Veolia Environnement Adr (VEOEY) Q2 2023 Earnings Call

Investor webinar replay

Replay transcript excerpt

Thank you very much, and good morning to all of you. Thanks for joining for this conference call to present the LDS first semester's results, and I'm accompanied by Claude Larrella, Chief Senator Officer. I'm on slide three. Following the record results in 2022, the performance achieved during the first semester is once again very strong and a new all-time high. At Constant Stop and Forex, our revenue increased by 14.2% to 22.7 billion euros. EBITDA grew by 8.2%, current EBIT by 13.3%, and current net income by 18.7% to 662 million euros. Our free cash flow has significantly improved, and our net financial debt is well under control. These very good results in a complex environment are a testimony to Veolia's powerful business model of value creation. The group is built on a diversified geographical footprint, 40% outside Europe, as well as on a portfolio of complementary activities in wastewater and energy, and a balanced customer portfolio of industrial and municipal customers. Over the years, we've demonstrated a strong track record of delivering efficiency plans that enhance our results. We are again sustained in the first half of 2023, where we've achieved 187 million euros of savings ahead of our annual target of 350 million euros. The merger with Suez is already a success and is bearing fruit at a fast pace. with €230 million of synergies already achieved since day one, barely 18 months ago, ahead of our complete objective of over €280 million at the end of 2023, and €500 million in total. Above all, our unique positioning as the leader of ecological transformation offering solutions to cities and industries to decarbonize, to depollute and regenerate resources, is a powerful engine for growth. This was illustrated in H1 with many new contracts, notably in wat...