The document discusses Vivendi Environnement's annual results for 2002 and outlook for 2003. It notes that in 2002, Vivendi Environnement overcame three potential stress scenarios related to its shareholder structure, sector challenges, and liquidity. It highlights increased cash flow generation and a strengthened financial position in 2002. The document also indicates Vivendi Environnement will track return on capital employed going forward to optimize growth and free cash flow, and that its business model and order backlog of €30 billion in municipal and industrial contracts provide a sound foundation.
Presentation (simon barry & brian harvey) slides Gert Ackermann
The document provides a post-budget analysis from a public finance perspective. It summarizes Ireland's fiscal correction over the past 5 years through 8 budgets and adjustment packages that totaled €27.5 billion in planned impacts. It notes that spending cuts have accounted for 65% of the adjustments to date. While the budgets from 2008-2012 have been progressively reducing incomes for higher earners the most, the 2013 PRSI change is regressive. The fiscal deficit remains above the 3% GDP target but revenues are improving and non-interest spending is down 15% from its 2008 peak. Further adjustments of €5 billion are planned for 2014-2015.
HSBC reported financial results for the first half of 2008. While total operating income increased slightly, pre-tax profits decreased 28% to $10.2 billion due to a 58% rise in loan impairment charges. Net income attributable to shareholders fell 29% to $7.7 billion. However, HSBC maintained a strong capital position with tier 1 and total capital ratios of 8.8% and 11.9% respectively. The company also announced a 6% increase in its interim dividend and the completion of the sale of its regional bank network in France.
Veolia Environnement reported financial results for the first half of 2003. Revenue increased 5.4% at constant exchange rates excluding divested assets. Operating performance was good in water excluding the US, and in waste and energy services. An extraordinary €2.5 billion write-down of assets in the US water division was recorded. Control of investments and positive free cash flow were achieved before dividends.
The document discusses improving profitability through effective credit and collection operations. It provides moral perspectives on credit and collection from biblical passages discussing guaranteeing debts and loans and repayment. It also discusses key elements of credit like trust, risks, terms and exchange of value. The document outlines principles and practices for effective credit and collection operations.
Credit Suisse Group is a leading global financial services company headquartered in Zurich. In Q4 2001:
- Net profit was CHF 1.6 billion for the full year.
- Total assets under management were CHF 1,425.5 billion, up slightly from the previous year.
- The financial services, private banking and asset management businesses performed well despite difficult market conditions. Credit Suisse First Boston was significantly impacted by the negative market environment.
The Walt Disney Company reported strong financial results for its second fiscal quarter of 2008. Key highlights include:
- Earnings per share increased 35% compared to the prior year quarter.
- Net income increased 22% to $1.1 billion for the quarter.
- Segment operating income grew 21% to $2.1 billion, led by growth at Media Networks, Studio Entertainment, and Parks and Resorts.
- Media Networks revenue increased 5% and operating income grew 14% due to increases at ESPN and cable equity investments.
- Parks and Resorts revenue rose 11% and operating income jumped 33% driven by improved results at domestic parks and Disneyland Paris.
- Studio Entertainment
Credit Suisse reported strong quarterly results for Q3 2003, with net profit of CHF 2.045 billion, up significantly from Q2 2003. Key factors included gains from divestitures of Winterthur's business that strengthened the capital position, and higher earnings from private banking and the insurance business from strong investment results. However, Credit Suisse First Boston saw lower fixed income revenues due to conservative risk positioning in a volatile interest rate environment. Overall, costs were well controlled and credit quality continued to improve.
Presentation (simon barry & brian harvey) slides Gert Ackermann
The document provides a post-budget analysis from a public finance perspective. It summarizes Ireland's fiscal correction over the past 5 years through 8 budgets and adjustment packages that totaled €27.5 billion in planned impacts. It notes that spending cuts have accounted for 65% of the adjustments to date. While the budgets from 2008-2012 have been progressively reducing incomes for higher earners the most, the 2013 PRSI change is regressive. The fiscal deficit remains above the 3% GDP target but revenues are improving and non-interest spending is down 15% from its 2008 peak. Further adjustments of €5 billion are planned for 2014-2015.
HSBC reported financial results for the first half of 2008. While total operating income increased slightly, pre-tax profits decreased 28% to $10.2 billion due to a 58% rise in loan impairment charges. Net income attributable to shareholders fell 29% to $7.7 billion. However, HSBC maintained a strong capital position with tier 1 and total capital ratios of 8.8% and 11.9% respectively. The company also announced a 6% increase in its interim dividend and the completion of the sale of its regional bank network in France.
Veolia Environnement reported financial results for the first half of 2003. Revenue increased 5.4% at constant exchange rates excluding divested assets. Operating performance was good in water excluding the US, and in waste and energy services. An extraordinary €2.5 billion write-down of assets in the US water division was recorded. Control of investments and positive free cash flow were achieved before dividends.
The document discusses improving profitability through effective credit and collection operations. It provides moral perspectives on credit and collection from biblical passages discussing guaranteeing debts and loans and repayment. It also discusses key elements of credit like trust, risks, terms and exchange of value. The document outlines principles and practices for effective credit and collection operations.
Credit Suisse Group is a leading global financial services company headquartered in Zurich. In Q4 2001:
- Net profit was CHF 1.6 billion for the full year.
- Total assets under management were CHF 1,425.5 billion, up slightly from the previous year.
- The financial services, private banking and asset management businesses performed well despite difficult market conditions. Credit Suisse First Boston was significantly impacted by the negative market environment.
The Walt Disney Company reported strong financial results for its second fiscal quarter of 2008. Key highlights include:
- Earnings per share increased 35% compared to the prior year quarter.
- Net income increased 22% to $1.1 billion for the quarter.
- Segment operating income grew 21% to $2.1 billion, led by growth at Media Networks, Studio Entertainment, and Parks and Resorts.
- Media Networks revenue increased 5% and operating income grew 14% due to increases at ESPN and cable equity investments.
- Parks and Resorts revenue rose 11% and operating income jumped 33% driven by improved results at domestic parks and Disneyland Paris.
- Studio Entertainment
Credit Suisse reported strong quarterly results for Q3 2003, with net profit of CHF 2.045 billion, up significantly from Q2 2003. Key factors included gains from divestitures of Winterthur's business that strengthened the capital position, and higher earnings from private banking and the insurance business from strong investment results. However, Credit Suisse First Boston saw lower fixed income revenues due to conservative risk positioning in a volatile interest rate environment. Overall, costs were well controlled and credit quality continued to improve.
Kinross Gold Corporation is a gold mining company headquartered in Toronto, Canada. It operates mines in the United States, Brazil, Chile, Ecuador, and Russia. The company had over $4 billion in revenue in 2012 and employs thousands of workers globally. Kinross' share price has fallen in the past year but analysts remain mostly positive on the stock, with over half recommending it as a "buy". Institutional investors from the United States own two-thirds of the company's shares.
The Clorox Company reported financial results for the second quarter and first half of fiscal year 2009. Net sales increased 3% to $1.216 billion in the quarter and 7% to $2.6 billion in the first six months. Earnings per share were $0.62 for the quarter and $1.52 for the six month period. The North America segment grew net sales 3% to $1.007 billion and earnings 6% to $273 million in the quarter. International sales were flat at $209 million in the quarter but earnings declined 24% to $29 million. Total assets were $4.398 billion against $4.801 billion in total liabilities as of December 31, 2008.
Key figures as of March 31, 2012 - Conference call on May 4, 2012 ve-finance
Pierre-François Riolacci, Chief Finance Officer of Veolia Environnement, will host a conference call on May 4, 2012 to discuss the company's key figures as of March 31, 2012. Veolia saw a 4.6% increase in revenue for the first quarter of 2012 compared to the same period in 2011, though adjusted operating cash flow declined 3.1% and adjusted operating income declined 12.2% due to costs associated with the company's transformation plan. Net financial debt increased slightly to €15.021 billion as of March 31, 2012.
Entergy Corporation is an integrated energy company that generates and distributes electricity. In 2006, Entergy generated approximately 30,000 megawatts of power and distributed electricity to 2.6 million customers across 4 states. The annual report highlights Entergy's financial results for 2006, including operating revenues of $10.9 billion and net income of $1.1 billion. It also summarizes Entergy's electricity generation and distribution data and employee headcount. The letter to stakeholders discusses Entergy's commitment to sustainable growth principles and recovering from the impacts of the 2005 hurricanes through various cost recovery efforts across its service territories.
The document discusses the state of the US economy and the role of monetary policy. It provides an analysis of key economic indicators and headwinds facing recovery. GDP growth in 2012 was supported by consumption, investment and government spending. Housing prices and production are improving but wages remain low. The document evaluates current monetary policy tools and makes recommendations, suggesting policy should remain accommodative given unemployment and deflation risks outweigh inflation concerns. It recommends the Federal Reserve continue its current policy path.
U.S. Bancorp reported record net income for the third quarter of 2005 of $1,154 million, an 8.3% increase from the third quarter of 2004. Earnings per share increased 10.7% year-over-year to $0.62. The results reflected continued growth in fee income and lower credit costs. Net interest income was relatively flat compared to the prior year despite a lower net interest margin, as growth in average earning assets offset the margin decline. Credit quality remained stable with a decrease in net charge-offs and nonperforming assets remaining steady.
The document provides a disclaimer and forward-looking statements regarding a presentation by Banco Santander Totta, S.A. and Banco Santander, S.A. It cautions that the presentation contains forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially. It also states that the information in the presentation should be read in conjunction with other public disclosures and does not constitute an offer to buy or sell securities.
The document discusses The Shaw Group's 2002 annual report. It describes how in 2002 Shaw significantly expanded its capabilities through the acquisition of The IT Group, adding environmental, infrastructure, and homeland security services. This made Shaw a stronger competitor able to handle more issues for more customers. The acquisition helped drive record financial results in 2002, with revenues increasing 106% to over $3.2 billion and net income up 61% to $98.4 million. Looking ahead, Shaw aims to continue growing in areas like power sector maintenance and environmental markets as well as expanding internationally, especially in China.
u.s.bancorp1Q 2003 Earnings Release and Supplemental Analyst Schedulesfinance13
U.S. Bancorp reported a 20.5% increase in net income for the first quarter of 2003 compared to the same period in 2002. Net income was $911.2 million for Q1 2003, up from $756.0 million in Q1 2002. Earnings per share increased 20.5% to $0.47. Total net revenue grew 10.1% to $3.3 billion due to increases in net interest income, gains on securities sales, and growth in consumer banking and payment services revenue. Noninterest expense rose 9.1% to $1.6 billion, reflecting a mortgage servicing rights impairment of $120.9 million in Q1 2003.
- SunTrust reported second quarter earnings of $1.53 per share, down from $1.89 per share in the second quarter of 2007, due to higher loan loss provisions, credit-related expenses, and valuation losses. These factors were partially offset by gains from selling Coca-Cola stock and a non-strategic subsidiary.
- The company completed transactions involving its Coca-Cola stock holdings that increased its regulatory capital ratio by an estimated 68 basis points as of June 30, 2008.
- Credit metrics continued to deteriorate in the quarter, though at a slower pace, with net charge-offs increasing 8.6% and the allowance for loan losses rising to 1.46% of total loans.
TXU reported lower third quarter earnings per share of $0.73 compared to $1.28 in the prior year, due to lower contributions from its European business and North America Energy segment. For the year-to-date period, earnings were $2.40 per share compared to $2.83 in the prior year. TXU also secured an additional $1 billion in liquidity by obtaining a 364-day credit facility for its subsidiary Oncor Electric Delivery Company.
Ken Lewis, Chairman and CEO of Bank of America, presented at the 2006 Goldman Sachs Financial Services Conference. He discussed the company's opportunities for growth, highlighting its plans to achieve growth through selling more products to more customers across its national footprint, effectively managing costs, and capitalizing on opportunities in retail banking, wealth management, and commercial banking. Lewis also emphasized the company's ability to execute on its strategy through leveraging its extensive customer base and innovation capabilities.
The document is a news release announcing U.S. Bancorp's financial results for the second quarter of 2007. It reported net income of $1,156 million, down slightly from the same period last year. Key highlights included strong growth in fee-based revenue from payment services and wealth management, though this was offset by lower net interest income and higher credit costs. Expenses also increased as the company continued investing in business initiatives. Credit quality remained solid as nonperforming assets declined from the previous quarter.
- U.S. Bancorp reported net income of $1.176 billion for Q3 2007, down slightly from $1.203 billion in Q3 2006. Diluted earnings per share increased 1.5% year-over-year to $0.67.
- Total revenue increased 3.2% to $3.529 billion driven by a 5.5% rise in noninterest income, despite challenges in trading and mortgage banking. Expenses rose 5.9% from investments and credit costs.
- Net interest income rose slightly to $1.685 billion as margin declined to 3.44% from 3.56% due to competitive pressures, though income increased from Q2 on asset growth
The document provides a summary and analysis of economic conditions in Thailand and other regions. It discusses:
1) Continued concerns about the eurozone debt crisis fueling demand for safe-haven currencies like the US dollar and depressing risk assets.
2) While US money supply growth looks better than the EU or Japan, high unemployment will likely lead the Fed to resume quantitative easing in mid-2012.
3) Local authorities in Thailand face challenges from losses at the Fiscal Debt Fund and risks of bond yield curve steepening given planned large bond issuances.
4) The analysis predicts the Bank of Thailand will cut its policy rate again in January and forecasts Thailand's economy could experience a V-shaped
The EU-MS' Economies of central and east EuropeDirk Verbeken
CEE economies weathered challenges in 2011 such as reduced capital inflows and weak growth in the euro area. While CEE growth of 3.1% resumed convergence with the EU15, growth has weakened in each quarter of 2011 and 2012. Exports and imports continued contributing to growth, though export growth has decelerated, especially for intra-EU trade of intermediate goods. Despite the difficult external environment, bold fiscal measures have strengthened public finances in CEE, but further strengthening remains a priority.
Résultats annuels 2002, Présentation Avril 2003 en Allemagneve-finance
1) Veolia Environnement is a corporation listed on the NYSE and Euronext Paris that provides environmental services.
2) In 2002, Veolia successfully completed its spin off from Vivendi Universal and reported solid financial results despite difficult economic conditions.
3) Veolia has a strong business model focused solely on environmental services, with leading market positions in water, waste, energy, and transportation services. The company generates predictable cash flows with minimal risk exposure.
Résultats annuels 2002, Présentation Avril 2003 en Allemagne (en anglais)ve-finance
1) Veolia Environnement is a corporation listed on the NYSE and Euronext Paris that provides environmental services.
2) In 2002, Veolia successfully completed its spin off from Vivendi Universal and reported solid financial results despite difficult economic conditions.
3) Veolia has a strong business model focused solely on environmental services, with leading market positions in water, waste, energy, and transportation services. The company generates predictable cash flows with minimal risk exposure.
Special Presentation Germany, April 2003ve-finance
The document discusses Veolia Environnement, a corporation listed on the NYSE and Euronext Paris. It provides three key points:
1) In 2002, Veolia overcame difficult conditions and stress scenarios to achieve solid results, successfully completing its spin off from Vivendi Universal.
2) Veolia has a strong business model focused solely on environmental services with five leading brands and a balanced customer mix across developed countries.
3) In 2002, Veolia improved its financial flexibility and credit profile by generating significant cash flow, reducing net debt, and strengthening its balance sheet ratios and liquidity position.
This document summarizes Veolia Environnement's 2003 financial statements. It shows that Veolia focused on long-term contracts, continued refocusing its water business in the US, generated over €600 million in free cash flow after asset sales, reduced its net debt to €11.8 billion, and proposed a dividend of €0.55 per share. Key financial metrics like revenue, EBIT, cash flow, and debt are presented for 2003 and compared to 2002.
Kinross Gold Corporation is a gold mining company headquartered in Toronto, Canada. It operates mines in the United States, Brazil, Chile, Ecuador, and Russia. The company had over $4 billion in revenue in 2012 and employs thousands of workers globally. Kinross' share price has fallen in the past year but analysts remain mostly positive on the stock, with over half recommending it as a "buy". Institutional investors from the United States own two-thirds of the company's shares.
The Clorox Company reported financial results for the second quarter and first half of fiscal year 2009. Net sales increased 3% to $1.216 billion in the quarter and 7% to $2.6 billion in the first six months. Earnings per share were $0.62 for the quarter and $1.52 for the six month period. The North America segment grew net sales 3% to $1.007 billion and earnings 6% to $273 million in the quarter. International sales were flat at $209 million in the quarter but earnings declined 24% to $29 million. Total assets were $4.398 billion against $4.801 billion in total liabilities as of December 31, 2008.
Key figures as of March 31, 2012 - Conference call on May 4, 2012 ve-finance
Pierre-François Riolacci, Chief Finance Officer of Veolia Environnement, will host a conference call on May 4, 2012 to discuss the company's key figures as of March 31, 2012. Veolia saw a 4.6% increase in revenue for the first quarter of 2012 compared to the same period in 2011, though adjusted operating cash flow declined 3.1% and adjusted operating income declined 12.2% due to costs associated with the company's transformation plan. Net financial debt increased slightly to €15.021 billion as of March 31, 2012.
Entergy Corporation is an integrated energy company that generates and distributes electricity. In 2006, Entergy generated approximately 30,000 megawatts of power and distributed electricity to 2.6 million customers across 4 states. The annual report highlights Entergy's financial results for 2006, including operating revenues of $10.9 billion and net income of $1.1 billion. It also summarizes Entergy's electricity generation and distribution data and employee headcount. The letter to stakeholders discusses Entergy's commitment to sustainable growth principles and recovering from the impacts of the 2005 hurricanes through various cost recovery efforts across its service territories.
The document discusses the state of the US economy and the role of monetary policy. It provides an analysis of key economic indicators and headwinds facing recovery. GDP growth in 2012 was supported by consumption, investment and government spending. Housing prices and production are improving but wages remain low. The document evaluates current monetary policy tools and makes recommendations, suggesting policy should remain accommodative given unemployment and deflation risks outweigh inflation concerns. It recommends the Federal Reserve continue its current policy path.
U.S. Bancorp reported record net income for the third quarter of 2005 of $1,154 million, an 8.3% increase from the third quarter of 2004. Earnings per share increased 10.7% year-over-year to $0.62. The results reflected continued growth in fee income and lower credit costs. Net interest income was relatively flat compared to the prior year despite a lower net interest margin, as growth in average earning assets offset the margin decline. Credit quality remained stable with a decrease in net charge-offs and nonperforming assets remaining steady.
The document provides a disclaimer and forward-looking statements regarding a presentation by Banco Santander Totta, S.A. and Banco Santander, S.A. It cautions that the presentation contains forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially. It also states that the information in the presentation should be read in conjunction with other public disclosures and does not constitute an offer to buy or sell securities.
The document discusses The Shaw Group's 2002 annual report. It describes how in 2002 Shaw significantly expanded its capabilities through the acquisition of The IT Group, adding environmental, infrastructure, and homeland security services. This made Shaw a stronger competitor able to handle more issues for more customers. The acquisition helped drive record financial results in 2002, with revenues increasing 106% to over $3.2 billion and net income up 61% to $98.4 million. Looking ahead, Shaw aims to continue growing in areas like power sector maintenance and environmental markets as well as expanding internationally, especially in China.
u.s.bancorp1Q 2003 Earnings Release and Supplemental Analyst Schedulesfinance13
U.S. Bancorp reported a 20.5% increase in net income for the first quarter of 2003 compared to the same period in 2002. Net income was $911.2 million for Q1 2003, up from $756.0 million in Q1 2002. Earnings per share increased 20.5% to $0.47. Total net revenue grew 10.1% to $3.3 billion due to increases in net interest income, gains on securities sales, and growth in consumer banking and payment services revenue. Noninterest expense rose 9.1% to $1.6 billion, reflecting a mortgage servicing rights impairment of $120.9 million in Q1 2003.
- SunTrust reported second quarter earnings of $1.53 per share, down from $1.89 per share in the second quarter of 2007, due to higher loan loss provisions, credit-related expenses, and valuation losses. These factors were partially offset by gains from selling Coca-Cola stock and a non-strategic subsidiary.
- The company completed transactions involving its Coca-Cola stock holdings that increased its regulatory capital ratio by an estimated 68 basis points as of June 30, 2008.
- Credit metrics continued to deteriorate in the quarter, though at a slower pace, with net charge-offs increasing 8.6% and the allowance for loan losses rising to 1.46% of total loans.
TXU reported lower third quarter earnings per share of $0.73 compared to $1.28 in the prior year, due to lower contributions from its European business and North America Energy segment. For the year-to-date period, earnings were $2.40 per share compared to $2.83 in the prior year. TXU also secured an additional $1 billion in liquidity by obtaining a 364-day credit facility for its subsidiary Oncor Electric Delivery Company.
Ken Lewis, Chairman and CEO of Bank of America, presented at the 2006 Goldman Sachs Financial Services Conference. He discussed the company's opportunities for growth, highlighting its plans to achieve growth through selling more products to more customers across its national footprint, effectively managing costs, and capitalizing on opportunities in retail banking, wealth management, and commercial banking. Lewis also emphasized the company's ability to execute on its strategy through leveraging its extensive customer base and innovation capabilities.
The document is a news release announcing U.S. Bancorp's financial results for the second quarter of 2007. It reported net income of $1,156 million, down slightly from the same period last year. Key highlights included strong growth in fee-based revenue from payment services and wealth management, though this was offset by lower net interest income and higher credit costs. Expenses also increased as the company continued investing in business initiatives. Credit quality remained solid as nonperforming assets declined from the previous quarter.
- U.S. Bancorp reported net income of $1.176 billion for Q3 2007, down slightly from $1.203 billion in Q3 2006. Diluted earnings per share increased 1.5% year-over-year to $0.67.
- Total revenue increased 3.2% to $3.529 billion driven by a 5.5% rise in noninterest income, despite challenges in trading and mortgage banking. Expenses rose 5.9% from investments and credit costs.
- Net interest income rose slightly to $1.685 billion as margin declined to 3.44% from 3.56% due to competitive pressures, though income increased from Q2 on asset growth
The document provides a summary and analysis of economic conditions in Thailand and other regions. It discusses:
1) Continued concerns about the eurozone debt crisis fueling demand for safe-haven currencies like the US dollar and depressing risk assets.
2) While US money supply growth looks better than the EU or Japan, high unemployment will likely lead the Fed to resume quantitative easing in mid-2012.
3) Local authorities in Thailand face challenges from losses at the Fiscal Debt Fund and risks of bond yield curve steepening given planned large bond issuances.
4) The analysis predicts the Bank of Thailand will cut its policy rate again in January and forecasts Thailand's economy could experience a V-shaped
The EU-MS' Economies of central and east EuropeDirk Verbeken
CEE economies weathered challenges in 2011 such as reduced capital inflows and weak growth in the euro area. While CEE growth of 3.1% resumed convergence with the EU15, growth has weakened in each quarter of 2011 and 2012. Exports and imports continued contributing to growth, though export growth has decelerated, especially for intra-EU trade of intermediate goods. Despite the difficult external environment, bold fiscal measures have strengthened public finances in CEE, but further strengthening remains a priority.
Résultats annuels 2002, Présentation Avril 2003 en Allemagneve-finance
1) Veolia Environnement is a corporation listed on the NYSE and Euronext Paris that provides environmental services.
2) In 2002, Veolia successfully completed its spin off from Vivendi Universal and reported solid financial results despite difficult economic conditions.
3) Veolia has a strong business model focused solely on environmental services, with leading market positions in water, waste, energy, and transportation services. The company generates predictable cash flows with minimal risk exposure.
Résultats annuels 2002, Présentation Avril 2003 en Allemagne (en anglais)ve-finance
1) Veolia Environnement is a corporation listed on the NYSE and Euronext Paris that provides environmental services.
2) In 2002, Veolia successfully completed its spin off from Vivendi Universal and reported solid financial results despite difficult economic conditions.
3) Veolia has a strong business model focused solely on environmental services, with leading market positions in water, waste, energy, and transportation services. The company generates predictable cash flows with minimal risk exposure.
Special Presentation Germany, April 2003ve-finance
The document discusses Veolia Environnement, a corporation listed on the NYSE and Euronext Paris. It provides three key points:
1) In 2002, Veolia overcame difficult conditions and stress scenarios to achieve solid results, successfully completing its spin off from Vivendi Universal.
2) Veolia has a strong business model focused solely on environmental services with five leading brands and a balanced customer mix across developed countries.
3) In 2002, Veolia improved its financial flexibility and credit profile by generating significant cash flow, reducing net debt, and strengthening its balance sheet ratios and liquidity position.
This document summarizes Veolia Environnement's 2003 financial statements. It shows that Veolia focused on long-term contracts, continued refocusing its water business in the US, generated over €600 million in free cash flow after asset sales, reduced its net debt to €11.8 billion, and proposed a dividend of €0.55 per share. Key financial metrics like revenue, EBIT, cash flow, and debt are presented for 2003 and compared to 2002.
allstate Quarterly Investor Information 2003 4th Earnings Press Release finance7
Allstate reported strong financial results for Q4 2003 and full year 2003. Net income increased 71% for Q4 and 138.5% for the full year compared to the previous periods. Operating income also increased significantly. For Q4, property-liability underwriting income increased 272% due to higher premiums and continued favorable loss trends, partially offset by higher catastrophe losses. Allstate also increased its quarterly dividend by 22% and added $1 billion to its share repurchase program. The company expects continued momentum and profitability in 2004.
- Credit Suisse Group reported a net loss of CHF 830 million in Q4 2001 and a net profit of CHF 1.587 billion for the full year 2001.
- Total assets under management increased slightly to CHF 1,425.5 billion at year-end 2001, up from CHF 1,392.0 billion in 2000.
- Net new assets were CHF 66.4 billion for the full year 2001, an increase over the CHF 58.1 billion in net new assets in 2000.
State Street Corporation achieved positive financial results in 2002 despite challenging market conditions. Operating earnings per share increased 6% due to new business from existing and new clients. State Street focused on revenue growth and expense control, reducing operating expenses 1% while increasing revenue. Key strategic priorities are providing excellent client service and solutions, global growth including integrating Deutsche Bank's securities services business, improving profit margins, innovating to serve emerging investor needs, and developing employees.
State Street achieved positive financial results in 2002 despite challenging market conditions. Operating earnings per share increased 6% due to new business from existing and new clients. State Street focused on controlling expenses, reducing costs 1% while providing excellent client service. Major strategic moves included acquiring Deutsche Bank's global securities services business to strengthen State Street's global leadership position and acquiring IFS to expand alternative investment capabilities. State Street is well positioned for future growth by focusing on client needs and innovation to capitalize on trends in retirement investing and risk management.
1) The document cautions that the presentation contains forward-looking statements that are subject to risks and uncertainties.
2) It provides highlights of Santander's 2012 performance including sustained pre-provision profit generation, significant efforts to strengthen provisions, continued improvement in its core capital ratio, and improved liquidity position through deleveraging and repaying LTRO borrowings.
3) Santander made a large effort to strengthen provisions, especially in Spain, with total group provisions reaching EUR 19 billion and the coverage ratio increasing substantially.
Veolia Environnement reported its 2007 annual accounts, showing continued profitable growth in line with objectives. Key highlights included:
1) Revenue increased 14.9% to €32.6 billion due to strong internal growth of 7.8% and targeted external growth of 7.1% through acquisitions.
2) Recurring operating income rose 11.9% to €2.5 billion and net income increased 22.3% to €928 million.
3) The dividend will be increased 15.2% to €1.21 per share, subject to shareholder approval.
Tele Celular Sul Participações S.A. announced its results for the fourth quarter and full year 2003. Key highlights include:
- Revenues increased 23.5% to R$1.4 billion for the year driven by a 19% rise in customers to over 2 million.
- EBITDA grew 10.1% to R$383 million and net income increased 83.7% to R$120 million, a record level.
- Investments totaled R$213 million, mainly to expand GSM coverage, while still generating a positive cash flow of R$200 million for the year.
Tele Celular Sul Participações S.A. announced its results for the fourth quarter and full year 2003. Key highlights include:
- Revenue increased 23.5% to R$1.4 billion for the year driven by a 19% rise in customers to over 2 million.
- EBITDA grew 10.1% to R$383 million and net income increased 83.7% to R$120 million.
- The company invested R$213 million in network expansion while maintaining a strong positive cash flow of R$200 million.
- Management is proposing a 30.9% payout ratio to shareholders of R$37 million in dividends and interest on capital.
Generali Group reported its 9M 2012 results. Operating result increased 9.4% to €3.3 billion compared to 9M 2011. Net result grew 37.3% to €1.1 billion, driven by improved operating performance and lower non-operating investment losses. Life segment gross written premiums rose 0.4% like-for-like to €33.5 billion while P&C premiums increased 4.7% to €17.4 billion. Shareholders' equity grew 24.1% to €24 billion and solvency ratio improved 23 percentage points to 163%.
Credit Suisse Group reported strong financial results for Q2 2001 and the first half of the year, despite challenging market conditions. Net operating profit was CHF 1.6 billion for Q2 and CHF 3.3 billion for the first half, with all business units performing well. Total assets under management grew 4.3% to CHF 1,452.1 billion at the end of June. The Chairman expressed confidence in the Group's medium- and long-term prospects and commitment to serving clients and improving productivity.
1) Credit Suisse Group is a leading global financial services company headquartered in Zurich. It provides private banking, investment banking, and asset management services.
2) In Q3 2003, Credit Suisse Group reported a net profit of CHF 2.0 billion, up from CHF 1.3 billion in Q2 2003. Private Banking saw strong revenue growth and increased efficiency.
3) Going forward, Credit Suisse Group will focus on producing sound profitability through cost management, efficiency gains, and growing its client franchise.
1) In the first half of 2012, Deutsche EuroShop saw a 15% increase in revenue and a 16% increase in EBIT compared to the same period in 2011, due to expansions of existing shopping centers and the addition of a new center to their portfolio.
2) Net income increased 20% and earnings per share increased as well, allowing the company to pay a dividend of €1.10 per share for 2012.
3) While some potential acquisition opportunities did not materialize, the company refinanced existing loans at better terms, contributing to positive financial results in the first half of the year.
allstate Quarterly Investor Information 2002 3rd finance7
The Allstate Corporation reported higher net income and operating income in the third quarter of 2002 compared to the same period in 2001. Operating income increased to $548 million from $401 million due primarily to increased property-liability premiums earned, improved auto and homeowners loss frequencies, and lower catastrophe losses. However, these gains were partly offset by reserve strengthening for asbestos and environmental losses and decreased operating income at Allstate Financial. For the full year 2002, Allstate anticipates operating income per share will be between $2.80 to $3.00, excluding restructuring charges.
The document provides interim financial results for Credit Suisse Group for the first half of 1999. Key highlights include:
- Net profit increased 11% to CHF 2.7 billion compared to the first half of 1998.
- All business units performed well, with Credit Suisse First Boston achieving a net profit of CHF 1 billion.
- Total assets under management grew 10% to CHF 1.025 trillion due to strong investment performance and net new business.
- Earnings per share increased 9% to CHF 9.85 while book value per share rose 8%.
Credit Suisse Group reported a net loss of CHF 579 million in Q2 2002, compared to a net profit of CHF 1.288 billion in Q2 2001. The losses were primarily due to significant declines in equity markets, which negatively impacted Winterthur Insurance. Total assets under management decreased 8% to CHF 1,293.2 billion from the prior quarter. Looking ahead, the company expects continued challenges from market conditions in H2 2002.
Viacom reported record second quarter 2002 results, with revenues increasing 2% to $5.85 billion and operating income rising 5% to $1.18 billion compared to the previous year. Free cash flow increased 22% to $1.03 billion. The company saw increased results in its cable networks, television, and video segments. Viacom expects double-digit growth in earnings per share, operating income, and EBITDA for the full year 2002 based on continued improvement in the advertising market.
Similar to Slide presentation analyst meeting (20)
Veolia Environnement reported its results for the first half of 2013. Revenue declined 3.3% to €11.07 billion due to divestments and currency impacts. Adjusted operating income increased 29.2% to €539 million at constant exchange rates, driven by cost reductions. Net financial debt declined €2.33 billion to €10.03 billion due to debt reduction efforts. Veolia raised the targets for its cost savings plan to €750 million by 2015 and continued progress on its strategic priorities in the first half of the year.
Key figures as of June 31, 2012 representedve-finance
The document summarizes key financial figures for the first half of 2012 for a company, adjusting for changes required by new accounting standards. Revenue was €11.4 billion, adjusted operating cash flow was €1 billion, and operating income was €537 million after adjustments related to new IFRS standards for discontinued operations, joint arrangements, and pension accounting. Gross investments were €944 million and free cash flow was €552 million. Net financial debt was €12.4 billion after adjusting for loans to joint ventures.
- Pierre-François RIOLACCI, CFO of Veolia Environnement, presented the company's 2012 annual results and mid-term objectives
- Key points included divestments of €6B by 2013, reducing net financial debt to €8-9B and adjusted net debt to €6-7B
- Objectives for 2014 and beyond include organic revenue growth above 3% annually, adjusted operating cash flow growth above 5% annually, and a leverage ratio of 3.0x beginning in 2014
Key figures as of March 31, 2013 - Conference call on May 3, 2013ve-finance
- Veolia Environnement held a conference call on May 3, 2013 to discuss key figures as of March 31, 2013.
- Revenue for the quarter declined 3.9% to €5.757 billion due to decreases in the Water and Environmental Services divisions, partially offset by growth in Energy Services.
- Adjusted operating cash flow and income declined due to contractual erosion, lower recycled materials prices/volumes, and declines in certain markets, despite benefits from the Convergence Plan.
1. Veolia achieved its objectives for the first year of its transformation plan ahead of schedule, with debt reduction of €3.4 billion and cost reductions exceeding targets.
2. The company divested €3.7 billion in assets, reducing net financial debt and focusing geographically and by business.
3. Veolia continued to win major contracts globally in water, waste, and energy services totaling billions in revenues over several decades.
Main 12M 2011 re‐presented figures IFRS 5ve-finance
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.
- The document provides key financial figures for Veolia Environnement as of September 30, 2012, including revenue, adjusted operating cash flow, adjusted operating income, operating income, and net financial debt. It also notes commercial developments in Veolia's water, environmental services, and energy services divisions.
- Revenue for the nine months ending September 30, 2012 increased 1.3% at constant foreign exchange rates compared to the same period in 2011. However, adjusted operating cash flow and adjusted operating income declined due to write-downs in Dalkia Italy.
- New contracts were signed across Veolia's divisions, including industrial water contracts in China, contract renewals in France and the US, and new energy services contracts in
Main H1 2011 re‐presented figures IFRS 5 ve-finance
The document provides restated financial figures for H1 2011 compared to the figures originally published for H1 2011. The restated figures include:
1) Reclassifying operations being sold (Veolia Transdev, Citelum, SNCM, Habitat Services) and divested activities (UK regulated water activities) into discontinued operations.
2) Reclassifying Pinellas incineration activities from discontinued to continuing operations as their divestment was interrupted in H2 2011.
3) Reclassifying the entire Transportation Division into discontinued operations for the period up to its sale on March 3, 2011.
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2. Important Legal Disclaimer
Vivendi 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 risk that
changes in energy prices and taxes may reduce Vivendi Environnement’s profits, the risk that
governmental authorities could terminate or modify some of Vivendi Environnement’s contracts, the
risk that Vivendi Environnement’s compliance with environmental laws may become more costly in
the future, the risk that currency exchange rate fluctuations may negatively affect Vivendi
Environnement’s financial results and the price of its shares, the risk that Vivendi Environnement may
incur environmental liability in connection with its past, present and future operations, and the risks
related to Vivendi Environnement’s relationship with Vivendi Universal, as well as the risks described
in the documents Vivendi Environnement has filed with the U.S. Securities and Exchange
Commission. Vivendi 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 Vivendi Environnement with the U.S. Securities and Exchange
Commission from Vivendi Environnement.
2002, Annual Results – March 2003 2
3. Contents :
2002 : 3 stress scenarios overcome
1. Which risk event ?
2. Industrial Profile
3. Financial Profile
Target 2003 : to maintain or even improve our
long and short term ratings
2002, Annual Results – March 2003 3
4. 2002 : the Group has overcome 3 stress scenarios
n “Shareholder” Stress scenario : the contagion risk has been
removed by the completion of the “spin off” from VU
n “Sector” Stress scenario : The Latin America risk and the crisis in
the Energy sector are 2 non-issues for the Group. As world leader in
Environmental Services VE is able to generate FFO, even in a
difficult economic climate
n “Liquidity” Stress scenario :
è Cash-flow generation up significantly
è Decrease in net indebtedness : from € 14.2 to 13.1 bn
è Strong improvement in [net debt / EBITDA] ratio from 4 to 3.4
è Strengthening of financial flexibility by better covenant levels,
elimination of all ratings triggers and improvement in liquidity
position
2002, Annual Results – March 2003 4
5. 1. Which event risk?
Past:
The spin off with VU is over
Future:
Our strategy is not “multi utilities”.
This significantly reduces the event risk
2002, Annual Results – March 2003 5
6. History of Vivendi Universal’s stake in Vivendi
Environnement’s equity capital
n December 1999 Formation of Vivendi Environnement (VE),
100% owned by Vivendi Universal (VU)
n July 20, 2000 IPO
VU owns 72.3%
n December 17, 2001 VU sells 9.3%
VU owns 63%
n June 28, 2002 VU sells 15.5%
VU owns 47.5%
n August 2, 2002 1.5 billion euro capital increase for VE
VU owns 40.8%
n December 24, 2002 VU sells 20.4%, +20.4% call option
exercisable at 26.5 euros per share at any
time until December 2004. VU owns 20.4%
2002, Annual Results – March 2003 6
7. Shareholder structure after capital stock
restructuring
New investors 20.4% (1) Vivendi Universal 20.4%
Floating 59.2%
(1) New investors:
investors:
Companies in the following groups: CDC, Groupama, Electricité de France,
Groupama,
BNP Paribas, Société Générale, Dexia , Groupe Axa, Assurances Générales de
Dexia,
France, Eurazeo, Caisse Nationale des Caisses d'Epargne, Crédit Lyonnais,
Eurazeo,
Crédit Agricole Indosuez (Switzerland) on behalf of customer, Crédit Mutuel
Switzerland) customer,
CIC, Generali, Groupe CNP, Crédit Agricole Indosuez (Switzerland) for its own
Generali, Switzerland)
account,
account, Médéric Prévoyance, Wasserstein Family Trust
NB : EDF owns 34% of Dalkia
2002, Annual Results – March 2003 7
8. 2. Industrial Profile
2002 :
The increase in year end results confirms the
soundness of our business model
2003 :
A new indicator (ROCE) is put in place in order to
optimise growth versus FCF
2002, Annual Results – March 2003 8
9. 2002 key figures
In €m 2002/2001
Exchange rate
Dec.31, 02 Dec. 31, 01
Current Constant
n Revenue 29,127
30,079
n Revenue from core businesses 28,073 26,513 +5.9% +7.2%
n EBITDA 3,887 3,760
n EBITDA from core businesses 3,727 3,480 +7.1% +8.0%
n EBIT 1,971 2,013
n EBIT from core businesses 1,847 1,813 +1.9% +3.2%
n Net income 339 (2,251)
n Recurring net income 429 420
n Recurring net income per share (in €) 1.16 1.20
n Dividend (in €) (1)
0.55 0.55
n Dividend pay out ratio 47% 46%
n Net debt 13,066 14,283
Number of shares: 405,070,459
Average number of shares in 2002: 370,213,187
(1) excluding tax credit and subject to the approval of the Shareholders Meeting on April 30
2002, Annual Results – March 2003 9
10. Unchanged strategy built around one
business: Environmental Services
n The only pure player in Environmental Services
n 4 well-matched divisions
è Water
è Waste
è Energy services
è Transportation
n Positions in high-potential markets such as Water
n Growth ensured by a balanced customer mix (municipalities
~65% of revenue; manufacturing and service customers ~35%)
n Secure geographical coverage
Over 95% of revenue generated in industrialized countries with
stable political and monetary systems
n Future cash flows that are recurring and undergoing growth:
€30 billion additional backlog in 2002
2002, Annual Results – March 2003 10
11. Main municipal and industrial contracts
Order backlog won in 2002: €30 billion
In €m Backlog
n Pudong 50 yrs China 10,000
n Redal (Rabat) 27 yrs Morocco 4,500
n Prague 15 yrs Czech Republic 2,700
n Indianapolis 20 yrs USA 1,500
n The Hague 30 yrs Netherlands 1,500
n Zhuhai 30 yrs China 390
n Baoji 23 yrs China 265
n Atlanta 20 yrs USA 200
n Gera 10 yrs Germany 100
n Alon 20 yrs USA 75
n French industry - France 68
n Richmond 20 yrs USA 59
n Oklahoma City 5 yrs USA 36
n Freyming – Merleback 12 yrs France 35
n California Microfiltration 1 yr USA 25
n Lens – Liévin 13 yrs France 17
n Toulouse 17.5 yrs France 16
n Narbonne 18 yrs France 15
n East Sussex 25 yrs UK 1,000
n Westminster 7 yrs UK 350
n Nouméa 30 yrs New-
New-Caledonia 350
n Marne 20 yrs France 306
n Borough of Camden 7 yrs UK 190
n Charleston (South Carolina) 7 yrs USA 119
n Singapore 5 yrs Singapore 45
n SNCF 6 yrs France 43
n Savannah (Georgia) 6 yrs USA 41
n Portsmouth 7 yrs UK 38
n Ford 3 yrs USA 10
n Water n Waste n Energy services n Transportation
2002, Annual Results – March 2003 11
12. Main municipal and industrial contracts
Order backlog won in 2002: €30 billion
Backlog
In €m
n Poznan 25 yrs Poland 1,700
n BP Lavera 12 yrs France 498
n " " 11 yrs France 387
n Resonor 24 yrs France 437
n Ahlstrom 10 yrs UK 72
n Manuli Films 10 yrs Italy 70
n Arcelor 15 yrs France 65
n Viry-
Viry -Châtillon 24 yrs France 48
n Aulnay 12 yrs France 42
n Majid 10 yrs United Arab Emirates 41
n Parme 9 yrs Italy 34
n Fortalezza 5 yrs Brazil 31
n Setuza 15 yrs Moravia 29
n Futuroscope 3 yrs France 26
n ATM Milano 5 yrs Italy 23
n Rhodia 15 yrs France 21
n Prince Charles Hospital, Wales
Hospital, 20 yrs UK 18
n Boston 5 yrs USA 1,000
n Jerusalem Tramway 27 yrs Israel 459
n Rikstrafiken 5 yrs Sweden 190
n Em-Senne-
Em-Senne -Weser 10 yrs Germany 180
n Certus 10 yrs Slovenia 170
n Dublin 5 yrs Ireland 157
n Bus Sleska 20 yrs Czech Republic 124
n Washington D.C. area 5 yrs USA 80
n Eskilstuna 6 yrs Sweden 56
n Los Angeles 5 yrs USA 50
n Water n Waste
2002, Annual Results – March 2003
n Energy services
12
n Transportation
13. 55% of revenue earned outside France but low
exposure to the emerging markets
Asia 4%
Other 2%
Latin America 2%
France
North America 12% 45%
Rest of Europe 35%
8% of revenue earned in countries rated ≤ A-
2002, Annual Results – March 2003 13
14. Revenue by Division : growing despite a weak
economic climate
Organic growth
Dec. 31, Dec. 31, at constant
In €m 2002/2001
2002 2001 exchange rates
n Water 11,288 11,027 +2.4% +4.0%
n Waste 6,139 5,914 +3.8% +5.0%
n Energy services 4,571 4,017 +13.8% +6.3%
n Transportation 3,422 3,099 +10.4% +4.5%
n FCC 2,653 2,455 +8.1% +8.5%
TOTAL 28,073 26,513 +5.9% +5.0%
2002, Annual Results – March 2003 14
15. Recurrence of cash flows : Water and Waste
generate 70% of EBITDA
In €m Dec. 31, 2002 r 2002/2001 2002 margin
n Water 1,604 +6.8% 14.2%
n Waste 949 +1.8% 15.5%
n Energy services 576 +20.8% 12.6%
n Transportation 291 +13.1% 8.5%
n FCC 354 +8.7% 13.3%
n Holding company (47)
n Total core businesses 3,727 +7.1% 13.3%
n Non-core businesses 160
n Total 3,887
2002, Annual Results – March 2003 15
16. The world leader position in Water
strengthens the VE industrial profile
(In €m) 2000 1,847
1800 1,813
1600
1400
1200 900
1000 875
800
600 385
391 244 250
400 229
221 116
200 112
0
Water (1) Energy Transportation FCC Total
Waste
services
Dec.
Dec.31, 02/Dec. 31, 01
02/Dec. +2.9% +9.1%
-1.4% +10.7% +3.1% +1.9%
At constant + 2.4% + 9.0%
+ 4.2% +2.9% + 9.4% +3.2%
exchange rate
(1) +5% excluding Proactiva at constant exchange rate (Onyx scope)
n Dec.
Dec. 31, 2002
n Dec. 31, 2001
Dec. Annual Results – March 2003
2002, 16
17. The “J curve”: in the short term, growth impacts on
ROI
In €m Maintenance Growth Comments
Pudong,
Pudong,Czech Republic , Morocco,
Republic, Morocco,
n Water 584 1,242 USA
Major projects in France, Sheffield,
n Waste 383 461 Hampshire
n Energy Contract in Estonia, Poznan in
Estonia,
services 96 340 Poland
Acquisition of Verney, Stockholm
Verney,
n Transportation 108 159 metro
n FCC
and Proactiva 152 213
1,323 2,415
Capital expenditure and investment acquisitions : €3.7bn, against
€4bn in 2001
2002, Annual Results – March 2003 17
18. One business : Environmental Services
Strengthening of the core business in 2002
In €m
Bristol Waterworks February 02 37
Filtration & Separation April 02 378
Plymouth Products September 02 126
Philadelphia Suburban Corp. September 02 207
South Staffordshire October 02 131
Distribution November 02 472
Bonna Sabla December 02 98
Miscellaneous tangible assets 203
Other financial disposals 119
TOTAL €1,771m
Over €1.7 billion in completed disposals: beyond target
2002, Annual Results – March 2003 18
19. 2002 : VE has self-financed its growth
Cash flow generation up significantly : +36%
In €m 2002 2001
è Cash flow from operations +13% 2,780 2,455
è Maintenance capital expenditure (1,323) (1,382)
Cash flow available before growth +36% 1,457 1,073
è Capital expenditure for growth (2,415) (2,670)
è Disposal of assets 1,771 598
è Change in scope of consolidation (525) (460)
è Change in working capital requirement (464) (1) 437 (2)
Cash flow before financial transactions (176) (1,022)
è Change in capital 1,554 411
è Impact of exchange rate, dividends and other (161) (484)
Cash flow for the year after capital increase 1,217 (1,095)
Net debt at start of year 2002 (14,283) (13,187)
Net debt at end of year 2002 (13,066) (14,283)
(1) Includes €223m increase related to the reduction in the French securitization program
(2) Includes €815m reduction related to the introduction of the French and US securitization program
2002, Annual Results – March 2003 19
20. Profitable growth : FFO +32% in 2 years at € 2.7G;
potential FCF (before growth ) : € 1.4 G
(before growth)
3000
2,780 Net debt / EBITDA (x)
In €m
2500 2,455 2002: 3.4 (x)
4 2001: 3.8 (x)
2,100 2000: 4.0 (x)
3.9
2000
3.8
3.7
1,457
1500
3.6
1,073 3.5
1000 +32% 3.4
758
+92% 3.3
500 3.2
3.1
0 3.0
n 2000 n 2001 n 2002 n 2000 n 2001 n 2002
Cash flow from operations Cash flow available
2002, Annual Results – March 2003 20
before growth
21. Industrial flexibility : VE can afford to balance
growth / FCF
n Average revenue growth in core business of
4–8% per year from 2002 to 2005
n Profitability improvement: increase in ROCE for
each division, based on:
è Maturing of contracts signed since 1999
è Productivity improvement efforts
è Implementation of synergies
è Selective investment policy
è Active management of asset portfolio
2002, Annual Results – March 2003 21
22. Key indicator: ROCE
(EBIT – group tax + companies accounted for by equity method)
companies method)
ROCE (1) =
Average capital employed for the year
Capital employed = Gross goodwill - amortization+ fixed assets
+ working capital requirements
+ equity method securities
– provisions for risks and liabilities – other LT liabilities
(1) These figures are calculated based on data for the core businesses.
businesses.
n A suitable tool for growth/capital decisions
è Strong potential growth and synergies
è Context of scarce capital
n A consistent and measurable operating indicator
n 2002 group ROCE: 6. 4% (including 2% impact from major
acquisitions
2002, Annual Results – March 2003 22
23. Permanent balance between growth and FCF
Key indicator: ROCE
2005 targets for growth and ROCE
8,5%
CA 2005 : +4% CAGR
8,0%
7,5%
ROCE
7,0%
6,5% 2002
CA 2005 : +8% CAGR
6,0%
5,5%
5,0% In €m
23 000 25 000 27 000 29 000 31 000 33 000 35 000 37 000
Core business revenue
2002, Annual Results – March 2003 23
24. 3. Financial Profile
Success in 2002:
Strengthening of financial flexibility
2003 Target:
To extend debt maturity
using the bond markets
2002, Annual Results – March 2003 24
25. Financial flexibility improved :
1- Renegotiation of covenants
n Extension of average debt maturity over 4 years
n Significantly stronger financial ratios: 40% improvement in
coverage ratio in two years
Financial ratios
2002 2001 2000
n EBITDA/financial expense (x) 5.1 4.8 3.7
n Net debt/EBITDA (x)
3.4 3.8 4.0
Covenants
n Interest coverage ratio (x) 5,7 (>4)
n Debt payout ratio (x)
3,5 (<4,25)
2002, Annual Results – March 2003 25
26. Financial result : € 150 M improvement in 2002
In €m 2002 2001 r
n Cost of financing (681) (764) 83
n Other financial income and expenses (25) (34)
Recurring
è Amort. of premium (mainly Océane) (33)
è Other 8
Non-recurring 58
è Capital gain from PSC disposal 110
è Depreciation of treasury stock (32)
è Other (20)
n Net financial result (648) (798) 150
Average 2002 interest rate 4.25% (2001 : 4.85%)
2002, Annual Results – March 2003 26
27. Structure of gross debt
Currency Type of rate
(after hedging)
Others 10%
Floating rates 49%
USD 22%
Fixed rates 51%
EUR 68%
2002, Annual Results – March 2003 27
28. Diversification of funding sources
Commercial paper
7%
Bonds
26%
Bilateral facilities
39%
Océanes
9%
Syndicated loans
19%
2002, Annual Results – March 2003 28
29. Borrowers within VE
Proportional
consolidation Subsidiaries
14% 16%
Project
Financing
structures
12%
Subsidiaries
84%
12%
Vivendi Environnement
62%
Vivendi Environnement
2002, Annual Results – March 2003 29
30. 2003 Target : continue extension of average debt
maturity : ~ 4 years at the end of 2002
Bonds 5.7 billion €
In M€
3000
LT Banking Debt 7.4 billion €
2500
2000
1500
1000
500
0
06
10
07
11
12
03
04
05
08
09
13
14
20
20
20
20
20
20
20
20
20
20
20
20
>
n Bonds n Banks
The bond market is a natural source of funds for the Group.
2002, Annual Results – March 2003 30
31. LT Ratings : S&P àBBB+ / O s
Moody’s àBaa1 / O -
è ST Ratings confirmed A2 (S&P), P2 (M)
n One success : withdrawal from S&P “credit cliff list ” in
December 2002
è Removal of all ratings triggers
è Easing of covenant levels
è Extension of the average debt maturity
è BBB+ rating stable
2002, Annual Results – March 2003 31
32. LT Ratings : S&P àBBB+ / O s
Moody’s àBaa1 / O -
n One disappointment : Moody’s retains a negative outlook
despite the elimination of the Shareholder risk
èThe negative outlook was the result of the Xdefault of Vivendi
Universal, cleared up in August 2002
èThe last press release on March 3rd states : “ VE has made
significant progress in 2002 in improving the financial arrangements of
facilities by removing all rating triggers that could lead to acceleration
and by increasing headroom under its financial covenants.
The negative outlook reflects Moody’s views regarding the needs for
further strengthening in areas including liquidity, increasing the
availability and maturity profile of its financing arrangements, and
reducing the growth trends in its underlying capital expenditure levels.”
2002, Annual Results – March 2003 32
33. The 2002 financial results strengthen the
soundness of our business model
n Strong stability in cash flows secured by a total backlog of more
than 10 years revenue
n Low sensitivity to economic position, especially in Water business
nLow customer risk
n Low country risk
The group became mature in 2002. This “emancipation” will be totally
achieved with the change of corporate structure and the change of
name (on the agenda of the next shareholder’s meeting).
2002, Annual Results – March 2003 33
34. Our 2003 targets
n Ratios : improvement
è 2003 : positive free cash-flows after disposals and
growth capex
è ≥ 2004 : positive free cash-flows
n Debt :
è Stabilization or even reduction
è Extension of duration by using bond markets
n Rating :
è Maintain or even improve our LT and ST ratings
2002, Annual Results – March 2003 34
35. Vivendi Environnement representatives
n Jérôme Contamine
Senior Executive Vice President and Chief Financial Officer
n Philippe Messager
Senior Vice President – Group Treasurer
38 Avenue Kléber – 75116 Paris / France
Phone number: +33 1 71 75 01 70
Fax: +33 1 71 75 10 13
E-mail: philippe.messager@groupve.com
n Nathalie Pinon
Director of Investor Relations
38 Avenue Kléber – 75116 Paris / France
Phone number: +33 1 71 75 01 67
Fax: +33 1 71 75 10 12
E-mail: nathalie. pinon @groupve.com
Web Site: http//www.vivendienvironnement-finance. com
2002, Annual Results – March 2003 35