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WASTE MANAGEMENT INTERNATIONAL PLC ANNOUNCES FOURTH QUARTER AND FULL YEAR PROFITS FOR 1992

 FULL YEAR
 -- Turnover up by 35 percent to 816.6 million pounds sterling.
 -- Pre-tax profits (before minority interests) of 143.7 million pounds, an increase of 49 percent.
 -- Net profits increase 53 percent to 82.3 million pounds.
 -- Earnings per share of 23.3 pence, up 30 percent.
 FOURTH QUARTER
 -- Turnover up by 37 percent to 223.7 million pounds.
 -- Pre-tax profits (before minority interests) of 40.9 million pounds, an increase of 36 percent.
 -- Net profits increase 51 percent to 24.2 million pounds.
 -- Earnings per share of 6.5 pence, up 20 percent.
 OAK BROOK, Ill., Feb. 3 /PRNewswire/ -- For the full year ended Dec. 31, 1992, Waste Management International plc (NYSE: WME) today announced pre-tax profits (before minority interests) of 143.7 million pounds sterling, compared with 96.4 million pounds for the full year 1991. For the three months ended Dec. 31, 1992, the company announced pre-tax profits (before minority interests) of 40.9 million pounds compared with 30.1 million pounds for the same period in 1991.
 In his statement, Chief Executive Edwin G. Falkman said:
 "Waste Management International plc has enjoyed a strong fourth quarter, with earnings and revenues benefiting from acquisitions made earlier in the year and continued internal growth. Profits for the period increased to 24.2 million pounds, up 51 percent from the comparable quarter in 1991. Earnings per share rose 20 percent to 6.5 pence. A number of acquisitions were completed during the fourth quarter, extending our services in The Netherlands and the United Kingdom.
 "Our full year results for 1992 are very satisfying. Against a background of difficult economic conditions, Waste Management International's revenues have grown 35 percent to 816.6 million pounds, with profits rising 49 percent to 143.7 million pounds. It has been a year in which the company completed one of the most successful global initial public offerings on record and consolidated its position as the leading international environmental services company through selective acquisitions and joint ventures across the world.
 "Worldwide, our business has continued to develop steadily. During 1992, Waste Management International completed 25 acquisitions, which have broadened the range of integrated services available to customers and extended operations into France and Finland.
 "The company has also entered into several key new joint ventures that provide Waste Management International with strong local partners and the foundation for the development of new markets and new activities. In September, Waste Management International and the leading French construction group, SAE-Fougerolle SA, agreed to form a joint venture to develop solid waste collection and treatment business in France. This agreement was approved by the European Commission in December. The company also formed Waste Management Indonesia, a joint venture with PT. Bimantara Citra, for the development of environmental services projects. Yesterday, the joint venture signed agreements with the Indonesian government for the construction and operation of a central industrial waste treatment facility in West Java.
 "The year has also seen the completion of some very important new facilities. In Hong Kong, our majority-owned joint venture, Enviropace Ltd., has completed construction of the territory's first hazardous waste treatment plant and is currently in the start-up phase of operations. In The Netherlands, our ATM subsidiary has completed a new treatment facility for paint waste, and in Australia, Pacific Waste Management has now opened the most advanced solid waste disposal facility in the country.
 "Overall, Waste Management International is well positioned for continued growth in 1993. The company is pursuing a number of new projects and new business opportunities that will expand both our range of services and the places they are available to our customers. The first of these has already been completed in the United Kingdom with the acquisition by our Wessex Waste Management Ltd. joint venture of NFC plc's solid waste business."
 WASTE MANAGEMENT INTERNATIONAL PLC GROUP
 Profit and Loss Accounts (Unaudited)
 Three months ended Dec. 31 1992 1991
 (British pounds sterling)
 Turnover 223,711,000 163,768,000
 Operating expenses 156,538,000 113,693,000
 Selling and administrative expenses 33,096,000 23,301,000
 Operating profit 34,077,000 26,774,000
 Interest income 6,121,000 9,318,000
 Interest expense (7,150,000) (8,419,000)
 Other income (expense), net 7,886,000 2,461,000
 Profit on ordinary activities
 before taxation 40,934,000 30,134,000
 Tax on profit on ordinary activities 13,908,000 10,960,000
 Profit on ordinary activities
 after taxation 27,026,000 19,174,000
 Minority interests 2,791,000 3,078,000
 Retained profit for the period
 attributable to shareholders 24,235,000 16,096,000
 Average ordinary shares outstanding 375,000,000 300,000,000
 Earnings per ordinary share,
 in pence (A) 6.5 5.4
 12 months ended Dec. 31 1992 1991
 (British pounds sterling)
 Turnover 816,551,000 606,870,000
 Operating expenses 569,114,000 427,956,000
 Selling and administrative expenses 119,111,000 85,612,000
 Operating profit 128,326,000 93,302,000
 Interest income 20,831,000 21,632,000
 Interest expense (26,139,000) (22,348,000)
 Other income (expense), net 20,647,000 3,781,000
 Profit on ordinary activities
 before taxation 143,665,000 96,367,000
 Tax on profit on ordinary activities 48,043,000 35,063,000
 Profit on ordinary activities
 after taxation 95,622,000 61,304,000
 Minority interests 13,309,000 7,619,000
 Retained profit for the period
 attributable to shareholders 82,313,000 53,685,000
 Average ordinary shares outstanding 353,125,000 300,000,000
 Earnings per ordinary share,
 in pence (A) 23.3 17.9
 (A) -- Earnings per ordinary share for 1991 have been computed on the basis of 300,000,000 ordinary shares outstanding after the reorganization of the company in March 1992, and do not include 75,000,000 ordinary shares issued in April 1992 in the company's initial public offering.
 The above financial information does not amount to statutory accounts within the meaning of Section 240 of the Companies Act 1985, as amended by the Companies Act 1989. The accounts for the year ended Dec. 31, 1992, are subject to audit and accordingly statutory accounts have not yet been delivered to the Registrar of Companies.
 Net income and earnings per ordinary share determined in accordance with U.S. generally accepted accounting principles (US GAAP) are shown in the following table:
 Three months ended Dec. 31 1992 1991
 (British pounds sterling)
 Net income (retained profit)
 as shown above 24,235,000 16,096,000
 Amortization of goodwill (4,037,000) (2,156,000)
 Net income in accordance
 with US GAAP 20,198,000 13,940,000
 Net income per ordinary share
 in accordance with US GAAP 5.4p 4.6p
 12 months ended Dec. 31 1992 1991
 (British pounds sterling)
 Net income (retained profit)
 as shown above 82,313,000 53,685,000
 Amortization of goodwill (14,473,000) (8,281,000)
 Net income in accordance
 with US GAAP 67,840,000 45,404,000
 Net income per ordinary share
 in accordance with US GAAP 19.2p 15.1p
 For the periods ended Dec. 31, net income per ADS (translated at the average rates of exchange between the pound sterling and the dollar -- $1.7706 equals 1 pound in 1992 and $1.7715 equals 1 pound in 1991) was $.18 in 1992 and $.17 in 1991 for the three months and $.68 in 1992 and $.54 in 1991 for the year.
 -0- 2/3/93
 /CONTACT: Joe Holsten (analysts) or Peter Coombes (media), in the U.K., 071-493-2554, or Jim Koenig (analysts), 708-572-8822, or Bill Plunkett (media), 708-572-8898, in the U.S., all of Waste Management International/
 (WME)


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

GK-WB -- NY064 -- 2501 02/03/93 14:36 EST
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Date:Feb 3, 1993
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