Date: November 10, 2011
Source: Veolia Environnement SA
French utility Veolia Environnement SA said "operational difficulties," especially in Southern Europe, North Africa and the United States are being resolved but hurt current earnings in the last nine months ended September 30. Nine-month adjusted operating income declined 8.6 percent at current exchange rates to 1.25 billion euros from the restated 1.37 billion euros a year ago. Revenue, however, grew 3.7 percent to 23.96 billion euros at constant scope and exchange rates. Chairman and CEO Antoine Frérot said "The results . . . continue to be impacted by the operational difficulties in a certain number of our operations [but that] the reorganization is progressing." The company said it will continue to pursue organic growth, seek 250 million euros in costs savings, divestments of 1.3 billion euros and positive free cash flow after payment of the dividend is confirmed.
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