Regulatory News:
Veolia Environnement (Paris:VIE):
(UNAUDITED IFRS FIGURES)
STRONG RESULTS GROWTH
- REVENUE GREW 8.5% TO A €6,305
MILLION
- SIGNIFICANT EBITDA IMPROVEMENT OF
26.4% TO €816 MILLION
- CURRENT EBIT GREW 21% TO €397
MILLION
- CURRENT NET INCOME ALMOST DOUBLED TO
€212 MILLION
- CONFIRMATION OF THE COMPANY’S ANNUAL
OBJECTIVES GIVEN A GOOD START TO THE YEAR
Antoine Frérot, Veolia Environnement’s Chairman and Chief
Executive Officer, declared: “First quarter results are fully
on the path of the significant results improvement envisioned as
part of the Group’s Transformation Plan, for which 2015 is the
final year. Veolia recorded strong earnings growth due to the
combined integration of the Dalkia International activities and
successful execution of the cost savings program. As a result, this
good start to the year allows the Group to be very confident in the
achievement of full year objectives. Furthermore, on a commercial
basis, we continue to be awarded significant contracts from
industrial clients, while focusing on municipal contracts in which
Veolia’s expertise can make a value-added difference. I am
particularly proud that Veolia was selected by the Lille
agglomeration to provide drinking water management and services for
the next eight years. We will present the details of our new
strategic plan, including commercial development, envisioned for
the next three years during an Investor Day scheduled for November
17, 2015.”
- Revenue increased 8.5% (+4.7% at
constant exchange rates) to €6,305 million compared to re-presented
€5,811 million in the first quarter of 2014.
On a pro forma1 basis, revenue increased 2.6%
(-1.4% at constant exchange rates) to €6,305 million from pro forma
re-presented €6,147 million in the prior year quarter, and was
impacted by lower energy and recycled raw material prices.
The favorable impact of exchange rates contributed €243 million
to revenue (+4%) in the first quarter of 2015. Lower energy and
recycled raw material prices weighed on revenue in the amount of
€82 million (-1.3%). On a pro forma basis:
- In France, revenue declined by 3.4%, marked by the last year of
significant contract renegotiations in Water, and the decline in
recycled raw material prices and impact of collection contracts
that were not renewed in Waste.
- Revenue in the Europe excluding France segment declined 1.4%
(-3.5% at constant exchange rates) driven by the decline in Germany
(energy prices and the continued commercial portfolio optimization
in Waste) and a slight decline in the United Kingdom as the impact
of the increase in volumes treated by landfilling and incineration
was more than offset by lower PFI construction revenue, with only
one PFI remaining to build. Central and Eastern Europe revenue was
stable, with a winter that was comparable to that of 2014
(favorable degree days in the Czech Republic, but milder in Poland
and Lithuania).
- Revenue in the Rest of the World segment recorded growth of
13.3% (+1.3% at constant exchange rates), driven by new contracts,
particularly in Asia and Latin America, which offset the negative
impact of lower energy prices in the United States.
- Revenue in the Global Businesses segment grew 6% (+2% at
constant exchange rates) due to the strong performance of Veolia
Water Technologies, with in particular the Carmon Creek and Az Zour
North contracts.
- By business and at constant exchange rates, Water revenue was
stable, Waste revenue declined slightly, but would have been stable
excluding recycled raw material prices, with volumes equivalent to
those of 1Q 2014. Energy revenue was down moderately due to a
significant decline in energy prices.
- Significant EBITDA improvement of
10.9% (+6.6% at constant exchange rates) to €816 million compared
to re-presented pro forma €736 million in first quarter of
2014.
- The favorable impact of exchange rates
contributed 4.3% to the increase in EBITDA (€32 million). The
decline in energy and raw material prices had a neutral impact on
EBITDA.
- At constant exchange rates, EBITDA
primarily grew due to the impact of continued cost savings efforts
(impact of €44 million during the first quarter) and a favorable
price impact.
- By segment: in France EBITDA was stable
in Water due to stable volumes sold and tariff indexation of +1%
which compensated for the impact of contract renegotiations(-€25
million). In Waste, EBITDA was lower due to the decline in volumes
landfilled. In the Europe excluding France segment, EBITDA
increased, with United Kingdom EBITDA benefitting from an increase
in landfilled volumes, stable EBITDA in Germany due to continued
restructuring and growth in EBITDA of Central and Eastern Europe
countries. Strong growth in the Rest of the World segment EBITDA
was driven by good growth in the United States in the industrial
segment in Waste and Water, in Latin America with the start of the
Buenos Aires contract and continued good performance in China.
- Current EBIT increased 12.0% (+8.8%
at constant exchange rates) from pro forma represented €354 million
in the first quarter of 2014 to €397 million in the first quarter
of 2015.
- Current EBIT growth was driven by the
increase in EBITDA, while depreciation and amortization expense
remained stable at €330 million (vs. €326 million in the first
quarter of 2014).
- Current net income increased 88%
from re-presented €113 million in the first quarter of 2014 to €212
million in the first quarter of 2015.
- Current net income in the first quarter
of 2015 includes €67 million in capital gains on financial
divestments compared with €6 million in the first quarter of 2014.
Excluding capital gains, current net income would have increased
36%. Current net income integrates the application of IFRIC 21 in
the amount of -€43 million in the first quarter of 2015 compared
with re-presented -€45 million in the first quarter of 2014.
- Net financial debt amounted to
€8,970 million at March 31, 2015 versus €8,845 million at March 31,
2014.
- Compared to the end of the first
quarter 2014, net financial debt increased slightly due to a
cumulative unfavorable exchange rate impact of nearly €1 billion
since March 31, 2014 (-€574 million since December 31, 2014).
- This week, S&P raised the outlook
on Veolia’s debt from Negative to Stable, while confirming the
Group’s A-2 and BBB debt ratings.
- 2015 objectives are confirmed.
- Revenue growth
- EBITDA and Current EBIT growth
- Continued strong operational
performance
- Cost savings benefits: continued
execution of the €750 million cost savings plan
- Continued capex discipline
- The dividend and hybrid coupon payment
to be covered by current net income and paid by free cash flow
excluding net financial divestments
- Net financial debt under control
1 Pro forma figures exclude Dalkia France operations and include
Dalkia International operations on a fully consolidated basis from
the 1st of January 2014.
Veolia group is the global leader in optimized resource
management. With over 179,000 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 €24.4 billion* in 2014. www.veolia.com
(*) 2014 pro-forma figures including Dalkia International (100%)
and excluding Dalkia France
Important disclaimer
Veolia 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
QUARTER ENDED MARCH 31, 2015
In the press release, the Group refers to two comparative scopes
related to the unwinding of the Dalkia joint venture. At March 31,
2014, Dalkia France was still fully consolidated and Dalkia
International was equity-accounted. Two comparative scopes are
presented throughout this document: one referred to as “GAAP”, with
Dalkia France fully consolidated and Dalkia International
equity-accounted, and the other referred to as “pro forma”, with
Dalkia International fully consolidated and excluding Dalkia
France.
1. Key Figures
Strong quarterly results are in line with the Group’s 2015
objectives and show a net improvement in EBITDA margin as detailed
later in this document.
€M 1Q 2014 1Q 2015
Variation Δ constant
re-presented (1)
Y-Y FX Revenue (2)
5,811 6,305 +8.5% +4.7%
Pro forma
revenue 6,147 6,305
+2.6% -1.4% EBITDA 645 816
+26.4% +22.2%
Pro forma EBITDA
736 816 +10.9%
+6.6% Pro forma EBITDA margin 12.0% 12.9%
+90 bps +90 bps Current EBIT (3) 328
397 +21.0% +18.6%
Pro forma Current EBIT
(3) 354 397 +12.0%
+8.8% Current net income 113
212 +87.8% Pro forma
gross industrial capex 290 267
Net Free Cash Flow (4) -402 -317
Net financial debt 8,845 8,970
(1) 2014 figures are re-presented for IFRS 5 and IFRIC 21 (See
Appendix)
(2) -0.9% at constant scope and exchange rates
(3) Including the share of current net income of joint ventures
and associates of entities viewed as core Company activities
(excluding Transdev, which is not viewed as a core Company
activity)
(4) Net FCF corresponds to free cash flow from continuing
operations, and is calculated by: the sum of EBITDA, dividends
received from joint ventures, operating cash flow from financing
activities, and changes in working capital for operations, less net
industrial investments, current cash financial expense, cash taxes
paid, cash restructuring charges and renewal expenses
Group consolidated revenue
For the first quarter of 2015, the Group’s consolidated revenue
increased 8.5% (+4.7% at constant exchange rates) to €6,304.8
million compared to GAAP re-presented €5,811.0 million for the same
period ended March 31, 2014. Revenue for the quarter ended March
31, 2015 increased 2.6% (-1.4% at constant exchange rates) compared
to pro forma re-presented figures for the quarter ended March 31,
2014.
Revenue in the first quarter of 2015 was mainly impacted by the
following items:
- in France, contractual erosion in Water
and low volumes in the Waste business;
- lower energy prices, particularly in
Germany and the United States;
- growth in international activities
outside of Europe;
- a European winter that was almost as
mild as 2014.
- The foreign exchange impact on revenue
was positive, and amounted to €243 million (contributing +4%
revenue growth), mainly reflecting the variation of the euro
compared to the U.S. dollar (€108 million) and the U.K. pound
sterling (€57.8 million).
- The overall negative impact of volumes
/ commerce (impacting revenue growth by -0.5%) was driven by
contractual erosion in French Water and low waste volumes in the
French and German Waste business, despite a good commercial context
outside of France (particularly Asia, Latin America and the United
States).
- In addition, the Group’s consolidated
revenue was negatively impacted by lower energy prices in the
United States and Germany, and recycled raw material prices in
France and Germany. Nevertheless, the Group continued to benefit
from favorable price indexation effects, particularly in Central
and Eastern Europe (Water activities) and in Latin America.
EBITDA
For the first quarter of 2015, the Group’s consolidated EBITDA
increased 26.4% (+22.2% at constant exchange rates) to €815.9
million compared to re-presented GAAP figures for the same period
ended March 31, 2014. EBITDA for the quarter ended March 31, 2015
increased 10.9% (+6.6% at constant exchange rates) compared to pro
forma re-presented figures for the quarter ended March 31,
2014.
This strong increase in EBITDA was driven by:
- the Group’s continued strong momentum
in Central and Eastern Europe, Asia, the Midddle East, in
industrial activities in the United States, as well as Latin
America;
- the significant contribution of cost
savings plans.
The foreign exchange impact on EBITDA was positive and amounted
to €32 million, mainly reflecting the variation of the euro
compared to the U.S. dollar (€10 million) and the U.K. pound
sterling (€6.6 million).
The unfavorable volume / commerce effect mainly relates to
France (impact of continued contractual erosion in the Water
business and low Waste volumes), partially offset by the benefits
of new contracts in the United States, Latin America and Asia.
The contribution of the cost savings plan amounted to €44
million, resulting in cumulative savings of €626 million as of
March 31, 2015.
Current EBIT
For the first quarter of 2015, the Group’s consolidated current
EBIT increased 21.0% (+18.6% at constant exchange rates) to €396.7
million compared to re-presented GAAP figures for the same period
ended March 31, 2014. Current EBIT for the quarter ended March 31,
2015 increased 12.0% (+8.8% at constant exchange rates) compared to
pro forma re-presented figures for the quarter ended March 31,
2014.
The increase in current EBIT was driven primarily by the strong
improvement in EBITDA, as depreciation and amortization expense was
stable over the comparative period.
The foreign exchange impact on current EBIT was positive and
amounted to €11 million, mainly reflecting the variation of the
euro compared to the U.S. dollar (€5.9 million) and the U.K. pound
sterling (€3.6 million).
The reconciliation of EBITDA and current EBIT for the quarters
ended March 31, 2015 and 2014 are detailed below:
(In €
millions)
Quarter ended Quarter ended Quarter
ended Variation 2015 /
March 31, 2015 March 31, 2014
March 31, 2014 Pro forma Pro forma
2014 GAAP EBITDA
815.9
735.7 645.4 +10.9% Depreciation
& Amortization -330.2 -326.7 -267.2 Share of current net income
of JVs & Associates 22.4 25.8 81.3 Renewal expenses -65.0 -63.4
-88.7 Reimbursement of operating financial assets -31.7 -27.5 -43.8
Provisions, fair value adjustments & other -14.7
10.3 0.9 Current EBIT
396.7
354.2 327.9 +12.0%
Current net income attributable to shareholders of the
company
Current net income attributable to shareholders of the company
nearly doubled from €113.0 million for the quarter ended March 31,
2014 to €212.2 million for the quarter ended March 31, 2015. The
strong increase was due to:
- the growth in current EBIT, and
- the reduction in the Group’s net cost
of financial debt (5.02% at March 31, 2015 versus 5.22% at March
31, 2014).
For the quarter ended March 31, 2015, net financial capital
gains amounted to €67 million, comprising mainly the capital gain
on the sale of the Group’s Israel activities for €52 million.
Excluding net financial capital gains, current net income for
the quarter ended March 31, 2015 would have been €145 million
compared with €106.5 million for the same period ended March 31,
2014, suggesting an increase of 36.2% versus the prior year period
on that basis.
Current net income in the first quarter of 2015 was also
impacted by the first time application of the IFRIC 21 standard in
the amount of -€43 million, compared with -€45 million for the
quarter ended March 31, 2014.
Financing
Evolution of net free cash
flow
Quarter ended
Quarter ended (in € millions)
March 31, 2015
March 31, 2014 GAAP
EBITDA 816 645 Net industrial investments
-238 -260 Other (variation of working capital
requirements for operations, dividends received from
equity-accounted joint ventures and associates, renewal expenses,
and restructuring charges) -743 -637 Financial items
(current cash financial expense, and operating cash flow from
financing activities) -103 -101 Taxes paid -49
-49
Net free cash flow before dividend payment, financial
investments and financial divestitures -317
-402
Net free cash flow for the quarter ended March 31, 2015 was
-€317 million compared with -€402 million for the same period ended
March 31, 2014.
The improvement in net free cash flow compared to the quarter
ended March 31, 2014 mainly reflects:
- the improvement in EBITDA;
- good industrial capex discipline, with
the reduction in year-over-year capex driven by lower PFI-related
capex in the United Kingdom;
- the negative impact of working capital
requirements for operations in the first quarter of 2015 of -€660
million, versus -€564 million in the first quarter of 2014. The
seasonality effect of working capital requirements for operations
was accentuated by the integration of Dalkia International
activities, particularly in Italy.
Net financial debt
At March 31, 2015, net financial debt amounted to €8,970
million, compared with €8,845 million at March 31, 2014. Apart from
the improvement in net free cash flow, net financial debt was
negatively impacted by foreign exchange movements in the amount of
-€574 million for the first three months of 2015. Exchange rate
movements since March 31, 2014 negatively impacted the Group’s net
financial debt by nearly €1 billion.
Financial investments for the quarter ended March 31,
2015 do not warrant any particular comments.
Financial divestitures amounted to nearly €300 million
for the quarter ended March 31, 2015 and included mainly:
- the divestiture of the Group’s 40%
stake in the company S.D.C PTE, in Singapore, in the amount of €47
million in enterprise value,
- the divestiture of the Group’s
activities in Israel, which contributed to an overall reduction in
net financial debt of €226 million.
As a reminder, for the quarter ended March 31, 2014:
- financial investments included mainly
the acquisition of control of Kendall in the United States for €19
million,
- financial divestitures didn’t warrant
any particular comment, apart from the divestiture of Delfluent
activities completed for €7.9 million.
2. Segment Analysis
Revenue (€M)
Quarter Quarter ended % Change Internal External
Foreign
ended March March 31, 2014 2015/2014 growth growth
exchange
31, 2015 Pro forma
impact
France
1,320.1 1,367.0 -3.4% -3.6%
+0.2% -
Europe excluding France
2,312.0 2,345.9 -1.4% -3.5% -
+2.1%
Rest of the World 1,369.1 1,208.7
+13.3% +1.6% -0.3% +12.0%
Global
Businesses 1,121.1 1,057.3 +6.0%
+2.1% -0.1% +4.0%
Others 182.5
167.8 +8.7% +3.5% +0.7% +4.5%
Group 6,304.8 6,146.7
+2.6% -1.4% +0.0%
+4.0%
France
Revenue in the France segment for the quarter ended March 31,
2015 decreased 3.4% (-3.6% at constant consolidation scope) to
€1,320.1 million compared to pro forma re-presented figures for the
quarter ended March 31, 2014.
- Revenue in the Water business declined
5.5% at both current and constant consolidation scope compared to
pro forma re-presented figures for the quarter ended March 31,
2014. Revenue benefited from positive price indexation (roughly
+1%), which partially compensated contractual erosion in the
business, as well as low construction activity due to the
contraction in the public works market. Overall volumes sold were
stable compared to the prior year period.
- Revenue in the Waste business declined
by 1.0% at current consolidation scope and was impacted by the loss
of municipal and commercial collection contracts, as well as a
reduction in landfilled volumes, in particular in the Ile de France
region. Recycled raw materials (paper and scrap metals) were also
impacted by unfavorable volume and price trends.
EBITDA in the France segment was relatively stable during the
period. The impact of the decline in revenue was partially
compensated by the impact of cost reduction plans.
Europe excluding France
Revenue in the Europe excluding France segment for the quarter
ended March 31, 2015 decreased 1.4% (-3.5% at constant
consolidation scope and exchange rates) to €2,312.0 million
compared to pro forma re-presented figures for the quarter ended
March 31, 2014.
This variation mainly reflects:
- In the Central European countries,
stable revenue performance (+0.2% at constant consolidation scope
and exchange rates), with good growth in the Czech Republic, Poland
and Hungary, partially offset by a decline in revenue in Lithuania
and Romania;
- In the United Kingdom, revenue declined
4.8% at constant consolidation scope and exchange rates, mainly due
to the Waste business. The decline in PFI-related construction
revenue (mainly Staffordshire) was nonetheless partially offset by
growth in volumes incinerated at PFI sites, volumes landfilled and
commercial collection volumes;
- In Germany, the 11.3% decline in
revenue at current consolidation scope and exchange rates was
mainly related to the Braunschweig contract (unfavorable volume and
energy price effects and impact of taxes on renewable energies), as
well as commercial collection activities in the Waste
business;
- In Italy, revenue of the Energy
business declined 8.7% at current and constant consolidation scope
and exchange rates due to the loss of contracts in the Center-North
and Northwest regions.
On the other hand, revenue benefited from continued growth in
Spain (+17.3% at current and constant consolidation scope and
exchange rates) due to the signature of several energy efficiency
contracts and a good start to the year for Installation
activities.
EBITDA of the Europe excluding France segment posted significant
growth, in particular in Central Europe due to the favorable price
effect of purchased energy, the positive contribution of cost
savings plans and the integration of Dalkia International
activities, while the weather in the first quarter of 2015 was
overall similar to that of the first quarter of 2014.
Rest of the World
Revenue in the Rest of the World segment for the quarter ended
March 31, 2015 increased 13.3% (+1.6% at constant consolidation
scope and exchange rates) to €1,369.1 million compared to pro forma
re-presented figures for the quarter ended March 31, 2014.
Revenue in the Rest of the World segment reflects solid
growth:
- In Latin America, revenue grew 22.8%
(+23.8% at constant consolidation scope and exchange rates), in
particular in Argentina (favorable price effects in the Waste
business and contract wins, notably the Buenos Aires contract), and
in Ecuador (construction revenue);
- In China, revenue increased 39.8%
(+19.9% at constant consolidation scope and exchange rates),
primarily due to progression in the Energy business (industrial
contract wins and favorable volume effects);
- In Africa and the Middle East, revenue
grew 9.2% (+6.8% at constant consolidation scope and exchange
rates), in particular in the Water and Energy businesses in the
United Arab Emirates, as well as in the Water business in Oman and
Qatar.
This strong growth was tempered by a decline in revenue in the
United States due primarily to lower price of energy sold in our
main facilities.
Overall, the foreign exchange impact on the revenue of the Rest
of the World segment amounted to €145 million for the quarter ended
March 31, 2015.
EBITDA of the Rest of the World segment increased strongly, due
to strong revenue growth and the contribution of the cost savings
plans.
Global Businesses
Revenue in the Global Businesses segment for the quarter ended
March 31, 2015 increased 6.0% (+2.1% at constant consolidation
scope and exchange rates) to €1,121.1 million compared to pro forma
re-presented figures for the quarter ended March 31, 2014.
This growth is mainly related to the good operational
performance of the Veolia Water Technologies business. VWT revenue
increased 13.4% (+5.4% at constant consolidation scope and exchange
rates) due to large industrial Design and Build projects, in
particular the Az Zour North desalination project in the Middle
East and the Carmon Creek project in Canada.
Revenue growth was however tempered by:
- a slight decline in revenue in
hazardous waste activities, related to lower treated and landfilled
volumes, as well as the decline in used oil prices. That said, the
Group recorded good performance of the Spanish hazardous waste
incinerator recently acquired at the end of 2014;
- the decline in revenue associated with
industrial multiservices contracts relates to the halt of an
industrial project in Portugal in February 2014.
EBITDA of the Global Businesses segment declined slightly, in
particular in the hazardous waste business related to lower
recycled raw materials prices (oil, plastics) and a slow start to
the year. Construction activities were also negatively impacted by
lower public market demand.
Other
Revenue in the “Other” segment for the quarter ended March 31,
2015 increased 8.7% (+3.5% at constant consolidation scope and
exchange rates) to €182.5 million compared to pro forma
re-presented figures for the quarter ended March 31, 2014.
The EBITDA trend of the “Other” segment is in line with the
segment’s revenue growth and the positive contribution of the cost
savings plan.
3. Appendices
Reconciliation of previously published
figures with re-presented figures for the quarter ended March 31,
2014
Main “GAAP” re-presented figures as of
March 31, 2014 (1)
Quarter
ended Quarter
In €M – Figures presented under
March 31,
IFRS 5 IFRIC 21 ended March
published scope (2)
2014
adjustment(3)
adjustment 31, 2014 published
re-presented
Revenue 5,688.4 +122.6 -
5,811.0 Adjusted operating cash flow
546.7 +18.3 -52.2 512.8 Adjusted
operating income (4) 376.3 +10.3
-
52.2 334.4 Gross industrial investments
278 - -
278 Free cash flow
-432 +30 - -402 Net financial
debt 8,556 +289 -
8,845 Adjusted
net financial debt 5,885 +289 -
6,174
EBITDA N/A N/A N/A 645.4
Current EBIT N/A N/A N/A
327.9 Current net income – Group share
N/A N/A N/A 113.0
(1) Non audited figures
(2) Published scope: including Dalkia France fully consolidated
and Dalkia International consolidated by equity method during the
first quarter of 2014
(3) Reclassification of Morocco water operations into continuing
operations
(4) Including the re-presented share of adjusted net income of
joint ventures and associates for the quarter ended March 31,
2014
Main “Pro forma” re-presented figures as
of March 31, 2014 (1)
Quarter IFRIC 21 and Quarter ended
In €M –Figures presented under pro
forma
ended March
IFRS 5 other March 31,
scope (2)
31, 2014
adjustment(3)
adjustments 2014 published
re-presented Revenue
6,028.9 +122.6 -4.8 6,146.7
Adjusted operating cash flow 674.6
+18.3 -48.2 644.7 Gross industrial
investments 290 - -
290
EBITDA N/A N/A N/A 735.7
Current EBIT N/A N/A N/A
354.2 Current net income – Group share
N/A N/A N/A 113.2
(1) Non audited figures
(2) Pro forma scope : excluding Dalkia France and with
Dalkia International fully consolidated during the first quarter of
2014
(3) Reclassification of Morocco water operations into continuing
operations
IFRIC 21 “Taxes”
- An interpretation that clarifies the
accounting for taxes, duties and other levies within the scope of
IAS 37 “Provisions, Contingent Liabilities and Contingent Assets”,
and are specifically excluded from the scope of IAS 12 “Income
Taxes”.
- A recognition of obligations from now
on associated with the event giving rise to the tax, which requires
payment of the tax by the company.
- The timing of recognition of a
liability for the tax or levy is determined using the exact wording
of the law governing the collection.
- The entire tax liability share be
recognized when the event giving rise to the tax as defined by the
law occurs. Thus if a tax is payable when an entity operates its
business as of January 1st, that is the date that the
representative full year tax liability must be recorded.
Thus, for the majority of taxes considered “operating income”
are impacted:
Before application of IFRIC21: evenly expensed over 12
months
After application of IFRIC 21: full amount recorded at the time
of the event giving rise to the tax
- A mandatory retrospective application
from January 1, 2015 for both interim and annual financial
statements.
- The impact of the application of IFRIC
21 essentially relates to a different allocation of the charge
during interim closures. Accordingly, the annual consolidated
financial statements will not be significantly impacted by
application of this interpretation.
Reconciliation of prior and new
financial indicators utilized by the Group
A reconciliation of adjusted operating cash flow with the new
financial indicator EBITDA is as follows:
Quarter ended Quarter ended In € millions
March 31, 2015 March 31, 2014
Pro forma
Adjusted operating cash flow 695
645
Exclusion
:
Renewal expenses +65 +63 Restructuring charges (1) +24 +0
Inclusion:
Principal payments on operating financial assets +32 +28
EBITDA 816
736
(1) Restructuring charges for the quarter ended March 31, 2015
are primarily related to the French Water voluntary departure
program.
A reconciliation of adjusted operating income and current EBIT
is as follows:
(In € millions)
Quarter
Quarter ended
ended March March 31, 2014
31, 2015 Pro forma Adjusted operating income
463 359 Exclusion
- Capital gains on financial divestitures
-67 -5
+1 +0
+0 +0
- Restructuring charges and provisions
+0 +0
- Impairment of property, plant and equipment, intangible assets
and operating financial assets
+0 +0
+0 +0 Current EBIT
397
354
Veolia EnvironnementGroup Media RelationsLaurent
ObadiaSandrine GuendoulTel : + 33 (0)1 71 75 12
52sandrine.guendoul@veolia.comorAnalyst & Investor
RelationsRonald Wasylec - Ariane de LamazeTel. : + 33 (0)1
71 75 12 23 / 06 00orTerri Anne Powers (United States)Tel. : +
1 312 552 2890
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