BOLLORÉ : 2022 RESULTS
BOLLORÉ
|
2022 RESULTS PRESS RELEASE |
14 March 2023 |
Good results for all of
the Group’s activities in 2022
(*)
-
Revenue: 20,677 million euros,
+20% at constant scope and exchange rates.
- Adjusted operating income
(EBITA (1)
(2)): 1,502
million euros, +47 % at constant scope and exchange
rates, driven by the very good performance of the Transport and
Logistics (578 million euros, +84%) and Communications (1,086
million euros, +20%) sectors.
- Net
income: 2,724 million euros, including 3,150 million euros
in net capital gain from the sale of Bolloré Africa Logistics to
MSC for an enterprise value, net of minority interests, of 5.7
billion euros. It also includes the result of the deconsolidation
of Vivendi’s stake in Telecom Italia (-1,494 million euros) and the
capital gain on the sale on the contribution of the stake in
Banijay to FL Entertainment (515 million euros). The 2022 net
income was not very comparable to 2021, which included the capital
gain from the deconsolidation of Universal Music Group (19.9
billion euros). 2022 net income Group share: 3,400 million
euros.
- Net
cash: 1,207 million euros as of December 31,
2022, compared to a net debt of 3,428 million euros as of
December 31, 2021, mainly following the sale of Bolloré Africa
Logistics.
- Group
liquidity: 12 billion euros in cash and confirmed lines on
31 December 2022, including 8 billion euros at the Bolloré
level.
-
Proposed dividend: 0.06
euros per share (including an
interim dividend of 0.02 euros already paid in September 2022),
identical to that paid in respect of 2021.
- Institution of
an ad hoc committee and appointment of an independent expert in
connection with a proposed simplified cash tender
offer of Bolloré SE for a maximum number of its own shares
representing 9.78% of its share capital, at a price of EUR 5.75 per
share.
2022 results
(*)
The meeting of the Board of Directors of Bolloré
on 14 March 2023 approved the financial statements for 2022.
2022 revenue amounted to 20,677 million
euros, up 20% at constant scope and exchange rates:
- Bolloré
Logistics: 7,111 million euros up 36%, driven mainly by the
increase in freight rates in freight forwarding and sustained
volumes, particularly in the air transport sector;
- Bolloré Energy:
3,599 million euros, +45%, mainly due to the sharp rise in oil
product prices due to the international environment;
- Communications
(Vivendi): 9,590 million euros, +5%, mainly attributable to Havas
(+9%) and Gameloft (+19%);
- Industry: 369
million euros; +1%, thanks to growth in Systems and Films
activities despite the slowdown in the Blue division (batteries,
buses).
In reported data,
revenue was up 24%, taking into account +252 million euros
in changes in scope (mainly Prisma Media and SPI at Canal+ Group)
and +332 million euros in foreign exchange impacts (overall
impairment of the euro, particularly against the US dollar).
Adjusted operating income
(EBITA
(3))
came out at 1,502 million euros, up 47% at constant scope
and exchange rates:
- Bolloré
Logistics: 437 million euros, +71%, given the exceptional market
environment for freight forwarding;
- Bolloré Energy:
141 million, +141%, benefiting from good margins and the sharp rise
in oil prices;
- Communications:
1,086 million euros (4), +20%, driven by the good performance of
Vivendi’s activities (Canal+ Group, Havas, etc.) and
equity-accounted companies (UMG, Lagardère);
- Industry: -125
million euros, down -14 million euros on a reported basis compared
to 2021, particularly given the sharp increase in costs (resins,
electricity) and the decline in activity in batteries.
Financial income amounted to
-1,062 million euros, compared with -41 million euros
in 2021. It includes the loss related to the deconsolidation by
Vivendi of the stake in Telecom Italia (-1,494 million euros) and
the capital gain on Banijay Holdings Group (515 million euros)
following the exchange by Vivendi of its 32.9% stake in Banijay
with 19.8% in FL Entertainment (FLE), listed since 1st July
2022.
The net income of equity-accounted
non-operating companies totalled -345 million euros,
compared with -583 million euros in 2021. It mainly includes -393
million euros from the share of Telecom Italia's net income. In
2021, it included an impairment of Telecom Italia securities of
-618 million euros.
After accounting for -192 million euros in tax
(compared with -272 million euros in 2021) and 3,093 million euros
of net income from discontinued operations or held for sale
(compared with 20,673 million euros in 2021), the
consolidated net income amounted to 2,724 million
euros, compared with 20,224 million euros in 2021. It
includes 3.2 billion euros of net capital gain on the sale of
Bolloré Africa Logistics to MSC for an enterprise value net of
minority interests of 5.7 billion euros. In 2021, net income
included 19.9 billion euros of capital gain from the
deconsolidation of Universal Music Group.
Net income Group share came out
at 3,400 million euros, compared with 6,062
million euros in 2021.
Shareholders' equity amounted to 36,568
million euros, compared with 34,418 million euros at 31
December 2021.
As of December 31, 2022, the Group posted net
cash of 1,207 million euros, compared to net debt of 3,428 million
euros as of December 31, 2021, taking into account:
- Bolloré's net cash (excluding
Vivendi) of 2,067 million euros following the sale of Bolloré
Africa Logistics to the MSC Group;
- Vivendi's indebtedness of 860
million euros in connection with the acquisition of 12.5% of the
capital of Lagardère through a takeover bid (5) carried out in
2022, the acquisition of Multichoice securities and return to
shareholders (share buybacks and dividends).
At the end of December 2022, the Group had 12
billion euros in cash and confirmed lines, including 8 billion
euros for Bolloré.
Group
structure:
- Sale of Bolloré Africa
Logistics to MSC Group
-
On 21 December 2022, Bolloré SE announced the completion of the
sale to MSC Group of 100% of Bolloré Africa Logistics (BAL)
comprising all of the Bolloré Group’s transport and logistics
activities in Africa, based on an enterprise value net of minority
interests of 5.7 billion euros.
-
The share sale price was 5.1 billion euros, plus 0.6 billion euros
in the repayment of current accounts.
-
BAL’s revenue in 2022 stood at 2.6 billion euros, compared to 2.3
billion euros in 2021.
-
In accordance with IFRS 5 and to ensure the comparability of
results, all Transport and Logistics activities in Africa for 2021
and 2022 were reclassified as discontinued operations.
- Editis/Lagardère
-
As part of the friendly takeover bid (TOB) that took place in two
phases between 14 April and 9 June 2022, Vivendi acquired, as part
of the main bid, 17.3 million Lagardère shares for 433 million
euros. Furthermore, 31.1 million shares were presented to the
subsidiary branch of the takeover bid (22.10% of the share
capital), consisting of selling rights exercisable at a price of
24.10 euros until 15 December 2023, representing an off-balance
sheet financial commitment of 740 million euros
(6).
-
On 31 December 2022, following the exercise of 436,712 selling
rights, Vivendi held 81.4 million Lagardère shares, representing
57.66% of Lagardère’s share capital and 48.36% of theoretical
voting rights( 7). However,
pending approval of Lagardère’s acquisition of controlling
interests by the competition
authorities(8), Vivendi has only
22.81% of voting rights.
- Vivendi is
continuing its discussions with the European Commission and
discussions with the potential purchasers of Editis.
Editis has been reclassified in discontinued
operations (IFRS5) as of December 31, 2022.
-
Institution of an ad hoc committee and appointment of an
independent expert in connection with a proposed
simplified cash tender offer of Bolloré SE on its own
shares
- The tender offer would be carried
out pursuant to the share buyback program authorized by the
combined shareholders’ general meeting of Bolloré SE held on May
25, 2022. It would aim at acquiring a maximum of 288,607,076
Bolloré SE shares representing 9.78% of its share capital. The
contemplated price for such offer is EUR 5.75 per Bolloré SE share.
The Board of directors will take its decision on such offer, and if
need be will issue its reasoned opinion in light of A2EF’s fairness
opinion, represented by Mrs. Sonia Bonnet Bernard, in the course of
April 2023.
-
In 2022, Compagnie de l’Odet acquired 103.0 million Bolloré shares
(3.5% of the share capital) for 485 million euros. Bolloré, as part
of its share repurchase program, acquired 2.4 million of its own
shares for 10.7 million euros.
Proposed dividend: 0.06 euros per shareThe General
Shareholders Meeting will be asked to distribute a dividend of 0.06
euros per share (including an interim dividend of 0.02 euros
already paid in 2022), identical to that paid in respect of
2021.The dividend will be detached on 20 June 2023 and the payment,
exclusively in cash, will be made on 22 June
2023.********Consolidated key figures for
Bolloré |
|
(in millions of euros) |
2022 (*) |
2021 (*) |
Change 2021-2022 |
Revenue |
20,677 |
16,640 |
24% |
EBITDA(1) |
2,192 |
1,407 |
56% |
Amortisation and provisions |
(690) |
(564) |
|
Adjusted operating income
(EBITA(1)) |
1,502 |
843 |
78% |
Amortisation resulting from PPAs (1) |
(271) |
(396) |
|
Operating income |
1,231 |
447 |
175% |
o/w equity-accounted operating
entities (2) |
372 |
129 |
|
Financial income |
(1,062) |
(41) |
|
Share in net income of equity-accounted non-operating
companies |
(345) |
(583) |
|
|
Taxes |
(192) |
(272) |
|
Net income from discontinued operations |
3,093 |
20,673 |
|
Net income |
2,724 |
20,224 |
|
Net income Group share |
3,400 |
6,062 |
|
Minority interests |
(676) |
14,162 |
|
|
|
|
|
|
December 31, 2022 |
December 31, 2021 |
Change2021-2022 |
Shareholders’ equity |
36,568 |
34,418 |
2,151 |
o/w Group share |
23,269 |
19,479 |
3,790 |
Net debt /
(net cash) |
(1,207) |
3,428 |
(4,634) |
Gearing (3) |
n.a. |
10% |
|
(*) In accordance with IFRS 5 and to ensure the
comparability of results, reclassifications into discontinued
operations or held for sale include: i) UMG until 22/09/2021 (as of
23/09/2021, UMG is accounted for using the operating equity
method), ii) all of the Group’s Transport and Logistics activities
in Africa for 2021 and 2022 (these activities were disposed of on
21 December 2022), iii) Editis over the 2021 and 2022 fiscal years
(on 31 December 2022, as a result of Vivendi’s plan to sell Editis,
this activity is considered to be held for sale).
(1) See
glossary (2) Including,
for 2022, contributions from UMG (97 million euros) and Lagardère
(98 million euros) accounted for using the operational equity
method at Vivendi and the contribution of UMG accounted for under
the operational equity method at Bolloré (170 million euros), after
amortisation resulting from PPAs.
(3) Gearing:
net debt/equity ratio
Revenue by business activity in 2022
(*) |
(in millions of euros) |
2022 |
2021 |
Reported |
Organic |
|
|
|
|
growth |
growth |
|
Bolloré Logistics |
7,111 |
5,038 |
41% |
36% |
|
Bolloré Energy |
3,599 |
2,509 |
43% |
45% |
|
Communications (Vivendi) |
9,590 |
8,712 |
10% |
5% |
|
Industry |
369 |
370 |
(0%) |
1% |
|
Others (Agricultural assets, Holdings) |
7 |
11 |
(38%) |
(38%) |
|
Total |
20,677 |
16,640 |
24% |
20% |
|
Change in
revenue per quarter (*) |
(in millions of euros) |
1st quarter |
2nd quarter |
3rd quarter |
4th quarter |
|
2022 |
2021 (1) |
2021 |
2022 |
2021 (1) |
2021 |
2022 |
2021 (1) |
2021 |
2022 |
2021 (1) |
2021 |
Bolloré Logistics |
1,736 |
1,070 |
1,030 |
1,808 |
1,146 |
1,098 |
1,822 |
1,398 |
1,321 |
1,745 |
1,635 |
1,591 |
Bolloré Energy |
848 |
559 |
565 |
772 |
592 |
600 |
951 |
602 |
610 |
1,030 |
724 |
734 |
Communications (Vivendi) |
2,216 |
2,039 |
1,931 |
2,310 |
2,212 |
2,089 |
2,366 |
2,329 |
2,244 |
2,698 |
2,542 |
2,447 |
Industry |
112 |
77 |
80 |
94 |
93 |
94 |
73 |
93 |
95 |
91 |
102 |
102 |
Others (Agricultural assets, Holdings) |
1 |
2 |
2 |
2 |
3 |
3 |
2 |
3 |
3 |
1 |
4 |
4 |
Total |
4,912 |
3,747 |
3,608 |
4,987 |
4,045 |
3,883 |
5,213 |
4,425 |
4,273 |
5,565 |
5,007 |
4,877 |
(*) In accordance with IFRS 5 and to ensure the
comparability of results, reclassifications into discontinued
operations or held for sale include: i) UMG until 22/09/2021 (as of
23/09/2021, UMG is accounted for using the operating equity
method), ii) all of the Group’s Transport and Logistics activities
in Africa for 2021 and 2022 (these activities were disposed of on
21 December 2022), iii) Editis over the 2021 and 2022 fiscal years
(on 31 December 2022, as a result of Vivendi’s plan to sell Editis,
this activity is considered to be held for sale).
(1) At
constant scope and exchange rates
All amounts are expressed in millions of euros and rounded to
the nearest decimal.As a result, the sum of the rounded amounts may
differ slightly from the reported total.
Adjusted operating income by business activity
(EBITA) (*) |
(in millions of euros) |
2022 * |
2021 * |
Reportedgrowth |
Organicgrowth |
|
Transport and Logistics (1) |
578 |
319 |
81% |
84% |
|
Bolloré Logistics |
437 |
244 |
79% |
71% |
|
Bolloré Energy |
141 |
75 |
89% |
141% |
|
Communications |
1,086 |
698 |
56% |
20% |
|
Vivendi (2) |
868 |
640 |
36% |
25% |
|
UMG (18% oper. equity-accounted at Bolloré) |
218 |
58 |
277% |
6% |
|
Industry (1) |
(125) |
(111) |
(12%) |
5% |
|
Others (Agricultural assets, Holdings) |
(37) |
(62) |
39% |
41% |
|
Bolloré Group EBITA |
1,502 |
843 |
78% |
47% |
|
(*) In accordance with IFRS 5 and to ensure the
comparability of results, reclassifications into discontinued
operations or held for sale include: i) UMG until 22/09/2021 (as of
23/09/2021, UMG is accounted for using the operating equity
method), ii) all of the Group’s Transport and Logistics activities
in Africa for 2021 and 2022 (these activities were disposed of on
21 December 2022), iii) Editis over the 2021 and 2022 fiscal years
(on 31 December 2022, as a result of Vivendi’s plan to sell Editis,
this activity is considered to be held for sale).
(1) Before
group fees and Bolloré trademark
royalties. (2) Including
in 2022, contributions from UMG (€124m) and Lagardère (€98m)
accounted for using the equity method at Vivendi.
A detailed presentation of the results is
available at www.bollore.com.The audit procedures of the
consolidated financial statements have been carried out. The
certification report will be issued after finalisation of the
procedures required to submit the Universal Registration Document
(URD).
***** ****
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:
- UMG until 22/09/2021 (as of
23/09/2021, UMG is accounted for using the operational equity
method).
- All of the Group’s Transport and
Logistics activities in Africa over the 2021 and 2022 fiscal years
(these activities were disposed of on 21 December 2022).
- Editis for the 2021 and 2022 fiscal
years (on 31 December 2022, taking into account the planned sale of
Editis).
- Performance
indicators
- On 31 December 2022, the Bolloré
Group had not changed the definition of performance indicators,
particularly EBITA, which are comparable to those of 31 December
2021. However, EBITA and operating income data are now presented
before Group expenses.
- Change in scope of
consolidation
- Prisma Media has been consolidated
by Vivendi since 1st June 2021.
- Lagardère has been accounted for
using the equity method since 1st July 2021.
- UMG has been accounted for using
the equity method since 23 September 2021.
- On 31 December 2022, Vivendi ceased
to account for Telecom Italia as an equity-method stake,
considering that it no longer exercises significant influence over
Telecom Italia in view of the resignation of its two
representatives (Messrs Arnaud de Puyfontaine and Franck Cadoret)
of the Telecom Italia Board of Directors.
- Trend in
the main currencies
Average rate |
2022 |
2021 |
Change |
USD |
1.05 |
1.18 |
11% |
GBP |
0.85 |
0.86 |
1% |
PLN |
4.68 |
4.56 |
(3%) |
JPY |
137.97 |
129.83 |
(6%) |
CNY |
7.08 |
7.63 |
7 % |
ZAR |
17.20 |
17.47 |
2 % |
Glossary
- Organic
growth: growth at constant scope and exchange rates.
- Adjusted
operating income (EBITA): operating income before
amortisation of intangible assets related to business combinations
– PPA (purchase price allocation), impairment of goodwill and other
intangible assets related to business combinations.
-
EBITDA: operating income before depreciation and
amortisation.
- Net
financial debt/Net cash position: sum of borrowings at
amortised cost, less cash and cash equivalents, cash management
financial assets and net derivative financial instruments (assets
or liabilities) with an underlying net financial indebtedness, as
well as cash deposits backed by borrowings.
The non-GAAP measures defined
above should be considered in addition to, and not as a substitute
for, other GAAP measures of operational and financial performance,
and Bolloré considers these to be relevant indicators of the
Group’s operational and financial performance. Furthermore, it
should be noted that other companies may define and calculate these
indicators differently. It is therefore possible that the
indicators used by Bolloré cannot be directly compared with those
of other companies.
The percentage changes indicated in this
document are calculated in relation to the same period of the
preceding fiscal year, unless otherwise stated. Due to rounding in
this presentation, the sum of some data may not correspond exactly
to the calculated total and the percentage may not correspond to
the calculated variation.
1 See glossary
2 Including contributions from equity-accounted
operating companies at Vivendi (UMG (124 million euros) and
Lagardère (98 million euros)): +222 million euros
and contribution of UMG’s equity-accounted operating companies at
Bolloré: +218 million euros.
(*) In accordance with IFRS 5 and to ensure the
comparability of results, reclassifications into discontinued
operations or held for sale include: i) UMG until 22/09/2021 (as of
23/09/2021, UMG is accounted for using the operating equity
method), ii) all of the Group’s Transport and Logistics activities
in Africa for 2021 and 2022 (these activities were disposed of on
21 December 2022), iii) Editis over the 2021 and 2022 fiscal years
(on 31 December 2022, given the planned sale project of Editis,
this activity is considered to be held for sale).
(3) Before group expenses and Bolloré trademark fees, see
glossary for EBITA definition.
(4) Including in 2022, contributions from UMG (124 million
euros) and Lagardère (98 million euros) accounted for using the
equity method at Vivendi.
(*) In accordance with IFRS 5 and to ensure the
comparability of results, reclassifications into discontinued
operations or held for sale include: i) UMG until 22/09/2021 (as of
23/09/2021, UMG is accounted for using the operating equity
method), ii) all of the Group’s Transport and Logistics activities
in Africa for 2021 and 2022 (these activities were disposed of on
21 December 2022), iii) Editis over the 2021 and 2022 fiscal years
(on 31 December 2022, given the planned sale project of Editis,
this activity is considered to be held for sale).
5 On 31 December 2022, 30,702,569 selling rights are exercisable
at a unit price of €24.10 up to and including 15 December 2023,
representing an off-balance sheet commitment of €740m at Vivendi
and pertaining to 21.75% of Lagardère’s share capital.(6) On
31/12/2022 and pertaining to 21.75% of the share capital.
(7) Based on Lagardère’s theoretical number of voting rights on
31/12/2022.
(8) In accordance with Article 7(2) of Regulation (EC) 139/2004
on the control of concentrations between undertakings.
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