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Half-year
financial report
BOLLORÉ SE HALF-YEAR FINANCIAL REPORT 2023
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BOLLORÉ SE HALF-YEAR FINANCIAL REPORT 2023
SUMMARY
Activity report
1. | SUMMARY OF THE HALF-YEAR 2023 RESULTS | 4 |
2. | FIRST-HALF 2023 RESULTS | 5 |
3. | GROUP STRUCTURE | 9 |
4. | COMPARABILITY OF FINANCIAL STATEMENTS | 11 |
5. | ESG PERFORMANCE | 12 |
6. | ACTIVITIES | 13 |
7. | EVENTS AFTER THE REPORTING PERIOD | 20 |
8. | MAIN RISKS AND PERIOD UNCERTAINTIES | 21 |
9. | MAIN RELATED-PARTY TRANSACTIONS | 22 |
10. | ORGANIZATIONAL CHART AT JUNE 30, 2023 | 23 |
11. | CHANGE IN THE SHARE PRICE | 24 |
Consolidated financial statements
1. | CONSOLIDATED INCOME STATEMENT | 26 |
2. | NOTE TO THE CONSOLIDATED FINANCIAL STATEMENT | 32 |
STATUTORY AUDITORS' REVIEW REPORT ON THE HALF-YEARLY FINANCIAL INFORMATION | 73 | |
STATEMENT OF THE PERSON RESPONSIBLE FOR THE HALF-YEAR-REPORT | 74 | |
GLOSSARY | 75 |
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BOLLORÉ SE HALF-YEAR FINANCIAL REPORT 2023 - Activity report -1. Summary of the half-year 2023 results
ACTIVITY REPORT
1. SUMMARY OF THE HALF-YEAR 2023 RESULTS
First half 2023 results
Good results from all of the Group's activities after an exceptional first half 2022 and major changes in scope.
In accordance with IFRS 5, and to ensure the comparability of results, reclassifications into discontinued operations or held for sale include:
- Bolloré Africa Logistics for the 2022 financial year (activity sold on December 21, 2022);
- Editis for the 2022 and 2023 financial years (as of June 21, 2023, Editis was deconsolidated, following the loss of control);
- Bolloré Logistics for the 2022 and 2023 financial years (activity intended to be sold since May 8, 2023).
The consolidated revenue in first half 2023 was 6,231 million euros, -3.2%(1).
Adjusted operating income (EBITA (2) (3)): 462 million euros, -15.0%(1), impacted by the slowdown in oil logistics after an exceptional first half 2022 and the decline in UMG's contribution.
Net income: 235 million euros versus 947 million euros in first half 2022, which included the capital gain on the contribution of the stake in Banijay Holdings Group to FL Entertainment (526 million euros) and the contribution of Bolloré Africa Logistics.
Net income Group share: 114 million euros, -80%.
Net debt: 82 million euros as of June 30, 2023, compared with a net cash position of 1,207 million euros as of December 31, 2022, attributable to the increase in Vivendi's debt and Bolloré's simplified cash tender offer on its own shares.
Group liquidity: 11 billion euros in cash and confirmed credit lines as of June 30, 2023, o/w 7 billion euros at Bolloré level.
An interim dividend of 0.02 euros per share (57 million euros) was paid in cash on September 7, 2023.
- At constant scope and exchange rates.
- See glossary.
- Including contributions from equity-accounted operating companies at Vivendi (UMG (39 million euros) and Lagardère (26 million euros)): +65 million euros and contribution of UMG's equity-accounted operating company at Bolloré: +70 million euros.
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BOLLORÉ SE HALF-YEAR FINANCIAL REPORT 2023 - Activity report - 2. First half 2023 results
2. FIRST HALF 2023 RESULTS
2.1. Consolidated key figures
(in millions of euros) | 1st Half 2023 | 1 st Half 2022(*) | Change % | |
Revenue | 6,231 | 6,386 | (2%) | |
EBITDA (1) | 615 | 754 | (18%) | |
Depreciation and provisions | (153) | (205) | ||
Adjusted operating income (EBITA (1)) | 462 | 549 | (16%) | |
Amortisation resulting from PPA (1) | (110) | (113) | ||
EBIT | 352 | 436 | (19%) | |
of which equity-accounted operating companies (2) | 98 | 129 | ||
Financial income | (8) | 533 | ||
Share of net income of equity-accountednon-operating companies | (41) | (210) | ||
Taxes | (139) | (114) | ||
Income from discontinued and held for sale activities | 71 | 301 | ||
Net income | 235 | 947 | ||
Net income, Group share | 114 | 562 | ||
Minorities interests | 120 | 385 | ||
June 30, 2023 | December 31, 2022 | Change € million | ||
Equity | 37,316 | 36,568 | 748 | |
of which Group share | 23,569 | 23,269 | 300 | |
Group net debt/ (Net cash) | 82 | (1,207) | 1,289 | |
Gearing (3) | 0.2% | n.a. |
- In accordance with IFRS 5 and to ensure the comparability of results, reclassifications into discontinued operations or held for sale include: (i) Bolloré Africa Logistics for the 2022 financial year (activity sold on December 21, 2022); (ii) Editis for the 2022 and 2023 financial years (as of June 21, 2023, Editis is deconsolidated, following the loss of control); (iii) Bolloré Logistics for the 2022 and 2023 financial years (activity intended to be sold since May 8, 2023).
(1) See glossary.
(2) Including for the first half of 2023, the contributions of UMG (26 million euros) and Lagardère (26 million euros) accounted for using the operating equity method at Vivendi and the contribution of UMG accounted for using the operating equity method at Bolloré (46 million euros), compared to 126 million euros in the first half of 2022.
(3) Gearing: ratio of net debt to equity.
2.2. Revenue by activity (*)
in millions of euros | 1st half 2023 | 1st half 2022 | Reported growth | Organic growth |
(%) | (%) | |||
Bolloré Energy | 1,354 | 1,619 | (16%) | (17%) |
Communications (Vivendi) | 4,696 | 4,526 | 4% | 3% |
Industry | 148 | 205 | (28%) | (28%) |
Others (Agricultural Assets, Holding) | 33 | 35 | (5%) | (43%) |
TOTAL | 6,231 | 6,386 | (2%) | (3%) |
- In the interest of comparability, and in accordance with IFRS 5, Editis, Bolloré Logistics' activities, as well as those of Bolloré Africa Logistics, were reclassified as discontinued operations or held for sale in first-half 2022 and 2023.
Revenue amounted to 6,231 million euros, down -3%at constant scope and exchange rates:
- Bolloré Energy: 1,354 million euros, -17%, mainly impacted by lower prices and volumes of oil products, after the sharp rise in prices in the first half 2022 in an international environment severely disrupted by the war in Ukraine;
- Communications (Vivendi): 4,696 million euros, +3%, mainly attributable to the growth recorded by Havas (+4%), Groupe Canal+ (+2%), and Gameloft (+16%);
- Industry: 148 million euros, -28% due to continuing slowdown at Blue in the bus and battery segments, coupled with decreased volumes in the films business.
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Bolloré SE published this content on 12 September 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 September 2023 15:43:07 UTC.