法国威立雅集团（Veolia）市场前景及投资研究报告-培训课件外文版2024.6

COMPANIES

&

PRODUCTSVeoliaCHAPTER

01OverviewTopmergerandacquisition(M&A)dealsrelatedtoenvironmentalsustainabilityinthepowerindustryfrom2021to2023(inbillionU.S.dollars)LeadingM&Aenvironmentalsustainabilitydealsinthepowerindustry2021-2023DealvalueinbillionU.S.dollars051015202523.13VeoliaEnvironnement/SuezChinaYangtzePower/HydroelectricProjectsBrookfieldRenewablePartners;Cameco/WestinghouseElectricXylem/EvoquaWaterTechnologies12.017.97.56.8RWECleanEnergy/RWECECleanEnergyMexicoInfrastructurePartners/GasCombinedCyclesandWindProjectsSiemensEnergy/SiemensGamesaRenewableEnergyBP/ArchaeaEnergy64.264.1TotalEnergies/AdaniGreenEnergy2.51.68Hitachi/HitachiEnergy3Description:TheacquisitionofSuezbyVeoliaEnvironnementwasthelargestmergerandacquisition(M&A)dealrelatedtoenvironmentalsustainabilityinthepowersectorinrecentyears.ThedealwassignedinFebruary2021andwasvaluedatover23.1billionU.S.dollars.Aftertheacquisition,Veolia'srevenueincreasedtonearly43billionU.S.dollars.Meanwhile,EvoquaWaterTechnologies'acquisitionbyXyleminJanuary2023hadavalueofsome7.5billionU.S.dollars.

ReadmoreNote(s):Worldwide;2021to2023Source(s):GlobalData;Revenuefromwasteelectricitygenerationworldwidefrom2011to2022(inmillionU.S.dollars)Globalwasteelectricitygenerationrevenue2011-20227,0005,9106,0005,0004,0003,0002,0001,00004,7003,4453,3453,3323,2233,2233,0302,9542,8152,7501,4972016201120122013201420152017201820192020202120224/statistics/480408/waste-electricity-generation-revenues-globallyTherevenuefromwasteelectricitygenerationworldwidehasbeenonamosltyupwardtrendinrecentyears.In2022,globalwasteelectricityproductiongeneratedover3.4billionU.S.dollarsofrevenueacrosstheglobe,slightlyupfromthepreviousyear.ReadmoreNote(s):Worldwide;2011to2022Source(s):AdvancedEnergyEconomy;GuidehouseGenerationofmunicipalwasteintheEuropeanUnion(EU-27)from2004to2022(inmillionmetrictons)MunicipalwastegenerationintheEuropeanUnion2004-2022250200150100500200420052006200720082009201020112012201320142015201620172018

2019*

2020

2021*

2022*5/statistics/983592/municipal-waste-generation-european-union-eu-28In2022,approximately229.5millionmetrictonsofmunicipalwasteweregeneratedintheEuropeanUnion(EU-27),downfromsome237.5millionmetrictonsinthepreviousyear.Thiswasthefirstannualyear-over-yeardecreaserecordedinadecade.ReadmoreNote(s):EU;2004

to2022;*EstimatesSource(s):EurostatCHAPTER

02BenchmarkBrandvalueofmostvaluableutilitycompaniesworldwidein2023(inmillionU.S.dollars)Globalleadingutilitiescompanies2023,basedonbrandvalueBrandvalueinmillionU.S.dollars20,000

30,000010,00040,00050,00060,00070,000StateGrid(China)Enel(Italy)58,84611,72911,704EDF(France)Engie(France)9,407E.ON(Germany)6,0054,378GDPowerDevelopment(China)Veolia(France)4,3314,2034,0613,724Iberdrola(Spain)EnBW(Germany)KEPCO(SouthKorea)7Description:Asof2023,theChinesestate-ownedelectricutilitycorporationknownasStateGridhadabrandvalueworthnearly59billionU.S.dollars.ThatbrandvaluegaveStateGridthedistinctionofbeingtheworld'slargestutilitycompanybasedonbrandvaluebyasignificantmargin.Enel,basedinItaly,camesecondinthisranking,withabrandvalueoflessthanafifthofStateGrid'sin2023.ReadmoreNote(s):Worldwide;2023Source(s):BrandFinanceRevenueofselectedmajorwastemanagementcompaniesworldwideinFY2023(inbillionU.S.dollars)Leadingwasteservicecompaniesworldwide2023,byrevenueRevenueinbillionU.S.dollars20

30010405060Veolia(France)WasteManagement(U.S.)RepublicServices(U.S.)WasteConnections(U.S)Suez(2022)(France)50.0620.4314.968.027.55GFLEnvironmental(Canada)CleanHarbors(U.S.)5.675.41Biffa(UK)2.142.09Renewi(Netherlands/UK)CasellaWasteSystems(U.S.)1.268Description:Veoliaisthelargestwastemanagementcompanyintheworldbasedonrevenue.TheFrenchproviderofwater,waste,andenergymanagementservicesreportedrevenueofover50billonU.S.dollarsinthefinancialyearendedDecember2023.Oneyearprior,VeoliacompletedtheacquisitionofSuez,anotherFrenchwastemanagementcompany,for12.9billioneuros.ReadmoreNote(s):Worldwide;FY2023Source(s):Varioussources(Companydata)Revenueofselectedwaterandwastewatertreatmentcompaniesworldwidein2023(inbillionU.S.dollars)Globalrevenueofleadingwaterandwastewatertreatmentcompanies2023RevenueinbillionU.S.dollars30

400102050607080BASF*VeoliaDow76.1450.1244.623M32.68DuPontSuez*XylemPentairITTInc.12.077.567.364.13.289Description:Oftheselectedwaterandwastewatertreatmentcompaniesworldwide,BASFreportedthehighestrevenuein2023,atapproximately76.1billionU.S.dollars(or68.9billioneuros).FrenchmultinationalVeoliareportedarevenueof50.1billionU.S.dollarsthatsameyear.Waterandwastewatertreatmentisgrowinginimportanceduetorisingpopulations,waterscarcity,anddecliningwaterquality.ReadmoreNote(s):Worldwide;2023;*FigureswereconvertedfromEurostoU.S.DollarsbasedontheconversionrateforDecember31,2023(1EUR=1.1051USD).Suez'sfigurewasfrom2022.Thisstatistichasbeencompiledfrommultipleannualreports.[...]

ReadmoreSource(s):VarioussourcesLeadingenergyandwaterutilitycompaniesworldwideasofFebruary2024,basedonthenumberofemployees(in1,000)Largestglobalutilitycompanies2024,bynumberofemployeesNumberofemployeesinthousands050100150200250VeoliaEnvironnementSA(France)EngieSA(France)207.496.5BejingEnterprisesWaterGroupLtd(HongKong)E.ON(Germany)7371.469.6FGKRusGidroPAO(Russia)EnelSpA(Italy)65.259.557.155.949.1ChinaGasHoldingsLtd(HongKong)HuanengPowerInternationalInc(China)ChinaResourcesGasGroupLtd(HongKong)InterRAOYEESPAO(Russia)10Description:VeoliaEnvironnementisoneofthelargestutilitycompaniesintheworldbasedonthenumberofemployees.WithitsheadquartersinParis,France,Veoliaemployedsome207,000peopleasofFebruary2024.AnotherFrenchutilitycompany,Engie,rankedsecondwithalmost100,000employees.ReadmoreNote(s):Worldwide;asofFebruary2024Source(s):FinancialTimesEBITDAofselectwastemanagementcompaniesworldwidein2022(inbillionU.S.dollars)EBITDAofselectwastemanagementcompanies2022EBITDAinbillionU.S.dollars2013456VeoliaEnvironnement(France)5.69WasteManagementInc.(U.S.)RepublicServicesInc.(U.S.)WasteConnections,Inc.(U.S.)5.523.832.1711Description:VeoliaEnvironnement–aFrenchcompanyprovidingwatermanagement,wastemanagementandenergyservices–hadEBIDTAamountingto5.7billionU.S.dollarsin2022.Meanwhile,WasteManagementInc'sEBIDTAstoodatsome5.5billionU.S.dollarsthatyear.ReadmoreNote(s):Worldwide;2022Source(s):MacrotrendsLeadingutilitycompaniesinFrancebasedonrevenueasofFebruary2024(inmillioneuros)LeadingutilitycompaniesinFrance2024,byrevenueRevenueinmillioneuros010,00020,00030,00040,00050,00060,00070,00080,00090,000100,000

110,000EngieSA**VeoliaEnvironnementSA**DerichebourgSA***97,73045,4503,6201,550ElectricitedeStrasbourgSA*SecheEnvironnementSA***NeoenSA*1,040556VoltaliaSA*470GroupePizzornoEnvironnementSA***AureaSA***247238MintSA*13012Description:Themulti-utilitycompanyEngiewasthetop-rankedutilityinFrancebasedonrevenueasofFebruary2024,followedbyVeoliaEnvironnement,activeinthewater,waste,andenergymanagementsector.ꢀTheutilitygiantElectricitedeFrance(EDF)isnotincludedintherankingbecausethecompanywasnationalizedin2023.ReadmoreNote(s):France;February2024;*Electricitycompany.**Gas,water,andmulti-utilitiescompany.***Wasteanddisposalservicescompany.

Figureswererounded.

Thesourcedoesnotspecifythesurveyperiod.

ReadmoreSource(s):FinancialTimesCHAPTER

03FinancialsMarketcapitalizationofVeoliaworldwidefrom2010to2023(inbillionU.S.dollars)Veolia'smarketcapitalization2010-2023302525.1122.882017.9714.7314.5113.9613.921510513.1311.369.849.48.986.325.4502010201120122013201420152016201720182019202020212022202314Description:Veolia'smarketcapitalizationstoodatalmost23billionU.S.dollarsattheendof2023,anincreaseof27.3percentincomparisontothepreviousyear.HeadquarteredinFrance,themultinationalutilityisoneofthelargestwastemanagementcompaniesworldwide,basedonrevenue.ReadmoreNote(s):Worldwide;2010to2023;endofyearmarketcapitalizationSource(s):CompaniesMarketCRevenueofVeoliafromFY2010toFY2023(inbillioneuros)Veolia'srevenue2010-20235045403545.3542.8928.7628.5828.513025201510527.1925.9526.0124.9725.1224.3923.8823.2422.8202010201120122013201420152016201720182019202020212022202315Description:Veoliareportedarevenueof45.35billioneurosfortheyearendedDecember31,2023.Thiswasanincreaseof5.7percentcomparedtothepreviousyear.InJanuary2022,VeoliacompletedtheacquisitionofSuezSA.Veoliaisthelargestwastemanagementcompanyworldwidebasedonrevenue.ReadmoreNote(s):Worldwide;FY2010toFY2023Source(s):VeoliaEnvironnementDistributionofVeolia'srevenueinFY2023,byregionVeolia'srevenueshare2023,byregionRestoftheworld37%EuropeexcludingFrance42%France21%16Description:Duringthefiscalyear2023,theFrenchmultinationalenvironmentalservicescompanyVeoliageneratedaround45.4billioneurosinrevenue.Europeaccountedfortwo-thirdsofthecompany'searnings,withFrancealonerepresentingashareof21percent.ReadmoreNote(s):Worldwide;FY2023;Basedonrevenueof45.4billioneuros.Source(s):VeoliaEnvironnementNetincomeofVeoliafromFY2010toFY2023(inmillioneuros)Veolia'snetincome2010-20232,0001,3349988497611,000067258059762355533322320958-1,000-2,000-3,000-4,000-5,000-4,3042011201020122013201420152016201720182019202020212022202317Description:Inthefiscalyear2023,theFrenchmultinationalenvironmentalservicescompanyVeoliareportedanetincomeofapproximately1.3billioneuros.Thisrepresentedanincreaseofroughly34percentfromthepreviousyearandthehighestfigurereportedduringtheperiodinconsideration.InJanuary2022,VeoliacompletedtheacquisitionofSuezSA.ReadmoreNote(s):Worldwide;FY2010toFY2023Source(s):VeoliaEnvironnementTotalassetsofVeoliafromFY2013toFY2023(inmillioneuros)Veolia'stotalassetsFY2013-202380,00073,304.172,56670,00060,00050,00040,00030,00020,00010,000053,077.345,363.941,01939,294.237,94938,30937,10336,20834,7242013201420152016201720182019202020212022202318Description:Inthefiscalyear2023,theFrenchmultinationalenvironmentalservicescompanyVeoliahadaccumulatedtotalassetsvaluedatapproximately72.6billioneuros,slightlydownfrom73.3billioneurosinthepreviousyear.InJanuary2022,VeoliacompletedtheacquisitionofSuezSA.ReadmoreNote(s):Worldwide;FY2013toFY2023Source(s):VeoliaEnvironnementEBITDAofVeoliafromFY2014toFY2023(inbillioneuros)Veolia'sEBITDA2014-2023766.546.254.234.023.84432103.643.223.223.182.8201420152016201720182019202020212022202319Description:Attheendofthefinancialyear2023,VeoliaEnvironment'sEBITDA(earningsbeforeinterest,taxes,depreciation,andamortization)amountedto6.54billioneuros.Thiswasanincreaseofsome5.5percentfromthepreviousyearandthehighestfigurereportedduringtheperiodinconsideration.ReadmoreNote(s):France;FY2014toFY2023Source(s):VeoliaEnvironnementCHAPTER

04SegmentsRevenueofVeoliafromFY2021toFY2023,bydivision(inmillioneuros)Veolia'srevenue2021-2023,bydivisionWaterWasteEnergy50,00045,00040,00035,00030,00025,00020,00015,00010,0005,000020212022202321Description:VeoliaEnvironment'swaterrevenuetotaled18.4billioneurosinthefiscalyearof2023.Meanwhile,theFrenchmultinational'swastedivisiongeneratedarevenueofroughly14.7billioneurosthatyear.Intotal,theVeoliagroupreportedrevenueofover45billioneurosfortheyearendedDecember31,2023.ReadmoreNote(s):Worldwide;FY2021toFY2023Source(s):VeoliaEnvironnementResearchanddevelopment(R&D)expenditureofVeoliafromFY2010toFY2023(inmillioneuros)Veolia'sR&Dspending2010-2023140120131125108.6101.410080604020087.481.978.170.765.165.860.256.555.654.22010201120122013201420152016201720182019202020212022202322Description:Inthefiscalyear2023,theFrenchmultinationalenvironmentalservicescompanyVeoliaincurredresearchanddevelopmentcostsofapproximately125millioneuros.Thiswasaslightdecreaseincomparisontothepreviousyear,downfromsome131millioneuros.InJanuary2022,VeoliacompletedtheacquisitionofwaterandwastemanagementcompanySuez.ReadmoreNote(s):Worldwide;FY2010toFY2023Source(s):VeoliaEnvironnementDistributionofthewastesegmentrevenueofVeoliainFY2023,byactivityVeolia'swastesegmentrevenueshare2023,byactivityIndustrialservices7.4%Landfill7.8%Hazardous&liquidwaste28.3%Municipalcollection&streetcleaning11.3%Energyrecovery(incineration)12.0%Sorting&recycling16.9%Commercial&industrialcollection16.9%23Description:Veolia'swastesegmentreportedarevenueofnearly14.7billioneurosfortheyearendedDecember31,2023.Outofthistotal,hazardouswasteactivitiesaccountedforthelargestshare,at28.3percent.Thiswasfollowedbysortingandrecycling,whichgeneratedaround17percentofVeolia'swastesectorrevenuethatyear.ReadmoreNote(s):Worldwide;FY2023Source(s):VeoliaEnvironnementNumberofemployeesatVeoliafromFY2010toFY2023Veolia'snumberofemployees2010-2023350,000300,000250,000200,000150,000100,00050,00002010201120122013201420152016201720182019202020212022202324Description:Veolia–aFrenchmultinationalenvironmentalservicescompany–had219,508full-timeequivalentemployeesasoftheendoffiscalyear2023.Thisnumberincreasedbyover1.6thousandemployeeswhencomparedtothepreviousyear.InJanuary2022,VeoliacompletedtheacquisitionofwaterandwastemanagementcompanySuezSA.ReadmoreNote(s):Worldwide;FY2010toFY2023Source(s):VeoliaEnvironnementDistributionofemployeesatVeoliainFY2023,byregionandsegmentVeolia'sshareofemployees2023,byregionandsegmentDistributionofemployees0%5%10%15%20%25%30%35%40%EuropeexcludingFranceFrance&specialwasteEuropeRestofworld34.1%22.9%34.3%WatertechnologiesOther7.9%0.8%25Description:Asoftheendoffinancialyear2023,Veolia'sFrance&specialwasteEuropesegmentaccountedfornearly23percentofthecompany'semployees.Anadditional34percentoftheemployeeswerelocatedinotherpartsofEurope.Thatyear,Veoliaemployed219,508peoplearoundtheworld.ReadmoreNote(s):Worldwide;FY2023;Basedon219,508employeesworldwideSource(s):VeoliaEnvironnementCHAPTER

05EnvironmentalDataVolumeofwastetreatedbyVeoliafromFY2015toFY2022(inmillionmetrictons)Veolia'svolumeoftreatedwaste2015-202270605061.349.848.948.447.346.244.642.94030201002015201620172018201920202021202227Description:Duringtheperiodinconsideration,thevolumeofwastetreatedbyVeoliahasseenamostlyupwardtrend.In2021,theFrenchtransnationalcompanytreatedatotalof61.3millionmetrictonsworthofwaste,upfromsome48.4millionmetrictonsinthepreviousyear.Whencomparedto2015levels,thisrepresentedanincreaseofnearly43percent.ReadmoreNote(s):Worldwide;FY2015toFY2022Source(s):VeoliaEnvironnementVolumeofwastewatercollectedandtreatedbyVeoliafromFY2015toFY2022(inbillioncubicmeters)Veolia'svolumeofcollectedandtreatedwastewater2015-2022CollectedTreated6.7987.87.2765432106.56.56.46.35.95.85.85.85.75.75.25.24.62015201620172018201920202021202228Description:Inthefinancialyear2022,Veoliacollectedatotalof7.8billioncubicmetersofwastewater.Thatsameyear,Veoliatreated7.2billioncubicmetersofwastewater.ThisrepresentedthelargestvolumeofwastewatercollectedandtreatedbytheFrenchcompanyduringtheperiodinconsideration.ReadmoreNote(s):Worldwide;FY2015toFY2022Source(s):VeoliaEnvironnementThermalandelectricalenergyproductionbyVeoliafromFY2015toFY2022(interawatt-hours)Veolia'sthermalandelectricalenergyproduction2015-20227062.658.1605655.854.453.85351.6504030201002015201620172018201920202021202229Description:Inthefinancialyear2022,theFrenchtransnationalcompanyVeoliaproducednearly56terawatt-hoursofthermalandelectricalenergy.Thisrepresentedadecreaseofapproximatelyfourpercentincomparisontothepreviousyear.

ReadmoreNote(s):Worldwide;FY2015toFY2022Source(s):VeoliaEnvironnementCHAPTER

06CompetitorsRevenueofENGIEfromfinancialyear2013to2023(inmillioneuros)ENGIE'srevenue2013-2023100,00093,86590,00080,00070,00060,00050,00040,00030,00020,00010,000082,56579,98574,68669,88364,84059,57660,05857,86656,96744,3062013201420152016201720182019202020212022202331Description:ENGIE,themultinationalenergycompanylocatedinFrance,generatedsome82.6billioneurosinrevenueinthe2023financialyear,downfromapproximately94billioneurosthepreviousyear.ꢀThecompanywasformedbythemergerofGazdeFranceandSueztoGDFSuez,andofficiallychangeditsnametoENGIEinApril2015.ENGIE'srevenueinFrancecontinuestobethehighestamongallthecompany'soperationalworldregions.ReadmoreNote(s):Worldwide;FY2013toFY2023;FinancialyearendsDecember31.Source(s):EngieOperatingrevenueofWasteManagementIncfromFY2010toFY2023(inbillionU.S.dollars)WasteManagementInc'soperatingrevenue2010-2023252020.4319.717.9315.4615.2214.9114.491510513.981413.6513.6113.3812.9612.5202010201120122013201420152016201720182019202020212022202332/statistics/193798/revenue-of-waste-management-inc-usWasteManagementIncreportedanoperatingrevenueofover20.4billionU.S.dollarsfortheyearendedDecember31,2023.Thiswasayear-over-yearincreaseof3.7percent.Thisgrowthismainlyattributedtothecollectionservicessegment.

ReadmoreNote(s):UnitedStates;FY2010toFY2023Source(s):WasteManagementOperatingrevenueofRepublicServices,Inc.fromFY2010toFY2023(inmillionU.S.dollars)RepublicServicesoperatingrevenue2010-202316,00014,00012,00010,0008,0006,0004,0002,00002010201120122013201420152016201720182019202020212022202333Description:RepublicServicesreportedarevenueofnearly15billionU.S.dollarsfortheyearendedDecember31,2023.Thiswasanincreaseofroughly11percentfromthepreviousyear.RepublicServicesisoneoftheleadingwastemanagementcompaniesintheU.S.ReadmoreNote(s):UnitedStates;FY2010toFY2023Source(s):RepublicServicesOperatingrevenueofWasteConnections,Inc.fromFY2013toFY2023(inmillion