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Bolloré : First-half 2021 results

07/30/2021 | 11:40am EDT

First-half 2021 results30 July 2021

Good results continued
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:
  • Communications:
  • 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.

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 -€115 million, 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).

The net income of equity-accounted non-operating companies totalled -€24 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 -€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.

Group structure 

  • 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).

  • 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)H1 2021H1 2020Change 2020-2021
EBITDA (1)1,6651,45415%
Depreciation and provisions(341)(506) 
Adjusted operating income (EBITA(1))1,32494840%
Amortisation resulting from PPAs (1)(208)(194) 
o/w operating equity associates294 
Financial income(115)447 
Share of the net income of equity-accounted non-operating companies(24)(91) 
Net income651758(14%)
Net income Group share21917426%
Minority interests432584(26%)
 June 30,
December 31, 2020Change 2020-2021
Shareholders’ equity31,01425,9845,030
o/w Group share11,7719,0842,687
Group net debt6,8519,136(2,284)
Gearing (2)22%35% 

(1)   See glossary
(2)   Gearing: net debt/equity ratio

Change in revenue by business activity in the first half

(in € millions)H1H1ReportedOrganic H1
 20212020growthGrowth 2019
Transportation and Logistics3,2232,85613%15% 2,974
Oil logistics1,1651,04611%12% 1,278
Communications8,2197,5749%12% 7,351
Electricity Storage and Systems17412242%43% 160
Other (Agricultural Assets, Holding)513(63%)(63%) 17
Total12,78611,61210%13% 11,780

Change in revenue per quarter

(in € millions)      Q1Q2
 20212020 organic growth2020 reported growth20212020 organic growth2020
Reported growth
Transportation and Logistics1,5551,3581,3941,6681,4531,462
Oil logistics565630631600413415
Electricity Storage and Systems806465945858
Other (Agricultural Assets, Holding)288366

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 2021H1 2020Reported
 H1 2019
Bolloré Transportation & Logistics33530311%15% 309
      Transportation and Logistics (1)31226817%22% 284
      Oil logistics2335(34%)(34%) 25
Communications1,06673545%49% 718
Electricity Storage and Systems(50)(67)25%17% (81)
Other (Agricultural Assets, Holding)(1)(28)(23)(20%)(22%) (27)
Group EBITA1,32494840%43% 919

(1)   Before Bolloré trademark fees

A detailed presentation of the results is available at www.bollore.com.
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

  • Performance indicators

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 June 1st, 2021.

  • Evolution of main currencies
 Average rateH1 2021 H1 2020Change  
  • 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 Transport, 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.


  • 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 Bolloré 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 Bolloré 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 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.


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Sales 2021 25 960 M 30 420 M 30 420 M
Net income 2021 526 M 616 M 616 M
Net Debt 2021 6 135 M 7 189 M 7 189 M
P/E ratio 2021 34,6x
Yield 2021 1,12%
Capitalization 15 760 M 18 455 M 18 468 M
EV / Sales 2021 0,84x
EV / Sales 2022 0,77x
Nbr of Employees -
Free-Float 30,2%
Duration : Period :
Bolloré SE Technical Analysis Chart | MarketScreener
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Technical analysis trends BOLLORÉ SE
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 5
Last Close Price 5,38 €
Average target price 5,58 €
Spread / Average Target 3,85%
EPS Revisions
Managers and Directors
Cyrille Bolloré Chairman & Chief Executive Officer
Cédric de Bailliencourt dit Courcol Chief Financial Officer & Director
Hubert Fabri Independent Director
Olivier Roussel Independent Director
François Thomazeau Independent Director
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BOLLORÉ SE58.93%18 455
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