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BOLLORE: First half 2020 results
BOLLORE
Good half-year 2020 results for all business lines
despite the pandemic
Adjusted operating income (EBITA ): €948m up 3%
Net income Group share: €174m up 17%
Improved gearing: 28% compared to 34% at the end of 2019 and continued high liquidity of €8.1 billion (of which €2.7 billion for Bolloré)
Interim dividend: €0.02 per share payable in cash on September 4, 2020.
First half 2020 results
Bolloré's Board of Directors approved the financial statements for the first half of 2020 at its meeting of July 31, 2020.
First-half 2020 revenue was €11,612 million, a decrease of 4% at constant scope and exchange rates (-1% on a reported basis), with:
Revenue was down 1% in reported data, reflecting €263 million in changes in the scope of consolidation (consolidation of Editis and of M7 by Vivendi and exit of Bolloré Ports France and Wifirst) and €37 million in foreign exchange impacts (primarily due to the rise in the dollar).
Adjusted operating income (EBITA ) was €948 million, up 3% (-1%) at constant scope and exchange rates:
Financial income was €447 million, compared with €42 million in the first half of 2019. It consists mainly of €449 million for the revaluation of Spotify and Tencent Music securities (compared to €155 million in the first half of 2019).
The share of net income of non-operating companies accounted for using the equity method was -€91 million compared to -€10 million in the first half of 2019. It consists of:
After taking into account a tax expense of €353 million (compared to -€235 million in the first half of 2019), consolidated net income was €758 million, compared with €530 million in the first half of 2019. Net income , Group share was €174 million compared with €149 million in the first half of 2019.
Net debt was €7,528 million compared to €8,720 million on December 31, 2019, down by €1,192 million, of which -€185 million for Bolloré, excluding Vivendi.
Equity totaled €26,675 million (€25,942 million as of December 31, 2019), up by €733 million as a result of the sale of 10% of the capital of UMG to Tencent (+€2.8 billion before expenses and taxes) and despite the negative impact of prices on securities (-€1.4 billion) and buybacks of Group securities (Vivendi and Blue Solutions). The ratio of net debt to equity (gearing) was 28%, compared with 34% at the end of 2019.
As of June 30, 2020, the Group's liquidity position, including undrawn confirmed lines and liquid investments represented approximately €2.7 billion for Bolloré and €8.1 billion including Vivendi.
(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.
(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.
(1) Before Bolloré trademark fees
A detailed presentation of the results is available at www.bollore.com.
A limited review of the 2020 consolidated financial statements was carried out and the certification report will be issued following approval of the half-year activity report.
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Comparability of financial statements
Glossary
Organic growth: growth at constant scope and exchange rates.
Adjusted operating income (EBITA): operating income before amortization 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 amortization.
Net financial debt/Net cash position: sum of borrowings at amortized 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 below 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.
See glossary
See glossary
excluding Vivendi.
Attachment
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