................... 9 1.1.3 Minister responsible for nuclear safety and radiation protection ........................... 9 1.1.4 High Committee for Transparency and Information on Nuclear Safety .................. 9 1.1.5 Prefects .................................................................................................................. 10 1.1.6 Nuclear Safety Authority (ASN) ............................................................................. 10 1.2 Technical support organizations .................................................................................... 11 1.2.1 Advisory Committees of Experts (GPEs) ................................................................ 11 2 The legislative and regulatory framework for applying the best available techniques in France 2.1 The legal system -
Financial Report 2016 —
FINANCIAL REPORT 2016 — Ladies and gentlemen, We have called this ordinary Annual General Meeting in accordance with the provisions of the law and our company’s articles of association to report on business in the course of the fi nancial year ended December 31, 2016 and to submit for approval the company’s annual and consolidated fi nancial statements. At the meeting, the report of the Chairman of the Board of Directors, the general report of the company’s Statutory Auditors on the annual fi nancial statements for the fi nancial year ended December 31, 2016, the report of the Statutory Auditors on the consolidated fi nancial statements for the fi nancial year ended December 31, 2016 and the special report of the Statutory Auditors on related-party agreements will be presented to you. The required notices of the meeting have been duly sent to you. The Statutory Auditors’ reports, the management report, the company’s annual fi nancial statements, the consolidated fi nancial statements and all related documents required under the applicable laws and regulations have been sent to you or made available to you at the company’s registered offi ce in accordance with all legal requirements and within the required timeframes to allow you to familiarise yourselves with their content. The fi nancial statements presented to you have been drawn up in accordance with International Financial Reporting Standards (IFRS) as adopted in the European Union, and with the principles of prudence and fairness. Hervé Guillou Chairman & Chief Executive Offi cer DCNS Financial report ! MANAGEMENT REPORT I. Presentation of the Group and DCNS’ position during the year 5 II . -
Rapport Responsabilité Sociétale De L'entreprise 2019
NON SENSIBLE RAPPORT RESPONSABILITÉ SOCIÉTALE DE L’ENTREPRISE 2019 © Propriété Naval Group SA 2020 - tous droits réservés. Ce document/logiciel dans son contenu et dans sa forme est la propriété de Naval Group et/ou de tiers. Toute utilisation, reproduction, modification, traduction, communication ou représentation intégrale ou partielle du présent document/logiciel qui n’a pas été préalablement autorisée par écrit par Naval Group est formellement interdite. Une telle utilisation, reproduction, modification, traduction, communication ou représentation intégrale ou partielle non autorisée, par quelque moyen que ce soit, constituerait une contrefaçon sanctionnée par la loi au plan pénal et civil et d’une manière générale, une atteinte aux droits de Naval Group. NON SENSIBLE Table des matières I. GOUVERNANCE DU GROUPE ...................................................................................... 7 1. Les ambitions ........................................................................................................ 9 a. Profil de l’organisation ...................................................................................... 9 b. Stratégie et analyse .......................................................................................... 9 c. Aspects et périmètres pertinents identifiés ................................................ 11 2. La gouvernance .................................................................................................. 11 a. Administration et contrôle............................................................................. -
Bilan De La Sûreté Nucléaire En 2018
LES EXTRAITS RAPPORT DE L’ASN sur l’état de la sûreté nucléaire et de la radioprotection en France en 2018 L’Autorité de sûreté nucléaire présente son rapport sur l’état de la sûreté nucléaire et de la radioprotection en France en 2018. Ce rapport est prévu par l’article L. 592-31 du code de l’environnement. Il a été remis au Président de la République, au Premier ministre et aux Présidents du Sénat et de l’Assemblée nationale, et transmis à l’Office parlementaire d’évaluation des choix scientifiques et technologiques en application de l’article précité. SOMMAIRE Éditorial du collège 2 Éditorial du directeur général 6 Les appréciations de l’ASN par EN FRANCE 2018 ET DE LA RADIOPROTECTION exploitant et par domaine d’activité 8 Faits marquants 2018 14 Actualités réglementaires 22 – RAPPORT DE L’ASN SUR L’ÉTAT DE LA SÛRETÉ NUCLÉAIRE DE LA SÛRETÉ NUCLÉAIRE SUR L’ÉTAT DE L’ASN – RAPPORT Le panorama régional de la sûreté nucléaire et de la radioprotection 26 LES EXTRAITS i AVIS AU LECTEUR RETROUVEZ L’INTÉGRALITÉ DU RAPPORT DE L’ASN sur l’état de la sûreté nucléaire et de la radioprotection en France en 2018 sur asn.fr ÉDITORIAL DU COLLÈGE Anticipation, Maintien des marges de sûreté, Mobilisation de la filière nucléaire autour des compétences : Trois défis pour la sûreté nucléaire et la radioprotection en France Montrouge, le 21 mars 2019 a sûreté nucléaire et la radioprotection se sont glo‑ Enfin, un nombre trop important d’écarts sont encore balement maintenues à un niveau satisfaisant en constatés dans les travaux de grande ampleur lors des 2018. -
Specials Steels and Superalloys for Nuclear Industry
Specials Steels and Superalloys for Nuclear Industry Enhancing your performance or almost 60 years Aubert & Duval has been a key partner for the development Aubert & Duval: Your partner F of forged and rolled products, especially those customized for the nuclear market. to energize your success With full vertical integration from melting, to remelting, hot converting and machining (rough machining through to near-net-shape parts), Aubert & Duval offers wide-ranging cutting edge capabilities for nuclear application. Equipment Process flow . MELTING Melting furnaces (EAF, AOD, LF) Melting up to 60 tons Vacuum Induction Melting (VIM) HPS NiSA up to 20 tons Remelting furnaces (ESR, VAR) up to 30 tons powder atomization (Gaz, VIM) . FORGING Open-die forging presses Remelting Powder atomization from 1,500 to 10,000 tons Closed-die forging presses from 4,500 to 65,000 tons . ROLLING MILL HPS 7-200 mm diameter bars High Performance Steels: Conversion . HEAT TREATMENT A range of alloyed steels with Solution and ageing furnaces tightly controlled characteristics HPS Ti NiSA AL PM Horizontal and vertical quenching offering optimum value for equipment customers. TESTING Forging Closed-die Hot Isostatic Immersion UT up to 13 tons and/or rolling Forging Forging Pressing (HIP) ©Valinox-Franck Dunouau (28,000 lbs) Automated contact UT up to 20 tons NiSA Aubert & Duval has also put in place over many decades dedicated skills to co-design re-engineered Nickel-base Superalloys: Nickel-based superalloys: materials metallurgical solutions with our clients. keeping high surface integrity while Sales of alloys and superalloys have progressively expanded across a broad spectrum of primary withstanding severe mechanical circuit contractors and their subcontractors. -
Press Kit Inauguration of the Conversion Orano Tricastin BP 16 26 701 Pierrelatte Plant 10 September 2018
Press kit Inauguration of the conversion Orano Tricastin BP 16 26 701 Pierrelatte plant 10 September 2018 Contacts Presse Nathalie Bonnefoy +33 (0)6 23 17 24 24 [email protected] Gilles Crest +33 (0)6 71 08 11 54 [email protected] www.orano.group Oranogroup EDITORIAL The plant we are opening today is a major industrial investment for Orano, for the French nuclear industry and for the industry of our country. ith the Georges Besse II enrichment plant on the same site, it is probably the largest industrial investment made in France in recent years. The Comurhex W II project was launched to give France an industrial facility offering cutting- edge safety, security, and environmental and industrial performance. A facility that gives us a global competitive advantage and guarantees an uninterrupted electricity supply for our markets. A tool integrating technological innovations in terms of safety, environment, and improvement of industrial performance: recycling of chemical reagents, reduction by 90% of water consumption, automated control-command system to improve the process control. It is an exceptional project that has required the best of our expertise from the teams of Orano Chemistry and Enrichment as well as Orano Projets, and throughout our group alongside our industrial partners. The project successfully completed at the same time as our group was reinventing itself to create a new flagship technology business to give nuclear materials all their value. While an important debate is taking place on France's multi-year energy program, the investment we have made in the Tricastin site and its plants shows the confidence we have in the future of nuclear energy. -
Nuclear Disaster EPR ENGLISH
Energy Watch Group c/o DWR eco GmbH Albrechtstr. 22 10117 Berlin +49 (30) 609898810 [email protected] www.energywatchgroup.org March 2018 The disaster of the European nuclear industry By Hans-Josef Fell and Eva Stegen The "European Pressurized Reactor (EPR)", once proclaimed to be a new impetus for the nuclear renaissance, turned out to be a disaster, characterized by safety deficiencies and cost explosions. The EPR construction sites in Flamanville, Olkiluoto and Hinkley Point C have already proved to be total failures even before their completion. Years of delays in commissioninG, serious safety deficiencies and skyrocketing construction costs characterize the projects. The further construction of these reactors could be secured only by means of multi-billion Euro state rescue packaGes. The EPR is a clear example of the failed nuclear industry, which causes extreme costs and is thus incapable of competinG with renewable enerGy. The current push for the development of a European fourth generation nuclear reactor will be a similar disaster to EPR’s and should therefore be stopped as soon as possible. This synopsis summarizes arguments, why a further expansion of nuclear enerGy should be stopped in order to avoid continuous cost explosions and billions of Euros in public debt, especially in light of siGnificantly cheaper renewable energies. In 1992, Germany and France (Siemens and AREVA1) launched the design process of a so-called third generation of nuclear reactors. A novel type of pressurized water reactor (European Pressurized Reactor, EPR) was developed.2 The EPR was supposed to be inherently safe. In 2006, the French nuclear reactor builder AREVA predicted a worldwide nuclear renaissance in which AREVA would sell around 200 EPRs.3 To date, however, the history of the EPR is nothing more than a story of unfinished pilot projects that are still failing to deliver electricity even a decade after construction began, tremendous cost overruns, court cases over electricity contracts that were not fulfilled, and unsolvable technical problems. -
The Decline of Civil Nuclear Power Programs
The decline of civil nuclear power programs: Why state-owned enterprises hold the key to success in the Post-Fukushima Era. John Lambert A thesis submitted in partial fulfillment of the requirements for the degree of Master of Arts in International Studies University of Washington 2021 Committee: Christopher Jones Halvor Undem 2021 Program Authorized to Offer Degree: Henry M. Jackson School of International Studies ©Copyright 2021 John Lambert ii | Page University of Washington Abstract The decline of civil nuclear power programs: Why state-owned enterprises hold the key to success in Post-Fukushima Era. John Lambert Chair of the Supervisory Committee: Christopher Jones Department of International Studies Civil nuclear power is declining in Canada, Germany, Japan, the United Kingdom, and the United States, and rapidly expanding in China, France, India, Russia, and South Korea. The disaster at the Fukushima-Daiichi nuclear power plant changed the future of nuclear power. For some states that means drastic shifts away from nuclear, and for others it means that the future of nuclear just became more difficult and expensive. This paper seeks to examine the role that state-owned enterprises play in advancing nuclear programs, and the difficulties that states without state-owned enterprises will face in this new future. A state-owned enterprise is a corporation that conducts the business of the state, and is either wholly owned by the government, or controlled by a government ownership of majority shares in a private corporation. (e.g., Amtrak, Freddie Mac, etc.) I posit that the presence of state-owned enterprises, or a government’s controlling interest in a private nuclear energy corporation, enables governments to advance their state’s civil nuclear power programs. -
French Defence Industry
FRENCH DEFENCE INDUSTRY Conception et réalisation : J2C Communication - +33 (0)1 49 85 62 22 : J2C Communication réalisation et Conception Contents EDITORIAL ................................................................................................................................................ page 3 FRENCH PAVILION MAP ........................................................................................................... page 4 USEFUL CONTACTS ......................................................................................................................... page 5 FRENCH DEFENCE INDUSTRY - LIST OF EXHIBITORS AUBERT & DUVAL ......................................................................... 3S11 ........................................................... page 6 BUREAU VERITAS ......................................................................... 4F13 ........................................................... page 7 DIGINEXT .......................................................................................... 4A12 .......................................................... page 8 ECA GROUP ...................................................................................... 3N10 .......................................................... page 9 EURONAVAL .................................................................................... 3S11 ........................................................... page 10 EUROTORP ......................................................................................