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Bollore — H1 2013 Earnings Presentation
32 slides from Bollore's earnings presentation, Aug 30, 2013
Slide 1: First Half 2013 results
First Half 2013 results August 30, 2013 Bolloré - First half 2013 results
Slide 2: Changes in the share price
CHANGES IN THE SHARE PRICE Share price in euros (monthly averages) 10-years 1-year performance performance 360 +686 % +81 % 320 280 240 200 160 120 +32 % +18 % 80 40 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Bolloré Indexed SBF 120 1 Bolloré - First half 2013 results
Slide 3: Economic organizational chart as of July 31, 2013
ECONOMIC ORGANIZATIONAL CHART as of July 31, 2013 (as percentage of capital) (1) Sofibol 55.3% Organizational simplification: (2) Compagnie du Cambodge 19.1% Plantations des Terres Rouges (2) Société Industrielle et Financière de l'Artois 5.6% (2) Financière de Moncey 4.9% 90.8% Financière de l'Odet
Slide 4: Summary of results for the first half of 2013
Summary of results for the first half of 2013(1) Group Turnover: 5.4 billion euros, down 1% at constant scope and exchange rates, up 15% in unadjusted numbers. EBITDA: 440 million euros, up 39% (up 3% excluding Havas) due to good performance in Transportation and Logistics, Oil Logistics and Com
Slide 5: Consolidated net income
CONSOLIDATED NET INCOME 1st half of 2013 H1: 2013 1st half 2012 1st half 2013 vs H1: 2012 In millions of euros excluding Havas Turnover 4,683 4,554 -3% 5,391 +15% EBITDA 316 325 +3% 440 +39% Depreciation, amortization and provision expense (174) (136) -22% (157) -10% Operating income 142 189 +33% 28
Slide 6: Balance sheet, portfolio, liquidity
BALANCE SHEET, PORTFOLIO, LIQUIDITY December 31, 2012 June 30, 2013 December 31, 2012 June 30, 2013 In millions of euros excl. Havas excl. Havas Shareholders' Equity 6,254 (1) 6,754 7,254 (1) 7,776 of which Group share 5,844 (1) 6,374 5,868 (1) 6,396 Net indebtedness 1,747 1,635 1,915 2,007 Net debt
Slide 7: Turnover
TURNOVER Change 1st half 2012 (at at constant constant scope and scope and 1st half 2012 exchange rates) 1st half 2013 exchange rates In millions of euros CommunicationOthers Transportation and logistics 2,650 2,629 2,738 +4% Energy Oil logistics storage and 1,817 1,813 1,648 -9% solutions Transport
Slide 8: Operating income by business
OPERATING INCOME BY BUSINESS In millions of euros 1st half 2012 (1) 1st half 2013 Operating income from transportation and logistics, oil logistics (in M€) Transportation and logistics 263 265 Oil Logistics 15 18 529 442 278 283 400 Communication (Havas, media, telecoms) (20) 84 366 316 277 Energy S
Slide 9: Net financial income
NET FINANCIAL INCOME In millions of euros 1st half 2012 1st half 2013 Dividends and income from investments in marketable securities 49 72 Net financing expenses (40) (49) Other financial income and expenses (10) 65 Net financial income (1) 88 Net financial income for the first half of 2013 includes
Slide 10: Share of net income of associates
SHARE OF NET INCOME OF ASSOCIATES In millions of euros 1st half 2012 1st half 2013 Share of net income of associates 76 (17) The share of net income of associates includes the earnings from plantations (14 million euros vs. 24 million euros in the first half of 2012), which affected by the decreas
Slide 11: Changes in net indebtedness
CHANGES IN NET INDEBTEDNESS In millions of euros 1st half 2012 1st half 2013 Cash Flow (1) 314 384 Change in WCR (+ = reduction) (119) (265) Net cash flow from operations 195 119 Net Capital Expenditures (223) (223) (299) 150 Net financial investment Dividends paid (61) (81) Net financial charges pa
Slide 12: Parent company net income – dividend proposal
PARENT COMPANY NET INCOME – DIVIDEND PROPOSAL Net parent company income for the first half of 2013: 80 million euros versus 95 million euros in the first half of 2012. Distributable amount: 1,200 million euros. Dividend proposal of 2 euros per share, receivable in cash or in stock option owner
Slide 13: Transportation and Logistics
TRANSPORTATION AND LOGISTICS In millions of euros 1st half 2012 (1) 1st half 2013 Turnover 2,650 2,738 +3% Operating income 263 265 +1% Investments 104 105 +1% (1) Adjusted for change in accounting treatment of employee benefits. Agencies 12 Bolloré - First half 2013 results
Slide 14: Bolloré Logistics
BOLLORÉ LOGISTICS ONE OF THE WORLD'S LEADERS IN TRANSPORTATION AND LOGISTICS In a challenging environment of a slowdown in world trade, particularly in the aviation sector and along the Asian-European axis, turnover in the first half of 2013 held steady, at 1,459 million euros. The first half of
Slide 15: Bolloré Africa Logistics
BOLLORÉ AFRICA LOGISTICS THE LARGEST INTEGRATED LOGISTICS NETWORK IN AFRICA Highly active operations in all regions. Turnover for the first half of 2013, at 1,279 million euros, was up 7% (10% at constant scope and exchange rates). The main features of the first half of the year were: - high act
Slide 16: Oil Logistics
OIL LOGISTICS TOP INDEPENDENT DISTRIBUTOR OF DOMESTIC FUEL IN FRANCE In millions of euros 1st half 2012 1st half 2013 1,817 1,648 -9% Turnover 15 18 +18% Operating income Investments 5 6 Agencies and Depots LCN (Agencies and storage) SFDM Pipeline Decline in turnover of 9% versus the first half of
Slide 17: Communication
COMMUNICATION In millions of euros 1st half 2012 1st half 2013 Turnover 84 874 Operating income (20) 84 Investments 2 33 Turnover was 874 million euros, including 838 million euros for Havas, fully consolidated since September 1, 2012. Operating income of 84 million euros benefited from the cont
Slide 18: Communication
COMMUNICATION Havas Following the public buyback offer made by Havas in June 2012, the Bolloré Group's holding was raised from 32.8% to 37.05% and stood at 36.6% at June 30, 2013. The meeting of the Board of Directors of August 31, 2012 appointed Yannick Bolloré as Deputy Chief Executive Officer of
Slide 19: Communication
COMMUNICATION Telecoms WiMax: - Bolloré Telecom owns 22 regional licenses, which gives it national coverage (220 stations in operation on Bolloré Telecom frequencies); - Cumulative expenditure at this stage amounts to approximately 130 million euros, including licenses; - Following an agreement wi
Slide 20: Energy Storage and Solutions
ENERGY STORAGE AND SOLUTIONS BATTERIES, SUPERCAPACITORS, ELECTRIC VEHICLES, PLASTIC FILMS In millions of euros 1st half 2012 1st half 2013 Turnover (1) 107 106 Operating income (113) (72) Investments 134 51 (1) Excluding IER revenues from Autolib’, restated in the Bolloré financial statements. Tur
Slide 21: Energy Storage and Solutions
ENERGY STORAGE AND SOLUTIONS Batteries, Supercapacitors Continued investments to increase battery manufacturing capacity. With the capacity expansion from the new plant in Brittany and the one in Canada, the objective is to be able to produce 32,500 30 kWh batteries a year in due course. The Group i
Slide 22: Energy Storage and Solutions
ENERGY STORAGE AND SOLUTIONS IER IER, which produced all the terminals for Autolib' (subscriptions, rentals, electrical charging) and the onboard software of the Bluecar vehicles, is now a major player in the marketing of car-sharing solutions and in smart, connected recharging technology. In the fi
Slide 23: Other assets
OTHER ASSETS The market value of publicly-traded securities held by the Bolloré Group amounted to 1,662 million euros as of June 30, 2013. This no longer includes the Havas investment, now fully consolidated. In the first half of 2013 the Group tendered the remainder of its stock in Aegis (6.4%) to
Slide 24: Other assets
OTHER ASSETS Plantations: earnings generally depressed by lower prices for palm oil (down 23%) and rubber (down 25%) and a slowdown in demand. Safa Cameroun (9,500 hectares of rubber trees and oil palms): 14% increase in turnover to 11.9 million euros due to a 25% increase in palm oil production a
Slide 25: Other assets
OTHER ASSETS - SOGB, in Côte-d’Ivoire, (23,800 hectares of oil palms and rubber trees): net income of 6 million euros versus 11 million euros in the first half of 2012, due to lower prices for rubber and a new tax levied on exports. SCC (1) : net income of 0.8 million euros versus 0.7 million euros
Slide 26: 2013 First-half financial statements
2013 FIRST-HALF FINANCIAL STATEMENTS 25 Bolloré - First half 2013 results
Slide 27: Income statement
INCOME STATEMENT (in thousands of euros) June 2013 June 2012 December 2012 Turnover 5,391,242 4,682,893 10,185,837 Goods and services bought in (3,854,786) (3,824,996) (7,921,326) Staff costs (1,104,218) (557,169) (1,540,400) Depreciation, amortization and provisions (156,649) (173,306) (343,431) Ot
Slide 28: Balance sheet
BALANCE SHEET (in thousands of euros) 06/30/2013 12/31/2012 Assets Goodwill 2,754,423 2,731,832 Intangible assets 976,294 949,275 Property, plant and equipment 1,672,240 1,536,352 Investments in associates (using equity method) 599,774 622,363 Other financial assets 4,581,600 4,110,450 Deferred tax
Slide 29: Consolidated cash flow statement
CONSOLIDATED CASH FLOW STATEMENT (in thousands of euros) June 2013 June 2012 December 2012 Cash flow from operations Group share of net income 150,627 103,632 669,017 Minority interests' share 85,154 37,290 134,908 Consolidated net income 235,781 140,922 803,925 Expenses and income not affecting cas
Slide 30: Consolidated cash flow statement (follow-up)
CONSOLIDATED CASH FLOW STATEMENT (follow-up) Income from disposal of assets: - property, plant and equipment 6,713 7,545 22,671 - intangible assets 103 40 125 - securities 263,792 4,006 705,673 - other financial fixed assets 153,334 2,488 17,261 Effect of changes in scope of consolidation on cash fl
Slide 31: Changes in shareholders' equity
CHANGES IN SHAREHOLDERS’ EQUITY Number of shares Actuarial Shareholder Share Share issue Treasury IAS 39 fair Translation Minority (in thousands of euros) excluding gains and Reserves s' equity, TOTAL capital premiums shares value adjustment interests treasury shares losses Group share (1) Sharehold
Slide 32: Group structure
GROUP STRUCTURE As July 31st, 2013 Sofibol (8) 55.3 (91.9) 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 ** 67.5 (9) (75.