Effect of the boycott Since the start of the boycott in 2005 it has been documented that Veolia has lost approximately 18.122 billion euros. The company's loss was due to major contract failures that included: the Stockholm Metro contract worth €3.5 billion, the Yolo County water contract in California worth €325 million dollars and the West London residential waste contract worth £485 million. (Global Exchange 2013)Furthermore, in December 2011 Veolia announced a €5 billion divestment program to close down the transportation sector. This ultimately states that the Veolia boycott contributed to the closure of one of the services in which Veolia was differentiated. This ultimately led to the decline of Veolia's operations from 77 to 48 countries (Veolia Environnement 2013). The combination of these factors has impacted Veolia as it has generated reduced sales, a decline in country operations and the closure of a service arm it once offered. Smith's claim that a successful boycott is measured by declining sales is illustrated in the case of Veolia. However, it is difficult to measure the extent of the boycott on the reduction in sales revenue generated by the company. However, it is alleged that Veolia attempted to make several sales worth around 15 billion euros. This value is relatively equivalent to the value of the contracts that Veolia lost or terminated due to the boycott (Dores 2013). Furthermore, if you analyze the annual reports more closely comparing the annual boycott activity, you can find a stronger link being made. For example, the effect is visible when comparing the years before and after the publication of Veolia's involvement in the Jerusalem Light Rail. According to Veolia's 2007 A...... middle of document ......ed: January 13, 2014].10. Unispal.un.org. 2014. A/HRC/RES/13/7 of 14 April 2010. [online] Available at: http://unispal.un.org/UNISPAL.NSF/0/37BF1829818D0B788525770D00536076 [Accessed: 2 January 2014].11 . Veolia annual and sustainability report. 2012. [e-book] Paris: Veolia Environnement. http://www.veolia.com/veolia/ressources/documents/2/16043,veolia-annual-report-GB-2012.pdf [Accessed: 29 December 2013].12. Veolia brand book. 2012. [e-book] Paris: Veolia Environnement. http://www.identity.veolia.com/identity/ressources/documents/2/608,brandbook.pdf [Accessed: 1 January 2014].13. Veolia.com. 2013. Veolia Environnement Our offices around the world. [online] Available at: http://www.veolia.com/en/group/locations/ [Accessed: 2 January 2014].14. Vogel, D., (1992), “The Globalization of Business Ethics: Why America Remains Distinctive,” California Management Review, 35, no. 1, pp. 30-49