Compagnie de l'Odet : 2021 Results
COMPAGNIE DE L'ODET
2021 Results
(*) |
10 March 2022 |
Good
results for all activities in
2021
Dividend
increased by
20%
-
Revenue: 19,770
million euros, +17% at constant scope and
exchange rates.
-
Adjusted operating income (EBITA
(1)): 1,318 million
euros, +76% at constant scope and exchange rates, driven
by the very good performances of the Transport and Logistics sector
(785 million euros, +32%) and Communications (749 million euros,
+121%).
-
Net income: 20,189 million euros, includes
19,897 million euros in capital gains from the deconsolidation of
70% of Universal Music Group (UMG). Net
income Group share: 3,264
million euros.
-
Net debt: 3,491 million euros, down 5.6
billion euros compared to 31 December, 2020, including 3,839
million euros at the Compagnie de l’Odet level including Bolloré,
down 310 million euros.
-
Group liquidity: at the end of 2021, the
Group had 5.6 billion euros in
confirmed lines, including 2.8 billion euros at the level of
Compagnie de l'Odet (including Bolloré and excluding
Vivendi).
-
Proposed dividend: 3.6 euros per share vs.
3.0 euros paid in respect of 2020.
-
Mr Sébastien Bolloré appointed
Deputy Chief Executive Officer.
2021 results
The meeting of the Board of Directors of
Compagnie de l’Odet on 10 March 2022 approved the financial
statements for 2021.
2021
revenue amounted to 19,770 million euros,
up 17% 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);
-
Communications (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 18%, 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 1,318 million euros, up 76% 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: 749 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
-124 million euros, compared with +58 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 -415 million euros
in tax compared with -301 million euros in 2020, the
consolidated net income amounted to 20,189 million
euros, compared with 1,549 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 to
Pershing Square; these transactions resulted in a payment of more
than 6 billion euros.
Net income Group share
came out at 3,264 million euros,
compared with 214 million euros in 2020.
Shareholders equity amounted to
31,336 million euros, compared with 24,137 million euros
at 31 December, 2020, due to the increase in share prices (+1.58
billion euros) and the sale of an additional 20% of UMG in 2021 for
6 billion euros.
Net debt amounted to 3,491
million euros compared to 9,102 million euros at 31
December, 2020, a sharp decrease of 5.6 billion euros in connection
with Vivendi's sale of 20% of UMG for more than 6 billion euros.
Compagnie de l'Odet's debt, including Bolloré and excluding
Vivendi, continued to decline (-310 million euros over the year) to
3,839 million euros.
In light of these factors,
gearing stood at 11% compared to 38% at the end of
2020.
At the end of 2021, the Group had 5.6
billion euros in confirmed lines, including 2.8 billion euros for
Compagnie de l'Odet (including Bolloré and excluding
Vivendi).
Group
structure:
- Purchase of Vivendi
shares
During the first half of 2021, Compagnie
de l’Odet acquired 6 million Vivendi shares at an average price of
28.31 euros per share and for a total amount of 170 million euros.
To date, Compagnie de l’Odet holds 0.54% of Vivendi’s share
capital. With the stake held by Compagnie de Cornouaille - a
wholly-owned subsidiary of Bolloré - the Group’s total
stake is 29.5%.
- 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, following the distribution of UMG shares,
Bolloré holds 17.7% and Compagnie de l’Odet 0.3%.
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
euro).
The Bid is expected to be open from 14
April 2022.
Compagnie de l’Odet and its subsidiaries
support and will support Mr Arnaud Lagardère as the Chairman and
Chief Executive Officer of Lagardère group which will keep its
integrity, the overall activities and its listing on the market
stock exchange.
-
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: 3.60 euros per shareThe General
Shareholders Meeting will be asked to distribute a dividend of 3.60
euros per share, compared with 3.00 euros 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.GovernanceThe Governance, Nomination and
Compensation Committee has proposed the appointment of Mr Sébastien
Bolloré as Deputy Chief Executive Officer to the Board of
Directors. In light of the experience of Mr Sébastien Bolloré and
the necessary evolution of the governance, the Board of Directors
has unanimously approved this appointment which will take effect as
of June 1, 2022.********Consolidated key figures for
Compagnie de l’Odet |
|
(in millions of euros) |
2021 (*) |
2020 (*) |
Change2020-2021 |
Revenue |
19,770 |
16,686 |
18% |
EBITDA(1) |
2,114 |
1,823 |
16% |
Amortisation and provisions |
(796) |
(1,119) |
|
Adjusted operating income
(EBITA(1)) |
1,318 |
705 |
87% |
Amortisation resulting from PPAs (1) |
(400) |
(144) |
|
EBIT |
918 |
561 |
64% |
o/w equity-accounted operating companies |
215 |
47 |
|
Financial income |
(124) |
58 |
|
Share in net income of equity-accounted non-operating
companies |
|
|
|
|
(583) |
(32) |
|
Taxes |
(415) |
(301) |
|
Net income from discontinued activities |
20,394 |
1,264 |
|
Net income |
20,189 |
1,549 |
|
Net income Group share |
3,264 |
214 |
|
Minority interests |
16,925 |
1,335 |
|
|
|
|
|
|
31 December 2021 |
31 December 2020 |
Change2020-2021 |
Shareholders’ equity |
31,336 |
24,137 |
7,199 |
o/w Group share |
8,851 |
3,884 |
4,967 |
Net debt |
3,491 |
9,102 |
(5,611) |
Gearing (2) |
11% |
38% |
|
(*) 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) |
11 |
24 |
(55%) |
(55%) |
|
34 |
Total |
19,770 |
16,686 |
18% |
17% |
|
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 |
7 |
8 |
3 |
6 |
6 |
3 |
8 |
8 |
3 |
3 |
3 |
Total |
4,296 |
4,122 |
4,200 |
4,662 |
3,953 |
3,957 |
5,082 |
4,154 |
4,063 |
5,729 |
4,599 |
4,466 |
(*) 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 |
Organic growth |
|
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 |
749 |
298 |
152% |
121% |
|
402 |
Vivendi (2) |
690 |
298 |
132% |
139% |
|
402 |
UMG (Odet’s associate 18%) |
59 |
- |
|
15% |
|
|
Electricity Storage and
Systems |
(117) |
(102) |
(14%) |
(29%) |
|
(434) |
Others (Agricultural assets, Holdings) (1) |
(100) |
(98) |
(2%) |
(2%) |
|
(98) |
Compagnie de l'Odet Group EBITA |
1,318 |
705 |
87% |
76% |
|
507 |
(*) 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
of its subsidiary Bolloré 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 Compagnie de
l’Odet 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 was consolidated
using the equity method as of 1 July 2021.
- UMG was 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
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 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 Compagnie de l’Odet: 618 million
euros
- 2022-03-10-Odet CP 2021-FINAL_EN
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