Veolia announces very strong 2018 first half results
Veolia announced very strong 2018 half-year results this morning, marked by continued strong growth in business and an acceleration in EBITDA in the second quarter.
► Group consolidated revenue was €12,565 million up 6.0% at constant exchange rates compared to the first half of 2017. The Group has thus recorded 7 consecutive quarters of sustained growth.
In France, activity was relatively stable (- 0.3%) in the first half
Revenue in Europe excluding France was up 6.8%: +12.8 % in Northern Europe; + 4.4% in the United Kingdom / Ireland zone; + 4.1% in Central and Eastern Europe
Revenue in the rest of the world continues to grow strongly to reach + 14.0%: + 29.1% in Latin America; + 21.8% in Asia; + 15.2% in the Pacific zone; + 8.9% in Africa / Middle East; + 4.9% in North America
Global activities are up 1.3%.
►EBITDA was €1,673 million in the first half of 2018 compared with €1,614 million in the same period in 2017, an increase of 5.8% at constant exchange rates.
The increase in EBITDA accelerated in the second quarter (+ 6.4%), after a rise of 5.3% in the first quarter (at constant exchange rates).
► Savings achieved in the first half of 2018 are in line with the annual target of €300 million. They were €148 million in the first six months of the year (€70 million in the first quarter and €78 million in the second quarter).
►Current EBIT was up 6.8% at constant exchange rates. It was €791.7 million in the first half of 2018 compared with €759.9 million in the first half of 2017.
► Net current income Group share was €329 million, up 19% (at constant exchange rates) compared to the first half of 2017 (€290 million).
►Net Financial Debt stood at €10,609 million as at 30 June 2018, compared to €8,553 million at June 30, 2017.
With these good results, Veolia fully confirms its objectives for the whole of 2018.
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. (...)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.”
