• 2008 consolidated revenue up 13.4% to €36,205 million, due in particular to sustained organic growth of 9.6%.
• An increase in operating cash flow of 2% at constant exchange rates to €4,137 million (down 0.6% at current exchange rates).
• Recurring net income attributable to equity holders of the parent of €703 million before the impact of the impairment of intangible assets in the waste management division in Germany, as compared with €926 million in 2007.
• 2008 net income attributable to equity holders of the parent of €405 million as compared with €928 million in 2007, after taking into account the €430 million impairment of goodwill and intangible assets in Veolia Environnement's waste management division(1).
• Following an average increase of 22% per year over the course of the last four years, the dividend per share is maintained at the same level as in 2007 at €1.21.

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The objective for 2009 is to generate positive free cash flow after payment of the dividend, due to:

• a reduction in net investments by at least 1.6 billion in 2009, a decrease of 44% as compared with 2008,
• at least €1 billion of asset disposals in 2009, after €761 million in 2008. Disposal program increased to €3 billion for the 2009-2011 period in order to generate internally the resources for growth,
• and a reduction of costs of €280 million in 2009. This includes €180 million in connection with the Veolia 2010 Efficiency Plan and €100 million in connection with the waste management division's new plan to adapt to the current business climate, and in addition to the measures already taken in Germany.

Chairman and Chief Executive Officer Henri Proglio commented:

"Veolia Environnement has demonstrated its resilience in the present global economic downturn and has considerable strengths enabling it to rise to the challenges of this environment. For more than 150 years our business has consisted of serving the essential needs of our customers. The nature of our contracts offers good visibility through our recurring cash flows. We have a strong financial structure, an average debt maturity of more than nine years and net liquidity of €4 billion. These strengths and the complementary nature of our businesses allow us to face the current business climate with confidence but also with prudence. In 2009, our efforts will be intensified and focus on the reduction of costs and improving the generation of cash flow".

(1)Impairment charge on goodwill of -€343 million, of -€62.6 million on intangible assets identified at the opening balance sheet and a net tax charge of -€24 million linked to the impairment.

Download the press release - RESULTS FOR THE 2008 FISCAL YEAR