Paris €24.98 (+1.13%)


  • EBITDA : €2,002 MILLION, + 5.4% (+7.3% IN Q2 BETTER THAN THE +3.8% IN Q1)
  • CURRENT EBIT: €857 MILLION, +5.7%

Un-audited data – Audit in Process


1 At constant exchange rates. At current exchange rates: Revenue growth of 5.8%, EBITDA growth of 5.4%, Current EBIT growth of 5.4% and current net income Group share excluding capital gains up 7.5%.


Antoine Frérot, Veolia’s Chairman and CEO indicated: “The first half of 2019 activity and results are fully in line with our sustained and profitable growth trajectory. Veolia has achieved strong revenue growth in all of its geographies, an evidence of the pertinence and coherence of our choices, of our capacity to capture the best opportunities for profitable growth. The commercial momentum has remained very solid. Growth of our new businesses has been very strong, particularly hazardous waste, up 13%, as well as plastic recycling, up 30%. Results also progressed at a very good rhythm, driven by sales growth and by cost reduction efforts achieved in the first semester, ahead of the annual objective, thanks to numerous operational efficiency and synergy actions. These strong first half results allow us to confirm all our objectives for the full year and to prepare our new 2020-2023 strategic plan, with a great confidence in the Group’s capacity to continue to achieve a solid, profitable and sustainable growth.”

• Group consolidated revenue was €13,324 million during the first half of 2019 compared to represented €12,588 million in H1 2018, up 5.5% at constant exchange rates (+5.8% at current rates) and +4.2% at constant scope and exchange rates.

Veolia once again registered solid revenue growth in the first semester, with acceleration in the second quarter. At constant exchange rates, Q2 revenue is up +6.3%, after +4.8% in Q1.

Revenue growth was driven by a continued robust commercial momentum, good volumes, in both waste and water, and price increases (with a positive impact of +1.4% on top line growth, vs. +0.9% in the first half of 2018).

Exchange rate variations had a small impact of €38 million on revenue for the semester.

The scope effect was positive for €168M, principally the effect of small tuck in acquisitions completed in 2018 (mainly Grupo Sala in Colombia) and in the beginning of 2019, net of the impact of the divestiture of SCVK in Czech Republic.

High energy prices had an overall positive impact of +€96M on revenue, while recycled material prices had a neutral effect, the 5% decrease in paper prices being offset by plastic prices (up 17%).

Weather weighed negatively on sales for an amount of -€38M in the first half, due to a mild winter in Central and Eastern Europe and in the United States, and a more favorable spring, which allowed to reduce the adverse Q1 impact of -€77M.

At constant exchange rates, the variations in revenue recorded during the first half of 2019 were as follows:

  • In France, activity was up +3.9% in the first half. Water revenue was up 1.5% as a result of price indexation of +1.4%, good contract wins and volume growth of +1.1%. The Waste business progressed by +6.7% (+4.2% excluding construction revenue), with volumes up 0.7% (increase in volumes treated but lower municipal collection) and prices up 2.2%.


  • Europe excluding France grew by 5.9%. All of the areas exhibited growth. Central and Eastern Europe is up 7.8% due to strong growth in Energy and good water volumes (+2.5%), compensating the impact of the divestment of SCVK in Water in Czech Republic. UK/Ireland grew by 4.3% thanks to very good availability rates for PFIs (93%) and good commercial wins with industrial customers. Northern Europe grew by +2.7%. Southern Europe registered strong growth (+11.5%), +9.5% in Italy, +14.5% in Iberia with the benefit of the integration of the Waste assets of Renascimento in Portugal.


  • Rest of the World grew by +7.8%. Latin America rose 23.9% with price increases, sales development, and the integration in May 2018 of the activities of Grupo Sala, leader in toxic and municipal waste in Colombia. Asia grew by 10.6%. China was up 16.9% with good toxic waste volumes, strong development of plastic recycling activities and the extension of the district heating network in Harbin. The Pacific zone progressed by 7.0% thanks to the restart of the Sydney desalination plant, and good treated volumes in waste. Africa Middle East was up 4.1% with notably the good performance of Energy Services in the Middle East, and higher volumes in water and electricity in Morocco.


  • Global businesses increased by 3.6%. Toxic waste continued to exhibit strong growth thanks to good sales momentum, and increased prices. Veolia Water Technologies revenue declined by - 5.0% but the order backlog is up 4.6%, with the booking of two desalination plants in Saudi Arabia and Bahrain. Revenue is up 10.3% at SADE, with a particularly good performance in France and in the Telecom network segment.


By activity, at constant exchange rates, Water revenue increased by 2.2%. Waste exhibited strong growth of 7.2% for the first half, with volumes up 1.9% (+2.5% in Q1 and +1.1% in Q2, even compared to a very strong Q2, 2018, when volumes grew by 4.9%) and prices up 2.5%. Energy rose 9.1% with favorable volumes, a price effect of +2.3% with the increase in heating and electricity prices in Central and Eastern Europe, and a slightly negative weather impact of -0.9%.


• EBITDA improved by 5.4% at constant exchange rates to €2,002M compared to represented €1,900M in H1 2018. (+5.4% at current exchange rates).

  • At constant exchange rates, sustained activity growth combined with cost savings ahead of the annual objective (€121M) resulted in EBITDA growth of 5.4% for the semester. Weather weighed in slightly for an amount of -€6M. Energy and recycled prices weighed in for -€14M in the growth of EBITDA (-€11M for energy and -€3M for recycled material prices).


  • EBITDA variances at constant exchange rates break down as follows: In France, EBITDA was up by +3.3% thanks to the good performance of Water. In Europe outside of France, EBITDA was stable (-0.1%). Central and Eastern Europe was penalized by the divestment of SCVK and the slightly unfavorable weather impact, partially offset by commercial momentum and cost savings. Excluding the impact of the SCVK disposal, EBITDA in Rest of Europe rose by 4.4%. Rest of the World posted strong EBITDA growth, up +8.5% alongside solid revenue progression. In Global Businesses, EBITDA was sharply up, +15.7%, due to the benefit of the restructuring actions taken at Veolia Water Technologies in 2018, the improvement at SADE, and the continued strong performance of the hazardous waste business.


• Current EBIT reached €857 million compared to represented €813 million in H1 2018, up 5.7% at constant exchange rates (and +5.4% at current exchange rates).

  • Exchange rate variation had a negative impact of -€2M on Current EBIT.
  • Current EBIT growth is a result of EBITDA growth partially offset by higher depreciation (including principal repayment on operating financial assets) expense of €1,073M vs. €1,031M in represented H1 2018, in line with activity growth. The aggregate provisions balance, fair value adjustments, and capital gains on industrial disposals are down to +€11M vs. +€22M in represented H1 2018. The contribution of equity-accounted joint ventures and associates to current net income is stable at €56M vs. €58M in represented H1 2018, which included a €15.9M capital gain in the US.


• Current Net Income Group share was €352 million compared to represented €328 million in H1 2018, an increase of 7.2% at constant exchange rates (and +7.5% at current exchange rates).

  • Cost of net financial debt was up, at -€222M, including an €6.5M carrying cost of the recently issued bonds (end 2018 and early 2019). The net cost of borrowing decreased by 9 basis points, to 4.31%.
  • Other current financial expenses and income were -€91M vs. -€88M in H1 2018 represented.
  • Capital gains on financial disposals are stable, €18M vs. €19M in H1 2018 represented.
  • The current tax rate was 24%.
  • Non-controlling interests are stable, €89M vs. €87M in H1 2018 represented.
  • The current net income Group Share progressed by 7.2% at constant exchange rates to €352M.

  • Published net income Group share was €331M compared to represented €226M in H1 2018 (growth of +46% at constant exchange rates).


• Net Financial Debt reached €12,478M on June 30, 2019 including €1,731M of IFRS16 lease debt, almost stable vs. €12,398M for June 30, 2018 represented.


• Signing of the divestiture of our US district energy activities to Antin Infrastructure Partners for a total consideration of $1.25 billion

  • On 31 July 2019 Veolia signed an agreement for the divestment of its municipal energy activities in the US.
  • Price of $1.25 billion is equivalent to an EV/EBITDA 2019e multiple of 14.2x.
  • Closing is expected in Q4 2019.
  • Once the divestiture is completed, net financial debt at 31 December 2019 is expected to be around €11 billion (including €1.7 billion of IFRS16 lease debt).



• In light of the very strong first half results, 2019 objectives* are fully confirmed:


  • Continuation of Revenue growth
  • Cost savings of at least €220 million
  • EBITDA between €3.9billion and €4.0 billion including IFRS16 impacts
  • Dividend growth in line with that of current net income

* At constant exchange rates (based on rates at the end of 2018)


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.



Group Media Relations​​​​​​​
Laurent Obadia
Sandrine Guendoul
Tél : + 33 (0)1 85 57 42 16
[email protected]


Investor & Analyst Relations​​​​​​​
Ronald Wasylec - Ariane de Lamaze 
Tél. : + 33 (0)1 85 57 84 76 / 84 80