Trasporti
Financière de l'Odet : 2019 Results
Good results from all business segments
of the Group in 2019
Very good operating performance of the transport and communications businesses and significant non-recurring impairment losses (€319 million), mainly related to electric cars, older generation batteries and car-sharing assets as part of the strategic redeployment in batteries, buses and stationary.
§ Proposed dividend: €1 per share identical to that paid in 2018.
2019 Results
The Board of Directors of Financière de l'Odet, which met on March 12, 2020, approved the 2019 financial statements.
2019 revenue amounted to €24,843 million, up 3% at constant scope and exchange rates (+8% as reported), with:
On a reported basis, revenue was up 8%, which includes €878 million from changes in the scope of consolidation (consolidation of Editis and M7 at Vivendi), and €285m of foreign exchange impacts (mainly reflecting the rise of the U.S. dollar).
Adjusted operating income (EBITA ) was €1,631 million, up 0.1% (-5% at constant scope and exchange rates) with:
Net financial income amounted to €13 million , vs. €136 million in 2018, primarily reflecting lower revaluation of securities (Spotify, Tencent Music): +€139 million in 2019 vs. +€311 million in 2018, €(101) million in interest expenses on the IFRS 16 lease liability and €111 million of capital gains (Wifirst, Bolloré Ports France, etc.).
The share of the net income of equity-accounted non-operating companies totaled €98 million, compared with €172 million in 2018 primarily due to a lower contribution from Telecom Italia.
After accounting for €35 million of tax income (vs. €(506) million of tax expense in 2018), attributable entirely to Vivendi, consolidated net income was €1,402 million, vs. €1,102 million in 2018. Net income Group share was stable compared to 2018 at €122 million.
Net debt was €8,781 million vs. €5,040 million at December 31, 2018, due to acquisitions (Editis, M7, etc.) and Vivendi's shares buyback. Bolloré's net debt excluding Vivendi decreased by €499 million primarily due to disposals of shares (such as Wifirst) and of Bolloré Ports France.
Shareholders' equity was €24,021 million (€26,156 million as of December 31, 2018), reflecting the decline in Vivendi's shareowner's equity due to Vivendi's repurchase of 10% of its own shares for €3,0 billion. The ratio of net debt to equity (gearing) was 37% , compared with 19% at the end of 2018.
At January 31, 2020, the Group's liquidity , undrawn long term confirmed lines and liquid investments represented approximately €2.75 billion for Bolloré and €8.4 billion including Vivendi.
Proposed dividend: €1 per share
The General Shareholders' Meeting will be asked to distribute a dividend of €1 per share identical to that paid in 2018.
The ex-dividend date is set for June 4, 2020 and payment in cash will be made on June 8, 2020.
Governance :
In order to clarify the governance and respond to certain observations made by investors and agencies, Bolloré and Financière de l'Odet wish to change the composition of the Boards of Directors to make them:
Financière de l'Odet and Bolloré intend to continue in the future to tailor its governance to fit the expectations of its shareholders.
A detailed presentation of the results is available at www.bollore.com.
The audit procedures for the 2019 consolidated financial statements have been conducted and the certification report will be issued after the management report is reviewed
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Comparability of financial statements
Glossary
The non-GAAP measures defined above should be considered in addition to, and not as a substitute for other GAAP measures of operating 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.
DISCLAIMER
This press release is for information purposes only. It does not constitute a sales offer, or a solicitation/invitation to purchase or subscribe for securities, nor is it a solicitation of any vote in connection with the transaction or any other matter in any jurisdiction.
The supporting documents attached to the tender offer, which will include, once it is filed, the terms and conditions governing the tender offer, will be submitted to the French Autorité des marchés financiers (AMF) for approval. Investors and shareholders are strongly encouraged to read said documents as soon as they become available, as well as any amendment or additions thereto, it being specified that these documents will include material information on Bolloré, Blue Solutions and the envisaged transaction.
This press release must not be published, released or distributed, directly or indirectly, in any country in which the release of such information is subject to legal restrictions.
The release or distribution of this press release in certain countries may be subject to legal or regulatory restrictions. Accordingly, people located in countries where this press release is published, released or distributed should inform themselves about, and observe, such restrictions. Bolloré accepts no responsibility with regard to any potential violation of these restrictions by any person whatsoever.
See glossary
See glossary
Restated for the first-time application of IFRS 16, which had a positive impact of €74 million on EBITA, the variation was -9% for the Group, +9% for Bolloré Transportation & Logistics and +8% for Vivendi.
excluding Vivendi.
Attachment
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