key figures as of september 30, 2012
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07-11-2012TRANSCRIPT
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Key figures as ofSeptember 30, 2012
Conference call on November 7, 2012
Pierre‐François RiolacciChief Finance Officer
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Investor Relations , key figures as of September 30, 2012
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DisclaimerVeolia 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
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Highlights and key figures for the nine months ending September 30, 2012
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Key figures for nine months ending September 30, 2012
Revenue 23,963 20,913 21,599 3.3% 1.3% (4)
Adjusted operating cash flow 2,391 2,077 1,946 ‐6.3% ‐8.0%
Adjusted operating cash flow excluding Dalkia Italy write‐downs
2,077 2,034 ‐2.0% ‐3.7%
Adjusted operating income 1,251 1,118 841 ‐24.8% ‐25.8%
Adjusted operating income excluding Dalkia Italy write‐downs
1,118 930 ‐16.9% ‐17.9%
Operating income (2) 568 446 718 +61.0% +59.4%
Free Cash Flow (3) +58 +58 ‐72
Net financial debt 15,045 15,045 15,176
Sept. 30, 2011
published
Sept. 30, 2011 re‐presented(1)
Sept. 30, 2012
ΔConstant
FXΔIn €M
(1) To ensure the comparability of periods, the first nine months 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 whole Veolia Transdev income (from March 3rd to September 30th 2011) except the activities of the group Société Nationale Maritime Corse Méditerranée (SNCM) the Solid waste activities in the United States in the Environmental Services division, and the public lighting activities (Citelum) in the Energy Services division;‐ the impact of the reclassification into “net income from discontinued operations” of divested activities such as the regulated activities in the United Kingdom in the Water division;‐ the impact of the reclassification into ‘continuing operations’ of the “Pinellas” incineration activities within the Montenay International entities in the United States in the Environmental Services division, whose divesture process was interrupted in the second semester of 2011.For the record, as of September 30,2011, the Transportation Division as a whole (from January 1st to March 3rd, 2011) was reclassified into “net income from discontinued operations”.
(2) Non recurring items include impairment losses on goodwill recorded in respect of Company subsidiaries as of September 30,2011 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.
(4) +1.0% at constant scope & FX
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Investor Relations , key figures as of September 30, 2012
Water
• France: more than 100 contract renewals
• New industrial contracts in Asia :
Gain of the industrial water and energy optimization contract of Chengde Iron (China): €44M of cumulated revenue over 7 years
Environmental Services
• France : contract renewals at September‐end > €220M, and new contracts > €45M (cumulated revenue)
• USA : contract renewals at September‐end > $350M (cumulated revenue)
• China: New concession contract, in partnership with a Chinese company, for a hazardous waste treatment facility in Changsha (Hunan Province) : cumulated revenue of €320M over 25 years
Energy Services
• New contracts for more than €194M of annual revenue, of which 50% in France, the rest in Central Europe and China. Examples:
France: Industrial utilities for Ajinomoto Eurolysine in Amiens : Cumulated revenue of €23M over 12 years
Slovakia: First EPC contract of Energy services for 74 schools in Kosice : cumulated revenue of €80M over 18 years
Commercial Development
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Water: Revenue stable at constant scope & FX in Q3, similar to Q2, with improvement in Operations activities and lower growth in Technologies & Networks
• Operations: flat revenue in Q3 at constant scope & FX, versus ‐2.9% in Q2 due mainly to France (+2.7% versus ‐1.5%)
Stabilized volumes and favorable indexations in the 3rd quarter
Environmental Services: revenue declined 3.4% at constant scope & FX in Q3, versus ‐5.7% in Q2:
• Geographic refocusing: cessation and restructuring of certain activities in North Africa and Italy
• Recycled raw material prices below 2011 historically high levels
Impact at Sept.30, 2012 of roughly ‐€143M on revenue
• Impact of lower volumes limited to ‐1% for the 9 months in a difficult environment, particularly in the UK and Germany for industrial customers
• Good resilience in France, particularly in hazardous waste and incineration
Energy Services: revenue increased 5.3% at constant scope & FX in the nine months, similar to H1 trend
• Higher energy prices: positive impact of €176M vs. 9M 2011
Good resilience of activities in a difficult environment (1/2)
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Good resilience of activities in a difficult environment (2/2)
Improvement in 3rd quarter adjusted operating cash flow to €562M versus €544M in Q3 2011
• Favorable base effect (operational difficulties in Q3, 2011)
• Limited restructuring costs recorded in Q3
• 3rd quarter adjusted operating cash flow increased 3.3%, after a decline of 3.2% in Q1 and ‐19.6% in Q2 (including the receivables write‐down in Italy)
• At September 30, 2012: YTD adjusted operating cash flow declined 8% at constant exchange rates (‐3.7% excluding the receivables write‐downs in Italy) to €1,946M,versus ‐10.6% at constant exchange rates for the half year ended June 30, 2012
Adjusted operating income in Q3 followed the same trend as H1 2012
• At September 30, 2012: YTD adjusted operating income declined 25.8% at constant exchange rates (‐17.9% excluding the receivables write‐down in Italy) to €841M
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Net financial debt of €15.2 billion
Seasonal movement in WCR: ‐ €648M (‐€542M at September 30, 2011)
YTD Gross investments of €2,244M, versus €1,846M at September 30, 2011
• Reinvestment of 10% in UK regulated water business (€44M): guaranteed return of 9%
• Buyback of minorities in our Water activities in Czech Republic for €79M, and in the Azaliya JV for €246M
• Increase in growth investments in Energy Services
Asset divestments and transactions in process
• Asset divestments of €1,660M in YTD September 30, 2012
• Closing of the U.S. solid waste divestment expected before end of November
• VTD Memorandum of Understanding signed with the Caisse des Dépôts
• Berlin: equity method accounting for our participation as of November 1, 2012 => net debt reduction of about €1.4 billion
In Q4, the Company should generate FCF of €2.5 to €3 billion
Net financial debt
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Convergence Plan implementation (1/2)
Efficiency Plan: €105M in net savings for the YTD ending September 30, 2012 (impact on operating income)
Cost reductions/ Convergence 1 : €45M net savings for the YTD ending September 30, 2012 (impact on operating income)
As of June 30, 2012
Adj. Op. Income Projection 2012
Convergence 1 Adj. Op. Cash Flow
Adj. Op. Income
Adj. Op. Cash Flow
Adj. Op. Income
At June 30
At Sept. 30
Gross savings 59 59 94 94 109 117
Implementation costs
‐25 ‐32 ‐45 ‐49 ‐59 ‐63
Net savings 34 27 49 45 50 54
As of September 30, 2012
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Breakdown of net savings by geography at Sept. 30, 2012
17%
7%
5%
11%
4%13%
33%
10%
France
North America &Australia
Latin America andSouthern Europe
Asia, Africa, MiddleEast
Central & EasternEurope
Northern Europe
Corporate HQ
Other
Breakdown of net savings by lever at Sept. 30, 2012
33%
59%
7%
1%
Purchasing
OrganizationalEfficiency
IT costs
ExternalExpenses
In €M
Impact at Sept. 30, 2012:
303 contributing projects
€94M gross savings
€45M net savings (Op.income)
325 projects approved
Convergence Plan implementation (2/2)
100
6075
109 117
‐80
‐38‐52 ‐59 ‐63
2012Objective
Feb. 172012e
Apr. 27 2012e
July 202012e
Oct. 31 2012e
Implementation costs
Gross cost savings
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Investor Relations , key figures as of September 30, 2012
(1) Before closing exchange rate impact(2) Net of implementation costs(3) Subject to approval of Veolia’s Board of Directors and Shareholders(4) Net financial debt / (Operating cash flow before changes in working capital + principal payments on
operating financial assets)(5) ±5%
2012‐2013:Transition period
• Divestments of €5 billion• Reduce net financial debt below €12bn(1)
• Cost reduction in 2013: gross impact of €270M and net(2)
impact of €170M on operating income
• Commitment on dividend policy
→ €0.70(3) per share in 2012 paid in cash or in
shares
→ €0.70(3) per share in 2013
2014 and beyond:New Veolia
• Organic revenue growth > 3% CAGR (mid‐cycle)• Adjusted Operating Cash Flow > 5% CAGR (mid‐cycle)• Leverage(4) of 3.0x(5)
• Mid‐term: historical payout ratio(3)
• Cost reduction in 2015: gross impact of €500M and net(2)
impact of €470M on operating income
Mid‐term objectives confirmed
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Appendices
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Summary of Appendices
Appendix 1 : Main 9M 2011 re‐presented figures IFRS 5
Appendix 2 : Impact of variations in foreign exchange rates during the 9 months
Appendix 3 : Revenue by quarter
Appendix 4 : Revenue by geographic region
Appendix 5 : Revenue by division
Appendix 6: Water
Appendix 7: Environmental Services
Appendix 8 : Energy Services
Appendix 9: Quarterly evolution of net financial debt
Appendix 10: Evolution of recycled raw material prices
Appendix 11 : Main impacts of French fiscal tax laws and proposals 2012 & 2013
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(€M) 9M 2011published
9M 2011Re‐presented (1 )
Revenue 23,963.4 20,913.4Adjusted operating Cash Flow 2,391.2 2,076.9Adjusted operating income 1,250.9 1,118.1Operating income(2) 568.0 446.1Free Cash Flow (3) +58.0 +58.0
Appendix 1: Main 9M 2011 re‐presented figures IFRS5(1)
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(1) To ensure the comparability of periods, the first nine months 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 whole Veolia Transdev income (from March 3rd to September 30th 2011) except the activities of the group Société Nationale Maritime Corse Méditerranée (SNCM), the Solid waste activities in the United States in the Environmental Services division and the public lighting activities (Citelum) in the Energy Services division;‐ the impact of the reclassification into “net income from discontinued operations” of divested activities such as the regulated activities in the United Kingdom in the Water division;‐ the impact of the reclassification into ‘continuing operations’ of the “Pinellas” incineration activities within the Montenay International entities in the United States in the Environmental Services division, whose divesture process was interrupted in the second semester of 2011.For the record, as of September 30,2011, the Transportation Division as a whole (from January 1st to March 3rd, 2011) was reclassified into “net income from discontinued operations”.
(2) Non recurring items include impairment losses on goodwill recorded in respect of Company subsidiaries as of September 30,2011 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.
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Appendix 2: Impact of variations in foreign exchange rates during the 9 months
Depreciation of the euro 9M 2012 / 9M 2011
Average rate Closing rate
• Australian dollar +8.5% +10.7%
• U.K. pound sterling +6.8% +7.9%
• U.S. dollar +8.9% +4.2%
• Chinese renminbi yuan +11.3% +5.7%
Impacts on key Company figures• Revenue +€408M
• Adjusted operating cash flow +€36M
• Adjusted operating income +€11M
• Increase in net financial debt €265M
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Appendix 3: Revenue by quarter
1st quarter 2nd quarter 3rd quarter
2011
Re‐presented(1)
2012 Δconstant
scope &
FX
2011
Re‐presented(1)
2012 Δconstant
scope &
FX
2011
Re‐presented(1)
2012 Δconstant
scope &
FX
Water 2,880.2 3,018.7 +5.2% 3,047.2 3,076.7 ‐0.3% 3,024.7 3,113.5 ‐
Environmental
Services
2,196.3 2,197.0 ‐1.1% 2,357.3 2,284.8 ‐5.7% 2,252.5 2,269.0 ‐3.4%
Energy Services 2,286.6 2,502.6 +6.2% 1,311.2 1,418.0 +5.6% 1,179.4 1,260.6 +3.4%
Other 120.5 132.9 ‐3.6% 104.6 150.0 +40.7% 152.9 175.3 +11.6%
Company 7,483.6 7,851.2 +3.5% 6,820.3 6,929.5 ‐0.4% 6,609.5 6,818.4 ‐0.3%
Variation at
current scope & FX
+4.9% +1.6% +3.2%
(1) See note 1 Appendix 1 (IFRS 5) and IFRS 8 reclassifications
In €M
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Appendix 4: Revenue by geographic region
Δ Δ constant FX
Δ excl. FX & scope
Central & Eastern Europe +13.0% +16.3% +7.5%
France +3.1% +3.1% +3.4%
Europe excl. France and Central & Eastern Europe
‐4.1% ‐6.2% ‐4.9%
United States +8.4% ‐1.2% ‐0.7%
Asia Pacific +9.4% ‐0.4% +1.8%
Rest of the world +7.4% +5.9% +2.6%
Total +3.3% +1.3% +1.0%1,531 1,6432,089 2,2861,246 1,351
5,786 5,551
8,327 8,583
1,934 2,18520,913 21,599
In €M
(1) See note 1 Appendix 1
Nine months Sept. 30,
2012
Nine months Sept. 30, 2011 (1)
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ΔΔ
constant FX
Δ excl. FX & scope
Water +2.9% +0.9% +1.6%
Environmental Services ‐0.8% ‐3.8% ‐3.4%
Energy Services +8.5% +8.2% +5.3%
Other +21.2% +19.0% +14.8%
Total +3.3% +1.3% +1.0%
(1) See note 1 Appendix 1
in €M
6,806
8,952
9 064
Nine months Sept. 30, 2011 (1)
20,91321,599
4,777
6,751
9,209
Nine months Sept. 30, 2012
5,181
378 458
Appendix 5: Revenue by division
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Appendix 6: Water:Revenue increased 2.9% to €9,209M
Operations: Revenue of €6,435M, stable at constant scope & FX compared to Sept. 30, 2011: improvement in Q3, with stable revenue compared to a decline of 2.9% in Q2
• France: revenue increased at constant scope by 2.7% in Q3 versus a decline of 1.5% in Q2: volumes stabilized in Q3 and favorable indexation despite continued contractual erosion
• Outside France: stable revenue +0.5% (‐0.6% at constant scope & FX); good performance in Central Europe and China, but lower revenue in Berlin (lower prices mandated by FCO), in Australia (end of Adelaide contract) and in the US (end of the Indianapolis contract)
Technologies & Networks: Revenue increased 8.5% (+5.1% at constant scope & FX)
• Slowdown in revenue growth in Q3
2,557 2,774
6,4356,395
2011* 2012
OperationsTechnologies & Networks
* The 2011 financial statements have been re‐presented in order to ensure comparability of periods for the U.K regulated Water activities
8,952 9,209 +2.9%
+0.6%
+8.5%
Nine months revenue at September 30 (€M)
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Appendix 7: Environmental ServicesStable revenue at €6,751M
France (+0.4% at constant scope, comparable to June 30): stronger activity levels, notably in hazardous waste treatment and incineration, as well as higher recycled volumes and certain price increases offset the unfavorable effect of recycled raw material pricesUK (‐5.4% at constant scope & FX, versus ‐7.4% at constant scope & FX at June 30): decline in landfill volumes partially compensated by increased tonnage incinerated (New Haven)Germany (‐14.0% at constant scope) : impact of lower prices and volumes of recycled raw materialsUSA (+0.3% at constant scope & FX): primarily due to hazardous waste treatment
Price and volumes of recycled materials ‐2.2 %
Waste volumes & level of activity ‐1.0 %
Service price increases +0.7 %
Other ‐1.0 %
Foreign exchange +3.0%
Scope ‐0.4%
2011* 2012
6,806 6,751‐3.4%
constant scope &
FX
Revenue variation 9M2012 / 9M2011 : ‐0.8%
* The 2011 financial statements have been re‐presented in order to ensure the comparability of periods for the U.S. Solid Waste activities
In €M 2011 2012 Variation Δconstant scope &
FX
1st quarter 2,196 2,197 ‐ ‐1.1%
2nd quarter 2,357 2,285 ‐3.1% ‐5.7%
3rd quarter 2,253 2,269 +0.7% ‐3.4%
9 months 6,806 6,751 ‐0.8% ‐3.4%
Revenue growth by quarter
Nine months revenue at September 30 (€M)
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Appendix 8: Energy ServicesRevenue increased 8.5% to €5,181M
Revenue increased 8.5% (+5.3% at constant scope & FX) to €5,181M, versus +5.9% for the YTD at June 30 (Q3 was not significant in terms of trends)• Higher energy prices : positive impact of €176M vs. 2011 and favorable weather impact (+€48M)
In France, revenue increased 9.6% (+10.8% at constant scope)• Good contractual performance, favorable weather and price effects (increase in average fuel basket prices of 15.4%)
Outside France, revenue increased 7.5%, (and was stable at constant scope & FX)• Central & Eastern Europe* remains the primary geographic zone of growth (revenue increase of +20.7% and +5.6% at constant scope & FX) despite lower electricity sales in the Czech Republic and the end of cogenerated energy subsidies in Hungary
• Italy: continued restructuring of Siram, in light of planned divestment
2,3812,172
2,8002,605
2011** 2012
France Outside France
* Poland, Czech Republic, Slovakia, Hungary, Bulgaria, Romania, Baltic countries* * The 2011 financial statements have been re‐presented in order to ensure comparability of periods for the Citelum activities
4,7775,181 +8.5%
+7.5%
+9.6%
Nine months revenue at September 30 (€M)
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Appendix 9: Net financial debt
15,176
14,69315,021
14,73015,045
14,76414,511
16,528
16,82016,827
15,909 15,76715,21815,37715,127
16,027
10,000
12,000
14,000
16,000
18,000
31-dec-08
31-Mar-09
30-Jun-09
30-Sep-09
31-dec-09
31-Mar-10
30-Jun-10
30-Sep-10
31-dec-10
31-Mar-11
30-Jun-11
30-Sep-11
31-dec-11
31-Mar-12
30-Jun-12
30-Sep-12
In €M
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Appendix 10: Evolution of recycled material prices
0
20
40
60
80
100
120
140
160
180
jan 08
feb 08
mar 08
apr 0
8may
08jun
08jul
08au
g 08
sept
08oc
t 08
nov 0
8de
c 08
jan 09
feb 09
mar 09
apr 0
9may
09jun
09jul
09au
g 09
sept
09oc
t 09
nov 0
9de
c 09
jan 10
feb 10
mar 10
apr 1
0may
10jun
10jul
10au
g 10
sept
10oc
t 10
nov 1
0de
c 10
jan 11
feb 11
mar 11
apr 1
1may
11jun
11jul
11au
g 11
sept
11oc
t 11
nov 1
1de
c 11
jan 12
feb 12
mar 12
apr 1
2may
12jun
12jul
12au
g 12
sept
2012
0
50
100
150
200
250
300
350
400
450
500
Cardboard Paper Metals
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Appendix 11: Main impacts of French fiscal tax laws and proposals in 2012 and 2013
Deductibility of financial interest expense paid in France limited to 85% in 2012, then 75% en 2013• As a result of the fiscal deficit situation of Veolia in France, this measure will not have a significant near term impact on income tax expense
Taxation of 3% on dividend distributions paid in cash• On the basis of a dividend of €0.70 per share, impact of roughly €11M
Increase in social charges on employee profit sharing plans and incentives on Group savings plans• Impact limited to roughly €5M
Tougher stance on utilization of tax loss carryforwards: 50% above €1M (instead of 60%)
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Investor Relations , key figures as of September 30, 2012
Investor Relations contact information
Ronald Wasylec, Senior Vice President, Investor Relations
Telephone +33 1 71 75 12 23
e‐mail [email protected]
Ariane de Lamaze
Telephone +33 1 71 75 06 00
e‐mail ariane.de‐[email protected]
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 [email protected]
http://www.finance.veolia.com25