RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
Retail media wordt gezien als het nieuwe advertising-medium en ook mediabureaus richten massaal retail media-afdelingen op. Merken die niet in de betreffende winkel liggen staan ook nog niet in de rij om op de retail media netwerken te adverteren. Marvin belicht de uitdagingen die er zijn om echt aansluiting te vinden op die markt van non-endemic advertising.
Discover the innovative and creative projects that highlight my journey throu...dylandmeas
Discover the innovative and creative projects that highlight my journey through Full Sail University. Below, you’ll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
Affordable Stationery Printing Services in Jaipur | Navpack n PrintNavpack & Print
Looking for professional printing services in Jaipur? Navpack n Print offers high-quality and affordable stationery printing for all your business needs. Stand out with custom stationery designs and fast turnaround times. Contact us today for a quote!
The world of search engine optimization (SEO) is buzzing with discussions after Google confirmed that around 2,500 leaked internal documents related to its Search feature are indeed authentic. The revelation has sparked significant concerns within the SEO community. The leaked documents were initially reported by SEO experts Rand Fishkin and Mike King, igniting widespread analysis and discourse. For More Info:- https://news.arihantwebtech.com/search-disrupted-googles-leaked-documents-rock-the-seo-world/
Kseniya Leshchenko: Shared development support service model as the way to ma...Lviv Startup Club
Kseniya Leshchenko: Shared development support service model as the way to make small projects with small budgets profitable for the company (UA)
Kyiv PMDay 2024 Summer
Website – www.pmday.org
Youtube – https://www.youtube.com/startuplviv
FB – https://www.facebook.com/pmdayconference
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Implicitly or explicitly all competing businesses employ a strategy to select a mix
of marketing resources. Formulating such competitive strategies fundamentally
involves recognizing relationships between elements of the marketing mix (e.g.,
price and product quality), as well as assessing competitive and market conditions
(i.e., industry structure in the language of economics).
What is the TDS Return Filing Due Date for FY 2024-25.pdfseoforlegalpillers
It is crucial for the taxpayers to understand about the TDS Return Filing Due Date, so that they can fulfill your TDS obligations efficiently. Taxpayers can avoid penalties by sticking to the deadlines and by accurate filing of TDS. Timely filing of TDS will make sure about the availability of tax credits. You can also seek the professional guidance of experts like Legal Pillers for timely filing of the TDS Return.
Improving profitability for small businessBen Wann
In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
"𝑩𝑬𝑮𝑼𝑵 𝑾𝑰𝑻𝑯 𝑻𝑱 𝑰𝑺 𝑯𝑨𝑳𝑭 𝑫𝑶𝑵𝑬"
𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
𝐓𝐉 𝐂𝐨𝐦𝐬 provides unlimited package services including such as Event organizing, Event planning, Event production, Manpower, PR marketing, Design 2D/3D, VIP protocols, Interpreter agency, etc.
Sports events - Golf competitions/billiards competitions/company sports events: dynamic and challenging
⭐ 𝐅𝐞𝐚𝐭𝐮𝐫𝐞𝐝 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐬:
➢ 2024 BAEKHYUN [Lonsdaleite] IN HO CHI MINH
➢ SUPER JUNIOR-L.S.S. THE SHOW : Th3ee Guys in HO CHI MINH
➢FreenBecky 1st Fan Meeting in Vietnam
➢CHILDREN ART EXHIBITION 2024: BEYOND BARRIERS
➢ WOW K-Music Festival 2023
➢ Winner [CROSS] Tour in HCM
➢ Super Show 9 in HCM with Super Junior
➢ HCMC - Gyeongsangbuk-do Culture and Tourism Festival
➢ Korean Vietnam Partnership - Fair with LG
➢ Korean President visits Samsung Electronics R&D Center
➢ Vietnam Food Expo with Lotte Wellfood
"𝐄𝐯𝐞𝐫𝐲 𝐞𝐯𝐞𝐧𝐭 𝐢𝐬 𝐚 𝐬𝐭𝐨𝐫𝐲, 𝐚 𝐬𝐩𝐞𝐜𝐢𝐚𝐥 𝐣𝐨𝐮𝐫𝐧𝐞𝐲. 𝐖𝐞 𝐚𝐥𝐰𝐚𝐲𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞 𝐭𝐡𝐚𝐭 𝐬𝐡𝐨𝐫𝐭𝐥𝐲 𝐲𝐨𝐮 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐨𝐮𝐫 𝐬𝐭𝐨𝐫𝐢𝐞𝐬."
What are the main advantages of using HR recruiter services.pdfHumanResourceDimensi1
HR recruiter services offer top talents to companies according to their specific needs. They handle all recruitment tasks from job posting to onboarding and help companies concentrate on their business growth. With their expertise and years of experience, they streamline the hiring process and save time and resources for the company.
VAT Registration Outlined In UAE: Benefits and Requirementsuae taxgpt
Vat Registration is a legal obligation for businesses meeting the threshold requirement, helping companies avoid fines and ramifications. Contact now!
https://viralsocialtrends.com/vat-registration-outlined-in-uae/
2. 2011 Annual
Sharhold rs’Meeting
h de
Pierre-François
Pierre François RIOLACCI
Chief Finance Officer
3. 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
Europe, Canada,
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
shares, 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
g g p y
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
achieve.
affected by numerous factors, including those described under “Forward-Looking Statements” above.
-
5. 2010 KEY FIGURES
In € M
2009 2010 Variation
re-presented(1)
Revenue 33,952
33 952 34,787
34 787 +2.5%
+2 5%
Adjusted operating cash flow 3,514(2) 3,654 +4%
Cash flow from operations 3,578 3,742 +4.6%
Operating income 1,982 2,120 +7%
Adjusted operating income 1,894 2,056 +8.5%
Adjusted net income attrib to owners of the company 519 579 +11.6%
Net income attributable to owners of the company 584 581 ~
Free Cash Flow 1,344 409
Net financial debt 15,127 15,218 ~
Net financial debt / (Cash flow from operations + repayment of 3.75 X 3.65 X
operating financial assets)
(1) The financial statements of 2009 have been represented, in order to ensure the comparability of periods.
(2) As of January 1, 2010, due to the application of the new amendment to IAS 7, adjusted operating cash flow for the year 2009 has been re-presented for renewal expenses by an amount of €360.9M, of which €245.7m is within the Water
division and €115.2m is within the Energy Services division.
6. BREAKDOWN OF REVENUE BY DIVISION
2009(1): €33,952M 2010: €34,787M
€5,861M
, €5,765M
17% 17%
36% €12,318M 35% €12,128M
21% 21%
€7,041M €7,582M
26% 27%
€8,732M €9,312M
current constant Excl. FX
FX rates FX rates & scope
Water -1.5% -4.1% -2.9%
Environmental Services +6.7% +3.3% +6.9%
Energy Services +7.7% +5.8% +6.2%
Transportation -1.6%
-1 6% -4.4%
-4 4% -4.3%
-4 3%
VE GROUP +2.5% -0.2% +1.3%
(1) The financial statements of 2009 have been represented, in order to ensure the comparability of periods.
7. CONTINUED IMPROVEMENT THROUGHOUT THE YEAR
Revenue in €M, variations at constant scope and exchange rates
1st quarter 2nd quarter 3rd quarter 4th quarter
At const. At const. At const. At const.
2009(1) 2010 Scope & FX 2009(1) 2010 Scope & FX 2009(1) 2010 Scope & FX 2009(1) 2010 Scope & FX
Water 3,089 2,856 -6.7% 3,032 2,905 -5.6% 2,996 3,029 -0.6% 3,201 3,338 +1.3%
Environ. 2,111 2,113 +3.3% 2,237 2,401 +9.2% 2,193 2,392 +8.3% 2,191 2,406 +6.5%
Services
Energy 2,380 2,299 -2.8% 1,303 1,402 +7.8% 1,112 1,291 +11.3% 2,246 2,590 +12.1%
Services
Transport
T 1,431
1 431 1,356
13 6 -6.4%
6 4% 1,508
1 08 1,492
1 492 -4.1%
4 1% 1,466
1 466 1,439
1 439 -5.3%
3% 1,456
14 6 1,478
14 8 -1.7%
1 %
Group 9,011 8,624 -3.3% 8,080 8,200 +0.9% 7,767 8,151 +2.7% 9,094 9,812 +4.7%
Variation at -4.3%
4.3% +1.5%
1.5% +4.9%
4.9% +7.9%
7.9%
current FX
(1) The financial statements of 2009 have been represented, in order to ensure the comparability of periods.
9. VEOLIA ENVIRONMENTAL SERVICES:
Revenue increased to €9,312M
+6.7% , +3.3% at constant FX and +6.9% at constant scope and FX
Quarterly 2010 Environmental Services
Revenues Growth
'
2,450 10.0%
2009 2010 2,401 2,392 2,406
2,400 9.0%
VES Organic growth (%)
g g ( ) -8 pts
p +7 pts
p
2,350
2 350 8.0%
8 0%
of which 2,300 7.0%
Recycled materials (price, volumes) -4 pts +5 pts 2,250 2,237 6.0%
2,200
2,193 2,191 5.0%
Industrial waste volumes(1) -4 pts +1 pt
2,150
2 150 2,111 2,113
2 111 2 113 4.0%
4 0%
Municipal waste volumes -1 pt -1 pt
2,100 3.0%
Price increases +1 pt +1pt
2,050 2.0%
Others +1pt 2,000 1.0%
1,950 0.0%
Q1 Q2 Q3 Q4
2009 2010
(1) Non-hazardous industrial waste, and hazardous waste and asssociated services
10. VEOLIA ENERGY SERVICES:
Revenue increased to €7,582M
Outside France
France
Revenue increased +7.7% ,
+5.8% at constant FX and
+6.2 % at constant scope and FX
6.2
Quarterly revenue (€M)
Very favorable climate effect:
● +€160M€, of which +€99M in France
and +€37M in Central Europe
1,123
Energy prices 1,100 1,063 1,244
● Increase in France (+€45M) related to
the average increase of 4.3% in the fuel mix for
the year (particularly in Q4)
y ( y ) 790
794 783
● Decline in Central Europe (-€25M) following 616
the 30% decline in electricity prices in 1,257 1,199 1,183 1,346
the Czech Republic 612
509 496 508
Temporary peak in activity in solar Works 1Q 09 1Q 10 Q2 09 Q2 10 Q3 09 Q3 10 Q4 09 Q4 10
11. VEOLIA TRANSPORTATION:
Revenue declined to €5,765M
2009
Revenue declined -1.6%, 2010
-4.4% at constant FX and Part of revenue associated with the Melbourne,Stockholm and Bordeaux contracts in 2009
-4.3% at constant scope and FX Part of revenue associated with the Melbourne, Stockholm and Bordeaux contracts in 2010
In Q4, end of the significant negative impact 1,508
(-€637M) from the loss of 3 contracts 1,431
1,492 1,466 1,439 1,456 1,478
(Bordeaux, Melbourne and Stockholm) in 2009. 1,356 171
4
171 122
180 2
In France, good resilience, with a 2.1% revenue
increase driven by contract gains from mid-sized
cities
Outside France revenue declined 4 1%
France, 4.1%, +11.3%* +11.1%* +10.8%*
+8.2%*
+8 2%*
(-8.4% at constant scope and exchange rates)
● Ongoing growth in Germany due to 3 passenger train
contracts won in 2009 (impact +€68M);
in the Netherlands (Haaglanden contract),
and in the United States (New Orleans, Phoenix,
(
Q1 09 Q1 10 Q2 09 Q2 10 Q3 09 Q3 10 Q4 09 Q4 10
Savannah)
* Revenue growth excluding Melbourne, Stockholm and Bordeaux
12. EFFICIENCY PLAN:
2010 initial objectives exceeded, €265M versus €250M
Cost savings realized in 2009 and 2010 Breakdown by area of optimization
In €M 2009 2010 Assets
Water 87 93
12% Purchasing
Env. Services 72(1) 61 Support
functions 19% 37%
Energy 56 68
Transport 40 43
32%
Efficiency Plan €255M €265M
VES Operations
Adaptation Plan
€126M
(1) Excluding the Veolia Environmental services Adaptation Plan
13. ADJUSTED OPERATING CASH FLOW
In €M
2009 2010 Current Constant
re-presented(1) FX FX
Water 1,545 1,479 -4.3% -6.4%
Environmental services 1,175 1,297 +10.4% +6.4%
Energy services 609 690 +13.4% +10.6%
Transportation 327 329 +0.7% -3.0%
Others -142 -141
Total Group 3,514 3,654 +4.0% +0.9%
Adjusted operating cash flow margin
j p g g 10.3% 10.5% - -
Adjusted operating cash flow 3,514 3,654
Cash flow from discontinued ops. 65 106
Financial cash flow -1 -18
Cash flow from operations 3,578 3,742
(1) The financial statements of 2009 have been represented, in order to ensure the comparability of periods.
14. ADJUSTED OPERATING INCOME INCREASED 8.5% AND
ADJUSTED OPERATING INCOME MARGIN IMPROVED
In €M
2009 Current Constant
Re presented (1)
Re-presented
2010 FX FX
Water 1,145 1,020 -11.0% -12.6%
Environmental Services 355 609 +71.4% +63.6%
Energy Services 401 460 +14.6% +12.0%
Transportation 158 146 -7.9% -11.6%
Holding
H ldi -165 -179
Adjusted operating income 1,894 2,056 +8.5% +5.3%
Adjusted
Adj t d operating income margin
ti i i 5.6%
5 6% 5.9%
5 9% - -
(1) The financial statements of 2009 have been represented, in order to ensure the comparability of periods.
15. NET FINANCE COSTS
Variation
In M€ 2009 2010 in %
Cost of net financial debt -768 4.76% -793 5.09% +0.33%
Impact of the change in average cash
I t f th h i h +0.32%
0 32%
Impact of the change in interest rates -0.04%
Others +0.05%
Evolution of cost of borrowing since 2004
Net Financial Debt(1) of €15,218M vs. €15,127M 5.8%
5.61%
5.6% 5.49%
Average net financial debt(2) of €15,566M 5.4%
vs.€16,466M
vs €16 466M in 2009
5.2% 5.12% 5.09%
5.04% 5.07%
5.0%
Gross debt: €20,238M vs. €20,287M
4.8% 4.76%
● Cost of borrowing 4.1% vs. 4.03%
4.6%
4.4%
Cash and cash equivalents of €5,407M : 1.11%
4.2%
2004 2005 2006 2007 2008 2009 2010
(1) Net financial debt represents gross financial debt (non-current borrowings, current borrowings, bank overdrafts and other cash position items), net of cash and cash equivalents and excluding fair value adjustments to derivatives hedging debt
(2) Average net debt is the average of monthly net debts of the period
16. RECONCILIATION OF ADJUSTED OPERATING
INCOME TO NET INCOME
In €M
2009 re-presented (1) 2010
Adjusted Adjustment Total Adjusted Adjustment Total
Operating income 1,894 88 1,982 2,056 64 2,120
Cost of net financial debt (2)
( ) -873 -873 -907 -907
Income tax expense -239 -239 -319 -17 -336
Share of net income of associates -1 -1 18 18
Net income from discontinued operations - -27
27 -27
27 - -24
24 -24
24
Non controlling interests -262 4 -258 -269 -21 -290
Net income attrib. to the owners of the company 519 65 584 579 2 581
(1) The financial statements of 2009 have been represented, in order to ensure the comparability of periods.
(2) Including «other financial income and expenses », of which €76M in unwinding discounts on provisions in 2010
17. STATEMENT OF CASH FLOWS:
Positive free cash flow of €409M
In M€
2009 2010
Adjusted operating cash flow (1) 3,578 3,742
Repayments of operating financial assets 455 424
Total cash generation 4,033 4,166
Gross investments -2,970 -3,256
Variation working capital 432 83
Taxes paid -408 -368
Interest expense -802 -808
Dividend (2) -434 -735
Others (3) 202 86
Divestments 1,291 1,241
Free cash flow 1,344 409
Impact of exchange rates and other 57 -500
Net financial debt at December 31 15,127 15,218
Change in net financial debt -1,401 91
(1) Of which financial cash flows (€ -1M in 2009 and €-18M in 2010) and adjusted operating cash flow from discontinued operations (€65M in 2009 and €106M in 2010)
(2) Dividend paid to shareholders and non controlling shareholders
(3) Notably changes in receivables and other financial assets for €41M in 2010 and €163M in 2009
18. CONTROLLED GROWTH IN INVESTMENTS
In M€
2009 2010
Maintenance capital expenditures 1,271 1,075
As a % of consolidated revenue 3.7% 3.1%
Industrial investments in growth
g
861 1,033
1 033
(excluding operating financial assets)
Financial investments (1) in growth 338 653
New operating financial assets
p g 500 495
Gross investments 2,970 3,256 +9.6%
(1) Including partial acquisitions between non controlling shareholders (with no change of consolidation scope) and net financial debt from acquired entities
19. DIVESTMENTS: €2.5bn completed in 2 years (1)
2010: €1,241M 2009-2010: €2,532M
€205M €464M
€397M €627M
€282M €664M
€357M €777M
Mature assets Partnerships Non strategic assets Industrial divestments
(1) Industrial and financial divestments (including net financial debt of divested companies and partial divestments between non-controlling shareholders (with no change in consolidation scope), and capital increases subscribed by minority shareholders)
20. IMPACT OF ASSET DIVESTMENTS ON RESULTS
In M€
2008 2009 2010
Recurring capital gains
Water 66.0 25.1 65.5
Environmental Services 16.0 24.7 41.8
Energy Services 11.8 43.5 10.7
Transportation
p 18.6 21.2 20.2
Holdings 0.1 0 0
Total in adjusted operating income (1) 112.5 114.5 138.2
Total non recurring capital gains (2) 99.0 89.0
Total capital gains in operating income 112.5 213.5 227.2
Capital gains in discontinued operations (3) 176.5 92.4 57.4
Total income related to divestments (1) + (2) + (3) 289.0 305.9 284.6
(2) in 2009: capital gain on VPNM in Environmental Services, in 2010 capital gain on Usti in Energy Services
(3) In 2008: capital gain on Crystal & Clemessy in Energy Services, in 2009 capital gain on WTE in Environmental services and capital loss on freight in Transportation, in 2010 capital gain on Miami-Dade contract in Environmental Services
21. FREE CASH FLOW
2009 2010
4,000 +432 -1,224 4,000
3,654 +83 -1,591
3,514
3,500 3,500
3,000 3,000
-802
2,500 FCF before 2,500
dividend -808
2,000 -408 +€1,778M 2,000
+266 FCF before
-434 dividend
1,500 1,344 1,500 -368
368 +€1,144M
+€1 144M
+174
1,000 1,000
-735
500 500 409
0 0
2009 Change in Net Interest Taxes Other Dividends FCF 2010 Change in Net Interest Taxes Other Dividends FCF
adjusted WCR capex expense after adjusted WCR capex expense after
operating DIV operating DIV
cash flow cash flow
(re-presented)
22. CREDIT RATIO IMPROVEMENT
In €bn Net financial debt
Ratio net financial debt (post IAS 7)
Average maturity of net financial debt:
9.4 years vs. 10 years at the end of 2009
Ratings
● Moody's: P-2/A3 stable outlook since April 2011
● Standard & Poor’s: A 2 / BBB+ stable outlook
Poor s: A-2 BBB
(April 21, 2010)
23. EVOLUTION OF ROCE 2010
ROCE – Evolution from 2009 to 2010
10.00%
10 00%
9.50%
9.00%
8.50% +0.3% -0.3%
+0.6% - +7.9%
8.00%
+7.6% -0.2%
7.50%
7.00% ROCE ROCE
2009 Score Improve recent Slow return Taxe rate 2010
Performance
re- and FX acquisitions assets evolution
6.50%
presented
6.00%
25. KEY FIGURES FOR 1st QUARTER 2011
In M€
Q1 2010 Current Constant
Q1 2010
re
re- Q1 2011 exchange exchange
published
bli h d
presented(1) rates rates
Revenue 8,794.2 7,329.7 8,159.4 +11.3% +9.6% (2)
Adjusted operating cash flow 1,035.0 961.4 996.8 +3.7% +2.0%
Adjusted operating cash flow margin 11.8% 13.1% 12.2%
Adjusted operating income 659.3 643.2 636.1 -1.1% -2.6%
Adjusted operating income margin 7.5% 8.8% 7.8%
Operating i
O i income 659.3
6 93 643.2
643 2 636.1
636 1 -1.1%
1 1%
Free Cash Flow 45 45 539
Net financial debt 15,218 (3) 15,218 (3) 14.511
(1) The financial statements of 2010 have been represented, in order to ensure the comparability of periods (2) At constant scope and exchange rates: +3.4% (3) Net financial debt at December 31, 2010