Veolia Environnement 2010 Financial Results

2010 OBJECTIVES EXCEEDED
PDF
Veolia Environnement 2010 Results (123.68 KB)

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)