(UNAUDITED DATA – AUDIT IN PROCESS)
REVENUE AND EBITDA GROWTH ACCELERATION IN
Q3
VERY STRONG REVENUE AND RESULTS GROWTH IN
THE FIRST 9 MONTHS OF 2022
INTEGRATION OF SUEZ AND EXECUTION OF THE
€500M SYNERGY PLAN AHEAD OF SCHEDULE
CONFIRMATION OF ALL 2022 OBJECTIVES WITH AN
EBITDA GROWTH AT THE UPPER END OF THE +4% TO +6% GUIDANCE
RANGE
- 9 MONTH REVENUE OF €30 713 M, A VERY STRONG ORGANIC GROWTH
OF +13.2 %1, AND OF +7.1 %1 EXCLUDING THE IMPACT OF ENERGY
PRICES.
✔ 3rd QUARTER ORGANIC REVENUE GROWTH OF
+13.7 %1
✔ INCREASED VOLUMES IN OUR 3 BUSINESSES,
WATER, WASTE, ENERGY
✔ FAVORABLE IMPACT OF TARIFF INDEXATIONS
AND OF OUR PROACTIVE PRICING POLICY
- EBITDA OF €4 533 M, UP +5.2 %, AT THE TOP OF THE GUIDANCE
RANGE OF +4 % TO +6 % THANKS TO REVENUE GROWTH AND SYNERGY DELIVERY
AHEAD OF PLAN :
✔ €98 M OF SYNERGIES ALREADY REGISTERED IN
THE 9 MONTHS, vs. AN ANNUAL TARGET OF €100 M
✔ €264 M OF EFFICIENCY GAINS, vs. AN
ANNUAL OBJECTIVE OF €350 M
✔ Q3 ORGANIC EBITDA GROWTH OF +9.4 %2,
EXCLUDING Q3 2021 ONE OFF OF €83 M€.
- CURRENT EBIT OF €2 217 M, VERY STRONG ORGANIC GROWTH OF
+19.4 %1
- NET FINANCIAL DEBT DOWN BY €351 M AT 30 SEPTEMBER vs. 30
JUNE 2022 EXCLUDING FOREX, THANKS TO €337 M NET FREE CASH FLOW
GENERATION IN Q3
- CONFIRMATION OF ALL 2022 OBJECTIVES
1 at constant scope and forex
2 at constant scope and forex, excluding the €83M one off OFA
reimbursement in Q3 2021 (Valaubia)
Regulatory News:
Veolia Environnement (Paris:VIE):
Estelle Brachlianoff, CEO of the Group commented : «
After an excellent first half of the year, showing both very strong
revenue and EBITDA growth, Veolia continued in Q3 with a similar
trajectory with continued very strong growth of all its activities,
water, waste and energy. Our tariff indexation business models with
municipal clients as well as our strict pricing discipline with
industrial clients have enabled us to absorb cost inflation and
deliver strong earnings growth. This very good performance is also
the result of an integration of Suez ahead of schedule. The
implementation of the synergies is a good illustration : with 98
million euros delivered in 9 months, we have already reached our
annual target. The speed and fluidity with which the teams of
Veolia and Suez have come together and are working together is a
great satisfaction. I want to thank all of them for the energy and
enthusiasm they show every day in the service of our great ambition
to become the world leader of the ecological transformation. These
very good results allow us to fully confirm all our 2022 objectives
and to be very well positioned for another year of strong growth in
2023. »
Detailed Key figures as of 30 September 2022
- Revenue of €30 713 M in the 9 months 2022, up 49.1 % at
constant forex vs. 9M 2021 reported. This very strong growth is
derived primarily from the acquisition of Suez, which contributed
to revenue growth for €7 128 M.
- Compared to 9M 2021 combined Veolia + Suez, organic growth
was+13.2 %.
Revenue evolution by effect was as follows :
The following analysis of the Group’s activity is based on the
combined figures of Veolia and Suez' assets.
Exchange rate effect was +€681 M (+2.5 % of combined
revenue) reflecting mainly the evolution of the US dollar,
Australian dollar, Sterling pound and Chinese Renminbi, partially
offset by a decrease of the Polish zloty, Hungarian forint and
Latin American currencies1.
Scope effect of -€472 M (-1.8 %) included mainly the
asset divestitures in Scandinavia in 2021 (-€217 M) and, on the
Suez side, the asset divestitures in Australia in 2021 and the
remedies in the EU (hazardous waste business in France accounted as
asset for sale). These negative items were partially offset by the
integration of Osis by Sarp (+€91 M) in 2021.
The Commerce / Volumes / Works effect reached +€763 M
(+2.8 %) thanks to good volumes in all businesses, notably in
Energy and strong Water technologies and construction activities
which strongly accelerated in Q3.
The weather impact was -€91 M (-0.3 %). Energy in Central
and Eastern Europe was impacted by a milder winter than in 2021,
and to a lesser extent, Water in Chile was impacted by a cool
summer leading to lower water volumes in Q1.
The energy price impact was +€1 658 M (+6.1 %), due to
the increase in heat and electricity prices mainly in Central and
Eastern Europe.
The recycled materials price impact was +€288M, after
€244 M in the first half, and came mainly from the increase of
recycled papers in France, Germany and the UK.
Service prices continued to be well oriented , leading to
a favorable impact of €935 M (+3.5 %), mostly due to tariff
indexation mechanisms and service price increases by an average of
+4.3 % in waste and +3.4 % in Water.
- Revenue at 30 September 2022 progressed across all segments
compared with combined figures at September 30, 2021, as in the
first half:
- Revenue for the France and Special Waste Europe segment
totaled €7 135 M, with organic growth of +3.2 % compared with
September 30, 2021 combined :
- France Water revenue increased by +1.4 %, due to the
positive impact of tariff revisions of +3.8 % at 30 September 2022
and the good level of activity in Q3 with billed volumes up 0.8%
compared with +0.3% in the 1st half.
- France Waste revenue increased by +2.3 %, continuing to
benefit from high recyclate prices and the positive impact of
tariff revisions, despite a slight decline in volumes
year-on-year.
- Hazardous Waste activities in Europe grew by +5.7 %,
with strong commercial development in sanitation and industrial
maintenance activities (+4 %),higher prices in oil and lubricant
treatment activities in a context of increased oil prices and the
positive impact of tariff revisions.
- SADE reported growth of +4.2 %, thanks to strong
commercial momentum in France.
- Revenue for Europe excluding France totaled €12 498 M at
30 September 2022, an organic growth of +23.4 %, the same pace as
in the first half, thanks to energy price increases and good tariff
indexations in water in Central and Eastern Europe.
- In Central and Eastern Europe, revenue rose by +34% to
€6 185 M. Following on from the first half, activity remained
robust in this region driven by:
- greater positive tariff indexation in energy (Poland, Hungary,
Czech Republic Slovakia and Romania, and in water (Czech Republic
and Romania), and higher (+1.5%) water volumes distributed (Poland
and Czech Republic), despite an unfavorable weather effect in
Energy in the 1st half 2022 (-€91 M).
- an increase in recycled materials prices and in energy prices
in Germany.
- In Northern Europe, revenue rose +10.7% to €3 760 M.
This increase was primarily driven by the United Kingdom and
Ireland, which reported revenue growth at constant scope and
forex of +10.3% with the favorable impact of recycled materials
price (paper and plastics), the increase of electricity prices, the
good tariff indexation of PFIs (+7 % on average) and the strong
performance of the incinerators (availability rate of 93 %). In
Belgium organic growth was +14.5 %, fueled by good operating
performances.
- In Italy, organic revenue growth reached +43 % following
the start-up of contracts won in 2021 and the highly favorable
effect of energy prices.
- In Iberia, revenue increased +13.8 %, driven primarily
by strong water activities in Spain (Agbar) which enjoyed increased
volumes (+2.6 %), as well as by energy activities.
- In Rest of the World, revenue totaled €8 156 M,
representing organic growth of +8.5 % across all geographies,
including Asia despite the slowdown in China due to the lockdown
policy :
- Revenue increased +16.1 % in Latin America, driven
notably by Chile (+13.8 %) which benefited from favorable water
tariff indexations, and by Argentina (+80%).
- In Africa/Middle East, revenue increased +9.9 %, mainly
driven by growth in water contracts in Morocco, thanks to higher
volumes and the positive impact of tariff revisions, and the very
strong growth of Enova in the Middle East in energy efficiency
services.
- In North America, revenue rose +11.4% to €2 498 M. The
growth was mainly driven by robust hazardous waste activities with
higher volumes processed and double digit price increases, and in
water, by favorable tariff indexation particularly in regulated
water activities, good summer volumes and good construction
volumes.
- Revenue increased +2.2% in Asia. The slowdown in growth
in China due to the Covid lockdown policy negatively impacted
activities, with lower hazardous waste volumes and reduced activity
in energy and industrial services. This slowdown was offset by
strong growth in other countries and particularly Taïwan (+11.9 %),
South Korea (+5 %) and Japan (+5 %).
- In the Pacific, revenue rose +5.5 %, marked by higher
waste collection and landfill volumes.
- The Water Technologies activity reported accelerated
growth of +10.7 %, after +5.3 % in the first half. Veolia Water
Technologies recorded a similar growth as in the first half (+6.8
%) and Water Technologies Services grew strongly by +13.1 %, thanks
to a good level of activity and price increases notably in chemical
products.
The main changes by business compared with combined figures
at 30 september 2021 break down as follows:
- Water operations revenue increased +7.6 %, to €9 233 M,
with good volumes in all geographies and higher tariffs.
- Technology and Construction revenue grew +9.4 %, to €4
074 M
- Waste revenue increased +8.2 % at constant scope and
forex to €11 864 M, benefiting from the continued high levels of
recycled material prices (+2.6 % impact after +3.4 % in the first
half) for papers and plastics. The upward trend in oil prices and
good activity levels had a favorable impact on hazardous waste
activities in Europe and North America. Electricity revenues
generated by incineration activities increased and favorable tariff
revisions were recorded across all geographies (+4.3 % impact after
+3.2 % in the first half). The commerce / volume effect is slightly
positive. The Group continues its policy of contract selectivity
and strict pricing of its offers.
- Energy revenue rose +38.5 % at constant scope and forex
to €5 943 M. The strong activity growth is driven by positive price
effect (+30.3 % after +29.4 % in the first half), notably in
Europe, higher volumes distributed, tariff increases in Central and
Eastern Europe and strong commercial development, particularly in
Italy and the Middle East . The weather effect was slightly
unfavorable, at -1.7 % due to a mild winter.
- Strong EBITDA growth of +5.2% at constant scope and forex to
€4 533 M vs. €4 311 M in 9M 2021 combined:
- The exchange rate effect was +€91 M, +2.1 %, offset by negative
scope effect of -€92 M (-2.1 %).
- The strong EBITDA growth was driven by activity growth for
+€57 M, by efficiency gains for €264 M, in line with
the annual target of €350 M, by the merger synergies for €98
M. The synergy delivery is ahead of schedule. The annual target
was reached in 9 months. The impact of price increases net of cost
inflation and contract renegotiations was -€133 M.
The weather effect was slightly negative, -€40 M. Recycled
material prices impact was favorable by +€79 M.
- As a reminder, Q3 2021 EBITDA benefited from a positive one-off
of €83 M.
- In Q3 standalone, EBITDA grew by +9.4 % excluding the 2021
one-off
- Very strong growth of Current EBIT, +19,4 % to 2 217 M€, at
constant scope and forex.
- The exchange rate effect was +€38 M
- The strong Current EBIT growth (+306 M€) was driven by :
- Increase of EBITDA (+€222 M)
- D&A and provisions (including operating financial assets
reimbursements) up €27 M.
- A favorable impact coming from industrial capital gains net of
asset impairments of +€88 M vs.+€63 M in 2021.
- IFRS 2 impact of -€29 M, stable
- Share of current net income of JV and associates of +€105 M vs.
+€97 M in 2021.
- Net Financial Debt was €22 154 M at 30 September 2022. Free
Cash Flow in Q3 generation reached €337 M.
- Net financial debt is down by €351 M excluding forex compared
with 30 June 2022.
- Controlled net industrial capex of €2 125
M.
******************
- Guidance 2022 fully confirmed (1)(2)
- Solid organic revenue growth
- Efficiency gains above €350M complemented by €100M of synergies
coming from the 1st year of integration of Suez
- Organic growth of EBITDA between +4% and +6%
- Current net income group share around €1.1bn, a growth of more
than 20%, confirming the earning per share accretion of around 10%
(3)
- Confirmed 2024 EPS accretion of 40%(3)
- Leverage ratio around 3x
- Dividend growth in line with current EPS growth
- At constant forex and without extension of the conflict beyond
the Ukrainian territory and without significant change in the
energy supply conditions in Europe
- Before PPA
- Current net income per share after hybrid costs and before
PPA
About Veolia
Veolia Group aims to become the benchmark company for ecological
transformation. Present on five continents with nearly 220,000
employees, the Group designs and deploys useful, practical
solutions for the management of water, waste and energy that are
contributing to a radical turnaround of the current situation.
Through its three complementary activities, Veolia helps to develop
access to resources, to preserve available resources and to renew
them. In 2021, the Veolia group provided 79 million inhabitants
with drinking water and 61 million with sanitation, produced nearly
48 million megawatt hours and recovered 48 million tonnes of waste.
Veolia Environnement (Paris Euronext: VIE) achieved consolidated
revenue of 28,508 billion euros in 2021. www.veolia.com
Important disclaimer
As the changes in the health crisis are difficult to estimate,
we draw your attention to the “forward-looking statements” that may
appear in this press release and relating to the consequences of
this crisis which may affect the future performance of the
Company.
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
Autorité 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 (www.veolia.com)
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.
1Main exchange rate impacts : US $ (+€256 M), Australian dollar
(+€65 M), Sterling pound (+€55 M), Czech corona (+€56 M), Chinese
RenMinBi (+€59 M), Polish zloty (-€36M), Hungarian forint (-€51 M),
chilean peso (-€18 M), argentine peso (-€34).
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221108005962/en/
Group Media Relations Laurent Obadia Evgeniya Mazalova
Tél : + 33 (0)1 85 57 86 25
Investor Relations Ronald Wasylec - Ariane de Lamaze Tél.
: + 33 (0)1 85 57 84 76 / 84 80
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