• ​ EBITDA : €1,673 MILLION, + 5.8%2 (+6.4%2 IN Q2 BETTER THAN THE +5.3%2 IN Q1) 
  • CURRENT EBIT: €792 MILLION, +6.8%2


Antoine Frérot, Veolia’s Chairman and CEO indicated: “The first half of 2018 finished once again in a rhythm of sustained growth of both activity and results. The commercial momentum that began two years ago continues. Revenue benefited from the additional efforts we engaged in 2017, growing 6%, along with a notable increase of 4% in waste volumes. Results also revealed sustained growth, with EBITDA up 5.8% and current net income Group share excluding capital gains up 13%, thanks to the revenue growth and the cost savings achieved during the first semester. These strong first half results demonstrate once again the relevance of the two levers of our strategy, growth and operational efficiency, and allow us to be confident in the achievement of our objectives for the full year.” 

1 Un-audited data – Audit in Process
2 At constant exchange rates. At current exchange rates: Revenue growth of 3.1%, EBITDA growth of 3.7%, Current EBIT growth of 4.2% and current net income Group share excluding capital gains up 9.7%. 


  • Group consolidated revenue was €12,565 million during the first half of 2018 compared to  represented €12,187 million in H1 2017, up 6.0% at constant exchange rates (+3.1% at current rates) and +4.1% at constant scope and exchange rates.

Veolia once again registered solid revenue growth in the first semester. At constant exchange rates, Q2 revenue is up +5.1%, after +7.0% in Q1.

Exchange rate variations had an unfavorable impact of €357 million on revenue for the semester (notably       -€130M due to the weakness of the dollar, -€48M from the Australian dollar, -€44M from the Argentinian peso, and -€25M from the British Pound).

The scope effect was positive for €241M, principally the effect of small tuck in acquisitions completed in 2017.  The divestiture of the Industrial Services activity in the United Stated weighed in for €91M.

The impact of energy prices (+€83M) and of recycled material prices (-€46M of which -€64M due to paper prices) reached a total of +€37M.

At constant exchange rates, the variations in revenue recorded during the first half of 2018 were as follows:

  • In France, activity was relatively stable (-0.3%) in the first half. Water revenue was up 0.1% as a result of price indexation of +0.6% and good contract wins, but also a reduction in volume of -1.5% due to the rainy weather in April and May. The Waste business declined by -0.7%, with the effect of lower recycled material prices being only partially compensated by the increase in volumes treated.
  • Europe excluding France grew by 6.8%. All of the areas exhibited growth. Central and Eastern Europe is up 4.1% in spite of unfavorable weather conditions for Energy in Q2 (impact of -€33M), thanks to good water volumes (+0.7%), price increases, and a satisfactory commercial momentum. Northern Europe registered strong growth (+12.8%).  Germany progressed by 4.7% due to the strong performance in Waste activity.  Benelux was up 20.5% and Scandinavia up 57.4%, with the impact of acquisitions completed in 2017.  UK/Ireland grew by 4.4% thanks to very good availability rates for PFIs, good commercial wins with industrial customers, and the increase in electricity prices.
  • Rest of the World continued to drive the growth of the Group with an increase of +14.0%. North America progressed by 4.9% due to the good performance of the Energy activity in Q1, but also good commercial development.  Latin America rose 29.1% 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 21.8%. China was up 10.9% with good toxic waste volumes, benefiting from the opening of the Group’s tenth incinerator at Cangzhou, and strong energy activity. Equally solid performances came from South Korea in industrial water and from Japan with the startup of the Hamamatsu concession. The Pacific zone progressed by 15.2% thanks to good waste volumes, the commissioning of new assets, and targeted small acquisitions. Africa Middle East was up 8.9% with the notably good performance of Energy Services in the Middle East.
  • Global businesses increased by 1.3%. Toxic waste continued to exhibit strong growth (+9.6%) thanks to good sales momentum, an increase in treated volumes, and a good progression in oil recycling. Veolia Water Technologies revenue declined by -10.1%, due to the late start of contracts signed at the end of 2017. The order backlog is up 10.7% annually, at €1,973M. Revenue is up 0.5% at SADE, with a particularly good performance in France.

At constant exchange rates and excluding works and energy prices, revenue is up 5.0% with an acceleration in Q2 to +5.3% after growth of +4.6% in Q1.
By activity, at constant exchange rates, Water revenue increased by 1.3%.Waste exhibited strong growth of 10.9% for the first half with volumes up 4.9% in Q2 after a growth of +3% in Q1.Energy rose 7.5% with favorable volumes, a price effect of +2.2% with the increase in heating and electricity prices in North America, and a negative weather impact (-0.9%) in Central and Eastern Europe in Q2.

  • EBITDA improved by 5.8% at constant exchange rates to €1,673M compared to represented €1,614M in H1 2017. (+3.7% at current exchange rates).
    • Exchange rate variation had a negative impact of -€34M on EBITDA, but was compensated by a scope effect of +35 M€.
    • At constant exchange rates, sustained activity growth combined with stronger cost savings (€148M with €78M in Q2 and €70M in Q1) resulted in EBITDA growth of 5.8% for the semester. With the reintegration of Gabon, EBITDA growth would have been +3.7% at constant exchange rates.  Energy and recyclate prices weighed in for -€42M in the growth of EBITDA, with a squeeze effect on fuel of -€20M in Q1, a negative impact from paper prices of -€12M and an increase in diesel prices of -€10M.
    • EBITDA variances at constant exchange rates break down as follows:  In France, EBITDA was nearly stable (-0.5%), in line with revenue evolution.  Water EBITDA grew thanks to sustained cost savings. Waste EBITDA decreased as a result of lower recycled paper prices.  In Europe outside of France, EBITDA rose +2.6%, penalized by the fuel squeeze of €20M in Central and Eastern Europe where EBITDA was down.  All other geographies registered sustained growth. Rest of the World posted strong EBITDA growth, up +18.4% alongside solid revenue progression.  In Global Businesses, EBITDA was up 2.0% with double digit growth for hazardous waste business but a decline in works (Veolia Water Technologies and SADE).   


  • Current EBIT reached €791.7 million compared to represented €759.9 million in H1 2017, up 6.8% at constant exchange rates (and +4.2% at current exchange rates).
    • Exchange rate variation had a negative impact of -€20M on Current EBIT.
    • Current EBIT growth is a result of EBITDA growth and stable depreciation (including principal repayment on operating financial assets) expense of €825M vs. €826M in represented H1 2017 (D&A increased by +34 M€ at constant exchange rates).   Provision reversals are down, and the aggregate provisions balance, fair value adjustments, and capital gains on industrial disposals reached €20M vs. €54M in represented H1 2017. The contribution of equity-accounted joint ventures and associates to current net income increased by €10M to €58M.


  • Current Net Income Group share was €329 million compared to represented €290 million in H1 2017, an increase of 19% at constant exchange rates (and +13.3% at constant exchange rates and excluding net capital gains).
    • Cost of net financial debt was down, at -€199M. The gross cost of borrowing decreased by 37 basis points, to 2.80%.
    • Other current financial expenses and income were -€65M vs. -€73.7M in H1 2017 represented.
    • Capital gains on financial disposals were €18.8M vs. €4.5M in H1 2017 represented.
    • The current tax rate was stable at 26%.
    • Non-controlling interests increased to €87.6M vs. €79.9M in H1 2017 represented.
    • The current net income Group Share progressed by 13.6% to €328.9M and by +9.7% excluding net capital gains.
    • Published net income Group share was €225M compared to represented €198M in H1 2017 (growth of +13.5%).
  • Net Financial Debt reached €10,609M on June 30, 2018 (and €9,157M before repayment of hybrid debt), vs. €8,553M for June 30, 2017 represented.
  • Net financial Debt increased as a result of :
    • Higher industrial investments of €712M vs. €593M in H1,2017
    • Net financial investments of €303M, and 
    • An unfavorable seasonal Working Capital variation of €790M.  



Fully confirmed objectives  

  • 2018 (at constant exchange rates):
    • Continuation of sustained revenue growth
    • EBITDA growth greater than that of 2017
    • Cost reductions of more than €300M
  • 2019* :
    • Continuation of revenue growth and full effect of cost savings
    • EBITDA between €3.3bn and €3.5bn (excluding IFRIC 12), and between €3.5bn and €3.7bn 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)


Veolia group is the global leader in optimized resource management. Present on the five continents and with close to 169 000 employees, 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
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