Compagnie de l'Odet : first-half 2022 results

COMPAGNIE DE L'ODET  First-half 2022 results July 29, 2022  Good results of mostactivities  Revenue: €11,517 million, +24%at constant scope and exchange rates Adjusted operating income (EBITA (1)(2) ): €1,006 million,+48%at constant scope and exchange rates, driven by the strong performances of the Transport and Logistics (€560 million, +61%) and Communication (€531 million, +24%) sectors. Net income: €931 million, +48%...

Puteaux, 29/07/2022 (informazione.news - comunicati stampa - trasporti)

COMPAGNIE DE L'ODET

 

 

Good results of most activities

 

 

First-half 2022 results

Meeting on July 29, 2022, Bolloré's Board of Directors approved the financial statements for first-half 2022.

Revenue amounted to €11,517 million, up 24% at constant scope and exchange rates:

On a reported basis, revenue grew 29%, taking into account a positive change in scope of +€173 million (mainly the acquisition of Prisma Media in May 2021) and +€163 million in foreign exchange impacts (global depreciation of the euro, particularly against the dollar).

Adjusted operating income (EBITA ) came out at €1,006 million, for an increase of 48% at constant scope and exchange rates:

Financial income amounted to €480 million , compared with -€30 million in first-half 2021. The total includes €526 million in capital gains on Banijay Holdings Group following Vivendi's exchange of its 32.9% stake in Banijay for a 19.9% stake in FL Entertainment, listed since July 1, 2022.
  
Net income from equity-accounted non-operating companies was -€210 million , compared with -€25 million in first-half 2021. It mainly includes -€235 million of Telecom Italia's share of net income.

After taking into account a tax expense of -€231 million (compared with -€198 million in first-half 2021), consolidated net income totaled €931 million , against €628 million in first-half 2021.

Net income, Group share amounted to €301 million , compared with €100 million in first-half 2021.

Shareholder's equity stood at €30,671 million , compared with €31,336 million at December 31, 2021, a result of the decrease in share prices (-€1.5 billion).

Net debt was €4,682 million compared with €3,491 million at December 31, 2021, taking into account:

In light of these factors, the gearing ratio was 15% , versus 11% at the end of 2021.

At end-June 2022, the Group had €6.6 billion in confirmed lines, including €3.8 billion for Compagnie de l'Odet including Bolloré.

 

(*) As of 09/23/2021, UMG was reported as an equity-accounted operating company. To ensure comparability and in accordance with
IFRS 5, UMG was reclassified as discontinued operation in H1 2021.

(1)    See glossary
(2)    Including in first-half 2022, the contributions from UMG (€66m) and Lagardère (-€20m) equity-accounted operating companies at Vivendi and €119 million in contribution from UMG, equity-accounted operating company at Compagnie de l'Odet, compared with zero in 2021.
(3)    Gearing: ratio of net debt to equity

 

 

 

 

(*) As of 09/23/2021, UMG was reported as an equity-accounted operating company. To ensure comparability and in accordance with
IFRS 5, UMG was reclassified as discontinued operation in H1 2021.

All amounts are expressed in millions of euros and rounded to the nearest decimal. As a result, the rounded amounts may differ slightly from the reported total.

 

(*) As of 09/23/2021, UMG was reported as an equity-accounted operating company. To ensure comparability and in accordance with IFRS 5, UMG was reclassified as discontinued operation in H1 2021.

(1)     Before Bolloré's trademark fees
(2)     Including in first-half 2022, the contributions from UMG (€66m) and Lagardère (-€20m) equity-accounted operating companies at Vivendi .

A detailed presentation of the results of its Bolloré subsidiary is available at www.bollore.com.

A limited review of the 2022 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

At June 30, 2022, Compagnie de l'Odet had not changed the definition of performance indicators, particularly EBITA, which are comparable to those of 2021.

Glossary

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 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

2 Including in first-half 2022 , the contributions from UMG (€66m) and Lagardère (-€20m) equity-accounted operating companies at Vivendi , , and €119 million in contribution from UMG, equity-accounted operating company at Compagnie de l'Odet, compared with zero in 2021.
3 See glossary

4 Including in first-half 2022 , the contributions from UMG (€66m) and Lagardère (-€20m) equity-accounted operating companies at Vivendi , and €119 million in contribution from UMG, equity-accounted operating company at Compagnie de l'Odet, compared with zero in 2021.
5 Based on Lagardère's theoretical number of voting rights at June 30, 2022.

 

 

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