COMPAGNIE DE L'ODET : 2022 RESULTS
COMPAGNIE DE L'ODET
|
2022 RESULTSPRESS
RELEASE
14 March 2023 |
Le 14 mars 2023 |
Good results
for all of the
Group’s activities in
2022 (*)
-
Revenue:
20,68
billion
euros,
+20% at constant scope and exchange rates.
- Adjusted
operating income (EBITA
(1)
(2)):
1.49
billion euros,
+49 %
at constant scope and exchange rates, driven by the very good
performance of the Transport and Logistics (578 million euros,
+84%) and Communications (1,090 million euros, +20%) sectors.
- Net
income:
2.7
billion euros, including 3,150
million euros in net capital gain from the sale of Bolloré Africa
Logistics to MSC for an enterprise value, net of minority
interests, of 5.7 billion euros. It also includes the result of the
deconsolidation of Vivendi’s stake in Telecom Italia (-1,494
million euros) and the capital gain on the sale on the contribution
of the stake in Banijay to FL Entertainment (515 million euros).
The 2022 net income was not very comparable to 2021, which included
the capital gain from the deconsolidation of Universal Music Group
(19.9 billion euros). 2022 net income Group share:
1.9
billion euros.
- Net
cash: 709
million euros as
of December 31, 2022, compared to a net debt of 3,491 million euros
as of December 31, 2021, mainly following the sale of Bolloré
Africa Logistics.
- Group
liquidity: 13 billion euros in cash and confirmed lines on
31 December 2022, including 9 billion euros excluding Vivendi.
- Proposed dividend: 3.60
euros per share, identical to that paid
in respect of 2021.
2022 results
(*)
The meeting of the Board of Directors of
Compagnie de l’Odet on 14 March 2023 approved the financial
statements for 2022.
2022
revenue amounted to
20,676
million euros, up
20% at constant scope and exchange rates:
- Bolloré
Logistics: 7,111 million euros up 36%, driven mainly by the
increase in freight rates in freight forwarding and sustained
volumes, particularly in the air transport sector;
- Bolloré Energy:
3,599 million euros, +45%, mainly due to the sharp rise in oil
product prices due to the international environment;
- Communications
(Vivendi): 9,590 million euros, +5%, mainly attributable to Havas
(+9%) and Gameloft (+19%);
- Industry: 369
million euros; +1%, thanks to growth in Systems and Films
activities despite the slowdown in the Blue division (batteries,
buses).
In reported data, revenue was up
24%, taking into account +252 million euros in changes in
scope (mainly Prisma Media and SPI at Canal+ Group) and +332
million euros in foreign exchange impacts (overall impairment of
the euro, particularly against the US dollar).
Adjusted operating income
(EBITA
(3))
came out at
1,492
million euros, up
49% at constant scope
and exchange rates:
- Bolloré
Logistics: 437 million euros, +71%, given the exceptional market
environment for freight forwarding;
- Bolloré Energy:
141 million, +141%, benefiting from good margins and the sharp rise
in oil prices;
- Communications:
1,090 million euros (4), +20%, driven by the good performance of
Vivendi’s activities (Canal+ Group, Havas, etc.) and
equity-accounted companies (UMG, Lagardère);
- Industry: -125
million euros, down -14 million euros on a reported basis compared
to 2021, particularly given the sharp increase in costs (resins,
electricity) and the decline in activity in batteries.
Financial income amounted to
-1,078 million euros,
compared with -49 million euros in 2021. It includes the loss
related to the deconsolidation by Vivendi of the stake in Telecom
Italia (-1,494 million euros) and the capital gain on Banijay
Holdings Group (515 million euros) following the exchange by
Vivendi of its 32.9% stake in Banijay with 19.8% in FL
Entertainment (FLE), listed since 1st July 2022.
The net income of equity-accounted
non-operating companies totalled
-346 million
euros, compared with -583 million euros in 2021. It mainly
includes -393 million euros from the share of Telecom Italia's net
income. In 2021, it included an impairment of Telecom Italia
securities of -618 million euros.
After accounting for -192 million euros in tax
(compared with -278 million euros in 2021) and 3,101 million euros
of net income from discontinued operations or held for sale
(compared with 20,673 million euros in 2021), the
consolidated net income amounted to 2,706
million euros, compared with 20,189 million euros
in 2021. It includes 3.2 billion euros of net capital gain on the
sale of Bolloré Africa Logistics to MSC for an enterprise value net
of minority interests of 5.7 billion euros. In 2021, net income
included 19.9 billion euros of capital gain from the
deconsolidation of Universal Music Group.
Net income Group share came out
at 1.9
billion euros, compared with
3,264 million euros in 2021.
Shareholders' equity amounted to
32.94
billion euros, compared with
31,336 million euros at 31 December 2021.
As of December 31, 2022, the Group posted
net cash of 709 million euros, compared to net
debt of 3,491 million euros as of December 31, 2021, taking into
account:
- Compagnie de l’Odet’s net cash
(excluding Vivendi) of 1,569 million euros following the sale of
Bolloré Africa Logistics to the MSC Group;
- Vivendi's indebtedness of 860
million euros in connection with the acquisition of 12.5% of the
capital of Lagardère through a takeover bid (5) carried out in
2022, the acquisition of Multichoice securities and return to
shareholders (share buybacks and dividends).
At the end of December 2022, the Group had 13
billion euros in cash and confirmed lines, including 9 billion
euros excluding Vivendi.
Group
structure:
- Purchase of
Bolloré shares
-
In 2022, Compagnie de l’Odet acquired 103.0 million Bolloré shares
(3.5% of the share capital) for 485 million euros. Bolloré, as part
of its share repurchase program, acquired 2.4 million of its own
shares for 10.7 million euros.
- Sale of Bolloré Africa
Logistics to MSC Group
-
On 21 December 2022, Bolloré SE announced the completion of the
sale to MSC Group of 100% of Bolloré Africa Logistics (BAL)
comprising all of the Bolloré Group’s transport and logistics
activities in Africa, based on an enterprise value net of minority
interests of 5.7 billion euros.
-
The share sale price was 5.1 billion euros, plus 0.6 billion euros
in the repayment of current accounts.
-
BAL’s revenue in 2022 stood at 2.6 billion euros, compared to 2.3
billion euros in 2021.
-
In accordance with IFRS 5 and to ensure the comparability of
results, all Transport and Logistics activities in Africa for 2021
and 2022 were reclassified as discontinued operations.
-
As part of the friendly takeover bid (TOB) that took place in two
phases between 14 April and 9 June 2022, Vivendi acquired, as part
of the main bid, 17.3 million Lagardère shares for 433 million
euros. Furthermore, 31.1 million shares were presented to the
subsidiary branch of the takeover bid (22.10% of the share
capital), consisting of selling rights exercisable at a price of
24.10 euros until 15 December 2023, representing an off-balance
sheet financial commitment of 740 million euros
(6).
-
On 31 December 2022, following the exercise of 436,712 selling
rights, Vivendi held 81.4 million Lagardère shares, representing
57.66% of Lagardère’s share capital and 48.36% of theoretical
voting rights (7). However,
pending approval of Lagardère’s acquisition of controlling
interests by the competition authorities
(8), Vivendi has only 22.81% of
voting rights.
-
Vivendi is continuing its discussions with the European Commission
and discussions with the potential purchasers of Editis.
-
Editis has been reclassified in discontinued operations (IFRS5) as
of December 31, 2022.
Proposed
dividend:
3.60 euros
per shareThe General Shareholders Meeting will be
asked to distribute a dividend of 3.60 euros per share, identical
to that paid in respect of 2021.The dividend will be detached on 20
June 2023 and the payment, exclusively in cash, will be made on 22
June 2023.******** |
| Consolidated
key figures for Compagnie de l’Odet |
| |
|
(in millions of euros) |
2022 (*) |
2021 (*) |
Change 2021-2022 |
|
Revenue |
20,676 |
16,638 |
24% |
|
EBITDA(1) |
2,182 |
1,386 |
57% |
|
Amortisation and provisions |
(690) |
(564) |
|
|
Adjusted operating income (EBITA
(1)) |
1,492 |
822 |
81% |
|
Amortisation resulting from PPAs (1) |
(272) |
(396) |
|
|
Operating income |
1,220 |
426 |
186% |
|
o/w equity-accounted operating
entities (2) |
375 |
130 |
|
|
Financial income |
(1,078) |
(49) |
|
|
Share in net income of equity-accounted non-operating
companies |
(346) |
(583) |
|
|
|
|
Taxes |
(192) |
(278) |
|
|
Net income from discontinued operations |
3,101 |
20,673 |
|
|
Net income |
2,706 |
20,189 |
|
|
Net income Group share |
1,904 |
3,264 |
|
|
Minority interests |
802 |
16,925 |
|
|
|
|
|
|
|
|
December 31, 2022 |
December 31, 2021 |
Change2021-2022 |
|
Shareholders’ equity |
32,941 |
31,336 |
1,605 |
|
o/w Group share |
11,193 |
8,851 |
2,342 |
|
Net debt/(cash) |
(709) |
3,491 |
(4,200) |
|
Gearing (3) |
n.a. |
11% |
|
(*) In accordance with IFRS 5 and to ensure the
comparability of results, reclassifications into discontinued
operations or held for sale include: i) UMG until 22/09/2021 (as of
23/09/2021, UMG is accounted for using the operating equity
method), ii) all of the Group’s Transport and Logistics activities
in Africa for 2021 and 2022 (these activities were disposed of on
21 December 2022), iii) Editis over the 2021 and 2022 fiscal years
(on 31 December 2022, as a result of Vivendi’s plan to sell Editis,
this activity is considered to be held for sale).
(1) See
glossary.(2) Including, for 2022, contributions
from UMG (97 million euros) and Lagardère (98 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 (170 million euros) and at Compagnie de l’Odet (3
million euros), after amortisation resulting from PPAs.
(3) Gearing: net debt/equity
ratio.
|
Revenue by business activity in
2022 (*) |
|
(in millions of euros) |
2022 |
2021 |
Reported |
Organic |
|
|
|
|
|
growth |
growth |
|
|
Bolloré Logistics |
7,111 |
5,038 |
41% |
36% |
|
|
Bolloré Energy |
3,599 |
2,509 |
43% |
45% |
|
|
Communications (Vivendi) |
9,590 |
8,712 |
10% |
5% |
|
|
Industry |
369 |
370 |
(0%) |
1% |
|
|
Others (Agricultural assets, Holdings) |
6 |
9 |
(35%) |
(35%) |
|
|
Total |
20,676 |
16,638 |
24% |
20% |
|
| Change in
revenue per quarter (*) |
|
(in millions of euros) |
1st quarter |
2nd quarter |
3rd quarter |
4th quarter |
|
|
2022 |
2021 (1) |
2021 |
2022 |
2021 (1) |
2021 |
2022 |
2021 (1) |
2021 |
2022 |
2021 (1) |
2021 |
|
|
Bolloré Logistics |
1,736 |
1,070 |
1,030 |
1,808 |
1,146 |
1,098 |
1,822 |
1,398 |
1,321 |
1,745 |
1,635 |
1,591 |
|
|
Bolloré Energy |
848 |
559 |
565 |
772 |
592 |
600 |
951 |
602 |
610 |
1,030 |
724 |
734 |
|
|
Communications (Vivendi) |
2,216 |
2,039 |
1,931 |
2,310 |
2,212 |
2,089 |
2,366 |
2,329 |
2,244 |
2,698 |
2,542 |
2,447 |
|
|
Industriy |
112 |
77 |
80 |
94 |
93 |
94 |
73 |
93 |
95 |
91 |
102 |
102 |
|
|
Others (Agricultural assets, Holdings) |
1 |
2 |
2 |
2 |
3 |
3 |
2 |
3 |
3 |
1 |
4 |
4 |
|
|
Total |
4,912 |
3,747 |
3,608 |
4,987 |
4,045 |
3,883 |
5,213 |
4,425 |
4,273 |
5,565 |
5,007 |
4,877 |
|
(*) In accordance with IFRS 5 and to ensure the
comparability of results, reclassifications into discontinued
operations or held for sale include: i) UMG until 22/09/2021 (as of
23/09/2021, UMG is accounted for using the operating equity
method), ii) all of the Group’s Transport and Logistics activities
in Africa for 2021 and 2022 (these activities were disposed of on
21 December 2022), iii) Editis over the 2021 and 2022 fiscal years
(on 31 December 2022, as a result of Vivendi’s plan to sell Editis,
this activity is considered to be held for sale). .
(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 activity
(EBITA) (*) |
|
(in millions of
euros) |
2022 * |
2021 * |
Reported growth |
Organic growth |
|
|
Transportation
and Logistics
(1) |
578 |
319 |
81% |
84% |
|
|
Bolloré Logistics |
437 |
244 |
79% |
71% |
|
|
Bolloré Energy |
141 |
75 |
89% |
141% |
|
|
Communications |
1,090 |
699 |
56% |
20% |
|
|
Vivendi (2) |
868 |
640 |
36% |
25% |
|
|
UMG (18% oper. equity-accounted at
Cie de l’Odet) |
218 |
58 |
277% |
6% |
|
|
Industry
(1) |
(125) |
(111) |
(12%) |
5% |
|
|
Others (Agricultural assets, Holdings) |
(51) |
(84) |
39% |
40% |
|
|
Compagnie de l’Odet EBITA |
1,492 |
822 |
81% |
49% |
|
(*) In accordance
with IFRS 5 and to ensure the comparability of results,
reclassifications into discontinued operations or held for sale
include: i) UMG until 22/09/2021 (as of 23/09/2021, UMG is
accounted for using the operating equity method), ii) all of the
Group’s Transport and Logistics activities in Africa for 2021 and
2022 (these activities were disposed of on 21 December 2022), iii)
Editis over the 2021 and 2022 fiscal years (on 31 December 2022, as
a result of Vivendi’s plan to sell Editis, this activity is
considered to be held for sale). .
(1) Before group fees and Bolloré trademark
royalties.(2) Including in 2022, contributions
from UMG (€124m) and Lagardère (€98m) accounted for using the
equity method at Vivendi.
A detailed presentation of the results of its
subsidiary Bolloré 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
finalisation of the procedures required to submit the Universal
Registration Document (URD).
***** ****
Comparability of financial
statements
- In accordance with IFRS
5 and to ensure the comparability of results,
reclassifications into discontinued operations or held for sale
include:
- UMG until 22/09/2021 (as of
23/09/2021, UMG is accounted for using the operational equity
method).
- All of the Group’s Transport and
Logistics activities in Africa over the 2021 and 2022 fiscal years
(these activities were disposed of on 21 December 2022).
- Editis for the 2021 and 2022 fiscal
years (on 31 December 2022, taking into account the planned sale of
Editis).
- Performance
indicators
- On 31 December 2022, the Group had
not changed the definition of performance indicators, particularly
EBITA, which are comparable to those of 31 December 2021. However,
EBITA and operating income data are now presented before Group
expenses.
- Trend in
the main currencies
|
Average rate |
2022 |
2021 |
Variation |
|
USD |
1.05 |
1.18 |
11% |
|
GPB |
0.85 |
0.86 |
1% |
|
PLN |
4.68 |
4.56 |
(3%) |
|
JPY |
137.97 |
129.83 |
(6%) |
|
CNY |
7.08 |
7.63 |
7 % |
|
ZAR |
17.20 |
17.47 |
2 % |
Glossary
- Organic
growth: growth at constant scope and exchange rates.
- Adjusted
operating income (EBITA): operating income before
amortisation 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
amortisation.
- Net
financial debt/Net cash position: sum of borrowings at
amortised 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 above should be
considered in addition to, and not as a substitute for, other GAAP
measures of operational and financial performance, and Compagnie 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 Compagnie de l’Odet cannot be directly compared
with those of other companies.
The percentage 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 (124 million
euros) and Lagardère (98 million euros)): +222 million
euros and contribution of UMG’s equity-accounted operating
company at Compagnie de l’Odet:
+222 million
euros.
(*) In accordance with IFRS 5 and to ensure the
comparability of results, reclassifications into discontinued
operations or held for sale include: i) UMG until 22/09/2021 (as of
23/09/2021, UMG is accounted for using the operating equity
method), ii) all of the Group’s Transport and Logistics activities
in Africa for 2021 and 2022 (these activities were disposed of on
21 December 2022), iii) Editis over the 2021 and 2022 fiscal years
(on 31 December 2022, as a result of Vivendi’s plan to sell Editis,
this activity is considered to be held for sale).
(3) Before group expenses and Bolloré trademark fees, see
glossary for EBITA definition.
(4) Including in 2022, contributions from UMG (124 million
euros) and Lagardère (98 million euros) accounted for using the
equity method at Vivendi.
(*) In accordance with IFRS 5 and to ensure the
comparability of results, reclassifications into discontinued
operations or held for sale include: i) UMG until 22/09/2021 (as of
23/09/2021, UMG is accounted for using the operating equity
method), ii) all of the Group’s Transport and Logistics activities
in Africa for 2021 and 2022 (these activities were disposed of on
21 December 2022), iii) Editis over the 2021 and 2022 fiscal years
(on 31 December 2022, as a result of Vivendi’s plan to sell Editis,
this activity is considered to be held for sale).
(5) On 31 December 2022, 30,702,569 selling rights are
exercisable at a unit price of €24.10 up to and including 15
December 2023, representing an off-balance sheet commitment of
€740m at Vivendi and pertaining to 21.75% of Lagardère’s share
capital.(6) On 31/12/2022 and pertaining to 21.75% of the share
capital.
(7) Based on Lagardère’s theoretical number of voting rights on
31/12/2022.
(8) In accordance with Article 7(2) of Regulation (EC) 139/2004
on the control of concentrations between undertakings.
- 2023-03-14-Odet CP 2022_EN VF
Compagnie de lOdet (EU:ODET)
Graphique Historique de l'Action
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Compagnie de lOdet (EU:ODET)
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