Veolia swings to greater-than-expected net loss

|About: Veolia Environnement ADR (VEOEY)|By:, SA News Editor

Veolia (VE) swung to a loss of €135M in 2013 from a profit of €404M a year earlier, with the latest figure exceeding consensus of €82M.

Adjusted net profit jumped to €223M from €58M a year earlier, topping expectations of €70M.

Adjusted operating profit +17% to €922M.

Revenue fell to €22.31B from €23.24B, mainly due to asset sales.

Net financial debt fell to €8.2B from €9.6B at the end of Q3.

Veolia aims to boost adjusted operating cash flow by 10%, and it is targeting "significant growth" in adjusted operating and net profit.

Veolia will pay a dividend in 2015 of €0.70 a share for 2014.

Yesterday, the company's board proposed keeping Antoine Frerot as CEO for another four years despite attempts by a main shareholder to remove him. (PR)