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WASTE MANAGEMENT INTERNATIONAL plc ANNOUNCES NINE MONTHS RESULTS

 LONDON, Oct. 18 /PRNewswire/ -- Waste Management International plc achieved record earnings per share of 6.8p for the three months ended Sept. 30, 1993. Earnings increased to 25.6 million pounds, compared with 22.8 million pounds for the same period in 1992. Revenues for this quarter were 235.1 million pounds, compared with 210.9 million pounds in the comparable period in 1992. Earnings per share for the quarter was 6.8p, up from 6.1p in the same period in 1992.
 Chief Executive's Statement From Edwin G. Falkman
 Waste Management International plc achieved record earnings per share of 6.8p in the three months ended Sept. 30, 1993. This increase occurred despite difficult trading conditions in Europe and fewer acquisitions than anticipated. In addition, growth of earnings and revenue were adversely impacted by delays in obtaining landfill permit extensions in Italy, which caused lower volumes. We anticipate that volumes to these landfills will increase later this year. In Asia, we have made significant progress in several markets.
 Project development activities have moved forward in several areas.
 In Hong Kong, with our partners, CITIC Pacific Ltd and Sun Hung Kai Properties Ltd, we were successful in securing the 13-year 304-million- pound SENT landfill project. Construction has started and we expect to begin operating the 7,500-tons-per-day landfill in late 1994. In Indonesia, with our partner, P.T. Bimantara, we commenced construction of the country's first commercial hazardous waste treatment facility near Cibinong, West Java, an hour south of Jakarta. We expect to begin accepting waste in early 1994. In Spain, the City Council of Murcia awarded us a 10-year solid waste collection, disposal and street cleaning contract with estimated revenues of approximately 142 million pounds. With our joint venture partner, Ret Ser, we are bidding for several waste-to-energy projects in Taiwan and we are also pursuing a number of additional large projects in Thailand, Malaysia, Taiwan and Hong Kong. In New Zealand our new solid waste landfill at Redvale opened on time this quarter.
 Year-to-date, we have completed 34 acquisitions in 10 countries; we expect this pace of activity to continue in the fourth quarter. Late in the third quarter, we completed several small acquisitions in the U.K., Germany, France, Finland and New Zealand. We will continue to pursue diligently acquisitions where the financial returns to our shareholders justify the investment.
 Economic recovery for Western Europe remains elusive and although business is not immune to recession, we have continued to achieve commercial success and grow our earnings per share even in difficult economic conditions. Furthermore, we have started an extensive program of cost reduction and productivity improvement. This, when coupled with the scale of opportunities that continue to arise, gives us confidence in future earnings growth.
 Waste Management International plc, a WMX Technologies, Inc., subsidiary, is a leading provider of a range of solid and hazardous waste management services, including collection, transportation, storage, treatment, recycling, incineration, disposal, waste-to-energy technologies and other environmental services.
 The company currently operates in nine European countries -- Italy, France, Germany, United Kingdom, Netherlands, Spain, Sweden, Denmark and Finland -- as well as in Argentina, Australia, New Zealand, Hong Kong, Indonesia, Brunei and Malaysia.
 Copies of the interim report will be sent to the shareholders of listed securities and will also be available to the public at: Waste Management International plc, 3 Shortlands, London W6 8RX.
 WASTE MANAGEMENT INTERNATIONAL plc
 Group Profit And Loss Accounts
 (Unaudited, in British pound sterling)
 Three months ended Sept. 30, 1992 1993
 Turnover 210,883,000 235,136,000
 Operating expenses 145,830,000 158,631,000
 Selling and administrative expenses 29,648,000 33,688,000
 Operating Profit 35,405,000 42,817,000
 Interest income 5,821,000 3,932,000
 Interest (expense) (6,648,000) (12,402,000)
 Other income (expense), net 5,506,000 4,533,000
 Profit on ordinary activities
 before taxation 40,084,000 38,880,000
 Tax on profit on ordinary activities 13,383,000 10,724,000
 Profit on ordinary activities
 after taxation 26,701,000 28,156,000
 Minority interests 3,878,000 2,544,000
 Retained Profit For The Period
 Attributable To Shareholders 22,823,000 25,612,000
 Average Ordinary Shares Outstanding 375,000,000 375,000,000
 Earnings Per Ordinary Share 6.1p 6.8p
 Net income and earnings per ordinary share determined in accordance with United States generally accepted accounting principles (US GAAP) are shown in the following table:
 Net income (retained profit)
 as shown above 22,823,000 25,612,000
 Amortization of goodwill 3,354,000 5,988,000
 Net income in accordance
 with US GAAP 19,469,000 19,624,000
 Net income per ordinary share
 in accordance with US GAAP 5.2p 5.2p
 For the periods ended Sept. 30, net income per ADS (translated at the average rates of exchange between the pound sterling and the dollar -- 1 pound equals $1.5042 in 1993 and 1 pound equals $1.8315 in 1992) was $.16 in 1993 and $.19 in 1992 for the three months and $.45 in 1993 and $.50 in 1992 for the nine months.
 Group Profit And Loss Accounts
 (Unaudited, British pound sterling)
 Nine months ended Sept. 30, 1992 1993
 Turnover 592,840,000 690,868,000
 Operating expenses 412,576,000 476,803,000
 Selling & administrative expenses 86,015,000 97,959,000
 Operating profit 94,249,000 116,106,000
 Interest income 14,710,000 13,739,000
 Interest (expense) (18,989,000) (33,394,000)
 Other income (expense), net 12,761,000 13,894,000
 Profit on ordinary activities
 before taxation 102,731,000 110,345,000
 Tax on profit on ordinary activities 34,135,000 30,437,000
 Profit on ordinary activities
 after taxation 68,596,000 79,908,000
 Minority interests 10,518,000 6,505,000
 Retained profit for the period
 attributable to shareholders 58,078,000 73,403,000
 Average ordinary shares outstanding 345,883,000 375,000,000
 Earnings per ordinary share 16.8p 19.6p
 Net income and earnings per ordinary share determined in accordance with United States generally accepted accounting principles (US GAAP) are shown in the following table:
 Net income (retained profit)
 as shown above 58,078,000 73,403,000
 Amortization of goodwill 10,436,000 16,972,000
 Net income in accordance
 with US GAAP 47,642,000 56,431,000
 Net income per ordinary share
 in accordance with US GAAP 13.8p 15.0p
 For the periods ended Sept. 30, net income per ADS (translated at the average rates of exchange between the pound sterling and the dollar -- 1 pound equals $1.5042 in 1993 and 1 pound equals $1.8315 in 1992) was $.16 in 1993 and $.19 in 1992 for the three months and $.45 in 1993 and $.50 in 1992 for the nine months.
 -0- 10/18/93
 /CONTACTS: (Investors) Nigel Wilson 081-563-6316, or (media) Peter Coombes, 081-563-6378, both for Waste Management International/


CO: Waste Management International plc ST: IN: ENV SU: ERN

MP -- NY058 -- 3389 10/18/93 12:21 EDT
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Publication:PR Newswire
Date:Oct 18, 1993
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