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GBL Annual Report 2013
Activity Report
Suez Environnement is a global
leader specialised in the Water
and Waste sectors
Profile
Key financial data
Suez Environnement holds a leading position in the global environmental
market and operates in more than 70 countries. The group is active
across all of the water and waste cycles, serving both local authorities
and private sector operators.
Performance in 2013
2013
Turnover
2011
14,644
15,102
Gross operating income (EBITDA)
2,520
2,450
2,513
Current operating income (EBIT)
1,184
1,146
1,039
352
251
323
Net income (group’s share)
Suez Environnement reported a solid operating performance in 2013,
despite an adverse economic environment and bad weather
conditions in Europe. Its EBITDA increased by 2.9%, sustained
by growth in the International division and by the end of the
construction of the desalination plant in Melbourne. The group also
demonstrated its resilience and responded to lower Water and Waste
volumes with effective cost management and price increases in the
Water division. Lastly, disciplined financial management enabled Suez
Environnement to strengthen its financial position by reducing its net
debt by EUR 191 million.
2012 (1)
Simplified income statement
(in EUR million)
14,830
Simplified balance sheet
(in EUR million)
Shareholders’ equity (group’s share)
4,963
4,864
4,946
Minority interests
1,947
1,995
1,871
Net financial debt
7,245
7,436
7,557
105
108
111
2.9
3.0
3.0
Debt-equity ratio (in %)
Financial net debt/EBITDA (x)
(1) The 2012 figures have been restated following the application of revised IAS 19
Operating data
Volumes of water sold
(in million m³, at 100%)
2013
2012
2011
1,986
2,054
2,054
Volumes of waste treated in Europe
(in million tonnes)
70
countries where
Suez Environnement
is active
79,550
employees
Breakdown of 2013 turnover
per activity sector
10.4
10.0
11.0
14.1
14.1
13.9
14.6 4,000
EUR billion
of turnover
water treatment plants
Geographical breakdown of 2013 turnover
30%
Water
Europe
25%
International
Disposed of
Recovered
EUR
14,644
million
45%
Waste
Europe
36%
France
17%
Rest of
the world
6%
Australia
6%
North
America
24%
Other European
countries
1.2
EUR billion
EBIT
2
#
player in environment
activities
Breakdown of 2013 EBITDA per sector
46%
Water
Europe
23%
International
EUR
14,644
million
EUR
2,520
million
11%
Spain
31%
Waste Europe
GBL Annual Report 2013
Activity Report
Financial information
Sophie Lombard
Directeur de la Communication Financière
Tel.: +33 (0)1 58 81 24 95
[email protected]
www.suez-environnement.com
GBL and Suez Environnement
In 2008, GBL backed the separate listing of Suez Environnement
by participating in the agreement that gave it a stable share­
holder base. GBL issued in 2012 exchangeable bonds into
Suez Environnement shares representing nearly all its holding,
i.e. 35 million shares. In 2013, GBL continued to support the
group in its programme to improve operating performance and
investments. It was also the guarantor of the transition on the
expiry (July 2013) of the shareholders agreement.
Market data and data
on GBL’s investment
Stock exchange data
Number of shares in issue (in thousands)
2013
2012 (1)
2011
510,234
510,234
510,234
Stock market capitalisation (in EUR million)
6,646
4,648
4,541
Closing share price (in EUR/share)
13.03 (2)
9.11
8.90
Fully-diluted net income (in EUR/share)
0.65
0.45
0.60
Dividend (in EUR/share)
0.65 (3)
0.65
0.65
GBL’s investment
Percentage of share capital (in %)
7.2 (4)
7.2 (4)
7.2 (4)
Percentage of voting rights (in %)
7.2
(4)
7.2
7.2 (4)
401
(2)
Market value of investment (in EUR million)
Dividends collected by GBL (in EUR million)
Representatives in statutory bodies
Outlook
(4)
335
327
23
23
23
2
2
2
(1) Restating following the application of revised IAS 19
(2) At 31/12/2013, the value of the holding in Suez Environnement was capped at
the conversion price of the exchangeable bonds, i.e. EUR 11.45
(3) Subject to approval by the 2014 General Meeting of Suez Environnement
(4) Of which 0.3% as cash instruments corresponding to the Suez Environnement
shares received for the 2010 dividend
Suez Environnement is pursuing its ambitious
development goals by maintaining financial discipline
and an attractive shareholder return. The group’s
strategy is focused firmly on value creation with
innovation through new services for the Water division,
waste recovery for the Waste Europe division and
selective development for the International division.
Capital held by GBL
Representatives
in statutory bodies
7.2%
2 of 17
Share price 2013
Suez Environnement’s
contribution to net dividends
collected on GBL’s investments
+ 43.0%
150
Suez Environnement’s
contribution to GBL’s
portfolio
100
4.6%
50
01
02
03
04
Suez Environnement
05
06
07
08
09
DJ Eurostoxx Utilities
10
11
12
2.6%
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