Bollore Se · EURONEXT:BOL
Bollore — H1 2017 Earnings Presentation
39 slides from Bollore's earnings presentation, Sep 1, 2017
Slide 1: Results First Half 2017
RESULTS FIRST HALF 2017 SEPTEMBER 1st, 2017
Slide 2: Summary
SUMMARY 1 First Half 2017 results 3 2 Business Review 15 3 Appendix 34 2
Slide 3: 1 First Half 2017 Results
FIRST HALF 2017 RESULTS Bollord\
Slide 4: Change in the Share Price
BOLLORÉ GROUP CHANGE IN THE SHARE PRICE STOCK MARKET PRICE AT 08/31/2017: €3.9 | MARKET CAPITALIZATION: €11.4 Bn Δ (%) 01/01/17 1 year 10Y Bolloré 16.5% 20.5% 165.3% 6.0 SBF 120 6.1% 15.4% (1.4%) 5.0 4.0 3.0 2.0 1.0 ‐ Aug‐07 Aug‐08 Aug‐09 Aug‐10 Aug‐11 Aug‐12 Aug‐13 Aug‐14 Aug‐15 Aug‐16 Aug‐17 Bollo
Slide 5: First Half 2017 Results: Key Figures
BOLLORÉ GROUP FIRST HALF 2017 RESULTS KEY FIGURES Full consolidation of Vivendi Group from April 26, 2017 Disposal to Vivendi of Bolloré Group's shareholding in Havas (59.2%) for €2,317 M on July 3, 2017 First Half 2017 Results ‐ Group turnover: €7,056 M +42% including €1,909 M from Vivendi, which h
Slide 6: Group Structure (1/2)
BOLLORÉ GROUP GROUP STRUCTURE (1/2) ECONOMIC ORGANIZATIONAL CHART AT 06/30/2017 (in % of capital) 90.8% (1) Sofibol: 55.3% (2) Compagnie du Cambodge: 19.1% (2) Société Industrielle et Financière de l'Artois: 5.6% (2) Financière Moncey : 4.9% Financière de l'Odet (2) Impérial Mediterranean: 3.6% (2)
Slide 7: Group Structure (2/2)
BOLLORÉ GROUP GROUP STRUCTURE (2/2) Full consolidation of Vivendi Group from April 26, 2017 Following the General Meeting of Vivendi Group on April 25, 2017, Bolloré Group carried out a review of its control over Vivendi Group having regard to the criteria in IFRS 10 ‐ Consolidated Financial State
Slide 8: Summary of Main Financial Items in 1st Half 2017
BOLLORÉ GROUP FIRST HALF 2017 RESULTS SUMMARY OF MAIN FINANCIAL ITEMS IN FIRST HALF 2017 st in millions of euros 1 Half 2017 Bolloré Vivendi FC 1 st Half 2016 Change Turnover 7,056 5,147 1,909 4,953 42% (1) EBITDA 754 460 294 487 55% Depreciation, amortization and provisions (311) (206) (105) (182)
Slide 9: Turnover
BOLLORÉ GROUP TURNOVER CHANGE IN TURNOVER BY BUSINESS SECTOR st st 1 Half 2017 1 Half 2016 Reported Organic (1) in millions of euros growth growth Transportation & Logistics 2,802 2,723 3% 4% Oil logistics 1,064 959 11% 11% Communications (Havas, Media, Telecoms) 3,030 1,111 173% 4% Electricity Stor
Slide 10: Operating Income by Business Sector
BOLLORÉ GROUP OPERATING INCOME BY BUSINESS SECTOR CHANGE IN OPERATING INCOME BY BUSINESS SECTOR CHANGE IN OP. INC. BOLLORÉ TRANSPORT & LOGISTICS st st in millions of euros 1 Half 2017 1 Half 2016 Change 580 593 606 Bolloré Transportation & Logistics 256 280 (9%) 535 545 % Turnover 6.6% 7.6% ‐100 bps
Slide 11: Financial and Equity-Accounted Income
BOLLORÉ GROUP FINANCIAL AND EQUITY‐ACCOUNTED INCOME CHANGE IN FINANCIAL INCOME IN FIRST HALF 2017 Financial income: €178 M With Vivendi now being st st consolidated, the dividends in millions of euros 1 Half 2017 1 Half 2016 Change received in 2017 Net dividends and income from investments in mark
Slide 12: Change in Net Debt
BOLLORÉ GROUP CHANGE IN NET DEBT CHANGE IN NET DEBT st st in millions of euros 1 Half 2017 1 Half 2016 Change Cash flow (1) 714 684 29 Change in WCR (+ = reduction) (254) (254) (1) Net cash flow from operations 459 431 29 Net capital expenditures (451) (315) (136) Net financial investment (70) (57)
Slide 13: Balance Sheet - Portfolio - Liquidity
BOLLORÉ GROUP BALANCE SHEET ‐ PORTFOLIO ‐ LIQUIDITY NET DEBT AND VALUE OF THE PORTFOLIO CHANGE IN GEARING RATIO (%) in millions of euros st Bolloré Vivendi FC 1st Half 2016 Dec. 31 st, 2016 Change 47% 46% 1 Half 2017 41% Shareholders' equity 31,146 11,219 19,927 9,816 10,281 20,865 39% 36% of which
Slide 14: Interim Dividend
BOLLORÉ GROUP INTERIM DIVIDEND CHANGE IN DIVIDENDS PAID (€ PER SHARE) INCOME| DISTRIBUTABLE AMOUNT 0,060 0,060 0,060 First Half 2017 statutory income €149 M (€44 M at June 30, 2016) Distributable amount €2,040 M 0,033 0,031 0,031 0,030 KEY DATES Ex‐interim dividend date 0,013 September 8, 2017
Slide 15: 2 Business Review
BUSINESS REVIEW Bollord\
Slide 16: Bolloré Transport & Logistics
BOLLORÉ TRANSPORT & LOGISTICS BOLLORÉ TRANSPORT & LOGISTICS 4 BUSINESS UNITS TO DELIVER A WORLDWIDE LOGISTICS OFFER LEADING OPERATOR IN GLOBAL PLAYER IN MAJOR RAILWAY OPERATOR 1st INDEPENDENT PLAYER IN PORT CONCESSIONS INTERNATIONAL FREIGHT AND DEVELOPER IN AFRICA FRANCE IN OIL LOGISTICS FORWARDING
Slide 17: Transportation and Logistics
BOLLORÉ TRANSPORT & LOGISTICS TRANSPORTATION AND LOGISTICS KEY FIGURES MAIN FINANCIAL ITEMS IN FIRST HALF 2017 in millions of euros 1st Half 2017 1st Half 2016 Change Organic Growth Transportation & Logistics Turnover Bolloré Logistics 1,623 1,494 9% 7% Bolloré Africa Logistics 1,178 1,229 (4%) (0.8
Slide 18: Bolloré Logistics
BOLLORÉ TRANSPORT & LOGISTICS BOLLORÉ LOGISTICS FIRST HALF 2017 RESULTS First Half 2017 turnover €1,623 M, +7% at constant scope and exchange rates, due to the growth in air and sea volumes. First Half 2017 results were impacted by: the lower operating income from freight forwarding in France de
Slide 19: Bolloré Africa Logistics (1/2)
BOLLORÉ TRANSPORT & LOGISTICS BOLLORÉ AFRICA LOGISTICS (1/2) FIRST HALF 2017 RESULTS First Half 2017 turnover: €1,178 M, ‐0.8% at constant scope and exchange rates, on the back of growth in the logistics and handling business, the upswing at the port terminals and the decline in the railroads busine
Slide 20: Bolloré Africa Logistics (2/2)
BOLLORÉ TRANSPORT & LOGISTICS BOLLORÉ AFRICA LOGISTICS (2/2) FIRST HALF 2017 RESULTS Development of the network Cameroon: on 07/25/2017 signing of the concession contract for the new container terminal in Kribi. The consortium of Bolloré Transport & Logistics, CMA CGM and the Chinese Group CHEC wo
Slide 21: Bolloré Energy
BOLLORÉ TRANSPORT & LOGISTICS BOLLORÉ ENERGY FINANCIAL ITEMS IN FIRST HALF 2017 DISTRIBUTION AND OIL LOGISTICS NETWORK in millions of euros 1st Half 2017 1st Half 2016 Change Turnover 1,064 959 11% Operating income 10 25 (62%) Operating margin (%) 0.9% 2.6% ‐174 bps Investments 26 7 287% Turnover: +
Slide 22: Communications
COMMUNICATIONS COMMUNICATIONS FINANCIAL ITEMS IN FIRST HALF 2017 in millions of euros 1st Half 2017 1st Half 2016 Change Turnover 3,030 1,111 173% Operating income 280 119 135% Operating margin (%) 9.3% 10.7% ‐148 bps Investments 220 30 624% First half operating income mainly impacted by: The incl
Slide 23: Vivendi
COMMUNICATIONS VIVENDI FIRST HALF RESULTS PUBLISHED BY VIVENDI KEY HIGHLIGHTS OF FIRST HALF RESULTS Organic growth of +4.8% driven by Universal Music Group (+14.0%) in millions of euros 1st Half 2017 1st Half 2016 Change while the situation at Canal + Group is improving (turnover ‐2.4%, Revenues 5,4
Slide 24: Havas
COMMUNICATIONS HAVAS FIRST HALF 2017 RESULTS PUBLISHED BY HAVAS CHANGE IN THE SHARE PRICE in millions of euros 1st Half 2017 1st Half 2016 Change 10 Market capitalization (08/31/17): €3.91 Bn 9 Revenue 1,108 1,087 2% 8 organic growth (0.4%) 3.0% 7 Income from Operations (IFO) 111 147 (24%) 6 As % of
Slide 25: Media and Telecoms
COMMUNICATIONS MEDIA AND TELECOMS FIRST HALF 2017 KEY FIGURES CNEWS MATIN Combination of CNews Matin and CNews (Canal Group) with a view to ultimately creating a news factory. Average circulation of close to 903,000 copies, unchanged on June 2016 (1) (2.3 million readers per issue (2)) ; Onlin
Slide 26: Electricity Storage and Solutions
ELECTRICITY STORAGE & ELECTRICITY STORAGE AND SOLUTIONS SOLUTIONS BLUE SOLUTIONS, BLUE APPLICATIONS, PLASTIC FILMS FINANCIAL ITEMS IN FIRST HALF 2017 in millions of euros 1st Half 2017 1st Half 2016 Change Turnover 149 148 1% organic growth 1% Operating income (79) (77) NA Investments 91 116 (21%) T
Slide 27: Blue Solutions (1/2)
ELECTRICITY STORAGE & BLUE SOLUTIONS (1/2) SOLUTIONS FIRST HALF 2017 RESULTS PUBLISHED BY BLUE SOLUTIONS CHANGE IN THE SHARE PRICE SINCE THE IPO 45 IPO: Oct. 30, 2013, €14.50 Simplified tender offer: July 6, 2017, €17 40 in millions of euros 1st Half 2017 1st Half 2016 Change 35 Turnover 54.8 65.7 (
Slide 28: Blue Solutions (2/2)
ELECTRICITY STORAGE & BLUE SOLUTIONS (2/2) SOLUTIONS RENEGOTIATION OF AGREEMENTS WITH BLUE SOLUTIONS SIMPLIFIED TENDER OFFER FOR BLUE SOLUTIONS SHARES AT €17 Reminder of March 2017 announcements Filing of a simplified tender offer for Blue Solutions securities at a price Revision of the short‐term
Slide 29: Blue Applications: Mobility
ELECTRICITY STORAGE & BLUE APPLICATIONS SOLUTIONS MOBILITY HIGHLIGHTS OF FIRST HALF 2017 Car‐sharing(1) Fleet of close to 4,900 electric vehicles | including 3,900 Autolib’; 1,600 stations equipped with circa 8,000 charging terminals | of which 1,100 stations and 6,200 terminals for Autolib’;
Slide 30: Blue Applications: Stationary, IER, Polyconseil and Plastic Films
ELECTRICITY STORAGE & BLUE APPLICATIONS SOLUTIONS STATIONARY: IER, POLYCONSEIL AND PLASTICS FILMS HIGHLIGHTS OF FIRST HALF 2017 Stationary: In tandem with Vivendi Group, continuation of the establishment of storage systems to supply electricity to Canal Olympia theaters in Africa. Many projects
Slide 31: Other Assets: Portfolio of Listed Securities
OTHER ASSETS OTHER ASSETS PORTFOLIO OF BOLLORÉ AND VIVENDI LISTED SECURITIES AT 06/30/2017 BOLLORÉ PORTFOLIO: €1,011 M | VIVENDI PORTFOLIO: €6,281 M |PORTFOLIO TOTAL: €7,292 M Market value of shareholding (€m) Company Ownership interest (%) 30/06/2017 31/12/2016 Bolloré listed equity portfolio Viven
Slide 32: Other Assets: Socfin Group and Agricultural Assets
OTHER ASSETS OTHER ASSETS SOCFIN GROUP AND OTHER AGRICULTURAL ASSETS Socfin Group(1) Bolloré Group holds minority shareholdings in Socfin Group, which manages 201,000 hectares of plantations in Asia and Africa. The results of the plantations are up sharply on the back of higher rubber and palm oil
Slide 33: Other Assets: Other Agricultural Assets
OTHER ASSETS OTHER ASSETS OTHER AGRICULTURAL ASSETS American farms and vineyards American farms ‐ Three farms in Georgia and Florida comprising 3,300 hectares are managed under contract by Socfin Group; ‐ Ongoing investment (USD$33 M) to convert 1,800 hectares into olive groves by 2018. USD$6 M in
Slide 34: 3 Appendix
APPENDIX Bollore\
Slide 35: 1H 2017 Consolidated Balance Sheet
FINANCIAL RESULTS 1H 2017 CONSOLIDATED BALANCE SHEET in millions of euros June 30th, 2017 Dec. 31st, 2016 in millions of euros June 30th, 2017 Dec. 31st, 2016 Goodwill 18,253.1 3,005.8 Share capital 466.9 465.7 Intangible assets 3,623.3 1,340.6 Share issue premiums 1,224.6 1,198.9 Property, plant an
Slide 36: 1H 2017 Consolidated Results
FINANCIAL RESULTS 1H 2017 CONSOLIDATED RESULTS in millions of euros June 30th, 2017 June 30th, 2016 Turnover 7,055.9 4,952.9 Goods and services bought in (4,610.3) (3,164.7) Staff costs (1,684.3) (1,333.3) Amortization and provisions (311.3) (182.0) Other operating income 139.9 117.5 Other operating
Slide 37: 1H 2017 Consolidated Cash Flow Statement
FINANCIAL RESULTS 1H 2017 CONSOLIDATED CASH FLOW STATEMENT in millions of euros June 30th, 2017 June 30th, 2016 in millions of euros June 30th, 2017 June 30th, 2016 Cash flow from operations Cash flow from investment activities Cons ol i da ted net i ncome, Group s ha re 333.2 342.5 Di s burs ements
Slide 38: Changes in Shareholder's Equity
FINANCIAL RESULTS CHANGES IN SHAREHOLDER’S EQUITY Share Actuarial Shareholders’ Number of shares Share Treasury IAS 39 Translation Minority (in millions of euros) issue (losses) Reserves equity, Group TOTAL excl. treasury shares capital shares fair value adjustment interests premiums and gains share
Slide 39: Group Structure
Sofibol 55,3(7)(92,1) GROUP STRUCTURE 19,1 (0,0) Compagnie du Cambodge** 5,6 (0,0) Société Industrielle et Financière de l'Artois** Financière de l'Odet 4,9 (0,0) Financière Moncey** 9,2* 3,6 (0,0) Imperial Mediterranean ** 2,3 (0,0) Nord-Sumatra Investissements ** (In % of capital) 63,6 (75,4) 0,5