across all of the Bolloré Group's business activities
After a very resilient first half 2020, the Group's revenues increased by 13% and its adjusted operating income (EBITA(1)) grew by 43%, at constant scope and exchange rates in the first half of 2021.
Revenue: €12,786 million, +13% at constant scope and exchange rates.
Adjusted operating income (EBITA(1)): €1,324 million, +43% at constant scope and exchange rates:
Bolloré Transport & Logistics:
Electricity Storage and Systems:-€50m vs. -€67m on a reported basis (+25%)
Net income, Group share: €219 million (+26%), 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%. The sale is recognised in equity for €2.8 billion. Total net income stands at €651 million(-14%), given the drop in the share prices of Spotify and Tencent Music Entertainment securities after a sharp increase in first half of 2020.
Net debt: €6,851 million, down -€2,284 million compared to December 31, 2020, of which €3,973
million for Bolloré, down -€210 million. Gearing: 22% vs. 35% at the end of 2020.
Maintaining a high level of liquidity at €3.2 billion as of June 30, 2021, excluding Vivendi's undrawn confirmed credit lines and liquid investments.
Interim dividend: €0.02 per share payable in cash on September 3, 2021.
1 See glossary
First-half 2021 results
At its meeting on July 30, 2021, Bolloré's Board of Directors 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 €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 €1,324 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-€115million, compared with +€447 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).
2 See glossary
The net income of equity-accountednon-operating companies totalled -€24 million, compared with-€91million 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 -€325 million in tax (compared with -€353 million in the first half of 2020), consolidated net income amounted to €651 million, compared with €758 million in the first half of 2020.
Net income Group share came out at €219 million, compared with €174 million in the first half of 2020.
Net debt amounted to €6,851 million versus €9,136 million at December 31, 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 came to €31,014 million (€25,984 million at December 31, 2020), an improvement of €5,030 million, particularly given the impact of the sale of an additional 10% of UMG to Tencent on January 29, 2021 (+€2.8 billion).
At June 30, 2021, the Group's liquidity position, undrawn confirmed lines and liquid investments represented €3.2 billion for Bolloré, excluding credit lines and investments at Vivendi level.
Universal Music Group (UMG)
Additional sale of 10% of UMG to Tencent
On January 29, 2021, Vivendi finalised 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).
Following the loss of significant influence, due in particular to the reduction of the stake.
Subject to approval of the transaction by the AFM and to the decision of the payment of an exceptional interim dividend by Vivendi.
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, 2021.
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.
Interim dividend: €0.02 per share
Bolloré's Board of Directors decided to pay an interim dividend of €0.02 per share, identical to that of last year, payable only in cash.
The interim dividend will be detached on September 1, 2021 and the payment will be made on September 3, 2021.
Composition of the Board of Directors
Bolloré's Board of Directors held on July 30, 2021 co-opted Sophie Kloosterman as director to replace Dominique Hériard-Dubreuil.
Consolidated key figures for Bolloré
(in € millions)
Depreciation and provisions
Adjusted operating income (EBITA(1))
Amortisation resulting from PPAs (1)
o/w operating equity associates
Share of the net income of equity-
accounted non-operating companies
Net income Group share
o/w Group share
Group net debt
Gearing: net debt/equity ratio
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