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  • EBITDA ROSE 5.3%1, TO €876 MILLION
Antoine Frérot, Veolia’s Chairman and CEO indicated: “We have accomplished a very good start of the year, confirming the pertinence and the good execution of our strategic plan. Sales growth was amplified quarter after quarter, with this sixth consecutive quarter of sustained progression of activity, supported by good commercial momentum, particularly outside of France.
Results also progressed at a very good rhythm, driven by sales growth and by the acceleration of cost reduction efforts in line with the annual objective of €300 million. The performance accomplished in the first quarter allows us to be very confident in the achievement of our full year objectives”.
  • Group consolidated revenue increased by +7.0% at constant exchange rates (+3.7% at current exchange rates) to €6,419 million, vs. €6,191 million in Q1, 2017 restated.

Exchange rate variations had an unfavorable impact of €204 million. The decline in recycled material prices had a moderate impact of -€20 million (-€26 million just for paper), more than offset by the increase in energy prices (+€70 million). At constant scope and exchange rates, growth stood at 5.4%.

Excluding the IFRS 5 restatement of Gabon activities, revenue progression was 5.6% at constant exchange rates.

The strong revenue growth of €432 million at constant exchange rates was the result of increases in each of the geographic zones with the following breakdown:

  • In France, activity was stable (+0.6%) at €1,311 million.  Water returned to growth (+2.2%) thanks to better price indexations (+0.6% vs. -0.3% in Q1 2017) and contract wins in spite of a reduction in volumes of -0.8%.  In Waste, activity was down by 0.9% at constant scope, but up 2% excluding the impact  of the reduction in recycled material prices which weighed 3.5% on revenue, thanks to volume increases (+2.3%), particularly in commercial collection and landfills.
  • Europe excluding France grew by +6.9%[2] to €2,443 million.  The UK was up 4.0%2 thanks to good availability of PFIs (98% vs. 95% in Q1 2017), increases in the price of electricity sold, and a continued good commercial dynamic.  Central Europe progressed by 6.3%2, boosted by a cold winter and higher energy prices.  Northern Europe grew by 11.8%2 due to favorable scope effect in Scandinavia and good momentum in Germany in Waste.
  • Rest of the World once again posted the strongest growth in revenues, +14.7%2 to €1,612 million.  All countries showed strong growth.  North America was up 10.1%2 with strong sales development across all activities, and thanks to the cold winter. Latin America grew by 22.5%2 due to contract wins and significant price increases. Asia grew by 21.1%2 supported by strong momentum in Waste, the extension of district heating at Harbin and Industrial contract gains. The Pacific zone showed an increase of 13.1%2, while Africa Middle East also recorded a solid progression of +9.9%2.
  • Global Businesses were up 3.5%2 to €1,046 million. The continuation of solid growth in Hazardous Waste (+7.6%2) and at Veolia Industrial Global Services (+8.5%2) was limited by continued weak construction (Veolia Water Technologies’ revenue was down 9.2%2, partially offset by the 6.7%2 growth of SADE still performing well in France).
  • By activity, at constant exchange rates, Water was up 3.5%, Waste by 9.6% with a 3% overall volume increase, and Energy by 9.0%.


  • EBITDA improved by +3.4% at current exchange rates and +5.3% at constant exchange rates to €876  million vs. €847 million in Q1, 2017 restated

EBITDA growth benefited from:

  • Sustained revenue growth
  • Cost savings of €70 million.
  • A reduced price cost squeeze thanks to improved price indexation (-€28 million vs. -€35 million in Q1 2017.)
  • A small negative impact of lower recycled materials prices (-€1 million) and the temporary pinching effect (-€12 million) due notably to the increase in energy prices in Central Europe.
    The negative exchange rate effect (-€16 million) was offset by the scope effect (+€17 million).
    Excluding the IFRS 5 restatement in Gabon, EBITDA growth was +3.3% at constant exchange rates.


  • Current EBIT increased by +4.8% at current exchange rates, and +6.9% at constant exchange rates to €448 million vs. €428 million in Q1 2017 restated.
    • Current EBIT growth is the result of the increase in EBITDA and in the contribution from equity-accounted joint ventures and associates.  The impact of provisions during the first quarter was not significant.
    • Excluding the IFRS 5 restatement for Gabon, current EBIT increased by 6.4%.
  • Current net income – Group share was €193 million vs. €154 million in Q1 2017 restated, exhibiting strong growth at current exchange rates (+25.7%), and +31.8% at constant exchange rates.  Excluding capital gains and at constant exchange rates, the growth rate was +8%.
  • Net Financial Debt amounted to €8,213 million, down vs. €8,418 million in March 31, 2017 restated.
    • It included an increase in industrial investments of 17% to €307 million and net financial acquisitions of €280 million since March 2017.  After consideration of the reimbursement of the hybrid debt in April 2018, Net Financial debt stood at € 9,665 million.

In light of the good start of 2018, the group confirms it 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)


[1] After IFRS 5 adjustments and at constant exchange rates.
Published data (at current exchange rates): Revenues growth of 3.7%, EBITDA growth of 3.4%, Current EBIT growth of 4.8%, Current net profit attributable to group up 25.7%, and up 5.7% excluding capital gains
 [2] At constant exchange rates

Veolia group is the global leader in optimized resource management. With nearly 169,000 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, to preserve available resources, and to replenish them.
In 2017, the Veolia group supplied 96 million people with drinking water and 62 million people with wastewater service, produced nearly 55 million megawatt hours of energy and converted 47 million metric tons of waste into new materials and energy. Veolia Environnement (listed on Paris Euronext: VIE) recorded consolidated revenue of €25.12 billion in 2017 (USD 30.1 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 requiring significant financial and human resources, 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
Tel : + 33 (0)1 85 57 42 16
[email protected]

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