Μικτά πρόσημα επικράτησαν σήμερα στα ευρωπαϊκά χρηματιστήρια, με τις μετοχές του κλάδου ενέργειας να σημειώνουν τα μεγαλύτερα κέρδη και αυτές της κοινής ωφέλειας τις μεγαλύτερες απώλειες.
Διστακτικοί εμφανίστηκαν και σήμερα οι επενδυτές στα ευρωπαϊκά χρηματιστήρια, μετά την ανακοίνωση του δείκτη προσωπικών καταναλωτικών αγαθών στις ΗΠΑ, αλλά και σημαντικών μακροοικονομικών νέων για τις ευρωπαϊκές οικονομίες, διατηρώντας εύλογους προβληματισμούς για την περαιτέρω άνοδο των ευρωπαϊκών χρηματιστηριακών δεικτών.
Ο αριθμός των ανέργων στη Γερμανία αυξήθηκε περισσότερο από το αναμενόμενο τον Φεβρουάριο, καθώς η επιβράδυνση στη μεγαλύτερη οικονομία της Ευρώπης είχε επιπτώσεις στην αγορά εργασίας, σύμφωνα με στοιχεία του Ομοσπονδιακού Γραφείου Εργασίας την Πέμπτη. Το γραφείο ανέφερε ότι ο αριθμός των ανέργων αυξήθηκε κατά 11.000 σε εποχικά προσαρμοσμένους όρους σε 2,713 εκατομμύρια. Οι αναλυτές που συμμετείχαν σε δημοσκόπηση του Reuters ανέμεναν ότι ο αριθμός αυτός θα αυξηθεί κατά 7.000. (περισσότερα εδώ)
Στα κυριότερα μακροοικονομικά νέα:
Στην Γερμανία, οι Λιανικές Πωλήσεις για τον μήνα Ιανουάριο υποχώρησαν 0,4% έναντι εκτιμήσεων των οικονομολόγων για αύξηση 0,5% και υποχώρησης 1,6% τον προηγούμενο μήνα. Ο δείκτης ανεργίας για τον μήνα Φεβρουάριο αυξήθηκε στο 5,9% έναντι εκτιμήσεων των οικονομολόγων για 5,8% και 5,8% τον προηγούμενο μήνα. Τέλος, τα προσωρινά στοιχεία για τον Δείκτη Τιμών Καταναλωτή για τον μήνα Φεβρουάριο έδειξαν αύξηση 0,4% έναντι εκτιμήσεων των οικονομολόγων για αύξηση 0,5% και αύξησης 0,2% τον προηγούμενο μήνα, ενώ σε ετήσια βάση πραγματοποίησε αύξηση 2,5% έναντι εκτιμήσεων των οικονομολόγων για αύξηση 2,6% και αύξησης 2,9% το προηγούμενο έτος.
Στην Γαλλία, οι Καταναλωτικές Δαπάνες για τον μήνα Ιανουάριο υποχώρησαν 0,3% έναντι εκτιμήσεων των οικονομολόγων για πτώση 0,1% και υποχώρησης 0,3% τον προηγούμενο μήνα. Τα προσωρινά στοιχεία για τον Δείκτη Τιμών Καταναλωτή για τον μήνα Φεβρουάριο ενισχύθηκε 0,8% έναντι εκτιμήσεων των οικονομολόγων για αύξηση 0,7% και υποχώρησης 0,2% τον προηγούμενο μήνα (αναθεωρημένο από το -0,3%). Τα προσωρινά στοιχεία για τον Εναρμονισμένο Δείκτη Τιμών Καταναλωτή για τον μήνα Φεβρουάριο ενισχύθηκε 0,9% έναντι εκτιμήσεων των οικονομολόγων για αύξηση 0,7% και υποχώρησης 0,2% τον προηγούμενο μήνα. Το ΑΕΠ για το τέταρτο τρίμηνο αυξήθηκε 0,1% έναντι εκτιμήσεων των οικονομολόγων για μηδενική αύξηση επιβράδυνσης 0,1% το προηγούμενο τρίμηνο, ενώ σε ετήσια βάση ενισχύθηκε 0,7% (σύμφωνα με τις εκτιμήσεις των οικονομολόγων) έναντι αύξησης 0,6% το προηγούμενο έτος.
Στην Ισπανία, τα προσωρινά στοιχεία για τον Δείκτη Τιμών Καταναλωτή για τον μήνα Φεβρουάριο σε ετήσια βάση πραγματοποίησε αύξηση 2,8% (σύμφωνα με τις εκτιμήσεις των οικονομολόγων) έναντι αύξησης 2,4% το προηγούμενο έτος. Τα προσωρινά στοιχεία για τον Εναρμονισμένο Δείκτη Τιμών Καταναλωτή για τον μήνα Φεβρουάριο σε ετήσια βάση έδειξαν αύξηση 2,9% (σύμφωνα με τις εκτιμήσεις των οικονομολόγων) και αύξηση 2,5% το προηγούμενο έτος.
Ο δείκτης Stoxx 600 έκλεισε στις 495,36 μονάδες με άνοδο 0,16%.
Στην Φρανκφούρτη ο δείκτης DAX έκλεισε στις 17.689,25 μονάδες με άνοδο 0,50%, πραγματοποιώντας ενδοσυνεδριακά ιστορικό ρεκόρ στις 17.743,95 μονάδες, με το σήμα να διατηρείται σε strong buy, και με την στήριξη να βρίσκεται στις 17.049 μονάδες.
Μεγαλύτερη άνοδος
Μεγαλύτερη πτώση
Στο Λονδίνο ο δείκτης FTSE 100 έκλεισε στις 7.629,62 μονάδες με οριακή άνοδο 0,06%, με το σήμα να παραμένει σε neutral, και με την αντίσταση να βρίσκεται στις 7.733 μονάδες και την στήριξη στις 7.508 μονάδες.
Μεγαλύτερη άνοδος
Μεγαλύτερη πτώση
Στο Παρίσι ο δείκτης CAC 40 έκλεισε στις 7.927,43 μονάδες με πτώση 0,34%, με το σήμα να παραμένει σε strong buy, και με την στήριξη να βρίσκεται στις 7.685 μονάδες.
Μεγαλύτερη άνοδος
Μεγαλύτερη πτώση
Recommendations
Encavis: Initially at the time of purchase, the broker revises his recommendation downwards. Thomas Junghanns published a research note and has a neutral opinion. The target price is reduced from EUR 22 to EUR 12.
Just Eat Takeaway.com: Marcus Diebel from JP Morgan retains his Neutral opinion on the stock. The target price differs slightly and is now set at EUR 1501 versus EUR 1494.
Covestro: Chris Counihan from Jefferies retains his positive opinion on the stock with a Buy rating. The target price is still set at EUR 60.
Scout24: Wassachon Udomsilpa from RBC retains his positive opinion on the stock with a Buy rating. The target price is unchanged at EUR 79.
Freenet: In a research note published by Polo Tang, UBS gives a Neutral rating to the stock. The target price remains set at EUR 24.50.
Scout24: In his latest research note, analyst Jo Barnet-Lamb confirms his recommendation. The broker UBS is keeping its Neutral rating. The target price remains set at EUR 66.
Εταιρικά νέα
Beiersdorf said it is targeting sales growth and a slight margin expansion in the year ahead after 2023 earnings and sales rose, although after-tax profit fell.
The German personal-care products maker said Thursday that profit after tax was 749 million euros ($811.9 million), down from EUR771 million the previous year.
Earnings before interest and taxes increased to EUR1.105 billion from EUR1.09 billion, while EBIT excluding special factors came in at EUR1.27 billion in the year. Group sales rose by 11% organically to EUR9.45 billion, in line with the company’s prior growth forecast of organic sales in the low double-digit range. For 2024, the group now targets mid-single-digit organic sales growth with an EBIT margin slightly above the previous year’s level.
The consumer business segment recorded a double-digit rise in organic sales of 12.5% to EUR7.78 billion, driven by price increases and cost management, Beiersdorf said. The Tesa adhesive products business registered organic sales growth of 3.2% to EUR1.67 billion.
Airbus said it has received several helicopter orders from different buyers during this year’s HAI Heli-Expo event in California.
The European aircraft manufacturer said late Wednesday that it had entered into a framework contract with Bristow Group for up to 15 H135 helicopters, with five firm orders initially and an option for another 10. Delivery of the first helicopter is scheduled for October. Separately, Niagara Helicopters, the tourism company based in Niagara Falls, placed an order for six H130 helicopters.
The announcements come a day after Airbus said it has received separate helicopter orders from a company owned by Saudi Arabia’s sovereign wealth fund, a German helicopter emergency medical services operator and an aeromedical services operator in West Virginia.
ASR Nederland said it swung to a net profit for the year as organic capital creation rose, driven by Aegon Nederland’s contribution in the second half.
The Dutch insurer reported on Thursday a net profit of 1.09 billion euros ($1.18 billion) from a net loss of EUR1.71 billion in 2022. Last year, it booked lower contributions from indirect investment result and disability provisioning. The company said its operating result rose to EUR1.12 billion from EUR805 million.
The group’s organic capital creation came in at EUR938 million, up from EUR653 million a year prior, and above the EUR935 million estimate taken from a company-compiled consensus. The company said this was mostly driven by the contribution from Aegon Nederland activities in the second half. Solvency II ratio–a measure of balance-sheet strength–was 176% compared with 221% and consensus expectations of 174%, the Amsterdam-listed group said. The company said this included the effect from the acquisition of Aegon Nederland, and that organic capital creation contributed 14 percentage points.
ASR proposed a dividend of EUR2.89, from EUR2.70. “The business continues to generate capital in line with our expectations, offering a healthy basis for paying cash dividends and further strengthening the balance sheet,” the company said.
Air France-KLM reported net and operating losses well below analysts’ expectations for the fourth quarter after the Israel-Hamas war disrupted travel to the Middle East and company expenses continued to rise.
The Franco-Dutch carrier group on Thursday posted a net loss of 256 million euros ($277.5 million) for the three months to the end of December compared with profit of EUR496 million in the fourth quarter of 2022. The company also posted an operating loss of EUR56 million compared with operating profit of EUR134 million for the same period the prior year.
Israel’s war with Hamas has been raging since Oct. 7. The company said the conflict had disrupted travel to the Middle East, including Egypt and Lebanon. It also singled out instability in Africa, where some countries have succumbed to military coups in recent months. The group estimates that the geopolitical situation in Africa and the Middle East wiped out EUR65 million from its operating result. However, the carrier also had to grapple with an increase in disruption costs for EUR70 million and took a EUR30 million hit related to its employee shareholding plan.
For months, Air France-KLM has been reckoning with inflation-driven costs that mainly stem from higher salaries, but also air traffic control charges and airport fees. Costs were up 3.5% at constant fuel and constant currency in the fourth quarter. However, the aircraft fuel bill shrank 5% to EUR1.95 billion. In the current quarter, the company expects costs to increase 4% on year due to disruption in the first two months of 2024 and a one-time payment to KLM staff. For the full year, it expects costs to rise between 1% and 2% from 2023.
Despite the negative effects of geopolitical tensions in Africa and the Middle East, the group said it delivered an overall good performance in the fourth quarter in the North Atlantic, while demand in Latin America remained very strong. China led growth in Asia, though India and the south-east of Asia also performed well, it said. Revenue climbed 3.9% to EUR7.41 billion in the quarter, when Air France-KLM handled 22.3 million passengers, 6.4% more than in the previous year. The group was expected to post a net loss of EUR82 million, operating profit of EUR88 million and revenue of EUR7.45 billion, according to a market consensus provided by the company based on estimates from 15 analysts.
Capacity stood at 93% of 2019 levels and the company said it expects a 5% increase this year. Net capital expenditure in 2024 should range from EUR3 billion to EUR3.2 billion. “Looking ahead to 2024, a key priority will be to continue reinforcing our performance,” Chief Executive Benjamin Smith said.
Veolia Environnement (Paris:VIE)
— Record 2023 results, above guidance — 2023 demonstrates Veolia’s ability to grow its results thanks to its unique positioning and strict operational discipline — Efficiency and synergies objectives exceeded — Decrease in net financial debt and leverage of 2.7x, only 2 years after Suez acquisition — Great confidence for 2024: another year of strong results growth expected
Very strong organic Revenue growth of +9%(1) to EUR45,351m, and +4.4%(1) excluding energy price impact
— Solid growth in our 3 businesses — Favorable impact of tariff indexations and of our strict pricing policy
Strong EBITDA organic growth of +7.8%(1) to EUR6,543m, above the guidance range of +5% to +7%:
— EUR389m of efficiency gains above the annual objective of EUR350m — EUR168m of synergies, above annual target, and EUR315m cumulated
Current EBIT of EUR3,346m(2) , strong organic growth of +13.7%(1) Current net income of EUR1,335m(2) , up +14.9%(3) , above our target of EUR1.3bn
ROCE back to pre-covid and pre-Suez levels, at 8.3% after tax
The increase in Free Cash Flow to EUR1,143m enables a reduction in net financial debt to EUR17,903m, with a leverage of 2.74x
Proposal to increase the Dividend to EUR1.25 per share
Ambitious 2024 guidance:
— Solid organic revenue growth(1)(4) — Organic growth(1) of EBITDA between +5% and +6% — Current net income group share above EUR1.5bn(2) — Leverage ratio maintained below 3x(2)
(1) At constant scope and forex
(2) Excluding Suez purchase price allocation
(3) At current exchange rates
(4) Excluding energy prices
Estelle Brachlianoff, CEO of the group, commented: “The year 2023 will have been another record year for Veolia, exceeding our targets, with sales of 45 billion euros, EBITDA up 7.8% and current net income up 14.9% to 1,335 million euros, double that of 2018. These excellent results are the fruit of our unique positioning in the buoyant ecological transformation market, as well as of our ongoing efforts to maintain strict operational control.
Demand for our services has never been so high, with, for example, a full and fast-growing order book for our Water Technologies business, at EUR5.3 billion, a sign that water scarcity and quality have become one of the primary consequences of climate change for cities and industries alike.
We have also continued to focus on efficiency, achieving savings of EUR389 million, in addition to the benefits of the Suez acquisition in the form of EUR168 million in cost synergies, which exceeded our targets.
2023 is the 7(th) consecutive year of earnings growth. During this period, Veolia, the world leader in ecological transformation, will have absorbed a series of major economic, health, geopolitical and energy shocks. This uninterrupted growth demonstrates not only our resilience and capacity to adapt, but also the relevance of our positioning in the dynamic market of ecological transformation, and our unique geographic footprint with almost 40% of sales outside Europe.
We look forward to 2024 with great confidence, perfectly poised for another year of strong earnings growth, and in particular a target of current net income above EUR1.5 billion.”
Impact 2023 strategic plan objectives achieved
In March 2020, as part of its Impact 2023 strategic plan, the group established a series of financial and extra-financial objectives for 2023. These objectives have been largely achieved, including:
— Employee engagement rate of 89%, on target to exceed 80%, with 7.5% of Group capital held by employees, who are now our largest shareholder — 15.4 million tonnes of CO2 avoided — Net income before non-recurring items in 2023 of EUR1,335 million (against a target of EUR1 billion), a doubling since 2018 — 400 million m3 of water saved by improving water network efficiency, to 76% by 2023
Detailed results at 31(st) December 2023
Revenue for 2023 is EUR45,351 million, up 9% at constant exchange rates, and +4.4% excluding energy prices.
— The evolution of revenue by effect is as follows: — The exchange rate effect was -EUR1,187 million (-2.8%) and mainly reflects the change in the Argentinian, Australian, US, UK and Chinese currencies, partially offset by an improvement in the Polish and Czech currencies(1) . — Scope effect was -EUR217 million (-0.5%) and mainly reflects the disposal of Suez’s waste business in the United Kingdom in November 2022, offset by the full-year consolidation of Suez assets and the first-time consolidation of Lydec (Morocco). — The Commerce/Volumes/Works effect was +EUR774 million (+1.8%) thanks to strong sales momentum, as well as growth in construction and in the Water Technologies business. — The climate effect was -EUR232 million (-0.5%). The Energy business in Central and Eastern Europe was impacted by a milder winter than in 2022, as well as unfavorable weather conditions in France, Spain and the United States, which impacted water consumption over the summer months.
— The impact of energy and recyclate prices amounted to +EUR1,579 million (+3.7%), driven by the increase in heat and electricity tariffs (+EUR1,978 million) mainly in Central and Eastern Europe. This increase was partially offset by a fall in recyclate prices, which affected all recycled materials and mainly Northern Europe, France and Germany. — Price effects were very favorable, at +EUR1,749 million, mainly due to price indexation mechanisms and increases in the price of the group’s services of +5.2% on average in Waste and +4.4% in Water.
(1) Main forex impacts by currency : argentinian peso (-EUR647 M), australian dollar (-EUR145 M), US dollar (-EUR133 M), chinese yuan (-EUR87 M), and sterling pound (-EUR59 M), offset by polish zloty (+EUR94 M) and czech koruna (+EUR51 M).
Revenue at 31(st) December 2023 progressed across all operating segments compared to 31(st) December 2022
— Revenue in France and Special Waste Europe amounted to 9,726 million euros, and showed organic growth of +1.4% compared to 31st December 2022: — Water France revenue increased by +1.0% to 3,006 million euros, mainly due to tariff indexations of +6.2%, which offset the re-municipalization of the Lyon water contract, and lower volumes by -2.8% due to unfavorable weather. — The French Waste business grew by +0.7% to 2,909 million euros: lower recyclate prices and lower volumes were offset by higher service prices and electricity revenue. Excluding the price of recyclates, sales rose by 5.4%. — The Hazardous Waste business in Europe reached 2,125 million euros, slightly down by -0.8% impacted mainly by the fall in the price of recycled oils, but offset by increased pricing in the hazardous waste treatment and sanitation businesses. — SADE revenue grew by +5.2%, thanks to strong commercial momentum in France. — Revenue in Europe excluding France reached EUR19,000 million at 31st December 2023, with organic growth of +11.6%. — In Central and Eastern Europe, revenue rose by +19.1% to 11,360 million euros.
The region’s business was particularly buoyant, driven by rising electricity prices and tariff revisions obtained for heating (Poland, Hungary, Czech Republic, Slovakia and Germany), despite an unfavorable weather effect (-159 million euros). — In Northern Europe, revenue of EUR4,043 million increased by 5.2%. This increase was mainly due to revenue in the United Kingdom, up +5.5% on a like-for-like basis, notably thanks to rate indexation and the favorable effect of electricity prices on incineration, as well as good business development in waste collection. — In Iberia, revenue of 2,603 million euros increased by +6.6%, mostly due to Water in Spain, driven by good construction activity, tariff increases, partially offset by lower volumes (-0.8% vs. 2022), due to unfavorable weather.
— In Italy, revenue of 994 million euros decreased by -12.5%, mainly due to lower energy prices, with no impact on margins due to the parallel fall in energy purchase costs.
— Revenue in Rest of the World reached EUR11,907 million, up 10.0% at constant scope and forex, with solid growth in all geographies:
— Revenue reached 1,832 million euros in Latin America, up +30.3%, driven mostly by hyperinflation in Argentina, as well as by Water in Chile thanks to tariff increases.
— In Africa Middle-East, business grew by +10.0%, to 2,213 million euros, driven mainly by new waste contracts (Istanbul, Turkey), the start-up of new water facilities (Jeddah, Saudi Arabia), growth in energy services in the Middle East, and the progress of water contracts in Morocco, benefiting from slightly higher volumes.
— In North America, sales came to 3,347 million euros, up +5.8%. The Hazardous Waste business had a very good year, with revenue up 6.4% thanks to higher volumes and increased rates. The Water business benefited from tariff increases, which more than offset a 1.7% drop in volumes in the “regulated water” business, impacted by unfavorable weather conditions (with no impact on margins).
— Sales in Asia amounted to 2,540 million euros, up +4.6%, driven mainly by Hong Kong (+16.1%), Taiwan (+11.9%) and Japan (+4.8%). China stabilizes. — In the Pacific region, sales of EUR1,975 million were up +6.4%, mainly due to the effect of tariff revisions and commercial gains in the Waste business (in particular the city of Goldcoast), as well as a good commercial performance in industrial maintenance. — The Water Technologies business generated sales of 4,707 million euros, up +12.1%, driven by growth at WTS in the Engineering Systems and Chemical Solutions businesses, as well as by growth at VWT in its Services and Technologies businesses. Order intake for the Water Technologies business at December 31st, 2023 (for projects and products, excluding services) amounts to 3,490 million euros, up sharply on December 31st, 2022 (2,662 million euros), an increase of 31.1%.
By business, at constant scope and exchange rates, the evolution of revenue is as follows:
— Water revenue rose by 7.5% to EUR18,409m — Water Operations rose by +5.9% to EUR12,627m, with price increases across all geographies, strong sales growth in Africa Middle-East, and a good level of construction activity, despite volumes impacted by unfavorable weather conditions in France, Spain and the United States. — Water Technology and Construction rose by +10.8% to EUR5,782m, driven mainly by the Water Technologies businesses. — Waste sales rose by +3.4% on a like-for-like basis to EUR14,683 million, and by +5.9% excluding changes in recyclate prices. It benefited from favorable price revisions (+5.2%), which offset the impact of lower recycled materials prices (-2.5% on sales) in France, Germany and Northern Europe. The Commerce/Volumes/Works effect was positive (+0.1%), with resilient volumes, with a decline in Europe (notably in France and Germany) offset by the rest of the world, and good commercial activity in Australia and the United Kingdom. — Energy sales rose by +19.9%. Strong sales growth was driven by positive price effects (+18.5%), mainly in Central and Eastern Europe. The unfavorable climate effect on sales for 2023 amounted to -1.5%.
Strong EBITDA growth, to EUR6,543m vs. EUR6,196m at 31(st) December 2022, up +7.8% at constant scope and exchange rates
— The impact of exchange rates on EBITDA amounted to -133 million euros (-2.2%). This mainly reflects a depreciation of the Argentinean, American, Australian, Chinese and British currencies, partially offset by a rise in the Polish and Czech currencies. — Scope effect was almost neutral, at -4 million euros. — Commerce/Volumes/Works impact was favorable by +117 million euros. — Weather impact was -83 million euros. — Energy and recycled materials prices had a net favorable impact on EBITDA of +160 million euros, mainly due to higher energy selling prices net of higher purchasing costs, which offset the unfavorable impact of recycled materials prices (-88 million euros) in France, Northern Europe and Germany. — Efficiency net of gains shared with customers, contract renegotiations and cost pass-through lag effects came to 122 million euros. The efficiency plan contributed 389 million euros by 2023, above the annual target of 350 million euros. — Synergies from the integration of Suez amounted to 168 million euros in 2023, ahead of target.
Compared with 31(st) December 2022, 2023 EBITDA evolution by segment was as follows:
— France and Special Waste Europe achieved an EBITDA of EUR1,338 million, down -5.2% compared with December 31st, 2022, due to lower recyclate prices, an unfavorable weather effect on water volumes, partly offset by operating efficiency action plans. — EBITDA for Europe excluding France totaled EUR2,599 million. It posted an organic growth of +13.7% compared with December 31st, 2022, driven by high energy prices and gains in flexibility and support services in energy in Central and Eastern Europe, and by tariff increases in water. — The Rest of the World EBITDA reached 1,925 million euros, an organic growth of 7.1% compared with December 31st, 2022, driven by North America, Africa Middle-East and the Pacific. — The Water Technologies division generated an EBITDA of 534 million euros, with an organic growth of +17.0% compared with December 31st, 2022, driven by its Engineering Systems Chemical Solutions and Services & Technologies businesses.
The main changes in EBITDA by business at constant scope and exchange rates can be analyzed as follows:
— EBITDA for the Water division totaled 3,122 million euros. It is up +5.4% at constant scope and exchange rates compared with December 31st, 2022, driven mainly by the Water Technologies business. In Water Operations, EBITDA benefited from the efficiency gains and synergies generated in 2023, which more than offset the impact of weather conditions on volumes. — EBITDA for the Waste business reached 1,924 million euros, up +1.0% at constant scope and exchange rates compared with December 31st, 2022, excluding changes in recyclate prices, benefiting from efficiency gains and synergies generated over 2023. — EBITDA for the Energy business reached 1,497 million euros, a very strong growth of 35.3% at constant scope and exchange rates compared with December 31st, 2022, benefiting from higher energy prices and improved energy efficiency at cogeneration facilities.
Strong current EBIT growth of +13.7% at constant scope and forex to EUR3,346m.
— Currency movements weighed by -EUR72m on current EBIT. — The increase in recurring EBIT on a like-for-like basis (EUR420m) breaks down as follows: — Strong EBITDA growth (EUR+485m at constant scope and exchange rates). — Depreciation and amortization (including repayments of operating financial assets) up 60 million euros at constant scope and exchange rates. — Lower industrial capital gains net of asset impairments (44 million euros in 2023 vs. 68 million euros in 2022) due to lower industrial capital gains. — Stable share of current net income of JV and associates at 123 million euros, but up +21 million euros at constant scope and exchange rates.
Current net income group share reached EUR1,335 million at 31(st) December 2023, vs. EUR1,162 million at 31(st) December 2022 (+14.9%)
— Financial result was -966 million euros at 31st December 2023 vs. -1,023 million euros at 31st December 2022. — It includes the cost of net financial debt, down by 81 million euros to -626 million euros at December 31st, 2023, compared with -707 million euros a year earlier. — Other financial income and expenses (including capital gains and losses on financial disposals) amounted to EUR-350m, compared with EUR-386 at December 31st, 2022. This change is due in particular to the reduction in the fair value of the debt of the Aguas Andinas subsidiary in Chile (indexed to inflation). — Taxes totaled -EUR599 million, reflecting the rise in pre-tax income from ordinary activities. The current tax rate was 26.5%.
Minority interests amounted to -EUR446 million, compared with -EUR363 million at December 31st, 2022.
Net income group share was EUR937 million vs. EUR716 million at 31(st) December 2022 (+31%)
Decrease in net Financial debt to EUR17,903m at 31(st) December 2023. Free Cash Flow of EUR1,143m.
Net financial debt stood at EUR17,903 million (excluding PPA), compared with EUR18,138 million at December 31(st) , 2022. Compared with December 31(st) , 2022, the change in net financial debt is mainly due to the increase in Free Cash Flow to EUR1,143 million, up EUR111 million.
Proposal of a dividend increase to EUR1.25 per share.
The Board of Directors will propose to the Annual General Meeting of April 25(th) , 2024 the payment of a dividend of EUR1.25 per share in respect of the 2023 financial year, payable in cash. The ex-dividend date will be May 8(th) . Dividends for 2023 will be paid from May 10(th) , 2024.
Objectives 2024 In view of the very strong 2023 results and the good start to the year, we can look forward to 2024 with confidence, and announce ambitious targets. Solid organic growth of revenue(1)(2) Efficiency gains above EUR350m complemented by additional synergies for a cumulated amount of more than EUR400m end 2024, in line with the EUR500m cumulated objective Organic growth of EBITDA between +5% and +6%(1) Current net income group share above EUR1.5bn(3) Leverage ratio expected below 3x(3) Dividend growth in line with current EPS growth (1) At constant scope and forex / (2) Excluding energy prices / (3) Excluding Suez PPA Agenda 18(th) April 2024: Deep dive USA (New York & Houston) Fall 2024: Deep dive Water Technologies and Innovation
ABOUT VEOLIA
Anheuser-Busch InBev’s net profit fell 33% in the fourth quarter of 2023 as both revenue and volumes missed consensus expectations.
The world’s largest brewer–which houses Stella Artois and Budweiser among its portfolio–said late Wednesday that net profit dropped to $1.89 billion in the fourth quarter from $2.84 billion a year earlier. Underlying net profit declined to $1.66 billion in the fourth quarter from $1.74 billion a year ago.
Revenue dropped to $14.47 billion in the fourth quarter from $14.67 billion for the same period a year earlier, the company said. The fourth-quarter figure compares with the estimate of $15.505 billion revenue, according to Visible Alpha consensus.
Overall volumes declined to 144.706 million hectoliters in the fourth quarter from 148.775 million hectoliters a year earlier, the company said. The fourth-quarter figure compares with the estimate of 146.3 million hectoliters, according to Visible Alpha consensus.
The company expects 2024 Ebitda growth to be in line with its medium-term outlook of between 4%-8%, reflecting “our current assessment of inflation and other macroeconomic conditions.”

