Veolia Environnement H1 Net Profit Slumps - Quick Facts

(RTTNews) - French utility Veolia Environnement SA (VE) reported a sharp plunge in first-half net income attributable to owners of the company to 3.6 million euros, or 0.03 euros per share, from re-presented 162.2 million euros, or 0.32 euros per share last year, and was impacted by goodwill impairments in the Environmental Services unit in Germany, restructuring charges relating to the voluntary employee departure plan at VE SA and costs associated with the early buyback of bonds to optimize the company's cash position. On an adjusted basis, net income attributable to owners of the company was 131 million euros in the first half of 2013.

However, adjusted operating income, including the share of adjusted net income of equity-accounted entities, totaled 538.6 million euros, versus 419.3 million euros for the half-year ended June 30, 2012, up by 29.2% at constant exchange rates and 28.4% at current consolidation scope and exchange rates. The increase in adjusted operating income is mainly due to the decline in adjusted operating cash flow, offset by; the positive contribution of equity-accounted entities; and the reversal of senior executive pension provisions in Veolia Environnement SA, which had a positive 40.3 million euros impact in the 2013 first half, the company added.

Six-month revenue of 11.07 billion euros, was slightly lower than the prior-year re-presented figure of 11.45 billion euros.