(UNAUDITED IFRS FIGURES)
GOOD RESULTS GROWTH WITHIN A MACROECONOMIC
ENVIRONMENT THAT REMAINS LACKLUSTER
ANNUAL OBJECTIVES CONFIRMED
* DOWN 1.7% AT CONSTANT SCOPE AND
EXCHANGE RATES TO €6,089 MILLION
* UP 1.6%1 EXCLUDING
IMPACT OF ENERGY PRICES (-€90 MILLION) & CONSTRUCTION (-€117
MILLION)
- EBITDA INCREASED 5.0%1
TO €840 MILLION
- COST REDUCTIONS AMOUNTED TO €58
MILLION
- CURRENT EBIT IMPROVED
7.5%1 TO €413 MILLION
- CURRENT NET INCOME AMOUNTED TO €173
MILLION, AN INCREASE OF 16% EXCLUDING CAPITAL GAINS
- NET FINANCIAL DEBT DECLINED €705
MILLION COMPARED TO MARCH END 2015 TO €8,265 MILLION
Regulatory News:
Antoine Frérot, Veolia’s Chairman and Chief Executive Officer
declared: “The 2016 fiscal year has started out on a
satisfactory note with 5% growth in EBITDA and 16% growth in our
current net income excluding capital gains. As evidence of improved
operational management, our margins have also continued to improve.
Revenue is down in the first quarter, mainly due to the impact of
lower energy prices, but also related to our intent to accelerate
the recovery in our construction business. Excluding these two
elements, which had little impact on our profits, revenue increased
by 1.6%. This good start to the year allows us to be confident in
the achievement of our full year objectives.”
- Revenue declined 3.4% (-1.7% at
constant consolidation scope and exchange rates) from €6,305
million to €6,089 million in the first quarter of 2016. Excluding
construction revenue and the impact of the decline in energy
prices, revenue increased by 1.6% at constant consolidation scope
and exchange rates.
Exchange rate movements negatively impacted first quarter
revenue by €84 million, or -1.3%. The decline in energy prices also
weighed on revenue to the tune of €90 million (-1.4%), while lower
construction activity negatively impacted revenue by €117 million
(or -1.9%).
- In France, revenue was stable in Water,
with flat volumes compared to the prior year and indexation of
+0.2%. Regarding commercial development, the start of the Lille
contract offset the impact of contract renegotiations. In the Waste
business, revenue declined by 1%. The decline in scrap metal
activity was partially offset by good performance in treatment
activities (incineration and landfill). Overall, the France segment
recorded quasi-stable revenue performance of -0.5% at constant
consolidation scope compared to the prior year quarter.
- Europe excluding France revenue
declined slightly (-0.7% at constant consolidation scope and
exchange rates) but increased 1.2% excluding the impact of lower
energy prices and construction revenue. Central Europe revenue was
stable, with a slightly favorable weather impact compared to 1Q
2015 for heating, good water volumes, and offset by the decline in
energy prices as well as lower electricity volumes sold. Revenue in
the United Kingdom was lower by 2.2% due to lower landfilled
volumes, partially offset by the startup of the new incinerator in
Leeds. Revenue in Germany was stable (-0.7%) with higher revenue in
the Waste business (+4.3%), offset by the impact of lower energy
prices.
- Revenue in the Rest of the World
segment declined by 2.5% at constant consolidation scope and
exchange rates. Excluding the impact of energy prices and
construction revenue, segment revenue increased 1.5%. Revenue in
the United States fell 14.7%, penalized by a very mild winter and
lower energy prices, as well as a challenging start to the year in
industrial services. At constant consolidation scope and exchange
rates, Latin America revenue grew 5.4%, Asia grew 2.6% and revenue
in Africa and the Middle East increased 8.5% in particular due to
higher electricity demand in Gabon.
- The Global Businesses segment revenue
fell 4.3% at constant consolidation scope and exchange rates, with
strong growth in hazardous waste (+11.3% in the SARPI business),
and a decline in engineering revenue (-6.4%) due to lower
construction revenue related to the Sadara and Az Zour North
contracts, as well as the cancellation of the Shell Carmon Creek
project, and lastly due to lower revenue in the Sade business
(-6.8%) due to a delay in international projects.
- By business, and at constant
consolidation scope and exchange rates, Water revenue declined
2.2%, with on one hand good activity in the concessions business
and on the other hand a decline in revenue from construction
activities. The Waste business recorded satisfactory revenue, with
growth of 1.2%, while Energy revenue declined by 4.7% mainly due to
the decline in energy prices.
- Solid EBITDA improvement driven by
cost reductions, with an increase of 3.0% (+5.0% at constant
consolidation scope and exchange rates) from €816 million to €840
million in 1Q 2016.
- The unfavorable variation in exchange
rates negatively impacted EBITDA growth by 1.4% (€11 million).
- Cost savings contributed to EBITDA
growth in the amount of €53 million, in particular due to
purchasing savings and operational efficiency.
- By segment: in France, EBITDA declined
in the Water business given weak tariff indexation and further
provisions related to the Brottes Law, as well as in Waste due to
non recurring favorable items in 1Q 2015. EBITDA in the Rest of
Europe segment increased significantly due to cost savings and good
performance in Central and Eastern Europe. Rest of the World EBITDA
declined due to the impact of the mild winter in the US, partially
offset by good performance in Asia.
- Current EBIT increased 4.2% (+7.5%
at constant consolidation scope and exchange rates) to €413 million
in 1Q 2016 compared with €397 million in the prior year period.
- Growth in current EBIT was driven by
the increase in EBITDA. The contribution of joint ventures and
associates amounted to €17.4 million in 1Q 2016 compared with €22.4
million in the prior year period due to diverse scope and currency
effects.
- Current net income amounted to €173
million in 1Q 2016 a decrease of 18% compared to €212 million in 1Q
2015. Excluding capital gains, current net income increased
16%.
- Current net income in 1Q 2015 included
€65 million in financial capital gains compared with only €3
million in 1Q 2016. Excluding these capital gains, growth in
current net income was 16%. Current net income in 1Q 2016 includes
€41 million in costs related to the application of IFRIC 21
compared with €43 million in 1Q 2015.
- Net financial debt significantly
improved to €8,265 million as of March 31, 2016, compared with
€8,970 million as of March 31, 2015.
- Net financial debt amounted to €8,265
million, a significant decline compared to net financial debt at
March 31, 2015 due to strong free cash flow generation over the
prior 12 months. Net financial debt increased slightly from
December 31, 2015 levels (€8,170 million), due to seasonality in
working capital requirements, and includes a favorable exchange
rate impact of €252 million.
Following the satisfactory start to 2016, the Group confirms its
outlook.
- 2016 Objectives*
- Revenue and EBITDA growth
- Net Free Cash Flow before divestments
and acquisitions of at least €650 million
- Current net income of at least €600
million
*at constant exchange rates
- Two main objectives for 2018
- Current net income greater than €800
million
- Net Free Cash Flow of €1 billion
- 2016-2018 Outlook
- The Group expects a progressive
increase in revenue growth to achieve average annual revenue growth
between 2% and 3%, based on the current economic environment
- Average annual EBITDA growth of around
5% per year
- More than €600 million in cost savings
over the period
Veolia group is the global leader in optimized resource
management. With over 174,000 employees worldwide, the Group
designs and provides water, waste and energy management solutions
that contribute to the sustainable development of communities and
industries. Through its three complementary business activities,
Veolia helps to develop access to resources, preserve available
resources, and to replenish them. In 2014, the group Veolia
supplied 96 million people with drinking water and 60 million
people with wastewater service, produced 52 million megawatt hours
of energy and converted 31 million metric tons of waste into new
materials and energy. Veolia Environnement (listed on Paris
Euronext: VIE) recorded consolidated revenue of €25.0 billion in
2015. www.veolia.com
Important disclaimerVeolia
Environnement is a corporation listed on the 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 other risks
described in the documents Veolia Environnement has filed with the
Autorités des Marchés Financiers (French securities regulator).
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 from Veolia
Environnement a free copy of documents it filed (www.veolia.com)
with the Autorités des Marchés Financiers.
This document contains "non‐GAAP financial measures". These
"non‐GAAP financial measures" might be defined differently from
similar financial measures made public by other groups and should
not replace GAAP financial measures prepared pursuant to IFRS
standards.
QUARTERLY FINANCIAL INFORMATION FOR THE
PERIOD ENDING MARCH 31, 2016
A] KEY
FIGURES
Group results break down as follows:
(in € million)
Three Three
months months Δ at
constant
ended ended Δ consolidation
March 31, March
31, scope &
2016 2015
exchange rates Revenue 6,089 6,305
-3.4% -1.7% EBITDA 840 816 3.0% 5.0% EBITDA margin
13.8% 12.9% +90bp Current EBIT (1)
413 397 4.2% 7.5% Current net income –
Group share 173 212 -18.4% Current net income
– Group share, excluding capital gains and losses on financial
disposals net of tax 170 147 16.0% Industrial
investments 246 267 Net free cash flow (2)
(343) (317) Net financial debt 8,265 8,970
(1) Including the share of current net income of joint ventures
and associates viewed as core Company activities.
(2) Net free cash flow corresponds to free cash flow from
continuing operations, and is equal to the sum of EBITDA, dividends
received, operating cash flow from financing activities, and
changes in operating working capital requirements, less net
industrial investments, current cash financial expense, cash taxes
paid, restructuring charges and renewal expenses.
B] INCOME STATEMENT
1. Revenue
Group consolidated revenue for the three months ended March 31,
2016 was €6,089 million, compared with €6,305 million for the same
period in 2015, down -3.4% at current consolidation scope and
exchange rates and -1.7% at constant consolidation scope and
exchange rates (-2.1% at constant exchange rates).
Excluding the Construction business and the impact of energy
prices, revenue increased +1.6% at constant consolidation scope and
exchange rates.
The foreign exchange impact on
revenue totaled -€84.1 million (-1.3% of revenue) and mainly
reflects fluctuations in the value of the euro against the
Argentine peso (-€21.0 million), the pound sterling (-€19.0
million), the Australian dollar (-€15.7 million), the US dollar
(+€12 million), the Polish zloty (-€12.5 million) and the Brazilian
real (-€7.6 million).
The consolidation scope impact was
largely due to transactions performed in 2015: divestiture of the
Group’s activities in Israel (-€36.0 million), acquisition of
Altergis in the Energy sector in France (+€14.5 million) and the
divestiture of Waste activities in Poland (-€4.5 million).
The decrease in Construction
revenue (-1.9%) was mainly due to application of a more selective
growth strategy and the end of major projects at Veolia Water
Technologies and lackluster activity levels in SADE.
Group revenue was affected by the decline in energy prices (-1.4%), primarily in the United
States and to a lesser extent in Germany and Central Europe.
The positive commercial momentum (Commerce/Volumes impact) of +€98 million was due
to:
- favorable weather conditions in Central
Europe, tempered by a negative weather effect in the United
States;
- the limited negative impact of
contractual renegotiations in the Water business in France;
- the commissioning of the Leeds
incinerator in the United Kingdom and of two cogeneration plants in
Hungary;
- continued strong international
performance (primarily in Asia and the Africa / Middle East
region);
- the good momentum of hazardous waste
activities.
1.1 Revenue by segment
Revenue (in € million)
Three
months Three months Foreign
ended March
ended March Change Internal External exchange
31,
2016 31, 2015 2015/2016 growth
growth impact
France 1,322.9 1,320.1
0.2% -0.5% 0.7% -
Europe
excluding France 2,265.3 2,312.0
-2.0% -0.7% -0.2% -1.1%
Rest of the
World 1,426.1 1,509.6 -5.5%
-2.5% - -3.1%
Global businesses
1,067.7 1,111.9 -4.0% -4.3% 1.3%
-1.0%
Other 6.8 51.2 -86.7% 2.2%
-88.8% -
Group 6,088.8
6,304.8 -3.4% -1.7%
-0.4% -1.3%
Revenue in France for the three months ended March 31, 2016 was
€1,322.9 million, down -0.5% at constant consolidation scope
compared to the prior year period.
- Water business revenue was stable at
constant consolidation scope compared to the first three months of
2015. The positive commercial impact of new contracts (particularly
the Ileo contract in Lille) and tariff indexation of +0.2% were
mitigated by unfavorable contractual renegotiations and reduced
Construction activity. Volumes sold for the three months ended
March 31, 2016 were stable vs. the prior year period;
- Waste business revenue slipped -1.0% at
constant consolidation scope. Despite the good level of
incineration activities and landfill volumes, revenue was impacted
by a drop in municipal collection volumes and a decrease in
recycled material prices and volumes (plastic and ferrous and
non-ferrous scrap metal).
Revenue in the Europe excluding France segment for the three
months ended March 31, 2016 amounted to €2,265.3 million, down
-2.0% at current consolidation scope and exchange rates and -0.7%
at constant consolidation scope and exchange rates compared to the
prior year period.
Excluding the impact of Construction activities and energy
prices, revenue increased +1.2% at constant consolidation scope and
exchange rates.
This overall decrease breaks down as follows:
- Central Europe: revenue was stable. The
increase in water volumes invoiced in the Czech Republic, the
commissioning of two cogeneration plants in Hungary and favorable
weather conditions in Lithuania and Poland were offset by the drop
in electricity sales volumes and the decline in heating and
electricity prices.
- United Kingdom and Ireland: revenue
declined 2.3% at constant consolidation scope and exchange rates.
Revenue was impacted by a decline in landfill volumes, despite the
growth of commercial collection activities and the commissioning of
the Leeds incinerator.
- Northern Europe: revenue increased
+2.7% at constant consolidation scope and exchange rates, despite a
slight downturn in Germany (-0.7% at constant consolidation scope)
in line with the decrease in the price of gas and electricity,
partially offset by an increase in gas volumes sold. The other
Northern Europe countries reported an increase in revenue, driven
by growth in recycling activities, construction activities in
Benelux and new contracts in Sweden.
- Italy: Energy business revenue fell
7.9% at constant consolidation scope due to the restructuring of
the commercial portfolio.
- Rest of the
World
Revenue in the Rest of the World segment for the three months
ended March 31, 2016 was €1,426.1 million, down 5.5% at current
consolidation scope and exchange rates (-2.5% at constant
consolidation scope and exchange rates) compared to the prior year
period. Excluding the impact of Construction activities and energy
prices, Rest of the World segment revenue increased +1.5% at
constant consolidation scope and exchange rates.
Rest of the World revenue reflects solid growth across the
region, with the exception of North America:
- Latin America (+5.4% at constant
consolidation scope and exchange rates) with growth driven
particularly by Argentina (increase in volumes under the Buenos
Aires contract accompanied by a price increase) and Mexico;
- Asia (+2.6% at constant consolidation
scope and exchange rates), where revenue increased across most of
the region with the exception of Singapore and India. In China,
revenue grew 2.2% at constant consolidation scope and exchange
rates, mainly in line with the increase in volumes sold in the
Energy business (Harbin and Jiamusi heating networks) and despite a
decrease in energy prices;
- Africa and the Middle East, where
revenue growth (+8.5% at constant consolidation scope and exchange
rates) was boosted by increased electricity sales in Gabon.
The strong revenue growth in the Rest of the World segment was
tempered by a slump in North American revenue (-14.9% at constant
consolidation scope and exchange rates), mainly due to a fall in
energy prices, a drop in heating volumes sold (due to a very mild
winter) and a decrease in industrial cleaning and industrial water
activities.
Revenue in the Global Businesses segment for the three months
ended March 31, 2016 amounted to €1,067.7 million, down -4.0% at
current consolidation scope and exchange rates (-4.3% at constant
consolidation scope and exchange rates) compared to the prior year
period.
Excluding the impact of Construction activities and energy
prices, revenue increased +4.8% at constant consolidation scope and
exchange rates.
This change mainly reflects:
- good growth in hazardous waste
activities (+5.7% at constant consolidation scope and exchange
rates), tied particularly to treatment and landfill activities and
an increase in industrial clean-up services;
- a decrease in SADE construction
activities outside France, with certain projects pushed back to the
second quarter of 2016 (Jordan). The downturn in construction
activity in France was offset by the strong performance of telecom
activities;
- the completion of major Veolia Water
Technologies projects (Sadara and Az Zour North) despite increased
bookings.
1.2. Revenue by business
Revenue (in € million)
Three
months Three months Change Internal
External
Foreign
ended ended March 2015/2016 growth
growth
exchange
March 31, 31, 2015 impact
2016
Water 2,633.5 2,705.7 -2.7%
-2.2% 0.0% -0.5%
Waste 2,012.1
2,077.1 -3.1% +1.2% -1.7% -2.6%
Energy 1,443.2 1,522.0 -5.2%
-4.7% +0.6% -1.1%
Group 6,088.8
6,304.8 -3.4% -1.7%
-0.4% -1.3%
Water revenue declined 2.2% at constant consolidation scope and
exchange rates for the three months ended March 31, 2016 compared
to the prior year period. Excluding the impact of construction
activities, Water revenue increased +2.6% at constant consolidation
scope and exchange rates, reflecting:
- In France, the positive commercial
impact of new contracts wins (Lille), which offset the unfavorable
impact of contact renewals;
- An increase in volumes sold, primarily
in Central and Eastern Europe ;
- Progressive downsizing of the
construction activities at Veolia Water Technologies: revenue was
impacted by the completion of the large Az Zour North and Sadara
contracts in 2015.
- Waste
Waste revenue increased +1.2% at constant consolidation scope
and exchange rates for the three months ended March 31, 2016
compared to the prior year period. This rise reflects:
- Positive volume impact +1.6%, and price
impact +0.9%;
- Good resilience in France and in the
United Kingdom, and good growth in Germany;
- Lower recycled raw material prices and
volumes;
- Strong growth in hazardous waste
activities (+5.7% at constant consolidation scope and exchange
rates);
- Challenging environment in Industrial
services in the United States.
- Energy
Energy revenue fell 4.7% at constant consolidation scope and
exchange rates for the three months ended March 31, 2016 compared
to the prior year period. Excluding the impact of the decline in
energy prices, revenue increased +0.4% at constant consolidation
scope and exchange rates. This change reflects:
- Overall slightly favorable weather
impact of +0.5% (+€20 million in Europe, but -€13 million in the
United States);
- Positive impact of the start up of
cogeneration facilities in Hungary.
2. Other Income Statement Items
2.1 EBITDA
Group consolidated EBITDA for the three months ended March 31,
2016 was €840 million, up 3.0% at current consolidation scope and
exchange rates and 5.0% at constant consolidation scope and
exchange rates compared with the same period in 2015. EBITDA margin
increased from 12.9% in the three months ended March 31, 2015 to
13.8% in the same period ended March 31, 2016.
This increase in EBITDA was mainly due to cost savings of €53 million over the first three
months of 2016. The annual cost savings objective of €200 million
is confirmed.
The foreign exchange impact on
EBITDA was -€11.3 million and mainly reflects fluctuations in the
value of the euro against South American currencies (-€4.0 million,
primarily the Brazilian real and the Argentine peso), the Polish
zloty (-€3.8 million) and the pound sterling (-€2.4 million).
The consolidation scope impact
(-€5.4 million) mainly concerns the divestiture of Group activities
in Israel (-€3.6 million).
The negative price impact reflects
low tariff indexation net of the cost of inflation. Note that the
decline in energy prices is neutralized at the EBITDA level due to
savings realized on the purchase of fuel.
Cost-saving plans contributed €53
million to the increase in EBITDA, mainly with respect to
purchasing and organizational efficiency.
By segment:
- EBITDA declined in France:
- in the Water business, cost savings
only partially offset the negative impact of price effects, net of
inflation and the impairment of receivables pursuant to the Brottes
law;
- in the Waste business, cost savings and
the fall in fuel prices were offset by the fall in the price of
scrap metal and an unfavorable comparison effect due to
non-recurring items in 2015.
- Strong EBITDA growth in the Europe
excluding France segment, boosted by significant cost savings,
the positive impact of commercial wins and the commissioning of
assets (Leeds incinerator in the United Kingdom, cogeneration
plants in Hungary, etc.), a positive weather effect in Central
Europe and solid performance in Germany.
- The Rest of the World segment
reported a downturn in EBITDA, due to lower activity levels in the
United States.
- United States: the municipal sector was
impacted by the mild winter. Lower activity levels in the
industrial sector were partially offset by significant productivity
gains.
- Continued strong performance in
Asia.
- Conversely, Global Businesses
EBITDA improved significantly, mainly thanks to growth in
hazardous waste activities and to improved profitability of
construction activities.
2.2 Current EBIT
Group consolidated Current EBIT for the three months ended March
31, 2016 amounted to €413 million, up by +4.2% at current
consolidation scope and exchange rates and +7.5% at constant
consolidation scope and exchange rates compared with the same
period in 2015.
This increase in Current EBIT is mainly due to:
- an improvement in Group EBITDA,
particularly in the Europe excluding France and Global Businesses
segments;
- stable depreciation and amortization
expense at constant exchange rates;
- a slightly favorable variation in the
net charges to provisions, particularly for Construction activities
in Latin America due to provision charges recognized in 2015.
- the slightly negative impact (change in
consolidation scope and foreign exchange impact) of the
contribution of equity-accounted entities.
The foreign exchange impact on Current EBIT was -€6.8 million
and mainly reflects fluctuations in the value of the euro against
South American currencies (-€3.4 million, including the Argentine
peso) and the Polish zloty (-€2.8 million)
Reconciling items between EBITDA and Current EBIT for the three
months ended March 31, 2016 and 2015 are as follows:
(in € million)
Three months Three months
ended March 31, ended March 31,
2016
2015
EBITDA 840.3 815.9
Renewal expenses (67.4) (65.0) Depreciation & amortization (1)
(379.6) (371.8) Share of current net income of joint ventures and
associates 17.4 22.4 Provisions, fair value adjustments &
other: 2.5 (4.8)
- Current impairment of property, plant and equipment, intangible
assets and operating financial assets
(4.8) 0.7
- Capital gains (losses) on industrial divestitures
5.3 4.4
- Net charges to operating provisions, fair value adjustments and
other
2.0 (9.9)
Current EBIT 413.2
396.7
(1) Including principal payments on operating financial
assets.
2.3 Current net income
Current net income attributable to owners of the Company fell to
€173 million for the three months ended March 31, 2016 from €212
million for the same period in 2015.
Excluding capital gains and losses on financial divestitures net
of tax, current net income attributable to owners of the Company
rose 16.0% to €170 million from €147 million for the three months
ended March 31, 2015.
C] FINANCING
Three months Three months (in €
million)
ended March 31, ended
2016 March 31, 2015 EBITDA
840 816 Net industrial investments
(230) (238) Change in operating WCR (730)
(660) Dividends received from equity-accounted entities and joint
ventures 3 7 Renewal expenses (67) (65)
Restructuring charges (7) (24) Financial items
(current cash financial expense, and operating cash flow from
financing activities) (98) (104) Taxes paid
(54) (49)
Net free cash flow before dividend payment,
financial investments and financial divestitures
(343) (317) Opening Net financial debt
8,170 8,311
Closing Net financial debt
8,265 8,970
Net free cash flow was -€343
million for the three months ended March 31, 2016, compared with
-€317 million for the same period in 2015.
The change in net free cash flow year-on-year mainly
reflects:
- the improvement in EBITDA;
- solid industrial investment discipline,
with the decrease primarily due to a reduction in maintenance
expenditure in Poland;
- the decrease in restructuring
charges;
- the negative impact of operating
working capital requirements of -€730 million compared with -€660
million in the first three months of 2015, due to a more
substantial seasonal effect in 2016 and numerous customer payments
at the end of 2015.
Overall, net financial debt fell to
€8,265 million, compared with €8,970 million as of March 31,
2015.
In addition to the change in net free cash flow, net financial
debt was favorably impacted by exchange rate fluctuations in the
amount of €252 million in the first three months of the year (€381
million compared to March 31, 2015). Net financial debt was also
impacted by:
- an increase in financial investments,
including the acquisition of Kurion in the amount of -€330 million
on March 31, 2016 (including acquisition costs). Financial
investments did not warrant any particular comment as of March 31,
2015;
- repayment of the Transdev Group
intercompany loan in March 2016 in the amount of €345 million;
- a decrease in financial divestitures to
€26 million in the three months ended March 31, 2016, mainly
comprising the divestiture of a municipal water entity in China. In
the three months ended March 31, 2015, financial divestitures
totaled €299 million and included the divestiture of the Group’s
40% stake in S.D.C PTE in Singapore (enterprise value of €47
million) and the divestiture of activities in Israel contributing
to an overall reduction in net financial debt of €226 million.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160503007233/en/
VEOLIA ENVIRONNEMENTGroup Media
RelationsLaurent ObadiaSandrine Guendoul+ 33 (0)1
71 75 12 52sandrine.guendoul@veolia.comorAnalyst & Investor
RelationsRonald Wasylec - Ariane de Lamaze+ 33 (0)1
71 75 12 23 / 06 00orTerri Anne Powers (United
States)+ 1 312 552 2890
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