Veolia Environnement, the world’s largest waste and water utility, has said debt reduction at the company is proceeding faster than expected while profits have risen more than expected, in its results for the year ended 31 December 2012.
The French company ended 2012 with net financial debt of €11.3 billion after completing divestments worth €3.7 billion during the year. As a result, Veolia will speed up its debt-cutting process and the adjusted net financial debt objective for the end of 2013 has been revised to between €6 billion and €7 billion – the initial target for the end of 2013 was less than €12 billion, meaning the company met its debt target a year early.
Debt stood at €14.73 billion at December 31, 2011.
The main transactions contributing to net financial debt reduction were the sale of Veolia Water UK to Rift Acquisitions in June 2012 in deal worth €1.5 billion (£1.2 billion), as well as the sale of its US solid waste business for a value of €1.5 billion in November.
Following the sale of Veolia Water UK, the company retained all its non-regulated water business and acquired a 10% stake in the investment fund, Affinity Water A (formerly Rift Acquisition Ltd), for a period of at least 5 years.
Revenue for the year stood at €29.4 billion, a 3% increase year on year. The company posted a profit of €394 million for 2012, compared with a loss of €490 million the previous year.
Water division revenue grew 1% while Environmental Services revenue declined 1.9%.
Antoine Frérot, Chairman and CEO of Veolia Environnement, said:
"In 2012, Veolia achieved significant improvements, which enabled the Company to favourably alter its trajectory and accelerate the achievement of its transformation objectives.
“The implementation of the Convergence Plan contributed €142 million in gross cost savings, and after implementation costs, contributed €60 million to operating income.
“The progress achieved in 2012 will enable Veolia to start 2013 with a strong base, ahead of our objectives. Veolia is on the right path. We are ahead of our debt reduction targets and we are confident in the success of our strategic plan, despite an economic environment that remains uncertain.”
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