August 27, 2015
Net income for the first half of 2015 Turnover: €5.3 billion, up 5% (down 0.3% at constant scope and exchange rates).
Ebitda: up 17% to €536 million, buoyed by the strong performance of transportation logistics and communication.
Operating income: up 11% to €338 million.
Consolidated net income: €552 million, up from €217 million at June 30, 2014, with the
contribution of dividends from Vivendi.
Group share of net income: €476 million as against €133 million at June 30, 2014.
Ratio of net debt to equity: 36%
Interim dividend of €0.02 per share, similar to the dividend paid out in October 2014 (1), payable in cash or shares.
Bolloré's Board of Directors meeting on August 27, 2015, approved the financial statements for the first half of 2015.
Consolidated turnover came to €5,343 million, up 5% and down a slight 0.3% year-on-year at constant scope and exchange rates, mainly incorporating an increase in transportation and logistics activities (up 4.7%), and in communications activities (up 5.9%), as well as a pull-back in oil logistics activity (down 15.5%) owing to a drop in prices of oil products.
In gross data, currency fluctuations primarily impacted on transportation and logistics and communication activities with a
€238 million positive effect on turnover.
Ebitda was up 17% to €536 million.
Operating income came in at €338 million, a rise of 11% year-on year, taking into account:
the improved performance of transportation & logistics activities, reflecting the strength of freight forwarding globally and port developments in Africa;
the rise in oil logistics, particularly with more severe temperatures in the first half of 2014;
growth in the communications sector owing to the increased income of Havas;
sustained spending in electricity storage (batteries, supercapacitors, electric vehicles, stationary power applications).
Financial income was €263 million, up from -€15 million at June 30, 2014. It includes: €325 million in net dividends received from Vivendi.
Share in net income from non-operating companies accounted for by the equity method, which came to €63 million, as compared with €36 million in first-half 2014. It primarily includes contributions from the plantations of the Socfin Group, which contracted slightly, and Mediobanca, up sharply due to the combined increase in results and the market value of the stake.
After €112 million in taxes (vs. €113 million in first-half 2014), consolidated net income stood at €552 million, up from €217
million in first-half 2014. Net income, Group share, amounted to €476 million, compared with €133 million in the first half of
2014.
The ratio of net debt to equity was 36% versus 18% at end-2014. The increase in net debt to €4,334 million from €1,771
million was mainly due to the following:
the increase in the equity interest in Vivendi from 5.1% to 14.4%, representing an additional investment of close to
€3 billion;
the disposal of 22.5% of Havas for €590 million following Bolloré's public exchange offer completed in the first half of
2015 to support the share's liquidity and bring its stake in Havas to 60%.
1/3
Following the investment in Vivendi, the market value of the listed share portfolio (Vivendi, Mediobanca, Socfin, Socfinasia and Socfinaf) amounted to €5.5 billion at July 30, 2015 versus €2.2 billion as at December 31, 2014.
The Group's liquidity(2) amounted to €1.8 billion at 30 June 2015, including a new €450 million bond issue in July 2015.
On the basis of the Group's H1 2015 net income, Bolloré's Board of Directors decided to pay out an interim dividend of €0.02 per share(1), payable in cash or shares. The ex-dividend date will be September 8, 2015, with payment or delivery of shares on October 2, 2015. The subscription price for the share payment option is €4.35 and the subscription period runs from September 8 to September 25, 2015. Issued shares will start bearing dividends on January 1, 2016.
(1) After dividing the par value by 100 in December 2014 (2) Excluding Havas
*****
***
*
Bolloré key consolidated figures
(in millions of euros)
1st half 2014
(3)
1st half 2015 1S2015 vs
1S2014
Turnover 5,090 5,343 + 5% Ebitda(4) 460 536 +17% Amortization and provisions (155) (198)
Operating income 305 338 +11% O/w share in the net income of operational equity-accounted companies 10 10Financial income (15) 263
Share in net income of non-operating companies accounted for by the equity method
36 63
Taxes (113) (112)
Net income from discontinued operations 3 0
Net income 217 552 of which Group share 133 47612/31/2014 06/30/2015
Shareholders' equity 9,806 12,065of which Group share 8,149 10,816
Net indebtedness 1,771 4,334Net indebtedness/shareholders' equity ratio 0.18 0.36
Market value of listed share portfolio(5) 2,177 5,462
(3) IFRIC 21 restatement
(4) Including earnings from operating equity companies
(5) Taking into account the impact from financing on Vivendi stock.
Operating income by business
(in millions of euros)
1st half 2014
(3)
1st semestre
2015
Transport and Logistics (6) | 288 | 290 |
Oil logistics | 11 | 18 |
Communications (Havas, Media, Telecoms) | 86 | 106 |
Electricity storage and solutions | (60) | (53) |
Other (agricultural assets, holdings) (6) | (20) | (23) |
Operating income | 305 | 338 |
(6) Before trademark fees
2/3
Change in turnover by business segment
(in millions of euros)
1st half
2014
1st half
2014
(at constant structure and exchange rates)1st half
2015
Change (at constant structure and exchange rates)
Change
- gross data
Transportation & Logistics 2,696 2,839 2,973 +4.7% +10.3% Oil logistics 1,360 1,375 1,169 -15.0% -14.1% Communications (Havas, Media, Telecoms) 903 1,009 1,068 +5.9% +18.3%
122
13
5,358Change in turnover by quarter
1st quarter 2nd quarter
(in millions of euros)
2014
2014
(at constant structure and xchange rates)2015 2014
2014
(at constant structure and xchange rates)2015
Transportation & Logistics 1,322 1,388 Oil logistics 723 730 Communications (Havas, Media, Telecoms) 406 455 Electricity storage and solutions 60 61 Other (agricultural assets, holding companies) 6 6 Total 2,517 2,640 | 1,463 619 485 59 5 2,631 | 1,374 1,451 637 645 497 554 58 61 7 7 2,573 2,718 | 1,510 550 583 64 5 2,712 |
The detailed presentation of results is available at www.bollore.com. The financial statements have been reviewed by the Statutory Auditors.
3/3
distributed by |