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SUEZ ENVIRONNEMENT: 2011 Annual Results

PARIS, February 8, 2012 /PRNewswire/ --

2011 Annual Results

Good operating results in 2011

Satisfactory progress of Melbourne project since October

Priority on profitability and on maintaining a solid balance sheet for 2012-2013  

Good performance despite the difficulties encountered on the Melbourne contract
  • Revenue of €14,830m, up +6.9% at constant forex, growing across all divisions
  • EBITDA : €2,513m, up +7.6% at constant forex, with €130m in costs savings under the COMPASS plan in 2011
  • 89% physical completion for the construction of Melbourne desalination plant
  • Net income Group share: €323m and €560m excluding impact of Melbourne contract
  • Net financial debt (NFD): stable at €7,557m, NFD/ EBITDA ratio back to 3.0x
  • Free Cash Flow: progressing to €860m
  • Dividend €0.65 per share for 2011 [1]

Priority on profitability and on maintaining a solid balance sheet for 2012-2013
  • Revenue and EBITDA 2012 ≥ 2011, with EBITDA target ≥ €2.7bn for 2013 [2]
  • Reinforced selectivity of net investments and maintained NFD/EBITDA ratio at around 3x
  • Dividend ≥ €0.65 per share on 2012 results [ 1 ]

The Board of Directors, which met on 7 February 2012, approved the 2011 accounts of SUEZ ENVIRONNEMENT, which will be submitted for the approval of the General Meeting on 24 May 2012. The consolidated financial statements have been audited and certified by the auditors.

Commenting on these results, Jean-Louis Chaussade, CEO of SUEZ ENVIRONNEMENT, stated:

"SUEZ ENVIRONNEMENT achieved a good operating performance in 2011, confirming the efficiency of its business model.  Our two activities had very solid performances, above initial guidance , with dynamic sales activity in Water in Europe, the confirmation that waste industry is moving towards more recovery, and sustained growth internationally. We reinforced our competitiveness efforts through the COMPASS programme, which has exceeded its objectives. Nevertheless, the performance has been impacted by the difficulties encountered at the Melbourne desalination plant construction project. The teams working on this project are fully mobilised and, works physical completion is at 89% at the end of January 2012.

SUEZ ENVIRONNEMENT continues its long-term strategy offering both growth and resilience, and in an atonic economic environment is setting as priorities for 2012 and 2013 to protect profitability and maintain a solid balance sheet with a sustained cash flow generation.

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