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Veolia Environmental Services Publishes 2013 First-Half Financial Results - Continued steady implementation of the Company’s strategy - VeoliaES.com
Veolia Environmental Services Publishes 2013 First-Half Financial Results

 

PRZOOM - /newswire/ - Lombard, IL, United States, 2013/08/05 - Continued steady implementation of the Company’s strategy - VeoliaES.com. Euronext: VIE; NYSE:VE

   
 
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• Adjusted operating income increased 28% to €539 million;
• Adjusted net income of €131 million compared to €18 million in first half 2012;
• 2013 objectives confirmed.

Performance in line with the path to recovery and profitable growth:
• Improvement in the year-over-year revenue trend in Q2 2013 (-1% in Q2 after -3% in Q1 2013 at constant consolidation scope and exchange rates)
• Resilience of Q2 2013 adjusted operating cash flow: +0.5% at constant exchange rates, excluding restructuring costs, after a 7.0% decline in Q1 2013
• Adjusted operating income increased 28% to €539 million
• Adjusted net income was €131 million versus €18 million for the first half of 2012

Positive impacts of the implementation of the Company’s transformation plan:
• Reduction in net financial debt to €10.0 billion at June 30, 2013
• Net cost reductions of €74 million in the first half of 2013
• New geographical organization since July 2013
• Continued commercial success with industrial clients and in growing geographies
• Reinforcement in progress of Veolia operations in Latin America

Key first half 2013 figures:
• Revenue: €11.1 billion
• Adjusted operating cash flow: €930 million
• Adjusted operating income: €539 million
• Adjusted net income: €131 million
• Net income: €4 million
• Divestments: €292 million
• Positive Free Cash Flow: +€556 million
• Net financial debt: €10.0 billion
• Adjusted net financial debt: €6.7 billion
• Adjusted leverage ratio: 3.1x

Antoine Frérot, Veolia Environnement Chairman and Chief Executive Officer, commented: “First half 2013 results reflect the initial impacts of the Company’s strategy that has been in place for the last 18 months. They show that the Company is fully on the charted path to recovery and profitable growth. Operational risk management due to refocusing and productivity efforts contributed to a significant improvement in adjusted operating income, which increased 28%, despite an unfavorable economic environment. On a commercial basis, we have been successful, with several significant contracts awarded to Veolia within our targeted development areas, in particular with industrial clients. In view of the progress achieved during the first half of 2013, we are confident in our ability to achieve our medium- and long-term objectives.”

Important Disclaimer
Veolia Environnement is a corporation listed on the NYSE and Euronext Paris. This press release contains “forward-looking statements” within the meaning of the provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking statements are not guarantees of future performance. Actual results may differ materially from the forward-looking statements as a result of a number of risks and uncertainties, many of which are outside our control, including but not limited to: the risk of suffering reduced profits or losses as a result of intense competition, the risk that changes in energy prices and taxes may reduce Veolia Environnement’s profits, the risk that governmental authorities could terminate or modify some of Veolia Environnement’s contracts, the risk that acquisitions may not provide the benefits that Veolia Environnement hopes to achieve, the risks related to customary provisions of divesture transactions, the risk that Veolia Environnement’s compliance with environmental laws may become more costly in the future, the risk that currency exchange rate fluctuations may negatively affect Veolia Environnement’s financial results and the price of its shares, the risk that Veolia Environnement may incur environmental liability in connection with its past, present and future operations, as well as the risks described in the documents Veolia Environnement has filed with the U.S. Securities and Exchange Commission. Veolia Environnement does not undertake, nor does it have, any obligation to provide updates or to revise any forward-looking statements. Investors and security holders may obtain a free copy of documents filed by Veolia Environnement with the U.S. Securities and Exchange Commission from Veolia Environnement.

The review of results by auditors is still in progress.

Additional information is available on finance.veolia.com/.

 
 
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Agency / Source: Veolia

 
 

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Veolia Environmental Services Publishes 2013 First-Half Financial Results

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PRZOOM / PRTODAY - Newswire Today disclaims any content contained in this article. If you need/wish to contact the company who published the current release, you will need to contact them - NOT us. Issuers of articles are solely responsible for the accuracy of their content. Our complete disclaimer appears here.
IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any Veolia securities in any jurisdiction including any other companies listed or named in this release.

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