Bollore : Half-year financial report 2017

Bolloré Half-year financial report 2017

BOLLORÉ HALF-YEAR FINANCIAL REPORT 2017

SUMMARY

ACTIVITY REPORT KEY FIGURES FIRST-HALF 2017 RESULTS ACTIVITIES EVENTS AFTER THE REPORTING MAIN RISKS AND PERIOD UNCERTAINTIES MAIN RELATED-PARTY TRANSACTIONS GROUP STRUCTURE CHANGE IN THE SHARE PRICE	3 4 8 17 19 20 21 22
CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED INCOME STATEMENT NOTE TO THE CONSOLIDATED FINANCIAL STATEMENT	23 30
STATUTORY AUDITORS' REVIEW REPORT ON THE HALF-YEARLY FINANCIAL INFORMATION	63
STATEMENT OF THE PERSON RESPONSIBLE FOR THE HALF-YEAR REPORT	64

BOLLORÉ HALF-YEAR FINANCIAL REPORT 2017 Activity report - 1. Key figures

ACTIVITY REPORT

1_KEY FIGURES

• Full consolidation of Vivendi Group from April 26, 2017

  The financial statements for the first half of 2017 include four months of the Group's share of Vivendi's earnings as an equity affiliate and two months of Vivendi's earnings under full consolidation since April 26, 2017.

• Disposal to Vivendi of Bolloré Group's shareholding in Havas (59.2%) for 2,317 million euros on July, 2017

  The Bolloré Group sold its 59.2% stake in Havas on July 3, 2017 for 9.25 euros per share, or a total of 2,317 million euros. Taking into account the dividend of 0.18 euros received in June 2017, the sale represents a total value of 2,362 million euros.

  In accordance with the regulations, Vivendi plans to file a simplified tender offer for Havas's remaining share capital, again at 9.25 euros per share, without aiming to achieve a delisting of the Havas share.

• First Half 2017 results

  • Group turnover: 7,056 million euros +42 % including 1,909 millions of euros from Vivendi, which has been fully consolidated for two months, + 5% at constant scope and exchange rates

  • Operating income: 443 million euros, + 45% (including a 189 million euros contribution from Vivendi, which has been fully consolidated for two months)

  • Net income, Group share: 333 million euros, -3% (in the absence of a dividend from Vivendi following its consolidation).

  • Net cash from operating activities: 459 million euros, compared to 431 million euros in the first half of 2016

  • Net debt: 3,981 million euros compared to 4,259 million euros as at December 31, 2016

  • Gearing ratio: 13% compared to 41% at end-2016

  • Total market value of portfolio of Bolloré and Vivendi listed securities (at June 30, 2017): 7,292 million euros.

• Interim dividend

The Board of Directors of Bolloré has decided to pay an interim dividend of 0.02 euro per share, the same as last year, payable in cash or in shares.

BOLLORÉ HALF-YEAR FINANCIAL REPORT 2017 Activity report - 2. First half 2017 results

2_FIRST HALF 2017 RESULTS

Consolidated key figures
in millions of euros	1st Half 2017	Bolloré	Vivendi FC	1 st Half 2016	Change
Turnover	7,056	5,147	1,909	4,953	42%
EBITDA (1)	754	460	294	487	55%
Depreciation, amortization and provisions	(311)	(206)	(105)	(182)	71%
Operating income	443	254	189	305	45%
Financial income	178	178	225	(21%)
Share in the net income of equity-accounted non- operating companies	46	46	(4)
Taxes	(161)	(106)	(56)	(117)
Net income	505	372	133	409	(23%)
Net income group share	333	313	20	342	(3%)
Minorities	172	59	113	67
Earnings per share (2)	0.11	0.12	(3%)
Net cash flow from operations	459	431	29
Net industrial investment	(451)	(315)	(136)
Net financial investment	(70)	(57)	(13)
in millions of euros	June 30, 2017	Bolloré	Vivendi FC	December 31, 2016	Change (€ million)
Shareholders' equity	31,146	11,219	19,927	10,281	20,865
of which Group share	9,827	8,915	912
Net debt	3,981	4,643	(662)	4,259	(278)
Gearing ratio	13%	41%	-
Market value of portfolio of listed securities (3)	7,292	1,011	6,281	4,553	2,739
Liquidity - Undrawn amount available (4)	3,101 (5)	~1,800
(1) including income from opetating companies accounted for using the equity method in the amount of 38 million euros at June 30, 2017
(2) excluding treasury shares
(3) taking into account the value of Vivendi call options at December 31, 2016
(4) excluding Havas and excluding Vivendi
(5) at the end of July 2017

Turnover
in millions of euros	1st half 2017	1st half 2016 (1)	1st half 2016	Reported growth (%)	Organic growth (%)
Transport and logistics	2,802	2,699	2,723	2.9%	3.8%
Oil logistics	1,064	960	959	11.0%	10.8%
Communication (Vivendi, Havas, Media, Telecoms)	3,030	2,902	1,111	172.8%	4.4%
Electricity Storage and Solutions	149	148	148	0,7%	0.6%
Others (Agricultural Assets, Holdings Companies)	12	13	13	(11,8%)	(11.9)
Total Turnover Bolloré Group	7,056	6,723	4,953	42.5%	5.0%
(1) at constant scope and exchange rates
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.