Compagnie de l'Odet : First-half 2021 results
COMPAGNIE DE L'ODET
First-half 2021
results |
30 July 2021 |
Good results for all the
Group’s business activities
-
Revenue: €12,786 million,
+13% at constant scope
and exchange rates.
- Adjusted
operating income (EBITA
(1)):
€1,308 million, +43% at constant scope and exchange
rates:
- Bolloré Transport &
Logistics:
|
+€335m |
+15% |
|
+€1,066m |
+49% |
|
- Electricity Storage and
Systems:
|
-€50m |
an
improvement of +€17m |
- Net
income, Group share: €100 million, up
+19%, which does not include the capital gain on
the sale on 29 January 2021 of 10% of the capital of Universal
Music Group (UMG) on the basis of an enterprise value of €30
billion for 100%, recognised in equity for €2.8 billion.
Total net income stands at
€628m
(-16%) given the drop in
the share prices of Spotify and Tencent Music Entertainment
securities after a sharp increase in the first half of 2020.
- Net
debt: €6,947 million, down -€2,155 million compared to
December 31, 2020. Gearing: 25%
vs. 38% at the end of 2020.
-
Maintaining a high level of liquidity at
€3.3
billion as of June 30, 2021, excluding Vivendi’s
undrawn confirmed credit lines and liquid investments.
First-half 2021 results
At its meeting on July 30, 2021, the Board of
Directors of Compagnie de l’Odet approved the financial statements
for the first half of 2021.
First-half 2021 revenue amounted to
€12,786 million, up 13% at constant scope and exchange
rates:
- Transport and Logistics increasing:
€3,223 million, up 15%:
- Bolloré
Logistics: +19%, benefiting from high levels of activity in the sea
and air sectors;
- Bolloré Africa
Logistics: +8% driven by growth in port terminals;
- Oil Logistics: €1,165 million, +12%
owing to the increase in oil-product prices and volumes
(trading);
- Communications: €8,219 million,
+12%, mainly attributable to growth in the main business lines with
UMG (+17%), Canal+ Group (+5%) and Havas (+7%) as activity picked
up in the second quarter;
- Electricity Storage and Systems:
€174 million, +43%, due to the increase in sales of batteries and
12-meters buses.
On a reported basis, revenue increased
+10%, including +€64 million in changes in scope and -€340
million in foreign exchange impacts (resulting from the decline in
the US dollar and other currencies).
Adjusted operating income
(EBITA(2))
came out at €1,308 million, up 43% at constant scope and exchange
rates:
- Transport and Logistics: €312
million, +22%, given the good performance of port terminals and the
freight forwarding;
- Oil Logistics: €23 million, -34%,
after an exceptional first half of 2020 in the context of the
lockdown;
- Communications (Vivendi): €1,066
million, +49%, thanks to solid performances by UMG, Canal+ Group,
Havas and Editis;
- Electricity Storage and Systems:
-€50 million, an improvement of +€17 million on a reported basis
compared with 2020, linked to the cessation of car-sharing
activities as part of the strategic redeployment in batteries and
buses.
Financial income amounted to -€122
million, compared with +€444 million in the first half of
2020. It mainly includes -€170 million in devaluations of Spotify
and Tencent Music securities (versus +€449 million of revaluation
in the first half of 2020) and €102 million in dividends from
Mediaset (received on July 22, 2021).
The net income of equity-accounted
non-operating companies totaled
-€25 million, compared with -€91 million in the
first half of 2020. It mainly includes Telecom Italia’s
contribution to Vivendi. In 2020, it included a provision on
Mediobanca that has not been consolidated since October
2020(3).
After accounting for -€326 million in tax
(compared with -€353 million in the first half of 2020
attributable), consolidated net income amounted to €628
million, compared with €750 million in the first half of
2020.Net income Group share came out at €100
million, compared with €84 million in the first half of
2020.
Net debt amounted to €6,947
million versus €9,102 million at December 31st, 2020, due
to:
- the reduction in Vivendi’s debt
(-€2.1 billion) following the receipt of €2.8 billion related to
the disposal of an additional 10% of UMG on January 29, 2021;
- the reduction in Bolloré’s debt
excluding Vivendi (-€0.2 billion) given the disposal of an
additional 2% of Mediobanca in January 2021 for €192 million.
Shareholders’ equity amounted to €28,140
million (€24,137 million at 31 December 2020), an
improvement of€4,003 million, particularly given the impact of the
sale of an additional 10% of UMG to Tencent on January 29, 2021
(+€2.8 billion).
On June 30, 2021, the Group’s liquidity
position, undrawn confirmed lines and liquid investments
represented €3.3 billion for Compagnie de l’Odet,
excluding credit lines and investments at Vivendi level.
Group structure
- Universal Music Group
(UMG)
-
Additional sale of 10% of UMG to Tencent
On January 29, 2021, Vivendi finalized the sale of an additional
10% of the share capital of UMG to the consortium led by Tencent
based on an enterprise value of €30 billion for 100% of UMG’s share
capital. This transaction resulted in an inflow of €2,847 million
for Vivendi. The Tencent-led consortium now owns 20% of UMG.
-
Approval of the proposed distribution to shareholders of
60% of the UMG shares
Vivendi’s General Shareholders’ Meeting of June 22, 2021 approved
the proposed exceptional distribution in kind of 60% of UMG shares
at 99.9%. UMG’s listing on the regulated market of Euronext
Amsterdam and the detachment of the distribution are scheduled for
21 September (4).
-
Planned disposal of 5 to 10% of UMG to Pershing
Square
Vivendi accepted PSTH’s request that Pershing Square investment
funds, owned by Mr. William Ackman, be substituted for the
acquisition of 10% of the capital of UMG announced on June 20. The
share of UMG’s capital, which will ultimately be acquired by these
funds, will be between 5% and 10%. If this proportion proves to be
less than 10%, Vivendi still intends to sell the difference to
other investors.
- Purchase of Vivendi
shares
During the first half of the year, Compagnie de l’Odet acquired 6
million Vivendi shares at an average price of €28.31 per share and
for a total amount of €170 million. To date, Compagnie de l’Odet
holds 0.54% of Vivendi’s share capital. With the stake held by
Compagnie de Cornouaille - a wholly-owned subsidiary of Bolloré -
the Group’s total stake after cancellation of the shares carried
out at the end of July is 29.5%.********Consolidated key
figures for Compagnie de l’Odet |
|
(in € millions) |
H1 2021 |
H1 2020 |
Change 2020-2021 |
Revenue |
12,786 |
11,612 |
10% |
EBITDA (1) |
1,650 |
1,449 |
14% |
Depreciation and provisions |
(341) |
(506) |
|
Adjusted operating income
(EBITA(1)) |
1,308 |
943 |
39% |
Amortization resulting from PPAs (1) |
(208) |
(194) |
|
EBIT |
1,101 |
749 |
47% |
o/w operating equity associates |
29 |
4 |
|
Financial income |
(122) |
444 |
|
Share of the net income of equity-accounted non-operating
companies |
(25) |
(91) |
|
Taxes |
(326) |
(353) |
|
Net income |
628 |
750 |
(16%) |
Net income Group share |
100 |
84 |
19% |
Minority interests |
528 |
666 |
(21%) |
|
|
|
|
|
June 30, 2021 |
December 31, 2020 |
Change 2020-2021 |
Shareholders’ equity |
28,140 |
24,137 |
4,003 |
o/w Group share |
4,845 |
3,884 |
960 |
Group net debt |
6,947 |
9,102 |
(2,155) |
Gearing (2) |
25% |
38% |
|
(1) See
glossary(2) Gearing: net debt/equity ratio
Change in revenue by business activity in the first
half |
(in € millions) |
H1 |
H1 |
Reported |
Organic |
|
H1 |
|
2021 |
2020 |
growth |
growth |
|
2019 |
Transportation and Logistics |
3,223 |
2,856 |
13% |
15% |
|
2,974 |
Oil logistics |
1,165 |
1,046 |
11% |
12% |
|
1,278 |
Communications |
8,219 |
7,574 |
9% |
12% |
|
7,351 |
Electricity Storage and Systems |
174 |
122 |
42% |
43% |
|
160 |
Other (Agricultural Assets, Holding) |
5 |
13 |
(63%) |
(63%) |
|
17 |
Total |
12,786 |
11,612 |
10% |
13% |
|
11,780 |
Change in revenue per quarter |
(in € millions) |
Q1 |
Q2 |
|
2021 |
2020 Organic growth |
2020 reported growth |
2021 |
2020Organic growth |
2020 reported growth |
Transportation and Logistics |
1,555 |
1,358 |
1,394 |
1,668 |
1,453 |
1,462 |
Oil logistics |
565 |
630 |
631 |
600 |
413 |
415 |
Communications |
3,900 |
3,713 |
3,868 |
4,319 |
3,634 |
3,706 |
Electricity Storage and Systems |
80 |
64 |
65 |
94 |
58 |
58 |
Other (Agricultural Assets, Holding) |
2 |
8 |
8 |
3 |
6 |
6 |
Total |
6,102 |
5,773 |
5,966 |
6,684 |
5,563 |
5,646 |
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) |
H1 2021 |
H1 2020 |
Reported growth |
Organicgrowth |
|
H1 2019 |
Bolloré Transportation
& Logistics |
335 |
303 |
11% |
15% |
|
309 |
Transportation & Logistics
(1) |
312 |
268 |
17% |
22% |
|
284 |
Oil logistics |
23 |
35 |
(34%) |
(34%) |
|
25 |
Electricity Storage and Systems |
(50) |
(67) |
25% |
17% |
|
(81) |
Communications |
1,066 |
735 |
45% |
49% |
|
718 |
Other (Agricultural Assets, Holding)(1) |
(43) |
(28) |
(52%) |
(54%) |
|
(28) |
Group EBITA |
1,308 |
943 |
39% |
43% |
|
918 |
(1) Before Bolloré trademark
fees
The limited review procedures for the 2021
half-yearly consolidated financial statements have been carried out
and the certification report will be issued after verification of
the half-yearly activity report.
***** ****
Comparability of financial statements |
Information on the impacts of
COVID-19
As of June 30, 2021, the Bolloré Group had not
adjusted the definition of performance indicators, including EBITA,
which are comparable to those of 2020.
- Change in scope of
consolidation
Prisma Media has been consolidated by Vivendi
since June1st, 2021.
- Evolution of main
currencies
Average rate |
H1 2021 |
H1 2020 |
Change |
|
USD |
1.20 |
1.10 |
(9%) |
GBP |
0.87 |
0.87 |
1% |
PLN |
4.54 |
4.41 |
(3%) |
JPY |
129.80 |
119.21 |
(9%) |
CNY |
7.79 |
7.75 |
(1%) |
ZAR |
17.52 |
18.33 |
4% |
- Exceptional distribution
project in kind of 60% of UMG by Vivendi
The financial statements as at June 30, 2021 do
not include any impact resulting from this transaction, which is
still subject to conditions precedent.
- Information on the impacts
of COVID-19
During the first half of 2021, the Group’s
activities showed good resilience, particularly in Transportation,
and at Vivendi in music and pay television. Given the good
performance of the business lines, the Group did not identify any
impairment losses in the first half of 2021. It still benefits from
a high level of liquidity. Nevertheless, the Group continues to
assess on an ongoing basis the current and potential consequences
of the health crisis, which are still temporarily weighing on
certain activities due to the restrictive measures taken by
governments to curb the epidemic, while remaining confident in its
resilience and capacity for adaptation.
Glossary
- Organic
growth: growth at constant scope and exchange rates.
- Net
revenue (Havas Group): revenue after deduction of
re-billable costs
- Adjusted
operating income (EBITA): operating income before
amortization 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
amortization.
- Net
financial debt / Net cash position: sum of borrowings at
amortized 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 Compagnie de
l’Odet 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 Compagnie de l’Odet cannot be directly compared
with those of other companies.
The percentages 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 glossary2 See glossary
3 Following the loss of significant influence, due in particular
to the reduction of the stake.
4 Subject to approval of the transaction by the
AFM and to the decision of the payment of an exceptional interim
dividend by Vivendi.
- 2021-07-30-Odet -CP-résultats S1 2021 UK final
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