COMPAGNIE DE L'ODET
2022 RESULTS PRESS RELEASE | Le 14 mars 2023 |
Good results
for all of the Group’s activities in 2022(*)
- Revenue: 20,68 billion euros, +20% at constant scope and exchange rates.
- Adjusted operating income (EBITA (1)(2)): 1.49 billion euros, +49 % at constant scope and exchange rates, driven by the very good performance of the Transport and Logistics (
578 million euros , +84%) and Communications (1,090 million euros , +20%) sectors.
- Adjusted operating income (EBITA (1)(2)): 1.49 billion euros, +49 % at constant scope and exchange rates, driven by the very good performance of the Transport and Logistics (
- Net income: 2.7 billion euros, including
3,150 million euros in net capital gain from the sale of Bolloré Africa Logistics to MSC for an enterprise value, net of minority interests, of5.7 billion euros . It also includes the result of the deconsolidation of Vivendi’s stake in Telecom Italia (-1,494 million euros ) and the capital gain on the sale on the contribution of the stake inBanijay to FL Entertainment (515 million euros ). The 2022 net income was not very comparable to 2021, which included the capital gain from the deconsolidation of Universal Music Group (19.9 billion euros ). 2022 net income Group share: 1.9 billion euros. - Net cash: 709 million euros as of
December 31, 2022 , compared to a net debt of3,491 million euros as ofDecember 31, 2021 , mainly following the sale of Bolloré Africa Logistics. - Group liquidity:
13 billion euros in cash and confirmed lines on31 December 2022 , including9 billion euros excluding Vivendi.- Proposed dividend:
3.60 euro s per share, identical to that paid in respect of 2021.
- Proposed dividend:
2022results (*)
The meeting of the Board of Directors of Compagnie de l’Odet on
2022 revenue amounted to 20,676 million euros, up 20% at constant scope and exchange rates:
- Bolloré Logistics:
7,111 million euros up 36%, driven mainly by the increase in freight rates in freight forwarding and sustained volumes, particularly in the air transport sector;
- Bolloré Energy:
3,599 million euros , +45%, mainly due to the sharp rise in oil product prices due to the international environment;
- Communications (Vivendi):
9,590 million euros , +5%, mainly attributable to Havas (+9%) andGameloft (+19%); - Industry:
369 million euros ; +1%, thanks to growth in Systems and Films activities despite the slowdown in the Blue division (batteries, buses).
In reported data, revenue was up 24%, taking into account
Adjusted operating income (EBITA (3)) came out at 1,492 million euros, up 49% at constant scope and exchange rates:
- Bolloré Logistics:
437 million euros , +71%, given the exceptional market environment for freight forwarding;
- Bolloré Energy: 141 million, +141%, benefiting from good margins and the sharp rise in oil prices;
- Communications:
1,090 million euros (4), +20%, driven by the good performance of Vivendi’s activities (Canal+ Group, Havas, etc.) and equity-accounted companies (UMG, Lagardère);
- Industry: -
125 million euros , down -14 million euros on a reported basis compared to 2021, particularly given the sharp increase in costs (resins, electricity) and the decline in activity in batteries.
Financial income amounted to -1,078 million euros, compared with -
The net income of equity-accounted non-operating companies totalled -346 million euros, compared with -
After accounting for -
Net income Group share came out at 1.9 billion euros, compared with
Shareholders' equity amounted to 32.94 billion euros, compared with
As of
- Compagnie de l’Odet’s net cash (excluding Vivendi) of
1,569 million euros following the sale of Bolloré Africa Logistics to theMSC Group ; - Vivendi's indebtedness of
860 million euros in connection with the acquisition of 12.5% of the capital of Lagardère through a takeover bid (5) carried out in 2022, the acquisition of Multichoice securities and return to shareholders (share buybacks and dividends).
At the end of
Group structure:
- Purchase of Bolloré shares
Proposed dividend: 3.60 eurosper share The General Shareholders Meeting will be asked to distribute a dividend of The dividend will be detached on **** *** * |
Consolidated key figures forCompagnie de l’Odet |
(in millions of euros) | 2022 (*) | 2021 (*) | Change 2021-2022 |
Revenue | 20,676 | 16,638 | 24% |
EBITDA(1) | 2,182 | 1,386 | 57% |
Amortisation and provisions | (690) | (564) | |
Adjusted operating income (EBITA (1)) | 1,492 | 822 | 81% |
Amortisation resulting from PPAs (1) | (272) | (396) | |
Operating income | 1,220 | 426 | 186% |
o/w equity-accounted operating entities (2) | 375 | 130 | |
Financial income | (1,078) | (49) | |
Share in net income of equity-accounted non-operating companies | (346) | (583) | |
Taxes | (192) | (278) | |
Net income from discontinued operations | 3,101 | 20,673 | |
Net income | 2,706 | 20,189 | |
Net income Group share | 1,904 | 3,264 | |
Minority interests | 802 | 16,925 | |
Change 2021-2022 | |||
Shareholders’ equity | 32,941 | 31,336 | 1,605 |
o/w Group share | 11,193 | 8,851 | 2,342 |
Net debt/(cash) | (709) | 3,491 | (4,200) |
Gearing (3) | n.a. | 11% |
(*) In accordance with IFRS 5 and to ensure the comparability of results, reclassifications into discontinued operations or held for sale include: i) UMG until
(1) See glossary.
(2) Including, for 2022, contributions from UMG (
(3) Gearing: net debt/equity ratio.
Revenue by business activity in 2022(*) |
(in millions of euros) | 2022 | 2021 | Reported | Organic | |
growth | growth | ||||
Bolloré Logistics | 7,111 | 5,038 | 41% | 36% | |
Bolloré Energy | 3,599 | 2,509 | 43% | 45% | |
Communications (Vivendi) | 9,590 | 8,712 | 10% | 5% | |
Industry | 369 | 370 | (0%) | 1% | |
Others (Agricultural assets, Holdings) | 6 | 9 | (35%) | (35%) | |
Total | 20,676 | 16,638 | 24% | 20% |
Change in revenue per quarter (*) |
(in millions of euros) | 1st quarter | 2nd quarter | 3rd quarter | 4th quarter | ||||||||||||
2022 | 2021 (1) | 2021 | 2022 | 2021 (1) | 2021 | 2022 | 2021 (1) | 2021 | 2022 | 2021 (1) | 2021 | |||||
Bolloré Logistics | 1,736 | 1,070 | 1,030 | 1,808 | 1,146 | 1,098 | 1,822 | 1,398 | 1,321 | 1,745 | 1,635 | 1,591 | ||||
Bolloré Energy | 848 | 559 | 565 | 772 | 592 | 600 | 951 | 602 | 610 | 1,030 | 724 | 734 | ||||
Communications (Vivendi) | 2,216 | 2,039 | 1,931 | 2,310 | 2,212 | 2,089 | 2,366 | 2,329 | 2,244 | 2,698 | 2,542 | 2,447 | ||||
Industriy | 112 | 77 | 80 | 94 | 93 | 94 | 73 | 93 | 95 | 91 | 102 | 102 | ||||
Others (Agricultural assets, Holdings) | 1 | 2 | 2 | 2 | 3 | 3 | 2 | 3 | 3 | 1 | 4 | 4 | ||||
Total | 4,912 | 3,747 | 3,608 | 4,987 | 4,045 | 3,883 | 5,213 | 4,425 | 4,273 | 5,565 | 5,007 | 4,877 |
(*) In accordance with IFRS 5 and to ensure the comparability of results, reclassifications into discontinued operations or held for sale include: i) UMG until
.
(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) | 2022 * | 2021 * | Reported growth | Organic growth | |
Transportation and Logistics(1) | 578 | 319 | 81% | 84% | |
Bolloré Logistics | 437 | 244 | 79% | 71% | |
Bolloré Energy | 141 | 75 | 89% | 141% | |
Communications | 1,090 | 699 | 56% | 20% | |
Vivendi (2) | 868 | 640 | 36% | 25% | |
UMG (18% oper. equity-accounted at Cie de l’Odet) | 218 | 58 | 277% | 6% | |
Industry(1) | (125) | (111) | (12%) | 5% | |
Others (Agricultural assets, Holdings) | (51) | (84) | 39% | 40% | |
Compagnie de l’Odet EBITA | 1,492 | 822 | 81% | 49% |
(*) In accordance with IFRS 5 and to ensure the comparability of results, reclassifications into discontinued operations or held for sale include: i) UMG until
.
(1) Before group fees and Bolloré trademark royalties.
(2) Including in 2022, contributions from UMG (€124m) and Lagardère (€98m) 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 of the consolidated financial statements have been carried out. The certification report will be issued after finalisation of the procedures required to submit the Universal Registration Document (URD).
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*
Comparability of financial statements
- In accordance with IFRS 5 and to ensure the comparability of results, reclassifications into discontinued operations or held for sale include:
- UMG until
22/09/2021 (as of 23/09/2021, UMG is accounted for using the operational equity method). - All of the Group’s Transport and Logistics activities in
Africa over the 2021 and 2022 fiscal years (these activities were disposed of on 21 December 2022). Editis for the 2021 and 2022 fiscal years (on31 December 2022 , taking into account the planned sale ofEditis ).
- UMG until
- Performance indicators
- On
31 December 2022 , the Group had not changed the definition of performance indicators, particularly EBITA, which are comparable to those of31 December 2021 . However, EBITA and operating income data are now presented before Group expenses.
- On
- Trend in the main currencies
Average rate | 2022 | 2021 | Variation |
USD | 1.05 | 1.18 | 11% |
GPB | 0.85 | 0.86 | 1% |
PLN | 4.68 | 4.56 | (3%) |
JPY | 137.97 | 129.83 | (6%) |
CNY | 7.08 | 7.63 | 7 % |
ZAR | 17.20 | 17.47 | 2 % |
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 percentage 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 contributions from equity-accounted operating companies at Vivendi (UMG (
(*) In accordance with IFRS 5 and to ensure the comparability of results, reclassifications into discontinued operations or held for sale include: i) UMG until
(3) Before group expenses and Bolloré trademark fees, see glossary for EBITA definition.
(4) Including in 2022, contributions from UMG (
(*) In accordance with IFRS 5 and to ensure the comparability of results, reclassifications into discontinued operations or held for sale include: i) UMG until
(5) On
(6) On
(7) Based on Lagardère’s theoretical number of voting rights on
(8) In accordance with Article 7(2) of Regulation (EC) 139/2004 on the control of concentrations between undertakings.
Attachment
- 2023-03-14-Odet CP 2022_EN VF
© OMX, source