In the 2018 financial year, SUEZ achieved revenue of 17,331 million, a gross increase of 1,548 million on the 2017 financial year, with organic change of +3.6% ( 564 million).
This organic revenue growth, which cuts across all divisions, was partly driven by the Water Technologies and Solutions division, formed in 2017 following the Group s strategic acquisition of GE Water (+6.7% relative to 2017 pro forma), and by the International division (+5.0%). In addition, the scope effect due to the impact of the former GE Water s activity in the first full year accounted for +8.3% and exchange rate change for -2.0%.
EBIT reached 1,335 million, a gross rise of 123 million compared to 2017 (+10.2%), or +11.5% at constant exchange rates, despite the - 30 million negative impact from commodity price trends (diesel, recycled raw materials, energy) in Europe. Given the reduction in restructuring costs in 2018 relative to 2017 ( 88 million compared with 158 million) and capital gains on non-strategic assets amounting to 54 million, the net income Group share ended at 335 million in 2018, up 13.4%.
Indexing SUEZ s main credit line to extra-financial criteria (Sustainability Linked Loans) Sustainability linked loans aim to reward companies continuous improvement in extra-financial performance by including it in their funding conditions. Unlike green bonds, these credits are not solely dedicated to project funding, but can be used to fund any aspect of the company s activity. In concrete terms, the funding conditions are adjusted annually on the basis of targets for progress set jointly with the company, in terms of either extra- financial ratings or the achievement of dated/quantified targets reflecting the company s sustainable development commitments.
In April 2019, SUEZ introduced this approach, indexing the financial terms of its main credit line to the achievement of four targets representing the pillars in its 2021 Sustainable Development Roadmap: Priority 1/ Achieving a proportion of women in management of 33% across the Group; Priority 2/ Cutting the Group s direct and indirect greenhouse gas emissions by 10%; Priority 3/ Avoiding emissions of over 60 million tonnes of greenhouse gases by our customers; Priority 4/ Developing sustainable access to essential services through our contracts in developing countries while increasing the Group s revenue in the targeted countries by 26%.
Net investments amounted to 1,257 million. In line with its strategic priorities, SUEZ maintained strict discipline on capital expenditure which broke down into 607 million in maintenance capex and 895 million in growth capex. The Group also had 245m in asset sales. Net debt was 8,954 million at December 31, 2018, for a net debt/EBITDA ratio of 3.2x, down 0.1x relative to December 2017 As of 1 March 2019, taking into account the cash inflow from the sale of a 20% stake of the Group s regulated water activities in the United States, announced in July 2018, this ratio will be approximately 3x the EBITDA.
2018: Targets exceeded, thanks to strong growth internationally and in the industrial water market.
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