Trasporti
Bolloré :2023 results
BOLLORÉ
Results in line with expectations
after significant changes in scope
- Bolloré Africa Logistics for the 2022 fiscal year, sold on December 21, 2022;
- Bolloré Logistics for fiscal years 2022 and 2023 reclassified as a business held for sale (sale completed on February 29, 2024);
- Lagardère, fully consolidated by Vivendi from December 1, 2023;
- Editis, deconsolidated since June 21, 2023 and sold on November 14, 2023.
2023 results
During the meeting of Bolloré's Board of Directors on March 14, 2024, the financial statements for 2023 were approved.
Revenue was 13,679 million euros, down 5% at constant scope and exchange rates:
On a reported basis, revenue was stable, taking into account +793 million euros in changes in scope (including mainly 645 million euros corresponding to the full consolidation of Lagardère by Vivendi since December 1, 2023) and
-52 million euros of foreign exchange impacts (appreciation of the Euro against the US Dollar, the Argentinian peso and the British pound).
Adjusted operating income (EBITA ) came out at 994 million euros, down 6% at constant scope and exchange rates:
Financial income amounted to -83 million euros,
compared with -1,051 million euros in 2022.
This includes an increase in dividends received and investment income. In 2022, a loss of 1,494 million euros from the discontinuation of accounting of Telecom Italia as an equity-accounted company and the fair value adjustment of the shareholding in Vivendi's financial statements. It also included a 515 million euros capital gain on Banijay Holdings Group following Vivendi's exchange of its 32.9% stake in Banijay for 19.9% in FL Entertainment (FLE), listed since July 1, 2022.
The net income from equity-accounted non-operating companies totaled -76 million euros,
compared with
-345 million euros in 2022. This includes -89 million euros share of MultiChoice net income, and 27 million euros contribution from the Socfin Group. In 2022, it included -393 million euros of Telecom Italia's share of net income and a 48 million euros contribution from the Socfin Group.
After tax of -198 million euros (compared with -83 million euros in 2022), consolidated net income is 566 million euros , compared with 2,724 million euros in 2022, which included the capital gain on the sale of Bolloré Africa Logistics (3,150 million euros) and, at Vivendi, the result of the deconsolidation of Telecom Italia (-1,494 million euros) and the capital gain on the contribution of the stake in Banijay Holdings Group to FL Entertainment (515 million euros).
Net income Group share came out at 268 million euros, compared with 3,400 million euros in 2022.
Shareholders' equity was 36,406 million euros, compared with 36,568 million euros at December 31, 2022, taking into account the full consolidation of Lagardère (equity-accounted in 2022 and until November 30, 2023) and the acquisition of Bolloré shares as part of the simplified cash tender offer.
As of December 31, 2023, the Bolloré Group (excluding Vivendi) had a net positive cash position of 1,373 million euros , down from 2,067 million euros at the end of 2022. Including Vivendi, The Group's net debt amounted to 1,465 million euros , compared with a positive cash position of 1,207 million euros at December 31, 2022, taking into account:
Taking these factors into account, gearing stood at 4% at December 31, 2023 .
At the end of February 2024, the Bolloré Group (excluding Vivendi) had 12 billion euros in cash and confirmed credit lines.
Group structure
Proposed dividend: 0.07 euros per share
The General Shareholders Meeting will be asked to distribute a dividend of 0.07 euros per share (including an interim dividend of 0.02 euros already paid in 2023),up 17%.
The dividend will be detached on June 25, 2024 and the payment, exclusively in cash, will be made on June 27, 2024.
Consolidated key figures for Bolloré
* In accordance with IFRS 5, and in order to ensure comparability of results, the reclassifications as discontinued operations or operations in the process of being sold concern the Group's Transport and Logistics operations outside Africa for the 2022 and 2023 financial years (these activities have been earmarked for disposal since 8 May 2023). As a reminder, the published figures already included the reclassification as discontinued operations of the Group's Transport and Logistics activities in Africa for financial year 2022 (these activities were sold on 12/21/2022) and Editis for the 2022 and 2023 financial years (since 06/21/2023, Editis has been deconsolidated following the loss of control and sold on 11/14/2023).
(1) See glossary.
(2) Including, for 2023, contributions from UMG (67 million euros) and Lagardère (125 million euros) accounted for using the operational equity method at Vivendi and the contribution of UMG accounted for under the operational equity method at Bolloré (120 million euros), as opposed to 365 million euros in 2022.
(3) Gearing: net debt/equity ratio.
Revenue by business activity in 2023
Change in revenue per quarter
Adjusted operating income by business activity (EBITA)
All amounts are expressed in millions of euros and rounded to the nearest decimal.
* In accordance with IFRS 5, and in order to ensure comparability of results, the reclassifications as discontinued operations or operations in the process of being sold concern the Group's Transport and Logistics operations outside Africa for the 2022 and 2023 financial years (these activities have been earmarked for disposal since 8 May 2023). As a reminder, the published figures already included the reclassification as discontinued operations of the Group's Transport and Logistics activities in Africa for financial year 2022 (these activities were sold on 12/21/2022) and Editis for the 2022 and 2023 financial years (since 06/21/2023, Editis has been deconsolidated following the loss of control and sold on 11/14/2023).
(1) Like-for-like scope and exchange rates.
(2) Before group fees and Bolloré trademark royalties.
(3) Of which the contributions from UMG (94 million euros) and Lagardère (125 million euros) using the equity method at Vivendi in 2023.
A detailed presentation of the results is available at www.bollore.com.
The audit procedures of the consolidated financial statements have been carried out. The certification report will be issued after finalization of the procedures required to submit the Universal Registration Document (URD).
Comparability of financial statements
Glossary
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 ) Including contributions from equity-accounted operating companies at Vivendi (UMG (€94 million) and Lagardère (€125 million): +€219 million and contribution of UMG's equity-accounted operating company at Bolloré: +€169 million.
* In accordance with IFRS 5 and to ensure comparability of results, the reclassifications to discontinued or held for sale concern the Group's Transport and Logistics activities outside Africa for the 2022 and 2023 fiscal years (these activities are intended to be sold as of May 8, 2023).
( 3 ) See glossary for EBITA definition.
(4) Before group expenses and Bolloré trademark fees.
( 5 ) Including contributions from UMG (€94m) and Lagardère (€125m) accounted for by the equity method at Vivendi in 2023.
(6) Vivendi ceased to account for Telecom Italia as an equity-accounted shareholding on 31/12/2022.
(7) Vivendi has fully consolidated Lagardère since December 1, 2023.
(8) As reported by Vivendi after restatement of commitments to repurchase minority interests (667 million euros).
(9) See terms agreed in Bolloré SE securities note (Autorité des marchés financiers visa n°23-161 dated May 15, 2023).
(10) Including shares held by Compagnie de l'Odet.
( 11 ) Pursuant to Article 7(2) of Regulation (EC) 139/2004 on the control of concentrations between undertakings, Vivendi could not exercise the voting rights attached to the Lagardère shares acquired from Amber Capital in 2021 and the Lagardère shares acquired under the tender offer in 2022 until the approval of the acquisition of control of Lagardère by the European Commission.
(12) As part of the tender offer, Vivendi has allocated 31,139,281 Lagardère transfer rights, exercisable at a unit price of €24.10 up and including December 15, 2023. However, the General Meeting of beneficiaries of Lagardère share transfer rights, held on December 11, 2023, approved the extension of the transfer rights exercise period to June 15, 2025. The other terms and conditions of the transfer rights remain unchanged, in particular the exercise price of €24.10.
(13) Viu and Multichoice Group Ltd are accounted for by Vivendi as non-operating companies accounted for under the equity method.
Attachment
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