Paris €24.98 (+1.13%)





• REVENUE : €12 412M vs. €13 324M IN H1 2019
-€912M REVENUE IN H1 2020 vs. 2019, BUT -€88M IN JUNE 2020

• EBITDA : €1 599M vs. €2 002M IN H1 2019
-€403M EBITDA IN H1 2020 vs. 2019, BUT -€27M IN JUNE


• CURRENT EBIT : €438M vs. €857M IN H1 2019


• NET FINANCIAL DEBT OF €11 850M DOWN €628M vs. JUNE 2019

1 At constant forex and in the absence of a second wave of sanitary crisis in the second half of 2020

Antoine Frérot, Veolia’s Chairman and CEO indicated:

Facing the sanitary crisis which hit all the world’s economies in the 1st half, we reacted swiftly and strongly in order to limit its consequences on Veolia. I have immediately launched a specific 2020 adaptation plan targeting €200 million of additional cost savings, a target which has been increased to €250 million, and a €500 million capex reduction while maintaining growth capex. Despite the crisis, we have maintained our commercial efforts. The Group has therefore been in a position to absorb the shock and to rebound very quickly. The recovery has started in May, followed by a very strong rebound of our revenues and results in June. Utilization rates of all our facilities have almost recovered nominal level. The strong mitigation measures put in place as well as the very encouraging recent business trends allow us to target to recover 2019 operational performance in Q4 2020. Our objective is thus to begin 2021 having offset the entire remaining COVID consequences and to pursue the implementation of our Impact 2023 strategic program at a sustained rhythm. 


- Revenue was €12 412 million compared to €13 324 million in H1 2019, a decrease of -6.8% at current exchange rates, of -6.1% at constant exchange rates and of -5.6% at constant scope and exchange rates

The Group had a good start of the year before the COVID crisis outbreak in March, and the lockdown measures put in place in many geographies. 

At constant scope and exchange rates, Q1 was nearly flat at -0.5%. Q2 revenue was down by 10.8%, recovering since May, followed by a strong improvement in June. June revenue was down by 2.7%.  

Exchange rate variations unfavorably impacted revenue growth by -€106 million and scope impact by -€65M, mostly due to the divestiture at the end of 2019 of our municipal energy business in the US (TNAI). 

Energy prices had a positive impact of +€25M on revenue, and recycled material prices weighed for -€98M, largely due to recycled paper average selling price decrease (-34% yoy) . Weather effect was neutral +€2M. 

The volume/commerce impact was negative by -€813M on revenue, or -6.1% due to the consequences of the sanitary crisis on the global economic activity. 

Prices remained well oriented, with a positive impact of +€143M on the Group’s revenue (+1.1%).


By geography and at constant exchange rates, the evolution is as follows:

  • In France, activity was down by -9.7%. Water revenue decreased by 6.4%, due to construction works halted temporarily, leading to a revenue decrease of this activity by one third. Water volumes have been stable and tariffs have progressed by 1.5%. Waste revenue was down by 13.4%, including volume decrease of -18%, mostly in the industrial and commercial segment, and prices up +1.8%. C&I Waste collection is down by 17% vs. -6% for municipal collection. Landfilled volumes were down 15% and incinerated volumes have remained up 4%. Waste activity has rebounded significantly in June to recover activity rates close to the pre-crisis ones.

  • Europe excluding France decreased by -2.5%. Solid performance in Central and Eastern Europe (+0.7%) thanks to increased tariffs in Water and Energy. The UK (including Ireland) exhibited a revenue decline of -5.8% due to a strong decline in the C&I waste revenue while municipal collection was more resilient, landfilled volumes decreased by 8% and continued very good availability of the PFI (96%). Germany resisted well, with revenue down by only 1.9% thanks to increased volumes, largely offset by lower recycled paper prices. Scandinavia and the Netherlands suffered from weak level of industrial activity and lower recycled material prices. Southern Europe (Italy, Spain, Portugal) was stable (+0.4%) with in particular a sustained activity in energy efficiency services for hospitals in Italy.

  • Rest of the World was down by -3.7% but only -1.1% at constant scope and forex. Asia continued to deliver solid growth (+4.7%), a strong rebound in hazardous waste volumes in Q2 helped China limit the decrease of revenue to -1.6%, Japan posted strong growth (+8.8%), as well as Hong Kong (+51% thanks notably to an acquisition in energy services) and Taiwan was stable. Latin America grew by +5.8% due to its municipal activities. North America revenue decreased due to the divestiture at the end of 2019 of its municipal energy business but was only slightly down at constant scope and forex (-1.6%), with resilient hazardous waste business. The Pacific region resisted as well, with revenue almost stable (-0.5%). Africa Middle East was slightly down (-1.0%), lower revenue in Morocco (-7.1%) being offset by a scope effect in South Africa.

  • Global businesses were down by 12.5%. Hazardous waste activities in Continental Europe have decreased by 12.8%, with a lower point in March and April before returning to more than 90% capacity utilization in June. Construction decreased by -9.6% due to SADE revenue decrease of -18.3%, with most of construction works in France put to an halt between mid March and mid May, before recovering a 100% activity rate in June. Veolia Water Technologies revenue was nearly stable (-1.2%) due to the construction of desalination plants in the Middle East. Industrial and Energy services activities were down 25% and are recovering progressively.

By business, as constant exchange rates: Water and Waste water revenue decreased by -2.7% with overall stable volumes, price increase impact of 0.6% and lower construction works. Technology and Construction revenue was down by 9.6% with SADE down by 18.3% and VWT nearly stable (-1.2%). Waste activity decreased by 6.2%, with volumes down by -8.4%, service price increases of +2.2% and a recycled material price impact of -1.9%. Energy revenue decreased by -8.7% but -3.4% at constant scope and exchange rates (scope impact of the divestiture of the energy services in the US of -5.9%). Weather effect was neutral (-0.1%) and higher energy prices generated a price effect of +1% .

- EBITDA reached €1 599M vs. €2 002M in H1 2019 (-17.3% at constant scope and exchange rates).

  • Forex effect was negative by -€19M (-0.9%) and scope effect by -€37M (-1.9%).

  • EBITDA was penalized in H1 by an unfavorable volume effect of -€431M including the COVID effect, partially offset by an additional cost savings plan initiated at the end of March, by a favorable energy price impact (+€47M) which more than offset lower recycled material prices (-€22M), a price cost squeeze of -€69M and efficiency gains of +€131M, ahead of our annual objective of €250M for 2020. The specific cost cutting plan put in place to compensate as much as possible the sanitary crisis has generated €120M of savings in H1. The initial target of €200M was increased to €250M for the year 2020. Total cost cutting in 2020 should therefore reach more than €500M.

- Current EBIT was €438M vs. €857M in H1 2019, -43.1% at constant scope and exchange rates.

  • Forex effect of -€8M.

  • Current EBIT was down due mostly to EBITDA decrease. Depreciation and amortization (including Operating Financial Assets reimbursements) were down by €19M to €1 054M. Provisions, Fair Value adjustments and capital gains on industrial divestments were down to -€16M vs. +€11M in H1 2019. Share of current net income from Joint Ventures and associates was down by €16M to €40M, due to the impact of the sanitary crisis on our Chinese water concessions.


- Current net income group share reached €7M vs. €352M in H1 2019.

  • Cost of financing was down to -€216M vs. -€222M in H1 2019.

  • Other financial income and expense reached -€84M vs. -€91M in H1 2019

  • No capital gain on financial divestments vs. +€18M in H1 2019.

  • Income tax expense is down to -€64M vs. -€121M in H1 2019.

  • Non-controlling interests reached -€67M vs. -€89M in H1 2019

  • Leading to a current net income of €7M in H1 2020.

  • Net income Group share was -€138M, including notably €33M of specific COVID costs, restructuring charges for €23M, and non current impairments mostly in Latin America and Morocco for €74M.


- Net financial debt was €11 850M at 30 June 2020, down by €628M vs. June 2019.

  • Net Free cash flow is slightly down, by -€42M, to -€515M

  • Improvement of working capital requirement (WCR) of €225M

  • Net industrial capex reduction of 10% to €873M, while maintaining growth capex

  • At June 30, 2020, the Group’s cash position was particularly high at €7.9bn, plus €4.2bn of undrawn credit lines, so a total liquidity position of €12.1bn.

- Outlook 2020(1)

  • The initial 2020 objectives have been suspended due to the COVID outbreak
  • Taking into consideration the progressive recovery of our activities since the end of the lockdown our objective is to recover 2019 operational performance in Q4 2020 and to begin 2021 having offset all the remaining COVID consequences

  • The strategic choices included in Impact 2023 remain relevant. Due to the sanitary crisis, their implementation is delayed and the planning will be adapted.

(1) At constant exchange rates (as of December 2019) and in the absence of a second wave of sanitary crisis in H2 2020

Veolia group is the global leader in optimized resource management. With nearly 179,000 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 2019, the Veolia group supplied 98 million people with drinking water and 67 million people with wastewater service, produced nearly 45 million megawatt hours of energy and treated 50 million metric tons of waste. Veolia Environnement (listed on Paris Euronext: VIE) recorded consolidated revenue of €27.189 billion in 2019 (USD 29.9 billion).


Important disclaimer

As the changes in the health crisis are difficult to estimate, we draw your attention to the “forward-looking statements” that may appear in this press release and relating to the consequences of this crisis which may affect the future performance of the Company.

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. 


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


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