QUARTERLY FINANCIAL INFORMATION
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- Patience Boyd
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1 >>>>-- VEOLIA ENVIRONNEMENT Sciété annyme with a share capital f 2,816,824,115 Registered ffice: 21 rue La Bétie Paris RCS PARIS QUARTERLY FINANCIAL INFORMATION FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2017 (UNAUDITED FIGURES) Cntents 1 MAJOR EVENTS OF THE PERIOD General cntext Changes in cnslidatin scpe Grup financing Changes in gvernance 4 2 ACCOUNTING AND FINANCIAL INFORMATION Preface Key figures Revenue by business 15 3 SUBSEQUENT EVENTS 16 4 OUTLOOK 16 5 APPENDICES Recnciliatin f 2016 published data with 2016 represented data Definitins 18 1/18
2 1 Majr events f the perid 1.1 GENERAL CONTEXT The Grup s perfrmance in the first nine mnths f the year was mainly marked by: Strng revenue grwth: +4.4% at cnstant exchange rates t 18,221 millin Third quarter revenue grwth at cnstant exchange rates (+4.3%) in line with the first tw quarters (+4.5% and +4.4%) Higher third quarter vlumes in France Water Strng grwth in Eurpe Sustained rbust grwth utside Eurpe Cntinued strng cmmercial mmentum Gd results perfrmance, with a third quarter acceleratin in line with expectatins EBITDA f 2,359 millin, up +1.7% at cnstant exchange rates (+4.8% in Q3, cmpared with +0.4% in H1) Operating leverage due t tp line grwth Cst savings f 190 millin, in line with the annual bjective Slight imprvement in tariff indexatin N material ne-ff items in the third quarter Current EBIT f 1,049 millin, up +2.2% at cnstant exchange rates Current net incme excluding capital gains f 392 millin, up +4.3% at cnstant exchange rates Net financial debt f 8,419 millin, dwn 464 millin cmpared t the represented figure n September 30, bjectives fully cnfirmed 1.2 CHANGES IN CONSOLIDATION SCOPE ACQUISITIONS Crvara and Hans Anderssn The Grup strengthened its presence in Sweden with the acquisitin f Crvara s industrial cleaning business (n September 1, 2017) and the recycling specialist, the Hans Anderssn Grup (n August ) fr enterprise values f 42 millin and 133 millin, respectively. Eurlgistik Velia acquired the Eurlgistik grup, a specialist in waste cllectin and recycling and the prductin f RDF, perating in the nrth and east f Germany. The acquisitin was cmpleted n September 11, 2017 based n an enterprise value f 40.5 millin. 2/18
3 Uniken On February 28, 2017, Velia cmpleted the acquisitin f Uniken, a specialist in industrial and hazardus waste prcessing lcated in the Ulsan regin in Krea, fr an enterprise value f 66 millin. Envity On January 9, 2017, the Grup acquired Envity, a building energy services cmpany based in San Francisc, fr an enterprise value f 28 millin. MAIN CONTRACT AWARDS The strng cmmercial mmentum enjyed by the Grup in 2016 cntinued, with Velia signing several majr cntracts in the first three quarters f The fllwing cntracts are particularly ntewrthy: - In the municipal market, Velia ntably wn a cntract t perate and maintain the Seine amnt plant in the Ile de France regin (12-year cntract representing cumulative revenue f 400 millin). In additin, Velia wn a cntract t Design, Build, and Operate in Mexic City the largest waste-t-energy facility in Latin America (30-year cntract representing cumulative revenue f 886 millin), a waste recycling and management cntract cvering fur Suth Lndn brughs (8-year cntract representing cumulative revenue f GBP 209 millin), a public service delegatin cntract fr the peratin f a waste-t-energy recvery plant in the Lille metrplitan area (12-year cntract representing cumulative revenue f 295 millin), and a cntract t build water treatment and distributin facilities in the Greater Matale regin in Sri Lanka ( 156 millin). - In the industrial market, Velia will use its expertise t assist Anter Resurces in the lading, packaging and prper dispsal f sludge generated by its West Virginia industrial site (10-year cntract representing cumulative revenue f USD 70 millin). In additin, the Grup als wn three energy services cntracts in China fr a ttal f 864 millin: an energy perfrmance management cntract at the Hngda Chemical site (10-year cntract representing cumulative revenue f 335 millin), a chilled water plant cnstructin and peratin cntract at a Beijing data center (20-year cntract representing cumulative revenue f 188 millin), and a cntract t prduce electricity and steam frm bimass fr chemicals and cnstructin clients (25-year cntract representing cumulative revenue f 341 millin). 1.3 GROUP FINANCING ISSUE OF TWO BONDS FOR 1.3 BILLION As part f its refinancing, Velia Envirnnement issued tw bnds fr 1.3 billin in March This issuance includes a 650 millin bnd maturing in March 2022 (5-year maturity) bearing a cupn f 0.672% and a 650 millin bnd maturing in Nvember 2026 (shrt 10-year maturity) bearing a cupn f 1.496%. Bth bnds were issued at par. The prceeds f this issuance will be used fr general crprate purpses. CHANGES IN BONDS OUTSTANDING Velia Envirnnement repaid at maturity a eur-denminated bnd line with a nminal value f 606 millin n January 16, 2017, a eur-denminated bnd line with a nminal value f 350 millin n May 19, 2017, a eurdenminated bnd line with a nminal value f 250 millin n June 28, 2017, and a Chinese renminbidenminated bnd line with a nminal value f 65 millin (eur equivalent) n June 29, CONFIRMATION OF THE CREDIT OUTLOOK In June 2017, S&P and Mdy s cnfirmed Velia Envirnnement s credit rating as A-2/BBB with a stable utlk and P-2 / Baa1 als with a stable utlk, respectively. 3/18
4 DIVIDEND PAYMENT The Cmbined General Meeting f April 20, 2017 set the dividend fr fiscal 2016 at 0.80 per share. This dividend was paid in cash beginning April 26, 2017 in the ttal amunt f 440 millin. 1.4 CHANGES IN GOVERNANCE VEOLIA ENVIRONNEMENT COMBINED SHAREHOLDERS MEETING OF APRIL 20, 2017 The Velia Envirnnement Cmbined Sharehlders Meeting tk place at the Maisn de la Mutualité in Paris n April 20, 2017, chaired by Mr. Antine Frért, Chairman and Chief Executive Officer f the Cmpany. At the Meeting, sharehlders apprved all the reslutins n the agenda. In particular, sharehlders: - apprved the Cmpany and cnslidated financial statements fr fiscal year 2016; - set the cash dividend fr fiscal 2016 at 0.80 per share. The shares went ex-dividend n April 24, 2017 and the dividend was paid frm April 26, 2017; - renewed the terms f ffice as directrs f Caisse des dépôts et cnsignatins, represented by Mr. Olivier Mareuse, Mrs. Marin Guillu and Mr. Pal Scarni fr a fur-year perid expiring at the end f the General Sharehlders' Meeting that will be called t apprve the financial statements fr the year ending December 31, 2020; - renewed the term f ffice f ERNST & YOUNG et Autres as principal statutry auditr fr a perid f six fiscal years, expiring in 2023 at the end f the General Sharehlders' Meeting called t apprve the financial statements fr the year ending December 31, 2022; - gave a favrable pinin n the cmpensatin due r attributed fr fiscal year 2016 t Mr. Antine Frért; - apprved the principles and criteria fr determining, allcating and awarding the fixed, variable and exceptinal cmpnents f ttal cmpensatin and benefits f all kinds that may be awarded t the Chairman and Chief Executive Officer in respect f fiscal year 2017; - amended the prvisins f Article 12 f the Articles f Assciatin regarding the term f ffice f the Vice-Chairman. After this Cmbined Sharehlders' Meeting, Velia Envirnnement s Bard f Directrs cnsists f seventeen directrs, including tw directrs representing emplyees and six wmen (40% 1 ), as well as tw nn-vting members (censeurs): - Mr. Antine Frért, Chairman and Chief Executive Officer; - Mr. Luis Schweitzer, Vice-Chairman and Senir Independent Directr; - Mrs. Hmaira Akbari; - Mr. Jacques Aschenbrich; - Mrs. Maryse Aulagnn; - Mr. Daniel Butn; - Caisse des dépôts et cnsignatins, represented by Mr. Olivier Mareuse; - Mrs. Isabelle Curville; - Mrs. Clara Gaymard; - Mrs. Marin Guillu; - Mr. Bauduin Prt; - Qatari Diar Real Estate Investment Cmpany, represented by Mr. Nabeel Mhammed Al-Buenain wh replaced Mr. Khaled Al Sayed frm March 30, 2017; - Mrs. Nathalie Rachu; - Mr. Pal Scarni; - Mr. Guillaume Texier; 1 Excluding Directrs representing emplyees. 4/18
5 - Mr. Pavel Páša, Directr representing emplyees; - Mr. Pierre Victria, Directr representing emplyees; - Mr. Paul-Luis Girardt, nn-vting member (censeur); - Mr. Serge Michel, nn-vting member (censeur). The fur Bard Cmmittees are nw cmprised as fllws: - Accunts and Audit Cmmittee: Mr. Daniel Butn (Chairman), Mrs. Hmaira Akbari, Mr. Jacques Aschenbrich, Mrs. Nathalie Rachu and Mr. Pierre Victria (Directr representing emplyees). - Nminatins Cmmittee: Mr. Luis Schweitzer (Chairman), Mrs. Maryse Aulagnn and Mr. Pal Scarni. - Cmpensatin Cmmittee: Mr. Luis Schweitzer (Chairman), Mrs. Maryse Aulagnn, Mr. Daniel Butn, Mrs. Clara Gaymard, Mrs. Marin Guillu and Mr. Pierre Victria (Directr representing emplyees). - Research, Innvatin and Sustainable Develpment Cmmittee: Mr. Jacques Aschenbrich (Chairman), Mrs. Isabelle Curville, Mrs. Clara Gaymard, Mrs. Marin Guillu, Mr. Pavel Páša (Directr representing emplyees) and Mr. Guillaume Texier. 5/18
6 2 Accunting and financial infrmatin 2.1 PREFACE Changes in cncessin 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 fr the use f 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 has applied the new IFRIC 12 measures retractive t January 1, The mst significant cntracts cncerned are ur water cncessins in the Czech Republic and Slvakia. September 30, 2016 figures have been represented fr the applicatin f IFRIC 12. The impacts are presented in the appendices t this quarterly financial reprt. Figures as f September 30, 2017 discussed in this quarterly financial reprt include the impact f adjustments resulting frm the applicatin f IFRIC 12. Reflecting these adjustments, EBITDA was increased in the amunt f millin, Current EBIT in the amunt f 70.9 millin and Current net incme, Grup share in the amunt f 3.6 millin. Lithuania As f September 30, 2017, the nging withdrawal frm Lithuania, mtivated by the end f a majr cntract and the sales prcess fr ther activities, led the Grup t transfer its Lithuanian activities t discntinued peratins in accrdance with IFRS 5. 6/18
7 2.2 KEY FIGURES (in millin) (4) 9 mnths 9 mnths ended 9 mnths ended September ended IFRIC 12 and September 30, 2017 at cnstant September 30, IFRS 5 (3) 30, 2016 including exchange 2016 published adjustments represented IFRIC 12 rates Revenue 17,708 (139) 17,569 18, % +4.4% EBITDA 2, ,329 2, % +1.7% EBITDA margin 12.5% 13.3% 12.9% Current EBIT (1) ,035 1, % +2.2% Current net incme - Grup share Current net incme Grup share, excluding capital gains and lsses n financial divestitures net f tax and minrity interests 421 (9) % -0.7% 388 (9) % +4.3% Industrial investments Net free cash flw (2) 3 (28) (25) (63) Net Financial Debt 8,883-8,883 8,419 (1) Including the share f current net incme f jint ventures viewed as cre Cmpany activities and assciates. (2) Net free cash flw crrespnds t free cash flw frm cntinuing peratins, and is equal t the sum f EBITDA, dividends received, changes in perating wrking capital and perating cash flw frm financing activities, less net interest expense, net industrial investments, taxes paid, renewal expenses, restructuring csts and ther nn-current expenses. (3) Adjustments as f September 30, 2016 cncern the applicatin f IFRIC 12 and the transfer f activities in Lithuania t discntinued peratins pursuant t IFRS 5 (see the Appendices). (4) The indicatrs are defined in Sectin f the 2016 Registratin Dcument. The main freign exchange impacts were as fllws: Freign exchange impacts as f September 30, 2017 (vs September 30, 2016 represented) % M Revenue -0.7% EBITDA -0.4% -9.5 Current EBIT -0.9% -8.9 Current net incme excluding capital gains and lsses -0.9% -3.5 Net financial debt (vs. September 2016 represented) -1.6% -146 Net financial debt (vs. December 2016) -2.8% /18
8 GROUP CONSOLIDATED REVENUE Grup cnslidated revenue fr the nine mnths ended September 30, 2017 was 18,221 millin, cmpared with represented 17,568.8 millin fr the same perid in 2016, up +4.4% at cnstant exchange rates. Excluding Cnstructin revenue 1 and energy price effects, revenue increased +4.9% at cnstant exchange rates. As in the first tw quarters, revenue grwth was marked by favrable mmentum acrss mainly Eurpe excluding France and Rest f the wrld in the third quarter f 2017: at cnstant exchange rates Q1 Q2 Q France -1.5% -0.4% -0.3% Eurpe excluding France +7.2% +4.4% +8.1% Rest f the wrld +11.8% +10.8% +9.4% Glbal Businesses -3.2% +1.7% -2.7% Grup +4.5% +4.4% +4.3% Ttal Grup excluding the impact f Cnstructin activities and energy prices +5.9% +4.1% +4.7% By segment, the change in revenue cmpared with represented figures fr the nine mnths ended September 30, 2016 breaks dwn as fllws: 2016 / 2017 change (in millin) 9 mnths ended 9 mnths at September 30, ended cnstant at cnstant 2016 September exchange scpe and represented 30, 2017 rates exchange rates France 4, , % -0.7% +1.2% Eurpe, excluding France 5, , % +6.5% +4.8% Rest f the Wrld 4, , % +10.6% +5.2% Glbal Businesses 3, , % -1.3% -0.4% Other % +17.8% +17.8% Grup 17, , % +4.4% +3.1% - Revenue increased +1.2% at cnstant scpe in France: Water revenue increased +0.1%, while Waste revenue grew 2.9% at cnstant scpe. 1 Cnstructin activities encmpass the activities f Velia Water Technlgies, SADE and Sede. 8/18
9 Water revenue was 2,198.7 millin, impacted by higher vlumes (+1%) and stable cmmercial activity, slightly ffset by a reductin in tariff indexatin (-0.2%); Waste revenue declined -1.6% cmpared t the represented figures fr the nine mnths ended September 30, 2016, but grew 2.9% at cnstant scpe (mainly adjusted fr the impact f the sale f Bartin Recycling n Nvember 30, 2016) t 1,838.1 millin. Cntinued gd cmmercial mmentum with significant cntract wins was accmpanied by increased vlumes and higher recyclate prices. - Eurpe excluding France (excluding Lithuania which is classified in discntinued peratins) grew +6.5% at cnstant exchange rates cmpared t the represented prir-year perid, with slid mmentum in all key cuntries: In the United Kingdm, revenue increased +5.1% at cnstant exchange rates t 1,497.7 millin, thanks t gd waste perfrmance driven by the cntributin f integrated cntracts, the favrable impact f recyclate prices (paper and ferrus and nn-ferrus scrap metals) and cntract wins (St Albans, Suthend n Sea, Army 2020); In Central and Eastern Eurpe, revenue increased +10.3% at cnstant exchange rates cmpared t the represented nine mnths ended September 30, 2016 t 2,050.2 millin, bsted by: In Energy, a favrable weather impact (+ 35 millin), an increase in heating and electricity vlumes sld in Pland and the cntributin f the Prague heating netwrk; In Water, increased vlumes and new extended Armenia cntract; In Nrthern Eurpe, revenue increased +4.6% at cnstant exchange rates cmpared t the represented prir year perid t 1,764.4 millin. Germany, the main cntributr ( 1,298.6 millin) benefited frm higher paper prices, a psitive price impact n industrial waste cllectin activities and new cntract wins in the Waste sectr. In additin, acquisitins, mainly in Sweden in the Waste sectr, further cntributed t the imprvement in revenue. Strng revenue grwth (+10.6% at cnstant exchange rates cmpared t the represented nine mnths ended September 30, 2016) in the Rest f the wrld segment, with strng grwth reprted acrss mst regins: Revenue rse +11.6% at cnstant exchange rates t 1,520.8 millin in Nrth America, benefiting frm the integratin f Chemurs' Sulfur Prducts divisin assets ( millin) and the acquisitin f a building energy services cmpany (Envity: millin) in January Additinally, rbust Municipal and Cmmercial activities were bsted by higher electricity and gas prices and vlumes, ffset by a cntractin in industrial services; Revenue grwth was rbust in Latin America (+22.4% at cnstant exchange rates) thanks t tariff increases in Argentina, the psitive impact f the acquisitin f the Pedreira landfill site in Brazil in May 2016 and the start-up f the Santa Marta cntract (drinking water distributin) in Clmbia in April 2017; Asia reprted significant revenue grwth f +22% at cnstant exchange rates. In China, strng revenue grwth (+30.3%) was due t new cntracts (Sinpec, Hngda, Heijian Bimass and Hangzhu WEE) in the Industrial Water and industrial services sectrs, and grwth in vlumes sld in the Municipal Energy and Waste sectrs. Revenue grwth in Japan was als driven by the develpment f Municipal Water activities and the cntributin f plastic recycling activities purchased in August In Krea, the acquisitin f Uniken in Industrial Waste had a favrable impact n revenue; Revenue increased in the Pacific zne (+2.9% at cnstant exchange rates fr the nine mnths ended September 30, 2017). In the Waste business, increased vlumes fllwing the pening f new prcessing sites (Banksmeadw and MBT Wdlawn) were partially ffset by a decrease in industrial services (lss f Ri Tint cntract); In Africa and the Middle East, revenue declined by -1.9% at cnstant exchange rates. Glbal Businesses: -1.3% decline in revenue at cnstant exchange rates cmpared t the represented nine mnths ended September 30, 2016: Slid grwth in Hazardus Waste activities (+4.5% at cnstant exchange rates), mainly due t an imprvement in the il recycling business; 9/18
10 Design & Build activities remain dwn by -8.7% at cnstant exchange rates, in line with the Velia Water Technlgies business restructuring, althugh bkings imprved (+10%). Grwth in SADE activities in France, hwever, partially ffsets internatinal delays. The increase in revenue between the nine mnths ended 2016 and 2017 breaks dwn by main impact as fllws: Grwth at cnstant scpe and FX: +3.1% The freign exchange impact n revenue was millin (-0.7% f revenue) and mainly reflects fluctuatins in the UK pund sterling ( millin), the Argentine pes ( millin), the Chinese renminbi ( millin), the Australian dllar ( millin), the Czech crwn ( millin) and the Brazilian real ( millin). The cnslidatin scpe impact ( millin) mainly cncerns develpments in 2016 and 2017: in 2016, the integratin f Chemurs Sulfur Prducts divisin assets in the United States ( millin), Prague Left Bank, renamed Velia Energie Praha, in the Czech Republic ( millin) and the Pedreira landfill site in Brazil ( millin), as well as the sale f Bartin Recycling in the Waste business in France ( millin); in 2017, the acquisitin f Envity in the United States ( millin), Uniken in Suth Krea ( millin), the takever f Ta-h in Taiwan ( millin) and Crvara and Hans Anderssn in Sweden ( millin), which ffset the sale f the FM AB business in Sweden (- 8.1 millin). At cnstant scpe and exchange rates, revenue grew +3.1%. Cnstructin revenue cntracted by - 67 millin (- 8 millin in Q3 2017, cmpared with + 15 millin in Q and - 74 millin in Q1 2017) fllwing a decrease in Cnstructin activity under cncessin agreements, slightly ffset by the recvery f SADE activities in France. Energy and recyclate prices had an impact f 72 millin (versus millin fr the nine mnths ended September 30, 2016). Cmmercial mmentum imprved significantly (Cmmerce/Vlumes impact) cntributing millin (cmpared with millin fr the nine mnths ended September 30, 2016): A vlume effect f millin in line with higher vlumes sld in Central Eurpe (particularly electricity and heating sales), gd waste vlumes in France, the United Kingdm and Germany, and further grwth in energy vlumes in China; A cmmercial effect f millin, encmpassing the develpment f new industrial assets in Eurpe and Asia (Sinpec cntract: 63 millin); A weather impact f + 30 millin: highly favrable impact in Central Eurpe (+ 35 millin) partially ffset by Nrth America (- 6 millin). 10/18
11 Favrable price effects (+ 119 millin) are tied t psitive tariff indexatin in Germany in Waste, in Central Eurpe in Water and the significant impact f higher prices in Argentina. EBITDA Grup cnslidated EBITDA fr the nine mnths ended September 30, 2017 was 2,358.7 millin, up 1.7% at cnstant exchange rates cmpared t the represented prir year perid. The EBITDA margin decreased frm represented 13.3% fr the nine mnths ended September 30, 2016 t 12.9% fr the nine mnths ended September 30, Changes in EBITDA by segment were as fllws: - In France, EBITDA imprved : In the Water business, EBITDA imprved significantly in the nine mnths ended September 30, 2017, thanks t significant cst savings and higher vlumes (+1%), partially ffset by squeezed margins due t negative tariff indexatin and cntractual renegtiatins; In the Waste business, EBITDA als increased, benefiting frm cst savings and the impact f cmmercial develpments. - EBITDA stabilized in Eurpe excluding France (excluding Lithuania) as a result f several impacts: In Central and Eastern Eurpe, EBITDA imprved mainly thanks t a favrable weather impact in Energy and gd vlumes in Water; In the United Kingdm, gd perating perfrmance was partially ffset by plant utages and ne-ff dismantling csts; Lwer EBITDA in Nrthern Eurpe, mainly due t favrable nn-recurring items in the first-half f 2016 (litigatin payment and insurance claim reimbursement). - EBITDA grew in the Rest f the Wrld: Increased EBITDA in the United States was mainly due t changes in cnslidatin scpe, with the successful integratin f Chemurs Sulfur Prducts divisin assets and prgressin in Energy with the acquisitin f Envity, partially ffset by the sale f West Cast energy assets. The decline in industrial services was partial ffset by the restructuring measures previusly implemented; EBITDA grwth in Latin America was mainly due t price increases in Argentina and the impact f acquisitins in Brazil and a new cntract in Clmbia; Sustained EBITDA grwth in China acrss all businesses: Municipal and Industrial Energy, Industrial Water (Sinpec) and Waste (landfill vlumes and grwth in hazardus waste). - In the Glbal Businesses segment, the benefits f restructuring at Velia Water Technlgies and the gd perfrmance f Hazardus waste activities were ffset by the nn-recurrence f 2016 favrable impacts (favrable utcme f a cntract terminatin). Velia Water Technlgies is pursuing its transfrmatin plan with the standardizatin f its fferings, purchasing savings and a decrease in selling and administrative csts. 11/18
12 The increase in EBITDA between 2016 and 2017 breaks dwn by impact as fllws: The freign exchange impact n EBITDA was millin and mainly reflects the depreciatin f the UK pund sterling ( millin) and the Chinese renminbi (- 3.3 millin), partially ffset by the appreciatin f the Czech crwn (+ 4.6 millin), the Plish zlty (+ 3.2 millin), the Brazilian real (+ 2.7 millin), and the Australian dllar (+ 2.2 millin). The cnslidatin scpe impact ( millin) mainly cncerns develpments in 2016: the integratin f Chemurs Sulfur Prducts divisin assets in the United States, Prague Left Bank in the Czech Republic, and the Pedreira landfill site in Brazil. Cmmerce and vlume impacts ttaled + 33 millin thanks t strng cmmercial mmentum (ntably in Asia), gd water vlumes in Eurpe, higher waste vlumes and favrable weather cnditins ver the first nine mnths. These favrable items were partially ffset by the impact (albeit weaker) f cntract negtiatins in France Water, cntract lsses in Italy and a dwnturn in industrial service activities in Nrth America and the Pacific. Energy and recyclate prices psitively impacted EBITDA (+ 1 millin): heating and electricity prices changed in line with the purchase price f fuel used t prduce heat and electricity (decrease in Central Eurpe and increase in the U.S.). The psitive impact f higher recyclate prices in the United Kingdm was ffset by increased fuel csts in Waste in France. The millin price squeeze includes in particular the negative impact f the start-up f new activities. Cst savings plans cntributed 190 millin, cnsistent with the annual bjective f 250 millin. They mainly cver peratinal efficiency (46%) and purchasing (31%), and were achieved acrss all gegraphic znes: France (32%), Eurpe excluding France (26%), Rest f the Wrld (25%), Glbal Businesses (15%) and Crprate (2%). Transitry csts and ne-ff items mainly cncern the absence f the favrable impact f ne-ff items recrded in the first nine mnths f 2016 (litigatin payment in Belgium, insurance claim reimbursement received in Germany, favrable cntract terminatin at Velia Water Technlgies) and additinal insurance and maintenance csts (particularly in the United Kingdm) incurred in the first half f /18
13 CURRENT EBIT Grup cnslidated Current EBIT fr the nine mnths ended September 30, 2017 was 1,049.2 millin, up +2.2% at cnstant exchange rates cmpared t the represented figures fr the prir-year perid. The recnciling items between EBITDA and Current EBIT fr the nine mnths ended September 30, 2017 and 2016 are as fllws: (in millin) 9 mnths ended September 30, 2016 represented 9 mnths ended September 30, 2017 EBITDA 2, ,358.7 Renewal expenses (202.5) (206.7) Depreciatin and amrtizatin (*) (1,231.1) (1,255.5) Prvisins, fair value adjustments & ther: Current impairment f prperty, plant and equipment, intangible assets and perating financial assets Net charges t perating prvisins, fair value adjustments and ther Capital gains r lsses n industrial divestitures Share f current net incme f jint ventures and assciates Current EBIT 1, ,049.2 (*) Including principal payments n perating financial assets (OFA) f millin fr the nine mnths ended September 30, 2017 (cmpared with millin fr the nine mnths ended September 30, 2016.) The increase in Current EBIT at cnstant exchange rates reflects: EBITDA grwth at cnstant exchange rates; the increase in depreciatin and amrtizatin charges at cnstant exchange rates, in line with cnslidatin scpe impacts, primarily in the United States fllwing the acquisitin f Chemurs assets in July 2016, as well as in Brazil; the favrable change in net perating prvisin reversals, in particular captive insurance prvisins (+ 12 millin); a decline in capital gains r lsses n industrial divestitures in the nine mnths ended September 30, 2017; Share f current net incme f jint ventures and assciates was millin versus millin in 2016; imprved perfrmance f Chinese cncessins were ffset by sales f assets in United Kingdm. The freign exchange impact n Current EBIT was millin and mainly reflects fluctuatins in the pund sterling ( millin), Brazilian real (+ 1.6 millin), Czech crwn (+ 2.3 millin), Chinese renminbi (- 3.1 millin), and Australian dllar (+ 1.2 millin). 13/18
14 CURRENT NET INCOME Current net incme attributable t wners f the Cmpany was 406 millin fr the nine mnths ended September 30, 2017, cmpared with represented 412 millin fr the nine mnths ended September 30, Excluding capital gains and lsses n financial divestitures net f tax and minrity interests, current net incme attributable t wners f the Cmpany rse 4.3% at cnstant exchange rates t 392 millin frm represented 379 millin fr the nine mnths ended September 30, FINANCING Net free cash flw was - 63 millin fr the nine mnths ended September 30, 2017, versus represented - 25 millin fr the nine mnths ended September 30, The change in net free cash flw cmpared with the represented nine mnths ended September 30, 2016 mainly reflects the increase in restructuring and ther csts (- 40 millin). Net FCF excluding WCR seasnality fr the nine mnths ended September 30, 2017 amunted t 619 millin. Overall, net financial debt amunted t 8,419 millin at September 30, 2017, cmpared with represented 7,812 millin at December 31, In additin t the change in net free cash flw (including the change in perating WCR), net financial debt was impacted by net financial investments f millin, as well as favrable exchange rate fluctuatins ttaling 221 millin in the first nine mnths f the year and dividends paid. (*) financial investments f millin net f financial divestitures f millin. (**) mainly US Dllar 14/18
15 2.3 REVENUE BY BUSINESS (in millin) at cnstant at cnstant 9 mnths FX and scpe and ended 9 mnths at excluding exchange September 30, ended cnstant cnstructin rates 2016 September exchange & energy represented 30, 2017 rates prices Water 8, , % +0.6% +1.8% +0.8% Waste 6, , % +6.7% +6.8% +4.2% Energy 3, , % +9.4% +8.9% +6.9% Grup 17, , % +4.4% +4.9% +3.1% WATER Water revenue increased slightly by +0.6% at cnstant exchange rates and 1.8% at cnstant exchange rates excluding Cnstructin revenue and energy price effects, cmpared with represented figures fr the nine mnths ended September 30, This imprvement can be explained as fllws: - Higher vlumes in France, Central Eurpe (ntably the new extended Armenia cntract), Asia (Sinpec cntract), and a psitive cmmercial impact lead t an verall increase f +1.9%; - Tariff increases in Central Eurpe and Latin America; - A slight decrease in Cnstructin revenue (-0.9%) fllwing a slwdwn in activity. WASTE Waste revenue rse +6.7% at cnstant exchange rates cmpared with represented figures fr the nine mnths ended September 30, 2016 (+4.2% at cnstant scpe and exchange rates), due t: - A scpe impact f +2.6%, mstly related t the acquisitin f the Chemurs Sulfur Prducts divisin assets in the United States ( millin), the acquisitin f Pedreira in Brazil ( millin) and external grwth transactins in Asia, partially ffset by the sale f Bartin (- 105 millin); - Cmmercial and vlume effects f +1.5%: slwdwn in Waste vlumes in the United States (Industrial services still weak) ffset by numerus cntract wins, particularly in France, the UK and Germany; - A psitive price effect f +1.0%; - The favrable impact f higher recyclate prices (+1.5%) and particularly paper. ENERGY Energy revenue rse +9.4% at cnstant exchange rates cmpared with represented figures fr the nine mnths ended September 30, 2016 (+6.9% at cnstant cnslidatin scpe and exchange rates). This imprvement can be explained as fllws: - The psitive vlume and cmmerce effect f +5%, due t higher vlumes f energy sld in Central Eurpe, China and the United States and new energy efficiency cntracts in Asia and Eurpe; 15/18
16 - A favrable weather impact f 30 millin (+0.9%) mstly in Pland and the Czech Republic; - A slightly psitive price effect f +0.4%: lwer heat and electricity prices in Eurpe were mstly ffset by higher prices in the United States; - A scpe impact f +2.5%, related t the acquisitin f Prague Left Bank and Gesten in 2016 and an energy efficiency business in the United States (Envity) in Subsequent events Nne. 4 Outlk The Grup s mid-term utlk 1 is therefre as fllws: 2017: 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 3.3 billin and 3.5 billin (excluding IFRIC 12 impacts). (1) at cnstant exchange rates 16/18
17 5 Appendices 5.1 RECONCILIATION OF 2016 PUBLISHED DATA WITH 2016 REPRESENTED DATA 1 (1) Unaudited figures (2) See belw (3) Including the represented share f current net incme f jint ventures and assciates fr the nine mnths ended September 30, (4) The IFRIC 12 adjustment has n impact n net Free Cash Flw (a)+(b)+(c)=0) (5) In rder t ensure the cmparability f perids, the accunts fr the nine mnths ended September 30, 2016 have been adjusted fr the reclassificatin f the Grup's activities in Lithuania t "Net incme (lss) frm discntinued peratins" pursuant t IFRS 5 IFRIC 12 In the incme statement, the adjustments resulting frm this clarificatin drive an increase in EBITDA and Current EBIT. In effect, the cncessin fee frmerly accunted fr as a charge is eliminated and then reallcated between interest expense and repayment f the recgnized debt. At the same time, a depreciatin charge fr the asset is recgnized and then deferred taxes are adjusted accrdingly. On the balance sheet, the liability related t the fixed payments is classified within cncessin liabilities and brken dwn between current and nn-current liabilities accrding t maturity. The liability balance relating t the adjustments is greater than the crrespnding net asset value: in effect, the asset depreciatin rate is linear, while the reimbursement rate is prgressive ("cnstant annuity frmula, with reductin in the interest prtin in favr f the principal repayment). The increase in EBITDA resulting frm the applicatin f the clarificatin is ffset by the liability repayment (classified in CAPEX) and interest payments. As a result, these adjustments have n impact n net free cash flw r net financial debt. 17/18
18 5.2 DEFINITIONS The definitins f the financial indicatrs used by the Grup are unchanged. These financial indicatrs are defined in Sectin f the 2016 Registratin Dcument. 18/18
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