versteh zwar nur die hälfte, wenn überhaupt. aber negativ siehts doch nicht unbedingt aus.
First half year results 2008 at June 30, 2008
Strong business momentum, increase in cash flow from operations and action plan targeting improved profitability
Consolidated revenue (1) : €18,091.7 million at June 30, 2008, +17.0% at current exchange rates (+19.5% at constant exchange rates)
Cash flow from operations (2) : €2,163.2 million at June 30, 2008 versus €2,009.3 million at June 30, 2007, +7.7% at current exchange rates (+10.1% at constant exchange rates)
Operating cash flow : €2,151.0 million at June 30, 2008 versus €2,012.4 million at June 30, 2007, +6.9% at current exchange rates (+9.3% at constant exchange rates)
Recurring operating income : €1,300.1 million at June 30, 2008 versus €1,235.8 million, +5.2% at current exchange rates (+7.6% at constant exchange rates)
Net income : €500.5 million at June 30, 2008 versus €493.0 million at June 30, 2007, +1.5%
Recurring net income : +3,2%
Net earnings per share (3) : €1.09 at June 30, 2008 versus €1.21 at June 30, 2007, a decline of 10%
“Efficiency Plan 2010” : €400 million in savings
Asset disposal program : at least €1.5 billion in asset disposals between now and the end of 2009
Continued increase in the dividend per share : +10% (4)
Henri Proglio Veolia Environnement Chairman and Chief Executive Officer
The half-year results demonstrate strong growth in revenue and a good resilience of operating performances. In view of these results and in order to adapt to the generally constrained and uncertain economic environment, Veolia Environnement has committed to taking additional measures, in particular with respect to cost reductions and the disposal of assets with the aim of improving the level of profitability of the businesses and to achieve an after-tax return on capital employed targeted at over 10% by 2010.
(1) Revenue from ordinary activities in IFRS
(2) Cash flow from operations = EBITDA
(3) Diluted by options
(4) Dividend paid in 2009 for the 2008 fiscal year and subject to the approval of the May 7, 2009 Shareholders Meeting.
Results at june 30, 2008
Veolia Environnement group revenue At 6/30/2008 (€m) At 6/30/2007 (€m) % change 2008/2007 Of which internal growth Of which external growth Of which currency effect
18 091,7 15 461,6 +17,0% 11,1% 8,4% -2,5%
Veolia Environnement’s consolidated revenue at June 30, 2008, was €18,091.7 million, up 17.0% (+19.5% at constant exchange rates), versus €15,461.6 million at June 30, 2007. Internal growth of 11.1% was driven by the strong commercial development of the Company and boosted by the start-up of construction contracts in the Water division. The increase of energy prices within the Energy division contributed approximately €189 million in revenue.
External growth of 8.4% was primarily led by the contribution from acquisitions completed by Veolia Environmental Services (the waste management division) in Germany, Italy and France (for a total revenue contribution of €718 million euros), by Veolia Energy in the United States (revenue contribution of €172 million euros) and Veolia Water mainly in the United Kingdom and Japan (for a total revenue contribution of approximately €148 million euros).
The share of recorded revenue outside France totaled €10,416.2 million, or 57.6% of the total at June 30, 2008 versus 54.5% at June 30, 2007. The share of recorded revenue within the Euro-zone was 58.6% at June 30, 2008.
The net negative impact of foreign exchange rates on revenue was €391.3 million. This included a negative impact of €426.1 million linked to the depreciation of the US dollar (-€195.3 million), the pound sterling (-€194.6 million), the Korean won and the Chinese yuan against the euro. This negative impact was partially offset by the appreciation of certain European currencies against the euro.
Veolia Environnement's operating cash flow (before tax and interest expenses) amounted to €2,151.0 million at June 30, 2008, versus €2,012.4 million at June 30, 2007, an increase of 6.9% (+9.3% at constant exchange rates). Recurring operating income grew 7.6% at constant exchange rates (5.2% at current exchange rates), reaching €1,300.1 million. Operating income increased 2.7% at current exchange rates (up 5% at constant exchange rates), to €1,305.7 million at June 30, 2008 versus €1,271.8 million at June 30, 2007.
Cash flow from operations and the recurring operating income were supported by the growth in revenue. The growth rate of these indicators was nevertheless below that of revenue, principally due to the contribution of the lower margin and less capital intensive engineering works businesses in the Water division and the dilutive effect of certain recent acquisitions in the Waste division. Within the Energy and Transport divisions, growth in income was in line with the growth in revenue.
These indicators were also impacted during the first half of the year by the variation of foreign currencies against the euro and the increase in fuel prices.
With the exception of certain currencies in Central Europe, the first half of the year experienced a strong appreciation of the euro against other currencies. Due to the nature of the businesses of Veolia Environnement, both expenses and income are received and recorded in the local currency. The Company is therefore not commercially impacted by these fluctuations. However, the contribution of businesses within countries outside of the Euro-zone, converted for purposes of consolidation, are reduced due to the appreciation of the euro against the other main currencies, with the exception of those in Central Europe.
The net negative impact of foreign exchange on the operating cash flow was €49.3 million. The evolution of the US dollar (negative impact of €21.5 million) and the pound sterling (negative impact of €36.2 million) and certain Asian currencies against the euro had an aggregate negative impact of €65.5 million.
The net negative impact on operating income was €30 million. The evolution of the US dollar (negative impact of €10.9 million) and the pound sterling (negative impact of €26.1 million) and certain Asian currencies against the euro had an aggregate negative impact of €43.9 million.
In addition, despite the Company’s ability to recapture a significant portion of costs (with a delay), the increase in fuel prices (average price of the barrel moving from US$63.3 in the first half of 2007 to US$110.3 in the first half of 2008) negatively impacted operating income by approximately €36 million.
At June 30, 2008, the cost of net financial debt increased from €391.6 million at June 30, 2007 to €426.3 million at June 30, 2008. The higher cost of the net financial debt was mainly due to the increase in the average level of net financial debt. The cost of borrowing was 5.41% during the first half of 2008 as compared with 5.49% for the full-year 2007 and 5.27% for the first half of 2007.
The consolidated recurring net income of the Company reached €497.5 million at June 30, 2008 versus €481.9 million at June 30, 2007, an increase of 3.2%.
Net income increased to €500.5 million at June 30, 2008 versus €493.0 million at June 30, 2007.
The diluted net earnings per share of the Company was €1.09 at June 30, 2008 versus €1.21 at June 30, 2007, a decline of 10% after taking into account the dilution linked to the July 2007 capital increase.
Veolia Environnement continued to pursue its development strategy, investing €1,861 million net of disposals in the first half of 2008.
Excluding maintenance capital expenditures and capital spending linked to the growth of existing contracts, the Company continued to pursue growth opportunities, proceeding with targeted investments of €819 for new projects, of which a significant part was represented by the acquisitions of the French company Bartin Recycling Group in the Waste management division and the Polish company Praterm in the Energy division, as well as industrial investments.
After these investments and after the payment of dividends, the net financial debt of the Company increased from €15.1 billion at December 31, 2007 to €16.3 billion at June 30, 2008.
The ratio of net financial debt to cash flow from operations plus cash generated from principal payments from operating financial assets was 3.4 x at June 30, 2008 as compared with 3.3 x at December 31, 2007 and 3.5 x at June 30, 2007.
Ich bin durchaus nicht zynisch, ich habe nur meine Erfahrungen, was allerdings ungefähr auf dasselbe herauskommt. Oscar Wilde