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2013 ANNUAL RESULTS
Philippe CAPRON
2013 : A SUCCESSFUL STEP
ON THE PATH TO TRANSFORMATION
o At the mid-point of the Group’s Transformation, all financial
obje...
2013 : BETTER-THAN-EXPECTED
ADJUSTED RESULTS
(1)  2012 re-presented for IFRS 5, 10 and 11
(2)  -1.8% at constant scope and...
REVENUE WAS RESILIENT
(1)  2012 re-presented for IFRS 5, 10 and 11
179 2613.852 3.756
8.512 8.076
10.696 10.222
2012 re-pr...
COST REDUCTIONS CONTINUING
AT A CONSISTENT PACE
Gross cumulative savings compared to 2011 (€M)
142
350
750
2012 2013 2015 ...
CONSTANT TREND IMPROVEMENT
IN RESULTS THROUGHOUT THE YEAR
AN ENCOURAGING
Q4:
Adjusted operating
cash flow increased
2.5%(1)...
798
922
2012 re-presented 2013
ADJUSTED RESULTS INCREASED
SIGNIFICANTLY VS. 2012
+13.5% at constant scope
and FX
Adjusted ...
NET REDUCTION IN FINANCE COSTS
(1)  Including the share of adjusted net income of joint ventures and associates viewed as ...
SIGNIFICANT NON-RECURRING
ITEMS IMPACTED RESULTS
o Impairment of the value of Environmental Services
in Germany: -€150M
o ...
INCREASED SELECTIVITY OF INVESTMENTS
1.784
1.492
2012 re-presented 2013
(1) In 2012: re-presented to eliminate gross capex...
DEBT REDUCTION AHEAD
OF OUR OBJECTIVES
o Net financial debt of €8.2bn at December 31, 2013, down €2.6bn
14.7
10.8
8.2
31-dé...
2014 : A RETURN TO GROWTH
o  Revenue growth
o  Growth platforms
o  New contracts
o Around 10% growth in adjusted operating...
THESE RESULTS CONFIRM
OUR DIVIDEND POLICY…
o 2014 dividend of €0.70 per share, with option of payment in shares
o 2015 div...
….AND WERE WELL RECEIVED BY THE MARKET
31/12 31/1 28/2 31/3 30/4 31/5 30/6 31/7 31/8 30/9 31/1030/11 31/12 31/1 28/2 31/3
...
200,000EMPLOYEES
TRAINING
DRIVES
OVERALL
PERFORMANCE
3,450,928training hours/year delivered
76%OF THE GROUP EMPLOYEES
HAVE ATTENDED AT LEAST
ONE TRAINING SESSION
87% of non-executives,
13% of executives
TRAINING FOR ALL
QUALIFYING
COURSES,
and RECOGNIZED
DEGREES
The INTELLIGENCE
of the TASK
VEOLIA
trains VEOLIA
ESC Toulouse
Sciences Po Bordeaux
(IEP de province)	
  
Université
deMarnelaVallée
ESSEC
EcoledesMétiers
del’Environnement...
400 staff members
200 training rooms
100 technical platforms
600 Veolia contributors
2,500 courses available
20 CAMPUSES IN...
600 volunteers in 34 countries
860 mission days
1,300 projects aided by the
Veolia Foundation since its inception
2014:
THE FREQUENCY OF
ACCIDENTS AT WORK
2008 2013
36% of training
hours are dedicated
to safety issues
-40 %
o The Seoul Declaration on safety and health
at work recognizing the fundamental human right
to a safe and healthy work en...
ADVISORY VOTE
ON THE ELEMENTS OF
COMPENSATION OF
MR ANTOINE FRÉROT,
CHAIRMAN & CEO
13th resolution submitted to the
Genera...
ADVISORY VOTE ON THE ELEMENTS OF COMPENSATION DUE OR GRANTED FOR THE
2013 FINANCIAL YEAR AND THE 2014 COMPENSATION POLICY ...
Directors’ fees
for 2013 and 2014
No
allocation
Mr. Antoine Frérot waived his right
to receive directors’ fees
Attribution...
Put in place
in 2014, a long-
term Company
share investment
program and
incentive
compensation
(called
“Management
Incenti...
Supplementary
pension plan
No
payment 
Reminder: The defined benefits group pension plan
covering the Executive Committee me...
2014 General Meeting
2014 General Meeting
2014 General Meeting
2014 General Meeting
2014 General Meeting
2014 General Meeting
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2014 General Meeting

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2014 General Meeting

  1. 1. 2013 ANNUAL RESULTS Philippe CAPRON
  2. 2. 2013 : A SUCCESSFUL STEP ON THE PATH TO TRANSFORMATION o At the mid-point of the Group’s Transformation, all financial objectives have been achieved o  Asset divestments o  Deleveraging o  Cost reductions o 2013 adjusted results were better than expected, despite a difficult environment o 2014 will be the year of the return to growth o Successes well received by the market
  3. 3. 2013 : BETTER-THAN-EXPECTED ADJUSTED RESULTS (1)  2012 re-presented for IFRS 5, 10 and 11 (2)  -1.8% at constant scope and FX (3)  Including the share of adjusted net income of joint ventures and associates viewed as core Company activities (excluding Transdev, which is not viewed as a core Company activity) Key figures In €M 2012 re-presented(1) 2013 Δ Constant FX Revenue (1) 23,239 22,315 -2.2%(2) Adjusted operating cash flow 1,919 1,796 -4.7% Adjusted operating income (3) 798 922 +16.9% Adjusted net income attrib. to owners of the Co. 58 223 Net income attrib. to owners of the Co. 404 -135 Net financial debt 10,822 8,177
  4. 4. REVENUE WAS RESILIENT (1)  2012 re-presented for IFRS 5, 10 and 11 179 2613.852 3.756 8.512 8.076 10.696 10.222 2012 re-presented (1) 2013 in €M Δ excl. FX and scope Water -2.2% o/w Operations +0.6% o/w Technologies & Networks -7.5% Environmental Services -1.5% Energy Services -1.1% Other -4.2% Veolia Group -1.8% 22,31523,239
  5. 5. COST REDUCTIONS CONTINUING AT A CONSISTENT PACE Gross cumulative savings compared to 2011 (€M) 142 350 750 2012 2013 2015 Objective
  6. 6. CONSTANT TREND IMPROVEMENT IN RESULTS THROUGHOUT THE YEAR AN ENCOURAGING Q4: Adjusted operating cash flow increased 2.5%(1) excluding restructuring charges -6.3% -7.7% -5.7% 0.4% 2013 Quarterly Y-Y Trends Adjusted operating cash flow growth at constant FX Good resilience of results since Q2 and net improvement in the adjusted operating cash flow trend throughout the year (1)  At constant scope & FX
  7. 7. 798 922 2012 re-presented 2013 ADJUSTED RESULTS INCREASED SIGNIFICANTLY VS. 2012 +13.5% at constant scope and FX Adjusted operating income (in €M) Adjusted net income (in €M) 58 223 2012 re-presented 2013
  8. 8. NET REDUCTION IN FINANCE COSTS (1)  Including the share of adjusted net income of joint ventures and associates viewed as core Company activities (2)  Including other financial revenue and expense REDUCTION IN FINANCE COSTS DUE TO DEBT REDUCTION In €M 2012 Adjusted Re-presented 2013 Adjusted Adjusted operating income (1) 798 922 Finance costs (2) -546 -451 Income tax expense -107 -142 Non-controlling interests -87 -106 Adjusted net income attrib. to owners of the Co. 58 223
  9. 9. SIGNIFICANT NON-RECURRING ITEMS IMPACTED RESULTS o Impairment of the value of Environmental Services in Germany: -€150M o Restructuring of Water operations in France: -€97M o SNCM: -€66M
  10. 10. INCREASED SELECTIVITY OF INVESTMENTS 1.784 1.492 2012 re-presented 2013 (1) In 2012: re-presented to eliminate gross capex of divested entities (€332M) or of those in the process of divestment (Azaliya: €458M ) and the Voda put in Water in Central Europe (€79M). In 2013, re-presented for the impact of the acquisition of the remaining stake in Proactiva (€246M) Normalized gross capex (1) (in €M) €300M reduction
  11. 11. DEBT REDUCTION AHEAD OF OUR OBJECTIVES o Net financial debt of €8.2bn at December 31, 2013, down €2.6bn 14.7 10.8 8.2 31-déc.-11 31-déc.-12 31-déc.-13
  12. 12. 2014 : A RETURN TO GROWTH o  Revenue growth o  Growth platforms o  New contracts o Around 10% growth in adjusted operating cash flow (1) o Significant growth in adjusted operating income o Reduction in financial expense o Significant growth in adjusted net income CONTINUED FOCUS ON CAPEX MANAGEMENT AND GROWING CASH GENERATION (1) At constant exchange rates
  13. 13. THESE RESULTS CONFIRM OUR DIVIDEND POLICY… o 2014 dividend of €0.70 per share, with option of payment in shares o 2015 dividend: The Board of Directors has already decided to propose a minimum of €0.70 per share AS OF 2015, THE DIVIDEND WILL BE COVERED BY NET INCOME AND PAID BY FREE CASH FLOW
  14. 14. ….AND WERE WELL RECEIVED BY THE MARKET 31/12 31/1 28/2 31/3 30/4 31/5 30/6 31/7 31/8 30/9 31/1030/11 31/12 31/1 28/2 31/3 Veolia : +60% CAC40 : +22% PERFORMANCE BOURSIERE DEPUIS JANVIER 2013 -10% 0% 10% 20% 30% 40% 50% 60% 70%
  15. 15. 200,000EMPLOYEES
  16. 16. TRAINING DRIVES OVERALL PERFORMANCE
  17. 17. 3,450,928training hours/year delivered
  18. 18. 76%OF THE GROUP EMPLOYEES HAVE ATTENDED AT LEAST ONE TRAINING SESSION
  19. 19. 87% of non-executives, 13% of executives TRAINING FOR ALL
  20. 20. QUALIFYING COURSES, and RECOGNIZED DEGREES
  21. 21. The INTELLIGENCE of the TASK
  22. 22. VEOLIA trains VEOLIA
  23. 23. ESC Toulouse Sciences Po Bordeaux (IEP de province)   Université deMarnelaVallée ESSEC EcoledesMétiers del’Environnement   Ecole Nationale des Ponts et Chaussées EcoleCentrale deParis EM Lyon   Université de Cergy Pontoise   Université de Versailles St Quentin   Université de Rennes1   Imperial College of London Sciences Po Paris Polytechnique Centrale Nantes Audencia   ESCAE Casablanca Kingston University   Université de Victoria Babson College TheUniversity ofPennsylvania Wharton SchoolKingston University of London
  24. 24. 400 staff members 200 training rooms 100 technical platforms 600 Veolia contributors 2,500 courses available 20 CAMPUSES IN 11 COUNTRIES
  25. 25. 600 volunteers in 34 countries 860 mission days 1,300 projects aided by the Veolia Foundation since its inception 2014:
  26. 26. THE FREQUENCY OF ACCIDENTS AT WORK 2008 2013 36% of training hours are dedicated to safety issues -40 %
  27. 27. o The Seoul Declaration on safety and health at work recognizing the fundamental human right to a safe and healthy work environment was signed on 1st of July 2013 o An innovative and multicultural organization: The Center of excellence for safety and health at work. 15 worldwide specialists
  28. 28. ADVISORY VOTE ON THE ELEMENTS OF COMPENSATION OF MR ANTOINE FRÉROT, CHAIRMAN & CEO 13th resolution submitted to the General Meeting on April 24th, 2014
  29. 29. ADVISORY VOTE ON THE ELEMENTS OF COMPENSATION DUE OR GRANTED FOR THE 2013 FINANCIAL YEAR AND THE 2014 COMPENSATION POLICY CONCERNING MR. ANTOINE FRÉROT, CHAIRMAN & CEO  Compensation components Amounts 2013-2014 Fixed compensation €900,000 This fixed compensation has not changed since the fiscal year 2011 2013 Variable compensation (see details in section 15.1.1 of the Registration Document) €887,127 The variable compensation is determined by the Board of Directors on the basis of the target bonus (capped at 125% of the fixed part, thus euros 1,125,000 in the event of his achieving 100% of the annual objectives) and with regard to the achievement of the quantitative (weighting:70%) and qualitative criteria (weighting:30%) 2014 Variable compensation (see details in section 15.1.1 of the Registration Document) Without change regarding : • The amount of the target bonus, and the weighting of the quantitative (70%) and the qualitative criteria (30%) • The quantitative and qualitative criteria
  30. 30. Directors’ fees for 2013 and 2014 No allocation Mr. Antoine Frérot waived his right to receive directors’ fees Attribution of stock options and/or performance shares No attribution Since being appointed as company CEO (November 27, 2009), Mr. Antoine Frérot has not received any stock options and/or performance shares Group health and accident insurance schemes Mr. Antoine Frérot benefits from the collective health and accident insurance scheme in force in the Company in the same conditions as those applicable to the employee category to which he is deemed comparable for determining his fringe benefits and other accessory components of his compensation Benefits in kind € 2,030.28 Mr. Antoine Frérot has a company car
  31. 31. Put in place in 2014, a long- term Company share investment program and incentive compensation (called “Management Incentive Plan”) A Management Incentive Plan is planned to be put in place, for the Group’s 300 leading executives (including the CEO). This deferred compensation (4 years) is based on a co-investment program, with a personal investment of the executive in the form of company shares and leverage financed by the Group (in particular through the attribution, subject to performance, of options to purchase Company shares) Termination compensation No payment Mr. Antoine Frérot may be entitled to compensation in the event of his termination as CEO applicable limited to situations of “forced departure in connection with a change of control or strategy”. In accordance with the AFEP-MEDEF Corporate Governance Code, the maximum amount of this termination compensation is equal to twice the amount of the total annual gross compensation
  32. 32. Supplementary pension plan No payment  Reminder: The defined benefits group pension plan covering the Executive Committee members (including the Rank 9 executives and Mr. Antoine Frérot as CEO) approved by the General Meeting of May 7, 2010 was terminated and replaced in mid-2013 by a defined benefits group pension plan open to all Rank 8 and higher executives (including Mr. Antoine Frérot as the Executive Corporate Officer) A proposal is made to this General Meeting to approve a move from this group pension plan, replacing it with a defined contribution Group pension plan open to Executives of a Rank 8 and over (including Mr. Antoine Frérot as the CEO)

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