The document re-presents Veolia Environnement's 2011 financial figures according to IFRS5 to ensure comparability with 2012. Revenue decreased from €29.6 billion to €28.9 billion after reclassifying discontinued operations. Adjusted operating cash flow fell from €3.2 billion to €2.9 billion and adjusted operating income declined from €1.7 billion to €1.6 billion for the same reason. However, free cash flow remained unchanged at €438 million.

1. Main 12M 2011 re‐presented figures IFRS5 (1)
En M€ 12M 2011 12M 2011
published Re‐presented (1)
Revenue 29,647.3 28,859.4
Adjusted operating Cash Flow 3,152.3 2,858.9
Adjusted operating income 1,700.5 1,561.8
Operating income (2) 1,017.2 823.2
Adjusted net income attributable to owners of the Company 289.8 193.1
Net income attributable to owners of the Company (489.8) (489.8)
Free Cash Flow (3) 438 438
(1) To ensure the comparability of period, the 2011 financial statements have been re‐presented to include:
‐ the impact of the reclassification into “net income from discontinued operations” of operations in the process of being sold such as the Moroccan
activities in the Water division and the Renewable energies activities partially sold as of December 31,2012;
‐ the impact of the reclassification into “net income from discontinued operations” of divested activities in 2012 such as the regulated activities in the
United Kingdom in the Water division and Solid waste activities in the United States in the Environmental Services division.
The 2011 financial statements have also been re‐presented for the reclassification into ‘continuing operations’ since March 3rd, 2011 of the activities of the
group Société Nationale Maritime Corse Méditerranée (SNCM) consolidated within the Transportation Division which was reclassified into “net income
from discontinued operations” as of December 31, 2011. The divesture process of the SNCM was interrupted during 2012 1st semester.
(2) Non recurring items include impairment losses on goodwill recorded in respect of Company subsidiaries as of December 31,2011 in Southern Europe and
the United States and Impairment losses on non‐current assets recorded in the respect of Company subsidiaries mainly in Italy.
(3) Free Cash Flow represents cash generated (sum of operating cash flow before changes in working capital and principal payments on operating financial
assets) net of the cash component of the following items: (i) changes in working capital for operations, (ii) operations involving equity (share capital
movements, dividends paid and received), (iii) investments net of disposals (including the change in receivables and other financial assets), (iv) net
financial interest paid and (v) tax paid .