2. Investor Relations, Key Figures at September 30, 2010 ‐ 10/11/10
Disclaimer
Veolia Environnement is a corporation listed on the NYSE and Euronext Paris. This document 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 risks
associated with conducting business in some countries outside of Western Europe, the United States and Canada, the risk
that changes in energy prices and taxes may reduce Veolia Environnement's profits, the risk that we may make
investments in projects without being able to obtain the required approvals for the project, the risk that governmental
authorities could terminate or modify some of Veolia Environnement's contracts, the risk that our long‐term contracts may
limit our capacity to quickly and effectively react to general economic changes affecting our performance under those
contracts, the risk that acquisitions may not provide the benefits that Veolia Environnement hopes to achieve, 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 risks described in the documents Veolia Environnement has filed with the U.S. Securities and Exchange
Commission. 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 a free copy of documents filed by Veolia
Environnement with the U.S. Securities and Exchange Commission from Veolia Environnement.
This document contains "non‐GAAP financial measures" within the meaning of Regulation G adopted by the U.S. Securities
and Exchange Commission under the U.S. Sarbanes‐Oxley Act of 2002. These "non‐GAAP financial measures" are being
communicated and made public in accordance with the exemption provided by Rule 100(c) of Regulation G
This document contains certain information relating to the valuation of certain of Veolia Environnement’s recently
announced or completed acquisitions. In some cases, the valuation is expressed as a multiple of EBITDA of the acquired
business, based on the financial information provided to Veolia Environnement as part of the acquisition process. Such
multiples do not imply any prediction as to the actual levels of EBITDA that the acquired businesses are likely to achieve.
Actual EBITDA may be adversely affected by numerous factors, including those described under “Forward‐Looking
Statements” above.
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3. Investor Relations, Key Figures at September 30, 2010 ‐ 10/11/10
Table of contents
Impact of foreign exchange variation
Breakdown of revenue by division
Evolution of quarterly revenue
Water : Return to more favorable Works dynamics
Environmental Services : Revenue and Industrial Production
Net financial debt at September 30, 2010
Key figures at September 30, 2010
Commercial dynamics
2010 objectives
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5. Investor Relations, Key Figures at September 30, 2010 ‐ 10/11/10
Breakdown of revenue by division
En M€
25,254 25,468
9 285 8 998 Δ Δ Δ change
current constant exc. Scope
FX rates FX rates & FX
6 776 7 202 Water ‐3.1% ‐5.3% ‐3.8%
Environmental 6.3% 2.9% 7.2%
Services
4 788 4 982
Energy Services 4.1% 2.1% 3.3%
4 405 4 286 Transportation ‐2.7% ‐5.4% ‐5.3%
VE Group +0.8% ‐1.8% +0.1%
9 months 2009 re-presented(1) 9 months 2010
(1) First nine months 2009 results have been re-presented in order to assure the comparability of periods for the reclassification into «net income from discontinued
operations” of the UK operations in the Transport division, and of the German operations and the Renewable Energies business in the Energy Services division. 5
6. Investor Relations, Key Figures at September 30, 2010 ‐ 10/11/10
Continued improvement in the third quarter
Revenue in €M, at constant scope and exchange rates
1st quarter 2nd quarter 3rd quarter
2009 2010 At
constant
2009 2010 At
constant
2009 2010 At constant
scope & FX
scope & scope &
FX FX
Water 3,143 2,923 ‐6.2% 3,092 2,978 ‐5.1% 3,050 3,097 ‐0.2%
Environmental 2,188 2,204 +3.4% 2,314 2,504 +9.5% 2,274 2,494 +8.5%
Services
Energy Services 2,379 2,296 ‐2.9% 1,300 1,397 +7.7% 1,109 1,288 +11.3%
Transport 1,431 1,356 ‐6.4% 1,508 1,492 ‐4.1% 1,466 1,439 ‐5.3%
Group 9,141 8,779 ‐3.1% 8,214 8,371 +1.3% 7,899 8,318 +3.0%
Variation at current
exchange rates ‐4.0% +1.9% +5.3%
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7. Investor Relations, Key Figures at September 30, 2010 ‐ 10/11/10
Water: Return to more favorable Works
dynamics
Quarterly evolution of revenue in €M
Operations Works excl. M/F/R* Works M/F/R*
3 500
189 135 114 46
14
3 000 61
814
821 814 814 754
2 500 746
2 000
2 133 2 143 2 150 2 182 2 237
2 116
1 500
Q1 2009 Q1 2010 Q2 2009 Q2 2010 Q3 2009 Q3 2010
*Marafiq / Fujairah / Ras Laffan
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8. Investor Relations, Key Figures at September 30, 2010 ‐ 10/11/10
Environmental Services : Revenue growth
Revenue and Industrial Production within Veolia’s* 4 principal markets
yoy growth (%)
15,0%
10,0%
Growth of
5,0% VES revenue
0,0%
Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10
-5,0%
-10,0%
Industrial
-15,0%
Production
Growth
-20,0%
Average composed of France, UK, Germany, Unites States, Source: OECD •
Industrial Production figures estimated for Q3 10 •
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10. Investor Relations, Key Figures at September 30, 2010 ‐ 10/11/10
Key figures: nine months end September 30, 2010
9 months Current Constant
En €M 2009 9 months exchange exchange
Re‐ 2010 rates rates
presented(1)
Revenue 25,254.3 25,467.9 +0.8% +0.1% (4)
Adjusted operating cash flow 2,581.0 (2) 2,665.6 +3.3% +0.3%
Adjusted operating cash flow margin 10.2% 10.5%
Adjusted operating income 1,429.0 1,495.6 +4.7% +1.4%
Adjusted operating income margin 5.7% 5.9%
Operating income 1,528.4 1,566.4 +2.5%
Net financial debt 15,127 (3) 15,765
(1) First nine months 2009 results have been represented in order to assure the comparability of periods for the reclassification into «net income from discontinued
operations” of the UK operations in the Transport division, and of the German operations and the Renewable Energies business in the Energy Services division
(2) As of January 1, 2010, due to the application of the new amendment to IAS 7, adjusted operating cash flow for the first nine months of 2009 has been re-
presented for replacement costs by an amount of €239.8m, of which €162.7m is within the Water division and €77.1m is within the Energy Services division
(3) Net financial debt at December 31, 2009
(4) At constant scope and exchange rates
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11. Investor Relations, Key Figures at September 30, 2010 ‐ 10/11/10
Good commercial dynamics
Hong Kong (China): Design, Build and Operation of a sludge
treatment plant. Cumulative revenue of more than €700M
Lille (France) : Reconstruction and Operation of the Marquette‐les‐
Lille wastewater treatment plant. Cumulative revenue of more than
€100M
Fulton County, Georgia (USA) : Operation of 4 wastewater treatment
facilities and 30 pumping stations. Estimated cumulative revenue of
$58M
Disneyland Paris (France) : Construction and Operation of a
wastewater treatment and recycling plant at the theme park.
Cumulative revenue of €29M
Macao (China) : Management of 24 bus lines for 7 years. Cumulative
revenue of €140M for Veolia Transport RATP Asia (VTRA)
Agglomeration of Dijon (France) : Collection of waste for 5 years.
Cumulative revenue of €44M
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12. Investor Relations, Key Figures at September 30, 2010 ‐ 10/11/10
Confirmation of 2010 objectives
• Adjusted operating income improvement
• Positive free cash flow after dividend payment(1)
• € 3 billion of divestments over 2009 – 2010 – 2011
• €250M in cost reductions
• Maintain ratio objective: net debt / (cash flow from
operations + repayment of operating financial assets)
(1) Excluding the planned merger of Veolia Transport and Transdev 12
13. Investor Relations, Key Figures at September 30, 2010 ‐ 10/11/10
Investor Relations contact information
Ronald Wasylec, Directeur des Relations avec les Investisseurs et Actionnaires individuels
Téléphone +33 1 71 75 12 23
e‐mail ronald.wasylec@veolia.com
Ariane de Lamaze
Téléphone +33 1 71 75 60 00
e‐mail ariane.de‐lamaze@veolia.com
38 Avenue Kléber – 75116 Paris ‐ France
Fax +33 1 71 75 10 12
Terri Anne Powers, Director of North American Investor Relations
200 East Randolph Street
Suite 7900
Chicago, IL 60601
Tel +1 (312) 552 2890
Fax +1 (312) 552 2866
e‐mail terri.powers@veoliaes.com
http://www.finance-veolia.com
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