Financiere de l'Odet : Good results 2020 for all business activities

PRESS RELEASE

2020 results

March 4, 2021

Good results 2020 for all business activities

• ▪ Revenue: €24,108 million, -3% (-3% at constant scope and exchange rates).

• ▪ Adjusted operating income (EBITA(1)): €2,043 million +25% (+23% at constant scope and exchange rates):

  • • Bolloré Transport & Logistics:

  • • Communication (Vivendi):

  • • Electricity Storage and Systems:

  €607m -5% €1,627m +7% -€102m versus -€434m (+76%)

• ▪ Net income: €1,549 million, up (+11%) not including a capital gain on the sale on March 31, 2020, of 10% of Universal Music Group's (UMG) on the basis of an enterprise value of €30 billion for 100%, recognised in equity for €2.8 billion) Net income Group share: €214 million, up 76%.

• ▪ Net debt: €9,102 million, Gearing: 38%, compared with €8,781 million at December 31, 2019, of which €4,149 million for Financière de l'Odet excluding Vivendi, down €567 million year on year and €4,953 million for Vivendi, before the receipt of €2.8 billion from the sale of a further 10% of UMG on January 31, 2021.

• ▪ Liquidity remained at a high level: €9.4 billion as of January 31, 2021, including €3.1 billion for Financière de l'Odet.

• ▪ Being Financière de l'Odet cash positive, it is proposed to distribute a dividend of €3 per share compared to €1 per share paid in respect of 2019.

1 See glossary

Page 1

2020 results

Financière de l'Odet's Board of Directors approved the financial statements for 2020, at its meeting on March 4, 2021.

2020 revenue amounted to €24,108 million, down 3% at constant scope and exchange rates:

• ❖ Transport and Logistics: €5,820 million, up 1%:

  • • Bolloré Logistics: +8%, benefiting the strong performance of air freight activities, largely absorbing the slight decline in the sea freight activities;

  • • Bolloré Africa Logistics: -10%, a result of the contraction in logistics business and the impact of the end of the Douala Terminal (DIT) concession in Cameroon;

• ❖ Oil Logistics: €1,900 million euros, -29%, owing to the decrease in oil-product prices and volumes;

• ❖ Communication (Vivendi): €16,085 million, -1 %, despite the growth of UMG (+5%), which failed to fully offset the decline in other activities;

• ❖ Electricity Storage and Systems: €280 million, -3%, due to the decline in IER's industrial activities, impacted by the health crisis.

On a reported basis, revenue decreased 3%, including +€378 million in changes in scope (integration of Editis and

M7 at Vivendi and sale from Bolloré Ports France and Wifirst) and -€289 million in foreign exchange impacts (resulting from the decline in the US dollar and other currencies).

Adjusted operating income (EBITA(2)) came out at €2,034 million, up 25% (+23% at constant scope and exchange rates) with:

• ❖ Transport and Logistics: €551 million, -2%, given the end of the concession of the Douala Terminal (DIT) in Cameroon and the contraction in logistics business in Africa, partially offset by the good performance in freight forwarding, mainly in the air sector, and port terminals;

• ❖ Oil Logistics: €56 million, stable, growth in earnings from distribution and storage activities having been offset by a negative inventory effect in 2020;

• ❖ Communication (Vivendi): €1,627 million, +4%, thanks to good performances by UMG and Canal+ Group;

• ❖ Electricity Storage and Systems: €-102 million, an improvement of €332 million compared with 2019, including significant exceptional impairments as part of the strategic redeployment in batteries, buses and stationary systems.

2 See glossary

Financial income amounted to €618 million, compared with €13 million in 2019. It mainly included €591 million generated by the revaluation of Spotify and Tencent Music shares (vs. €139 million in 2019).

The net income of equity-accounted non-operating companies totalled -€32 million, compared with €98 million in 2019, and includes:

❖ -€172 million for Mediobanca, corresponding to the fall in the share price, offset as regards financial income by a profit of €159 million corresponding to the hedges initiated on the securities and the impact of the end of the equity method for the equity interest;

❖ +€126 million for Telecom Italia.

After accounting for -€677 million in tax compared with +€35 million of tax income in 2019 which included €473 million of repayments of foreign tax credits at Vivendi, consolidated net income amounted to €1,549 million, compared with €1,402 million in 2019, is 11%. Net income Group share came out at €214 million, compared with €122 million in 2019, up by 76%.

Equity came out at €24,137 million, stable compared with 2019, including the impact of the sale of 10% of the share capital of UMG to Tencent (+€2.8 billion), offset by the buybacks of Group shares (Vivendi and Blue Solutions) and the dividends paid.

Net debt totalled €9,102 million, compared with €8,781 million at December 31, 2019, owing to an increase in Vivendi's debt (+€889 million) and before receiving €2.8 billion from the disposal of a further 10% of UMG on January 31, 2021. The debt of Financière de l'Odet excluding Vivendi decreased by €567 million year on year to €4,149 million.

On this basis, the gearing stands at 38%, compared with 37% at end-2019.

At end-January 2021, following the sale of a further 10% of UMG for €2,8 billion and a further 2% of Mediobanca for €0,2 billion, the Group's liquidity position, undrawn confirmed lines and liquid investments represented €3.1 billion for Financière de l'Odet and €9.4 billion including Vivendi.

Proposed dividend: €3 per share

With a distributable income of €797 million and being Financière de l'Odet cash positive, the General Shareholders Meeting will be asked to distribute a dividend of €3 per share, totalling to €20 million, compared to €1 per share paid in respect of 2019.

The dividend will be detached on June 10, 2021, and paid on June 14, 2021.

Moreover, the Board will propose to the General Shareholders Meeting held on Mai 26, 2021, to change the name

Financière de l'Odet into Compagnie de l'Odet.

**** *** *

Consolidated key figures for Financière de l'Odet

(€ million)	2020	2019 Change
Revenue EBITDA(1) Depreciation, amortization and provisions Adjusted operating income (EBITA(1)) Amortisation from PPAs (1) Operating income o/w operating equity associates Financial income Share in net income of non-operating companies accounted for under the equity method Taxes	24,108 3,256 (1,222) 2,034 (393) 1,641 39 618 (32) (677)	24,843 (3%) 2,910 12% (1,279) 1,631 25% (375) 1,256 31% 23 13 98 35
Net income Net income Group share Minority interests	1,549 214 1,335	1,402 11% 122 76% 1,280 4%

Equity o/w Group share Net debt

Gearing (2)

24,137 3,884 9,102 38%

• (1) See glossary

• (2) Gearing: net debt/equity ratio

31 December 2019

Change (€m)

24,021 116

3,814 70

8,781 321 37%