Financière de l'ODet : First half 2020 results
31 Juillet 2020 - 6:00PM
Financière de l'ODet : First half 2020 results
FINANCIERE DE L'ODET
PRESS RELEASE
First half 2020 results |
July 31, 2020 |
Good half-year 2020 results for all business
linesdespite the pandemic
Adjusted operating income (EBITA(1)): €943 milion,
+3%
Net income : €750 million, +43%
Of which Groupe share :
€84 million, +9%
- Revenue: €11,612 million, -1%.
- EBITDA: €1,550 million, +10%
- Adjusted operating income
(EBITA (1)) €943 million, +3%:
·Bolloré
Transportation & Logistics |
€303 million |
-2% |
·Communications
(Vivendi): |
€735 million |
+2% |
·Electricity storage and systems |
-€67 million, |
+18% |
- Net income: €750 million, up by
43% and net income, Group share of €84
million, an increase of +9%. This does
not include the gain on the sale of 10% of the share capital of UMG
on March 31, 2020, on the basis of an enterprise value of €30
billion for 100% of UMG. The sale was recognized in equity in the
amount of €2.8 billion.
- Net debt: €7,533 million,
down by €1,248 million compared to December 31, 2019 (of which
Financière de l’Odet, excluding Vivendi: €4,476
million, down -€241 million)
Improved gearing: 30% compared
to 37% at the end of 2019 and continued high liquidity of
€8.2 billion (of which €2.8 billion for Financière de
l’Odet)
First half 2020 results
Finanacière de l’Odet's Board of Directors
approved the financial statements for the first half of 2020 at its
meeting of July 31, 2020.
First-half 2020 revenue was €11,612
million, a decrease of 4% at constant scope and exchange
rates (-1% on a reported basis), with:
- Transportation and Logistics down 2%:
- Bolloré Logistics: up 6%, benefiting from the strong
performance in air transport which fully absorbed the slight drop
in maritime transport;
- Bolloré Africa Logistics: -13% due to the contraction of
logistics activities and the impact of the end of the Douala
terminal (DIT) concession in Cameroon.
- Oil logistics: down 19%, primarily due to the drop in oil
prices;
- Communications: down 2%, despite growth at UMG (+4%) which did
not fully offset the decline in the other activities;
- Electricity Storage and Systems: -8%, notably as a result of
the decline in industrial activities in Brittany and at IER, which
were impacted by the shutdown.
Revenue was down 1% in reported data, reflecting
€263 million in changes in the scope of consolidation
(consolidation of Editis and of M7 by Vivendi and exit of Bolloré
Ports France and Wifirst) and €37 million in foreign exchange
impacts (primarily due to the rise in the dollar).Adjusted
operating income (EBITA (2)) was €943 million, up 3% (-1%) at
constant scope and exchange rates):
- Transportation and Logistics: down 6% as a result of the end of
the Douala terminal concession (DIT) in Cameroon and the decline in
logistics business in Africa, partially offset by the good
performance of freight forwarding, primarily in air, and of
maritime terminals;
- Oil logistics: up 43% benefiting from higher earnings in
distribution and storage;
- Communications (Vivendi): up 2% thanks to the excellent
performance of UMG and of the Canal+ group;
- Electricity Storage and Systems: a €14 million improvement as a
result of the impact of the exceptional impairment decided in 2019
as part of the strategic redeployment of batteries, buses and
stationary activities.
Financial income was €444
million, compared with €39 million in the first half of
2019. It consists mainly of €449 million for the revaluation of
Spotify and Tencent Music securities (compared to €155 million in
the first half of 2019).
The share of net income of non-operating
companies accounted for using the equity method was -€91
million compared to -€10 million in the first half of
2019. It consists of:
- An impact of -€160 million on Mediobanca,
corresponding to the drop in market price, offset by financial
income of +€109 million corresponding to the hedges placed on the
securities;
- +€64 million from Telecom Italia, including
the effect of the partial sale of Inwit.
After taking into account a tax expense of €353
million (compared to -€235 million in the first half of 2019),
consolidated net income was €750
million, compared with €526 million in the first half of
2019. Net income, Group share was €84
million compared with €77 million in the first half of
2019.
Net debt was €7,533 million
compared to €8,781 million on December 31, 2019, down by €1,248
million, of which -€241 million for Bolloré, excluding Vivendi.
Equity totaled €25,138 million
(€24,021 million as of December 31, 2019), up by €1,116 million as
a result of the sale of 10% of the capital of UMG to Tencent (+€28
billion before expenses and taxes) and despite the negative impact
of prices on securities (-€1.0 billion) and buybacks of Group
securities (Vivendi and Blue Solutions). The ratio of net
debt to equity (gearing) was
30%, compared with 37% at the end of 2019.
As of June 30, 2020, the Group’s
liquidity position, including undrawn confirmed lines and
liquid investments represented approximately €2.8
billion3 for Bolloré and €8.2 billion
including Vivendi.
Group structure:
- Sale of 10% of UMG to a consortium led by Tencent
- Completion on March 31, 2020 of the sale of 10% of the share
capital of UMG to a consortium led by Tencent, on the basis of an
enterprise value of €30 billion for 100% of UMG;
- The consortium led by Tencent has the option to acquire up to
an additional 10% of the share capital of UMG until January 15,
2021, on the same valuation basis.
- Ongoing buyback of Vivendi shares
- Between January 1 and March 6, 2020, Vivendi bought back 23
million shares on the market for a total of €559 million,
increasing the total number of shares acquired under the program
authorized by the General Shareholders’ Meeting of April 15, 2019
to 131 million shares, i.e. 10% of share capital (as of the date of
program implementation);
- Since the General Shareholders’ Meeting of April 20, 2020,
Vivendi has bought back 8.25 million additional shares for a total
€160 million.
- Shareholding in Lagardère
- As of July 10, Vivendi held 21% of the share capital and 16% of
the voting rights of Lagardère SCA.
- Bolloré tender offer for Blue Solutions
- Finalization of the public tender for Blue Solutions for €17
per share, which took place from May 29 to July 8, 2020;
- Mandatory squeeze-out on July 15, 2020: Bolloré now holds 100%
of Blue Solutions' share capital;
- The shares acquired are valued at €110 million.
Health crisis
Although the impact has been greater for
some countries and business lines, the Group has been resilient and
has adapted to continue to service its customers, while reducing
its costs to preserve its margins. The Transportation and Logistics
businesses benefited from exceptional freight rates which partially
offset the slowdown in normal flows. The communications businesses
held up well thanks to music and pay-TV. The Group is
closely monitoring the current and potential consequences of the
crisis. At this time, it is difficult to determine how it will
impact the annual results. Businesses related to advertising and
live entertainment may be more durably impacted than others.
However, the Group remains confident about the resilience of its
main business lines. It continues to do everything possible to
ensure the continuity of its activities and to serve and entertain
its customers and audiences, while complying with the instructions
of the authorities of each country in which it has a presence.
A review of the value of assets with an indefinite life was
completed. With respect to the performance of the CGUs during the
first half of the year, the Group did not identify any indications
of impairment requiring the implementation of full impairment
tests. An analysis was carried out using sensitivity tests to
assess their resilience.
********
Consolidated key figures for Financière de
l’Odet |
|
|
(in millions of euros) |
1st half 2020 |
1st half 2019 |
Change |
Revenue |
11,612 |
11,780 |
(1%) |
EBITDA(1) |
1,550 |
1,410 |
10% |
Depreciation, amortization and provisions |
(607) |
(492) |
(23%) |
Adjusted operating income
(EBITA(1)) |
943 |
918 |
3% |
Amortization resulting from PPA(1) |
(194) |
(186) |
(4%) |
Operating
income |
749 |
731 |
2% |
of
which operating equity associates |
4 |
6 |
(31%) |
Financial
income |
444 |
39 |
NA |
Share of
net income of non-operatingcompanies accounted for under the equity
method |
(91) |
(10) |
NA |
Taxes |
(353) |
(235) |
(50%) |
Net income |
750 |
526 |
43% |
Net income, Group share |
84 |
77 |
9% |
Minorities |
666 |
449 |
48% |
|
|
|
|
|
June 30, 2020 |
December 31, 2019 |
Change (€ m) |
Equity |
25,138 |
24,021 |
1,116 |
Of
which Group share |
3,697 |
3,814 |
|
Net debt |
7,533 |
8,781 |
(1,248) |
Gearing (2) |
30% |
37% |
|
- See Glossary
- Gearing: ratio of net debt to equity
Change in
revenue by business in the first half |
(in millions of euros) |
1st half-year |
1st half-year |
1st half-year |
Reported |
Organic |
|
2020 |
2019 (1) |
2019 |
growth |
growth |
Transportation and Logistics |
2,856 |
2,916 |
2,974 |
(4%) |
(2%) |
Oil
logistics |
1,046 |
1,286 |
1,278 |
(18%) |
(19%) |
Communications |
7,574 |
7,728 |
7,351 |
3% |
(2%) |
Electricity Storage and Systems |
122 |
133 |
160 |
(23%) |
(8%) |
Other (Agricultural Assets, Holding companies) |
13 |
17 |
17 |
(22%) |
(22%) |
Total |
11,612 |
12,080 |
11,780 |
(1%) |
(4%) |
(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.
Change in
revenue per quarter |
(in millions of euros) |
1st quarter |
2nd quarter |
|
2020 |
2019 (1) |
2019 |
2020 |
2019 (1) |
2019 |
Transportation and Logistics |
1,394 |
1,468 |
1,483 |
1,462 |
1,448 |
1,491 |
Oil
logistics |
631 |
669 |
665 |
415 |
617 |
613 |
Communications |
3,868 |
3,706 |
3,458 |
3,706 |
4,022 |
3,893 |
Electricity Storage and Systems |
65 |
63 |
75 |
58 |
71 |
85 |
Other (Agricultural Assets, Holding companies) |
8 |
8 |
8 |
6 |
9 |
8 |
Total |
5,966 |
5,914 |
5,690 |
5,646 |
6,166 |
6,090 |
(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.
Adjusted
operating income by business (EBITA)
|
(in millions of euros) |
1st half-year 2020 |
1st half-year 2019 |
As reported |
Organic growth |
|
Bolloré Transportation & Logistics |
303 |
309 |
(2%) |
(1%) |
|
Transportation and logistics(1) |
268 |
284 |
(6%) |
(5%) |
|
Oil logistics |
35 |
25 |
43% |
42% |
|
Communications |
735 |
718 |
2% |
(4%) |
|
Electricity Storage and
Systems |
(67) |
(81) |
18% |
22% |
|
Other (Agricultural Assets, Holding Companies)(1) |
(28) |
(28) |
(1%) |
(1%) |
|
Bolloré Group EBITA |
943 |
918 |
3% |
(1%) |
|
(1)
Before Bolloré trademark
fees
A limited review of the 2020 consolidated
financial statements was carried out and the certification report
will be issued following approval of the half-year activity
report.
***** ****
Comparability of financial
statements
- Change in the scope of consolidation
- Editis has been consolidated by Vivendi since February 1,
2019
- M7 has been consolidated by the Canal+ group since September
12, 2019
- Sale of Bolloré Ports France and Wifirst in the second half of
2019
- Changes in the main currencies
|
H1 2020 |
H1 2019 |
Change |
USD |
1.10 |
1.13 |
3% |
GBP |
0.87 |
0.87 |
(0%) |
PLN |
4.41 |
4.29 |
(3%) |
JPY |
119.21 |
124.29 |
4% |
CNY |
7.75 |
7.67 |
(1%) |
ZAR |
18.33 |
16.04 |
(14%) |
Glossary
- Organic growth: growth at constant scope and
exchange rates.
- Adjusted operating income (EBITA): operating
income before amortization of intangible assets related to business
combinations – PPA (purchase price allocation), impairment of
goodwill and other intangible assets related to business
combinations.
- EBITDA: operating income before depreciation
and amortization.
- Net financial debt/Net cash position: sum of
borrowings at amortized cost, less cash and cash equivalents, cash
management financial assets and net derivative financial
instruments (assets or liabilities) with an underlying net
financial indebtedness, as well as cash deposits backed by
borrowings.
The non-GAAP measures defined below should be
considered in addition to, and not as a substitute for other GAAP
measures of operating and financial performance, and Financière de
l’Odet 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 Financière de l’Odet 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 See glossary
3 excluding Vivendi.
- 2020-07-31-Odet -CP-résultats S1 2020 EN
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