Veolia confirmed its sector leader status today, reporting financial results that demonstrated its resilience in the face of the Covid-19 pandemic with a strong rebound in the second half of the year. Veolia has offset the financial impact of the pandemic with an exceptional Q4 and announced ambitious yet achievable guidance for 2021.
Veolia’s performance was supported by its ability to double total cost savings for the year to €550m, achieved through a combination of ongoing efficiency measures as well as specific Covid-19 response measures including the acceleration of the group’s digital roadmap.
The Group was also able to continue all key development projects during 2020, ensuring positive commercial momentum and a robust project pipeline. As a result, Veolia confirmed that it will more than offset the financial impact of the pandemic in 2020 by delivering strong results growth in 2021.
Veolia CEO, Antoine Frérot also provided an update on the Veolia’s proposed merger with SUEZ, reinforcing the key benefits for all stakeholders and confirming that the antitrust approval process was on track for clearance around year end. To date, all legal hurdles initiated by SUEZ have been resolved and have had no material impact on the timeline initially announced.
Commenting on the results, Antoine Frérot, Veolia’s Chairman & CEO said: “In 2020, Veolia has once again proven its remarkable capacity for resiliency. Veolia has wiped out all the impacts of the crisis and recovered its growth trajectory and operating leverage in less than six months. Against these strong foundations, Veolia has seized the unique opportunity to create the world champion of ecological transformation. The new group resulting from this industrial project will be ideally positioned to tackle the huge challenges our planet is facing, at a time when environmental priorities has never been stronger.”
In addition, Veolia confirmed the solidity of its financial structure in connection with the completion of the merger with SUEZ. Earlier this week ratings agency S&P confirmed Veolia’s 'BBB/A-2' long-and short-term ratings. S&P confirmed the stable outlook after the proposed transaction with SUEZ thanks to Velia’s strong stand-alone operating performance.
Read the Veolia results press release here –
Listen to the Veolia results webcast here - https://edge.media-server.com/mmc/p/movrvmpb