Bolloré : 2021 Results
BOLLORÉ
2021 Results
(*) |
10 March 2022 |
Very good results for
all activities in 2021
-
Revenue: 19,771 million
euros, 18% at constant scope and exchange
rates.
-
Adjusted operating income (EBITA
(1)):
1,339 million euros, +77% at constant scope and exchange
rates, driven by the very good performances of the Transport and
Logistics sector (785 million euros, +32%) and Communications (748
million euros, +121%).
- Net
income: 20,224 million euros, includes 19,987 million
euros in capital gains from the deconsolidation of 70% of Universal
Music Group (UMG). Net income
Group share: 6,062 million
euros.
- Net
debt: 3,428 million euros, down 5.7 billion euros compared
to 31 December, 2020, including 3,776 million euros at the Bolloré
level, down 407 million euros.
- Group
liquidity: at the end of 2021, the Group had
5.4 billion euros in confirmed lines, including
nearly 2.6 billion euros at the Bolloré level.
-
Proposed dividend: 0.06 euros per share (of which
a 0.02 euro interim has already been paid in September 2021)
identical to that paid in respect of 2020.
2021 results
Meeting on 10 March 2022, Bolloré's Board of
Directors approved the financial statements for 2021.
2021 revenue
amounted to 19,771 million euros, up 18% at
constant scope and exchange rates:
- Transport and Logistics: 7,313
million euros up 26%
-
Bolloré Logistics: +35%, benefiting from high levels of activity in
the sea and air sectors and a favourable price effect;
-
Bolloré Africa Logistics: +9% driven by growth in port terminals
and the resumption of logistics activities in the second half of
the year;
- Oil Logistics:
2,509 million euros, +32%, owing to the increase in oil-product
prices and volumes (trading in particular);
- Communication
(Vivendi): 9,567 million euros, +9%, mainly attributable to the
growth of Canal+ Group (+5.2%), as well as the strong recovery in
Havas (+10.7%) and Editis (+18.1%), which were particularly
affected by the health crisis in 2020;
- Electricity Storage
and Systems: 370 million euros; +34%, due to the increase in sales
of batteries and 12-metre buses.
In reported data
(*), revenue
were up 19%, taking into account +254 million
euros in changes in scope, (mainly the acquisition of Prisma Media
in May 2021), and -111 million euros in foreign exchange effects
(overall appreciation of the euro, particularly against the
dollar).
Adjusted operating income
(EBITA
(2))
came out at 1,339 million euros up 77% at
constant scope and exchange rates:
- Transport and
Logistics: 714 million euros, +32%, given the good performance of
port terminals and the freight forwarding;
- Oil Logistics:
71 million euros, +28%, benefiting from the rise in oil-product
prices;
- Communications:
748 million euros, +121%, thanks to solid performances by Canal+
Group, Havas and Editis;
- Electricity
Storage and Systems: -117 million euros down 15 million euros in
gross data compared to 2020, given the sharp increase in raw
material costs (resins) in 2021 and despite savings linked to the
discontinuation of car-sharing activities as part of the strategic
redeployment in batteries and buses.
Financial income amounted to -117
million euros, compared with +62 million euros in 2020. It
includes 169 million euros in dividends received (Mediaset,
Multichoice, Telefonica…). In 2020, it included income of 159
million euros on hedges put in place on Mediobanca (3) securities
and proceeds from disposals amounting to 107 million euros.
The net income of equity-accounted
non-operating companies totalled -583 million euros,
compared with -32 million euros in 2020. It mainly includes a 728
million euros impairment of Telecom Italia securities (0.2 euros
per share) at Vivendi (4). In 2020, it included +126 million euros
from the share of Telecom Italia’s net income and -172 million
euros from Mediobanca corresponding to the fall in the share
price.
After accounting for -409 million euros in tax
compared with -301 million euros in 2020, consolidated net
income amounted to 20,224 million euros,
compared with 1,563 million euros in 2020. It includes 19.9 billion
euros in capital gains from the deconsolidation of 70% of Universal
Music Group (UMG). This result does not include the capital gains
on the sale of the 20% minority interest sold in 2021 to the
consortium led by Tencent and Pershing Square; these transactions
resulted in income of more than 6 billion euros.
Net income Group share came out
at 6,062 million euros compared with 426 million
euros in 2020.
Shareholders equity amounted to 34,418
million euros, compared with 25,984 million euros at 31
December, 2020, due to the increase in share prices (+2.85 billion
euros) and the sale of an additional 20% of UMG in 2021 for 6
billion euros.
Net debt amounted to 3,428 million
euros compared to 9,136 million euros at 31 December,
2020, a sharp decrease of 5.7 billion euros in connection with
Vivendi's sale of 20% of UMG for more than 6 billion euros.
Bolloré's debt excluding Vivendi, continued to decline (-407
million euros over the year) down to 3,776 million euros.
In light of these factors, gearing stood
at 10% compared to 35% at the end of 2020.
At the end of 2021, the Group had 5.4 billion
euros in confirmed lines, including 2.6 billion euros at the
Bolloré level.
Group
structure:
- Universal Music Group
(UMG)
-
Disposal of an additional 20% of the capital of UMG in 2021 for a
cumulative amount of over 6 billion euros:
After acquiring 10% of UMG’s capital in March
2020, the consortium led by Tencent exercised its option to acquire
an additional 10% in January 2021 for a cash amount of 2,847
million euros;
10% of UMG’s capital was also sold to Pershing
Square in the second half of 2021 for a total cash amount of 3,360
million euros.
-
Listing and distribution to shareholders of 60% of UMG shares
UMG’s listing on the Amsterdam Stock Exchange
and the distribution of 60% of UMG’s capital to Vivendi
shareholders took place in September 2021. Vivendi retains a 10%
stake in UMG, and Bolloré, following the distribution of UMG
shares, holds 17.7%.
Following the acquisition of Amber Capital’s
stake in Lagardère in December 2021 at the price of 24.10 euros,
Vivendi filed a draft takeover bid with the AMF on 21 February
2022. This bid guarantees Lagardère shareholders the price of 24.10
euros until 15 December 2023 and enables shareholders wishing to
sell the shares immediately to sell them at 25.50 euros, from which
Lagardère’s 2021 dividend would be deducted (0.50 euros).
The Bid is expected to be open from 14 April
2022.
- MSC
offer to acquire Bolloré Africa Logistics – Exclusivity granted to
MSC until 31 March 2022
On 20 December 2021, Bolloré announced that it
had received an offer from the MSC Group to acquire 100% of Bolloré
Africa Logistics, 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.
Bolloré granted exclusivity to the MSC Group
until 31 March 2022 so that it can, following an additional audit
phase and contractual negotiations, give it, if appropriate, a
promise to purchase.
Bolloré’s decision to exercise this promise and
the signature of the related agreements can only take place after
the procedures for informing and consulting with the relevant staff
representative bodies and certain reorganisation operations within
the Bolloré Group.
The completion of the sale would be subject to
regulatory approvals and from the relevant competition authorities,
as well as the agreement of certain Bolloré Africa Logistics
counterparties.
Proposed dividend: 0.06 euros per shareThe General
Shareholders Meeting will be asked to distribute a dividend of 0.06
euros per share (including an interim dividend of 0.02 euros
already paid in September 2021), identical to that paid in respect
of 2020.The dividend will be detached on 9 June, 2022 and the
payment, only in cash, will be made on 13 June
2022.********Consolidated key figures for
Bolloré |
|
(in millions of euros) |
2021 (*) |
2020 (*) |
Change 2020-2021 |
Revenue |
19,771 |
16,687 |
18% |
EBITDA(1) |
2,135 |
1,833 |
16% |
Amortisation and provisions |
(796) |
(1,119) |
|
Adjusted operating income
(EBITA(1)) |
1,339 |
714 |
87% |
Amortisation resulting from PPAs (1) |
(400) |
(144) |
|
EBIT |
939 |
570 |
65% |
o/w equity-accounted operating companies |
214 |
47 |
|
Financial income |
(117) |
62 |
|
Share in net income of equity-accounted non-operating
companies |
|
|
|
|
(583) |
(32) |
|
Taxes |
(409) |
(301) |
|
Net income from discontinued activities |
20,394 |
1,264 |
|
Net income |
20,224 |
1,563 |
|
Net income Group share |
6,062 |
426 |
|
Minority interests |
14,162 |
1,137 |
|
|
|
|
|
|
31 December 2021 |
31 December 2020 |
Change2020-2021 |
Shareholders’ equity |
34,418 |
25,984 |
8,434 |
o/w Group share |
19,479 |
9,084 |
10,395 |
Net debt |
3,428 |
9,136 |
(5,708) |
Gearing (2) |
10% |
35% |
|
(*) UMG is reclassified as a discontinued operation in
accordance with IFRS 5 for the period from 01/01/2021 to 09/22/2021
and throughout the 2020 financial year. As of 09/23/2021, UMG is
accounted for using the operational equity method.
(1) See
glossary(2) Gearing: net debt/equity ratio
Revenue by business activity in 2021
(*) |
(in millions of euros) |
2021 |
2020 |
Reported |
Organic |
|
2019 |
|
|
|
growth |
growth |
|
|
Transport and Logistics |
7,313 |
5,820 |
26% |
26% |
|
5,939 |
Oil Logistics |
2,509 |
1,900 |
32% |
32% |
|
2,650 |
Communications |
9,567 |
8,663 |
10% |
9% |
|
8,732 |
Electricity Storage and Systems |
370 |
280 |
32% |
34% |
|
329 |
Others (Agricultural assets, Holdings) |
12 |
25 |
(50%) |
(50%) |
|
34 |
Total |
19,771 |
16,687 |
19% |
18% |
|
17,684 |
Change in
revenue per quarter (*) |
(in millions of euros) |
1st quarter |
2nd quarter |
3rd quarter |
4th quarter |
|
2021 |
2020 (1) |
2020 |
2021 |
2020 (1) |
2020 |
2021 |
2020 (1) |
2020 |
2021 |
2020 (1) |
2020 |
Transport and Logistics |
1,555 |
1,358 |
1,394 |
1,668 |
1,453 |
1,462 |
1,901 |
1,437 |
1,420 |
2,189 |
1,570 |
1,544 |
Oil Logistics |
565 |
630 |
631 |
600 |
413 |
415 |
610 |
401 |
401 |
734 |
453 |
452 |
Communications |
2,094 |
2,062 |
2,102 |
2,298 |
2,024 |
2,017 |
2,474 |
2,243 |
2,169 |
2,701 |
2,483 |
2,375 |
Electricity Storage and Systems |
80 |
64 |
65 |
94 |
58 |
58 |
95 |
66 |
65 |
102 |
89 |
92 |
Others (Agricultural assets, Holdings) |
2 |
8 |
8 |
3 |
6 |
6 |
3 |
8 |
8 |
4 |
4 |
4 |
Total |
4,296 |
4,121 |
4,200 |
4,662 |
3,953 |
3,958 |
5,082 |
4,154 |
4,063 |
5,730 |
4,600 |
4,467 |
(*) UMG is reclassified as a discontinued operation in
accordance with IFRS 5 for the period from 01/01/2021 to 09/22/2021
and throughout the 2020 financial year. As of 09/23/2021, UMG is
accounted for using the operational equity method.
(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) |
2021 |
2020 |
Reported growth |
Organicgrowth |
|
2019 |
Bolloré Transport & Logistics |
785 |
607 |
29% |
32% |
|
637 |
Transport and Logistics (1) |
714 |
551 |
30% |
32% |
|
580 |
Oil Logistics |
71 |
56 |
28% |
28% |
|
56 |
Communications |
748 |
298 |
151% |
121% |
|
402 |
Vivendi (2) |
690 |
298 |
132% |
139% |
|
|
UMG (Bolloré’s associate 18%) |
58 |
- |
|
15% |
|
|
Electricity Storage and Systems |
(117) |
(102) |
(14%) |
(29%) |
|
(434) |
Others (Agricultural assets, Holdings) (1) |
(78) |
(89) |
12% |
12% |
|
(94) |
EBITA Bolloré Group |
1,339 |
714 |
87% |
77% |
|
510 |
(*) UMG is reclassified as a discontinued operation in
accordance with IFRS 5 for the period from 01/01/2021 to 09/22/2021
and throughout the 2020 financial year. As of 09/23/2021, UMG is
accounted for using the operational equity method.
(1) Before Bolloré trademark
royalties.
(2) Including, in 2021,
contributions from UMG (33 million euros) and Lagardère (19 million
euros) accounted for using the equity method at Vivendi.
A detailed presentation of the results is
available at www.bollore.com.The audit procedures on the
consolidated accounts have been carried out. The certification
report will be issued after finalisation of the procedures required
to submit the Annual Financial Report.
***** ****
Comparability of financial statements |
information on the impacts of Covid-19
At 31 December 2021, the Bolloré Group had not
adjusted the definition of performance indicators, including EBITA,
which are comparable to those of 2020.
- Change
in scope of consolidation
- Prisma Media has been consolidated
by Vivendi since 1 June 2021.
- Lagardère is consolidated using the
equity method as of 1 July 2021.
- UMG is consolidated using the
equity method as of 23 September 2021.
Exceptional distribution in kind of 60% of UMG
by Vivendi
As of 14 September, 2021, in accordance with
IFRS5 - Non-current Assets Held for Sale and Discontinued
Operations, Universal Music Group (UMG) is presented in Vivendi and
Bolloré consolidated financial statements as a discontinued
operation. On 23 September 2021, the payment date for UMG's
distribution in kind to its shareholders, Vivendi disposed of its
control of UMG and deconsolidated its 70% stake in UMG.
- Trend in
the main currencies
Average rate |
2021 |
2020 |
Change |
USD |
1.18 |
1.14 |
(4%) |
GBP |
0.86 |
0.89 |
3% |
PLN |
4.56 |
4.44 |
(3%) |
JPY |
129.83 |
121.78 |
(7%) |
CNY |
7.63 |
7.87 |
3% |
ZAR |
17.47 |
18.77 |
7% |
-
Information on the impacts of COVID-19
In 2021, the Group’s businesses proved
resilient, particularly in Transport and Logistics, and at Vivendi
in pay-TV, as well as at Havas Group and Editis. Given the good
performance of the business lines, the Group did not identify any
impairment losses in 2021. It still benefits from a high level of
liquidity. Nevertheless, the Group continues to assess on an
ongoing basis the current and potential consequences of the health
crisis, which are still temporarily weighing on certain activities
due to the restrictive measures taken by governments to curb the
pandemic, while remaining confident in its capacity for resilience
and adaptation.
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 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
(*) UMG is reclassified as a discontinued
operation in accordance with IFRS 5 for the period from 01/01/2021
to 09/22/2021 and throughout the 2020 financial year. As of
09/23/2021, UMG is accounted for using the operational equity
method.
2 See glossary
(*) UMG is reclassified as a discontinued
operation in accordance with IFRS 5 for the period from 01/01/2021
to 09/22/2021 and throughout the 2020 financial year. As of
09/23/2021, UMG is accounted for using the operational equity
method.
3 Mediobanca is no longer consolidated as of October 2020
4 Impact on Bolloré: 618 million euros
- 2022-03-10-Bolloré CP 2021-FINAL_EN
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