INTEGRATED 
REPORT 
2018
INTEGRATED 
REPORT
2018

2018 was the first financial year in which 
we published our annual report in two parts: 
the Activity Report and the Integrated Report. 
This year, Veolia is taking a new step forward 
in integrated thinking and demonstrating its 
overall performance. The 2018 Integrated Report 
has been co-written by the different Group 
departments. The content, especially concerning 
the business mode l and value-creation sharing, 
is the result of joint discussion workshops.
By offering a full, forward-looking synthesis of 
Veolia’s strategy, businesses and commitments, 
this Integrated Report provides a concise and 
illustrated text to be read in conjunction with 
the more detailed Registration Document. It aims 
to show how the Group’s resources and strategic 
choices combine to sustainably create value 
for all its stakeholders.
The 2018 Integrated Report project team
•  Sponsor: Group’s Secretary-General.
•  Co-oversight: Communications 
and Sustainable Development Departments.
•   Integrated discussion committee 
and contributors: Development, Innovation 
and Markets Department; Technical and 
Performance Department; Human Resources, 
Legal, Finance, Risk, and Compliance 
Departments; and the Veolia Institute.
Sharing our vision 
and strategic 
direction
Our ambitious mission (p. 3) 
enables us to support major 
global transitions (p. 4-5). 
Our long-term strategic vision (p. 6-9) 
and our governance enable 
us to stay on track (p. 10-13), 
as well as listening to 
our stakeholders (p. 14-15). 
We rely on a business model 
that we believe creates value 
for everyone (p. 16-17).
Detailing our 
missions and the 
strengths that enable 
us to fulfill them
Our “Resourcing the world” mission 
is based on a suite of efficient 
and sustainable solutions (p. 20-21).
Today, they enable Veolia to demonstrate 
its usefulness by:
• ensuring its fundamentals (p. 22-25);
• providing solutions to the most 
complex situations (p. 26-27);
• supporting priority transitions (p. 28-30);
• providing “glocal” solutions (p. 31);
• acting as an integrator (p. 32-33).
Explaining our 
transformation 
drivers
To be the standard setter in its business 
activities and remain as such, Veolia 
is continuously transforming itself. 
This transformation involves digitizing our 
working methods and our offers (p. 36-37).
We are also seeking to fully leverage 
our innovation potential (p. 38-39) 
and to ramp up collaboration within 
our Group (p. 40).
Lastly, this transformation relies on 
strengthening our customer focus, which 
is key to our future performance (p. 41).
Demonstrating 
that our overall 
performance creates 
value for everyone
In 2018, Veolia reported 
a sustained and sustainable 
performance by pursuing its social 
and environmental commitments (p. 44-47).
This performance creates value for an 
entire ecosystem of stakeholders (p. 48-51).
In order to sustainably secure 
our performance and the value 
i t creates, we apply an active policy 
of risk anticipation (p. 52-53) 
while strengthening our ethics and 
compliance systems (p. 54-55).
Focusing on our 
human capital
Veolia’s greatest asset is being a community 
of engaged men and women from a variety 
of backgrounds and careers with a high 
level of expertise – they are our 
“Resourcers” (p. 58-61).
This invaluable human capital must be 
protected, which is why our health and 
safety policy involves all levels within the 
Group and all the countries where it 
operates (p. 62-63).
Showing what 
tomorrow will be 
made of
Veolia is currently devising its next strategic 
phase through its “Inspire” collective 
approach (p. 64).
What we are presenting 
in this report:
1
Veolia 2018 • Integrated Report

VEOLIA,
VEOLIA,
PAVES
PAVES
COMPANY
COMPANY
THE WAY
THE WAY
THAT
THAT
Our “Resourcing the world” 
mission is based on a vision 
of our environment that is shared 
by our employees: the world as 
it should be.
In this world, fewer resources are 
wasted and they are shared fairly; 
waste has a value and uses are 
found for wastewater; and energy 
is efficiently managed and reused.
In this world, companies as well 
as government bodies play a 
central role in anticipating and 
supporting major global 
transitions.
In this world, companies 
voluntarily ask themselves what 
is their purpose and their use. 
This vision both drives and 
commits us.
Our goal is not only to be the world 
leader but also the standard setter 
for environmental businesses: 
the company that resolves, 
prepares the ground 
and invents, inspires and 
shows the way.
AN INSPIRING
AN INSPIRING
2
3
Veolia 2018 • Integrated Report

2.2.
3.3.
1.1.
5.5.
4.
4.
Supporting major 
global transitions
07/2018 — High-level Political Forum 
on Sustainable Development
Organized by the United Nations, the 
HLPF assessed the implementation 
of Agenda 2030 for the Sustainable 
Development Goals (SDG). In 2018, the 
meeting addressed the “transformation 
towards sustainable and resilient 
societies” and examined the progress 
made with a selection of the SDGs. Pierre 
Victoria, Veolia’s Director of Sustainable 
Development, presented the Group’s 
contributions.
12/2018 (COP24) — 24th Conference 
of the Parties to the United Nations 
Framework Convention 
on Climate Change
At COP24 in Katowice, Poland, attended 
by 30,000 participants from 196 
countries, Veolia signed the “Step up 
Now” call to action initiated by the 
European Climate Foundation. It aims to 
prompt the European Union not to lower 
the level of its climate targets.
Throughout 2018, Veolia was confronted with far-
reaching changes to its environment. Climate, 
demographic, social, economic and technological 
changes are at work worldwide and their impact 
grows more visible with each passing day. Veolia is 
engaged in the discussion around ideas and actions 
to inform deeper analysis, identify solutions and 
help provide a collective response to global issues. 
We look back over a year of taking positions and 
making commitments.
Population growth 
and urbanization
10/2018 — COP24 Preparatory Meeting
Prior to COP24, Antoine Frérot, Chairman 
and CEO of Veolia, attended a 
preparatory meeting in Kraków, Poland, 
where he spoke about the “Future of 
megacities in 2048”. An additional 
3 billion people will be living in cities by 
then. Veolia believes the solutions already 
exist to manage the major challenges 
created by world population urbanization.
11/2018 — Forum Smart City Paris
The Forum Smart City Paris La Tribune 
brought together entrepreneurs and 
political leaders to discuss together the 
new economic models that must be 
developed to enable the urban 
environment’s “zero carbon” 
transformation. Veolia took part in two 
roundtables: new modes of infrastructure 
funding and the resilience of cities.
11/2018 — Women’s Forum
This event brought together global social 
and economic leaders to discuss the 
theme of “Bridging humanity for inclusive 
progress”. Estelle Brachlianoff, Chief 
Operating Officer for Veolia, gave a paper 
at the conference entitled “Designing 
future inclusive cities and economies”.
Technological 
advances and 
digitization
05/2018 — VivaTech rendezvous
For its second time at VivaTech, the 
global conference for start-ups and 
digital innovation, Veolia presented its 
connected technology and new digital 
services to assist cities and industrial 
concerns with their transformation. The 
solutions are divided into three groups 
of innovations: Connected technologies, 
Smart city and Smart citizens.
04/2018 — Global Water Summit
The 2018 Global Water Summit was held 
in Paris and attracted political and 
economic decision-makers to discuss the 
topic of “Transcending boundaries”. The 
Group’s new digital technology for water 
management – Aquavista in particular – 
sits at the heart of this topic. This “digital 
plant” maximizes facility performance and 
provides greater flexibility for the user.
Changing lifestyles
01/2018 — Davos World 
Economic Forum
The 48th World Economic Forum held in 
Davos, Switzerland, was attended by 
70 heads of state and 3,000 decision-
makers who addressed the topic of 
“Creating a shared future in a fractured 
world”. Present at the Forum, Veolia 
proposed creating more inclusive 
solutions involving all regional 
stakeholders in a circular economy 
approach.
11/2018 — Global Positive Forum
This meeting was attended by political, 
economic and nonprofit leaders for a day 
of discussions about their projects for 
future generations. During the event, 
Veolia’s CEO reflected on “the company 
as a model of benevolence”, and said that 
companies must be useful in order to 
prosper.
11/2018 — Futurapolis
This innovation meeting attended by 
scientists, artists and entrepreneurs to 
discuss future challenges was an 
opportunity for Veolia to present its 
vision of the world in 2040. The Group is 
intent on merging economic growth and 
environmental protection in response to 
three major issues: creating a carbon-
free, decentralized and digitized world; 
feeding 9 billion people with scarcer soil, 
water and energy resources; and 
combating water, soil and air pollution.
Read about the major trends in Veolia’s business 
model on pages 16 and 17.
Stricter 
environmental 
regulations
05/2018 — European Union adopts 
the Circular Economy Package
This set of rules lays down new, 
ambitious targets for waste recycling 
and landfilling reduction. Through its 
LivingCircular platform, Veolia is 
contributing to the discussion and 
speeding up the transition toward a 
circular economy. In 2018, the Veolia 
Foundation held a new cycle of four 
“circular conferences” at La REcyclerie.
Entry into force in 2018-2019
— Chinese legislation clamps down 
on waste imports
W ith its environmental standards now 
among the strictest in the world, 
the Chinese market laid down a major 
challenge for waste treatment, in 
particular plastics and hazardous waste. 
Veolia has taken up that challenge with 
comprehensive and innovative solutions. 
Already well established in China, the 
Group recently commissioned a new 
hazardous waste treatment plant there.
Climate change and 
ecological transition
06/2018 — World Oceans Day
Veolia presented its position on 
eradicating pollution from the world’s 
seas and oceans at this event. The 
solutions are of three types: treat the 
flow of pollution on the coast and inland; 
prevent and reduce regional vulnerability; 
and help production and consumption 
models switch to the circular economy.
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Veolia 2018 • Integrated Report

Chairman and Chief 
Executive Officer 
of Veolia
Interview
“OUR COMPANY 
IS MAINTAINING 
ITS LEAD BECAUSE 
IT CAN CREATE 
EXPERTISE 
DESPERATELY 
NEEDED FOR 
THE 21ST CENTURY.”
What is your view of 2018, the third 
year of Veolia’s development plan?
What stands out above all is the strong growth in our 
revenue. It increased 6.5% at constant exchange rates to 
€25.9 billion. In geographic terms, our growth was 
balanced between Latin America, Asia, Central Europe, 
Southern Europe and the United Kingdom. With regard 
to customers, industrial concerns accounted for 60% of 
our growth and municipal customers 40%. And then 
there are the sectors: more than one half of this growth 
came from new activities that we had identified as being 
strategic, such as the circular economy, energy efficiency, 
hard-to-treat pollution, management of industrial 
facilities at end of life, etc. This is a very encouraging 
signal that we have successfully moved into these 
emerging markets, which will provide us with new 
sources of business to support Veolia’s future growth.
In all our geographic regions, we achieved very fine 
commercial successes, which are already having or will 
have a positive impact on our revenue. Examples, to cite 
but a few, are the 18-year multi-utility contract signed 
with DuPont in the United States, the 25-year operation 
contract for the first waste-to-energy plant in Australia, 
or the 20-year operation contract for the Salalah 
desalination plant in the Sultanate of Oman. Our 
excellent renewal rate for contracts nearing completion, 
as well as the contracts we have won in our competitors’ 
“historical strongholds” such as management of the 
wastewater service in Bordeaux, France, are indicative of 
the quality and competitiveness of our proposals.
What conclusions do you draw from 
the 2018 financial statements?
Veolia’s financial indicators reflect the improvement 
in its operational performance and its increased 
profitability. For example, EBITDA came to €3.4 billion, 
an increase of 7.3% at constant exchange rates. Cost 
savings totaled €302 million, which is on target with the 
€300 million we had set. The €675 million in current net 
income represented a 14.7% rise at constant exchange 
rates and excluding capital gains. Lastly, our net financial 
debt fell below the €10 billion mark as expected and is 
therefore under control. 2018 saw a continuation of the 
solid growth already seen in our results over the past few 
financial years. Indeed, the pace even picked up resulting 
in higher growth. For the past three financial years, our 
revenue has annually increased by 4% at constant 
exchange rates, EBITDA by 5% and current net income 
by 10%. This is proof that we are firmly set on a path 
of profitable and sustainable growth.
Was 2018 a year rich in innovation?
Yes, it was, and it’s worth underlining that these 
innovations are ultimately a source of competitiveness 
and attractiveness. In the final analysis, 2018 was a year 
of triple consolidation: growth, performance and 
innovation. For example, we opened the first French 
solar panel recycling facility. Its recovery rate exceeds 
95%! Also, we developed a new generation of 
autonomous robots using so-called “neural network” 
artificial intelligence to improve waste sorting. This is 
crucial, as effective waste recycling depends on the 
quality of the sorting. We have also signed a partnership 
agreement with EDF to create in Europe new, highly 
technical industrial streams with high value added for 
dismantling gas-cooled reactors and nuclear waste 
vitrification.
 All these innovations are important because they lay the 
foundations for our Group’s future, but they also tell us 
something fundamental about it. They tell us that our 
expertise is differentiating and that our company 
maintains its lead because it is able to create the 
expertise so desperately needed for the 21st century.
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Veolia 2018 • Integrated Report

What is the 2019 outlook for Veolia?
As we exceeded our targets, our 2018 performance puts 
us in an excellent position to successfully conclude our 
2016-2019 plan. So 2019 should be an additional year of 
sustained growth. As a consequence, our Group fully 
confirmed all the commitments made for the year: 
pursue revenue growth, save an additional €220 million 
on costs and achieve EBITDA of between €3.5 billion and 
€3.6 billion.
In practice, we will continue to implement 
– pragmatically and without haste – the dual drivers of 
our growth plan. The first is growth, which will be mostly 
organic, but will also involve a few targeted, small-scale 
bolt-on acquisitions; this internal and external growth 
will methodically build up our geographic and sector 
platforms and add the links that are still lacking in our 
value chain. The second is our efficiency drive, based on 
operational performance improvement programs, 
stricter management of overheads and a more rigorous 
purchasing policy. Over the 2016-2018 period, we have 
achieved €802 million in cost savings. By the end of 2019, 
marking the end of the four years of our development 
plan, we will have exceeded €1 billion in savings.
What about the years beyond?
In 2020, we will begin our new strategic plan designed to 
act as a compass for our Group for the following four 
years. We began to develop it in 2018 with the 
participatory “Inspire” approach, which collected more 
than 1,600 internal contributions. In 2019, the major 
aspects of this plan will be detailed, costed and adjusted 
for each local roadmap. In addition to economic goals, 
this plan will include goals for our Group’s organization 
and operation in order to improve its responsiveness, 
complete its digital transformation and step up 
synergies to capitalize better on its full growth potential. 
This plan will mark the beginning of a new stage in our 
company’s history, during which it will strengthen its 
positions in the most buoyant market sectors and 
extend its lead in environmental businesses.
How is Veolia preparing for the 
renewal of its business activities?
We’re simultaneously looking at the short, medium and 
long terms. Our activities are spread over all three time 
frames to build additional growth relays and ensure a 
harmonious transition between emerging and mature 
activities. Among our various activities, there are first of 
all those that are most developed, which I would call the 
“forests” to use a metaphor drawn from nature. These 
are our conventional offerings, which we manage 
expertly and which today generate most of our revenue. 
We need to replicate these forests, especially in new 
high-growth regions with acceptable solvency.
Then, there are more recent activities that we could call 
the “trees”. They also need to be reproduced and 
densified to one day become “forests”. They are, for 
example, energy efficiency, plastics recycling and 
anaerobic digestion of organic waste. Our aim is to 
disseminate these promising offerings in a more 
industrial, systematic and substantial manner.
Lastly, there is a profusion of original and emerging 
activities. These are the “seeds” that we are sowing and 
nurturing into “trees”. These promising young shoots 
– as yet small at the scale of Veolia – are such things as 
microgrids, urban agriculture, air quality, and so forth. All 
these seeds need to be tested, carefully selected and then 
helped to grow. Veolia is inventing the future with them.
This year, Veolia will be defining its 
purpose. Why is that?
Stating the Group’s purpose is tantamount to expressing 
the ultimate aim of its action. That is, why and how 
Veolia is useful to everyone who is involved in its sound 
operation. Our purpose derives from the mission we 
have given ourselves of “Resourcing the world”. It will act 
as the goal for our strategy and all our initiatives. It will 
be our collective project and shared aim to ensure that 
Veolia is perceived as useful, even indispensable by its 
customers; as prosperous and appreciative by its 
shareholders; and as engaged, passionate even, by its 
employees. And as inspirational by everyone!
What can a company like Veolia do 
in response to the challenges 
around the fight against climate 
change?
Concrete, tried-and-tested and complementary 
solutions: energy efficiency, especially for buildings, as 
many of them are still energy “guzzlers”; the transition to 
renewable energy, such as biomass, solid recovered fuel 
or heat recovered from wastewater; the circular 
economy, which, by converting waste into resources, 
drastically reduces carbon emissions; capturing methane, 
which is a pollutant when released into the atmosphere 
but a green energy when transformed into heat. 
The gains to be made by the more widespread use of 
these solutions are huge. Take the case of lost-energy 
recovery. In Europe, just 1% of the by-product energy 
from industrial plants and cities is reused – 99% is lost. 
As we operate at the heart of these issues in cities 
and industry, our businesses have a very promising 
long-term future.
This brings us back to our Group’s purpose and its utility. 
In fact, there are few tasks that are as essential as 
helping overcome the major challenges facing humanity, 
such as climate change; water, energy and raw materials 
scarcity; the treatment of toxic pollution; access for 
everybody to essential services, to name but a few. 
For the fields in which we operate, we want to take up 
these challenges and help our customers do likewise. 
In the final analysis, isn’t a useful company one that, 
when faced with the challenges of the 21st century, does 
not give up but instead does all it can to tackle them? 
In any case, that’s what we believe at Veolia.
“A USEFUL COMPANY 
IS ONE THAT, FACED 
WITH 21ST CENTURY 
CHALLENGES, 
DOES NOT GIVE UP 
BUT INSTEAD DOES 
ALL IT CAN TO 
TACKLE THEM. THAT 
IS OUR BELIEF.”
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Veolia 2018 • Integrated Report

Governance committed 
to making Veolia 
the standard setter
The Board of Directors and the 
Executive Committee work together to 
provide the Group with an ambitious 
and coherent strategic focus. They 
oversee its implementation, making 
sure the Group has the capacity to 
create value and ensure its longevity. 
The Board of Directors sets the 
strategic directions for the business 
and makes sure they are implemented. 
The Executive Committee is a 
discussion and consultation body that 
determines the general policy needed 
to implement the strategic directions.
An involved and expert 
Board of Directors
The Board of Directors occupies a key position in 
Veolia’s governance system. It is heavily involved in 
defining the Group’s strategy, in particular through its 
regular activities reviews, on-site visits and annual 
strategic seminar.
The Veolia Environnement Board has 15 directors, of 
whom nine are independent and two are employee 
representatives. The independence rate is therefore 
69.2%, which exceeds the recommendations of the 
Afep-Medef Code(1). With the exception of the 
employee representative directors, the members of the 
Board are appointed by the ordinary general meeting of 
shareholders for a period of four years upon a proposal 
Antoine Frérot    
Louis Schweitzer    
Homaira Akbari    
Jacques Aschenbroich    
Maryse Aulagnon    
Caisse des dépôts et consignations,    
represented by Olivier Mareuse
Isabelle Courville    
Clara Gaymard    
Marion Guillou    
Franck Le Roux,
employee representative   
 
director
Pavel Páša,
employee representative    
director
Baudouin Prot    
Nathalie Rachou    
Paolo Scaroni    
Guillaume Texier    
by the Board on the recommendation of the 
Nominations Committee. Their term may be ended 
at any time on the decision of the general meeting of 
shareholders. Each director of the Board, except the 
employee representative directors, must own at least 
750 Veolia Environnement nominative shares. 
Additionally, a representative of the Works Council 
attends the Board meetings on a consultative basis.
In addition to increasing the number of women 
directors, the Board is committed to diversifying the 
nationality and expertise profiles of its directors, while 
making sure that it includes a balanced representation 
of the company’s various stakeholders.
93.3%
average attendance rate in 2018
46%
women directors(1)
61
average age of directors
15
15
2
employee 
representative 
directors
4
non-French 
directors
directors
International 
experience
Bank 
Finance
Industry
CSR
Experience 
in Veolia’s 
businesses
R&D
Digital
Public 
affairs
BOARD DIRECTORS’ 
EXPERTISE CHART
(1) Excluding directors representing the employees 
in accordance with the Afep-Medef Code.
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Veolia 2018 • Integrated Report

Four specialized 
committees
The Board of Directors is assisted in conducting its 
functions by four specialized committees:
•  Accounts and Audit Committee chaired by Nathalie 
Rachou;
•  Nominations Committee chaired by Louis 
Schweitzer;
•  Compensation Committee chaired by Maryse 
Aulagnon;
•  Research, Innovation and Sustainable Development 
Committee chaired by Jacques Aschenbroich.
Their role is to assist the Board of Directors 
in conducting its functions and preparing its 
deliberations (information, opinions, 
recommendations, etc.). Each committee has three 
to six members.
A renewed and energized 
Executive Committee
In 2018, two new members joined Veolia’s Executive 
Committee, marking the emergence of a new 
generation of executives involved in implementing the 
Group’s latest transformation plan. In addition, Estelle 
Brachlianoff was appointed Chief Operating Officer, 
and Claude Laruelle, Chief Financial Officer.
They will contribute to continuing and expanding 
the Group’s growth and efficiency strategy moving 
forward to the 2020-2023 strategic plan.
The Executive Committe e is a key sponsor of the 
Group’s CSR commitments. The sustainable growth 
strategy was formalized in 2015 in the form of nine 
ambitious commitments reflected in 12 key progress 
indicators and specific 2020 targets. Each 
commitment is overseen by a member of the 
Executive Committee. Each year, the nine 
commitments are the subject of an annual review. 
In 2018, specific points concerning the biodiversity, 
regional attractiveness and climate commitments 
were also addressed during Executive Committee 
meetings.
 The Group’s environmental performance, as well as 
that for occupational health and safety, account for 
30% of the qualitative share criteria of the Executive 
Committee members’ variable remuneration.
Composition of the 
Executive Committee
1   Antoine Frérot, 
Chairman and Chief 
Executive Officer
2   Laurent Auguste, 
Senior Executive Vice 
President, Development, 
Innovation and Markets
3   Estelle Brachlianoff, 
Chief Operating Officer
4   Régis Calmels, 
Senior Executive Vice 
President, Asia
5   Philippe Guitard, 
Senior Executive Vice 
President, Central 
and Eastern Europe
6   Éric Haza, 
Chief Legal Officer
7   Patrick Labat, 
Senior Executive Vice 
President, Northern Europe
8   Jean-Marie Lambert, 
Senior Executive Vice 
President, Human Resources
9   Claude Laruelle, 
Chief Financial Officer
10   Jean-François Nogrette, 
Senior Executive Vice 
President Veolia Technologies 
and Contracting(1)
11   Helman le Pas de Sécheval, 
Secretary-General
10
7
2
3
8
1
4
9
5
6
11
(1) Global Enterprises was renamed Veolia Technologies and Contracting as of January 1, 2019. 
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Veolia 2018 • Integrated Report

Chairman of the 
Critical Friends committee, 
CEO of Investisseurs 
& Partenaires
JEAN-
MICHEL 
SEVERINO
JEAN-
MICHEL 
SEVERINO
3 questions to
Progress 
with and for all 
our stakeholders
Over the past few years, Veolia’s ecosystem 
has dramatically changed. The engagement 
of civil society – NGOs, social entrepreneurs, 
consumer associations, solidarity nonprofits, 
academics, etc. – has shifted the traditional 
scope of the Group’s activities and 
governance with an increasing focus on more 
intimate relationships with all stakeholders.
“The company must have multiple objectives that 
serve all its stakeholders if it is to distribute its value 
added between all those who contribute to it. 
If a company is to be useful, it must decide on 
an ‘optimum’ solution between its stakeholders. 
A company prospers because it is useful rather than 
the other way round”.
As affirmed by Antoine Frérot, sharing created value is, 
for Veolia, a prerequisite for long-term survival.
In additi on to its municipal and industrial clients, the 
Group engages in discussions with stakeholders at all 
levels, from grassroots contacts to top governmental 
authorities through:
• satisfying end customers (users) by way of local-
management actions: information channels, 
satisfaction surveys and mediation in liaison with 
nonprofits;
• the contribution of suppliers and subcontractors 
to the Group’s social performance, which is one 
of the drivers of its responsible purchasing policy;
• active participation in consultations and work 
concerning environmental and social issues conducted 
by international, European and national decision-makers, 
professional associations, think tanks and NGOs.
the joint venture between Veolia and the 100% 
Aboriginal-owned company Our Country in Australia 
to provide shared waste management services.
The Critical Friends 
committee
Set up in 2013, the Critical Friends committee is 
comprised of people from the nonprofit, institutional 
and academic worlds, who are all experts in social and 
environmental issues. It acts as an external observatory 
on strategic issues about social and environmental 
responsibility to support Veolia’s continuous 
improvement efforts. The Critical Friends meet once 
or twice a year. The committee is chaired by an 
independent person recognized for his or her experience 
in the social and environmental fields. In 2015, two local 
committees were created in China and Germany with 
a view to discussing, with representative stakeholders, 
topics linked more specifically to Veolia’s businesses 
in these countries. The Critical Friends committee is 
another aspect of the stakeholder dialogue initiatives 
at the Group or local level.
What is the role of 
the Critical Friends 
committee?
The committee is a means of 
bringing together collective 
intelligence where we compare 
our viewpoints and feed off 
each other’s experience. Our 
role is to challenge Veolia – and 
sometimes alert it to problems 
– concerning subjects related 
to its strategy and which we 
see as having a potential 
impact on society as a whole.
How does it operate?
The committee starts by 
examining a project that has 
been carried out at a site or in a 
region. This is a very important 
moment in which we get to 
grips with the diversity of the 
Group’s activities and meet 
with people who contribute to 
its growth. Then, we devote 
a day to one or two discussion 
sessions about subjects 
prepared in advance. These 
sessions are attended by 
Antoine Frérot and members 
of the Executive or 
Management committees. 
For example, we have looked 
closely at Veolia’s climate 
responsibility, contribution to 
the SDGs, new responsibilities 
in the industrial sector, 
opening up to the air-quality 
market and, more recently, 
the definition of its purpose.
An explicit CSR 
commitment
Responsibility with regard to stakeholders is expressed 
in, and measured by, the Group’s commitments to 
resourcing regions. More specifically, CSR 
commitment no. 4 aims to “build new relationship and 
value-creation models with our stakeholders.” 
The objective for 2020 is to “have established a major 
partnership based on creating shared value in every 
zone and growth segment”.
Veolia is working more collaboratively with its clients 
and partners (NGOs, nonprofits, start-ups, etc.) under 
an innovative co-construction approach to creating 
new economic models. These models are based both 
on sharing the benefits and the value created, 
and on complementarity of expertise in order to 
address problems in their globality. By 2018, 
11 business zones and six growth segments had 
already achieved the objective. Seven development 
agreement partnerships were signed at the European 
or global level with partners in industry, services, 
organizations and nonprofits. They were signed with 
partners such as Danone, Swiss Re, 100 Resilient Cities, 
Unilever, Tetra Pak, Livelihoods Fund, and the NGO 
Ashoka. Almost 20 others concern joint development 
agreements at a regional level. These include 
the partnership with Odial Solutions in Africa and 
What is the use of 
this committee?
 This is an important question 
for its members. What do we 
really contribute to? It’s not 
necessarily something you can 
measure, but the attention that 
Antoine Frérot pays to our 
meetings is telling. To use his 
own expression, he “milks our 
discussions for all they’re 
worth”. What he gets out 
of them is his business. Our 
recommendations are shared 
with the management teams, 
and even presented to the 
Board of Directors. In 2019, 
the committee was expanded 
to include representatives of 
other Veolia stakeholders: 
clients, suppliers and future 
generations. The main priority 
is still to retain a sense of free 
speech and collective 
intelligence as it conditions 
both the strength and 
usefulness of this committee.
14
15
Veolia 2018 • Integrated Report

(2) Weighted Average Cost of Capital.
A business model 
creating value for all 
Final customers
People served:
  95 million people 
supplied with 
drinking water
  9.6 million people 
connected to water 
systems and 
4.4 million people 
connected to 
wastewater systems 
in countries with poor 
access since 2000
  71% of users have 
progressive pricing 
contracts
  99.7% of drinking 
water quality is 
compliant
  63 million people 
connected to 
wastewater systems
  43 million people 
provided with waste 
collection services
Planet 
  Revenue of 
€ 4.8 billion 
generated in the 
circular economy
  63 million metric 
tons of C02 
equivalent of reduced 
emissions at our 
installations 
since 2015 
  24 million metric 
tons of C02 
equivalent of avoided 
client emissions since 
2015
  60% of sites with 
significant 
biodiversity 
challenges performed 
an assessment and 
deployed a 
biodiversity action 
plan
United Nation’s 
Sustainable 
Development Goals 
(SDGs)
  Participation 
of Veolia’s businesses
in implementing each 
of the 17 SDGs with 
a direct or indirect 
impact on 65 of 
169 targets
  Veolia revenue 
contribution for 
5 core business SDGs: 
SDG 6: Clean water 
and sanitation
SDG 7: Affordable 
and clean energy
SDG 9: Industry, 
innovation and 
infrastructure
SDG 11: Sustainable 
cities and communities
SDG 12: Responsible 
consumption 
and production
Revenue of 
€25,911 million, 
up 6.5% at constant 
exchange rates
EBITDA of 
€3,392 million
Post-tax ROCE: 8.8%
WACC(2): 5.5%
Climate 
change 
and ecological 
transition
Demographic 
growth and 
urbanization
Stricter 
environmental 
regulations
Changing 
lifestyles
Deployed in our geographic zones by our employees, where our 
know-how enables us to invent, develop 
and roll-out a wide range of solutions.
BUSINESSES 
TARGET GROWTH 
IN PRIORITY MARKETS 
RESOURCING THE WORLD
OUR MISSION 
Water management 
Waste management
Energy management
Developing access 
to resources
Preserving 
resources
Renewing 
resources 
Changing cities 
and companies
Technological advances/Digitization
Municipal clients 
For cities that are: 
– circular 
– resilient 
– attractive places to live 
– smart 
– inclusive 
Industrial clients 
6 growth markets or areas: 
– chemicals, oil and gas;
– mining, metals, energy; 
– food and beverages, pharmacy/ 
cosmetics; 
– circular economy; 
– difficult-to-treat pollution; 
– end-of-life management of 
industrial facilities and equipment. 
Employees
  77% received training 
to maintain or improve 
their skills
  1.90% of share capital 
held by employees
  86% manager 
commitment rate 
(per 2017 commitment 
survey)
Municipal and 
industrial clients
  67.6% material 
recovery rate 
for treated waste
  75.4% efficiency rate for 
drinking water networks
  87% efficiency rate 
for heating networks
Investors
  Dividend of €0.92 
per share
  TSR:
5 years: +86.74%
  Current net income 
earnings per share as of 
December 31, 2018: 
€1.2 2 
Suppliers
  €13 .1 billion of 
purchases
  CSR support: 63% of 
active contracts in the 
supplier base include 
the Group’s CSR clause
Regions
  85.7% of expenditure 
reinvested in the regions
  165,000 jobs 
supported in 2017 
in France 
(direct, indirect 
and induced jobs)
(1) Dow Jones Sustainability Index.
STRENGTHS
STRENGTHS
BUSINESS 
MODEL
BUSINESS 
MODEL
VALUE 
CREATED
VALUE 
CREATED
BENEFITS 
FOR MANKIND 
AND THE 
PLANET
BENEFITS 
FOR MANKIND 
AND THE 
PLANET
Global expertise, 
local know-how
  Over 8,000 sites 
worldwide
  Detailed knowledge 
of local stakeholders, 
through a strong cultural 
and regional foothold
Market base 
combined with 
financial strength
  Balanced portfolio 
between municipal 
(53%) and industrial 
business (47%)
  Present notably 
in dynamic markets 
(Asia, North America, 
Latin America) 
  Financial strength: 
net debt/EBITDA 
ratio of 2.87  
Committed 
and competent 
men and women
  171,495 employees
  A campus network 
including 14 training 
centers worldwide, 
located in 9 countries
  1,600 contributions 
collected by the 
“Inspire” collective 
strategy review
Constant innovation 
serving sustainable 
development
  25 centers 
of excellence for 
open and widespread 
innovation; 
2,000 patents 
in the water sector
  Internal innovation 
program, 
Open innovation, 
in partnership 
with innovative 
start-ups and SMEs
  Inclusion in DJSI(1) 
World and Europe 
indices, CDP Climate A  
score, Ecovadis Gold 
status, Global Compact 
Advanced level, 
attesting to a recognized 
sustainable 
development strategy
Expert governance
  Diverse expertise on 
the Board of Directors
  Multicriteria 
compensation system 
(including CSR criteria) 
for the Executive 
Committee, with annual 
and long-term 
components
16
17
Veolia 2018 • Integrated Report

At the heart of Veolia’s 
usefulness lies a mission: 
Resourcing the world
In a world under pressure from demographic 
growth, urbanization and major environ mental 
issues, Veolia’s activities have a triple 
imperative: to improve access to resources, 
preserve resources and contribute 
to replenishing them.
18
19
Veolia 2018 • Integrated Report

Energy 
production
Energy 
distribution 
and district 
network
Microgrids
Smart cities
Street cleaning
Energy 
services 
for buildings
Customer 
relationship 
services
Air quality 
management
Auditing, 
consulting, 
engineering, 
design and build
Waste 
collection
Landﬁll 
and biogas 
recovery
Clean-up 
and treatment 
of nuclear 
equipment and 
low level waste
Soil 
remediation
Industrial utilities 
and integrated 
facilities 
management
Cooling system 
management
Smart 
industries
Industrial 
eﬄuent 
treatment
Desalination
Decommissioning 
and dismantling
Industrial 
process water
Total Waste 
Management
Hazardous 
waste treatment 
and recycling
Drinking water 
distribution
Drinking water 
production
Waste 
to energy
Wastewater 
collection
Wastewater 
treatment 
and reuse
Biowaste 
treatment
Sludge 
management
Waste sorting, 
recycling 
and recovery
Waste transfer 
center
Industrial cleaning 
and maintenance
An ecosystem of effective 
and sustainable solutions 
Our solutions
for municipalities 
and industries
  95 million people supplied 
with drinking water
  63 million people connected 
to wastewater systems
  3,603 drinking water 
production plants managed
  2,667 wastewater treatment 
plants managed
  43 million people provided 
with collection services on 
behalf of municipalities
  49 million metric tons 
of treated waste
  655 waste processing 
facilities operated
  560,505 business clients
  46 million MWh produced
  42,053 thermal installations 
managed
  615 heating and cooling 
networks managed
  2,389 industrial sites 
managed
WATER
WATER
ENERGY
ENERGY
21
20
21
Veolia 2018 • Integrated Report
WASTE
WASTE

DHAKA
DHAKA
BANGLADESH
AUDE
AUDE
FRANCE
ENSURING THE 
FUNDAMENTALS
Resourcing the world means
Meeting growing drinking 
water needs
Dhaka, the capital of Bangladesh, is confronted with 
declining aquifers at a time when its population 
– already 11 million people – continues to grow. 
The volume of drinking water required is expected to 
double by 2030. In a bid to find a solution, 
the Bangladeshi government has undertaken the 
Dhaka Water Supply Project, which aims to diversify 
the sources of water, principally using surface water.
Against this backdrop, Veolia, in partnership with Suez, 
was awarded the design, build and operate contract 
for the Gandharbpur water production plant. From 
a river water intake, this plant will supply almost 
4.3 million people with drinking water that meets the 
World Health Organization’s standards. Additionally, 
the entire facility has been designed to withstand 
the region’s frequent earthquakes.
Ensure service continuity 
in all circumstances
In October 2018, massive downpours caused the Aude 
River to burst its banks, leading to the biggest flood 
for more than a century. Veolia, which supplies water 
to 40% of the population in France’s Aude 
administrative department, mobilized around 
100 emergency personnel. Working alongside the 
municipalities and the regional health agency, they 
managed to maintain a healthy water supply for the 
duration of the event. In the Carcassonne area – the 
area most affected – the Veolia teams had the Barthes 
water production plant back up and running in just 
a few hours after it had been flooded.
Through its long-standing businesses, 
Veolia implements an array of solutions 
that ensure daily access to vital basic 
services for millions of people worldwide. 
The Group’s businesses contribute 
to the well-being of communities 
and the attractiveness of regions:
— Veolia’s expertise spans treatment 
of water to monitoring its quality at each 
stage in the cycle from extraction 
to discharge back into the natural 
environment. The Group innovates to 
protect resources and encourages recycling 
and reuse of water by cities and industry.
— Veolia is the specialist in waste 
management, whether for liquid or solid, 
non-hazardous or hazardous waste. The 
Group’s areas of expertise cover the waste 
life cycle from collection to recycling, and 
on to its final recovery as materials or energy.
—  As an expert in energy services, Veolia 
supports the economic growth of its 
municipal and industrial customers while 
helping reduce their ecological footprint. 
Whether in energy efficiency, efficient 
management of heating and cooling 
networks, or green energy production, 
the Group has a unique expertise for a more 
sustainable world.
In 2018, numerous events and projects 
illustrated the tasks that Veolia undertakes 
each and every day to ensure that an 
ever-growing number of people have access 
to resources.
22
23
Veolia 2018 • Integrated Report

COUËRON
COUËRON
FRANCE
KWINANA
KWINANA
AUSTRALIA
TOILET 
BOARD 
COALITION
TOILET 
BOARD 
COALITION
NAMIBIA
WINDHOEK
WINDHOEK
WORLD
50 years producing drinking 
water from wastewater
Commissioned in 1968, in one of Africa’s most arid 
countries, the Windhoek treatment plant was the first 
in the world to develop a process that imitates nature 
to convert wastewater into drinking water. Supplying 
23,000 cubic meters of water a day to a population 
of 350,000, it has become an international benchmark 
for innovative and sustainable water management.
The country’s first 
waste-to-energy plant
The Kwinana project, near Perth, is Australia’s first 
waste-to-energy plant. It is a sustainable solution for 
waste management and will provide an additional 
safe and affordable source of local energy. Operated 
by Veolia starting in 2021, the plant will process 
400,000 metric tons of solid municipal waste, initially 
producing around 40 MWh of clean energy, enough 
to supply 50,000 households.
The project will comply with the most stringent 
standards (European directives on industrial 
emissions), while the atmospheric emissions will be 
monitored by a continuous emission measuring 
system. Veolia will operate and maintain the plant 
for an initial period of twenty-five years.
Promote universal access 
to sanitation
In May 2018, Veolia joined the first worldwide 
platform dedicated to speeding up the sanitation 
economy. This public-private partnership brings 
together multinational companies, nongovernmental 
and governmental organizations, and social landlords 
behind the shared objective of “universal access to 
sanitation”. Veolia and the Toilet Board Coalition are 
working on rolling out decentralized solutions that will 
bolster existing systems in order to develop universal 
access to toilets and improve the performance of 
centralized systems.
From household waste 
to district heating
The contract to operate the Couëron waste processing 
and recovery plant was renewed in summer 2018. 
At this plant, Veolia will treat the 185,000 metric tons 
of waste expected each year using three 
complementary processes: energy recovery from 
household waste, sorting selective collection, and 
treating unsorted waste from drop-off centers. This 
waste will produce 30,000 MWh of electricity per year, 
equivalent to the annual consumption of 
1,900 households. Starting in October 2019, it will also 
provide steam to the Nantes district heating network 
and an industrial site.
24
25
Veolia 2018 • Integrated Report

RESPONDING
TO THE MOST 
COMPLEX SITUATIONS
Resourcing the world means
Veolia stands out for its ability to leverage 
its state-of-the-art expertise and 
technology in response to highly complex 
situations.
For hard-to-treat pollution, the Group has 
a global network of experts who can be 
rapidly mobilized, and a comprehensive 
range of technology and services to treat 
industrial effluent and hazardous waste, 
and to handle soil remediation.
The management of industrial cycles 
at end of life is another of the Group’s 
specializations. From dismantling to 
materials recovery while ensuring 
compliance throughout the process, Veolia 
is present throughout the entire value 
chain. This enables it to work on the most 
complex assignments, such as dismantling 
oil platforms, military vessels, nuclear 
facilities, and so on.
By minimizing the pollution caused by their 
activities and recovering the most complex 
materials, Veolia creates value for its 
clients, enabling them to comply with the 
strictest environmental standards and 
maintain their license to operate.
Dismantling reactors
With part of the world’s fleet of nuclear reactors 
now ageing, nuclear plant dismantling and 
radioactive waste management are significant 
market opportunities. For some ten years now, 
Veolia has been offering management services in 
France for basic nuclear facilities and low-level 
radioactive waste, in particular at Saclay for CEA, 
the French Alternative Energies and Atomic Energy 
Commission; at the Cires facility for Andra; and at 
the Centraco in Marcoule for EDF. With around 
900 employees, Veolia Nuclear Solutions now has 
clients in the United States, United Kingdom and 
Canada. In Japan, Veolia is participating in the long 
and complex work to dismantle the Fukushima 
power plant reactors.
In July 2018, the Group signed a partnership with 
EDF to dismantle six first-generation UNGG 
(uranium naturel graphite gaz) reactors and to treat 
the radioactive waste from them by vitrification.
Deconstructing 
submarines
In September 2018, in Cherbourg, France, Naval Group 
began the task of deconstructing five first-generation 
ballistic missile nuclear submarines (Le Tonnant, 
Le Terrible, Le Foudroyant, L’Indomptable and 
L’Inflexible).
As part of this unprecedented mission, Veolia has 
been contracted to deconstruct the submarines and 
recover materials from them. Since 2014, Veolia has 
been engaged in deconstructing end-of-life surface 
vessels, such as the Jeanne d’Arc and Colbert.
The deconstruction yard 
for Le Tonnant in figures
6,100 metric tons: 
weight of a ballistic 
missile nuclear 
submarine
5,300 metric tons 
recovered, including 
1,500 metric tons of 
hull, 2,000 of scrap 
metal, 800 of lead and 
1,000 of nonferrous 
metals (stainless 
steel, copper, etc.)
20 Veolia employees 
working at the 
Cherbourg site
18 months: time 
required to 
deconstruct a ballistic 
missile nuclear 
submarine
of the 
materials 
extracted 
from the 
deconstruction 
of the submarines 
– mainly ferrous 
and nonferrous 
metals – can 
be recovered.
26
27
Veolia 2018 • Integrated Report

Multilateral awareness
According to the Ellen MacArthur Foundation, just 
14% of plastic packaging used worldwide is collected 
for recycling; 40% is landfilled and one-third ends up 
in fragile ecosystems. Around 8 million metric tons 
of plastic ends up in the world’s oceans each year. 
Since the 1950s, only 8% of production has been 
recycled.
Since 2016, Veolia has been a core partner of the Ellen 
MacArthur Foundation’s New Plastics Economy 
initiative, which aims to change the way plastics are 
produced, manufactured and used in order to shift this 
material toward a circular economy. Veolia is a member 
of the initiative’s consulting council and contributes 
to drawing up the strategy and work program.
During the 2018 Our Ocean conference in Bali, 
Indonesia, the New Plastics Economy launched 
the Global Commitment: 250 companies and 
governments signed up to achieving precise goals 
by 2025 and adhering to a shared vision to attack 
the problem of plastics at the source.
Veolia also addresses this problem through its 
institute’s Foresight Committee. Comprised of high-
level international experts, the committee made the 
issue of plastic waste in the oceans the central theme 
of its most recent annual meeting.
In June 2018, for World Oceans Day, Veolia published 
a position paper on ocean pollution. The finding that 
80% of waste in the oceans comes from inland sources 
means that it is crucial to stop solid and liquid 
pollution being released into the sea. To this end, 
Veolia has defined an approach based on three key 
points:
1. treat coastal pollution by cleaning, collecting and 
treating wastewater and solid waste to limit what 
ends up in the sea;
2. prevent and reduce regional vulnerability through 
the dynamic management of upstream flows 
and in so doing improve the regions’ resilience;
3. transform production and consumption modes 
to transition to the circular economy by developing 
innovative multiplayer partnerships, 
SUPPORTING
PRIORITY
 
TRANSITIONS
Resourcing the world means
What with the “garbage patch” of 
waste plastic in the sea, production 
expected to quadruple by 2050, and 
insufficient collection and recycling 
systems, plastic is the source of an 
ecological emergency, but is also a 
huge market opportunity. For Veolia, 
it is crucial to be a player in the 
transition toward the plastics circular 
economy, while keeping ahead of 
the pack to be a central driving force.
in particular for plastics.
Plastics recycling industry 
in its infancy
Veolia is currently building up the resources it needs 
to create a plastics recycling industry by developing 
infrastructure to collect and process plastics. The 
Group aims to be a benchmark in this market, which 
is expected to undergo massive growth. It also hopes 
to involve all stakeholders – companies, governments, 
nonprofits and citizens – in a collective response 
to this issue.
In 2018, Veolia joined international companies in the 
plastics and consumer goods value chain to create the 
Alliance to End Plastic Waste (AEPW). Launched in 
January 2019, this new nonprofit 
organization aims to provide 
solutions to stop plastic waste being 
released into the environment 
– especially the world’s oceans – and 
to promote its recycling. The Alliance 
has committed to investing more 
than $1 billion in this cause and aims 
to achieve $1.5 billion over the next 
five years. Veolia is one of the 
Alliance’s founding members and 
Antoine Frérot one of its 
vice presidents. Its activity will be 
focused on those regions with the 
highest outflows of plastic, starting 
with Southeast Asia.
Thanks to the efforts of numerous 
private-sector and nonprofit 
stakeholders, plastics are also facing 
stricter regulations in several parts 
of the world. In 2018, the European 
Parliament voted a binding 
regulatory target of including 35% recycled plastic in 
bottles containing water and other beverages. 
At the same time, China and other Asian countries, 
such as Malaysia, announced they were closing 
their borders to plastic waste imports from other 
parts of the world.
Plastics are still mostly “down cycled,” meaning they 
are recycled but lose their value compared with their 
initial state; for example, they are used in textile 
fibers or as insulation material. The bottle-to-bottle 
recycling process is still rare. Germany is one of the 
most advanced countries in this respect; 
Veolia’s Rostock site, for example, recovers 
1 billion bottles a year.
Veolia’s revenue from plastics recycling came to 
€250 million in 2018 and the Group is aiming for 
€400 million for 2019. It expects revenue to top 
€1 billion by 2025, around one-third of which will be 
generated in Asia. Japan, South Korea, India, Indonesia 
and above all China are increasingly concerned about 
the environmental impact of plastic and they are 
fertile ground for developing this activity.
A partnership approach 
with industry
In 2018, Unilever and Veolia signed a partnership 
agreement to work together on emerging technology. 
The aim is to create a plastics circular economy in 
various regions, beginning with India and Indonesia.
Under this agreement, the two parties recognize that 
the issue of plastic waste involves shared responsibility 
requiring collective action across the entire value chain. 
Their work will focus on collecting recyclable material 
for its efficient incorporation into recycled content in 
the chain. In several countries, Veolia and Unilever are 
working on rolling out waste packaging collection 
solutions, increasing recycling capacity and developing 
new processes and economic models. Unilever has also 
undertaken to increase the recycled plastic content in 
its packaging by at least 25% by 2025.
Under an alliance signed in 2016, Veolia is working 
with Danone on its climate policy, aiming to achieve 
zero net carbon emissions by 2050. Recycling plastics 
obviously plays a key role with various targets, such 
as the use of recycled PET (rPET) for all Evian water 
bottles by 2025 and a minimum of 35% in 2025 
in packaging for all group brands. Veolia has in 
particular helped Danone shift toward new types of 
sustainable purchases, in particular rPET, in a bid to 
help achieve these targets. An additional threshold 
will soon be reached with the design, construction 
and operation of a food-quality PET recycling plant 
in Indonesia. With a capacity of around 25,000 metric 
tons a year, this plant will in particular help meet 
the needs of Danone and its Aqua brand under 
a contract to supply rPET beads. It is scheduled 
to enter service in 2020.
Chairman of the Board, 
President and CEO 
of Procter & Gamble, 
and chairman of the 
Alliance to End Plastic 
Waste (AEPW)
DAVID 
TAYLOR
DAVID 
TAYLOR
“Everyone agrees that 
plastic waste does not 
belong in our oceans or 
anywhere in the 
environment. This is a 
complex and serious global 
challenge that calls for swift 
action and strong 
leadership. This new alliance 
is the most comprehensive 
effort to date to end plastic 
waste in the environment.”
28
29
Veolia 2018 • Integrated Report

75 %
14 %
5 %
Aluminium
Couches de
plastique
6 %
Bouchons
en plastique
Carton
Selective 
sorting
Sorting center
Bales of 
sorted waste
Voluntary 
waste drop-oﬀ
Door-to-door 
selective 
collection
Paper pulp
PE Alu
PE Alu
HDPE 
from plastic caps
HDPE
PolyAl
Crates
Plastic pallets
Oil canister
Pot
Cartons
Paper towel
Veolia
Paper mill
Plastics Converters
Recycling process of carton packaging
New uses 
for food cartons…
Tetra Pak has joined forces with Veolia to enable the 
recycling by 2025 of all the components of waste food 
cartons collected in the European Union.
Most food cartons are comprised of board, plastic and 
sheets of aluminum. The fibers recovered from 
recycling can be easily converted into paper pulp and 
used for industrial and consumer goods, but the same 
is not true of the mixture of recovered polymer and 
aluminum (PolyAl).
Under this new partnership, PolyAl will be processed 
in specific facilities and converted into raw materials 
for use in the plastics industry. This will double the 
overall value of waste food cartons sent for recycling.
“All materials from beverage cartons 
can be fully recycled into something 
new and useful. Our approach to 
recycling involves working with 
many partners along the value 
chain, because a chain is only as 
strong as its weakest link. The 
challenge in the EU is to achieve the 
economies of scale and turn PolyAl 
into high value secondary materials. 
With this partnership, we are 
combining our respective areas of 
expertise to find sustainable 
solutions for PolyAl recycling” 
LISA 
RYDEN
LISA 
RYDEN
Recycling Director, 
Tetra Pak
Share, adapt and deploy
The “One Veolia” approach is largely based on its centers 
of excellence. Here, experts from all regions define 
central principles and collect best practices for a certain 
number of key activities. Totaling 25, the centers help 
disseminate expertise and share methods, making the 
Group’s global scale a significant source of value added.
Veolia has vast potential for value creation by 
capitalizing on its tried-and-tested solutions, such as its 
expertise in hazardous waste treatment, and offering 
them to new markets by adapting 
them to local expectations. The 
approach is based on adaptation rather 
than duplication, as the entry points, 
partners and regulations vary widely 
from one country to another.
The Group makes use of shared 
databases to consolidate this “glocal” 
approach, in particular the business 
support platform where all its offers 
are formulated and structured in such 
a way as to encourage everyone to take 
them up.
Global responses 
for global clients
Global companies now rely on Veolia 
to achieve their environmental 
targets, such as reducing their carbon 
footprint. Such a challenge requires a global 
commitment, especially to analyze the emissions of all 
sites, but also knowledge of local markets, regulations 
and stakeholders. Veolia’s position is to provide these 
clients with a comprehensive, integrated value 
proposal based on its international and coordinated 
network of salespeople and expertise.
Danone is one of the major accounts that Veolia 
has been working with for more than three years to 
achieve its very ambitious environmental impact 
targets. This long-term partnership and the 
co-creation of solutions as the client’s needs are 
identified (for example, access to a large volume 
of recycled plastic in Indonesia) help create value 
for both Danone and Veolia.
Veolia is able to provide the best 
solutions and expertise with the same 
level of service in all countries where 
it operates. The Group’s strength is its 
ability to make the most of both its 
global power and local presence. 
As a result, it can expertly handle 
specific local problems.
“With its activities 
dispersed across 
thousands of sites 
and in widely differing 
market contexts, 
our business units can rely 
on Veolia’s global vision 
and support to understand 
the scope of what we can 
offer and establish 
the most relevant 
commercial strategy.”
MARC 
DELAYE
Senior Vice President, 
Development, 
Innovation and Markets
MARC 
DELAYE
 
PROVIDING 
 
“GLOCAL”
SOLUTIONS 
Resourcing the world means
Liquid-food packaging’s 
composition
  5% Aluminum
  6% Plastic caps
  14% Plastic 
layers
  75% Cardboard
30
31
Veolia 2018 • Integrated Report

of the world’s 
population 
will be living 
in urban areas 
by 2050.
Integrator of 
complementary expertise
Veolia can now combine all the different types 
of expertise of its various businesses, and build 
bridges between business sectors to arrive at 
the best solutions for its customers. By mobilizing 
its technical expertise, but also its expertise 
in financial and social matters, the Group can assist 
its customers in rolling out major projects.
ArcelorMittal and DuPont: integrated proposals 
to improve performance
Through its subsidiary Veolia Industries Global 
Solutions (VIGS), Veolia provides industrial clients 
with multibusiness solutions that combine its various 
areas of expertise and offer innovative contractual 
arrangements to ensure long-term performance. 
ArcelorMittal’s Fos-sur-Mer site in France produces 
an annual 4.6 million metric tons of steel. In 2018, 
Veolia created a joint venture with ArcelorMittal 
to upgrade the site’s energy production plant and 
thereby improve its environmental performance. 
The nature of its businesses means 
that Veolia operates within an 
interconnected human, material and 
technical ecosystem. This position has 
enabled the Group to consolidate a truly 
integrated approach, integrating not 
just its own expertise but also including 
different stakeholders to achieve 
a collective response to challenges.
Integrator for innovation
Given today’s challenges, which require the ability 
to adapt rapidly, Veolia is convinced that collective 
responses are the most efficient. The Group has 
for the past few years been developing innovative 
alliances and partnerships to embrace certain 
emerging businesses.
Working with local communities to collect plastics
In Côte d’Ivoire, Veolia is working on the AfricWaste 
pilot project to collect PET plastic bottles, which are 
not recovered locally. The waste bottles are bought 
from all local communities (individuals, collectors, 
retailers, etc.), thereby creating an entire informal 
sector based on a virtuous circle. It leads to the 
recycling of several tons of plastic a month.
InVivo for more circular agriculture
Developing solutions that combine agricultural 
production and resource conservation is the aim 
of the three-year partnership framework agreement 
signed in 2018 between Veolia and the agricultural 
cooperative group InVivo. The agreement covers four 
main areas: water resource management, reuse of 
treated wastewater for irrigation, urban agriculture 
and digital solutions.
“Today’s industrial world 
expects high-value-added 
services. Due to increasing 
levels of compliance and 
performance, and the 
development of the circular 
economy in particular, water, 
waste and energy can no 
longer be dealt with separately 
in response to environmental 
problems. Veolia capitalizes 
on the synergy between its 
three main businesses to 
anticipate clients’ 
expectations when offering 
integrated solutions that 
make a real difference.”
JEAN-
CHRISTOPHE
TARET
Senior Vice President, Strategy
JEAN-
CHRISTOPHE
TARET
 
 
 ACTING AS 
AN INTEGRATOR
Resourcing the world means 
Under this innovative partnership, the plant’s 
operation and maintenance have been outsourced 
to VIGS for fifteen years, including the entire team 
of 105 plant operation personnel.
DuPont also chose Veolia to upgrade, operate and 
maintain its utilities (energy and waste management) 
at its Spruance, Virginia (United States) plant. This 
long-term partnership will enable Veolia to provide 
efficient and reliable services, which will help reduce 
the client’s fixed costs. The customer, for its part, 
benefits from a “single point of entry” and is able to 
focus on its core business.
Integrator for regional 
stakeholders
With business activities that involve numerous 
public and private stakeholders in any one region, 
Veolia naturally occupies the position of a “general 
contractor” to create solutions that support 
the changes cities and companies are undergoing. 
This approach often involves cooperating with local 
partners and shows Veolia’s determination to make 
its activities drivers for regions’ economic and social 
value creation. In 2017, this approach was used 
to form a consortium with several local partners 
when Veolia was chosen by Hamamatsu municipality 
in Japan to manage part of its wastewater 
treatment program.
Integrating different regional stakeholders is crucial 
when tackling certain challenges, in particular 
the resilience of cities. By 2050, 70% of the world’s 
population will be living in an urban area, but cities 
are already facing major risks: natural disasters, 
loss of attractiveness, industrial decline, etc. In this 
context, resilience – the ability to recover from shocks 
and continue to grow – becomes a central aspect 
of urban policy.
With its three areas of business and resource saving 
solutions, Veolia is well placed to assist cities 
in dealing with the unforeseeable. Veolia also has 
a contribution to make with its 20 or so incubators 
supporting social and solidarity economy 
entrepreneurs, because one way of strengthening 
a city’s resilience is to improve cohesion between 
all stakeholders.
32
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Veolia 2018 • Integrated Report

Continuously transform 
to be the standard set er
Digital technology and innovation, in the broadest 
sense of the word, are enabling Veolia to totally 
transform its working methods and proposals. 
Customers are at the center of this transformation, 
which relies on collaboration between 
Veolia’s teams around the world.
34
35
Veolia 2018 • Integrated Report

OPERATIONS
OPERATIONS
Fully engaged 
in digitization 
All the attributes of the digital world 
– mobility, data science, the cloud, the 
Internet of Things, etc. – are being 
brought into play to assist with Veolia’s 
ambitious digital transformation. This 
transformation is guided by a “digital 
roadmap.” Created collectively by the 
headquarters and the operational units, 
it has been expanded to include the 
expectations garnered from employees, 
customers and end users.
The digital transformation 
serving performance 
and customers
Connected objects serving end customers
• Birdz, a Nova Veolia(1) subsidiary specialized in 
designing and managing connected objects, has already 
put into service 6 million smart devices, including smart 
water meters, that warn customers in the event of 
a leak or potential pipe freeze.
• Through another subsidiary, HomeFriend, Veolia 
allows people to monitor their actual water use and 
compare it with similar households.
Smart management of infrastructure and networks
• Veolia currently manages 16 Hubgrade centers 
worldwide. These hypervision systems are in particular 
used to manage the energy efficiency of buildings and 
infrastructure. Using 300,000 smart sensors, Hubgrade 
collects real-time data that is then analyzed by Group 
experts to optimize service callouts. With regard to the 
energy efficiency of buildings, this tool can help save up 
to 15% more energy than other energy-efficiency 
services on the market.
• In the United Kingdom, Power Forecast is a predictive 
algorithm used in Veolia plants, for example waste 
incinerators, to forecast the energy produced from their 
operation. This is then used to optimize electricity sales 
to the grid and so generate additional savings.
• In Shanghai’s Pudong District, Veolia manages one 
of the largest drinking water networks in China. Here, 
digital technology is a source of value added at all 
points in the network: electronic invoicing and 
payment, artificial intelligence used in the call centers, 
3D views of all facilities, augmented reality for valve 
management, etc. The installation of smart sensors 
to detect leaks has also reduced the volume 
of non-revenue water (water produced that is not 
invoiced) by 10%.
Veolia’s digital roadmap is based on 
four pillars combined with concrete 
goals for 2019 and performance 
indicators. 
Goal: simplify uses, 
and encourage agility 
and collaboration
 The Group’s digital strategy, 
in which the user is at the 
center, was co-developed with 
employees and is now relayed 
through a community of 
almost 1,000 Digital 
Ambassadors.
 Collaboration and cross-
business approaches are 
encouraged through a Google+ 
community and a Digital 
Library, where employees can 
learn about projects and tools 
developed worldwide, share 
them and adapt them for their 
own purposes.
 The SATAWAD (Secure 
AnyTime, AnyWhere, Any 
Device) project aims to make 
the working environment more 
mobile and agile within a 
highly secure infrastructure. 
It has reduced internal digital 
divide with 130,000 employees 
now connected and 
50,000 with a mobile phone 
or laptop.
Goal: optimize operational 
performance
 Reporting and processing 
data using connected objects 
makes a significant 
contribution to optimizing 
facilities.
 In Shanghai, China, for 
example, leak sensors installed 
at numerous points throughout 
the water supply network have 
led to a significant 
improvement in network 
efficiency.
 Using digital technology, 
Veolia aims to provide 
operators with an increasing 
volume of real-time data that 
will enable them to improve 
performance and, in particular, 
strengthen predictive 
maintenance algorithms.
Goal: test new services 
and develop new offers
 Digital innovation combined 
with the co-creation of 
solutions with start-ups 
working in digital is paving the 
way to new sources of potential 
revenue.
 Veolia is increasing the 
number of collaborations with 
start-ups, in particular through 
its U-Start approach 
introduced in Germany. 
This accelerator provided an 
opportunity to test and develop 
the Waste Box app, which 
provides building and public 
works contractors with a 
turnkey solution for their site 
waste.
“Veolia’s digital transformation 
goes well beyond a mere IT project. 
It defines the Group’s future 
on both the managerial 
and operational levels. It will 
change our working methods, 
technology and business models. 
It will also help us adapt to new 
uses, improve the performance 
of our businesses and customer 
experience, and find new areas 
of growth for the future.”
Director of Digital 
Transformation
(1) A Veolia subsidiary dedicated to 
developing innovative services.
Goal: use digital technology 
to be increasingly customer 
focused in terms of both the 
performance of the service 
provided to them and in our 
relations with them
 The main aim of the digital 
transformation is to simplify our 
customers’ lives by providing 
them with services that are 
increasingly tailored to their 
needs. In particular, the rollout 
of client relation management 
(CRM) tools using artificial 
intelligence, as well as improved 
client experience are leveraged 
to work toward this goal.
 Digital tools can also be used 
to provide visibility on selected 
indicators in order to show 
customers in real time the 
performance delivered by their 
contract. This transparency is 
crucial in enabling customers to 
pass on information about the 
service, in particular to ratepayers 
in the case of municipalities.
1.1.
2.2.
3.3.
4.
4.
CUSTOMERS
OFFERS
EMPLOYEES
CUSTOMERS
OFFERS
EMPLOYEES
36
37
Veolia 2018 • Integrated Report

…
AND 
PIONEERING 
EXPERTISE
…
AND 
PIONEERING 
EXPERTISE
Uniting energies 
to serve innovation
There is a profusion of innovation in all 
Veolia’s businesses and proposals. The Group 
holds more than 2,100 patents and calls on 
the expertise of over 200 researchers at its 
own research platforms and centers (VERI), 
combined with the innovation capacity 
inherent in its business units, which work 
closely with their customers worldwide.
In 2018, Veolia invested €54.2 million in Research and 
Development. The Group also has partnerships with 
leading universities and research institutions together 
with its own open innovation program called Veolia 
Innovation Accelerator. VIA has developed Veolia’s 
capabilities to detect and approve emerging players 
in the start-up and innovative SME ecosystem so that 
it can collaborate with them.
To reap the maximum benefit from the innovation 
dynamic that permeates the entire Group, work is 
currently being carried out to map all initiatives. 
The aim is to assess the potential of these initiatives 
in relation to Veolia’s strategy and so build the best 
environment possible to allow them to grow.
Innovation Day: welcome, observe and learn
In December 2018, Veolia welcomed 14 innovative 
European start-ups and SMEs for pitch and 
networking sessions at its headquarters in 
Aubervilliers. The entrepreneurs presented around 
100 Veolia employees with their solutions for 
transforming the way the company operates 
in four major areas:
1. improve the “employee experience”, stimulate 
employee motivation and engagement;
2. reinvent working methods, develop a more agile 
and collaborative corporate culture;
3. rethink processes and organizations in order 
to improve performance and productivity;
4. improve relations with customers and all other 
ecosystem actors.
 In Rousset, southern 
France, Veolia has opened a 
facility that is able to recycle 
95% of solar panels. This new 
business opens up a market 
for the Group that has not yet 
reached maturity but which 
should experience rapid 
growth.
 Based on the principle of 
circular economy, Veolia has 
developed a low-cost treatment 
system for municipal 
wastewater for agricultural use.
Under the Irri-Alt’Eau project, 
grapevine irrigation tests using 
filtered and treated water have 
been successfully conducted 
in vineyards in Languedoc-
Roussillon, France.
 “Fertirrigation” is a concept 
that involves applying a circular 
economy approach to 
agriculture by recovering both 
wastewater and the nutrients 
it contains. The Smart Ferti 
Reuse project (Germany and 
France) aims to design a 
complete service to help 
farmers and municipalities 
optimize management of 
treated municipal wastewater 
and fertilizers.
 Lastly, Veolia is involved 
throughout the entire air 
quality value chain from 
sensors through to treatment 
solutions and driving 
behavioral change. It works 
with cities and building 
managers on innovative 
solutions. The Group is trialing 
the continuous management 
of air quality for its customer 
Baxter, a pharmaceuticals 
laboratory in Belgium. Sensors 
approved by the Airparif 
metrology laboratory are 
installed in the offices to 
measure the quality of the 
indoor air in real time. The data 
is then processed in a Hubgrade 
center to assist with the 
building’s energy management.
 Veolia is testing artificial 
intelligence on its waste 
sorting lines; installed in 
Amiens, France, “Max AI” is 
a robot able to recognize waste 
and perform 3,600 sorting 
gestures per hour.
 Veolia and CEA-List have 
developed an autonomous 
pipe-crawling inspection robot 
to travel to the furthest 
reaches of a pipe network. 
The robot, called Predire, 
can provide a preliminary 
diagnosis of a wastewater 
collection system by taking 
high-definition photos every 
ten seconds.
Some 
of the many innovations 
in 2018
ROBOTS
…
ROBOTS
…
38
39
Veolia 2018 • Integrated Report

Identify the potential 
rollout
To create proposals that match customers’ expectations 
as closely as possible, the Group now uses “pre-
standardized” solutions that can be adjusted to 
incorporate customers’ specific needs together with the 
associated local economic, social and cultural aspects.
“Key proposals” that offer good growth potential have 
been identified as possible rollouts on other markets. 
Supervised by managers appointed at the global level, 
their rollout is accompanied at the local level, 
in particular through manager training.
Around 100 “boosters” have also been identified. 
These differentiation “building blocks” are combined 
with an existing proposal to better meet the specific 
expectations of a particular region.
Veolia’s aim is to develop the most precise, complete 
possible vision of its customers’ problems and 
expectations so that it can provide them with 
comprehensive long-term services. For example, an 
industrial customer that contracts Veolia to operate its 
wastewater and solid waste treatment may also be 
dealing with complex license-to-operate issues. Similarly, 
a municipality may need an operator to produce and 
distribute drinking water but also to introduce social and 
financial solutions to guarantee access to these 
resources for its vulnerable communities.
Speak directly to the end 
customer
With its 2018 “Potable!” 
campaign, Veolia spoke directly 
for the first time to the people 
who use its services and 
benefit from its expertise 
on a daily basis – i.e., the end 
customers. This fun, instructive 
and offbeat campaign showed 
end customers what is behind 
each glass of water and paid 
tribute to Veolia’s employees who, day by day, put the 
word “potable” above everything else.
Improve 
collectively 
through collaboration
Many useful and innovative initiatives 
are generated in the field and must play 
into the Group’s overall strategy. 
They need to be identified, shared, 
duplicated and adapted. To achieve 
this, cross-business collaboration 
between teams, units and countries has 
to be encouraged without necessarily 
having to go through headquarters.
The Group’s centers of excellence enter into this 
dynamic by contributing to disseminating standards 
and exemplary practices. To do so, they rely on the 
business, technical and cross-business communities, 
such as “Energy efficiency of buildings”, 
“End-customer services” and “Health and safety”). 
As part of its digital transformation, Veolia is also 
developing experience exchange and sharing tools at 
the international level using contributive platforms 
and online databases (see page 36).
HR Initiatives: the collective 
as inspiration
The “HR Initiatives” (formerly “Social Initiatives”) 
project regularly identifies best practices from Group 
sites and entities around the world. Every two years, 
the HR Initiatives Awards are presented for the best of 
these. This approach, led by the Human Resources 
Department, highlights outstanding actions in several 
areas: occupational h ealth and safety, skills and talent 
development, social responsibility, diversity and 
cohesion, operational performance and business 
development.
Some examples of initiatives 
with high potential for 
adaptation
 “How do you want to see 
yourself?”
Having made robust 
commitments to improve 
health and safety, Interagua, in 
Ecuador, succeeded in reducing 
accident frequency by 57% in 
just one year. This success is in 
particular attributable to a 
singular campaign based on 
a fictional character called 
Tomas Aguas, who challenges 
employees to examine their 
behavior around compliance 
with safety rules.
 NEST and STREAM
The Campus Veolia ran a first-
ever experiment pooling two 
international training 
programs. The participants in 
STREAM (Study & TRaining 
Expedition for Asian 
Managers) and NEST 
(Northern Europe Study 
& Training) were brought 
together in a single seminar. 
This strengthened knowledge 
and cross-business contact 
between the Asian and 
Northern European teams 
while capitalizing on best 
practices in both programs.
 Social integration, 
training and recruitment
Veolia’s waste business in the 
United Kingdom is actively 
engaged in creating social 
value. Supported by nonprofits, 
it trains, prepares for 
recruitment and sometimes 
hires people from marginalized 
and vulnerable social groups, 
such as the long-term 
unemployed, young people who 
are unemployed or have 
abandoned school, and former 
prison inmates. Its aims were 
largely exceeded in 2016, with 
22% of operational agents 
hired from such marginalized 
populations.
Strengthen our 
customer-focused 
culture
With its hybrid engineering and service 
culture, Veolia is taking a fresh look at 
its proposals and working methods. 
The aim is to direct them more firmly 
toward customer value added.
Development of expert solutions and technical 
innovation remain key growth drivers for Veolia, but 
the Group is now also focusing more squarely on 
customer relations and seeking channels for 
differentiation. This cultural change involves:
• reviewing business models from the customer angle: 
What do they expect? What is of value to them? 
How can Veolia help create this value?;
• paying attention to customer experience and 
satisfaction as a key driver and performance indicator;
• co-construction of solutions with customers so that 
solutions match customers’ expectations as closely 
as possible.
initiatives identified 
 43 participating countries
 91 projects selected 
  7 initiatives presented with 
an award
2017 Social Initiatives 
in figures340
340
40
41
Veolia 2018 • Integrated Report

Our global and shared 
performance
In 2018, Veolia reported sustained and durable 
performance that created value for its stakeholders. 
To entrench this performance for the long term, 
the Group is implementing a dynamic risk anticipation 
policy while also strengthening its ethics 
and compliance systems.
42
43
Veolia 2018 • Integrated Report

Current net income
in cost savings in 2018, 
in line with target
in revenue
€302 M
€302 M
€675 M
€675 M
€25,911 M 
€25,911 M 
Sustained and durable 
performance
For Veolia, the company’s performance is part of 
a new paradigm: a company that is useful to all its 
stakeholders, whose objectives are many and whose 
vision is balanced between short-term investment 
and long-term strategic decisions.
Our company must be responsible for its targeted 
overall performance. This means that it has to achieve 
the objectives it has set for economic, social, 
employment and environmental levels. The social 
and environmental approach must be an essential 
aspect of the company’s value creation. This implies 
a new way of bringing employees together, designing 
services, deciding how to allocate resources, 
and working more closely with the areas and regions 
where we operate.
From now on, the aim is to make this overall 
performance measurable so that it can be viewed 
within a results context, which will enable the 
company’s governance bodies to act and its 
stakeholders to appreciate this sustainable dynamic. 
Veolia is now working toward adopting a new range 
of indicators, a solid dashboard for monitoring 
the company’s overall performance. In particular, 
it will include financial and created value distribution 
indicators together with data concerning 
the company’s compliance with its legal obligations, 
its environmental footprint, the sustainability 
of its proposals, equality, and employee satisfaction.
2018 performance
2018 was another year of successful performance 
with business volume and results up sharply. Business 
volume increased by 6.5%, greater than the previous 
year, and current net income rose sharply by 14.7% 
(at constant exchange rates).
These figures are proof of the strategy’s success. 
It relies on a dynamic sales force coupled with strict 
discipline in operational efficiency and cost reductions. 
This performance is visible across all business segments 
and geographic zones. It confirms Veolia’s capacity 
to win the best profitable growth opportunities and 
strengthen its level of competitiveness.
Recognized performance
In 2018, Veolia was doubly 
honored in RobecoSAM’s 
Sustainability Yearbook, 
a benchmark publication for 
companies’ CSR performance. 
Veolia was awarded Gold Class, 
presented to companies whose 
CSR performance is considered 
the best within its business 
sector, and the Industry Mover 
award for best CSR performance 
improvement by sector. 
As a result, Veolia now heads 
the ranking of companies 
in the Multi and Water Utilities 
category. Veolia also obtained 
an A– in the CDP Climate 
Change rating.
Veolia’s CSR commitments apply to all Veolia activities, in all countries 
and to all employees. They are supported by the company’s top 
management, with an Executive Committee member being named 
as sponsor for each commitment. The commitments are steered 
under the responsibility of the various governance bodies and 
implemented by the operational teams. The 9 commitments are 
supplemented by 12 targets for 2020.
COMMITMENT
2020 TARGETS
2018 
PERFORMANCE
  Cross-business commitment: 
steer environmental 
performance
  Deploy our internal Environmental Management 
System (EMS) for all of our operational activities
78%
  Sustainably manage natural 
resources by encouraging 
the circular economy
  Generate more than €3.8 billion in revenue 
in the circular economy
€4.8 billion
  Contribute to combating 
climate change
  Over the 2015–2020 period, achieve 100 million 
metric tons of CO2 eq. of reduced emissions 
and 50 million of CO2 eq. of avoided emissions
63 million metric tons of 
CO2 eq. reduced since 2015
24 million metric tons of 
CO2 eq. avoided since 2015
  Capture over 60% of methane from landfills 
we operate
57.7%
  Conserve and restore 
biodiversity
  Carry out a diagnosis and deploy an action plan in 
100% of sites with significant biodiversity issues
60%
  Build new models for relations 
and value creation with 
our stakeholders
  Have established a major partnership based 
on creating shared value in every business zone 
and growth segment
11/11 business zones and 
6/7 segments covered
  Contribute to the development
  Maintain expenditure reinvested in the regions 
above 80%
85.7%(1)
  Supply and maintain services 
crucial to health and 
development
  Contribute to the United Nations Sustainable 
Development Goals, in the same way as we 
contributed to the Millennium Development Goals
9.6 million people given 
access to drinking water 
and 4.4 million to sanitation 
in countries with an access 
deficit
  Guarantee a safe and healthy 
work environment
  Achieve an injury frequency rate of less than 
or equal to 6.5
8.47
  Encourage each employee’s 
professional development 
and commitment
  Deliver training to over 75% of employees annually
77%
  Maintain the manager commitment rate 
at over 80%
86%
  Guarantee that diversity and 
fundamental human and social 
rights are respected within 
the company
  Ensure over 95% of employees have access 
to a social dialogue mechanism
89%
(1) Average calculated over the main geographic zones representing nearly 73.5% of revenue in 2018.
44
45
Veolia 2018 • Integrated Report

CSR INDICATORS  
adopted for calculating the variable component
SDG
TARGETS
Drinking water networks efficiency
6.4: By 2030, substantially increase water-use 
efficiency across all sectors (…) 
Renewable and alternative energy 
production
7.2: By 2030, increase substantially the share 
of renewable energy in the global energy mix
District heating networks efficiency
7.3: By 2030, double the global rate of improvement 
in energy efficiency
CO2 emissions per MWh produced
Injury frequency rate
8.8: Protect labour rights and promote safe and secure 
working environments for all workers (…)
Methane capture rate from landfills
9.4: By 2030, upgrade infrastructure and retrofit 
industries to make them sustainable, with increased 
resource use efficiency and greater adoption of clean 
and environmentally sound technologies
Treated waste recovery rate
12.5: By 2030, substantially reduce waste generation 
through prevention, reduction, recycling and reuse
Biodiversity diagnosis and action plans
15.1: By 2020, ensure the conservation, restoration 
and sustainable use of terrestrial and inland 
freshwater ecosystems and their services (…)
SDGs: long-term 
performance 
drivers
In 2015, Veolia included the desire to contribute 
actively to the United Nations’ Sustainable 
Development Goals in its CSR commitments. In 2017, 
an analysis including a stakeholder consultation 
identified more clearly the SDGs to which the Group 
contributes through its activities. It contributes to 
implementing all 17 SDGs and has a direct or indirect 
impact on 65 of the 169 SDG targets, representing 
a contribution to 40% of the targets. The data refers 
more specifically to five of the “core business” SDGs.
• Linked to its traditional activities:  
Veolia is a major player in managing water and 
wastewater services (SDG 6), energy services (SDG 7), 
and sustainable cities (SDG 11) through its waste 
management services.
• Linked to its growth activities:  
Veolia encourages innovative industrial production 
methods (SDG 9) and more responsible consumption 
(SDG 12) through the circular economy.
The Group’s relations with stakeholders (SDG 17) and 
its capacity for innovation (SDG 9) are also quoted 
as one of the key areas for helping achieve the SDGs.
Veolia implements concrete solutions in response 
to the Agenda 2030 challenges. In 2017, the Group 
launched a supply offer for African communities with 
the Odial Solutions group. Under this partnership, 
comprehensive delegation contracts for water and 
electricity supply are offered covering a city and its 
peripheral rural areas, thereby overcoming the rural/
urban divide. By dividing tariffs between all 
consumers, this model makes the price of water and 
electricity more accessible to rural communities. 
This service provides a direct response to target 6.1 
(achieve universal and equitable access to safe and 
affordable drinking water) and 7.1 (ensure universal 
access to affordable, reliable and modern energy 
services).
In another example, in 2018, Veolia joined the Toilet 
Board Coalition, the world’s first platform dedicated 
to speeding up the sanitation economy. This is clearly 
in the spirit of targets 6.2 (achieve access to adequate 
and equitable sanitation and hygiene for all) and 17.17 
(encourage and promote effective public, public-
private, and civil society partnerships).
The SDGs are taken into account at the highest level in the company. 
The eight CSR indicators selected for calculating the qualitative 
component of the remuneration of the Chairman and Chief Executive 
Officer and the members of Veolia’s Executive Committee reflect several 
of the SDG targets.
46
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Veolia 2018 • Integrated Report

Anticipate 
and manage 
environmental 
crises
 Support 
our clients’ 
CSR efforts
Facilitate 
obtaining 
operation 
permits
Improve 
service quality 
for users
Work 
toward universal 
access 
to services 
Co-create 
partnerships 
for circular 
economy 
solutions
Provide 
digital 
tools 
to track 
service
Offer 
shared and 
integrated 
solutions
Speed up 
transition 
to a low-carbon, 
low-resource 
economy
Offer 
financing solutions 
(especially for 
partnerships)
FOR OUR 
REGIONS 
FOR OUR
MUNICIPAL CLIENTS 
FOR OUR 
INDUSTRIAL 
CLIENTS
FOR OUR
END CUSTOMERS
Ensure 
long-term 
investment value
Encourage 
continuous 
improvement in 
suppliers’ CSR 
performance
Contribute 
to the local 
economy’s 
vitality
FOR OUR
SHAREHOLDERS 
FOR OUR
EMPLOYEES 
FOR OUR 
SUPPLIERS AND 
SUBCONTRACTORS 
Invest 
in employees’ 
skills to 
serve regions 
and customers
Contribute 
to efficiency 
and operational 
performance
Ensure health 
and safety
Share 
performance
Encourage 
diversity, 
engagement 
and dialogue
Performance 
shared with 
our stakeholders
Veolia’s activities contribute to the communities’ 
well-being, the efficiency of companies and the 
attractiveness of territories. By doing so, they directly 
or indirectly create value for stakeholders. The 
following diagram sets out these shared-value actions 
and shows how the benefits are interconnected.
48
49
Veolia 2018 • Integrated Report

REVENUE
€25,911 million
Employees
Wages
€6,028 million
States and 
municipalities
Taxes and duties
€2,041 million
Shareholders
Dividends
€592 million
Banks
Net bank fees
€414 million
Suppliers
Purchases and 
other
€16,810 million
Nonprofits and 
communities
Sponsorship, 
patronage, 
donations
€26 million
additional FTE supported 
for one direct FTE
2.7
2.7
€1 of value added generates 
of additional wealth 
in the French economy
DIRECT 
IMPACTS 
Production 
Salaries 
Taxes
INDIRECT 
IMPACTS 
Supply chain
INDUCED 
IMPACTS 
Household 
consumption and 
public expenditure
€1.9
€1.9
Veolia’s socioeconomic 
footprint
In 2018, Veolia commissioned the sustainable 
development corporation Utopies to conduct a study 
of its socioeconomic footprint in France. The study 
used as a basis the Local Footprint® model based on 
the macroeconomic concept of “input-output” (IO) 
tables (sources: Eurostat, BEA and Insee). The aim 
was to quantify the effects of a company’s business 
activities beyond the direct impacts, such as 
remunerating employees. Veolia plans to repeat 
this study in 2019, extending its scope to include 
other countries.
Veolia’s businesses in France support more than 
165,000 full-time jobs (FTE), accounting for 0.6% of 
the employed population. The jobs break down into:
• 44,000 direct jobs;
• 42,000 indirect jobs;
• 79,000 induced jobs.
These businesses generated €9.6 billion GDP in France, 
accounting for 0.4% of national GDP, of which:
• €3.3 billion direct value added;
• €2.6 billion indirect contribution;
• €3.8 billion induced contribution.
Financial flows injected into 
the economy by Veolia in 2017 
(in France)
 €2,393 million payroll paid 
to employees
 €3,397 million purchases 
invoiced, of which 96% from 
French suppliers
Tax policy
Regarding transparency, Veolia complies with its 
obligation to file a country-by-country report with 
the French tax authorities for each of its legal entities 
established anywhere in the world. This report is then 
forwarded by France to the tax authorities in the other 
countries in accordance with applicable agreements.
Lastly, the Veolia group applies a tax policy – available 
on its website – that involves:
• complying with all international fiscal laws 
and agreements in force;
• paying fair taxes;
• ensuring that we manage our tax risk;
• applying the fiscal choices corresponding 
to the economic substance of our activities;
• adopting a responsible approach to tax authorities.
Redistribution of Veolia’s 
revenue in 2018
50
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Veolia 2018 • Integrated Report

58
58
indicators 
to analyze 
country 
risks and 
opportunities
Prevent risks 
and seize opportunities
Over the years, Veolia has strengthened 
its risk management and prevention 
systems at the global level by introducing 
new tools and resources to detect risks, 
improve risk anticipation and mitigation, 
and wherever possible turn risks into 
opportunities.
Veolia’s risk management policy is defined by the Risk, 
Insurance and Compliance Department, which also 
has responsibility for ensuring that the policy is 
implemented in a consistent manner across the entire 
Group. The department regularly updates the Group’s 
organization and programs to strengthen its ability to 
identify, assess and anticipate all types of risks. To do 
so, the department calls on an international network 
of risk managers to combine global and local 
approaches to risk management.
By mapping risks at the country and Group levels, 
Veolia is able to identify those risks liable to 
significantly affect its activities and assess the risks 
according to their level of impact, probability and level 
of control.
Some risks for Veolia can be seen as growth 
opportunities, such as the change in environmental 
regulations. These risks are classified according to four 
broad categories:
• risks linked to the environment in which the Group 
operates;
•  operational risks;
•  financial risks;
•  legal and non compliance risks.
Risk analysis 
and country opportunities: 
a growth driver
With a significant share of its revenue generated 
internationally, Veolia must understand and analyze 
how the context of each country affects its portfolio 
of businesses, its decisions about whether to set up 
operations and any investments.
The Group has established a specific country risk and 
opportunity program with the dual purpose of:
• assessing country risks, including all unforeseens that 
may affect the implementation of the company’s 
operations and the expected results;
• analyzing growth opportunities.
The country analyses have several applications: 
definition of the strategic plan, analyses conducted for 
the Compliance Department, fraud risk reporting by 
internal audit, and the Commitment Committee’s work 
of choosing between 200 projects a year at the Group 
and zone levels.
The country risk and opportunities program quantifies, 
updates and publishes its analyses of around 
100 countries where the Group operates or is engaged 
in one-off projects.
These studies are based on 48 indicators concerning:
• exogenous risks (political, economic, natural disasters, 
etc.);
• business environment risks (banks/credit, business 
climate, ethics, safety, etc.);
• specific risks relative to Veolia’s 
core business (water stress, 
countries’ commitments to fighting 
climate change, etc.).
Following this analysis, the country 
is allocated an overall score, its 
major risks are identified, and 
advice is provided about any 
potential mitigation actions, for example, insurance, 
due diligence, specific contractual clauses, etc.
In the past two years, 10 opportunity indicators have 
been added to these analyses. In particular, they are 
used to measure the potential of certain countries with 
respect to their economic or population growth, or to 
identify the risks that prospective and current clients 
may pass on to the Group. These opportunities (water 
stress, for example) create value and are included in 
investment decisions.
Veolia’s ultimate aim is to strengthen country risk 
analyses by extending the presence of risk managers 
worldwide, making it possible to roll out best risk and 
opportunity management practices locally.
Chief Risk, 
Insurance and 
Internal Control 
Coordination Officer
OLIVER 
WILD
OLIVER 
WILD
Key dates 
in the risk 
management 
system
Risks first 
mapped at 
the Group level 
Creation of the 
risk manager 
network covering 
10 countries and 
70% of revenue
 
First Risk 
Committee 
meeting 
(Executive 
Committee level)
Rollout 
of the Risk 
Management 
Digital System 
Risk manager 
network extended 
to cover 
30 countries and 
85% of revenue
Corruption risk 
management 
system 
strengthened
2006
2013
2014
2016-2017
2017
2017-2018
“Some countries where Veolia 
could usefully provide its 
expertise to enable access to 
basic resources have a high risk 
in terms of political instability, 
corruption or human rights 
compliance. We therefore need 
to undertake the most detailed 
analysis possible and identify 
ways these risks can be 
managed so that Veolia is able 
to arbitrate between risks and 
value-creation opportunities to 
ensure it makes the best 
possible decision.”
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Veolia 2018 • Integrated Report

JEAN-
BAPTISTE 
CARPENTIER
JEAN-
BAPTISTE 
CARPENTIER
Director of Compliance
5
independent 
Board members 
make up the 
Ethics Committee
Compliance is now expected by customers and 
civil society, as is only natural. It is crucial to 
building and maintaining stakeholders’ trust 
for the long term. Compliance is thus a source 
of both attractiveness and value creation. 
Set up in 2018, Veolia’s Compliance Department 
consolidates the various means and ways put in 
place to ensure compliance and strengthens 
the deployment of methods in order to establish 
a genuine compliance culture.
Veolia’s Compliance Department covers a broad range 
of fields and is tasked with combating:
• corruption and influence peddling;
• money laundering and financing of terrorism;
• human rights abuses;
• environmental damage;
• anti competitive practices;
• policy breaches and protection of personal data;
• insider trading.
As these issues can potentially affect all levels within 
the company and all its business units, it is vitally 
important that Veolia implement, promote and 
maintain a strong compliance culture among its 
employees and in its relations with its customers, 
partners, suppliers and subcontractors. The 
Compliance Department has at its disposal numerous 
documents (procedures, guides and charters) and 
tools (training and awareness sessions, Group entity 
reviews, alert systems, etc.).
For Veolia, risk analysis, which is a sort of baseline for 
the compliance policy, occupies a crucial position in 
this system. A significant effort was made in 2018 to 
upgrade risk approach methods, in particular the 
introduction of corruption risk mapping based on 
analyses by the Risk Department, backed by 
information received from the field.
Make compliance 
a differentiator
The Group operates in countries 
that are wi dely diverse in terms of 
culture and regulations. This 
presents a significant challenge for 
guaranteeing consistent application 
of the compliance policy defined by 
headquarters. To find a fair balance 
between the local involvement 
and useful distance that is needed 
to ensure procedure compliance, 
the approach adopted is that of 
“consistent autonomy”. This 
rationale was the basis for creating 
a network of zone Chief Compliance 
Officers (zCCO) to pass on the 
management’s compliance 
approach and, if necessary, implement specific 
measures for a given zone or BU. Currently, all zones(1) 
have a zCCO, and some BUs have also established this 
function.
The compliance policy currently implemented by Veolia 
aligns with French and European legislations, which are 
among the most stringent today. However, it also takes 
into account other applicable national laws and, more 
generally, best business practices.
In 2018, particular emphasis was placed on measures to 
combat corruption and lobbying in order to comply with 
the provisions of France’s Sapin II Law concerning 
transparency and combating corruption. Considerable 
training in these issues is currently being provided 
throughout the Group.
Veolia is of course in compliance with the EU’s General 
Data Protection Regulation. However, GDPR is also 
a driver to progress practices worldwide. The aim is 
to introduce a global data protection policy throughout 
the Group that will provide protection equivalent to 
the level applied in France, insofar as is possible under 
national regulations.
Values, ethics and rules 
of conduct
Over fifteen years ago, Veolia set down its values in 
an ethics guide for its employees. This reference 
document concerns all levels in the company and 
is sent out to all countries where Veolia operates. 
It sets out Veolia’s corporate values – responsibility, 
solidarity, respect, innovation and customer focus – 
as well as the associated rules of conduct.
Employees are the guarantors of these values and 
compliance with these rules as they go about their 
duties. Veolia provides them with regular training 
and awareness actions in these areas.
The Ethics Committee is composed of five 
independent Board directors. It is the guarantor of 
compliance with Veolia’s fundamental values, which it 
ensures are shared by everyone at all levels in the 
company. The Committee also receives and 
investigates ethics alerts that any employee may 
submit to it in strict confidentiality. Every year, it 
reports on its business to the Board of Directors’ 
Research, Innovation and Sustainable Development 
Committee.
In 2019, to strengthen employees’ right to report 
ethics alerts and to incorporate the latest legal and 
regulatory changes, Veolia created a single alert 
system that is an improvement on the previous one.
 Any employee who notes a serious breach of ethics 
or compliance may now contact Veolia’s Ethics 
Committee directly in complete confidentiality 
through an online platform that is available anytime, 
anywhere in the world, and from any computer, tablet 
or smartphone. This easy-to-use system guarantees 
confidential exchanges between the employee 
reporting the alert and the Ethics Committee, 
and protects employees’ anonymity if they so wish. 
This tool, without replacing the other avenues for 
reporting an alert, is an additional means provided 
to each employee enabling them to exercise their right 
to report an ethics alert.
(1) Except the MIB (Environmental Maintenance Industry Building) 
zone currently being created.
“For Veolia, compliance has 
to be approached as an aspect 
of risk management, but also 
as a lever for transformation 
and a factor in differentiation. 
Checking compliance is in fact 
the moment where we question 
certain processes, which makes 
it a natural driver for change 
in the company. Currently, 
we see an interest in putting 
in place the most stringent 
possible ethics and compliance 
standards; this competitive 
advantage will be just as 
important as our expertise 
for winning contracts 
in the future.”
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Veolia 2018 • Integrated Report

Human capital: 
the source 
of value creation
Employees’ expertise and engagement actively 
contribute to creating value for Veolia. 
Oﬀ ering meaningful jobs is a priority for the Group, 
which takes great care of its wealth of human assets, 
paying particular at ention to protecting 
all employees’ health and safety.
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Veolia 2018 • Integrated Report

WE ARE 
OPTIMISTIC
WE MOVE 
FORWARD 
TOGETHER
WE 
NEVER 
GIVE UP
Veolia commits to 
apprenticeships
In 2018, ANAF, the 
French association 
for apprenticeships, 
and Veolia signed 
a partnership 
agreement to 
encourage the 
promotion of 
apprenticeships and 
support apprentices 
through the Campus 
Veolia network.
 In November, the 
network took part in 
the first national 
apprentice day 
organized by the 
Global Apprenticeship 
Network in France, of 
which the Group is a 
partner. At the end of 
2018, Veolia had 
around 2,700 work-
study employees, of 
whom 1,600 were in 
France. Work-study 
is a key route to 
consolidating and 
strengthening our 
skills for the future of 
our businesses 
serving industrial and 
municipal customers 
in the heart of our 
regions.
The value of
ENGA-
GEMENT
ENGA-
GEMENT
Whatever their area of expertise is, profession or 
country where they work, Veolia’s 171,495 employees 
are all driven by the same purpose: “Resourcing the 
world.” Pooling their diversity, the Group’s people 
– our “Resourcers” – form a community. They are all 
motivated by the same goal: make sure each of their 
actions has a positive impact.
The value of
SKILLS
SKILLS
Veolia has an ambitious training policy designed to 
continuously improve the Resourcers’ skills and 
maintain the high value added that they embody. There 
are many issues around training: supporting the 
Group’s strategy and commercial growth, or adapting 
to increasingly complex and digitized professions. 
Each year, Veolia invests in almost 2.9 million hours 
of training for its e mployees worldwide.
Open to all employees as soon as they join the company 
and throughout their career with us, training courses 
lead to certificates and accreditations. This professional 
development also facilitates job mobility and 
promotions.
The Group also enables employees to undertake 
diploma-track courses so that they can acquire new 
skills and increase their employability. In France, the 
network of campuses now offers 18 diploma-track and 
professional qualification courses ranging from 
vocational certificates through to master’s degrees. 
They are all officially recognized and provided on a 
work-study basis to ensure students are well integrated 
in Veolia’s entities.
As part of the Group’s digital transformation plan, 
several specific training courses have been introduced 
to involve as many employees as possible in this 
process:
• the digital passport, open to all, is an online 
familiarization course, which 1,000 employees have 
already completed;
• the digital transformation certificate is designed for 
employees who are already familiar with digital tools;
• the Disrupt training program has been created for 
young talents, who are invited to devise digital 
solutions to our business challenges;
• the Accelerate! module for managers covers more 
strategic content.
The Resourcers: 
Veolia’s first asset
Veolia’s leading strength is its community 
of engaged women and men with their varying 
skills and backgrounds, combined with their 
high degree of expertise. Veolia’s human capital 
is notable for being highly labor intensive 
but also highly technical.
The value of
DIVER-
SITY
DIVER-
SITY
For Veolia, diversity is an issue of performance, 
credibility and equality.
In light of its commitments, the Group’s policy 
is based on three priorities:
• guarantee fair, non-discriminatory human resources 
processes;
• guarantee greater diversity and gender equality;
• guarantee the development of employer-employee 
dialogue and free expression for all employees.
In particular, Veolia encourages professional diversity 
by encouraging a greater number of women 
employees in technical, engineering and scientific 
positions.
The Group has set itself a 2020 objective of achieving 
30% of women managers, up from the current 26.5%.
By way of an example, in France, the operational units 
of the waste recycling and recovery business have 
implemented a progress approach aimed at improving 
the attractiveness of their professions to achieve 
a higher level of diversity.
In 2018, women engineers and technicians working 
in 24 Veolia entities across four continents took part 
in the “Girls on the Move” operation. They met with 
more than 1,000 women students at the junior and 
senior high school and tertiary levels to discuss their 
profession, advise them, help them overcome 
stereotypes and to encourage them to be more 
ambitious in terms of their chosen career.
The result of listening, roundtables and discussions, 
the “#WeAreResourcers” campaign, launched in 
March 2018, revealed that all the Resourcers have one 
point in common: their mind-set. “At Veolia, we see 
the world as it should be and not just as it is. At Veolia, 
we are optimistic, we never give up and we move 
forward together.” Run throughout the Group, the 
campaign – of which the employees are the heroes – 
revealed the contribution that each employee makes 
to Veolia’s activities. At the same time, by 
demonstrating our employees’ engagement to the 
general public, this campaign is a source of 
attractiveness for future talents who would like to join 
our community of Resourcers.
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Veolia 2018 • Integrated Report

AGNIESZKA
BATOR
AGNIESZKA
BATOR
HARALD 
KUNKLER 
HARALD 
KUNKLER 
ZOUHIR 
BOUDI 
ZOUHIR 
BOUDI 
CHIEH 
INN TAN 
CHIEH 
INN TAN 
LISA 
MCKENZIE 
LISA 
MCKENZIE 
JULIEN 
BEAUNOYER 
JULIEN 
BEAUNOYER 
Through the eyes 
of the Resourcers
Site Manager
France/Waste Recycling 
and Recovery
 The project: Environmentally 
friendly management of the waste 
produced by a shopping mall 
in Marseille in partnership with 
a reintegration company for 
the long-term unemployed
“Les  Terrasses du Port is a place like 
no other and has enabled me to 
understand the value of waste and 
recycling. Five bays have been 
created to encourage pre-sorting 
by the retailers, and then selective 
sorting can be carried out on site 
in the basement waste collection 
center. You have to be inventive 
to make retailers aware of the 
importance of recycling. For 
example, we created a ‘mobile 
biowaste cart’. It’s a simple system 
with a container and a shopping 
cart, which we use to collect 
biowaste directly from the 
restaurants so that it can be 
converted into compost. I get great 
satisfaction out of seeing attitudes 
and behavior change as time goes 
by. Today, 75% of the waste 
generated in the mall is recovered.”
Country Director
Singapore/Management
 The project: Encourage gender 
equality in jobs through a specific 
committee set up for this purpose
“Throughout my career at Veolia, I’ve 
realized that it’s not always easy for 
a woman to get an operational 
position in the field because we 
work in male-dominated industrial 
sectors. I now sponsor a gender 
equality committee. We surveyed 
expectations, and are helping shape 
mentalities so that Veolia women 
can pursue their own path. And it’s 
working! I was particularly proud 
when we recruited our first woman 
truck driver. After a year, the 
committee was opened up to men, 
because we need everyone’s ideas.”
Strategy Manager
United Kingdom/Water
 The project: Make Scotland’s 
largest wastewater treatment 
plant more environmentally 
friendly and energy self-sufficient
“Seafield is a large site serving 
800,000 people and treating 
65 metric tons of wastewater sludge 
every day. In 2014, the construction 
of a new plant involved a logistical 
challenge to make sure that 
everything continued to operate 
smoothly. When there’s a hiccup, it 
requires a lot of organizational effort 
to identify the problem and find a 
solution. Our team has succeeded 
because of its perseverance and 
good communication. Knowing how 
to put a good team together is one 
of Veolia’s strengths and I’m very 
proud of what we have achieved. 
The new Seafield plant is more 
environmentally friendly and 
produces quality products for the 
local farming community.”
Development Engineer
Poland/Energy
 The project: Recover heat from 
air compressors in the Volkswagen 
Poznań foundry, which is then 
transferred into the city’s district 
heating network
“Volkswagen already had its own 
solution, so it was very difficult 
to ‘sell’ the advantages of 
implementing our project. 
However, we had a very strong 
team and we shared the idea of 
creating something beneficial for 
the environment: up until now, this 
heat was lost and we proved that it 
could be used. As a result of the 
trust we were able to build, the 
customer accepted a proposal to 
connect new buildings to the heat 
recovery system at its second plant 
in Poznań.”
Health and Safety Engineer 
Canada/Energy
 The project: Ensure technical 
maintenance for the Montreal 
University Hospital (CHUM) to 
ensure the health and safety of 
the personnel and patients
“Under the contract between Veolia 
and the CHUM, we monitor the 
hospital’s energy performance and 
the health and safety of the 
maintenance teams as they go about 
their daily work. A 60-strong team 
of mechanics, electricians, plumbers 
and operators make sure everything 
runs smoothly day and night. We 
have created a health and safety 
committee to discuss problems on 
the ground. My aim is to involve the 
employees in decisions impacting 
their health and safety and that of 
the patients.”
Managing Director – Industries
Germany/Integrated Services
 The project: Provide the 
25 companies at an industrial park 
with a range of integrated services 
(power, water, steam, compressed 
air, wastewater treatment 
and logistics)
 “One of our aims is to bring our 
business lines together, as customers 
often have a wide range of service 
demands. Here we have the chance 
to put this convergence into practice. 
I was involved in bringing the 
industrial park into the Veolia 
system, which went extremely 
smoothly. We’ve actually exceeded 
our performance expectations. As 
an industrial operator, we’re also an 
active part of the community. One 
project we’re working on closely 
with the municipality is to 
rehabilitate previously polluted land 
within the park perimeter to find 
a new use for it.”
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Veolia 2018 • Integrated Report

“Our shared database about 
health and safety knowledge 
and incidents puts us in a 
continuous improvement 
dynamic in which everyone 
learns from everyone else, 
in total transparency and 
without any notion of rank. 
The Group’s employees are our 
health and safety actors and 
ambassadors. This results in 
building up a body of best 
practices, which are then 
shared in the field.”
A collective 
capital to protect
At Veolia, health and safety are everyone’s business. 
With the vast majority of employees working in 
the field, protecting their safety is a non negotiable 
commitment for the employer and a collective 
responsibility, as well as an operational, financial 
and commercial issue.
Veolia’s health and safety policy is sponsored by the 
Chairman and Chief Executive Officer and based on 
the guiding principles of the International labor 
organization and the Seoul Declaration signed by the 
Group in 2013. There are a number of imperatives for 
the Group as part of this policy:
• foremost, to ensure the integrity of its employees 
and stakeholders;
• improve productivity by creating the best working 
conditions possible;
• limit workplace accidents because of their human 
consequences but also their financial impacts;
• be seen as exemplary by its partners and customers.
A global system 
for continuous 
improvement
The Group has created a global system to ensure that 
its health and safety policy is rolled out consistently, 
whatever the regulations, organization or culture 
inherent at its various sites. It aims to develop a safety 
culture to anticipate risks and correct noncompliant 
situations.
The occupational health and safety management 
guide is one of the essential components of the 
system. It is designed to structure and define clear 
requirements to enable managers to build and 
implement the Group’s continuous improvement plan.
Ten international standards developed by Veolia are 
currently applied at all sites. They are the result of 
mapping the 10 major risks in all water, waste and 
energy businesses observed in the field over the past 
decade. Local site visits are systematically organized 
for audits and to escalate problems encountered 
through the hierarchy.
Another key aspect of the system is Veolia’s 
International Health and Safety Week held each year 
in September. It involves all employees worldwide and 
is an opportunity to remind everyone of the standards 
and to share best practices.
Lastly, the Group relies on its health and safety center 
of excellence. Proactive and a forum for discussion, 
the center regularly publishes new documents to 
disseminate health and safety at all levels. As a result 
of its input, these health and safety standards have 
been built in such a way that they are clearly 
applicable and applied in all countries.
Make “zero accidents” 
a choice
Veolia has identified five drivers to achieve the 
zero-accident objective:
• involve the entire managerial line;
• improve health and safety risk management;
• improve communication and dialogue;
• train and involve all employees;
• monitor and track health and safety performance.
The Group has managed to reduce the frequency 
of workplace accidents over the past ten years by 
implementing these various actions.
The identification of near misses – unforeseen events 
that did not cause an injury, sickness or material 
incident, but which have the potential to do so – is a 
crucial aspect of safety. The better they are known 
and analyzed in detail, the greater the chance that 
they will not result in an accident. In the first half 
of 2018, more than 67,000 near misses were reported. 
This trend clearly demonstrates a change in conduct. 
Today, the Group is also making greater progress 
in how it integrates its outside partners in its health 
and safety policy. Subcontractors and temporary 
employment agencies are included in the reporting 
approach and in the International Health and Safety 
Week. This event is also increasingly being opened up 
to the outside world: Veolia’s customers regularly take 
part, and in September 2018, employees’ children 
were invited to contribute to the visual messages 
displayed.
In 2018, 50% of Veolia sites reported zero accidents, 
thereby demonstrating that the Group can achieve 
a level of maturity in its safety culture to make this 
objective a real choice and a performance driver.
Digital technology helping 
improve safety
Although digital tools cannot 
replace people’s conduct, they 
nonetheless have an increasing 
role in helping decision-making 
and collective intelligence 
about health and safety.
At Veolia, the operational units 
are free to innovate in this area. 
For example, a mobile app is 
now used to report near misses 
by taking a photo with a 
smartphone and attaching 
A center 
of excellence
 25 local experts from various 
countries
 130 global correspondents
 10%: annual objective for 
decrease in workplace accident 
frequency
 44.8% of training hours 
involve safety
a voice message explaining the 
situation. This information is 
consolidated, translated and 
then passed on to the teams.
In this way, employees are 
helping improve the level of the 
Group’s safety knowledge. 
They become stakeholders in 
this policy by encouraging its 
dissemination and adoption by 
everyone.
Vice President Occupational 
Health and Safety
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Veolia 2018 • Integrated Report

Together 
toward the next 
strategic step
For Veolia, listening, collaborating and 
circulation of ideas are the keys to its 
growth and future. Given this position, 
employees were asked to contribute to 
the Group’s next strategic step in an 
expansive online consultation called 
“Inspire”.
From May to September 2018, 900 managers from all 
businesses and geographic zones were consulted about 
their business priorities for the next four years and the 
areas in which they felt the Group could improve.
In all, more than 1,600 contributions were submitted, 
discussed and explored. For Veolia, they informed 
the responses to three questions that are as simple 
as they are defining for its identity and the future 
of its activities:
1.1.
Why?
The respondents were unanimous about the usefulness 
of Veolia, its activities and commitments: “Resourcing the 
world” is perceived by everyone as a relevant, sustainable, 
motivating and differentiating mission. In order to 
progress further and to capitalize on the benefits of this 
mission for its customers and stakeholders, it needs to be 
fully integrated into Veolia’s strategic choices and 
employees’ conduct.
2.2.
Which priorities?
“Resourcing the world” is an ambitious mission to which 
we still have a lot to contribute. The employees consulted 
believe there are still many business opportunities to be 
developed: conservation of food resources, health for 
everybody through environmental action, circular 
economy, restoration of ecosystems (new types of 
pollution and air quality), without forgetting the immense 
potential of data mining.
3.3.
How?
Being more agile, more digital, more innovative and closer 
to our customers are the crucial drivers according to the 
 Resourcers questioned. They made many pertinent 
suggestions, such as:
• increase the way departments work together;
• encourage creativity and recognize the need for trial 
and error;
• increase knowledge-sharing by stepping up the 
circulation of ideas, employees and expertise;
• and for all this, put human resources management 
at the center of the approach.
This consultation and collective discussion about strategy 
– a first in Veolia’s history – was enthusiastically received. 
By confirming employees’ engagement and their many 
expectations for the future, it has been a solid first step in 
defining the Group’s upcoming 2020-2023 strategic plan.
In order to protect the environment, this document has 
been printed by an Imprim’Vert® certified printer on 
Symbol Matt Plus paper that is FSC® certified and made 
using fiber sourced from responsibly managed forests 
and other controlled sources.
Veolia
30, rue Madeleine Vionnet - 93300 Aubervilliers, France
Tel.: +33 (0)1 85 57 70 00
www.veolia.com
This document was prepared by Veolia’s Communications 
and Sustainable Development Departments.
Chief Communications Oﬃ  cer: Laurent Obadia.
Editing and coordination: Tania Kieﬀ er, Armelle Perrin-Guinot and Arthur Thoux.
Translation: Alto International.
Photos and graphics: Laure Duquesne and Gilles Hureau.
Illustrations: Rude, Technomap François Berthemet.
Photo credits: Veolia image bank: Alexis Duclos, Christophe Daguet, Stéphane Lavoué, 
Christophe Majani d’Inguimbert, Stefan Redecke/Snowball Studio, Nicolas Vercellino.
B. Planchais/Marine nationale/ministère de la Défense, Getty Images/Moment Open,
Getty Images/EyeEm, Getty Images/iStockphoto, Tanvir Murad Topu, Toilet Board Coalition.
Design and production: 
Printed by STIPA.
64

Veolia
30, rue Madeleine -Vionnet – 93300 Aubervilliers – France
Tel.: +33 (0)1 85 57 70 00
www.veolia.com