SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULES 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
February 5, 2002
VIVENDI ENVIRONNEMENT
(Exact name of registrant as specified in its charter)
36-38, avenue Kleber
75116 Paris, France
(Address of principal executive offices)
(Indicate by check mark whether the registrant files or will file
annual reports under cover Form 20-F or Form 40-F.)
Form 20-F X Form 40-F
--- ---
Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(1):____
Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(7):____
(Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing the
information to the Commission pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934.
Yes No X
--- ---
(If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82-_______________.
[VIVENDI ENVIRONNEMENT LOGO]
February 5th, 2003
PRESS RELEASE
(unaudited data to French accounting standards)
7.2% growth in revenue from core businesses (*)
to (euro)28.1 billion at constant exchange rates
Revenue from core businesses amounted to (euro)28,073 million, up 5.9%, with
growth of 7.2% at constant exchange rates. The negative impact of exchange rates
((euro)350 million) is attributable to variation in the dollar for (euro)224
million (the average dollar-euro rate was 0.95 at the end of December 2002
compared with 0.90 at the end of December 2001), with latin-american currencies
having less of an impact. Internal growth from core businesses was 5%.
Revenue from non-core businesses that have already been sold or are planned to
be sold amounted to (euro)2,006 million, compared with (euro)2,614 million at
December 31, 2001. Consolidated revenue for Vivendi Environnement thus increased
3.3% to (euro)30,079 million.
The net impact of external growth of core businesses amounted to (euro)616
million, attributable primarily to the contribution of Marius Pedersen
(Denmark), SIRAM (Italy) and Verney (France).
During the fourth quarter of 2002, Vivendi Environnement maintained buoyant
commercial development in both the municipal and industrial markets. The
company's performance is illustrated by several contracts. These include waste
collection and street cleaning in Camden and integrated management of household
waste in East Sussex in the U.K.; the management of municipal water services in
Germany; the operation of Boston's rail network in the U.S.A.; in the municipal
segment and also in the industrial segment in France (energy services with
Arcelor) and in Malaysia (with Petronas).
Revenue generated outside France by core businesses reached (euro)15,354
million, representing 55% of total revenue.
(*) Excluding non-core disposals already completed or planned:
US Filter's businesses Filtration & Separation, Plymouth, Surface Prep and
Distribution US, as well as Bonna Sabla in France.
VIVENDI ENVIRONNEMENT
-------------------------- -------------- ------------- -------------- ------------ ----------- ---------------
At Dec. 31, At Dec. 31, Variation Internal External Impact of
Revenue 2001 2002 2002/2001 growth growth exchange rate
(in(euro)m) (in(euro)m) fluctuations
-------------------------- -------------- ------------- -------------- ------------ ----------- ---------------
Core businesses 26,513 28,073 +5.9% +5.0% +2.2% -1.3%
-------------------------- -------------- ------------- -------------- ------------ ----------- ---------------
Non-core
businesses sold
or planned to be sold 2,614 2,006 -23.3%
-------------------------- -------------- ------------- --------------
Consolidated total 29,127 30,079 +3.3%
-------------------------- -------------- ------------- --------------
WATER (1)
------------------------ -------------------- ---------------- ---------------- --------------- ----------------
At Dec. 31, At Dec. 31, Variation Internal External Impact of
2001 2002 2002/2001 growth growth exchange
(in(euro)m) (in(euro)m) rate
fluctuations
------------------------ -------------------- ---------------- ---------------- --------------- ----------------
11,027 11,288 +2.4% +4.0% -0.2% -1.4%
------------------------ -------------------- ---------------- ---------------- --------------- ----------------
(1) excluding non-core disposals already completed or planned.
o Internal growth from core water businesses amounted to 4%. This growth
takes into account a reduction in revenues for the engineering
activity linked to the increased selectivity of contracts.
o In France, internal growth from water distribution was 3%.
o Outside France, excluding the United States, and despite the
non-renewal of the Puerto Rico contract last June, there was strong
growth in outsourcing business revenue (15%), mainly from contracts
signed in Eastern Europe (Prague, Gorlitz...), Morocco (Rabat,
Tangiers and Tetouan), and in Asia (revenue rose 27% due to the
start-up of Inchon, Chengdu and Shanghai).
o In the United States, solid growth in outsourcing, and, to a lesser
extent, growth in equipment and Culligan sales, resulted in over 7%
revenue growth from core businesses in dollars.
o Revenue from non-core businesses already sold or planned to be sold
amounted to (euro)2,006 million, compared with (euro)2,614 million at
December 31, 2001.
WASTE MANAGEMENT
------------------------ -------------------- ---------------- ---------------- --------------- ----------------
At Dec. 31, At Dec. 31, Variation Internal External Impact of
2001 2002 2002/2001 growth growth exchange
(in(euro)m) (in(euro)m) rate
fluctuations
------------------------ -------------------- ---------------- ---------------- --------------- ----------------
5,914 6,139 +3.8% +5.0% +1.9% -3.1%
------------------------ -------------------- ---------------- ---------------- --------------- ----------------
o Overall, internal growth amounted to 5%, with 3.3% in France.
o Outside France, growth of 8.8% at constant exchange rates, including
6.2% internal growth, was due to the effects of growth in Northern
Europe (contracts in Bromley, Sheffield and Hampshire in the U.K.) and
Asia (Hong Kong, where there was strong growth in business volume, and
Singapore, with the start-up of a new contract). In the United States,
growth came from new municipal contracts for solid waste and good
business performance in hazardous waste.
o External growth reflected principally the full-year effect of the 2001
acquisition of Marius Pedersen in Denmark.
ENERGY SERVICES
------------------------ -------------------- ---------------- ---------------- --------------- ----------------
At Dec. 31, At Dec. 31, Variation Internal External Impact of
2001 2002 2002/2001 growth growth exchange
(in(euro)m) (in(euro)m) rate
fluctuations
------------------------ -------------------- ---------------- ---------------- --------------- ----------------
4,017 4,571 +13.8% +6.3% +7.3% +0.2%
------------------------ -------------------- ---------------- ---------------- --------------- ----------------
o Revenue in France increased 8.7% compared with 2001. The negative
impact of the gas price reduction effective April 1, 2002, was offset
by growth in cogeneration business, up 16% for the year.
o Outside France, the 18.8% internal growth was due in particular to the
start-up of the Tallin, Vilnius and Poznan contracts.
o External growth in energy services was due mainly to the acquisition
of Siram in Italy.
TRANSPORTATION
------------------------ -------------------- ---------------- ---------------- --------------- ----------------
At Dec. 31, At Dec. 31, Variation Internal External Impact
2001 2002 2002/2001 growth growth of exchange
(in(euro)m) (in(euro)m) rate
fluctuations
------------------------ -------------------- ---------------- ---------------- --------------- ----------------
3,099 3,422 +10.4% +4.5% +6.0% -0.1%
------------------------ -------------------- ---------------- ---------------- --------------- ----------------
o In France, internal growth of 11.3% was attributable to new and
extended contracts.
o Outside France, excluding the impact of the end of the South Central
contract, revenue increased 17.6% (full-year effect in 2002 of the BBA
and Combus contracts, and new business in Northern and Eastern
Europe).
o In the United States, revenue increased by a factor of 2.4 to reach
(euro)83 million.
o External growth of 6.0% was due primarily to the acquisitions of
Verney and Yellow Transportation.
FCC (1)
------------------------ -------------------- ---------------- ----------------- --------------- ---------------
At Dec. 31, At Dec. 31, Variation Internal External Impact of
2001 2002 2002/2001 growth growth exchange
(in(euro)m) (in(euro)m) rate
fluctuations
------------------------ -------------------- ---------------- ----------------- --------------- ---------------
2,455 2,653 +8.1% +8.5% +0.4% -0.8%
------------------------ -------------------- ---------------- ----------------- --------------- ---------------
(1) VE share
o Overall internal growth amounted to 8.5%.
o Business was driven by municipal services (+12%), construction and
cement in Spain.
***
Vivendi Environnement's position in Europe, North America and certain Asian
countries, along with its ongoing strategy of growth in environmental services,
enabled the company to pursue its expansion in 2002 despite the continuation of
a difficult business climate.
The asset disposals completed since 2000 before the downturn in the economic
climate, together with Vivendi Environnement's commercial dynamism as confirmed
again by the signature of many new contracts throughout the year, allow the
company to expect continued growth in its core businesses in 2003.
The constant strengthening of the company's financial situation and the balance
maintained between industrial and municipal customers give Vivendi Environnement
the means of further enhancing its global leadership position in environmental
services.
***
Vivendi Environnement (Paris Stock Exchange: VIE and NYSE: VE), comprised of
Vivendi Water (worldwide water products and services), Onyx (solid waste and
industrial services), Dalkia (energy services), Connex (transportation) and FCC
(Spanish company engaged in environmental and construction related industries),
is the largest environmental services company in the world, with consolidated
sales of (euro)30 billion as of December 31, 2002.
Disclaimer
----------
Vivendi Environnement is a corporation listed on the NYSE and Euronext Paris.
This press release contains "forward-looking statements" within the meaning of
the provisions of the U.S. Private Securities Litigation Reform Act of 1995.
Such forward-looking statements are not guarantees of future performance. Actual
results may differ materially from the forward-looking statements as a result of
a number of risks and uncertainties, many of which are outside our control,
including but not limited to: the risk of suffering reduced profits or losses as
a result of intense competition, the risk that changes in energy prices and
taxes may reduce Vivendi Environnement's profits, the risk that governmental
authorities could terminate or modify some of Vivendi Environnement's contracts,
the risk that Vivendi Environnement's compliance with environmental laws may
become more costly in the future, the risk that currency exchange rate
fluctuations may negatively affect Vivendi Environnement's financial results and
the price of its shares, the risk that Vivendi Environnement may incur
environmental liability in connection with its past, present and future
operations, and the risks related to Vivendi Environnement's relationship with
Vivendi Universal, as well as the risks described in the documents Vivendi
Environnement has filed with the U.S. Securities and Exchange Commission.
Vivendi Environnement does not undertake, nor does it have, any obligation to
provide updates or to revise any forward-looking statements. Investors and
security holders may obtain a free copy of documents filed by Vivendi
Environnement with the U.S. Securities and Exchange Commission from Vivendi
Environnement.
Contact for institutional investors and analysts
Nathalie Pinon :+33 1 71 75 01 67
US investor contact: Brian Sullivan+(1) 401-737-4100
Press release also available on http://vivendienvironnement-finance.com
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Dated: February 5, 2002
VIVENDI ENVIRONNEMENT
By: /s/ Jerome Contamine
--------------------------------
Name: Jerome Contamine
Title: Chief Financial Officer