With shares in Veolia Environmental Services falling below 20 Euros senior Veolians are trying to steady investors’ nerves via an on-line broadcast. Veolia’s shares were selling for about € 65.65 a year ago, but they reached a new low of just over € 18 yesterday [falling to a new low of just over € 17.50 today, Wednesday 22nd October 2008] according to a share price tracking website.
On Wednesday 22nd October Veolia will stage an ‘Investors Day’ with the event to be viewable from their website. Henri Proglio, Veolia’s Chairman and Chief Executive Officer and Jérôme Contamine, Veolia’s Senior Executive Vice President, are expected to provide an overview of Veolia’s outlook for the full-year 2008 “within the context of the financial crisis and global economic slowdown”.
Veolia-watchers will have noticed share prices falling even further on the back of the recent announcement that Veolia has “experienced a clear slowdown in waste management business activity since the beginning of the summer”.
According to their press release:
The effects of the economic slowdown (decline in tonnages both collected and treated) and the decrease in raw material pricing (paper, metals) have been particularly felt in [Veolia’s] French and German business activities. In addition, certain elements have also weighed upon this year’s profitability: Temporary shutdown and delay of certain incineration installations in Italy [see below], and the implementation costs for the restructuring plan and the closure of a waste disposal facility in Germany.
Overall, Veolia Environnement expects 2008 operating cash flow to be between EUR 4,100 million and EUR 4,200 million, or approximately the same level as the operating cash flow generated in 2007, which totalled EUR 4,163 million…
Veolia are telling shareholders about plans to reduce investments and increase ‘asset disposal’ in the hope that this will reassure investors.
Veolia ripped off by Italian Waste company
It appears that Veolia purchased a dodgy incinerator only to find that managers have been fiddling emissions monitors downward hiding rocket high emissions. Local towns have high local cancer and respiratory illness are significantly higher than in other parts of Italy, with young girls were reaching puberty early, even if they still had the stature and appearance of other girls of a similar age. Veolia is reportedly not very pleased to see its shiny new plant locked down while work is carried out to bring the unit back up to safety levels
Defective Incinerator Plant Sold to French Company
Down in Pietrasanta near Lucca in Tuscany, there is a waste incinerator plant. Formerly owned by the Italian company Termomeccanica, this plant was recently acquired from its Italian owner by the French company Veolia. Shortly after taking control of the plant, the new French owners were not all that happy to discover that the incinerator plant’s emission levels had been fiddled with to bring them within legal limits. The police were called in and their investigations resulted in the suspension of the incinerator plant manager. Additionally, a hard disk containing software apparently written specifically to modify the reporting of emission levels was confiscated…” [Source]
Ask FoE’s Michael Warhurst points out, there are a host of financial issues facing waste companies jeopardising some Waste PFI projects:
“The financial crisis has now also embroiled a multi-billion programme to build new waste incinerator and recycling facilities, needed to meet waste reduction targets, in several local authorities. A £350m agreement in Manchester is understood to be close to collapse.
The cost of financing the waste programme has left local authorities questioning the value of procuring infrastructure via PFI.”
http://www.guardian.co.uk/business/2008/oct/19/creditcrunch-transport
“Steel giant Corus has revealed that the price it pays for steel cans and packaging delivered to its UK network of CanRoute collection centres will drop to just £10 per tonne from Monday as a result of the economic slowdown.
The change, which comes into effect on Monday 20 October, sees the value for cans collected at the nationwide network fall from its previous level of £95 per tonne, and a high of £235 per tonne which it held between May and July 2008.”
http://www.letsrecycle.com/do/ecco.py/view_item?listid=37&listcatid=217&listitemid=10520
“those businesses with material who have concentrated on export markets in recent years may well find it more difficult to find a home for the used cardboard in the UK …. people also need to make sure their operations are in good order and remember that good quality is of great importance as ever, for both export and domestic markets.”
http://www.letsrecycle.com/do/ecco.py/view_item?listid=37&listcatid=217&listitemid=10511
Veolia’s investor day failed to steady nerves among investors, who today further reduced the value of Veolia share by nearly € 1 to just over € 17.50. This represents an collapse of value by more than 70% over the year, and more than 5% during today’s trading.
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Veolia shares just hit a new low of € 16.60!
From a friend:
We received the following from West Midlands Palestine Solidarity Campaign and it should be of interest to anyone up against Veolia. As has already pointed out, this is only one of the most current and outrageous unethical practices that this horrible conglomerate is up to its neck in. This report does not mention the 3.5 billion euro contract Veolia has just lost in Sweden (because of the Palestine/Israeli connection) and also the waste dumps that Veolia has built on occupied Palestinian territory – see http://www.safewasteshropshire.co.uk
Although we are aware that some people find it difficult to engage with corrupt corporate practices/Middle East politics, we think that this is highly relevant to anyone campaigning against Veolia incinerators if only because there are serious implications for Veolia’s future ability to fulfil contracts should it come to prosecutions for participation in war crimes.
Do You live in Oldbury, Rowley Regis, Smethwick, Tipton, Wednesbury, Wolverhampton? Visit
http://uk.groups.yahoo.com/group/palcampaign/message/78;_ylc=X3oDMTJwbXJlaDFrBF9TAzk3NDkwNTA0BGdycElkAzIwMzExOTI4BGdycHNwSWQDMTY5MDA2MDY4MgRtc2dJZAM3OARzZWMDZG1zZwRzbGsDdm1zZwRzdGltZQMxMjM0NjE0NjA3
These towns are part of Sandwell Metropolitan Borough. West Midlands PSC and Wolverhampton PSC are runing a campaign to prevent Sandwell MB Council from awarding the contract for its waste management operation to Veolia, a company classified by PSC as a ‘complicit’ firm, complicit, that is, in Israel’s illegal occupation of Palestine. A full background statement on this is at the end of this
message.
We are looking for members and supporters in Sandwell to help with this campaign. Please contact us if you would be willing to take part, or if know of individuals or groups in Sandwell who would have an interest in this initiative. We look forward to hearing from you.
West Midlands PSC
pscwm@yahoo.co.uk
BACKGROUND STATEMENT ON VEOLIA
Veolia parent company is Veolia Environnement, a French multinational. Veolia Transport, a subsidiary of Veolia Environnement, is a leading partner in the CityPass consortium, contracted to build a light rail tramway system linking west Jerusalem to illegal Jewish settlements such as Pisgat Ze’ev, French Hill, Neve Ya’akov and Gilo in occupied east Jerusalem . Once built, the rail system will help to cement Israel ‘s hold on occupied east Jerusalem and tie the settlements even more firmly into the State of Israel. And not only the settlements in east Jerusalem: the project states that the “Ammunition Hill” station of the network will operate as the feeder station for settler traffic from Ma’aleh Adumim, a large Israeli settlement in the West Bank, and from Jewish settlements in the Jordan Valley.
The complete system is due for completion in 2020, with Veolia responsible for the operation. The first line will open in 2010. With its involvement in this project, the company is directly implicated in the Israeli occupation of Palestinian territory and is playing a key role in Israel ‘s attempt to make its annexation of the Palestinian territory of east Jerusalem irreversible. As a willing agent of these policies, Veolia is undermining any chance of a just peace for the Palestinian people.
Israeli settlements in the Occupied Palestinian Territory and the annexation of East Jerusalem are illegal under international law. Numerous UN resolutions and the 2004 Advisory Opinion of the International Court of Justice on the wall have confirmed this. The settlements violate Article 49 of the 4th Geneva Convention, which provides that:: “…The Occupying Power shall not deport or transferparts of its own civilian population into the territory it occupies” as well as Article 53, which forbids destruction of property.
These violations in some cases in east Jerusalem amount to war crimes, i.e. “grave breaches” of the Convention, (see Articles 146 and 147), as they involve appropriation of Palestinian property not justified by military necessity. These grave breaches are being facilitated by Veolia’s participation in the construction and future operation of the tramway serving the settlements.
In November 2006, ASN, a Dutch bank, broke off financial relations with Veolia on account of the light rail contract. Veolia also runs Luas, Dublin ‘s light rail system, but has been forced by Trade Union pressure in Ireland to cancel a proposed deal to train drivers and engineers for the Jerusalem light rail. In 2007 AFPS, a French NGO, and the PLO, started court cases in France against Veolia transport and Alstom, another CityPass partner, to get their contract for the tramway invalidated on the grounds that its aim breached the French Civil Code as being in contradiction with public order and good morals (see http://electronicintafada.net/v2/article9104.shtml ).
Meanwhile, Veolia Environmental Services runs waste collection and recycling for several local authorities in the UK and so provides a local focus for appropriate action.
It is clear from the parent company’s annual reports and website that the company is one coherent whole and so the misconduct of one division is the misconduct of Veolia as a whole and all divisions and subsidiaries are implicated. Veolia Water and Veolia Transport are also UK subsidiaries.
Veolia falls below 19 again:
Last Trade: 18.70
Trade Time:16:04
Change: 0.62 (3.21%)
Prev Close: 19.32
Open: 19.30
Bid: 18.70
Ask: 18.70
Veolia downtrending:
http://www.zacks.com/research/get_news.php?id=189l6728
SmarTrend currently has shares of Veolia Environnement in an Downtrend and issued the Downtrend alert on May 18, 2011 at $29.50. The stock has fallen 5.7% since the Downtrend alert was issued.
i am a violia worker hgv driver recling in west berkshire in the new padworth set up how has violia lasted so long no organisation a compleat shambles every day west berks is a big area we got old trucks its run by managment as 3 i say 3 diferent compoenys black bins greenwaste witch is a unbelivable joke as for recling how can a truck witch picks up 3 tons some less each round 900 properties top bosess drive bmws merks pluss come down and see as a share holder violia are a nightmare so badly orginised
I managed a Household Waste Recycling Centre in Nottinghamshire Contracted by Veolia.
Management were rubbish …parden the pun……systems were rubbish and even though we held the UK record for recycling at such a facility it didnt satisfy them…………. we are now divorced