Compagnie de l'Odet : first-half 2022 results
COMPAGNIE DE L'ODET
|
First-half 2022 results |
July 29, 2022 |
Good results
of most
activities
-
Revenue: €11,517 million, +24% at constant scope
and exchange rates
- Adjusted operating income
(EBITA(1)
(2)):
€1,006 million, +48% at constant scope
and exchange rates, driven by the strong performances of the
Transport and Logistics (€560 million, +61%) and Communication
(€531 million, +24%) sectors.
- Net
income: €931
million,+48%,
including the capital gains on the disposal, by the way of
contribution, of the stake in Banijay Holdings Group to FL
Entertainment (€526 million). The total included UMG's contribution
of €398 million in first-half 2021. Net income, Group
share: €301 million, +201%.
- Net
debt: €4,682 million, up €1,191 million compared with
December 31, 2021, representing a gearing of 15%. Group
liquidity: €6.6 billion at June 30, 2022
in confirmed lines, of which€3.8 billion for Compagnie de l'Odet,
including Bolloré.
First-half 2022 results
Meeting on July 29, 2022, Bolloré’s Board of
Directors approved the financial statements for first-half
2022.
Revenue amounted to €11,517
million, up 24% at constant scope and
exchange rates:
- Transport and Logistics: €4,819 million, up 44%:
- Bolloré
Logistics: +60%, driven by the increase in freight rates and air
volumes in freight-forwarding;
- Bolloré Africa Logistics: +13%
thanks to the continued recovery of logistics activities in
Africa;
- Oil Logistics: €1,619 million, up
41%, mainly due to the sharp rise in oil prices linked to the
international environment;
- Communications: €4,870 million,
+5%, attributable mainly to the strong rebound at Havas (+11.8%)
and the growth of Canal+ Group (+2.2%);
- Electricity Storage and Systems:
€205 million, +21%, the result of growth in Systems business
activities (dedicated terminals and Polyconseil) and activities in
Brittany (plastic films and buses).
On a reported basis, revenue grew
29%, taking into account a positive change in scope of
+€173 million (mainly the acquisition of Prisma Media in May 2021)
and +€163 million in foreign exchange impacts (global depreciation
of the euro, particularly against the dollar).
Adjusted operating income
(EBITA
(3))
came out at €1,006 million, for an increase of 48% at constant
scope and exchange rates:
- Transport and Logistics: €483
million, up 49%, owing to the sharp increase in freight forwarding
and, in Africa, the good performance of port terminals and the
recovery in logistics;
- Oil Logistics: €76 million, up
+226% as a result of the substantial increase in the prices of oil
products;
- Communications: €531 million (4),
+24%, underpinned by the good performances of Havas and Canal+
Group;
- Electricity Storage and Systems:
-€60 million, down -€10 million on a reported basis compared with
first-half 2021, owing in particular to the sharp rise in costs
(resins, electricity) and the decline in battery activity.
Financial income amounted to €480
million, compared with -€30 million in first-half 2021.
The total includes €526 million in capital gains on Banijay
Holdings Group following Vivendi’s exchange of its 32.9% stake in
Banijay for a 19.9% stake in FL Entertainment, listed since July 1,
2022. Net income from equity-accounted
non-operating companies was -€210 million, compared with
-€25 million in first-half 2021. It mainly includes -€235 million
of Telecom Italia’s share of net income.
After taking into account a tax expense of -€231
million (compared with -€198 million in first-half 2021),
consolidated net income totaled €931 million,
against €628 million in first-half 2021.
Net income, Group share
amounted to €301 million, compared with €100
million in first-half 2021.
Shareholder's equity stood at €30,671
million, compared with €31,336 million at December 31,
2021, a result of the decrease in share prices (-€1.5 billion).
Net debt was €4,682 million
compared with €3,491 million at December 31, 2021, taking into
account:
- The increase in Vivendi’s debt
(+€1.1 billion) resulting from the acquisition of 12% of Lagardère
and returns to shareholders (share buybacks and dividends).
- The increase in Compagnie de
l'Odet’s debt excluding Vivendi (+€67 million).
In light of these factors, the gearing
ratio was 15%, versus 11% at the end of 2021.
At end-June 2022, the Group had €6.6 billion in
confirmed lines, including €3.8 billion for Compagnie de l’Odet
including Bolloré.
Group structure
- Agreement with MSC Group for
the sale of Bolloré Africa Logistics
At the end of the exclusive negotiations announced on December 20,
2021 and following the favorable opinions issued by each of the
employee representative bodies consulted, on March 31, 2022 the
Bolloré Group signed the contract providing for the sale to the MSC
Group of 100% of Bolloré Africa Logistics, combining all of the
Bolloré Group's transportation and logistics activities in Africa,
based on an enterprise value of €5.7 billion net of minority
interests. The completion of this sale, conditional on obtaining
regulatory authorizations and the approval of the competent
competition authorities as well as the agreement of some of the
counterparties of Bolloré Africa Logistics, would take place by the
end of the first quarter of 2023.
- Vivendi’s takeover bid
for Lagardère
As part of the friendly takeover bid, Vivendi acquired 17.25
million Lagardère shares (12.22% of the share capital) for €433
million. At the close of the offer, Vivendi held 80.9 million
Lagardère shares, 57.35% of the share capital and 48.03% of
Lagardère's theoretical voting rights (5). However, pending the
authorization of Lagardère's takeover by the competition
authorities, Vivendi has only 22.78% of the voting rights (5). In
addition, 31.2 million shares were presented to the subsidiary
branch of the takeover bid (22.10% of the share capital),
consisting of rights of sale exercisable at the price of €24.10
until December 15, 2023, i.e. up to €752 million.
In H1 2022, Compagnie de l'Odet acquired 60.3 million Bolloré
shares (2% of the share capital) for €283 million and Bolloré, as
part of its share buyback program, acquired 1.5 million of its own
shares for €6.4 million in July 2022. ********Consolidated
key figures for Compagnie de l’Odet |
| |
|
(in millions of euros) |
H1 2022 |
H1 2021* |
Change2021-2022 |
|
Revenue |
11,517 |
8,959 |
29% |
|
EBITDA (1) |
1,389 |
880 |
58% |
|
Depreciation and provision |
(383) |
(324) |
|
|
Adjusted operating income (EBITA (1)
(2)) |
1,006 |
556 |
81% |
|
Amortization resulting from PPA (1) |
(114) |
(74) |
|
|
EBIT |
892 |
482 |
85% |
|
o/w equity-accounted operating companies |
163 |
30 |
|
|
Financial income |
480 |
(30) |
|
|
Share of net income of |
|
|
|
|
equity-accounted non-operating
companies |
(210) |
(25) |
|
|
Taxes |
(230) |
(198) |
|
|
Income from discontinued activities |
- |
398 |
|
|
Net income |
931 |
628 |
48% |
|
Net income Group
share |
301 |
100 |
201% |
|
Minority interests |
630 |
528 |
|
|
|
|
|
|
|
|
June 30, 2022 |
December 31,2021 |
Change 2021-2022 |
|
Equity |
30,671 |
31,336 |
(665) |
|
of which Group share |
21,604 |
22,485 |
(881) |
|
Net debt |
4,682 |
3,491 |
1,191 |
|
Gearing (3) |
15% |
11% |
|
(*) As of 09/23/2021, UMG was reported as an
equity-accounted operating company. To ensure comparability and in
accordance withIFRS 5, UMG was reclassified as discontinued
operation in H1 2021.
(1) See
glossary(2) Including in first-half 2022, the
contributions from UMG (€66m) and Lagardère (-€20m)
equity-accounted operating companies at Vivendi and €119 million in
contribution from UMG, equity-accounted operating company at
Compagnie de l'Odet, compared with zero in
2021.(3) Gearing: ratio of net debt to equity
|
Change in revenue by business in the first
half |
|
(in millions of euros) |
H1 |
H1 |
Reported |
Organic |
|
|
|
2022 |
2021* |
growth |
growth |
|
|
Transportation and Logistics |
4,819 |
3,223 |
50% |
44% |
|
|
Oil Logistics |
1,619 |
1,165 |
39% |
41% |
|
|
Communication |
4,870 |
4,392 |
11% |
5% |
|
|
Electricity Storage and Systems |
205 |
174 |
18% |
21% |
|
|
Other (Agricultural assets, Holdings) |
4 |
5 |
(12%) |
(12%) |
|
|
Total |
11,517 |
8,959 |
29% |
24% |
|
|
Change in revenue per quarter |
|
(in millions of euros) |
1st quarter |
2nd quarter |
|
|
2022 |
2021 organic |
2021 reported(*) |
2022 |
2021 organic |
2021Reported(*) |
|
Transportation and Logistics |
2,361 |
1,609 |
1,555 |
2,458 |
1,737 |
1,668 |
|
Oil Logistics |
848 |
559 |
565 |
772 |
592 |
600 |
|
Communication |
2,376 |
2,202 |
2,094 |
2,494 |
2,421 |
2,298 |
|
Electricity Storage and Systems |
112 |
77 |
80 |
94 |
93 |
94 |
|
Other (Agricultural assets, Holdings) |
2 |
2 |
2 |
3 |
3 |
3 |
|
Total |
5,697 |
4,449 |
4,296 |
5,820 |
4,845 |
4,662 |
(*) As of 09/23/2021, UMG was reported as an
equity-accounted operating company. To ensure comparability and in
accordance withIFRS 5, UMG was reclassified as discontinued
operation in H1 2021.
All amounts are expressed in millions of euros
and rounded to the nearest decimal. As a result, the rounded
amounts may differ slightly from the reported total.
|
Adjusted operating income (EBITA) by activity |
|
(in millions of euros) |
H1 2022 |
H1 2021* |
Reported growth |
Organicgrowth |
|
|
Bolloré Transportation and
Logistics |
560 |
335 |
67% |
61% |
|
|
Transportation &
Logistics(1) |
483 |
312 |
55% |
49% |
|
|
Oil Logistics |
76 |
23 |
230% |
226% |
|
|
Communication |
531 |
313 |
70% |
24% |
|
|
Vivendi (2) |
412 |
313 |
32% |
28% |
|
|
UMG (Compagnie de l’Odet operating equity method 18%) |
119 |
- |
|
|
|
|
Electricity Storage and Systems |
(60) |
(50) |
(21%) |
(12%) |
|
|
Other (Agricultural assets, Holdings)(1) |
(25) |
(43) |
43% |
43% |
|
|
Total EBITA Bolloré Group |
1,006 |
556 |
81% |
48% |
|
(*) As of 09/23/2021, UMG was reported as an
equity-accounted operating company. To ensure comparability and in
accordance with IFRS 5, UMG was reclassified as discontinued
operation in H1 2021.
(1) Before Bolloré's
trademark fees(2) Including in first-half
2022, the contributions from UMG (€66m) and Lagardère (-€20m)
equity-accounted operating companies at Vivendi.
A detailed presentation of the results of its
Bolloré subsidiary is available at www.bollore.com.
A limited review of the 2022 consolidated
financial statements was carried out and the certification report
will be issued following approval of the half-year activity
report.
***** ****
Comparability of financial statements
At June 30, 2022, Compagnie de l'Odet had not
changed the definition of performance indicators, particularly
EBITA, which are comparable to those of 2021.
- Change in the scope of consolidation
- Prisma Media has
been consolidated by Vivendi since June 1, 2021.
- Lagardère has
been accounted for using the equity method since July 1, 2021.
- UMG has been
accounted for using the equity method since September 23,
2021.
- Changes in the main
currencies
|
Average exchange rates |
H1 2022 |
H1 2021 |
Change |
|
|
USD |
1.09 |
1.20 |
(9%) |
|
GBP |
0.84 |
0.87 |
(3%) |
|
PLN |
4.63 |
4.54 |
2% |
|
JPY |
134.22 |
129.80 |
3% |
|
CNY |
7.08 |
7.79 |
(9%) |
|
ZAR |
16.83 |
17.52 |
(4%) |
Glossary
- Organic
growth: growth at constant scope and exchange rates.
- 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 below should be
considered in addition to, and not as a substitute for other GAAP
measures of operating 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 glossary
2 Including in first-half 2022, the
contributions from UMG (€66m) and Lagardère (-€20m)
equity-accounted operating companies at Vivendi, , and €119 million
in contribution from UMG, equity-accounted operating company at
Compagnie de l'Odet, compared with zero in 2021.3 See glossary
4 Including in first-half 2022, the
contributions from UMG (€66m) and Lagardère (-€20m)
equity-accounted operating companies at Vivendi , and €119 million
in contribution from UMG, equity-accounted operating company at
Compagnie de l'Odet, compared with zero in 2021.5 Based on
Lagardère's theoretical number of voting rights at June 30,
2022.
- 2022-07-29-Odet -CP H1 2022 UK
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