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Bollore — H1 2023 Earnings Presentation

35 slides from Bollore's earnings presentation, Jul 28, 2023

  1. Slide 1: First Half 2023 Results

    FIRST HALF 2023 RESULTS JULY 28, 2023

  2. Slide 2: Summary

    SUMMARY 1 Summary 3 2 Business review 18 3 Appendices 28 2

  3. Slide 3: 1 Summary

    3 1 SUMMARY 3

  4. Slide 4: Summary of H1 2023 Results

    SUMMARY OF H1 2023 RESULTS Good results from all of the Group’s activities after an exceptional first half 2022 and major changes in scope  In accordance with IFRS 5 and to ensure the comparability of  Net income: €235m, compared to €947m in the first half of 2022, results, reclassifications into

  5. Slide 5: Signing of the Share Purchase Agreement for the Sale of 100% of Bolloré Logistics

    SIGNING OF THE SHARE PURCHASE AGREEMENT FOR THE SALE OF 100% OF BOLLORE LOGISTICS TO CMA CGM  On July 11, 2023, the Bolloré Group announced that it had signed the share purchase agreement to sell 100% of Bolloré Logistics to the CMA CGM Group. The Bolloré Group’s signing of this agreement follows c

  6. Slide 6: Transactions on Bolloré and Vivendi Shares

    TRANSACTIONS ON BOLLORÉ AND VIVENDI SHARES  Simplified cash tender offer of Bolloré SE on its own shares  The simplified cash tender offer launched by Bolloré SE on its own shares at a price of €5.75 per share closed on May 30, 2023, and the settlement-delivery took place on June 7, 2023.  99.1 m

  7. Slide 7: Proposed Vivendi / Lagardère Transaction

    PROPOSED VIVENDI / LAGARDÈRE TRANSACTION  Vivendi received approval from the European Commission to complete its proposed transaction with Lagardère(1). This approval is contingent upon the completion of Vivendi’s two proposed commitments to sell Editis and the Gala magazine.  On June 16, 2023, fo

  8. Slide 8: Change in Stock Market Price

    CHANGE IN STOCK MARKET PRICE Since PRICE AT 07/27/2023: €6.06 | MARKET CAPITALIZATION: €17.9 BILLION Δ (%) 01/01/23 15Y Bolloré 16% 417% 7.0 SBF 120 15% 80% 6.0 5.0 4.0 3.0 2.0 1.0 - Jul-08 Jul-09 Jul-10 Jul-11 Jul-12 Jul-13 Jul-14 Jul-15 Jul-16 Jul-17 Jul-18 Jul-19 Jul-20 Jul-21 Jul-22 Jul-23 Bollo

  9. Slide 9: Group Structure

    GROUP STRUCTURE ECONOMIC ORGANISATION CHART ON 06/30/2023 (AS % OF SHARE CAPITAL) Sofibol et holdings(1): 57.1 % Compagnie du Cambodge(2): 19.1 % 92.7 % Société Industrielle et Financière de l'Artois(2): 5.6 % Compagnie de l’Odet Financière Moncey(2): 4.9 % Imperial Mediterranean(2): 3.6 % 70.8 %(3)

  10. Slide 10: First Half 2023 Results

    FIRST HALF 2023 RESULTS in millions of euros 1st Half 2023(*) 1st Half 2022(*) Change Revenue 6,231 6,386 (2%) (1) EBITDA 615 754 (18%) Depreciation and provisions (153) (205) (1) Adjusted operating income (EBITA ) 462 549 (16%) (1) Amortization resulting from PPA (110) (113) EBIT 352 436 (19%) (2)

  11. Slide 11: ESG Performance

    ESG PERFORMANCE ENVIRONMENT ACTIVE DIALOGUE WITH RATING AGENCIES Climate  1st half 2023: work on defining a climate strategy. Taxonomy Environment score = 1 ESG Global score = 48/100 Social score = 1  Publication of indicators of eligible and aligned activities according to (High transparency beca

  12. Slide 12: Revenue

    REVENUE in millions of euros 1st Half 2023(*) 1st Half 2022(*) Reported growth Organic growth Bolloré Energy 1,354 1,619 (16%) (17%) Communications (Vivendi) 4,696 4,526 4% 3% Industry 148 205 (28%) (28%) Other (Agricultural Assets, Holding) 33 35 (5%) (43%) Total 6,231 6,386 (2%) (3%)  Revenue: -3

  13. Slide 13: Adjusted Operating Income (EBITA)

    ADJUSTED OPERATING INCOME (EBITA) in millions of euros 1st Half 2023(*) 1st Half 2022(*) Reported growth Organic growth Bolloré Energy(1) 22 78 (72%) (72%) Communications 514 529 (3%) (3%) (2) Vivendi 444 412 8% 8% UMG (Bolloré's associate 18%) 70 117 (40%) (41%) Industry(1) (53) (57) 8% 16% Others

  14. Slide 14: Financial Income and Equity-Accounted Non-Operating Companies

    FINANCIAL INCOME AND EQUITY-ACCOUNTED NON-OPERATING COMPANIES FINANCIAL INCOME  The financial income, includes an increase in dividends received (FL in millions of euros 1st Half 2023 1st Half 2022 Change (€m) Entertainment, Mediaset, Telefonica, etc.) and investment income. In Net dividends and in

  15. Slide 15: Changes in Net Debt

    CHANGES IN NET DEBT NET CASH / (NET DEBT), IN €M Operating cash flow: €134 m 2,000 Bolloré share buybacks (simplified cash tender 615 offer), share purchases (UMG, Viu, MultiChoice, (50) 274 etc.) 1,500 (235) (193) 1,207 (196) 1,000 Disposal of Vivendi shares 500 201 9 (1,291) (206) - (218) (82) (50

  16. Slide 16: Balance Sheet – Liquidity (1/2)

    BALANCE SHEET – LIQUIDITY (1/2) EQUITY AND NET DEBT in millions of euros 06/30/23 Bolloré Vivendi 12/31/2022 Bolloré Vivendi Change Shareholders' equity 37,316 24,400 12,916 36,568 24,049 12,519 748 of which Group share 23,569 23,269 300 Group Net debt / (Net Cash) 82 (1,415) 1,497 (1,207) (2,067) 8

  17. Slide 17: Balance Sheet – Liquidity (2/2)

    BALANCE SHEET – LIQUIDITY (2/2) CHANGE IN NET CASH / (NET DEBT), IN €M 4,000 2,067 2,000 1,415 1,207 - (82) (2,000) (3,776) (3,585) (4,183) (3,973) (4,882) (4,471) (4,000) (4,656) (5,017) (3,428) (4,360) (6,851) (6,000)(5,058) (7,151) (7,528) (8,000) (8,720) (9,136) (10,000) 31/12/18 30/6/19 31/12/1

  18. Slide 18: 2 Business Review

    2 BUSINESS REVIEW BOLLOREN

  19. Slide 19: Oil Logistics – Bolloré Energy

    OIL LOGISTICS BOLLORÉ ENERGY in millions of euros 1st Half 2023 1st Half 2022 Change Organic growth Revenue 1,354 1,619 (16%) (17%) EBITA 22 78 (72%) (72%) Investments 4 4  Revenue: -17% at constant scope and exchange rates compared with an exceptional first half of 2022 in a context marked by the

  20. Slide 20: Communications – Vivendi

    COMMUNICATIONS VIVENDI 2023 results as published by Vivendi (1) H1 2023 H1 2022(*) Change KEY ELEMENTS OF FIRST HALF 2023 RESULTS(6) in euro millions Revenue 4,698 4,529 4%  Revenue: €4,698m, +4% (+3% organic) vs. 2022. The +3% Adjusted operating income (EBITA) (2) 444 412 8% increase on an organic

  21. Slide 21: Communications – Groupe Canal+ and Havas

    COMMUNICATIONS VIVENDI GROUPE CANAL+ HAVAS in euro millions 1st Half 2023 1st Half 2022 Change in euro millions 1st Half 2023 1st Half 2022 Change Revenue 2,959 2,873 3% Net Revenue* 1,265 1,206 5% EBITA 337 337 0% EBITA 118 112 6%  Revenue: +3%, +2.3% organic  Net revenue (*): +5% (+4.2% organic)

  22. Slide 22: Communications – Prisma Media, Gameloft, Ticketing & Live

    COMMUNICATIONS VIVENDI PRISMA MEDIA – GAMELOFT – TICKETING & LIVE – OTHER BUSINESS LINES  Prisma Media: revenue down 7% compared to the first half 2022 in euro millions 1st Half 2023 1st Half 2022 Change (-7% organic), which included non-recurring products. EBITA was Revenue 421 399 + 6% €17m and w

  23. Slide 23: Communications – Universal Music Group (UMG)

    COMMUNICATIONS UNIVERSAL MUSIC GROUP (UMG) 1st Half 2023 results published by UMG H1 2023 H1 2022 Change Organic growth in euro millions Revenue 5,148 4,734 + 9% + 9% Recorded Music 4,003 3,643 + 10% + 10% o/w Streaming & Subscription 2,755 2,523 + 9% + 9% Publishing 889 851 + 4% + 5% Merchandising

  24. Slide 24: Industry

    INDUSTRY in millions of euros 1st Half 2023 1st Half 2022 Change Organic growth Revenue 148 205 (28%) (28%) EBITA (53) (57) 8% 16% Investments 9 10  Revenue: -28% at constant scope and exchange rates. Activity remains sluggish in the Blue division (buses and batteries) and volumes in the Films busi

  25. Slide 25: Industry – Blue and Films

    INDUSTRY BLUE  Batteries (Blue Solutions) • Continued development of the new generation of battery (Gen4) intended for the automotive market.  Bluebus • Sale of 9 buses of 6 metres in the first half of 2023 compared to 7 buses of 6 metres and 56 buses of 12 metres in the first half of 2022. FILMS

  26. Slide 26: Industry – Systems

    INDUSTRY SYSTEMS  IER / Automatic Systems • Good growth in sales at IER, whose turnover increased by 27%. It benefited in particular from the dynamism of the Easier business thanks to the marketing of its new range of products that secure and facilitate passenger flows at airports, the sale of mult

  27. Slide 27: Other Assets – Portfolio of Listed Securities

    OTHER ASSETS PORTFOLIO OF LISTED SECURITIES Value of the portfolio of listed securities on June 30, 2023: €15.4bn.  The portfolio includes the stakes held by Bolloré (Universal Music Group (UMG), Bigben Interactive, Socfin, etc.) for €7.0bn and by Vivendi (UMG, Lagardère, FL Entertainment (FLE), Mu

  28. Slide 28: 3 Appendices

    3 APPENDICES BOLLOREN

  29. Slide 29: Comparability of Financial Statements

    COMPARABILITY OF FINANCIAL STATEMENTS  In accordance with IFRS 5 and to ensure the comparability of results, reclassifications into discontinued operations or held for sale include: • Bolloré Africa Logistics for the 2022 financial year (activity sold on December 21, 2022); • Editis for the 2022 an

  30. Slide 30: H1 2023 Consolidated Balance Sheet

    H1 2023 CONSOLIDATED BALANCE SHEET in millions of euros June 30, 2023 Dec. 31, 2022 in millions of euros June 30, 2023 Dec. 31, 2022 Goodwill 7,340 7,822 Share capital 472 472 Non-current content assets 468 409 Share issue premiums 1,304 1,304 Intangible assets 3,468 3,606 Consolidated reserves 21,7

  31. Slide 31: H1 2023 Consolidated Income Statement Analysis

    H1 2023 CONSOLIDATED INCOME STATEMENT ANALYSIS(*) Revenue Q1(*) Q2(*) (en millions d'euros) 2,022 2021(1) 2021 2,022 2021(1) 2021 Bolloré Energy 712 848 848 641 775 772 Communications (Vivendi) 2,290 2,244 2,216 2,407 2,307 2,310 Industry 74 111 112 74 93 94 Others (Agricultural Assets, Holding) 15

  32. Slide 32: H1 2023 Consolidated Income Statement

    H1 2023 CONSOLIDATED INCOME STATEMENT in millions of euros June 30, 2023 June 30, 2022(1) Revenue 6,231 6,386 Goods and services bought-in (4,229) (4,397) Staff costs (1,526) (1,446) Amortization and provisions (225) (281) Other operating income 64 86 Other operating expenses (61) (41) Operating inc

  33. Slide 33: H1 2023 Cash Flow Statement

    H1 2023 CASH FLOW STATEMENT in millions of euros June 30, 2023 June 30, 2022(1) Cash flow from operations Net income from continuing operations, Group share 25 301 Non-controlling interests from continuing operations 139 344 Net income from continuing operations 164 646 Non-cash income and expenses

  34. Slide 34: Change in Shareholders' Equity

    CHANGE IN SHAREHOLDERS' EQUITY (in millions of euros) Number of shares Fair value of financial assets Actuarial Share Share issue Treasury Translation Shareholders’ Minority excl. treasury (losses) Reserves TOTAL capital premiums shares adjustment equity, Group share interests shares recyclable non-

  35. Slide 35: Glossary

    GLOSSARY  Organic growth: growth at constant scope and exchange rates.  Net revenue (Havas Group): sales after deduction of costs re-billable to customers.  Adjusted operating income (EBITA): operating income before amortisation of intangible assets related to business combinations (PPA: purchase

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