PRESS RELEASE |
First half 2018 Results(1) | August 31, 2018 |
Bolloré Group performs strongly
in the first half of 2018
|
The Board of Directors of Bolloré, meeting on August 31, 2018, approved the financial statements for first half 2018. Revenue was up 54% compared with the first half of 2017 (+7% at constant scope and exchange rates): At constant scope and exchange rates, revenue for first half 2018 stood at €10,869m, up 7%:
On a reported basis, revenue increased by 54 %, given the impact of €3,558m in the changes in consolidation scope, mainly resulting from the consolidation of Vivendi(4), and -€424m in foreign exchange impacts. First half 2018 EBITDA(5) : €1,195m, up 58% | Operating income: €544m, up 33% The Group's operating income amounted to €544m, an increase of 33% compared with first half 2017:
Net income for first half 2018: €605m compared with €482m in first half 2017
Given these items and after taking into consideration -€335m in taxes (including in 2018, the full consolidation of Vivendi for 6 months with -€114m in deferred taxes from the revaluation of Spotify), consolidated net income stood at €605m, compared with €482m in first half 2017. Net income, Group share stood at €97m compared with €330m in first half 2017, which included a gain of €232m following the full consolidation of Vivendi. Net debt: €5,649m | Shareholders' equity: €28,508m
Interim dividend: 0.02 euros per share The Board of Directors of Bolloré has decided to pay an interim dividend of 0.02 euros per share, the same as last year, payable in cash or in shares. The ex-dividend date will be September 7, 2018 and payment or delivery of shares will be made on October 4, 2018. The subscription price for the option of dividend payment in shares is set at 3.64 euros and the subscription period will run from September 7, 2018 to September 25, 2018. The shares issued as a result shall carry dividend rights as of January 1, 2019. Group structure:
***** *** * Consolidated key figures for Bolloré |
(in millions of euros) | 1st half 2018 | 1st half 2017* | Change |
Revenue | 10,869 | 7,041 | 54% |
EBITDA | 1,195 | 754 | 58% |
Depreciation, amortization and provisions | (651) | (345) | 89% |
Operating income | 544 | 409 | 33% |
Of which operating companies accounted for using the equity method(1) | 15 | 38 | (61%) |
Financial income | 377 | 178 | 112% |
Share in net income of | |||
non-operating companies accounted for using the equity method | 19 | 46 | (59%) |
Taxes | (335) | (151) | - |
Net income | 605 | 482 | 25% |
Net income, Group share | 97 | 330 | (71%) |
Non-controlling | 508 | 152 | 233% |
Net cash flow from operations | 426 | 459 | (34) |
Net industrial investments | (451) | (451) | 1 |
Net financial investment | (205) | (70) | (135) |
June 30, 2018 | December 31, 2017* | Change (€m) | |
Shareholders' equity | 28,508 | 31,091 | (2,583) |
Of which Group share | 9,388 | 10,430 | (1,042) |
Net debt(2) | 5,649 | 4,841 | 807 |
Gearing(3) | 20% | 16% | - |
Liquidity: at June 30, 2018 the undrawn available amount(4) was around €2,300m.
(1) At Vivendi, primarily Telecom Italia at 06/30/2017. Shareholding in Telecom Italia reclassified under non-operating companies accounted for using the equity method at 06/30/2018
(2) Vivendi's net debt before the remaining payment due on the Ubisoft and Fnac Darty sales (€768m)
(3) Gearing: net debt / equity ratio
(4) Excluding Vivendi and Havas
(*) December and June 2017 data adjusted, see "Comparability of financial statements" section
Change in revenue by business in the first half |
(in millions of euros) | 1st half | 1st half | 1st half | Growth | Growth |
| 2017(1) | 2017* | Reported | Organic | |
Transport and Logistics | 2,947 | 2,643 | 2,755 | 7% | 11% |
Oil logistics | 1,260 | 1,052 | 1,059 | 19% | 20% |
Communications (Vivendi, Havas, Media, Telecoms)(2) | 6,488 | 6,324 | 3,066 | 112% | 3% |
Electricity Storage and Solutions | 161 | 145 | 149 | 8% | 11% |
Others (Agricultural Assets, Holding Companies) | 13 | 12 | 12 | 15% | 15% |
Total revenue Bolloré Group | 10,869 | 10,175 | 7,041 | 54% | 7% |
- at constant scope and exchange rates
- Vivendi's contribution over the 6 months of first half 2018, namely €6,460m, compared with 2 months of Vivendi and 6 months of Havas in first half 2017,
namely €3,041m. - Given
(*) December and June 2017 data adjusted, see "Comparability of financial statements" section
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.
Change in revenue per quarter |
(in millions of euros) | 1st quarter | 2nd quarter | ||||
2018 | 2017(1) | 2017* | 2018 | 2017(1) | 2017* | |
Transport and Logistics | 1,457 | 1,321 | 1,387 | 1,490 | 1,322 | 1,368 |
Oil logistics | 670 | 580 | 584 | 590 | 472 | 475 |
Communications (Havas, Media, Telecoms) | 3,122 | 3,043 | 531 | 3,366 | 3,281 | 2,535 |
Electricity Storage and Solutions | 79 | 70 | 73 | 83 | 74 | 76 |
Others (Agricultural Assets, Holding Companies) | 7 | 6 | 6 | 6 | 5 | 5 |
Total revenue Bolloré Group | 5,333 | 5,020 | 2,581 | 5,536 | 5,155 | 4,460 |
- at constant scope and exchange rates
(*) December and June 2017 data adjusted, see "Comparability of financial statements" section
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.
Operating income by activity |
(in millions of euros) | 1st half 2018 | 1st half 2017* | Change |
Bolloré Transport & Logistics | 266 | 256 | 4% |
Transport and Logistics(1) | 255 | 246 | 4% |
Oil logistics | 11 | 10 | 17% |
Communications (Vivendi, Havas, Media, Telecoms)(2) | 370 | 247 | 50% |
Electricity Storage and Solutions | (77) | (79) | - |
Other (agricultural assets, holdings)(1) | (16) | (14) | - |
Total Operating Income Bolloré Group | 544 | 409 | 33% |
% Revenue | 5.0% | 5.8% | -81 bps |
- Before Bolloré trademark fees
- Including, in 2018, 6 months in which Vivendi was fully consolidated, namely €384m (compared with, in 2017, 2 months in which Vivendi was fully consolidated and 4 months in which it was classified as an operating company accounted for using the equity method and 6 months of Havas, namely €261.3m)
(*) December and June 2017 data adjusted, see "Comparability of financial statements" section
Detailed presentation of the financial statements is available online at www.bollore.com.
The procedures for a limited review of the half-year financial statements have been carried out. The limited review report will be issued after reviewing the half-year financial report.
*****
***
*
New reporting standards applied from January 1, 2018
- IFRS 15 - "Revenue from Contracts with Customers"
- No material impact on revenue or on consolidated operating income
- Bolloré nevertheless elected to apply this change in accounting standard to the 2017 fiscal year, thereby making the data presented for H1 2017 comparable.
- IFRS 9 -"Financial instruments"
- In accordance with this standard, choice of classification of securities at fair value through profit or loss or through equity with adjustment in opening balance sheet at January 1, 2018.
- Material impact on H1 2018 net income:
Vivendi's €1,216m capital gain following the sale of its stake in Ubisoft on March 20, 2018 could not be recognized in the profit and loss statement except for €56m (corresponding to the revaluation of the stake between January 1 and March 20, 2018).
Under the former IAS 39, it would have been fully recognized in profit and loss in H1 2018.
- Change in the consolidation scope
- Vivendi has been fully consolidated since April 26, 2017, i.e., for 6 months in 2018 and 2 months in 2017. It was previously accounted for using the equity method.
- The work on the recognition of Vivendi's assets and liabilities at fair value was finalized in first half 2018, in accordance with IFRS 3 - Business Combinations. The 2017 financial statements were adjusted to reflect the effects of the final allocation.
- Havas was sold to Vivendi in July 2017 and was consolidated by Vivendi in H1 2018.
- Foreign exchange
- The euro strengthened against the main currencies compared with H1 2017.
H1 2018 | H1 2017 | Change | |
USD | 1.21 | 1.08 | (12%) |
GPB | 0.88 | 0.86 | (2%) |
JPY | 131.60 | 121.70 | (8%) |
ZAR | 14.89 | 14.31 | (4%) |
NGN | 436.10 | 337.70 | (29%) |
CDF | 1,954.00 | 1,455.00 | (34%) |
- 2017 reconciliations
- Restated Income Statements of December 2017 and June 2017
Millions of euros | 1st Half 2017 Reported | 1st Half 2017 Restated | (in millions of euros) | December 2017 Reported | December 2017 Restated | |
Revenue | 7,055.9 | 7,041.2 | Revenue | 18,325.2 | 18,290.4 | |
Operating income | 442.7 | 409.0 | Operating income | 1,123.9 | 1,115.1 | |
Financial income | 177.9 | 177.9 | Financial income | 118.8 | 118.8 | |
Share in net income of non-operating companies accounted for using the equity method | 45.6 | 45.6 | Share in net income of non-operating companies accounted for using the equity method | 115.5 | 115.5 | |
Corporate income tax | (161.1) | (150.5) | Corporate income tax | 723.3 | 699.5 | |
Consolidated net income | 505.2 | 482.0 | Consolidated net income | 2,081.5 | 2,048.9 | |
Consolidated net income, Group share | 333.2 | 329.6 | Consolidated net income, Group share | 699.4 | 695.0 | |
Minority interests | 171.9 | 152.4 | Minority interests | 1,382.1 | 1,353.9 | |
Earnings, Group share per share (in euros, excluding treasury shares) | Earnings, Group share per share (in euros, excluding treasury shares) | |||||
- basic | 0.11 | 0.11 | - basic | 0.24 | 0.24 | |
- diluted | 0.11 | 0.11 | - diluted | 0.24 | 0.24 |
- Balance Sheets restated as of December 31, 2017 and January 1, 2018
Assets - in millions of euros | December 31, 2017 Reported | January 1, 2018 Restated | Equity and liabilities - in millions of euros | December 31, 2017 Reported | January 1, 2018 Restated | |
Goodwill | 14,459.6 | 13,988.0 | Shareholders' equity | 31 857,9 | 31,078.5 | |
Intangible and tangible assets | 13,399.3 | 13,039.6 | Net debt | 4,841.4 | 4,841.4 | |
Securities accounted for using the EM and financial assets | 14,829.5 | 14,721.3 | Provisions | 2,289.6 | 2,289.8 | |
Total assets | 42,688.4 | 41,748.9 | Net deferred tax assets | 1,703.0 | 1,608.4 | |
Net WCR and other | 1,996.4 | 1,930.7 | ||||
Total liabilities | 42,688.4 | 41,748.9 |
1December and June 2017 data adjusted, see "Comparability of financial statements" section
2 As reported in Vivendi' s consolidated accounts
3Data published by Vivendi at constant scope and exchange rates.
4 Vivendi's contribution over the 6 months of first half 2018, i.e., €6,460m, compared with only 2 months of Vivendi and 6 months of Havas in the first half of 2017, i.e., €3,041m.
5EBITDA = Operating income - amortization and operating provision (including the share of net income of equity-accounted operating companies).
6 Excluding Havas and Vivendi
7 Including the share-loan agreement for 2.7% of the share capital and the remaining call options which represent 1% of capital
8 Non-consolidated
9 Almost fully recognized directly in equity
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: BOLLORE via Globenewswire