Press Release Paris, February 23, 2017

Transcription

1 Unaudited IFRS figures 2016 ANNUAL RESULTS 1 REVENUE 2 WAS NEARLY STABLE AND RESULTS EXCEEDED OBJECTIVES REVENUE DOWN 0.4% 2 TO 24,390 MILLION. IMPROVEMENT AT THE END OF THE YEAR (+1.9% 2 IN THE FOURTH QUARTER). EBITDA INCREASED 4.3% 2 TO 3,056 MILLION. GROWTH IN CURRENT EBIT OF 8.5% 2 TO 1,384 MILLION. STRONG GROWTH IN CURRENT NET INCOME-GROUP SHARE, UP 10.8% 2 TO 610 MILLION, AND UP 19.3% 2 EXCLUDING FINANCIAL CAPITAL GAINS. NET FREE CASH FLOW GENERATION OF 970 MILLION DUE TO A SIGNIFICANT REDUCTION IN WORKING CAPITAL REQUIREMENTS NET FINANCIAL DEBT DECLINED 359 MILLION TO 7,811 MILLION, RESULTING IN A LEVERAGE RATIO BELOW 2.6X. POST-TAX ROCE OF 7.2%, REPRESENTING CONTINUED IMPROVEMENT OVER THE LAST FOUR YEARS. PROPOSED INCREASE IN 2016 DIVIDEND TO 0.80 PER SHARE, PAID IN CASH. MEDIUM TERM OUTLOOK : A transitin year, with a resumptin f revenue grwth, stable EBITDA r mderate EBITDA grwth, and increased effrts t reduce csts by mre than 250 millin 2018: Cntinuatin f revenue grwth and the resumptin f mre sustained EBITDA grwth, with an bjective f mre than 300 millin in cst savings 2019: Cntinuatin f revenue grwth and full impact f cst savings. EBITDA expected between 3.3bn and 3.5bn 4 (excluding IFRIC 12) Antine Frért, Velia Envirnnement s Chairman & CEO cmmented: 2016 represents anther year f strng results grwth fr Velia. Our margins have cntinued t imprve and we achieved net free cash flw f nearly 1 billin. Revenue als imprved significantly in the furth quarter, with 1.9% grwth at cnstant 1 Excluding representatin related t IFRIC 12 fixed payments 2 At cnstant exchange rates At current cnslidatin scpe and exchange rates: Revenue declined 2.3% and was stable (+0.1%) in the 4th quarter. EBITDA increased 2.0%, current EBIT increased 5.2% and current net incme-grup share increased 5.1%. Excluding net financial capital gains current net incme increased 13.2%. 3 At cnstant exchange rates 4 Equivalent t 3.4bn t 3.6bn (excluding IFRIC 12) and befre taking int accunt the unfavrable exchange rate impacts recrded in

2 exchange rates. These gd results were achieved due t the effrts f each and every ne f ur Grup s emplyees, and I wuld like t thank them. At the end f 2015, we presented ur 3-year develpment plan. It is based n cntrlled and prfitable grwth and accmpanied by cntinued cst reductin effrts. Our ambitin remains intact. The last quarter f 2016 shwed that Velia has demnstrated the capacity t generate grwth and I wish t further accelerate grwth by cmmitting additinal resurces. In additin, ur business situatin has tughened during recent mnths. In rder t finance reinfrced cmmercial effrts and address this new reality, we are intensifying ur cst savings prgram t drive 800 millin in savings ver the perid cmpared with the previus expectatin f 600 millin. These additinal effrts will enable Velia t cntinue n the path f prfitable grwth. At current cnslidatin scpe and exchange rates, revenue declined 2.3% frm 24,965 millin in 2015 t 24,390 millin in At cnstant exchange rates, revenue in 2016 was nearly stable (-0.4%) cmpared t 2015, but increased 2.0% excluding the impact f lwer energy prices (- 128 millin) and excluding the impact f less cnstructin revenue (- 484 millin). The freign exchange impact n revenue amunted t millin, including millin related t the decline in the U.K. pund sterling, - 91 millin related t the Argentine pes, - 29 millin related t the Chinese renminbi and - 39 millin related t the Plish zlty. The furth quarter psted a return t revenue grwth, t +1.9% at cnstant exchange rates (fllwing -2.1% in Q1, +0.1% in Q2 and -1.7% in Q3), and with a meaningful acceleratin in grwth excluding the impact f cnstructin revenue and energy prices, t +3.4% at cnstant exchange rates in the furth quarter (fllwing +1.2% in Q1, +1.9% in Q2 and +1.6% in Q3). In France, revenue declined by 1.0%. Water revenue was stable, given weak price indexatin (+0.2%). In additin, the Lille cntract award ffset the impact f the lwer water vlumes (-1.5%). Waste revenue declined by 2.4%. Grwth in incineratin and landfill activities partially ffset reduced municipal cllectin vlumes (-10.3%) and the reductin in scrap metal revenue (Bartin divestment finalized at the end f Nvember 2016). At cnstant exchange rates, Eurpe excluding France segment revenue was stable (+0.1%), but grew +1.5% in the furth quarter. Central Eurpe revenue was stable due t a favrable weather impact, start f bimass cgeneratin in Hungary and higher water vlumes (+1.3%) which ffset the impact f lwer energy prices. Germany revenue imprved 2.2%, with a reductin f 3.5% in Energy revenue, but a 6.1% increase in Waste revenue given gd vlumes. United Kingdm revenue was dwn 1.4% at cnstant exchange rates, but up 2.1% excluding cnstructin revenue (cmpletin f Leeds PFI). The Rest f the Wrld segment revenue grew 3.7% at cnstant exchange rates, including +9.1% in the furth quarter. At cnstant exchange rates, Nrth America revenue was stable (+0.6%), as the integratin f the sulfuric acid regeneratin business frm Chemurs ffset the impact f reduced industrial services activity and the negative impact f mild weather and lwer energy prices. Latin America psted strng grwth (+12.9%), as did Asia (+6.3%), driven by China (+14.8%) and Africa Middle East (+6.8%). Revenue in Australia was dwn by 3.1% due t reduced industrial services activity. Glbal Businesses revenue decreased by 4.1% at cnstant exchange rates, with grwth in hazardus waste (+2.4%) and the cntinued dwnsizing f engineering activities (VWT) and civil engineering (SADE). By business, and at cnstant exchange rates, Water revenue declined by 1.5% t 11,138 millin due t lwer cnstructin revenue, while Waste revenue increased 0.5% t 8,401 millin given a 0.6% increase in revenue due t higher vlumes and service price increases f 0.8%. Energy revenue increased 0.4% t 4,851 millin, including the impact f lwer energy prices, as well as a slightly favrable weather effect (+ 35 millin) and gd vlumes in China. Excluding the impact f lwer energy prices and cnstructin 2

3 revenue, each business increased revenue at cnstant exchange rates by +1.8%, +1.6% and +3.2%, respectively. The reinfrcement f the percent f revenue generated by industrial clients cntinues, representing 45% f 2016 revenue cmpared with 44% in EBITDA imprved 2.0% at current cnslidatin scpe and exchange rates (+4.3% at cnstant exchange rates) t 3,056 millin Exchange rate mvements negatively impacted EBITDA grwth by - 71 millin. EBITDA benefited frm cntinued cst reductin effrts in the amunt f 245 millin in 2016, exceeding the initial bjective f 200 millin, and mre than ffsetting the net effect f price net f cst inflatin f - 76 millin, the negative impact f French Water renegtiatins f - 31 millin and diverse nn-recurring items f - 46 millin. By segment: France EBITDA amunted t 751 millin, dwn 8.1%. French Water EBITDA was lwer due t the cmbined impact f lwer water vlumes, very weak price indexatin and the impact f cntract renegtiatins, while French Waste EBITDA als declined given an unfavrable cmparisn base in 2015 and the decline in scrap metal prices. At cnstant exchange rates, EBITDA in the Eurpe excluding France segment grew significantly (+9.1% t 1,160 millin) due t imprvement in all gegraphies. EBITDA in the Rest f the Wrld segment als grew substantially (+10% at cnstant exchange rates) due t gd perfrmance in Asia, Latin America and the cnslidatin f the sulfuric acid regeneratin activity in the United States. Glbal Businesses EBITDA als recrded strng imprvement at cnstant exchange rates (+17.5%) due t the imprvement in results in engineering businesses and gd grwth in hazardus waste. Current EBIT grew 5.2% at current cnslidatin scpe and exchange rates (+8.5% at cnstant exchange rates) frm 1,315 millin in 2015 t 1,384 millin in Exchange rate mvements negatively impacted current EBIT by - 44 millin. Current EBIT mainly benefited frm slid EBITDA grwth The cntributin f the share f net incme f jint ventures and assciates amunted t 94 millin in 2016 cmpared with 99 millin in Strng grwth in current net incme - Grup share (+5.1% at current cnslidatin scpe and exchange rates, +10.8% at cnstant exchange rates) t 610 millin cmpared with 580 millin in Excluding net financial capital gains, current net incme Grup share increased 19.3% at cnstant exchange rates. The cst f net financial debt declined by 22 millin t millin Current incme tax rate amunted t 25.7% Nn-cntrlling interests (current) were stable at millin. Net incme Grup share amunted t 382 millin in 2016 cmpared with 450 millin in net incme included restructuring charges amunting t millin, nn-current prvisins and asset 3

4 impairments, as well as the cntributin frm Transdev, which increased due t the divestment f 20% f Transdev by the Grup. Recrd net free cash flw f 970 millin and subsequent reductin in net financial debt t 7,811 millin at December 31, 2016, cmpared with 8,170 millin at December 31, Velia generated net free cash flw f 970 millin in 2016, fllwing 856 millin in 2015, due t higher EBITDA, cntinued capex discipline (industrial capex amunted t 1,485 millin, stable cmpared t 2015), and anther year f significantly reduced (by 270 millin) perating wrking capital requirements. Net financial debt at December 31, 2016 amunted t 7,811 millin, dwn 359 millin cmpared with December 31, It benefited frm a favrable freign exchange impact f 279 millin and includes the impact f 156 millin in acquisitins, net f divestitures. The leverage rati nce again imprved, drpping t 2.56x in 2016 cmpared with 2.73x in ********** Prpsal t pay a dividend f 0.80 per share, paid 100% in cash relative t the 2016 fiscal year, cmpared with 0.73 per share fr the 2015 fiscal year. At the Annual General Sharehlders Meeting t be held n April 20, 2017, Velia s Bard f Directrs will prpse a dividend payment f 0.80 per share in relatin t the 2016 fiscal year, payable in cash. The ex-dividend date will be April 24, The dividend payment is expected t cmmence n April 26, ********** Outlk* 2017: A transitin year Resumptin f revenue grwth Stable EBITDA, r mderate EBITDA grwth Increased effrts t reduce csts: mre than 250 millin in cst savings 2018 Cntinuatin f revenue grwth Resumptin f mre sustained EBITDA grwth Mre than 300 millin in cst savings 2019 Cntinuatin f revenue grwth and full impact f cst savings EBITDA between 3.3bn and 3.5bn** (excluding IFRIC 12) * At cnstant exchange rates ** Equivalent t 3.4bn t 3.6bn (excluding IFRIC 12) and befre taking int accunt the unfavrable exchange rate impacts recrded in 2016 ********** 4

5 Definitins f all financial indicatrs used in this press release can be fund at the end f this dcument. Velia grup is the glbal leader in ptimized resurce management. With ver 174,000 emplyees wrldwide, the Grup designs and prvides water, waste and energy management slutins that cntribute t the sustainable develpment f cmmunities and industries. Thrugh its three cmplementary business activities, Velia helps t develp access t resurces, preserve available resurces, and t replenish them. In 2015, the grup Velia supplied 100 millin peple with drinking water and 63 millin peple with wastewater service, prduced 63 millin megawatt hurs f energy and cnverted 42.9 millin metric tns f waste int new materials and energy. Velia Envirnnement (listed n Paris Eurnext: VIE) recrded cnslidated revenue f 25.0 billin in Imprtant disclaimer Velia Envirnnement is a crpratin listed n the Eurnext Paris. This press release cntains frward-lking statements within the meaning f the prvisins f the U.S. Private Securities Litigatin Refrm Act f Such frward-lking statements are nt guarantees f future perfrmance. Actual results may differ materially frm the frward-lking statements as a result f a number f risks and uncertainties, many f which are utside ur cntrl, including but nt limited t: the risk f suffering reduced prfits r lsses as a result f intense cmpetitin, the risk that changes in energy prices and taxes may reduce Velia Envirnnement s prfits, the risk that gvernmental authrities culd terminate r mdify sme f Velia Envirnnement s cntracts, the risk that acquisitins may nt prvide the benefits that Velia Envirnnement hpes t achieve, the risks related t custmary prvisins f divesture transactins, the risk that Velia Envirnnement s cmpliance with envirnmental laws may becme mre cstly in the future, the risk that currency exchange rate fluctuatins may negatively affect Velia Envirnnement s financial results and the price f its shares, the risk that Velia Envirnnement may incur envirnmental liability in cnnectin with its past, present and future peratins, as well as the ther risks described in the dcuments Velia Envirnnement has filed with the Autrités des Marchés Financiers (French securities regulatr). Velia Envirnnement des nt undertake, nr des it have, any bligatin t prvide updates r t revise any frward lking statements. Investrs and security hlders may btain frm Velia Envirnnement a free cpy f dcuments it filed ( with the Autrités des Marchés Financiers. This dcument cntains "nn GAAP financial measures". These "nn GAAP financial measures" might be defined differently frm similar financial measures made public by ther grups and shuld nt replace GAAP financial measures prepared pursuant t IFRS standards. Cntacts Grup Media Relatins Laurent Obadia Sandrine Guendul Tel : + 33 (0) sandrine.guendul@velia.cm Investr & Analyst Relatins Rnald Wasylec - Ariane de Lamaze Tel. : + 33 (0) / Terri Anne Pwers (USA) Tel. :

6 FINANCIAL INFORMATION FOR THE YEAR ENDING DECEMBER 31, 2016 A] PREFACE: CHANGE IN CONCESSION STANDARDS Under cncessin cntracts with lcal authrities, infrastructure is accunted, as apprpriate, as an intangible asset, a financial receivable, r a cmbinatin f the tw. Velia may have a payment bligatin vis-a-vis the grantr t utilize the assciated assets. In July 2016, IFRIC published a verdict regarding these payments and cncluded that in the case f fixed payments required by the peratr, an asset and a liability shuld be recrded (intangible mdel). Velia identified the cntracts cncerned and will apply the new IFRIC 12 measures retractive t 1/1/2015. The mst significant cntracts cncerned are ur water cncessins in the Czech Republic and Slvakia. RECONCILIATION OF 2015 AND 2016 FIGURES EXCLUDING AND INCLUDING IMPACTS OF THE ADOPTION OF THE IFRIC 12 INTERPRETATION (in millin) December 31, 2016, IFRIC 12 impacts December 31, 2016, excluding IFRIC 12 including IFRIC 12 Revenue 24, ,390.2 EBITDA 3, ,258.4 Current EBIT 1, ,476.5 Current financial expenses (453.6) (90.3) (543.9) Net incme Grup share Current Net incme Grup share Industrial capex 1, ,597 Net Free cash flw Net financial debt 7,811-7,811 Pst-tax ROCE 7.2% 7.4% (in millin) December 31, 2015, IFRIC 12 impacts December 31, 2015, excluding IFRIC 12 including IFRIC 12 Revenue 24, ,964.8 EBITDA 2, ,182.6 Current EBIT 1, ,393.3 Current financial incme and expenses (418.0) (94.1) (512.1) Net incme Grup share (12.5) Current Net incme Grup share (12.5) Industrial capex 1, ,576 Net Free cash flw Net financial debt 8,170-8,170 Pst-tax ROCE 6.8% 7.0% 6

7 Revenue, net free cash flw and net financial debt are nt impacted by the adptin f the IFRIC 12 interpretatin. B] KEY FIGURES EXCLUDING THE IMPACT OF IFRIC 12 The data fr the year ended December 31, 2016, presented in this press release d nt include the impact f the re-presentatins relating t the adptin f the IFRIC 12 interpretatin. (in millin) December 31, 2015 excluding IFRIC 12 December 31, 2016 excluding IFRIC 12 at cnstant exchange rates Revenue 24, , % -0.4% EBITDA 2, , % +4.3% EBITDA margin 12.0% 12.5% Current EBIT (1) 1, , % +8.5% Current Net incme Grup share % +10.8% Current net incme Grup share, excluding capital gains and lsses n % +19.3% financial divestitures net f tax Net incme Grup share Current net incme - Grup share - per share (basic) (2) Current net incme - Grup share - per share (diluted) (2) Dividend per share (3) Industrial capex 1,484 1,485 Net Free cash flw (2) Net financial debt 8,170 7,811 (1) Including the share f current net incme f jint ventures and assciates viewed as cre Cmpany activities (2) See definitin in Appendix (3) Subject t the apprval f General Sharehlders Meeting f April 20, 2017 The main freign exchange impacts were as fllws: Freign exchange impacts as f December 31, 2016, excluding IFRIC 12 (vs. December 31, % M 2015) Revenue -1.9% (473) EBITDA -2.4% (71) Current EBIT -3.3% (44) Current net incme -5.7% (33) Net financial debt +3.4%

8 C] INCOME STATEMENT EXCLUDING THE IMPACT OF IFRIC Revenue Grup cnslidated revenue std at 24,390.2 millin fr the year ended December 31, 2016, cmpared t 24,964.8 millin fr the year ended December 31, 2015, a decrease f -0.4% at cnstant exchange rates. Excluding Cnstructin revenue 5 and the impact f lwer energy prices, revenue increased +2.0% at cnstant exchange rates. Revenue psted an upturn f +1.9% at cnstant exchange rates in the 4th quarter (after -2.1% in the 1st quarter, +0.1% in the 2nd quarter, and -1.7% in the 3rd quarter at cnstant exchange rates), reflecting the Grup s return t grwth. Excluding Cnstructin and the impact f energy prices, 4th quarter revenue rse by +3.4% at cnstant exchange rates (cmpared t +1.2% in the 1st quarter, +1.9% in the 2nd quarter, and +1.6% in the 3rd quarter). The municipal sectr generated 55% f 2016 revenue (i.e. arund 13 billin), and the industrial sectr generated 45% (i.e. arund 11 billin). The change in revenue between 2015 and 2016 breaks dwn by main impact as fllws: The freign exchange impact n revenue amunted t millin (-1.9% f revenue) and mainly reflects fluctuatins in the value f the eur against the U.K. pund sterling ( millin), the Argentine pes ( millin), the Japanese yen ( millin), the Plish zlty ( millin), the Mexican pes ( millin), and the Chinese renminbi ( millin). The decrease in Cnstructin revenue (- 484 millin, representing -1.9% f Grup revenue) essentially cncerns Velia Water Technlgies and SADE fr millin, as well as the cmpletin f cnstructin wrk n the Leeds and Shrpshire PFI incineratrs in the United Kingdm (- 80 millin). Grup revenue was affected by the decline in energy prices (-0.5%), primarily in the United States and in Central Eurpe. The psitive business mmentum (Cmmerce/Vlumes and scpe impact) f millin was due t: an increase in vlumes, in line with the slid grwth f the Waste business in the UK and Germany, as were as gd perfrmance in Energy in China, Africa and the Middle East, and Hazardus Waste. These psitive effects were partially ffset by a decrease in Water vlumes in France (- 23 millin) and a dwnturn in industrial services in Nrth America and Australia; a favrable weather impact in Central Eurpe (+ 61 millin), but a negative impact in the United States (- 23 millin); slid cmmercial mmentum with cntract wins in Waste in Germany and the UK, and the integratin f the water cycle ptimizatin cntract fr a petrchemical cmplex in China (Sinpec, fr + 56 millin ver 7 mnths), as well as the cmmissining f new assets (particularly the Leeds incineratr in the UK); changes in cnslidatin scpe (+ 207 millin), and in particular the integratin f the assets f the Chemurs Sulfur Prducts divisin in July 2016 ( 109 millin ver 6 mnths), the CDR Pedreira landfill site in Brazil in May 2016, Kurin in the US, Prague Left Bank in the Czech Republic, and peratins 5 Cnstructin activities cncern the Grup s engineering and cnstructin businesses (mainly Velia Water Technlgies and SADE), as well as cnstructin cmpleted as part f perating cntracts. 8

9 carried ut in 2015 (particularly the acquisitin f Altergis in Energy in France, and an entity specializing in plastics recycling in the Netherlands, AKG). Favrable price effects were the result f tariff indexatins that remain psitive, althugh mderate, and the favrable price impact frm recycled materials (+ 15 millin, particularly paper). 1.1 Revenue by segment In M Excluding IFRIC 12 December 31, 2015 December 31, 2016 at cnstant exchange rates at cnstant exchange rates, excl. impact f Cnstructin activities and energy prices France 5, , % -1.0% -0.9% Eurpe excluding France Rest f the Wrld Glbal Businesses* 8, , % +0.1% +2.3% 5, , % +3.7% +5.0% 4, , % -4.1% +3.0% (*) Other Grup revenue 24, , % -0.4% +2.0% (*) Glbal businesses include Hazardus waste activities, and Slutins and Technlgies activities in Water (sensitive t fluctuatins in cnstructin cntracts) The revenue trend in the 4th quarter f 2016 was marked by a turnarund, driven by the grwth f Eurpe excluding France and the Rest f the wrld: at cnstant exchange rates, excluding IFRIC 12 1st quarter nd quarter rd quarter th quarter 2016 France +0.2% -0.7% -1.3% -2.1% Eurpe excluding France -0.9% +0.3% -0.6% +1.5% Rest f the Wrld -2.4% +1.9% +6.3% +9.1% Glbal Businesses -2.9% -0.9% -11.4% -1.1% Grup -2.1% +0.1% -1.7% +1.9% Ttal Grup excluding the impact f Cnstructin activities and energy prices +1.2% +1.9% +1.6% +3.4% 9

10 FRANCE Revenue in France fr the year ended December 31, 2016 was 5,417.7 millin, dwn by -1.0% cmpared with the prir year. Excluding the impact f Cnstructin activities and energy prices, revenue decreased -0.9%. Water business revenue was up slightly by +0.3% cmpared t December 31, The psitive cmmercial impact f new cntracts (particularly the Ile cntract in Lille) was mitigated by unfavrable cntractual renegtiatins (renewal f the Greater Lyn and Cbas cntracts and the transfer f the Mntpellier cntract t the municipality), reduced revenue related t Cnstructin activity, lw tariff indexatin increases f +0.2% (cmpared t +0.3% in 2015), and a decrease in vlumes sld f -1.5%. Waste business revenue declined -2.4% ver the year. Despite the sund level f incineratin activities and landfill vlumes (+5.4%), and psitive cmmercial impacts in the srting and recvery f industrial waste and incineratin, revenue was impacted by a drp in municipal and cmmercial cllectin vlumes and a decrease in recycled material vlumes and prices (plastics and ferrus scrap metals). The cmmercial prtfli nevertheless grew substantially in the 2nd half, with a strng cntract renewal rate (Le Mans and Nancy incineratrs), cntract wins (Tryes incineratr, Cergy cllectin cntract, etc.), and the acquisitin f an entity specializing in the recvery f plastics in December 2016 (PMG). EUROPE EXCLUDING FRANCE Revenue in the Eurpe excluding France segment fr the year ended December 31, 2016 amunted t 8,286.3 millin, up +0.1% at cnstant exchange rates cmpared t the year ended December 31, Revenue psted an upturn f +1.5% at cnstant exchange rates in the 4th quarter, after virtual stability thrughut the year: -0.9% in the 1st quarter, +0.3% in the 2nd quarter, and -0.6% in the 3rd quarter. Excluding the impact f Cnstructin activities and energy prices, revenue increased +2.3% at cnstant exchange rates fr the year. This increase breaks dwn as fllws: In Central Eurpe, revenue was stable at cnstant exchange rates fr the year ended December 31, Fllwing a decline thrughut the year, there was a clear turnarund in revenue in the 4th quarter (+3.7% at cnstant exchange rates), particularly in the Czech Republic thanks t a favrable weather impact and the start f the Prague Left Bank cntract. Revenue fr the year benefited frm higher Water tariffs and vlumes in the Czech Republic, the favrable weather impact in Lithuania, Pland, the Czech Republic and Hungary, and the start up f tw c-generatin plants in Hungary (Debrecen and Nyiregyhaza). These factrs were ffset by lwer Energy tariffs and vlumes (heat, electricity) in the Czech Republic and Lithuania in the first half. UK and Ireland: revenue was dwn -1.3% at cnstant exchange rates fr the year ended December 31, Penalized by a first half that was dwn -3.4% at cnstant exchange rates, revenue fr the UK and Ireland nevertheless rse by +0.8% in the 2nd half. Despite the decline fr Cnstructin, revenue was bsted by the develpment f the cmmercial cllectin activity (particularly the new Sainsbury cntract and the new wd recycling activity in Bristl), new municipal Waste cntracts (St Albans, Suthend-n- Sea, and Hampshire), higher vlumes and prices fr recycled materials (paper, metals), the slid perfrmance f the Energy businesses, and the cmmissining f the Leeds incineratr at the end f Nrthern Eurpe: revenue mmentum was cnfirmed thrughut the year and rse +5.9% at cnstant exchange rates fr the year ended December 31, While Germany benefited frm the strng grwth in Waste and the integratin f new cntracts (particularly the industrial parks purchased frm 10

11 Nun), the ther Nrthern Eurpe cuntries were driven by the integratin f the plastics recycler AKG in the Netherlands and cntract wins in Scandinavia. Italy: Energy business revenue fell -11.5%. REST OF THE WORLD Revenue in the Rest f the Wrld segment fr the year ended December 31, 2016 was 6,028.4 millin, up +3.7% at cnstant exchange rates cmpared t the year ended December 31, After a decrease f -2.4% at cnstant exchange rates in the 1st quarter, revenue cntinuusly imprved thrughut the year: +1.9% in the 2st quarter, +6.3% in the 3nd quarter, and +9.1% in the 4th quarter. Excluding the impact f Cnstructin activities and energy prices, Rest f the Wrld revenue increased +5.0% at cnstant exchange rates. Rest f the Wrld revenue reflects slid grwth acrss the regin, with the exceptin f Australia: In Latin America (+12.9% at cnstant exchange rates fr the year ended December 31, 2016), where revenue grwth thrughut the year accelerated further in the 4th quarter in Argentina, Brazil and Mexic. Revenue fr the year benefited frm higher tariffs, essentially fr Waste in Argentina (as well as Brazil, Mexic and Clmbia), mitigated by the scheduled terminatin f the Avellaneda cntract in January Activity grwth in Mexic essentially stems frm the increase in water vlumes inviced, while Brazil benefitted frm the psitive impact relating t the acquisitin f the Pedreira landfill site and the win f a new Water cntract. In Nrth America, revenue rse +0.6% at cnstant exchange rates. Fllwing a first half decline f -9.4% at cnstant exchange rates, penalized by a drp in gas prices in Energy, fall in heating vlumes sld (due t a very mild winter), and a dwnturn in industrial services, there was a majr upturn in revenue in the 2nd half with grwth f +12.0% at cnstant exchange rates. This revenue mmentum is primarily due t the integratin f the Chemurs Sulfur Prducts divisin s assets. In Asia, revenue rse sharply by +6.3% at cnstant exchange rates. In China, revenue grwth accelerated in the 4th quarter (+34.6% at cnstant exchange rates), the result f the Sinpec integratin, the increase in vlumes sld in Energy fr the Harbin and Jiamusi heating netwrks and in industrial cntracts (Hngda cntract), despite a decrease in energy prices (heating and electricity). Revenue grwth in Japan rse by +6.1% at cnstant exchange rates fr the year ended December 31, 2016, in relatin t the develpment f the custmer service activity (launch f the Tky cntract in 2015) and the O&M Water activity (Omuta cntract). In Africa and the Middle East, sustained revenue grwth (+6.8% at cnstant exchange rates fr the year ended December 31, 2016) cvered all the zne s cuntries. The grwth was mainly based n electricity sales in Gabn and business develpment in the Middle East. The gd grwth in the Rest f the Wrld segment was ffset by lwer revenue in Australia (-3.1% at cnstant exchange rates). In the Waste business, the increase in cllectin and treatment activities nly partially ffset the fall in industrial services. GLOBAL BUSINESSES The Glbal Businesses segment reprted revenue f 4,626.2 millin fr year the ended December 31, 2016, dwn -4.1% at cnstant exchange rates cmpared t the year ended December 31, After a decrease f -5.2% at cnstant exchange rates fr the nine mnths perid ended September 30, 2016, the decline in 4th quarter revenue was less significant at -1.1% at cnstant exchange rates. 11

12 Excluding the impact f Cnstructin activities and energy prices, revenue increased +3.0% at cnstant exchange rates. The change in revenue was mainly due t: The slid grwth f Hazardus Waste activities (+2.4% at cnstant exchange rates), tied particularly t treatment and recvery activities (launch f the Paris subway line 14 wrksite), landfill activities, an increase in industrial clean-up services, and slid perfrmance in industrial maintenance; The decline in Cnstructin activities at SADE: the fall in internatinal activities fllwing the pstpnement f prjects t the end f 2016 and the dwnturn in cnstructin in France were slightly ffset by slid Telecm perfrmance; SADE revenue nevertheless imprved in the 4th quarter (+11.4% at cnstant exchange rates) with an increase in the backlg fr France and internatinally; The gradual dwnsizing f Velia Water Technlgies activities was reflected by the end f majr prjects, particularly desalinizatin in the Middle East, and the decline in the Slutins activity. The Velia Water Technlgies backlg declined by 6% t 1.8 billin mainly due t fewer Oil & Gas rders in the US. 1.2 Revenue by business In M Excluding IFRIC 12 December 31, 2015 December 31, 2016 at cnstant exchange rates at cnstant exchange rates, excl. impact f Cnstructin activities and energy prices Water 11, , % -1.5% +1.8% Waste 8, , % +0.5% +1.6% Energy 4, , % +0.4% +3.2% Grup 24, , % -0.4% +2.0% WATER Water revenue declined -1.5% at cnstant exchange rates year-n-year, and increased +1.8% at cnstant exchange rates excluding the impact f the Cnstructin activity and energy prices. This decline can be explained as fllws: Stable Operatins activities. In France, the psitive cmmercial impact f new cntract wins (Lille) ffset the -1.5% decrease in vlumes and weak price indexatins (+0.2%), while Central Eurpe benefited frm sund vlumes; The decrease in Velia Water Technlgies and SADE cnstructin revenue (impact f millin). WASTE Waste revenue rse +0.5% at cnstant exchange rates year-n-year, and +1.6% at cnstant exchange rates excluding the impact f the decrease in Cnstructin activity, in relatin, verall, t a psitive vlume impact f +0.6%, and a service price impact f +0.8%, and mre specifically: 12

13 a slid perfrmance in the UK excluding Cnstructin activities thanks t new cntracts and the cmmissining f the Leeds incineratr; clear grwth in Germany, the result f slid cmmercial activity, and higher vlumes and recycled paper prices f 11%; slid grwth in hazardus waste (+2.4% at cnstant exchange rates); the integratin f the Pedreira landfill site in Brazil; mitigated by a weak Industrial Services perfrmance in the United States and Australia; and a slight decline in France, where cmmercial successes and the slid level f incineratin activities and landfill vlumes were ffset by a drp in municipal cllectin vlumes f -10.3%. ENERGY Energy revenue rse 0.4% at cnstant exchange rates year-n-year, and increased +3.2% at cnstant exchange rates excluding the decrease in energy prices (impact f millin). This increase can be explained as fllws: a favrable weather impact f + 35 millin: psitive in Central Eurpe (+ 61 millin), but negative in the United States (- 23 millin); the prgressin in Energy activities in China, specifically heating netwrks and industrial cntracts. 2. Other incme statement items 2.1 EBITDA Changes in EBITDA by segment were as fllws: 2015 / 2016 change (in millin) December 31, 2015 excluding IFRIC 12 December 31, 2016 excluding IFRIC 12 at cnstant exchange rates France % -8.1% Eurpe excluding France 1, , % +9.1% Rest f the Wrld % +10.0% Glbal Businesses % +17.5% Other EBITDA 2, , % +4.3% EBITDA margin 12.0% 12.5% In 2016, the Grup s cnslidated EBITDA amunted t 3,056.0 millin, an increase f 4.3% at cnstant exchange rates cmpared t 2015, generating an imprvement in the EBITDA margin (12.5% in 2016, cmpared t 12.0% in 2015). 13

14 This imprvement in EBITDA was primarily due t peratinal efficiency, with cst savings in the amunt f 245 millin. Changes in EBITDA by segment between 2015 and 2016 were as fllws: EBITDA declined in France: in the Water business, despite cst savings, EBITDA was penalized by a -1.5% drp in vlumes (impact f - 20 millin), the negative impact f the price/cst squeeze (- 26 millin), relating t very weak tariff indexatins (+0.2%), and the negative effect f cntractual renegtiatins (- 31 millin); in the Waste business, EBITDA was als dwn despite cst savings, due t negative price effects and nn-recurring items in in Eurpe excluding France, slid grwth in EBITDA and particularly: in Central and Eastern Eurpe, thanks t cst savings effrts and a favrable weather impact (+ 23 millin); In the UK, thanks t efficiency plans, PFI cntracts, and the favrable impact f recycled materials (higher paper prices); In Germany, in line with slid activity in Waste, efficiency gains, and the payment f an insurance claim. Onging grwth in the Rest f the Wrld segment: In the US, EBITDA rse by +8.7% at cnstant exchange rates. In the Industrial sectr, the decline in the industrial services activity (specifically with Oil & Gas clients) was ffset by the restructurings initiated in the 1st quarter and the cnslidatin f the Chemurs Sulfur Prducts divisin s assets (+ 22 millin ver 6 mnths). In the Municipal sectr, the weather-related fall in vlumes, and the negative price impact in Energy, were ffset by efficiency measures. In China, EBITDA rse 26.3% at cnstant exchange rates, driven by the substantial increase in industrial water (integratin f Sinpec), hazardus waste (cmmissining f the Changsha incineratr) and heating netwrks (Harbin), and nging cst-cutting. In the Glbal Businesses segment, EBITDA fr Velia Water Technlgies dubled cmpared t The segment s restructuring, in additin t the favrable reslutin f a cntract terminatin resulted in an imprved margin (4% in 2016, cmpared t 1.7% in 2015). Hazardus waste psted a slid perfrmance ver the year. The change in EBITDA between 2015 and 2016 breaks dwn by main impact as fllws: The freign exchange impact n EBITDA was negative, amunting t millin. It mainly reflects fluctuatins f UK the pund sterling ( millin), Suth American currencies ( millin, essentially the Argentine pes), the Chinese renminbi (- 8.7 millin) and the Plish zlty (- 8.3 millin). Prices effects, net f cst inflatin, had a negative impact, ntably in France, in line with the very lw indexatin f cntracts. The impact f French Water cntract renegtiatins amunted t - 31 millin. The vlumes, cmmerce and scpe impacts are favrable, in the amunt f + 38 millin: EBITDA was impacted by lwer vlumes in France fr Water (- 20 millin), Waste (decrease in municipal cllectin), and industrial services in the US and Australia. These items were ffset by the 14

15 cmmissining f new assets, a slid perfrmance fr Hazardus Waste and a favrable weather impact (+ 15 millin); The cmmerce impacts were particularly driven by develpment in China (integratin f Sinpec); Scpe impacts fr millin mainly cncern the integratin f the Chemurs Sulfur Prducts divisin s assets in July 2016 (+ 22 millin), and the acquisitin f the CDR Pedreira landfill site in Brazil in May Cst-savings plans cntributed 245 millin. They mainly cver peratinal efficiency (fr 42%) and purchasing (35%). They were achieved acrss all gegraphical znes: France (31%), Eurpe excluding France (26%), Rest f the Wrld (26%), Glbal Businesses (12%) and Crprate (5%). EBITDA impact ( M) cumulative bjective 2016 bjective 2016 achievement Grss savings Other changes mainly cncern ne-ff items in the amunt f - 46 millin, particularly in France. 2.2 CURRENT EBIT Changes in current EBIT by segment were as fllws: 2015 / 2016 change (in millin) December 31, 2015 December 31, 2016 at cnstant exchange rates excluding IFRIC 12 excluding IFRIC 12 France % -34.3% Eurpe, excluding France % +19.1% Rest f the Wrld % +2.5% Glbal Businesses % +56.9% Other (5.9) (0.7) - - Current EBIT 1, , % +8.5% The Grup s cnslidated current EBIT fr the year ended December 31, 2016 amunted t 1,383.9 millin, up significantly by +8.5% at cnstant exchange rates cmpared t This psitive increase in Current EBIT was mainly due t: the imprvement in Grup EBITDA; the increase in depreciatin and amrtizatin charges at cnstant exchange rates by +3.1%, in line with scpe impacts in France, the UK and the US; the favrable change in net perating prvisin reversals; the psitive change in gains n dispsals f industrial assets, relating t the cntinuus review f industrial asset prtflis; the mderately negative change in the cntributin f equity-accunted entities relating t scpe impacts in the UK, while the Chinese cncessins psted grwth at cnstant exchange rates. The freign exchange impact n Current EBIT was negative at millin and mainly reflects fluctuatins f the UK pund sterling ( millin), Suth American currencies (- 7.5 millin, including the Argentine pes), and the Chinese renminbi (- 7.7 millin). 15

16 The recnciling items between EBITDA and Current EBIT as f December 31, 2016 and 2015 are as fllws: In millin, excluding IFRIC 12 December 31, 2015 December 31, 2016 EBITDA 2, ,056.0 Renewal expenses (278.4) (272.4) Depreciatin and amrtizatin (*) (1,549.4) (1,566.3) Prvisins, fair value adjustments & ther: Current impairment f prperty, plant and equipment, intangible assets and perating financial assets (28.3) (26.4) Net charges t perating prvisins, fair value adjustments and ther Share f current net incme f jint ventures and assciates Current EBIT 1, ,383.9 (*) Including principal payments n perating financial assets (OFA) f millin fr the year ended December 31, 2016 (cmpared t - 173,1 millin fr the year ended December 31, 2015), and capital gains r lsses n industrial divestitures fr 29.1 millin fr the year ended December 31, 2016 (cmpared t 4.3 millin fr the year ended December 31, 2015). Depreciatin and amrtizatin charges (- 1,394.2 millin fr the year ended December 31, 2016) are up +3.1% at cnstant exchange rates, r millin cmpared t depreciatin and amrtizatin charges fr the year ended December 31, 2015 (- 1,380.6 millin) mainly due t acquisitins and the cmmissining f new assets. Capital gains and lsses n dispsals f industrial assets fr the year ended December 31, 2016 cncern capital gains n the dispsal f industrial assets in relatin t the cntinuus review f industrial asset prtflis. The share f current net incme f jint ventures and assciates cmprises the UK entities (Water and Waste) fr 9 millin (versus 15.9 millin fr the year ended December 31, 2015, due t mvements in scpe), and Chinese Water and Waste entities fr 44.3 millin (cmpared t 44.8 millin fr the year ended December 31, 2015). The Chinese Water cncessins nevertheless rse at cnstant exchange rates ( 35.8 millin in 2015, versus 36.2 millin in 2016). Net charges t perating prvisins fr the year ended December 31, 2016 include net prvisin reversals, particularly usual prvisin reversals related t landfill site remediatin (mainly in France and the United Kingdm), and prvisin reversals in relatin t the remval f certain risks in France and Italy. Fr the year ended December 31, 2015, this heading included a prvisin reversal fr the Olivet cntracts in the Water activities in France and the remval f certain risks in France and Australia. 16

17 2.3 Analysis f EBITDA and Current EBIT by segment FRANCE In millin excluding IFRIC 12 December 31, 2015 December 31, 2016 at cnstant exchange rates EBITDA % -8.1% EBITDA margin 14.9% 13.9% Current EBIT % -34.3% EBITDA in France fell -8.1% during the year. In the Water business, cst savings nly partially ffset cntractual ersin f - 31 millin (margin degradatin), lwer vlumes, and the negative impact f price effects net f inflatin. EBITDA als fell in the Waste business despite cst savings. The decline is due t a decrease in revenue, unfavrable price impacts net f inflatin, and the absence f nn-recurring items that benefited Current EBIT fell in France due t the fall in EBITDA. EUROPE, EXCLUDING FRANCE In millin excluding IFRIC 12 December 31, 2015 December 31, 2016 at cnstant exchange rates EBITDA 1, , % +9.1% EBITDA margin 12.9% 14.0% Current EBIT % +19.1% The EBITDA f the Eurpe excluding France segment increased significantly in mst cuntries and particularly: in the UK, in line with the excellent perfrmance f facilities (cmmissining f the PFI in Leeds) and the favrable impact f recycled materials; in Central Eurpe, the slid EBITDA perfrmance was particularly marked in Pland and Hungary, and benefited frm a favrable weather impact; In Nrthern Eurpe where Germany in particular was driven by Waste grwth, and the payment f an insurance claim. The rise in EBITDA in Eurpe excluding France als reflected cst savings effrts undertaken in all gegraphic areas. Current EBIT in Eurpe excluding France increased due t the imprvement in EBITDA and the psitive change in perating prvisins and in particular related t landfills in the UK. 17

18 REST OF THE WORLD In millin excluding IFRIC 12 December 31, 2015 December 31, 2016 at cnstant exchange rates EBITDA % +10.0% EBITDA margin 13.6% 14.3% Current EBIT % +2.5% Rest f the Wrld EBITDA grew significantly in Asia, as well as in Latin America and Nrth America. Asia EBITDA psted slid grwth thrughut the year, driven by cst reductins and the increase in revenue, particularly in China and Japan. In China, EBITDA benefited frm the substantial increase in Industrial water (integratin f the Sinpec cntract), Hazardus Waste (cmmissining f the Changsha incineratr) and heating netwrks, particularly Harbin. EBITDA in Latin America was up sharply in the 2nd half, particularly in Argentina, in line with the change in revenue. Fllwing a decline in the first half, particularly regarding Energy, Nrth America EBITDA rebunded in the 2nd half thanks t cst-cutting effrts and the integratin f the Chemurs Sulfur Prducts divisin s assets, which ffset the decline in revenue in industrial services and the lwer gas price in Energy. Rest f the Wrld Current EBIT was up at cnstant exchange rates, but t a lesser extent than EBITDA grwth, penalized by higher depreciatin and amrtizatin charges relating t the integratin f the Chemurs Sulfur Prducts divisin s assets, the negative change in perating prvisins in the US and Australia, and the early repayment f a receivable in Krea. Results f the Chinese Water cncessins, recrded within the share f net incme (lss) f jint ventures and assciates rse at cnstant exchange rates. GLOBAL BUSINESSES In millin excluding IFRIC 12 December 31, 2015 December 31, 2016 at cnstant exchange rates EBITDA % +17.5% EBITDA margin 4.6% 5.7% Current EBIT % +56.9% EBITDA f the Glbal Businesses segment is up significantly: In Cnstructin activities (VWT and Sade), EBITDA benefited frm cst savings effrts, the imprvement in margins and the favrable reslutin f a cntract terminatin. In Hazardus waste, the EBITDA increase arises frm a strng perfrmance and the pursuit f efficiency plans. 18

19 Current EBIT f Glbal Businesses als rse thanks t the increase in EBITDA and the favrable cmparisn effect in relatin t asset impairments in Hazardus waste in Net financial expense In millin, excluding IFRIC 12 December 31, 2015 December 31, 2016 Cst f net financial debt (1) (445.9) (423.6) Gains (lsses) n dispsals f financial assets (*) Net gains / lsses n lans and receivables Net incme (lss) n available-fr-sale assets Freign exchange gains and lsses Unwinding f the discunt n prvisins (39.0) (41.7) Other (28.5) (20.4) Other current financial incme and expenses (2) 27.9 (30.0) Current net financial expenses (1)+(2) (418.0) (453.6) Other nn-current financial incme and expenses (**) NET FINANCIAL EXPENSES (418.0) (427.9) (*) Including csts f financial divestitures (**) Primarily related t the impact f the sale f 20% f Transdev COST OF NET FINANCIAL DEBT The cst f net financial debt ttaled millin fr the year ended December 31, 2016, versus millin fr the year ended December 31, 2015, representing a decrease f 22.3 millin. This decline in the cst f net financial debt mainly reflects the repayment f the inflatin-indexed bnd using available cash in June 2015, bnd refinancing under better cnditins, the Grup s active debt management, and a psitive exchange rate impact f 6 millin, ffsetting the increase in the cst f freign exchange derivatives. The financing rate fell frm 5.0% fr the year ended December 31, 2015 t 4.95% fr the year ended December 31, OTHER FINANCIAL INCOME AND EXPENSES Other current financial incme and expenses ttaled millin fr the year ended December 31, 2016, versus 27.9 millin fr the year ended December 31, Other current financial incme and expenses included the impacts f financial divestitures fr 12.8 millin, and ntably impacts related t fair-value remeasurement f previusly-held equity interests in France and China. Fr the year ended December 31, 2015, capital gains r lsses n financial divestitures amunted t 59.5 millin, including the capital gain n the dispsal f the Grup s Israel activities. Net gains/lsses n lans and receivables fr the year ended December 31, 2015 included the interest n the lan t Transdev, repaid in full in March Other nn-current financial incme and expenses fr the year ended December 31, 2016 primarily cncern the Grup s sale f 20% f Transdev. 19

20 2.5 Incme tax The incme tax expense fr the year ended December 31, 2016 amunted t millin, cmpared t millin fr the year ended December 31, The tax rate fr the year ended December 31, 2016 declined t 25.7% (versus 28.0% fr the year ended December 31, 2015), after adjustment fr the impact f financial divestitures, nn-current items within net incme f fully cntrlled entities, and the share f net incme f equity-accunted cmpanies. In millin, excluding IFRIC 12 December 31, 2015 December 31, 2016 Current incme befre tax (a) Of which share f net incme f jint ventures & assciates (b) Of which gains (lsses) n dispsals f financial assets (c) Re-presented current incme befre tax: d=a-b-c Re-presented tax expense (e) (207) (211) Re-presented tax rate n current incme (e) / (d) 28.0% 25.7% 2.6 Current net incme (lss) / Net incme (lss) attributable t wners f the Cmpany The share f net incme attributable t nn-cntrlling interests ttaled millin fr the year ended December 31, 2016, cmpared t millin fr the year ended December 31, Net incme attributable t wners f the Cmpany was millin fr the year ended December 31, 2016, cmpared t millin fr the year ended December 31, Current net incme attributable t wners f the Cmpany was millin fr the year ended December 31, 2016, cmpared t millin fr the year ended December 31, Based n a weighted average number f utstanding shares f millin (basic) and millin (diluted), cmpared with millin as f December 31, 2015 (basic and diluted), earnings per share attributable t wners f the Cmpany fr the year ended December 31, 2016 was 0.57 (basic) and 0.55 (diluted), cmpared t 0.69 (basic and diluted) fr the year ended December 31, Current net incme per share attributable t wners f the Cmpany was 1.11 (basic) and 1.07 (diluted) fr the year ended December 31, 2016, cmpared t 1.06 (basic and diluted) fr the year ended December 31, The dilutive effect taken int accunt in the abve earnings per share calculatin cncerns the OCEANE bnds cnvertible int and/r exchangeable fr new and/r existing shares issued in March 2016, as well as the shares attributed under the lng-term incentive plan set up in

21 Net incme (lss) attributable t wners f the Cmpany fr the year ended December 31, 2016 breaks dwn as fllws: In millin, excluding IFRIC 12 Current Nn-current Ttal EBIT 1, ,077.0 Cst f net financial debt (423.6) - (423.6) Other financial incme and expenses (30.0) 25.7 (4.3) Pre-tax incme (281.2) Incme tax expense (211.3) 19.0 (192.3) Net incme (lss) f ther equity-accunted entities Net incme (lss) frm discntinued peratins - - Nn-cntrlling interests (109.2) 7.2 (102.0) Net incme (lss) attributable t wners f the Cmpany (227.6) The recnciliatin f Current EBIT with perating incme, as shwn in the incme statement, is as fllws: In millin, excluding IFRIC 12 December 31, 2015 December 31, 2016 Current EBIT 1, ,383.9 Impairment lsses n gdwill and negative gdwill (18.2) 3.2 Restructuring charges (1) (80.8) (184.5) Nn-current prvisins and impairments (2), (78.7) (109.6) Other (3) (14.7) (16.0) Ttal nn-current items (192.4) (306.9) Operating incme after share f net incme f equityaccunted entities 1, ,077.0 (1) Restructuring charges fr the year ended December 31, 2016 mainly related t Water activities in France in the amunt f millin (new departure plan) and Velia Water Technlgies fr millin. Restructuring charges fr the year ended December 31, 2015 related t Water activities in France in the amunt f millin, and Velia Water Technlgies fr millin. (2) Nn-current prvisins and impairment f assets mainly related t cverage f Grup risks in Eurpe. (3) Other nn-current items cncern persnnel csts: share-based payments, and share acquisitin csts, with r withut acquisitin f cntrl. Net incme (lss) attributable t wners f the Cmpany fr the year ended December 31, 2015, breaks dwn as fllws: In millin, excluding IFRIC 12 Current Nn-current Ttal EBIT 1, ,122.9 Cst f net financial debt (445.9) - (445.9) Other financial incme and expenses Pre-tax incme (192.4) Incme tax expense (207.1) 7.6 (199.5) Net incme (lss) f ther equity-accunted entities Net incme (lss) frm discntinued peratins Nn-cntrlling interests (110.1) 9.0 (101.1) Net incme (lss) attributable t wners f the Cmpany (129.9)