Compagnie de L'Odet : Financial information for the third quarter
2021
COMPAGNIE DE L'ODET
Financial
information for the third quarter 2021 |
|
PRESS RELEASE
Strong growth in revenue during the third
quarter of 2021:
+22% at constant scope and exchange
rates
-
Revenue in the third quarter
2021:
€5,082 million
-
+22% at constant scope and
exchange rates
-
+25% on a reported basis
-
At end-September 2021: €14,041
million
-
+15% at constant scope and
exchange rates
-
+15% on a reported basis
Revenue for the third quarter 2021
At constant scope and exchange rates, the
Group’s third-quarter 2021 revenue was up 22% to €5,082 million.
This change mainly includes:
-
Transportation and Logistics: +32% thanks to the
freight forwarding activities which benefited from the growth in
activity in the sea and air transit, the rise in freight rates, and
the excellent performance of the port terminals in Africa;
- Oil
Logistics: +52% owing to the increase in
oil-product prices and volumes;
-
Communications (Vivendi):
+10% attributable to Vivendi, which benefited in
particular from the growth of the Canal+ Group, driven by
international operations and Studio Canal, and of the Havas Group,
which is experiencing strong growth;
-
Electricity Storage and Systems:
+45% driven by the increase in sales of batteries
and 12-metre buses.
On a reported basis, revenue increased by 25%
compared to the third quarter of 2020. This increase includes
positive changes in scope (totalling €90 million) mainly associated
with the acquisition of Prisma Media.
Revenue at end-September 2021
At constant scope and exchange rates, the
Group’s revenue at end-September 2021 was up 15% to €14,041
million.
On a reported basis, revenue was up 15%, taking
into account €154 million of changes in scope (notably the
consolidation of Prisma Media) and -€145 million in foreign
exchange impacts (which translates into an overall appreciation of
the euro against the main currencies during the first nine months
of the year).
Revenue by business activity |
(in € millions) |
3rd quarter |
9-month total |
|
2021 |
2020 |
Reported |
Organic |
2021 |
2020 |
Reported |
Organic |
|
|
|
growth |
growth |
|
|
growth |
growth |
Transportation and Logistics |
1,901 |
1,420 |
+34% |
+32% |
5,124 |
4,276 |
+20% |
+21% |
Oil Logistics |
610 |
401 |
+52% |
+52% |
1,775 |
1,447 |
+23% |
+23% |
Communications (Vivendi) (1) |
2,474 |
2,169 |
+14% |
+10% |
6,866 |
6,288 |
+9% |
+8% |
Electricity Storage and Systems |
95 |
65 |
+46% |
+45% |
268 |
187 |
+43% |
+43% |
Other (agricultural assets and holdings) |
3 |
8 |
-62% |
-62% |
8 |
21 |
-63% |
-64% |
Total |
5,082 |
4,063 |
+25% |
+22% |
14,041 |
12,220 |
+15% |
+15% |
(1) As of 14
September 2021, Universal Music Group is presented as a
discontinued operation in accordance with IFRS 5. The constant
scope notably makes it possible to restate the impact of the
acquisition of Prisma Media on 31 May 2021
At constant scope and exchange rates, the main
sectors trended as follows relative to the first nine months of
2020:
- Transportation &
Logistics, Oil Logistics:
- transportation and logistics
activity revenue was up 21% to €5,124 million. This is due to the
increase in the Bolloré Africa Logistics business (+9%) owing to
the strong performance of the port terminals (notably Abidjan
Terminal in Côte d’Ivoire, Benin Terminal, Conakry Terminal in
Guinea, TICT in Nigeria, and Freetown Terminal in Sierra Leone) and
the resumption of the logistics and stevedoring activities in
Africa as well as a slight increase in rail activity.
Bolloré Logistics’
revenue rose sharply (+27%) thanks to continued growth in sea and
air freight and the increase in freight rates.
- oil logistics revenue was up 23% to
€1,775 million, given the sharp increase in volumes, as well as the
rise in oil prices.
- Communications
(Vivendi): revenue totalled €6,866 million, up 8% at
constant scope and exchange rates and +9% on a reported basis
compared to the same period in 2020. This increase was mainly due
to the growth of the Canal+ Group (+5.4%), driven by its
international expansion and Studio Canal, of the Havas Group
(+12%), which recorded continued growth in all divisions across all
geographical regions and, lastly, Editis (+22%), buoyed by
favorable market conditions since January 2021.
- Electricity Storage and
Systems: revenue from industrial activities (electricity
storage, plastic film, dedicated terminals and systems) was up 43%
compared to the first nine months of 2020. This growth was driven
by battery sales, the acceleration in bus sales and the advancement
in the plastic film business.
Recent highlights and events
- Success of UMG’s
Euronext Amsterdam listing
On September 14, 2021, as had been indicated to
Vivendi shareholders when they approved the decision to pay a
special dividend in kind of €5,312 million out of the retained
earnings balance as of June 22, 2021, Vivendi’s Management Board
decided to combine this special dividend in kind with an interim
special dividend in kind of €22,098 million paid based on the
earnings recorded in the interim balance sheet as of June 30, 2021.
Together, these two dividends resulted in the distribution in kind
of 59.87% of UMG’s share capital to Vivendi shareholders.
The Management Board's decision followed the
approval by the Dutch Authority for the Financial Markets
(Stichting Autoriteit Financiële Markten) of the prospectus issued
by Universal Music Group N.V.U (MG N.V.) relating to the admission
to trading and official listing of its ordinary shares on Euronext
Amsterdam.
On September 21, 2021, the shares of UMG N.V.
started trading on the regulated market of Euronext Amsterdam.
Based on an opening share price of €25.25, UMG's market
capitalization was €45.8 billion.
Following this transaction, Vivendi still owns
10% of UMG’s share capital and Bolloré held directly around 18% of
UMG’s share capital.
- Vivendi share buyback
program
Between August 2 and October 15, 2021, Vivendi
repurchased 39.0 million shares, i.e., 3.52% of the share capital,
for a total amount of €464 million. As of October 20, 2021, Vivendi
directly held 59.7 million of its own shares, i.e., 5.38% of the
share capital.
- Agreement between Vivendi and Amber Capital
regarding Lagardère
On September 14, 2021, Vivendi entered into a
conditional sales agreement with Amber Capital to acquire
25,305,448 Lagardère SA shares held by Amber Capital at a price of
€24.10 per share.
As announced on September 15, 2021, Vivendi
completed, on September 28, 2021, the acquisition of a small
minority of these shares, i.e., 620,340 Lagardère SA shares, held
by Amber Capital for €15 million. As of September 30, 2021, Vivendi
holds 27.64% of the share capital and 22.14% of the theoretical
voting rights of Lagardère SA.
The acquisition of the remaining Lagardère
shares held by Amber Capital is expected to be completed by
December 15, 2022, following receipt of the approvals required by
the applicable regulations in light of the take-over that may
result from the mandatory public offer triggered by this
acquisition. Pending such regulatory approvals, in consideration
for the pledge of the Lagardère shares held by Amber Capital,
Vivendi paid cash collateral in an amount corresponding to the
value of these shares, based on the price of €24.10 per share,
i.e., €595 million.
Should this acquisition be completed, Vivendi
will hold 45.1% of the share capital and 36.2% of the voting rights
of Lagardère, exceeding the 30% share capital and voting right
thresholds in Lagardère. As a result, a mandatory proposal for a
public offer at the same price for all Lagardère shares not yet
owned by Vivendi would be filed with the French market authority
(Autorité des Marchés financiers) in accordance with applicable
regulation.
Change in revenue per quarter |
(in € millions) |
1st quarter |
2nd quarter |
3rd quarter |
|
2021 |
2020 (1) |
2020 |
2021 |
2020 (1) |
2020 |
2021 |
2020 (1) |
2020 |
Transportation and Logistics |
1,555 |
1,358 |
1,394 |
1,668 |
1,453 |
1,462 |
1,901 |
1,437 |
1,420 |
Oil Logistics |
565 |
630 |
631 |
600 |
413 |
415 |
610 |
401 |
401 |
Communications (Vivendi) (2) |
2,094 |
2,062 |
2,102 |
2,298 |
2,024 |
2,017 |
2,474 |
2,243 |
2,169 |
Electricity Storage and Systems |
80 |
64 |
65 |
94 |
58 |
58 |
95 |
66 |
65 |
Other (agricultural assets and holdings) |
2 |
7 |
8 |
3 |
6 |
6 |
3 |
8 |
8 |
Total |
4,296 |
4,122 |
4,200 |
4,662 |
3,953 |
3,957 |
5,082 |
4,154 |
4,063 |
(1) At constant scope and exchange
rates.(2) As of 14 September 2021, Universal Music
Group is presented as a discontinued operation in accordance with
IFRS 5. The constant scope notably makes it possible to restate the
impact of the acquisition of Prisma Media on 31 May 2021
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.
APPENDIX
Reclassification related to the application of IFRS 5
for Universal Music Group(IFRS, unaudited)
|
2021 |
|
Six months ended June 30, 2021 |
|
|
(in millions
of euros) |
Three months ended March 31, |
|
Three months ended June 30, |
|
|
|
Revenues (as
published) |
6,102 |
|
6,684 |
|
12,786 |
|
|
Reclassification:
application of IFRS 5 for UMG |
(1,806) |
|
(2,021) |
|
(3,827) |
|
|
Revenue
(restated) |
4,296 |
|
4,662 |
|
8,959 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2020 |
(in millions
of euros) |
Three months ended March 31, |
|
Three months ended June 30, |
|
Three months ended September, |
|
Three months ended December 31, |
Revenues (as
published) |
5,966 |
|
5,646 |
|
5,915 |
|
6,581 |
Reclassification:
application of IFRS 5 for UMG |
(1,766) |
|
(1,689) |
|
(1,852) |
|
(2,115) |
Revenue
(restated) |
4,200 |
|
3,957 |
|
4,063 |
|
4,466 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2020 |
|
|
(in millions
of euros) |
Six months ended June 30, |
|
Nine months ended September 30, |
|
Year ended December 31, |
|
|
Revenues (as
published) |
11,612 |
|
17,527 |
|
24,108 |
|
|
Reclassification:
application of IFRS 5 for UMG |
(3,455) |
|
(5,307) |
|
(7,422) |
|
|
Revenue
(restated) |
8,157 |
|
12,220 |
|
16,686 |
|
|
- 2021-10 - 21 Odet -CP-Q3 21_EN_V1
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