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Veolia Environnement SA Announces FY 2013/2014 Dividend Forecast; Comments on Post FY 2013 Revenue Guidance; Updates on Withdrawal from Transdev

Thursday, 7 Nov 2013 03:01am EST 

Veolia Environnement SA announced that it is targeting a dividend payment in 2013 and 2014 of EUR 0.70 per share, in respect of fiscal years 2012 and 2013 respectively. After fiscal year 2013, the Company aims, assuming an average economic environment, for organic revenue growth of over 3% per year. The Company also announced that degradation of SNCM’s operations, exacerbated by the non-payment of expected subsidies as part of complementary services provided by the company, have weighed heavily on SNCM’s cash position. In addition, SNCM is at risk for the reimbursement of approximately EUR 220 million in previously received subsidies following the decision rendered by the European Commission on May 2, 2013. A legal conciliation procedure with creditors has been opened in front of the Commercial Court at the initiative of SNCM management. Neither Veolia Environnement nor Transdev is responsible for SNCM’s commitments. This situation has led to the postponement of the transfer of Transdev’s 66% stake in SNCM to Veolia Environnement, and the Memorandum of Understanding entered into on October 22, 2012 expired on October 31, 2013. Discussions with the Caisse des Depots have resumed regarding Veolia Environnement’s withdrawal from Transdev and the strengthening of Transdev’s balance sheet. 

Company Quote

0.29 +1.61%
19 Sep 2014