SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULES 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
August 5, 2003
VEOLIA ENVIRONNEMENT
(Exact name of registrant as specified in its charter)
36-38, avenue Kleber
75116 Paris, France
(Address of principal executive offices)
(Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.)
Form 20-F X Form 40-F
--- ---
(Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(1)):____
(Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(7)):____
(Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing the
information to the Commission pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934.
Yes No X
--- ---
(If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82-_______________.
[VEOLIA ENVIRONNEMENT LOGO]
AUGUST 5, 2003
Press Release
(unaudited data according to French accounting standards)
Revenue from core businesses(1) up 5.4% to (euro)13.9 billion at
constant exchange rates for the six-month period ended June 30, 2003
Veolia Environnement's consolidated revenue totaled (euro)14,048 million for the
first half 2003 compared with (euro)14,971 million for the first half 2002,
owing to disposals of non core businesses completed in 2002.
Revenue from core businesses amounted to (euro)13,902 million and increased 5.4%
at constant exchange rates.
-------------------------- -------------- --------------- -------------- -------------- -------------- ---------------
Six months Six months Variation Internal External Impact of
Revenue ended ended 2003/2002 growth growth exchange
June 30, June 30, rate
2003 2002 fluctuations
(in(euro)m) (in(euro)m)
-------------------------- -------------- --------------- -------------- -------------- -------------- ---------------
Core businesses 13,902 13,858 +0.3% +5.2% +0.2% -5.1%
-------------------------- -------------- --------------- -------------- -------------- -------------- ---------------
Non-core businesses sold
or in the process of 146 1,113
being sold
-------------------------- -------------- --------------- --------------
Consolidated total 14,048 14,971 -6.2%
-------------------------- -------------- --------------- --------------
Revenue from core businesses amounted to (euro)13,902 million, up 5.4% at
constant exchange rates. The negative impact of exchange rate fluctuations
totaled (euro)705 million, of which (euro)450 million was attributable to
variation in the dollar (the average US dollar-euro rate was 1.11455 in the
six-months ended June 30, 2003 compared with 0.885183 in the six-months ended
June 30, 2002). The balance was mainly due to variations in Latin American
currencies and the British pound. Internal growth of 5.2% was recorded for core
businesses.
Revenue from non-core businesses sold or in the process of being sold amounted
to (euro)146 million, compared with (euro)1,113 million in the six-months ended
June 30, 2002. As a result, the company's consolidated revenue was (euro)14,048
million in the six-months ended June 30, 2003.
The portion of core business revenue generated outside France totaled
(euro)7,476 million, representing 53.8% of total revenue.
-----------------------
(1) Excluding the following non-core businesses sold or in the process of being
sold:
US Filter non-core businesses (Filtration & Separation, Plymouth,
Distribution US) and Bonna Sabla in France, which were sold in 2002, as
well as Surface Preparation Corp., which is in the process of being sold
pursuant to an agreement announced in July 2003.
WATER (1)
-------------------- ---------------- ---------------- ----------------- ---------------- ----------------------
Six months Six months Variation Internal External Impact of
ended ended 2003/2002 growth growth exchange rate
June 30, 2003 June 30, 2002 fluctuations
(in(euro)m) (in(euro)m)
-------------------- ---------------- ---------------- ----------------- ---------------- ----------------------
5,351 5,558 -3.7% +2.5% -0.4% -5.8%
-------------------- ---------------- ---------------- ----------------- ---------------- ----------------------
(1) Excluding non-core businesses sold or in the process of being sold
Internal growth for the water business in the first half of 2003 varied:
o In France, revenue from water distribution rose 3.7%.
o Outside France (excluding the United States and Latin America), revenue
increased over 20% due principally to the increase in impact of contracts
won in Continental Europe, North Africa and Asia.
o In the United States, revenue in dollars grew 4.1%. The Services activity
continued to record double-digit growth, boosted by the startup of the
Indianapolis contract, but equipment sales again reflected the stagnation
in industrial markets. Culligan showed a positive trend in dollars.
Overall growth was impacted by the downturn in business in Latin America, and
revenue for Veolia Water Systems declined approximately 16%.
WASTE MANAGEMENT
-------------------- ---------------- ---------------- ----------------- ---------------- ----------------------
Six months Six months Variation Internal External Impact of
ended ended 2003/2002 growth growth exchange rate
June 30, 2003 June 30, 2002 fluctuations
(in(euro)m) (in(euro)m)
-------------------- ---------------- ---------------- ----------------- ---------------- ----------------------
2,914 3,047 -4.4% +4.5% -0.1% -8.8%
-------------------- ---------------- ---------------- ----------------- ---------------- ----------------------
The breakdown of internal growth is as follows:
o In France, the division continued its good performance with growth of 6.4%.
o Outside France, growth in total revenue at constant exchange rates and
excluding Latin America (Proactiva) amounted to 3.7%. Northern Europe
recorded satisfactory results, benefiting in particular from the many
contracts won in the UK over the last months. In the United States, there
were good performances from the solid waste and incineration activities,
but hazardous waste and industrial services were affected by the economic
slowdown.
ENERGY SERVICES
-------------------- ---------------- ---------------- ----------------- ---------------- ----------------------
Six months Six months Variation Internal External Impact of
ended ended 2003/2002 growth growth exchange rate
June 30, 2003 June 30, 2002 fluctuations
(in(euro)m) (in(euro)m)
-------------------- ---------------- ---------------- ----------------- ---------------- ----------------------
2,387 2,287 +4.4% +5.5% +0.5% -1.6%
-------------------- ---------------- ---------------- ----------------- ---------------- ----------------------
Internal growth in revenue for energy services remained buoyant at 5.5%, all of
which was achieved during the first quarter of 2003.
o In France, revenue increased 1.3%. Most of this increase occurred in the
1st quarter due to the favorable impact of weather conditions on this
business.
o Outside France, revenue rose 12.6%. In addition to the more favorable
weather conditions in the 1st quarter, the increase was driven throughout
the first six months by satisfactory developments in Eastern Europe, where
30% growth was recorded, as well as in Italy.
TRANSPORTATION
-------------------- ---------------- ---------------- ----------------- ---------------- ----------------------
Six months Six months Variation Internal External Impact of
ended ended 2003/2002 growth growth exchange rate
June 30, 2003 June 30, 2002 fluctuations
(in(euro)m) (in(euro)m)
-------------------- ---------------- ---------------- ----------------- ---------------- ----------------------
-------------------- ---------------- ---------------- ----------------- ---------------- ----------------------
1,821 1,705 +6.8% +9.0% +1.2% -3.4%
-------------------- ---------------- ---------------- ----------------- ---------------- ----------------------
o In France, the 4.1% growth was due to good performance in the intercity
segment.
o Outside France, the 12.1% growth was attributable to Northern and Eastern
Europe, driven by developments in Germany, Slovenia and Belgium. In the
United States, growth of approximately 40% does not include the Boston
contract, which began operating on July 1.
FCC (*)
-------------------- ---------------- ---------------- ----------------- ---------------- ----------------------
Six months Six months Variation Internal External Impact of
ended ended 2003/2002 growth growth exchange rate
June 30, 2003 June 30, 2002 fluctuations
(in(euro)m) (in(euro)m)
-------------------- ---------------- ---------------- ----------------- ---------------- ----------------------
1,429 1,261 +13.3% +13.0% +1.7% -1.4%
-------------------- ---------------- ---------------- ---------------- ---------------- ----------------------
(*) share attributable to VE
Internal growth of 13% was generated by:
o municipal services: the impact of new contracts;
o construction: the impact of infrastructure construction contracts.
*
* *
Veolia Environnement's detailed results for the six-month period ended
June 30, 2003 will be published on September 24, 2003
Important Disclaimer. Veolia Environnement is a corporation listed on the NYSE
and Euronext Paris. This press release contains "forward-looking statements"
within the meaning of the provisions of the U.S. Private Securities Litigation
Reform Act of 1995. These statements are based on management's current
expectations or beliefs and are subject to a number of factors and uncertainties
that could cause actual results to differ materially from those described in the
forward-looking statements. These factors and uncertainties include in
particular 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.
Analyst and institutional investor contact: Nathalie Pinon +33 1 71 75 01 67
US investor contact: Brian Sullivan +(1) 941 362 2435
Press release also available on our web site:
http//veoliaenvironnement-finance.com
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Dated: August 5, 2003
VEOLIA ENVIRONNEMENT
By: /s/ Jerome Contamine
--------------------------------
Name: Jerome Contamine
Title: Chief Financial Officer