May 6, 2020 / 6:14 AM / in 2 months

BRIEF-Veolia Plans EUR 200 Million Additional Cost Cuts In 2020

May 6 (Reuters) - VEOLIA ENVIRONNEMENT SA:

* HAS INITIATED PROGRAM TO CUT 2020 CAPEX BY EUR 500 MILLION (I.E. 20% OF INITIAL 2020 CAPEX BUDGET) TO LIMIT IMPACT OF CRISIS ON 2020 NET FREE CASH FLOW

* Q1 REVENUE OF EUR 6.68 BILLION, DECREASE OF -0.5% AND UP 2.3% EXCLUDING COVID, AT CONSTANT SCOPE AND FOREX

* Q1 EBITDA OF EUR 970 MILLION, -2.9% AND +4.8% EXCLUDING COVID, AT CONSTANT SCOPE AND FOREX

* Q1 CURRENT NET INCOME GROUP SHARE EUR 121 MILLION, DOWN -29.3% EXCLUDING CAPITAL GAINS AND UP 3.9% EXCLUDING COVID, AT CONSTANT SCOPE AND FOREX

* END-MARCH NET FREE CASH FLOW EUR 595 MILLION NEGATIVE VERSUS EUR 525 MILLION NEGATIVE YEAR AGO

* END-Q1 NET FINANCIAL DEBT OF EUR 11.53 BILLION, DOWN EUR 431 MILLION VERSUS MARCH 2019

* ON COVID-19: MODERATE IMPACT OF SANITARY CRISIS IN Q1, AND SIGNS OF RECOVERY SINCE THE END OF APRIL

* END-Q1 LIQUIDITY WITH EUR 5.4 BILLION OF CASH AND EUR 4.2 BILLION OF AVAILABLE CREDIT LINES

* ON COVID-19: NEW « RECOVER AND ADAPT » PLAN INCLUDING EUR 200 MILLION OF ADDITIONAL COST CUTTING IN 2020 TO HELP REBOUND AS SOON AS CRISIS ENDS

* Q1 CURRENT EBIT OF EUR 392 MILLION, -13.3% AND +4.7% EXCLUDING COVID, AT CONSTANT SCOPE AND FOREX Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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