Cash flow Veolia Environnement

Equities

VIE

FR0000124141

Multiline Utilities

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03:07pm	Veolia: BlackRock exceeds 5% of share capital	CF
09-16	Veolia: record subscription rate for Sequoia 2024	CF

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Published financial data: VEOLIA ENVIRONNEMENT

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues - (Utility Template)	27.19B	26.01B	28.51B	42.89B	45.35B
Total Revenues	27.19B	26.01B	28.51B	42.89B	45.35B
Selling General & Admin Expenses, Total	2.77B	2.71B	2.89B	4.17B	4.33B
Stock-Based Compensation (IS)	21.4M	33.3M	51.2M	54.1M	56M
Other Operating Expenses	22.91B	22.22B	24.29B	36.18B	38.15B
Total Operating Expenses	25.7B	24.96B	27.24B	40.41B	42.54B
Operating Income (REIT / Utility Template)	1.49B	1.05B	1.27B	2.48B	2.81B
Interest Expense, Total	-471M	-448M	-420M	-697M	-769M
Interest and Investment Income	3.4M	2.8M	124M	4.1M	3M
Net Interest Expenses	-468M	-446M	-296M	-693M	-766M
Income (Loss) on Equity Invest.	130M	110M	105M	127M	123M
Currency Exchange Gains (Loss)	-107M	-94.8M	7.9M	-213M	-79M
Other Non Operating Income (Expenses)	-57.9M	-43.6M	-108M	-233M	-499M
EBT, Excl. Unusual Items	990M	575M	978M	1.47B	1.59B
Restructuring Charges	-127M	-107M	-68.2M	-116M	-76M
Total Merger & Related Restructuring Charges	-	-	-	-86.5M	-10M
Impairment of Goodwill	-1.6M	-44.1M	10.8M	-69M	-2M
Gain (Loss) on Sale of Investments	800K	-4.3M	-13.3M	301M	366M
Gain (Loss) on Sale of Assets	338M	34.1M	-7.1M	-	-
Asset Writedown	-17.4M	-59.6M	-	-	-
Other Unusual Items	-12.1M	-29.4M	-	-	-
EBT, Incl. Unusual Items	1.17B	365M	901M	1.5B	1.87B
Income Tax Expense	298M	137M	346M	420M	511M
Earnings From Continuing Operations	872M	228M	555M	1.08B	1.36B
Earnings Of Discontinued Operations	-112M	-19.9M	-	-78.6M	-24M
Net Income to Company	761M	208M	555M	998M	1.33B
Minority Interest	-136M	-120M	-151M	-282M	-397M
Net Income - (IS)	625M	88.8M	404M	716M	937M
Preferred Dividend and Other Adjustments	5.5M	-	-	-	-
Net Income to Common Incl Extra Items	619M	88.8M	404M	716M	937M
Net Income to Common Excl. Extra Items	731M	109M	404M	794M	961M
Per Share Items
Net EPS - Basic	1.12	0.16	0.68	1.04	1.33
Basic EPS - Continuing Operations	1.32	0.2	0.68	1.15	1.36
Basic Weighted Average Shares Outstanding	553M	555M	593M	688M	705M
Net EPS - Diluted	1.07	0.16	0.65	1	1.28
Diluted EPS - Continuing Operations	1.26	0.19	0.65	1.11	1.31
Diluted Weighted Average Shares Outstanding	578M	580M	618M	714M	731M
Normalized Basic EPS	0.87	0.43	0.78	0.92	0.85
Normalized Diluted EPS	0.83	0.41	0.75	0.89	0.82
Dividend Per Share	0.5	0.7	1	1.12	1.25
Payout Ratio	81.47	312.05	104.11	108.41	93.6
American Depositary Receipts Ratio (ADR)	0.5	0.5	0.5	0.5	0.5
Supplemental Items
Utility Revenues	27.19B	26.01B	28.51B	43.29B	45.35B
Non Utility Revenues	-	-	-	-400M	-
EBITDA	3.11B	2.5B	2.84B	4.96B	5.31B
EBITA	2.12B	1.59B	1.84B	3.53B	3.88B
EBIT	1.49B	1.05B	1.27B	2.48B	2.81B
EBITDAR	3.22B	2.53B	2.87B	5.03B	5.38B
Effective Tax Rate - (Ratio)	25.49	37.49	38.39	28.06	27.34
Current Domestic Taxes	33.7M	22.9M	41.5M	100M	38M
Current Foreign Taxes	298M	201M	267M	495M	535M
Total Current Taxes	331M	224M	309M	595M	573M
Deferred Domestic Taxes	14.6M	-11.7M	3.4M	-91.9M	7M
Deferred Foreign Taxes	-47.5M	-75.5M	33.6M	-83.6M	-69M
Total Deferred Taxes	-32.9M	-87.2M	37M	-176M	-62M
Normalized Net Income	483M	240M	461M	635M	597M
Interest on Long-Term Debt	40.8M	32.2M	28.2M	52.5M	58M
Non-Cash Pension Expense	1.7M	-18M	-600K	14.1M	-10M
Supplemental Operating Expense Items
Selling and Marketing Expenses	611M	562M	584M	954M	998M
General and Administrative Expenses	2.16B	2.14B	2.31B	3.22B	3.34B
Research And Development Expense From Footnotes	55.6M	56.5M	65.8M	131M	125M
Net Rental Expense, Total	107M	25.3M	28M	68.7M	70M
Imputed Operating Lease Interest Expense	24.31M	4.91M	4.59M	15.44M	15.13M
Imputed Operating Lease Depreciation	83.09M	20.39M	23.41M	53.26M	54.87M
Stock-Based Comp., Other (Total)	26.2M	35.1M	57.4M	59.4M	115M
Total Stock-Based Compensation	26.2M	35.1M	57.4M	59.4M	115M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	5.84B	5.84B	10.52B	9.01B	8.7B
Short Term Investments - (Utility / Insurance Templates)	552M	1B	1.44B	1.85B	2.09B
Accounts Receivable, Total	7.49B	7.33B	8.02B	11.16B	11.15B
Other Receivables	1.85B	1.78B	1.99B	3.37B	3.21B
Accounts Receivable (Summary Subtotal)	9.34B	9.11B	10.02B	14.53B	14.36B
Inventory - (Utility Template)	792M	798M	816M	1.49B	1.55B
Notes Receivable (Collected)	272M	245M	210M	545M	339M
Assets Of Discontinued Operations Current	-	-	-	-	-
Other Current Assets, Total	125M	630M	444M	1.29B	859M
Total Current Assets	16.93B	17.62B	23.44B	28.71B	27.9B
Gross Property Plant And Equipment	22.85B	23.57B	24.66B	34.43B	35.79B
Accumulated Depreciation	-13.5B	-13.82B	-14.4B	-15.87B	-16.8B
Net Property Plant And Equipment	9.34B	9.75B	10.26B	18.57B	18.99B
Goodwill	5.13B	5.89B	6.2B	11.64B	11.56B
Other Intangibles, Total	4.89B	4.92B	5.03B	8.43B	8.5B
Long-Term Investments - (Utility Template)	3.38B	5.7B	6.58B	3.31B	3.01B
Loans Receivable Long-Term - (Utility Template)	355M	404M	406M	461M	522M
Deferred Tax Assets Long-Term (Collected)	953M	1.04B	1.06B	2.05B	2.04B
Other Long-Term Assets, Total	39M	53.6M	88.5M	128M	50M
Total Assets	41.02B	45.36B	53.08B	73.3B	72.57B
Liabilities
Accounts Payable, Total	5.04B	4.5B	5.46B	8.08B	7.96B
Short-Term Borrowings	302M	218M	242M	214M	379M
Current Portion of Long-Term Debt	5.44B	7.2B	8.62B	6.52B	7.2B
Current Portion of Leases	466M	403M	411M	496M	467M
Current Income Taxes Payable	1.24B	1.24B	1.29B	2.04B	2.08B
Unearned Revenue, Current	1.05B	1.05B	1.2B	1.54B	1.88B
Other Current Liabilities - (Bank / Utility Template)	5.31B	5.83B	6.59B	10.31B	10.05B
Total Current Liabilities	18.85B	20.45B	23.82B	29.2B	30.01B
Long-Term Debt	9.37B	10.84B	10.46B	19.69B	18.78B
Long-Term Leases	1.42B	1.3B	1.3B	1.66B	1.53B
Deferred Tax Liability Non-Current	984M	1.09B	1.2B	2.64B	2.58B
Other Non Current Liabilities, Total	3.32B	3.37B	3.53B	5.25B	4.96B
Total Liabilities	33.94B	37.05B	40.31B	58.44B	57.86B
Common Stock, Total	2.84B	2.89B	3.5B	3.57B	3.63B
Additional Paid In Capital	7.2B	7.29B	9.31B	9.47B	9.63B
Retained Earnings	-	-	-	-	-
Treasury Stock	-442M	-451M	-430M	-436M	-375M
Comprehensive Income and Other	-3.66B	-2.52B	-860M	-353M	-572M
Total Common Equity	5.93B	7.22B	11.52B	12.25B	12.31B
Minority Interest	1.14B	1.1B	1.25B	2.61B	2.39B
Total Equity	7.08B	8.31B	12.77B	14.87B	14.7B
Total Liabilities And Equity	41.02B	45.36B	53.08B	73.3B	72.57B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	555M	566M	687M	702M	715M
ECS Total Common Shares Outstanding	555M	566M	687M	702M	715M
Book Value / Share	10.69	12.75	13.18	12.48	12.14
Tangible Book Value	-4.08B	-3.59B	282M	-7.82B	-7.74B
Tangible Book Value Per Share	-7.36	-6.34	-3.17	-16.12	-15.91
Total Debt	17B	19.95B	21.04B	28.58B	28.35B
Net Debt	10.6B	13.11B	9.08B	17.72B	17.56B
Debt Equivalent of Unfunded Proj. Benefit Obligation	662M	637M	558M	597M	597M
Debt Equivalent Oper. Leases	859M	202M	224M	550M	560M
Minority Interest, Total (Incl. Fin. Div)	1.14B	1.1B	1.25B	2.61B	2.39B
Equity Method Investments, Total	1.88B	1.37B	1.59B	1.98B	1.71B
Account Code - Inventory Valuation	3	3	3	3	3
Inventories - Raw Materials, Total	632M	630M	638M	1.28B	1.31B
Inventories - Work In Process, Total	111M	118M	131M	142M	153M
Inventories - Others	124M	174M	97.8M	135M	189M
Land - (BS)	1.45B	1.48B	1.55B	2.48B	2.53B
Buildings, Total	3.23B	3.66B	3.94B	4.9B	5.32B
Machinery, Total	12.27B	12.48B	13.04B	18.94B	19.38B
Full Time Employees	171K	158K	158K	189K	206K
Accumulated Allowance for Doubtful Accounts (Supple)	848M	948M	1.03B	1.09B	1.24B

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	625M	88.8M	404M	716M	937M
Depreciation, Depletion & Amortization	1.44B	1.36B	1.43B	2.01B	1.98B
Amortization of Goodwill and Intangible Assets - (CF)	625M	537M	566M	1.05B	1.07B
Total Depreciation, Depletion & Amortization	2.06B	1.89B	2B	3.06B	3.05B
Amortization of Deferred Charges, Total	-	99.8M	98.9M	-	-
(Gain) Loss On Sale of Asset - (CF)	12.5M	19.2M	-39.2M	-299M	-83M
(Gain) Loss on Sale of Investments - (CF)	-416M	-34.7M	400K	-310M	318M
Total Asset Writedown	19M	104M	66.9M	240M	137M
(Income) Loss On Equity Investments - (CF)	-130M	-110M	-105M	-127M	-123M
Change in Accounts Receivable	-110M	-176M	-686M	-1.28B	-251M
Change In Inventories	-74.2M	-68M	-11.6M	-393M	-129M
Change In Income Taxes	-	-	25.7M	38.2M	-60M
Change in Other Net Operating Assets (Collected)	290M	347M	908M	1.49B	522M
Other Operating Activities	841M	575M	501M	970M	710M
Net Cash From Discontinued Operations	-30.7M	-12.7M	-16.6M	43.8M	-22M
Cash from Operations	3.09B	2.72B	3.15B	4.15B	5B
Capital Expenditure	-1.68B	-1.61B	-1.73B	-2.78B	-3.14B
Sale of Property, Plant, and Equipment	163M	236M	316M	598M	318M
Cash Acquisitions	-137M	-1.47B	-	-	-
Divestitures	49M	91M	-	-	-
Investment in Marketable and Equity Securities, Total	1.37B	-3.42B	228M	6B	414M
Net (Increase) Decrease in Loans Originated / Sold - Investing	-27.1M	-38.9M	111M	488M	127M
Other Investing Activities, Total	-	70.6M	223M	222M	157M
Cash from Investing	-255M	-6.14B	-851M	4.52B	-2.12B
Short Term Debt Issued, Total	-	1.08B	-	-	-
Long-Term Debt Issued, Total	1.82B	4.3B	1.43B	879M	970M
Total Debt Issued	1.82B	5.39B	1.43B	879M	970M
Short Term Debt Repaid, Total	-465M	-	-38.6M	-4.14B	-948M
Long-Term Debt Repaid, Total	-1.4B	-690M	-630M	-2.33B	-1.2B
Total Debt Repaid	-1.87B	-690M	-668M	-6.47B	-2.15B
Issuance of Common Stock	17.9M	147M	2.69B	227M	269M
Repurchase of Common Stock	-	-8.3M	-	-505M	-
Common Dividends Paid	-509M	-277M	-421M	-776M	-877M
Common & Preferred Stock Dividends Paid	-509M	-277M	-421M	-776M	-877M
Other Financing Activities, Total	-1.09B	-1.04B	-737M	-3.52B	-1.35B
Cash from Financing	-1.63B	3.52B	2.29B	-10.17B	-3.14B
Foreign Exchange Rate Adjustments	-3.9M	-25.7M	63.2M	45.7M	-228M
Miscellaneous Cash Flow Adjustments	-	1.8M	-	-25.6M	4M
Net Change in Cash	1.2B	81.3M	4.65B	-1.48B	-482M
Supplemental Items
Cash Interest Paid	550M	517M	462M	769M	681M
Cash Income Tax Paid (Refund)	242M	258M	286M	557M	637M
Net Debt Issued / Repaid	-43.3M	4.7B	761M	-5.59B	-1.18B
Levered Free Cash Flow	1.9B	541M	2.16B	2.51B	2.04B
Unlevered Free Cash Flow	2.2B	821M	2.42B	2.95B	2.52B
Change In Net Working Capital	-854M	253M	-1.2B	-1.07B	-740M

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	2.32	1.52	1.61	2.45	2.41
Return on Total Capital	3.94	2.5	2.56	4.01	4.06
Return On Equity %	12.38	2.97	5.26	7.79	9.19
Return on Common Equity	12.39	1.65	4.31	6.68	7.82
Margin Analysis
Gross Profit Margin %	16.04	14.95	16.14	16.66	16.54
SG&A Margin	10.18	10.4	10.15	9.72	9.56