Trasporti
Bolloré : First-half 2024 Results
Results in line with expectations
after significant changes in scope
- Bolloré Logistics sold February 29, 2024, reclassified in 2023 as a business held for sale;
- Lagardère, fully consolidated by Vivendi as of December 1, 2023;
- Editis, deconsolidated since June 21, 2023 and sold on November 14, 2023.
First-half 2024 Results
Bolloré's Board of Directors met on July 30, 2024 to approve the financial statements for the first half of 2024.
The revenue amounted to 10,592 million euros, an increase of 4% at constant scope and exchange rates:
On a reported basis, revenue was up , taking into account +3.9 billion euros of changes in the consolidation scope (mainly +3.8 billion euros corresponding to the full consolidation of Lagardère by Vivendi since December 1, 2023) and +22 million euros in currency effects (appreciation of the Euro against the US Dollar and depreciation against the Zloty, Pound Sterling and Swiss Franc).
Adjusted operating income (EBITA ) was 619 million euros, a +10% increase at constant scope and exchange rates:
Net financial income was 51 million euros , compared with -8 million euros in the 1 half of 2023.
It includes an increase in investment income, the capital gain on the sale of Vivendi's Ticketing & Live business (106 million euros) offsetting the rise in financial expenses (including rental expenses) linked to the integration of Lagardère into Vivendi.
Net income of operating companies accounted for using the equity method was -49 million euros compared to -41 million euros in the 1 half of 2023. It includes the shares of net income from MultiChoice, Viu and Viaplay for -67.2 million euros. These negative contributions were partly offset by the Socfin Group's contribution of +18 million euros.
After taking into account -137 million euros in taxes (compared with -139 million euros in the first half of 2023), consolidated net income came to 3,884 million euros , compared with 235 million euros in the first half of 2023. This sharp rise includes the provisional net capital gain of 3.7 billion euros on the disposal of Bolloré Logistics.
Net income, Group share amounted to 3,758 million euros , compared to 114 million euros in the 1 half of 2023.
Shareholders' equity stood at 39,953 million euros, compared with 36,406 million euros at December 31, 2023, taking into account the impact of the capital gain on the sale of Bolloré Logistics on Group net income.
As at June 30, 2024, the Bolloré Group (excluding Vivendi) had a positive net cash position of 6,035 million euros compared with 1,373 million euros at the end of 2023. Including Vivendi, the Group's net cash position stood at 2,156 million euros compared with a debt of -1,465 million euros as at December 31, 2023, taking into account:
At the end of June 2024, the Bolloré Group (excluding Vivendi) had 9 billion euros in cash and confirmed lines of credit.
Group structure
transactions carried out by Bolloré SE
Transactions carried out by Vivendi
Study of the Vivendi split project
Interim dividend
Bolloré's Board of Directors has decided to pay an interim dividend of 0.02 euro per share, the same as last year, payable in cash only.
The ex-interim dividend date will be September 03, 2024, with payment on September 05, 2024.
Consolidated key figures for Bolloré
(1) See glossary.
(2) Including -95 million euros settlement with Vivendi institutional investors.
(3) Including, for the 1 half of 2024, the contribution from UMG accounted for using the equity method (+35 million euros at Vivendi and +63 million euros at Bolloré) versus, for the 1 half of 2023, the contribution from UMG (+25.5 million euros at Vivendi and +45.6 million euros at Bolloré) and the contribution from Lagardère accounted for using the equity method (26 million euros at Vivendi).
(4) Gearing: net debt/equity ratio
Change in revenue by activity
All amounts are expressed in millions of euros and rounded to the nearest decimal.
(1) Before group costs.
(2) Including the contribution of UMG (48 million euros in the first half of 2024 and 39 million euros in the first half of 2023) accounted for by the equity method at Vivendi.
A detailed presentation of the income is available on www.bollore.com.
The limited review procedures for the 2024 interim consolidated financial statements have been performed and the certification report will be issued after verification of the interim management report.
Comparability of financial statements
Glossary
The non-GAAP measures defined above should be considered as additional information that does not replace GAAP measures of operating and financial performance and Bolloré considers them to be relevant indicators of the Group's operating and financial performance. It should also be noted that other companies may define and calculate these indicators differently. The indicators used by Bolloré may therefore not be directly comparable with those of other companies.
The percentage changes shown in this document are calculated in relation to the same period of the previous 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 ) Including contributions from UMG's equity-accounted operating companies: at Vivendi for
+48 million euros and at Bolloré for +88 million euros .
(3) At constant scope and exchange rates.
( 4 ) See glossary for the definition of EBITA.
(5) Before group expenses.
( 6 ) Including the contribution of UMG (48 million euros in the first half of 2024 and 39 million euros in the first half of 2023) accounted for by the equity method at Vivendi.
(7) All of these investments are accounted for by Vivendi as non-operating associated companies.
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