How Are Dreams Presented in of Mice and Men? Essay

During the 1930’s in America, at the time of the Great Depression, John Steinbeck, an ordinary migrant worker wrote perhaps the shortest but well known novel – Of Mice And Men. I think Steinbeck was influenced by the poem â€Å"To A Mouse†, because the novel and poem are slightly alike. They both have dreams and determination but in the end, both are destroyed. In the novel, Steinbeck shows us that dreams are futile. You only have the dream because you are being optimistic and having a dream might make life seem easier for you. But if your dream is destroyed, then life seems difficult and meaningless. George and Lennie’s dream to own a ranch during the Great Depression seemed like a typical, futile American Dream of the migrant workers. â€Å"Guys like us, that work on ranches, are the loneliest guys in the world. They ain’t got nothing to look ahead to. With us ain’t like that. We got a future.† But the closer Lennie and George came to achieving their dream, everything was suddenly lost – â€Å"the beak swallowed the little snake while its’ tail waved frantically†. This sentence shows us that things will suddenly change and the outcome of plans are not going to be what they were expected to be. The setting of the last and first chapters of the novel are exactly the same, but the sentence â€Å"the beak swallowed the little snake while its’ tail waved frantically† is seen as a warning by the reader that something unexpected is going to occur. â€Å"Suddenly Lennie appeared out of the brush, and he came as silently as a creeping bear moves.† This sentence indicates a change of Lennie’s behavior, which is shown using anthropomorphism, makes us think that something is going to happen and the tension starts to rise because Lennie usually moves and is described as a â€Å"calm, big bear†. Lennie’s actions make the read er imagine Lennie as being big, cute, cuddly and harmless – â€Å"he walked heavily, dragging his feet a little, the way a bear drags his paws†. Steinbeck set the last chapter in the late afternoon when â€Å"already the sun had left the valley to go climbing up the slopes of the Gabilan mountains, and the hilltops were rosy in the sun†. He set the chapter at that particular time of the day because the day is coming to an end at that point, neither in the evening nor night because the day would have come to an end by then. He is telling us that as the day ends, the dream ends as well due to the death of Lennie by George’s love for Lennie. The dream of Curley’s wife was to be in the movies. â€Å"If I’d went, I wouldn’t be livin’ like this, you bet†. The reason Curley’s wife does not fulfill her dream to become an actress was because she met a producer who said â€Å"he was gonna put me in the movies. Says I was a natural†. He takes an advantage of her naivety and tricks her by convincing her that â€Å"he was gonna write to me about it†. But never did – â€Å"I never got that letter†. Because of her anger on her mother who she thought stole the letter – â€Å"I always thought my ol’ lady stole it. I ast her if she stole it, to o, an’ she says no†- and despondency she married Curley without even loving him just to revenge on her mother – â€Å"So I married Curley. Well, I ain’t told this to nobody before. Maybe I oughtn’ to. I don’ like Curley. He ain’t a nice fella†. Steinbeck tells the reader through this novel that women were treated as personal possessions and as providers for mans needs during those times. Throughout the novel, all women characters are presented as either a possession or provider. For example: even thought Lennie’s aunt Clara isn’t present in the novel as a character, she is described as a provider for Lennie’s needs – â€Å"That was your own Aunt Clara. An’ she stopped givin’ ‘em to ya. Your Aunt Clara give you a rubber mouse and you wouldn’t have nothing to do with it†- supports my point. Another example is seen with Curley’s wife who is shown as a personal possession to Curley – â€Å"’Any you guys seen my wife?’ he demanded†. Steinbeck tells the reader via this sentence that Curley is not looking after his wife as he should be and does not spend time with her considering that she is the onl y women on the ranch surrounded by men who see her as â€Å"jail bait†. Curley’s wife only seeks company, but as she is a young, flirtatious and beautiful woman – â€Å"She had full, rouged lips and wide-spaced eyes, heavily made up. Her finger nails were red† – the men fear her as they think she will get them in trouble. Also in the sentence – â€Å"Her finger nails were red†- the finger nails are red colour and red is seen as danger, meaning that it is dangerous to get involved with Curley’s wife. The quotes – â€Å"What’s the matter with me? Ain’t I got a right to talk to nobody? Whatta they think I am, anyways? I don’t know why I can’t talk to you. I ain’t doing no harm to you† and â€Å"Well, George says you’ll get us in a mess.† And â€Å"What kinda harm am I doin’ to you?† support my point. The sentence â€Å"Seems like they ain’t none of them cares how I gotta live† tells the reader that no one cared about wo men at those times. And also the fact that Curley’s wife does not have a name, but is only referred to as â€Å"Curley’s wife† and that Slim’s dog is given a name – â€Å"Lulu† – shows the reader that dogs were treated better than women at those times. The failure of Curley’s wife’s dream leads to her death, which also takes place in late afternoon, as the days ends so does her life. John Steinbeck tells us through this cyclical novel that dreams are futile. The closer the characters got to achieving their dreams, they suddenly lost them unexpectedly. â€Å"The beak swallowed the little snake while its’ tail waved frantically† tells the reader that the death of the snake was sudden and unexpected in the same setting as the first chapter. The dream was first mentioned in the same place and at the same time in the first chapter and it is mentioned again at the same time and place in the last chapter. By making the same setting in the first and last chapter cyclical and mentioning the dream in both chapters, Steinbeck tells us that as the day ends, the dream ends. And that whatever happened in between was futile. Therefore, John Steinbeck tells us that everyone had the American Dream to make life worth living, but society would let only few achieve it during the Great Depression of the 1930’s America.

terrorism position paper essays

terrorism position paper essays Measures To Eliminate International Terrorism Terrorism has been an international nuisance for an extremely long time. Terrorism has been used to express political and religious beliefs, in retaliation for certain wrongdoing, and in other cases for the specific purposes of intimidating and injuring people. Nearly all nations are and have been effected by terrorism in one way or another. Some nations have been victimized others have actually been sponsors and the majority has seen their citizens stricken with the that they cannot be protected by their government from terrorism. Seeing as how one of the United Nations many goals is to protect innocent citizens, the United Nations has made many attempts to lesson, if not eradicate, the problems posed by international terrorism. One of the most important measures taken by the United Nations took place in 1994 with the passing of the Declaration on Measures to Eliminate International Terrorism. Another measure, equally important and even more recent, took place in 1997 when the General Assembly adopted Resolution52/164, The International Convention for the Suppression of Terrorist Bombings. Both of these measures planned strong action while keeping in mind the sovereignty of the nations involved and along with the passing of Security Council resolution 1269 which unequivocally condemns all acts, methods and practices of terrorism as criminal and unjustifiable regardless of their motivation, have taken great strides in the fight In our over forty years as a United Nations member, including two stints as a non-permanent member of the Security Council, Austria has made attempts to aide in the eradication of international terrorism. In our nations opinion, terrorism is unacceptable and actions must be taken in order to protect current, as well as, future generations. However, these actions mus ...

Researching Your Revolutionary War Soldier Ancestors

Researching Your Revolutionary War Soldier Ancestors The Revolutionary War lasted for eight long years, beginning with the battle between British troops and local Massachusetts militia at Lexington and Concord, Massachusetts, on 19 April 1775, and ending with the signing of the Treaty of Paris in 1783. If your family tree in America stretches back to this time period, it is likely you can claim descendancy from at least one ancestor who had some type of service related to the Revolutionary War effort. Did my Ancestor Serve in the American Revolution? Boys as young as 16 were allowed to serve, so any male ancestors who were between the ages of 16 and 50 between 1776 and 1783 are potential candidates. Those who didnt serve directly in a military capacity may have helped in other ways - by providing goods, supplies or non-military service to the cause. Women also participated in the American Revolution, some even accompanying their husbands to battle. If you have an ancestor you believe may have served in the American Revolution in a military capacity, then an easy way to start is by checking the following indexes to major Revolutionary War record groups: DAR Genealogical Research System - Compiled by the National Society Daughters of the American Revolution, this free collection of genealogical databases contains data for both men and women who provided service to the patriots cause between 1774 and 1783, including an ancestor database created from verified membership and supplemental applications. Because this index was created from lineages identified and verified by DAR, it does not include every individual who served. The index generally provides birth and death data for each individual, as well as information on spouse, rank, area of service, and the state where the patriot lived or served. For those who did not serve in a military capacity, the type of civil or patriotic service is indicated. Soldiers who received a revolutionary war pension will be noted with the abbreviation PNSR (CPNS if the soldiers children received the pension or WPNS if the soldiers widow received the pension).Index to Revolutionary War Service Records - This four volume set (Waynesboro, TN: National Historical Publishing Co., 1995) by Virgil White includes abstracts of military service records from National Archives group 93, including each soldiers name, unit and rank. A simliar index was created by Ancestry, Inc. in 1999 and is available online to subscribers - U.S. Revolutionary War Rolls, 1775-1783. Even better, you can search and view the actual Revolutionary War Service Records online at Fold3.com. American Genealogical-Biographical Index (AGBI) - This large index, sometimes referred to as the Rider Index after its original creator, Fremont Rider, includes the names of people who have appeared in more than 800 published volumes of family histories and other genealogical works. This includes several volumes of published Revolutionary War Records, such as Historical Register of Virginians in the Revolution, Soldiers, Sailors, 1775-1783 and Muster and Payrolls of the Revolutionary War, 1775-1783 from the collection of the New York Historical Society. Godfrey Memorial Library in Middletown, Connecticut, pubishes this index and will answer AGBI search requests for a small fee. The AGBI is also available as an online database at subscription site, Ancestry.com.Pierces Register - Originally produced as a government document in 1915 and later published by Genealogical Publishing Company in 1973, this work provides an index to Revolutionary War claim records, including the veterans name , certificate number, military unit and the amount of the claim. Abstract of Graves of Revolutionary Patriots - The U.S. government places tombstones on the graves of identified Revolutionary War soldiers, and this book by Patricia Law Hatcher (Dallas: Pioneer Heritage Press, 1987-88) provides an alphabetical list of these Revolutionary War soldiers, along with the name and location of the cemetery where they are buried or memorialized. Where Can I Find the Records? Records related to the American Revolution are available in many different locations, including repositories at the national, state, county and town-level. The National Archives in Washington D.C. is the largest repository, with compiled military service records, pension records and bounty land records. State archives or the states Office of the Adjutant General may include records for individuals who served with the state militia, rather than the continental army, as well as records for bounty land issued by the state. A fire in the War Department in November 1800 destroyed most of the earliest service and pension records. A fire in August 1814 in the Treasury Department destroyed more records. Over the years, many of these records have been reconstructed. Libraries with a genealogical or historical section will often have numerous published works on the American Revolution, including military unit histories and county histories. A good place to learn about available Revolutionary War records is James Neagles U.S. Military Records: A Guide to Federal and State Sources, Colonial America to the Present. Next Is He Really My Ancestor? Did My Ancestor Serve in the American Revolution Is This Really My Ancestor? The most difficult part of searching for an ancestors Revolutionary War service is to establish a link between your specific ancestor and the names which appear on various lists, rolls and registers. Names are not unique, so how can you be sure that the Robert Owens who served from North Carolina is actually your Robert Owens? Before delving into Revolutionary War records, take the time to learn everything you can about your Revolutionary War ancestor, including their state and county of residence, approximate age, names of relatives, wife and neighbors, or any other identifying information. A check of the 1790 U.S. census, or earlier state censuses such as the 1787 state census of Virginia, can also help determine if there are other men with the same name living in the same area. Revolutionary War Service Records Most original Revolutionary War military service records no longer survive. To replace these missing records, the U.S. government used substitute records including muster rolls, records books and ledgers, personal accounts, hospital records, pay lists, clothing returns, receipts for pay or bounty, and other records to create a compiled service record for each individual (Record Group 93, National Archives). A card was created for each soldier and placed in an envelope along with any original documents found that related to his service. These files are arranged by state, military unit, then alphabetically by the soldiers name. Compiled military service records seldom provide genealogical information about the solider or his family, but usually  include his military unit, muster (attendance) rolls, and his date and place of enlistment. Some military service records are more complete than others, and may include details such as age, physical description, occupation, marital status, or place of birth. Compiled military service records from the Revolutionary War can be ordered online through the National Archives, or by mail using NATF Form 86 (which you can download online). If your ancestor served in the state militia or volunteer regiment, records of his military service may be found at the state archives, state historical society or state adjutant generals office. Some of these state and local Revolutionary War collections are online, including Pennsylvania Revolutionary War Military Abstract Card File Indexes and the Kentucky Secretary of State Revolutionary War Warrants index. Do a search for â€Å"revolutionary war† your state in your favorite search engine to find available records and documents. Revolutionary War Service Records Online: Fold3.com, in cooperation with the National Archives, offers subscription-based online access to the Compiled Service Records of soldiers who served in the American Army during the Revolutionary War. Revolutionary War Pension Records Starting with the Revolutionary War, various acts of Congress authorized the granting of pensions for military service, disability, and to widows and surviving children. Revolutionary War pensions were granted based on service to the United States between 1776 and 1783. Pension application files are generally the most genealogically rich of any Revolutionary War records, often providing details such as date and place of birth and a list of minor children, along with supporting documents such as birth records, marriage certificates, pages from family Bibles, discharge papers and affidavits or depositions from neighbors, friends, fellow servicemen and family members. Unfortunately, a fire in the War Department in 1800 destroyed almost all pension applications made prior to that time. There are, however, a few surviving pension lists prior to 1800 in published Congressional reports. The National Archives has microfilmed surviving Revolutionary War pension records, and these are included in National Archives publications M804 and M805. M804 is the more complete of the two, and includes about 80,000 files of applications for Revolutionary War Pension and Bound Land Warrant Application files from 1800-1906. Publication M805 includes details from the same 80,000 files, but instead of the entire file it includes only the supposedly most significant genealogical documents. M805 is much more widely available due to its greatly decreased size , but if you find your ancestor listed, it is worth also checking the full file in M804. NARA Publications M804 and M805 can be found at the National Archives in Washington, D.C. and in most regional branches. The Family History Library in Salt Lake City also has the complete set. Many libraries with genealogical collections will have M804. A search of Revolutionary War Pension Records can also be made through the National Archives either through their online order service or through postal mail on NATF Form 85. There is a fee associated with this service, and turn-around time can be weeks to months. Revolutionary War Pension Records Online: Online, HeritageQuest offers an index as well as digitized copies of the original, hand-written records taken from NARA microfilm M805. Check with your local or state library to see if they offer remote access to the HeritageQuest database.   Alternatively, subscribers to Fold3.com can access digitized copies of the full Revolutionary War pension records found in NARA microfilm M804. Fold3 also has digitized an index and records of Final Payment Vouchers for Military Pensions, 1818-1864, final and last pension payments to over 65,000 veterans or their widows of the Revolutionary War and some later wars. A Century of Lawmaking for a New Nation - This special collection in the free online American Memory exhibit of the Library of Congress includes some very interesting Revolutionary War pension petitions and other sources for information on Revolutionary-era individuals. Follow the links to American State Papers and the U.S. Serial Set.US GenWeb Revolutionary War Pensions ProjectBrowse volunteer-submitted transcripts, extracts and abstracts of pension files from the Revolutionary War. Loyalists (Royalists, Tories) A discussion of American Revolution research wouldnt be complete without referencing the other side of the war. You may have ancestors who were Loyalists, or Tories - colonists who remained loyal subjects of the British crown and actively worked to promote the interest of Great Britain during the American Revolution. After the war ended, many of these Loyalists were driven from their homes by local officials or neighbors, moving on to resettle in Canada, England, Jamaica and other British-held regions. Learn more in How to Research Loyalist Ancestors. Source Neagles, James C. U.S. Military Records: A Guide to Federal State Sources, Colonial America to the Present. Hardcover, First Edition edition, Ancestry Publishing, March 1, 1994.

Phase 4 Individual Project Assignment Example | Topics and Well Written Essays - 1000 words - 1

Phase 4 Individual Project - Assignment Example In cases where the producing the duplicates is burdensome or exists as a public record, producing an original copy is not a must. Another exemption applies when the parties to a trial admit to the existence of the evidence through a written record. Judges have the power to determine whether a piece of evidence satisfy the rules guiding the use of duplicates as outlined in rules number 1001 to 1008, and 1004 to 1008. Judges derive these powers by virtue of rule number 1008. However there is an exception to these rules which allows the jury to look into the evidence to determine whether an original copy of the duplicate ever existed or the evidence in question is an original copy. The jury also reviews whether the unoriginal duplicate represents correctly the facts and opinion’s contained in the original copy. These rules are implemented by the United States court system for the purpose of proving the content of a written document, photography and recording. The rationale in the application of these rules is to ensure that the best available evidence is used in a trial (Garland, 2006). This is to avoid inaccuracies that arise in the following scenarios, In the case Olmstead v. United States of America, there are restrictions in the use of wiretapping as evidence in a trial court. This case occurred in 1928, and involved the legality of producing wire tapped private conversation as pieces of evidence by United States law enforcement officers. The use of these pieces of evidence was examined according to the provisions of the Fourth and Fifth Amendment of the American constitution. These sections outline the rights of the defendants in a trial. The Supreme Court was of the opinion that use of such evidence does not violate the provisions of the Fourth and Fifth Amendment concerning the rights of the defendants. The decision of the Supreme

Dance, production, performance, choreography (OCD as the central Essay

Dance, production, performance, choreography (OCD as the central theme) - Essay Example That is dance as an influential impulse and as a skillfully choreographed ability practiced mostly by professionals. The link between these ideas will be stronger in producing a dance for a live community audience. Producing and making a dance for a live community performance is one of the most challenging tasks and it requires joint efforts. Several people will need to be engaged in coordinating all elements that are essential for production. Some of the fundamental aims of creating this dance would include expressing and communicating our feelings. We will open the dance with a voice over counting 1,2,3,4, it will be counting four times in totoal and will speed up as it goes along. This will be used to introduce the ocd. We will be in the audience or one of the chairs getting up on stage sequence (nat workshop)-introduces our characters. This will slowly show the affect our ocd/ movement has on us and on each other. Showing the connections between us as we travel about our everyday life. Trio - waking up in everyday life, showing our relationships between each other, showing our interaction e.g racing forward (competing against each other). further developing our characters and the relationships between them. ... It also shows Niamh and Nats relationship (nat not wanting to talk/slightly controlling niamh. These relationships are all a counter reaction of our feelings towards ocd.  Niamh and nats duet: showing niamhs battle to be open about it and nats battle to keep it hidden. symbolises the struggles behind ocd that doesn’t always appear on the surface Possible working with other people - representation of more character relationships that occur from ocd Niamh, Cecilia and Nat sinister trio - heavily focused on characterisation. showing the reactions of others to ocd e.g niamh is open about it and nat and cecilia are intrueged and checking if she still does it in weird situations. their ocd is still showing through but they are trying to hide it.   The community dance will aim at educating people on the importance of insurance as well as entertaining them. Moreover, the community dance will often entail a unique attempt of stylization, for instance the dance movements will be arr anged into a rhythmic or spatial pattern, tracing circles or lines on the ground, tracking a definite order of steps, or complying with a pattern of usual stresses or accents. All these features will produce a unique condition of mind and body that will provide the audience with a different knowledge. We would like the audience to be drawn into the patterns and rhythms generated by the movements of dancers so that they may share the feelings being expressed. The choreographic process Choreography refers to the art of creating dances, the assembly and arrangement of movement into a pattern and order. Latest Western dances have been produced by particular choreographers, who have been considered as the owners and authors of their works in an approach comparable to composers,

Combating compassion fatigue Assignment Example | Topics and Well Written Essays - 1250 words

Combating compassion fatigue - Assignment Example This eventually takes compassion and attention away from victims to the caregiver himself. Essentially, fatigue sets in for the provision of care; thereby jeopardizing the need to give compassion to victims. The cause of depression in caregivers that results in compassion fatigue could best be associated with excessive work that is deprived of rest (Ellard, Barlow and Mian, 2005). Anger Quick temperedness and erupted outburst of anger that is so sudden and uncharacteristic of a caregiver must be seen as a major sign that compassion fatigue is setting into the work and activity of the caregiver. As a care giver, come of the core duties that will generally be expected is the need to give compassion and solace to a heart that is deeply troubled and as such filled with so much inner anger (Day and Livingstone, 2003). When there is anger on the side of the caregiver then, this basic responsibility becomes jeopardized and compromised because it cannot be executed evenly. Once a caregiver b egins to be angry at the least provocation, the tendency is that the victim who decides care would even be angered at and so the level of compassion will be derailed. Such acts of anger are mostly caused by emotional factors that have to do with issues faced in the personal lives of caregivers (Forsythe and Compas, 1987). Absent mindedness Victims who go to the caregiver go to them with a thought that the caregiver is going to be an expert and a professional who is going to bare all the troubles that the victim brings on board. For this reason, it is always going to be expected that the victim would demand for constant attention from the caregiver. For this reason, caregivers who begin to have signs of absent mindedness when attending to victims and other people who are close to them must be aware of the possibility of compassion fatigue setting in. clearly, the caregiver would be absent minded because he or she has had a reduced degree of importance to the issue or case of the vict im and this is what compassion fatigue is all about (Albino et al., 2003). Taking too much work than a caregiver can genuinely deliver is a major cause of absent mindedness; especially when tiredness sets in. Sluggishness In the everyday delivery of their duties, caregivers are expected to be very sharp at what they do. Such acts of sharpness install a lot of confidence in victims. It also increases the trust that they have in caregivers. For this reason, any acts of laziness and sluggishness should be watched critically and be seen as a possible cause of the onset of compassion fatigue. Indeed, if there is no strength to carry out one’s duties and so the person begins to show signs of sluggishness at work, there is no way that person will be expected to deliver the same level or amount of compassion that he or she delivered to victims. Sluggishness is a direct reflection of tiredness and so tiredness and lack of rest could cause it. Stress Psychologists and other social comm entators have attributed stress to be a very emotional and psychological problem that comes with a tired mind. The mind as an organ in the body has its own roles and functions that it plays. Though it is known that the mind controls most activities and functions of the body, the mind also has its own limitations (Cortoni and Marshall, 2001). The mind cannot for instance be expected to be omniscient, knowing all things and doing everything at every

Areva Est Un Groupe French Essay

Areva Est Un Groupe French Essay Areva est un groupe franà §ais qui figure parmi les leaders mondiaux de là ©nergie nuclà ©aire. Il rà ©sulte de la fusion, en septembre 2001, de CEA Industrie, Framatome et Cogema. Cotà © sur le marchà © de lEuronext Paris, Areva est composà © de quatre principaux domaines dactività ©s qui sont: le pà ´le amont (extraction et enrichissement duranium), le pà ´le aval (recyclage des combustibles nuclà ©aires), le pà ´le rà ©acteur et services (construction de rà ©acteur nuclà ©aire et services au combustible) et jusquà   rà ©cemment, le pà ´le TD (transmission et distribution dà ©lectricità ©) sur lequel porte notre à ©tude. En analysant les relations entre la stratà ©gie globale du groupe et la dà ©cision de cà ©der le pà ´le TD, puis en à ©tudiant le contexte (performance de lentreprise†¦) nous aurons alors une meilleure comprà ©hension de la dà ©cision prise. Areva dispose de compà ©tences et dun savoir faire de trà ¨s haut niveau dans son secteur, rà ©sultat de plus de 60 ans dhistoire de là ©lectronuclà ©aire franà §ais. Le groupe a pour ambition dà ªtre à   la fois le fournisseur mondial dinfrastructures nuclà ©aires mais à ©galement du combustible nà ©cessaire à   lexploitation de ces infrastructures, ainsi que des services attachà ©s à   ce combustible. Anne Lauvergeon, Prà ©sidente du groupe, compare dailleurs volontiers parfois sa stratà ©gie avec celle de Nespresso, sous-entendant que les bà ©nà ©fices viennent en grande partie de lactività © combustible. La structure intà ©grà ©e des actività ©s dAreva, de la mine au retraitement en passant par la construction de rà ©acteurs est un avantage indà ©niable par rapport à   ses concurrents. Implantà © dans plus de cent pays, les actività ©s à   linternational dAreva ont une place importante dans la stratà ©gie de croissance du groupe, en sappuyant principalement sur la renaissance du nuclà ©aire qui a lieu actuellement, et, jusquà   la cession, sur les actività ©s de TD. Lanalyse du capital dAreva permet de mieux mesurer les enjeux: LEtat franà §ais dà ©tient environ 86% des fonds propres. Cette structure de capital peut apparaà ®tre comme contraignante pour le dà ©veloppement du groupe, lEtat nà ©tant pas autorisà ©, par exemple, et ce en raison de la là ©gislation europà ©enne, à   financer les investissements et laccroissement en capital. La sortie inattendue de Siemens du capital, les retards sur le chantier de construction du rà ©acteur Finlandais, la nà ©cessità © de dà ©velopper le groupe et de conquà ©rir de nouveaux marchà ©s, amà ¨nent, daprà ¨s les experts, à   des besoins estimà ©s à   environ 12 milliards dEuros dici 2015. Ces besoins sont une des raisons qui ont incità © là ©tat à   cà ©der le pà ´le TD à   Alstom pour 4 milliards dEuros et à   rà ©flà ©chir à   une ouverture et augmentation du capital. Certains analystes ont affichà © un doute quant à   la pertinence de cette cession, lactività © TD reprà ©sentant environ 45% du rà ©sultat dAreva et sappuyant sur un rà ©seau international dense. La Prà ©sidente, elle-mà ªme, ne souhaitait pas cette session. LEtat, quant à   lui, actionnaire principal, a avancà © la nà ©cessità © de fonds propres et de recentrage des actività ©s autour du nuclà ©aire. La dà ©cision prise par le gouvernement de vendre la branche TD nous semble donc pertinente eu à ©gard au contexte: la France est experte en nuclà ©aire et souhaite conserver cet avantage en permettant à   Areva de conquà ©rir de nouveaux marchà ©s, à   lexport notamment. Le besoin de capitaux est nà ©cessaire, TD nest pas dans le cÅ“ur de mà ©tier dAreva, et cette dà ©cision vient en cohà ©rence avec dautres dà ©cisions: augmentation du capital prà ©vue, ouverture à   de nouveaux investisseurs, objectif de hausse des dividendes†¦ Introduction Lentreprise que nous avons choisi dà ©tudier est AREVA.Areva est un des leaders mondiaux sur le marchà © de la production à ©nergà ©tique nuclà ©aire. Plus particulià ¨rement nous avons choisi de nous intà ©resser à   la dà ©cision stratà ©gique de cession dune de ses filiales, Areva TD (Transmission et Distribution). Cette cession, dà ©cidà ©e courant 2009, a à ©tà © effective dà ©but 2010. Alstom et Schneider, seront les nouveaux proprià ©taires de cette filiale, pour un montant estimà © à   4 milliards deuros. La vente de cette branche dactività © dAreva a fait couler beaucoup dencre, en effet de nombreux observateurs ont soulignà © lincongruità © pour lentreprise de se sà ©parer de sa  «vache à   lait » de TD, qui reprà ©sentait plus de 30% des ventes rà ©alisà ©es par AREVA en 2008[1] et les difficultà ©s que pourrait rencontrer le Groupe dans le futur. Cette vente, largement impulsà ©e par lactionnaire majoritaire dAreva, lEtat Franà §ais, nà ©tait pas souhaità ©e par le directoire dAreva, et par sa prà ©sidente, Anne Lauvergeon. Son caractà ¨re  «prà ©cipità ©Ã‚ » sexplique en grande partie par la sortie brutale de Siemens du capital dAreva NP, la filiale dAreva spà ©cialisà ©e dans la construction de rà ©acteurs et lapprovisionnement en combustible, contraignant Areva au rachat de ces parts. Nà ©anmoins il convient de sinterroger sur le bien fondà © de cette dà ©cision, et notamment de sa cohà ©rence avec lensemble de la stratà ©gie dAreva. Pour cela nous dà ©terminerons dans un premier temps les caractà ©ristiques de lentreprise Areva, puis nous tenterons de dà ©finir les enjeux du secteur sur lequel se trouve lentreprise, avant de nous interroger sur la cohà ©rence de cette dà ©cision. I Areva, un leader sur le secteur de lenergie A/ Prà ©sentation gà ©nerale du groupe et de sa stratà ©gie Prà ©sentation generale Le groupe Areva se dà ©finie comme  «lun des leaders mondiaux des solutions pour la production dà ©nergie sans CO ²Ã‚ » (daprà ¨s le document de rà ©fà ©rence 2009 de lentreprise) et il exerce ses actività ©s sur un secteur en plein essor: le marchà © porteur de là ©nergie. Il a su dà ©velopper des compà ©tences et un savoir faire particulier ce qui fait de lui  «un acteur de rà ©fà ©rence, au cÅ“ur des enjeux à ©nergà ©tiques. » Ses actività ©s concernent là ©nergie nuclà ©aire (construction de rà ©acteurs, exploitation nuclà ©aire, transport des matià ¨res radioactives) ainsi que les à ©nergies renouvelables (à ©oliennes) et le transport de là ©lectricità ©. Ce large portefeuille dactività © est le principal atout du groupe puisquen à ©tant prà ©sent sur toute la chaine du cycle nuclà ©aire il peut proposer à   ses clients des offres uniques à   chaque à ©tape de la chaine de valeur et des services associà ©s pour amà ©liorer lefficacità © à ©nergà ©tique des rà ©seaux et respecter lenvironnement. Sa prà ©sidente est Anne Lauvergeon depuis la crà ©ation de la socià ©tà © en 2001. Areva emploie 47817 personnes dans les actività ©s nuclà ©aires et renouvelables, le groupe est fortement implantà © à   linternational. En 2009, son chiffre daffaires consolidà © sest à ©levà © à   8 529 millions deuros et son rà ©sultat net à   552 millions deuros. La stratà ©gie globale du groupe Pour illustrer la stratà ©gie gà ©nà ©rale du groupe nous pouvons reprendre le propos de sa prà ©sidente dans une interview du 10 juillet 2008 pour le magazine Challenges:  «Luranium est un des à ©là ©ments moteurs de notre succà ¨s. Notre modà ¨le, cest Nespresso: nous vendons les cafetià ¨res, et le cafà © qui va avec. Et le cafà ©, cest trà ¨s rentable. Ainsi en Chine, nous avons vendu deux à ®lots nuclà ©aires, plus 35% de la production dUranium, dont nous sommes proprià ©taires. Cela illustre notre modà ¨le intà ©grà ©Ã‚ ». Grà ¢ce à   ce modà ¨le dintà ©gration verticale, le groupe peut anticiper les besoins du marchà ©, satisfaire au mieux la demande et ainsi avoir une longueur davance sur ses concurrents. Sa stratà ©gie est de proposer des offres multiproduits/multiservices innovantes et adaptà ©es aux nouvelles attentes des clients. Il a de plus une parfaite maitrise technologique (reconnue sur lensemble de la filià ¨re) qui sappuie sur 50 ans de recherche, des dà ©penses en RD importantes, des procà ©dà ©s proprià ©taires et des rà ©acteurs de nouvelles gà ©nà ©ration; si bien que pour lannà ©e 2009 son carnet de commande sà ©value à   prà ¨s de 43302 millions deuros. Sur le marchà © du nuclà ©aire, Areva est lun des seuls acteurs complà ¨tement intà ©grà © sur toutes les actività ©s du cycle du combustible et de la construction de centrales nuclà ©aires; il a donc a à ©tablie sa stratà ©gie sur une vision du nuclà ©aire civil à   lhorizon 2030. Dà ¨s 2006, le groupe a engagà © un programme dinvestissements importants pour lui permettre de saisir les opportunità ©s de marchà © lià ©es à   la renaissance du nuclà ©aire dans les diffà ©rents pays et ainsi conforter son statut dacteur de rà ©fà ©rence dans ce domaine. La maitrise de la chaine des approvisionnements en composants critiques par exemple est lun des facteurs clà ©s de succà ¨s pour le groupe. Avec la croissance du nuclà ©aire, Areva a aussi pour objectif de sà ©curiser le cycle du combustible pour ses clients actuels et futurs, ainsi que de trouver des solutions durables pour la gestion du combustible usà ©. AREVA dispose dans ce domaine dune avance majeure, puisque le groupe a dà ©veloppà © une technologie qui permet de recycler 96 % des matià ¨res contenues dans les combustibles usà ©s et de les valoriser sous forme de combustible. Ensuite, fort des synergies entre le nuclà ©aire et les à ©nergies renouvelables, le groupe souhaite dà ©velopper une large gamme de solutions dans les à ©nergies renouvelables puisquil en a lexpertise technique et que ce secteur est en plein essor. Pour mettre en Å“uvre sa stratà ©gie, Areva sappuie sur plusieurs facteurs incontournables:  § Le capital humain: en 2009, le groupe a recrutà © 12675 personnes.  § La RD: 6% du CA en moyenne depuis 2005  § Les investissements industriels: Sur la pà ©riode 2010 -2012, AREVA prà ©voit une dà ©pense de 6,5 milliards deuros dinvestissements (hors acquisitions).  § Les partenariats stratà ©giques: ils apportent leur savoir faire et leur technicità © et leur connaissance des marchà ©s locaux B/ Les Domaines dactività ©s stratà ©giques Areva, possà ¨de plusieurs domaines dactività ©s stratà ©giques, tous relià ©s au secteur de là ©nergie. Ces actività ©s se dà ©composent en 4 pà ´les eux-mà ªmes dà ©coupà ©s en business unit.  § Le pà ´le Amont: extraction et enrichissement duranium  § Le pà ´le Aval: recyclage des combustibles nuclà ©aires  § Le pà ´le rà ©acteurs et services: construction de rà ©acteurs nuclà ©aires  § Le pà ´le transmission et distribution dà ©lectricità ©: fabrication et installation dà ©quipements. Le pà ´le Amont: produire du combustible Cette actività © regroupe lensemble des mà ©tiers situà ©s en amont de la chaine de la production dà ©lectricità © dorigine nuclà ©aire. Il a rà ©alisà © un CA de prà ¨s de 3,47milliards deuros en 2009 (prà ¨s des deux tiers en Europe) et permet au groupe de croitre davantage. On peut distinguer plusieurs sous actività ©sou business unit: Mines: la recherche, lextraction et la concentration duranium (mines exploità ©es au Canada, au Niger et au Kazakhstan)à   25% du CA en 2009 du pà ´le Amont Chimie: La conversion en hexafluorure duranium (chimie)à   7% du CA Enrichissement: les services denrichissement duraniumà   34% du CA Combustible: les actività ©s de conception et de production du combustible nuclà ©aireà   34% Reprà ©sentant 41% du CA total dAreva en 2009, le modà ¨le à ©conomique de ce pà ´le est basà © sur de lourds investissements à   long terme et repose sur « la capacità © à   offrir tous les produits et services nà ©cessaires à   lalimentation des centrales nuclà ©aires. » Areva est lun des leaders mondiaux de lamont du cycle nuclà ©aire. Le pà ´le rà ©acteurs et services Ce pà ´le consiste à   concevoir et à   fabriquer des rà ©acteurs nuclà ©aires de 2à ¨me gà ©nà ©ration (rà ©acteurs à   eau sous pression et rà ©acteurs à   eau bouillante) et des rà ©acteurs REP de 3à ¨me gà ©nà ©ration. Areva produit aussi des rà ©acteurs à   propulsion navale et des rà ©acteurs de recherche. A cela sajoute les actività ©s de services de maintenance et des actività ©s dà ©dià ©es aux à ©nergies renouvelables (ex: fabrication dà ©oliennes). Il rà ©alise en 2009 un CA de 3418 millions deuros soit environ 40% du CA dAreva. On distingue 7 business unit: Les rà ©acteurs (41% du CA du pà ´le) Les services nuclà ©aires (24%) Areva TA (12%) Equipements (9%) Mesures nuclà ©aires (5%) Conseils et systà ¨me dinformation (4%) Energies renouvelables (5%) Les rà ©acteurs dAREVA sont implantà ©s dans les principales rà ©gions du monde : Europe occidentale, Amà ©riques, Chine, Corà ©e du Sud et Afrique du Sud. Ses principaux concurrents sont des groupes comme Westinghouse/Toshiba ou General Electric/ Hitachi. Lallemand Siemens dà ©tient 34% du capital de la filiale Areva NP qui se charge de la fabrication des rà ©acteurs civils. Or celui-ci a annoncà © quil souhaitait revendre progressivement ses parts pour sallier avec le russe Atomenergoprom ce qui pourrait mettre Areva en difficultà © puisque ce DAS lui rapporte 40% du CA en 2009 Areva a voulu à ©largir son offre avec le business unit  «Ãƒ ©nergies renouvelables » et se dà ©veloppe dans là ©olien, les bioà ©nergies (centrales à   biomasses et à   biogaz clà © en main) En 2010 le groupe acquiert la socià ©tà © Ausra spà ©cialisà ©e dans les technologies du solaire thermique de concentration et cela lui permet de devenir un acteur majeur dans le domaine des à ©nergies renouvelables, et proposer à   ses clients des centrales solaires compà ©titives et efficaces. Le pà ´le Aval: gestion des combustibles Il rà ©alise en 2009 un CA de 1,637 milliard deuros contre 1,692 en 2008. Il reprà ©sente 19% du CA du groupe et concerne toutes les actività ©s lià ©es au traitement et au recyclage des combustibles usà ©s: cest-à  -dire la rà ©cupà ©ration et valorisation des dà ©chets duranium et de plutonium en mà ©langes doxyde, la fabrication de rà ©servoirs de stockage des dà ©chets, lassainissement des sites†¦ Il y a 5 business unit: Traitement et recyclage: cette BU rà ©cupà ¨re les matià ¨res valorisables (uranium et plutonium) des combustibles usà ©s afin de les recycler sous une autre forme de combustible à   61% du CA de lactività © Valorisation: Cest lorganisation de lassainissement des à ©quipements et installations, dà ©mantà ¨lement des sites à   14 % Logistique: transport et emballage des dà ©chets nuclà ©airesà   15% Assainissement: maintenance dinstallations, dà ©contamination et dà ©mantà ¨lement des sites à  7% Ingà ©nierie: assister les opà ©rateurs nuclà ©aires dans là ©volution de leurs installations à  2% Le groupe grà ¢ce à   ce DAS possà ¨de un avantage compà ©titif particulià ¨rement important (contexte de rà ©duction de lempreinte nuclà ©aire et de lacceptation du nuclà ©aire par le grand public) en lui permettant dà ªtre leader mondial sur cette partie du cycle nuclà ©aire. En effet, lintà ©rà ªt de cette actività © rà ©side dans le fait que le recyclage du combustible usà © contribue à   à ©conomiser les ressources naturelles en uranium. De plus, il facilite la gestion des dà ©chets radioactifs en rà ©duisant significativement leur volume et leur radio-toxicità ©. Plusieurs pays, qui souhaitent lancer un programme à ©lectronuclà ©aire ambitieux, se tournent vers la technologie du recyclage, Areva apparait donc comme lacteur incontournable. Dans ce domaine, les procà ©dà ©s technologiques mis en Å“uvre par Areva ont atteint leur maturità © industrielle et permettent doffrir aux clients des conditions commerciales compà ©titives. Le pà ´le TD Il propose des systà ¨mes permettant le transport dà ©lectricità © (moyenne et haute tension) du lieu de production vers le client final. En outre Areva installe des systà ¨mes complets et fournie des services adaptà ©s à   chaque segment de marchà © (transmission, distribution et industrie à ©lectro-intensive). Les solutions proposà ©es par le pà ´le permettent de faire fonctionner les rà ©seaux à ©lectriques de manià ¨re fiable, stable tout en respectant lenvironnement. On peut dà ©composer ce pà ´le en 4 business unit: Produit: la conception et fabrication de produits de moyenne et haute tension pour acheminer là ©lectricità © de la centrale jusquaux utilisateursà  55% du CA Systà ¨mes: linstallation de systà ¨mes à ©lectroniques et informatiques lià ©s à   la gestion des rà ©seauxà  30 % Automation: la fabrication et linstallation de sources de pilotage en temps rà ©el des rà ©seaux à ©lectroniquesà  9% Services: assistance aux clients, maintenance et de rà ©parationà  6 % du CA Ce domaine dactività © stratà ©gique dAreva contribue à   faire de la socià ©tà © un leader sur le marchà ©. Depuis 2004, là ©quipe dirigeante dAREVA TD a mis en Å“uvre des plans damà ©lioration sur 3 ans, qui ont contribuà © au repositionnement de lentreprise. En effet, la marge dexploitation dAREVA TD est passà ©e de 3,2 % en 2004 à   7,4 % en 2009 Ce pà ´le a rà ©alisà © un CA en 2009 de 5,474 milliards deuros, mais bien quà ©tant lactività ©  «vache à   lait » du groupe, il est actuellement en cours de cession. Cest le pà ´le le plus internationalisà © du groupe avec plus de 60% du CA du pà ´le rà ©alisà © hors de lEurope. C/ Linternationalisation Dà ¨s la crà ©ation dAREVA, lobjectif du groupe à ©tait de devenir un leader mondial dans ses mà ©tiers et dassurer une prà ©sence internationale sur tous les mà ©tiers du nuclà ©aire. Le groupe a donc dà ©veloppà © une stratà ©gie dinternationalisation afin de bà ©nà ©ficier dune base de clients à ©largie et simplanter au niveau mondial. Aujourdhui AREVA est un groupe mondial avec une prà ©sence commerciale dans plus de 100 pays et qui ne cesse de se dà ©velopper. Le groupe AREVA dans le monde Source: www.areva.com En Europe, AREVA est vite devenu un leader dans ses mà ©tiers. Cette fusion a permis au groupe de faire directement face à   la concurrence mondiale, notamment celle dAsie et dAmà ©rique du Nord. Le groupe AREVA a donc dabord utilisà © une stratà ©gie de croissance de fusion avant de pouvoir lancer son internationalisation. Aujourdhui les perspectives de croissance en Europe sont assez positives. Le marchà © du nuclà ©aire continue de se dà ©velopper en Europe de lOuest et des projets sont en cours de prà ©paration en Europe de lEst. Le marchà © des à ©nergies renouvelables est aussi en pleine croissance grà ¢ce à   la volontà © de lUnion Europà ©enne de dà ©velopper ce type dà ©nergie. La zone Europe reprà ©sente 57% du chiffre daffaires du groupe en 2008. En Amà ©rique du Nord, limplantation a commencà © avec lacquisition de la socià ©tà © amà ©ricaine Canberra et puis Duke Engineering en 2002, qui renforce la position dAREVA en tant que pilier dans le secteur de là ©nergie. La stratà ©gie à ©tait donc de simplanter rapidement afin de pà ©nà ©trer le marchà © efficacement. Cependant, cette stratà ©gie peut à ªtre critiquà ©e car une implantation aussi rapide nà ©cessite des frais dintà ©gration en termes de construction de culture dentreprise et de business model cohà ©rent dans tout le groupe. Aujourdhui le chiffre daffaires dans la zone Amà ©rique est en là ©gà ¨re baisse mais les perspectives de croissance sont positives, notamment sur le marchà © des à ©nergies renouvelables avec les marchà ©s de la bioà ©nergie en forte expansion au Brà ©sil. La zone Amà ©rique correspond à   14, 7 % du chiffre daffaires total en 2008. Dans la zone Asie et Pacifique, le groupe AREVA possà ¨de 11 sites industriels, une usine quil dà ©tient à   100%. De plus, le groupe a mis en place des partenariats avec des entreprises locales, appelà ©es  «co-entreprises ». Cette stratà ©gie est assez cohà ©rente à ©tant donnà ©, quAREVA cherchait à   pà ©nà ©trer le marchà © Asiatique assez rapidement et les partenariats avec des entreprises locales vont permettre au groupe de mieux cerner les enjeux et les habitudes culturelles de travailler dans cette zone et dans ce secteur. Le marchà © Asiatique a une taille trà ¨s importante, lInde et la Chine sont des pays avec de forte consommation en à ©nergie. La Corà ©e du Sud et le Japon dà ©veloppent la construction de centrale nuclà ©aire. Par ailleurs, le marchà © des à ©nergies renouvelables est aussi en dà ©veloppement dans cette zone, avec la volontà © des gouvernements de favoriser la bioà ©nergie, le solaire et la fibre hydrogà ¨ne. La zone Asie et P acifique reprà ©sente 19,5% du chiffres daffaires total en 2008. Le groupe AREVA est aussi prà ©sent dans la zone Afrique et Moyen-Orient et intervient majoritairement dans les actività ©s des Business Groups Mines, Amont et Rà ©acteurs Services. AREVA exploite luranium au Niger, oà ¹ le groupe bà ©nà ©ficie de tarifs prà ©fà ©rentiels. Par ailleurs, cest au Qatar, que la filià ¨re TD signe son plus grand contrat. Le groupe AREVA veille donc à   saccaparer les opportunità ©s intà ©ressantes dans la zone Afrique et Moyen-Orient. Les perspectives de croissance ne sont intà ©ressantes à   lheure actuelle que pour le marchà © de là ©nergie nuclà ©aire avec lintà ©rà ªt des pays du Golfe et ceux dAfrique du Nord pour lutilisation de cette à ©nergie. Source: www.areva.com Le groupe AREVA a su donc se dà ©velopper à   linternationale assez rapidement en cernant les marchà ©s avec les perspectives les plus intà ©ressantes. Cependant, on peut noter que cette implantation sest faite dans une durà ©e de temps trà ¨s rapide dans certaines rà ©gions grà ¢ce à   lacquisition de socià ©tà ©s locales. Cette stratà ©gie permet au groupe AREVA de pà ©nà ©trer le marchà © efficacement et dà ©crocher des contrats intà ©ressants. Nà ©anmoins, il est important de souligner que chaque zone gà ©ographique doit à ªtre rassemblà ©e sous là ©gide dune culture et dun business model commun. Les concurrents dAREVA, ont pour la plupart une histoire beaucoup moins rà ©cente et se sont dà ©veloppà ©s à   linternationale avec une stratà ©gie diffà ©rente. Le groupe amà ©ricain Westinghouse sest implantà © par le biais de fusion et dacquisition notamment en Europe. D/ les actionnaires Structure de lactionnariat AREVA a à ©tà © crà ©Ãƒ © le 3 septembre 2001, à   partir de lex-structure CEA-Industrie dont le capital à ©tait dà ©tenu à   95 % par le CEA (Commissariat à   là ©nergie atomique). Aujourdhui, la participation du secteur public(CEA, Etat et ERAP) dans le capital du groupe sà ©là ¨ve à  87 %. Les4 % de capitaux flottantsont dà ©tenus par lesporteurs de certificats dinvestissement. Depuis, de nombreux actionnaires (Total, EDF) ont apportà © diverses participations minoritaires dà ©tenues principalement dans COGEMA (devenue, depuis, AREVA NC) et Framatome SA (devenue AREVA NP) en à ©change de titres du nouveau groupe AREVA. La participation de lactionnaire historique (le CEA) est passà ©e de 95,1% à   78,96% à   lissue de ces opà ©rations. Alcatel, qui dà ©tenait 2,23% du capital du nouveau groupe AREVA, a vendu sa participation le 21 dà ©cembre 2001 à   la Caisse des Dà ©pà ´ts et Consignations (CDC). Cette dernià ¨re qui possà ©dait 1,36% du capital sest ainsi renforcà ©e à   un niveau de 3,59%.[2] Evolution de lactionnariat Source: http://www.areva.com/FR/finance-402/index.html Actionnaire 2009 De 2001 à   2008 2000 Capital Vote Capital Vote Capital Vote CEA 78,96% 82,99%* 78,96% 82,99% 95,14% 100,00% Etat 5,19 % 5,19 % 5,19 % 5,19 % CDC 3,59 % 3,59 % 3,59 % 3,59 % ERAP 3,21 % 3,21 % 3,21 % 3,21 % EDF 2,42 % 2,42 % 2,42 % 2,42 % Framà ©pargne** 0,62 % 0,62 % 0,62 % 0,62 % CALYON** 0,96 % 0,96 % 0,96 % 0,96 % Total 1,02 % 1,02 % 1,02 % 1,02 % Porteurs de CI 4,03 % 4,03 % 4,86 % 0,00 % AREVAauto-Contà ´le 0,2 % Lactionnariat dAREVA est partagà ©: lEtat franà §ais est proprià ©taire direct et indirect: 5.19% de dà ©tention propre et 78.96% et 3.59% à   travers respectivement le Commissariat à   lEnergie Atomique ainsi que la Caisse des Dà ©pà ´ts et Consignation. Dautre part, des actionnaires minoritaires sont proprià ©taires du reste du capital de lentreprise (ce sont en majorità © de grands groupes franà §ais qui dà ©tiennent ces participations tels quEramet ou Safran.) Evolution du cours de laction Lintroduction en bourse de lentreprise Areva date de septembre 2001. La valeur du titre na cessà © de croitre sur la pà ©riode 2001-2007; le titre à ©tant passà © de 163.8 euros à   731.38 en moyenne. Ensuite, en une annà ©e, il a perdu plus du double de sa valeur pour atteindre un cours moyen en 2008 de 335 euros. Ceci sexplique par plusieurs facteurs, notamment une baisse de là ©nergie nuclà ©aire qui est intervenue en 2008 mais à ©galement la mauvaise à ©valuation de certains chantierscomme celui du rà ©acteur finlandais dOlkiluoto oà ¹ le coà »t de construction du rà ©acteur a à ©tà © dà ©passà © de plus de deux et milliards deuros. Consà ©quences de la structure actionnariale sur la stratà ©gie du groupe Les dà ©cisions stratà ©giques du groupe AREVA ne peuvent à ªtre prises sans laval du gouvernement franà §ais, ce qui a pour effet de minimiser le rà ´le des dirigeants de lentreprise. Ce postulat est trà ¨s important et contraint fortement le groupe dans ses politiques de financement. En revanche, Cette proprià ©tà © de lEtat parait là ©gitime : eu à ©gard de limportance des coà »ts fixes pour une telle socià ©tà ©, aucun dà ©veloppement naurait à ©tà © possible sans la prà ©sence dun investisseur aussi important que lEtat. De surcroà ®t, cest lEtat qui permet, à   travers les visites prà ©sidentielles, à   lentreprise de nà ©gocier de gros contrats dans les pays à ©trangers. Toutefois, il convient de relativiser limportance de lEtat puisque celui-ci a prà ©vu de rà ©duire ses parts lors dune augmentation de capital qui devrait intervenir cet à ©tà © (annà ©e 2010) et dont il na pas prà ©vu de participer (seule une participation symbolique est prà ©vue). E/ la performance de lentreprise vis -à  -vis de ses concurrents Performance à ©conomique au sein de la filià ¨re  § Chiffre daffaire LEurope est le principal marchà © client dAREVA, totalisant 63,6% du CA en 2009 dont 38,2% est rà ©alisà © en France. Cette tendance est particulià ¨rement marquà ©e pour les pà ´les AMONT et REACTEURS ET SERVICES dont environ 75% de lactività © provient de France et des autres pays europà ©ens. AREVA connait donc une forte dà ©pendance auprà ¨s du marchà © europà ©en. Par ailleurs, les ventes rà ©alisà ©es en Asie-Pacifique et aux Amà ©riques reprà ©sentent un tiers du chiffre daffaire, tandis que le groupe a pà ¢tit dun change euro/dollar dà ©favorable. A là ©chelle internationale, AREVA connaà ®t une forte concurrence au sein des actività ©s AMONT, devancà ©e par CAMECO et RIO TINTO dans lextraction, puis par URENCO et USEC dans lenrichissement. Son principal concurrent, prà ©sent sur lensemble des actività ©s AMONT et REACTEURS et SERVICES est le russe Atomenergoprom. AREVA conserve sa position de leader international au sein pà ´le AVAL. Son chiffre daffaire a cependant reculà © de 17% en 2008 et de 3,3% en 2009. En effet, cette actività © rà ©pond essentiellement au besoin dEDF dont AREVA est dà ©pendante. De ce point de vue, AREVA a su capter un contrat important signà © avec EDF en 2008 pour le recyclage de combustibles usà ©s de 2008 à   2040. Part du chiffre daffaire des principaux acteurs de la filià ¨re nuclà ©aire en 2008 (source à ©tude Xerfi 9CHE27) :  § Acquisitions Le groupe a soutenu la croissance du pà ´le TD en 2009 grà ¢ce à   plusieurs acquisitions qui lui ont permis dà ªtre compà ©titif sur le vieux continent. Il a gà ©nà ©rà © en 2008 38% du CA et 10% des commandes conduisant ainsi à   une croissance de 17% par rapport à   lannà ©e prà ©cà ©dente. Les chiffres de 2009 ne sont pas dà ©taillà ©s dans le document de rà ©fà ©rence de 2009 publià © par Areva, lactività © à ©tant en cours de cession. Il a par ailleurs investi dans les à ©nergies renouvelables grà ¢ce à   lacquisition de là ©quipementier brà ©silien Koblitz, gà ©ant de la construction clà © en main de centrales à ©lectriques biomasses ou hydroà ©lectriques. AREVA devient pour le moment un des constructeurs de centrales dont loffre est la plus diversifià ©e.  § Rà ©sultat opà ©rationnel Malgrà © la hausse du chiffre daffaire, le rà ©sultat opà ©rationnel a lui chutà © presque de moitià © (-44,3% en 2008). Cela sexplique notamment par les difficultà ©s rencontrà ©es dans la construction de lEPR OL3 en Finlande pour lequel 749 millions deuros de provisions ont du à ªtre passà ©es.  § Ratios dutilisation des actifs Daprà ¨s les donnà ©es de In financials au 31/12/2009, AREVA prà ©sente un  «cash ratio » (total du cash disponible sur les dettes courantes) de 9,35%, soit 12 points infà ©rieurs à   la moyenne de ses concurrents. Le groupe dispose de peu de liquidità ©s, ce qui peut le mettre en difficultà ©s à ©tant donnà © lintensità © capitalistique de lindustrie nuclà ©aire. Ainsi, si AREVA veut conserver son avance sur ses concurrents elle sera amenà ©e à   rà ©cupà ©rer du cash afin dinvestir massivement. La performance à ©conomique du groupe est tout de mà ªme satisfaisante avec une rentabilità © des capitaux propres de 1,95 soit plus dun point supà ©rieure à   la moyenne de ses concurrents.  § Participations Le groupe semble opà ©rer une stratà ©gie de recentrage pour ne garder que les participations majoritaires autour de lactività © de production dà ©nergie nuclà ©aire. En effet, il a annoncà © sa volontà © de cà ©der ses participations dans lopà ©rateur minier et de mà ©tallurgie Eramet et dans le fabriquant de semi-conducteur STMicroelectronics. Position dAREVA vis-à  -vis de ses concurrents  § Partenariats Le secteur du nuclà ©aire à ©tant trà ¨s concentrà © et fortement capitalistique, les spà ©cialistes mondiaux des centrales clà ©s en main ont à ©tà © amenà © à   signer des alliances stratà ©giques à   plusieurs niveaux: Stratà ©gique: en sassociant avec des socià ©tà ©s dextraction duranium afin dassurer lapprovisionnement en matià ¨res premià ¨res. Exemple: Areva et Kazaromprom Technologique: dà ©veloppement de coopà ©ration intra branche pour construire des rà ©acteurs communs, atteindre rapidement une taille critique et bà ©nà ©ficier de synergies dans le domaine des achats, des savoir-faire technologiques. Exemples: Hitachi et GE (2007), Areva et MHI (2008), Siemens et Atomenergoprom (2010) Economique: en sassociant avec des distributeurs dà ©lectricità ©s locaux afin dapporter au client une solution complà ¨te de la construction à   lexploitation. Exemple: Areva et E.On au Royaume-Uni, Areva, GDF Suez et Total  · Compà ©titività © sur le vieux continent Siemens qui dà ©tient 34% du capital dAREVA NP a annoncà © fin janvier 2009 quil cà ¨derait totalement ses parts dici à   2012 pour mettre fin à   ce partenariat financier. Siemens explique son dà ©sengagement par linsuffisante coopà ©ration managà ©riale. Ce partenariat permettait