SOLID REVENUE GROWTH AND RESULTS EXCEEDED OBJECTIVES
Regulatory News:
VEOLIA ENVIRONNEMENT (Paris:VIE):
- REVENUE:
- +4.9%1 AND +3.5%
LIKE-FOR-LIKE GROWTH TO €25,125 MILLION
- ACCELERATION TO +6.3%1
GROWTH IN THE FOURTH QUARTER DUE TO CONTINUED GOOD COMMERCIAL
MOMENTUM
- EBITDA :
- GROWTH OF +2.7%1 TO
€3,284 MILLION
- +5.2%1 IN THE FOURTH
QUARTER
- €255 MILLION IN COST SAVINGS
ACHIEVED IN 2017, IN LINE WITH THE GROUP’S OBJECTIVE
- CURRENT EBIT:
- +5,3%1 GROWTH TO
€1,519 MILLION
- CURRENT NET INCOME – GROUP
SHARE:
- AN INCREASE OF +7,3%1
EXCLUDING CAPITAL GAINS TO €623 MILLION
- FURTHER INCREASE IN POST-TAX ROCE TO
8.4%
- PROPOSAL TO INCREASE THE DIVIDEND BY
5% TO €0.84 PER SHARE
- 2018-2019 OBJECTIVES ENTIRELY
CONFIRMED
Antoine Frérot, Veolia’s Chairman & CEO indicated:
«2017 has been an intense and successful year for Veolia and was
fully in line with the growth trajectory we are aiming for. Sales
growth accelerated throughout the year due to actions implemented
at the end of 2016. Results growth was amplified quarter after
quarter thanks to our commercial successes, and continued
discipline on our part in terms of cost reductions. Over the last 4
years, EBITDA has risen by 20%, current EBIT by 75% and current net
income has more than tripled. The sum total of these results allows
me to approach 2018 with confidence. Revenue and earnings should
again post good growth. Our 2018 and 2019 objectives are entirely
confirmed.”
1 At constant exchange ratesAt current consolidation scope and
exchange rates : revenue +3.9%, EBITDA growth of 2.0%, current
EBIT growth of 4.1%, and current net income – group share up 4.4%
(+5.5% excluding capital gains).
All 2017 results are compared to 2016 “pro forma” figures that
incorporate IFRIC 12 and are represented for the reclassification
into “Net income from discontinued operations” of the Group’s
activities in Lithuania, in accordance with the IFRS5 accounting
standard.
- Revenue grew 3.9% (+4.9% at constant
exchange rates) to €25,125 million, compared with €24,187 million
in 2016.The unfavorable variation in exchange rates negatively
impacted 2017 revenue growth by 1.1% (-€257 million). At constant
consolidation scope and exchange rates (i.e. like-for-like),
revenue growth was 3.5%
- In France, revenue was stable (-0.1%)
but increased 1.8% at constant consolidation
scope. Water revenue was up (+0.5%) and recorded
progressive improvement throughout the year due to volume growth of
1%, price indexation of +0.2%, and commercial impacts of -0.5%.
Waste revenue declined slightly (-0.7%) but was up 3.5% at constant
consolidation scope (divestment of Bartin recycling at the end of
November 2016). Waste volumes grew 1.9% due to significant contract
awards, good landfill volumes, as well as good trends in sorting
and recycling and commercial collection. Waste revenue
in France also benefited from higher paper prices (+10% y-y).
- Revenue in the Europe excluding France
segment posted a 6.4% growth at constant exchange rates. All
regions recorded steady growth with the exception of Italy (-1.6%).
Germany increased 5.6% due to good commercial performance in Waste,
higher services prices, and the positive impact of higher paper
prices. Revenue in the United Kingdom & Ireland combined was up
5.2%2 with good commercial momentum and higher recycled raw
materials prices. The Central and Eastern European region increased
7.9%2 due to higher heat and electricity volumes sold, with a
slightly favorable weather benefit, as well as strong water volume
growth (+9.4%) given the Armenia contract expansion. The Nordic
countries also recorded a strong performance (+23.7%2) as did the
Iberian Peninsula (+12.2%).
- At constant exchange rates the Rest of
the World posted strong growth (+11.6%). North America revenue
increased 10,3%2 due mainly to the integration of Chemours’ sulfur
products business, good momentum in hazardous waste (+5%) and
higher prices and volumes in Energy. Asia grew 21.2%2 including
23.7%2 growth in China, driven by commercial successes. Latin
America revenue posted strong growth of 22.4%2, due to positive
developments in Argentina, Brazil and in Columbia. The Pacific
region returned to growth at +7.7%2.
- Global Businesses revenue was stable
(-0.4%) at constant exchange rates. Hazardous Waste activities
progressed significantly (+5.7%2). Revenue from Veolia Water
Technologies construction activities was down 6.4%2 but bookings
increased by 9% to €2 billion. SADE revenue was stable (+0.6% at
constant consolidation scope and exchange rates) driven by good
performance in France, while international activity continued to
suffer.
- By business, Water revenue increased
1.6% at constant exchange rates. Waste activity posted very strong
growth (+8.1 % at constant exchange rates) with the volume
contribution to revenue up 1.8%, service prices up 1.4% and a
favorable impact of recycled raw materials prices (+1.2%), to which
acquisitions, net of divestitures added 3.4%. Energy revenue also
posted strong growth (+7.1% at constant exchange rates), including
the impact of commerce/volumes of +4.2%, a scope effect of 1.9%
(Prague district heating network and an energy services company in
the United States) and a negligible price effect.
2 At constant exchange rates
- Commercial reinforcement efforts
launched a year ago drove the acceleration of growth:
- Commercial resources were increased by
€40M in 2017.
- The missions of our Innovation and
Markets group were refocused on commercial development and winning
new business, to more systematically replicate our key offers
within our targeted geographies and to further develop business
with our 30 key industrial accounts, chosen from leaders within
Veolia’s priority markets.
- This revitalization led to the
signature of major, promising contracts in 2017, including:In the
municipal market: in Mexico, the Group signed a contract for the
design, build and O&M of the largest waste-to-energy (WTE)
facility in Latin America (cumulative revenue of €886 million for
30 years); in England, a waste management and recycling contract
servicing four boroughs in south London (cumulative revenue of £209
million for 8 years); in France an operations contract for the
Lille WTE facility (cumulative revenue of €295 million for 12
years), as well as the Valenton wastewater treatment contract in
the Ile de France region (cumulative revenue of €400 million for 12
years). In addition, after seeing its contract renewed for 5 years
on March 1, 2017, the Gabon Energy and Water Company (SEEG: Société
d’Energie et d’Eau du Gabon), a 51% subsidiary of Veolia, was the
object of an expropriation action by the Gabonese government on
February 16, 2018.In the industrial market: the Group was notably
awarded three energy services contracts in China for a total amount
of €864 million; in Australia, a contract to build and operate a
new water treatment facility for the Springvale mine and Mount
Piper Power Station for 17 years (cumulative revenue of AUD$400
million); and in the United States, a contract for the collection
and treatment of complex waste generated by Antero Resources
(cumulative revenue of up to $70 million for 10 years).
- EBITDA improved 2% (+2.7% at
constant exchange rates) to €3,284 million
- Foreign currency movements negatively
impacted EBITDA by -€21 million.
- EBITDA benefited from continued cost
reduction efforts, reaching €255 million in 2017, slightly above
the €250 million objective, which allowed the Group to absorb the
impact of weak price indexation in our contracts in France and
Europe, the impact of contractual renegotiations and the startup of
new activities, particularly in Energy in France, for a total
impact of -€131 million, and the reinforcement of our commercial
resources by €40 million, as well as the absence of favorable one
offs elements that benefited 2016 results and higher insurance and
maintenance costs totaling -€110 million.
- By segment: EBITDA in France improved
3.3% to €788 million. Water EBITDA in France increased 3.8% due to
good volumes and cost reduction efforts. Price indexation was weak,
but overall was positive at +0.2%. Waste EBITDA in France improved
2.2% due to volume growth and a solid contribution from cost
cutting. At constant exchange rates, Europe excluding France
segment EBITDA was stable at +0.3% compared to the prior year due
to the absence of favorable one off items in 2016 (resolution of
Aquiris litigation in Belgium and an insurance claim reimbursement
in Germany) and higher maintenance costs in the UK in 2017, which
masked good operational performance. EBITDA in the Rest of the
World segment recorded very strong growth (+10.1% at constant
exchange rates) due to excellent performance in China (+20.4%3), in
Latin America (+27.6%3) and the Pacific region (+20.1%3) which more
than offset lower EBITDA in North America (-1.5%3) resulting from
the poor performance of the industrial services business and the
negative impact of Hurricane Harvey on the hazardous waste
business. Global Businesses EBITDA was stable (-0.6%3), as a result
of the absence of a favorable one off that benefited 2016
(indemnity payment at the end of a contract in North America) which
offset the favorable impact of restructuring in the Veolia Water
Technologies business and very good Hazardous Waste
performance.
3 At constant exchange rates
- Current EBIT increased 4.1% (+5.3%
at constant exchange rates) to €1,519 million compared with €1,460
million in 2016.
- Foreign currency movements negatively
impacted current EBIT by -€18 million.
The improvement in current EBIT at constant exchange rates
reflects:
- EBITDA growth
- higher depreciation and amortization
charges at constant exchange rates (+5.5%) in line with the
development of the Group’s activities, as well as scope effects,
and
- the increase in the contribution from
equity-accounted joint ventures and associates, which amounted to
€98 million in 2017 compared with €94 million in 2016, due to good
performance in China.
- Current net income – group share
increased 4.4% (+6.1% at constant exchange rates) to €623 million,
compared with €597 million in 2016. Excluding net financial
capital gains, current net income– group share increased 7.3% at
constant exchange rates.
- The cost of net financial debt declined
by €12 million to -€411 million.
- An improvement in results in low tax
countries and the repayment of the 3% tax previously paid on
dividends in France contributed to a lower tax rate of 24%,
compared with 26% in 2016.
- The current portion of non-controlling
interests increased to -€137 million in 2017 compared with -€110
million in 2016, primarily due to the performance of businesses in
Central and Eastern Europe.
- Net income - Group share amounted to
€402 million compared with €383 million in 2016.
- Net free cash flow amounted to €655
million for the year ended December 31, 2017, compared with
€940 million for the year ended December 31, 2016.
- Net financial debt amounted to
€7,841 million as of December 31, 2017, compared with €7,812
million at December 31, 2016. The leverage ratio was 2.4x at
December 31, 2017, stable compared to the prior year.
Dividend of €0.84 per share, paid 100% in cash with respect
to the 2017 fiscal year, compared with €0.80 per share in
2016.
Veolia’s Board of Directors will propose to shareholders at the
Annual General Shareholders Meeting on April 19, 2018 the payment
of a dividend of €0.84 per share with respect to the 2017 fiscal
year, payable in cash. The ex-dividend date is fixed at May 14,
2018. The 2017 dividend will be paid starting on May 16,
2018.
- Outlook
- 2018 (at constant exchange rates):
- Continuation of sustained revenue
growth
- EBITDA growth greater than that of
2017
- More than €300 million in cost
savings
- 2019*:
- Continuation of revenue growth and full
impact of cost savings
- EBITDA between €3.3 billion and €3.5
billion (excluding IFRIC 12), i.e. between €3.5 billion and €3.7
billion including IFRIC 12
- Dividend growth in line with that of
current net income
*at constant exchange rates (based on rates at the end of
2016)
Veolia group is the global leader in optimized resource
management. With over 163,000 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 2016, the Veolia group supplied 100 million people with
drinking water and 61 million people with wastewater service,
produced 54 million megawatt hours of energy and converted 30
million metric tons of waste into new materials and energy. Veolia
Environnement (listed on Paris Euronext: VIE) recorded consolidated
revenue of €24.39 billion in 2016. www.veolia.com
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.
FINANCIAL INFORMATION FOR THE YEAR ENDED DECEMBER 31,
2017
A] PREFACE
Lithuania
As of December 31, 2017, the ongoing withdrawal from Lithuania,
motivated by the end of a major contract and the sales process for
other activities, led the Group to transfer its Lithuanian
activities to discontinued operations in accordance with IFRS
5.
In order to ensure the comparability of periods, the accounts
for the year ended December 31, 2016 have been adjusted for the
reclassification of the Group's activities in Lithuania to "Net
income (loss) from discontinued operations" pursuant to IFRS 5.
B] KEY FIGURES
Variations 2016 / 2017 (in € million)
Year endedDecember 31,2016
publishedexcluding I12
Year endedDecember 31,2016re-presented
Year endedDecember
31,2017
∆
∆ at constantexchangerates
Revenue 24,390.2 24,187.0 25,124.6 3.9%
4.9% EBITDA 3,056.0 3,219.4 3,284.1
2.0% 2.7% EBITDA Margin 12.5% 13.3%
13.1% Current EBIT (1)
1,383.9 1,460.2 1,519.4 4.1% 5.3%
Current net income - Group share 609.8 596.6
622.6 4.4% 6.1% Current net income - Group share,
excluding capital gains and losses on financial divestitures net of
tax 597.0 583.8 616.1 5.5% 7.3%
Net Income - Group share 382.2 383.1 401.6
4.8% 7.5% Current net income - Group share – earnings
per share (basic)(2) 1.11 1.09 1.13
Dividend per share 0.80 0.80
0.84 (3) Industrial investments 1,484.6
1,596.6 1,738.0 Net free cash flow(2) 969.6
940.3 655.0 Net financial debt 7,811.1 7,812.1
7,841.0
(1) Including the share of current net income of joint ventures
and associates viewed as core Company activities.
(2) The indicators are defined in the appendix of this press
release.
(3) Subject to the approval at the General Shareholders’ Meeting
on April 19, 2018.
The main foreign exchange impacts were as follows:
FX impact Year ended December 31, 2017 % (M€)
(vs Year ended December 31, 2016 re-presented)
Revenue -1.1% -256.8 EBITDA -0.6% -20.8 Current EBIT -1.2% -17.5
Current net income -1.8% -10.5 Net financial debt -3.5%
-271
C] INCOME STATEMENT
1. GROUP CONSOLIDATED
REVENUE
Group consolidated revenue for the year ended December 31, 2017
increased 4.9% at constant exchange rates to €25,124.6 million,
compared with a re-presented €24,187.0 million for year ended
December 31, 2016. Excluding Construction4 revenue and energy price
effects, revenue also improved by +4.9% compared with +2.0% in
2016.
As in the first three quarters of 2017, revenue growth was
marked by favorable dynamics throughout all of the zones.
Variations at constant exchange rates 1st quarter 2017
2nd quarter 2017 3rd quarter 2017
4th
quarter 2017 France -1.5% -0.4% -0.3%
1.9% Europe, excluding France 7.2% 4.4%
8.1% 6.1% Rest of the World 11.8% 10.8%
9.4% 14.2% Global Businesses -3.2% 1.7%
-2.7% 1.9%
Group 4.5%
4.4% 4.3% 6.3%
4 Construction revenue encompasses the Group’s engineering and
construction activities (mainly through Veolia Water Technologies
and SADE), as well as construction completed as part of operating
contracts.
By segment, the change in revenue compared with
re-presented figures for the year ended December 31, 2016 breaks
down as follows:
2016 / 2017 change (in € million)
Year endedDecember 31,2016re-presented
Year endedDecember
31,2017
∆
∆ at constantexchange rates
∆ at constantscope andexchange rates
France (*) 5,417.7 5,414.5 -0.1% -0.1%
1.8% Europe, excluding France 8,083.1 8,504.4
5.2% 6.4% 3.9% Rest of the World
6,028.4 6,618.6 9.8% 11.6% 6.7% Global
Businesses 4,626.2 4,558.3 -1.5% -0.4%
0.6% Other 31.6 28.8 - -
-
Group 24,187.0 25,124.6
3.9% 4.9% 3.5%
(*) like for like +1.8% versus -0.1% at constant fx (including
the disposal of Bartin)
- Revenue increased in France by
+1.8% at constant scope (-0.1% at current consolidation scope)
compared with re-presented figures for the year ended December 31,
2016: Water revenue progressed by +0.5%, while Waste revenue
increased 3.5% at constant scope (-0.7% at current consolidation
scope).
- Water revenue, at €2,945.6 million,
rose slightly by +0.5% compared with re-presented figures ending
December 31, 2016, impacted by higher volumes (+1.0%) and tariff
indexation (+0.2%), partially offset by negative commercial impacts
(-€16 million);
- Waste revenue declined slightly by
-0.7% compared with re-presented figures ending December 31, 2016,
but excluding the impact of the sale of Bartin Recycling on
November 30, 2016, grew 3.5% at constant consolidation scope to
€2,468.9 million. Continued commercial momentum (14% portfolio
increase with significant contract wins, including the Nancy
contract) was accompanied by increased landfill volumes (+1.3%),
good trends in sorting and recycling and commercial collection, as
well as higher paper prices (+10%).
- Europe excluding France
(excluding Lithuania which is classified in discontinued
operations) grew +6.4% at constant exchange rates compared to the
re-presented prior-year period, with solid momentum in the majority
of regions:
- In the United Kingdom / Ireland,
combined revenue increased by +5.2% at constant exchange rates to
€2,124.5 million, with a good performance in waste: revenue of
€1,750 million, up 5.1% at constant exchange rates, including an
increase in volumes (+1.6%, especially in commercial collection and
landfill), solid PFI performance (+6% rise in volumes combined with
a +1% price increase), and good commercial momentum - positive
impact of new Waste contracts in 2016 and 2017 (St Albans, South
West London), increased Construction activity, and higher recyclate
prices (paper +20%);
- In Central and Eastern Europe,
revenue stood at €2,894.9 million, up +7.9% at constant exchange
rates compared to re-presented figures for the year ended December
31, 2016. Growth was driven by:
- In Energy, an increase in heating and
electricity volumes sold in Poland (+€68 million), a weather impact
that was negative in the fourth quarter but slightly favorable for
the full year in Poland, Romania and Slovakia (+€10 million) and
the impact of recent Group developments: Prague Left Bank (+€20
million);
- In Water: a rise in water volumes
invoiced (+1.8%) and particularly the new contract in Armenia
deployed across the country.
- In Waste, through minor
acquisitions.
- In Northern Europe, revenue
increased +7.2% at constant exchange rates compared with the
re-presented prior year period to €2,490.1 million. Germany, the
main contributor (€1,797.5 million) benefited from the strong
growth in Waste activities with revenue of €1,045 million due to
higher recyclate prices, (paper +12.3%; PET +11.2%), and the
increase in volumes (+€12 million). In addition, the consolidation
of the Hans Andersson activities and those of the industrial
cleaning Swedish firm Corvara in 2017 boosted revenue (+€81
million).
- The Rest of the World segment
posted quite strong revenue growth of +11.6% at constant exchange
rates compared to re-presented figures for the year ended December
31, 2016, with a sharp improvement in the fourth quarter of +14.2%
at constant exchange rates, versus + 9.4% for the third quarter of
2017:
- Revenue rose +10.3% at constant
exchange rates to €2,048.4 million in North America. The
significant growth in the Energy business (price and volume
increases) and the growth in Hazardous Waste activity offset lower
industrial services revenue (in the processus of divestiture).
Revenue also benefited from the integration of Chemours' Sulfur
Products division assets (+€107 million) and the acquisition of
Enovity which specializes in building energy services in January
2017 (+€35 million).
- Revenue growth was robust in Latin
America (+22.4% at constant exchange rates) thanks to tariff
increases in Argentina, the positive impact of the acquisition of
the Pedreira landfill site in Brazil in May 2016, and the start-up
of new Water contracts (Punta Lara in Argentina and Santa Marta in
Colombia);
- Asia reported significant revenue
growth of +21.2% at constant exchange rates. In China, strong
revenue growth (+23.7%) was due to new industrial contracts
(Sinopec, Hongda), and the growth in prices and volumes sold in the
Municipal Energy and Waste sectors. Revenue growth in Japan was
also driven by the development of Municipal Water activities and
the full-year impact of new activities of the Renova group (plastic
recycling) acquired in August 2016. In Korea, the acquisitions of
Uniken and Hanbul also contributed to revenue growth;
- The Pacific zone recorded +7.7% growth
at constant exchange rates for the year ended December 31, 2017 due
to the higher waste volumes collected, the commissioning of new
assets and the new Springvale contract (construction revenue);
- In Africa and the Middle East, revenue
rose by +1% at constant exchange rates.
- Global Businesses: revenue was
virtually stable at -0.4% at constant exchange rates versus the
re-presented prior-year period.
- Hazardous Waste activities increased by
+5.7% at constant exchange rates, mainly due to an improvement in
the oil recycling business, and an increase in volumes processed at
the year-end;
- The Design & Build activity
continued to decline by -6.4% at constant exchange rates, in line
with the completion of major projects in 2016 (Sadara, Azour North,
and the Ichthys O&G contract), but reported a +9% increase in
bookings compared with December 31, 2016. Moreover, SADE activity
benefited from a boost in business in France, partially offset by
the shift of international contracts to 2018.
The change in revenue between 2016 and 2017 breaks down by
main impact as follows:
The foreign exchange impact totaled -€256.8 million
(-1.1% of revenue) and mainly reflects fluctuations in the UK pound
sterling (-€150.4 million), the U.S. Dollar (-€47.6 million), the
Egyptian pound in Construction activities (-€30.3 million) and the
Argentine peso (-€26.5 million).
The consolidation scope impact of +€351.6 million mainly
concerns
- developments in 2016 : the integration
of Chemours’ Sulfur Products division assets in the United States
(€106.9 million), Prague Left Bank in the Czech Republic (€20.5
million) and the Pedreira landfill site in Brazil (€16.5 million)
as well as the sale of Bartin Recycling in the Waste business in
France (-€132.2 million).
- transactions completed in 2017,
primarily in Asia (including Uniken for +€23.1 million and Hanbul
for +€25.9 million in Korea) and in Europe (including Hans
Andersson for +€63.8 million in Sweden, Eurologistik for +€14.8
million in Germany and Corvara’s assets for +€16.8 million in
Sweden).
Construction revenue rose by +€39 million (compared to a
substantial decline of -€484 million in 2016), due to the increase
in construction associated with public service delegation contracts
in France in Water and Waste, SADE activity in France and the start
of the construction of the Springvale water treatment plant in
Australia.
Energy and recyclate prices had an impact of +€62 million
(versus -€113 million in 2016), with a significant increase in
recyclate prices (+€102 million, of which +€40 million for paper
compared with +€15 million in 2016) while energy prices declined by
-€40 million in Europe (PFI electricity prices in the UK, heating
and electricity prices in Central Europe), but increased in the
U.S.
Commercial momentum improved significantly with the
Commerce/Volumes impact contributing +€540 million
(compared with +€423 million in 2016):
- Volume increase of +€294 million, in
line with the rising volumes sold in France: Water +1%, Waste
+1.9%; in Central Europe: Water +€18 million (including the impact
of the Armenia contract) and Energy (+€75 million); and in Northern
Europe (higher volumes in waste and energy in Germany);
- A commercial impact of +€235 million
thanks to numerous industrial contract wins in Europe (in waste in
Germany and in multi-utility industrial contracts), a good
performance in Asia (including the Sinopec contract in China for
€60 million), the start-up of the Montréal hospital contract in
North America, and new municipal contracts in Latin America
(Argentina and Colombia).
- The favorable weather impact for +€11
million in Central Europe, despite milder weather in the fourth
quarter of 2017 compared to 2016.
Favorable price effects (+€204 million) are tied to
positive tariff indexation in Waste in Germany and the United
Kingdom, in Water in Central Europe, in Electricity in Morocco, and
the significant impact of higher prices in Argentina.
The change in revenue between 2016 and 2017 breaks down by
business as follows:
2016 / 2017 change (in € million)
Year endedDecember 31,2016
re-presented
Year endedDecember
31,2017
∆ ∆ at constant exchange rates
∆ at constantscope andexchange rates
Water 11,029.0 11,113.8 0.8% 1.6%
1.8% Waste 8,510.0 9,039.9 6.2%
8.1% 4.7% Energy 4,648.0 4,970.9 6.9%
7.1% 5.2%
Group 24,187.0
25,124.6 3.9% 4.9%
3.5%
WATER
Water revenue increased by +1.6% at constant exchange rates and
+1.8% at constant consolidation scope and exchange rates compared
with re-presented figures for the year ended December 31,
2016. This improvement can be explained as follows:
- Higher volumes and a positive
commercial effect of +1.6%. The volume increase in France (+1%) was
hindered by a slightly negative commercial effect (-€16 million).
The rise in water volumes invoiced in Central and Eastern Europe
(+9.4%) was primarily due to the start-up of the new contract in
Armenia. Revenue also benefited from the impact of new industrial
water developments, notably the Sinopec contract in China (+€60
million);
- A slightly positive +0.7% price impact,
with increases in Central Europe (Czech Republic and Bulgaria) and
Latin America and a minor increase in France beginning the second
half of 2017 (+0.2% for the full year);
- Construction work which remained
virtually stable (+0.1%).
WASTE
Waste revenue rose considerably by +8.1% at constant exchange
rates compared with re-presented figures for the year ended
December 31, 2016 (+4.7% at constant consolidation scope and
exchange rates), due to:
- Commercial and volume effects of +1.8%:
the decline in industrial services volumes in the United States
(divestiture announced in January 2018) was offset by an increase
in volumes in France, Germany and China as well as a high contract
renewal rate and numerous contract awards, particularly in France,
the UK and Germany and in Hazardous Waste;
- A positive price effect of +1.4%
(mainly in Latin America, Germany and the UK)
- The favorable impact of higher
recyclate prices (+€102 million), particularly paper.
- A scope impact of +3.4%: acquisition of
the Chemours Sulfur Products division's assets in the United States
(+€106.9 million), offset by the sale of Bartin (-€132.2
million);
ENERGY
Energy revenue rose +7.1% at constant exchange rates compared
with re-presented figures for the year ended December 31, 2016
(+5.2% at constant consolidation scope and exchange rates). This
improvement can be explained as follows:
- The positive volumes and commerce
effect of +4.2%, due to higher energy volumes sold in Central
Europe and China, the start-up of energy contracts in Canada and
energy efficiency contract wins;
- A negligible weather impact (i.e.
+0.2%) with a milder fourth quarter in 2017;
- An immaterial price impact: heating and
electricity prices which fell in Europe but rose in the U.S.
- A scope impact of +1.9%, notably
related to the acquisition of Prague Left Bank in 2016 and an
energy efficiency business in the United States (Enovity) in
2017.
2. EBITDA
Group consolidated EBITDA for the year ended December 31, 2017
was €3,284.1 million, up 2.7% at constant exchange rates compared
to re-presented figures for the prior year period. The EBITDA
margin decreased from re-presented 13.3% in 2016 to 13.1% in
2017.
Changes in EBITDA by segment were as follows:
2016 / 2017 change (in € million)
Year ended December31, 2016
re-presented
Year endedDecember 31,
2017
∆
∆ at constantexchange rates
France 763.2 788.3 3.3% 3.3% EBITDA
margin 14.1% 14.6%
Europe, excluding France 1,307.1 1,305.0 -0.2%
0.3% EBITDA margin 16.2% 15.3%
Rest of the World 864.6 938.3
8.5% 10.1% EBITDA margin 14.3% 14.2%
Global Businesses 262.7 259.8
-1.1% -0.6% EBITDA margin 5.7% 5.7%
Other 21.8 -7.2
Group 3,219.4
3,284.1 2.0% 2.7% EBITDA
margin 13.3% 13.1%
- In France, EBITDA recorded solid
improvement (+3.3% at constant exchange rates), driven by cost
savings.
- In the Water business, EBITDA increased
+3.8% in 2017, thanks to significant cost savings and higher
volumes (impact of +1.0%) which offset the margin squeeze arising
from weak price indexation and the impact of contract
renegotiations.
- In Waste, the +2.2% increase in EBITDA
was generated by a boost in revenue and cost savings.
- Stable EBITDA (+0.3% at constant
exchange rates) in Europe excluding France as a result of
several factors:
- In Central and Eastern Europe, EBITDA
rose by +1.2% due to efficiency gains and a favorable but
immaterial weather impact;
- EBITDA declined in the United Kingdom
(-1.8% at constant exchange rates), with the effect of plant outage
and maintenance one-off costs offsetting the favorable impact of
recycled paper prices, operational efficiency and new
contracts;
- Lower EBITDA in Northern Europe was
mainly due to the absence of one-off items that benefited 2016
(litigation payment in Belgium and insurance payment in Germany),
while waste performance in Germany continued to improve.
- Continued strong EBITDA growth in the
Rest of the World, +10,1% at constant exchange
rates:
- EBITDA decreased in the United States
(-0.6% at constant exchange rates), primarily due to the
performance in waste resulting from the decline in industrial
services, and maintenance outages and adverse weather conditions
(Hurricane Harvey) in Hazardous Waste, partly offset by the good
performance in Energy despite milder weather (favorable price
impacts and new energy efficiency contracts);
- EBITDA rose sharply in Latin America
(+27.6% at constant exchange rates) due to price hikes in
Argentina, the start-up of new contracts in Colombia and the
acquisition of the Pedreira landfill site in Brazil;
- Sustained EBITDA growth of +20.4% in
China driven by all businesses: Municipal and Industrial Energy,
Industrial Water (Sinopec) and Waste (landfill volumes and growth
in Hazardous Waste).
- In the Global Businesses
segment, the benefits of restructuring at Veolia Water Technologies
and the solid performance of Hazardous Waste activities (including
the turnaround in the oil recycling business) were offset by the
absence of favorable one off impacts in 2016 (indemnity payment at
end of contract).
The increase in EBITDA between 2016 and 2017 breaks down by
impact as follows:
The foreign exchange impact on EBITDA was negative at
-€21 million. It mainly reflects the depreciation of the UK pound
sterling (-€20 million), the Chinese renminbi (-€7 million), the
U.S. dollar (-€5 million) and the Argentine peso (-€2 million),
offset by the appreciation of the Czech crown (+€9 million) and the
Polish zloty (+€5 million).
The consolidation scope impact of +€68.5 million mainly
reflects developments in 2016: the integration of Chemours’ Sulfur
Products division assets in the United States for +€22.2 million,
Prague Left Bank in the Czech Republic for +€8 million and the
Pedreira landfill site in Brazil for +€8.2 million. The
transactions carried out in 2017 accounted for nearly 50% of the
EBITDA scope impacts, mainly in Asia for +€23.4 million and Europe
for +€14.4 million (of which Hans Andersson for +€4.5 million,
Eurologistik for +€2.1 million and the activities of Corvara for
+€1.7 million).
Commerce and volumes impacts were positive at +€42
million thanks to strong commercial momentum (new industrial
contracts in Europe and Asia, municipal contracts in Latin
America), and good volume growth in Europe, in Waste, Water and
Energy mitigating the decline in industrial services in the U.S.
The weather impact was neutral following a milder fourth quarter in
2017 compared to 2016.
Energy and recyclate prices positively impacted EBITDA
(+€1 million): heating and electricity prices changed in line with
the purchase price of fuel used to produce heat and electricity
(decrease in Europe and increase in the U.S.). In 2017, the impact
of energy prices on EBITDA was overall slightly negative, as the
positive impact of higher recyclate prices in the United Kingdom
was offset by increased fuel costs in Waste in France.
The -€131 million impact of price/cost squeeze and contract
renegotiations mainly concerned weak price indexations in Water
and Waste in France and the weight of commercial renegotiations in
France and Italy, as well as the start-up of new activities
(dismantling of oil platforms in the UK, Water contract in Armenia,
etc.).
Cost savings plans contributed €255 million, consistent
with the annual objective of €250 million. They mainly concern
operational efficiency (45%) and purchasing (35%) and were achieved
across all geographical zones: France (31%), Europe excluding
France (24%), Rest of the World (23%), Global Businesses (17%) and
Corporate (5%).
Transitory costs and one off items mainly concern the
non-recurring favorable items recorded in the first half of 2016
(resolution of a dispute in Belgium, insurance payments received in
Germany and favorable contract termination payment at Veolia Water
Technologies), and additional insurance and maintenance costs
(particularly in the United Kingdom) which incurred in 2017.
3. CURRENT EBIT
Group consolidated current EBIT for the year ended December 31,
2017 was €1,519.4 million, up +5.3% at constant exchange rates
compared with the re-presented prior year period.
The reconciling items between EBITDA and Current EBIT for the
years ended December 31, 2017 and 2016 are as follows:
(in € million)
Year endedDecember 31,
2016re-presented
Year endedDecember 31,
2017
EBITDA 3,219.4 3,284.1 Renewal
expenses -272.4 -282.5 Depreciation and amortization
(*) -1,684.4 -1,703.2 Provisions, fair value
adjustments & other: 103.5 122.7 • Current
impairment of property, plant and equipment, intangible assets and
operating financial assets -25.5 0.4 • Net charges to
operating provisions, fair value adjustments and other 99.7
112.6 • Capital gains or losses on industrials divestitures
29.3 9.7 Share of current net income of joint
ventures and associates 94.2 98.4
Current EBIT
1,460.2 1,519.4
(*) Including principal payments on current operating financial
assets (OFA) of -€147.7 million for the year ended December 31,
2017, compared with re-presented -€201.2 million for the year ended
December 31, 2016 The improvement in Current EBIT at constant
exchange rates reflects:
- EBITDA growth;
- the increase in depreciation and
amortization charges at constant exchange rates (+5.5%), in line
with the development of Group activities and consolidation scope
impacts (primarily in the United States: Chemours and Enovity, as
well as in Korea and Sweden). The decline in principal payments on
operating financial assets in 2017 (€53 million) mainly relating to
the exceptional payments in 2016 (Dongbu in Korea, Pench IV in
India and Béthune and Beauvais in France) also bears
mentioning;
- the favorable variation in net
operating provision reversals and net asset impairment losses
(impairment of production equipment in 2016 in Eastern Europe and
provision reversal for captive insurance amounting to €7 million in
2017);
- a decline in capital gains or losses on
industrial divestitures for the year ended December 31, 2017;
- the increase in the contribution of
equity-accounted entities, notably in China.
The foreign exchange impact on Current EBIT was -€17.5 million
and mainly reflects fluctuations in the UK pound sterling (-€12.3
million), and the Chinese renminbi (-€6.5 million).
Changes in current EBIT by segment were as follows:
2016 / 2017 change (in € million)
Year endedDecember 31,
2016re-presented
Year endedDecember 31,
2017
∆
∆ at constantexchange rates
France 132.7 152.4 14.8% 14.8% Europe,
excluding France 710.1 701.5 -1.2%
-0.6% Rest of the World 464.5 553.3 19.1%
21.6% Global Businesses 153.7 155.6
1.2% 2.3% Other -0.8 -43.4 n/a
n/a
Group 1,460.2 1,519.4
4.1% 5.3%
Selling, general and administrative expenses impacting
Current EBIT rose from re-presented €2,830.4 million for the
year ended December 31, 2016 to €2,848.2 million for the year ended
December 31, 2017, representing an increase of +0.6% (-0.3% at
constant exchange rates). The ratio of selling, general and
administrative expenses to revenue improved from re-presented 11.7%
for the year ended December 31, 2016 to 11.3% for the year ended
December 31, 2017. This decline was attributable to the cost
reduction program, partially offset by the increase in commercial
costs which helped boost commercial activities.
4. NÉT FINANCIAL
EXPENSE
(in € millions)
Year endedDecember 31,
2016re-presented
Year endedDecember 31,
2017
Cost of net financial debt (1) -423.0
-410.6 Net gains / losses on loans and receivables
8.9 21.6 Net income (loss) on available-for-sale assets
5.0 4.6 Assets and liabilities at fair value through
profit or loss -0.1 0.3 Foreign exchange gains and
losses 5.4 -23.8 Unwinding of the discount on
provisions -41.7 -36.3 Interest on concession
liabilities -90.3 -94.3 Other -20.3
-23.4
Other financial income and expense (2)
-133.1 -151.3 Gains (losses) on disposals of
financial assets (*) 12.8 8.0
Current net
financial expenses (1)+(2) -543.3
-553.9 Other non-current financial income and expenses (**)
25.7 -
Net financial expense
-517.6 -553.9 (*) including costs of disposal
of financial assets (**) Essentially related to the impact of the
divestment of 20% of Transdev Group
COST OF NET FINANCIAL DEBT
The cost of net financial debt totaled -€410.6 million for the
year ended December 31, 2017, versus re-presented -€423.0 million
for the year ended December 31, 2016, thanks to continued active
debt management that offset the higher cost of non-euro denominated
debt.
The net financing rate also remains stable at 4.94% for the year
ended December 31, 2017, compared with 4.95% for the year ended
December 31, 2016.
OTHER FINANCIAL INCOME AND EXPENSES
Other current financial income and expenses totaled -€151
million for the year ended December 31, 2017, versus re-presented
-€133 million for the year ended December 31, 2016. These expenses
mainly include interest on concession liabilities (IFRIC 12) for
-€94.3 million and the unwinding of discounts on provisions
for -€36.3 million.
For the year ended December 31, 2017, other
current financial income and expenses also included capital gains
or losses on financial divestitures in the amount of €8 million,
compared with €12.8 million for the year ended December 31,
2016.
In addition, other non-current financial income and
expenses for the year ended December 31, 2016 also included the
capital gain on the divestiture of Veolia Environnement’s 20% stake
in Transdev Group in the amount of €25.7 million.
5. INCOME TAX
EXPENSE
The current tax rate for the year ended December 31, 2017
declined to 23.9% (versus 25.9% for the year ended December 31,
2016) after adjustment for the impact of financial divestitures,
and non-recurring items within net income of fully controlled
entities and the share of net income of equity-accounted companies.
This is primarily due to the improved earnings in countries with
low tax rates and the repayment of the 3% tax previously paid on
dividends in France.
The non-current income tax expense was impacted by an impairment
of deferred tax assets of the US tax group following U.S. tax
reform and the corresponding reduction in the U.S. corporate tax
applicable beginning January 1st 2018.
In € million Year ended December 31, 2016 re-presented
Year ended December 31, 2017 Current income before
tax (a) 917.0 965.5 Of which share
of net income of joint ventures & associates (b) 94.2
98.4 Of which gains (losses) on disposals of financial
assets (c) 12.8 8.0
Re-presented current income
before tax : (d)=(a)-(b)-(c) 810.0
859.1 Re-presented tax expense (e)
-210.1 -205.6 Re-presented tax rate on
current income (e)/(d) 25.9% 23.9%
6. CURRENT NET INCOME / NET
INCOME ATTRIBUTABLE TO OWNERS OF THE COMPANY
The share of net income attributable to non-controlling
interests totaled €137.6 million for the year ended December
31, 2017, compared with re-presented €103.0 million for the year
ended December 31, 2016.
Net income attributable to owners of the Company was
€401.6 million for the year ended December 31, 2017, compared
with re-presented €383.1 million for the year ended December 31,
2016.
Current net income attributable to owners of the Company was
€622.6 million for the year ended December 31, 2017, compared with
re-presented €596.6 million for the year ended December 31,
2016. Excluding capital gains and losses on
financial divestitures net of tax and minority interests, current
net income attributable to owners of the Company rose 7.3% at
constant exchange rates to €616.1 million versus re-presented
€583.8 million for the year December 31, 2016.
Based on a weighted average number of outstanding shares of
550.8 million (basic), and 574.6 million (diluted), for the year
ended December 31, 2017, compared with 549.0 million (basic) and
568.5 million (diluted) for the year ended December 31,
2016, net income attributable to owners of the Company per share
for the year ended December 31, 2017 was €0.61 (basic) and €0.58
(diluted) compared with re-presented €0.57 (basic) and €0.55
(diluted) for the year ended December 31, 2016.
Current net income attributable to owners of the Company per
share was €1.13 (basic) and €1.08 (diluted) for the year ended
December 31, 2017, compared with re-presented €1.09 (basic) and
€1.05 (diluted) for the year ended December 31, 2016.
The dilutive effect taken into account in the above earnings per
share calculation concerns the OCEANE bonds convertible into and/or
exchangeable for new and/or existing shares issued in March
2016.
For the year ended December 31, 2017, net income (loss)
attributable to owners of the Company breaks down as follows:
(In € million) Current Non current
Total EBIT 1,519.4 -234.6 1,284.8 Cost
of net financial debt -410.6 0.0 -410.6 Other
financial income and expenses -143.3 0.0
-143.3
Pre-tax income (loss) 965.5
-234.6 730.9 Income tax expense -205.6
-22.2 -227.8 Net income (loss) of other
equity-accounted entities 0.0 22.8 22.8 Net
income (loss) from discontinued operations 0.0 13.3
13.3 Non-controlling interests -137.3 -0.3
-137.6
Net income (loss) attributable to owners of the
Company 622.6 -221.0
401.6
For the re-presented year ended December 31, 2016, net
income (loss) attributable to owners of the Company breaks down as
follows:
(In € million) Current Non current
Total EBIT 1,460.2 -266.9 1,193.3 Cost
of net financial debt -423.0 0.0 -423.0 Other
financial income and expenses -120.3 25.7
-94.6
Pre-tax income (loss) 916.9
-241.2 675.7 Income tax expense -210.1
18.9 -191.2 Net income (loss) of other
equity-accounted entities 0.0 27.4 27.4 Net
income (loss) from discontinued operations 0.0 -25.8
-25.8 Non-controlling interests -110.2 7.2
-103.0
Net income (loss) attributable to owners of the
Company 596.6 -213.5
383.1
The reconciliation of Current EBIT with operating income, as
shown in the income statement, is as follows:
(In € million)
Year endedDecember 31,
2016re-presented
Year endedDecember 31,
2017
Current EBIT 1,460.2 1,519.4
Impairment losses on goodwill and negative goodwill 3.2
-1.4 Net charges to non-current provisions -1.4
-10.4 Restructuring charges -184.5 -157.6
Non-current impairment losses on WCR -4.3 3.8
Personnel costs: share-based payments -3.3 -1.4
Non-current provisions and impairment of property, plant and
equipment, intangible assets, operating financial assets and others
-65.3 -55.5 Share acquisition costs, with or without
acquisition of control -11.3 -12.1
Total
non-current items -266.9 -234.6
Operating income after share of net income of equity-accounted
entities 1,193.3 1,284.8
Restructuring charges for the year ended December 31, 2017
related to Water activities in France (-€78.1 million) and VWT
(-€24.6 million). Non-current provisions and WCR impairment losses
mainly relate to the Industrial Multi-Services business.
D] FINANCING
The following table summarizes the change in net financial debt
and net free cash flow:
(in € million)
Year endedDecember 31,
2016re-presented
Year endedDecember 31,
2017
EBITDA 3,219 3,284 Net
industrial investments -1,511 -1,649 Change in
operating WCR 268 112 Dividends received from
equity-accounted entities and joint ventures 93 81
Renewal expenses -272 -282 Other non-current expenses
and restructuring charges -123 -138 Interest on
concession liabilities -90 -94 Financial items
(current cash financial expense, and operating cash flow from
financing activities) -416 -426 Taxes paid
-227 -233
Net free cash flow before dividend payment,
financial investments and financial divestitures
940 655 Dividends paid -591 -648
Net financial investments -501 -418 Change in
receivables and other financial assets 273 95 Issue /
repayment of deeply subordinated securities 18 0
Proceeds on issue of shares -22 24
Free cash
flow 118 -293 Effect of foreign
exchange rate movements and other 240 264
Change 357 -29 Net financial
debt at the beginning of the period -8,169 -7,812
Net financial debt at the end of the period
-7,812 -7,841
(*) The effect of foreign exchange rate and other movements as
of December 31, 2017 included the favorable impact of the U.S.
dollar, the UK pound sterling, the Hong Kong dollar, the Chinese
renminbi and the Brazilian real and the negative impact of the
Polish zloty.
Net free cash flow amounted to €655 million for the year
ended December 31, 2017, versus re-presented €940 million for the
year ended December 31, 2016.
The decrease in net free cash flow compared with the year
ended December 31, 2016 primarily reflects the increase in
EBITDA, the increase in net industrial investments versus 2016
(-€138 million), a change in operating working capital requirements
that was still positive, but less favorable than in 2016 (-€156
million) and an increase in tax expense of €7 million.
Overall, net financial debt amounted to €7,841 million,
compared with re-presented €7,812 million at December 31, 2016.
In addition to the reduction in net free cash flow compared to
the prior year (including the variation in operating WCR), net
financial debt was impacted by net financial investments of -€418
million, as well as favorable exchange rate fluctuations totaling
€271 million over the year and dividends paid of €648 million
(including hybrid coupons of €68 million).
1. INDUSTRIAL AND FINANCIAL
INVESTMENTS
1.1 Industrial investments
Total Group gross industrial investments, including new
operating financial assets, amounted to €1,738 million for the year
ended December 31, 2017, compared with re-presented €1,597 million
for the year ended December 31, 2016.
Industrial investments, excluding discontinued operations, break
down by segment as follows:
Year ended December 31,2017 (in €
million)
Maintenanceand contractualrequirements
(1)
Discretionarygrowth
Total
grossindustrialinvestments(2)
Industrialdivestitures
Total
netindustrialinvestments
France 360 12
372 -15
357 Europe excluding France 590 93
683 -30
653 Rest of the World
426 104
530 -27
503
Global Businesses 128
128
-16
112 Other 25
25 -1
24 Total industrial
investments 1,529 209
1,738 -89 1,649
(1) Of which maintenance investments of €822 million, and
contractual investments of €707 million
(2) Of which new OFA in the amount of €112 million
Year ended December 31,2016 re-presented
(in €million)
Maintenanceand
contractualrequirements(1)
Discretionarygrowth
Total
grossindustrialinvestments(2)
Industrialdivestitures
Total
netindustrialinvestments
France 337 4
341 -26
315 Europe excluding France 605 74
679 -27
652 Rest of the World
313 127
440 -17
423
Global Businesses 114 0
114 -14
100 Other 22 0
22
-1
21 Total industrial investments
1,391 205 1,596
-85 1,511
(1) Of which maintenance investments of €797 million, and
contractual investments of €594 million
(2) Of which new OFA in the amount of €113 million
At constant exchange rates, gross industrial investments rose by
8.3%.
Gross discretionary growth industrial investments were stable
compared to 2016.
1.2 Financial investments and divestitures
Financial investments amounted to -€565 million for the
year ended December 31, 2017 (including acquisition costs and net
financial debt of new entities) and include the impacts arising
from the acquisitions of Corvara and Hans Andersson (-€143
million), Uniken (-€66 million), the Dutch group Van Scherpenzeel
(-€56 million), Eurologistik -(€40 million) and Enovity (-€26
million). For the re-presented year ended December 31, 2016,
financial investments (-€881 million, including the net financial
debt of new entities) mainly concerned the acquisition of Kurion
(-€296 million), the Chemours Sulfur Products division in the
United States, the Pedreira landfill site in Brazil, and Prague
Left Bank in the Czech Republic.
Financial divestitures totaled €147 million for the year
ended December 31, 2017 (including disposal costs) and include
Affinity in the UK and Beiyuan in China. For the year ended
December 31, 2016, financial divestitures (€380 million) included
the sale of 20% of Transdev Group for €216 million (including
disposal costs).
2. OPERATING WORKING
CAPITAL
The change in operating working capital requirements (excluding
discontinued operations) was +€112 million for the year ended
December 31, 2017, compared with re-presented +€268 million for the
year ended December 31, 2016.
This decrease was attributable to the change in inventories (-€7
million), operating receivables (+€35 million) and operating
payables (+€84 million).
The net WCR position on the balance sheet as of December 31,
2017 totaled a resource of €763 million, an improvement despite the
increase in the Group’s revenue during the year.
3. EXTERNAL
FINANCING
3.1 Structure of net financial debt
(€ millions)
Year ended December31, 2016
re-presented
Year endedDecember 31,
2017
Non-current borrowings 8,344.0 9,465.2 Current
borrowings 4,759.6 4,607.0 Bank overdrafts and other
cash position items 246.8 208.9
Sub-total
borrowings 13,350.4 14,281.1 Cash
and cash equivalents -5,520.4 -6,263.9 Fair value
gains (losses) on hedge derivatives -5.0 -1.3 Liquid
assets and financing-related assets -12.9 -174.9
Net financial debt 7,812.1
7,841.0
For the year ended December 31, 2017 net financial debt after
hedging (5) was borrowed at 89% at fixed rates and 11% at variable
rates.
The average maturity of net financial debt was 9.2 years as of
December 31, 2017, compared with 9.3 years as of December 31,
2016.
The leverage ratio, i.e. the ratio of closing Net Financial Debt
(NFD) to 12-months rolling EBITDA as of December 31, 2017,
decreased compared to the re-presented figure as of December 31,
2016:
Year ended December31, 2016
re-presented
Year endedDecember 31,
2017
Leverage ratio (closing NFD / EBITDA) -2.43
-2.39
(5) Including the restatement of €1.8 billion of the carryover
of cash relating to the pre-financing of upcoming bond maturity
repayments in 2018
3.2 Group liquidity position
Liquid assets of the Group as of December 31, 2017 break down as
follows:
(€ millions)
Year endedDecember 31,
2016re-presented
Year endedDecember 31,
2017
Veolia Environnement: Undrawn
syndicated loan facility 3,000.0 3,000.0 Undrawn MT
bilateral credit lines 925.0 925.0 Undrawn ST
bilateral credit lines - - Letter of credit facility
8.2 55.1 Cash and cash equivalents(*) 4,648.4
5,371.0
Subsidiaries : 0.0 0.0 Cash and
cash equivalents(*) 886.0 1,067.9
Total liquid
assets 9,467.6 10,419.0 Current
debt, bank overdrafts and other cash position items
Current debt 4,759.7 4,607.0
Bank overdrafts and other cash position items 246.8
208.9
Total current debt, bank overdrafts and other cash
position items 5,006.5 4,815.9
Total liquid assets net of current debt, bank overdrafts and
other cash position items 4,461.1
5,603.1
(*) Including liquid assets and financing-related assets
included in net financial debt
The increase in net liquid assets mainly reflects the March and
November 2017 bond issues for a nominal amount of €1.8 billion for
a bond redemption payment of €472 million in 2018.
Veolia Environnement may draw on the multi-currency syndicated
loan facility and all credit lines at any time.
Undrawn medium-term syndicated loan
facilities
On November 6, 2015, Veolia Environnement signed a new
multi-currency syndicated loan facility in the amount of €3 billion
initially maturing in 2020, extended to 2022 in October 2017 with
the possibility for drawdowns in Eastern European currencies and
Chinese renminbi.
This syndicated loan facility was not drawn down as of December
31, 2017.
Undrawn ST and MT bilateral credit
lines
Veolia Environnement has bilateral credit lines for a total
undrawn amount of €925 million as of December 31, 2017.
Letter of credit facility:
As of December 31, 2017, the bilateral letters of credit
facility was drawn by USD 118.9 million. The portion that may be
drawn in cash amounted to USD 66.1 million (€55.1 million
equivalent), undrawn and recorded in the liquidity table above.
E] RETURN ON CAPITAL EMPLOYED
(ROCE)
POST-TAX ROCE
Current EBIT after tax is calculated as follows:
(in € million)
Year endedDecember 31,
2016re-presented
Year endedDecember 31,
2017
Current EBIT (*) 1,460 1,519 -
Current income tax expense -210 -206
Current EBIT
after tax 1,250 1,314
(*) Including the share of net income (loss) of joint ventures
and associates.
Capital employed for the year was calculated as follows:
(in € million)
Year endedDecember 31,
2016re-presented
Year endedDecember 31,
2017
Intangible assets and property, plant and equipment, net
11,912 11 775 Goodwill, net of impairment 4,864
4,928 Investments in joint ventures and associates
2,366 2,114 Operating financial assets 1,736
1,614 Operating and non-operating working capital requirements, net
-2,157 -2,235 Net derivatives and other instruments
(1) -130 -8 Provisions -2,630 -2,478
Capital employed 15,961 15,710
Impact of discontinued operations and other restatements (2)
-232 -160
Re-presented capital employed
15,729 15,550
(1 Excluding derivatives hedging the fair value of debt in the
amount of €0.3 million for the year ended December 31, 2016, and
-€11.1 million for the year ended December 31, 2017.
(2)The restatements in 2016 and 2017 include the impact arising
from the capital employed of entities that are not viewed as core
to the Group’s businesses, i.e. Transdev Group.
The Group's post-tax return on capital employed (ROCE) is as
follows:
In € million, Current EBIT after Average capital
Post-tax ROCE tax employed
2016 1,250 15,781 7.9%
2017 1,314
15,639 8.4%
PRE-TAX ROCE
Unlike post-tax ROCE, the capital employed used for the pre-tax
ROCE calculation does not include investments in joint ventures and
associates.
The Group’s pre-tax return on capital employed (ROCE) by segment
is as follows:
Current EBIT Average capital
Pre-tax ROCE In € million
before tax
employed France 132.9 1,790.4 7.4% Europe
excluding France 698.7 6,867.9 10.2% Rest of the World 400.2
4,308.9 9.3% Global Businesses 134.9 1,087.7 12.4% Other
(0.7) (350.5) N/A
Total Group 2016
1,366.0 13,704.4 10.0% France
152.1 1,716.4 8.9% Europe excluding France 686.0 6,828.9 10.0% Rest
of the World 476.5 4,423.6 10.8% Global Businesses 149.9 1,185.2
12.6% Other (43.4) (460.3) N/A
Total Group
2017 1,421.0 13,693.8
10.4%
ANNEXES
1] Reconciliation of GAAP indicators and the indicators used
by the Group
The reconciliation of Current EBIT with operating income, as
shown in the income statement, is shown in Section C-6. Likewise,
the reconciliation of current net income with net income, as shown
in the income statement, is shown in Section C-6.
The reconciliation of operating cash flow with EBITDA is as
follows:
In € million
Year endedDecember 31,
2016re-presented
Year endedDecember 31,
2017
Operating cash flow before changes in working capital
2,610.2 2,671.5 Operating cash flow from
financing activities 3.2 -12.8 Adjusted operating
cash-flow 2,607.0 2,684.3 Excluding:
Renewal expenses 272.4 282.5
Non-current impairment losses on WCR 4.3 -3.7 Cash
restructuring costs 119.0 124.5 Share acquisition and
disposal costs 15.5 19.3
Other non-current expenses
0.0 17.6 Including:
Principal payments on operating financial assets 201.2
159.7
EBITDA 3,219.4
3,284.1
The reconciliation of Net cash from operating activities of
continuing operations (included in the consolidated cash flow
statement) with net free cash flow is as follows:
(€ million)
Year endedDecember 31,
2016re-presented
Year endedDecember 31,
2017
Net cash from operating activities of continuing operations
2,542.4 2,428.0 including :
Industrial investments, net of grants
-1,353.5 -1 495,5 Proceeds on industrial assets 85.8
89.3 New operating financial assets -113.4
-112.4 Principal payments on operating financial assets
201.2 159.7 New finance lease obligations -17.7
-8.1 Dividends received 93.2 81.3 Interest
paid -520.8 -533.3 Excluding :
Share acquisition and disposal costs, and other items
23.1 46.0
Free cash-flow net 940.3
655.0
The reconciliation of Industrial investments, net of grants
(included in the consolidated cash flow statement) with industrial
capex is as follows:
In € millions
Year endedDecember 31,2016re-presented
Year endedDecember31,
2017
Industrial investments, net of grants -1,353.5
-1,495.5 New finance lease obligations -17.7
-8.1 Change in concession working capital requirements
-112.0 -122.0 New operating financial assets
-113.4 -112.4
Industrial capex -1,596.6
1,738.0
2] Reconciliation of 2016 published data with 2016
re-presented data
In €m
2016 published
IFRS 5Adjustment
(3)
2016
re-presented
Revenue 24,390.2 -203.2
24,187.0
EBITDA (a)
3,258.4 -39.0
3,219.4 Current
EBIT (1) 1,476.5 -16.3
1,460.2
Operating income 1,169.6 23.7
1,193.3
Current net income - Group share 610.7 -14.1
596.6 Net income - Group share 383.1 0.0
383.1 Gross industrial investments (b) -1,597
0
-1,597 Of which change in concession WCR
-112 0
-112 Interest on operating assets - IFRIC 12 (c)
-90.3 0.0
-90.3 Net free cash flow (2)
970 -30
940 Net financial debt -7,811
-1
-7,812
(1) Including the re-presented share of current net income of
joint ventures and associates for the year ended December 31,
2016.
(2) No impact related to IFRIC 12 adjustment on net Free Cash
Flow (a)+(b)+(c)=0)
(3) In order to ensure the comparability of periods, the year
ended December 31, 2016 has been adjusted for the reclassification
of the Group's activities in Lithuania to "Net income (loss) from
discontinued operations" pursuant to IFRS 5
In €m
2016
IFRS 5Adjustment
2016 published re-presented
France
5,417.7 0.0
5,417.7
Europe excluding France
8,286.3 -203.2
8,083.1 Rest
of the World
6,028.4 0.0
6,028.4 Global businesses
4,626.2 0.0
4,626.2 Other
31.6 0.0
31.6
Revenue 24,390.2 -203.2
24,187.0 In €m
2016
IFRS 5Adjustment
2016 published re-presented
France
763.2 0.0
763.2 Europe
excluding France
1,346.1 -39.0
1,307.1 Rest of the
World
864.6 0.0
864.6 Global businesses
262.7
0.0
262.7 Other
21.8 0.0
21.8 EBITDA
3,258.4 -39.0
3,219.4 In €m
2016
IFRS 5Adjustment
2016 published re-presented
France
132.7 0.0
132.7 Europe
excluding France
726.4 -16.3
710.1 Rest of the World
464.5 0.0
464.5 Global businesses
153.7 0.0
153.7 Other
-0.8 0.0
-0.8 Current EBIT
1,476.5 -16.3
1,460.2
3] Definitions
GAAP (IFRS) INDICATORS
Cost of net financial debt is equal to the cost of gross
debt, including related gains and losses on interest rate and
currency hedges, less income on cash and cash equivalents.
Operating cash flow before changes in working capital, as
presented in the consolidated cash flow statement, is comprised of
three components: operating cash flow from operating activities
(referred to as “adjusted operating cash flow” and known in French
as “capacité d'autofinancement opérationnelle”) consisting of
operating income and expenses received and paid (“cash”), operating
cash flow from financing activities including cash financial items
relating to other financial income and expenses and operating cash
flow from discontinued operations composed of cash operating and
financial income and expense items classified in net income from
discontinued operations pursuant to IFRS 5. Adjusted operating cash
flow does not include the share of net income attributable to
equity-accounted entities.
Net income (loss) from discontinued operations is the
total of income and expenses, net of tax, related to businesses
divested or in the course of divestiture, in accordance with IFRS
5.
NON-GAAP INDICATORS
The term “change at constant exchange rates” represents
the change resulting from the application of exchange rates of the
prior period to the current period, all other things being
equal.
The municipal sector encompasses services in the Water,
Waste and Energy business lines aimed at users, performed under
contracts with municipal governments, groups of municipal
governments, or regional or national governments.
The industrial sector covers Water, Waste and Energy
management services, offered to industrial or service sector
customers.
EBITDA comprises the sum of all operating income and
expenses received and paid (excluding restructuring charges,
non-current WCR impairments, renewal expenses and share acquisition
and disposal costs) and principal payments on operating financial
assets.
The EBITDA margin is defined as the ratio of EBITDA to
revenue.
To calculate Current EBIT, the following items will be
deducted from operating income:
- Goodwill impairments of fully
controlled subsidiaries and equity-accounted entities,
- Restructuring charges,
- Non-current provisions and
impairments,
- Non-current and/or significant
impairment of non-current assets (PP&E, intangible assets and
operating financial assets),
- Impacts relating to the application of
IFRS 2 Share-based payment,
- Share acquisition costs.
Current net income is defined as the sum of the following
items:
- Current EBIT, Current net finance
expenses, that include current cost of net financial debt and other
current financial income and expenses, including capital gains or
losses on financial divestitures (including gains or losses
included in the share of net income of equity-accounted
entities),
- Current tax items, and
- Minority interests (excluding the
portion of minority interests relative to non-current items in the
income statement).
Current net income earnings per share is defined as the
ratio of current net income (not restated for the cost of the
coupon attributable to hybrid debt holders) by the weighted average
number of outstanding shares during the year.
Net industrial investments, as presented in the statement
of changes in net financial debt, include industrial investments
(purchases of intangible assets and property, plant and equipment,
and operating financial assets), net of industrial asset
divestitures.
The Group considers discretionary growth investments,
which generate additional cash flows, separately from
maintenance-related investments, which reflect the
replacement of equipment and installations used by the Group as
well as investments relating to contractual obligations.
Net financial investments, as presented in the statement
of changes in net financial debt, include financial investments,
net of financial divestitures.
Financial investments include purchases of financial assets,
including the net financial debt of companies entering the scope of
consolidation, and partial purchases resulting from transactions
with shareholders where there is no change in control.
Financial divestitures include net financial debt of companies
leaving the scope of consolidation, and partial divestitures
resulting from transactions with shareholders where there is no
change in control, as well as issues of share capital by
non-controlling interests.
Net free cash flow corresponds to free cash flow from
continuing operations, and is calculated by: the sum of EBITDA,
dividends received, changes in operating working capital and
operating cash flow from financing activities, less net interest
expense, net industrial investments, taxes paid, renewal expenses,
restructuring charges and other non-current
expenses.
Net financial debt (NFD) represents gross financial debt
(non-current borrowings, current borrowings, bank overdrafts and
other cash position items), net of cash and cash equivalents,
liquid assets and financing-related assets, including fair value
adjustments to derivatives hedging debt. Liquid assets are
financial assets composed of funds or securities with an initial
maturity of more than three months, easily convertible into cash,
and managed with respect to a liquidity objective while maintaining
a low capital risk.
The leverage ratio is the ratio of closing Net Financial
Debt to EBITDA.
The financing rate is defined as the ratio of the cost of
net financial debt (excluding fair value adjustments to instruments
not qualifying for hedge accounting) to average monthly net
financial debt for the period, including the cost of net financial
debt of discontinued operations.
The pre-tax return on capital employed (ROCE) is
defined as the ratio of:
- Current EBIT before share of net income
or loss of equity-accounted entities;
- Average capital employed in the year,
including operating financial assets and excluding investments in
joint ventures and associates.
Capital employed used in the ROCE calculation is therefore equal
to the sum of net intangible assets and property, plant and
equipment, goodwill net of impairment, operating financial assets,
net operating and non-operating working capital requirements and
net derivative instruments less provisions. It also includes the
capital employed of activities classified within assets and
liabilities held for sale, excluding discontinued operations.
The post-tax return on capital employed (ROCE) is defined
as the ratio of:
- Current EBIT including the share of net
income or loss of equity-accounted entities, after tax. It is
calculated by subtracting the current tax expense from Current EBIT
including the share of net income or loss of equity-accounted
entities. Current tax expense is the tax expense in the income
statement re-presented for tax effects on non-current items.
- Average capital employed in the year,
including operating financial assets and investments in joint
ventures and associates.
Capital employed used in the post-tax ROCE calculation is
therefore equal to the sum of net intangible assets and property,
plant and equipment, goodwill net of impairment, investments in
joint ventures and associates, operating financial assets, net
operating and non-operating working capital requirements and net
derivative instruments less provisions. It also includes the
capital employed of activities classified within assets and
liabilities held for sale, excluding discontinued operations.
For both pre-tax and post-tax ROCE, the impacts of the Group’s
investment in the Transdev Group joint venture, which is not viewed
as a core Company activity and whose contribution is recognized as
a share of net income of other equity-accounted entities, are
excluded from the calculations.
4] Consolidated income statement
(€ million)
2016 represented (1)
2017 Revenue 24,187.0
25,124.6 Cost of sales -19,988.5 -20,855.2
Selling costs -591.9 -621.8 General and
administrative expenses -2,239.3 -2,227.0 Other
operating revenue and expenses -268.2 -234.2
Operating income before share of net income (loss) of
equity-accounted entities 1,099.1
1,186.4 Share of net income (loss) of equity-accounted
entities 94.2 98.4 o/w share of net
income (loss) of joint ventures 66.8 63.5 o/w share
of net income (loss) of associates 27.4 34.9
Operating income after share of net income (loss) of
equity-accounted entities 1,193.3
1,284.8 Net finance costs -423.0 -410.6 Other
financial income and expenses -94.6 -143.3
Pre-tax
net income (loss) 675.7 730.9
Income tax expense -191.2 -227.8 Share of net income
(loss) of other equity-accounted entities 27.4 22.8
Net income (loss) from continuing operations
511.9 525.9 Net income (loss) from
discontinued operations -25.8 13.3
Net income
(loss) for the period 486.1 539.2
Attributable to owners of the Company 383.1
401.6 Attributable to non-controlling interests
103.0 137.6
NET INCOME (LOSS) ATTRIBUTABLE TO
OWNERS OF THE COMPANY PER SHARE
Diluted 0.57 0.60 Basic 0.55 0.58
NET INCOME (LOSS) FROM CONTINUING OPERATIONS ATTRIBUTABLE TO
OWNERS OF THE COMPANY PER SHARE
Diluted 0.62 0.58 Basic 0.60 0.56
NET INCOME (LOSS) FROM DISCONTINUED OPERATIONS ATTRIBUTABLE TO
OWNERS OF THE COMPANY PER SHARE
Diluted -0.05 0.02 Basic -0.05 0.02
(1) 2016 adjustments concern the reclassification of Lithuania
in discontinued operations in accordance with IFRS 5.
5] Consolidated statement of financial position –
assets
As of December As of December (€
million)
31, 2016 31, 2017 Goodwill
4,850.2 4,915.7 Concession intangible assets
3,775.6 3,475.3 Other intangible assets 1,012.7
1,017.1 Property, plant and equipment 7,177.2
7,294.4 Investments in joint ventures 1,642.6 1,506.1
Investments in associates 723.4 607.8
Non-consolidated investments 88.0 70.6 Non-current
operating financial assets 1,554.1 1,416.8
Non-current derivative instruments - Assets 43.2 27.1
Other non-current financial assets 385.6 348.6
Deferred tax assets 1,211.1 956.9
Non-current
assets 22,463.7 21,636.4
Inventories and work-in-progress 719.6 721.6
Operating receivables 8,686.0 8,528.1 Current
operating financial assets 141.6 197.3 Other current
financial assets 284.7 404.6 Current derivative
instruments - Assets 78.4 69.9 Cash and cash
equivalents 5,521.4 6,263.9 Assets classified as held
for sale* 53.8 487.3
Current assets
15,485.5 16,672.7 TOTAL ASSETS
37,949.2 38,309.1
*As of December 31, 2017, assets classified as held for sale
mainly concern the Europe excluding France segment in the amount of
€405.1 million and the Rest of the World segment in the amount of
€81.9 million. As of December 31, 2016, they concerned West Coast
assets, in United States, in the amount of €53.8 million.
6] Consolidated statement of financial position – equity and
liabilities
As of December As of December (€
million)
31, 2016 31, 2017 Share
capital 2,816.8 2,816.8 Additional paid-in capital
7,161.2 7,161.2 Reserves and retained earnings
attributable to owners of the Company -2,228.8
-2,475.1
Total equity attributable to owners of the Company
7,749.2 7,502.9 Total equity
attributable to non-controlling interests 1,127.3
1,153.8
Equity 8,876.5 8,656.7
Non-current provisions 2,123.7 1,941.6 Non-current
borrowings 8,344.0 9,465.2 Non-current derivative
instruments - Liabilities 122.4 108.4 Concession
liabilities - non current 1,399.2 1,281.2 Deferred
tax liabilities 1,079.8 970.1
Non-current
liabilities 13,069.1 13,766.5
Operating payables 10,199.9 10,118.0 Concession
liabilities - current 119.8 85.8 Current provisions
559.4 577.0 Current borrowings 4,759.7
4,607.0 Current derivative instruments - Liabilities 118.0
49.1 Bank overdrafts and other cash position items
246.8 208.9 Liabilities directly associated with assets
classified as held for sale* - 240.1
Current
liabilities 16,003.6 15,885.9
TOTAL EQUITY AND LIABILITIES 37,949.2
38,309.1
*As of December 31, 2017, liabilities directly associated
with assets classified as held for sale mainly concerned the Europe
excluding France segment in the amount of €212.4 million.
7] Consolidated cash flow statement
(€ million)
2016 represented (1)
2017 Net income (loss) for the period
486.1 539.2 Net income (loss) from
continuing operations 511.9 525.9
Net income (loss) from discontinued operations
-25.8 13.3 Operating depreciation,
amortization, provisions and impairment losses 1,544.8
1,516.0 Financial amortization and impairment losses
19.9 -6.5 Gains (losses) on disposal of operating assets
-29.1 -9.7 Gains (losses) on disposal of financial
assets -57.6 -15.1 Share of net income (loss) of
joint ventures -66.8 -63.5 Share of net income (loss)
of associates -54.8 -57.7 Dividends received
-8.1 -3.4 Net finance costs 423.0 410.6 Income
tax expense 191.2 227.8 Other items 135.8
147.1
Operating cash flow before changes in operating
working capital 2,610.2 2,671.5
Change in operating working capital requirements 270.4
112.0 Change in concession working capital requirements
-112.0 -122.0 Income taxes paid -226.2
-233.5
Net cash from operating activities of continuing
operations 2,542.4 2,428.0 Net
cash from operating activities of discontinued operations
13.5 24.2 Net cash from operating
activities 2,555.9 2,452.2
Industrial investments, net of grants -1,353.5
-1,495.5 Proceeds on disposal of industrial assets 85.8
89.3 Purchases of investments -797.8 -364.1
Proceeds on disposal of financial assets 281.7 136.9
Operating financial assets New
operating financial assets -113.4 -112.4 Principal
payments on operating financial assets 201.2 159.7
Dividends received (including dividends received from joint
ventures and associates) 93.2 81.3 New non-current
loans granted -123.8 -135.9 Principal payments on
non-current loans 67.8 193.5 Net decrease/increase in
current loans 329.0 37.7
Net cash used in
investing activities of continuing operations
-1,329.8 -1,409.5 Net cash used in
investing activities of discontinued operations -
-12.3 Net cash used in investing activities
-1,329.8 -1,421.8 Net increase
(decrease) in current borrowings -547.1 -689.4
7] Consolidated cash flow statement continued...
(€ million)
2016 represented (1)
2017 New non-current borrowings and other debts
2,049.9 1,886.0 Principal payments on non-current borrowings
and other debts -176.2 -109.2 Change in liquid assets
and financing financial assets -9.0 -163.3 Proceeds
on issue of shares 14.5 15.3 Share capital reduction
- - Transactions with non-controlling interests:
partial purchases -5.3 -6.7 Transactions with
non-controlling interests: partial sales 0.4 1.5
Proceeds on issue of deeply subordinated securities -
- Coupons on deeply subordinated securities -68.8
-67.8 Purchases of/proceeds from treasury shares -22.0
23.9 Dividends paid -521.7 -580.5 Interest
paid -430.5 -439.0 Interest on operating assets -
IFRIC 12 -90.3 -94.3
Net cash from (used in)
financing activities of continuing operations
193.9 -223.5 Net cash from financing
activities of discontinued operations -0.6
-0.3 Net cash from (used in) financing activities
193.3 -223.8 Effect of foreign exchange
rate changes and other -2.5 -25.1
Increase
(decrease) in external net cash of discontinued operations
- -1.1
Net cash at the beginning of the year
3,857.7 5,274.6 Net cash at the end
of the year 5,274.6 6,055.0 Cash
and cash equivalents 5,521.4 6,263.9 Bank overdrafts
and other cash position items 246.8 208.9
Net cash
at the end of the year 5,274.6
6,055.0
(1) 2016 adjustments concern the reclassification of Lithuania
in discontinued operations in accordance with IFRS 5.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20180221006576/en/
VEOLIA ENVIRONNEMENTGroup Media RelationsLaurent
ObadiaSandrine Guendoul+ 33 (0)1 85 57 42
16sandrine.guendoul@veolia.comorInvestor & Analyst
RelationsRonald Wasylec - Ariane de Lamaze+ 33 (0)1 85 57 84 76
/ 84 80orTerri Anne Powers (United States)+ 1 630 218
1627
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