VEOEY - Veolia Environnement SA reports 1H results; reaffirms FY23 guidance

2023-08-03 01:36:07 ET

• Veolia Environnement SA press release ( OTCPK:VEOEY ): 1H strong growth in EBITDA, to €3,162M from €2,953M at 30 June 2022, representing like-for-like growth of 8.2%.
• Very strong growth in recurring EBIT, up 13.3% on a like-for-like basis, to €1,674 million from €1,515 million at 30 June 2022.
• Reported net profit Group share came to €523 million, compared with €236 million at 30 June 2022, an increase of 117.9% at constant forex.
• Revenue of €22.75B (+12.6% Y/Y).
• Net financial debt under control, at €19,233 million at 30 June 2023, compared with €18,138 million at 31 December 2022.
• Objectives 2023 ^: Solid organic growth of revenue; Efficiency gains above €350m complemented by additional synergies for a cumulated amount of €280m end-2023, in line with the €500m cumulated objective.
• Organic growth of EBITDA between +5% and +7%; Current net income group share around €1.3 billion; Confirmation of the EPS accretion of around 40% in 2024; Leverage ratio around 3x; Dividend growth in line with current EPS growth.

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