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Key figures as of March 31, 2019

PR 2019 Q1 Veolia results (1.03 MB)


  • EBITDA ROSE 4.2%2, TO €1,031 MILLION


1  Variation vs. 1Q2018 restated for IFRS5 and at constant forex. At current exchange rates, revenue rose by 5.4%
2  Variation vs. 1Q2018 restated for IFRS5, at constant forex and excluding IFRS16 impact. At current exchange rates EBITDA grow by 4%, and Current EBIT by 4.6%
3 Variation vs. 1Q2018 restated for IFRS5 and at constant forex. At current exchange rates, Current net profit attributable to group was up 7%, and up 13.8% excluding capital gains

Antoine Frérot, Veolia’s Chairman and CEO indicated: “We have accomplished a very good start of the year. The Group has continued to enjoy a sustained progression of activity, despite an unfavorable weather for our heating business, supported by good commercial momentum in all geographies, particularly in the new high value activities we have developed, such as hazardous waste, plastic recycling or industrial utilities and onsite services. Results also progressed at a very good rhythm, driven by sales growth and by cost reduction efforts. The performance accomplished in the first quarter allows us to be very confident in the achievement of our full year objectives: 2019, the last year of our 2016-2019 strategic plan should be another very satisfactory year”.


Group consolidated revenue increased by +4.8% at constant exchange rates (+5.4% at current exchange rates) to €6,785 million, vs. €6,438 million in Q1, 2018 restated, and by +6.0% excluding weather impact.
Revenue has continued to grow strongly, like in previous quarters, supported by commercial wins, good volumes in Waste (+2.6%) but also in Water, and by enhanced tariff increases (+€90M, or +1.4%, vs. +€47M impact in 1Q2018)
Exchange rate variations had a small favorable impact of €39 million (+0.6%).
High energy prices had an overall positive impact of +€53M (+0.8%), whereas the decline in recycled paper prices had a quasi-neutral impact (-€7 million, -0.1%). The very mild weather in Q1 has on the other hand weighed negatively on sales for an amount of -€77M (-1.2%).
At constant scope and exchange rates, growth stood at 3.5%.
The strong revenue growth was the result of increases in each of the geographic zones with the following breakdown (at constant forex):

  • In France, activity was up +2.8% at €1,347 million. Water had a moderate growth (+0.6%) thanks to better price indexations (+1.2% vs. +0.6% in Q1 2018) and an increase in volumes of +1.1%. In Waste, activity was up by 5.4% thanks to good volumes (+1.9%), and enhanced service price increases (+2.3%) particularly in C&I.
  • Europe excluding France grew by +4.7% to €2,572 million. The UK was up 5.6% thanks to strong waste volumes and a continued good commercial dynamic. Central Europe progressed by 4.6%, boosted by higher energy prices and increase in water volumes, partially offset by lower energy volumes sold due to the very mild winter (negative impact of -€47M). Northern Europe grew by 2.7% with waste volumes up +2.9%, notably in Germany, but unfavorable weather (negative impact of -€13M). Rest of Northern Europe grew by 9% with a positive scope effect in Belgium and strong plastic recycling in the Netherlands. Southern Europe rose by 8.5%, thanks to commercial wins in energy efficiency.
  • Rest of the World once again posted the strongest growth in revenues, +6.6% to €1,758 million. All countries showed strong growth, except North America with lower district heating activity due to the mild winter and the remaining negative scope effect from the divestiture of Industrial Services beginning of 2018. Asia grew by 7.1%, in particular China +10.9% and Japan +5%. Latin America grew by 29.2% due to the integration of Grupo Sala and significant price increases. The Pacific zone showed an increase of 8.9%, with good waste volumes and the restart of the Sydney desalination plant. Africa Middle East recorded a progression of +2.9%.
  • Global Businesses were up 4.7% to €1,102 million: continuation of solid growth in Hazardous Waste (+8.9%) and improved construction (+2.9%) thanks to SADE, up 8.5%, while Veolia Water Technologies’ revenue was down 2.3%.
  • By activity, at constant exchange rates, Water was up 2.7%, Waste by 5.0% and Energy by 2.5%.


EBITDA improved by +4.0% at current exchange rates and +3.8% at constant exchange rates to €1,031 million vs. €992 million in Q1, 2018 restated.
Excluding IFRS16 impact (€111 million in 1Q2019, like in 1Q2018), EBITDA growth at constant forex vs. 1Q2018 restated was +4.2%, and +6.9% excluding weather.
EBITDA growth benefited from:

  • Sustained revenue growth ( commerce and volume impact on EBITDA amounted to €20 million, while scope added €10 million)
  • Cost savings of €60 million
  • Unfavorable weather for -€24 million
  • A reduced price cost squeeze thanks to improved price indexation (-€21 million vs. -€28 million in Q1 2018.)
  • A small negative impact of energy and recycled materials prices (-€8 million)


Current EBIT increased by +4.6% at current exchange rates, and +4.6% at constant exchange rates to €484 million vs. €462 million in Q1 2018 restated.

  • Current EBIT growth is the result of the increase in EBITDA, minored by increased D&A resulting from higher capex and a lower contribution from equity-accounted joint ventures and associates due to a €16 million non-recurring capital gain registered in 1Q 2018.


Current net income - Group share was €209 million vs. €196 million in Q1 2018 restated, up 7% at current exchange rates. Excluding capital gains, the growth rate was +13.8%.

  • Cost of financing amounted to -€113 million, vs. -€96 million in Q1 2018 restated, temporarily penalized by the €5 million carrying cost of the €750 million bond issued early January 2019, in anticipation of the April 2019 bond redemption.
  • Net financial capital gains were +€18 million vs. +€37 million in Q1 2018 restated
  • Tax rate was 24%
  • Non-controlling interests decreased slightly to €62 million vs. €64 million


Net Financial Debt amounted to €11,962 million, down vs. €11,457 million in March 31, 2018 restated.

  • It included an increase in industrial investments of €82 million to €516 million, with higher maintenance capex this quarter and an increase in discretionary investments by €53 million. Excluding IFRS 16 impact (€97 million in 1Q2019), capex are expected to reach €1.9bn for the full year. Net financial debt is up by €505 million year on year, due to unfavorable exchange rates (€200 million) and net financial acquisitions. Net financial debt is expected significantly below €12 billion at year end 2019 (before the potential divestiture of the DHN activity in the US)


  • 2019 outlook at constant exchange rates (based on rates at the end of 2018):
    • Continuation of Revenue growth  
    • Cost savings of at least €220 million
    • EBITDA between €3.5 billion and €3.6 billion and between €3.9billion and €4.0 billion including IFRS16 impacts
  • Croissance du dividende en ligne avec celle du résultat net courant

Veolia group is the global leader in optimized resource management. With over 171,000 employees worldwide, the Group designs and provides water, waste and energy management solutions which 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 2018, the Veolia group supplied 95 million people with drinking water and 63 million people with wastewater service, produced nearly 56 million megawatt hours of energy and converted 49 million metric tons of waste into new materials and energy. Veolia Environnement (listed on Paris Euronext: VIE) recorded consolidated revenue of €25.91 billion in 2018 (USD 30.6 billion).


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 ( 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. 



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