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WASTE MANAGEMENT INTERNATIONAL PLC ANNOUNCES RECORD FIRST HALF AND SECOND QUARTER PROFITS

 WASTE MANAGEMENT INTERNATIONAL PLC ANNOUNCES RECORD
 FIRST HALF AND SECOND QUARTER PROFITS
 First Half
 -- Turnover up by 30 percent to 382 million pounds sterling
 -- Pretax profits (before minority interests) of 62.6 million
 pounds, an increase of 51 percent
 -- Net profits increase 51 percent to 35.3 million pounds
 -- Earnings per share of 10.6 pence, up 36 percent
 Second Quarter
 -- Turnover up by 27 percent to 196 million pounds
 -- Pretax profits (before minority interests) of 35.3 million
 pounds, an increase of 50 percent
 -- Net profits increase 56 percent to 19.9 million pounds
 -- Earnings per share of 5.5 pence, up 31 percent
 OAK BROOK, Ill., July 15 /PRNewswire/ -- In the first reporting period since its public offering in early April, Waste Management International plc (ADS - NYSE: WME) today announced record pretax profits (before minority interests) of 62.6 million pounds sterling for the first half to June 30, 1992, compared with 41.5 million pounds for the comparable 1991 period and pretax profits (before minority interests) of 35.3 million pounds for the second quarter to June 30, 1992, compared with 23.6 million pounds for the comparable 1991 period.
 Chief Executive Edwin G. Falkman said: "We are very excited by the number and range of opportunities that the company is currently pursuing throughout all of our markets, some of which could be realized in the second half of this financial year. The scope of these opportunities range from tuck in acquisitions to state-of-the-art treatment facilities. The company's excellent reputation in our industry means we are a favored choice to benefit from increased governmental privatization projects, as shown by our success in Gutersloh and Indonesia."
 Waste Management International is a leading provider of a range of solid and hazardous waste management services, including collection, recycling, transportation, storage, treatment, incineration, and disposal, as well as operating waste-to-energy facilities, and offering related services. The company currently operates in nine European countries as well as Argentina, Australia, New Zealand, Hong Kong, Brunei and the Middle East.
 Chief Executive's Statement:
 In less than 90 days since our public offering, Waste Management International has successfully achieved significant development in both existing and new markets internationally. The record results for the second quarter show continued internal growth, as well as contributions from acquisitions in the United Kingdom and in France.
 In the first half of 1992 Waste Management International plc's profit increased to 35.3 million pounds, up 51 percent over the comparable period in 1991. Earnings per share rose by 36 percent to 10.6p. Profit increased in the three months ended June 30, 1992, to 19.9 million pounds, up 56 percent over the comparable period in 1991. In the same period, earnings per share rose by 31 percent to 5.5p.
 U.K. Waste has continued its satisfactory growth following the acquisition of solid waste business in 1991. In May, U.K. Waste also completed the acquisition of Marvin Ltd, a storage, handling and chemical waste treatment facility in Great Yarmouth, which with a broad permit for storage, transfer and treatment of hazardous and industrial waste, will complement U.K. Waste's disposal capabilities at Risley.
 The acquisition of SPAT in France gives us eight operating landfills in the Paris area. This acquisition has provided us with an excellent base from which to expand our activities in France.
 In Germany, Waste Management International concluded a contract to construct, own and operate a waste-to-energy facility at Gutersloh. The facility is projected to start operations in 1997 and will be capable of converting a minimum of 180,000 tons of solid waste and 25,000 tons of sewage sludge a year to useful energy. Along with the company's other waste-to-energy facility in Hamm, Gutersloh will be the second privately owned such facility in Germany.
 In May, Waste Management International announced its joint venture with Bimantara, a leading Indonesian company, to develop a solid and hazardous waste business in that country. This is a significant development because we see the Asian market as major area for growth. Indonesia itself has the fourth largest population in the world and its government has expressed itself as being committed to safely managing its waste. We will be actively working with Bimantara to identify other projects involving the collection, treatment and disposal of municipal solid waste and chemical wastes, as well as wastewater treatment, waste- to-energy systems, waste reduction, recycling and remediation activities.
 WMI Sellbergs, our Swedish company, last month announced that it has signed a preliminary agreement with the Swedish Ministry for the Environment to acquire 90.1 percent of the government-owned SAKAB, the foremost hazardous waste treatment facility in Sweden which includes incineration capacity of 33,000 tons per year. Last month, WMI Sellbergs also acquired Servi Jatehuolto OY, the leading solid waste management company in Finland with its operations centered mostly in the south of the country around Helsinki. Together with our operation in Denmark we now have an excellent base in the Scandinavian countries from which to extend our environmental services. We are very excited by the number and range of opportunities that the company is currently pursuing throughout all our markets, some of which could be realized in the second half of this financial year. The scope of these opportunities range from tuck in acquisitions to state-of-the-art treatment facilities. The company's excellent reputation in our industry means we are a favored choice to benefit from increased governmental privatization projects, as shown by our success in Gutersloh and Indonesia.
 WASTE MANAGEMENT INTERNATIONAL PLC
 Group Profit and Loss Accounts
 (Unaudited)
 Three months ended June 30 1992 1991
 (British pound sterling)
 Turnover 195,778,000 154,658,000
 Operating expenses 134,404,000 108,379,000
 Selling and administrative expenses 28,454,000 22,282,000
 Operating profit 32,920,000 23,997,000
 Interest income 5,958,000 3,786,000
 Interest expense (6,524,000) (5,591,000)
 Other investment income (expense) 2,994,000 1,367,000
 Profit on ordinary activities
 before taxation 35,348,000 23,559,000
 Tax on profit on ordinary activities 11,849,000 8,491,000
 Profit on ordinary activities
 after taxation 23,499,000 15,068,000
 Minority interests 3,620,000 2,363,000
 Retained profit for the period
 attributable to shareholders 19,879,000 12,705,000
 Average ordinary shares outstanding 362,500,000 300,000,000
 Earnings per ordinary share 5.5p 4.2p
 Net income and earnings per ordinary share determined in accordance with U.S. generally accepted accounting principles (U.S. GAAP) are shown in the following table:
 1992 1991
 (British pound sterling)
 Net income (retained profit)
 as shown above 19,879,000 12,705,000
 Amortization of goodwill (3,668,000) (2,594,000)
 Net income in accordance with U.S. GAAP 16,211,000 10,111,000
 Net income per ordinary share in accordance
 with U.S. GAAP 4.5p 3.4p
 Net income per ADS (translated at the average rate of exchange between the pound sterling and the dollar) was $0.16 in 1992 and $0.12 in 1991.
 Group Profit and Loss Accounts
 (Unaudited)
 Six months ended June 30 1992 1991
 (British pound sterling)
 Turnover 381,957,000 294,002,000
 Operating expenses 266,746,000 211,030,000
 Selling and administrative expenses 56,367,000 40,239,000
 Operating profit 58,844,000 42,733,000
 Interest income 8,889,000 9,295,000
 Interest expense (12,341,000) (10,447,000)
 Other investment income (expense) 7,255,000 (81,000)
 Profit on ordinary activities
 before taxation 62,647,000 41,500,000
 Tax on profit on ordinary activities 20,752,000 15,018,000
 Profit on ordinary activities
 after taxation 41,895,000 26,482,000
 Minority interests 6,640,000 3,088,000
 Retained profit for the period
 attributable to shareholders 35,255,000 23,394,000
 Average ordinary shares outstanding 331,250,000 300,000,000
 Earnings per ordinary share 10.6p 7.8p
 Net income and earnings per ordinary share determined in accordance with U.S. generally accepted accounting principles (U.S. GAAP) are shown in the following table:
 1992 1991
 (British pound sterling)
 Net income (retained profit)
 as shown above 35,255,000 23,394,000
 Amortization of goodwill (7,082,000) (4,901,000)
 Net income in accordance with U.S. GAAP 28,173,000 18,493,000
 Net income per ordinary share in accordance
 with U.S. GAAP 8.5p 6.2p
 Net income per ADS (translated at the average rate of exchange between the pound sterling and the dollar) was $0.30 in 1992 and $0.22 in 1991.
 -0- 7/15/92
 /CONTACT: Gillian Pattison (U.K.), 071-493-2554, or Bill Plunkett, 708-572-8898; or (analysts) Joe Holsten (U.K.), 071-499-2538, or James Koenig, 708-572-8822, all for Waste Management International/
 (WME WMX) CO: Waste Management International plc ST: Illinois IN: SU: ERN


CK -- NY056 -- 9548 07/15/92 12:36 EDT
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