Record Results
Activity and Results Significantly Above
2020 and 2019
Acceleration of Growth Driven by New
Offerings and International Development, Confirming the Soundness
of Our Strategic Program
Successful Tender Offer on Suez
Veolia Begins 2022 in Very Good Conditions
Thanks to Its Portfolio of Contracts Largely Protected Against
Inflation and Thanks to the Synergies Expected From the Acquisition
of Suez
- Strong Revenue Growth of +9,6%1 to €28 508M
- Very Strong EBITDA Growth, of +16%1, to €4 234M, Above Our
Revised Target
- €382M of Efficiency Gains, Above Our Annual Objective of
€350M
- Current EBIT Strongly up by +42%1, to €1 766M
- Current Net Income Group Share of €896M, up +133%
- Record Free Cashflow of €1 341M2
- Proposal to Increase the Dividend by 43% to €1 Per
Share
- 2022 Objectives3:
- Solid Revenue Growth
- Organic Growth of EBITDA Between +4% and +6%
- Current Net Income Group Share Around €1.1bn, an Increase of
More Than 20%, Confirming an Accretion of Around 10%
- Leverage Ratio Confirmed Around 3x
1 Variation at constant forex 2 Including €122M Suez dividend 3
At constant forex - Without extension of the conflict beyond the
Ukrainian territory and without significant change in the energy
supply conditions in Europe
Regulatory News:
Veolia Environnement (Paris:VIE):
Antoine Frérot, Veolia’s Chairman & CEO commented: «
2021 year ended on the same strong note as in the first nine month,
achieving record results. Revenue growth remained strong throughout
the year, both in terms of volumes (up 3%) and in value, thanks to
the tariff indexation mechanisms in the majority of our contracts
enabling to offset cost inflation. Moreover, the continued
improvement of our efficiency has substantially amplified this
increase of revenue. Our record results demonstrate the strength
and the sound execution of our strategic program Impact 2023,
particularly the new growth opportunities for international
development and innovative offerings. It is these foundations that
enable our Group to be resilient today in the face of the conflict
in Eastern Europe, as in previous crises. Veolia therefore starts
2022 in good conditions, just as we begin to integrate the
activities we bought from Suez through the tender offer. Close to
10 billion euros of revenue will complement our 2021 revenue of 28
billion €, an increase of more than 30% which will notably
strengthen our international footprint, and accelerate innovation.
This growth, in addition to the expected synergies, will enable our
current net income to grow by more than 20% in 2022 and will
enhance our earning per share by around 40% in 2024. The creation
of the undisputed world champion of ecological transformation is
underway and on track.»
- Revenue of €28 508M vs. €26 010M in 2020, an increase of
9.6% at constant forex.
Veolia’s revenue strongly progressed in 2021 thanks to higher
volumes, increased service prices combined with higher energy and
recycled materials prices. Compared to 2019, the reference year
before the sanitary crisis, revenue is equally strongly up by +6.5%
at constant forex.
At constant forex, after a growth of +4.0% in Q1 2021, of +19.7%
in Q2 (compared to the most COVID- impacted quarter of 2020) and of
+5.9% in Q3, Q4 2021 registered a progression of +10.1%.
Exchange rates variations were almost neutral on revenue, at
-€4M.
Scope effect was €234M, or +0.9% on revenue. Developments in
Central Europe (District heating network in Prague, cogeneration in
Budapest mainly) and in Global Businesses (acquisition of OSIS from
SUEZ) more than offset the divestment of Sade Telecom and of a
cleaning business in Singapore.
Energy price increase (heat and electricity) has gathered
momentum in the second part of the year, yielding a positive impact
of €405M, or +1.5% on revenue, while recycled material prices have
contributed by €499M (+1.9%) on revenue growth, of which €319M for
paper and cardboard, €63M for plastics and €60M for metals.
Recycled paper revenue thus doubled to €605M, while plastic
recycling revenue grew by 29% to €383M.
Weather effect was a positive of €73M (+0.3 %). After a cold
winter, favorable for heating activities, rainy summer weighed on
water volumes in France.
The Volume/Commerce effect was a positive of €886M, or +3.4% on
the Group’s revenue growth, thanks to continued strong commercial
momentum in all our businesses, volume recovery in Waste and the
rebound of works (+€211M).
Service prices continued to be well oriented, with a positive
impact of €405M on the Group’s revenue, or +1.5%, in line with the
1st nine-month trend.
At constant exchange rates and by geography, the evolution over
the year 2021 is as follows :
- In France, revenue grew strongly, by +8.9% vs. 2020 and
by +4.6% vs. 2019, to €5 868M. Water revenue increased by +1.2%
including a moderate tarif indexation of +0.9%, lower volumes
(-1.3%) due to the rainy summer, offset by works dynamism. Waste
revenue grew sharply by +18.1% vs. 2020 and by +11.1% vs. 2019,
benefitting from new contracts and the start of a new
waste-to-energy facility. Volumes were up by +5.7% and recovered
their pre-Covid level, and prices grew by +2.5 %. Waste activities
also took advantage of higher recycled material prices (a +7.7%
impact on Waste revenue) with average cardboard selling prices of
€153/T compared to €56/T in 2020.
- Europe excluding France exhibited the highest growth,
with a revenue of €10 942M, up +15.6% vs. 2020, and up +16% vs.
2019. All geographies registered double-digit growth. This
progression is mostly attributable to Central and Eastern Europe
(including Germany), with a revenue of €6 260M, up +19.6%, mainly
coming from the Energy business, up +37%, due to the combination of
a favorable weather effect, higher heat and electricity prices, and
the integration of new assets in Prague and Budapest. Water revenue
was up by +3% including volumes +0,3% (penalized by slow touristic
activity in Prague) and more sustained tariff increases. Germany
grew by +9.1% thanks to volume recovery in C&I Waste, higher
energy and recyclate prices, a favorable weather impact and
increased tariffs. Northern Europe (including the UK) revenue was
€3 276M, a growth of +7.6% vs. 2020 and of +2% vs. 2019. The UK
benefitted from the C&I waste volumes rebound, a good level of
service prices, an excellent availability rates of the PFI (94.8%),
and high recycled materials prices. The Netherlands recovered quite
well, thanks to the plastic recycling activity. In Scandinavia,
Swedish and Norwegian activities were sold at the end of 2021.
Southern Europe (Italy-Spain-Portugal) revenue reached a revenue of
€1 405M, up +17.8% vs. 2020 and up +20.2% vs. 2019 thanks to a
strong commercial momentum and energy price increases.
- Rest of the World revenue came out at €7 067M, a growth
of +5.4% vs. 2020 and of +2.6% vs. 2019 (at constant scope). All
geographies progressed. Latin America once again exhibited strong
growth, of +14.1%, driven by increased prices, good volumes and a
continued strong commercial dynamism. North America grew by +5.2%.
Africa Middle-East registered a sustained +12.3% growth thanks
notably to contract wins in the Middle East and water and energy
businesses in Morocco back to normal. Asia progressed only slightly
due to the end of some contracts and Australia recovered
progressively after the sanitary crisis.
- Global businesses revenue increased by +4.4% vs. 2020 to
€4 629M. At constant scope and exchange rates (i.e. excluding
mainly the divestment of Sade Telecom) growth reached +6.5% vs.
2020 and +0.3% vs. 2019. Veolia Water Technologies was stable due
to the end of desalination contracts, but order book was up 15%
compared to 2020. SADE progressed by +5.5% at constant scope driven
by contract wins and favorable market dynamism. Hazardous waste
activity continued to progress strongly, up +29.5% vs. 2020 and up
+20.3% vs. 2019, thanks notably to the successful integration of
OSIS. Industrial and Energy services business recovered in 2021 and
grew by +15.3% vs. 2020 but are still behind 2019.
By business, at constant scope and exchange rates, the evolution
is as follows.
In Water, Water distribution and Wastewater treatment grew by
+1.9%, and water Technology and Networks progressed by +2.8%. Waste
revenue grew sharply, by +14.2%, thanks to strong volumes, up by
+5.3%, well-oriented prices, up +2.7% and the favorable impact of
recycled material prices (+5.2%). Energy revenue also recorded a
strong growth of +12.3% including a favorable weather impact of
+1.6% (€85M) and a positive heat and electricity price effect of
+6.8% on revenue.
- Very strong EBITDA growth to €4 234M vs. €3 641M in 2020, an
increase of +16% at constant forex and of +6.9% vs. 2019.
- Exchange rates variations had s slight positive impact of +€9M
(+0.2%) while scope had a positive effect of +€78M (+2.1%).
- Solid revenue growth translated into a good operating leverage
effect at the EBITDA level. The strong EBITDA progression was
driven by higher volume and activity level for +€277M (+7.6%), by
efficiency gains for €382M (+10.5%), a very high level in 2021,
above the annual objective of €350M, due to the combined effects of
the annual efficiency plan and the specific Recover and Adapt plan
put in place to compensate the sanitary crisis impact in 2020 and
2021. The energy and recyclate price impact was +€35 M, of which
+€113M for recycled material prices and -€78M for CO2 and energy
prices. The price cost squeeze effect reached -€199M, or -5.5%.
Weather impact was only slightly positive (+€11M), the favorable
cold winter for Energy being partially offset by the unfavorable
rainy summer for Water. For the record, EBITDA in Q3 had benefitted
from on positive one-off item of +€86M due to the construction
completion of an incinerator in Troyes, with no impact at the EBIT
level.
- Current EBIT up +41.7 % to €1 766M vs. €1 242M in 2020.
- Exchange rates variation was +€5M.
- The very strong Current EBIT growth (+€524M) can be explained
as follows :
- EBITDA growth for +€593M
- Depreciation and Amortization (including Operating Financial
Assets reimbursements) up by €159M due to the integration of new
assets in Energy in Central Europe and of Osis in hazardous waste,
and to the impact of the one-off OFA repayment associated with the
Troyes incinerator project. At constant scope and exchange rates,
D&A excluding OFA reimbursements are up 2.3%
- The item « provisions, fair value adjustments and industrial
capital gains » reached +€119M in 2021, after -€11M in 2020 and
+€52M in 2019. 2020 was the impacted by the consequences of the
sanitary crisis. The increase from +€52M in 2019 to +€119M in 2021
is mostly due to higher capital gains on industrial divestitures
(capital losses of -€39M in 2019 and capital gains of +€39M in
2021), and the level of provisions is back to 2019 level.
- Current net income from joint ventures and associates came out
at €105M compared with €111M in 2020 due to the divestment of the
Shenzhen water concession.
- Very strong growth of Current Net income Group share to
€896M vs €382M in 2020 and €738M in 2019, a respective growth of
+132.9% and +20.9% at constant forex. Current net income group
share increased strongly thanks to:
- Sharp current EBIT growth vs. 2020, which was impacted by the
sanitary crisis
- Cost of financing down sharply, from €414M to €343M thanks to
favorable Euro debt refinancing (average of 1.95%) and the
unwinding of a portfolio of interest rates derivatives for €20M.
Net cost of borrowing reached 2.98% vs. 4.02% in 2020
- €122M of dividend received from our 29.9% stake in Suez.
- Other financial income and expense of -€145M vs. -€166M in
2020.
- Unfavorable evolution of net financial capital gains/losses to
-€16M vs. +€26M in 2020.
- Doubling of income tax expense to -€330M vs. -€160M. Current
tax rate was 25.8%.
- Non-controlling interests increased to -€158M vs. -€146M in
2020.
- Strong decrease of net financial debt from €13 217M at 31
December 2020 to €9 532M at 31, December 2021 . Record net Free
cash Flow of €1 219M.
- Strong decrease of net financial debt benefitted also from Suez
dividend for €122M, from the capital increase of €2.5bn closed in
October and from an hybrid issuance of €0.5bn.
- Controlled industrial capex of €2 212M vs. €2 151M in 2020
- Strict control of WCR, with another reduction of €382M
- Strong improvement of Net Free Cash Flow to €1 219M vs. €507M
in 2020
- Net financial investments of +€64M mainly Osis acquisition
closed in May 2021, offset by divestments in Scandinavia and in
China
- Increase of the dividend to €1 per share, to be paid at 100%
in cash, with respect to the 2021 fiscal year Veolia’s Board of
Directors will propose to shareholders at the Annual General
Shareholders Meeting on June 15, 2022 the payment of a dividend of
€1 per share with respect to the 2021 fiscal year, payable in cash.
The ex-dividend date is fixed at 5th July 2022. 2021 dividends will
be paid starting as of 7th July 2022.
- 2022 Prospects* The year 2022 starts in an inflationary
environment in which Veolia’s business are well protected thanks to
the contractual model of price indexation which applies to around
70% of the Group’s revenue, and thanks to its energy purchases
hedging policy. Besides, the Group’s exposure to Russia and Ukraine
is very limited with a total revenue of c. €120 million (0.3% of
the Group’s revenue) and €130 million of capital employed (less
than 0.5% of the combined Veolia-Suez) In view of the continued
favorable underlying trends of our businesses, without extension of
the conflict beyond the Ukrainian territory and without significant
change in the energy supply conditions in Europe, the Group’s 2022
prospects, which include for the 1st time the Suez acquired
activities (since January 18th), are the following :
- 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%**
- Confirmed 2024 EPS accretion of around 40%**
- Leverage ratio around 3x
- Dividend growth in line with current EPS growth
* At constant forex ** Current net income per share after hybrid
costs and before PPA
******************
Acquisition of Suez finalized on 27 January 2022 with the
closing of the tender offer
- In 2021, the different steps of the acquisition of Suez have
led to the Tender Offer in December 2021 which resulted in a 95.95%
ownership of Suez capital on January 27th 2022, followed by the
squeeze-out of the remaining Suez shares, realized on February
18th.
- Moreover, and as planned in the combination agreement of April
2021, Veolia sold a portfolio of Suez assets on 31 January 2022 to
a consortium of investors composed of Meridiam, GIP, Caisse des
Dépôts and CNP. This portfolio of assets includes the Water and
Waste activities of Suez in France, as well as some international
water assets of Suez in the following geographies: Italy (including
the Acea stake), Czech Republic, Africa (including Lydec), Central
Asia, India, China, Australia and the global digital activities of
SES.
- Regarding the anti trust process, Veolia has obtained all of
them except for the Competition and Markets Authority (CMA) in the
UK which is still underway and which should take place in 2022
Veolia group aims to be the benchmark company for ecological
transformation. With nearly 179,000 employees worldwide, the Group
designs and provides game-changing solutions that are both useful
and practical for water, waste and energy management. Through its
three complementary business activities, Veolia helps to develop
access to resources, preserve available resources, and replenish
them.
In 2020, the Veolia group supplied
95 million people with drinking water and 62 million people with
wastewater service, produced nearly 43 million megawatt hours of
energy and treated 47 million metric tons of waste. Veolia
Environnement (listed on Paris Euronext: VIE) recorded consolidated
revenue of €26.010 billion in 2020. 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.
FINANCIAL INFORMATION FOR THE PERIOD ENDED
DECEMBER, 30 2021
A] KEY FIGURES
Group key figures for the year ended December 31, 2021 are
presented below. Comparative figures for the year ended December
31, 2020 re-presented1 include IFRS 2 share-based payment impacts
in current net income. A reconciliation of published and
re-presented indicators is presented in the Appendices.
Change 2020 / 2021
(€ million)
Year ended December 31, 2020
re-presented
Year ended December 31,
2021
∆
∆ at constant exchange
rates
∆ at constant scope and
exchange rates
Revenue
26,009.9
28,508.1
9.6%
9.6%
8.7%
EBITDA1
3,640.8
4,233.8
16.3%
16.0%
13.9%
EBITDA margin
14.0%
14.9%
Current EBIT2
1,242.0
1,765.7
42.2%
41.7%
40.5%
Current net income - Group Share2
381.8
895.8
134.6%
132.9%
135.9%
Net income - Group share
88.8
404.3
355.8%
350.8%
Current net income - Group share, per
share2 (Basic)
0.75
1.51
Current net income - Group share, per
share (Diluted)
0.72
1.45
Dividend per share paid during the fiscal
year 3
0.70
1.00
Net industrial investments
(2,151.5)
(2,211.5)
Net free cash flow 2
507.5
1,340.5
Net financial debt
(13,217.0)
(9,532.2)
(1) The indicators are defined in the
appendix
(2) Including the share of current net
income of joint ventures and associates viewed as core Company
activities.
(3) Subject to approval at the General
Shareholders’ Meeting of June 15, 2022
The main foreign exchange impacts on revenue were as
follows:
FX impacts for the year ended December 31,
2021 (vs December 31, 2020 re-presented
%
(€ million)
Revenue
0.0%
(4)
EBITDA
0.2%
9
Current EBIT
0.4%
5
Current net income
1.7%
6
Net financial debt
2.2%
298
B] INCOME STATEMENT
1. GROUP CONSOLIDATED REVENUE
1.1 REVENUE BY OPERATING
SEGMENT
With the post-health crisis upturn in revenue, felt from the
second half of 2020, all segments reported growth in 2021.
Change 2020 / 2021
(€ million)
Year ended December 31,
2020
Year ended December 31,
2021
∆
∆ at constant exchange
rates
∆ at constant scope and
exchange rates
France
5,389.9
5,868.2
8.9%
8.9%
8.9%
Europe excluding France
9,411.4
10,941.9
16.3%
15.6%
12.4%
Rest of the world
6,759.7
7,067.3
4.5%
5.4%
5.0%
Global businesses
4,443.9
4,629.0
4.2%
4.4%
6.5%
Other
5.0
1.7
-
-
-
Group
26,009.9
28,508.1
9.6%
9.6%
8.7%
Revenue increased 8.9% in France compared with the year
ended December 31, 2020:
- Water revenue is up +1.2% year-on-year boosted by increased
construction activities which returned to 2019 levels and the
positive impact of tariff reviews (+0.9%) which offset lower water
volumes (-1.3%) mainly due to a wet summer.
- Waste revenue rose +18.1% year-on-year continuing the
first-half recovery, with higher volumes, favorable recyclate price
trends, notably paper and the positive impact of tariff
reviews.
Europe excluding France revenue grew 15.6% at constant
exchange rates compared with the year ended December 31, 2020,
benefiting from higher recyclate and energy prices and a positive
weather effect in energy in the first quarter. These items combined
with the ramp-up of new activities integrated in Central and
Eastern Europe and a strong recovery in activity in the United
Kingdom and Germany.
- In Central and Eastern Europe, including Germany,
revenue increased +19.6% at constant exchange rates year-on-year to
€6,260 million. This growth was mainly driven by:
- organic growth in all activities (+13.1% at constant scope and
exchange rates) chiefly underpinned by higher tariff indexation in
energy (in Poland and Hungary) and water (in the Czech Republic,
Bulgaria and Romania) and a positive weather effect of €79 million
(Czech Republic and Poland);
- a scope impact of €339 million, with primarily the integration
of new activities acquired at the end of 2020 in cogeneration in
Hungary (BERT), heat distribution in the Czech Republic (Prague
Right Bank) and waste in Russia (MAG);
- Germany, thanks to the surge in recyclate prices (€168 million,
including €126 million for paper), higher energy prices and the
good recovery in commercial waste volumes.
- In Northern Europe, revenue grew +7.6% at constant
exchange rates year-on-year to €3,276 million. This increase is
mainly driven by the United Kingdom and Ireland, which
recorded a 8.5% increase in revenue at constant exchange rates to
€2,423 million due to higher recyclate prices (paper and metal), a
recovery in industrial waste and landfill volumes to almost
pre-health crisis levels and excellent incinerator performance
(facility availability rate of 94.9% in 2021 compared with 94.1% in
2020)
Revenue increased +5.4% in the Rest of the world at
constant exchange rates year-on-year, with growth in all
geographies:
- Revenue in Latin America increased +14.1% at constant
exchange rates, driven notably by favorable tariff indexation in
Argentina (local inflation), Colombia and Mexico, growth in
hazardous waste activities in Chile and Argentina, good water
activity levels in Ecuador and commercial wins, notably in waste in
Colombia.
- In Africa/Middle East, revenue grew +12.3% at constant
exchange rates following new contract wins, chiefly in energy
services in the Middle East, increased water volumes in Morocco and
business growth in Western Africa (Ivory Coast).
- In North America, revenue increased +5.2% at constant
exchange rates year-on-year to €1,784 million. Hazardous waste
contributed to this growth with higher volumes and a favorable
price effect partially offset by the impacts of the bitterly cold
weather in Texas in the first quarter and hurricane Ida in
September which led to the temporary shut-down of certain
sites.
- Revenue in Asia increased +1.1% at constant exchange
rates, with the unfavorable effect of lower waste activities tied
to the end of a contract in China (Laogang in 2020) partially
offset by strong growth in India, Japan and Taiwan. The Group also
continued hazardous waste development projects in China.
- Revenue increased +1.0% at constant exchange rates in the
Pacific zone, thanks to an upturn in waste volumes in a
context of reduced health restrictions since the fall and good
water activities. Energy activities were impacted by the
divestiture of an industrial asset (revenue impact of -€36
million).
Global businesses revenue increased +4.4% at constant
exchange rates compared with the year ended December 31, 2020,
despite the sale of the Sade Telecom business at the end of 2020.
At constant scope and exchange rates, segment revenue increased
+6.5%:
- Hazardous waste activities in Europe increased
significantly by +29.5% at constant exchange rates, with good
volume and price levels and commercial development in sanitation
and industrial maintenance activities which returned to pre-health
crisis levels. Activity also benefited from the positive scope
impact tied to the acquisition of the Suez RV OSIS in May 2021
(revenue of €198 million).
- Veolia Water Technologies revenue increased +0.6% at
constant scope and exchange rates with increased technological
distribution activities in Europe, the ramp-up of Mobile Unit
solutions and the development of municipal projects in France. VWT
bookings totaled €1,268 million as of December 31, 2021, compared
with €1,409 million one year earlier.
- SADE, which sold its Telecom activity at the end of 2020
(scope impact of -€302 million), reported a fall of -19% at
constant exchange rates and an increase of +5.5% at constant scope
and exchange rates, driven by dynamic commercial activity in
France, particularly in the public market.
1.2 REVENUE BY BUSINESS
The Group’s activity by business in 2021 is marked by:
- resilient Water activities, with growth to end-December
2021 of +2.1% at constant scope and exchange rates
year-on-year
- a recovery in Waste activities, with growth of +15.5% at
constant exchange rates due to increased volumes processed, higher
recyclate prices and favorable tariff reviews
- Energy growth of +19.9% at constant exchange rates,
underpinned by higher energy prices (electricity and heat), the
favorable impact of tariff reviews and a positive weather
effect.
Change 2020 / 2021
(€ million)
Year ended December 31,
2020
Year ended December 31,
2021
∆
∆ at constant exchange
rates
∆ at constant scope and
exchange rates
Water
10,900.0
10,788.3
-1.0%
-0,7%
2,1%
of which Water Operations
8,151.8
8,284.4
1.6%
1.9%
1.9%
of which Technology and Construction
2,748.2
2,503.9
-8.9%
-8.6%
2.8%
Waste
9,672.9
11,227.7
16.1%
15.5%
14.2%
Energy
5,437.0
6,492.1
19.4%
19.9%
12.3%
Group
26,009.9
28,508.1
9.6%
9.6%
8.7%
Water revenue
Water Operations revenue increased +1.9% at constant
scope and exchange rates year-on-year confirming the activity’s
resilience driven by an upturn in construction activity and
achieved despite lower water volumes in France due to reduced
consumption linked to a wet summer in 2021.
Technology and Construction revenue is up +2.8% at
constant scope and exchange rates compared with December 31, 2020.
This increase is mainly driven by VWT, with growth reported by
Westgarth (a subsidiary specializing in the Oil & Gas sector)
and increased construction activity for municipalities in France
and the United States.
Waste revenue
Revenue increased +14.2% in the Waste business at
constant scope and exchange rates compared with the year ended
December 31, 2020, benefiting from ongoing high recyclate prices
(+5.2%), volume growth (+5.3%) and positive tariff increases
(+2.7%).
The increase in recyclate prices and particularly paper prices
continued throughout 2021 and was particularly strong in the first
half of the year.
Overall, volumes have returned to pre-health crisis levels,
except for commercial and industrial waste which remain down on
2019 in certain geographies.
Energy revenue
Energy revenue grew +19.9% at constant exchange rates
compared with the year ended December 31, 2020 and +12.3%
organically, restated for the scope effects of integrating Prague
Right Bank heating network activities and cogeneration
installations in Budapest (+€398 million in revenue).
The strong activity growth is supported by a favorable weather
impact at the beginning of the year and in the fourth quarter
(+1.6%), notably in Central and Eastern Europe, an increased price
effect (+6.8%) driven by tariff rises in Poland and Hungary and
strong commercial development (+1.9%) in Europe and particularly
Italy.
1.3 ANALYSIS OF THE CHANGE IN GROUP
REVENUE
The increase in revenue breaks down by main impact as
follows:
The foreign exchange impact of -€4 million mainly
reflects fluctuations in American (-€94 million) and Asian (-€22
million) currencies, partially offset by an improvement in the
Australian (+€51 million) and UK (+€75 million) currencies 2.
The consolidation scope impact of €234 million mainly
concerns in Central Europe the impact of integrating the Budapest
cogeneration installations (€235 million) and the Prague Right Bank
urban heating network (€163 million) in 2020. In the Global
businesses segment, the sale of SADE’s Telecom network activities
in 2020 (-€302 million) was partially offset by the integration of
OSIS in May 2021 (€198 million).
The Commerce / Volumes / Works impact is +€886 million,
driven for more than half by higher waste volumes and excellent
commercial momentum.
The Weather impact is +€73 million and mainly concerns
Central Europe where the Energy business benefited from a severe
winter in the first and fourth quarters, offset in the third
quarter by the impact of a wet summer on the Water activity in
France.
Energy and recyclate prices had an impact of +€904
million, driven by a strong increase in recyclate prices (+€499
million, including €319 million for paper, €63 million for plastic
and €60 million for metal) and the positive impact of energy prices
in Europe and notably in Central Europe, which benefited from
higher heating tariffs in Poland, and in Germany with favorable
impacts on electricity sales.
Favorable price effects (+€405 million) are mainly tied to
tariff reviews estimated at +2.7% in waste and +1% in water.
2. GROUP CONSOLIDATED EBITDA
Group consolidated EBITDA for the year ended December 31, 2021
was €4,234 million, up +16% at constant exchange rates
year-on-year. The margin rate is 14.9% at December 31, 2021,
compared with 14% at December 31, 2020. The increase in current
EBITDA by operating segment is as follows:
Change 2020 / 2021
EBITDA margin
(€ million)
Year ended December 31,
2020
Year ended December 31,
2021
∆
∆ at constant exchange
rates
∆ at constant scope and
exchange rates
Year ended December 31,
2020
Year ended December 31,
2021
France
847.7
1,074.8
26.8%
26.8%
26.8%
15.7%
18.3%
Europe excluding France
1,403.7
1,729.9
23.2%
22.3%
16.9%
14.9%
15.8%
Rest of the world
941.6
1,001.5
6.4%
6.9%
7.3%
13.9%
14.2%
Global businesses
324.4
426.3
31.4%
31.4%
29.3%
7.3%
9.2%
Other
123.4
1.3
Group
3,640.8
4,233.8
16.3%
16.0%
13.9%
14.0%
14.9%
In France, EBITDA increased by +26.8% year-on-year. In
the Water business, the increase in EBITDA was mainly due to the
restart of construction work as we exit the health crisis and
efficiency gains which offset the negative impact of the wet summer
on volume. In Waste, the higher EBITDA was driven by increased
recyclate prices, particularly for paper, the post-health crisis
activity recovery and the contribution of efficiency plans. EBITDA
also benefited from an OFA disposal relating to a waste incinerator
in France in the third quarter of 2021 for €86 million.
In Europe excluding France, EBITDA increased +22.3% at
constant exchange rates year-on-year, benefiting from higher
recyclate prices (paper, plastic and metal), particularly in
Germany and the United Kingdom, a positive weather effect, higher
electricity and heat prices in Central Europe and hedges set-up
with respect to the increased cost of CO2 certificates and
favorable prices for water distribution contracts.
In the Rest of world, EBITDA rose +6.9% at constant
exchange rates, with the increase particularly marked in Latin
America, North America and the Middle East.
In the Global businesses segment, EBITDA surged +29.3% at
constant scope and exchange rates, underpinned particularly by the
performance of hazardous waste activities, the upturn in
construction activities and the improved operating performance of
industrial maintenance businesses.
The increase in EBITDA between 2020 and 2021 breaks down by
impact as follows:
The foreign exchange impact on EBITDA was +€9 million and
mainly reflects the improvement in the Australian and UK
currencies, partially offset by unfavorable movements in American
currencies (-€14 million)3.
The consolidation scope impact of +€78 million mainly
reflects the impact of the acquisition of the Prague Right Bank
urban heating network and the Budapest cogeneration installations
in 2020.
Commerce and volume impacts are +€277 million. This
increase was driven by higher waste volumes, mainly in France and
Europe, and strong construction activities in Water in France and
in Global businesses (VWT).
The favorable weather impact in Energy (+€11 million),
mainly in Central Europe, offset by the impact of severe weather in
the United States and a wet summer in France (-€23 million).
Energy and recyclate prices had a favorable impact on
EBITDA of +€35 million (vs. +€28 million at December 31, 2020),
including +€113 million in recyclates and -€78 million in energy
costs including CO2 certificates.
The impact of prices net of cost inflation is -€199
million.
Cost-savings plans contributed +€382 million at the end
of December, above the €350 million annual objective and
include:
- the efficiency plan for €280 million, mainly concerning
operating efficiency (61%) and purchasing (27%) across all
geographic zones: France (24%), Europe excluding France (36%), Rest
of the world (26%) and Global businesses (13%);
- post-health crisis additional savings efforts under the Recover
& Adapt plan for €102 million.
3. CURRENT EBIT
Group consolidated current EBIT for the year ended
December 31, 2021 was €1,766 million, up significantly by 41.7% at
constant exchange rates compared with the year ended December 31,
2020 represented4.
EBITDA reconciles with Current EBIT compared with the year ended
December 31, 2020 re-presented as follows:
(€ million)
Year ended
December 31, 2020
Year ended December 31,
2021
EBITDA
3,640.8
4,233.8
Renewal expenses
(275.4)
(291.9)
Depreciation and amortization5
(2,189.7)
(2,348.9)
Provisions, fair value adjustments &
other
(44.2)
67.9
Share of current net income of joint
ventures and associates
110.5
104.8
Current EBIT
1,242.0
1,765.7
The significant +€518 million increase in Current EBIT at
constant exchange rates compared with December 31, 2020
re-presented1 is mainly due to:
- a marked improvement in EBITDA (+€584 million at constant
exchange rates)
- a slight increase in depreciation and amortization, net of the
impact of principal payments on operating financial assets,
following 2020 scope entries
- a favorable difference in provisions and other, including
higher capital gains on industrial divestitures (+€58 million at
constant exchange rates) mainly relating to asset rotation
transactions in Sweden, Norway and France.
The foreign exchange impact on Current EBIT of +€5 million
mainly reflects fluctuations in the UK (+€7 million) and Asian (+€4
million) currencies, partially offset by a downturn in Latin
American (-€4 million) and North American (-€3 million)
currencies.
The change in current EBIT by operating segment is as
follows:
Change 2020 / 2021
(€ million)
Year ended December 31, 2020
re-presented6
Year ended December 31,
2021
∆
∆ at constant exchange
rates
France
28.2
233.5
728.2%
728.2%
Europe excluding France
602.6
918.9
52.5%
51.4%
Rest of the world
492.7
506.4
2.8%
3.3%
Global businesses
111.9
222.9
99.2%
98.3%
Other
6.6
(116.0)
N/A
N/A
Group
1,242.0
1,765.7
42.2%
41.7%
4. NET FINANCIAL EXPENSE
(€ million)
Year ended December 31, 2020
Year ended December 31,
2021
Cost of net financial debt (1)
(414.4)
(342.6)
Net gains / losses on loans and
receivables
12.6
8.0
Dividends received
2.8
124.3
Assets and liabilities at fair value
through profit or loss
0.1
0.4
Foreign exchange gains and losses
(12.9)
7.9
Unwinding of the discount on
provisions
(23.5)
(20.9)
Interest on concession liabilities
(79.8)
(76.5)
Interest on IFRS 16 lease debt
(32.2)
(28.2)
Other
(32.9)
(38.4)
Other current financial income and
expenses (2)
(165.8)
(23.4)
Gains (losses) on financial
divestitures (3)
26.1
(15.8)
Current net financial expense
(1)+(2)+(3)
(554.1)
(381.8)
Other non-current financial income and
expenses
-
(35.0)
Net financial expense
(554.1)
(416.8)
The net financial expense for the year ended December 31, 2021
is -€382 million, compared with -€554 million for the year ended
December 31, 2020. This improvement is mainly due to dividends
received on the Group’s investment in Suez in respect of 2020 of
+€122 million and a marked decrease in the net finance cost.
The non-current net financial expense for the year ended
December 31, 2021 of -€35 million includes costs relating to the
Suez acquisition financing.
Cost of net financial debt
The cost of net financial debt totaled -€343 million for the
year ended December 31, 2021, compared with -€414 million for the
year ended December 31, 2020. This €71 million decrease in the
Group’s cost of net financial debt is due to favorable bond issue
refinancing costs, lower foreign currency interest rates and the
positive impact of the cancellation of the interest rate hedging
portfolio (pre-hedge swaps) set-up in 2020 for €20 million.
The Group’s financing rate (excluding IFRS 16 impacts) was
therefore 2.98% at December 31, 2021, compared with 4.02% at
December 31, 2020 (2.85% vs. 3.74% including IFRS 16 impacts).
Other financial income and expenses
Other current financial income and expenses totaled -€23.4
million for the year ended December 31, 2021, compared with -€165.8
million for the year ended December 31, 2020.
They include dividends received on the Group’s investment in
Suez (€122 million) for the shares purchased in October 2020
(29.9%) as well as interest on concession liabilities (IFRIC 12) of
-€76.5 million and the unwinding of discounts on provisions for
-€20.9 million.
In 2021, capital losses on disposals of financial assets total
-€15.8 million and mainly comprise the capital loss on the
divestiture of activities in Namibia (VWT) of -€7.1 million and the
capital loss on the liquidation of a non-consolidated company,
VIGIE 2, of -€7.5 million, offset by a provision reversal of €7.5
million.
Gains on financial divestitures totaled +€26.1 million in
2020.
5. CURRENT INCOME TAX EXPENSE
The current income tax expense for the year ended December 31,
2021 amounted to -€329.7 million, compared with -€159.6 million for
the year ended December 31, 2020 re-presented7.
The current income tax rate for the year ended December 31, 2021
is 25.8%, versus 27.6% for the year ended December 31, 2020
re-presented8.
(€ million)
Year ended December 31, 2020
re-presented9
Year ended December 31,
2021
Current income before tax (a)
687.9
1,383.9
of which share of net income of joint
ventures & associates (b)
110.5
104.8
Re-presented current income before tax:
(c)= (a)-(b)
577.4
1,279.1
Re-presented tax expense (d)
(159.6)
(329.7)
Re-presented tax rate on current income
(d)/(c)
27.6%
25.8%
6. CURRENT NET INCOME
Current net income attributable to owners of the Company
was €896 million for the year ended December 31, 2021, compared
with €382 million for the year ended December 31, 2020
re-presented. Excluding capital gains and losses on financial
divestitures net of tax and minority interests, current net income
attributable to owners of the Company increased 150.5% at constant
exchange rates to €915 million from €363 million for the year ended
December 31, 2020 re-presented
7. OTHER INCOME STATEMENT ITEMS
Selling, general and administrative expenses
Selling, general and administrative expenses impacting Current
EBIT increased from €2,739 million for the year ended December 31,
2020 re-presented1 to €2,944 million for the year ended December
31, 2021, representing an increase of 7.5% at current scope and
exchange rates (+7.7% at constant exchange rates and +6.8% at
constant scope and exchange rates). The ratio of selling, general
and administrative expenses to revenue is 10.3% for 2021, down on
the previous year re-presented (10.5%).
Current net income (loss)/ Net income (loss) attributable to
owners of the company
The share of net income attributable to
non-controlling interests totaled €150.6 million for the
year ended December 31, 2021, compared with €119.7 million for the
year ended December 31, 2020.
Net income attributable to owners of the
Company was €404.3 million for the year ended December 31,
2021, compared with €88.8 million for the year ended December 31,
2020.
Current net income attributable to owners
of the Company was €895.8 million for the year ended
December 31, 2021, compared with €381.8 million for the year ended
December 31, 2020 re-presented.
Based on a weighted average number of outstanding shares of
592.9 million (basic), and 617.9 million (diluted) for the year
ended December 31, 2021, compared with 554.9 million (basic) and
579.9 million (diluted) for the year ended December 31, 2020, the
net income attributable to owners of the Company per share for the
year ended December 31, 2021 was €0.68 (basic) and €0.65 (diluted),
compared with €0.16 (basic) and €0.15 (diluted) for the year ended
December 31, 2020. Current net income attributable to owners of the
Company per share was €1.51 (basic) and €1.45 (diluted) for the
year ended December 31, 2021, compared with €0.75 (basic) and €0.72
(diluted) for the year ended December 31, 2020.
The dilutive effect taken into account in the above earnings per
share calculations concerns the OCEANE bonds convertible into
and/or exchangeable for new and/or existing shares issued in
September 2019 and maturing on January 1, 2025 and the Performance
Share Grant Plans set-up on April 30, 2019 and maturing in April
2022, on May 5, 2020 and maturing in May 2023 and on May 4, 2021
and maturing in May 2024.
Net income (loss) attributable to owners of the Company for the
year ended December 31, 2021 breaks down as follows:
(€ million)
Current
Non-Current
Total
EBIT
1,765.7
(448.2)
1,317.5
Cost of net financial debt
(342.6)
-
(342.6)
Other financial income and expenses
(39.2)
(35.0)
(74.2)
Pre-tax net income (loss)
1,383.9
(483.2)
900.7
Income tax expense
(329.7)
(16.1)
(345.8)
Net income (loss) of other
equity-accounted entities
-
-
-
Net income (loss) from discontinued
operations
-
-
-
Net (income) loss attributable to
non-controlling interests
(158.4)
7.8
(150.6)
Net income (loss) attributable to
owners of the Company
895.8
(491.5)
404.3
Net income (loss) attributable to owners of the Company for the
year ended December 31, 2020 re-presented10 breaks down as
follows:
(€ million)
Current
Non-Current
Total
EBIT
1,242.0
(322.5)
919.5
Cost of net financial debt
(414.4)
-
(414.4)
Other financial income and expenses
(139.7)
-
(139.7)
Pre-tax net income (loss)
687.9
(322.5)
365.4
Income tax expense
(159.6)
22.6
(137.0)
Net income (loss) of other
equity-accounted entities
-
-
-
Net income (loss) from discontinued
operations
-
(19.9)
(19.9)
Net (income) loss attributable to
non-controlling interests
(146.5)
26.8
(119.7)
Net income (loss) attributable to
owners of the Company
381.8
(293.0)
88.8
Net income (loss) from discontinued operations to the end of
December 2020 corresponds to the impact of costs incurred on the
discontinuation of Veolia Water Technologies’ EPC international
activities of -€19.9 million.
Current EBIT reconciles with operating income, detailing the
non-current items of net income, as follows:
(€ million)
Year ended December 31, 2020
re-presented11
Year ended December 31,
2021
Current EBIT
1,242.0
1,765.7
Impairment losses on goodwill and negative
goodwill
(44.1)
10.8
Net charges to non-current provisions
13.5
(0.9)
Restructuring costs
(106.6)
(68.2)
Non-current provisions and impairment of
property, plant and equipment, intangible assets, operating
financial assets and other
(155.9)
(234.0)
Share acquisition costs, with or without
acquisition of control
(29.4)
(155.9)
Total non-current items
(322.5)
(448.2)
Operating income after share of net
income (loss) of equity-accounted entities
919.5
1,317.5
Restructuring costs for the year ended December 31, 2021 mainly
concern the waste activity in France for -€22 million.
Non-current provisions and impairment of property, plant and
equipment, intangible assets, operating financial assets and other
non-current expenses for the year ended December 31, 2021 primarily
concern:
- Specific costs dedicated to the health crisis beyond the usual
costs of employee equipment and individual protection (-€59
million);
- Non-current asset impairment, notably in Central and Eastern
Europe for -€47 million in respect of the industrial asset
decarbonization program (Czech Republic, Poland) and in Romania, as
well as in Asia for -€41 million.
- Share acquisition costs mainly comprise costs incurred in the
context of the Suez combination.
C] FINANCING
The following table summarizes the change in net financial debt
and net free cash flow:
(€ million)
Year ended December 31,
2020
Year ended December 31,
2021
EBITDA
3,640.8
4,233.8
Net industrial investments
(2,151.5)
(2,211.5)
Change in operating WCR
233.4
382.5
Dividends received
75.3
223.1
Renewal expenses
(260.5)
(291.9)
Other non-current expenses and
restructuring charges
(230.0)
(236.5)
Interest on concession liabilities (IFRIC
12)
(79.8)
(76.5)
Interest on IFRS 16 lease liabilities
(32.2)
(28.2)
Financial items (current interest paid and
operating cash flow from financing activities)
(429.7)
(368.7)
Taxes paid
(258.3)
(285.6)
Net free cash flow before dividend
payment, financial investments and financial divestitures
507.5
1,340.5
Dividends paid
(425.6)
(558.2)
Net financial investments
(4,898.0)
64.1
Change in receivables and other financial
assets
(31.8)
111.0
Issue / repayment of deeply subordinated
securities
1,987.1
497.5
Proceeds on issue of shares
139.0
2,692.3
Free cash flow
(2,721.9)
4,147.2
Effect of foreign exchange rate movements
and other
185.3
(462.4)
Change
(2,536.6)
3,684.8
Opening net financial debt
(10,680.4)
(13,217.0)
Closing net financial debt
(13,217.0)
(9,532.2)
Net free cash flow reflects excellent performance during
the year and is €1,340.5 million for the year ended December 31,
2021, compared with €507.5 million for the year ended December 31,
2020.
The change in net free cash flow compared with the year ended
December 31, 2020 reflects:
- the increase in EBITDA driven by activity growth and the
intensification of commercial and operating efficiency
efforts;
- net industrial investments of €2,211.5 million, up 2.8% at
current exchange rates (+2.9% at constant exchange rates):
- maintenance investments of €1,273 million (4% of revenue),
- growth investments in the current portfolio of €876 million
(€691 million in the year ended December 31, 2020),
- discretionary investments of €456 million, up +€21 million
compared with 2020;
- industrial divestitures of €317 million as part of the Group’s
ongoing asset rotation strategy in accordance with the objectives
set in the Impact 2023 strategic plan.
- a marked improvement in the change in operating working capital
requirements to €383 million, compared with €233 million for the
year ended December 31, 2020 thanks to ongoing debt recovery
efforts.
- the receipt of Suez dividends of €122 million on July 8, 2021
on the shares acquired in October 2020 (29.9% non-consolidated
investment).
Overall, net financial debt amounted to €9,532 million,
compared with €13,217 million as of December 31, 2020.
Compared with December 31, 2020, the decrease in net
financial debt is mainly due to:
- net free cash flow generation of +€1,341 million for the
year;
- the payment of the dividends voted by the Combined
Shareholders’ Meeting of April 22, 2021 (-€397 million);
- net financial investments of €64 million (including acquisition
costs and net financial debt of new entities) and mainly comprising
the impact of the acquisition of OSIS and an organic fertilizer
facility in France and the divestiture of industrial services and
recycling solution activities in Sweden and Norway and of the
Shenzhen water concession in China.
- the share capital increase performed as part of the Suez
acquisition financing for €2.5 billion (excluding issue costs)
- the subordinated debt issue for €497 million (excluding issue
costs)
- the share capital increase performed under the Sequoia 2021
employee share ownership plan for €204 million net
Net financial debt was also impacted by negative exchange rate
fluctuations of -€298 million as of December 31, 202112 compared
with a positive fluctuations of +€273 million as of December 31,
2020.
1. INDUSTRIAL AND FINANCIAL INVESTMENTS
1.1 INDUSTRIAL
INVESTMENTS
Total Group gross industrial investments, including new
operating financial assets, amounted to €2,528 million for the year
ended December 31, 2021, compared with €2,387 million for the year
ended December 31, 2020.
Industrial investments, excluding discontinued operations, break
down by segment as follows:
Year ended December 31, 2021 (€
million)
Maintenance and contractual
requirements13
Discretionary growth
Total gross industrial
investments14
Industrial divestitures
Total net industrial
investments
France
471
37
508
(88)
420
Europe excluding France
795
172
967
(132)
835
Rest of the world
500
196
696
(35)
661
Global businesses
233
51
284
(47)
237
Other
73
0
73
(14)
59
Group
2,072
456
2,528
(316)
2,212
Year ended December 31, 2020 (€
million)
Maintenance and contractual
requirements15
Discretionary growth
Total gross industrial
investments16
Industrial divestitures
Total net industrial
investments
France
447
34
481
(63)
418
Europe excluding France
742
167
910
(102)
808
Rest of the world
514
198
711
(27)
684
Global businesses
225
36
261
(43)
217
Other
24
0
24
0
24
Group
1,952
435
2,387
(236)
2,151
At constant exchange rates, net industrial investments are up
slightly (+2.8%) year-on-year. Impacted by the health crisis, an
increased budget was allocated to maintenance investments. In line
with the strategic choices of the Impact 2023 program, investments
mainly include:
- in the Rest of the world, investments of €73 million including
hazardous waste processing development projects (construction of
incinerators in Saudi Arabia, China and Singapore) and €34 million
in the plastics circular economy (recycling plants in Japan and
Singapore).
- in Europe excluding France, €115 million in the energy loop
sector, mainly comprising decarbonization investment at our heat
production sites (Germany, Czech Republic and Poland).
1.2 FINANCIAL INVESTMENTS AND
DIVESTITURES
Net financial investments totaled +€64 million in 2021, compared
with -€4,898 million in 2020.
Financial investments totaled -€476 million in the year
ended December 31, 2021 (including acquisition costs and net
financial debt of new entities) and mainly included the impacts of
the acquisition of Osis in France (€348 million including IFRS 16
debt) and an organic fertilizer facility in France (€20
million).
In 2020, excluding the acquisition of Suez Environnement shares
(€3,422 million including acquisition costs), financial investments
totaled -€1,649 million (including acquisition costs and net
financial debt of new entities) and mainly comprised the
acquisition of the Prague Right Bank urban heating network in the
Czech Republic (€710 million), heat production assets in Budapest,
Hungary (€294 million), the Alcoa hazardous waste processing site
in the United States (€231 million) and the MAG waste processing
group in Russia (€125 million) and the buyout of the minority
partner in the Nagpur water contract in India (€113 million).
Financial divestitures totaled €540 million in 2021
(including disposal costs) and mainly included the divestiture of
the stake in the Shenzhen water concession in China (€249
million)17, as well as the divestiture of industrial services and
recycling services activities in Sweden and Norway (€111
million)18.
In 2020, financial divestitures totaled €174 million (including
disposal costs) and mainly comprised the sale of SADE’s Telecom
branch (€52 million), the sale of assets in Germany (€31 million),
the sale of the investment in the Liuzhou water concession in China
(€47 million) and the sale of Campus X in Italy (€20 million), as
well as the share capital increase by Southa in Hong Kong
subscribed by minority shareholders for €14 million.
2. OPERATING WORKING CAPITAL
The change in operating working capital requirements (excluding
discontinued operations) was €382 million for the year ended
December 31, 2021, compared with €233 million for the year ended
December 31, 2020.
This change reflects the regular monitoring and improvement of
the collection and billing processes in a context of increased
vigilance and denotes the resilience of the Group’s municipal and
industrial customers.
The net WCR position on the balance sheet as of December 31,
2021 is a resource of €1,854 million compared to €1,511 million as
of December 31, 2020, a change of €342 million including -€41
million relating to changes in consolidation scope and €0.4 million
relating to foreign exchange impacts.
3. EXTERNAL FINANCING
3.1 STRUCTURE OF NET FINANCIAL
DEBT
(€ million)
As of December 31, 2020
As of December 31,
2021
Non-current financial liabilities
12,133
11,761
Current financial liabilities
7,599
9,033
Bank overdrafts and other cash position
items
218
242
Sub-total financial debt
19,949
21,036
Cash and cash equivalents
(5,840)
(10,519)
Allocation of the fair value of hedging
instruments
(57)
(13)
Liquid assets and financing financial
assets
(835)
(972)
Net financial debt
13,217
9,532
As of December 31, 2021, net financial debt after hedging is
entirely at fixed rates.
The average maturity of net financial debt was 7.8 years as of
December 31, 2021 (6 years excluding the impact of the share
capital increase and the hybrid bond issue) compared with 6.2 years
as of December 31, 2020.
3.2 GROUP LIQUIDITY
POSITION
Following the appearance of the health crisis in 2020, Veolia
made liquidity monitoring a priority. This led to the monitoring of
weekly cash flow forecasts over a five-week horizon, through the
regular review of the functioning of the Finance back office
(invoicing, collections, payments, suppliers) and a daily update on
the situation of the financial markets at Group level.
The Group has therefore pursued a prudent and resilient
financing policy, with pooled cash invested in liquid monetary
assets (monetary UCITS or liquid bank deposits).
The Group’s gross liquidity position at December 31, 2021 stood
at €15.5 billion and mainly consists of:
- €11.5 billion in cash or cash equivalents (centralized cash
mainly invested in liquid monetary assets for €10.3 billion and
cash available in subsidiaries for €1.2 billion);
- €4 billion of undrawn and available credit lines and bilateral
credit lines.
The Group’s net liquidity as of December 31, 2021 was €6.2
billion, including current debt and bank overdrafts and other cash
position items reducing gross liquidity by €9.3 billion. Current
debt and bank overdrafts and other cash position items notably
include €5.9 billion of commercial paper with an average maturity
of 2.5 months, currently being refinanced.
Liquid assets of the Group as of December 31, 2021 break down as
follows:
(€ million)
As of December 31, 2020
As of December 31,
2021
Veolia Environnement
Undrawn syndicated loan facility
3,000.0
3,000.0
Undrawn MT bilateral credit lines
1,000.0
1,000.0
Undrawn ST bilateral credit lines
-
-
Letters of credit facility
21.6
22.9
Cash and cash equivalents19
5,542.2
10,333.7
Subsidiaries:
Cash and cash equivalents
1,132.9
1,156.7
Total liquid assets
10,696.7
15,513.3
Current debt and bank overdrafts and
other cash position items
Current debt
7,599.6
9,034.9
Bank overdrafts and other cash position
items
217.6
241.9
Total current debt and bank overdrafts
and other cash position items
7,817.2
9,276.8
Total liquid assets net of current debt
and bank overdrafts and other cash position items20
2,879.5
6,236.5
The increase in net liquid assets compared to December 31, 2020
mainly reflects the proceeds from the €2.5 billion share capital
increase on October 8, 2021 and the €0.5 billion hybrid debt issue
on November 8, 2021, as well as the subscription of two short-term
loans totaling €0.7 billion.
The multi-currency syndicated loan facility is undrawn as of
December 31, 2021. Initially secured on November 2, 2015 for an
amount of €3 billion and with a maturity of 2022, it was extended
to 2024. In addition, Veolia Environnement has bilateral credit
lines for a total undrawn amount of €1 billion as of December 31,
2021. Veolia Environnement may draw on the multi-currency
syndicated loan facility and all credit lines at any time.
As of December 31, 2021, the US dollar bilateral letters of
credit facility drawable in cash totaled US$25.9 million (€22.9
million euro-equivalent) and is not used to date. It is included in
the above liquidity table.
D] RETURN
ON CAPITAL EMPLOYED (ROCE)
Current EBIT after tax is calculated as follows:
(€ million)
Year ended December 31, 2020
re-presented21
Year ended December 31,
2021
Current EBIT22
1,242
1,766
- Current income tax expense
(160)
(330)
Current EBIT after tax
1,082
1,436
The table below presents the calculation of Capital
Employed:
(€ million)
As of December 31, 2020
re-presented
As of December 31,
2021
Intangible assets and Property, plant and
equipment, net
13,086
13,687
Right of use
1,530
1,562
Goodwill, net of impairment
5,935
6,251
Investments in joint ventures and
associates
1,375
1,594
Operating financial assets
1,371
1,320
Operating and non-operating working
capital requirements, net
(3,555)
(4,557)
Net derivative and other instruments
(40)
69
Provisions
(2,260)
(2,345)
Capital employed
17,442
17,581
Impact of discontinued operations and
other restatements23
(284)
362
Capital employed
17,158
17,943
The Group’s post-tax return on capital employed (ROCE) is as
follows:
(€ million)
Current EBIT after tax
Average capital
employed
Post-tax ROCE
2020 (incl. IFRS 16) re-presented
1,082
17,535
6.2%
2021 (incl. IFRS 16)
1,436
17,550
8.2%
APPENDICES
1. RECONCILIATION OF DATA PUBLISHED IN 2020 AND 2019 WITH
DATA RE-PRESENTED IN 2021
From fiscal year 2021 and with a view to improving comparability
with other issuers, the impacts of applying IFRS 2, “Share-based
payments”, are now included in Current EBIT.
In accordance with ESMA guidance on changes in the definition of
non-GAAP indicators, the 2019 and 2020 indicators were
restated.
Impact of personnel costs share-based payments (IFRS2)
reclassification as a current item
(en millions d’euros)
31 Dec 2019 published
IFRS 2 impact
31 Dec 2019
represented
31 Déc 2020 publié
IFRS 2 impact
31 Dec 2020
represented
Revenue
27 189
27 189
26 010
26 010
EBITDA
4 022
4 022
3 641
3 641
EBITDA margin
14,8%
14,8%
14,0%
14,0%
Share based payments
-21
-21
-33
-33
Current EBIT
1 730
-21
1 709
1 275
-33
1 242
Net current income - Group
share
760
-21
738
415
-33
382
Net current income - Group
share excluding capital gain (loss) on financial disposals
734
-21
713
396
-33
363
Operating income
1 465
0
1 465
920
0
920
Net income group share
625
0
625
89
0
89
Net capex
-2 201
-2 201
-2 151
-2 151
Net Free cash flow
868
868
508
508
Opening Net financial
debt
-11 564
-11 564
-10 680
-10 680
Closing Net financial
debt
-10 680
-10 680
-13 217
-13 217
This adjustment does not impact Net income attributable to
owners of the Company in so far as it involves a reclassification
between current and non-current items in Net income attributable to
owners of the Company.
2. RECONCILIATION OF GAAP INDICATORS AND THE INDICATORS USED
BY THE GROUP
2.1 EBITDA
The reconciliation of Operating cash flow before change in
working capital with EBITDA is as follows:
(€ million)
Year ended December 31, 2020
Year ended December 31,
2021
Operating cash flow before changes in
working capital
2,892.8
3,213.2
o/w Operating cash flow from financing
activities
(20.8)
(70.1)
o/w Adjusted operating cash flow
2,913.5
3,283.3
Less:
Renewal expenses
260.5
291.9
Cash restructuring charges
116.4
77.0
Share acquisition and disposal costs
37.6
170.7
Other non-current expenses
113.6
159.5
Plus:
Principal payments on operating financial
assets
199.2
251.4
EBITDA
3,640.8
4,233.8
2.2 NET FREE CASH FLOW
The reconciliation of Net cash from operating activities of
continuing operations (included in the Consolidated Cash Flow
Statement) with net free cash flow is as follows:
(€ million)
Year ended December 31, 2020
Year ended December 31,
2021
Net cash from operating activities of
continuing operations
2,737.7
3,163.8
Plus:
Industrial investments, net of grants
(1,608.6)
(1,728.8)
Proceeds on disposal of industrial
assets
235.9
316.4
New operating financial assets
(160.0)
(166.6)
Principal payments on operating financial
assets
199.2
251.4
New finance lease debt
(488.7)
(483.8)
Dividends received
75.3
223.1
Net financial interest
(516.8)
(462.1)
Less:
Share acquisition and disposal costs
33.5
227.1
Net free cash flow
507.5
1,340.5
2.3 INDUSTRIAL INVESTMENTS
The reconciliation of Industrial investments, net of grants
(included in the Consolidated Cash Flow Statement) with industrial
investments is as follows:
(€ million)
Year ended December 31, 2020
Year ended December 31,
2021
Industrial investments, net of
grants
(1,608.6)
(1,728.8)
New finance lease debt
(488.7)
(483.8)
Change in concession working capital
requirements
(130.0)
(146.3)
New operating financial assets
(160.0)
(169.0)
Gross industrial investments
(2,387.3)
(2,528.2)
3. DEFINITIONS
3.1 Strictly accounting indicators (GAAP: IFRS)
Cost of net financial debt is equal to the cost of gross
debt excluding IFRS 16 financial interest presented as other
financial expenses and including related gains and losses on
interest rate and currency hedges, less income on cash and cash
equivalents.
Operating cash flow before changes in working capital, as
presented in the Consolidated Cash Flow Statement, is comprised of
three components: operating cash flow from operating activities
(referred to as “adjusted operating cash flow” and known in French
as “capacité d autofinancement opérationnelle”) consisting of
operating income and expenses received and paid (“cash”), operating
cash flow from financing activities including cash financial items
relating to other financial income and expenses and operating cash
flow from discontinued operations composed of cash operating and
financial income and expense items classified in net income from
discontinued operations pursuant to IFRS 5. Adjusted operating cash
flow does not include the share of net income attributable to
equity-accounted entities.
Net income (loss) from discontinued operations is the
total of income and expenses, net of tax, related to businesses
divested or in the course of divestiture, in accordance with IFRS
5.
3.2 Non-strictly accounting indicators (non GAAP)
The term “change at constant exchange rates” represents
the change resulting from the application of exchange rates of the
prior period to the current period, all other things being
equal.
The municipal sector encompasses services in the Water,
Waste and Energy business lines aimed at users, performed under
contracts with municipal governments, groups of municipal
governments, or regional or national governments.
The industrial sector covers Water, Waste and Energy
management services, offered to industrial or service sector
customers.
EBITDA comprises the sum of all operating income and
expenses received and paid (excluding restructuring charges,
non-current WCR impairments, renewal expenses and share acquisition
and disposal costs) and principal payments on operating financial
assets.
The EBITDA margin is defined as the ratio of EBITDA to
revenue.
To calculate Current EBIT (which includes the share of current
net income of joint ventures and associates) , the following items
are deducted from operating income:
- impairment of goodwill of controlled subsidiaries and
equity-accounted entities;
- restructuring charges;
- non-current provisions and impairment;
- non-current and/or significant impairment of non-current assets
(property, plant and equipment, intangible assets and operating
financial assets);
- share acquisition costs.
Current net income attributable to owners of the Company
is defined as the sum of the following items:
- current EBIT;
- current net finance expenses, including the current cost of net
financial debt and other current financial income and expenses,
including capital gains or losses on financial divestitures
(including gains or losses included in the share of net income of
equity-accounted entities);
- current tax items;
- minority interests (excluding the portion of minority interests
relative to non-current items in the income statement).
Current net income attributable to owners of the Company per
share is defined as the ratio of current net income (not
restated for the cost of the coupon attributable to hybrid debt
holders) by the weighted average number of outstanding shares
during the year.
Net industrial investments, as presented in the statement
of changes in net financial debt, include industrial investments
(purchases of intangible assets and property, plant and equipment,
and operating financial assets), net of industrial asset
divestitures.
The Group identifies three categories of investment:
- maintenance investments which reflect the replacement of
equipment and installations used by the Group;
- growth investments which include investments in new equipment
and installations embedded in existing contracts or in line with
contractual requirements;
- discretionary growth investments which reflect investments in
new equipment and installations linked to new projects, contract
wins or significant new developments and extensions to existing
projects or contracts.
The last two categories are defined as growth investments.
Net financial investments as presented in the statement
of changes in net financial debt include financial investments, net
of financial divestitures.
Financial investments include purchases of financial assets,
including the net financial debt of companies entering the scope of
consolidation, and partial purchases resulting from transactions
with shareholders where there is no change in control.
Financial divestitures include disposals of financial assets
including the net financial debt of companies leaving the scope of
consolidation, and partial divestitures resulting from transactions
with shareholders where there is no change in control, as well as
share capital issues subscribed by non-controlling interests.
Net free cash flow corresponds to free cash flow from
continuing operations, and is equal to the sum of EBITDA, dividends
received, changes in operating working capital and operating cash
flow from financing activities, less net interest expenses, net
industrial investments, taxes paid, renewal expenses, restructuring
charges and other non-current expenses.
Net financial debt (NFD) represents gross financial debt
(non-current borrowings, current borrowings, bank overdrafts and
other cash position items) which includes IFRS 16 lease debt, net
of cash and cash equivalents, liquid assets and financing-related
assets, including fair value adjustments to derivatives hedging
debt. Liquid assets are financial assets composed of funds or
securities with an initial maturity of more than three months,
easily convertible into cash, and managed with respect to a
liquidity objective while maintaining a low capital risk.
The leverage ratio is the ratio of closing net financial debt
including IFRS 16 to EBITDA including IFRS 16.
The financing rate is defined as the ratio of the cost of
net financial debt (excluding IFRS 16 lease debt and fair value
adjustments to instruments not qualifying for hedge accounting) to
average monthly net financial debt excluding IFRS 16 lease debt for
the period, including the cost of net financial debt of
discontinued operations.
The post-tax return on capital employed (ROCE) is defined
as the ratio of:
- current EBIT, including the share of net income or loss of
equity-accounted entities, after tax. It is calculated by
subtracting the current tax expense from current EBIT, including
the share of net income or loss of equity-accounted entities. The
current tax expense is the tax expense in the income statement
re-presented for tax effects on non-current items;
- average capital employed in the year, including operating
financial assets and investments in joint ventures and associates.
Capital employed used in the post-tax ROCE calculation is therefore
equal to the sum of net intangible assets and property, plant and
equipment, goodwill net of impairment, investments in joint
ventures and associates, operating financial assets, net operating
and non-operating working capital requirements and net derivative
instruments less provisions. It also includes the capital employed
of activities classified within assets and liabilities held for
sale, excluding discontinued operations.
CONSOLIDATED INCOME STATEMENT
(€ million)
Year ended December 31, 2020
re-presented
Year ended December 31,
2021
Revenue
26,009.9
28,508.1
Cost of sales
(22,121.8)
(23,905.9)
Selling costs
(562.1)
(584.0)
General and administrative
expenses
(2,144.0)
(2,308.6)
Other operating revenue and
expenses
(373.0)
(496.9)
Operating income before share
of net income (loss) of equity-accounted entities
809.0
1,212.7
Share of net income (loss) of
equity-accounted entities
110.5
104.8
o/w share of net income (loss) of
joint ventures
87.4
74.0
o/w share of net income (loss) of
associates
23.1
30.8
Operating income after share
of net income (loss) of equity-accounted entities
919.5
1,317.5
Cost of net financial debt
(414.4)
(342.6)
Other financial income and
expenses
(139.7)
(74.2)
Pre-tax net income
(loss)
365.4
900.7
Income tax expense
(137.0)
(345.8)
Net income (loss) from
continuing operations
228.4
554.9
Net income (loss) from
discontinued operations
(19.9)
-
Net income (loss) for the
year
208.5
554.9
Attributable to owners of the
Company
88.8
404.3
Attributable to non-controlling
interests
119.7
150.6
(€)
NET INCOME (LOSS) ATTRIBUTABLE
TO OWNERS OF THE COMPANY PER SHARE
Basic
0.16
0.68
Diluted
0.15
0.65
NET INCOME (LOSS) FROM
CONTINUING OPERATIONS ATTRIBUTABLE TO OWNERS OF THE COMPANY PER
SHARE
Basic
0.20
0.68
Diluted
0.19
0.65
NET INCOME (LOSS) FROM
DISCONTINUED OPERATIONS ATTRIBUTABLE TO OWNERS OF THE COMPANY PER
SHARE
Basic
(0.04)
-
Diluted
(0.04)
-
CONSOLIDATED STATEMENT OF FINANCIAL POSITION – ASSETS
(€ million)
As of December 31, 2020
re-presented (*)
As of December 31,
2021
Goodwill
5,888.9
6,201.2
Concession intangible assets
3,544.9
3,706.0
Other intangible assets
1,371.3
1,328.6
Property, plant and equipment
8,216.6
8,701.9
Right of use (net)
1,529.5
1,562.4
Investments in joint ventures
1,020.8
1,238.5
Investments in associates
353.9
354.2
Non-consolidated investments
(**)
3,102.2
3,770.3
Non-current operating financial
assets
1,198.1
1,191.4
Non-current derivative
instruments - Assets
53.4
88.5
Other non-current financial
assets
427.3
431.2
Deferred tax assets
1,036.5
1,059.2
Non-current assets
27,743.6
29,633.4
Inventories and
work-in-progress
797.7
816.3
Operating receivables
9,106.2
10,015.3
Current operating financial
assets
172.8
129.0
Other current financial
assets
1,073.2
1,521.0
Current derivative instruments -
Assets
174.8
344.9
Cash and cash equivalents
5,840.0
10,518.7
Assets classified as held for
sale
455.7
98.7
Current assets
17,620.3
23,443.9
TOTAL ASSETS
45,363.9
53,077.3
(*) Restatements concern the application
of the IFRS Interpretations Committee’s decision regarding IAS 19,
retroactively from January 1, 2020
(**) Non-consolidated investments consist
of Suez shares for €3,721.0 million as of December 31, 2021,
compared with €3,046.0 million as of December 31, 2020 and other
securities for €49.3 million as of December 31, 2021 compared with
€56.2 million as of December 31, 2020.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION - EQUITY AND
LIABILITIES
(€ million)
As of December 31, 2020
re-presented (*)
As of December 31,
2021
Share capital
2,893.1
3,498.6
Additional paid-in capital
7,291.8
9,309.5
Deeply-subordinated perpetual
securities
1,987.1
2,460.7
Reserves and retained earnings
attributable to owners of the Company
(4,932.6)
(3,750.8)
Total equity attributable to
owners of the Company
7,239.4
11,518.0
Total equity attributable to
non-controlling interests
1,099.3
1,252.0
Equity
8,338.7
12,770.0
Non-current provisions
1,815.8
1,876.6
Non-current financial
liabilities
10,836.4
10,462.5
Non-current IFRS 16 lease
debt
1,296.8
1,298.1
Non-current derivative
instruments - Liabilities
65.5
68.8
Concession liabilities -
non-current
1,459.9
1,588.4
Deferred tax liabilities
1,101.4
1,196.4
Non-current
liabilities
16,575.6
16,490.8
Operating payables
11,850.4
13,548.9
Concession liabilities -
current
145.6
169.4
Current provisions
510.7
538.5
Current financial liabilities
7,196.7
8,624.3
Current IFRS 16 lease debt
402.9
410.6
Current derivative instruments -
Liabilities
117.9
261.5
Bank overdrafts and other cash
position items
217.6
241.9
Liabilities directly associated
with assets classified as held for sale
7.8
21.4
Current liabilities
20,449.6
23,816.5
TOTAL EQUITY AND
LIABILITIES
45,363.9
53,077.3
(*) Restatements concern the application
of the IFRS Interpretation Committee’s decision regarding IAS 19,
retroactively from January 1, 2020
CONSOLIDATED CASH-FLOW STATEMENT
(€ million)
Year ended December 31, 2020
re-presented
Year ended December 31,
2021
Net income (loss) for the
year
208.5
554.9
Net income (loss) from
continuing operations
228.4
554.9
Net income (loss) from
discontinued operations
(19.9)
-
Operating depreciation,
amortization, provisions and impairment losses
2,058.2
2,117.2
Financial amortization and
impairment losses
15.6
3.8
Gains (losses) on disposal of
operating assets
19.2
(39.2)
Gains (losses) on disposal of
financial assets
(46.6)
1.2
Share of net income (loss) of
joint ventures
(87.4)
(74.1)
Share of net income (loss) of
associates
(23.1)
(30.8)
Dividends received
(2.8)
(124.2)
Cost of net financial debt
414.4
342.6
Income tax expense
137.0
345.8
Other items
179.9
116.0
Operating cash flow before
changes in working capital
2,892.8
3,213.2
Change in operating working
capital requirements
233.2
382.5
Change in concession working
capital requirements
(130.0)
(146.3)
Income taxes paid
(258.3)
(285.6)
Net cash from operating
activities of continuing operations
2,737.7
3,163.8
Net cash from operating
activities of discontinued operations
(12.7)
(16.6)
Net cash from operating
activities
2,725.0
3,147.2
Industrial investments, net of
grants
(1,608.6)
(1,728.8)
Proceeds on disposal of
industrial assets
235.9
316.4
Purchases of investments
(5,026.2)
(327.2)
Proceeds on disposal of financial
assets
188.0
470.1
Operating financial assets
-
-
New operating financial assets
(160.0)
(166.6)
Principal payments on operating
financial assets
199.2
251.4
Dividends received (including
dividends received from joint ventures and associates)
75.3
223.1
New non-current loans granted
(526.0)
(141.8)
Principal payments on non-current
loans
480.5
224.6
Net decrease/increase in current
loans
6.6
28.2
Net cash used in investing
activities of continuing operations
(6,135.3)
(850.6)
Net cash used in investing
activities of discontinued operations
(4.7)
-
Net cash used in investing
activities
(6,140.0)
(850.6)
CONSOLIDATED CASH FLOW STATEMENT CONTINUED
(€ million)
Year ended December 31, 2020
re-presented
Year ended December 31,
2021
Net increase (decrease) in
current financial liabilities
1,083.5
(38.6)
Repayment of current IFRS 16
lease debt
(478.9)
(455.2)
Other changes in non-current IFRS
16 lease debt
(140.5)
(123.3)
New non-current borrowings and
other debt
2,314.7
931.4
Principal payments on non-current
borrowings and other debt
(70.6)
(51.2)
Change in liquid assets and
financing financial assets
(368.7)
(135.5)
Proceeds on issue of shares
147.2
2,672.3
Share capital reduction
-
-
Transactions with non-controlling
interests: partial purchases
(4.8)
(2.7)
Transactions with non-controlling
interests: partial sales
2.4
0.5
Proceeds on issue of deeply
subordinated securities
1,987.1
497.5
Coupons on deeply subordinated
securities
-
(23.9)
Purchases of/proceeds from
treasury shares
(8.3)
20.0
Dividends paid
(426.0)
(534.3)
Interest paid
(404.8)
(357.4)
Interest on IFRIC 12 operating
assets
(79.8)
(76.5)
Interest on IFRS 16 lease
debt
(32.2)
(28.2)
Net cash from (used in)
financing activities of continuing operations
3,520.3
2,294.9
Net cash from (used in)
financing activities of discontinued operations
(0.1)
(0.3)
Net cash from (used in)
financing activities
3,520.2
2,294.6
Effect of foreign exchange rate
changes and other
(25.7)
63.2
Increase (decrease) in
external net cash of discontinued operations
1.8
-
NET CASH AT THE BEGINNING OF
THE YEAR
5,541.1
5,622.4
NET CASH AT THE END OF THE
YEAR
5,622.4
10,276.8
Cash and cash equivalents
5,840.0
10,518.7
Bank overdrafts and other cash
position items
217.6
241.9
NET CASH AT THE END OF THE
YEAR
5,622.4
10,276.8
____________________ 1 See appendix for more information on this
restatement 2 Main foreign exchange impacts by currency: US dollar
(-€75 million), Argentine peso (-€20 million), Japanese yen (-€36
million), Polish zloty (-€37 million), Brazilian real (-€9
million), Hong Kong dollar (-€9 million), pound sterling (+€82
million), Australian dollar (+€52 million), Czech koruna (+€34
million). 3 Foreign exchange impacts by currency: US dollar (-€8
million), Argentine peso (-€3 million), Colombian peso (-€2
million), Polish zloty (-€6 million), United Arab Emirates dirham
(-€1 million), Hungarian forint (-€2 million), Brazilian real (-€1
million), Australian dollar (+€7 million), Czech koruna (+€9
million), pound sterling (+€14 million). 4 See appendix for more
information on this restatement 5 Including principal payments on
operating financial assets. 6 See appendix for more information on
this restatement 7 See appendix for more information on this
restatement 8 26.1% for the year ended December 31, 2020 published
9 See appendix for more information on this restatement 10 See
appendix for more information on this restatement 11 See appendix
for more information on this restatement 12 Mainly driven by
negative impacts on the US dollar (-€86 million), Chinese renminbi
yuan (-€65 million), pound sterling (-€60 million), Czech koruna
(-€39 million), Hong King dollar (-€14 million) and Russian ruble
(-€14 million). 13 Including maintenance investments of €1,273
million, and contractual requirements of €876 million in 2021. 14
Including new operational financial assets of €169 million in 2021.
15 Including maintenance investments of €1,261 million, and
contractual requirements of €691 million in 2020. 16 Including new
operational financial assets of €160 million in 2020. 17 Total
transaction amount of €394 million including the repayment of the
shareholder loan (€105 million) and the payment of dividends (€40
million) 18 Total transaction amount of €235 million, including the
divestiture of industrial assets 19 Including liquid assets and
financing financial assets included in Net financial debt. 20
Including cash equivalents from GIE Placements 21 See appendix for
more information on this restatement 22 Including the share of net
income (loss) of joint ventures and associates 23 2021 restatements
mainly concern the add-back of the capital employed of activities
sold in Norway and Sweden and the prorating of the capital employed
of OSIS acquired in 2021. 2020 restatements concern the prorating
of the value of securities acquired in the last quarter of 2020
(Prague Right Bank and Bert Hungary), and the add-back of the
capital employed of the Shenzhen water concession which gave rise
to a restatement in assets and liabilities held for sale as of
December 31, 2020.
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version on businesswire.com: https://www.businesswire.com/news/home/20220317005176/en/
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