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Press release : KEY FIGURES FOR THE PERIOD ENDING MARCH 31, 2017. Paris, May 4, 2017 (229.1 KB)


  • REVENUE GREW 4.5%[1] TO €6,270 MILLION
  • EBITDA UP 0.9%1, TO €863 MILLION
  Antoine Frérot, Veolia Environnement’s Chairman and CEO commented: “First quarter results are satisfactory and reinforce our strategic plan.  Revenue growth, which had resumed in the last quarter, recorded a significant acceleration. Results growth was also in line with our forecasts, despite some exceptional, though expected items.  Our cost savings program, increased in order to support our results and offset these exceptional items, was also in line with our expectations.  This solid start to the year allows us to remain confident in achieving our goals for the year as a whole.”
  • Revenue posted strong growth of 4.6% to €6,270 million, compared with represented €5,995 million in the first quarter of 2016. At constant exchange rates, revenue growth was 4.5%. 

The variation of exchange rates had no significant impact on the income statement.
The strong increase in revenue by €275 million breaks down as follows:

  • In France, revenue declined by 1.5% to €1,303 million, but increased by 0.6% at constant consolidation scope after the divestiture of Bartin in the fourth quarter of 2016.  Water revenue declined by 2.6%, with volumes down by 0.4%, a -0.3% price indexation impact and an impact of -0.3% related to contract renegotiations. In Waste, revenue was stable at current consolidation scope, but up 4.8% at constant consolidation scope. In France, the Group recorded a 6.8% increase in volumes landfilled, a solid performance in waste to energy activities and benefited from an increase in paper prices in Recycling activities.
  • The Europe excluding France segment recorded strong growth of 7.2% at constant exchange rates to €2,275 million. Revenue in the United Kingdom increased 6.1% at constant exchange rates due to the start of new contracts, good availability of PFI waste-to-energy plants and the increase in recycled raw material prices. Central and Eastern Europe revenue increased 9% at constant exchange rates, due to a favorable weather benefit for heating relative to 1Q2016, the integration of the Prague Left Bank district heating network and biomass cogeneration facilities in Hungary, as well as good water volumes. Revenue in Germany was up sharply by 11.1% due to good commercial momentum and the increase in recycled raw material prices in the Waste business.
  • Revenue growth was strong in the Rest of the World segment, with 11.8% growth at constant exchange rates to €1,648 million. The United States continued to benefit from the integration of the sulfuric acid regeneration activity and good trends in hazardous waste. Industrial Services revenue remains under pressure (-3%) and weather was not favorable in the energy business. Asia continues to record strong growth (+18% at constant exchange rates), mainly due to the contribution from the SINOPEC contract and continued good waste volume trends. Latin America revenue also increased significantly (+27% at constant exchange rates). Revenue in the Pacific zone was quasi-stable (-1.4% at constant exchange rates) and still penalized by industrial services performance.  The Africa Middle East zone posted flat revenue (+0.5%) with growth in the Middle East and Morocco and a decline in Gabon.  
  • Global Businesses revenue declined by 3.2% at constant exchange rates, with a further decline in revenue in the engineering business and the SADE business (-11.4% combined) partially offset by growth in hazardous waste revenue (+2.2%).
  • By business, at constant exchange rates, Water revenue declined by 0.9%, with on one hand good overall performance in the concessions and on the other hand the decline in construction revenue. Waste revenue increased 8.1% (+5.6% at constant consolidation scope and exchange rates), and Energy revenue increased 9.7% (+7.1% at constant consolidation scope and exchange rates).


  • EBITDA increased 0.9% to €863 million compared with represented €855 million in the first quarter of 2016.

The growth in EBITDA was driven by:

  • The resumption of revenue growth
  • Recurring cost savings, which amounted to €63 million in the quarter, mainly due to improved operational performance and purchasing optimization
  • Weak tariff indexation
  • And temporary additional costs, mainly related to commercial efforts, maintenance of certain facilities and cash charges related to self-insurance.


  • Current EBIT increased 5.9% at current consolidation scope and exchange rates (+6.1% at constant exchange rates) from represented €407 million in the first quarter of 2016 to €431 million.
    • Growth in current EBIT resulted from the increase in EBITDA and the progression of the contribution from joint ventures and associates, as well as a net positive provision reversal, with its counterpart an offsetting self-insurance charge at the EBITDA level (€12M).
  • Current net income – Group share grew 4.8% (+3.7% at constant exchange rates) from represented €148 million in the first quarter of 2016 to €155 million. Excluding capital gains, current net income – Group share increased 7% at constant exchange rates.
  • Net financial debt was up €164 million (+€122 million excluding exchange rate impacts) to €8,430 million at March 31, 2017, compared to represented €8,266 million at March 31, 2016. Net financial debt takes into account €327 million in financial transactions over the prior 12 months.



With respect to the satisfactory start to the 2017 year, the Group confirms its outlook.

  • 2017 outlook* 
    • Resumption of revenue growth
    • Stable EBITDA, or moderate EBITDA growth 
    • Increased efforts to reduce costs: more than €250 million in cost savings
  • 2018 outlook*
    • Continuation of revenue growth
    • Resumption of more sustained EBITDA growth
    • More than €300 million in cost savings
  • 2019 objective*
    • Continuation of revenue growth and full impact of cost savings
    • EBITDA between €3.3bn and €3.5bn (excluding IFRIC 12)

*At constant exchange rates

Veolia group is the global leader in optimized resource management. With over 163,000 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, preserve available resources, and to replenish them.
In 2016, the Veolia group supplied 100 million people with drinking water and 61 million people with wastewater service, produced 54 million megawatt hours of energy and converted 30 million metric tons of waste into new materials and energy. Veolia Environnement (listed on Paris Euronext: VIE) recorded consolidated revenue of €24.39 billion in 2016.

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.  


[1] At constant exchange rates and after taking into account IFRIC 12 and IFRS 5 adjustments
  At constant scope and FX, revenue growth amounts to +3.1%


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