Paris €24.98 (+1.13%)




  • REVENUE : €19,764M, +5.2%1 

  • EBITDA : €2,894M, +5.1%1 


  • CURRENT EBIT : €1,190M, +5.4%1






1 Variation at current exchange rates vs. 9 month 2018 figures represented for IFRS5 and IFRS 16 impacts

Antoine Frérot, Chairman and CEO, indicated: «Veolia has achieved a solid performance over the 9-months 2019, in line with our sustained and profitable growth trajectory. With revenue and  EBITDA growth of more than 5%, and current net income up by more than 7%, Veolia is clearly heading towards the upper range of the 2019 guidance. Revenue and profit growth were the key milestones of our current strategic plan, which is ending in 2019, and for which all targets will have been fully achieved. The choices we have made in recent years in terms of strategic priorities, innovation and renewed service offerings, as well as strict cost control, are bearing fruit and are putting us in a strong position for the 2020-2023 strategic plan. More than ever, Veolia reaffirms its leadership for meeting the key challenges of the ecological transition for businesses, municipalities and citizens »


  • Group consolidated revenue was €19,764M compared to €18,788M represented in the first nine months of 2018, a growth of 5.2% at current exchange rates, 5.0% at constant exchange rates, and 3.8% at constant scope and exchange rates.

Veolia once again delivered strong revenue growth, +3.8% at constant exchange rates in Q3.

Exchange rate variation had a very limited favorable impact of €45M on revenue as of September 30.

The scope effect was positive for €221M.

The impact of energy prices (+€93M) has more than offset the impact of lower recycled materials prices (-€28M, due to the continued decline in recycled paper prices in 2019).   

At constant exchange rates, the variances for the first 9 months are as follows: 

  • In France, activity increased by +2.7%.  Water revenue grew by 1.5% with price indexation of +1.4% and volume increase of +1%. Summer was good, especially when compared to a Q3 2018 with already increasing volumes. Waste grew by 4.2%, with stable volumes compared to a high 9-months 2018 (where volumes were up 4.4%), continued selectivity in terms of contract renewal (municipal collection down 4.3% and C&I up). Prices were up by 2.3%. The decrease in recycled paper prices continued.  

  • Europe excluding France grew by 5.3%, with all regions exhibiting growth.  Central and Eastern Europe grew by 6.0%: Energy revenue progressed by 12.7% due to the increase in energy prices and the integration of new cogeneration assets in Slovakia, Bratislava and Levice. Water revenue was down due to the evolution of the SCVK contract in North Bohemia, partially offset by price increases and good water volumes (+3%). Northern Europe registered growth of +2.5%. UK/Ireland progressed by 4.5% thanks to continued high availability rates for the PFIs (92.5%), commercial wins, good volumes (+1.5%), and electricity price increases.  

  • The Rest of the World continued to grow strongly with an increase of 8.2%.  Latin America rose by 21.0% due to tariff increases, and the integration over the 9 months of the activities of Grupo Sala, a leader in hazardous and municipal waste in Colombia. Asia grew by 12.6%.  China (including Hong Kong and Taiwan) was up by 20.1% with strong growth in Waste (hazardous and recycling), in Industrial Water and in Energy.  Japan grew by +7.2%, with solid growth in municipal water. The Pacific Zone grew by 5.9% thanks to good volumes of treated waste. Africa and Middle-East were up by 4.3% due to good performances in Energy services in the Middle-East and rising water and energy volumes in Morocco.
  • Global Businesses revenue increased by 2.3%.  Hazardous Waste continued to exhibit strong growth (+6.4%) thanks to an increase in treated volumes (+4.9%) and higher prices.  Construction activity is stable in spite of the continued decrease at Veolia Water Technologies (-7.0%, due to the decided downsizing of the EPC business) and a +8.4% growth at SADE in civil engineering.


At constant exchange rates and excluding the impacts from construction and energy prices, revenue was up by 3.7% in Q3, following +4.4% in Q2 and +3.6% in Q1.

By activity, at constant exchange rates: Water revenue increased by 1.2%.  Waste exhibited strong growth, +7.0% at the end of September, with volumes up by 1.9% and prices up 2.8%.  Energy was up by 8.8% thanks to favorable commercial and volume impacts (+3.7%), an energy price impact of +2%, partially compensated by a weather impact of -0.6%.

  • EBITDA was up by 5.1% at current (and constant) exchange rates, at €2,894M compared to €2,754M for represented September 30, 2018.

    • The exchange rate variation is neutral. The scope effect is negative by -€8M.

    • At constant exchange rates, the combination of sustained revenue growth with the continuing high level of cost savings (€185M: €64M in Q3, €61M in Q2, and €60M in Q1) resulted in a 5.1% progression in EBITDA.   Energy and recycled material prices had an unfavorable impact of -€27M on EBITDA growth (of which energy prices for -€17M and recycled material prices for -€10M). Weather effect amounted to -€6M. The price effect net of cost inflation was -€77M.  

  • Current EBIT increased by 5.4% at current exchange rates, and reached €1,190M compared to €1,129M for represented September 30, 2018. (+5.5% at constant exchange rates). 

    • Exchange rate variation had a negative  impact of -€1M on current EBIT

    • Current EBIT variation benefited from the growth in EBITDA. Depreciation (including principal repayment on operating financial assets) was up by €55M to €1,597M.  The amount of provisions, fair-value adjustments, and gains on industrial disposals reached +€5M vs. +€28M for represented September 30, 2018. The contribution of equity-accounted joint ventures and associates to current net income increased by €8M to €97M.

  • Current Net Income Group Share was €486M, compared to €453M for September 30, 2018 represented results, a 7.2% increase at current exchange rates (and +7.7% at constant exchange rates and excluding capital gains).

    • Cost of net financial debt was up, at -€333M vs. -€301M, due to the impact of the bond issuances of at the end of 2018 and early in 2019.  Other current financial expenses and income were -€132M compared to -€144M for September 30, 2018 represented.

    • Capital gains on financial disposals were €14M vs. €30M for represented September 2018 (divestiture of the Industrial Services activity in the United States in the beginning of 2018).

    • The current tax rate was 23.5%.

  • Net Financial Debt reached €12,487M in September 30, 2019 compared to €12,282M for September 30, 2018 represented. The slight increase vs. September 30, 2018 is due to foreign exchange variation (impact of €160M) and net financial acquisitions of €146M, partially offset by a lower unfavorable seasonal variation of WCR.

Net financial debt is expected to be around €11 billion at the end of the year, including the closing of the July 31st divestiture of the municipal energy business in the United Sates..


  • In view of our 9 month performance, the 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 "nonGAAP financial measures". These "nonGAAP 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