Recycling boosts the first half of Veolia targets confirmed

Veolia Environnement publishes interim results up thanks to rising prices of raw materials recycled and confirms its targets for 2010.

The world leader in environmental services was reiterated in a statement it was on full year free cash flow positive after dividends and an increase in its recurring operating income.

Veolia has also confirmed it was three billion euros in sales over the period 2009-2011 – from 1.3 billion achieved in 2009 and 766 million in the first half of 2010 – and was continuing the implementation of a savings program overall 250 million for 2010.

In the first six months of the year, this program has contributed to the growth of its cash flow (CFO) operational up to 132 million euros.

Veolia in the first half net profit group share of 374 million euros (+69.9%), an operational CFO 1,885,000 (+0.2% at constant exchange rates), operating profit of 1.125 million ( +7.9% at constant exchange rates) and a turnover of 17.177 million (-3.3% at constant exchange rates).

The consensus achieved by the editor of Reuters, analysts expected an average net profit of 346 million euros, operating cash flow of 1.908 million and a turnover of 16.924 million.

Recurring operating income of Veolia spring for its 1.078 million euros at June 30, up 6.6%.

The group's net financial debt stood at 16.027 million euros at June 30th against 15.127 million in late 2009, largely because of an unfavorable effect of exchange rate changes 674 000 000.

• Unibail accelerates its development, disposes of assets
• Essilor sales rebound in the first half, targets confirmed
• The shipowner CMA CGM expects 2011 a "positive"
• Free recruiting 20% of new subscribers in H1
• Lower 2010 earnings due to Ipsen exceptional