Compagnie de l'Odet : Financial information for the first quarter 2023
24 Avril 2023 - 8:05AM
Compagnie de l'Odet : Financial information for the first quarter
2023
Financial
information for the first quarter 2023 |
|
Revenue in the first
quarter 2023:
-11% at constant scope and exchange rates
(-10% on a reported basis)
Revenue in
the first quarter 2023 At constant scope and exchange
rates, Group’s revenue for the first quarter of 2023 was down by
11% at 4,432 million euros.
- Bolloré Logistics: 1,355 million
euros, -24% due to the contraction in volumes and lower freight
rates;
- Bolloré Energy: 712 million euros,
-16%, due to lower volumes sold and the decline in oil product
prices;
- Communications (Vivendi): 2,290
million euros, +2% thanks to growth at Canal+ (+1%), at Havas Group
(+1%) and continued strong growth at Gameloft (+14%);
- Industry: 74
million euros, -33% mainly due to the decline in bus sales, despite
the good performance of Systems activities (IER/Automatic Systems
and Polyconseil).
On a reported basis, revenue is down 10% compared to revenue in the
first quarter of 2022. Change in revenue by
business |
|
(in millions of euros) |
Q1 |
|
2023 |
2022 (1) |
2022 (2) |
Reported |
Organic |
|
|
|
growth |
growth |
Bolloré Logistics |
1,355 |
1,790 |
1,736 |
-22% |
-24% |
Bolloré Energy |
712 |
848 |
848 |
-16% |
-16% |
Communications (Vivendi) |
2,290 |
2,244 |
2,216 |
+3% |
+2% |
Industry |
74 |
111 |
112 |
-34% |
-33% |
Other (Agricultural Assets, Holding) |
2 |
8 |
1 |
+106% |
-74% |
Total |
4,432 |
5,001 |
4,912 |
-10% |
-11% |
(1) At constant scope and exchange rates
(2) In accordance with IFRS 5 and to ensure the
comparability of results, reclassifications into discontinued
operations or held for sale include:
- All of the Group’s Transport and
Logistics activities in Africa for 2022 (these activities were
disposed of on 21 December 2022);
- Editis over the 2022 and 2023 fiscal
years (given the proposed disposal of Editis, this activity is
considered to be held for sale).
At constant scope and exchange rates, compared
to the first quarter of 2022, changes in the main sectors were as
follows:
- Bolloré
Logistics: revenue was 1,355 million euros, down 24% compared to
the first quarter of 2022. This contraction is explained by the
decline in freight forwarding volumes in both air and sea traffic,
and by the decline in freight rates.
- Bolloré Energy:
revenue amounted to 712 million euros, down 16%, due to the decline
in sales volumes and the fall in oil product prices, which had
risen sharply in the first quarter of 2022 due to the start of the
war in Ukraine.
- Communications
(Vivendi): revenue amounted to 2,290 million euros, showing organic
growth of 2% compared to the first quarter of 2022. Vivendi
benefited from growth in all of Canal+ Group's businesses (+1%; in
particular Studiocanal, driven by the success of several films),
the good commercial momentum of Havas Group (+1%) and the
confirmation of strong growth in Gameloft's business (+14%) driven
by the success of Disney’s Dreamlight Valley game.
- Industry:
revenue from industrial activities (Films, Blue and Systems) came
to 74 million euros, compared with 111 million euros in the first
quarter of 2022, due to the decline in bus sales, despite the good
performance of the Systems activities (IER/Automatic Systems and
Polyconseil).
Highlights and recent
events:
-
Exclusive negotiations following receipt of an indicative
offer from the CMA CGM Group to acquire the transportation and
logistics activities (Bolloré Logistics)
On April 18, 2023, the Bolloré Group confirmed
that it had received a spontaneous offer from the CMA CGM Group for
the acquisition of its transportation and logistics activities held
through Bolloré Logistics, on the basis of a €5 billion cash free /
debt free enterprise value.
Following this offer, the Bolloré Group and the
CMA CGM Group entered into exclusive talks to enable a confirmatory
due diligence process and engage in contractual negotiations of a
put option, based on such offer, to be issued by CMA CGM, if it so
decides, on or about May 8, 2023.
Bolloré SE and CMA CGM will report on the
outcome of these negotiations in due course.
The transaction will remain in any event subject
to regulatory approvals and no decision to sell will be taken until
the end of the information and consultation procedures of the
competent employee representative bodies.
-
Simplified cash
tender offer of Bolloré
on its own shares
The Board of directors of Bolloré SE met on
April 18, 2023 regarding the simplified cash tender offer of
Bolloré SE on its own shares announced on March 14, 2023.
This Offer will be implemented in accordance
with the share buyback program authorized by the general meeting of
Bolloré SE shareholders held on May 25, 2022, subject to a maximum
purchase price of €6 per share. The Offer aims at acquiring
288,607,076 Bolloré SE shares representing 9.78% of its share
capital1, should such limit be exceeded, the number of shares
effectively sold by participant shareholders would be prorated
based on the total number of shares tendered.
The price of the Offer will be €5.75 per Bolloré
SE share (2022 additional dividend included) plus a contingent
€0.25 earn-out per Bolloré SE share tendered to the Offer to be
paid if the CMA CGM offer for the acquisition of Bolloré Logistics
leads to the sale of the latter in accordance with the transaction
terms to be agreed2. As a reminder, the shareholders’ general
meeting of Bolloré SE to be held on May 24, 2023, will vote on the
distribution of an additional 2022 dividend of €0.04 per share, to
be now recorded on July 4, 2023 and paid on July 6, 2023.
The information regarding the potential sale of
Bolloré Logistics and the corresponding contingent earn-out was
made available to the independent expert A2EF, represented by Mrs.
Sonia Bonnet-Bernard, in the course of its work in order to include
it in the fairness assessment of the proposed Offer price.
On the basis of, in particular, the favorable
recommendation of the ad hoc committee3 and the independent
expert’s determination that the Offer price is fair for both
participant and non-participant shareholders, the members of the
Board of directors of Bolloré SE issued a unanimous favorable
opinion regarding the Offer and resolved to recommend to Bolloré SE
shareholders that they take advantage of this partial liquidity
opportunity.
Bolloré SE's draft tender offer document was
filed on April 19, 2023 with the French Financial Markets Authority
(AMF). The Offer remains subject to AMF approval.
- Put
option agreement signed with IMI, a subsidiary of the holding
company founded by Daniel
Kretinsky, for the sale of 100% of
Editis
As part of the proposed combination between
Vivendi and Lagardère and the remedies submitted to the European
Commission, Vivendi entered into a put option agreement, on April
23, 2023, with International Media Invest a.s. (IMI), a subsidiary
of the Czech holding company CMI founded by Daniel Kretinsky, for
the sale of 100% of Editis's share capital. This agreement follows
the exclusive negotiations with IMI, which were announced on March
14th of this year. In accordance with applicable regulations, the
planned acquisition remains subject to the information and
consultation procedure with the relevant employee representative
bodies and obtaining the required regulatory approvals.
.
1 On the basis of a total number of
2,951,154,374 shares as at March 31, 2023.2 See Bolloré SE press
release of April 18, 2023 entitled "Exclusive negotiations with the
CMA CGM Group regarding the sale of Bolloré Logistics - Proposed
€0.25 earn-out to be added to the price of the simplified tender
offer currently under review".3 Composed of Mrs. Sophie Johanna
- 2023-04-24-Odet-CAT1-2023
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