French utility Details of the sales were announced by the Minister of State at the Department of Finance, Mr Tom Parlon, this morning.
said this morning it returned a profit of €339 million in 2002, despite depressed economic conditions.
However, the figure was below analysts' forecasts - which had ranged from €389 million to €452 million.
The company, whose shares fell more than 5 per cent on the eve of the results on pre-earnings jitters and as liquidity concerns dogged the sector, said that excluding one-off items, it made net income of €429 million, compared with €420 million in 2001.
Vivendi Environnement said consolidated earnings before interest and taxes (EBIT) fell to €1.971 billion from €2.013 billion a year ago, due largely to a lower contribution from non-core units as a result of sales made last year.
This was broadly in line with forecasts of €1.969 billion. EBIT from core businesses rose 1.9 per cent in 2002 to €1.847 billion, with the water division showing a 2.9 per cent rise in EBIT on the back of a good level of business in France and an increase in outsourcing contracts won outside France.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) from core businesses grew 7.1 per cent to €3.727 billion, leading to a 0.2 per cent improvement in the EBITDA margin, it said.
The company, a former unit of media giant Vivendi Universal and one of Europe's biggest water and waste treatment and management companies, said it reduced net debt to €13.1 billion at end-2002 from €14.3 billion a year ago.
Vivendi Environnement shares closed yesterday down 5.06 per cent at €16.71, underperforming the DJ Stoxx European utilities index which gave up 0.5 per cent.
AFP