Veolia Environnement 2010 Financial Results
03/4/11 • Mixed
Good progression of profitability and returns in 2010, and recovery of organic growth confirmed quarter after quarter:
- Consolidated revenue: 2.5% growth to €34,787M (+1.3% at constant scope and exchange rates) with an improvement in organic growth all throughout the year: -3.3% in Q1, +0.9% in Q2, +2.7% in Q3, +4.7% in Q4.
- Adjusted operating cash flow improvement: +4.0% growth to €3,654M (+0.9% at constant exchange rates) and adjusted operating cash flow margin improvement from 10.3% in 2009 to 10.5% in 2010.
- Adjusted operating income growth of 8.5% to €2,056M (+5.3% at constant exchange rates) and adjusted operating income margin improvement from 5.6% in 2009 to 5.9% in 2010.
€265M in cost reductions.
- Increase in adjusted net income of 11.6% to €579M. Net income was €581M, stable versus 2009.
- ROCE after tax(*) increased from 7.6% in 2009 to 7.9% in 2010.
Positive free cash flow after payment of dividend of €409M
- Net financial debt(*) of €15,218M versus €15,127M including a negative impact of €465M related to unfavorable exchange rate effects.
- Divestments completed in 2010: €1,241M, more than €2.5 billion in two years.
- Improvement in credit ratios
Finalization of the combination of Veolia Transport and Transdev on March 3, 2011: Transportation activities will be consolidated by proportional integration
Proposal to the Annual General Shareholders Meeting on May 17, 2011 to pay a dividend of €1.21 per share in cash or in shares
2011 Objectives: growing results
- Improvement in adjusted operating income in the range of 4% to 8% (2)
- Net income improvement
- Minimum cost savings of €250M
- Increased divestment program to at least €1.3 billion
- Positive free cash flow(*) after payment of dividend(1)