Bollore Se · EURONEXT:BOL
Bollore — H1 2016 Earnings Presentation
35 slides from Bollore's earnings presentation, Sep 1, 2016
Slide 1: First Half 2016 Results
FIRST HALF 2016 RESULTS SEPTEMBER 1ST, 2016 1
Slide 2: Group Share Price
BOLLORÉ GROUP SHARE PRICE STOCK MARKET PRICE AT 06/30/16: 3.05 € | MARKET CAPITALIZATION AT 06/30/16: €8.9 Bn Δ (%) 2016 10 years Bolloré (23.1%) 108.9% 5,5 SBF 120 (3.3%) (6.9%) 5,0 4,5 4,0 3,5 3,0 2,5 2,0 1,5 1,0 0,5 0,0 August‐06 August‐07 August‐08 August‐09 August‐10 August‐11 August‐12 August‐
Slide 3: Key Figures Consolidated
FIRST HALF 2016 RESULTS KEY FIGURES CONSOLITATED As anticipated, following the reduction in commodities and increased expenditures on Electricity Storage, reduction in turnover of ‐7% (‐5% on constant scope and exchange rates) and reduction in operating income of ‐10% Net income Group share: €343 M
Slide 4: Group Structure
BOLLORÉ GROUP GROUPE STRUCTURE ECONOMIC ORGANIZATIONAL CHART AT 06/30/2016 (in % of capital) (1) Sofibol: 55.3% (2) Compagnie du Cambodge: 19.1% (2) Société Industrielle et Financière de l'Artois: 5.6% (2) Financière de Moncey : 4.9% 90.8% Financière de l'Odet (2) Impérial Mediterranean: 3.6% (2) No
Slide 5: Summary of Main Financial Items
BOLLORÉ GROUP FIRST HALF 2016 RESULTS SUMMARY OF MAIN FINANCIAL ITEMS IN FIRST HALF 2016 (4) in millions of euros H1 2016 H1 2015 Change EBITDA ‐9% Turnover 4,953 5,343 (7%) EBITDA (1) 487 536 (9%) OPERATING INCOME ‐10% due to Depreciation, amortization and provisions (182) (198) (8%) the decline in
Slide 6: Turnover
BOLLORÉ GROUP TURNOVER CHANGES IN TURNOVER BY BUSINESS SECTOR Reported Growth at constant scope in millions of euros H1 2016 H1 2015 growth (%) and exchange rates (%) Transportation & Logistics 2,723 2,973 (8%) (5%) Oil logistics 959 1,169 (18%) (18%) Communications (Havas, Media, Telecoms) 1,111 1,
Slide 7: Operating Income by Business Sector
BOLLORÉ GROUP OPERATING INCOME BY BUSINESS SECTOR CHANGES IN OPERATING INCOME BY BUSINESS SECTOR CHANGE IN OP. INC. BOLLORÉ TRANSPORT & LOGISTICS 700 in millions of euros H1 2016 H1 2015 Change (%) 600 Bolloré Transport & Logistics 280 308 (9%) % Turnover 7.6% 7.4% 18 bps 500 (1) Transportation & Lo
Slide 8: Financial and Equity Accounted Income
BOLLORÉ GROUP FINANCIAL AND EQUITY ACCOUNTED INCOME CHANGE IN FINANCIAL INCOME Financial income for the first half of 2016 €225 M, specifically including: in millions of euros H1 2016 H1 2015 Change (€M) €325 M in net dividends received from Net dividends and income from investments in marketable
Slide 9: Changes in Net Debt
BOLLORÉ GROUP CHANGES IN NET DEBT CHANGES IN NET DEBT (2) in millions of euros H1 2016 H1 2015 Change (€M) (1) Cash flow 684 708 (24) Change in WCR (+ = reduction) (254) (327) 73 Net cash flow from operations 431 381 50 Net capital expenditures (315) (335) 20 Net financial investment (57) (2,443) 2,
Slide 10: Balance Sheet – Portfolio – Liquidity
BOLLORÉ GROUP BALANCE SHEET– PORTFOLIO‐ LIQUIDITY NET DEBT AND VALUE OF THE PORTFOLIO CHANGE IN GEARING RATIO (%) (1) 50% 47% 46% in millions of euros H1 2016 2015 Change (€M) 39% 40% 36% Shareholders' equity 9,816 11,285 (1,468) of which Group share 8,535 9,947 (1,412) 30% 26% Net debt 4,477 4,281
Slide 11: Interim Dividend
BOLLORÉ GROUP INTERIM DIVIDEND CHANGE IN DIVIDENDS PAID (in € per share) Company income first half 2016 €44 M 0.06 0.06 Distributable amount 0.033 €2,029 M 0.030 0.031 0.031 0.02 0.013 KEY DATES 0.02 0.02 0.02 0.02 0.02 0.02 0.02 Ex‐dividend date 2009 2010 2011 2012 2013 2014 2015 2016 Septemb
Slide 12: Business Review First Half 2016
BUSINESS REVIEW FIRST HALF 2016 12
Slide 13: Bolloré Transport & Logistics
BOLLORÉ TRANSPORT & LOGISTICS BOLLORÉ TRANSPORT & LOGISTICS A NEW ORGANIZATION ‐ FOUR TRADEMARKS TO PROVIDE A WORLD CLASS LOGISTICS OFFERING A GLOBAL PLAYER IN A MAJOR PLAYER IN OIL A LEADING OPERATOR IN A MAJOR OPERATOR IN RAIL DISTRIBUTION AND LOGISTICS PORT OPERATIONS TRANSPORTATION & CONCESSIONS
Slide 14: Transportation & Logistics Key Figures
BOLLORÉ TRANSPORT & LOGISTICS TRANSPORTATION & LOGISTICS KEY FIGURES FINANCIAL ITEMS OF FIRST HALF 2016 Organic H1 2016 H1 2015 Change (%) in millions of euros growth (%) Turnover ‐ Bolloré Logistics 1,494 1,676 (11%) (9%) Turnover ‐ Bolloré Africa Logistics 1,229 1,297 (5%) 1% Total Transportation
Slide 15: Bolloré Logistics
BOLLORÉ TRANSPORT & LOGISTICS BOLLORÉ LOGISTICS FIRST HALF 2016 RESULTS Turnover for the first half of 2016: at €1,494 M, ‐9.4% at constant scope and exchange rates due to the decline in freight rates in freight forwarding partly offset by the rise in volumes. Results from the first half of 2016,
Slide 16: Bolloré Africa Logistics (1/2)
BOLLORÉ TRANSPORT & LOGISTICS BOLLORÉ AFRICA LOGISTICS (1/2) FIRST HALF 2016 RESULTS Turnover for the first half of 2016: at €1,229 M, +0.9%, at constant scope and exchange rates, overall growth in container terminals, despite the announced slowdown in mining and oil activities in some African count
Slide 17: Bolloré Africa Logistics (2/2)
BOLLORÉ TRANSPORT & LOGISTICS BOLLORÉ AFRICA LOGISTICS (2/2) RAIL CONCESSION CAPITAL EXPENDITURE PROGRAM THREE RAIL CONCESSIONS Sitarail: agreement in July 2016 with the governments of Ivory Coast and Burkina Faso for the extension of 15 additional years of the Sitarail concession and a program to
Slide 18: Bolloré Energie
BOLLORÉ TRANSPORT & LOGISTICS BOLLORÉ ENERGIE FINANCIAL ITEMS OF FIRST HALF 2016 in millions of euros H1 2016 H1 2015 Change (%) Turnover 959 1,169 (18%) Operating income 25 18 41% Operating margin (%) 2.6% 1.5% 110 bps Investments 6 4 61% 18% drop in turnover, due primarily to the continued decline
Slide 19: Communication
COMMUNICATION COMMUNICATION FINANCIAL ITEMS OF FIRST HALF 2016 in millions of euros H1 2016 H1 2015 Change Turnover 1,111 1,068 4% Operating income 119 106 13% Operating margin (%) 10.7% 9.9% 83 bps Investments 30 34 (13%) Operating income for the first half of 2016 shows: strong performance by Ha
Slide 20: Havas
COMMUNICATION HAVAS FINANCIAL ITEMS OF FIRST HALF 2016 PUBLISHED BY HAVAS in millions of euros H1 2016 H1 2015 Change Turnover 1,087 1,034 5% at constant scope and exchange rate 3% Operating income 137 128 7% Operating margin (%) 12.6% 12.3% 27 bps Net income 87 83 4% Net income Group share 82 77 7%
Slide 21: Media and Telecoms
COMMUNICATION MEDIA AND TELECOMS FIRST HALF 2016 RESULTS DIRECT MATIN Leading French daily paper in terms of circulation average circulation, 902,400 copies (1) (2.5 million readers per issue); digital version, Directmatin.fr: more than 2 million visitors (825,000 in 2014) for 9 million page vie
Slide 22: Electricity Storage & Solutions
ELECTRICITY STORAGE & SOLUTIONS ELECTRICITY STORAGE & SOLUTIONS BLUE SOLUTIONS, BLUE APPLICATIONS, PLASTIC FILMS FINANCIAL ITEMS OF FIRST HALF 2016 in millions of euros H1 2016 H1 2015 Change (%) Turnover 148 123 21% at constant scope and exchange rate 21% Operating income (77) (53) NA Investments 1
Slide 23: Blue Solutions
ELECTRICITY STORAGE & SOLUTIONS BLUE SOLUTIONS FINANCIAL ITEMS OF FIRST HALF 2016 RELEASED BY BLUE SOLUTIONS SHARE PRICE CHANGES SINCE THE IPO IPO: Oct. 30, 2013, 14.50€ 42 in millions of euros H1 2016 H1 2015 Change (%) Turnover 66 63 4% 37 EBITDA 16 12 31% Operating income 8 4 114% 32 Operating ma
Slide 24: Blue Applications (1/2)
ELECTRICITY STORAGE & SOLUTIONS BLUE APPLICATIONS (1/2) MOBILITY ACHIEVEMENTS IN FIRST HALF 2016 Car‐sharing(1) 4,700 electric vehicles | including 3,990 Autolib’; 1,400 stations equipped with ~7,500 charging terminals | of which 1,100 stations and 6,100 terminals for Autolib’; 113,400 active
Slide 25: Blue Applications (2/2)
ELECTRICITY STORAGE & SOLUTIONS BLUE APPLICATIONS (2/2) STATIONARY APPLICATIONS, IER, POLYCONSEIL & PLASTIC FILMS ACHIEVEMENTS IN FIRST HALF 2016 Stationary many projects being studied to pair storage with production of solar power (including Africa and French overseas departments & territories…).
Slide 26: Other Assets (1/3)
OTHER ASSETS OTHER ASSETS (1/3) MARKET VALUE OF THE LISTED SHARE PORTFOLIO: 4,229 M€ (JUNE 30, 2016) Vivendi (15.3%) Mediobanca(2) (8.0%) ‐ Generali (0.13%) Shareholding increased from 14.4% to Market value of shareholdings: €381 M. 15.3% (of which 2.6% is hedged) in the first Main shareholdin
Slide 27: Other Assets (2/3)
OTHER ASSETS OTHER ASSETS (2/3) SOCFIN GROUP AND OTHER AGRICULTURAL ASSETS Socfin Group(1) The Group holds nearly 38.8% of Socfin, which manages 191,000 hectares of plantations in Asia and Africa. As in 2015, net income for the first half of 2016 continued to suffer due to the persistent decline i
Slide 28: Other Assets (3/3)
OTHER ASSETS OTHER ASSETS (3/3) OTHER AGRICULTURAL ASSETS Other agricultural assets American farms: ‐ the three farms cover 3,000 hectares (17,400 acres). Management is assigned to the Socfin Group; ‐ current capital expenditure plan (US $33 M) to convert farms into olive groves over a period of t
Slide 29: Appendix
APPENDIX > Bolloré
Slide 30: H1 2016 Balance Sheet
FINANCIAL RESULTS H12016 BALANCE SHEET ASSETS LIABILITIES in millions of euros H1 2016 12/31/15 in millions of euros H1 2016 12/31/15 Goodwill 2,946.4 2,964.9 Share capital 465.0 463.2 Intangible assets 1,270.4 1,233.9 Share issue premiums 1,187.3 1,163.6 Property, plant and equipment 2,181.7 2,151.
Slide 31: H1 2016 Consolidated Income Statement
FINANCIAL RESULTS H1 2016 CONSOLIDATED INCOME STATEMENT (1) in millions of euros H1 2016 H1 2015 Turnover 4,952.9 5,343.5 Goods and services bought in (3,164.7) (3,556.2) Staff costs (1,333.3) (1,292.4) Amortization and provisions (182.0) (197.7) Other operating income 117.5 127.8 Other operating ex
Slide 32: Change in Consolidated Cash Flow (1/2)
FINANCIAL RESULTS CHANGE IN CONSOLIDATED CASH FLOW (1/2) NET CASH FROM OPERATING ACTIVITIES (1) in millions of euros H1 2016 H1 2015 Cash flow from operations Cons ol i da ted net i ncome, Group s ha re 342.5 471.7 Non‐control l i ng i nteres ts 66.6 75.9 Consolidated net income 409.1 547.6 Non‐ca s
Slide 33: Change in Consolidated Cash Flow (2/2)
FINANCIAL RESULTS CHANGE IN CONSOLIDATED CASH FLOW (2/2) NET CASH FROM FINANCING ACTIVITIES & INCREASE IN CASH 1 CASH EQUIV. (1) in millions of euros H1 2016 H1 2015 Cash flow from investment activities Di s burs ements rel a ted to acqui s i ti ons : ‐ property, plant and equipment (248.4) (259.9)
Slide 34: Changes in Shareholders' Equity
FINANCIAL RESULTS CHANGES IN SHAREHOLDERS’ 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 35: Group Structure
Sofibol GROUP STRUCTURE 55.3(7)(92.1) 19.1 (0.0) Compagnie du Cambodge** 5.6 (0.0) Société Industrielle et Financière de l'Artois** Financière de l'Odet (IN % OF CAPITAL) 9.2* 4.9 (0.0) Financière Moncey** 3.6 (0.0) Imperial Mediterranean ** AS OF JUNE 30, 2016 2.2 (0.0) Nord-Sumatra Investissements