COMPAGNIE DE L'ODET
PRESS RELEASE |
Financial information for the first quarter of 2022 | |
First quarter 2022 revenue:
Up 28% at constant scope and exchange rates
(+ 33% as reported)
Revenue in the first quarter of 2022
At constant scope and exchange rates, the Group’s revenue for the first quarter of 2022 was up by 28% at €5,697M. This development includes mainly:
- a 47% increase in the transport and logistics activity, driven by the increase in freight rates and volumes in the air freight forwarding, satisfactory performance of port concessions and continued resumption of logistics activities in
Africa ;
- the 52% increase in oil logistics activity due to higher oil prices, in an international context marked by the war in
Ukraine ;
- 8% growth in communication activities, thanks to growth in Canal+ (+6%) and Havas Group (+11%) and despite the 2% decline in
Editis after a record 2021;
- the increase in the electricity storage and systems business (+44%) thanks to the increase in sales of 12 meter buses and the increase in plastic films and specialized terminals.
Revenue as reported increased by 33% compared to the first quarter of 2021, taking account of favorable foreign exchange impacts of +€64M, and a scope effect of +€89M, mainly associated with the acquisition of
Change in revenue by business
(in millions of euros) | Q1 | ||||
2022 | 2021 (1) | 2021 | Reported growth | Organic growth | |
Transportation and Logistics | 2,361 | 1,609 | 1,555 | +52% | +47% |
Oil Logistics | 848 | 559 | 565 | +50% | +52% |
Communications | 2,376 | 2,202 | 2,094 | +13% | +8% |
Electricity Storage and Systems | 112 | 77 | 80 | +40% | +44% |
Other (agricultural assets, media and Holdings) | 2 | 2 | 2 | -15% | -16% |
Total Group revenue | 5,697 | 4,449 | 4,296 | +33% | +28% |
(1) at constant scope and exchange rates
At constant scope and exchange rates, compared to the first quarter of 2021, changes in the main sectors were as follows:
- Transportation and Logistics, Oil Logistics:
- Revenue from the transport and logistics activity was €2,361M, up 47% compared to the first quarter of 2021.
It benefited from the sharp increase in the freight forwarding: €1,734M (+62%) driven by the increase in freight rates in all areas as well as the increase in air traffic volumes, which benefited in particular from strong growth among some of its customers.
It also includes the growth of Bolloré Africa Logistics by €627M (+16%), thanks to the satisfactory performance of the port terminals (notably
- Oil logistics revenues came out at €848M, up 52%, due to the increase in oil prices, linked to the international context marked by the war in
Ukraine , and the virtual stability of volumes sold.
- Communications (Vivendi):
Revenue from the communications business was €2,376M, showing organic growth up by 8% compared to the first quarter of 2021. Vivendi benefited from the growth in Canal+ (+6%), with increased revenues from all its business lines (television in
- Electricity storage and Systems:
Industrial revenues were €112M (electricity storage, plastic films, terminals and specialized systems), up 44% compared to the first quarter of 2021. This growth was driven by the acceleration in 12 meter bus sales, the increase in plastic film activities, which benefited from the increase in volumes and especially in prices, and the increase in specialized terminals (IER/AS) thanks to the development of the pedestrians and passengers business.
Highlights and recent events:
- Agreement with
MSC Group for the sale of Bolloré Africa Logistics
Following the exclusive negotiations announced on
The sale remains subject to regulatory and competition approvals and the agreement of certain of Bolloré Africa Logistics' counterparties and is expected to be completed by the end of the first quarter of 2023.
The Bolloré Group will remain strongly involved in
- Vivendi’s takeover bid for Lagardère
Vivendi's public tender offer for Lagardère's shares was opened on
Vivendi is proposing to Lagardère shareholders:
- Either on a principal basis: to sell their Lagardère shares at a unit price of €25.50 (with dividend
attached); or - On a subsidiary basis: to benefit, for each Lagardère share tendered to this subsidiary leg and held until the closing date (inclusive) of the offer, which may be reopened, subject to a proportional reduction (see below), from a right to sell such share to Vivendi at a unit price of €24.10 until
December 15, 2023 (inclusive).
If the number of shares tendered to the principal offer during the first offer period is insufficient to reach the validity threshold, Vivendi will acquire in cash at the price of the principal offer the number of shares tendered to the subsidiary offer necessary to reach 51% of the share capital of Lagardère at the closing date of the first offer period.
If this offer is successful and the required regulatory approvals are obtained, Vivendi would like
Vivendi does not intend to apply to the AMF for a squeeze-out of Lagardère's shares or to request the delisting of Lagardère's shares from Euronext Paris.
- Disposal of SFDM (Société Française Donges-Metz)
In
Conflict in
The Group, which operates in
The share of 2021 revenue generated in
Impact of the health crisis
The evolution of the Covid-19 pandemic, as well as the extent of its impact on the global economy, remains uncertain. The company has taken all appropriate actions to deal with the situation, protect its employees and limit the consequences thereof on its businesses. To date, the company does not believe that there will be any material impact on the 2022 financial statements or on the continuity of its business.
Attachment
- 04-22-22-Odet-CAT1-2022__EN
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